---
ticker: "CAAA"
name: "First Trust AAA CMBS ETF"
url: "https://etf.net/etf/CAAA"
grade: "C"
score: 43
graded_at: "2026-10-12"
category: "Mortgage-Backed Securities"
category_rank: "13 of 25"
methodology: "https://etf.net/methodology"
---

# CAAA: First Trust AAA CMBS ETF

Grade **C**, Score 43 of 100. Rank 13 of 25 in Mortgage-Backed Securities.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 58 | 11 of 25 |
| Mission | 24 | 17 of 20 |
| Risk | 62 | 6 of 25 |
| Tradability | 32 | 18 of 25 |
| Holdings | 42 | 18 of 25 |
| Durability | 40 | 19 of 25 |

## Top holdings

The fund holds 116 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | US 2YR NOTE (CBT) Dec26 | 15.23% |
| 2 | — | US 5YR NOTE (CBT) Dec26 | 6.89% |
| 3 | — | US 10YR NOTE (CBT)Dec26 | 3.48% |
| 4 | — | US 10yr Ultra Fut Dec26 | 2.63% |
| 5 | — | US Dollar | 2.39% |
| 6 | — | BX Trust Series 2025-ARIA, Class A, Variable rate, due 12/13/2042 | 1.31% |
| 7 | — | BX Trust Series 2025-DELC, Class A, Variable rate, due 12/15/2030 | 1.25% |
| 8 | — | SWCH Commercial Mortgage Trust Series 2025-DATA, Class A, Variable rate, due 02/15/2042 | 1.14% |
| 9 | — | THE 2023-MIC Trust Series 2023-MIC, Class A, Variable rate, due 12/05/2038 | 1.14% |
| 10 | — | BSTN Commercial Mortgage Trust Series 2025-1C, Class A, Variable rate, due 06/15/2044 | 1.11% |
| 11 | — | CENT Trust Series 2025-CITY, Class A, Variable rate, due 07/10/2040 | 1.11% |
| 12 | — | HOUSTON GALLERIA MALL TRUST Series 2025-HGLR, Class A, Variable rate, due 02/05/2045 | 1.06% |
| 13 | — | CHI Commercial Mortgage Trust Series 2025-SFT, Class A, Variable rate, due 04/15/2042 | 1.06% |
| 14 | — | Barclays Commercial Mortgage Securities LLC Series 2018-TALL, Class A, Variable rate, due 03/15/2037 | 1.05% |
| 15 | — | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class A, Variable rate, due 04/15/2042 | 1.04% |
| 16 | — | JP Morgan Chase Commercial Mortgage Sec Trust Series 2025-PHNY, Class A, Variable rate, due 01/15/20 | 1.04% |
| 17 | — | Bank Series 2020-BN29, Class ASB, 1.805%, due 11/15/2053 | 1.04% |
| 18 | — | Bank Series 2020-BN25, Class A5, 2.649%, due 01/15/2063 | 1.02% |
| 19 | — | NY Commercial Mortgage Trust Series 2025-299P, Class A, Variable rate, due 02/10/2035 | 1.01% |
| 20 | — | GGP Trust Series 2026-2PAK, Class A, Variable rate, due 04/10/2043 | 1.00% |
| 21 | — | INT Commercial Mortgage Trust Series 2025-PLAZA, Class A, Variable rate, due 11/05/2037 | 1.00% |
| 22 | — | Barclays Commercial Mortgage Securities LLC Series 2020-C8, Class A5, 2.04%, due 10/15/2053 | 0.99% |
| 23 | — | CONE Commercial Mortgage Trust Series 2026-DFW3, Class A, Variable rate, due 05/15/2043 | 0.99% |
| 24 | — | VRTX Trust Series 2025-HQ, Class A, Variable rate, due 08/05/2042 | 0.99% |
| 25 | — | SKY1 2025-LINE A Series 2025-LINE, Class A, Variable rate, due 04/15/2030 | 0.92% |
| 26 | — | BENCHMARK Mortgage Trust Series 2021-B25, Class A4, 2.268%, due 04/15/2054 | 0.92% |
| 27 | — | BX Trust Series 2020-VIV4, Class A, 2.843%, due 03/09/2044 | 0.92% |
| 28 | — | Citigroup Commercial Mortgage Trust Series 2020-420K, Class A, 2.456%, due 11/10/2042 | 0.91% |
| 29 | — | BENCHMARK Mortgage Trust Series 2023-B40, Class ASB, 6.2533%, due 12/15/2056 | 0.90% |
| 30 | — | Bank Series 2020-BN29, Class A4, 1.997%, due 11/15/2053 | 0.89% |

Source: etf.net, https://etf.net/etf/CAAA. Please cite the page URL.