JMTG vs SMBS: Grades, Fees and Holdings Compared

JPMorgan Mortgage-Backed Securities ETF

JMTGBNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.34pt a year

JMTG0.37%SMBS0.03%

Avg volume · 30D

SMBS 1.5×the volume

JMTG657KSMBS1.01M

JMTG vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

+0.8%JMTG+0.3%SMBS

Expense ratio: JMTG 0.37%; SMBS 0.03%, better
Fund size: JMTG $6.84B; SMBS $6.45B
1Y total return: JMTG +0.8%, better; SMBS +0.3%
Yield (12M): JMTG 4.46%; SMBS 5.32%, better
Holdings: JMTG 2569; SMBS 4343
Avg volume (30D): JMTG 657K sh; SMBS 1.01M sh, better
NAV per share: JMTG $49.38; SMBS $24.67
52W range

ETF.net Grade

Pillar letters and Scores for JMTG, SMBS, with each pillar’s weight
Pillar	JMTG	SMBS
Cost30% weight	C54	A94Higher
Mission25% weight	B66Higher	B61
Risk15% weight	B55Higher	D35
Tradability15% weight	B68	B68
Holdings10% weight	A85	A86Higher
Durability5% weight	A80Higher	B60

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. JMTG and SMBS are both graded against the same 24 Mortgage-Backed Securities funds, so their Grades compare head to head.

Mortgage-Backed Securities⁠

Category · 24 funds

See all 24 ›

SMBS ranks 4th and JMTG 5th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 75
Rank 2AMBBiShares MBS ETFScore 73
Rank 3AVMBSVanguard Mortgage-Backed Securities ETFScore 72
Rank 4ASMBSSchwab Mortgage-Backed Securities ETFScore 70
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 63
Rank 6BMBSDNorthern Trust Disciplined Duration MBS ETFScore 61

Our read on each fund

ETF.net Research

JMTGBJPMorgan Mortgage-Backed Securities ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

JMTG Most mortgage-bond ETFs just clone the index. JMTG hands agency-style mortgage debt to a J.P. Morgan team that picks its spots, backed by a strategy running since 2000 and a monthly payout.

SMBS No data

Stated mandate

JMTG The fund seeks to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential mortgage loans.

SMBS No data

Why people hold it

JMTG At 0.24% a year it undercuts the typical fund in its mortgage-bond group (0.35% median), and it does that while running an active mandate rather than tracking an index.
The job description is plain: maximize total return from a diversified portfolio of debt backed by pools of residential mortgages, spread across several thousand individual bonds.
A multi-billion-dollar fund that changes hands actively and distributes monthly, so income lands twelve times a year instead of four.
The strategy's history reaches back to 2000, and among the mortgage-bond funds we cover it ranks in the upper tier of its peer group.

SMBS No data

Worth knowing

JMTG Index-tracking rivals are far cheaper: VMBS at 0.03% and MBB at 0.04%. Here you are paying for a manager's judgment rather than a rulebook.
With no index to hug, results can diverge from the standard mortgage-backed benchmark in either direction.
Monthly distributions come from mortgage pools, so the amount shifts as rates and homeowner refinancing shift. It is not a fixed coupon.

SMBS No data

Full JMTG profile⁠

Full SMBS profile⁠

JMTG vs SMBS Holdings

How JMTG and SMBS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of JMTG and 0.0% of SMBS.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile99.5%

Sector

No Sector split for JMTG and SMBS.

Country, concentration and asset class

Country by domicile

Country weights in JMTG and SMBS, widest gap first
Country	More in JMTGMore in SMBS	JMTG	SMBS
United States	SMBS +0.5 points	99.5%	100.0%
Other countries (2)	JMTG +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

JMTG12.1%
SMBS3.9%

Securities held

JMTG1,982
SMBS4,343

Asset class

JMTG: Fixed Income
SMBS: Equity

Holdings

Only in JMTG1,982
In both0
Only in SMBS4,343

Only in JMTG

1,982 securities, 99.9% of JMTG by weight

JPMorgan Prime Money5.03%
Tba Umbs Single Family 5%1.86%
Umbs Mortpass 2.5% 10/511.30%
Tba Umbs Single 2.5%1.00%
Umbs Mortpass 2.5% 02/520.97%
Tba Umbs Single 5.5%0.85%
Umbs Mortpass 2.5% 03/520.81%
Fnma-Aces Var 07/350.68%
Bcap Llc Trust 0% 09/270.68%
United 3.625% 08/430.66%
Umbs Mortpass 3% 06/520.55%
Fnma-Aces Var 01/330.51%
Umbs Mortpass 3% 07/520.50%
Umbs Mortpass 2.5% 08/500.50%
Umbs Mortpass 2.5% 01/520.49%
Gnma Ii 2.5% 07/520.49%
Gnma Ii Flt 11/710.48%
Cfin 2022-RTL1 0% 08/270.46%
Gnma Ii 2.5% 01/530.43%
Gnma Ii 2.5% 08/520.42%
Umbs Mortpass 3% 05/520.41%
Umbs Mortpass 5% 07/530.41%
Triad Holdings 0% 04/520.38%
Umbs Mortpass 4% 09/520.38%
Umbs Mortpass 3% 12/510.38%
Umbs Mortpass 2.5% 04/520.38%
Umbs Mortpass 4% 07/520.36%
Gnma Ii 3.5% 10/510.36%
Gnma Ii 3.5% 03/520.35%
Umbs Mortpass 3% 01/520.35%
Fmc Gmsr Issuer Var 10/260.35%
Umbs Mortpass 2% 05/510.35%
Jp Morgan Var 04/660.35%
Gnma Ii 3.5% 01/510.33%
Fmc Gmsr Issuer Var 10/280.33%
Gnma Ii 3.5% 03/500.32%
Fhlmc Remics Flt 07/560.32%
Bofas Re-Remic Var 07/520.32%
Umbs Mortpass 3% 04/520.31%
Umbs Mortpass 2.5% 07/510.29%
Fnma 1.095% 09/300.29%
Umbs Mortpass 3% 03/520.28%
Fnma Mortpass 3.67% 08/320.28%
Fnma-Aces Var 04/320.28%
Bofas Re-Remic Var 05/510.27%
Gnma Ii 3.5% 09/500.27%
United 1.125% 05/400.27%
Umbs Mortpass 2% 02/510.27%
Figre Trust Var 08/560.26%
Gnma Ii 2.5% 03/560.26%

Only in SMBS

4,343 securities, 100% of SMBS by weight

Ssc Government Mm Gvmxx1.31%
GNMA2 30YR 5.00% 11/20/2054 (BBG01NZQMR80)0.44%
Fhlmc 30YR Umbs Super 5.50% 10/01/2054 (BBG01NYFN109)0.32%
Fhlmc 30YR Umbs Super 2.50% 01/01/2054 (BBG020YCJVV0)0.31%
Fhlmc 30YR Umbs 5.00% 04/01/2056 (BBG01ZQXS4M7)0.29%
Fhlmc 30YR Umbs Super 2.00% 02/01/2052 (BBG013B19FS4)0.28%
Fnma 30YR Umbs 5.50% 04/01/2053 (BBG01F33L1J9)0.25%
GNMA2 30YR 5.00% 05/20/2056 (BBG01ZVZ4RL2)0.25%
Fnma 30YR Umbs 2.00% 05/01/2051 (BBG00ZHCZ133)0.24%
Fhlmc 30YR Umbs Super 2.00% 11/01/2050 (BBG00WGK3T46)0.24%
GNMA2 30YR 5.00% 01/20/2056 (BBG01XK7V325)0.24%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG01YX6GQM5)0.23%
GNMA2 30YR 5.00% 07/20/2056 (BBG0218B7LX2)0.23%
GNMA2 30YR 5.00% 12/20/2055 (BBG01WXTXHP7)0.22%
Fhlmc 30YR Umbs Super 2.50% 01/01/2052 (BBG016008MY0)0.21%
GNMA2 30YR 5.50% 06/20/2055 (BBG01SJ8MLF2)0.20%
GNMA2 30YR 5.00% 04/20/2056 (BBG01Z997ZP0)0.20%
GNMA2 30YR 5.00% 11/20/2055 (BBG01WCVFMG4)0.19%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG021983ZP0)0.19%
Fhlmc 30YR Umbs Super 2.00% 02/01/2051 (BBG00Y2HT9V0)0.19%
GNMA2 30YR 5.00% 10/20/2053 (BBG01H70ZSP6)0.19%
Fhlmc 30YR Umbs 6.00% 08/01/2055 (BBG01VH3BJN6)0.18%
Fnma 30YR Umbs 1.50% 01/01/2051 (BBG00Y2N8VB3)0.18%
GNMA2 30YR 2.00% 01/20/2051 (BBG00XM8VJ81)0.18%
Fnma 30YR Umbs Super 5.50% 03/01/2056 (BBG02149FF01)0.18%
GNMA2 30YR 5.50% 04/20/2054 (BBG01KRRJJN8)0.18%
GNMA2 30YR 5.00% 12/20/2054 (BBG01PH23K11)0.18%
Fhlmc 30YR Umbs Super 4.50% 12/01/2054 (BBG01Q51M614)0.17%
GNMA2 30YR 4.00% 09/20/2052 (BBG017RS0430)0.17%
GNMA2 30YR 2.00% 11/20/2050 (BBG00WC0HNK4)0.17%
GNMA2 30YR 5.00% 01/20/2055 (BBG01Q0N1RB7)0.17%
Fhlmc 30YR Umbs Super 5.00% 12/01/2052 (BBG019M600Y3)0.17%
GNMA2 30YR 2.00% 02/20/2051 (BBG00XZZP6J0)0.17%
Fnma 30YR Umbs Super 3.00% 08/01/2051 (BBG01249GBZ0)0.17%
Fnma 30YR Umbs Super 2.50% 04/01/2052 (BBG01H6YXH06)0.17%
Fnma 30YR Umbs 2.00% 02/01/2051 (BBG00YHWVS82)0.17%
Fnma 30YR Umbs Super 4.50% 01/01/2054 (BBG01NRW0XJ5)0.17%
Fnma 30YR Umbs Super 4.00% 08/01/2052 (BBG0194C3RZ7)0.17%
Fhlmc 30YR Umbs Super 2.00% 03/01/2051 (BBG00YDFS7Y4)0.17%
Fhlmc 30YR Umbs Super 5.50% 09/01/2055 (BBG01XH7PCY1)0.16%
Fnma 30YR Umbs 2.00% 07/01/2051 (BBG01107SVX5)0.16%
Fhlmc 30YR Umbs Super 2.00% 07/01/2051 (BBG01TG2L1Z9)0.16%
Fnma 30YR Umbs 6.00% 04/01/2055 (BBG01S4FGCM1)0.16%
GNMA2 30YR 2.00% 04/20/2051 (BBG00YPHW6M7)0.16%
GNMA2 30YR 2.50% 08/20/2050 (BBG00TGXYGY6)0.16%
Fnma 30YR Umbs 2.00% 12/01/2050 (BBG00XS6NZ55)0.16%
GNMA2 30YR 4.50% 10/20/2052 (BBG018GZYKB2)0.16%
GNMA2 30YR 5.50% 08/20/2054 (BBG01MLZDQL4)0.16%
Fnma 30YR Umbs 6.00% 02/01/2054 (BBG01KFL4C28)0.16%
GNMA2 30YR 5.50% 12/20/2054 (BBG01PH23JP8)0.16%

Weight gaps

JMTG and SMBS share no securities.

All 2,570 JMTG holdings⁠All 4,343 SMBS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JMTG vs SMBS Cost

Overpaying JMTG vs SMBS

$6,875

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JMTG 0.37%
$7,513
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

JMTG 0.37%
SMBS 0.03%
Overpaying

Year by year

Year	JMTG	SMBS	Overpaying
10	$670	$55	$615
20	$2,590	$216	$2,374
30	$7,513	$638	$6,875

Expense ratio

0.37%JMTG
0.03%SMBS, cheaper

SMBS0.03%JMTG0.37%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

JMTG 12th cheapest of 24 funds

JMTG vs SMBS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JMTG 4.46%; SMBS 5.32%, better
Payout (12M): JMTG $2.20; SMBS $1.31
Last payment: JMTG $0.19; SMBS $0.11
Ex-dividend: JMTG Oct 1, 2026; SMBS Oct 1, 2026
Paid on: JMTG Oct 5, 2026; SMBS Oct 7, 2026
Frequency: JMTG Monthly; SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

JMTGMonthly · 15 paymentsAll JMTG payments⁠

SMBSMonthly · 22 paymentsAll SMBS payments⁠

JMTG vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JMTG 4.8%since Jul 2025SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: JMTG −0.18since Jul 2025SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: JMTG −4.9%since Jun 2025SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: JMTG 0.98SMBS 0.07; Market = 1

Popular comparisons

JMTGBvsSPMBA
JPMorgan Mortgage-Backed Securities ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF
Expense ratio
0.37% · 0.04%
Category
SMBSAvsSPMBA
Schwab Mortgage-Backed Securities ETF · State Street SPDR Portfolio Mortgage Backed Bond ETF
Expense ratio
0.03% · 0.04%
Category
JMTGBvsMBBA
JPMorgan Mortgage-Backed Securities ETF · iShares MBS ETF
Expense ratio
0.37% · 0.04%
Category
SMBSAvsMBBA
Schwab Mortgage-Backed Securities ETF · iShares MBS ETF
Expense ratio
0.03% · 0.04%
Category
JMTGBvsVMBSA
JPMorgan Mortgage-Backed Securities ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
0.37% · 0.03%
Category
SMBSAvsVMBSA
Schwab Mortgage-Backed Securities ETF · Vanguard Mortgage-Backed Securities ETF
Expense ratio
0.03% · 0.03%
Category