MBSD vs SMBS: Grades, Fees and Holdings Compared

Northern Trust Disciplined Duration MBS ETF

MBSDBNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.17pt a year

MBSD0.20%SMBS0.03%

Avg volume · 30D

SMBS 98.5×the volume

MBSD10.3KSMBS1.01M

MBSD vs SMBS Performance

Oct 31, 2025 – Nov 2, 2026

+0.7%MBSD+0.5%SMBS

Expense ratio: MBSD 0.20%; SMBS 0.03%, better
Fund size: MBSD $89M; SMBS $6.45B
1Y total return: MBSD +0.7%, better; SMBS +0.5%
Yield (12M): MBSD 4.46%; SMBS 5.78%, better
Holdings: MBSD 467; SMBS 4343
Avg volume (30D): MBSD 10.3K sh; SMBS 1.01M sh, better
NAV per share: MBSD $20.22; SMBS $24.67
52W range

ETF.net Grade

Pillar letters and Scores for MBSD, SMBS, with each pillar’s weight
Pillar	MBSD	SMBS
Cost30% weight	A79	A94Higher
Mission25% weight	B60	B61Higher
Risk15% weight	C46Higher	D34
Tradability15% weight	C48	B68Higher
Holdings10% weight	B62	A86Higher
Durability5% weight	B55	B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. MBSD 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 MBSD 6th of 24 funds in the Mortgage-Backed Securities Category.

Rank 1ASPMBState Street SPDR Portfolio Mortgage Backed Bond ETFScore 74
Rank 2AMBBiShares MBS ETFScore 72
Rank 2AVMBSVanguard 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
Rank 7BGNMAiShares GNMA Bond ETFScore 60

Our read on each fund

ETF.net Research

MBSDBNorthern Trust Disciplined Duration MBS ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

MBSD Agency mortgage bonds let their duration wander as homeowners refinance or sit tight. MBSD tracks an index built to keep that drift on a leash, offering mortgage-bond exposure with rate sensitivity set by rules instead of by the market's mood.

SMBS No data

Stated mandate

MBSD The fund is designed to provide market-like exposure to mortgage-backed securities while limiting duration drift through a rules-based index methodology.

SMBS No data

Why people hold it

MBSD The whole point is duration discipline: a rules-based index designed to give market-like mortgage-bond exposure while limiting duration drift, so rate sensitivity is governed by methodology.flexshares.com
Charges 0.21% a year, less than the typical fee in the MBS ETF group, and it has been running since 2014 rather than arriving as a recent idea.
Spreads across roughly 500 mortgage bonds and pays monthly, so income lands on a mortgage-payment rhythm instead of twice a year.

SMBS No data

Worth knowing

MBSD Thinly traded. Spreads and limit orders matter more here than with the category's household names.
Duration control carries a price tag: VMBS, MBB and SPMB track the broad agency mortgage market for single-digit basis points.
Constraining duration means it is not built to move like the full mortgage-backed market. That is the design, but it is a different exposure, not a copy.flexshares.com

SMBS No data

Full MBSD profile⁠

Full SMBS profile⁠

MBSD vs SMBS Holdings

How MBSD and SMBS differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for MBSD and SMBS.

Country, concentration and asset class

Country by domicile

Country weights in MBSD and SMBS, widest gap first
Country	More in MBSDMore in SMBS	MBSD	SMBS
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MBSD17.5%
SMBS3.9%

Securities held

MBSD466
SMBS4,343

Asset class

MBSD: Fixed Income
SMBS: Equity

Holdings

Only in MBSD466
In both0
Only in SMBS4,343

Only in MBSD

466 securities, 99.6% of MBSD by weight

Tba Umbs Single Family 30YR 7.0 11/232.33%
Umbs Mortpass 2.5% 01/DEC/2031 Ci Pn# MA28302.08%
Tba Umbs Single Family 30YR 4.0 11/232.02%
Umbs Mortpass 2.5% 01/DEC/2033 Ci Pn# SB19701.85%
Gnma Ii Mortpass 7.5% 20/SEP/2054 Sf Pn# MA99101.79%
Umbs Mortpass 3% 01/MAY/2037 Ci Pn# SB18401.77%
Tba Umbs Single Family 30YR 6.5 11/231.72%
Umbs Mortpass 6.5% 01/JUN/2055 Class Pn# SL27691.41%
Umbs Mortpass 4% 01/AUG/2040 Ct Pn# FS77921.29%
Umbs Mortpass 2.5% 01/FEB/2035 Ci Pn# FA56991.26%
Umbs Mortpass 2% 01/SEP/2036 Ci Pn# MA44181.25%
Gnma I Mortpass 3.5% 15/JUN/2046 Sp Pn# 7852741.24%
Umbs Mortpass 6.5% 01/APR/2056 Class Pn# FA52281.20%
Gnma Ii Mortpass 3% 20/MAR/2052 Sf Pn# MA79371.14%
Gnma Ii Mortpass 3% 20/NOV/2049 Sf Pn# MA62831.13%
Umbs Mortpass 6% 01/SEP/2039 Ci Pn# FA07421.11%
Umbs Mortpass 3.5% 01/DEC/2034 Ct Pn# BM17351.10%
Umbs Mortpass 3.5% 01/JUN/2037 Ci Pn# SB81661.08%
Umbs Mortpass 2% 01/MAY/2052 Class Pn# SD82111.01%
Umbs Mortpass 1.5% 01/OCT/2051 Class Pn# MA44360.95%
Gnma Ii Mortpass 7% 20/OCT/2056 Sf Pn# MB14810.93%
Umbs Mortpass 5% 01/AUG/2048 Class Pn# BK47730.92%
Gnma Ii Mortpass 2% 20/FEB/2052 Sf Pn# MA78800.92%
Umbs Mortpass 4.5% 01/OCT/2050 Class Pn# FS39560.92%
Gnma Ii Mortpass 7% 20/MAY/2055 Sf Pn# MB03690.91%
Gnma Ii Mortpass 2% 20/DEC/2051 Sf Pn# MA77660.90%
Umbs Mortpass 5.5% 01/JUN/2055 Class Pn# MA57350.88%
Umbs Mortpass 2.5% 01/FEB/2052 Class Pn# FS23210.87%
Gnma Ii Mortpass 2.5% 20/OCT/2050 Sf Pn# MA69310.85%
Umbs Mortpass 2.5% 01/AUG/2034 Ci Pn# QN04170.84%
Gnma Ii Mortpass 2.5% 20/MAR/2052 Sf Pn# MA79360.84%
Umbs Mortpass 4.5% 01/SEP/2050 Class Pn# FS92560.83%
Umbs Mortpass 3.5% 01/JUL/2050 Class Pn# FS38560.80%
Umbs Mortpass 3% 01/DEC/2032 Ci Pn# BM51090.79%
Umbs Mortpass 4% 01/OCT/2039 Ci Pn# SB83320.78%
Tba Umbs Single Family 30YR 3.0 11/230.78%
Umbs Mortpass 5.5% 01/FEB/2049 Class Pn# FS20950.78%
Gnma I Mortpass 5% 15/AUG/2039 Sf Pn# 6984850.77%
Umbs Mortpass 3.5% 01/FEB/2032 Ct Pn# MA09760.77%
Gnma I Mortpass 4.5% 15/MAY/2039 Sf Pn# 7170820.75%
Gnma Ii Mortpass 6.5% 20/DEC/2052 Sf Pn# MA84930.72%
Gnma I Mortpass 3% 15/APR/2042 Sf Pn# 7790840.72%
Umbs Mortpass 5.5% 01/FEB/2039 Ci Pn# MA52670.72%
Gnma I Mortpass 4.5% 15/MAY/2039 Sf Pn# 6673870.71%
Umbs Mortpass 6.5% 01/FEB/2053 Class Pn# MA49280.71%
Umbs Mortpass 7% 01/NOV/2054 Class Pn# MA55470.71%
Tba Umbs Single Family 30YR 5.0 11/220.70%
Fhlmcgld Mortpass 2.5% 01/FEB/2032 G1 Pn# G186310.70%
Umbs Mortpass 2% 01/OCT/2035 Ci Pn# RC16000.68%
Gnma Ii Mortpass 4% 20/FEB/2048 Sf Pn# MA50200.67%

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 5.00% 04/20/2056 (BBG01Z997ZP0)0.20%
GNMA2 30YR 5.50% 06/20/2055 (BBG01SJ8MLF2)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)0.18%
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

MBSD and SMBS share no securities.

All 467 MBSD 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.

MBSD vs SMBS Cost

Overpaying MBSD vs SMBS

$3,517

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

MBSD 0.20%
$4,155
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MBSD 0.20%
SMBS 0.03%
Overpaying

Year by year

Year	MBSD	SMBS	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%MBSD
0.03%SMBS, cheaper

SMBS0.03%MBSD0.20%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

MBSD 6th cheapest of 24 funds

MBSD vs SMBS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MBSD 4.46%; SMBS 5.78%, better
Payout (12M): MBSD $0.90; SMBS $1.42
Last payment: MBSD $0.06; SMBS $0.11
Ex-dividend: MBSD Nov 2, 2026; SMBS Nov 2, 2026
Paid on: MBSD Pays Nov 6, 2026; SMBS Pays Nov 6, 2026
Frequency: MBSD Monthly; SMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MBSDMonthly · 46 paymentsAll MBSD payments⁠

SMBSMonthly · 23 paymentsAll SMBS payments⁠

MBSD vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MBSD 4.4%SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MBSD 0.15SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: MBSD −13.8%SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: MBSD 0.74SMBS 0.07; Market = 1

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