MBSF vs SMBS: Grades, Fees and Holdings Compared

Regan Floating Rate MBS ETF

MBSF—NYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.46pt a year

MBSF0.49%SMBS0.03%

Avg volume · 30D

SMBS 18.3×the volume

MBSF56.8KSMBS1.04M

MBSF vs SMBS Performance

Nov 7, 2025 – Nov 9, 2026

+4.4%MBSF+1.1%SMBS

Expense ratio: MBSF 0.49%; SMBS 0.03%, better
Fund size: MBSF $266M; SMBS $6.46B
1Y total return: MBSF +4.4%, better; SMBS +1.1%
Yield (12M): MBSF 4.20%; SMBS 5.28%, better
Holdings: MBSF 491; SMBS 4349
Avg volume (30D): MBSF 56.8K sh; SMBS 1.04M sh, better
NAV per share: MBSF $25.56; SMBS $24.71
52W range

ETF.net Grade

—MBSFUnder classification review

Pillar letters and Scores for MBSF, SMBS, with each pillar’s weight
Pillar	MBSF	SMBS
Cost30% weight	Not scored	A94
Mission25% weight	Not scored	B61
Risk15% weight	Not scored	C44
Tradability15% weight	Not scored	B66
Holdings10% weight	Not scored	A86
Durability5% weight	Not scored	B60

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Mortgage-Backed Securities⁠

Category · 24 funds

See all 24 ›

SMBS ranks 4th 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 71
Rank 5BJMTGJPMorgan Mortgage-Backed Securities ETFScore 62
MBSFNot yet graded

MBSF vs SMBS Holdings

How MBSF and SMBS differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Sector3 Sectors97.0%
Countryby domicile100%

Sector

Sector weights in MBSF and SMBS, widest gap first
Sector	Gap	MBSF	SMBS
Government	MBSF +3.0 points	3.0%	0.0%
Securitized	SMBS +2.7 points	97.0%	99.7%
Corporate	SMBS +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in MBSF and SMBS, widest gap first
Country	More in MBSFMore in SMBS	Gap	MBSF	SMBS
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MBSF17.0%
SMBS2.9%

Securities held

MBSF491
SMBS4,349

Asset class

MBSF: Bonds
SMBS: Stocks

Holdings

Only in MBSF491
In both0
Only in SMBS4,349

Only in MBSF

491 securities, 100% of MBSF by weight

B 04/15/272.36%
Fhr 4383 Kf1.95%
Fhr 4959 Jf1.88%
Fnr 2020-10 Fe1.86%
Fnr 2023-4 Fb1.84%
Fnr 2019-38 Fa1.54%
Fhr 4431 Ft1.51%
Fnr 2019-61 Af1.46%
Gnr 2019-143 Jf1.32%
B 04/22/271.29%
Fhr 4882 Fa1.23%
Gnr 2015-60 Gf1.17%
Gnr 2019-143 Af1.16%
Gnr 2019-98 Kf1.10%
Gnr 2016-33 Uf1.00%
Gnr 2019-112 Fh1.00%
Fhr 5427 Fc0.99%
Fhr 4108 Fc0.99%
Gnr 2019-90 Bf0.96%
Gnr 2019-115 Fe0.95%
Receivables/Payables0.94%
Gnr 2015-123 Fp0.92%
Fhr 4614 Fk0.86%
Gnr 2011-156 Fb0.76%
Gnr 2014-5 Fa0.76%
Fhr 5473 Bf0.76%
Gnr 2013-129 Fn0.74%
Gnr 2012-6 Fg0.74%
Fnr 2017-112 Fc0.72%
Fnr 2019-81 Qf0.71%
Fnr 2020-36 Fh0.70%
Gnr 2022-160 Nf0.70%
Fhs 339 F50.69%
Gnr 2013-129 Fa0.62%
Fnr 2016-106 Ef0.62%
Gnr 2011-135 Fn0.60%
Fhr 4927 Fg0.60%
Gnr 2013-129 Fe0.60%
Gnr 2018-138 Fb0.59%
Fhr 5389 Fc0.59%
Gnr 2022-64 Fa0.58%
Fhr 4939 Cf0.57%
Gnr 2022-78 Fm0.57%
Fhs 359 F30.56%
Fnr 2024-96 Fa0.56%
Fhr 4240 Fa0.55%
Fnr 2025-47 Fj0.55%
Fhr 4918 F0.55%
Fnr 2024-76 Fa0.53%
Gnr 2023-130 Fj0.52%

Only in SMBS

4,349 securities, 100% of SMBS by weight

GNMA2 30YR 5.00% 11/20/2054 (BBG01NZQMR80)0.44%
Fhlmc 30YR Umbs Super 5.50% 10/01/2054 (BBG01NYFN109)0.33%
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%
GNMA2 30YR 5.50% 10/20/2056 (BBG0238WL3J2)0.26%
GNMA2 30YR 5.00% 05/20/2056 (BBG01ZVZ4RL2)0.25%
Fnma 30YR Umbs 5.50% 04/01/2053 (BBG01F33L1J9)0.25%
Fnma 30YR Umbs 2.00% 05/01/2051 (BBG00ZHCZ133)0.25%
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)0.20%
Fhlmc 30YR Umbs Super 2.00% 02/01/2051 (BBG00Y2HT9V0)0.19%
Fhlmc 30YR Umbs 5.00% 03/01/2056 (BBG021983ZP0)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)0.18%
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 Super 4.00% 08/01/2052 (BBG0194C3RZ7)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%
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 6.00% 10/20/2056 (BBG0238WL2K2)0.16%
Fnma 30YR Umbs 2.00% 12/01/2050 (BBG00XS6NZ55)0.16%
GNMA2 30YR 2.50% 08/20/2050 (BBG00TGXYGY6)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%

Weight gaps

MBSF and SMBS share no securities.

All MBSF holdings⁠All 4,349 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.

MBSF vs SMBS Cost

Overpaying MBSF vs SMBS

$9,154

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

MBSF 0.49%
$9,792
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MBSF 0.49%
SMBS 0.03%
Overpaying

Year by year

Year	MBSF	SMBS	Overpaying
10	$883	$55	$828
20	$3,394	$216	$3,178
30	$9,792	$638	$9,154

Expense ratio

0.49%MBSF
0.03%SMBS, cheaper

SMBS0.03%MBSF0.49%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

MBSF 20th cheapest of 24 funds

MBSF vs SMBS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): MBSF 4.20%; SMBS 5.28%, better
Payout (12M): MBSF $1.07; SMBS $1.30
Last payment: MBSF $0.08; SMBS $0.11
Ex-dividend: MBSF Oct 28, 2026; SMBS Nov 2, 2026
Paid on: MBSF Oct 30, 2026; SMBS Nov 6, 2026
Frequency: MBSF Monthly; SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MBSFMonthly · 32 paymentsAll MBSF payments⁠

SMBSMonthly · 23 paymentsAll SMBS payments⁠

MBSF vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MBSF 1.6%since Mar 2024SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MBSF 0.60since Mar 2024SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: MBSF −1.0%since Feb 2024SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: MBSF 0.05SMBS 0.07; Market = 1

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