SCIO vs SMBS: Grades, Fees and Holdings Compared

First Trust Structured Credit Income Opportunities ETF

SCIODNYSE Arca

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.83pt a year

SCIO0.86%SMBS0.03%

Avg volume · 30D

SMBS 3.6×the volume

SCIO281KSMBS1.01M

SCIO vs SMBS Performance

Oct 31, 2025 – Oct 30, 2026

+2.7%SCIO+0.3%SMBS

Expense ratio: SCIO 0.86%; SMBS 0.03%, better
Fund size: SCIO $573M; SMBS $6.45B
1Y total return: SCIO +2.7%, better; SMBS +0.3%
Yield (12M): SCIO 5.68%, better; SMBS 5.32%
Holdings: SCIO 395; SMBS 4343
Avg volume (30D): SCIO 281K sh; SMBS 1.01M sh, better
NAV per share: SCIO $20.15; SMBS $24.67
52W range

ETF.net Grade

Pillar letters and Scores for SCIO, SMBS, with each pillar’s weight
Pillar	SCIO	SMBS
Cost30% weight	F0	A94Higher
Mission25% weight	D31	B61Higher
Risk15% weight	A80Higher	D35
Tradability15% weight	C44	B68Higher
Holdings10% weight	B56	A86Higher
Durability5% weight	B57	B60Higher

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. SCIO 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 SCIO 19th 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 18DCAAAFirst Trust AAA CMBS ETFScore 35
Rank 19DSCIOFirst Trust Structured Credit Income Opportunities ETFScore 34
Rank 20DPMBSPIMCO Mortgage-Backed Securities Active Exchange-Traded FundScore 32

Our read on each fund

ETF.net Research

SCIODFirst Trust Structured Credit Income Opportunities ETF

SMBSASchwab Mortgage-Backed Securities ETF

In short

SCIO Most of the mortgage-bond aisle is cheap index trackers holding thousands of agency loans. SCIO is the odd one out: an active First Trust book of roughly 50 structured credit positions, paying monthly.

SMBS No data

Stated mandate

SCIO The Fund seeks to maximize long-term income. Under normal market conditions, it invests at least 80% of net assets, plus investment borrowings, in structured credit investments such as RMBS, CMBS, CLOs and ABS.

SMBS No data

Why people hold it

SCIO Clear mandate: at least 80% of net assets in structured credit, with the stated goal of maximizing long-term income. Managers pick the paper instead of replicating an index.ftportfolios.com
Income shows up monthly, which matches the fund's own income-first objective rather than a quarterly bond-fund rhythm.
Roughly 50 positions, so manager selection actually drives the outcome. That is exposure a broad agency-MBS index fund like VMBS or MBB is not built to give you.
For a niche credit strategy, it trades with moderate, workable volume and carries a real asset base behind it.

SMBS No data

Worth knowing

SCIO Active work costs money: 0.70% a year, versus single-digit basis points at index rivals such as VMBS (0.03%) and SPMB (0.04%).
Launched in 2024, so the track record is short and has not been tested across a full credit cycle.
It is shelved with mortgage-bond funds but does not behave like one. Structured credit carries different risks than government-backed agency paper.

SMBS No data

Full SCIO profile⁠

Full SMBS profile⁠

SCIO vs SMBS Holdings

How SCIO and SMBS differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile92.6%

Sector

No Sector split for SCIO and SMBS.

Country, concentration and asset class

Country by domicile

Country weights in SCIO and SMBS, widest gap first
Country	More in SCIOMore in SMBS	SCIO	SMBS
United States	SMBS +7.4 points	92.6%	100.0%
Cayman Islands	SCIO +6.8 points	6.8%	0.0%
Ireland	SCIO +0.5 points	0.5%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SCIO30.8%
SMBS3.9%

Securities held

SCIO393
SMBS4,343

Asset class

SCIO: Fixed Income
SMBS: Equity

Holdings

Only in SCIO393
In both0
Only in SMBS4,343

Only in SCIO

393 securities, 100% of SCIO by weight

US 5YR NOTE (CBT) Dec2611.00%
US 2YR NOTE (CBT) Dec268.75%
US 10YR NOTE (CBT)Dec262.91%
Fannie Mae or Freddie Mac TBA, 6%, due 06/01/20561.71%
US ULTRA BOND CBT Dec261.57%
Fannie Mae or Freddie Mac TBA, 3.50%, due 02/01/20521.40%
GNMA TBA, 6.50%, due 01/01/20561.08%
REMIC FUNDING TRUST 98-1 Series 2026-2, Class A, 6.259%, due 11/27/20560.95%
Fannie Mae or Freddie Mac TBA, 5.50%, due 04/01/20560.93%
Fannie Mae - CAS Series 2020-R01, Class 1B1, Variable rate, due 01/25/20400.91%
Freddie Mac - STACR Series 2022-HQA1, Class B2, Variable rate, due 03/25/20420.86%
Zayo Issuer LLC Series 2025-2A, Class C, 9.489%, due 06/20/20550.85%
Consolidated Communications LLC, Fidium Fiber Fina Series 2025-1A, Class C, 9.408%, due 05/20/20550.85%
GNMA G2 788850, 6%, due 09/20/20660.75%
U.S. Treasury Bill, 0%, due 11/10/20260.75%
U.S. Treasury Bill, 0%, due 11/17/20260.75%
U.S. Treasury Bill, 0%, due 11/24/20260.75%
BINOM Securitization Trust Series 2021-INV1, Class B1, Variable rate, due 06/25/20560.73%
Freddie Mac Series 5642, Class FN, Variable rate, due 03/25/20560.69%
REMIC FUNDING TRUST 98-1 Series 2026-1, Class B, Variable rate, due 09/27/20560.68%
GNMA Series 2025-78, Class IO, Variable rate, due 11/16/20630.66%
Zayo Issuer LLC Series 2025-2A, Class B, 6.586%, due 06/20/20550.64%
Freddie Mac Series 5690, Class NS, Variable rate, due 02/01/20530.62%
HOMES Trust Series 2025-NQM2, Class B2, Variable rate, due 02/25/20700.62%
RCO Mortgage LLC Series 2025-4, Class A2, Variable rate, due 10/25/20300.62%
Fannie Mae - CAS Series 2022-R01, Class 1B2, Variable rate, due 12/25/20410.60%
Verus Securitization Trust Series 2024-2, Class B2, Variable rate, due 02/25/20690.60%
GLS Auto Select Receivables Trust Series 2025-4A, Class D, 5.61%, due 01/18/20330.60%
U.S. Treasury Bill, 0%, due 11/05/20260.60%
Zayo Issuer LLC Series 2026-1A, Class C, 7.784%, due 04/20/20560.59%
RCO Mortgage LLC Series 2026-4, Class A1, Variable rate, due 08/25/20310.58%
Point Securitization Trust Series 2026-2, Class A1, 5.25%, due 07/25/20560.57%
CarMax Select Receivables Trust Series 2026-A, Class D, 4.90%, due 05/17/20320.56%
REMIC FUNDING TRUST 98-1 Series 2026-3, Class B, 9.362%, due 04/27/20570.56%
FIGRE Trust Series 2026-EXP3, Class C, Variable rate, due 10/25/20560.55%
Westlake Automobile Receivables Trust Series 2026-2A, Class D, 5.25%, due 03/15/20320.55%
REMIC FUNDING TRUST 98-1 Series 2026-RR1, Class A1, Variable rate, due 07/27/20300.54%
GNMA Series 2026-99, Class HS, Variable rate, due 06/20/20560.53%
Battery Park CLO Ltd. Series 2019-1A, Class CR, Variable rate, due 07/15/20360.53%
LHOME Mortgage Trust Series 2024-RTL5, Class M2, Variable rate, due 09/25/20390.52%
Citigroup Mortgage Loan Trust Inc Series 2020-EXP1, Class M1, Variable rate, due 05/25/20600.52%
New Residential Mortgage Loan Trust Series 2023-NQM1, Class B2, Variable rate, due 10/25/20630.52%
Research-Driven Pagaya Motor Asset Trust I Series 2026-1A, Class E, 11.066%, due 01/25/20350.52%
GGP Trust Series 2026-2PAK, Class A, Variable rate, due 04/10/20430.51%
UNITK 2026-1A C 7.653%, due 02/25/20560.51%
Verus Securitization Trust Series 2022-3, Class A3, Variable rate, due 02/25/20670.50%
GNMA TBA, 6%, due 05/01/20560.50%
GNMA Series 2025-206, Class IO, Variable rate, due 04/16/20640.49%
JP Morgan Mortgage Trust Series 2022-DSC1, Class M1, Variable rate, due 01/25/20630.49%
Fannie Mae Series 2025-6, Class FB, Variable rate, due 02/25/20550.48%

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

SCIO and SMBS share no securities.

All 462 SCIO 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.

SCIO vs SMBS Cost

Overpaying SCIO vs SMBS

$15,730

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

SCIO 0.86%
$16,368
SMBS 0.03%
$638

Amount$10,000

Years30 years

Cost over time

SCIO 0.86%
SMBS 0.03%
Overpaying

Year by year

Year	SCIO	SMBS	Overpaying
10	$1,525	$55	$1,470
20	$5,768	$216	$5,552
30	$16,368	$638	$15,730

Expense ratio

0.86%SCIO
0.03%SMBS, cheaper

SMBS0.03%SCIO0.86%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

SCIO 24th cheapest of 24 funds

SCIO vs SMBS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SCIO 5.68%, better; SMBS 5.32%
Payout (12M): SCIO $1.14; SMBS $1.31
Last payment: SCIO $0.10; SMBS $0.11
Ex-dividend: SCIO Oct 21, 2026; SMBS Oct 1, 2026
Paid on: SCIO Oct 30, 2026; SMBS Oct 7, 2026
Frequency: SCIO Monthly; SMBS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

SCIOMonthly · 31 paymentsAll SCIO payments⁠

SMBSMonthly · 22 paymentsAll SMBS payments⁠

SCIO vs SMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SCIO 3.1%since Mar 2024SMBS 4.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: SCIO 0.81since Mar 2024SMBS −0.16since Dec 2024
Worst fallMax drawdown, 5 years: SCIO −2.7%since Feb 2024SMBS −5.2%since Nov 2024
Market sensitivityBeta, 5 years: SCIO 0.08SMBS 0.07; Market = 1

SCIO and SMBS in the news

All news⁠

ETF Filings
First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor
Sep 21, 2026SCIO

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SCIO vs SMBS

In short

Stated mandate

Why people hold it

Worth knowing

How SCIO and SMBS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCIO

Only in SMBS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor

How SCIO and SMBS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCIO

Only in SMBS

Weight gaps