SMBS vs VETZ: Grades, Fees and Holdings Compared

Schwab Mortgage-Backed Securities ETF

SMBSANYSE Arca

Academy Veteran Impact ETF

VETZCNYSE Arca

Overlap

0.0%by weight

Expense ratio

SMBS −0.32pt a year

SMBS0.03%VETZ0.35%

Avg volume · 30D

SMBS 48.9×the volume

SMBS1.01MVETZ20.7K

SMBS vs VETZ Performance

Oct 31, 2025 – Nov 2, 2026

+0.5%SMBS+0.5%VETZ

Expense ratio: SMBS 0.03%, better; VETZ 0.35%
Fund size: SMBS $6.45B; VETZ $131M
1Y total return: SMBS +0.5%; VETZ +0.5%
Yield (12M): SMBS 5.78%; VETZ 6.58%, better
Holdings: SMBS 4343; VETZ 161
Avg volume (30D): SMBS 1.01M sh, better; VETZ 20.7K sh
NAV per share: SMBS $24.67; VETZ $19.12
52W range

ETF.net Grade

Pillar letters and Scores for SMBS, VETZ, with each pillar’s weight
Pillar	SMBS	VETZ
Cost30% weight	A94Higher	B58
Mission25% weight	B61Higher	C44
Risk15% weight	D34	C41Higher
Tradability15% weight	B68Higher	D38
Holdings10% weight	A86Higher	C51
Durability5% weight	B60Higher	D26

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. SMBS and VETZ 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 VETZ 12th 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 11CDMBSDoubleLine Mortgage ETFScore 50
Rank 12CVETZAcademy Veteran Impact ETFScore 46
Rank 13CLMBSFirst Trust Low Duration Opportunities ETFScore 45

Our read on each fund

ETF.net Research

SMBSASchwab Mortgage-Backed Securities ETF

VETZCAcademy Veteran Impact ETF

In short

SMBS No data

VETZ Most mortgage-bond ETFs are pure plumbing. VETZ makes the borrower the point: a US fixed-income portfolio built around lending to active-duty service members and veterans, with income paid out monthly.

Stated mandate

SMBS No data

VETZ The Fund seeks current income while pursuing a positive impact for active duty service members and veterans, including through veteran loans.

Why people hold it

SMBS No data

VETZ The mandate is the whole differentiator: the stated objective is current income while pursuing a positive impact for active-duty service members and veterans, including through veteran loans.
Ordinary machinery under an unusual theme: US bonds, roughly 160 positions, cash distributed monthly.
The 0.35% expense ratio lands at the median for mortgage-bond ETFs, so the veteran-loan angle is not priced as a specialty add-on.

Worth knowing

SMBS No data

VETZ Index rivals set a cheap bar: VMBS charges 0.03% and MBB 0.04%. The gap is what the impact mandate and active security selection cost here.
Small and thinly traded, so spreads can run wider than the category's giants and larger orders may need patience.
Launched in 2023, it sits in the lower half of its mortgage-bond peer group on our read, and it is still a bond fund: values move with rates and prepayments.

Full SMBS profile⁠

Full VETZ profile⁠

SMBS vs VETZ Holdings

How SMBS and VETZ differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for SMBS and VETZ.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

SMBS3.9%
VETZ25.2%

Securities held

SMBS4,343
VETZ140

Asset class

SMBS: Equity
VETZ: Fixed Income

Holdings

Only in SMBS4,343
In both0
Only in VETZ140

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%

Only in VETZ

140 securities, 99.8% of VETZ by weight

Ginnie Mae I Pool 3% 02/15/20505.65%
Ginnie Mae II Pool 3% 04/20/20525.32%
Ginnie Mae II Pool 4.5% 04/20/20564.97%
Ginnie Mae II Pool 6% 07/20/20563.57%
Ginnie Mae II Pool 5% 04/20/20562.86%
Ginnie Mae II Pool 5% 01/20/20562.24%
Ginnie Mae II Pool 3% 03/20/20522.24%
Ginnie Mae II Pool 5% 07/20/20561.99%
Ginnie Mae II Pool 3% 02/20/20501.94%
Ginnie Mae II Pool 5.5% 09/20/20561.86%
Ginnie Mae II Pool 4% 03/20/20531.80%
Ginnie Mae II Pool 4% 07/20/20411.74%
Small Business Administration Pools 4.45% 07/25/20351.52%
Ginnie Mae II Pool 2% 01/20/20541.51%
Ginnie Mae II Pool 3% 09/20/20491.48%
Small Business Administration Pools 4.33% 04/25/20361.38%
Ginnie Mae II Pool 4.5% 07/20/20401.35%
Ginnie Mae II Pool 5% 06/20/20561.31%
First American Government Obligations Fund 12/01/20311.27%
Ginnie Mae II Pool 5.5% 11/20/20551.21%
Ginnie Mae II Pool 5.5% 10/20/20561.18%
Ginnie Mae II Pool 3.5% 12/20/20521.18%
Ginnie Mae II Pool 5% 09/20/20551.14%
Ginnie Mae II Pool 5% 01/20/20541.12%
Ginnie Mae II Pool 4% 11/20/20521.10%
Small Business Administration Pools 6% 07/25/20351.09%
Ginnie Mae II Pool 2.5% 01/20/20511.07%
Ginnie Mae II Pool 3% 05/20/20501.05%
Ginnie Mae II Pool 2% 12/20/20521.04%
Ginnie Mae II Pool 2.5% 03/20/20511.02%
Ginnie Mae II Pool 4.5% 11/20/20550.99%
Ginnie Mae II Pool 3% 08/20/20520.97%
Ginnie Mae II Pool 5% 06/20/20530.92%
Ginnie Mae II Pool 5.5% 07/20/20530.91%
Ginnie Mae I Pool 3% 11/15/20490.89%
Ginnie Mae II Pool 3% 12/20/20510.89%
Ginnie Mae II Pool 5% 08/20/20530.85%
Ginnie Mae II Pool 4.5% 07/20/20500.79%
Ginnie Mae II Pool 4.5% 09/20/20530.77%
Small Business Administration Pools 4.4% 10/25/20510.76%
Ginnie Mae II Pool 2.5% 03/20/20520.76%
Ginnie Mae II Pool 4.5% 03/20/20560.75%
Ginnie Mae II Pool 2% 06/20/20530.72%
Ginnie Mae II Pool 3% 01/20/20520.72%
Ginnie Mae II Pool 5.5% 02/20/20560.71%
Ginnie Mae II Pool 3% 02/20/20520.69%
Ginnie Mae II Pool 5.5% 08/20/20550.67%
Ginnie Mae II Pool 3% 10/20/20490.67%
Ginnie Mae II Pool 3.5% 02/20/20500.67%
Ginnie Mae II Pool 4.5% 02/20/20400.65%

Weight gaps

SMBS and VETZ share no securities.

All 4,343 SMBS holdings⁠All 161 VETZ 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.

SMBS vs VETZ Cost

Overpaying VETZ vs SMBS

$6,488

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

SMBS 0.03%
$638
VETZ 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

SMBS 0.03%
VETZ 0.35%
Overpaying

Year by year

Year	SMBS	VETZ	Overpaying
10	$55	$634	$579
20	$216	$2,454	$2,238
30	$638	$7,126	$6,488

Expense ratio

0.03%SMBS, cheaper
0.35%VETZ

SMBS0.03%VETZ0.35%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SMBS cheapest of 24 funds

VETZ 11th cheapest of 24 funds

SMBS vs VETZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): SMBS 5.78%; VETZ 6.58%, better
Payout (12M): SMBS $1.42; VETZ $1.25
Last payment: SMBS $0.11; VETZ $0.09
Ex-dividend: SMBS Nov 2, 2026; VETZ Nov 2, 2026
Paid on: SMBS Pays Nov 6, 2026; VETZ Pays Nov 3, 2026
Frequency: SMBS Monthly; VETZ Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SMBSMonthly · 23 paymentsAll SMBS payments⁠

VETZMonthly · 39 paymentsAll VETZ payments⁠

SMBS vs VETZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SMBS 4.9%since Dec 2024VETZ 5.6%
Return per unit of riskSharpe ratio, 3 years: SMBS −0.16since Dec 2024VETZ 0.28
Worst fallMax drawdown, 5 years: SMBS −5.2%since Nov 2024VETZ −5.2%since Aug 2023
Market sensitivityBeta, 5 years: SMBS 0.07VETZ 0.24; Market = 1

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