SPMB vs VETZ: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Mortgage Backed Bond ETF

SPMBANYSE Arca

Academy Veteran Impact ETF

VETZCNYSE Arca

Overlap

No data

Expense ratio

SPMB −0.31pt a year

SPMB0.04%VETZ0.35%

Avg volume · 30D

SPMB 78.0×the volume

SPMB1.62MVETZ20.7K

3Y return · a year

SPMB +0.1pt

SPMB+5.6%VETZ+5.5%

SPMB vs VETZ Performance

Oct 31, 2025 – Nov 2, 2026

+0.4%SPMB+0.5%VETZ

Expense ratio: SPMB 0.04%, better; VETZ 0.35%
Fund size: SPMB $7B; VETZ $131M
1Y total return: SPMB +0.4%; VETZ +0.5%, better
Yield (12M): SPMB 4.59%; VETZ 6.58%, better
Holdings: SPMB 2779; VETZ 161
Avg volume (30D): SPMB 1.62M sh, better; VETZ 20.7K sh
NAV per share: SPMB $21.63; VETZ $19.12
52W range

ETF.net Grade

Pillar letters and Scores for SPMB, VETZ, with each pillar’s weight
Pillar	SPMB	VETZ
Cost30% weight	A94Higher	B58
Mission25% weight	B64Higher	C44
Risk15% weight	D28	C41Higher
Tradability15% weight	A95Higher	D38
Holdings10% weight	A75Higher	C51
Durability5% weight	A83Higher	D26

Rank among Mortgage-Backed Securities funds

How we build Categories ›

Same Category. SPMB 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 ›

SPMB ranks 1st 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 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

SPMBAState Street SPDR Portfolio Mortgage Backed Bond ETF

VETZCAcademy Veteran Impact ETF

In short

SPMB The no-frills way to own America's mortgage bonds. SPMB tracks the Bloomberg U.S. MBS Index for four basis points, a fraction of what the typical mortgage-bond ETF charges, and pays income monthly.

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

SPMB The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg U.S. MBS Index.

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

SPMB Four basis points a year, against a 0.35% median for mortgage-bond ETFs. Cost is where this fund does its loudest talking.
Runs the same Bloomberg U.S. MBS Index as iShares' MBB at the same 0.04% fee, and undercuts MBBA, which tracks that index for far more.
Roughly 2,700 mortgage bonds in a single line item, inside a multi-billion-dollar fund that trades actively, with distributions paid monthly.
Trading since 2009, and one of the strongest implementations in its mortgage-bond peer group.

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

SPMB Homeowners refinance when rates fall, so mortgage bonds get paid back early and rally less than Treasuries. That quirk is built into the index, not the fund.
Prices move with interest rates and the monthly payout floats with the portfolio. This is a bond fund, not a cash substitute.
US mortgages only. No Treasuries, no corporates, no credit spice. A building block for a bond sleeve rather than the whole sleeve.

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 SPMB profile⁠

Full VETZ profile⁠

SPMB vs VETZ Holdings

How SPMB and VETZ differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for SPMB and VETZ.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

SPMB11.6%
VETZ25.2%

Securities held

SPMB2,778
VETZ140

Asset class

SPMB: Fixed Income
VETZ: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SPMB holds 2,778 securities, VETZ 140.

All 2,793 SPMB 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.

SPMB vs VETZ Cost

Overpaying VETZ vs SPMB

$6,277

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

SPMB 0.04%
$849
VETZ 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

SPMB 0.04%
VETZ 0.35%
Overpaying

Year by year

Year	SPMB	VETZ	Overpaying
10	$73	$634	$561
20	$288	$2,454	$2,166
30	$849	$7,126	$6,277

Expense ratio

0.04%SPMB, cheaper
0.35%VETZ

SPMB0.04%VETZ0.35%

0.03%0.86%

Middle half of Mortgage-Backed Securities funds
Median 0.38%

SPMB 3rd cheapest of 24 funds

VETZ 11th cheapest of 24 funds

SPMB vs VETZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): SPMB 4.59%; VETZ 6.58%, better
Payout (12M): SPMB $0.99; VETZ $1.25
Last payment: SPMB $0.07; VETZ $0.09
Ex-dividend: SPMB Nov 2, 2026; VETZ Nov 2, 2026
Paid on: SPMB Pays Nov 5, 2026; VETZ Pays Nov 3, 2026
Frequency: SPMB Monthly; VETZ Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SPMBMonthly · 46 paymentsAll SPMB payments⁠

VETZMonthly · 39 paymentsAll VETZ payments⁠

SPMB vs VETZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPMB 6.5%VETZ 5.6%, better
Return per unit of riskSharpe ratio, 3 years: SPMB 0.28VETZ 0.28
Worst fallMax drawdown, 5 years: SPMB −17.0%VETZ −5.2%since Aug 2023
Market sensitivityBeta, 5 years: SPMB 1.15VETZ 0.24; Market = 1

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