JMBS – Mortgage-Backed Securities ETF

NAV As of 12/07/18 $50.09

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Fund Facts

Pricing Data (As of Market Close 12/07/18) Yields and Expenses Fund Details
$50.10 Closing Market Price
$50.10 Bid/Ask Midpoint
$50.10 Day High
$50.02 Day Low
1,852 Trading Volume (Shares)
0.02% Premium/Discount
0.75M Shares Outstanding
1.28% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18) 3.21%
Monthly Distribution Frequency
$37.57M Total Net Assets (As of 12/07/18)
GROSS 0.35%
NET 0.35%
Annual Expense Ratio
(Estimated)
Performance (As of 12/07/18)
$50.09 NAV
(As of 12/07/18)
0.28% NAV 1 Day Return
0.71% NAV Inception to Date
09/12/18 Inception Date
47103U852 CUSIP
Category
Morningstar (As of 11/30/2018)
Intermediate Government
JMBSIV Intraday Value (IOPV)
NYSE Exchange
Primary Benchmark Bloomberg Barclays U.S. MBS Index
Creation Unit size is 25,000 shares.

Overview

An actively managed, high quality MBS ETF that…
  • Invests predominately in high-quality MBS assets
  • Seeks total returns in excess of the MBS market without taking additional risk
  • Offers the potential for broad portfolio diversification benefits with little to no corporate credit risk
  • Differentiates itself by employing fundamental loan-level analysis and quantitative modeling in an effort to identify mispriced assets with attractive borrower behavior
  • Provides the lower cost, transparency and liquidity characteristics of the ETF structure
Mortgage-Backed Securities : A Quick Education
Looking for an introduction or refresher on MBS? Watch this short video to learn more.
Modeling Borrower Behavior and Prepayment Risk to Find Opportunity
Our team differentiates itself through loan-level analysis, continuously evaluating roughly $6.5 trillion in mortgages across more than 35 million loans. We believe the MBS market’s sheer size in value and number of loans makes it an attractive area for active management. We take a bottom-up, loan-by-loan approach in an effort to identify the best opportunities.
Investable Universe

35+ Million
Mortgages


Analyzed By

Location, Coupon,
Credit Score,
Debt to Income,
Cash Flow, Collateral
Security Selection

Bottom-up,
loan-by-loan approach


Implementing in a Portfolio
JMBS is a potentially powerful building block for a diversified fixed income portfolio. JMBS may be used for:
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DEDICATED MBS EXPOSURE
Historically low correlations and strong-risk adjusted returns of the asset class make a strategic allocation attractive
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A COMPLEMENT TO EXISTING CORE FIXED INCOME
Pair with core bond funds that may be longer duration and corporate credit-focused
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REBALANCING AWAY FROM NON-CORE FIXED INCOME
Investors may have over-allocated to riskier non-core fixed income given the fear of rising rates and proliferation of new investment options
JMBS – Our High-Quality MBS ETF
Actively Modeling Borrower Behavior to Seek Above-Market Total Returns

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Sep 12, 2018 3M YTD 1YR 3YR 5YR 10YR Since Inception
NAV - N/A (Inception to Date) - - - - -0.34%
Market Price - N/A (Inception to Date) - - - - -0.28%
Bloomberg Barclays U.S. MBS Index -0.12% -1.07% (Inception to Date) -0.92% 0.98% 2.02% 3.33% -0.20%
Inception: Sep 12, 2018 3M YTD 1YR 3YR 5YR 10YR Since Inception
NAV - N/A (Inception to Date) - - - - 0.02%
Market Price - N/A (Inception to Date) - - - - 0.06%
Bloomberg Barclays U.S. MBS Index -0.35% -0.81% (Inception to Date) -0.49% 1.09% 2.06% 3.09% 0.06%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Market Price below NAV Market Price equal to NAV Market Price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 11 2 35 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 22.92% 4.17% 72.92% 0.00% 0.00% 0.00%
Market Price below NAV Market Price equal to NAV Market Price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 3 0 9 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 23.08% 0.00% 69.23% 0.00% 0.00% 0.00%

DISTRIBUTION OVERVIEW

EX-DATE RECORD DATE PAYABLE DATE ORDINARY INCOME SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS TOTAL DISTRIBUTION
12/3/2018 12/4/2018 12/7/2018 $0.122997 $0.000000 $0.000000 $.0122997
11/1/2018 11/2/2018 11/7/2018 $0.140422 $0.000000 $0.000000 $0.140422

Characteristics

Index represents the Bloomberg Barclays U.S. MBS Index.

TOP HOLDINGS

(As of 12/07/2018)

% of Fund
FNMA TBA 30yr 4% January Delivery 29.78
FNMA TBA 30yr 5% January Delivery 13.51
GNMA II TBA 30yr 3.5% January Delivery 10.57
GNMA II TBA 30yr 3% January Delivery 8.69
GNMA II 30yr Pool#MA5400 5.000% 20-Aug-2048 4.51
GNMA II TBA 30yr 4.5% January Delivery 4.47
FHLMC 30yr Pool#G61392 3.500% 01-Dec-2044 4.28
GNMA II 30yr Pool#MA5399 4.500% 20-Aug-2048 3.71
FHLMC 30yr Pool#G60989 3.000% 01-Dec-2046 3.14
FNMA 30yr Pool#AL9980 4.000% 01-Feb-2046 3.09

Commentary & Literature