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Sunday, August 23, 2026The Morning Brief →Sign in
SPMBSPDR

SPDR Portfolio Mortgage Backed Bond ETF

$22.00-0.36% today
222352-WK

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of the U.S. agency mortgage pass-through segment of the U.S. investment grade bond market.

Price & daily flows
22.622.422.122.00DAILY NET FLOWAug 22Dec 18Apr 20Aug 20

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET +$908M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$152M of net buying over the past month, about 2.1% of the fund's asset base, while the price has returned -1.7% so far this year. At 0.040% a year, nothing comparable on our shelf runs cheaper.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$7.1Bassets under management
0.040%expense ratio · $4 per $10,000 a year
+$152Mnet flow, trailing month
1.1Mavg daily volume, 30 days
2427holdings · US-domiciled
2009listed January 14, 2009
The book at a glance
1.1%1.0%0.8%0.8%0.7%0.6%0.6%0.5%0.5%0.5%0.5%0.5%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1FED HM LN PC POOL RQ0094 FR 02/56 FIXED 51.13%
2FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE0.95%
3FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE0.80%
4FNMA 30YR 2% 02/52#MA45470.76%
5FED HM LN PC POOL RQ0041 FR 08/55 FIXED 60.73%
6FED HM LN PC POOL SD8212 FR 05/52 FIXED 2.50.59%
7FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE0.58%
8FED HM LN PC POOL SD8475 FR 11/54 FIXED 5.50.53%
9GNMA II POOL MB0424 G2 06/55 FIXED 5.50.52%
10FNMA POOL MA4701 FN 08/52 FIXED 4.50.49%
11FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.5 02/01/20550.47%
12FNMA POOL MA4465 FN 11/51 FIXED 20.46%
13FED HM LN PC POOL SD8193 FR 02/52 FIXED 20.43%
14FNMA 30YR 2% 02/52#FS20400.43%
15FED HM LN PC POOL SD8408 FR 03/54 FIXED 5.50.42%

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Sector weights
Other100%
MBS100%
Cash & Others100%
Securitized93.87%
Mutual fund5.53%
Agency0.54%
Miscellaneous0.07%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week0.0%
1 month+0.3%
3 months-0.7%
6 months-3.0%
YTD-1.7%
1 year-0.7%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$7M
1 month+$152M
3 months+$304M
YTD+$619M
1 year+$908M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
5%realized volatility, 30 days (annualized)
4%realized volatility, 1 year
-4.0%deepest fall from a peak, 1 year
-3.6%where it sits vs. that peak today

The top holding is 7.0% of the book; the top ten carry 14%. Spread across 250+ names, it behaves like roughly 63 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
676Kshares traded
The case against SPMB

Due diligence cuts both ways. These funds sit on the same shelf and beat SPMB on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-1bp on fee · 2× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M5× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M18× the assets · +$547M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M3× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M3× the assets · +$312M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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