SMBS's largest holdings are State Street Institutional US Government Money Market Fund, Freddie Mac Pool, Fannie Mae, Freddie Mac, Freddie Mac Pool. The full top list is on this page.

How concentrated is SMBS?

The top 10 holdings are 4.1% of the fund, across 4072 positions.

The total expense ratio on record is 0.03%. That is cheaper than 95% of the 786 US-listed bond funds we track.

US-listed

SMBS

The fund’s goal is to track as closely as possible, before fees and expenses, the total return of an index composed of investment-grade mortgage-backed securities issued and/or guaranteed by U.S. government agencies.

Schwab Mortgage-Backed Securities ETF

Charles Schwab

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Concentration

Well diversifiedtop 10 = 4.1%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

4072

as of 2026-02-28

Top 10

4.1%

TER

0.03%

cheaper than 95% of peers

Net assets

≈ US$6.24B

as filed

Largest

1.5%

P / E

–

Sections

Holdings as of 2026-02-28.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

4.1%

How it tracks

Index, sampling

Lends its stock

Yes

02Performance

price · as of 2026-07-23

-0.9%

-1.1%

-0.5%

YTD

-0.2%

+4.6%

03Holdings

50 largest · as of 2026-02-28

#	Company	Identifier	Weight
1	State Street Institutional US Government Money Market Fund US	GVMXX	1.5
2	Freddie Mac Pool US	US3142J6BK85	0.5
3	Fannie Mae US	US31418DYX47	0.3
4	Freddie Mac US	US3132DWC684	0.3
5	Freddie Mac Pool US	US3132DWAF05	0.3
6	Freddie Mac US	US3132DWDC47	0.3
7	Government National Mortgage Association US	US3618N5A332	0.3
8	Ginnie Mae II Pool US	US3618N56H72	0.3
9	Freddie Mac US	US3142J6BS12	0.3
10	Freddie Mac Pool US	US3132DVL943	0.2
11	Ginnie Mae II Pool US	US3618N53X59	0.2
12	Freddie Mac Pool US	US3132DWAN39	0.2
13	Freddie Mac US	US3132DWBB81	0.2
14	Government National Mortgage Association US	US36179YU693	0.2
15	Ginnie Mae II Pool US	US36179YHR80	0.2
16	Government National Mortgage Association US	US36179V4U15	0.2
17	Freddie Mac US	US3132DWMS97	0.2
18	Fannie Mae US	US31418DV668	0.2
19	Government National Mortgage Association US	US36179XFG60	0.2
20	Government National Mortgage Association US	US3618N5C569	0.2
21	Fannie Mae Pool US	US31418EQ948	0.2
22	Government National Mortgage Association US	US36179VXX36	0.2
23	Ginnie Mae II Pool US	US3618N5EU90	0.2
24	Fannie Mae Pool US	US31418ED805	0.2
25	Freddie Mac US	US31427QAQ55	0.2
26	Freddie Mac Pool US	US3132DWNE92	0.2
27	Fannie Mae US	US3140XCM397	0.2
28	Government National Mortgage Association US	US36179V7D62	0.2
29	Fannie Mae Pool US	US3140XLVX31	0.2
30	Fannie Mae Pool US	US3140XH3R67	0.2
31	Fannie Mae Pool US	FN	0.2
32	Government National Mortgage Association US	US3618N5PJ27	0.2
33	Fannie Mae US	US31418DWR96	0.2
34	Freddie Mac US	US3142J6A604	0.2
35	Ginnie Mae II Pool US	US36179WDQ87	0.2
36	Freddie Mac US	US31427M7D77	0.2
37	Ginnie Mae II Pool US	US36179XHY58	0.2
38	Freddie Mac US	US3132DWA522	0.2
39	Ginnie Mae II Pool US	US36179VSG67	0.2
40	Fannie Mae US	US31418DVA70	0.2
41	Freddie Mac US	US3133KNQU09	0.2
42	FNMA POOL MA5647 US	US31418FHZ36	0.2
43	Fannie Mae US	US3140W47J03	0.2
44	Government National Mortgage Association US	US3618N5A258	0.2
45	Fannie Mae US	US31418D2L54	0.2
46	Government National Mortgage Association US	US3618N5C643	0.2
47	Fannie Mae US	FN	0.2
48	Freddie Mac US	US3132DWNX73	0.2
49	Freddie Mac Pool US	US3132DWCN11	0.2
50	Ginnie Mae II Pool US	US3618N5GN30	0.2

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04Exposure

Bonds 98.5%Cash 1.5%

By country

USUnited States99.7%

CurrencyUSD 99.7%

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