Agency MBS are issued or guaranteed by one of three government or quasi-government agencies: Fannie Mae, Freddie Mac, and Ginnie Mae. Because of this government support, the credit risk within agency MBS is considered negligible, similar to U.S. Treasuries.

CMBS are collections of commercial mortgage loans issued by banks, insurers, and alternate lenders to finance purchases of commercial real estate, such as office, industrial, retail, hospitality, and multi-family. CMBS structures help link the financing needs of real estate buyers with investors' capital.

CLOs are managed portfolios of bank loans that have been securitized into new instruments of varying credit ratings. CLOs have increasingly become the link between the financing needs of smaller companies and investors seeking higher yields.

ABS are built around pools of similar cash-flowing assets that include auto loans, credit card receivables, and student loans, all of which grant investors exposure to the consumer credit market.

Non-agency MBS are created by private entities and do not carry a guarantee from a government agency. Non-agency MBS are typically comprised of residential mortgages that are unable to meet the criteria to qualify as agency loans.