Securitized
Markets

Education and access

The securitized market, worth $14 trillion, offers investors significant opportunities

Explore each of the U.S. Securitized Markets to learn the characteristics of each asset class

Agency MBS

Mortgage-Backed
Securities

Agency MBS

Mortgage-Backed Securities

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.

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CMBS

Commercial Mortgage-
Backed Securities

CMBS

Commercial Mortgage-Backed Securities

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.

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CLO

Collateralized Loan
Obligations

CLO

Collateralized Loan Obligations

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.

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ABS

Asset-Backed
Securities

ABS

Asset-Backed Securities

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.

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Non-Agency MBS

Mortgage-Backed
Securities

Non-Agency MBS

Mortgage-Backed Securities

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.

Meet the team behind our success in securitized markets

1st

in flows across fixed income taxable bond ETFs
(as of 6/30/24)

4th

largest active fixed income provider
(as of 6/30/24)

$32.6B

in firmwide securitized assets
(as of 3/31/23)

Explore our suite of securitized ETFs


For investors looking for a fund that seeks to generate yield above money markets while maintaining high-quality benefits.


For investors looking for a fund that aims to maximize yield in a floating rate strategy.


For investors seeking above-market total returns by modeling inefficiencies in borrower behavior.


For investors looking for income diversification and higher yield potential.

Benefits of having securitized assets in your portfolio

Diversify risk exposures

Securitization can reduce idiosyncratic credit risk by providing exposure to thousands of underlying loans.

Manage duration & improve credit quality

The addition of securitized assets provides an opportunity to dampen overall portfolio duration and increase average credit quality compared to The Bloomberg U.S. Aggregate Bond Index (the Agg).

Access better yield opportunities

Securitized assets may offer higher yields than alternative options of similar or equal credit quality.

Insights

Do AAA CLOs still make sense in a declining rate environment?

Why we believe the strategic case for AAA CLOs remains compelling amid Fed rate cuts.

The winds of change are blowing: Why MBS now?

Why we believe MBS is poised for outperformance in the current environment.

US Asset-Backed Securities: A securitized products primer

What are asset-backed securities, and how might they play a role in investors’ portfolios?