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Rating:The Mortgage ETF Space Is Getting Crowded Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 30, 2013

The Mortgage ETF Space Is Getting Crowded

Reported by Tommy Fernandez

A growing number of fund companies are looking to tap into the mortgage debt space via ETFs.

For example, Fidelity has filed for registration the Fidelity Mortgage Securities ETF, which will normally invest at least 80 percent of its assets in investment-grade mortgage-related securities and also invest in U.S. Government debt. The fund is designed to have similar interest rate risk as the Barclays U.S. MBS Index. [SEC Filing].

According to the SEC filing, the product will also engage "in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's risk exposure."

A number of fund companies have presence in this space, according to the ETF Database.

For example, iShares runs the iShares Barclays MBS Fixed-Rate Bond Fund, and the iShares GNMA Bond ETF and Barclays CMBS Bond Fund. Meanwhile, Vanguard offers the Vanguard Mortgage-Backed Securities ETF. State Street has the SPDR Barclays Capital Mortgage Backed Bond ETF. Invesco runs the ProShares USD Covered Bond.  

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