# iShares US Mortgage Backed Securities UCITS ETF USD (SMBS) **Page:** https://fundology.uk/fund/smbs · ISIN IE00BZ6V7883 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, SMBS (iShares US Mortgage Backed Securities UCITS ETF USD, ISIN IE00BZ6V7883) closed at £3.07 on the London Stock Exchange. Its ongoing charge is 0.28% a year (about £28 on £10,000). Over the five years to 13/11/2026 its total return was +0.8%, or −21.3% after UK CPIH inflation. ## Summary iShares US Mortgage Backed Securities UCITS ETF USD is an exchange-traded fund (ETF) from iShares, launched in 2016. It tracks the Bloomberg U.S. MBS Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.28% a year — about £28 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year. Latest close: **£3.07** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | SMBS | | ISIN | IE00BZ6V7883 | | Also listed as | IMBS (London Stock Exchange, US dollars), QDVP (Xetra, euros) | | Category | Corporate & other bonds | | Type | ETF | | Provider | iShares | | Tracks | Bloomberg U.S. MBS Index | | Income | Distributing | | Ongoing charge | 0.28% a year (£28 per £10,000) | | Fund size | £578m | | Launched | 2016 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 23/05/2016 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -1.43% | -4.92% | income reinvested | | 3 years | +6.25% | -4.01% | income reinvested | | 5 years | +0.83% | -21.30% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of iShares US Mortgage Backed Securities UCITS ETF USD in pounds (price only, income paid out not included): 2022 −3.2%, 2023 −5.0%, 2024 +0.2%, 2025 −3.8%; 2026 to 13/11/2026 −1.7%. Returns of iShares US Mortgage Backed Securities UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −5.0%; to 30/09/2025: −0.7%; to 30/09/2024: −1.7%; to 30/09/2023: −11.7%; to 30/09/2022: +2.6%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -3.2% | -11.4% | Price | | 2023 | -5.0% | -8.8% | Price | | 2024 | +0.2% | -3.2% | Price | | 2025 | -3.8% | -7.1% | Price | | 2026 to 13/11/2026 | -1.7% | -4.9% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.84% | -7.22% | | 3 years | 7.40% | -9.65% | | 5 years | 8.17% | -19.57% | ## Largest fall Volatility of iShares US Mortgage Backed Securities UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 5.8% over 1 year, 7.4% over 3 years, 8.2% over 5 years. Largest fall in the price of iShares US Mortgage Backed Securities UCITS ETF USD since November 2021, in pounds: −19.6% from 23/09/2022 to 13/06/2025. The lowest 12-month return of iShares US Mortgage Backed Securities UCITS ETF USD in pounds (price only, income paid out not included) since January 2021 was −14.1% (12 months to 18/08/2023); the highest was +5.8% (12 months to 12/06/2026). On 13/11/2026 the price of iShares US Mortgage Backed Securities UCITS ETF USD was 17.4% below its highest weekly close since November 2021 (23/09/2022), in pounds. ## Charges compared with similar funds Ongoing charge of iShares US Mortgage Backed Securities UCITS ETF USD 0.28% a year. Compared on 14/11/2026, 167 of the 427 other corporate and other bond funds charge more, 2 the same and 258 less (share classes counted once). ## Funds tracking the same index 3 funds track Bloomberg U.S. MBS Index, this one included and share classes counted once; their ongoing charges range from 0.28% to 0.30% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | iShares US Mortgage Backed Securities UCITS ETF Acc | 0.28% | -0.6% | +7.4% | +0.5% | | iShares US Mortgage Backed Securities UCITS ETF Hedged GBP | 0.30% | -0.3% | +7.0% | — | | iShares US Mortgage Backed Securities UCITS ETF USD (this fund) | 0.28% | -1.4% | +6.3% | +0.8% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.28%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds As of 06/11/2026, SMBS holds 618 positions, according to its published holdings. The largest is Fhlmc 30YR Umbs 2.00% 01/02/2051 at 8.22% of the fund; the ten largest make up 34.4%. ### Top holdings Largest positions (as of 06/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Fhlmc 30YR Umbs 2.00% 01/02/2051 | — | 8.22% | | 2 | Blk Ics USD Leaf Agency Dist | — | 6.70% | | 3 | Fnma 30YR Umbs 2.50% 01/08/2051 | — | 4.11% | | 4 | Fnma 30YR Umbs 2.00% 01/12/2050 | — | 3.85% | | 5 | Fnma 30YR Umbs Super 2.50% 01/02/2051 | — | 2.81% | | 6 | GNMA2 30YR 2021 Production 2.00% 20/10/2051 | — | 2.11% | | 7 | GNMA2 30YR 2021 Production 2.50% 20/02/2051 | — | 2.01% | | 8 | Fnma 15YR Umbs 2.00% 01/06/2036 | — | 1.72% | | 9 | Fnma 30YR Umbs 4.50% 01/09/2052 | — | 1.43% | | 10 | GNMA2 30YR 2024 Production 5.00% 20/11/2054 | — | 1.40% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By sector As published for the fund, as of 06/11/2026. | Sector | Weight | |---|---| | MBS Pass-Through | 98.7% | | Cash and derivatives | 1.3% | ### By type of asset Added up from the fund’s published holdings, as of 06/11/2026. | Type of asset | Weight | |---|---| | Bonds | 93.7% | | Cash and money market | 6.3% | The 447 holdings on record (of 618 reported): https://fundology.uk/fund/smbs/holdings ## Questions people ask **What is the ongoing charge of SMBS?** The ongoing charge of SMBS is 0.28% a year — about £28 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares US Mortgage Backed Securities UCITS ETF USD 0.28% a year. Compared on 14/11/2026, 167 of the 427 other corporate and other bond funds charge more, 2 the same and 258 less (share classes counted once). **What does SMBS track?** SMBS tracks the Bloomberg U.S. MBS Index. **Is SMBS accumulating or distributing?** SMBS is distributing: income is paid out to holders as cash, usually a few times a year. It pays out semi-annual. **What is the ISIN of SMBS?** The ISIN of SMBS is IE00BZ6V7883. An ISIN identifies one exact share class of a fund; SMBS is its ticker on the London Stock Exchange. The same share class is also listed as IMBS (London Stock Exchange, US dollars) and QDVP (Xetra, euros). **What does SMBS hold?** As of 06/11/2026, SMBS holds 618 positions, according to its published holdings. The largest is Fhlmc 30YR Umbs 2.00% 01/02/2051 at 8.22% of the fund; the ten largest make up 34.4%. Its ten largest holdings are Fhlmc 30YR Umbs 2.00% 01/02/2051 (8.22%), Blk Ics USD Leaf Agency Dist (6.70%), Fnma 30YR Umbs 2.50% 01/08/2051 (4.11%), Fnma 30YR Umbs 2.00% 01/12/2050 (3.85%), Fnma 30YR Umbs Super 2.50% 01/02/2051 (2.81%), GNMA2 30YR 2021 Production 2.00% 20/10/2051 (2.11%), GNMA2 30YR 2021 Production 2.50% 20/02/2051 (2.01%), Fnma 15YR Umbs 2.00% 01/06/2036 (1.72%), Fnma 30YR Umbs 4.50% 01/09/2052 (1.43%) and GNMA2 30YR 2024 Production 5.00% 20/11/2054 (1.40%). **What were SMBS’s returns in each of the last five years?** Calendar-year returns of SMBS in pounds (price only, income paid out not included): 2022 −3.2%, 2023 −5.0%, 2024 +0.2%, 2025 −3.8%; 2026 to 13/11/2026 −1.7%. Past performance is not a guide to future returns. **How has SMBS done after inflation?** Over the five years to 13/11/2026 SMBS’s total return was +0.8%, or −21.3% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/283722/ishares-us-mortgage-backed-securities-ucits-etf) - [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-us-mortgage-backed-securities-ucits-etf-usd-dist-gb-ie00bz6v7883-en.pdf) - [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/imbs-ishares-us-mortgage-backed-securities-ucits-etf-fund-fact-sheet-en-gb.pdf) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.