At a glance
MORT charges 0.43% a year, below the 1.01% average of the 6 funds most like it (the cheapest of 7). It has $399.8M in assets, the 3rd largest of that group; it paid 18.41% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −14.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +6.4% a year. At its worst it fell 65.1% in the 2020 crash (S&P 500: 33.7%) and 39.9% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 69.8% of the fund, out of 25 in all.
The short version
VanEck Mortgage REIT Income ETF (MORT) is an index fund that tracks the MVIS US Mortgage REITs Index. The index holds 25 US real estate investment trusts that lend on property or own mortgage securities. Its main draw is income: the trailing 12-month yield was 18.41% as of October 27, 2026. Its 0.43% fee is the lowest among seven similar funds we compared. It has also had steep drops, including a 70% fall in 2020.
Price history
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MORT -14.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MORT official prospectus, to Dec 31, 2025 | — | +12.73% | — | +2.49% | +4.07% | — |
| S&P 500 Index Total Return (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| MORT price data to Oct 27, 2026 | -16.4% | -14.4% | +6.4% | -5.6% | +0.1% | +2.9% |
- Over the year to Oct 27, 2026, MORT returned -14.4%, 6th of 7 among similar funds.
- Its 5-year annualized return was -5.6% and its 10-year +0.1%.
- In the 2020 COVID crash it fell 65.1%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2022 (-26.9%); its best was 2012 (+22.6%).
- The deepest fall in its price history was 70% (Feb 20, 2020 to Apr 3, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -16.4% | — |
| 2025 | +12.1% | +12.73% |
| 2024 | +0.3% | +0.24% |
| 2023 | +14.9% | +15.26% |
| 2022 | -26.9% | -26.77% |
| 2021 | +15.9% | +18.61% |
| 2020 | -21.9% | -21.89% |
| 2019 | +21.3% | +20.90% |
| 2018 | -4.5% | -4.03% |
| 2017 | +18.9% | +18.12% |
| 2016 | +21.9% | +23.08% |
| 2015 | -9.8% | — |
| 2014 | +17.9% | — |
| 2013 | +1.1% | — |
| 2012 | +22.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.8% over that stretch · deepest drop along the way 65.1%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.1% over that stretch · deepest drop along the way 39.9%, back to its old high 39.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1000 | |
| 2025 | $1.3400 | +8.9% |
| 2024 | $1.2300 | -14.6% |
| 2023 | $1.4400 | -5.9% |
| 2022 | $1.5300 | +3.4% |
| 2021 | $1.4800 | +8.8% |
| 2020 | $1.3600 | -22.7% |
| 2019 | $1.7600 | +1.1% |
| 2018 | $1.7400 | -7.9% |
| 2017 | $1.8900 | +5.0% |
| 2016 | $1.8000 | -7.2% |
| 2015 | $1.9400 | -18.8% |
| 2014 | $2.3900 | -29.7% |
| 2013 | $3.4000 | +23.2% |
| 2012 | $2.7600 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 69.82% of assets. It also reported 5.04% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Annaly Capital Management Inc | 17.47% | |
| AGNC Investment Corp | 14.34% | |
| Starwood Property Trust Inc | 6.64% | |
| Rithm Capital Corp | 6.36% | |
| Dynex Capital Inc | 4.93% | |
| ARMOUR Residential REIT Inc | 4.48% | |
| Ellington Financial Inc | 4.32% | |
| Orchid Island Capital Inc | 4.19% | |
| Blackstone Mortgage Trust Inc | 4.02% | |
| Two Harbors Investment Corp | 3.07% | |
| Apollo Commercial Real Estate Finance Inc | 2.94% | |
| Ladder Capital Corp | 2.83% | |
| Chimera Investment Corp | 2.70% | |
| MFA Financial Inc | 2.54% | |
| Arbor Realty Trust Inc | 2.52% |
By country
United States 97.95%By asset type
Stocks 97.95%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.94%, -3.91%, +1.87%.
How it works
MORT is passively managed. It tries to match the price and yield performance of the MVIS US Mortgage REITs Index, before fees. It normally keeps at least 80% of its assets in the index's securities. It does not try to beat the index, and it does not move into cash to protect itself in a downturn. The index holds publicly traded US REITs (real estate investment trusts) that earn at least half their revenue from mortgage-related activity, or hold at least half their assets in it. Mortgage REITs don't own buildings. They make or buy property loans and mortgage-backed securities, and they earn the gap between the interest they collect and their own cost of borrowing.
As of December 31, 2025, the index held 25 companies worth between about $263 million and $15.3 billion. The fund is top-heavy. As of June 30, 2026, Annaly Capital Management (17.5%) and AGNC Investment (14.3%) made up nearly a third of the fund, and the top 10 holdings about 70%. As a "non-diversified" fund, it can put more into a single company than a typical fund can. Portfolio turnover was 20%.
The fund pays distributions quarterly. Part of each payment is expected to count as return of capital. That part isn't taxed when you receive it, but it lowers your cost basis, which can mean a larger taxable gain when you sell. As of June 30, 2026, the fund held no derivatives. Its 5% cash position was likely collateral from lending out its securities.
What it really costs
- MORT charges 0.43% a year, versus an average of 1.01% for the similar funds below (1st of 7, cheapest first).
- Of that, 0.4% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $44 in the first year and $542 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MORT | $44 | $138 | $241 | $542 |
In a retirement portfolio
It pays a lot of income, but it is a narrow, top-heavy bet on one corner of the financial sector, and it has suffered very deep losses.
MORT could add a large stream of quarterly income. Its trailing 12-month yield was 18.41% as of October 27, 2026. It costs 0.43% a year, or $44 in the first year on $10,000 under the SEC's standard example. Part of that yield comes from a falling share price: the fund was down 16.4% for 2026 through October 27. The fund launched in 2011, so it has no record from 2008. In the 2020 COVID crash, it fell 65.1% in about a month. Its deepest drop, 70%, had still not been recovered as of October 27, 2026. In the 2022 bear market, it fell 39.9% and took about 39 months to recover. Its worst calendar year was 2022, at -26.9%. Anyone who had to sell shares in years like those would have locked in large losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want quarterly payouts from 25 US mortgage REITs, with a trailing yield of 18.41% as of October 27, 2026.
- Investors who want mortgage REIT exposure at low cost: 0.43% a year, compared with a 1.01% average for six similar funds.
- People holding a small, higher-risk slice who could sit through drops like the 39.9% fall in 2022 without needing to sell.
Look elsewhere if
- Anyone who may need to sell in a downturn: the fund fell 70% in 2020 and had not recovered by October 27, 2026.
- Investors who want broad diversification: Annaly and AGNC alone made up about 32% of the fund as of June 30, 2026.
- Investors seeking long-term growth: over 10 years to December 31, 2025, it returned 4.07% a year, versus 14.82% for the S&P 500.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MORT this fund | — | 0.43% | $399.8M | -14.4% | +6.4% |
| REM iShares Mortgage Real Estate ETF · different strategy | 89% | 0.48% | $547.9M | -14.1% | +6.5% |
| DVDN Kingsbarn Dividend Opportunity ETF · different strategy | 48% | 0.9% | $3.1M | -27.9% | — |
| SRET Global X SuperDividend REIT ETF · different strategy | 38% | 0.58% | $233.0M | -1.0% | +12.2% |
| KBWD Invesco KBW High Dividend Yield Financial E… · different strategy | 32% | 2.02% | $413.3M | -11.4% | +5.7% |
| RIET Hoya Capital High Dividend Yield ETF · different strategy | 26% | 0.5% | $109.1M | -2.1% | +9.4% |
| HIPS GraniteShares HIPS US High Income ETF | 24% | 1.6% | $109.9M | +1.0% | +8.5% |
Questions investors ask
Does MORT pay monthly dividends?
No. MORT pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.44 per share, a trailing yield of 18.41%. Part of that high yield reflects the share price falling 16.4% in 2026 through that date. The prospectus also says part of the payouts is expected to count as return of capital, which isn't taxed when received but lowers your cost basis.
Is MORT good for retirement income?
It can produce a lot of income, but it carries high risk. The trailing yield was 18.41% as of October 27, 2026. However, the fund fell 70% in early 2020 and had not regained that peak by October 27, 2026. It also lost 39.9% in 2022 and took about 39 months to recover. A retiree who had to sell during those drops would have locked in deep losses.
What's the difference between MORT and REM?
They hold many of the same companies. About 89% of their holdings overlapped, based on their latest N-PORT reports, though that doesn't mean they follow the same index rules. MORT tracks the MVIS US Mortgage REITs Index and charges 0.43%, compared with REM's 0.48%. Returns have been almost the same. As of October 27, 2026, MORT returned -14.4% over one year and 6.4% a year over three years. REM returned -14.1% and 6.5%. REM is larger: $548 million versus MORT's $400 million as of June 30, 2026.
What are MORT's top holdings?
As of June 30, 2026, the largest holdings were Annaly Capital Management (17.5%), AGNC Investment (14.3%), Starwood Property Trust (6.6%), Rithm Capital (6.4%) and Dynex Capital (4.9%). The top 10 made up about 70% of the fund's roughly $400 million in assets, so a few companies drive much of its return. Other holdings included Blackstone Mortgage Trust, Two Harbors and Arbor Realty Trust.
What is MORT's expense ratio?
MORT's expense ratio is 0.43% a year, according to its prospectus filed April 29, 2026. That includes a 0.40% management fee. It is the lowest of the seven similar funds we compared, which averaged 1.01%. Under the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end of each period), total costs would be about $44 after one year, $241 after five years and $542 after 10 years.