CCM Affordable Housing MBS ETF

CCM Affordable Housing MBS ETF (OWNS) is an actively managed bond fund. It holds mortgage-backed securities, which are bonds paid from pools of home loans, issued or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. What sets it apart is its focus on loans to low- and moderate-income, minority and workforce borrowers. It also costs more: 0.30% a year, compared with 0.03% for VMBS and 0.04% for MBB and SPMB.

• Over the year to Oct 27, 2026, OWNS returned -2.0%, 7th of 8 among similar funds.
• Its 5-year annualized return was 0.0%.
• Its worst full calendar year was 2022 (-11.0%); its best was 2025 (+7.7%).
• The deepest fall in its price history was 17.1% (Aug 3, 2021 to Oct 19, 2023), recovered by Oct 21, 2025.

As of Jun 30, 2026, the fund held 253 securities; the ten largest made up 22.22% of assets, and 5.01% sat in cash and money-market holdings.

The bonds mature in 27 years on average (weighted by size), with an average coupon of 4.03%.

• Over the three months to Jun 30, 2026, investors added a net $5.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.32%, +0.23%, +0.12%.

OWNS does not track an index. Its adviser, CCM, chooses the bonds. At least 80% of net assets go into mortgage-backed securities whose loans CCM views as "affordable housing." That includes loans in census tracts where most residents are minorities, loans to borrowers earning less than 80% of the area median income, loans in high-poverty tracts and counties, and "workforce housing" loans to people earning 60% to 120% of that median, such as teachers and nurses. At least 51% must be bonds that CCM believes qualify under the Community Reinvestment Act. That law gives banks regulatory credit for this kind of investment.

CCM uses a proprietary algorithm to screen lenders' loan files. It also checks borrowers' credit (FICO) scores and loan-to-value ratios. It weighs coupons to manage prepayment risk, where homeowners refinance when rates fall and money comes back early, and extension risk, where payoffs slow when rates rise. Only Ginnie Mae bonds carry the full faith and credit of the US government. Fannie Mae and Freddie Mac bonds generally do not.

As of June 30, 2026, the fund held 253 bonds and about 5% cash. The largest were Freddie Mac pool RA7748 (4.4%) and Fannie Mae pool BT7259 (3.2%). The top 10 made up 22%, and the average maturity was 27 years. The fund often handles creations and redemptions in cash. That can make it less tax-efficient than many ETFs.

• OWNS charges 0.3% a year, versus an average of 0.29% for the similar funds below (5th of 8, cheapest first).
• The fee includes a 0.36% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $788 over 10 years (assuming a 5% annual return).

The fund's stated objective is current income, and it pays that income every quarter from agency mortgage bonds.

OWNS could add income from high-quality mortgage bonds. Its trailing 12-month yield was 4.24% as of October 27, 2026, paid quarterly, and its one-year volatility was a modest 4.8%. It launched in July 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 13.7%, and it lost 11.27% that calendar year. Its deepest drop, 17.1% from August 2021 to October 2023, took until October 2025 to recover. A retiree who had to sell shares in 2022 or 2023 would have locked in losses. The 0.30% expense ratio compares with 0.03% for VMBS and 0.04% for SPMB and MBB, and that gap reduces returns every year. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).