At a glance
VETZ charges 0.35% a year, above the 0.27% average of the 7 funds most like it (the 5th cheapest of 8). It has $124.5M in assets, the 8th largest of that group; it paid 6.09% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.2% with distributions reinvested, 4th of those 8 funds; over three years it returned +5.8% a year. Its ten largest positions make up 25.1% of the fund, out of 152 in all.
The short version
Academy Veteran Impact ETF (VETZ) is an actively managed bond fund. It holds mortgage-backed securities and Small Business Administration loan pools made to U.S. service members, veterans, their survivors and veteran-owned businesses. Most of its holdings are Ginnie Mae pools backed by the full faith and credit of the U.S. government. Its 0.35% expense ratio is well above similar mortgage funds such as iShares GNMA Bond ETF, which charges 0.10%.
Price history
The interactive chart needs JavaScript.
VETZ -0.2% 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 | |
|---|---|---|---|---|---|---|
| VETZ official prospectus, to Dec 31, 2024 | — | +1.71% | — | — | — | +3.96% |
| VETZ price data to Oct 27, 2026 | -0.8% | -0.2% | +5.8% | — | — | +4.1% |
- Over the year to Oct 27, 2026, VETZ returned -0.2%, 4th of 8 among similar funds.
- Its worst full calendar year was 2024 (+2.2%); its best was 2025 (+8.0%).
- The deepest fall in its price history was 5.2% (Aug 31, 2023 to Oct 20, 2023), recovered by Nov 29, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +8.0% | — |
| 2024 | +2.2% | +1.71% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8100 | |
| 2025 | $1.2200 | +6.1% |
| 2024 | $1.1500 |
What's inside
As of Jul 31, 2026, the fund held 152 securities; the ten largest made up 25.11% of assets.
| Holding | Weight | |
|---|---|---|
| Ginnie Mae I Pool Bonds and notes | 6.26% | |
| Ginnie Mae II Pool Bonds and notes | 3.09% | |
| Ginnie Mae II Pool Bonds and notes | 2.22% | |
| Government National Mortgage A Mortgage-backed securities | 2.14% | |
| Ginnie Mae II Pool Bonds and notes | 2.14% | |
| Ginnie Mae II Pool Bonds and notes | 1.93% | |
| Ginnie Mae II Pool Bonds and notes | 1.91% | |
| Ginnie Mae II Pool Bonds and notes | 1.89% | |
| Ginnie Mae II Pool Bonds and notes | 1.77% | |
| Ginnie Mae II Pool Bonds and notes | 1.76% | |
| Small Business Administration Pools Mortgage-backed securities | 1.66% | |
| Ginnie Mae II Pool Bonds and notes | 1.63% | |
| Ginnie Mae II Pool Bonds and notes | 1.61% | |
| Small Business Administration Pools Mortgage-backed securities | 1.49% | |
| Ginnie Mae II Pool Bonds and notes | 1.45% |
By country
United States 98.51%By issuer
US government agencies 87.21%US government-sponsored enterprises 11.3%The bonds mature in 23.8 years on average (weighted by size), with an average coupon of 3.81%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $18.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.22%, +0.36%, -1.65%.
How it works
VETZ does not track an index. Its sub-adviser, Academy Asset Management, picks bonds one at a time. Under normal conditions, at least 80% of net assets go into bonds backed by pools of loans made to U.S. service members, veterans, their survivors or veteran-owned businesses. A third-party data provider spots qualifying loans from codes in the loan documents. Mortgage agencies flag loans using Veterans Administration eligibility, and SBA paperwork flags veteran-owned businesses. Portfolio turnover was 18%, per the prospectus.
Most of the fund is in mortgage-backed securities (MBS), which are bonds paid from pools of home loans. Ginnie Mae and SBA securities carry the full faith and credit of the U.S. government. Fannie Mae and Freddie Mac securities do not. Every holding must be investment grade (rated BBB- or higher) and in U.S. dollars. As of July 31, 2026, the fund held 152 securities. About 87% came from U.S. government agencies and 11% from government-sponsored enterprises. The average maturity was 23.8 years.
The fund may buy MBS through "to-be-announced" (TBA) contracts. These fix the price and terms before the exact loan pools are named. It may also use reverse repurchase agreements, which work like borrowing. Homeowners can also pay off loans early. When rates fall, refinancing hands the fund cash that it has to reinvest at lower yields. When rates rise, early payoffs slow and the bonds act like longer-term debt.
What it really costs
- VETZ charges 0.35% a year, versus an average of 0.27% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VETZ | $36 | $113 | $197 | $443 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its mostly government-backed mortgage bonds have moved little with stocks (a one-year beta of 0.14 as of October 27, 2026), though their long maturities tie the fund to interest rates.
VETZ launched in August 2023, so it missed the 2008, 2020 and 2022 downturns. Its deepest drop was 5.2%, from August 31 to October 20, 2023. It recovered by November 29, 2023, about 1.3 months later. Its weakest full calendar year, 2024, was still a 1.71% gain, per the prospectus. This short record hasn't shown how a 23.8-year average maturity holds up if rates jump. Someone selling shares for cash in a bad bond year could still take a loss.
It pays income monthly. The trailing 12-month yield was 6.09% as of October 27, 2026. The fund costs 0.35% a year, above the 0.27% average for similar funds. In the SEC's standard example, that comes to about $443 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want their bond money tied to loans made to veterans, service members and veteran-owned businesses, and who accept a 0.35% fee for that.
- Retirees seeking monthly income from mostly government-backed Ginnie Mae and SBA pools. The trailing yield was 6.09% as of October 27, 2026.
- Those wanting a bond holding that moves little with stocks. Its one-year beta was 0.14 as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: Vanguard Mortgage-Backed Securities ETF charges 0.03% and iShares GNMA Bond ETF charges 0.10%, compared with 0.35% for VETZ.
- Anyone wanting a long track record. VETZ launched in August 2023 and missed the 2008, 2020 and 2022 downturns.
- Investors uneasy about rate swings. The average maturity was 23.8 years as of July 31, 2026, and early loan payoffs can cut gains when rates fall.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VETZ this fund | 23.8 yrs | 0.35% | $124.5M | -0.2% | +5.8% |
| GNMA iShares GNMA Bond ETF | 26 yrs | 0.1% | $421.2M | -0.7% | +5.7% |
| VMBS Vanguard Mortgage-Backed Securities ETF | 23.9 yrs | 0.03% | $17.59B | +1.0% | +6.6% |
| MBB iShares MBS ETF | 24.2 yrs | 0.04% | $39.63B | +0.2% | +5.6% |
| SPMB SPDR Portfolio Mortgage Backed Bond ETF | 24.9 yrs | 0.04% | $7.07B | -0.7% | +6.0% |
| FSEC Fidelity Investment Grade Securitized ETF | 23.6 yrs | 0.36% | $4.64B | -0.7% | +6.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
| LMBS First Trust Low Duration Opportunities ETF | 19.4 yrs | 0.65% | $6.35B | +2.0% | +6.0% |
Questions investors ask
Does VETZ pay monthly dividends?
Yes. VETZ pays income every month. Over the 12 months to October 27, 2026, it paid $1.16 per share, a trailing yield of 6.09%. That figure looks back at past payments and isn't a promise of future ones. The payments come mainly from interest on the mortgage and SBA loan pools the fund holds. They can change as rates move or as borrowers pay off loans early.
What's the difference between VETZ and GNMA?
The main differences are cost and focus. iShares GNMA Bond ETF is the closest match among similar funds. It also holds mostly Ginnie Mae mortgage bonds, but it charges 0.10% a year compared with 0.35% for VETZ. VETZ buys only pools it identifies as loans to veterans and related borrowers, and it adds SBA pools. As of October 27, 2026, three-year returns were close: 5.8% a year for VETZ and 5.7% for GNMA.
Is VETZ backed by the U.S. government?
Mostly, but not entirely. Ginnie Mae and SBA securities carry the full faith and credit of the U.S. government. Fannie Mae and Freddie Mac securities do not. As of July 31, 2026, about 87% of assets came from U.S. government agencies and 11% from government-sponsored enterprises. Government backing protects against borrowers defaulting, not against price swings. Bond prices fall when rates rise, and the fund's worst drop was 5.2%, in late 2023.
What is the VETZ expense ratio?
VETZ charges 0.35% a year, according to its prospectus filed November 24, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost about $36 in the first year and $443 over 10 years. That is above the 0.27% average for similar funds and ranks 5th of 8 on cost. Large mortgage funds such as Vanguard Mortgage-Backed Securities ETF charge 0.03%.
How does VETZ know which loans went to veterans?
It relies on codes in the loan documents. Mortgage agencies add these codes to pools of loans made to service members, veterans or their survivors, based on Veterans Administration eligibility. SBA paperwork flags veteran-owned businesses in the same way. A third-party data provider reads the codes for the sub-adviser, Academy Asset Management. The prospectus warns that if this data is wrong or incomplete, the fund could hold securities that don't qualify or leave out ones that do.