ETF Evaluator:
DoubleLine Mortgage ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Securitized Bond - Diversified Over the Last Year
| 6.5% | Obra Opportunistic Structured Prdcts ETF (OOSP) |
| 5.6% | iShares Securitized Income Active ETF (SECU) |
| 5.2% | Obra High Grade Structured Products ETF (OGSP) |
| 5.0% | Touchstone Securitized Income ETF (TSEC) |
| 4.8% | Eaton Vance Mortgage Opportunities ETF (EVMO) |
Risk
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Risk
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ETF Details
DoubleLine Mortgage ETF Overview
DoubleLine Mortgage ETF (DMBS) is an actively managed Taxable Bond Securitized Bond - Diversified exchange-traded fund (ETF). DoubleLine ETF Trust launched the ETF in 2023.
The investment seeks seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index, the Bloomberg U.S. Mortgage-Backed Securities Index, over a full market cycle.
The fund is an actively managed exchange-traded fund (“ETF”). Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in residential mortgage-backed securities (RMBS) and other residential mortgage-related securities (together, “Residential Mortgage Securities”) deemed to be rated investment grade at the time of purchase. The fund is non-diversified.
About DoubleLine Mortgage ETF (DMBS)
There are 3 members of the management team with an average tenure of 3.34 years: Vitaliy Liberman (2023), Ken Shinoda (2023) and Jeffrey Gundlach (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US MBS TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. DoubleLine Mortgage ETF has 194 securities in its portfolio. The top 10 holdings constitute 38.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
DoubleLine Mortgage ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. DoubleLine Mortgage ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 108.6% (108.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DoubleLine Mortgage ETF has -8.6% of the portfolio in cash.
Assets Under Management
The fund has $697 million in total assets, which is below the $912 million average for the Securitized Bond - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DMBS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DoubleLine Mortgage ETF expense ratio is below average compared to funds in the Securitized Bond - Diversified category. DoubleLine Mortgage ETF has an expense ratio of 0.39%, which is 6% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DoubleLine Mortgage ETF has a portfolio turnover rate of 247%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 154% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, DoubleLine Mortgage ETF returned -1.4%, which earned it a grade of F, as the Securitized Bond - Diversified category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
DoubleLine Mortgage ETF has a trailing yield of 5.19%, which is below the 5.35% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DoubleLine Mortgage ETF Grades
Year to date, the ETF has returned -0.3%, 1.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.0% over the past year (grade of D) and 4.4% over the past three years (grade of F).
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DMBS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DMBS Return (NAV) | -1.4% | -0.9% | 4.0% | 4.4% | na | na |
| DMBS Return (Price) | -1.4% | -1.0% | 4.0% | 4.3% | na | na |
| NAV +/- Price Return | -0.016% | 0.094% | 0.013% | 0.059% | na | na |
| Securitized Bond - Diversified Avg | -0.4% | 0.2% | 4.5% | 5.8% | 1.6% | 2.7% |
| DMBS Grade (NAV) | F | F | D | F | na | na |
| +/- Category (NAV) | -1.0% | -1.0% | -0.5% | -1.4% | na | na |
| DMBS Tax-Cost Ratio | na | na | 2.0% | 2.0% | na | na |
DMBS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DMBS Return (NAV) | -0.3% | 8.6% | 2.1% | na | na | na | na | na | na | na | na |
| DMBS Return (Price) | -0.4% | 8.5% | 2.1% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.185% | -0.004% | -0.015% | na | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 7.6% | 5.1% | 6.6% | -10.6% | 1.3% | 2.9% | 5.9% | 1.6% | 3.7% | 3.0% |
| DMBS Grade (NAV) | F | A | F | na | na | na | na | na | na | na | na |
| +/- Category | -1.4% | 1.0% | -3.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.10 |
| R-Squared: | 99% |
| Standard Deviation: | 6.2% |
| Category Risk Index: | 1.36 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.51 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.2% |
| Total Assets: | $ 698 Mil |
| Share Class Assets: | $ 698 Mil |
| Turnover: | 247.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US MBS TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Liberman Vitaliy (2023), Shinoda Ken (2023), Gundlach Jeffrey (2023) | |||
Portfolio Composition (as of 7/24/26)
| # of Holdings: | 194 |
| % in Top 10 Holdings: | 38.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 108.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -8.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | DoubleLine ETF Trust |
| Phone Number: | 855-937-0772 |
| Website: | |
| Inception Date: | March 31, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.41% |
