The mortgage-backed investment behind the financial crisis is in trouble again. One market expert explains the new risk, and how to sidestep painful losses.

, which is comanaged with Alps Advisors, has gained 11% over the past year and outperformed 94% of its peers in that period according to Bloomberg data.Whenever interest rates slump the way they recently have, existing homeowners can take advantage by refinancing their mortgages. This essentially involves exchanging a current mortgage for a new one with a lower rate and cheaper monthly payments.

In the process, they lose out on returns they would have earned if homeowners held on to their mortgages for longer, and the overall duration of their portfolios is shortened.

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