ETF Evaluator:
Angel Oak High Yield Opportunities ETF (AOHY)
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(as of Jul 31)
Best Performing in High Yield Bond Over the Last Year
| 8.4% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.2% | Fidelity Enhanced High Yield ETF (FDHY) |
| 7.2% | iShares Fallen Angels USD Bond ETF (FALN) |
| 7.0% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.9% | TCW Multisector Credit Income ETF (MUSE) |
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ETF Details
Angel Oak High Yield Opportunities ETF Overview
Angel Oak High Yield Opportunities ETF (AOHY) is an actively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). Angel Oak launched the ETF in 2009.
The investment seeks to earn a high level of current income with a secondary objective of capital appreciation.
In pursuing its investment objective, the fund will, under normal circumstances, invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities rated below investment grade (measured at the time of purchase). The fund is non-diversified.
About Angel Oak High Yield Opportunities ETF (AOHY)
There are 6 members of the management team with an average tenure of 7.34 years: Matthew Kennedy (2009), Sreeniwas (Sreeni) Prabhu (2016), Clayton Triick (2023), Nichole Hammond (2017), Namit Sinha (2024) and Ward Bortz (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and IA Bloomberg US HY Corporate Bonds index with a weighting of 100%. Angel Oak High Yield Opportunities ETF has 196 securities in its portfolio. The top 10 holdings constitute 13.5% 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.
Angel Oak High Yield Opportunities ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Angel Oak High Yield Opportunities ETF has 10.4% 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 2.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.2% (84.8% domestic bond, 10.4% foreign bond and 0.0% convertible bond). Angel Oak High Yield Opportunities ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $122 million in total assets, which is below the $1 billion average for the High Yield Bond 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.
AOHY 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 Angel Oak High Yield Opportunities ETF expense ratio is average compared to funds in the High Yield Bond category. Angel Oak High Yield Opportunities ETF has an expense ratio of 0.56%, which is 41% higher than its category average, making the fund expense ratio grade a F. 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. Angel Oak High Yield Opportunities ETF has a portfolio turnover rate of 58%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 73% for the High Yield Bond category.
Recently, in the month of June 2026, Angel Oak High Yield Opportunities ETF returned 0.1%, which earned it a grade of D, as the High Yield Bond category had an average return of 0.2%. 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.
Angel Oak High Yield Opportunities ETF has a trailing yield of 6.61%, which is below the 6.68% 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.
Angel Oak High Yield Opportunities ETF Grades
Year to date, the ETF has returned 2.4%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.6% over the past year (grade of C), 8.6% over the past three years (grade of C) and 4.8% per year over the past five years (grade of A) and 6.1% per year over the past 10 years (grade of A).
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AOHY Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AOHY Return (NAV) | 0.1% | 2.5% | 5.6% | 8.6% | 4.8% | 6.1% |
| AOHY Return (Price) | -0.0% | 2.4% | 5.5% | 8.6% | 4.8% | 6.1% |
| NAV +/- Price Return | 0.117% | 0.160% | 0.105% | 0.003% | 0.002% | 0.001% |
| High Yield Bond Avg | 0.2% | 2.5% | 5.6% | 8.4% | 3.9% | 5.2% |
| AOHY Grade (NAV) | D | B | C | C | A | A |
| +/- Category (NAV) | -0.1% | 0.1% | 0.1% | 0.2% | 0.9% | 0.9% |
| AOHY Tax-Cost Ratio | na | na | 2.6% | 2.7% | 2.5% | 2.5% |
AOHY Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AOHY Return (NAV) | 2.4% | 7.8% | 8.3% | 12.5% | -7.6% | 6.0% | 5.1% | 14.0% | -2.4% | 7.8% | 16.3% |
| AOHY Return (Price) | 2.4% | 7.6% | 8.5% | 12.5% | -7.6% | 6.0% | 5.1% | 14.0% | -2.4% | 7.8% | 16.3% |
| NAV +/- Price Ret | 0.008% | -0.024% | 0.020% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| High Yield Bond Avg | 1.9% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| AOHY Grade (NAV) | A | D | B | C | A | A | D | C | C | B | A |
| +/- Category | 0.5% | -0.6% | 0.8% | 0.1% | 2.5% | 1.8% | -1.0% | 0.6% | -0.1% | 0.7% | 3.3% |
| Risk Measures | |
| Beta: | 0.46 |
| R-Squared: | 57% |
| Standard Deviation: | 3.4% |
| Category Risk Index: | 0.80 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.28 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 6.6% |
| Total Assets: | $ 122 Mil |
| Share Class Assets: | $ 122 Mil |
| Turnover: | 58.0% |
| Expense Ratio: | 0.56% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond 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: 6 | |||
| Longest Tenure: 17.3 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Kennedy Matthew (2009), Prabhu Sreeniwas (Sreeni) (2016), Hammond Nichole (2017), Triick Clayton (2023), Sinha Namit (2024), Bortz Ward (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 196 |
| % in Top 10 Holdings: | 13.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 10.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.5% |
| Domestic Bond: | 84.8% |
| Foreign Bond: | 10.4% |
| Convertible Bond: | 0.0% |
| Other: | 1.3% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Angel Oak |
| Phone Number: | 800-617-0004 |
| Website: | www.angeloakcapital.com |
| Inception Date: | March 31, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.56% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.40% |
