ETF Evaluator:
Angel Oak Mortgage-Backed Securities ETF (MBS)
Follow This ETF
(as of Jul 31)
Best Performing in Securitized Bond - Diversified Over the Last Year
| 6.6% | Obra Opportunistic Structured Prdcts ETF (OOSP) |
| 5.8% | First Trust Securitized Plus ETF (DEED) |
| 5.6% | iShares Securitized Income Active ETF (SECU) |
| 5.6% | Eaton Vance Mortgage Opportunities ETF (EVMO) |
| 5.4% | Angel Oak Mortgage-Backed Securities ETF (MBS) |
Risk
Index
Risk
Index
ETF Details
Angel Oak Mortgage-Backed Securities ETF Overview
Angel Oak Mortgage-Backed Securities ETF (MBS) is an actively managed Taxable Bond Securitized Bond - Diversified exchange-traded fund (ETF). Angel Oak launched the ETF in 2021.
The investment seeks total return.
The fund will, under normal circumstances, invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in mortgage-backed securities (“MBS”). It may invest up to 20% of its net assets in a variety of asset classes, including: asset-backed securities (“ABS”). The fund is non-diversified.
About Angel Oak Mortgage-Backed Securities ETF (MBS)
There are 3 members of the management team with an average tenure of 3.08 years: Clayton Triick (2021), 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 Bloomberg US MBS TR USD index with a weighting of 100%. Angel Oak Mortgage-Backed Securities ETF has 132 securities in its portfolio. The top 10 holdings constitute 22.1% 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 Mortgage-Backed Securities ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Angel Oak Mortgage-Backed Securities ETF has 0.1% 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 104.7% (104.6% domestic bond, 0.1% foreign bond and 0.0% convertible bond). Angel Oak Mortgage-Backed Securities ETF has -3.9% of the portfolio in cash.
Assets Under Management
The fund has $148 million in total assets, which is below the $900 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.
MBS 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 Mortgage-Backed Securities ETF expense ratio is average compared to funds in the Securitized Bond - Diversified category. Angel Oak Mortgage-Backed Securities ETF has an expense ratio of 0.49%, which is 18% higher than its category average, making the fund expense ratio grade a D. 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 Mortgage-Backed Securities ETF has a portfolio turnover rate of 97%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 160% for the Securitized Bond - Diversified category.
Recently, in the month of June 2026, Angel Oak Mortgage-Backed Securities ETF returned 0.5%, which earned it a grade of A, 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.
Angel Oak Mortgage-Backed Securities ETF has a trailing yield of 5.65%, which is above the 5.26% 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 Mortgage-Backed Securities ETF Grades
Year to date, the ETF has returned 1.4%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.4% over the past year (grade of B), 6.1% over the past three years (grade of B) and 1.2% per year over the past five years (grade of D).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Angel Oak Mortgage-Backed Securities ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MBS 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 |
|
| MBS Return (NAV) | 0.5% | 0.7% | 5.4% | 6.1% | 1.2% | na |
| MBS Return (Price) | 0.6% | 1.1% | 5.7% | 6.1% | 1.2% | na |
| NAV +/- Price Return | -0.047% | -0.393% | -0.253% | -0.035% | -0.020% | na |
| Securitized Bond - Diversified Avg | 0.4% | 1.0% | 5.0% | 6.0% | 1.8% | 2.8% |
| MBS Grade (NAV) | A | D | B | B | D | na |
| +/- Category (NAV) | 0.2% | -0.3% | 0.4% | 0.1% | -0.7% | na |
| MBS Tax-Cost Ratio | na | na | 2.3% | 2.0% | 1.7% | na |
MBS Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBS Return (NAV) | 1.4% | 8.2% | 4.7% | 5.5% | -12.6% | na | na | na | na | na | na |
| MBS Return (Price) | 1.4% | 8.1% | 5.0% | 5.5% | -12.6% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.043% | -0.011% | 0.055% | 0.000% | 0.000% | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.6% | 7.6% | 5.1% | 6.6% | -10.6% | 1.3% | 2.9% | 5.9% | 1.6% | 3.7% | 3.0% |
| MBS Grade (NAV) | C | C | C | F | D | na | na | na | na | na | na |
| +/- Category | -0.1% | 0.6% | -0.4% | -1.2% | -2.0% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.95 |
| R-Squared: | 96% |
| Standard Deviation: | 5.4% |
| Category Risk Index: | 1.14 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.44 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.7% |
| Total Assets: | $ 148 Mil |
| Share Class Assets: | $ 148 Mil |
| Turnover: | 97.0% |
| Expense Ratio: | 0.49% |
| 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: 3 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Triick Clayton (2021), Sinha Namit (2024), Bortz Ward (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 132 |
| % in Top 10 Holdings: | 22.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 104.6% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.0% |
| Other: | -0.8% |
| Cash: | -3.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Angel Oak |
| Phone Number: | 800-617-0004 |
| Website: | www.angeloakcapital.com |
| Inception Date: | June 4, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.41% |
