ETF Evaluator:
Twin Oak Short Hrzn Abs Ret ETF (TOAK)
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(as of Sep 04)
Best Performing in Ultrashort Bond Over the Last Year
| 7.1% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 6.3% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.2% | Simplify Treasury Option Income ETF (BUCK) |
| 5.2% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
| 4.9% | SLW Short Duration Income ETF (SLWS) |
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ETF Details
Twin Oak Short Hrzn Abs Ret ETF Overview
Twin Oak Short Hrzn Abs Ret ETF (TOAK) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Twin Oak ETF Co launched the ETF in 2024.
The investment seeks capital appreciation with low price volatility.
The fund seeks to achieve its objective principally by utilizing defined risk options to generate an absolute return while maintaining a short duration between zero and one year. Defined risk options are options for which the maximum loss for any option during each expiry period is no more than the premium invested to enter the option position. It will invest in long calls, long puts, and debit spread options.
About Twin Oak Short Hrzn Abs Ret ETF (TOAK)
There are 2 members of the management team with an average tenure of 2.03 years: Zachary Wainwright (2024) and Greg Stoner (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
Twin Oak Short Hrzn Abs Ret ETF has 5 securities in its portfolio. The top 10 holdings constitute 199.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Twin Oak Short Hrzn Abs Ret ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Twin Oak Short Hrzn Abs Ret ETF has 5.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 194.1% There is 5.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Twin Oak Short Hrzn Abs Ret ETF has -99.6% of the portfolio in cash.
Assets Under Management
The fund has $104 million in total assets, which is below the $5 billion average for the Ultrashort 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.
TOAK 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 Twin Oak Short Hrzn Abs Ret ETF expense ratio is below average compared to funds in the Ultrashort Bond category. Twin Oak Short Hrzn Abs Ret ETF has an expense ratio of 0.25%, which is 13% 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. Twin Oak Short Hrzn Abs Ret ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 58% for the Ultrashort Bond category.
Recently, in the month of August 2026, Twin Oak Short Hrzn Abs Ret ETF returned 0.2%, which earned it a grade of F, as the Ultrashort Bond category had an average return of 0.3%. 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.
Twin Oak Short Hrzn Abs Ret ETF has a trailing yield of 0.00%, which is below the 4.03% category average.
The fund normally distributes its income annually 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.
Twin Oak Short Hrzn Abs Ret ETF Grades
Year to date, the ETF has returned 2.2%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.6% over the past year (grade of F).
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TOAK Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TOAK Return (NAV) | 0.2% | 0.8% | 3.6% | na | na | na |
| TOAK Return (Price) | 0.1% | 0.9% | 3.6% | na | na | na |
| NAV +/- Price Return | 0.093% | -0.040% | -0.005% | na | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.9% | 3.0% |
| TOAK Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -0.2% | -0.1% | -0.5% | na | na | na |
| TOAK Tax-Cost Ratio | na | na | 0.0% | na | na | na |
TOAK Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TOAK Return (NAV) | 2.2% | 4.2% | na | na | na | na | na | na | na | na | na |
| TOAK Return (Price) | 2.2% | 4.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.012% | 0.016% | na | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.5% | 4.8% | 5.8% | 6.0% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| TOAK Grade (NAV) | F | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.3% | -0.6% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 105 Mil |
| Share Class Assets: | $ 105 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Wainwright Zachary (2024), Stoner Greg (2024) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 199.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.6% |
Portfolio Allocation |
|
| Domestic Stock: | 194.1% |
| Foreign Stock: | 5.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -99.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Twin Oak ETF Co |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 19, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
