ETF Evaluator:
Obra High Grade Structured Products ETF ()
Follow This ETF
(as of Jul 14)
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) |
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ETF Details
Obra High Grade Structured Products ETF Overview
Obra High Grade Structured Products ETF (OGSP) is an actively managed Taxable Bond Securitized Bond - Diversified exchange-traded fund (ETF). Obra Fund Management, LLC launched the ETF in 2024.
The investment seeks income and capital preservation.
The fund is an actively managed exchange-traded fund (“ETF”), the fund manager will not seek to replicate the performance of an index. The fund manager intends to achieve the fund's investment objective by investing primarily in high grade (investment grade) securitized asset instruments, which are also referred to as “structured products.”
About Obra High Grade Structured Products ETF (OGSP)
There are 2 members of the management team with an average tenure of 2.31 years: Matt Roesler (2024) and Peter Polanskyj (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
Obra High Grade Structured Products ETF has 127 securities in its portfolio. The top 10 holdings constitute 25.0% 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.
Obra High Grade Structured Products ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Obra High Grade Structured Products ETF has 17.6% 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 96.1% (78.5% domestic bond, 17.6% foreign bond and 0.0% convertible bond). Obra High Grade Structured Products ETF has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $29 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.
OGSP 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 Obra High Grade Structured Products ETF expense ratio is above average compared to funds in the Securitized Bond - Diversified category. Obra High Grade Structured Products ETF has an expense ratio of 0.64%, which is 54% 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. Obra High Grade Structured Products ETF has a portfolio turnover rate of 60%, 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, Obra High Grade Structured Products ETF returned 0.3%, 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.
Obra High Grade Structured Products ETF has a trailing yield of 5.85%, which is above 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.
Obra High Grade Structured Products ETF Grades
Year to date, the ETF has returned 2.5%, 1.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.2% over the past year (grade of A).
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OGSP 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 |
|
| OGSP Return (NAV) | 0.3% | 1.3% | 5.2% | na | na | na |
| OGSP Return (Price) | 0.0% | 0.8% | 5.2% | na | na | na |
| NAV +/- Price Return | 0.253% | 0.502% | 0.003% | na | na | na |
| Securitized Bond - Diversified Avg | -0.4% | 0.2% | 4.5% | 5.8% | 1.6% | 2.7% |
| OGSP Grade (NAV) | A | A | A | na | na | na |
| +/- Category (NAV) | 0.7% | 1.1% | 0.7% | na | na | na |
| OGSP Tax-Cost Ratio | na | na | 2.3% | na | na | na |
OGSP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OGSP Return (NAV) | 2.5% | 6.0% | na | na | na | na | na | na | na | na | na |
| OGSP Return (Price) | 2.0% | 6.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.218% | 0.105% | na | 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% |
| OGSP Grade (NAV) | A | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.5% | -1.6% | 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: | 5.9% |
| Total Assets: | $ 29 Mil |
| Share Class Assets: | $ 29 Mil |
| Turnover: | 60.7% |
| Expense Ratio: | 0.64% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Roesler Matt (2024), Polanskyj Peter (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 127 |
| % in Top 10 Holdings: | 25.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 78.5% |
| Foreign Bond: | 17.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Obra Fund Management, LLC |
| Phone Number: | 800-773-3863 |
| Website: | |
| Inception Date: | April 9, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.64% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.41% |
