ETF Evaluator:
Angel Oak Total Return ETF ()
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(as of Aug 26)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 8.9% | Infrastructure Capital Bond Income ETF (BNDS) |
| 5.2% | Monarch Ambassador Income ETF (MAMB) |
| 4.1% | SanJac Alpha Core Plus Bond ETF (SJCP) |
| 4.1% | F/m Opportunistic Income ETF (ZHOG) |
| 3.9% | PIMCO Active Bond ETF (BOND) |
Risk
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Risk
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ETF Details
Angel Oak Total Return ETF Overview
Angel Oak Total Return ETF (TRBF) is an actively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). Angel Oak launched the ETF in 2025.
The investment seeks total return.
The fund will concentrate its investments in agency and non-agency RMBS and CMBS, mortgage loans, and other securities of issuers related to mortgages and real estate (“Mortgage Related Instruments”). This means that, under normal circumstances, the fund will invest more than 25% of its assets in Mortgage Related Instruments (measured at the time of purchase). The fund will not concentrate its investments in any other group of industries. The fund is non-diversified.
About Angel Oak Total Return ETF (TRBF)
There are 3 members of the management team with an average tenure of 0.82 years: Clayton Triick (2025), Namit Sinha (2025) and Ward Bortz (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Angel Oak Total Return ETF has 302 securities in its portfolio. The top 10 holdings constitute 47.0% 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 Total Return ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Angel Oak Total Return ETF has 4.2% 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 117.5% (113.3% domestic bond, 4.2% foreign bond and 0.1% convertible bond). Angel Oak Total Return ETF has -18.3% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $2 billion average for the Intermediate Core-Plus 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.
TRBF 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 Total Return ETF expense ratio is average compared to funds in the Intermediate Core-Plus Bond category. Angel Oak Total Return ETF has an expense ratio of 0.44%, which is 1% 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 Total Return ETF has a portfolio turnover rate of 78%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Angel Oak Total Return ETF returned -1.3%, which earned it a grade of D, as the Intermediate Core-Plus Bond category had an average return of -1.2%. 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 Total Return ETF has a trailing yield of 0.00%, which is below the 4.67% 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 Total Return ETF Grades
Year to date, the ETF has returned -0.1%, 0.1 percentage points better than the category, which translates into a grade of B.
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TRBF 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 |
|
| TRBF Return (NAV) | -1.3% | -0.5% | na | na | na | na |
| TRBF Return (Price) | -1.3% | -0.5% | na | na | na | na |
| NAV +/- Price Return | -0.063% | 0.016% | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -1.2% | -0.6% | 3.2% | 4.6% | 0.4% | 2.1% |
| TRBF Grade (NAV) | D | B | na | na | na | na |
| +/- Category (NAV) | -0.1% | 0.1% | na | na | na | na |
| TRBF Tax-Cost Ratio | na | na | na | na | na | na |
TRBF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRBF Return (NAV) | -0.1% | na | na | na | na | na | na | na | na | na | na |
| TRBF Return (Price) | -0.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.087% | na | na | na | na | na | na | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.5% | 3.0% | 6.6% | -13.2% | -0.7% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| TRBF Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.1% | na | 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: | -- |
| Total Assets: | $ 37 Mil |
| Share Class Assets: | $ 37 Mil |
| Turnover: | 78.0% |
| Expense Ratio: | 0.44% |
| 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: 3 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Triick Clayton (2025), Sinha Namit (2025), Bortz Ward (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 302 |
| % in Top 10 Holdings: | 47.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 113.3% |
| Foreign Bond: | 4.2% |
| Convertible Bond: | 0.1% |
| Other: | 0.6% |
| Cash: | -18.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Angel Oak |
| Phone Number: | |
| Website: | www.angeloakcapital.com |
| Inception Date: | October 6, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.44% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.44% |
