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Launched

Angel Oak Mortgage-Backed Securities ETF

MBSNasdaqAngel OakD

$8.32+0.03 (+0.30%)

At close: Nov 2, 2026, 4:00 PM ET

D31/ 100

Rank 22 of 25 in Mortgage-Backed Securities

D31/100Rank 22 of 25inMortgage-Backed Securities
Intraday session: up, 79 prints from 8.30 to 8.32. Range 8.27 to 8.34. Use the arrow keys to read each point.8.288.3410 AM12 PM2 PM4 PM
Expense ratio
0.49%*
Fund size
$191M
1Y total return
+0.2%
Yield · Last 12 months
6.10%
Holdings
160
Avg volume · 30D
163K sh
52W range
low $8.13high $9.16
Launched

*After a fee waiver that ends Sep 30, 2027. Without it: 0.79%.

The ETF.net MBS Grade

D

Score 31 out of 100

Category
Mortgage-Backed Securities⁠
Rank
22 of 25
Six-pillar profile for MBS. Scores out of 100: Cost 15, Risk 37, Mission 37, Tradability 43, Holdings 38, Durability 45. Strongest: Durability (45). Weakest: Cost (15). Leans toward Durability and Tradability.

Score 31 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F15 out of 100
    Rank 21 of 25

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    D37 out of 100
    Rank 16 of 21

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D37 out of 100
    Rank 14 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C43 out of 100
    Rank 15 of 25

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D38 out of 100
    Rank 20 of 25

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C45 out of 100
    Rank 18 of 25

Our read on MBS

ETF.net Research

In short

DMost mortgage ETFs buy government-backed paper and call it a day. Angel Oak's fund goes the other way, picking non-agency residential mortgage bonds, asset-backed paper and corporate debt from a shop built around that corner of credit.

Stated mandate

The fund invests in non-agency residential mortgage-backed securities, asset-backed securities, and corporate debt.

Why people hold it

  • The niche is the whole point: non-agency residential mortgage-backed securities, asset-backed securities and corporate debt, the paper the big agency-MBS index funds leave on the table.
  • No benchmark to hug. The fund declares no index and runs a hand-built book of well over a hundred bond positions.
  • Income lands on a monthly cadence, not quarterly.

Worth knowing

  • Cost is the trade-off: 0.79% a year against 0.03% at VMBS and 0.04% at MBB. Specialist credit work carries a specialist price tag, and fees are this fund's weakest spot in its peer group.
  • Non-agency means no government backstop standing behind the mortgages, so credit selection drives outcomes alongside interest rates.
  • Young (2024 launch), modest in size and among the less-traded funds in its category, so spreads can run wider than at the index giants and the record is still short.

MBS Holdings

Holdings pillarD38 out of 100Rank 20 of 25 in Mortgage-Backed Securities
Asset class
Bonds
Holdings
160
Top-10 weight
34%
Largest holding
Fannie Mae or Freddie Mac 5.5% 11/15/204010.8%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 11.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataFannie Mae or Freddie Mac 5.5% 11/15/204010.77%21,000,000$20.5M19
2No dataFannie Mae or Freddie Mac 5% 11/15/20405.50%11,000,000$10.5M16
3No dataFannie Mae or Freddie Mac 6% 11/15/20413.15%6,000,000$5.99M22
4No dataFannie Mae Pool 2% 02/01/20522.58%6,327,299$4.91M2
5No dataFannie Mae or Freddie Mac 3.5% 12/15/20402.29%5,000,000$4.36M6
6No dataFannie Mae Pool 3.5% 12/01/20522.25%4,895,684$4.28M1
7No dataSequoia Mortgage Trust 2023-4 5.5292% 11/25/20532.02%4,028,516$3.84M1
8No dataPoint Securitization Trust 2026-2 5.25% 07/25/20562.01%3,992,578$3.84M2
9No dataAspire Mortgage Trust 2026-5 6.3916% 08/25/20661.96%4,000,000$3.73M1
10No dataTowd Point Mortgage Trust 4.4204% 07/20/20661.95%3,816,323$3.71M1
11No dataFreddie Mac Pool 2.5% 02/01/20421.65%3,604,545$3.14M4
12No dataFreddie Mac Pool 2.5% 09/01/20501.56%3,704,237$2.98M1
13No dataRCKT Mortgage Trust 2021-5 2.5% 11/25/20511.55%3,645,069$2.95M2
14No dataGS Mortgage-Backed Securities Trust 2024-RPL2 4.1163% 07/25/20611.51%3,000,000$2.87M3
15No dataFannie Mae Pool 2% 09/01/20411.42%3,188,431$2.7M6

Showing 1–15 of 160 holdings

MBS Performance

Launched Feb 16, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
MBS$10,021
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MBS $10,021. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MBS. Periods over one year show the average yearly return.
PeriodMBS
Year to date−0.7%
1 month+2.1%
3 months−0.9%
1 year+0.2%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MBS
YearReturn barMBS
2026 YTD−0.7%
2025+8.1%
2024+6.5%

History from Feb 21, 2024

MBS in the news

MBS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
6.10%Last 12 months
Payout per share
$0.51Last 12 months
Upcoming payment
$0.04 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2024–2026

One bar per payment. 33 payments from 2024 to 2026 YTD. Feb 29, 2024 $0.03; Mar 28, 2024 $0.04; Apr 30, 2024 $0.04; May 31, 2024 $0.02; Jun 28, 2024 $0.04; Jul 31, 2024 $0.04; Aug 30, 2024 $0.04; Sep 30, 2024 $0.04; Oct 31, 2024 $0.04; Nov 29, 2024 $0.03; Dec 31, 2024 $0.04; Jan 31, 2025 $0.03; Feb 28, 2025 $0.03; Mar 31, 2025 $0.04; Apr 30, 2025 $0.04; May 30, 2025 $0.04; Jun 30, 2025 $0.04; Jul 31, 2025 $0.05; Aug 29, 2025 $0.03; Sep 30, 2025 $0.05; Oct 31, 2025 $0.04; Nov 28, 2025 $0.03; Dec 31, 2025 $0.04; Jan 30, 2026 $0.03; Feb 27, 2026 $0.03; Mar 31, 2026 $0.05; Apr 30, 2026 $0.05; May 29, 2026 $0.04; Jun 30, 2026 $0.04; Jul 31, 2026 $0.04; Aug 31, 2026 $0.03; Sep 30, 2026 $0.04; Oct 30, 2026 $0.04. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Oct 30, 2026Pays Nov 2, 2026$0.04
Sep 30, 2026Oct 1, 2026$0.04
Aug 31, 2026Sep 1, 2026$0.03
Jul 31, 2026Aug 3, 2026$0.04
Jun 30, 2026Jul 1, 2026$0.04
May 29, 2026Jun 1, 2026$0.04
Apr 30, 2026May 1, 2026$0.05
Mar 31, 2026Apr 1, 2026$0.05
Feb 27, 2026Mar 2, 2026$0.03
Jan 30, 2026Feb 2, 2026$0.03
Dec 31, 2025Jan 2, 2026$0.04
Nov 28, 2025Dec 1, 2025$0.03

See all 33 payments⁠

$10,000 in MBS 1 year ago paid $580 in dividends.⁠

MBS Risk

Risk pillarD37 out of 100Rank 14 of 25 in Mortgage-Backed Securities
How much the fund’s monthly returns vary, scaled to a year.
5.1%
Annualised · 32 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.11
vs 3-month T-bills · 32 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−5.0%
32 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.95
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

MBS Cost

Compare MBS and VMBS

Overpaying vs VMBS, tied cheapest in Mortgage-Backed Securities

$9,154

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MBS 0.49%

    $9,792

  • VMBS 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • MBS 0.49%
  • VMBS 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530MBS $9,792VMBS $638

Year by year

YearMBSVMBSOverpaying
10$883$55$828
20$3,394$216$3,178
30$9,792$638$9,154
How the 0.49% is worked out

Full fee 0.79%− waiver 0.30%= you pay 0.49%

The waiver ends Sep 30, 2027. After that the fee is 0.79% unless Angel Oak renews it. Source: prospectus, May 2026.

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