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Launched · SEC filings

Angel Oak Total Return ETF

TRBFNasdaqC

$47.08+0.06 (+0.12%)

At close: Oct 13, 2026, 4:00 PM

C54/ 100

Rank 6 of 10 in Core Securitized Bond

C54/100Rank 6 of 10inCore Securitized Bond
Intraday session: up, 8 prints from 47.02 to 47.08. Range 47.04 to 47.09. Use the arrow keys to read each point.47.0447.0610 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$49M
1Y total return
−1.9%
Yield · Last 12 months
Data unavailable
Holdings
320
Avg volume · 30D
0M sh
NAV per share
$47.03
52W range
low $46.73high $51.14
Launched
Filings
SEC EDGAR

The ETF.net TRBF Grade

C

Score 54 out of 100

Category
Core Securitized Bond⁠
Rank
6 of 10
Six-pillar profile for TRBF. Scores out of 100: Cost 33, Risk 54, Mission 88, Tradability 58, Holdings 43, Durability 35. Strongest: Mission (88). Weakest: Cost (33). Leans toward Mission.

Score 54 of 100 falls in the C 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.
    D33 out of 100
    Rank 7 of 10

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A88 out of 100
    Rank 5 of 10

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 4 of 10

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 4 of 10

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C43 out of 100
    Rank 7 of 10

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D35 out of 100
    Rank 8 of 10

Our read on TRBF

ETF.net Research

CA go-anywhere bond fund in an aisle built on index trackers. Angel Oak's managers hunt relative value across fixed-income sectors instead of copying the Agg, and they charge active-management prices to do it.

Stated mandate

The Fund seeks total return. It is actively managed and allocates among fixed-income asset classes according to the Adviser’s assessment of relative value rather than tracking a specified index.

Why people hold it

  1. 01Genuinely active, not index-plus: the managers shift among fixed-income asset classes on their own read of relative value rather than tracking a set benchmark.
  2. 02What the prospectus describes is what the portfolio holds. The fund's actual positioning lines up closely with its stated multi-sector total-return mandate.
  3. 03Plain 1940 Act ETF wrapper with no leverage, no derivatives overlay and no structural quirks flagged. The complexity here is in the manager's calls, not the plumbing.

Worth knowing

  1. 01The fee is 0.59% a year. Core index rivals like BND and SCHZ charge 0.03%, so the active calls carry a wide cost gap to work against.
  2. 02Small and thinly traded since launch, which tends to mean wider bid-ask spreads than the multi-billion-dollar index names in the same aisle.
  3. 03Launched in 2025, so the track record is short. Distributions have come on an irregular schedule rather than a fixed monthly or quarterly rhythm.

TRBF Holdings

As of Oct 12, 2026
Asset class
Bonds
Holdings
320
Top-10 weight
33%
Largest holding
US 5YR NOTE (CBT) Dec2618.3%
The fund’s holdings, weight-ordered — page 1 of 22.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US 5YR NOTE (CBT) Dec2618.33%106$11M23
002—Freddie Mac Pool 3% 05/01/20502.74%1,992,268$2M2
003—Fannie Mae Pool 5% 07/01/20552.11%1,355,563$1M8
004—Fannie Mae Pool 3.5% 08/01/20532.07%1,448,942$1M1
005—Willow Tree Clo I LLC 5.9495% 10/17/20341.67%1,000,000$1000K1
006—Fannie Mae Pool 3.5% 02/01/20521.35%946,094$807K1
007—Fannie Mae Pool 2.5% 10/01/20501.33%1,007,423$794K1
008—Freddie Mac Pool 3% 03/01/20521.29%942,344$775K3
009—Fannie Mae Pool 4% 03/01/20541.26%859,501$754K2
010—Fannie Mae Pool 2.5% 03/01/20521.18%896,351$706K1
011—Fannie Mae Pool 2.5% 12/01/20501.16%881,950$695K2
012—Freddie Mac Pool 5% 04/01/20551.08%697,415$649K1
013—Fannie Mae Pool 2.5% 02/01/20521.01%756,882$603K1
014—Freddie Mac Pool 2.5% 03/01/20420.95%668,224$569K4
015—Freddie Mac Pool 2% 04/01/20520.93%740,365$557K1

Showing 1–15 of 320 holdings

TRBF Performance

Launched Oct 7, 2025

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.
TRBF$9,813
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. TRBF $9,813. SPY $12,044. Use the arrow keys to read each point.$9,547$10,896$12,245Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 TRBF. Periods over one year show the average yearly return.
PeriodTRBF
Year to date−2.4%
1 month−1.3%
3 months−3.1%
1 year−1.9%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, 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 TRBF
YearReturn barTRBF
2026 YTD−2.4%
2025+1.0%

Since listing, Oct 7, 2025

TRBF in the news

Filtered to TRBF · Core Securitized Bond

TRBF Dividends

Last payment
$0.22 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 11 payments from 2025 to 2026 YTD. Nov 28, 2025 $0.28; Dec 31, 2025 $0.30; Jan 30, 2026 $0.17; Feb 27, 2026 $0.18; Mar 31, 2026 $0.24; Apr 30, 2026 $0.18; May 29, 2026 $0.20; Jun 30, 2026 $0.21; Jul 31, 2026 $0.19; Aug 31, 2026 $0.17; Sep 30, 2026 $0.22. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 30, 2026Oct 1, 2026$0.22
Aug 31, 2026Sep 1, 2026$0.17
Jul 31, 2026Aug 3, 2026$0.19
Jun 30, 2026Jul 1, 2026$0.21
May 29, 2026Jun 1, 2026$0.20
Apr 30, 2026May 1, 2026$0.18
Mar 31, 2026Apr 1, 2026$0.24
Feb 27, 2026Mar 2, 2026$0.18
Jan 30, 2026Feb 2, 2026$0.17
Dec 31, 2025Jan 2, 2026$0.30
Nov 28, 2025Dec 1, 2025$0.28

TRBF Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
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.
—
No data available
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.
−4.9%
12 months · trough Sep 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.
0.08
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.

TRBF Cost

Expense ratio0.59%
  • The middle half of Core Securitized Bond funds
  • Median 0.40%

6 of the 10 Core Securitized Bond funds charge less.

TRBF costs $59.00 a year on $10,000. The median Core Securitized Bond fund costs $39.50.

Other funds in Core Securitized Bond

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