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TRBF

GradeCNASDAQ Global Select

Angel Oak Total Return ETF

Core US Bond · Angel Oak · Inception 2025-10-07 · SEC filings

$47.46−0.52 (−1.08%)

As of Sep 23, 2026, 2:51 PM EDT

History starts Oct 7, 2025.History starts Oct 7, 2025.
Intraday session: down, 10 prints from 47.98 to 47.46. Range 47.46 to 47.88. Use the arrow keys to read each point.$47.60$47.70$47.80$47.9010 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$50M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$47.96
52W range
low $47.75high $51.14

The ETF.net TRBF Grade

C

48/ 100

Rank 7 of 10 in Core Securitized Bond⁠

Confidence High

Six-pillar profile for TRBF. Scores out of 100: Cost 33, Risk 43, Mission 86, Tradability 34, Holdings 39, Durability 34. Strongest: Mission (86). Weakest: Cost (33). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 33
    Category rank7/10 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 86
    Category rank4/9 · top 44%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank7/10 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 34
    Category rank8/10 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 39
    Category rank8/10 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 34
    Category rank9/10 · bottom quartile

Graded as of Sep 22, 2026

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 Sep 20, 2026, 8:37 AM
Asset class
Bonds
Holdings
—
Top-10 weight
35%
Largest holding
US 5YR NOTE (CBT) Dec2619.1%
The fund’s holdings, weight-ordered — page 1 of 22.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US 5YR NOTE (CBT) Dec2619.13%113$12M22
002—Freddie Mac Pool 3% 05/01/20502.75%2,013,496$2M2
003—First American Government Obligations Fund 02/01/20302.10%1,293,902$1M5
004—Fannie Mae Pool 5% 07/01/20552.10%1,363,884$1M8
005—Fannie Mae Pool 3.5% 08/01/20532.07%1,456,678$1M1
006—Willow Tree Clo I LLC 5.9495% 10/17/20341.62%1,000,000$1000K1
007—Fannie Mae Pool 3.5% 02/01/20521.35%953,163$832K1
008—Fannie Mae Pool 2.5% 10/01/20501.33%1,020,763$821K1
009—Freddie Mac Pool 3% 03/01/20521.30%952,959$800K3
010—Fannie Mae Pool 4% 03/01/20541.26%861,342$773K2
011—Fannie Mae Pool 2.5% 03/01/20521.19%906,101$730K1
012—Fannie Mae Pool 2.5% 12/01/20501.16%885,457$712K2
013—Freddie Mac Pool 5% 04/01/20551.08%703,247$666K1
014—Cash & Other1.01%622,697$623K674
015—Fannie Mae Pool 2.5% 02/01/20521.01%761,464$620K1

Showing 1–15 of 319 holdings

TRBF Performance

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

TRBF$9,910
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TRBF $9,910. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−0.9%
1 month−1.2%
3 months−1.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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−0.9%
2025+1.0%

Since listing, Oct 7, 2025

TRBF in the news

ETF.net Research hasn’t filed on TRBF yet — coverage lands here as it’s written.

TRBF 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 Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.17 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. 10 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. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.