FSEC vs TRBF

FSECBFIDELITY INVESTMENT GRADE SECURITIZED ETF

TRBFBAngel Oak Total Return ETF

In short

FSEC Most funds in this aisle buy a little of everything. FSEC goes narrow: at least 80% in securitized debt, run for current income, paid out monthly.

TRBF Angel Oak built its name in mortgage credit, and TRBF is that playbook in an ETF: an actively managed bond fund that hunts relative value across securitized and corporate paper instead of tracking the Agg.

Stated mandate

FSEC The fund seeks a high level of current income by investing primarily in securitized securities and related instruments. Its policy requires at least 80% exposure to that securitized-investment segment.

TRBF 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

• FSEC A specialist, not a sampler. The mandate locks at least 80% of assets into securitized debt, so you own that corner of the bond market at full strength instead of as a sliver.
• Income is the stated job, not a byproduct, and the cash lands monthly.
• Costs 0.36% a year, right at the median for its bond peer group, on a multi-billion-dollar asset base with steady two-way trading.
• Holds its own in the upper half of a crowded aggregate-bond field, with a Fidelity bond desk and clear filings behind it.

• TRBF No index to hug. The managers allocate across fixed-income asset classes on their own read of relative value, and the portfolio has tracked that stated mandate closely.
• Leans on the house specialty: corporate bonds plus non-agency RMBS, asset-backed and agency RMBS, with duration managed against the Bloomberg U.S. Aggregate, not pinned to it.angeloakcapital.com
• Income lands monthly, not quarterly, inside a plain 1940 Act ETF wrapper with no derivatives overlay or leverage sleeve driving the mandate.

Worth knowing

• FSEC Broad-market rivals such as BND, SPAB and SCHZ charge 0.03% for the whole bond market. The 0.36% here is the price of the narrower mandate.
• One segment, about 120 positions. It moves with securitized debt rather than the full bond market, which is a different ride from a total-market core fund.
• Launched in 2021, so the record is short by bond-fund standards.

• TRBF Above the category median on fee: 0.44% net of a waiver through September 30, 2027, against a 0.59% gross fee, versus 0.21% at JMBS.
• Launched in 2025, so the record is short and the fund is still a small, thinly traded one in its group. Spreads and premiums can matter more here than in the category's giants.
• Credit, not just rates. Non-agency mortgage and asset-backed holdings carry default and liquidity risk Treasury-heavy index funds avoid; results hinge on the adviser's calls.angeloakcapital.com

Full FSEC profile⁠

Full TRBF profile⁠