OGSP vs SECU

OGSPDObra High Grade Structured Products ETF

SECUCiShares Securitized Income Active ETF

In short

OGSP A boutique active take on investment-grade structured credit: asset-backed bonds, CLOs and mortgage deals bought one at a time, with no index to hug. The prospectus calls it a go-anywhere fund within structured products, and it pays monthly.

SECU A 2005-vintage BlackRock mortgage-bond strategy that moved into an ETF wrapper in January 2026: active, roughly 900 securitized bonds deep, at 0.41% with no waiver due to expire.

Stated mandate

OGSP The Fund is actively managed and seeks income; the prospectus's investment-objective table also states capital appreciation.

SECU The Fund seeks high total return through active management of a diversified portfolio of securitized fixed-income assets.

Why people hold it

• OGSP Actively managed with no index to track, and the prospectus sets a floor: at least 80% of net assets in high grade structured products.sec.gov
• One mandate spans ABS, CLOs, CDOs, CMOs, and agency and non-agency mortgage bonds including CMBS and RMBS, chosen deal by deal rather than by index weight.sec.gov
• Pays monthly, and spreads the work across roughly 150 separate deals instead of a handful of big bets.

• SECU Rare pedigree: the strategy launched as a BlackRock mutual fund on July 29, 2005 and was reorganized into this ETF on January 23, 2026, so the research desk predates the ticker.sec.govblackrock.com
• Wide net: roughly 900 positions spanning asset-backed bonds, agency and non-agency mortgage paper, CLOs and CMOs, up and down the capital structure.sec.gov
• The 0.41% fee is the whole story: gross equals net, no waiver propping it up, and it sits near the median for funds in the securitized bond group.
• Active mandate, no index leash. Managers can hold investment grade or high yield at any maturity, with at least 80% of assets in securitized exposure.sec.gov

Worth knowing

• OGSP Cost is the trade-off: 0.64% net of a waiver through July 31, 2027, against a 1.69% gross, and above the category median plus peers like WDE (0.19%) and NSCI (0.38%).
• A small fund that trades lightly, so the bid-ask spread is part of the real cost of getting in and out.
• "High grade" describes the 80% test, not every line item: the prospectus flags structured products risk and allows holdings rated below investment grade.sec.govsec.gov 2

• SECU At least 25% of total assets sits in non-agency mortgage bonds, which carry no US government backing. Credit and prepayment swings come attached to the income.sec.gov
• Cheaper doors exist in the same category: Principal's WDE charges 0.19% and Nuveen's NSCI 0.38%, neither relying on a waiver.
• The wrapper is young even if the strategy isn't, so exchange-traded history on spreads and volatility is thin next to the predecessor fund's record.sec.gov

Full OGSP profile⁠

Full SECU profile⁠