SECR vs TRBF

SECRBNYLI MacKay Securitized Income ETF

TRBFBAngel Oak Total Return ETF

In short

SECR Most securitized bond ETFs stop at agency mortgages. SECR roams the whole structured-credit stack, CMBS, ABS, non-agency RMBS and CLOs, picked by MacKay Shields, at 0.28% net of a waiver through August 28, 2027.

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

SECR The Fund seeks total return with an emphasis on current income.

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

• SECR At least 80% of assets sit in securitized paper: CMBS, ABS, agency and non-agency RMBS, CMOs and CLOs. Agency-mortgage peers like JMBS and JHMB work a narrower slice.sec.gov
• 0.28% net of a contractual waiver through August 28, 2027 (0.49% gross), below the category median and under FSEC's 0.36% and JHMB's 0.39% net of a waiver through July 31, 2027.
• Actively run by MacKay Shields rather than tracking an index, with income paid monthly and risk spread across roughly 400 positions.nylim.com
• Holdings line up with the securitized mandate the filings describe, one of the tidier implementations in this small peer group.

• 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

• SECR Thinly traded, so spreads can run wider than the giant bond ETFs' and bigger orders may need patience.
• The 0.28% price tag leans on a waiver through August 28, 2027; the gross expense ratio behind it is 0.49%.
• Up to 20% of total assets can sit below investment grade, and non-agency structures carry credit and prepayment risk. The fund has only traded since 2024.sec.gov

• 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 SECR profile⁠

Full TRBF profile⁠