Angel Oak Total Return ETF Trust

The Angel Oak Total Return ETF is an actively managed exchange-traded fund designed to achieve total return by investing across a broad spectrum of fixed-income securities, with a particular emphasis on securitized credit, including mortgage-backed and asset-backed securities, as well as diversified corporate bonds. Managed by Angel Oak Capital Advisors, the fund’s strategy is rooted in identifying the best risk-adjusted opportunities within the fixed-income market, aiming to generate stable income and potential for price appreciation. Unlike many credit-focused ETFs concentrated in corporate bonds, Angel Oak Total Return ETF stands out by incorporating a wider range of securitized products—such as RMBS (residential mortgage-backed securities), CMBS (commercial mortgage-backed securities), CLOs (collateralized loan obligations), and ABS (asset-backed securities)—to enhance diversification and yield potential. The investment team employs a disciplined, research-driven approach, adjusting allocations based on relative value and credit quality, while managing duration tactically relative to the Bloomberg U.S. Aggregate Bond Index. The fund may also utilize derivatives and limited borrowing to pursue its objectives, and it maintains flexibility to invest across the credit spectrum, though high-yield exposure is typically capped at 20% of assets. Angel Oak Total Return ETF is positioned for investors seeking a core-plus fixed-income solution that combines income generation, capital appreciation potential, and broader sector diversification than traditional corporate bond ETFs. As an actively managed, non-index product, it is suited for those looking to access the expertise of a seasoned fixed-income manager within the convenience and transparency of the ETF structure.