MBS Fees and Costs — Angel Oak Mortgage-Backed Securities ETF
Data updated: 2026-09-28
The net expense ratio is 0.49% (0.79% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $11K in broker commissions, 0.0065% of average net assets, and portfolio turnover was 97%.
MBS Fees and Expenses
Annual operating expenses and sales charges of MBS. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.79% |
| Fee waiver | −0.30% |
| Net expense ratio | 0.49% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MBS Costs Over Time
On $10,000 invested in MBS, assuming 5% a year before costs, total costs come to $314 over 5 years, cutting the return by 0.52% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $172 | $314 |
| Value after costs | $10,448 | $11,405 | $12,449 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
MBS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0065%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): $890.5M
- Portfolio turnover (prospectus): 97%
- Securities lending: none during the year
MBS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'BRIEN SECURITIES LLC | $11K | 100.00% |
MBS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $360.1M | 43.39% |
| PNC WEALTH MANAGEMENT LLC | $277.6M | 33.45% |
| MORGAN STANLEY & CO. LLC | $44.5M | 5.36% |
| J.P. MORGAN SECURITIES LLC | $32.1M | 3.87% |
| WELLS FARGO SECURITIES LLC | $30.4M | 3.67% |
| BMO NESBITT BURNS SECURITIES LTD. | $22.1M | 2.66% |
| TD SECURITIES (USA) LLC | $18.0M | 2.17% |
| BARCLAYS CAPITAL INC. | $16.8M | 2.03% |
| CITIGROUP GLOBAL MARKETS INC. | $16.3M | 1.96% |
| INTL FCSTONE PARTNERS L.P. | $12.0M | 1.44% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.