Firm breaks through with over $220 million in mortgage ETF assets
Angel Oak Capital Advisors has hit a significant milestone with its mortgage-focused exchange-traded fund (ETF) platform, Angel Oak Income ETF (CARY), which has now amassed over $100 million in assets under management.
Angel Oak’s two ETFs, CARY and the Angel Oak UltraShort Income ETF (UYLD), have grown to over $220 million in assets. This figure is further bolstered by the firm’s management of approximately $350 million through its sub-advisory service.
Ward Bortz, ETF portfolio manager and head of distribution for public strategies at Angel Oak expressed enthusiasm about the firm’s progress.
“We’re beyond thrilled to see such growth in our ETF offerings. It’s a testament to our team’s hard work and the trust our investors place in us,” Bortz said in a media release. “In 2024, we expect to continue delivering new and innovative funds that align with our expertise in the structured credit space while we also grow our sub-advisory services and explore new partnerships.”
CARY is one of the few actively managed ETFs focusing on residential mortgage credit. Since its launch in November 2022, it has delivered an annualized return of 9.70%. It’s become an attractive option for advisors and investors, providing access to non-agency residential mortgage-backed securities in a highly liquid format.
The fund also includes exposure to various structured credit assets, such as consumer asset-backed securities, collateralized loan obligations, and agency RMBS.
“As we are leaders in structured credit, finding success in areas of the market through our ETF platform — as well as our public and private strategies more broadly — has been rewarding in what was an otherwise challenging fixed income environment in 2023,” said Sreeni Prabhu, group chief investment officer and managing partner at Angel Oak. “We believe 2024 will present a host of unique opportunities in structured credit, and we look forward to delivering another strong year for our investor base.”
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