Angel Oak Total Return ETF

The fund will concentrate its investments in agency and non-agency RMBS and CMBS, mortgage loans, and other securities of issuers related to mortgages and real estate (“Mortgage Related Instruments”). This means that, under normal circumstances, the fund will invest more than 25% of its assets in Mortgage Related Instruments (measured at the time of purchase). The fund will not concentrate its investments in any other group of industries. The fund is non-diversified.