ETF Evaluator:
Angel Oak Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Multisector Bond Over the Last Year
| 7.3% | Eaton Vance Income Opportunities ETF (XAGG) |
| 7.1% | Bluemonte Diversified Income ETF (BLUI) |
| 7.0% | Rareview Dynamic Fixed Income ETF (RDFI) |
| 6.3% | FolioBeyond Enhanced Fixed Inc Prm ETF (FIXP) |
| 5.6% | Neuberger Flexible Credit Income ETF (NBFC) |
Risk
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Risk
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ETF Details
Angel Oak Income ETF Overview
Angel Oak Income ETF (CARY) is an actively managed Taxable Bond Multisector Bond exchange-traded fund (ETF). Angel Oak launched the ETF in 2022.
The investment seeks current income.
The fund invests primarily in agency and non-agency RMBS, CMBS, CLOs, CDOs, CMOs, CBOs, ABS, including securities or securitizations backed by assets such as unsecured consumer loans, credit card receivables, student loans, automobile loans, loans financing solar energy systems, and residential and commercial real estate, and other debt securitizations; mortgage loans, secured and unsecured consumer loans, commercial loans and pools of such loans; corporate debt; and U.S. Treasury and U.S. government agency securities.
About Angel Oak Income ETF (CARY)
There are 3 members of the management team with an average tenure of 3.21 years: Clayton Triick (2022), Namit Sinha (2024) and Ward Bortz (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Angel Oak Income ETF has 801 securities in its portfolio. The top 10 holdings constitute 17.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Angel Oak Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Angel Oak Income ETF has 6.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 106.0% (99.3% domestic bond, 6.8% foreign bond and 0.0% convertible bond). Angel Oak Income ETF has -4.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $1 billion average for the Multisector Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CARY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Angel Oak Income ETF expense ratio is high compared to funds in the Multisector Bond category. Angel Oak Income ETF has an expense ratio of 0.80%, which is 23% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Angel Oak Income ETF has a portfolio turnover rate of 85%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 163% for the Multisector Bond category.
Recently, in the month of July 2026, Angel Oak Income ETF returned -0.3%, which earned it a grade of B, as the Multisector Bond category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Angel Oak Income ETF has a trailing yield of 5.71%, which is above the 5.63% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Angel Oak Income ETF Grades
Year to date, the ETF has returned 1.9%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of B) and 7.2% over the past three years (grade of B).
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CARY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CARY Return (NAV) | -0.3% | 0.5% | 5.3% | 7.2% | na | na |
| CARY Return (Price) | -0.3% | 0.5% | 5.4% | 7.2% | na | na |
| NAV +/- Price Return | -0.052% | -0.044% | -0.127% | -0.046% | na | na |
| Multisector Bond Avg | -0.5% | 0.3% | 4.5% | 6.2% | 1.8% | 3.1% |
| CARY Grade (NAV) | B | B | B | B | na | na |
| +/- Category (NAV) | 0.2% | 0.2% | 0.8% | 1.0% | na | na |
| CARY Tax-Cost Ratio | na | na | 2.4% | 2.5% | na | na |
CARY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CARY Return (NAV) | 1.9% | 7.8% | 7.2% | 9.1% | na | na | na | na | na | na | na |
| CARY Return (Price) | 2.1% | 7.5% | 7.6% | 8.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.072% | -0.031% | 0.045% | -0.040% | na | na | na | na | na | na | na |
| Multisector Bond Avg | 1.3% | 7.6% | 5.5% | 8.2% | -10.8% | 3.0% | 4.7% | 10.6% | -1.8% | 5.9% | 7.4% |
| CARY Grade (NAV) | B | D | A | B | na | na | na | na | na | na | na |
| +/- Category | 0.7% | 0.1% | 1.8% | 0.8% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.45 |
| R-Squared: | 86% |
| Standard Deviation: | 2.8% |
| Category Risk Index: | 0.59 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.23 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.7% |
| Total Assets: | $ 1,382 Mil |
| Share Class Assets: | $ 1,382 Mil |
| Turnover: | 85.0% |
| Expense Ratio: | 0.80% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.7 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Triick Clayton (2022), Bortz Ward (2022), Sinha Namit (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 801 |
| % in Top 10 Holdings: | 17.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 99.3% |
| Foreign Bond: | 6.8% |
| Convertible Bond: | 0.0% |
| Other: | -1.5% |
| Cash: | -4.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Angel Oak |
| Phone Number: | 800-617-0004 |
| Website: | www.angeloakcapital.com |
| Inception Date: | November 7, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.80% (Rating: High) |
| Category Average Expense Ratio (%): | 0.65% |
