Angel Oak Income ETF (CARY) Fund Overview

Angel Oak Income ETF (CARY) Financial Services Profile

Angel Oak Income ETF (CARY) seeks stable income and price appreciation through strategic investments in structured credit, including mortgage-backed and asset-backed securities. The fund employs a top-down approach to identify relative value opportunities and a bottom-up credit selection process, focusing on risk-adjusted returns within the fixed income market.

What Is the Investment Thesis for CARY?

The fund's focus on RMBS, ABS, CMBS, and CLOs provides diversification across various fixed-income asset classes. With a beta of 0.42, CARY exhibits lower volatility compared to the broader market, potentially offering downside protection during market downturns. The fund's investment strategy, which combines a top-down approach with bottom-up credit selection, aims to identify and capitalize on relative value opportunities. However, the absence of a dividend yield may deter income-focused investors. The fund's success hinges on the manager's ability to navigate the complexities of the structured credit market and effectively manage credit risk. Growth catalysts include increased demand for fixed-income investments and favorable conditions in the housing and credit markets.

Based on FMP financials and quantitative analysis

CARY Key Highlights

Market Cap of $0.89B indicates a sizable fund with significant assets under management.

• Beta of 0.42 suggests lower volatility compared to the overall market, potentially offering stability during market fluctuations.
• Focus on residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs) provides exposure to a diverse range of fixed-income assets.
• Top-down approach combined with bottom-up credit selection aims to identify relative value opportunities and manage risk effectively.
• Absence of a dividend yield may not appeal to income-focused investors, but the fund targets price appreciation in addition to stable income.

Who Are CARY's Competitors?

CARY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are CARY's Key Strengths?

Expertise in structured credit markets.

• Diversified portfolio of fixed-income securities.
• Disciplined investment process.
• Relatively low beta compared to the broader market.

What Are CARY's Weaknesses?

Absence of a dividend yield may deter some investors.

• Exposure to the complexities and risks of structured credit markets.
• Reliance on the manager's ability to navigate market conditions.
• Potential for liquidity constraints in certain structured credit segments.

What Are the Key Risks for CARY?

Rising interest rates could negatively impact the value of fixed-income securities.

• Economic downturn could lead to increased credit losses in the structured credit market.
• Complexity of structured credit investments requires specialized expertise and rigorous due diligence.
• Liquidity constraints in certain segments of the structured credit market could impact the fund's ability to buy or sell assets.

What Are CARY's Competitive Advantages?

• Expertise in structured credit markets provides a competitive advantage.
• Established relationships with issuers and market participants.
• Disciplined investment process focused on risk-adjusted returns.

What Does CARY Do?

The Angel Oak Income ETF (CARY) was created to provide investors with exposure to a diversified portfolio of fixed-income securities, primarily within the structured credit market. The fund's investment strategy centers on identifying and capitalizing on relative value opportunities across a range of credit and issuer types. Angel Oak Capital Advisors serves as the investment advisor, leveraging its expertise in mortgage credit and structured finance to manage the fund's assets. The fund's primary holdings include residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLOs). These asset classes offer varying degrees of risk and return, and the fund's managers actively allocate capital based on their assessment of market conditions and credit fundamentals. CARY aims to deliver both stable income and potential price appreciation by dynamically adjusting its portfolio composition to reflect changing market dynamics and emerging opportunities within the structured credit landscape. The ETF provides investors with a convenient and liquid way to access a diversified portfolio of structured credit assets, which can be challenging to access directly. As of 2026, the fund continues to focus on optimizing risk-adjusted returns within the fixed income sector.

What Products and Services Does CARY Offer?

• Invests in residential mortgage-backed securities (RMBS).
• Invests in asset-backed securities (ABS).
• Invests in commercial mortgage-backed securities (CMBS).
• Invests in collateralized loan obligations (CLOs).
• Seeks stable income and price appreciation.
• Employs a top-down approach to identify relative value opportunities.
• Utilizes a bottom-up credit selection process to select individual issues.

How Does CARY Make Money?

• Generates revenue through management fees based on assets under management (AUM).
• Aims to provide investors with exposure to a diversified portfolio of fixed-income securities.
• Focuses on structured credit investments, including RMBS, ABS, CMBS, and CLOs.

What Industry Does CARY Operate In?

The asset management industry is characterized by intense competition, with numerous firms offering a wide array of investment products and strategies. The market for fixed-income investments, including structured credit, is influenced by macroeconomic factors such as interest rates, inflation, and economic growth. Angel Oak Income ETF operates within this landscape, competing with other fixed-income ETFs and actively managed funds. The fund's focus on structured credit differentiates it from broader fixed-income strategies, but also exposes it to specific risks associated with these asset classes. The growth of the ETF market has provided investors with greater access to specialized investment strategies, and CARY aims to capitalize on this trend by offering a diversified portfolio of structured credit assets.

Who Are CARY's Key Customers?

• Individual investors seeking fixed-income exposure.
• Institutional investors looking for diversified credit investments.
• Financial advisors seeking to provide clients with access to structured credit markets.

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Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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