CARY vs FSEC: Grades, Fees and Holdings Compared

Angel Oak Income ETF

CARYCNasdaq

FIDELITY INVESTMENT GRADE SECURITIZED ETF

FSECBNYSE Arca

Overlap

No data

Expense ratio

FSEC −0.44pt a year

CARY0.80%FSEC0.36%

Avg volume · 30D

CARY 1.3×the volume

CARY517KFSEC406K

3Y return · a year

CARY +0.7pt

CARY+6.9%FSEC+6.2%

CARY vs FSEC Performance

Nov 7, 2025 – Nov 9, 2026

+3.2%CARY+1.0%FSEC

Expense ratio: CARY 0.80%; FSEC 0.36%, better
Fund size: CARY $1.39B; FSEC $4.55B
1Y total return: CARY +3.2%, better; FSEC +1.0%
Yield (12M): CARY 5.92%, better; FSEC 4.54%
Holdings: CARY 784; FSEC 1182
Avg volume (30D): CARY 517K sh, better; FSEC 406K sh
NAV per share: CARY $20.37; FSEC $42.95
52W range

ETF.net Grade

Pillar letters and Scores for CARY, FSEC, with each pillar’s weight
Pillar	CARY	FSEC
Cost30% weight	F5	B59Higher
Mission25% weight	B67	A94Higher
Risk15% weight	A82Higher	C40
Tradability15% weight	B69Higher	B67
Holdings10% weight	B67Higher	C47
Durability5% weight	B58	A79Higher

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. CARY and FSEC are both graded against the same 10 Core Securitized Bond funds, so their Grades compare head to head.

Core Securitized Bond⁠

Category · 10 funds

See all 10 ›

FSEC ranks 3rd and CARY 7th of 10 funds in the Core Securitized Bond Category.

Rank 1AJMBSJanus Henderson Mortgage-Backed Securities ETFScore 76
Rank 2BJPLDJPMorgan Limited Duration Bond ETFScore 69
Rank 3BFSECFIDELITY INVESTMENT GRADE SECURITIZED ETFScore 66
Rank 4BSECRNYLI MacKay Securitized Income ETFScore 65
Rank 6BTRBFAngel Oak Total Return ETFScore 55
Rank 7CCARYAngel Oak Income ETFScore 50
Rank 8COWNSCCM Affordable Housing MBS ETFScore 47

Our read on each fund

ETF.net Research

CARYCAngel Oak Income ETF

FSECBFIDELITY INVESTMENT GRADE SECURITIZED ETF

In short

CARY Angel Oak is a structured-credit shop, and CARY is its actively managed income sleeve: bonds picked on collateral, credit support and deal structure, paid out monthly. Fee: 0.80% net of a waiver through September 30, 2027.

FSEC Most funds in this aisle buy a little of everything. FSEC goes narrow: at least 80% in securitized debt, run for current income, paid out monthly.

Stated mandate

CARY The Fund seeks current income through an actively managed portfolio allocated among multiple income-producing asset classes. The Adviser uses fundamental credit and valuation research and may consider maturity, yield, ratings, collateral, credit support, structure, and market conditions.

FSEC The fund seeks a high level of current income by investing primarily in securitized securities and related instruments. Its policy requires at least 80% exposure to that securitized-investment segment.

Why people hold it

CARY No index to hug: the team allocates across income-producing asset classes using fundamental credit and valuation research, weighing collateral, credit support and structure.
Income arrives monthly, sourced from roughly 800 separate positions rather than a handful of concentrated bets.
Launched in 2022 and now a billion-dollar-plus fund, trading at moderate volume.

FSEC A specialist, not a sampler. The mandate locks at least 80% of assets into securitized debt, so you own that corner of the bond market at full strength instead of as a sliver.
Income is the stated job, not a byproduct, and the cash lands monthly.
Costs 0.36% a year, right at the median for its bond peer group, on a multi-billion-dollar asset base with steady two-way trading.
Holds its own in the upper half of a crowded aggregate-bond field, with a Fidelity bond desk and clear filings behind it.

Worth knowing

CARY 0.80% net of a waiver through September 30, 2027, and 1.00% before it, above the category median. Cheaper peers include JMBS at 0.21% and FSEC at 0.36%.
Ratings are an input, not a floor: the mandate sets no credit-quality or maturity limit, so the mix shifts with the manager's read.
It sits in the lower half of its securitized-bond peer group, with cost the main weight on that standing.

FSEC Broad-market rivals such as BND, SPAB and SCHZ charge 0.03% for the whole bond market. The 0.36% here is the price of the narrower mandate.
One segment, about 120 positions. It moves with securitized debt rather than the full bond market, which is a different ride from a total-market core fund.
Launched in 2021, so the record is short by bond-fund standards.

Full CARY profile⁠

Full FSEC profile⁠

CARY vs FSEC Holdings

How CARY and FSEC differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors79.5%
Countryby domicile87.6%
Asset classBonds100%

Sector

Sector weights in CARY and FSEC, widest gap first
Sector	Gap	CARY	FSEC
Securitized	FSEC +20.6 points	75.8%	96.4%
Corporate	CARY +18.9 points	18.9%	0.0%
Government	CARY +1.6 points	5.2%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in CARY and FSEC, widest gap first
Country	Gap	CARY	FSEC
United States	FSEC +12.4 points	87.6%	100.0%
Cayman Islands	CARY +9.7 points	9.7%	0.0%
Bermuda	CARY +1.0 points	1.0%	0.0%
Canada	CARY +0.6 points	0.6%	0.0%
Ireland	CARY +0.6 points	0.6%	0.0%
Other countries (7)	CARY +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

CARY20.5%
FSEC19.3%

Securities held

CARY767
FSEC1,156

Asset class

CARY: Bonds
FSEC: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CARY holds 767 securities, FSEC 1,156.

All 823 CARY holdings⁠All FSEC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CARY vs FSEC Cost

Overpaying CARY vs FSEC

$8,026

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CARY 0.80%
$15,346
FSEC 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

CARY 0.80%
FSEC 0.36%
Overpaying

Year by year

Year	CARY	FSEC	Overpaying
10	$1,422	$652	$770
20	$5,393	$2,522	$2,871
30	$15,346	$7,320	$8,026

Expense ratio

0.80%CARY
0.36%FSEC, cheaper

FSEC0.36%CARY0.80%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

FSEC 5th cheapest of 10 funds

CARY 10th cheapest of 10 funds

CARY vs FSEC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CARY 5.92%, better; FSEC 4.54%
Payout (12M): CARY $1.21; FSEC $1.95
Last payment: CARY $0.10; FSEC $0.14
Ex-dividend: CARY Oct 30, 2026; FSEC Oct 29, 2026
Paid on: CARY Nov 2, 2026; FSEC Nov 2, 2026
Frequency: CARY Monthly; FSEC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CARYMonthly · 46 paymentsAll CARY payments⁠

FSECMonthly · 47 paymentsAll FSEC payments⁠

CARY vs FSEC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CARY 3.1%, betterFSEC 6.3%
Return per unit of riskSharpe ratio, 3 years: CARY 0.79, betterFSEC 0.36
Worst fallMax drawdown, 5 years: CARY −2.3%since Nov 2022FSEC −17.3%
Market sensitivityBeta, 5 years: CARY 0.45FSEC 1.14; Market = 1

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