CARY vs JMBS: Grades, Fees and Holdings Compared

Angel Oak Income ETF

CARYCNasdaq

Janus Henderson Mortgage-Backed Securities ETF

JMBSANYSE Arca

Overlap

No data

Expense ratio

JMBS −0.59pt a year

CARY0.80%JMBS0.21%

Avg volume · 30D

JMBS 1.7×the volume

CARY517KJMBS883K

3Y return · a year

CARY +1.1pt

CARY+6.9%JMBS+5.8%

CARY vs JMBS Performance

Nov 7, 2025 – Nov 9, 2026

+3.2%CARY+0.4%JMBS

Expense ratio: CARY 0.80%; JMBS 0.21%, better
Fund size: CARY $1.39B; JMBS $6.17B
1Y total return: CARY +3.2%, better; JMBS +0.4%
Yield (12M): CARY 5.92%, better; JMBS 5.39%
Holdings: CARY 784; JMBS 414
Avg volume (30D): CARY 517K sh; JMBS 883K sh, better
NAV per share: CARY $20.37; JMBS $43.60
52W range

ETF.net Grade

Pillar letters and Scores for CARY, JMBS, with each pillar’s weight
Pillar	CARY	JMBS
Cost30% weight	F5	A93Higher
Mission25% weight	B67	A100Higher
Risk15% weight	A82Higher	D33
Tradability15% weight	B69	A90Higher
Holdings10% weight	B67Higher	F14
Durability5% weight	B58	A82Higher

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. CARY and JMBS 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 ›

JMBS ranks 1st 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 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

JMBSAJanus Henderson Mortgage-Backed Securities 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.

JMBS The original actively managed mortgage-backed securities ETF, launched in 2018. Rather than replicate the MBS index, the team picks through agency mortgage bonds, a corner of the market where prepayment behavior makes security selection its own craft.

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.

JMBS The fund seeks a high level of total return through both income and capital appreciation.

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.

JMBS Charges 0.21% a year against a 0.36% median for its bond peer group, and that buys an active specialist mandate rather than an index tracker.
First mover: Janus Henderson launched it in 2018 as the first actively managed MBS ETF in the US, and it now runs several hundred mortgage bonds.prnewswire.com
A multi-billion-dollar fund that trades actively and pays monthly, which is a real edge in a corner of the bond market where most products stay small.
Does what its documents say it does, and stands as one of the stronger implementations in its broad-bond peer group.

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.

JMBS This is one slice of the bond market, not a whole-market core. Broad aggregate funds such as BND, SPAB and SCHZ cover the full index for 0.03%.
Mortgage bonds prepay. Homeowners refinance when rates fall and sit tight when they rise, so the portfolio's cash flows and rate sensitivity shift with the cycle.janushenderson.com
The mandate targets total return from income plus price moves, so the monthly payout is not a fixed rate and the manager's calls drive the result.

Full CARY profile⁠

Full JMBS profile⁠

CARY vs JMBS Holdings

How CARY and JMBS differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors76.5%
Countryby domicile87.6%
Asset classBonds100%

Sector

Sector weights in CARY and JMBS, widest gap first
Sector	Gap	CARY	JMBS
Securitized	JMBS +23.5 points	75.8%	99.3%
Corporate	CARY +18.2 points	18.9%	0.7%
Government	CARY +5.2 points	5.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in CARY and JMBS, widest gap first
Country	Gap	CARY	JMBS
United States	JMBS +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%
JMBS67.3%

Securities held

CARY767
JMBS411

Asset class

CARY: Bonds
JMBS: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CARY holds 767 securities, JMBS 411.

All 823 CARY holdings⁠All 411 JMBS 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 JMBS Cost

Overpaying CARY vs JMBS

$10,989

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

CARY 0.80%
$15,346
JMBS 0.21%
$4,357

Amount$10,000

Years30 years

Cost over time

CARY 0.80%
JMBS 0.21%
Overpaying

Year by year

Year	CARY	JMBS	Overpaying
10	$1,422	$383	$1,039
20	$5,393	$1,491	$3,902
30	$15,346	$4,357	$10,989

Expense ratio

0.80%CARY
0.21%JMBS, cheaper

JMBS0.21%CARY0.80%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

JMBS cheapest of 10 funds

CARY 10th cheapest of 10 funds

CARY vs JMBS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CARY 5.92%, better; JMBS 5.39%
Payout (12M): CARY $1.21; JMBS $2.35
Last payment: CARY $0.10; JMBS $0.19
Ex-dividend: CARY Oct 30, 2026; JMBS Oct 30, 2026
Paid on: CARY Nov 2, 2026; JMBS Nov 5, 2026
Frequency: CARY Monthly; JMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CARYMonthly · 46 paymentsAll CARY payments⁠

JMBSMonthly · 46 paymentsAll JMBS payments⁠

CARY vs JMBS 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%, betterJMBS 6.9%
Return per unit of riskSharpe ratio, 3 years: CARY 0.79, betterJMBS 0.31
Worst fallMax drawdown, 5 years: CARY −2.3%since Nov 2022JMBS −16.5%
Market sensitivityBeta, 5 years: CARY 0.45JMBS 1.20; Market = 1

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