CARY vs JPLD: Grades, Fees and Holdings Compared

Angel Oak Income ETF

CARYCNasdaq

JPMorgan Limited Duration Bond ETF

JPLDBNYSE Arca

Overlap

No data

Expense ratio

JPLD −0.50pt a year

CARY0.80%JPLD0.30%

Avg volume · 30D

CARY 1.2×the volume

CARY517KJPLD433K

3Y return · a year

CARY +1.2pt

CARY+6.9%JPLD+5.7%

CARY vs JPLD Performance

Nov 7, 2025 – Nov 9, 2026

+3.2%CARY+2.9%JPLD

Expense ratio: CARY 0.80%; JPLD 0.30%, better
Fund size: CARY $1.39B; JPLD $4.2B
1Y total return: CARY +3.2%, better; JPLD +2.9%
Yield (12M): CARY 5.92%, better; JPLD 4.33%
Holdings: CARY 784; JPLD 791
Avg volume (30D): CARY 517K sh, better; JPLD 433K sh
NAV per share: CARY $20.37; JPLD $51.58
52W range

ETF.net Grade

Pillar letters and Scores for CARY, JPLD, with each pillar’s weight
Pillar	CARY	JPLD
Cost30% weight	F5	A74Higher
Mission25% weight	B67Higher	C53
Risk15% weight	A82Higher	A81
Tradability15% weight	B69Higher	B58
Holdings10% weight	B67	A88Higher
Durability5% weight	B58	A85Higher

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. CARY and JPLD 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 ›

JPLD ranks 2nd 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 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

JPLDBJPMorgan Limited Duration Bond 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.

JPLD A bond strategy that has been running since 1993 and moved into an ETF wrapper in 2023. Actively managed, securitized-heavy, and steered to a duration of three years or less: income with the interest-rate dial turned down.

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.

JPLD Seeks a high level of current income while seeking low volatility of principal.

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.

JPLD Long lineage, new wrapper: it operated as a mutual fund from February 2, 1993 until converting to an ETF in July 2023, same mandate, now traded on an exchange.jpmorgan.com sec.gov
The fee sits below the median of the ten securitized-bond funds in its group, with no waiver expiry to diary.
Securitized engine room: roughly 800 positions in mortgage-backed, asset-backed and mortgage-related debt, with income paid monthly.sec.gov
One of the stronger builds in its securitized-bond peer group, and a multi-billion-dollar fund rather than a thinly backed launch.

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.

JPLD Three years or less is a target, not a wall. The prospectus says duration can run longer when rates or spreads turn volatile.sec.gov
Active, not an index clone. It is measured against the Bloomberg 1-3 Year U.S. Government/Credit Bond Index but picks its own bonds, so results diverge from that yardstick.sec.gov
Not the cheapest seat in the category: peer JMBS charges 0.21%.

Full CARY profile⁠

Full JPLD profile⁠

CARY vs JPLD Holdings

How CARY and JPLD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile90.8%
Sector3 Sectors91.9%
Asset classBonds100%

Sector

Sector weights in CARY and JPLD, widest gap first
Sector	Gap	CARY	JPLD
Corporate	CARY +8.1 points	18.9%	10.8%
Government	JPLD +6.2 points	5.2%	11.4%
Securitized	JPLD +2.0 points	75.8%	77.8%

Country, concentration and asset class

Country by domicile

Country weights in CARY and JPLD, widest gap first
Country	Gap	CARY	JPLD
Cayman Islands	CARY +7.6 points	9.7%	2.1%
United States	JPLD +4.7 points	87.6%	92.3%
United Kingdom	JPLD +1.7 points	0.1%	1.8%
Bermuda	CARY +1.0 points	1.0%	0.0%
Spain	JPLD +0.9 points	0.0%	0.9%
Australia	JPLD +0.7 points	0.0%	0.7%
France	JPLD +0.7 points	0.0%	0.7%
Other countries (8)	Same weight	1.6%	1.6%

Concentration

Weight in the 10 largest Holdings

CARY20.5%
JPLD13.3%

Securities held

CARY767
JPLD764

Asset class

CARY: Bonds
JPLD: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CARY holds 767 securities, JPLD 764.

All 823 CARY holdings⁠All 792 JPLD 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 JPLD Cost

Overpaying CARY vs JPLD

$9,197

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

CARY 0.80%
$15,346
JPLD 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

CARY 0.80%
JPLD 0.30%
Overpaying

Year by year

Year	CARY	JPLD	Overpaying
10	$1,422	$545	$877
20	$5,393	$2,113	$3,280
30	$15,346	$6,149	$9,197

Expense ratio

0.80%CARY
0.30%JPLD, cheaper

JPLD0.30%CARY0.80%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

JPLD 3rd cheapest of 10 funds

CARY 10th cheapest of 10 funds

CARY vs JPLD Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CARY 5.92%, better; JPLD 4.33%
Payout (12M): CARY $1.21; JPLD $2.24
Last payment: CARY $0.10; JPLD $0.19
Ex-dividend: CARY Oct 30, 2026; JPLD Nov 2, 2026
Paid on: CARY Nov 2, 2026; JPLD Nov 4, 2026
Frequency: CARY Monthly; JPLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CARYMonthly · 46 paymentsAll CARY payments⁠

JPLDMonthly · 39 paymentsAll JPLD payments⁠

CARY vs JPLD 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%JPLD 1.7%, better
Return per unit of riskSharpe ratio, 3 years: CARY 0.79, betterJPLD 0.67
Worst fallMax drawdown, 5 years: CARY −2.3%since Nov 2022JPLD −1.2%since Jul 2023
Market sensitivityBeta, 5 years: CARY 0.45JPLD 0.27; Market = 1

Popular comparisons

CARYCvsJMBSA
Angel Oak Income ETF · Janus Henderson Mortgage-Backed Securities ETF
Expense ratio
0.80% · 0.21%
Category
JPLDBvsJMBSA
JPMorgan Limited Duration Bond ETF · Janus Henderson Mortgage-Backed Securities ETF
Expense ratio
0.30% · 0.21%
Category
CARYCvsFSECB
Angel Oak Income ETF · FIDELITY INVESTMENT GRADE SECURITIZED ETF
Expense ratio
0.80% · 0.36%
Category
JPLDBvsFSECB
JPMorgan Limited Duration Bond ETF · FIDELITY INVESTMENT GRADE SECURITIZED ETF
Expense ratio
0.30% · 0.36%
Category
CARYCvsSECRB
Angel Oak Income ETF · NYLI MacKay Securitized Income ETF
Expense ratio
0.80% · 0.28%
Category
JPLDBvsSECRB
JPMorgan Limited Duration Bond ETF · NYLI MacKay Securitized Income ETF
Expense ratio
0.30% · 0.28%
Category