CARY vs SECR: Grades, Fees and Holdings Compared

Angel Oak Income ETF

CARYCNasdaq

NYLI MacKay Securitized Income ETF

SECRBNYSE Arca

Overlap

No data

Expense ratio

SECR −0.52pt a year

CARY0.80%SECR0.28%

Avg volume · 30D

CARY 106.1×the volume

CARY517KSECR4.87K

CARY vs SECR Performance

Nov 7, 2025 – Nov 9, 2026

+3.2%CARY+0.3%SECR

Expense ratio: CARY 0.80%; SECR 0.28%, better
Fund size: CARY $1.39B; SECR $164M
1Y total return: CARY +3.2%, better; SECR +0.3%
Yield (12M): CARY 5.92%; SECR 6.46%, better
Holdings: CARY 784; SECR 460
Avg volume (30D): CARY 517K sh, better; SECR 4.87K sh
NAV per share: CARY $20.37; SECR $24.63
52W range

ETF.net Grade

Pillar letters and Scores for CARY, SECR, with each pillar’s weight
Pillar	CARY	SECR
Cost30% weight	F5	A83Higher
Mission25% weight	B67	A96Higher
Risk15% weight	A82Higher	D30
Tradability15% weight	B69Higher	F18
Holdings10% weight	B67	A72Higher
Durability5% weight	B58Higher	C40

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. CARY and SECR 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 ›

SECR ranks 4th 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 5BJHMBJohn Hancock Mortgage-Backed Securities ETFScore 59
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

SECRBNYLI MacKay Securitized Income 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.

SECR Most securitized bond ETFs stop at agency mortgages. SECR roams the whole structured-credit stack, CMBS, ABS, non-agency RMBS and CLOs, picked by MacKay Shields, at 0.28% net of a waiver through August 28, 2027.

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.

SECR The Fund seeks total return with an emphasis on current income.

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.

SECR At least 80% of assets sit in securitized paper: CMBS, ABS, agency and non-agency RMBS, CMOs and CLOs. Agency-mortgage peers like JMBS and JHMB work a narrower slice.sec.gov
0.28% net of a contractual waiver through August 28, 2027 (0.49% gross), below the category median and under FSEC's 0.36% and JHMB's 0.39% net of a waiver through July 31, 2027.
Actively run by MacKay Shields rather than tracking an index, with income paid monthly and risk spread across roughly 400 positions.nylim.com
Holdings line up with the securitized mandate the filings describe, one of the tidier implementations in this small 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.

SECR Thinly traded, so spreads can run wider than the giant bond ETFs' and bigger orders may need patience.
The 0.28% price tag leans on a waiver through August 28, 2027; the gross expense ratio behind it is 0.49%.
Up to 20% of total assets can sit below investment grade, and non-agency structures carry credit and prepayment risk. The fund has only traded since 2024.sec.gov

Full CARY profile⁠

Full SECR profile⁠

CARY vs SECR Holdings

How CARY and SECR differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors81.3%
Countryby domicile89.2%
Asset classBonds100%

Sector

Sector weights in CARY and SECR, widest gap first
Sector	Gap	CARY	SECR
Corporate	CARY +18.7 points	18.9%	0.2%
Government	SECR +10.7 points	5.2%	15.9%
Securitized	SECR +8.1 points	75.8%	83.9%

Country, concentration and asset class

Country by domicile

Country weights in CARY and SECR, widest gap first
Country	Gap	CARY	SECR
United States	SECR +10.9 points	87.6%	98.5%
Cayman Islands	CARY +8.2 points	9.7%	1.5%
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%
SECR15.5%

Securities held

CARY767
SECR459

Asset class

CARY: Bonds
SECR: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CARY holds 767 securities, SECR 459.

All 823 CARY holdings⁠All 441 SECR 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 SECR Cost

Overpaying CARY vs SECR

$9,591

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

CARY 0.80%
$15,346
SECR 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

CARY 0.80%
SECR 0.28%
Overpaying

Year by year

Year	CARY	SECR	Overpaying
10	$1,422	$509	$913
20	$5,393	$1,976	$3,417
30	$15,346	$5,755	$9,591

Expense ratio

0.80%CARY
0.28%SECR, cheaper

SECR0.28%CARY0.80%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

SECR 2nd cheapest of 10 funds

CARY 10th cheapest of 10 funds

CARY vs SECR Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CARY 5.92%; SECR 6.46%, better
Payout (12M): CARY $1.21; SECR $1.59
Last payment: CARY $0.10; SECR $0.11
Ex-dividend: CARY Oct 30, 2026; SECR Oct 30, 2026
Paid on: CARY Nov 2, 2026; SECR Nov 3, 2026
Frequency: CARY Monthly; SECR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CARYMonthly · 46 paymentsAll CARY payments⁠

SECRMonthly · 29 paymentsAll SECR payments⁠

CARY vs SECR 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%SECR 4.8%since Jun 2024
Return per unit of riskSharpe ratio, 3 years: CARY 0.79SECR 0.15since Jun 2024
Worst fallMax drawdown, 5 years: CARY −2.3%since Nov 2022SECR −5.1%since May 2024
Market sensitivityBeta, 5 years: CARY 0.45SECR 0.12; Market = 1

CARY and SECR in the news

All news⁠

ETF Launch Alert
T. Rowe Price's TSCZ enters a crowded securitized-income sleeve at 0.20%
Sep 4, 2026SECR

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