CGMS vs MFUL: Grades, Fees and Holdings Compared

Capital Group U.S. Multi-Sector Income ETF

CGMSANYSE Arca

Mindful Conservative ETF

MFULCCboe

Overlap

0.0%by weight

Expense ratio

CGMS −1.09pt a year

CGMS0.39%MFUL1.48%

Avg volume · 30D

CGMS 1663.1×the volume

CGMS1.2MMFUL719

3Y return · a year

CGMS +2.4pt

CGMS+7.2%MFUL+4.8%

CGMS vs MFUL Performance

Oct 31, 2025 – Nov 2, 2026

+1.4%CGMS+0.4%MFUL

Expense ratio: CGMS 0.39%, better; MFUL 1.48%
Fund size: CGMS $5.61B; MFUL $7M
1Y total return: CGMS +1.4%, better; MFUL +0.4%
Yield (12M): CGMS 6.08%, better; MFUL 1.88%
Holdings: CGMS 1551; MFUL 18
Avg volume (30D): CGMS 1.2M sh, better; MFUL 719 sh
NAV per share: CGMS $26.40; MFUL $21.91
52W range

ETF.net Grade

Pillar letters and Scores for CGMS, MFUL, with each pillar’s weight
Pillar	CGMS	MFUL
Cost30% weight	A75Higher	F19
Mission25% weight	A82Higher	A76
Risk15% weight	B68Higher	C44
Tradability15% weight	A74Higher	D34
Holdings10% weight	A84Higher	C51
Durability5% weight	A72Higher	C44

Rank among Conservative Allocation funds

How we build Categories ›

Same Category. CGMS and MFUL are both graded against the same 7 Conservative Allocation funds, so their Grades compare head to head.

Conservative Allocation⁠

Category · 7 funds

See all 7 ›

CGMS ranks 2nd and MFUL 6th of 7 funds in the Conservative Allocation Category.

Rank 1AAOKiShares Core 30/70 Conservative Allocation ETFScore 86
Rank 2ACGMSCapital Group U.S. Multi-Sector Income ETFScore 76
Rank 3CBLUIBluemonte Diversified Income ETFScore 52
Rank 5CTHRVProspera Income ETFScore 46
Rank 6CMFULMindful Conservative ETFScore 43
Rank 7CBFIXBuild Bond Innovation ETFScore 40

Our read on each fund

ETF.net Research

CGMSACapital Group U.S. Multi-Sector Income ETF

MFULCMindful Conservative ETF

In short

CGMS Capital Group's bond desk in ETF form: one ticket across the income-producing corners of the US market, roughly 1,200 positions deep, paying monthly. Income first, capital appreciation second.

MFUL Most conservative allocation funds ride out the storm. MFUL's signals can shift up to the entire portfolio into cash or money-market ETFs instead. A 2021-vintage, tactical fund-of-ETFs at 1.48%, no waiver.

Stated mandate

CGMS The fund seeks a high level of current income, with capital appreciation as a secondary objective.

MFUL The Fund seeks current income and is positioned for conservative investors who can tolerate only limited pricing volatility.

Why people hold it

CGMS Charges 0.39% a year, below the median for its conservative-income peer group.
Spread across roughly 1,200 holdings, so no single issuer carries the portfolio.
Pays monthly, and with multi-billion-dollar scale and steady trading it's one of the easier funds in its cohort to move in and out of.
Sits among the strongest implementations in its small conservative-income peer group.

MFUL Its documents let the trend technology move up to the entire portfolio to cash or money-market ETFs during an unexpected market event. Few conservative allocators go that far.sec.gov mohrfunds.com
Built tight on purpose: roughly 10 to 20 positions, mostly asset-class-representative ETFs, so every line is a real allocation call, not a rounding error.sec.gov
The label is the mandate: current income for investors who can tolerate only limited pricing volatility, and the portfolio has stayed inside that brief.mohrfunds.com

Worth knowing

CGMS Income is the mandate: the fund seeks a high level of current income, with capital appreciation only a secondary objective.capitalgroup.com
Cheaper doors exist in the cohort. BLUI runs 0.25%.
Launched in late 2022, so the track record is short next to long-running multi-sector bond funds.

MFUL At 1.48% with no waiver, it sits above the median of this eight-fund category. XRLX, the next priciest listed peer, charges 1.20%.
Small and thinly traded, so spreads and order type matter more here than in a giant allocation ETF.
Trend signals cut both ways: a move to cash helps only if the trend persists, and the timing of re-entry is part of the mechanism.sec.gov

Full CGMS profile⁠

Full MFUL profile⁠

CGMS vs MFUL Holdings

How CGMS and MFUL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CGMS and 0.0% of MFUL.

Level by level

Holdings0 in both0.0%
Sector11 Sectors13.2%
Countryby domicile92.5%

Sector

Sector weights in CGMS and MFUL, widest gap first
Sector	More in CGMSMore in MFUL	CGMS	MFUL
Real Estate	CGMS +78.8 points	81.1%	2.3%
Technology	MFUL +21.6 points	7.0%	28.6%
Financials	MFUL +14.6 points	0.0%	14.6%
Industrials	MFUL +11.3 points	0.0%	11.3%
Health Care	MFUL +10.6 points	0.0%	10.6%
Energy	CGMS +8.1 points	12.0%	3.9%
Consumer Staples	MFUL +8.0 points	0.0%	8.0%
Consumer Discretionary	MFUL +7.0 points	0.0%	7.0%
Communication	MFUL +6.5 points	0.0%	6.5%
Materials	MFUL +3.9 points	0.0%	3.9%
Utilities	MFUL +3.2 points	0.0%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in CGMS and MFUL, widest gap first
Country	More in CGMSMore in MFUL	CGMS	MFUL
Cayman Islands	CGMS +2.9 points	3.4%	0.5%
United States	MFUL +2.6 points	87.6%	90.2%
Luxembourg	CGMS +1.9 points	1.9%	0.0%
Bermuda	CGMS +0.7 points	0.7%	0.0%
Switzerland	MFUL +0.5 points	0.1%	0.6%
Netherlands	CGMS +0.5 points	0.8%	0.3%
Other countries (36)	MFUL +2.7 points	5.6%	8.3%

Concentration

Weight in the 10 largest Holdings

CGMS9.2%
MFUL70.5%

Securities held

CGMS1,539
MFUL17

Asset class

CGMS: Fixed Income
MFUL: Multi-Asset

Holdings

Only in CGMS1,539
In both0
Only in MFUL17

Only in CGMS

1,539 securities, 96.0% of CGMS by weight

Us Treasury N/B 05/46 50.95%
Us Treasury N/B 09/28 4.750.59%
Rd Michigan Prop Owner I Sr Secured 144A 03/45 7.50.54%
Bluemountain Clo Ltd Bluem 2018 23A A1R2 144A0.54%
Waymo Llc Unitranche Term Loan0.49%
Switch Abs Issuer, Llc Swtch 2026 3A A21 144A0.42%
Carlyle Global Market Strategi Cgms 2018 4A A1R2 144A0.41%
Bank of America Corp Sr Unsecured 02/37 Var0.41%
Meta Platforms Inc Sr Unsecured 08/52 4.450.39%
Peraton Corp Term Loan B0.38%
Cloud Software Grp Llc Secured 144A 09/29 90.37%
Avant Credit Card Master Trust Avcct 2026 1A A 144A0.35%
Connect Finco Sarl/Conne Sr Secured 144A 09/29 90.35%
Charter Comm Opt Llc/Cap Sr Secured 04/51 3.70.34%
Carlyle Global Market Strategi Cgms 2018 4A BR2 144A0.33%
Jefferies Fin Group Inc Sr Unsecured 02/36 5.50.31%
Compass Group Diversifie Company Guar 144A 04/29 5.250.31%
Mars Inc Sr Unsecured 144A 03/35 5.20.31%
Ares Strategic Income Fu Sr Unsecured 04/31 5.550.31%
Ford Motor Credit Co Llc Sr Unsecured 02/35 6.50.31%
Kennedy Wilson Inc Company Guar 144A 06/31 70.31%
Mpt Oper Partnersp/Finl Sr Secured 144A 02/32 8.50.31%
Navient Corp Sr Unsecured 08/33 5.6250.30%
Transdigm Inc Company Guar 144A 05/33 6.3750.30%
Centene Corp Sr Unsecured 03/31 2.50.30%
Space Exploration Tech Sr Unsecured 144A 07/36 5.8750.30%
Jane Street Grp/Jsg Fin Sr Secured 144A 08/31 7.2940.30%
Nissan Motor Co Sr Unsecured 144A 07/35 8.1250.29%
Amsr Trust Amsr 2026 SFR3 A 144A0.29%
Snap Inc Company Guar 144A 03/33 6.8750.29%
Coinbase Global Inc Company Guar 144A 10/31 3.6250.28%
Freddie Mac Stacr Stacr 2020 DNA5 B2 144A0.28%
Coty/Hfc Prestige/Int Us Company Guar 144A 01/31 5.60.28%
Jane Street Grp/Jsg Fin Sr Secured 144A 08/33 7.6860.27%
Sirius Xm Radio Llc Company Guar 144A 09/31 3.8750.27%
Gray Media Inc Secured 144A 07/32 9.6250.27%
B+g Foods Inc Sr Secured 144A 09/28 80.27%
Service Properties Trust Sr Unsecured 02/30 4.3750.27%
Equipmentshare Eqs 2025 2M A 144A0.26%
Blue Owl Credit Income Sr Unsecured 144A 10/31 6.550.26%
Nexstar Media Inc Sr Secured 144A 09/33 6.50.26%
Onemain Finance Corp Company Guar 09/32 7.1250.26%
Bx Trust Bx 2026 VLT9 B 144A0.26%
Ion Plat Fin Us/Sarl Sr Secured 144A 05/29 8.750.25%
Lyb Int Finance Iii Company Guar 01/36 5.8750.25%
Ggp Trust Ggp 2026 BRK3 A 144A0.25%
Bx Trust Bx 2026 VLT10 B 144A0.25%
Celanese Us Holdings Llc Company Guar 11/33 7.70.24%
JPMorgan Chase & Co Subordinated 07/41 Var0.24%
Talen Energy Supply Llc Company Guar 144A 05/33 6.3750.24%

Only in MFUL

17 securities, 98.7% of MFUL by weight

Wisdomtree Floating Rate Treas Wisdomtree Floating Rate Tre13.42%
Spdr Bloomberg Barclays 1-3 Month T-Bill Etf10.50%
Ishares Core Moderate Alloca9.14%
Ishares Short Maturity Bond8.31%
Ishares Core Aggressive Allo4.96%
Spdr Bloomberg Barclays Convertible Securities Etf4.91%
Ishares Core Growth Allocati4.89%
Ishares Edge Msci Usa Qualit4.87%
Ishares Us Treasury Bond Etf4.80%
Schwab Us Large-Cap Etf4.70%
Vanguard Short-Term Bond Etf4.58%
Ishares 5-10Y Inv Grade Corp4.40%
Vaneck Real Assets Etf4.09%
WisdomTree Yield Enhanced U.S. Agg Bond Fund3.98%
Schwab Us Dvd Equity Etf3.86%
Invesco Dividend Achievers ETF3.81%
Vanguard Mega Cap Etf3.47%

Weight gaps

CGMS and MFUL share no securities.

All 1,246 CGMS holdings⁠All 18 MFUL 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.

CGMS vs MFUL Cost

Overpaying MFUL vs CGMS

$18,101

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

CGMS 0.39%
$7,898
MFUL 1.48%
$25,999

Amount$10,000

Years30 years

Cost over time

CGMS 0.39%
MFUL 1.48%
Overpaying

Year by year

Year	CGMS	MFUL	Overpaying
10	$705	$2,558	$1,853
20	$2,725	$9,408	$6,683
30	$7,898	$25,999	$18,101

Expense ratio

0.39%CGMS, cheaper
1.48%MFUL

CGMS0.39%MFUL1.48%

0.15%1.80%

Middle half of Conservative Allocation funds
Median 0.67%

CGMS 2nd cheapest of 7 funds

MFUL 6th cheapest of 7 funds

CGMS vs MFUL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CGMS 6.08%, better; MFUL 1.88%
Payout (12M): CGMS $1.60; MFUL $0.41
Last payment: CGMS $0.12; MFUL $0.41
Ex-dividend: CGMS Oct 30, 2026; MFUL Dec 16, 2025
Paid on: CGMS Nov 2, 2026; MFUL Dec 17, 2025
Frequency: CGMS Monthly; MFUL Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CGMSMonthly · 46 paymentsAll CGMS payments⁠

MFULQuarterly · 7 paymentsAll MFUL payments⁠

CGMS vs MFUL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CGMS 4.7%MFUL 4.4%, better
Return per unit of riskSharpe ratio, 3 years: CGMS 0.71, betterMFUL 0.14
Worst fallMax drawdown, 5 years: CGMS −4.1%since Oct 2022MFUL −16.4%since Nov 2021
Market sensitivityBeta, 5 years: CGMS 0.72MFUL 0.47; Market = 1

CGMS and MFUL in the news

All news⁠

New ETFs
XFUNDS Technology Income ETF is 99.1% the Vanguard Information Technology ETF
Oct 12, 2026CGMS
ETF Filings
Franklin to liquidate DVAL, down to $71 million from $181 million at its 2022 conversion
Sep 8, 2026CGMS

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CGMS vs MFUL

In short

Stated mandate

Why people hold it

Worth knowing

How CGMS and MFUL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGMS

Only in MFUL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

XFUNDS Technology Income ETF is 99.1% the Vanguard Information Technology ETF

Franklin to liquidate DVAL, down to $71 million from $181 million at its 2022 conversion

How CGMS and MFUL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGMS

Only in MFUL

Weight gaps