Angel Oak Income ETF
CARY
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- Angel Oak Income ETF (CARY), issued by Angel Oak Funds Trust and managed by Angel Oak Capital Advisors, LLC, is an actively managed exchange-traded fund that seeks current income and attractive risk-adjusted returns through investments in USD-denominated fixed income securities, with a primary focus on structured credit including residential mortgage-backed securities (RMBS), asset-backed securities (ABS), collateralized loan obligations (CLOs), agency and non-agency commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs); the fund opportunistically invests across a wide range of credits and issuer types of any credit quality or maturity, employing a top-down relative value approach and bottom-up credit selection process, with a target portfolio duration of two to eight years and weighted average maturity of two to fifteen years. Launched on November 7, 2022, and traded on the Nasdaq under the ticker CARY, the ETF targets institutional and individual investors seeking yield premiums in securitized credit markets relative to corporate bonds, with total net assets exceeding $718 million as of recent reports and a net expense ratio of 0.79%. Angel Oak Capital Advisors, the fund's investment manager founded in 2008 and headquartered in Atlanta, Georgia, with additional offices in New York and Bellevue, Washington, specializes in structured credit and alternative fixed income strategies across the United States. Recent developments include the ETF surpassing $100 million in assets under management in January 2024, contributing to Angel Oak's overall ETF platform growth to over $220 million across CARY and the Angel Oak UltraShort Income ETF (UYLD), alongside sub-advisory services reaching approximately $350 million; the fund has delivered an annualized return of 9.70% since inception through 2023, positioning it as one of the few actively managed ETFs focused on residential mortgage credit amid challenging fixed income conditions. Ongoing institutional interest is evident from new positions established by investors such as DAVENPORT & Co LLC acquiring 13,925 shares valued at $290,000 in the second quarter of 2025, reflecting sustained demand and portfolio expansion. Angel Oak Capital Advisors continues to leverage its pioneering expertise in structured credit since 2008 to pursue opportunities in 2024 and 2025, with no reported major acquisitions, partnerships, or strategic shifts specific to CARY in the last 1-2 years beyond organic AUM growth and performance milestones.