CARY Fees and Costs — Angel Oak Income ETF
Data updated: 2026-09-28
The net expense ratio is 0.80%: a 0.99% management fee plus 0.01% other expenses, less a 0.20% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $29K in broker commissions, 0.0050% of average net assets, and portfolio turnover was 85%.
CARY Fees and Expenses
Annual operating expenses and sales charges of CARY. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | — |
| Other expenses | 0.01% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.20% |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CARY Costs Over Time
On $10,000 invested in CARY, assuming 5% a year before costs, total costs come to $505 over 5 years, cutting the return by 0.85% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.80%) | $84 | $263 | $456 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $85 | $277 | $505 |
| Value after costs | $10,415 | $11,299 | $12,257 |
| Impact on return, per year | 0.85% | 0.85% | 0.85% |
CARY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0050%
- Total broker commissions: $29K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 85%
- Securities lending: none during the year
CARY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'BRIEN SECURITIES LLC | $15K | 53.23% |
| JANE STREET EXCECUTION SERVICES LLC | $9K | 31.02% |
| BARCLAYS CAPITAL INC. | $3K | 9.55% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $1K | 3.54% |
| CITADEL SECURITIES LLC | $763 | 2.67% |
CARY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $149.1M | 18.10% |
| NOMURA SECURITIES INTERNATIONAL INC. | $144.1M | 17.49% |
| GOLDMAN SACHS & CO. LLC | $88.3M | 10.72% |
| MORGAN STANLEY & CO. LLC | $87.8M | 10.65% |
| BOFA SECURITIES INC. | $73.6M | 8.93% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $62.6M | 7.60% |
| SMBC NIKKO SECURITIES AMERICA INC. | $61.9M | 7.51% |
| JEFFERIES LLC | $57.2M | 6.94% |
| WELLS FARGO SECURITIES LLC | $52.1M | 6.33% |
| BARCLAYS CAPITAL INC. | $47.2M | 5.73% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.