At a glance
ACIO charges 0.79% a year, above the 0.44% average of the 3 funds most like it (the most expensive of 4). It has $2.35B in assets, the 2nd largest of that group; it paid 0.36% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +17.0% a year. At its worst it fell 12.3% in the 2020 crash (S&P 500: 33.7%) and 13.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 17 months after the lows. Its ten largest positions make up 40.0% of the fund, out of 162 in all.
The short version
Aptus Collared Investment Opportunity ETF (ACIO) is an actively managed fund that holds about 160 US stocks, led by NVIDIA, Apple and Alphabet, and wraps them in an options "collar". It sells call options to collect premium and spends part of that money on put options that cushion losses. In return, it caps some upside and charges a 0.79% expense ratio, well above the 0.44% average of similar funds.
Price history
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ACIO +6.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ACIO official prospectus, to Dec 31, 2025 | — | +9.31% | — | +10.32% | — | +10.06% |
| ACIO price data to Oct 27, 2026 | +8.1% | +6.4% | +17.0% | +9.2% | — | +10.0% |
- Over the year to Oct 27, 2026, ACIO returned +6.4%, 4th of 4 among similar funds.
- Its 5-year annualized return was +9.2%.
- In the 2020 COVID crash it fell 12.3% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2022 (-10.3%); its best was 2024 (+21.9%).
- The deepest fall in its price history was 14.2% (Jan 17, 2020 to Mar 23, 2020), recovered by Jul 15, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +9.0% | +9.31% |
| 2024 | +21.9% | +21.70% |
| 2023 | +15.9% | +15.81% |
| 2022 | -10.3% | -10.31% |
| 2021 | +18.1% | +18.26% |
| 2020 | +9.9% | +9.66% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 12.3% over that stretch · deepest drop along the way 12.3%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.3% over that stretch · deepest drop along the way 13.7%, back to its old high 17.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1400 | |
| 2025 | $0.1600 | -5.9% |
| 2024 | $0.1700 | -26.1% |
| 2023 | $0.2300 | -46.5% |
| 2022 | $0.4300 | +104.8% |
| 2021 | $0.2100 | -27.6% |
| 2020 | $0.2900 |
What's inside
As of Jul 31, 2026, the fund held 162 securities; the ten largest made up 39.95% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.58% | |
| Apple Inc | 7.07% | |
| Alphabet Inc | 5.87% | |
| Microsoft Corp | 5.37% | |
| Amazon.com Inc | 4.13% | |
| Broadcom Inc | 2.86% | |
| Meta Platforms Inc | 1.90% | |
| Visa Inc | 1.89% | |
| JPMorgan Chase & Co | 1.81% | |
| Berkshire Hathaway Inc | 1.48% | |
| Eli Lilly & Co | 1.44% | |
| ExxonMobil Holdings Corp | 1.43% | |
| Micron Technology Inc | 1.42% | |
| Tesla Inc | 1.37% | |
| Advanced Micro Devices Inc | 1.28% |
By country
United States 97.75%Ireland 1.08%Switzerland 0.21%United Kingdom 0.2%Netherlands 0.09%By asset type
Stocks 99.34%By sector
Sectors of the companies held, for the 91.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $36.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.84%, -1.48%, -0.62%.
How it works
ACIO is actively managed and does not track an index. Its adviser, Aptus Capital Advisors, LLC, picks U.S.-listed stocks of any size whose dividends look likely to hold steady or grow. It weighs yield, earnings and revenue growth, payout history, and how easily each stock's options trade. ADRs (U.S.-listed foreign shares) are usually capped near 20% of assets. Aptus swaps holdings when it sees better value but favors low turnover, the share of holdings traded each year (34%, per the prospectus filed August 26, 2026).
The fund then adds an options "collar." It sells call options on up to 100% of its holdings. These give buyers the right to purchase the shares at a set price (the strike), usually above the stock's price. The fund collects a fee (a premium) and spends part of it on put options, which gain value when prices fall. The puts can be on the same stocks, a U.S. stock ETF or a U.S. stock index. It may also sell a lower-strike put to cut that cost. The trade-off: some cushion in declines, but less upside in strong rallies.
As of July 31, 2026, the largest stocks were NVIDIA (7.6%), Apple (7.1%), Alphabet (5.9%) and Microsoft (5.4%). The biggest option positions were puts on the S&P 500 index expiring in September 2026.
What it really costs
- ACIO charges 0.79% a year, versus an average of 0.44% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ACIO | $81 | $252 | $439 | $978 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It owns a broad portfolio of large US companies but uses put options to soften declines, and its beta was 0.73 over the year through October 27, 2026, meaning it moved less than the market.
ACIO may offer a smoother way to hold US stocks. In the 2020 COVID crash it fell 12.3% and was back to its old high by June 16, 2020, about 2.8 months later. In the 2022 bear market it dropped 13.7% and took about 17 months to recover, until November 2023. Its worst calendar year was 2022 (-10.3%), and its deepest drop was 14.2%. It launched in 2019, so it has no 2008 record. For someone drawing money in a bad year, smaller dips can mean selling fewer shares at low prices, but a 17-month recovery is still long. It is not an income fund: the yield was 0.36% as of October 27, 2026, paid quarterly. In the SEC's standard example, its costs on $10,000 come to $978 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad exposure to large US companies such as NVIDIA, Apple and Microsoft, with put options aimed at softening sharp drops.
- People who value a smoother ride: its deepest drop since its 2019 launch was 14.2%, and its worst calendar year, 2022, lost 10.3%.
- Those who prefer an active manager setting and adjusting hedges over a fixed buffer or a rules-based index strategy.
Look elsewhere if
- Income seekers: despite its income objective, the fund yielded only 0.36% as of October 27, 2026, paid quarterly.
- Cost-conscious investors: its 0.79% expense ratio is the highest of its four matched funds, against a 0.44% peer average.
- Those wanting fuller stock-market gains: its 6.4% one-year return through October 27, 2026 trailed all three matched peers (10.2% to 15%).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is ACIO good for retirement?
ACIO may suit retirees who want stock exposure with smaller swings, but it has trade-offs. Its put options helped limit its deepest drop since launch to 14.2%, and its one-year beta through October 27, 2026 was 0.73. On the other hand, it costs 0.79% a year and yielded only 0.36% as of that date. Its 13.7% drop in 2022 also took about 17 months to recover.
Does ACIO pay monthly dividends?
No. ACIO pays quarterly. Over the 12 months through October 27, 2026, it paid $0.17 per share, a yield of 0.36%. The yield is low partly because the fund spends much of the premium it earns from selling calls on buying protective puts. Income from option premiums is usually taxed as ordinary income rather than at the lower rate for qualified dividends.
How has ACIO performed since launch?
According to its prospectus, ACIO returned an average of 10.06% a year from its July 2019 launch through December 31, 2025. Its five-year average was 10.32%. Its strongest calendar year was 2024 (21.7%) and its weakest was 2022 (-10.31%). Its strongest quarter was a gain of 11.91% in the second quarter of 2020, and its weakest was a loss of 11.47% in the quarter before. Based on price, it gained 6.4% over the year through October 27, 2026.
ACIO vs XYLG: what's the difference?
Both own mostly the same large US stocks; about 76% of their holdings overlap. Global X S&P 500 Covered Call & Growth ETF (XYLG) is built around the S&P 500, while ACIO is actively managed and buys puts to hedge losses. XYLG costs 0.35% against ACIO's 0.79%. Through October 27, 2026, XYLG returned 15% over one year and 20.1% a year over three, versus 6.4% and 17% for ACIO.
What is ACIO's expense ratio?
ACIO's expense ratio is 0.79%, all of it management fee, according to its August 2026 prospectus. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to $81 after one year, $252 after three, $439 after five and $978 after ten. That is above the 0.44% average of its matched peers, which include S&P 500 Core Premium Income ETF (GPIX) at 0.29%.