At a glance
CAPE charges 0.65% a year, above the 0.1% average of the 7 funds most like it (the most expensive of 8). It has $238.4M in assets, the 8th largest of that group; it paid 1.6% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −0.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +13.5% a year. Its ten largest positions make up 26.3% of the fund, out of 181 in all.
The short version
DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) is an actively managed U.S. stock fund. It is guided by the Shiller Barclays CAPE US Sector Index, which each month picks four sectors that look cheap on a long-term valuation measure. The fund aims to beat the S&P 500 but has trailed it since launching in March 2022. It charges 0.65% a year, against about 0.10% for funds with similar holdings, and it does not publish its holdings daily.
Price history
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CAPE -0.5% 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 | |
|---|---|---|---|---|---|---|
| CAPE official prospectus, to Dec 31, 2025 | — | +8.96% | — | — | — | +8.30% |
| S And P500Index index, same period | — | +17.88% | — | — | — | +13.31% |
| CAPE price data to Oct 27, 2026 | -0.2% | -0.5% | +13.5% | — | — | +9.3% |
- Over the year to Oct 27, 2026, CAPE returned -0.5%, 5th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.1%); its best was 2023 (+27.7%).
- The deepest fall in its price history was 19.3% (Aug 16, 2022 to Oct 12, 2022), recovered by Jun 15, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.1% | — |
| 2025 | +9.1% | +8.96% |
| 2024 | +14.4% | +14.63% |
| 2023 | +27.7% | +27.73% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3600 | |
| 2025 | $0.4500 | +21.6% |
| 2024 | $0.3700 | +32.1% |
| 2023 | $0.2800 |
What's inside
As of Jun 30, 2026, the fund held 181 securities; the ten largest made up 26.26% of assets.
| Holding | Weight | |
|---|---|---|
| Eli Lilly & Co. | 4.38% | |
| Meta Platforms, Inc. | 3.15% | |
| Johnson & Johnson | 2.81% | |
| Welltower, Inc. | 2.66% | |
| Walmart, Inc. | 2.64% | |
| Alphabet, Inc. Class A | 2.33% | |
| Costco Wholesale Corp. | 2.22% | |
| Prologis, Inc. | 2.18% | |
| AbbVie, Inc. | 2.03% | |
| Alphabet, Inc. Class C | 1.85% | |
| Procter & Gamble Co. (The) | 1.82% | |
| UnitedHealth Group, Inc. | 1.72% | |
| Coca-Cola Co. (The) | 1.68% | |
| Philip Morris International, Inc. | 1.51% | |
| Merck & Co., Inc. | 1.45% |
By country
United States 98.83%Ireland 0.55%Switzerland 0.24%By asset type
Stocks 99.62%Other 0.01%By sector
Sectors of the companies held, for the 77.7% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $35.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.37%, -0.96%, +0.73%.
How it works
The strategy starts with the CAPE ratio (cyclically adjusted price-to-earnings), a measure made popular by economist Robert Shiller. It compares a stock's price with ten years of inflation-adjusted earnings rather than just the past year's. Each month the reference index ranks 11 U.S. sectors on a relative version of this ratio. It takes the five cheapest and drops the one with the worst 12-month total return. That leaves four sectors, each given an equal share. Each sector is represented by a Select Sector SPDR fund, or by an iShares fund for real estate.
DoubleLine does not try to track the index exactly. It buys the stocks in those sectors directly, can over- or underweight a sector, can hold stocks outside the index, and may switch to a different index, such as the S&P 500. As of June 30, 2026, the fund held 181 stocks. Consumer staples made up 21.3%, health care 21.1%, communication services 18.1% and real estate 13.6%, while technology was just 0.7%. The largest positions were Eli Lilly (4.4%), Meta Platforms (3.2%) and Johnson & Johnson (2.8%).
Monthly sector changes drive heavy trading: turnover was 255%. That may lead to taxable capital gain distributions. The fund also uses DoubleLine's ActiveShares structure, so unlike most active ETFs it does not disclose its full portfolio every day.
What it really costs
- CAPE charges 0.65% a year, versus an average of 0.1% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CAPE | $66 | $208 | $362 | $810 |
In a retirement portfolio
It leans toward cheaper, slower-growing sectors and away from technology, which can offset a portfolio built around broad market index funds.
CAPE's record is short. It launched March 31, 2022, so it missed the 2008 and 2020 crashes and most of the 2022 bear market. Its deepest drop, 19.3%, ran from August to October 2022 and took about eight months to recover. It has not had a losing calendar year. Its weakest year, 2025, returned 8.96%, about half the S&P 500's 17.88%. For someone drawing money from a portfolio, the bigger risk may be long stretches of lagging the market, not sharp crashes.
Over the 12 months to October 27, 2026, the fund yielded 1.6%, paid quarterly. At 0.65% a year, the SEC's standard example puts the cost of a $10,000 investment at $810 over 10 years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a rules-based tilt toward cheaply valued sectors, using Robert Shiller's CAPE ratio, alongside a broad index fund.
- S&P 500 holders looking to offset heavy technology exposure; tech was only 0.7% of the fund as of June 30, 2026.
- People comfortable with monthly sector changes and a manager who has the freedom to depart from the reference index.
Look elsewhere if
- Cost-focused investors: the 0.65% expense ratio is the highest among funds with similar holdings, which average about 0.10%.
- Taxable-account investors wary of capital gain distributions, given 255% turnover and the fund's ability to redeem shares in cash.
- Investors who want to see a fund's holdings daily; the ActiveShares structure does not disclose the full portfolio each day.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CAPE this fund | — | 0.65% | $238.4M | -0.5% | +13.5% |
| SPXT ProShares S&P 500 Ex-Technology ETF | 35% | 0.09% | $296.6M | +9.5% | +19.5% |
| USNZ Xtrackers Net Zero Pathway Paris Aligned US… | 26% | 0.1% | $299.4M | +12.8% | +24.4% |
| XOEX Xtrackers S&P 100 Ex Top 20 ETF | 25% | 0.15% | $274.6M | +14.1% | +21.1% |
| USCL iShares Climate Conscious & Transition MSCI… | 24% | 0.08% | $2.87B | +9.2% | +23.1% |
| XLC Communication Services Select Sector SPDR F… | 23% | 0.08% | $22.26B | -11.5% | +17.1% |
| FCOM Fidelity MSCI Communication Services Index … | 23% | 0.084% | $1.73B | -5.8% | +22.1% |
| VOX Vanguard Communication Services ETF | 22% | 0.09% | $5.93B | -5.5% | +22.2% |
Questions investors ask
Does the CAPE ETF beat the S&P 500?
No, not so far. As of December 31, 2025, the fund returned 8.96% over one year, against 17.88% for the S&P 500. Since its March 2022 launch it averaged 8.3% a year, against 13.31% for the index. On a market-price basis, it returned -0.5% over the year to October 27, 2026. Beating the S&P 500 is the fund's stated goal, but its sector picks have mostly trailed a market led by other sectors.
How does the Shiller CAPE ETF pick sectors?
Every month, its reference index ranks 11 U.S. sectors on a relative CAPE ratio. That ratio compares price with ten years of inflation-adjusted earnings. The index takes the five cheapest sectors, drops the one with the weakest 12-month return, and gives the other four equal weights. DoubleLine uses these results as a guide but manages the fund actively. It can hold other stocks or shift sector weights.
Does CAPE pay dividends?
Yes. CAPE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.51 per share, a yield of 1.6%. That income comes from the dividends of the stocks it owns, such as Johnson & Johnson, Procter & Gamble and Coca-Cola. Because of the fund's high turnover, holders may also receive taxable capital gain distributions from time to time.
What's the difference between CAPE and SPXT?
CAPE is actively managed and holds four sectors chosen each month by valuation. ProShares S&P 500 Ex-Technology ETF (SPXT) holds the S&P 500 minus tech stocks. About 35% of their holdings overlap. SPXT costs 0.09% a year, against CAPE's 0.65%. As of October 27, 2026, SPXT returned 9.5% over one year and 19.5% a year over three years. CAPE returned -0.5% and 13.5% over the same periods.
Is the CAPE ETF expensive?
Yes, compared with funds that hold similar stocks. Its expense ratio is 0.65%, ranking 8th of 8 against funds matched by holdings overlap, which average about 0.10%. In the SEC's standard example, assuming a 5% annual return, a $10,000 investment would cost about $66 after one year, $362 after five years and $810 after ten. That fee pays for active management of a sector strategy.