At a glance
DUBS charges 0.4% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $397.6M in assets, the 8th largest of that group; it paid 2.03% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.4% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +25.2% a year.
The short version
Aptus Large Cap Enhanced Yield ETF (DUBS) is an actively managed fund of funds. It holds mostly S&P 500 and other US large-cap ETFs, plus a small slice of total return swaps tied to a rules-based options and futures strategy. It aims for steady quarterly payouts at roughly double the S&P 500's distribution rate. Its 0.40% expense ratio is below the 0.86% average of seven buffer ETFs matched to it, which work differently.
Price history
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DUBS +17.4% 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 | |
|---|---|---|---|---|---|---|
| DUBS official prospectus, to Dec 31, 2025 | — | +19.09% | — | — | — | +20.19% |
| DUBS price data to Oct 27, 2026 | +16.8% | +17.4% | +25.2% | — | — | +20.4% |
- Over the year to Oct 27, 2026, DUBS returned +17.4%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+19.3%); its best was 2024 (+24.1%).
- The deepest fall in its price history was 18.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.8% | — |
| 2025 | +19.3% | +19.09% |
| 2024 | +24.1% | +24.10% |
| 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) | $0.6700 | |
| 2025 | $0.7800 | -3.7% |
| 2024 | $0.8100 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 98.02% of assets.
| Fund held | Weight | |
|---|---|---|
| State Street SPDR Portfolio S&P 500 ETF | 73.21% | |
| BNY Mellon US Large Cap Core Equity ETF | 24.71% | |
| TREASURY BILL Bonds and notes | 0.10% |
By country
United States 98.02%By asset type
Stocks 97.92%Bonds and notes 0.1%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $29.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.66%, -1.06%, +0.40%.
How it works
The adviser, Aptus Capital Advisors, puts about 80% to 95% of the fund into what it calls the Equity Strategy. That money goes into other ETFs that hold US large-cap stocks, meaning companies within the S&P 500's size range (about $6.7 billion to $4.8 trillion as of June 30, 2026). Aptus picks those ETFs for the stock exposure they give, their trading costs and their size. As of July 31, 2026, State Street SPDR Portfolio S&P 500 ETF (SPYM) made up 73.2% of the fund and BNY Mellon US Large Cap Core Equity ETF (BKLC) made up 24.7%. The fund follows no index and has no set rebalancing schedule. The adviser may trade often, and portfolio turnover was 93%.
Up to 10% goes into total return swaps. In these contracts, a large financial institution pays the fund the return of a rules-based trading strategy, and the fund makes payments tied to an interest rate in return. The strategy can write or buy options and trade futures on stock, bond and volatility indexes such as the VIX. On July 31, 2026, three swaps made up 1.8% of the fund. Treasury bills earn interest on the cash held as collateral. Swaps carry counterparty risk, which means the institution on the other side might not pay.
The fund targets steady quarterly payouts. If income falls short, part of a payout may be a return of capital, meaning some of the investor's own money is handed back. Payouts are not guaranteed.
What it really costs
- DUBS charges 0.4% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.39% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DUBS | $41 | $128 | $224 | $505 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
About 98% of the fund sits in US large-cap stock ETFs, so it behaves much like the broad US stock market, with a small swap sleeve added for extra return.
DUBS launched on June 14, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Both of its full calendar years were gains: 24.1% in 2024 and 19.1% in 2025. Its deepest drop was 18.5%, from February 19 to April 8, 2025, and it made that back within about 2.6 months. Its one-year beta of 1.04 means it moves about in step with the stock market. So drawing income in a bad year may mean selling shares at lower prices. It pays quarterly, its trailing yield was 2.03% as of October 27, 2026, and part of a payout may be return of capital. In the SEC's standard example of $10,000 invested, costs come to $41 in year one and $505 over 10 years. Past results don't predict the future, 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 S&P 500-like stock exposure, with quarterly payouts targeted at about twice the index's rate, for a 0.40% expense ratio.
- People who want nearly all-US large-cap stocks: two ETFs, SPYM and BKLC, held about 98% of assets as of July 31, 2026.
- Investors who accept a small derivatives slice, up to 10% in swaps using options, futures and VIX strategies, in exchange for possible extra return.
Look elsewhere if
- Retirees who want built-in downside protection. DUBS has no buffer and fell 18.5% between February and April 2025.
- Investors who want a long track record. DUBS launched in June 2023 and has never been through a full bear market like 2022.
- Those who want payouts funded only by earned income. Payouts may include return of capital, and the swaps add counterparty risk.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DUBS this fund | 0.4% | $397.6M | +17.4% | +25.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DUBS pay monthly dividends?
No. DUBS pays quarterly. Over the 12 months to October 27, 2026, it paid $0.88 per share, a trailing yield of 2.03%. The adviser aims for steady quarterly payouts at about double the S&P 500's distribution rate. Payouts come from stock dividends, gains on the fund's holdings and Treasury interest. Part of a payout may be a return of capital, meaning investors get some of their own money back. The prospectus says payouts are not guaranteed.
Is DUBS a covered call ETF?
No. Covered call funds write call options on most of their stocks, which brings in income but can limit gains. DUBS keeps about 80% to 95% of its assets in large-cap stock ETFs and does not write options on them directly. Up to 10% goes into total return swaps. These pay the fund the return of a rules-based strategy that can write or buy options and trade futures on stock, bond and volatility indexes.
What does DUBS hold?
DUBS mostly holds two other ETFs. As of July 31, 2026, State Street SPDR Portfolio S&P 500 ETF (SPYM) made up 73.2% of the fund and BNY Mellon US Large Cap Core Equity ETF (BKLC) made up 24.7%. Three total return swaps made up 1.8%, and Treasury bills about 0.1%. Net assets were about $397.6 million on that date. Because it is a fund of funds, its stock holdings are the holdings of those ETFs.
How has DUBS performed since launch?
Through December 31, 2025, DUBS returned 19.09% over one year and 20.19% a year on average since its June 2023 launch, according to its prospectus. It gained 24.1% in 2024. Its strongest quarter was up 10.11% (first quarter of 2024), and its weakest was down 4.04% (first quarter of 2025). Based on price, it returned 17.4% over the year to October 27, 2026. Its record covers only about three years.
DUBS vs BUFR: what's the difference?
They follow different strategies, so BUFR is not a close substitute. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund. Buffer funds use options to absorb part of a market loss and in return give up some upside. DUBS has no buffer. DUBS costs 0.40% a year, compared with 0.95% for BUFR. As of October 27, 2026, DUBS returned 17.4% over one year and 25.2% a year over three years. BUFR returned 11.6% and 16.8%. BUFR is far larger, with about $10.5 billion in assets.