At a glance
JUCY charges 0.6% a year. It has $324.9M in assets; it paid 8.24% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.8% with distributions reinvested; over three years it returned +4.7% a year. Its ten largest positions make up 85.1% of the fund, out of 12 in all.
The short version
Aptus Enhanced Yield ETF (JUCY) is an actively managed fund that holds mostly U.S. Treasury bills and notes, plus two derivative layers: box spreads built from FLEX options and a total return swap running a rules-based options and futures strategy. It aims to pay steady monthly distributions at a targeted annual rate of about 5% to 12%. The trailing yield was 8.24% as of October 27, 2026, and the expense ratio is 0.60%.
Price history
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JUCY +5.8% 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 | |
|---|---|---|---|---|---|---|
| JUCY official prospectus, to Dec 31, 2025 | — | +5.44% | — | — | — | +4.29% |
| JUCY price data to Oct 27, 2026 | +4.6% | +5.8% | +4.7% | — | — | +4.5% |
- Over the year to Oct 27, 2026, JUCY returned +5.8%.
- Its worst full calendar year was 2023 (+3.3%); its best was 2025 (+5.5%).
- The deepest fall in its price history was 1.5% (Apr 1, 2025 to May 19, 2025), recovered by Aug 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.6% | — |
| 2025 | +5.5% | +5.44% |
| 2024 | +3.8% | +3.95% |
| 2023 | +3.3% | +3.50% |
| 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) | $1.3500 | |
| 2025 | $1.7800 | +0.6% |
| 2024 | $1.7700 | -19.9% |
| 2023 | $2.2100 |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 85.06% of assets, and 6.77% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 12.08% | |
| US TREASURY N/B Bonds and notes | 11.54% | |
| US TREASURY N/B Bonds and notes | 10.81% | |
| US TREASURY N/B Bonds and notes | 9.01% | |
| US TREASURY N/B Bonds and notes | 7.60% | |
| US TREASURY N/B Bonds and notes | 7.56% | |
| US TREASURY N/B Bonds and notes | 7.35% | |
| US TREASURY N/B Bonds and notes | 6.88% | |
| US TREASURY N/B Bonds and notes | 6.16% | |
| US TREASURY N/B Bonds and notes | 6.07% | |
| US TREASURY N/B Bonds and notes | 4.50% | |
| US TREASURY N/B Bonds and notes | 1.49% |
By country
United States 91.06%By issuer
US Treasury 91.06%The bonds mature in 2.2 years on average (weighted by size), with an average coupon of 2.57%.
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 $93.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, +0.14%, +0.36%.
How it works
The fund does not track an index. Its adviser, Aptus, picks the holdings. It splits the money among three strategies and changes the mix as markets move. Normally 60% to 90% goes into U.S. Treasury bills and notes and bonds from government-sponsored entities such as Fannie Mae. These are set up as a bond ladder: maturities spread from about one month to twenty years, with money from maturing bonds reinvested at the far end. As of July 31, 2026, Treasuries made up 91% of assets across 12 issues, with an average maturity of 2.2 years.
Up to 25% can go into box spreads. A box spread is four FLEX options (customizable exchange-listed options) on a stock index or index ETF. All four expire on the same date and use two strike prices. The gap between the strikes locks in the payoff, so a box spread acts like a zero-coupon bond, not a bet on stocks. The fund may skip this strategy, and its July 31, 2026 holdings showed no box spreads.
Up to 10% of the remaining assets can go into total return swaps. These are contracts with a large financial institution that pay the return of a rules-based strategy. That strategy trades options and futures on stock, bond or volatility indexes, such as the VIX, and aims to add return. As of July 31, 2026, one swap made up 1.7% of assets.
What it really costs
- JUCY charges 0.6% a year.
- Of that, 0.59% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JUCY | $61 | $192 | $335 | $750 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It holds mostly short-term Treasuries and aims to pay steady monthly distributions, with derivatives adding to the payout.
JUCY could serve as an income holding that pays monthly. Its trailing 12-month yield was 8.24% ($1.80 per share) as of October 27, 2026. That was above its 5.8% one-year total return, so a lower share price offset part of the payout. The fund launched October 31, 2022, so it missed the 2008, 2020 and 2022 declines. Its weakest calendar year was 2023, up 3.5%. Its deepest drop was 1.5%, from April 1 to May 19, 2025. It recovered by August 1, 2025, about 2.4 months later. Anyone selling in a bad stretch has so far faced only small dips, but the swap and options pieces have not been tested in a crisis. Under the SEC's standard example, costs were $61 in the first year on $10,000. 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
- Income seekers who want monthly payouts from a mostly Treasury portfolio; the trailing yield was 8.24% as of October 27, 2026.
- People who value low swings: the fund's deepest drop through October 27, 2026 was 1.5%, recovered in about 2.4 months.
- Investors comfortable with options and swaps who want short-term Treasuries, averaging 2.2 years to maturity, plus a small extra-return strategy.
Look elsewhere if
- Anyone wanting the simplest Treasury exposure; the 0.60% expense ratio pays for an active overlay of box spreads and swaps.
- Investors who want a long record: the fund launched in October 2022 and has not been through a major market crash.
- Taxable investors wary of ordinary income; derivatives may produce more ordinary income or short-term gains, and cash redemptions can trigger capital gains.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does JUCY pay monthly dividends?
Yes. JUCY pays distributions every month and aims to keep them steady at a targeted annual rate of about 5% to 12%, though the actual rate can vary. In the 12 months to October 27, 2026, it paid $1.80 per share, a trailing yield of 8.24%. That yield was higher than the fund's 5.8% one-year total return over the same period, so a lower share price offset part of the payout.
Is JUCY a Treasury bond fund?
Mostly, but not only. As of July 31, 2026, 91% of assets were in U.S. Treasury bills and notes across 12 issues, with an average maturity of 2.2 years and 6.8% in cash. The fund also uses derivatives: box spreads built from FLEX options (none held on that date) and a total return swap worth 1.7% of assets. Those pieces add counterparty, valuation and liquidity risks that a plain Treasury fund does not carry.
What is a box spread in JUCY?
A box spread is a set of four options on the same index or index ETF, with one expiration date and two strike prices. The gap between the strikes fixes the payoff, so it works much like a zero-coupon bond, not a bet on stocks. JUCY can put up to 25% of its assets into box spreads in place of Treasuries, and it may skip them at times. Its July 31, 2026 holdings showed none.
What is JUCY's expense ratio?
JUCY's expense ratio is 0.60%, according to its prospectus filed August 26, 2026, and 0.59% of that is the management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $61 over one year, $192 over three, $335 over five and $750 over ten. Turnover was 13%. The fee is worth comparing with plain Treasury funds that don't use options or swaps.
How has JUCY performed since launch?
JUCY has posted steady, modest gains. According to its prospectus, it returned 3.5% in 2023, 3.95% in 2024 and 5.44% in 2025, and 4.29% a year from launch through December 31, 2025. Its weakest quarter was a 0.22% loss in the second quarter of 2025. Based on prices through October 27, 2026, it was up 4.6% year to date. The fund has not yet been through a severe market crash.