At a glance
UPSD charges 0.79% a year, above the 0.31% average of the 3 funds most like it (the most expensive of 4). It has $117.0M in assets, the 3rd largest of that group; it paid 0.58% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds. Its ten largest positions make up 24.9% of the fund, out of 100 in all.
The short version
Aptus Large Cap Upside ETF (UPSD) is an actively managed fund. It holds about 100 large-company stocks and adds S&P 500 futures, swaps and put-option sales, aiming to capture more of the market's gains than its losses. Its 0.79% expense ratio is more than double the 0.31% average of similar funds, and its record only goes back to November 2024.
Price history
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UPSD +14.4% 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 | |
|---|---|---|---|---|---|---|
| UPSD official prospectus, to Dec 31, 2025 | — | +12.52% | — | — | — | +6.97% |
| UPSD price data to Oct 27, 2026 | +16.0% | +14.4% | — | — | — | +11.9% |
- Over the year to Oct 27, 2026, UPSD returned +14.4%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2025 (+12.8%); its best was 2025 (+12.8%).
- The deepest fall in its price history was 23.9% (Dec 4, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.1% | — |
| 2025 | +12.8% | +12.52% |
| 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) | $0.1300 | |
| 2025 | $0.1800 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 24.9% of assets, and 2.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 5.12% | |
| NVIDIA Corp | 4.69% | |
| Microsoft Corp | 3.31% | |
| Amazon.com Inc | 2.13% | |
| Alphabet Inc | 1.65% | |
| Alphabet Inc | 1.64% | |
| Marathon Petroleum Corp | 1.61% | |
| Datadog Inc | 1.60% | |
| Micron Technology Inc | 1.59% | |
| Cboe Global Markets Inc | 1.57% | |
| Johnson & Johnson | 1.55% | |
| Welltower Inc | 1.48% | |
| Monster Beverage Corp | 1.40% | |
| Cardinal Health Inc | 1.31% | |
| McKesson Corp | 1.24% |
By country
United States 89.94%Switzerland 1.14%Bermuda 0.97%Uruguay 0.56%Sweden 0.4%By asset type
Stocks 93.01%By sector
Sectors of the companies held, for the 77% 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 $8.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.37%, -1.17%, +3.07%.
How it works
UPSD does not track an index. Aptus Holdings picks the stocks, and at least 80% of net assets go into large companies. The fund counts a company as large if it falls within the S&P 500's size range, which was about $6.7 billion to $4.8 trillion as of June 30, 2026. The manager picks stocks that score well on quality, value and growth screens. It then weights them to lower the portfolio's overall volatility. As of July 31, 2026, the largest positions were Apple (5.1%), NVIDIA (4.7%), Microsoft (3.3%) and Amazon (2.1%), alongside names such as Marathon Petroleum, Datadog and Cboe Global Markets. The top 10 made up 24.9% of the fund.
On top of the stocks, a systematic trading strategy adds S&P 500 exposure through futures or a total return swap. A total return swap is a contract in which another party pays the fund an asset's return in exchange for interest payments. Swaps made up about 4.9% of assets as of July 31, 2026. When conditions look favorable, the fund also sells S&P 500 put options. It collects a premium in exchange for covering losses if the index falls below a set price. It may also buy puts or put spreads. Treasury bills earn interest on the cash held as collateral.
Selling puts adds income in calm markets but deepens losses in a sharp fall. Swaps depend on the other party paying. The fund is also "non-diversified," so it can concentrate more than most funds.
What it really costs
- UPSD charges 0.79% a year, versus an average of 0.31% 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 |
|---|---|---|---|---|
| UPSD | $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 is a costly, actively managed fund that uses derivatives and has a short record, so it fits better beside a core holding than in place of one.
UPSD could sit beside a low-cost S&P 500 fund for investors who want a chance to beat the index. Its history is short. It launched in November 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 23.9%, from December 4, 2024 to April 8, 2025. It recovered by August 13, 2025, about four months later. That is a sizable fall for a fund that aims to lose less than the market, and anyone who had to sell in April 2025 locked in the loss. Its one full calendar year, 2025, returned 12.52%. Income is small: the yield was 0.58% as of October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 would cost about $81 in fees in the first year and $978 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 an actively managed large-cap stock fund that also uses S&P 500 futures, swaps and put sales to try to beat the index.
- Holders who would use it as a smaller satellite beside a low-cost index fund and accept a record that only starts in November 2024.
- Investors who like a mix of giants such as Apple and NVIDIA with stocks less dominant in the index, such as Marathon Petroleum and Cboe Global Markets.
Look elsewhere if
- Cost-focused investors: its 0.79% expense ratio is the highest among similar funds, which average 0.31%.
- Those who need income: the yield was just 0.58% as of October 27, 2026, paid quarterly.
- Anyone who wants a long, simple record: it has no history through 2008, 2020 or 2022, and its swaps add counterparty risk.
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 UPSD a covered call ETF?
No. Covered call funds sell call options and give up some upside. UPSD instead sells S&P 500 put options when conditions look favorable. It also adds index exposure through futures or swaps, aiming to capture more than 100% of the market's gains. The core of the fund is about 100 large-company stocks picked on quality, value and growth screens. The trade-off is that sold puts can add to losses if the market falls sharply.
What is the UPSD expense ratio?
UPSD's expense ratio is 0.79%, according to the prospectus filed August 26, 2026. Under the SEC's standard example ($10,000 invested, 5% yearly return), that works out to about $81 after one year, $439 after five years and $978 after 10 years. Similar funds average 0.31%, so UPSD ranks as the most expensive of the four compared.
Does UPSD pay dividends?
Yes, quarterly, but the payouts are small. Over the 12 months to October 27, 2026, it paid about $0.18 per share, a yield of 0.58%. The prospectus warns that its derivatives may produce more ordinary income or short-term capital gains than a plain stock fund would. Those are usually taxed at higher rates than qualified dividends. This matters most in taxable accounts.
How has UPSD performed since launch?
UPSD returned 12.52% in 2025, its only full calendar year, according to the prospectus. From its November 2024 launch to December 31, 2025, it averaged 6.97% a year. Based on price, it gained 16.05% in 2026 through October 27, and 14.4% over the year ending that date. Its strongest quarter was up 8.11% (ending September 30, 2025), and its weakest was down 3.41% (ending March 31, 2025).
UPSD vs XYLG: what's the difference?
Both hold large US stocks and share about 40% of their holdings. Global X S&P 500 Covered Call & Growth ETF (XYLG) costs 0.35%, compared with 0.79% for UPSD. XYLG pairs S&P 500 exposure with covered calls. UPSD picks its own stocks and adds futures, swaps and put sales. As of October 27, 2026, one-year returns were close: 15% for XYLG and 14.4% for UPSD. XYLG also has a three-year record (20.1%), which UPSD lacks.