ETF Evaluator:
T-Strive Digital Credit Pref Inc ETF (DCAP)
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(as of Oct 13)
Best Performing in Preferred Stock Over the Last Year
| 5.3% | Global X SuperIncome™ Preferred ETF (SPFF) |
| 5.1% | VanEck Pref Secs ex Fincls ETF (PFXF) |
| 2.7% | AAM Low Duration Pref & Inc Secs ETF (PFLD) |
| 2.3% | Cohen & Steers Pref & Inc Opps Act ETF (CSPF) |
| 2.0% | Global X Variable Rate Preferred ETF (PFFV) |
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ETF Details
T-Strive Digital Credit Pref Inc ETF Overview
T-Strive Digital Credit Pref Inc ETF (DCAP) is an actively managed Taxable Bond Preferred Stock exchange-traded fund (ETF). Tuttle Capital Management, LLC launched the ETF in 2026.
The investment seeks current income.
The fund is an actively managed exchange-traded fund that seeks current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in preferred securities issued by Bitcoin treasury companies (“Digital Credit Preferred Securities”) and engages in derivatives transactions that provide exposure to Digital Credit Preferred Securities. Digital Credit Preferred Securities are preferred securities issued by Bitcoin treasury companies. The fund is non-diversified.
About T-Strive Digital Credit Pref Inc ETF (DCAP)
There are 2 members of the management team with an average tenure of 0.02 years: Matthew Tuttle (2026) and Chris Nicholson (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
T-Strive Digital Credit Pref Inc ETF has 8 securities in its portfolio. The top 10 holdings constitute 154.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T-Strive Digital Credit Pref Inc ETF is part of the Hybrid Securities global asset class and is within the Taxable Bond ETF group. T-Strive Digital Credit Pref Inc ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 55.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T-Strive Digital Credit Pref Inc ETF has 44.8% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $1 billion average for the Preferred Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DCAP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T-Strive Digital Credit Pref Inc ETF expense ratio is high compared to funds in the Preferred Stock category. T-Strive Digital Credit Pref Inc ETF has an expense ratio of 0.95%, which is 60% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T-Strive Digital Credit Pref Inc ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 36% for the Preferred Stock category.
Recently, in the month of September 2026, T-Strive Digital Credit Pref Inc ETF returned 0.0%, which earned it a grade of NA, as the Preferred Stock category had an average return of -2.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T-Strive Digital Credit Pref Inc ETF has a trailing yield of 0.00%, which is below the 6.44% category average.
The fund normally distributes its income weekly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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DCAP Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DCAP Return (NAV) | na | na | na | na | na | na |
| DCAP Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Preferred Stock Avg | -2.6% | -2.3% | -0.5% | 6.6% | 1.0% | 2.7% |
| DCAP Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| DCAP Tax-Cost Ratio | na | na | na | na | na | na |
DCAP Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCAP Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| DCAP Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Preferred Stock Avg | -1.1% | 6.2% | 9.3% | 9.7% | -16.0% | 5.8% | 5.6% | 18.4% | -4.7% | 9.0% | 3.2% |
| DCAP Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Weekly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Tuttle Matthew (2026), Nicholson Chris (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 154.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 55.2% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 44.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tuttle Capital Management, LLC |
| Phone Number: | 833-930-2229 |
| Website: | |
| Inception Date: | September 23, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.59% |
