ETF Evaluator:
Aptus Defined Risk ETF ()
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(as of Aug 26)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 8.9% | Infrastructure Capital Bond Income ETF (BNDS) |
| 5.2% | Monarch Ambassador Income ETF (MAMB) |
| 4.1% | SanJac Alpha Core Plus Bond ETF (SJCP) |
| 4.1% | F/m Opportunistic Income ETF (ZHOG) |
| 3.9% | PIMCO Active Bond ETF (BOND) |
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ETF Details
Aptus Defined Risk ETF Overview
Aptus Defined Risk ETF (DRSK) is an actively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). APTUS ETFs launched the ETF in 2018.
The investment seeks current income and capital appreciation.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its objective through a hybrid fixed income and equity strategy. It typically invests approximately 75% to 95% of its assets to obtain exposure to investment-grade corporate bonds (the "Fixed Income Strategy") and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk (the “Equity Strategy”).
About Aptus Defined Risk ETF (DRSK)
There are 3 members of the management team with an average tenure of 6.61 years: John Gardner (2018), John Tyner (2020) and Mark Callahan (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Aptus Defined Risk ETF has 37 securities in its portfolio. The top 10 holdings constitute 94.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Aptus Defined Risk ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Aptus Defined Risk ETF has 11.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.4% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.0% (82.4% domestic bond, 11.6% foreign bond and 0.1% convertible bond). Aptus Defined Risk ETF has -0.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $2 billion average for the Intermediate Core-Plus Bond 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.
DRSK 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 Aptus Defined Risk ETF expense ratio is above average compared to funds in the Intermediate Core-Plus Bond category. Aptus Defined Risk ETF has an expense ratio of 0.78%, which is 78% 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. Aptus Defined Risk ETF has a portfolio turnover rate of 19%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 157% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Aptus Defined Risk ETF returned -1.2%, which earned it a grade of B, as the Intermediate Core-Plus Bond category had an average return of -1.2%. 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.
Aptus Defined Risk ETF has a trailing yield of 3.74%, which is below the 4.67% category average.
The fund normally distributes its income quarterly 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.
Aptus Defined Risk ETF Grades
Year to date, the ETF has returned 1.5%, 1.7 percentage points better than the category, which translates into a grade of A. The fund has returned 3.3% over the past year (grade of B), 7.7% over the past three years (grade of A) and 2.3% per year over the past five years (grade of A).
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DRSK Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DRSK Return (NAV) | -1.2% | 0.4% | 3.3% | 7.7% | 2.3% | na |
| DRSK Return (Price) | -1.1% | 0.5% | 3.6% | 7.8% | 2.3% | na |
| NAV +/- Price Return | -0.011% | -0.132% | -0.227% | -0.070% | -0.015% | na |
| Intermediate Core-Plus Bond Avg | -1.2% | -0.6% | 3.2% | 4.6% | 0.4% | 2.1% |
| DRSK Grade (NAV) | B | A | B | A | A | na |
| +/- Category (NAV) | 0.0% | 1.0% | 0.2% | 3.1% | 2.0% | na |
| DRSK Tax-Cost Ratio | na | na | 1.5% | 1.5% | 1.3% | na |
DRSK Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DRSK Return (NAV) | 1.5% | 7.8% | 12.4% | 2.0% | -9.4% | 0.7% | 14.0% | 12.9% | na | na | na |
| DRSK Return (Price) | 1.6% | 7.7% | 12.5% | 2.1% | -9.6% | 0.9% | 13.8% | 12.6% | na | na | na |
| NAV +/- Price Ret | 0.082% | -0.020% | 0.010% | 0.040% | 0.015% | 0.190% | -0.012% | -2.0% | na | na | na |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.5% | 3.0% | 6.6% | -13.2% | -0.7% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| DRSK Grade (NAV) | A | B | A | F | A | A | A | A | na | na | na |
| +/- Category | 1.7% | 0.4% | 9.4% | -4.6% | 3.7% | 1.4% | 6.0% | 3.1% | na | na | na |
| Risk Measures | |
| Beta: | 1.22 |
| R-Squared: | 59% |
| Standard Deviation: | 9.0% |
| Category Risk Index: | 1.61 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.73 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 1,515 Mil |
| Share Class Assets: | $ 1,515 Mil |
| Turnover: | 19.0% |
| Expense Ratio: | 0.78% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.0 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Gardner John (2018), Tyner John (2020), Callahan Mark (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 37 |
| % in Top 10 Holdings: | 94.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.6% |
Portfolio Allocation |
|
| Domestic Stock: | 3.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 82.4% |
| Foreign Bond: | 11.6% |
| Convertible Bond: | 0.1% |
| Other: | 3.3% |
| Cash: | -0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | APTUS ETFs |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 7, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.78% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.44% |
