ETF Evaluator:
Aptus Large Cap Enhanced Yield ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
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ETF Details
Aptus Large Cap Enhanced Yield ETF Overview
Aptus Large Cap Enhanced Yield ETF (DUBS) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). APTUS ETFs launched the ETF in 2023.
The investment seeks capital appreciation and current income.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective through a combination of equity securities and total return swaps. Under normal circumstances, at least 80% of the fund’s net assets (plus borrowings for investment purposes) will be invested in equity securities of large cap companies and in U.S. large-cap ETFs.
About Aptus Large Cap Enhanced Yield ETF (DUBS)
There are 3 members of the management team with an average tenure of 3.13 years: John Gardner (2023), Mark Callahan (2023) and Brad Rapking (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Aptus Large Cap Enhanced Yield ETF has 10 securities in its portfolio. The top 10 holdings constitute 196.6% 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 Large Cap Enhanced Yield ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Aptus Large Cap Enhanced Yield ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.3% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Aptus Large Cap Enhanced Yield ETF has -95.0% of the portfolio in cash.
Assets Under Management
The fund has $397 million in total assets, which is below the $13 billion average for the Large Blend 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.
DUBS 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 Large Cap Enhanced Yield ETF expense ratio is average compared to funds in the Large Blend category. Aptus Large Cap Enhanced Yield ETF has an expense ratio of 0.41%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Large Cap Enhanced Yield ETF has a portfolio turnover rate of 93%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Aptus Large Cap Enhanced Yield ETF returned 0.4%, which earned it a grade of B, as the Large Blend category had an average return of -0.8%. 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 Large Cap Enhanced Yield ETF has a trailing yield of 2.00%, which is above the 1.16% category average.
The fund normally distributes its income quarterly and its capital gains quarterly.
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 Large Cap Enhanced Yield ETF Grades
Year to date, the ETF has returned 12.1%, 2.6 percentage points better than the category, which translates into a grade of B. The fund has returned 23.6% over the past year (grade of A) and 19.4% over the past three years (grade of B).
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DUBS 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 |
|
| DUBS Return (NAV) | 0.4% | 5.0% | 23.6% | 19.4% | na | na |
| DUBS Return (Price) | 0.4% | 5.1% | 23.9% | 19.5% | na | na |
| NAV +/- Price Return | -0.017% | -0.095% | -0.314% | -0.122% | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| DUBS Grade (NAV) | B | B | A | B | na | na |
| +/- Category (NAV) | 1.2% | 1.2% | 6.0% | 2.0% | na | na |
| DUBS Tax-Cost Ratio | na | na | 0.9% | 1.0% | na | na |
DUBS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DUBS Return (NAV) | 12.1% | 19.1% | 24.1% | na | na | na | na | na | na | na | na |
| DUBS Return (Price) | 12.2% | 19.3% | 24.1% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.008% | 0.010% | -0.000% | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| DUBS Grade (NAV) | B | A | B | na | na | na | na | na | na | na | na |
| +/- Category | 2.6% | 3.7% | 2.2% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.94 |
| R-Squared: | 99% |
| Standard Deviation: | 12.3% |
| Category Risk Index: | 0.91 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.00 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.0% |
| Total Assets: | $ 398 Mil |
| Share Class Assets: | $ 398 Mil |
| Turnover: | 93.0% |
| Expense Ratio: | 0.41% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Quarterly |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Gardner John (2023), Callahan Mark (2023), Rapking Brad (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 196.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 97.3% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 97.0% |
| Cash: | -95.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | APTUS ETFs |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | June 13, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.41% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.41% |
