Aptus Defined Risk ETF
Active ETF
DRSK
Price as of:
$28.02
+ $0.03
+ 0.11%
Primary Theme
fund company
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
13.7%
1 yr return
14.1%
3 Yr Avg Return
1.6%
5 Yr Avg Return
3.9%
Net Assets
$1.01 B
Holdings in Top 10
76.9%
52 WEEK LOW AND HIGH
$28.0
$25.20
$28.55
Expenses
OPERATING FEES
Expense Ratio 0.78%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 28.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
DRSK - Profile
Distributions
- YTD Total Return 13.7%
- 3 Yr Annualized Total Return 1.6%
- 5 Yr Annualized Total Return 3.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.07%
- Dividend Yield 3.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameAptus Defined Risk ETF
-
Fund Family NameAptus Capital Advisors
-
Inception DateAug 07, 2018
-
Shares Outstanding32500000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Gardner
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its objective through a hybrid fixed income and equity strategy. The Fund 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”).
Fixed Income Strategy
The Fund’s Fixed Income Strategy seeks exposure to U.S. dollar-denominated, investment-grade corporate bonds of U.S. and non-U.S. issuers with maturities between one and eight years (also known as a “bond ladder”). The Fund will primarily obtain this exposure through investments in ETFs (“Underlying Bond ETFs”) that each track the investment results of an index composed of such bonds maturing in a specified year during that period (e.g., bonds maturing in 2025) (each, a “reference asset”). The Underlying Bond ETFs are generally expected to make monthly distributions of principal and interest received from their underlying holdings, and each Underlying Bond ETF is expected to make a liquidating distribution at the end of the calendar year in which its holdings mature. The Fund generally reinvests the proceeds of such liquidating distributions into the Underlying Bond ETF with the furthest away maturity date in the bond ladder.
While the Fund’s Fixed Income Strategy is expected to obtain exposure to a diversified array of corporate bonds regardless of the size of the Fund, a significant portion of the Underlying Bond ETFs is generally expected to be represented by bonds issued by companies in the financial sector. The Fund will typically rebalance its investments in Underlying Bond ETFs on a quarterly basis. The Adviser may also decide to reallocate assets among the Equity Strategy and Fixed Income Strategy outside of the normal rebalance activity if the Fund’s balance of equity and fixed income exposure has shifted significantly during the quarter.
Equity Strategy
The Fund’s Equity Strategy seeks exposure to small-, mid-, and large-capitalization U.S. stocks by purchasing exchange-listed call options on individual stocks or depositary receipts (the “Underlying Individual Equities”), on one or more equity indexes, or on one or more other ETFs that principally invest in U.S. equity securities (the “Underlying Equity ETFs”) (each, also, a “reference asset”). A call option gives the purchaser the right to purchase shares of the underlying security at a specified price (“strike price”) prior to a specified date (“expiration date”). The purchaser pays a cost (premium) to purchase the call option. In the event the underlying security appreciates in value, the value of the call option will generally increase, and in the event the underlying security declines in value, the call option may end up worthless and the premium may be lost.
Aptus Capital Advisors, LLC, the Fund’s investment adviser (“Aptus” or the “Adviser”), selects the Underlying Individual Equities based primarily on the Adviser’s proprietary analysis built from a “yield plus growth” framework, which takes into account fundamental characteristics such as yield, growth, valuation, and momentum. Stocks selected as Underlying Individual Equities by the Adviser must also have call options available for purchase that meet the Fund’s minimum liquidity threshold for investibility. The Adviser seeks to select Underlying Individual Equities to diversify exposure across a variety of industries and to maximize the Fund’s equity exposure given the amount allocated to the applicable options, as described below. Underlying Equity ETFs or equity indexes may be selected in lieu of or in addition to Underlying Individual Equities to adjust the balance of the Fund’s exposure across industries or to maintain the Fund’s equity exposure when the Adviser believes they present a better risk profile than Underlying Individual Equities.
The Fund may utilize a combination of purchased and written (sold) call options (known as a “spread”). A written (sold) call option gives the seller the obligation to sell shares of the reference asset at the strike price until the expiration date. The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the reference asset appreciates above the strike price and the holder exercises the call option, the writer (seller) of the call option will have to pay the difference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by the premium initially received), and in the event the reference asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.
Call options purchased by the Fund typically have a time-to-expiration of one week to six months at the time of purchase and a strike price at or near the current market price of the applicable reference asset. The Fund will generally turn over its options holdings to rebalance its Equity Strategy investments on a monthly basis, at which time the Fund allocates approximately 0.25% to 1.00% of its net assets to options on each of the Underlying Individual Equities and may allocate up to approximately 5.00% to options on each of the equity indexes, Underlying Equity ETFs, or Underlying Bond ETFs selected. Each time the Fund rebalances its Equity Strategy, the Fund will typically sell the options it holds and purchase new ones as described above. To the extent the Fund sells options tied to one individual stock or ETF and purchases new options tied to the same individual stock or ETF, the rebalance will generally result in the Fund owning options with a later expiration date than the previous set of options. The Adviser will actively manage the Fund’s options as markets move or events occur (e.g., earnings announcements) to roll forward expiration dates or to increase or decrease market exposure to attempt to reduce the potential volatility inherent in options where the price of the reference asset is significantly higher or lower than the strike price.
Additionally, the Adviser seeks to limit the Fund’s exposure to equity market declines by utilizing a combination of purchased and written (sold) exchange-listed put options (known as a “spread”) on Underlying Individual Equities, on one or more equity indexes, on one or more Underlying Equity ETFs, or on one or more Underlying Bond ETFs. A purchased put option gives the purchaser the right to sell shares of the underlying security at a strike price prior to its expiration date. The purchaser of the put option pays a cost (premium) to purchase the put option. In the event the underlying security depreciates in value, the value of the put option will generally increase, and in the event the underlying security appreciates in value, the put option may end up worthless and the premium may be lost. The put options written by the Fund are considered “covered” when the Fund owns at least an equivalent number of put options on the same reference asset with the same expiration date and a higher strike price at the time it sells the options.
Put options purchased by the Fund typically have a time-to-expiration of one week to six months at the time of purchase and a strike price at or near the current market price of the applicable reference asset. Generally, each time the Fund rebalances its Equity Strategy, the Fund allocates approximately 0.25% to 1.50% of its net assets to put options and will sell the options it holds and purchase new ones as described above.
In addition, the Adviser may utilize a combination of purchased and written (sold) put or call options on the Cboe Volatility Index® (the “VIX® Index”). The VIX Index reflects a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500® Index call and put options. The Fund may use VIX call or put options as a hedge when the market is experiencing a rapid change in volatility, and the Adviser generally expects to invest less than 1% of the Fund’s net assets in VIX Index call and put options at the time of investment.
Because the premiums for call and put options purchased by the Fund will typically be a fraction of the value of the underlying reference assets, the options enable the Fund to gain greater exposure to the underlying reference assets than the amount invested in such options. Consequently, the Fund seeks to have greater participation in the appreciation (for call options) or depreciation (for put
options) of the applicable underlying reference assets than it would have by investing the same amounts directly in such underlying reference assets, while limiting the maximum loss from such options to the premiums paid.
DRSK - Performance
Return Ranking - Trailing
| Period | DRSK Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.7% | -0.9% | 18.3% | 0.58% |
| 1 Yr | 14.1% | -0.5% | 19.2% | 0.58% |
| 3 Yr | 1.6%* | -5.7% | 5.4% | 47.36% |
| 5 Yr | 3.9%* | -4.2% | 5.0% | 2.67% |
| 10 Yr | N/A* | -18.7% | 170.5% | 5.74% |
* Annualized
Return Ranking - Calendar
| Period | DRSK Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -1.6% | -1.6% | 7.6% | 100.00% |
| 2022 | -11.3% | -17.7% | -2.6% | 94.72% |
| 2021 | -1.7% | -4.0% | 4.4% | 59.76% |
| 2020 | 7.6% | -7.1% | 7.6% | 0.21% |
| 2019 | 9.3% | -2.3% | 9.3% | 0.21% |
Total Return Ranking - Trailing
| Period | DRSK Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.7% | -0.9% | 18.3% | 0.58% |
| 1 Yr | 14.1% | -0.5% | 19.2% | 0.58% |
| 3 Yr | 1.6%* | -5.7% | 5.4% | 47.36% |
| 5 Yr | 3.9%* | -4.2% | 5.0% | 2.67% |
| 10 Yr | N/A* | -18.7% | 170.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DRSK Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.1% | 1.8% | 15.2% | 99.81% |
| 2022 | -9.6% | -17.3% | -1.3% | 97.26% |
| 2021 | 0.9% | -2.7% | 7.7% | 23.14% |
| 2020 | 14.5% | -2.4% | 14.5% | 0.21% |
| 2019 | 12.6% | 0.6% | 12.6% | 0.21% |
DRSK - Holdings
Concentration Analysis
| DRSK | Category Low | Category High | DRSK % Rank | |
|---|---|---|---|---|
| Net Assets | 1.01 B | 14.5 K | 58.2 B | 56.32% |
| Number of Holdings | 19 | 2 | 7413 | 93.10% |
| Net Assets in Top 10 | 505 M | 1.05 M | 6.81 B | 39.46% |
| Weighting of Top 10 | 76.90% | 2.0% | 108.1% | 7.28% |
Top 10 Holdings
- Invesco BulletShares 2026 Corporate Bond ETF 11.14%
- iShares iBonds Dec 2028 Term Corporate ETF 9.84%
- iShares iBonds Dec 2027 Term Corporate ETF 8.82%
- iShares iBonds Dec 2031 Term Corporate ETF 8.64%
- iShares iBonds Dec 2029 Term Corporate ETF 8.62%
- iShares iBonds Dec 2030 Term Corporate ETF 6.64%
- Invesco BulletShares 2030 Corporate Bond ETF 6.49%
- iShares iBonds Dec 2032 Term Corporate ETF 6.26%
- Invesco BulletShares 2032 Corporate Bond ETF 5.80%
- Invesco BulletShares 2029 Corporate Bond ETF 4.65%
Asset Allocation
| Weighting | Return Low | Return High | DRSK % Rank | |
|---|---|---|---|---|
| Stocks | 93.14% | 0.00% | 99.96% | 6.70% |
| Cash | 4.87% | -20.59% | 68.64% | 30.27% |
| Other | 1.99% | -0.97% | 73.75% | 65.13% |
| Convertible Bonds | 1.83% | 0.00% | 27.71% | 59.31% |
| Preferred Stocks | 0.00% | 0.00% | 24.12% | 52.87% |
| Bonds | 0.00% | 0.00% | 131.65% | 95.79% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | DRSK % Rank | |
|---|---|---|---|---|
| Technology | 24.45% | 0.00% | 24.45% | 1.67% |
| Healthcare | 14.47% | 0.00% | 23.11% | 18.33% |
| Financial Services | 13.41% | 0.00% | 100.00% | 28.33% |
| Consumer Cyclical | 10.75% | 0.00% | 10.75% | 1.67% |
| Communication Services | 8.81% | 0.00% | 65.64% | 38.33% |
| Industrials | 8.19% | 0.00% | 100.00% | 13.33% |
| Consumer Defense | 6.90% | 0.00% | 21.37% | 20.00% |
| Energy | 4.80% | 0.00% | 100.00% | 58.33% |
| Utilities | 2.98% | 0.00% | 81.48% | 13.33% |
| Real Estate | 2.77% | 0.00% | 8.31% | 20.00% |
| Basic Materials | 2.47% | 0.00% | 22.71% | 23.33% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | DRSK % Rank | |
|---|---|---|---|---|
| US | 93.14% | 0.00% | 99.96% | 6.70% |
| Non US | 0.00% | 0.00% | 2.07% | 40.80% |
DRSK - Expenses
Operational Fees
| DRSK Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.78% | 0.01% | 3.29% | 38.85% |
| Management Fee | 0.69% | 0.00% | 1.19% | 96.36% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 6.37% |
| Administrative Fee | N/A | 0.01% | 0.41% | N/A |
Sales Fees
| DRSK Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 5.75% | N/A |
| Deferred Load | N/A | 0.50% | 4.00% | N/A |
Trading Fees
| DRSK Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| DRSK Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 28.00% | 2.00% | 500.00% | 11.47% |
DRSK - Distributions
Dividend Yield Analysis
| DRSK | Category Low | Category High | DRSK % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.05% | 0.00% | 11.11% | 62.26% |
Dividend Distribution Analysis
| DRSK | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| DRSK | Category Low | Category High | DRSK % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.07% | -1.27% | 4.98% | 55.36% |
Capital Gain Distribution Analysis
| DRSK | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2024 | $0.214 | OrdinaryDividend |
| Jun 27, 2024 | $0.224 | OrdinaryDividend |
| Mar 26, 2024 | $0.165 | OrdinaryDividend |
| Dec 27, 2023 | $0.288 | OrdinaryDividend |
| Sep 27, 2023 | $0.249 | OrdinaryDividend |
| Jun 28, 2023 | $0.228 | OrdinaryDividend |
| Mar 29, 2023 | $0.134 | OrdinaryDividend |
| Dec 28, 2022 | $0.255 | OrdinaryDividend |
| Sep 13, 2022 | $0.161 | OrdinaryDividend |
| Jun 14, 2022 | $0.065 | OrdinaryDividend |
| Mar 15, 2022 | $0.013 | OrdinaryDividend |
| Dec 29, 2021 | $0.084 | OrdinaryDividend |
| Nov 17, 2021 | $0.441 | CapitalGainShortTerm |
| Nov 17, 2021 | $0.094 | CapitalGainLongTerm |
| Sep 14, 2021 | $0.056 | OrdinaryDividend |
| Jun 15, 2021 | $0.044 | OrdinaryDividend |
| Mar 16, 2021 | $0.043 | OrdinaryDividend |
| Dec 29, 2020 | $0.114 | OrdinaryDividend |
| Nov 18, 2020 | $0.175 | OrdinaryDividend |
| Nov 18, 2020 | $1.135 | CapitalGainShortTerm |
| Nov 18, 2020 | $0.175 | CapitalGainLongTerm |
| Sep 15, 2020 | $0.113 | OrdinaryDividend |
| Jun 16, 2020 | $0.063 | OrdinaryDividend |
| Mar 17, 2020 | $0.071 | OrdinaryDividend |
| Dec 30, 2019 | $0.198 | OrdinaryDividend |
| Dec 30, 2019 | $0.315 | CapitalGainShortTerm |
| Sep 17, 2019 | $0.098 | OrdinaryDividend |
| Jun 11, 2019 | $0.135 | OrdinaryDividend |
| Mar 12, 2019 | $0.084 | OrdinaryDividend |
| Dec 28, 2018 | $0.145 | OrdinaryDividend |
| Dec 28, 2018 | $0.470 | CapitalGainShortTerm |
| Sep 18, 2018 | $0.038 | OrdinaryDividend |
DRSK - Fund Manager Analysis
Managers
John Gardner
Start Date
Tenure
Tenure Rank
Aug 07, 2018
3.82
3.8%
John David Gardner is the Founder and majority owner of ACA. John David began his career in the financial services industry when he joined Morgan Stanley Smith Barney as a Financial Advisor in 2010. JD attended the Raj Soin College of Business, Wright State University for both undergraduate (BS in Business with a Major in Financial Services) and graduate degrees (MBA with a concentration in Finance). He founded Aptus in 2013 to provide access to stock market exposure while recognizing risk - both market and behavioral. Aptus is an innovative investment manager located in Fairhope, Alabama focused on behavioral finance and serves as the Index Provider to the Aptus Behavioral Momentum Index and adviser to the Aptus Behavioral Momentum ETF. John David has also passed the Series 3, 7, 66, and 31 securities license examinations.
Beckham Wyrick
Start Date
Tenure
Tenure Rank
Aug 07, 2018
3.82
3.8%
Beckham David Wyrick, Jr. (year of birth 1983) joined ACA in 2016 and serves as Portfolio Manager and Chief Compliance Officer. Beckham focuses on custom research, and is heavily involved in managing the Aptus Funds. In addition, he also builds and maintains asset allocation models for individual investors in separately managed accounts. Beckham is currently a Level 2 candidate in the CFA Program. Beckham attended the University of North Carolina at Wilmington, where he was also a member of the men’s basketball team. He graduated in 2006 with a Bachelor’s Degree in Finance. Beckham currently resides in Fairhope, Alabama with his wife, Johanna and their two children, Ada and Henri.
Mark Callahan
Start Date
Tenure
Tenure Rank
Aug 31, 2020
1.75
1.8%
John Tyner
Start Date
Tenure
Tenure Rank
Aug 31, 2020
1.75
1.8%
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 28.77 | 6.16 | 2.41 |