ACIO vs YLDE

ACIOAAptus Collared Income Opportunity ETF

YLDEAFranklin ClearBridge Enhanced Income ETF

In short

ACIO Most option-income funds sell calls and hand you the premium. ACIO's collar spends part of it on downside puts, so one overlay funds both the income and the hedge. Roughly 70 US stocks, actively managed, paid quarterly.

YLDE A 2017 ClearBridge dividend portfolio that had an income engine bolted on in 2025: about 50 large-cap dividend payers, with index calls sold on top for premium. Pays monthly, charges 0.48%, no waiver, below the category median.

Stated mandate

ACIO Its stated mandate combines current income generation with capital appreciation.

YLDE The Fund seeks income and long-term capital appreciation through an actively managed enhanced equity-income strategy. It primarily invests in dividend-paying equities and writes U.S. exchange-traded calls on U.S. large-cap equity indices to enhance income.

Why people hold it

• ACIO The collar is the point: call premium helps pay for the puts instead of all flowing out as cash, so the income and the hedge come from the same overlay.
• 0.79% a year, below the median fee for actively overlaid option-income funds.
• A concentrated book of roughly 70 US stocks rather than an index copy, inside a multi-billion-dollar fund that has been running since 2019.
• Sits among the stronger implementations in its peer group of actively overlaid option-income ETFs.

• YLDE The overlay sits on top of the stock picks, not inside them. Calls are written on U.S. large-cap indices such as the S&P 500, so no single holding has its own upside sold away.franklintempleton.com
• 0.48% with no fee waiver propping it up, below the median for active overlay funds. Cheaper than RDVI at 0.75%, though index-built rivals RECI (0.30%) and TCAL (0.34%) go lower.
• Two desks, two jobs: ClearBridge runs the roughly 50-stock dividend sleeve, while a separate options manager handles the call writing, an arrangement spelled out in the fund's filings.sec.gov
• Income arrives monthly and comes from two places, dividends from the equity sleeve plus premium from written calls, rather than from reaching for the highest-yielding names.franklintempleton.com

Worth knowing

• ACIO The fee is the price of the active work. Peers charge less for their own takes on equity option income, including PAPI at 0.29% and TCAL at 0.34%.
• Actively managed, so results ride on the manager's stock and option choices rather than a published rule set you can read in advance.
• Income lands quarterly, so cash shows up four times a year.

• YLDE The ticker dates to 2017, but it spent most of that life as a dividend ESG fund. The enhanced-income objective, options overlay and dividend policy changed on February 28, 2025.franklintempleton.com
• Selling index calls trades away part of a sharp market rally for premium collected up front, and that premium offsets losses only as far as it goes in a steep decline.franklintempleton.com
• A thinly traded fund with a smaller asset base than the category's giants, which can mean wider bid/ask spreads than the headline names in derivative income.

Full ACIO profile⁠

Full YLDE profile⁠