DUBS vs ROCY

DUBSAAptus Large Cap Enhanced Yield ETF

ROCYAJPMorgan Equity Premium Yield ETF

In short

DUBS Same name, new engine: DUBS traded the equity-linked notes it launched with in 2023 for large-cap equity held through other ETFs, plus a total return swap sleeve. 0.40%, no fee waiver involved.

ROCY JPMorgan's second act in option income: the same S&P 500 team behind JEPI, but the premium comes from selling call spreads instead of notes, so a slice of upside above the short strike stays in play. 0.35% all in.

Stated mandate

DUBS The fund seeks capital appreciation and current income. It actively manages a hybrid strategy that primarily owns U.S.-listed large-cap equities and uses equity-linked notes to generate income.

ROCY Seeks current yield while retaining prospects for capital appreciation and total return. It combines a U.S. large-cap equity portfolio with a call-spread overlay intended to generate monthly distributions and reduce volatility.

Why people hold it

• DUBS Fee is 0.40%, with no waiver propping it up, and below this options-income group's median. It undercuts DIVO at 0.56% and HELO at 0.50%.
• The core is plain large-cap beta: filings call for at least 80% of net assets in large-cap equity, held mainly through other large-cap ETFs chosen on exposure, cost and size.sec.gov
• Does what the label says: US large-cap exposure in the S&P 500 cap range, with the derivative sleeve bolted on rather than running the show. Distributions land quarterly.sec.gov

• ROCY Costs 0.35% a year, against a roughly 0.95% median for actively managed options-income funds and DIVO's 0.56%.jpmorgan.com
• Sells a call and buys a higher-strike one, so the ceiling on gains is a band rather than a hard stop above the short strike.jpmorgan.com
• Run by the same U.S. Core Equity and derivatives group behind JEPI and JEPQ, led by Hamilton Reiner.jpmorgan.com
• Stands among the stronger builds in a crowded field of active options-income funds, helped by its low fee and steady risk profile.

Worth knowing

• DUBS The engine changed mid-life: the note sleeve it launched with in 2023 gave way to total return swaps, so older numbers on screens came from a different strategy.sec.gov
• That swap sleeve leans on counterparties honoring their contracts and on how the systematic strategy inside them behaves.sec.gov
• Thinly traded for this category, so spreads can run wider and larger orders are worth pricing with limits.

• ROCY Launched in 2026, so the record is short and has not been through a full market cycle.
• Writing calls still trims what you keep in a fast rally; the long call softens the ceiling, it does not remove it.jpmorgan.com
• Distributions can include return of capital, which lowers your cost basis instead of adding income.jpmorgan.com

Full DUBS profile⁠

Full ROCY profile⁠