DUBS vs SPIN

DUBSAAptus Large Cap Enhanced Yield ETF

SPINAState Street US Equity Premium Income 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.

SPIN State Street's take on the covered-call boom: an actively picked book of large- and mid-cap US stocks with index calls written over the top, priced at 0.25% a year, a fraction of the typical options-income fee.

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.

SPIN SPIN seeks current income while retaining potential for long-term growth. It actively invests in large- and mid-cap U.S. stocks selected for fundamentals, valuation, and growth prospects, while dynamically selling calls on a U.S. large-cap exposure such as the S&P 500 to add monthly income.

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

• SPIN 0.25% a year, a fraction of the typical options-income fee, and it undercuts close peers like PAPI (0.29%), ROCY and JOYT (0.35%) and DIVO (0.56%).
• Calls are sold against a US large-cap exposure such as the S&P 500 rather than name by name, so the stock sleeve's individual winners aren't each capped.ssga.com
• Underneath the overlay sits a real stock book: roughly 90 large- and mid-cap US names chosen on fundamentals, valuation and growth. Income is paid monthly.
• On cost and how closely it delivers its stated mandate, it sits among the stronger builds in a crowded options-income field.

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.

• SPIN The overlay pays for monthly income by giving up part of a sharp rally in the index it writes against. That trade sits at the heart of every covered-call fund.
• Small and lightly traded next to the category's household names, which can mean wider spreads getting in and out.
• Live since 2024, so the track record is short and hasn't spanned a full market cycle.

Full DUBS profile⁠

Full SPIN profile⁠