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DEFRAptus Deferred Income ETF

Get incomeTake a bet1y track recordRanked #354 of 775 in this goal

Seeks to exceed the performance of the Bloomberg U.S. Aggregate Bond Index.

By APTUS ETFs · Launched 2025

Annual Cost

0.79%

#4,047 of 5,562 · expensive

Fund Size

$122M

#2,749 of 5,562 · mid-size

Dividend YieldGoal

0.00%

Track Record

1 year

#4,393 of 5,562 · young

Performance

Total-return NAV · USD
Growth of $10,000
$10,548+5.5%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 100.1% of fundconcentrated

N/A
48.7%
N/A
44.0%
TREASURY BILL
5.5%
N/A
2.2%
N/A
0.3%
First American Treasury Obliga
0.2%
N/A
0.1%
N/A
-0.0%
N/A
-0.0%
N/A
-1.0%

Asset allocation

Stocks
186.2%
Other
34.0%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
5.2%Low

Year-on-year price swings

Max drawdown
-3.9%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to exceed the performance of the Bloomberg U.S. Aggregate Bond Index.
Strategy
Actively managed, the Fund invests in options, total return swaps, Treasury Bills, and box spreads to provide a tax-efficient return. It aims to maintain a risk profile similar to the Index, managing portfolio duration between 75% and 125% of the Index's duration.
Inception date
May 13, 2025
Fund family
APTUS ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Why we flagged this: strategy=option_income + option_income_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-20