What Is the CAPE ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Doubleline Shiller CAPE U.S. Equities ETF (CAPE) is an active ETF that uses Nobel laureate Robert Shiller's CAPE metric to select undervalued U.S. sectors and layers a momentum overlay on top. Key selection criteria include the management fee, the sector rotation strategy, the dividend schedule, and how it differs from broad core ETFs.
SubscribeWhat Is the Doubleline Shiller CAPE U.S. Equities ETF?
This U.S. equity ETF is based on the Shiller CAPE index and invests in the sectors of the U.S. large-cap market with relatively low valuations. It also incorporates a momentum factor to reduce the risk of value traps.
Rather than following a simple market-cap-weighted index, it uses a rules-based active strategy focused on undervalued sectors, which suits investors looking to diversify across U.S. equities.
It is an actively managed ETF run by Doubleline.
How Does the Doubleline Shiller CAPE U.S. Equities ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | Shiller CAPE U.S. Sector Index |
| Management Style | Active (rules-based sector rotation) |
| Rebalancing Frequency | Monthly |
| Dividend Frequency | Quarterly |
| Issuer | Doubleline |
| Expense Ratio | 0.65% |
Using the Shiller CAPE metric, the fund selects a small number of relatively undervalued sectors from among those that make up the U.S. large-cap market. To reduce the value-trap risk that comes with simply holding low-valuation sectors, it adds a momentum component and rebalances monthly to adjust its holdings.
- Sector selection based on Shiller CAPE valuations
- Momentum overlay to mitigate value traps
Doubleline Shiller CAPE U.S. Equities ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $211.3M, and the expense ratio is 0.65% per year.
Unlike broad market-cap-weighted ETFs, the fund concentrates on a handful of undervalued sectors, so its performance may diverge from that of the overall market.
Doubleline Shiller CAPE U.S. Equities ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeDepending on the relative performance of the selected undervalued sectors, the fund tends to follow a path different from the broad market index, and because of its sector rotation approach, periods of outperformance and underperformance versus the market can alternate.
Fund flows vary with demand for valuation-based active strategies, and flow volatility tends to increase when market preferences shift between growth and value stocks.
Doubleline Shiller CAPE U.S. Equities ETF Pros and Cons
Its differentiated valuation-based sector selection is a strength, while concentration in a few sectors and the cost of active management can work against it.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the Doubleline Shiller CAPE U.S. Equities ETF
Within the same U.S. active equity ETF category, DYNF and THRO, which use factor and thematic rotation strategies, and ARKK, which focuses on innovative growth stocks, can serve as comparisons. Investors who prefer broad U.S. core exposure may consider low-cost, market-cap-weighted ETFs such as VOO and VTI, and those who want a stronger focus on the value style can also look at value ETFs such as VTV.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 DYNF | iShares U.S. Equity Factor Rotation Active ETF | $67.36 | +1.4% | $41.6B | 0.26% | 0.83% | +10.6% |
 THRO | iShares U.S. Thematic Rotation Active ETF | $42.86 | +1.5% | $7.2B | 0.57% | 0.3% | +10.8% |
 ARKK | ARK Innovation ETF | $78.47 | +1.8% | $6.0B | 0.75% | - | -4.4% |
 JMEE | JPMorgan Small & Mid Cap Enhanced Equity ETF | $75.65 | +0.8% | $3.0B | 0.24% | 0.96% | +18.3% |
 PSC | Principal U.S. Small-Cap ETF | $68.58 | +0.9% | $2.7B | 0.38% | 0.59% | +20.5% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | 0.06% | $266.17 | -1.7% | $2.88T | 21.5 | - |
| TSLA | Tesla Inc | 0.05% | $390.84 | +2.9% | $1.54T | 429.9 | - |
| META | Meta Platforms Inc | 0.08% | $628.77 | -2.0% | $1.61T | 21.4 | 0.3% |
| LLY | Lilly(Eli) & Co | 0.08% | $1437.29 | +0.3% | $1.35T | 47.2 | 0.47% |
| JNJ | Johnson & Johnson | 0.06% | $280.41 | -0.1% | $675.0B | 42.5 | 1.91% |
| WELL | Welltower Inc | 0.03% | $247.35 | -0.1% | $181.5B | - | 1.29% |
| WMT | Walmart Inc | 0.03% | $125.67 | +0.1% | $997.0B | 45.5 | 0.79% |
Doubleline Shiller CAPE U.S. Equities ETF Investor Checkpoints
Here are the points to review before investing in CAPE. Unlike typical market-cap-weighted ETFs, it is an active strategy concentrated in undervalued sectors, so understanding the strategy and checking costs are important.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💡 Strategy Understanding | Understand the Shiller CAPE-based sector selection method | Needs review |
| 💵 Expense Ratio | Check the long-term impact of active management costs | Somewhat high |
| 📊 Sector Concentration | Review exposure concentrated in a few sectors | High concentration |
| 💱 Exchange Rate | Impact on returns when converted to Korean won | No currency hedge |
Because the performance of the few selected sectors drives overall returns, losses can exceed those of the broader market if those sectors struggle. Given the nature of active strategies, the gap versus the market index should also be taken into account.
The fund suits investors who want differentiated exposure to U.S. equities through valuation-based, rules-driven sector rotation. If simple, low-cost core exposure is the priority, broad ETFs such as VOO and VTI may be a better fit.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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