CAPE ETF — Holdings & Analysis

For informational purposes only. Not financial advice.

Quick Answer

The DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) is an equity ETF managed by DoubleLine, with $0.32 billion in assets under management.

Launched in 2022, CAPE seeks to replicate the Shiller Barclays CAPETM US Core Sector Index, focusing on undervalued U.S. equity sectors with strong price momentum. The ETF utilizes the CAPE ratio to evaluate sector valuations, differentiating itself through a value and momentum-driven approach to sector allocation within the S&P 500, while charging investors a 0.65% expense ratio.

DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) ETF — Price, Holdings & Analysis

The DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) is an equity ETF managed by DoubleLine, with $0.32 billion in assets under management. Launched in 2022, CAPE seeks to replicate the Shiller Barclays CAPETM US Core Sector Index, focusing on undervalued U.S. equity sectors with strong price momentum. The ETF utilizes the CAPE ratio to evaluate sector valuations, differentiating itself through a value and momentum-driven approach to sector allocation within the S&P 500, while charging investors a 0.65% expense ratio.

ETF Overview

The investment seeks to replicate, net of expenses, the Shiller Barclays CAPETM US Core Sector Index. The index seeks to provide a notional long exposure to the top four relatively undervalued U.S. equity sectors that also exhibit relatively strong price momentum. It incorporates the CAPE (Cyclically Adjusted Price Earnings) ratio to assess equity market valuations of nine sectors on a monthly basis and to identify the relatively undervalued sectors represented in the S&P 500Â.

The DoubleLine Shiller CAPE U.S. Equities ETF (CAPE) aims to provide exposure to relatively undervalued U.S. equity sectors exhibiting strong price momentum. The fund tracks the Shiller Barclays CAPETM US Core Sector Index, which employs the Cyclically Adjusted Price Earnings (CAPE) ratio to assess the valuation of nine S&P 500 sectors monthly. CAPE then invests in the top four undervalued sectors. As of 2026-03-15, the ETF's largest sector allocations are Communication Services (25.3%), Real Estate (24.7%), Healthcare (24.1%), and Basic Materials (22.0%). The fund's top holdings include Meta Platforms Inc Class A (5.25%), Eli Lilly and Co (3.54%), and Linde PLC (3.52%). This strategy differentiates CAPE from traditional market-cap weighted ETFs by actively selecting sectors based on valuation and momentum factors. CAPE is suitable for investors seeking a potentially higher return profile through a sector rotation strategy based on macroeconomic valuation metrics.

Risk Metrics

CAPE's investment strategy introduces specific risks. The fund's sector allocation is concentrated, with approximately 96.1% of its assets allocated to Communication Services, Real Estate, Healthcare, and Basic Materials, which may lead to increased volatility compared to more diversified ETFs. The fund's beta of 0.88 (3Y) suggests it is less volatile than the overall market. The expense ratio of 0.65% can create a drag on performance, especially in periods of low returns. Furthermore, the active sector rotation strategy, while potentially rewarding, carries the risk of underperforming the market if the selected sectors do not perform as expected. The fund's focus on specific sectors makes it vulnerable to sector-specific downturns.

Expense Ratio

0.65%

What does CAPE hold?

Holding	Weight
Meta Platforms Inc Class A (META)	5.25%
Eli Lilly and Co (LLY)	3.54%
Linde PLC (LIN)	3.52%
Alphabet Inc Class A (GOOGL)	2.83%
Welltower Inc (WELL)	2.37%
Johnson & Johnson (JNJ)	2.35%
Alphabet Inc Class C (GOOG)	2.27%
Prologis Inc (PLD)	2.22%
Newmont Corp (NEM)	2.00%
AbbVie Inc (ABBV)	1.69%

How Is the Fund Allocated?

Sector	Weight
Communication Services	25.3%
Real Estate	24.7%
Healthcare	24.1%
Basic Materials	22.0%
Consumer Cyclical	3.8%

Country	Weight
United States	93.6%
United Kingdom	4.0%
Ireland	1.4%
Switzerland	0.7%
Other	0.3%

Dividend Yield

0.00%

iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
ARK Innovation ETF (ARKK) — 0.75% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

DoubleLine Securitized Credit ETF (DSCO) (Equity) — 0.50% expense ratio

Risk Metrics

Beta: 0.88

Questions & Answers

What is CAPE and what does it track?

CAPE, or the DoubleLine Shiller CAPE U.S. Equities ETF, seeks to replicate the Shiller Barclays CAPETM US Core Sector Index. This index employs the Cyclically Adjusted Price Earnings (CAPE) ratio to identify relatively undervalued sectors within the S&P 500.

The ETF invests in the top four undervalued U.S. equity sectors that also exhibit relatively strong price momentum.

What is the expense ratio for CAPE?

The expense ratio for CAPE is 0.65%. This means that for every $10,000 invested, $65 is deducted annually to cover the fund's operating expenses.

While this provides access to a unique sector rotation strategy based on the Shiller CAPE methodology, the expense ratio is higher than some broad market equity ETFs. The expense ratio in relation to the potential benefits of the fund's investment strategy may be worth researching.

What are the top holdings in CAPE?

As of 2026-03-15, the top holdings in CAPE include Meta Platforms Inc Class A, with a weighting of 5.25%. Other significant holdings are Eli Lilly and Co at 3.54%, and Linde PLC at 3.52%.

Alphabet Inc Class A and Class C shares also feature prominently, with weightings of 2.83% and 2.27% respectively.

Is CAPE a good long-term investment?

Whether CAPE is a suitable long-term investment depends on an investor's individual risk tolerance and investment objectives. The fund's strategy of rotating into undervalued sectors based on the CAPE ratio may offer the potential for long-term capital appreciation.

However, the fund's concentrated sector allocations and active management also introduce risks.

How does CAPE compare to similar ETFs?

CAPE differentiates itself through its unique sector rotation strategy based on the Shiller Barclays CAPETM US Core Sector Index. Unlike broad market ETFs, CAPE actively selects sectors based on valuation and momentum factors.

With an AUM of $0.32 billion, it is smaller than some established broad market ETFs.

Does CAPE pay dividends?

As of 2026-03-15, the DoubleLine Shiller CAPE U.S. Equities ETF has a dividend yield of 0.00%. This indicates that the fund is not currently distributing income to shareholders in the form of dividends.

Investors seeking current income may need to consider other dividend-focused ETFs or investment strategies. The fund's focus is primarily on capital appreciation through sector rotation rather than income generation.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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