Maybe, though recognize that correlation is not causation.
DoubleLine has not especially impressed with its enhanced version of
CAPE (DSEEX). It has generated negative "enhancement" relative to CAPD over the past five years (11.13% vs. 12.50%), three years (11.35% vs. 13.50%), and one year (-8.01% vs. -5.86%).
No matter, they've both underperformed the S&P 500 over the past five years (13.09% return), three years (14.62%), one year (-1.23%). All figures from M*, through June 8th. At least through the last quarter (March 31st), CAPD has outperformed the S&P 500 over the past five, three, and one year periods, though DSEEX remains the worst of the three.
http://performance.morningstar.com/fund/performance-return.action?t=DSEEX(Add CAPD for performance comparisons)
FWIW, M* reclassified DSEEX as large cap blend in 2019. Until then it had considered the fund to be a large cap value fund. In contrast, CAPD (formerly
CAPE) maintains its classification as large cap value.
https://www.morningstar.com/etfs/arcx/capd/performanceDoubleLine could be taking a reputational risk as a bond house by starting a
CAPE ETF that might outperform the bond-enhanced DSEEX, just as CAPD has outperformed DSEEX. Or perhaps not, since its
CAPE ETF is not going to track the
CAPE index (unlike the equity portion of DSEEX).
The ETF's stated "objective is to seek total return which exceeds the total return of the S&P 500 index." (One might ask why then is it using the Schiller
CAPE index as a reference, since that's underperformed the S&P 500 for years; but that's a separate question.)
The ETF merely "considers the underlying constituents of the Shiller Barclays
CAPE® US TR USD index ... Because the Fund is actively managed, the Adviser has the discretion to invest in securities not included in the index and may over or underweight a particular sector as it deems appropriate in seeking the Fund's investment objective."
In short, "the Fund does not seek to track or replicate the Index."
CAPE ETF Summary Prospectus