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SHDG

GradeCChicago Board Options Exchange

Soundwatch Hedged Equity ETF

Option Income · SoundWatch Capital · Inception 2022-10-24

$33.63−0.25 (−0.74%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Oct 24, 2022.
Intraday session: down, 45 prints from 33.89 to 33.63. Range 33.56 to 33.83. Use the arrow keys to read each point.$33.60$33.70$33.8010 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$158M
1Y return
+7.8%
Yield · Last 12 months
0.47%
Volume · 30D
0M sh
NAV per share
$33.85
52W range
low $30.62high $33.92

The ETF.net SHDG Grade

C

50/ 100

Rank 33 of 52 in S&P 500 Option Income⁠

Confidence High

Six-pillar profile for SHDG. Scores out of 100: Cost 60, Risk 46, Mission 65, Tradability 22, Holdings 38, Durability 52. Strongest: Mission (65). Weakest: Tradability (22). Leans toward Mission and Cost.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 60
    Category rank21/52 · top 40%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 65
    Category rank29/34 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 46
    Category rank29/52 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 22
    Category rank48/52 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank34/41 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 52
    Category rank33/52 · mid-pack

Graded as of Sep 22, 2026

Our read on SHDG

ETF.net Research

CMost S&P 500 options funds are built to mail you a check. SHDG goes the other way: a systematic hedge wrapped around broad US equity, aimed at long-term growth with a downside cushion, at a fee below the group's norm.

Stated mandate

The Fund seeks long-term capital appreciation. It uses a systematic hedged-equity model with broad-based U.S. market exposure intended to reduce downside risk while retaining long-term equity gains.

Why people hold it

  1. 01Growth-first mandate. The fund targets long-term capital appreciation, using a systematic hedged-equity model to reduce downside risk while keeping long-term equity gains in play.
  2. 020.53% a year undercuts the typical fee among S&P 500 options-and-hedging funds.
  3. 03Familiar ground underneath the hedge: broad US market exposure referenced to the S&P 500, not an exotic basket.
  4. 04Trading since 2022, so there is a live operating record behind the model rather than a backtest.

Worth knowing

  1. 01Thinly traded. Limit orders matter here, and spreads can run wider than the household names in the category.
  2. 02Not an income machine. Distributions land annually or semiannually, not the monthly cadence much of this cohort is built around.
  3. 03A hedge has a price: it damps the drops and clips the sprints. Cheaper S&P 500 peers also exist, including IVVW at 0.25% and PBP at 0.29%.

SHDG Holdings

As of Sep 20, 2026, 10:19 AM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
IVV97.0%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IVViShares Core S&P 500 ETF97.04%197,682$151M54
002—First American Government Obligations Fund 12/01/20312.24%3,493,767$3M625
003—Cash & Other0.63%986,015$986K674
004—SPXW US 12/31/26 C75700.12%6$194K1
005—SPXW US 09/30/26 P71200.04%206$64K1

Showing 1–5 of 5 holdings

SHDG Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SHDG$10,781
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SHDG $10,781. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SHDG. Periods over one year show the average yearly return.
PeriodSHDG
Year to date+4.9%
1 month+1.5%
3 months+3.7%
1 year+7.8%
3 years+14.1%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SHDG
YearReturn barSHDG
2026 YTD+4.9%
2025+11.5%
2024+19.7%
2023+17.9%
2022+2.6%

Since listing, Oct 24, 2022

SHDG in the news

ETF.net Research hasn’t filed on SHDG yet — coverage lands here as it’s written.

SHDG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.47%Last 12 months
Payout per share
$0.16Last 12 months
Last payment
$0.16 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 28, 2022 $0.19; Dec 21, 2023 $0.30; Dec 27, 2024 $0.18; Dec 29, 2025 $0.16. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$0.16
Dec 27, 2024Dec 30, 2024$0.18
Dec 21, 2023Dec 26, 2023$0.30
Dec 28, 2022Dec 30, 2022$0.19

SHDG Risk

How much the fund’s monthly returns vary, scaled to a year.
9.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.76
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−15.8%
46 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.71
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SHDG Cost

Expense ratio1.01%
  • The middle half of S&P 500 Option Income funds
  • Median 0.60%

47 of the 51 S&P 500 Option Income funds charge less.

SHDG costs $101.00 a year on $10,000. The median S&P 500 Option Income fund costs $60.00.