Zega Buy & Hedge ETF
$24.20−0.01 (−0.04%)
- 0.95%
- $32M
- +10.7%
- 2.40%
- 0M sh
- $24.24
- low $20.85high $24.49
The ETF.net ZHDG Grade
D
Score 40 out of 100
- 40 of 52
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays D for now. A new letter must hold for 3 published runs before it replaces it.
Cost
The fund’s net expense ratio, ranked against its category.F16 out of 100Rank 43 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A79 out of 100Rank 28 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C41 out of 100Rank 35 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F23 out of 100Rank 46 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C45 out of 100Rank 37 of 52
Our read on ZHDG
DMost funds in this corner sell upside for income. ZHDG does the reverse: it holds S&P 500 exposure through call options and uses a yield-bearing sleeve to pay for puts, targeting equity losses of 8-10% in any 12-month period.
The Fund seeks long-term capital appreciation while mitigating overall market risk.
Why people hold it
- The hedge is bought, not sold. Income from a bond and preferred sleeve funds the put protection, so upside isn't handed away as call premium the way covered-call peers do it.zegaetfs.commoney.usnews.com
- The downside plan is written into the fund's own materials: purchased puts aim to hold equity losses to 8-10% in any 12-month period. A stated number, not a vibe.zegaetfs.com
- Equity exposure comes from long call options on the S&P 500 and on SPY rather than the 500 stocks themselves, freeing most of the portfolio to sit in income-producing positions.zegaetfs.com
- Actively managed and trading since 2021, run by the ZEGA team that built the buy-and-hedge approach before wrapping it in an ETF.nasdaq.com
Worth knowing
- Hedging costs money. The 0.97% expense ratio runs well above the 0.60% typical for S&P 500 options-income funds, and cheaper option-based peers exist (IVVW 0.25%, GPIX 0.35%).
- The 8-10% figure is a target, not a floor. The fund's materials note total portfolio losses can exceed that range, since the yield-bearing sleeve carries its own risk.zegaetfs.com
- A small fund that trades thinly, so spreads can run wider than the big covered-call names. It also distributes annually or semiannually, not monthly like many income peers.
ZHDG Holdings
- Other
- 13
- 100%
- Spy 12/31/2026 220.01 C
Sectors
- Technology38.5%
- Financials11.5%
- Communication9.9%
- Consumer Discretionary9.5%
- Health Care8.9%
- Industrials8.4%
- Consumer Staples4.5%
- Energy3.0%
- Utilities2.2%
- Real Estate1.8%
- Materials1.6%
ZHDG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
ZHDG$11,070
Returns run to the Oct 12, 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.
| Period | ZHDG |
|---|---|
| Year to date | +7.0% |
| 1 month | +1.4% |
| 3 months | +2.4% |
| 1 year | +10.7% |
| 3 years | +14.7% |
| 5 years | +6.4% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | ZHDG |
|---|---|---|
| 2026 YTD | +7.0% | |
| 2025 | +14.3% | |
| 2024 | +18.0% | |
| 2023 | +13.1% | |
| 2022 | −22.1% | |
| 2021 | +6.4% |
ZHDG in the news
ZHDG Dividends
- 2.40%
- $0.58
- $0.58 per share
- Annual
Distribution history
ZHDG Risk
- 10.5%
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.
- 0.92
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.
- −23.3%
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.
- 0.80
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
ZHDG Cost
0.95%
ZHDG0.95%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
41 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- CSPYCSimplify US Equity PLUS Convexity ETFExpense ratio 0.53%1 year return +12.5%
- CTPAYRoundhill Investments - S&P 500 Target 10 Managed Distribution ETFExpense ratio 0.49%1 year return —
- CAPRJInnovator Premium Income 30 Barrier ETFExpense ratio 0.79%1 year return +6.2%
- DSDTYYieldMax S&P 500 0DTE Covered Call Strategy ETFExpense ratio 1.08%1 year return +21.0%
- DWDTES&P 500 Weekly Distribution ETFExpense ratio 1.03%1 year return +19.4%