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ZHDG

GradeDNew York Stock Exchange Arca

Zega Buy & Hedge ETF

Option Income · ZEGA · Inception 2021-07-06 · SEC filings

$23.90−0.22 (−0.93%)

As of Sep 23, 2026, 1:49 PM EDT

Intraday session: down, 7 prints from 24.12 to 23.90. Range 23.85 to 24.12. Use the arrow keys to read each point.$24.00$24.1010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$31M
1Y return
+8.6%
Yield · Last 12 months
2.41%
Volume · 30D
0M sh
NAV per share
$24.12
52W range
low $20.85high $24.49

The ETF.net ZHDG Grade

D

35/ 100

Rank 47 of 52 in S&P 500 Option Income⁠

Confidence Medium

Six-pillar profile for ZHDG. Scores out of 100: Cost 9, Risk 35, Mission 79, Tradability 17, Holdings not scored, Durability 44. Strongest: Mission (79). Weakest: Cost (9). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 35 of 100 sits in the D 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.
    FScore 9
    Category rank49/52 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 79
    Category rank28/34 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 35
    Category rank39/52 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 17
    Category rank51/52 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank38/52 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ZHDG

ETF.net Research

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.

Stated mandate

The Fund seeks long-term capital appreciation while mitigating overall market risk.

Why people hold it

  1. 01The 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
  2. 02The 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
  3. 03Equity 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
  4. 04Actively 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

  1. 01Hedging 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%).
  2. 02The 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
  3. 03A 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

As of Sep 20, 2026, 10:18 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
SPY 12/31/2026 220.01 C72.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/31/2026 220.01 C72.32%510$24M1
002—United States Treasury Bill 07/09/20268.02%2,741,000$3M1
003—United States Treasury Bill 02/19/20267.60%2,561,000$3M1
004—United States Treasury Bill 08/06/20264.00%1,372,000$1M1
005—United States Treasury Bill 04/09/20263.66%1,241,000$1M1
006—United States Treasury Bill 06/11/20262.53%862,000$850K1
007—SPY US 12/18/26 P6150.51%85$170K1
008—SPY US 09/18/26 P6150.38%85$128K1
009—First American Government Obligations Fund 12/01/20310.31%104,744$105K625
010—SPY US 06/30/26 P6150.25%85$84K1
011—SPY US 06/18/26 P6150.23%85$78K1
012—SPY US 04/30/26 P6150.15%85$49K1
013—SPY US 03/31/26 P6150.09%85$31K1

Showing 1–13 of 13 holdings

ZHDG Performance

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

ZHDG$10,861
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. ZHDG $10,861. SPY $11,723. Use the arrow keys to read each point.$9,197$10,574$11,952Sep 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 ZHDG. Periods over one year show the average yearly return.
PeriodZHDG
Year to date+6.6%
1 month+0.8%
3 months+2.8%
1 year+8.6%
3 years+14.6%per year
5 years+6.1%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 ZHDG
YearReturn barZHDG
2026 YTD+6.6%
2025+14.3%
2024+18.0%
2023+13.1%
2022−22.1%
2021+6.4%

History from Jul 7, 2021

ZHDG in the news

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

ZHDG 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.
2.41%Last 12 months
Payout per share
$0.58Last 12 months
Last payment
$0.58 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 22, 2021 $0.28; Dec 23, 2022 $0.57; Dec 22, 2023 $0.27; Dec 24, 2024 $0.53; Dec 24, 2025 $0.58. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.58
Dec 24, 2024Dec 27, 2024$0.53
Dec 22, 2023Dec 28, 2023$0.27
Dec 23, 2022Dec 28, 2022$0.57
Dec 22, 2021Dec 28, 2021$0.28

ZHDG Risk

How much the fund’s monthly returns vary, scaled to a year.
11.0%
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.
0.75
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.
−23.3%
Trough Dec 2022
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.
0.80
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.

ZHDG Cost

Expense ratio0.95%
  • 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.

ZHDG costs $95.00 a year on $10,000. The median S&P 500 Option Income fund costs $60.00.