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Launched · SEC filings

Zega Buy & Hedge ETF

ZHDGNYSE ArcaD

$23.66+0.11 (+0.47%)

As of Nov 2, 2026, 3:58 PM ET

D38/ 100

Rank 46 of 52 in S&P 500 Option Income

D38/100Rank 46 of 52inS&P 500 Option Income
Intraday session: up, 73 prints from 23.55 to 23.66. Range 23.63 to 23.82. Use the arrow keys to read each point.23.6023.7023.7523.8010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$31M
1Y total return
+4.1%
Yield · Last 12 months
2.46%
Holdings
10
Avg volume · 30D
6.41K sh
52W range
low $20.85high $24.49
Launched
Filings
SEC EDGAR

The ETF.net ZHDG Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
S&P 500 Option Income⁠
Rank
46 of 52
Six-pillar profile for ZHDG. Scores out of 100: Cost 14, Risk 35, Mission 83, Tradability 18, Holdings not scored, Durability 44. Strongest: Mission (83). Weakest: Cost (14). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F14 out of 100
    Rank 44 of 52

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A83 out of 100
    Rank 26 of 36

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 38 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F18 out of 100
    Rank 50 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C44 out of 100
    Rank 38 of 52

Our read on ZHDG

ETF.net Research

In short

DMost S&P 500 options funds sell calls for income. ZHDG buys them: laddered long calls plus income assets and protective puts, aiming to hold equity-sleeve losses near 8-10% over any 12 months. Costs 0.95%.

Stated mandate

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

Why people hold it

  • Builds S&P 500 exposure from long calls and income-producing assets, with put options for protection, targeting 100% notional market exposure without owning the stocks.sec.gov
  • The ladder spans at least two expiration rungs across a rolling 12 months, so hedges roll continuously instead of resetting on one fixed annual date like buffer funds.sec.gov
  • Upside comes from owning options rather than writing them, so this is not the premium-selling engine behind most funds in the S&P 500 options-income group. Running since 2021.sec.gov

Worth knowing

  • At 0.95% with no waiver, it sits above the category median; peers such as IVVW at 0.25% and GPIX at 0.29% (net of a waiver through April 30, 2027) run far cheaper.
  • The hedge has a price: option time decay. The prospectus notes shorter-period losses can exceed the 8-10% target, and the fixed income sleeve can fall at the same time.sec.gov
  • A small fund that can trade thinly, and it distributes annually or semiannually rather than monthly like much of the options-income category.

ZHDG Holdings

Asset class
Other
Holdings
10
Top-10 weight
100%
Largest holding
Spy 12/31/2026 220.01 C77.3%

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%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSpy 12/31/2026 220.01 C77.30%440$24.1M1
2No dataUnited States Treasury Bill 02/18/20278.01%2,535,000$2.5M60
3No dataUnited States Treasury Bill 07/08/20275.66%1,820,000$1.77M67
4No dataUnited States Treasury Note/Bond 2.375% 05/15/20275.01%1,582,000$1.57M57
5No dataFirst American Government Obligations Fund 12/01/20311.84%575,383$575K477
6No dataSpy Us 09/17/27 P7651.06%84$331K1
7No dataSpy Us 06/30/27 P7500.93%99$289K1
8No dataCash & Other0.14%42,802$42.8K609
9No dataSpy Us 12/18/26 P6500.05%84$14.9K1
10No dataSpy Us 10/30/26 C810<0.01%410$2051

Showing 1–10 of 10 holdings

ZHDG Performance

Launched Jul 6, 2021

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$10,415
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. ZHDG $10,415. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+4.4%
1 month−1.1%
3 months+0.7%
1 year+4.1%
3 yearsper year+15.0%
5 yearsper year+5.0%
10 yearsFund is under 10 years oldper yearNo data

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+4.4%
2025+14.3%
2024+18.0%
2023+13.1%
2022−22.1%
2021+6.4%

History from Jul 7, 2021

ZHDG in the news

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 Oct 30, 2026.
2.46%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

$10,000 in ZHDG 5 years ago paid $1,055 in dividends.

ZHDG Risk

Risk pillarD35 out of 100Rank 38 of 52 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
10.4%
Annualised · 36 months to Oct 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.
0.98
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

ZHDG Cost

Compare ZHDG and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$15,763

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ZHDG 0.95%

    $17,869

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • ZHDG 0.95%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ZHDG $17,869PEPS $2,106

Year by year

YearZHDGPEPSOverpaying
10$1,678$183$1,495
20$6,322$717$5,605
30$17,869$2,106$15,763

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