---
ticker: "ZHDG"
name: "Zega Buy & Hedge ETF"
url: "https://etf.net/etf/ZHDG"
grade: "D"
score: 40
graded_at: "2026-10-12"
category: "S&P 500 Option Income"
category_rank: "40 of 52"
methodology: "https://etf.net/methodology"
---

# ZHDG: Zega Buy & Hedge ETF

Grade **D**, Score 40 of 100. Rank 40 of 52 in S&P 500 Option Income.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 16 | 43 of 52 |
| Mission | 79 | 28 of 35 |
| Risk | 41 | 35 of 52 |
| Tradability | 23 | 46 of 52 |
| Holdings | Not scored | — |
| Durability | 45 | 37 of 52 |

## Top holdings

The fund holds 13 positions. These are the largest 13, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Spy 12/31/2026 220.01 C | 72.32% |
| 2 | — | United States Treasury Bill 07/09/2026 | 8.02% |
| 3 | — | United States Treasury Bill 02/19/2026 | 7.60% |
| 4 | — | United States Treasury Bill 08/06/2026 | 4.00% |
| 5 | — | United States Treasury Bill 04/09/2026 | 3.66% |
| 6 | — | United States Treasury Bill 06/11/2026 | 2.53% |
| 7 | — | Spy Us 12/18/26 P615 | 0.51% |
| 8 | — | Spy Us 09/18/26 P615 | 0.38% |
| 9 | — | First American Government Obligations Fund 12/01/2031 | 0.31% |
| 10 | — | Spy Us 06/30/26 P615 | 0.25% |
| 11 | — | Spy Us 06/18/26 P615 | 0.23% |
| 12 | — | Spy Us 04/30/26 P615 | 0.15% |
| 13 | — | Spy Us 03/31/26 P615 | 0.09% |

Source: etf.net, https://etf.net/etf/ZHDG. Please cite the page URL.