What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a $10,000 investment |
|---|---|---|
|
ZEGA
Buy and Hedge ETF |
$105 |
0.95% |
How did the Fund perform last year?
For the fiscal year ended April 30, 2026, the Fund gained 20.15% which outperformed the Bloomberg U.S. Aggregate Bond Index's return of 4.06%. The Fund underperformed the S&P 500® Total Return Index, which returned 31.05% during the fiscal year.
The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide exposure to the U.S. large capitalization equity market, while mitigating overall market downside risk in the event of a major market decline.
What Factors Influenced Performance?
1. Macroeconomic Environment: During the fiscal year, markets were supported by continued economic expansion and a resilient labor market, while investors navigated persistent inflation, elevated interest rates, and geopolitical uncertainty. This environment favored risk-managed equity exposure, allowing the Fund to participate in equity market gains while maintaining downside protection.
2. Portfolio Composition: As of April 30, 2026, the Fund’s holdings included a significant allocation to a State Street SPDR S&P 500 ETF call option which comprised over 100% of the portfolio’s weight due to leverage. The Fund also utilizes SPY put options as a hedge against broad market declines. These put positions are actively managed and rolled higher in strike price during periods of market appreciation, with the objective of limiting drawdowns to no more than 10% over any rolling 12-month period. Additionally, the Fund held various U.S. Treasury securities and cash equivalents, which provided income and helped manage risk.
3. Risk-Adjusted Metrics: The Fund’s Sharpe ratio as of April 30, 2026, was 1.48, indicating a favorable return relative to its risk. Other metrics, such as the Sortino ratio of 1.47 and Omega ratio of 1.28, further suggest that the Fund managed to achieve returns with controlled downside risk.
In summary, the Fund’s performance during the fiscal year was shaped by strategic options positioning, macroeconomic factors, and a diversified portfolio aimed at balancing growth and risk mitigation.
Cumulative Performance
(Initial Investment of $10,000)
Annual Performance
|
Average
Annual Returns for the
Periods
Ended April 30, 2026 |
1
Year |
Inception
(7/6/2021) |
|---|---|---|
|
ZEGA
Buy and Hedge ETF |
20.15% |
5.20% |
|
Bloomberg
U.S. Aggregate Bond Index |
4.06% |
-0.13% |
|
S&P
500® Total Return Index |
31.05% |
12.71% |
Key Fund Statistics
(as of April 30, 2026)
|
Fund
Size (Thousands) |
$34,183 |
|
Number
of Holdings |
9 |
|
Total
Advisory Fee Paid |
$295,240 |
|
Portfolio
Turnover Rate |
106% |
What did the Fund invest in?
(as of April 30, 2026)
Sector Breakdown
(% of total net assets)
|
Top
Holdings |
(%
of total net assets) |
|---|---|
|
State
Street SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $220.01 |
|
|
U.S.
Treasury Bill, 7/9/2026, 3.63% |
|
|
U.S.
Treasury Bill, 9/3/2026, 3.64% |
|
|
U.S.
Treasury Bill, 8/6/2026, 3.63% |
|
|
U.S.
Treasury Bill, 6/11/2026, 3.57% |
|
|
State
Street SPDR S&P 500 ETF Trust, Expiration: 6/30/2026; Exercise Price: $640.00 |
|
|
State
Street SPDR S&P 500 ETF Trust, Expiration: 9/18/2026; Exercise Price: $615.00 |
How has the Fund Changed?
Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.