ZHDG Zega Buy & Hedge ETF

ETF 23.85 Delayed

ETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

ZHDG $23.85 —
Key stats
$23.85
52-Week Range
$20.85 – $24.49
YTD
+6.14%
IV Rank (30D)
37.94
Straddle Price
$1.00
Open
$23.81
Day Range
$23.81 – $23.81
Volume
135
Prev Close
$24.14
About

Zega Buy & Hedge ETF (ZHDG) ETF

No description available.

Exchange
ARCX
Inception
2021-07-06
Has Options
Yes
Fund profile
holdings as of Jul 31, 2026SEC filingthrough Jul 2026flows, SEC filings
Allocation Tactical & Rotation#43 of 64 by assets Zega Actively managed
Expense ratio
0.97%
prospectus, filed Aug 25, 2025
Assets
$35M
SEC filing, Jul 31, 2026
Trailing yield
2.40%
paid annual
Average daily volume
$235K
30 sessions
Holdings
9
top 10 are 98.2%
Listed
Jul 6, 2021
NYSE Arca
Last fee change
-3 bp
filed Aug 25, 2025
Closure risk, 12 months
4.5%
low: trading volume, size of the sponsor's line-up · model
FrenzyCap ETF score
15
how it is built
Cost24
Liquidity12
Scale20
Diversification0

Moves with. US large-cap stocks (76% of its variance, beta 0.77). These factors explain 80% of its daily moves over the last year.

Stated objective. The ZEGA Buy and Hedge ETF (the Fund) seeks long-term capital appreciation while mitigating overall market risk. (from the fund's prospectus)

All 9 holdingsFlow historyOverlap toolAll Tactical & Rotation ETFs

Fund flows
through Jul 2026SEC filings
Jul 2026
+$4K
latest reported month
Latest 3 months
−$566K
−1.6% of assets
Latest 12 months
+$4.6M
+13.0% of assets
Aug 2025: −$551KSep 2025: +$534KSepOct 2025: +$2.9M+$2.9MNov 2025: +$578KNovDec 2025: +$2.3MJan 2026: −$574K−$574KJanFeb 2026: $0Mar 2026: +$534KMarApr 2026: −$548KMay 2026: −$570KMayJun 2026: $0Jul 2026: +$4KJul
View as a table
Net flows of ZHDG by month, Aug 2025 to Jul 2026
MonthNet flow
Jul 2026+$4K
Jun 2026$0
May 2026−$570K
Apr 2026−$548K
Mar 2026+$534K
Feb 2026$0
Jan 2026−$574K
Dec 2025+$2.3M
Nov 2025+$578K
Oct 2025+$2.9M
Sep 2025+$534K
Aug 2025−$551K

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 61 months ago

Similar funds
FundOverlapFeeAssets1Y
DYNFiShares U.S. Equity Factor Rotation Active ETF—0.26%$42.5B+16.7%compare
COROiShares International Country Rotation Active ETF—0.55%$13.4B+16.1%compare
THROiShares U.S. Thematic Rotation Active ETF—0.57%$7.5B+16.6%compare
SECTMain Sector Rotation ETF—0.69%$2.9B+13.2%compare
XLSRState Street US Sector Rotation ETF—0.70%$1.1B+10.7%compare

The largest other funds in the Tactical & Rotation category.

Under the hood
fiscal year to Apr 30, 2026SEC census
Authorized participants
3 active
of 3 with agreements; top 3 did 100%
Created · redeemed
$13M · $9.9M
over the fiscal year
Redemptions in kind
0%
creations 19% in kind
Creation unit
25,000
shares
Securities lending
not authorized

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2026-07-31
Holdings
9
AUM
$35.2M
Provider
Nport
Inception
2021-07-06
Exchange
ARCX
Data As Of
2026-07-31
Expense Ratio
0.97%
Dividend Yield
2.41%
Distribution
Annual
Recent distributions
Ex-Date Pay Date Amount Type
2025-12-24 2025-12-26 $0.5805 CD
2024-12-24 2024-12-27 $0.5258 CD
2023-12-22 2023-12-28 $0.2687 CD
2022-12-23 2022-12-28 $0.5667 CD
2021-12-22 2021-12-28 $0.2800 CD
Asset Allocation
Top Holdings
top 9 of 9 holdings
Symbol Name Weight % Asset Class Country
— N/A 73.65% Derivative (equity) US
— TREASURY BILL 8.14% Debt US
— TREASURY BILL 5.95% Debt US
— TREASURY BILL 5.17% Debt US
— TREASURY BILL 3.75% Debt US
— First American Government Obli 1.82% Short-term investment US
— N/A 1.18% Derivative (equity) US
— N/A 0.22% Derivative (equity) US
— N/A 0.11% Derivative (equity) US
Non-Equity Breakdown
ZEGA Buy and Hedge ETF · NPORT-P period 2026-07-31 (filed 2026-09-21)
Net assets: $35M · 9 total positions · equity 0.00% · non-equity 100.00%
Non-equity holdings — 9 positions, 100.00% of NAV
Category Weight Value Positions
Derivative (equity) 75.16% $26.5M 4
US Treasury 23.02% $8.1M 4
Short-term investment 1.82% $641666 1
Chart
Seasonality
'21'22'23'24'25'26Avg
Jan---5.22%4.56%0.88%2.37%0.68%0.65%
Feb---3.28%-3.67%3.10%-0.86%-1.59%-1.26%
Mar--2.85%3.28%2.47%-3.63%-5.95%-0.20%
Apr---7.31%0.56%-3.28%0.43%6.73%-0.57%
May---0.81%-0.24%4.43%4.80%4.54%2.54%
Jun---8.31%4.59%3.60%3.90%-1.44%0.47%
Jul0.47%4.96%2.69%1.52%1.76%0.19%1.93%
Aug2.40%-3.53%-0.31%3.16%2.98%0.58%0.88%
Sep-3.31%-5.46%-4.15%3.83%4.21%0.45%-0.74%
Oct3.91%4.10%-2.45%0.08%2.03%-0.40%*1.21%
Nov-0.65%2.47%5.35%5.18%-0.53%--2.36%
Dec2.94%-9.28%-0.06%-5.12%-1.83%---2.67%
Total5.71%-26.37%10.00%21.12%16.37%3.31%5.02%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $24.04
SMA 50: $23.99
SMA 200: $23.12
Current: $23.81
EMA 12: $24.01
EMA 26: $24.00
MACD: 0.0095 | Signal: -0.0270
BULLISH
ADX (14): 21.01
WEAK TREND
+DI: 22.00
−DI: 39.07

Momentum Oscillators

RSI (14): 43.49
NEUTRAL
Stoch %K: 64.50
Stoch %D: 64.95
Williams %R: -54.92

Volume & Volatility

BB Upper: $24.29
BB Lower: $23.78
NEUTRAL
OBV: 157,844
Vol SMA 20: 4,042
Vol ROC: -96.29%
ATR: $0.19
True Range: $0.32
HV 20: 8.1%
HV 30: 9.1%
HV 60: 10.1%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

ZHDG Options Activity & IV Rank

ZHDG IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 20.5%
7-DTE IV: —
Expected Move: $1.00
7-DTE Move: $1.00
Days to Exp: 29 (2026-11-20)

Options Flow

Call Volume: 0
Put Volume: 0
P/C Volume: —
Call OI: 0
Put OI: 0
P/C OI: —
Total OI: 0

ATM Options Pricing

ATM Call: $0.50
ATM Put: $0.50
Call %: 2.1%
Put %: 2.1%

Chain Summary

Chain Volume: 0
Chain OI: 0
Last Updated: 10/22/2026
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
No data
30 DTE / 10d —
— pts EXTREME
ATM 17.6% / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)37.9MediumOct 22
Straddle Price (30 DTE)$1.00Oct 22
Beta Analysis

Risk Metrics

Beta: 0.8067
Alpha: -6.13%
Correlation: 0.8907
R-Squared: 79.3%
Stock Volatility: 11.5%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Moderate volatility - stock generally follows market
Beta & Alpha Over Time

ZHDG Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

16 filers1,773,733 shares$41.73M value
# Filer Shares Value % of Total % of Float Period
1 ZEGA Investments, LLC 1,002,872 $23.60M 56.56% — 2026-06-30
2 Wealth Watch Advisors, INC 214,102 $5.04M 12.07% — 2026-06-30
3 Allen Capital Group, LLC 152,460 $3.59M 8.60% — 2026-06-30
4 Coppell Advisory Solutions LLC 83,238 $1.94M 4.65% — 2026-06-30
5 Susquehanna International Group, LLP Custodian 51,429 $1.21M 2.90% — 2026-06-30
6 Optivise Advisory Services LLC 41,471 $975.92K 2.34% — 2026-06-30
7 Virtue Capital Management, LLC 40,359 $949.76K 2.28% — 2026-06-30
8 Authentikos Wealth Advisory, LLC 39,583 $931.50K 2.23% — 2026-06-30
9 Royal Fund Management, LLC 39,079 $919.65K 2.20% — 2026-06-30
10 CreativeOne Wealth, LLC 24,168 $568.74K 1.36% — 2026-06-30
11 Nicholas Wealth, LLC. 21,303 $501.32K 1.20% — 2026-06-30
12 Jane Street Group, LLC Custodian 19,616 $461.62K 1.11% — 2026-06-30
13 OLD MISSION CAPITAL LLC 16,097 $378.81K 0.91% — 2026-06-30
14 Farther Finance Advisors, LLC Custodian 14,942 $357.13K 0.86% — 2026-09-30
15 GTS SECURITIES LLC 13,013 $306.24K 0.73% — 2026-06-30
16 Morgan Stanley Custodian 1 $31 <0.01% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
170.00
SI % of Float
—
Days to Cover
1.00
Short Vol Ratio
92.4%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance

Click any bar to view the full quote for that stock.

Constituents
Symbol Name Weight % Price 1 Day 1 Week 1 Month