RSBA — Return Stacked Bonds & Merger Arbitrage ETF
Data updated: 2026-09-28
RSBA — Return Stacked Bonds & Merger Arbitrage ETF. 1.01% expense ratio · since 2024 · Event-Driven. Holdings, fees, performance and SEC filings.
RSBA Fund Overview
RSBA — Return Stacked Bonds & Merger Arbitrage ETF is a US ETF managed by Tidal Investments LLC, categorised as Event-Driven. Its benchmark is the NASDAQ-100 Total Return Index. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Adviser: Tidal Investments LLC
- Sub-adviser: Newfound Research LLC
- Trust: Tidal Trust II
- Category: Event-Driven
- Minimum investment: none, traded on an exchange
- Benchmark: NASDAQ-100 Total Return Index
- Inception date: December 17, 2024
- Exchange: CBSX
- Assets under management: $52.66M
- 1-year return: 2.0%
- Ticker: RSBA
- SEC CIK: 0001924868
- SEC series ID: S000089361
- Share class ID: C000255882
- FIGI: BBG01R9HZQC3
- LEI: 254900M4QY7TO2322T33
About RSBA
Return Stacked Bonds & Merger Arbitrage ETF (RSBA) seeks long-term capital appreciation by combining two strategies using leverage. An actively managed bond strategy targets the total return of the broad U.S. Treasury market through futures, swaps and Treasury securities, while a passively managed merger arbitrage strategy seeks to generally track the AlphaBeta Merger Arbitrage Index, which invests in long and short U.S. equities involved in announced mergers and takeovers. Launched December 17, 2024, RSBA costs 1.01% a year and returned 2.0% in the 12 months to July 31, 2026, based on monthly returns reported to the SEC on Form N-PORT, with 3.9% volatility.
RSBA Holdings
Top 9 holdings of Return Stacked Bonds & Merger Arbitrage ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| First American Government Obli | 28.00% |
| Webster Financial Corp | 12.65% |
| Caesars Entertainment Inc | 12.28% |
| DigitalBridge Group Inc | 10.00% |
| Apogee Therapeutics Inc | 9.60% |
| Talkspace Inc | 4.86% |
| Clear Channel Outdoor Holdings | 4.70% |
| Penumbra Inc | 4.65% |
| Brighthouse Financial Inc | 4.56% |
RSBA Portfolio Allocation
Asset-class allocation of Return Stacked Bonds & Merger Arbitrage ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 63.3% |
| Cash & Equivalents | 28.0% |
RSBA Performance
Total returns for RSBA through July 2026, from SEC filings.
| Period | Total return |
|---|---|
| YTD | -1.16% |
| 1 year | 1.99% |
RSBA Risk Information
Risk metrics for RSBA, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.92%
RSBA Costs and Fees
RSBA costs about $101 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.01%
- Gross expense ratio: 1.01%
- Portfolio turnover: 305%
- Brokerage commissions: 20.05 bps of average net assets (SEC N-CEN)
RSBA Cashflows
Over the 12 months to 2026-07, Return Stacked Bonds & Merger Arbitrage ETF had net inflows of $37.12M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $3.64M |
| 2026-06 | $1.57M |
| 2026-05 | −$4.66M |
| 2026-04 | −$4.66M |
| 2026-03 | −$3.66M |
| 2026-02 | $9.45M |
RSBA Debt Constituents
No individual debt constituents are reported in Return Stacked Bonds & Merger Arbitrage ETF's latest SEC N-PORT filing.
RSBA Prospectus and SEC Filings
Official Return Stacked Bonds & Merger Arbitrage ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-27
- Prospectus (485BPOS) — filed 2025-05-27
- Prospectus (485BPOS) — filed 2024-12-16
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-31
- Annual census (N-CEN) — filed 2026-04-10
- Annual census (N-CEN) — filed 2025-04-15
RSBA Service Providers
Firms that manage, distribute, hold, administer and audit Return Stacked Bonds & Merger Arbitrage ETF, as reported on SEC Form N-CEN, fiscal year ending January 31, 2026.
- Adviser: Tidal Investments LLC
- Sub-adviser: Newfound Research LLC
- Distributor: Foreside Fund Services, LLC
- Custodian: U.S. Bank National Association
- Transfer agent: U.S. Bancorp Fund Services, LLC
- Administrator: Tidal ETF Services, LLC
- Auditor: Cohen & Company, Ltd.
Related Funds
Other Event-Driven funds tracked on ABC INVEST:
RSBA: Frequently Asked Questions
What is the expense ratio of Return Stacked Bonds & Merger Arbitrage ETF (RSBA)?
RSBA has a net expense ratio of 1.01%, about $101 a year for every $10,000 invested. RSBA fees and costs
What is RSBA's benchmark?
RSBA measures its performance against the NASDAQ-100 Total Return Index.
What are RSBA's top holdings?
As of July 31, 2026, RSBA held 19 positions. The largest are First American Government Obli (28.00%), Webster Financial Corp (12.65%), Caesars Entertainment Inc (12.28%), DigitalBridge Group Inc (10.00%) and Apogee Therapeutics Inc (9.60%). All RSBA holdings
Can I download the full list of RSBA holdings?
Yes. The complete RSBA holdings list as of July 31, 2026 can be downloaded as a CSV file from the Holdings page: holding, ticker, FIGI, sector, country, asset type, shares, value and share of net assets, from the fund's SEC N-PORT filing. Download RSBA holdings (CSV)
How has Return Stacked Bonds & Merger Arbitrage ETF performed?
RSBA returned +2.0% over the 12 months to July 2026. RSBA performance and risk
How large is RSBA?
RSBA manages $52.66M (SEC N-PORT, July 2026). Investors added a net $37.12M over the past 12 months.
Who manages RSBA and when did it launch?
RSBA is managed by Tidal Investments LLC, with Newfound Research LLC as sub-adviser. It is a series of Tidal Trust II. It has traded on CBSX since December 17, 2024.
How does RSBA compare with similar Event-Driven funds?
Among 7 Event-Driven funds, RSBA ranks #3 of 7 on net expense ratio (1.01%) and #3 of 4 by assets. The largest is AQR Diversified Arbitrage Fund (QDARX). Compare RSBA with QDARX
Where can I find RSBA's prospectus and SEC filings?
RSBA's latest prospectus (485BPOS) was filed April 27, 2026 and its latest N-PORT holdings report was filed September 28, 2026. All 12 filings are linked on ABC INVEST and on SEC EDGAR (series S000089361). RSBA SEC filings
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, and annual data from Form N-CEN.
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.