TRYP — SonicShares Airlines, Hotels, Cruise Lines ETF

TRYP Fund Overview

TRYP — SonicShares Airlines, Hotels, Cruise Lines ETF is a US ETF managed by Tidal Trust I, categorised as Japan Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust I
• Category: Japan Real Estate
• Assets under management: $9.57M
• 1-year return: -29.9%
• Ticker: TRYP
• SEC CIK: 0001742912
• SEC series ID: S000071832
• Share class ID: C000227350

TRYP Investment Objective and Strategy

SonicShares Airlines, Hotels, Cruise Lines ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust I.

Investment objective

The SonicShares TM Airlines, Hotels, Cruise Lines ETF (the Fund) seeks to track the performance, before fees and expenses, of the Solactive Airlines, Hotels, Cruise Lines Index (the Index).

Principal investment strategy

The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2021 and is administered by Solactive AG (the Index Provider). Solactive Airlines, Hotels, Cruise Lines Index The Index is a rules-based index that seeks to provide exposure to a global portfolio of companies identified as being in the (i) airline industry, (ii) hotel industry, and (iii) the cruise line industry, as described in more detail below. The Indexs initial investable universe consists of equity securities and depositary receipts (including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies listed on exchanges in Australia, Brazil, Canada, Hong Kong, Israel, Japan, Mexico, New Zealand, Republic of South Korea, Singapore, Switzerland, United Kingdom, United States of America, or any member country of the European Union.

To qualify for inclusion in the Index, companies must have a minimum market capitalization of $2 billion and a minimum three-month average daily traded volume of $1 million. To qualify for inclusion in the Index, companies must also meet at least one of the criteria below: Companies that derive at least 50% of their revenue from owning or leasing aircraft for operating passenger air transportation services (Airline Companies); Companies that derive at least 50% of their revenue from managing, franchising, owning, selling, or leasing hotels and leisure properties, and are structured as either operating companies or real estate investment trusts (REITS) (Hotel Companies); or Companies that derive at least 50% of their revenue from owning or leasing ships for the purposes of managing and operating cruise vacation services for passengers (Cruise Line Companies).

If a company derives more than 50% of its revenue from two or three of those business categories, then that company is designated to the category from which it derives its greatest revenue. Companies meeting the foregoing revenue criteria are classified within the FactSet Revere Business and Industry Classification System (RBICS) as follows: Index Category RBICS Categories Airline Companies Asia/Pacific Air Passenger Service Providers; United States Air Passenger Service Providers; Europe Air Passenger Service Providers; or Multi-Region Air Passenger Transportation Hotel Companies Budget Hotels and Motels; Full Service Hotels and Resorts; Hotel and Motel Equity REITs; Luxury Hotels and Resorts; Mixed-Type Hotels, Motels and Resorts; Tour Operators; or Vacation Ownership Operators Cruise Line Companies Ocean-Going Cruise Lines The Index is reconstituted three Thursdays prior to the third Friday of June and of December (or the next business day if this falls on a non-business day) (the Selection Day) and adjustments are made on the third Friday of June and of December (or the next business day if this falls on a non-business day).

At the time of each reconstitution, the Index components are weighted subject to the following parameters, depending upon a companys market capitalization: Airline Companies - 4.5% allocation to each of the top three Airline Companies in the Index with the largest market capitalization; Hotel Companies - 4.5% allocation to each of the top three Hotel Companies in the Index with the largest market capitalization; Cruise Line Companies - 4.5% allocation to each of the top three Cruise Line Companies in the Index with the largest market capitalization; and Remaining Index components are weighted based on market capitalization subject to a cap of 4%. The weights of the Index components are determined on the Selection Day and such weights float with the price of the components from the Selection Day forward until the next Selection Day.

An Index component will be removed from the Index if, on Selection Day, it does not have a market capitalization of at least $1 billion. As of May 3, 2021, the Index was comprised of 61 components. The Funds Investment Strategy The Fund will invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in Airline Companies, Hotel Companies or Cruise Line Companies, as defined above. The Fund will concentrate its investments in a particular industry or group of industries (i.e., hold more than 25% of its total assets in the securities of a particular industry or group of related industries), to approximately the same extent as the Index is so concentrated.

The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Funds adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index component becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund also may invest in securities or other investments not included in the Index, but which the Funds adviser believes will help the Fund track the Index.

For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). The Fund is deemed to be non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

TRYP Performance

Total returns for TRYP (as of 2026-10-01), from SEC filings.

TRYP Risk Information

Risk metrics for TRYP, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 24.8%

TRYP Costs and Fees

TRYP costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 0.75%
• Brokerage commissions: 3.09 bps of average net assets (SEC N-CEN)

TRYP Cashflows

Over the 12 months to 2022-06, SonicShares Airlines, Hotels, Cruise Lines ETF had net inflows of $11.60M, from monthly SEC N-PORT filings.

TRYP Debt Constituents

No individual debt constituents are reported in SonicShares Airlines, Hotels, Cruise Lines ETF's latest SEC N-PORT filing.

TRYP Prospectus and SEC Filings

Official SonicShares Airlines, Hotels, Cruise Lines ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-05-11
• Portfolio holdings (N-PORT) — filed 2022-08-23
• Portfolio holdings (N-PORT) — filed 2022-05-27
• Portfolio holdings (N-PORT) — filed 2022-02-23
• Annual census (N-CEN) — filed 2022-06-13

Related Funds

Other Japan Real Estate funds tracked on ABC INVEST:

• NYLI International Small-Mid Cap Equity ETF (NISM)
• Pzena International Value ETF (PZIV)
• Tortoise Cloud Infrastructure Fund (TCLD)
• Russell Investments Global Real Estate ETF (CRIB)

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, annual data from Form N-CEN, and shareholder reports from Form N-CSR.