ZHDG Fees and Costs — ZEGA Buy and Hedge ETF
Data updated: 2026-09-21
The net expense ratio is 0.95%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0121% of average net assets, and portfolio turnover was 106%.
ZHDG Fees and Expenses
Annual operating expenses and sales charges of ZHDG. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ZHDG Costs Over Time
On $10,000 invested in ZHDG, assuming 5% a year before costs, total costs come to $602 over 5 years, cutting the return by 1.01% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $101 | $331 | $602 |
| Value after costs | $10,399 | $11,245 | $12,161 |
| Impact on return, per year | 1.01% | 1.01% | 1.01% |
ZHDG Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0121%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $20.2M
- Portfolio turnover (prospectus): 106%
- Securities lending: none during the year
ZHDG Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| OLD MISSION MARKETS LLC | $2K | 40.46% |
| STONEX FINANCIAL INC. | $1K | 34.14% |
| PERSHING LLC | $643 | 17.12% |
| MAREX CAPITAL MARKETS INC. | $311 | 8.28% |
ZHDG Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $5.3M | 27.02% |
| MORGAN STANLEY & CO. LLC | $3.5M | 17.77% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $3.4M | 17.65% |
| RBC CAPITAL MARKETS, LLC | $2.0M | 10.51% |
| J.P. MORGAN SECURITIES LLC | $1.4M | 7.34% |
| BMO CAPITAL MARKETS CORP. | $1.4M | 7.11% |
| OPPENHEIMER & CO. INC. | $839K | 4.31% |
| CANTOR FITZGERALD SECURITIES CORP | $775K | 3.98% |
| GOLDMAN SACHS & CO. LLC | $425K | 2.19% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $414K | 2.13% |
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.