ETF Evaluator:
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF (FIZY)
Follow This ETF
(as of Sep 04)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF Overview
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF (FIZY) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Tidal Investments LLC launched the ETF in 2026.
The investment seeks total returns.
The fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing primarily in equity securities of companies selected using a proprietary “Must Have Portfolio®” framework (described in the prospectus).
About Fitz-Gerald Must Have Ptf&OptnsOvrlyETF (FIZY)
There are 4 members of the management team with an average tenure of 0.21 years: Scott Snyder (2026), David Nicholas (2026), Quinn Berry (2026) and Keith Fitz-Gerald (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has 105 securities in its portfolio. The top 10 holdings constitute 48.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $735 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIZY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fitz-Gerald Must Have Ptf&OptnsOvrlyETF expense ratio is high compared to funds in the Derivative Income category. Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has an expense ratio of 1.01%, which is 23% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 70% for the Derivative Income category.
Recently, in the month of August 2026, Fitz-Gerald Must Have Ptf&OptnsOvrlyETF returned 0.0%, which earned it a grade of NA, as the Derivative Income category had an average return of 4.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fitz-Gerald Must Have Ptf&OptnsOvrlyETF has a trailing yield of 0.00%, which is below the 18.77% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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FIZY Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIZY Return (NAV) | na | na | na | na | na | na |
| FIZY Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Derivative Income Avg | 4.4% | 0.3% | 14.9% | 15.1% | 8.3% | 7.6% |
| FIZY Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| FIZY Tax-Cost Ratio | na | na | na | na | na | na |
FIZY Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIZY Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| FIZY Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 6.9% | 10.6% | 18.6% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| FIZY Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 9 Mil |
| Share Class Assets: | $ 9 Mil |
| Turnover: | na |
| Expense Ratio: | 1.01% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.2 years | |||
| Managers (Year): Snyder Scott (2026), Berry Quinn (2026), Fitz-Gerald Keith (2026), Nicholas David (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 48.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 96.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | 2.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tidal Investments LLC |
| Phone Number: | 888-860-3814 |
| Website: | |
| Inception Date: | August 3, 2026 |
Expenses and Fees
| Expense Ratio (%): | 1.01% (Rating: High) |
| Category Average Expense Ratio (%): | 0.82% |
