At a glance
DARP charges 0.75% a year, above the 0.48% average of the 8 funds most like it (the 7th cheapest of 9). It has $33.3M in assets, the 8th largest of that group; it paid 0.36% of its price in distributions over the past 12 months, annual. Over the past year it returned +26.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +35.1% a year. Its ten largest positions make up 59.7% of the fund, out of 43 in all.
The short version
Grizzle Growth ETF (DARP) is an actively managed fund whose managers, not an index, pick 30 to 60 growth stocks tied to themes like cloud computing, media, health and energy transition, and may trade options on some holdings. Its 10 largest holdings, led by Alphabet, Amazon and NVIDIA, made up about 60% of assets as of July 31, 2026. It charges 0.75% a year, above the 0.48% average of funds with similar holdings.
Price history
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DARP +26.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DARP official prospectus, to Dec 31, 2024 | — | +24.46% | — | — | — | +11.08% |
| DARP price data to Oct 27, 2026 | +23.8% | +26.6% | +35.1% | — | — | +30.1% |
- Over the year to Oct 27, 2026, DARP returned +26.6%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2024 (+24.6%); its best was 2025 (+40.2%).
- The deepest fall in its price history was 30.3% (Jan 22, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.8% | — |
| 2025 | +40.2% | — |
| 2024 | +24.6% | +24.46% |
| 2023 | — | +30.30% |
| 2022 | — | -19.23% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Aug 28, 2023 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2000 | -67.7% |
| 2024 | $0.6200 |
What's inside
As of Jul 31, 2026, the fund held 43 securities; the ten largest made up 59.72% of assets.
| Holding | Weight | |
|---|---|---|
| Alphabet Inc | 13.14% | |
| Amazon.com Inc | 8.65% | |
| NVIDIA Corp | 8.37% | |
| Micron Technology Inc | 8.24% | |
| GE Vernova Inc | 5.08% | |
| Coherent Corp | 4.00% | |
| Ciena Corp | 3.27% | |
| Apple Inc | 3.06% | |
| TSMC | 2.98% | |
| Vertiv Holdings Co | 2.93% | |
| Venture Global Inc | 2.78% | |
| Cheniere Energy Inc | 2.50% | |
| Microsoft Corp | 2.25% | |
| Everpure Inc | 2.17% | |
| LyondellBasell Industries NV | 2.15% |
By country
United States 86.05%Taiwan 2.98%Singapore 2.68%Netherlands 2.12%Canada 1.79%By asset type
Stocks 99.11%By sector
Sectors of the companies held, for the 61.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.27%, +2.34%, -9.06%.
How it works
DARP does not track an index. Tidal Financial Group is the issuer. Sub-adviser Grizzle Investment Management picks the stocks and sets industry weights, with research help from a second sub-adviser, Cambria Investment Management. Grizzle pairs a numbers-based screen with fundamental research (study of company businesses and finances) to find future leaders in four themes: cloud computing, media and entertainment, health and wellness, and the energy transition. Targets include chips, software, electric vehicles, cannabis, oil and gas, and esports.
The fund holds 30 to 60 stocks of any size, including foreign and emerging-market companies. It is non-diversified, so it can concentrate in fewer companies and put over 25% in one sector. As of July 31, 2026, it held 43 stocks. The top 10 were about 60% of assets, and Alphabet alone was 13.1%. Portfolio turnover, a gauge of yearly trading, was 64%.
Grizzle may use options, contracts giving the right to buy or sell a stock at a set price, to add return or protect specific holdings. Selling covered calls on stocks it owns brings in a fee but gives up gains above the agreed price. Pairing a sold option with a bought one caps both the loss and the gain on a stock. Option income is usually taxed as ordinary income. As of July 31, 2026, it held no options.
What it really costs
- DARP charges 0.75% a year, versus an average of 0.48% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DARP | $77 | $240 | $417 | $930 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
With 43 stocks, about 60% of assets in its top 10 holdings as of July 31, 2026, and a 0.75% fee, this actively managed growth fund carries more company and sector risk than a broad core fund.
DARP launched in December 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 market downturn it lost 19.23%, its weakest calendar year. In price history from August 28, 2023, its deepest drop was 30.3%, from January 22 to April 8, 2025. It recovered by June 27, 2025, about 2.6 months later. A retiree selling near such a low would lock in losses. Over the year to October 27, 2026, the fund moved about 1.7 times as much as the market.
It is not an income fund. It pays once a year, and its 12-month yield as of October 27, 2026 was 0.36%. Its 0.75% fee is above the 0.48% average of similar funds. The SEC's standard example puts costs at $930 over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a small, actively managed growth add-on holding Alphabet, Amazon, NVIDIA and Micron alongside energy names like Cheniere Energy and Venture Global.
- Those comfortable with sharp swings, such as a 19.23% loss in 2022 and a 30.3% drop in early 2025, in exchange for growth potential.
- Investors who prefer a manager's judgment to index rules and accept that results hinge on Grizzle's stock picks, sector bets and occasional options trades.
Look elsewhere if
- Cost-focused investors: its 0.75% fee compares with 0.04% for Vanguard Growth ETF (VUG) and 0.18% for iShares S&P 500 Growth ETF (IVW).
- Retirees needing regular income: it pays once a year, and its 12-month yield was 0.36% as of October 27, 2026.
- Anyone wanting broad diversification: it is non-diversified, with 43 stocks and Alphabet at 13.1% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DARP this fund | — | 0.75% | $33.3M | +26.6% | +35.1% |
| FFLG Fidelity Fundamental Large Cap Growth ETF · different strategy | 42% | 0.38% | $590.1M | +7.5% | — |
| SEMI Columbia Select Technology ETF · different strategy | 40% | 0.75% | $37.6M | +20.1% | +31.7% |
| FBCG Fidelity Blue Chip Growth ETF · different strategy | 37% | 0.59% | $6.92B | +9.9% | +29.8% |
| BGRO iShares Large Cap Growth Active ETF · different strategy | 37% | 0.55% | $8.9M | +5.7% | — |
| IVW iShares S&P 500 Growth ETF · different strategy | 34% | 0.18% | $74.97B | +7.0% | +25.2% |
| AIFD TCW Artificial Intelligence ETF · different strategy | 34% | 0.75% | $125.3M | +33.8% | — |
| LSGR Natixis Loomis Sayles Focused Growth ETF · different strategy | 33% | 0.59% | $839.1M | -2.0% | +23.9% |
Questions investors ask
How has DARP performed?
DARP lost money in its first full year, then posted large gains from 2023 through October 27, 2026. Its prospectus shows a 19.23% loss in 2022, a 30.3% gain in 2023 and 24.46% in 2024. That works out to an 11.08% average annual return from its December 17, 2021 launch through December 31, 2024. Its price then rose 40.2% in 2025 and 23.8% in 2026 through October 27. Past returns don't predict future results.
Does DARP pay dividends?
Yes, but very little. DARP pays once a year, and its yield over the 12 months to October 27, 2026 was 0.36%, about $0.20 per share. It owns growth companies that tend to reinvest profits rather than pay big dividends. Any income from its occasional options trades is usually taxed as ordinary income rather than at lower qualified-dividend rates.
What is DARP's expense ratio?
DARP's expense ratio, the yearly fee taken from fund assets, is 0.75%, per its prospectus filed November 24, 2025. That is above the 0.48% average for funds with similar holdings and ranks 7th cheapest of 9 funds compared. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $77 after one year, $417 after five and $930 after 10 years.
What's the difference between DARP and FFLG?
They share holdings but follow different strategies. About 42% of their portfolios overlap, based on the latest N-PORT holdings reports filed with the SEC. Fidelity Fundamental Large Cap Growth ETF (FFLG) charges 0.38% a year versus DARP's 0.75%. As of July 31, 2026, FFLG held about $590 million in net assets versus DARP's $33.3 million. Over the year to October 27, 2026, DARP's price rose 26.6% and FFLG's rose 7.5%.
Is DARP a risky ETF?
Yes, it swings more than the broad market. Over the year to October 27, 2026, its price moved about 1.7 times as much as the market, with 27.4% volatility, a measure of how widely returns vary. It lost 18.64% in the quarter ending June 30, 2022. It fell 30.3% from January 22 to April 8, 2025, its deepest drop in price history starting August 28, 2023. It is non-diversified, with about 60% of assets in its top 10 stocks as of July 31, 2026.