At a glance
DHSB charges 0.82% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $38.2M in assets, the 8th largest of that group.
The short version
Day Hagan Smart Buffer ETF (DHSB) is an actively managed fund. As of July 31, 2026, it held about 98% of its assets in the SPDR S&P 500 ETF Trust (SPY), plus options on SPY. It sells call options for cash and buys put options to soften losses, but its manager decides how much to hedge and may skip it. Its 0.82% expense ratio is slightly below the 0.86% average for similar buffer funds.
Price history
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DHSB — 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 | |
|---|---|---|---|---|---|---|
| DHSB price data to Oct 27, 2026 | +3.3% | — | — | — | — | — |
- The deepest fall in its price history was 1.6% (Jun 15, 2026 to Jun 25, 2026), recovered by Jun 30, 2026.
| 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 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 98.06% of assets.
| Fund held | Weight | |
|---|---|---|
| STATE STREET SPDR S P 500 ETF TRUST Other | 98.06% |
By country
United States 98.06%By asset type
Other 98.06%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.69%, 0.00%, +0.33%.
How it works
DHSB is actively managed by its advisor, Day Hagan Asset Management. The prospectus lets it own U.S.-listed ETFs that track broad U.S. stock indexes, stocks in those indexes, and options on both. As of July 31, 2026, it held one fund, the SPDR S&P 500 ETF Trust (SPY), at about 98% of assets. It also held three SPY option positions: a bought put, a sold put and a sold call.
The options plan has two parts. First, the fund sells covered calls on up to 100% of its holdings. A covered call pays the fund cash up front (a premium), but it gives away gains above a set price, which caps the upside. Second, the fund spends part of that premium on put options or put spreads. A put gains value when the market falls. A put spread costs less but only covers a band of losses. These puts are usually set near the market price but can be set well below it.
The advisor decides when to roll options to new prices or dates. It may use the strategy only partly, or not at all, if conditions look unfavorable. In those periods there is no cap or buffer, and the fund moves with its stock holdings. Option values also depend on time left until expiration. So the fund is expected to move in the same direction as its holdings each day, but by less.
What it really costs
- DHSB charges 0.82% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $84 in the first year and $1,014 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DHSB | $84 | $262 | $455 | $1,014 |
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.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It holds S&P 500 exposure through SPY but uses options to try to reduce losses, at the cost of capped gains.
DHSB launched on February 14, 2025, so it missed the 2008, 2020 and 2022 sell-offs and has no full calendar-year record. Its available price history starts June 9, 2026. In that period its deepest drop was 1.6%, from June 15 to June 25, and it recovered by June 30. That calm stretch says little about a real bear market. The manager can scale back or skip the hedges, so someone drawing cash in a bad year can't count on a fixed level of protection. The trailing yield was 0% as of October 27, 2026, and any distributions are expected once a year, so this is not an income fund. Expenses are 0.82% a year, or $84 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure through SPY with an options hedge, and who accept giving up some gains in strong markets.
- People comfortable letting Day Hagan Asset Management decide when and how much to hedge, rather than following a fixed buffer schedule.
- Cost-aware buffer investors: its 0.82% expense ratio sits below the 0.86% peer average and FT Vest's 0.95% laddered funds.
Look elsewhere if
- Retirees seeking regular income: the trailing yield was 0% as of October 27, 2026, with any distributions expected once a year.
- Investors who want a known buffer size and cap, since the manager may use reduced hedges or none at all.
- Anyone wanting a long track record or a large fund: price history starts June 2026, and net assets were about $38 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DHSB this fund | 0.82% | $38.2M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is DHSB good for retirement?
It depends on the role it plays. DHSB aims for stock-market growth with smaller losses, so it fits a defensive slice of a portfolio better than an income need. Its trailing yield was 0% as of October 27, 2026. It launched in February 2025, so it has no bear-market record, and the manager can reduce or skip its hedges. Its 0.82% expense ratio is below the 0.86% average for similar buffer funds.
Does DHSB pay a dividend?
Not so far. Its trailing 12-month yield was 0% as of October 27, 2026, and any distributions are expected once a year. The fund collects option premiums by selling calls, but it puts part of that cash into put protection. If it pays income later, keep in mind that option-based income is usually taxed as ordinary income rather than as qualified dividends.
DHSB vs BUFR: what's the difference?
Both use options to soften stock-market losses, but they differ in size, cost and approach. BUFR, the FT Vest Laddered Buffer ETF, had about $10.5 billion in net assets as of August 31, 2026. DHSB had about $38 million as of July 31, 2026. BUFR charges 0.95% a year and DHSB charges 0.82%. DHSB's manager decides when and how much to hedge. BUFR returned 11.6% over the year to October 27, 2026, and DHSB has no one-year record yet.
What does DHSB invest in?
Mostly one fund. As of July 31, 2026, about 98% of DHSB's assets were in the SPDR S&P 500 ETF Trust (SPY). Three SPY option positions made up the rest of its exposure: a bought put, a sold put and a sold call. That makes DHSB a fund of funds whose stock exposure is the S&P 500, with an options layer meant to trade some upside for downside protection.
Is DHSB's downside protection guaranteed?
No. The buffer comes from put options, and the prospectus says the advisor may use the options strategy only partly, or not at all, when it judges conditions unfavorable. In those periods there is no cap or buffer, and losses follow the underlying stocks. Even when hedges are in place, the puts may be set well below the market price, and the options may not track the portfolio closely. The prospectus warns that losses could be significant.