At a glance
RYSE charges 0.94% a year. It has $1.7M in assets; it paid 0.33% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −2.2% a year.
The short version
Vest 10 Year Interest Rate Hedge ETF (RYSE) is an actively managed fund using derivatives, mainly interest rate swaps and swaptions (options on swaps), to gain when the 10-year interest rate rises and lose when it falls. Each calendar quarter it aims to limit losses to 15% and caps gains, generally at 10% to 35%, before fees. It charges 0.94% a year and had just $1.7 million in net assets as of December 31, 2025.
Price history
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RYSE +7.9% 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 | |
|---|---|---|---|---|---|---|
| RYSE official prospectus, to Dec 31, 2025 | — | -3.75% | — | — | — | +6.98% |
| RYSE price data to Oct 27, 2026 | +2.5% | +7.9% | -2.2% | — | — | +5.5% |
- Over the year to Oct 27, 2026, RYSE returned +7.9%.
- Its worst full calendar year was 2025 (-3.0%); its best was 2024 (+12.4%).
- The deepest fall in its price history was 19.8% (Oct 19, 2023 to Sep 16, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.5% | — |
| 2025 | -3.0% | -3.75% |
| 2024 | +12.4% | +14.12% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4500 | -28.6% |
| 2024 | $0.6300 |
What's inside
As of Dec 31, 2025, the fund held 0 securities; the ten largest made up 0% of assets, and 56.32% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Dec 31, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.59%, -1.07%, +3.22%.
How it works
RYSE, issued by Cboe, does not track an index. Its managers use derivatives (contracts whose value depends on something else) built to gain when the 10-year rate rises. The prospectus defines that rate as a broad measure of the cost of borrowing cash overnight, backed by Treasury securities, compounded over 10 years. Tools include interest rate swaps, where two parties trade interest payments, plus futures, options and swaptions, with Treasury bills as collateral.
Swaptions, options to enter a swap at a set rate, create a quarterly floor and cap. The fund purchases receiver swaptions, which gain if the rate falls, aiming to limit losses to 15% per calendar quarter, before fees. To offset their cost, it writes payer swaptions (collecting a premium), giving up gains above a cap, generally 10% to 35% per quarter. The swaptions usually mature in three months, so the range resets quarterly. Investors who purchase mid-quarter may face a different floor and cap, and the loss limit isn't guaranteed.
Futures and swaps make it a commodity pool regulated under Commodity Futures Trading Commission rules. Swaps trade privately, so the firm on the other side could default. The fund is non-diversified, meaning it can concentrate in few issuers. It held three positions as of December 31, 2025: about 56% cash and 17% in a payer swaption.
What it really costs
- RYSE charges 0.94% a year.
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RYSE | $96 | $300 | $520 | $1,155 |
In a retirement portfolio
It is built to gain when the 10-year rate rises, the move that pushes bond prices down, and its one-year beta (sensitivity to stock market swings) was -0.07 as of October 27, 2026.
RYSE could offset part of the damage rising rates do to a bond-heavy portfolio, though it loses when rates fall. It launched February 2, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 19.8%, from October 19, 2023 to September 16, 2024, and it had not regained that peak as of October 27, 2026. Of its two full calendar years, the weaker was 2025, a 3.75% loss. Cashing out after a stretch of falling rates could lock in losses. It isn't an income source: the trailing yield (the past year's income as a share of price) was 0.33% as of October 27, 2026, paid annually. Costs run 0.94% a year, or $96 on $10,000 in year one under the SEC's standard example.
Past results don't predict future ones, and any plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors with sizable bond holdings who want a derivatives-based offset if the 10-year interest rate rises and accept losses when it falls.
- Those comfortable with a quarterly range that aims to limit losses to 15% and caps gains, generally at 10% to 35%, before fees.
- Investors seeking a holding with little link to stocks; its one-year beta, a measure of stock-market sensitivity, was -0.07 as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 0.94% expense ratio adds up to about $1,155 over 10 years on $10,000 in the SEC's standard example.
- Anyone wary of tiny funds: net assets were $1.7 million as of December 31, 2025, and shares could trade below their underlying value.
- Those expecting falling rates or wanting a long record: launched February 2023, it remained below its October 2023 peak as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does the RYSE ETF work?
RYSE is designed to gain when the 10-year interest rate rises and to lose when it falls. Its returns come from derivatives such as interest rate swaps, futures, options and swaptions (options to enter a swap), with Treasury bills as collateral. Each calendar quarter, purchased receiver swaptions aim to limit losses to 15%, while written payer swaptions cap gains, generally between 10% and 35%, before fees. The fund is actively managed, and there's no assurance the loss limit will hold.
Is RYSE an inverse bond ETF?
Not in the usual sense. Inverse bond ETFs generally aim to deliver the opposite of an index's daily return and reset each day. RYSE has no index and no daily reset. It is actively managed to gain when the 10-year rate rises, which usually means bond prices are falling, and it uses swaptions to set a quarterly loss limit and gain cap. It isn't built as a leveraged fund, though the prospectus notes swaptions can provide exposure much larger than their cost.
How has RYSE performed since launch?
Results have been mixed. According to its prospectus, RYSE gained 14.12% in 2024 and lost 3.75% in 2025, for an average annual return of 6.98% from its February 2023 launch through December 31, 2025. Based on market prices, it returned 7.9% over the year ended October 27, 2026. The ride has been bumpy: its strongest quarter gained 13.12% and its weakest lost 10.68%, both in 2024, and a 19.8% drop that began in October 2023 had not been recovered as of October 27, 2026.
Does RYSE pay dividends?
Yes, but very little, and only once a year. Over the 12 months to October 27, 2026, RYSE paid about $0.08 per share, a trailing yield of 0.33%. The fund isn't designed for income. Its returns come mainly from changes in the value of its derivatives as the 10-year rate moves. Treasury bills serve as collateral, and cash made up about 56% of assets as of December 31, 2025.
What is RYSE's expense ratio?
RYSE charges 0.94% a year, including a 0.85% management fee, according to its prospectus filed January 27, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and cashing out at the end of each period, costs would total $96 after one year, $300 after three, $520 after five and $1,155 after 10. The fund is tiny, with $1.7 million in net assets as of December 31, 2025, and the prospectus warns shares may trade at a material discount if market makers step away.