At a glance
SHUS charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $24.6M in assets, the 8th largest of that group; it paid 1.21% of its price in distributions over the past 12 months, annual. Over the past year it returned +13.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Stratified LargeCap Hedged ETF (SHUS), from Exchange Traded Concepts, puts nearly all its money into a sister fund, SSPY. SSPY tracks the Syntax Stratified LargeCap Index, which holds S&P 500 companies but spreads weight across groups that share business risks instead of weighting by company size. SHUS adds S&P 500 put option spreads to soften large losses; in the year to October 27, 2026, it moved about half as much as the market.
Price history
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SHUS +13.2% 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 | |
|---|---|---|---|---|---|---|
| SHUS official prospectus, to Dec 31, 2025 | — | +9.84% | — | — | — | +4.51% |
| SHUS price data to Oct 27, 2026 | +13.3% | +13.2% | — | — | — | +10.8% |
- Over the year to Oct 27, 2026, SHUS returned +13.2%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.9%); its best was 2025 (+10.9%).
- The deepest fall in its price history was 14.1% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.3% | — |
| 2025 | +10.9% | +9.84% |
| 2024 | — | +4.93% |
| 2023 | — | +6.14% |
| 2022 | — | -3.53% |
| 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 | $0.6300 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 99.51% of assets.
| Fund held | Weight | |
|---|---|---|
| STRAT LRGCP ETF | 99.51% |
By country
United States 99.51%By asset type
Stocks 99.51%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.08%, +2.15%, +1.48%.
How it works
SHUS is actively managed, but its stock exposure follows the Syntax Stratified LargeCap Index. The index holds the S&P 500's companies but groups those sharing “related business risks”: similar products or services, or common suppliers, customers or competitors. At each rebalance, eight sectors, including Food and Information Tools, each start at 12.5%. Each sector's share is split equally among its sub-sectors, then industries, and so on down to single companies, so weight depends on a company's group, not its size.
The fund can buy those stocks or hold an ETF that tracks the index. As of June 30, 2026, 99.5% of its $24.6 million in net assets sat in Stratified LargeCap Index ETF (SSPY), run by the same adviser.
The fund also buys put spreads. A put option gains value if an index falls below a set level (the strike); the fund pairs a bought put with a sold, lower-strike put, which offsets part of the cost but caps the protection. As of June 30, 2026, it held S&P 500 puts expiring September 18, 2026: bought at 6,740 and sold at 6,000. That covers only index declines between those levels. Options expire, so the hedge needs renewing, and its cost drags on returns when stocks rise. The prospectus also allows call spreads, which can limit gains.
What it really costs
- SHUS charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.45% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $1,460 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SHUS | $81 | $349 | $638 | $1,460 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps exposure to S&P 500 companies but adds put spreads meant to limit large losses, and it moved about half as much as the market in the year to October 27, 2026.
SHUS may offer stock exposure with a calmer ride. Its record doesn't reach back to the 2008 or 2020 crashes. For 2022, a bear-market year, its prospectus shows a 3.53% loss, its worst calendar year; its weakest quarter fell 5.88%. The hedge has limits: from November 29, 2024 to April 8, 2025, its price fell 14.1%, recovering by July 23, 2025, about 3.5 months after the low. Someone selling shares near that low would have locked in the loss.
It is not built for income: its yield over the past year was 1.21% as of October 27, 2026, paid once a year. The expense ratio is 0.79% after a 0.45% fee waiver; the SEC's standard example puts costs on $10,000 at $81 for one year and $1,460 over 10 years. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 companies weighted across business-risk groups instead of by size, with a put-spread hedge layered on top.
- Investors seeking a calmer stock ride: its one-year beta, a gauge of market sensitivity, was 0.52 as of October 27, 2026.
- Those comparing hedged stock funds on cost: its 0.79% expense ratio sits below the 0.86% average of a group of buffer ETFs, which work differently.
Look elsewhere if
- Income seekers: its yield over the past year was 1.21% as of October 27, 2026, paid in a single annual distribution.
- Those wanting full crash protection: the put spread stops helping below its lower strike, and the price fell 14.1% between November 2024 and April 2025.
- Those preferring large, plain index funds: SHUS adds options and a fund-of-funds layer, with $24.6 million in net assets as of June 30, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SHUS this fund | 0.79% | $24.6M | +13.2% | — |
| 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
What does SHUS invest in?
Almost entirely another ETF. As of June 30, 2026, 99.5% of SHUS's net assets was in Stratified LargeCap Index ETF (SSPY). SSPY tracks the Syntax Stratified LargeCap Index, an index of S&P 500 companies weighted by groups of related business risks rather than by size. Most of the rest was an S&P 500 put spread covering index levels between 6,740 and 6,000, expiring September 18, 2026. Net assets were $24.6 million.
What's the difference between SHUS and SSPY?
SSPY is the unhedged building block; SHUS is SSPY plus an options hedge. Both are run by Exchange Traded Concepts, and SSPY tracks the Syntax Stratified LargeCap Index. SHUS puts nearly all its assets into SSPY, then buys put option spreads to limit large losses, and may use call spreads too. The hedge is designed to soften big drops, within limits, but it costs money and can leave SHUS behind SSPY when stocks rise. SHUS's expense ratio is 0.79% after a fee waiver.
Is SHUS a buffer ETF like BUFR?
No. Buffer ETFs, the group that includes FT Vest Laddered Buffer ETF (BUFR), are defined-outcome funds: they use options to cushion a set range of losses over a fixed period, in exchange for a cap on gains. SHUS has no preset buffer or cap; it is actively managed and buys put spreads whose protection depends on the levels chosen. Its 0.79% expense ratio is below BUFR's 0.95%, and in the year to October 27, 2026, SHUS returned 13.2% versus 11.6% for BUFR. One year is a short record.
Does SHUS pay dividends?
Yes, but not much, and only once a year. SHUS paid $0.63 per share over the year to October 27, 2026, a yield of 1.21%. Its stated objective is capital growth, not income, and an annual payout does little for anyone who wants regular monthly or quarterly cash. Retirees drawing income from it would likely need to sell shares.
Does SHUS protect against a stock market crash?
Only partly. Its put spreads gain value as the S&P 500 falls below a set level, but stop adding protection below a second, lower level. The prospectus shows a 3.53% loss in 2022, a bear-market year, with its weakest quarter, ended June 30, 2022, down 5.88%. From November 29, 2024, to April 8, 2025, its price fell 14.1% before recovering by July 23, 2025. From inception through December 31, 2025, it returned an average of 4.51% a year.