At a glance
ZIG charges 0.75% a year, above the 0.33% average of the 2 funds most like it (the most expensive of 3). It has $31.8M in assets, the 3rd largest of that group; it paid 1.72% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +12.8% a year. At its worst it fell 28.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low. Its ten largest positions make up 37.5% of the fund, out of 31 in all.
The short version
Acquirers Fund (ZIG) is an actively managed exchange-traded fund: its adviser, Acquirers Funds, picks about 30 U.S.-listed stocks it judges cheap but financially sound, rather than tracking an index. Picks rely on Tobias Carlisle's Acquirer's Multiple, a valuation measure, plus screens for accounting red flags. It overlaps little with similar funds (the closest shares about 10% of holdings) and costs 0.75% a year, against their 0.33% average.
Price history
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ZIG +10.2% 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 | |
|---|---|---|---|---|---|---|
| ZIG official prospectus, to Dec 31, 2025 | — | -2.77% | — | +11.00% | — | +6.84% |
| ZIG price data to Oct 27, 2026 | +10.7% | +10.2% | +12.8% | +8.2% | — | +10.6% |
- Over the year to Oct 27, 2026, ZIG returned +10.2%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +8.2%.
- Its worst full calendar year was 2022 (-17.3%); its best was 2023 (+36.7%).
- The deepest fall in its price history was 29.8% (Nov 25, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.7% | — |
| 2025 | -2.7% | -2.77% |
| 2024 | +11.3% | +11.62% |
| 2023 | +36.7% | +36.47% |
| 2022 | -17.3% | -17.24% |
| 2021 | — | +37.48% |
| 2020 | — | -15.82% |
| 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 | Not in the price data, which starts Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.8% over that stretch · deepest drop along the way 28.5%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6900 | -4.2% |
| 2024 | $0.7200 | +94.6% |
| 2023 | $0.3700 | +12.1% |
| 2022 | $0.3300 |
What's inside
As of Jul 31, 2026, the fund held 31 securities; the ten largest made up 37.46% of assets.
| Holding | Weight | |
|---|---|---|
| H&R Block Inc | 4.23% | |
| CF Industries Holdings Inc | 4.03% | |
| EOG Resources Inc | 3.76% | |
| APA Corp | 3.75% | |
| Ulta Beauty Inc | 3.69% | |
| Cal-Maine Foods Inc | 3.67% | |
| Booking Holdings Inc | 3.65% | |
| Domino's Pizza Inc | 3.62% | |
| Artisan Partners Asset Managem | 3.60% | |
| Lululemon Athletica Inc | 3.46% | |
| ZIM Integrated Shipping Servic | 3.39% | |
| Dillard's Inc | 3.39% | |
| Grand Canyon Education Inc | 3.37% | |
| Crocs Inc | 3.34% | |
| Synchrony Financial | 3.31% |
By country
United States 92.59%Canada 3.46%Israel 3.39%By asset type
Stocks 99.45%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $998K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.81%, -0.63%, +1.50%.
How it works
ZIG does not track an index. Its adviser, Acquirers Funds, LLC, starts with the largest 25% of all stocks, roughly those with a market value above $2 billion. It hunts for cheap shares using The Acquirer's Multiple, a valuation measure that Tobias Carlisle, the firm's managing member, developed and published in 2014. The adviser then examines each company's assets, earnings and cash flows and ranks the stocks by how cheap they look.
Statistical screens then weed out signs of fraud, earnings manipulation and financial distress. Each remaining stock must show a margin of safety, a cushion against mistakes, in three ways: a wide discount to a conservative valuation, a strong and liquid balance sheet, and a business able to generate free cash flow (cash left after running and reinvesting in the business). Last, the adviser studies the financial statements, especially the notes and management's discussion, looking for accounting red flags.
The adviser typically ends up with about 30 stocks. As of July 31, 2026, the fund held 31, and the 15 largest each made up between about 3.3% and 4.2% of assets, led by H&R Block and CF Industries. It can own any sector and trades often. Reported portfolio turnover was 107%, roughly like replacing the whole portfolio in a year, which can raise trading costs and taxable gains. That July report showed no derivatives.
What it really costs
- ZIG charges 0.75% a year, versus an average of 0.33% for the similar funds below (3rd of 3, 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 |
|---|---|---|---|---|
| ZIG | $77 | $240 | $417 | $930 |
In a retirement portfolio
It is a concentrated, actively managed portfolio of about 30 value stocks that has twice fallen close to 30% since 2022, making it a higher-risk add-on rather than a foundation.
ZIG launched in 2019, so it has no 2008 record. During the 2020 COVID crash it lost 27.65% in the first quarter and ended 2020 down 15.82%. In the 2022 bear market it fell 28.5% from January 4 to September 30, then regained its peak by July 13, 2023, 9.4 months after the low. Its worst calendar year was 2022, at -17.24%. Its deepest drop, 29.8% from November 25, 2024 to April 8, 2025, was still unrecovered as of October 27, 2026. Drawing cash during drops like these means redeeming shares at low prices.
Income is modest: a trailing 12-month yield of 1.72% as of October 27, 2026, paid once a year. The 0.75% yearly expense ratio is more than double the 0.33% average of the two most similar funds. 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 a manager-picked portfolio of about 30 cheap-looking U.S.-listed stocks, with top holdings such as H&R Block, CF Industries and EOG Resources.
- Investors wanting a stock fund that looks unlike most others: the most similar fund found shares only about 10% of ZIG's holdings.
- Investors holding it in tax-advantaged accounts such as IRAs, where gains from its frequent trading (107% portfolio turnover) aren't taxed each year.
Look elsewhere if
- Cost-conscious investors: its 0.75% yearly expense ratio is well above the 0.33% average of similar funds; Schwab US Dividend Equity ETF charges 0.06%.
- Investors needing regular income: the trailing 12-month yield was 1.72% as of October 27, 2026, and it pays just once a year.
- Those needing the money soon: it fell 28.5% in 2022, then 29.8% from late 2024 to April 2025, still unrecovered as of October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What stocks does ZIG hold?
ZIG holds about 30 U.S.-listed stocks its adviser considers undervalued but fundamentally strong. As of July 31, 2026, it had 31 holdings, led by H&R Block (4.2% of assets), CF Industries (4.0%), EOG Resources (3.8%), APA Corp (3.7%) and Ulta Beauty (3.7%). The 10 largest made up 37.5%. It leaned toward consumer cyclical, energy and industrial companies. About 93% was in U.S. companies, plus stakes in Canada's Lululemon Athletica (3.5%) and Israel's ZIM Integrated Shipping Services (3.4%).
How has ZIG performed since it launched?
Returns have been uneven. From its May 2019 launch through December 31, 2025, ZIG returned an average of 6.84% a year, and 11.00% a year over the five years to that date, per its prospectus. Calendar years swung widely: 37.48% in 2021 and 36.47% in 2023, but -15.82% in 2020, -17.24% in 2022 and -2.77% in 2025. Based on market prices, it was up 10.7% for 2026 through October 27 and 10.2% over the 12 months to that date.
How does ZIG compare with FXZ and SCHD?
ZIG costs more, is far smaller and holds a distinct portfolio. No similar fund found shares even 20% of its holdings; the closest, First Trust Materials AlphaDEX Fund (FXZ), shares about 10% and charges 0.61% a year, while Schwab US Dividend Equity ETF (SCHD) shares about 5% and charges 0.06%, against ZIG's 0.75%. Over one year, ZIG returned 10.2% and FXZ 24% as of October 27, 2026; SCHD returned 38.8% as of October 30. Over three years, ZIG's 12.8% annual return beat FXZ's 10.5% but trailed SCHD's 20.9%.
What is ZIG's expense ratio?
ZIG's expense ratio, the yearly fee taken from fund assets, is 0.75%, per its prospectus filed August 26, 2026. That is more than double the 0.33% average of the two most similar funds. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost $77 over one year, $240 over three, $417 over five and $930 over ten, assuming the shares are redeemed at the end of each period. Trading costs from its 107% turnover come on top.
Does ZIG pay a dividend?
Yes, but it is modest and paid once a year. ZIG's trailing 12-month yield was 1.72% as of October 27, 2026, or $0.69 per share over that period. The fund's stated objective is capital appreciation, meaning growth in share value, not income. Because the payout depends on what its holdings pay, the amount can vary from year to year. Anyone relying on regular income would need to plan around a single annual payment.