Day Hagan Smart Buffer ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 4 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About DHSB

TheFund is an actively managed exchange-traded fund (“ETF”) that, under normal circumstances, seeks to achieve its investmentobjective principally by investing in U.S.-listed exchange-traded funds (“U.S. Equity ETFs,” and each, a “U.S. EquityETF”) that replicate the performance of broad-based U.S. equity indexes (“U.S. Equity Indexes,” and each, a “U.S.Equity Index”), equity securities of companies within such indexes (“U.S. Equity Securities,” and collectively withU.S. Equity ETFs and U.S. Equity Indexes, “U.S. Equity Investments”), and utilizing options and/or options “spreads”on U.S. Equity Investments. The equity securities and options held by the Fund will be listed on U.S. exchanges, and may include commonstocks, American Depositary Receipts (“ADRs”) (i.e., receipts evidencing ownership of foreign equity securities) and realestate investment trusts (“REITs”). The Fund may invest in securities from a broad range of market capitalizations, includinglarge-cap stocks typically exceeding $10 billion, mid-cap stocks generally between $2 billion and $10 billion, and small-cap stocks generallybelow $2 billion. The Fund’s investments in these market segments may expose it to varying degrees of liquidity risk, market volatility,and company-specific risk associated with each capitalization range, which may impact the Fund’s performance depending on prevailingmarket conditions.TheFund will use options to generate income and hedge against losses. The Fund’s options strategies typically consist of utilizinga combination of purchased and written (sold) call and/or put options (known as a “spreads”) to generate income and hedgeagainst losses. The Fund will primarily seek to implement an options strategy with two components: (i) selling covered call options onup to 100% of the U.S. Equity Investments to generate premium from such options, while (ii) simultaneously reinvesting a portion of suchpremium to buy put options or put spreads on the same U.S. Equity Investments to “hedge” or mitigate the downside risk associatedwith owning equity securities. Put option and put spreads purchased by the Fund will typically be near the current at-the-money strikeprice (i.e., strike price that is roughly equal to the current market price of the reference asset) but may have a strike price thatis lower (in some cases, significantly lower) than the current price of the reference asset. At the sole discretion of the Fund’sinvestment advisor, Day Hagan Asset Management (the “Advisor”), when the Adviser determines that prevailing market conditionsare not advantageous for implementing the Fund’s options strategies or a portion of the option strategies, such strategies maynot be employed or may be partially employed. In these circumstances, the Fund may not utilize options contracts to establish caps orbuffers in their entirety, meaning there will be no or reduced predetermined limits on potential gains or protections against downsidelosses typically associated with such strategies. As a result, the Fund’s performance during these periods will reflect the marketperformance of its underlying investments without the effects of caps or buffers, which may lead to increased exposure to market volatilityand risk of loss. Investors should be aware that the absence of options strategies during these times may affect the Fund’s riskand return profile. Optionscontracts generally are agreements where: (i) the purchaser of an option pays a cost (the “premium”) for the right to buy(for a call option) or sell (for a put option) a specified reference asset at a specified price (“strike price”) until aspecified date (“expiration date”); (ii) and conversely, where the seller receives a premium and is obligated to sell (fora call option) or buy (for a put option) shares of a specified reference asset at a specified strike price until a specified expirationdate. Options selected for the Fund may be “rolled” periodically (based on the levels of the underlying holdings) to continuegenerating income or to reflect the Advisor’s revised outlook on the underlying portfolio security. When an option is rolled, theAdvisor simultaneously closes one option contract and enters another on the same reference asset. The new contract entered can have afurther-dated expiration (i.e., the option would be rolled “out”), a higher strike price (i.e., rolled “up”),a lower strike price (i.e., rolled “down”), or a combination of both a different expiration and strike. The decision to rolloptions and rebalance the portfolio is at the discretion of the Advisor. TheFund’s assets will include option holdings, the value of which is derived from the performance of the underlying U.S. Equity Investments.However, a component of an option contract’s value is the remaining time until expiration. Accordingly, the Fund’s NAV willnot be directly correlated on a day-to-day basis with the price or returns experienced by the U.S. Equity Investments. The Advisor anticipatesthat the Fund’s NAV will move in the same direction as the U.S. Equity Investments; however, the Fund’s NAV may not increaseor decrease at the same rate as the value of the U.S. Equity Investments. It is possible that the degree of non-correlation between thevalue of the options and the value of the underlying U.S. Equity Investments will be higher than if the options had a shorter term. TheAdvisor generally anticipates that the Fund’s NAV will increase on days when the value of the U.S. Equity Investments increasesand will decrease on days when the U.S. Equity Investments decreases, but that the rate of such increase or decrease will be less thanthat experienced by the U.S. Equity Investments. The Fund seeks to generate returns that match the U.S. Equity Investments up to thecap while limiting downside losses if the options are held until expiration and not rolled, as discussed below in the sections titled“Buffer on Potential Losses” and “Cap on Potential Upside Returns.”PurchasedCall and Put Options. In the event the reference asset appreciates above the strike price (for call options) or declines in valuebelow the strike price (for put options) and the holder exercises its option, the holder will be entitled to receive the difference betweenthe value of the reference asset and the strike price (which gain is offset by the premium originally paid by the holder). In the eventthe reference asset closes below the strike price (for call options) or above the strike price (for put options) as of the expirationdate, the option may end up worthless, and the holders’ loss is limited to the amount of premium it paid. WrittenCall and Put Options. In the event the reference asset appreciates above the strike price (for call options) or declines in valuebelow the strike price (for put options) and the holder exercises its option, the writer (seller) of the option will have to pay thedifference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by thepremium initially received). In the event the reference asset declines in value (for written call options) or appreciates in value (forwritten put options), the option may end up worthless and the writer (seller) of the option retains the premium. Thecall and put options written by the Fund will be “covered” because the Fund will either have long positions (i.e., the Fundowns the securities or options on those securities) or short positions (i.e., the Fund sold borrowed securities) of the correspondingreference assets at the time of sale that will offset risk potential of the written options. The Fund may write call options on up to100% of each equity position held in the portfolio and will use a portion of the premium received from writing such call options to purchaseput options. Call options written by the Fund will typically have a strike price that is higher than the current price of the correspondingreference asset. The put options written by the Fund are considered “covered” when either: (i) the Fund holds a long putoption with a strike price that his higher than the strike price of the Fund’s written put option, both of which are on the samereference asset; or (ii) the Fund has at least 100 short shares of the same reference asset for every put option sold, typically witha strike price below the reference asset’s current market value. Bufferon Potential Losses TheFund seeks to mitigate a portion of downside risk due to declines in the value of the U.S. Equity Investments it holds by providing abuffer (the “Buffer”), primarily achieved through the purchase of put options, or a put spread, on U.S. Equity Investments.The amount of protection provided by a Buffer will change as the values of the U.S. Equity Investments and the Fund’s options positionschange. The Advisor may reset the Buffer at any time, at its discretion, based on market conditions and the Fund’s risk managementobjectives. There is no guarantee that the Fund will be successful in providing the sought-after protection with a Buffer. If the U.S.Equity Investments held by the Fund increase in value after the Buffer is implemented, any appreciation of the Fund by virtue of theincreases in the U.S. Equity Investments in its portfolio that occurs after implementation of the Buffer will not be protected by theBuffer. Therefore, an investor that purchases shares of the Fund after such implementation of a Buffer would have a different investmentexperience than an investor that purchased shares prior to the implementation of the then-current Buffer. Such investors that purchasebefore or after the implementation of a Buffer will not receive the entire protection that the Fund seeks to provide and will only beprotected against losses of the U.S. Equity Investments held by the Fund when the Fund’s NAV returns to its value at the time thethen-current Buffer was implemented and could experience losses until then or may not benefit from the Buffer at all. Depending on marketconditions at the time of purchase, a shareholder who purchases Shares of the Fund may lose their entire investment. An investment inthe Fund is only appropriate for shareholders willing to bear those losses and understands that the operation of the Buffer, and thereforethe protection, is not guaranteed. The Buffer is provided prior to taking into account annual Fund management fees, transaction fees,and any extraordinary expenses incurred by the Fund. These fees and any expenses will have the effect of reducing the Buffer amount forFund shareholders. Capon Potential Upside Returns TheFund seeks to participate in the upside returns of the U.S. Equity Investments held in its portfolio; however, due to the hedging natureof the Buffer implementation, the Fund shareholders are subject to an upside return cap (the “Cap”) that represents the maximumpercentage return of Fund NAV an investor can achieve from an investment in the Fund based on the current holdings of the Fund, inclusiveof the underlying options. Therefore, even though the Fund’s returns are based upon the performance of the U.S. Equity Investmentsheld in its portfolio, if the U.S. Equity Investments held by the Fund experience returns in excess of the Cap, Fund shareholders willnot participate in such excess returns. The Cap will be reduced by any shareholder transaction fees and any extraordinary expenses incurredby the Fund. The Buffer and Cap levels are expected to adjust with each rebalance of the Buffer strategy. Generally, a Buffer providinggreater downside protection will correspond with a lower Cap on potential upside returns, while a Buffer providing less downside protectionwill allow for a higher Cap. For example, if the Fund resets its options strategy as the underlying asset appreciates, it may sell acall option at a higher strike price and adjust the put spread upward. This shift increases the Cap level, as the higher strike pricepermits greater participation in upside gains. Simultaneously, resetting the put spread upward increases the level of downside protection,as the Buffer now kicks in at a higher market level, exposing the Fund to less near-term loss before protection begins. Such adjustmentsreflect the trade-off between potential upside and downside protection inherent in the Fund’s strategy.TheFund’s website, www.dhfunds.com, provides important information (including, among other items, information relating to theBuffer and Cap) on a daily basis. If you are contemplating purchasing Shares, please visit the Fund’s website. Althoughthe Fund seeks to achieve its investment objective of upside appreciation and buffering a portion of downside risk, there is no guaranteethat it will do so. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certainexpenses incurred by the Fund.  Forillustrative purposes only. The Fund may seek to track various ETFs and the use of SPDR S&P 500 ETF is solely illustrative. The performanceshown in the chart does not reflect the potential effects of the Fund’s fees and expenses or hedging strategies. The figures areapproximate and subject to change. The chart assumes a written call strike that is 12% above the current price of the underlying. Thepremium received from the written call, along with dividends received from the underlying, is then used to purchase a put option spread.The put spread consists of a purchased put option with a strike at the same price as the underlying and a written put option with a strikethat is 20% below the current price of the underlying. Options are assumed to be held to maturity and not rolled during the life of thecontract.ActiveRebalancing Asthe U.S. Equity Investments held in the Fund’s portfolio increase in value, they move further from the Buffer level (the levelat which the Buffer potentially begins to mitigate losses) and closer to the Cap level. This changes the risk/return profile and, therefore,the optimal Buffer and Cap percentages for the Fund. In other words, being further from the Buffer increases the Fund’s need fordownside protection, and being closer to the Cap can limit the Fund’s upside potential. When the ratio of upside potential to downsiderisk is no longer deemed attractive by the Advisor, the Advisor will seek to “actively rebalance” the Fund to establish newBuffer and Cap levels in an attempt to allow the Fund to participate in greater capital appreciation opportunities and/or attempt toprovide better downside protection based in the current values of the U.S. Equity Investments. Thisdynamic approach seeks to optimize returns and enhance risk management in varying market conditions. The Buffers and Caps resulting fromeach rebalance may not be realized due to the active rebalancing strategy. The Buffer and Cap percentages may not be more advantageousthan previous Buffer and Cap percentages. Active rebalancing may negate expected returns and the downside Buffer. Investors that purchaseshares may experience investment returns that are very different from those that the Fund seeks to provide. Further, active rebalancingmay also substantially affect the Buffer and Cap percentages with each rebalance. TheFund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”),which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.

DHSB News

• Understanding Momentum Shifts in (DHSB)
  news.stocktradersdaily.com14 hours ago
• Day Hagan Smart Buffer ETF (NYSEARCA:DHSB) Short Interest Up 80.5% in August
  thelincolnianonline.com7 days ago
• The Technical Signals Behind (DHSB) That Institutions Follow
  news.stocktradersdaily.com10 days ago
• Day Hagan Smart Buffer ETF (NYSEARCA:DHSB) Short Interest Up 422.3% in July
  thelincolnianonline.com24 days ago
• (DHSB) Risk Channels and Responsive Allocation
  news.stocktradersdaily.com1 month ago
• Short Interest in Day Hagan Smart Buffer ETF (NYSEARCA:DHSB) Drops By 82.2%
  thelincolnianonline.com1 month ago
• (DHSB) Movement as an Input in Quant Signal Sets
  news.stocktradersdaily.com2 months ago
• Short Interest in Day Hagan Smart Buffer ETF (NYSEARCA:DHSB) Expands By 296.0%
  thelincolnianonline.com2 months ago
• Liquidity Mapping Around (DHSB) Price Events
  news.stocktradersdaily.com2 months ago