PUTD
Cboe Validus S&P 500 Dynamic PutWrite Index ETF
PUTD tracks an index that pursues a cash-secured put writing strategy. The fund is comprised of short SPX put options and US treasuries, cash, and cash equivalents as collateral. The objective is to potentially improve income from cash positions and provide a buffer for the downside risk.
Risk Management
DERIVATIVES
Rules-Based
MANAGEMENT STYLE
22.6 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Aug 09, 2023 |
| Assets (mns) | $23 |
| Expense ratio | 60 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY BILL 07/24/2025 | 60.9 % |
| UNITED STATES TREASURY BILL 07/22/2025 | 38.8 % |
| CASH & OTHER | 0.6 % |
| XSP US 07/18/25 P611 | 0.0 % |
| XSP US 07/18/25 P609 | 0.0 % |
| XSP US 07/18/25 P608 | 0.0 % |
| XSP US 07/18/25 P604 | 0.0 % |
| XSP US 07/18/25 P607 | 0.0 % |
| SPX US 07/18/25 P6065 | 0.0 % |
| SPX US 07/18/25 P6040 | 0.0 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 0.6% | -9.3% | -- | -- | -- | -- | -- | 2.1% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 6.5% |
| Total Returns | 0.6% | -9.3% | -- | -- | -- | -- | -- | 8.6% | Ann. Volatility | 22.3% | 22.1% | -- | -- | -- | -- | -- | 19.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.62 | 90% |
| MSCI EAFE | 0.19 | 9% |
| MSCI Emg Mkts | -0.02 | 0% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.56% |
Technical Indicators
| Recent close | $20.56 |
| 30d moving avg. | $20.09 |
| Annualized volatility | 8.2% |
| Relative strength (RSI) | 62 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Rules-Based Risk Management Derivatives ETFs |
| # of ETFs | 5 |
| Avg. Expense Ratio | 75.2 bp |
| Std. Deviation | 11.7 bp |
| PUTD (60 bp) Percentile rank | 14 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PUTD | 60.0 | 55.5 | 115.5 |
| Peer Avg. | 94.4 | 35.8 | 130.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .