About Us

ZEGA Financial has employed a buy & hedge strategy since March 2013.

ZEGA Financial is an SEC-registered investment adviser and investment manager that specializes in derivatives. The firm, which was founded in 2011, leverages technology, data, experience and proprietary strategies to craft products and services for advisors and individual investors.

ZEGA Financials’ investment strategies are designed to help investors successfully navigate volatile and uncertain markets through innovative hedging strategies.


Jay Pestrichelli

Portfolio Manager of ZHDG
Chief Executive Officer and Co-Founder, ZEGA Financial

Jay Pestrichelli is co-founder and managing director of ZEGA Financial. Mr. Pestrichelli leads the development and execution of the firm’s investment strategies, which are designed to help investors successfully navigate volatile and uncertain markets through innovative hedging strategies.

Mr. Pestrichelli has over 20 years of experience in the financial markets. Prior to launching ZEGA, he spent 12 years managing and growing the online brokerage business for TD Ameritrade. During this time, he led this business unit to become #1 in trade volume among U.S. brokers.

ZEGA’s founding principles grew out of the bestselling book Mr. Pestrichelli co-authored entitled, “Buy and Hedge, the Five Iron Rules for Investing Over the Long Term.” His book highlights how to bridge the complicated nature of options investing with the needs of the everyday investor.

Mr. Pestrichelli has been a regular contributor on NASDAQ Trade Talks and the TD Ameritrade Network and is a regularly quoted in top news outlets including Bloomberg, TheStreet, MarketWatch, US News and World Report, Fox Business and CNBC.


Mick Brokaw

Portfolio Manager of ZHDG
Chief Compliance Officer and Managing Director of Trading, ZEGA Financial

Mick Brokaw is the Chief Compliance Officer and Managing Director of Trading at ZEGA Financial. In his role as Managing Director of Trading, he focuses on trading execution and support. Additionally, Mr. Brokaw examines and helps to refine investment strategies as they move from the incubation stage to broader distribution.

Mr. Brokaw brings a product manager’s sensibility and methodology to his work, having performed this role most recently at Bank of the West and previously at TD Ameritrade. In his 15+ years at TD Ameritrade, he oversaw myriad changes in a rapidly growing industry. He helped build retail trading products, create educational programs, and develop the industry’s first JD Power-certified call center.

Mr. Brokaw has a Bachelor of Finance from the University of Nebraska, Lincoln.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, click here. Read the prospectus or summary prospectus carefully before investing.


Equity Market Risk. The equity securities underlying the Fund’s option investments may experience sudden, unpredictable drops in value or long periods of decline in value.

Derivatives Risk. The Fund invests in options, which are a form of derivative investment. Derivatives have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity of the derivative investments. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. 

The Fund may invest in fixed income securities directly or through ETFs or other investment companies. Fixed income securities are subject to interest rate risk (discussed further herein), call risk, prepayment and extension risk, credit risk (discussed further herein), and liquidity risk. Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

New Fund Risk. The Fund is a recently organized management investment company with no operating history.

The fund is distributed by Foreside Fund Services, LLC.
Launch & Structure Partner: Tidal ETF Services