Plankton
As is the case with most North American fish species, shad fish feed largely on plankton. Plankton are organisms -- plants, animals and even bacteria -- that drift through oceans, rivers, lakes, and swamps. Plankton vary in size, ranging from the microscopic protozoa to large jellyfish. Shad primarily feed on zooplankton.
Algae
When plankton are scarce in a given environment, shad fish generally supplement their diet with algae. Algae are simple, aquatic plant-life that do not have the organs found in higher plant-life. Algae are spread about in aquatic environments by wind, water flow and other living creatures.
Fish Eggs, Larvae and Other Fish
Through the course of migration, shad fish come across many varieties of fish eggs, and they do not pass up this feeding opportunity. Larvae -- the juvenile form of certain insects before metamorphosis -- are another source of food for shad fish. Shad also dine on smaller fish, shrimp, squid and crabs, but these make up a small part of their normal diet.
Spawning
When shad return to fresh water to spawn, they travel up to hundreds of miles inland. Many biologists believe that the adult shad do not feed as they make their way upriver. Fishermen, however, point out that the mature shad are quick to bite on hooks, a sign that they are interested in feeding.