ProShares - Hedge Replication ETF
$53.75−0.20 (−0.38%)
- 0.95%
- $22M
- +8.6%
- 2.29%
- 0M sh
- $54.01
- low $50.72high $55.40
The ETF.net HDG Grade
B
Score 58 out of 100
- 10 of 30
Score 58 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B67 out of 100Rank 9 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B69 out of 100Rank 9 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D26 out of 100Rank 25 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B68 out of 100Rank 7 of 30
Our read on HDG
BA 2011-vintage try at bottling hedge fund beta: HDG tracks an index that swings long or short across six liquid factors to mirror the broad hedge fund universe's risk and return profile, without owning a single hedge fund.
HDG seeks to track the Merrill Lynch Factor Model – Exchange Series, a benchmark designed to provide the risk and return characteristics of a broad hedge fund universe.
Why people hold it
- The index takes long or short positions in six factors (US, developed and emerging stocks, small caps, the euro, T-bills), reset monthly. No lockups, no hedge funds.proshares.comcbonds.com
- Costs 0.95% a year, below the typical alternatives ETF, and as a 1940 Act fund it charges no performance fee on top.
- Trading since 2011, an elder statesman in a category where alternatives launches come and go. Pays quarterly and sits in the upper half of its peer group.
Worth knowing
- Small and thinly traded, so spreads can be wide and large orders move the price. Getting in and out takes more care than with a mainstream ETF.
- ProShares says results can differ materially from the HFRI hedge fund benchmark at times, and the exchange-series index is likely to lag the original model.proshares.comproshares.com
- This is hedge fund beta, not a market hedge: the factor mix leans on equity indexes, so it can move down alongside stocks.cbonds.com
HDG Holdings
- Other
- 1,972
- 84%
- TREASURY BILL, 0%, due 2026-12-31
HDG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
HDG$10,858
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | HDG |
|---|---|
| Year to date | +6.3% |
| 1 month | −0.8% |
| 3 months | −0.5% |
| 1 year | +8.6% |
| 3 years | +7.6% |
| 5 years | +3.4% |
| 10 years | +3.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | HDG |
|---|---|---|
| 2026 YTD | +6.3% | |
| 2025 | +7.2% | |
| 2024 | +5.1% | |
| 2023 | +7.1% | |
| 2022 | −8.5% | |
| 2021 | +3.0% | |
| 2020 | +7.5% |
HDG in the news
HDG Dividends
- 2.29%
- $1.24
- $0.30 per share
- Quarterly
Distribution history
HDG Risk
- 4.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.61
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −15.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.33
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HDG Cost
0.95%
HDG0.95%
- The middle half of Alternative Strategies funds
- Median 1.00%
8 of the 30 Alternative Strategies funds charge less.
Other funds in Alternative Strategies
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- BFARXThe Advisors' Inner Circle Fund II - Frontier Asset Absolute Return ETFExpense ratio 0.95%1 year return +17.9%
- BCLSEConvergence Long/Short Equity ETFExpense ratio 1.52%1 year return +37.4%
- CASGMVirtus ETF Trust II - Virtus AlphaSimplex Global Macro ETFExpense ratio 0.86%1 year return +32.5%
- CHFEQUnlimited HFEQ Equity Long/Short ETFExpense ratio 1.00%1 year return +18.8%