ProShares - Hedge Replication ETF
$54.33−0.46 (−0.84%)
- Expense ratio
- 0.95%
- Fund size
- $23M
- 1Y return
- +9.2%
- Yield · Last 12 months
- 2.36%
- Holdings
- 1968
- Volume · 30D
- 0M sh
- NAV per share
- $54.75
- 52W range
The ETF.net HDG Grade
Score 62 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 67Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 74Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 41Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 69Category rank
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
- 1,968
- 83%
- TREASURY BILL, 0%, due 2026-12-03
HDG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +7.4% |
| 1 month | −0.2% |
| 3 months | −0.2% |
| 1 year | +9.2% |
| 3 years | +7.8% |
| 5 years | +3.6% |
| 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 | +7.4% | |
| 2025 | +7.2% | |
| 2024 | +5.1% | |
| 2023 | +7.1% | |
| 2022 | −8.5% | |
| 2021 | +3.0% | |
| 2020 | +7.5% |
HDG in the news
ETF.net Research hasn’t filed on HDG yet — coverage lands here as it’s written.
HDG Dividends
- 2.36%
- $1.29
- $0.29 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.29 |
| Mar 25, 2026 | Mar 31, 2026 | $0.27 |
| Dec 24, 2025 | Dec 31, 2025 | $0.37 |
| Sep 24, 2025 | Sep 30, 2025 | $0.36 |
| Jun 25, 2025 | Jul 1, 2025 | $0.29 |
| Mar 26, 2025 | Apr 1, 2025 | $0.30 |
| Dec 23, 2024 | Dec 31, 2024 | $0.50 |
| Sep 25, 2024 | Oct 2, 2024 | $0.43 |
| Jun 26, 2024 | Jul 3, 2024 | $0.43 |
| Mar 20, 2024 | Mar 27, 2024 | $0.36 |
| Dec 20, 2023 | Dec 28, 2023 | $0.52 |
| Sep 20, 2023 | Sep 27, 2023 | $0.60 |
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.
- 0.63
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
- The middle half of Alternative Strategies funds
- Median 1.00%
8 of the 29 Alternative Strategies funds charge less.