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Launched · SEC filings

ProShares Hedge Replication ETF

HDGNYSE ArcaProSharesB

$53.59+0.06 (+0.12%)

As of Nov 2, 2026, 3:26 PM ET

B62/ 100

Rank 8 of 30 in Alternative Strategies

B62/100Rank 8 of 30inAlternative Strategies
Intraday session: up, 66 prints from 53.53 to 53.59. Range 53.53 to 53.59. Use the arrow keys to read each point.53.5453.5553.5653.5753.5810 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$22M
1Y total return
+6.0%
Yield · Last 12 months
2.31%
Holdings
1962
Avg volume · 30D
800 sh
52W range
low $50.72high $55.40
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 2.16%.

The ETF.net HDG Grade

Based on 4 of 6 pillars

B

Score 62 out of 100

Category
Alternative Strategies⁠
Rank
8 of 30
Six-pillar profile for HDG. Scores out of 100: Cost 74, Risk 68, Mission not scored, Tradability 31, Holdings not scored, Durability 68. Strongest: Cost (74). Weakest: Tradability (31). Based on 4 of 6 pillars.

Score 62 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.
    A74 out of 100
    Rank 7 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B68 out of 100
    Rank 7 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D31 out of 100
    Rank 24 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B68 out of 100
    Rank 7 of 30

Our read on HDG

ETF.net Research

In short

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.

Stated mandate

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 2
  • 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 Performance

Launched Jul 12, 2011

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HDG$10,604
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HDG $10,604. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for HDG. Periods over one year show the average yearly return.
PeriodHDG
Year to date+5.5%
1 month−0.8%
3 months−0.8%
1 year+6.0%
3 yearsper year+7.6%
5 yearsper year+2.9%
10 yearsper year+3.7%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HDG
YearReturn barHDG
2026 YTD+5.5%
2025+7.2%
2024+5.1%
2023+7.1%
2022−8.5%

HDG in the news

HDG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
2.31%Last 12 months
Payout per share
$1.24Last 12 months
Last payment
$0.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 25 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.0042; Jun 20, 2018 $0.06; Sep 26, 2018 $0.08; Dec 26, 2018 $0.08; Mar 20, 2019 $0.14; Jun 25, 2019 $0.15; Sep 25, 2019 $0.13; Dec 24, 2019 $0.09; Mar 25, 2020 $0.04; Dec 22, 2022 $0.18; Mar 22, 2023 $0.26; Jun 21, 2023 $0.32; Sep 20, 2023 $0.60; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.43; Sep 25, 2024 $0.43; Dec 23, 2024 $0.50; Mar 26, 2025 $0.30; Jun 25, 2025 $0.29; Sep 24, 2025 $0.36; Dec 24, 2025 $0.37; Mar 25, 2026 $0.27; Jun 24, 2026 $0.29; Sep 23, 2026 $0.30. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.30
Jun 24, 2026Jun 30, 2026$0.29
Mar 25, 2026Mar 31, 2026$0.27
Dec 24, 2025Dec 31, 2025$0.37
Sep 24, 2025Sep 30, 2025$0.36
Jun 25, 2025Jul 1, 2025$0.29
Mar 26, 2025Apr 1, 2025$0.30
Dec 23, 2024Dec 31, 2024$0.50
Sep 25, 2024Oct 2, 2024$0.43
Jun 26, 2024Jul 3, 2024$0.43
Mar 20, 2024Mar 27, 2024$0.36
Dec 20, 2023Dec 28, 2023$0.52

See all 27 payments⁠

$10,000 in HDG 10 years ago paid $1,557 in dividends.⁠

HDG Risk

Risk pillarB68 out of 100Rank 7 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
4.5%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.66
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−15.3%
Trough Sep 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.33
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

HDG Cost

Compare HDG and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$9,971

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HDG 0.95%

    $17,869

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • HDG 0.95%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HDG $17,869HBDC $7,898

Year by year

YearHDGHBDCOverpaying
10$1,678$705$973
20$6,322$2,725$3,597
30$17,869$7,898$9,971
How the 0.95% is worked out

Full fee 2.16%− waiver 1.21%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 2.16% unless ProShares renews it. Source: prospectus, Sep 2026.

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