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Launched · SEC filings

State Street Galaxy Hedged Digital Asset Ecosystem ETF

HECONasdaqSPDRD

$48.77−0.45 (−0.90%)

As of Nov 10, 2026, 11:10 AM ET

D36/ 100

Rank 17 of 20 in Crypto Industry Stocks

D36/100Rank 17 of 20inCrypto Industry Stocks
Intraday session: down, 21 prints from 49.22 to 48.77. Range 48.48 to 49.63. Use the arrow keys to read each point.48.5049.0049.5010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$60M
1Y total return
+10.2%
Yield · Last 12 months
0.00%
Holdings
44
Avg volume · 30D
441 sh
52W range
low $37.57high $74.28
Launched
Filings
SEC EDGAR

The ETF.net HECO Grade

D

Score 36 out of 100

Category
Crypto Industry Stocks⁠
Rank
17 of 20
Six-pillar profile for HECO. Scores out of 100: Cost 0, Risk 79, Mission 41, Tradability 45, Holdings 58, Durability 62. Strongest: Risk (79). Weakest: Cost (0). Leans toward Risk.

Score 36 of 100 falls in the D 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.
    F0 out of 100
    Rank 20 of 20

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    C41 out of 100
    Rank 1 of 2

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A79 out of 100
    Rank 3 of 20

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 13 of 20

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B58 out of 100
    Rank 8 of 19

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B62 out of 100
    Rank 9 of 20

Our read on HECO

ETF.net Research

In short

DCrypto-adjacent stocks with an airbag bolted on. HECO holds the miners, exchanges and blockchain builders, adds crypto exposure via ETFs and futures, then runs an options overlay built to damp the volatility.

Stated mandate

The fund seeks long-term capital appreciation by investing in companies expected to benefit from crypto-asset and blockchain adoption, while also obtaining crypto exposure through ETFs and futures. It uses an option-overlay hedge strategy to manage overall volatility.

Why people hold it

  • The hedge is the point: an option overlay sits on top of the crypto-equity basket to manage overall volatility, a different bargain than owning the sector raw.ssga.com
  • Two exposures in one wrapper: operating companies expected to benefit from crypto and blockchain adoption, plus direct crypto exposure through ETFs and futures.ssga.com
  • Actively managed, global mandate, roughly 60 holdings. The manager can rotate as the ecosystem shifts rather than ride a fixed index.
  • Conventional 1940 Act ETF plumbing from State Street, run alongside Galaxy on the digital-asset side.

Worth knowing

  • At 0.90% a year it prices above the typical fund in its crypto-equity peer group, and above its unhedged sibling DECO at 0.65%. The overlay is the upcharge.
  • Thinly traded, so spreads can widen. Limit orders matter more here than in the category's heavyweights.
  • Hedges cut both ways: damping volatility also means surrendering some of the sector's sharpest upswings. Short history too, with a 2024 launch.

HECO Holdings

Holdings pillarB58 out of 100Rank 8 of 19 in Crypto Industry Stocks
Asset class
Stocks
Holdings
44
Top-10 weight
61%
Largest holding
RIOT15.5%

Sectors

  • Financials51.0%
  • Technology44.2%
  • Industrials4.9%

Geography

  • United States94.93%
  • Taiwan2.23%
  • Australia1.79%
  • United Kingdom1.05%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1RIOTRiot Platforms Inc15.52%562,355$9.4M115
2MSFTMicrosoft Corp8.24%9,398$4.99M828
3KEELKeel Infrastructure Corp6.77%2,191,874$4.1M61
4NVDANVIDIA Corp5.91%19,158$3.58M846
5JPMJPMorgan Chase & Co5.32%9,623$3.22M486
6CLSKCleanspark Inc5.10%501,084$3.09M121
7HOODRobinhood Markets Inc A3.97%29,703$2.4M341
8CIFRCipher Digital Inc3.42%316,147$2.07M95
9APLDApplied Digital Corp3.41%132,563$2.06M101
10CRWDCrowdstrike Holdings Inc A3.33%9,297$2.02M491
11VVisa Inc Class A Shares3.26%4,675$1.98M568
12MAMastercard Inc A3.23%2,994$1.95M544
13PURRHyperliquid Strategies2.97%204,169$1.8M54
14WULFTerawulf Inc2.88%153,256$1.74M100
15PANWPalo Alto Networks Inc2.58%4,983$1.56M511

Showing 1–15 of 44 holdings

HECO Performance

Launched Sep 9, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
HECO$11,018
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. HECO $11,018. SPY $11,339. Use the arrow keys to read each point.$10,000$12,500$15,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 HECO. Periods over one year show the average yearly return.
PeriodHECO
Year to date+24.2%
1 month−17.6%
3 months−23.4%
1 year+10.2%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 HECO
YearReturn barHECO
2026 YTD+24.2%
2025+14.0%
2024+41.0%

History from Sep 10, 2024

HECO in the news

HECO 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 Nov 9, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Dec 27, 2024 $0.82. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Dec 27, 2024Dec 31, 2024$0.82

HECO Risk

Risk pillarA79 out of 100Rank 3 of 20 in Crypto Industry Stocks
How much the fund’s monthly returns vary, scaled to a year.
49.6%
Annualised · 25 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.
0.72
vs 3-month T-bills · 25 months 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.
−44.6%
25 months · trough Apr 2025
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.
3.32
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.

HECO Cost

Compare HECO and STCE

Overpaying vs STCE, cheapest in Crypto Industry Stocks

$10,891

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

  • HECO 0.90%

    $17,040

  • STCE 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • HECO 0.90%
  • STCE 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HECO $17,040STCE $6,149

Year by year

YearHECOSTCEOverpaying
10$1,593$545$1,048
20$6,015$2,113$3,902
30$17,040$6,149$10,891

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