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HECO

GradeCNASDAQ Global Select

State Street Galaxy Hedged Digital Asset Ecosystem ETF

Crypto · SPDR · Inception 2024-09-09 · SEC filings

$69.69−0.34 (−0.48%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Sep 10, 2024.
Intraday session: down, 59 prints from 70.03 to 69.69. Range 69.15 to 70.14. Use the arrow keys to read each point.$69.20$70.0010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$88M
1Y return
+69.1%
Yield · Last 12 months
0.00%
Holdings
61
Volume · 30D
0M sh
NAV per share
$69.13
52W range
low $37.57high $74.28

The ETF.net HECO Grade

C

42/ 100

Rank 14 of 21 in Crypto Industry Stocks⁠

Confidence Medium

Six-pillar profile for HECO. Scores out of 100: Cost 0, Risk 92, Mission 47, Tradability 69, Holdings 45, Durability 64. Strongest: Risk (92). Weakest: Cost (0). Leans toward Risk.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 of 100 sits in the C 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.
    FScore 0
    Category rank21/21 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    CScore 47
    Category rank1/2 · top 50%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 92
    Category rank1/21 · top 5%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 69
    Category rank7/21 · top 33%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 45
    Category rank14/20 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 64
    Category rank9/21 · top 43%

Graded as of Sep 22, 2026

Our read on HECO

ETF.net Research

CCrypto-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

  1. 01The 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
  2. 02Two exposures in one wrapper: operating companies expected to benefit from crypto and blockchain adoption, plus direct crypto exposure through ETFs and futures.ssga.com
  3. 03Actively managed, global mandate, roughly 60 holdings. The manager can rotate as the ecosystem shifts rather than ride a fixed index.
  4. 04Conventional 1940 Act ETF plumbing from State Street, run alongside Galaxy on the digital-asset side.

Worth knowing

  1. 01At 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.
  2. 02Thinly traded, so spreads can widen. Limit orders matter more here than in the category's heavyweights.
  3. 03Hedges cut both ways: damping volatility also means surrendering some of the sector's sharpest upswings. Short history too, with a 2024 launch.

HECO Holdings

As of Sep 21, 2026, 3:46 PM
Asset class
Stocks
Holdings
61
Top-10 weight
66%
Largest holding
RIOT15.3%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001RIOTRIOT PLATFORMS INC15.31%562,355$13M118
002KEELKEEL INFRASTRUCTURE CORP10.08%2,191,874$9M67
003CLSKCLEANSPARK INC8.31%501,084$7M124
004CIFRCIPHER DIGITAL INC6.65%316,147$6M111
005MSFTMICROSOFT CORP5.32%9,398$5M792
006NVDANVIDIA CORP4.88%19,158$4M828
007APLDAPPLIED DIGITAL CORP4.27%132,563$4M104
008JPMJPMORGAN CHASE + CO4.18%10,423$4M478
009HOODROBINHOOD MARKETS INC A4.08%29,703$4M331
010PURRHYPERLIQUID STRATEGIES3.30%204,169$3M42
011WULFTERAWULF INC2.99%153,256$3M102
012IRENIREN LTD2.99%55,799$3M95
013CRWDCROWDSTRIKE HOLDINGS INC A2.53%9,297$2M454
014MUMICRON TECHNOLOGY INC2.46%2,114$2M655
015PANWPALO ALTO NETWORKS INC2.08%4,983$2M486

Showing 1–15 of 41 holdings

HECO Performance

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

HECO$16,915
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. HECO $16,915. SPY $11,723. Use the arrow keys to read each point.$8,476$13,008$17,540Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for HECO. Periods over one year show the average yearly return.
PeriodHECO
Year to date+76.7%
1 month+12.3%
3 months+0.8%
1 year+69.1%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+76.7%
2025+14.0%
2024+41.0%

History from Sep 10, 2024

HECO in the news

ETF.net Research hasn’t filed on HECO yet — coverage lands here as it’s written.

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 Sep 22, 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

How much the fund’s monthly returns vary, scaled to a year.
47.9%
Annualised · 23 months to Aug 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.
1.03
vs 3-month T-bills · 23 months to Aug 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%
24 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.
3.21
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.

HECO Cost

Expense ratio0.90%
  • The middle half of Crypto Industry Stocks funds
  • Median 0.65%

Every other Crypto Industry Stocks fund charges less.

HECO costs $90.00 a year on $10,000. The median Crypto Industry Stocks fund costs $65.00.