Skip to content
etf.net

Launched · SEC filings

Swan Hedged Equity US Large Cap ETF

HEGDCboeSwanC

$26.45−0.14 (−0.51%)

As of Nov 10, 2026, 11:25 AM ET

C47/ 100

Rank 68 of 125 in US Active Equity

C47/100Rank 68 of 125inUS Active Equity
Intraday session: down, 24 prints from 26.58 to 26.45. Range 26.42 to 26.55. Use the arrow keys to read each point.26.4326.4826.5026.5226.5510 AM12 PM2 PM4 PM
Expense ratio
0.87%
Fund size
$719M
1Y total return
+6.1%
Yield · Last 12 months
0.34%
Holdings
8
Avg volume · 30D
70.2K sh
52W range
low $24.39high $27.47
Launched
Filings
SEC EDGAR

The ETF.net HEGD Grade

C

Score 47 out of 100

Category
US Active Equity⁠
Rank
68 of 125
Six-pillar profile for HEGD. Scores out of 100: Cost 25, Risk 82, Mission 82, Tradability 63, Holdings 22, Durability 78. Strongest: Risk (82). Weakest: Holdings (22). No single pillar leads.

Score 47 of 100 falls in the C 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.
    D25 out of 100
    Rank 93 of 125

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A82 out of 100
    Rank 9 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A82 out of 100
    Rank 6 of 125

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B63 out of 100
    Rank 41 of 125

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    F22 out of 100
    Rank 119 of 123

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A78 out of 100
    Rank 19 of 125

Our read on HEGD

ETF.net Research

In short

CAlways invested, always hedged: HEGD owns S&P 500 exposure with long-dated puts sitting under it at all times, funded partly by selling shorter options. Standing coverage, not a seasonal reset, for 0.87% a year.

Stated mandate

The Fund seeks long-term capital appreciation while reducing overall market risk through a hedged U.S. large-cap equity strategy.

Why people hold it

  • No outcome period to track. The put hedge stays on and gets rolled by the managers, so there is no annual reset date or day-one entry math like buffer funds ask of you.swanglobalinvestments.comswanglobalinvestments.com 2
  • The dampening shows up in the data: one of the lower-risk profiles among actively managed US large-cap ETFs, which is the whole point of paying for a hedge.
  • Not a 2020 invention. Randy Swan has run this defined-risk approach since 1997; the ETF wrapper arrived in 2020 with the equity sleeve in plain S&P 500 index ETFs.sec.govswanglobalinvestments.com

Worth knowing

  • 0.87% a year, no waiver trimming it, sits above the typical active US large-cap fee. Hedged-equity peer JHDG runs 0.49% net of a waiver through July 31, 2027.
  • Hedges cost money. Swan's own shareholder reports are blunt that the fund is unlikely to capture a full up market, since the puts drag when stocks climb.sec.govsec.gov 2
  • Income is incidental: distributions are annual. And you own a short list of ETFs and options rather than hundreds of individual stocks.

HEGD Performance

Launched Dec 22, 2020

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.
HEGD$10,606
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. HEGD $10,606. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 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 HEGD. Periods over one year show the average yearly return.
PeriodHEGD
Year to date+5.4%
1 month−2.5%
3 months−2.7%
1 year+6.1%
3 yearsper year+13.9%
5 yearsper year+7.1%
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 HEGD
YearReturn barHEGD
2026 YTD+5.4%
2025+12.9%
2024+15.2%
2023+14.1%
2022−11.2%
2021+17.3%
2020+1.0%

History from Dec 23, 2020

HEGD in the news

HEGD 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.
0.34%Last 12 months
Payout per share
$0.09Last 12 months
Last payment
$0.09 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 29, 2021 $0.06; Dec 29, 2022 $0.15; Dec 28, 2023 $0.08; Dec 27, 2024 $0.10; Dec 23, 2025 $0.09. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.09
Dec 27, 2024Dec 30, 2024$0.10
Dec 28, 2023Jan 2, 2024$0.08
Dec 29, 2022Jan 3, 2023$0.15
Dec 29, 2021Dec 31, 2021$0.06

$10,000 in HEGD 5 years ago paid $245 in dividends.

HEGD Risk

Risk pillarA82 out of 100Rank 6 of 125 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
7.7%
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.
1.25
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.
−14.6%
Trough Oct 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.
0.55
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.

HEGD Cost

Compare HEGD and TACU

Overpaying vs TACU, cheapest in US Active Equity

$16,536

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

  • HEGD 0.87%

    $16,536

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • HEGD 0.87%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HEGD $16,536TACU $0

Year by year

YearHEGDTACUOverpaying
10$1,542$0$1,542
20$5,830$0$5,830
30$16,536$0$16,536

Other funds in US Active Equity

See others