Swan Hedged Equity US Large Cap ETF
$27.28+0.05 (+0.18%)
- 0.88%
- $750M
- +10.7%
- 0.33%
- 0.1M sh
- $27.27
- low $24.39high $27.47
The ETF.net HEGD Grade
C
Score 50 out of 100
- 64 of 127
Score 50 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.D27 out of 100Rank 93 of 127Mission
Whether the fund did what it promised, tested against its stated mandate.A83 out of 100Rank 9 of 48Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A80 out of 100Rank 8 of 126Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A78 out of 100Rank 18 of 127Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.F23 out of 100Rank 120 of 124Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A79 out of 100Rank 19 of 127
Our read on HEGD
CMost hedged-equity funds pay for protection by selling calls, which caps your gains. HEGD buys long-term S&P 500 put options instead and leaves the upside uncapped, running the Defined Risk approach Swan built in 1997.
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
- Roughly 90% sits in S&P 500 large-cap exposure with long-term index puts on top. The hedge is bought, not financed by giving away gains, so there is no cap and no outcome period.etfs.swanglobalinvestments.cometfs.swanglobalinvestments.com
- Always invested, always hedged: the put protection stays on and is actively adjusted as the market moves, rather than resetting on a calendar like defined-outcome funds.etfs.swanglobalinvestments.cometfs.swanglobalinvestments.com
- What is on the label is in the fund: plain S&P 500 core, standing put hedge, actively managed option sleeve. It has run that same design since its 2020 launch.
- The strategy predates the ETF by decades: Randy Swan's Defined Risk framework dates to 1997, so this is a long-running process in a cheaper, tradable wrapper.etfs.swanglobalinvestments.cometfs.swanglobalinvestments.com
Worth knowing
- Protection carries a sticker price: 0.88% a year, above the typical active US equity fund and above hedged large-cap alternatives such as HELO (0.50%) or FELC (0.18%).
- Buying puts means paying premium year after year. In calm, steadily rising markets that premium is a drag, and the options can expire worthless.etfs.swanglobalinvestments.cometfs.swanglobalinvestments.com
- Under the hood it is S&P 500 ETFs plus options, not hand-picked stocks, and it distributes annually rather than monthly. This is a risk-management sleeve, not an income engine.sec.gov
HEGD Holdings
- Stocks
- 10
- 102%
- SPY
Sectors
- Technology40.0%
- Financials11.4%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
Geography
- United States100.00%
HEGD Performance
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$11,072
Returns run to the Oct 12, 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 | HEGD |
|---|---|
| Year to date | +8.0% |
| 1 month | +1.3% |
| 3 months | +1.3% |
| 1 year | +10.7% |
| 3 years | +14.6% |
| 5 years | +8.8% |
| 10 years | — |
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 | HEGD |
|---|---|---|
| 2026 YTD | +8.0% | |
| 2025 | +12.9% | |
| 2024 | +15.2% | |
| 2023 | +14.1% | |
| 2022 | −11.2% | |
| 2021 | +17.3% | |
| 2020 | +1.0% |
HEGD in the news
HEGD Dividends
- 0.33%
- $0.09
- $0.09 per share
- Annual
Distribution history
HEGD Risk
- 7.8%
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.
- 1.21
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.
- −14.6%
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.
- 0.55
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HEGD Cost
0.88%
HEGD0.88%
- The middle half of US Active Equity funds
- Median 0.70%
91 of the 123 US Active Equity funds charge less.
Other funds in US Active Equity
- CNANCUnusual Whales Subversive Democratic Trading ETFExpense ratio 0.72%1 year return +20.5%
- CSSUSStrategy Shares Day Hagan Smart Sector ETFExpense ratio 0.77%1 year return +21.3%
- CPRAYFIS Christian Stock FundExpense ratio 0.68%1 year return +15.0%
- CHGROHedgeye Quality Growth ETFExpense ratio 0.70%1 year return +13.2%
- CBRESBurney U.S. Equity Select ETFExpense ratio 0.79%1 year return —