Swan Hedged Equity US Large Cap ETF
$27.01−0.14 (−0.53%)
- Expense ratio
- 0.88%
- Fund size
- $748M
- 1Y return
- +9.3%
- Yield · Last 12 months
- 0.33%
- Volume · 30D
- 0.1M sh
- NAV per share
- $27.16
- 52W range
The ETF.net HEGD Grade
Score 50 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.DScore 26Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 84Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 81Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 80Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.FScore 23Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 77Category rank
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
- —
- 102%
- SPY
Sectors
Geography
HEGD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | HEGD |
|---|---|
| Year to date | +7.7% |
| 1 month | +0.3% |
| 3 months | +2.0% |
| 1 year | +9.3% |
| 3 years | +14.7% |
| 5 years | +8.4% |
| 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 | +7.7% | |
| 2025 | +12.9% | |
| 2024 | +15.2% | |
| 2023 | +14.1% | |
| 2022 | −11.2% | |
| 2021 | +17.3% | |
| 2020 | +1.0% |
HEGD in the news
ETF.net Research hasn’t filed on HEGD yet — coverage lands here as it’s written.
HEGD Dividends
- 0.33%
- $0.09
- $0.09 per share
- Annual
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Dec 23, 2025 | Dec 24, 2025 | $0.09 |
| Dec 27, 2024 | Dec 30, 2024 | $0.10 |
| Dec 28, 2023 | Jan 2, 2024 | $0.08 |
| Dec 29, 2022 | Jan 3, 2023 | $0.15 |
| Dec 29, 2021 | Dec 31, 2021 | $0.06 |
HEGD Risk
- 8.2%
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.
- 1.01
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
- The middle half of US Active Equity funds
- Median 0.70%
91 of the 124 US Active Equity funds charge less.