---
ticker: "HEGD"
name: "Swan Hedged Equity US Large Cap ETF"
url: "https://etf.net/etf/HEGD"
grade: "C"
score: 50
graded_at: "2026-10-12"
category: "US Active Equity"
category_rank: "64 of 127"
methodology: "https://etf.net/methodology"
---

# HEGD: Swan Hedged Equity US Large Cap ETF

Grade **C**, Score 50 of 100. Rank 64 of 127 in US Active Equity.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 27 | 93 of 127 |
| Mission | 83 | 9 of 48 |
| Risk | 80 | 8 of 126 |
| Tradability | 78 | 18 of 127 |
| Holdings | 23 | 120 of 124 |
| Durability | 79 | 19 of 127 |

## Top holdings

The fund holds 10 positions. These are the largest 10, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | SPY | State Street SPDR S&P 500 ETF Trust | 93.87% |
| 2 | — | Spx Us 12/17/27 C7500 | 3.02% |
| 3 | — | Spx Us 12/17/27 P7400 | 1.91% |
| 4 | — | Spx Us 12/17/27 P7300 | 1.79% |
| 5 | — | First American Government Obligations Fund 12/01/2031 | 0.32% |
| 6 | — | Cash & Other | 0.27% |
| 7 | — | Spxw Us 12/31/26 P7200 | 0.22% |
| 8 | — | Spxw Us 12/31/26 P6500 | 0.08% |
| 9 | — | Spxw Us 10/30/26 P6900 | 0.02% |
| 10 | — | Spxw Us 10/30/26 P6300 | 0.01% |

Source: etf.net, https://etf.net/etf/HEGD. Please cite the page URL.