ASGM vs HBDC: Grades, Fees and Holdings Compared

Virtus AlphaSimplex Global Macro ETF

ASGMCNYSE Arca

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.47pt a year

ASGM0.86%HBDC0.39%

Avg volume · 30D

HBDC 6.4×the volume

ASGM1.23KHBDC7.84K

ASGM vs HBDC Performance

Oct 31, 2025 – Oct 30, 2026

+23.3%ASGM+2.0%HBDC

Expense ratio: ASGM 0.86%; HBDC 0.39%, better
Fund size: ASGM $11M; HBDC $90M
1Y total return: ASGM +23.3%, better; HBDC +2.0%
Yield (12M): ASGM No data; HBDC 5.15%
Holdings: ASGM 17; HBDC 156
Avg volume (30D): ASGM 1.23K sh; HBDC 7.84K sh, better
NAV per share: ASGM $33.05; HBDC $24.37
52W range

ETF.net Grade

Pillar letters and Scores for ASGM, HBDC, with each pillar’s weight
Pillar	ASGM	HBDC
Cost30% weight	A83	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C53	B63Higher
Tradability15% weight	F9	C48Higher
Holdings10% weight	Not scored	A86
Durability5% weight	F20	C49Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. ASGM and HBDC are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

HBDC ranks 2nd and ASGM 14th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 13BEDGH3EDGE Dynamic Hard Assets ETFScore 55
Rank 14CASGMVirtus AlphaSimplex Global Macro ETFScore 54
Rank 15CEVNTAltShares Event-Driven ETFScore 50

Our read on each fund

ETF.net Research

ASGMCVirtus AlphaSimplex Global Macro ETF

HBDCAHilton BDC Corporate Bond ETF

In short

ASGM No data

HBDC Private credit's lenders have to borrow too. HBDC owns the senior unsecured bonds that business development companies issue, a first-mover take on BDC debt instead of BDC stock, wrapped in a rules-based index.

Stated mandate

ASGM No data

HBDC The Fund seeks to track, before fees and expenses, the Solactive Hilton Capital BDC Corporate Bond TR Index.

Why people hold it

ASGM No data

HBDC At 0.39% it undercuts the typical alternatives fund (cohort median near 1.01%) and peers like QAI at 0.75% and FTLS at 0.95%.
First fund built only around BDC bonds, and it sits above the equity: senior unsecured debt from issuers required by law to keep 150% asset coverage.hiltoncapitalmanagement.com hiltonetfs.com
Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com

Worth knowing

ASGM No data

HBDC Non-diversified by design. The BDC bond universe is small, so one issuer's credit trouble carries more weight here than in a broad corporate bond fund.hiltonetfs.com
Thinly traded, so spreads can run wider than in mainstream bond ETFs.
Launched in 2025, meaning the record is short and has not yet spanned a full credit cycle.

Full ASGM profile⁠

Full HBDC profile⁠

ASGM vs HBDC Holdings

How ASGM and HBDC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ASGM and 0.0% of HBDC.

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile53.4%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in ASGM and HBDC, widest gap first
Country	More in ASGMMore in HBDC	ASGM	HBDC
United States	HBDC +46.6 points	53.4%	100.0%
Japan	ASGM +7.7 points	7.7%	0.0%
Taiwan	ASGM +4.5 points	4.5%	0.0%
United Kingdom	ASGM +4.3 points	4.3%	0.0%
South Korea	ASGM +3.1 points	3.1%	0.0%
Switzerland	ASGM +3.0 points	3.0%	0.0%
China	ASGM +2.6 points	2.6%	0.0%
Germany	ASGM +2.4 points	2.4%	0.0%
Other countries (33)	ASGM +19.0 points	19.0%	0.0%

Outside the US: ASGM 66% developed, 34% emerging.

Concentration

Weight in the 10 largest Holdings

ASGM86.3%
HBDC12.1%

Securities held

ASGM16
HBDC155

Asset class

ASGM: Alternatives
HBDC: Fixed Income

Holdings

Only in ASGM16
In both0
Only in HBDC155

Only in ASGM

16 securities, 80.7% of ASGM by weight

iShares Core S&P 500 ETF25.01%
iShares Core MSCI EAFE ETF13.56%
iShares Core MSCI Emerging Markets ETF7.20%
United States Treasury Bill 0.000% 11/19/20264.64%
United States Treasury Bill 0.000% 12/01/20263.48%
United States Treasury Bill 0.000% 11/12/20262.97%
United States Treasury Bill 0.000% 12/17/20262.78%
United States Treasury Bill 0.000% 12/22/20262.78%
United States Treasury Bill 0.000% 12/29/20262.77%
United States Treasury Bill 0.000% 01/05/20272.77%
United States Treasury Bill 0.000% 12/15/20262.59%
United States Treasury Bill 0.000% 11/05/20262.56%
United States Treasury Bill 0.000% 12/03/20262.55%
United States Treasury Bill 0.000% 12/08/20262.22%
United States Treasury Bill 0.000% 12/10/20261.62%
United States Treasury Bill 0.000% 11/24/20261.16%

Only in HBDC

155 securities, 99.3% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.35%
Blue Owl Capital Corp 5.95% 03/15/20291.28%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Apollo Debt Solutions BDC 6.7% 07/29/20311.23%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.17%
Blue Owl Technology Finance Corp 6.5% 10/15/20291.13%
Ares Capital Corp 5.875% 03/01/20291.11%
Blue Owl Credit Income Corp 6.6% 09/15/20291.10%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.09%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.04%
Ares Capital Corp 7% 01/15/20271.01%
FS KKR Capital Corp 7.5% 08/01/20310.98%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
Sixth Street Lending Partners 6.5% 03/11/20290.97%
Golub Capital BDC Inc 6% 07/15/20290.96%
Sixth Street Lending Partners 6.125% 07/15/20300.95%
Ares Capital Corp 5.95% 07/15/20290.94%
Blackstone Private Credit Fund 3.25% 03/15/20270.93%
HPS Corporate Lending Fund 5.45% 01/14/20280.93%
Blue Owl Credit Income Corp 6.65% 03/15/20310.92%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.90%
Golub Capital BDC Inc 7.05% 12/05/20280.90%
Apollo Debt Solutions BDC 5.7% 01/23/20310.90%
Blue Owl Technology Finance Corp 6.75% 04/04/20290.89%
Apollo Debt Solutions BDC 6.35% 06/30/20330.88%
Ares Capital Corp 5.55% 01/15/20300.87%
Ares Strategic Income Fund 6.35% 08/15/20290.86%
Goldman Sachs Private Credit Corp 5.05% 02/23/20280.86%
Blackstone Private Credit Fund 5.95% 07/16/20290.85%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blue Owl Technology Finance Corp 6.1% 03/15/20280.82%
Blue Owl Credit Income Corp 7.95% 06/13/20280.82%
Ares Capital Corp 5.5% 09/01/20300.82%
Ares Capital Corp 5.25% 04/12/20310.81%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Blackstone Private Credit Fund 5.95% 05/15/20310.76%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
HPS Corporate Lending Fund 4.9% 09/11/20280.73%
Goldman Sachs Private Credit Corp 6.25% 05/06/20300.73%
Blackstone Secured Lending Fund 5.35% 04/13/20280.73%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

Weight gaps

ASGM and HBDC share no securities.

All 17 ASGM holdings⁠All HBDC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ASGM vs HBDC Cost

Overpaying ASGM vs HBDC

$8,470

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

ASGM 0.86%
$16,368
HBDC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

ASGM 0.86%
HBDC 0.39%
Overpaying

Year by year

Year	ASGM	HBDC	Overpaying
10	$1,525	$705	$820
20	$5,768	$2,725	$3,043
30	$16,368	$7,898	$8,470

Expense ratio

0.86%ASGM
0.39%HBDC, cheaper

HBDC0.39%ASGM0.86%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

ASGM 6th cheapest of 29 funds

ASGM vs HBDC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ASGM No data; HBDC 5.15%
Payout (12M): ASGM No data; HBDC $1.25
Last payment: ASGM $1.20; HBDC $0.11
Ex-dividend: ASGM Dec 22, 2025; HBDC Oct 29, 2026
Paid on: ASGM Dec 29, 2025; HBDC Oct 30, 2026
Frequency: ASGM Irregular; HBDC Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

ASGMIrregular · 1 paymentAll ASGM payments⁠

HBDCMonthly · 16 paymentsAll HBDC payments⁠

ASGM vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ASGM 13.2%since Sep 2025HBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: ASGM 1.62since Sep 2025HBDC −0.28since Jul 2025
Worst fallMax drawdown, 5 years: ASGM −7.4%since Aug 2025HBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: ASGM 0.91HBDC 0.13; Market = 1

ASGM and HBDC in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC
New ETFs
Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic
Oct 7, 2026ASGM

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ASGM vs HBDC

In short

Stated mandate

Why people hold it

Worth knowing

How ASGM and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ASGM

Only in HBDC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Sound would hand two small income ETFs to Hilton Capital Management

Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic