BPRO vs HBDC: Grades, Fees and Holdings Compared

Bitwise Proficio Currency Debasement ETF

BPROCNYSE Arca

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.57pt a year

BPRO0.96%HBDC0.39%

Avg volume · 30D

BPRO 1.3×the volume

BPRO11.7KHBDC8.86K

BPRO vs HBDC Performance

Aug 7, 2026 – Nov 9, 2026

−6.3%BPRO+0.5%HBDC

Expense ratio: BPRO 0.96%; HBDC 0.39%, better
Fund size: BPRO $86M; HBDC $91M
1Y total return: BPRO No data; HBDC +2.9%
Yield (12M): BPRO No data; HBDC 5.11%
Holdings: BPRO 17; HBDC 156
Avg volume (30D): BPRO 11.7K sh, better; HBDC 8.86K sh
NAV per share: BPRO $19.04; HBDC $24.50
52W range

ETF.net Grade

Pillar letters and Scores for BPRO, HBDC, with each pillar’s weight
Pillar	BPRO	HBDC
Cost30% weight	A74	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F6	B67Higher
Tradability15% weight	D32	C50Higher
Holdings10% weight	Not scored	A86
Durability5% weight	C52Higher	C49

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. BPRO 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 1st and BPRO 18th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
Rank 3AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 17CMKTNFederated Hermes MDT Market Neutral ETFScore 48
Rank 18CBPROBitwise Proficio Currency Debasement ETFScore 46
Rank 18CHFGMUnlimited HFGM Global Macro ETFScore 46

Our read on each fund

ETF.net Research

BPROCBitwise Proficio Currency Debasement ETF

HBDCAHilton BDC Corporate Bond ETF

In short

BPRO Most alternatives funds sell you a technique. BPRO sells a thesis: currencies lose purchasing power, so own the assets built to benefit. A 2026 Bitwise launch, priced below the typical fund in the alternatives aisle.

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

BPRO The Fund seeks capital appreciation by investing in assets that may benefit from currency debasement.

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

Why people hold it

BPRO One idea, plainly stated: the fund seeks capital appreciation from assets that may benefit from currency debasement. No black-box factor stack to decode.bitwiseinvestments.com
A 0.96% expense ratio undercuts the median for its alternatives cohort, a corner of the market where active macro mandates routinely charge more.
Ordinary 1940 Act fund structure, not a commodity trust or partnership wrapper, so it behaves like the rest of the ETFs in a normal brokerage account.

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

BPRO It launched in 2026, so the track record is thin and the risk read leans on a single year. Longer-running peers like QALT and CCEF stand higher in the group.
Trading is light next to the bigger alternatives funds, so spreads can widen. Limit orders are the practical tool here.
The mandate is capital appreciation, and the fund has not been an income payer, so any return has to come from price.

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 BPRO profile⁠

Full HBDC profile⁠

BPRO vs HBDC Holdings

How BPRO and HBDC differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Bonds0.0%
Holdings0 in both0.0%
Countryby domicile24.5%

Sector

No Sector split for BPRO.

Country, concentration and asset class

Country by domicile

Country weights in BPRO and HBDC, widest gap first
Country	Gap	BPRO	HBDC
United States	HBDC +75.5 points	24.5%	100.0%
Canada	BPRO +56.4 points	56.4%	0.0%
Australia	BPRO +4.9 points	4.9%	0.0%
South Africa	BPRO +4.2 points	4.2%	0.0%
United Kingdom	BPRO +3.0 points	3.0%	0.0%
Mexico	BPRO +2.3 points	2.3%	0.0%
Peru	BPRO +1.6 points	1.6%	0.0%
China	BPRO +1.0 points	1.0%	0.0%
Other countries (8)	BPRO +2.3 points	2.3%	0.0%

Concentration

Weight in the 10 largest Holdings

BPRO80.1%
HBDC12.4%

Securities held

BPRO16
HBDC155

Asset class

BPRO: Stocks
HBDC: Bonds

Holdings

Only in BPRO16
In both0
Only in HBDC155

Only in BPRO

16 securities, 99.99% of BPRO by weight

Amundi Phy 0 Nts Perp USD10000016.93%
Wisdomtree Physical Gold15.50%
Ishares In Msci Global Gold Miners10.33%
Coinshare 0 Etc Perp Bitcoin USD8.38%
Wisdomtree Physical Silver5.28%
Xtrackers Physical Gold Etc USD5.01%
Ishares Ph Ishs Phys Gold Etc Usd(G4.80%
Ishares Di 0 Nts 08/01/2040 USD14.74%
21SHARES A Bitcoin Etp 20224.72%
Db Etc PLC Xtrackers Phys Gold Etc4.46%
Global X F Global X Silver Miners E4.28%
Amplify Et Junior Silver Miners Etf3.95%
Vaneck Etf Vaneck Junior Gold Miner3.86%
Ishares Ph Ishs Physical Silver Etc3.52%
Bitwise Eu Etc Group Core Bitcoin E3.20%
WisdomTree Gold1.04%

Only in HBDC

155 securities, 98.5% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.33%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Blue Owl Capital Corp 5.95% 03/15/20291.25%
Apollo Debt Solutions BDC 6.7% 07/29/20311.24%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.16%
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% 09/15/20291.11%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.08%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.02%
Ares Capital Corp 7% 01/15/20271.01%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
FS KKR Capital Corp 7.5% 08/01/20310.97%
Sixth Street Lending Partners 6.5% 03/11/20290.96%
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%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.91%
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%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blackstone Private Credit Fund 5.95% 07/16/20290.82%
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% 09/01/20300.80%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
Ares Capital Corp 5.25% 04/12/20310.79%
Blackstone Private Credit Fund 5.95% 05/15/20310.77%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
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% 04/13/20280.72%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

Weight gaps

BPRO and HBDC share no securities.

All 18 BPRO 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.

BPRO vs HBDC Cost

Overpaying BPRO vs HBDC

$10,136

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

BPRO 0.96%
$18,034
HBDC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

BPRO 0.96%
HBDC 0.39%
Overpaying

Year by year

Year	BPRO	HBDC	Overpaying
10	$1,695	$705	$990
20	$6,383	$2,725	$3,658
30	$18,034	$7,898	$10,136

Expense ratio

0.96%BPRO
0.39%HBDC, cheaper

HBDC0.39%BPRO0.96%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

BPRO 9th cheapest of 29 funds

BPRO vs HBDC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BPRO No data; HBDC 5.11%
Payout (12M): BPRO None; HBDC $1.25
Last payment: BPRO No data; HBDC $0.11
Ex-dividend: BPRO No data; HBDC Oct 29, 2026
Paid on: BPRO No data; HBDC Oct 30, 2026
Frequency: BPRO No data; HBDC Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

BPROAll BPRO payments⁠

No distribution history available.

HBDCMonthly · 16 paymentsAll HBDC payments⁠

BPRO vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BPRO No dataHBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: BPRO No dataHBDC −0.27since Jul 2025
Worst fallMax drawdown, 5 years: BPRO No dataHBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: BPRO 0.52HBDC 0.13; Market = 1

BPRO and HBDC in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC
Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026BPRO

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BPRO vs HBDC

In short

Stated mandate

Why people hold it

Worth knowing

How BPRO and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BPRO

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

The largest alternatives fund has no one-year record

How BPRO and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BPRO

Only in HBDC

Weight gaps