EDGH vs HBDC

EDGHB3EDGE Dynamic Hard Assets ETF

HBDCAHilton BDC Corporate Bond ETF

In short

EDGH Hard assets, rented rather than owned: at least 80% of net assets goes into hard-asset exposure bought through other ETFs and derivatives, with an active manager free to dial that mix up or down as conditions shift.

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

EDGH The Fund aims to grow capital when markets rise and reduce losses when markets fall.

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

Why people hold it

• EDGH Two-sided mandate: it seeks capital appreciation in rising markets while aiming to limit losses in declines, so the manager can trim hard-asset exposure instead of riding it down.sec.gov
• Exposure arrives through ETFs and derivatives, not vaults or barrels, inside a standard 1940 Act fund rather than a commodity partnership.sec.gov
• All-in cost is 1.01%: a 0.70% management fee plus the underlying funds it owns. That lands under the median fee for its alternatives peer group.sec.gov
• For a young fund in a niche corner, shares change hands regularly, which helps keep the cost of getting in and out contained.

• 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.comhiltonetfs.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

• EDGH It launched in October 2024, so the record is short, and hard assets can sit out of favor for long stretches.
• Actively managed with no index to check it against: what you own depends on the manager's calls about when hard assets deserve more room.sec.gov
• Part of the 1.01% is the fees of the ETFs it buys, stacked on the 0.70% management fee. Cheaper cohort options exist (RNMN 0.59%, QALT 0.80%) with different strategies.sec.gov

• 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 EDGH profile⁠

Full HBDC profile⁠