FARX vs HBDC: Grades, Fees and Holdings Compared

Frontier Asset Absolute Return ETF

FARXBNYSE Arca

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.56pt a year

FARX0.95%HBDC0.39%

Avg volume · 30D

HBDC 3.3×the volume

FARX2.7KHBDC8.86K

FARX vs HBDC Performance

Nov 7, 2025 – Nov 9, 2026

+12.2%FARX+2.9%HBDC

Expense ratio: FARX 0.95%; HBDC 0.39%, better
Fund size: FARX $15M; HBDC $91M
1Y total return: FARX +12.2%, better; HBDC +2.9%
Yield (12M): FARX 2.78%; HBDC 5.11%, better
Holdings: FARX 14; HBDC 156
Avg volume (30D): FARX 2.7K sh; HBDC 8.86K sh, better
NAV per share: FARX $29.13; HBDC $24.50
52W range

ETF.net Grade

Pillar letters and Scores for FARX, HBDC, with each pillar’s weight
Pillar	FARX	HBDC
Cost30% weight	A74	A100Higher
Mission25% weight	B58	Not scored
Risk15% weight	A77Higher	B67
Tradability15% weight	C53Higher	C50
Holdings10% weight	D31	A86Higher
Durability5% weight	F22	C49Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FARX 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 FARX 8th 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 7BHDGProShares Hedge Replication ETFScore 62
Rank 8BFARXFrontier Asset Absolute Return ETFScore 61
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 58

Our read on each fund

ETF.net Research

FARXBFrontier Asset Absolute Return ETF

HBDCAHilton BDC Corporate Bond ETF

In short

FARX 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

FARX 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

FARX 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

FARX 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 FARX profile⁠

Full HBDC profile⁠

FARX vs HBDC Holdings

How FARX and HBDC differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Bonds0.0%
Holdings0 in both0.0%
Sector15 Sectors10.2%
Countryby domicile71.0%

Sector

Sector weights in FARX and HBDC, widest gap first
Sector	Gap	FARX	HBDC
Corporate	HBDC +89.8 points	10.2%	100.0%
Government	FARX +38.8 points	38.8%	0.0%
Technology	FARX +10.3 points	10.3%	0.0%
Financials	FARX +7.2 points	7.2%	0.0%
Industrials	FARX +5.9 points	5.9%	0.0%
Health Care	FARX +5.2 points	5.2%	0.0%
Securitized	FARX +5.1 points	5.1%	0.0%
Consumer Discretionary	FARX +4.6 points	4.6%	0.0%
Consumer Staples	FARX +3.1 points	3.1%	0.0%
Energy	FARX +2.6 points	2.6%	0.0%
Communication	FARX +2.5 points	2.5%	0.0%
Materials	FARX +2.3 points	2.3%	0.0%
Utilities	FARX +1.3 points	1.3%	0.0%
Real Estate	FARX +0.9 points	0.9%	0.0%
Municipal	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FARX and HBDC, widest gap first
Country	Gap	FARX	HBDC
United States	HBDC +29.0 points	71.0%	100.0%
United Kingdom	FARX +15.5 points	15.5%	0.0%
Canada	FARX +2.4 points	2.4%	0.0%
Australia	FARX +2.1 points	2.1%	0.0%
Switzerland	FARX +1.4 points	1.4%	0.0%
Sweden	FARX +1.1 points	1.1%	0.0%
Israel	FARX +1.0 points	1.0%	0.0%
Germany	FARX +0.7 points	0.7%	0.0%
Other countries (22)	FARX +4.9 points	4.9%	0.0%

Outside the US: FARX 94% developed, 6% emerging.

Concentration

Weight in the 10 largest Holdings

FARX92.4%
HBDC12.4%

Securities held

FARX13
HBDC155

Asset class

FARX: Stocks
HBDC: Bonds

Holdings

Only in FARX13
In both0
Only in HBDC155

Only in FARX

13 securities, 99.6% of FARX by weight

Vanguard Short-Term Bond Etf21.80%
Harbor Commodity All Weather17.66%
American Beacon Ahl Trend16.05%
Wisdomtree Floating Rate Tre8.78%
Imgp Dbi Mft Str Etf-Usd Inc7.00%
Vanguard Short-Term Tips4.45%
Ishares High Yield Systemati4.43%
Ishares Us Smallcap Equity F4.34%
JPMorgan Ultra-Short Income4.30%
Janus Henderson Aaa Clo Etf3.55%
Avantis Intl S/C Value Etf2.75%
Ishares Msci Usa Momentum Fa2.46%
Vanguard Dividend Apprec Etf2.07%

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

FARX and HBDC share no securities.

All FARX 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.

FARX vs HBDC Cost

Overpaying FARX vs HBDC

$9,971

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

FARX 0.95%
$17,869
HBDC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

FARX 0.95%
HBDC 0.39%
Overpaying

Year by year

Year	FARX	HBDC	Overpaying
10	$1,678	$705	$973
20	$6,322	$2,725	$3,597
30	$17,869	$7,898	$9,971

Expense ratio

0.95%FARX
0.39%HBDC, cheaper

HBDC0.39%FARX0.95%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

FARX 7th cheapest of 29 funds

FARX vs HBDC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FARX 2.78%; HBDC 5.11%, better
Payout (12M): FARX $0.81; HBDC $1.25
Last payment: FARX $0.10; HBDC $0.11
Ex-dividend: FARX Sep 29, 2026; HBDC Oct 29, 2026
Paid on: FARX Oct 6, 2026; HBDC Oct 30, 2026
Frequency: FARX Quarterly; HBDC Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FARXQuarterly · 8 paymentsAll FARX payments⁠

HBDCMonthly · 16 paymentsAll HBDC payments⁠

FARX vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FARX 5.0%since Jan 2025HBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: FARX 1.54since Jan 2025HBDC −0.27since Jul 2025
Worst fallMax drawdown, 5 years: FARX −5.8%since Dec 2024HBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: FARX 0.22HBDC 0.13; Market = 1

FARX and HBDC in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC

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FARX vs HBDC

In short

Stated mandate

Why people hold it

Worth knowing

How FARX and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FARX

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

How FARX and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FARX

Only in HBDC

Weight gaps