FFLS vs HBDC

FFLSDThe Future Fund Long/Short ETF

HBDCAHilton BDC Corporate Bond ETF

In short

FFLS A hedge-fund playbook in an ETF shell: a concentrated book of roughly 60 long and short US equity positions, actively run with no index to hug. The flexibility is real, and so is the 2.05% price tag.

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

FFLS The Fund seeks capital appreciation through an actively managed portfolio of long and short equity positions. It generally emphasizes U.S. exchange-listed securities and ADRs, while permitting foreign securities, derivatives, and ETFs.

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

Why people hold it

• FFLS It actually shorts. Most active equity ETFs only go long; this one runs both sides, so a negative view can be a position instead of just a name left out.
• Concentrated at roughly 60 positions, so individual stock calls carry real weight rather than washing out across hundreds of names.
• Long/short access inside a 1940 Act ETF: on-exchange trading any market day and daily published holdings, with no lockup or accreditation gate.
• Broad toolkit by design: US-listed stocks and ADRs at the core, with room for foreign securities, derivatives and other ETFs.

• 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

• FFLS The fee is 2.05% a year, versus under 0.20% at index-plus peers like DFAU and FELC. That is the annual hurdle the long/short book carries.
• A small, thinly traded fund. Spreads can be wide and order size matters more here than with the mega-cap index crowd.
• Launched in 2023 with no index to measure against, so the track record is short and outcomes ride on manager judgment. Payouts come once or twice a year, not monthly.

• 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 FFLS profile⁠

Full HBDC profile⁠