FLSP vs HBDC: Grades, Fees and Holdings Compared

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.26pt a year

FLSP0.65%HBDC0.39%

Avg volume · 30D

FLSP 20.5×the volume

FLSP161KHBDC7.84K

FLSP vs HBDC Performance

Oct 31, 2025 – Oct 30, 2026

+11.5%FLSP+2.0%HBDC

Expense ratio: FLSP 0.65%; HBDC 0.39%, better
Fund size: FLSP $1.1B; HBDC $90M
1Y total return: FLSP +11.5%, better; HBDC +2.0%
Yield (12M): FLSP 2.45%; HBDC 5.15%, better
Holdings: FLSP 295; HBDC 156
Avg volume (30D): FLSP 161K sh, better; HBDC 7.84K sh
NAV per share: FLSP $28.91; HBDC $24.37
52W range

ETF.net Grade

Pillar letters and Scores for FLSP, HBDC, with each pillar’s weight
Pillar	FLSP	HBDC
Cost30% weight	A93	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B65Higher	B63
Tradability15% weight	C53Higher	C48
Holdings10% weight	A84	A86Higher
Durability5% weight	A85Higher	C49

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FLSP 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 ›

FLSP ranks 1st and HBDC 2nd 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

Our read on each fund

ETF.net Research

FLSPAFranklin Systematic Style Premia ETF

HBDCAHilton BDC Corporate Bond ETF

In short

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

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

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

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

Why people hold it

FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
Spreads the bet across roughly 300 positions, so no single name carries the fund.
Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.

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

FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
Distributions land once or twice a year, not on a monthly rhythm.

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 FLSP profile⁠

Full HBDC profile⁠

FLSP vs HBDC Holdings

How FLSP and HBDC differ

Overlap by weight

0.0%

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

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile52.2%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in FLSP and HBDC, widest gap first
Country	More in FLSPMore in HBDC	FLSP	HBDC
United States	HBDC +47.8 points	52.2%	100.0%
Canada	FLSP +13.5 points	13.5%	0.0%
United Kingdom	FLSP +13.0 points	13.0%	0.0%
Japan	FLSP +6.1 points	6.1%	0.0%
South Africa	FLSP +3.3 points	3.3%	0.0%
Switzerland	FLSP +2.6 points	2.6%	0.0%
France	FLSP +1.7 points	1.7%	0.0%
Germany	FLSP +1.5 points	1.5%	0.0%
Other countries (18)	FLSP +6.0 points	6.0%	0.0%

Outside the US: FLSP 92% developed, 8% emerging.

Concentration

Weight in the 10 largest Holdings

FLSP94.4%
HBDC12.1%

Securities held

FLSP260
HBDC155

Asset class

FLSP: Alternatives
HBDC: Fixed Income

Holdings

Only in FLSP260
In both0
Only in HBDC155

Only in FLSP

260 securities, 100% of FLSP by weight

Recv TRSPAYMSFTLSSPRCV07/53.91%
Rbc Bluebay Us Govt Mm-In1.86%
Microsoft Corp1.72%
Micron Technology Inc1.33%
Alphabet Inc-Cl C1.28%
General Electric1.19%
Cisco Systems Inc1.19%
Goldman Sachs Group Inc1.18%
Gilead Sciences Inc1.12%
Morgan Stanley1.10%
Walt Disney Co/The0.99%
Roche Holding AG0.99%
Arista Networks Inc0.99%
Salesforce Inc0.97%
Toronto-Dominion Bank0.93%
Citigroup Inc0.92%
Lam Research Corp0.90%
Rtx Corp0.87%
Recruit Holdings Co Ltd0.86%
Advantest Corp0.82%
Vertex Pharmaceuticals In0.74%
Marathon Petroleum Corp0.69%
Hitachi Ltd0.68%
Applied Materials Inc0.67%
Sony Group Corp0.66%
Newmont Corp0.64%
Uber Technologies Inc0.64%
Booking Holdings Inc0.63%
Valero Energy Corp0.62%
Bristol-Myers Squibb Co0.60%
Phillips 660.60%
Safran SA0.58%
Altria Group Inc0.55%
Adobe Inc0.54%
Cadence Design Sys Inc0.50%
Elevance Health Inc0.50%
Deutsche Telekom Ag-Reg0.49%
Western Digital Corp0.49%
Suncor Energy Inc0.48%
Ing Groep NV0.47%
Fortinet Inc0.47%
L'oreal0.47%
Johnson Controls Internat0.46%
Regeneron Pharmaceuticals0.46%
Travelers Cos Inc/The0.44%
Eog Resources Inc0.43%
Comcast Corp-Class A0.43%
General Dynamics Corp0.43%
Bank of New York Mellon C0.43%
Novartis Ag-Reg0.42%

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

FLSP and HBDC share no securities.

All 302 FLSP 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.

FLSP vs HBDC Cost

Overpaying FLSP vs HBDC

$4,819

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

FLSP 0.65%
$12,717
HBDC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

FLSP 0.65%
HBDC 0.39%
Overpaying

Year by year

Year	FLSP	HBDC	Overpaying
10	$1,163	$705	$458
20	$4,440	$2,725	$1,715
30	$12,717	$7,898	$4,819

Expense ratio

0.65%FLSP
0.39%HBDC, cheaper

HBDC0.39%FLSP0.65%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

FLSP 3rd cheapest of 29 funds

FLSP vs HBDC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLSP 2.45%; HBDC 5.15%, better
Payout (12M): FLSP $0.71; HBDC $1.25
Last payment: FLSP $0.71; HBDC $0.11
Ex-dividend: FLSP Dec 19, 2025; HBDC Oct 29, 2026
Paid on: FLSP Dec 29, 2025; HBDC Oct 30, 2026
Frequency: FLSP Annual; HBDC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLSPAnnual · 3 paymentsAll FLSP payments⁠

HBDCMonthly · 16 paymentsAll HBDC payments⁠

FLSP vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLSP 6.8%HBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: FLSP 0.87HBDC −0.28since Jul 2025
Worst fallMax drawdown, 5 years: FLSP −9.5%HBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: FLSP 0.01HBDC 0.13; Market = 1

FLSP 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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FLSP vs HBDC

In short

Stated mandate

Why people hold it

Worth knowing

How FLSP and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLSP

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 FLSP and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLSP

Only in HBDC

Weight gaps