HBDC vs HFEQ: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Unlimited HFEQ Equity Long/Short ETF

HFEQBNYSE

Overlap

1.4%by weight

Expense ratio

HBDC −0.57pt a year

HBDC0.39%HFEQ0.96%

Avg volume · 30D

HFEQ 1.2×the volume

HBDC7.84KHFEQ9.35K

HBDC vs HFEQ Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+6.7%HFEQ

Expense ratio: HBDC 0.39%, better; HFEQ 0.96%
Fund size: HBDC $90M; HFEQ $12M
1Y total return: HBDC +2.0%; HFEQ +6.7%, better
Yield (12M): HBDC 5.15%; HFEQ No data
Holdings: HBDC 156; HFEQ 21
Avg volume (30D): HBDC 7.84K sh; HFEQ 9.35K sh, better
NAV per share: HBDC $24.37; HFEQ $23.17
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, HFEQ, with each pillar’s weight
Pillar	HBDC	HFEQ
Cost30% weight	A100Higher	A74
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	C41
Tradability15% weight	C48Higher	C46
Holdings10% weight	A86	Not scored
Durability5% weight	C49Higher	D29

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and HFEQ 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 2nd and HFEQ 12th 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
Rank 11BCLSEConvergence Long/Short Equity ETFScore 57
Rank 12BHFEQUnlimited HFEQ Equity Long/Short ETFScore 56
Rank 13BEDGH3EDGE Dynamic Hard Assets ETFScore 55

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

HFEQBUnlimited HFEQ Equity Long/Short ETF

In short

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.

HFEQ Hedge fund replication, sliced thin. HFEQ assembles a long/short equity book from broad ETFs and futures to mirror the gross-of-fees returns of the hedge fund industry's equity long/short sector, dialed to roughly twice that sector's volatility, for 0.96% a year.

Stated mandate

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

HFEQ The Fund seeks capital appreciation through an actively managed equity long/short strategy. It uses long and short positions in broad-based ETFs and futures contracts, and may also use individual equities and swaps to approximate the Equity Long/Short sector's returns with higher volatility.

Why people hold it

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

HFEQ Charges 0.96%, below the typical alternatives fund and under iShares' systematic alternatives ETF (IALT, 0.99%), with no fee waiver propping up the number.
Exposure comes mainly from broad-based ETFs and futures, with room for single stocks and swaps, keeping the long/short book in liquid, daily-priced instruments.
The volatility dial is the point: futures scale the book toward roughly twice the equity long/short sector's volatility, amplifying that sector's moves in both directions.sec.gov
Unlimited's engine reads hedge funds' actual return streams rather than delayed public filings, and HFEQ isolates one sector of that lineup instead of blending them all.yahoo.com sec.gov

Worth knowing

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.

HFEQ Young and lightly traded since its July 2025 launch, so spreads can widen and limit orders earn their keep.
Double volatility cuts both ways: the same scaling that magnifies the sector's gains magnifies its drawdowns.sec.gov
This is an approximation, not the hedge funds themselves, and the portfolio's path can drift from the sector it models.

Full HBDC profile⁠

Full HFEQ profile⁠

HBDC vs HFEQ Holdings

How HBDC and HFEQ differ

Overlap by weight

1.4%

Shared holdings make up 22.4% of HFEQ and 1.4% of HBDC.

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings1 in both1.4%
Countryby domicile76.8%

Sector

No Sector split for HBDC and HFEQ.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and HFEQ, widest gap first
Country	More in HBDCMore in HFEQ	HBDC	HFEQ
United States	HBDC +23.2 points	100.0%	76.8%
Taiwan	HFEQ +3.7 points	0.0%	3.7%
South Korea	HFEQ +2.8 points	0.0%	2.8%
China	HFEQ +2.6 points	0.0%	2.6%
Japan	HFEQ +2.4 points	0.0%	2.4%
United Kingdom	HFEQ +1.6 points	0.0%	1.6%
India	HFEQ +1.4 points	0.0%	1.4%
Switzerland	HFEQ +1.2 points	0.0%	1.2%
Other countries (31)	HFEQ +7.5 points	0.0%	7.5%

Outside the US: HFEQ 46% developed, 54% emerging.

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
HFEQ79.0%

Securities held

HBDC155
HFEQ16

Asset class

HBDC: Fixed Income
HFEQ: Alternatives

Holdings

Only in HBDC154
In both1
Only in HFEQ15

Only in HBDC

154 securities, 98.6% 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%

Only in HFEQ

15 securities, 57.1% of HFEQ by weight

MSCI EmgMkt Dec269.87%
Vanguard Morningstar Value ETF8.42%
MSCI EAFE Dec266.91%
Vanguard Morningstar Mid-Cap ETF5.62%
Vanguard US Momentum Factor ETF4.70%
State Street Materials Select Sector SPDR ETF3.79%
EURO STOXX 50 Dec263.67%
State Street SPDR S&P Retail ETF3.37%
State Street Industrial Select Sector SPDR ETF3.11%
NIKKEI 225 (CME) Dec262.86%
XAF Financial Dec261.55%
State Street SPDR S&P Biotech ETF1.40%
State Street Energy Select Sector SPDR ETF0.96%
State Street Consumer Discretionary Select Sector SPDR ETF0.55%
State Street Utilities Select Sector SPDR ETF0.26%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in HBDC and HFEQ, widest gap first
Holding	More in HBDCMore in HFEQ	HBDC	HFEQ
First American Government Obligations Fund 12/01/2031	HFEQ +17.67 points	0.68%	18.35%

All HBDC holdings⁠All HFEQ 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.

HBDC vs HFEQ Cost

Overpaying HFEQ vs HBDC

$10,136

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

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

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
HFEQ 0.96%
Overpaying

Year by year

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

Expense ratio

0.39%HBDC, cheaper
0.96%HFEQ

HBDC0.39%HFEQ0.96%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

HFEQ 9th cheapest of 29 funds

HBDC vs HFEQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%; HFEQ No data
Payout (12M): HBDC $1.25; HFEQ No data
Last payment: HBDC $0.11; HFEQ $2.20
Ex-dividend: HBDC Oct 29, 2026; HFEQ Dec 24, 2025
Paid on: HBDC Oct 30, 2026; HFEQ Dec 26, 2025
Frequency: HBDC Monthly; HFEQ Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

HFEQIrregular · 1 paymentAll HFEQ payments⁠

HBDC vs HFEQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HBDC 2.5%since Jul 2025HFEQ No data
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025HFEQ No data
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025HFEQ No data
Market sensitivityBeta, 5 years: HBDC 0.13HFEQ 1.06; Market = 1

HBDC and HFEQ 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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