HBDC vs HFGM: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Unlimited HFGM Global Macro ETF

HFGMCNYSE

Overlap

0.1%by weight

Expense ratio

HBDC −0.62pt a year

HBDC0.39%HFGM1.01%

Avg volume · 30D

HFGM 5.1×the volume

HBDC8.86KHFGM44.9K

HBDC vs HFGM Performance

Nov 7, 2025 – Nov 9, 2026

+2.9%HBDC+1.4%HFGM

Expense ratio: HBDC 0.39%, better; HFGM 1.01%
Fund size: HBDC $91M; HFGM $135M
1Y total return: HBDC +2.9%, better; HFGM +1.4%
Yield (12M): HBDC 5.11%; HFGM No data
Holdings: HBDC 156; HFGM 23
Avg volume (30D): HBDC 8.86K sh; HFGM 44.9K sh, better
NAV per share: HBDC $24.50; HFGM $28.21
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, HFGM, with each pillar’s weight
Pillar	HBDC	HFGM
Cost30% weight	A100Higher	B60
Mission25% weight	Not scored	Not scored
Risk15% weight	B67Higher	F14
Tradability15% weight	C50	C50
Holdings10% weight	A86	Not scored
Durability5% weight	C49	C52Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and HFGM 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 HFGM 18th 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 18CBPROBitwise Proficio Currency Debasement ETFScore 46
Rank 18CHFGMUnlimited HFGM Global Macro ETFScore 46
Rank 20CLBAYLeatherback Long/Short Alternative Yield ETFScore 44

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

HFGMCUnlimited HFGM Global Macro 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.

HFGM Most macro funds pick their own trades. HFGM reverse-engineers what global macro hedge funds are already positioned in, then runs that book at roughly twice the sector's volatility. Replication, with the dial turned up.

Stated mandate

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

HFGM The Fund seeks capital appreciation by using a proprietary algorithm to build long and short positions in broad-based ETFs and futures, seeking to match recent gross returns of hedge funds’ Global Macro sector while targeting approximately twice its 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

HFGM A proprietary algorithm infers what the global macro hedge fund sector is positioned in, then rebuilds those exposures with long and short broad-based ETFs and futures.nasdaq.com
Charges 1.01%, gross and net, with no waiver in the mix. That sits below the alternatives category median, though peers like QALT (0.80%) and IALT (0.99%) ask less.
It can go short as easily as long, across global asset classes, so a bearish macro view is expressed inside the portfolio rather than through the exit.
Ordinary 1940 Act ETF plumbing: exchange trading and one flat expense ratio, not the subscription windows and performance-fee arithmetic of a private macro fund.nasdaq.com

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.

HFGM By design it targets about twice the volatility of the hedge fund sector it mirrors. That amplification applies to the down moves too, not just the up ones.
Launched in April 2025, it is one of the newer names in its category, so there is limited live history for judging how the replication behaves across macro regimes.
Among the thinner traders in its peer group, which makes the bid-ask spread a bigger slice of the round-trip cost than at the largest alternatives funds.

Full HBDC profile⁠

Full HFGM profile⁠

HBDC vs HFGM Holdings

How HBDC and HFGM differ

Overlap by weight

0.1%

Shared holdings make up 44.1% of HFGM and 0.1% of HBDC.

Level by level

Asset classBonds, Alternatives0.0%
Holdings1 in both0.1%

Sector

HBDC and HFGM share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

No country split for HFGM.

Concentration

Weight in the 10 largest Holdings

HBDC12.4%
HFGM218.4%

Securities held

HBDC155
HFGM10

Asset class

HBDC: Bonds
HFGM: Alternatives

Holdings

Only in HBDC154
In both1
Only in HFGM9

Only in HBDC

154 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%

Only in HFGM

9 securities, 70.0% of HFGM by weight

MSCI EmgMkt Dec2617.22%
NIKKEI 225 (CME) Dec2614.26%
GOLD 100 OZ FUTR Dec2610.46%
DOLLAR INDEX Dec2610.34%
SUGAR #11 (WORLD) Mar278.41%
MSCI EAFE Dec265.59%
Vanguard Emerging Markets Government Bond ETF1.42%
EURO STOXX 50 Dec261.31%
LME PRI ALUM FUTR Dec260.99%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in HBDC and HFGM, widest gap first
Holding	More in HBDCMore in HFGM	Gap	HBDC	HFGM
First American Government Obligations Fund 12/01/2031		HFGM +44.07 points	0.06%	44.13%

All HBDC holdings⁠All HFGM 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 HFGM Cost

Overpaying HFGM vs HBDC

$10,952

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

HBDC 0.39%
$7,898
HFGM 1.01%
$18,850

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
HFGM 1.01%
Overpaying

Year by year

Year	HBDC	HFGM	Overpaying
10	$705	$1,780	$1,075
20	$2,725	$6,686	$3,961
30	$7,898	$18,850	$10,952

Expense ratio

0.39%HBDC, cheaper
1.01%HFGM

HBDC0.39%HFGM1.01%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

HFGM 12th cheapest of 29 funds

HBDC vs HFGM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HBDC 5.11%; HFGM No data
Payout (12M): HBDC $1.25; HFGM No data
Last payment: HBDC $0.11; HFGM $3.24
Ex-dividend: HBDC Oct 29, 2026; HFGM Dec 24, 2025
Paid on: HBDC Oct 30, 2026; HFGM Dec 26, 2025
Frequency: HBDC Monthly; HFGM Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

HFGMIrregular · 1 paymentAll HFGM payments⁠

HBDC vs HFGM 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 2025HFGM 16.9%since May 2025
Return per unit of riskSharpe ratio, 3 years: HBDC −0.27since Jul 2025HFGM 0.88since May 2025
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025HFGM −21.2%since Apr 2025
Market sensitivityBeta, 5 years: HBDC 0.13HFGM 0.72; Market = 1

HBDC and HFGM in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC
New ETFs
Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic
Oct 7, 2026HFGM

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HBDC vs HFGM

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and HFGM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HFGM

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

Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic

How HBDC and HFGM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HFGM

Weight gaps