HBDC vs HFND: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Unlimited HFND Multi-Strategy Return Tracker ETF

HFNDCNYSE

Overlap

1.4%by weight

Expense ratio

HBDC −0.68pt a year

HBDC0.39%HFND1.07%

Avg volume · 30D

HFND 1.1×the volume

HBDC7.84KHFND8.51K

HBDC vs HFND Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+2.6%HFND

Expense ratio: HBDC 0.39%, better; HFND 1.07%
Fund size: HBDC $90M; HFND $37M
1Y total return: HBDC +2.0%; HFND +2.6%, better
Yield (12M): HBDC 5.15%, better; HFND 4.87%
Holdings: HBDC 156; HFND 33
Avg volume (30D): HBDC 7.84K sh; HFND 8.51K sh, better
NAV per share: HBDC $24.37; HFND $23.76
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, HFND, with each pillar’s weight
Pillar	HBDC	HFND
Cost30% weight	A100Higher	B55
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	C49
Tradability15% weight	C48Higher	C42
Holdings10% weight	A86	Not scored
Durability5% weight	C49	C49

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and HFND 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 HFND 15th 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 15CEVNTAltShares Event-Driven ETFScore 50
Rank 15CHFNDUnlimited HFND Multi-Strategy Return Tracker ETFScore 50
Rank 17CHFGMUnlimited HFGM Global Macro ETFScore 47

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

HFNDCUnlimited HFND Multi-Strategy Return Tracker 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.

HFND A hedge fund index fund that owns no hedge funds. Machine learning reads the industry's reported returns, then rebuilds that positioning with long and short broad ETFs and futures inside a daily-traded ETF.

Stated mandate

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

HFND The Fund seeks capital appreciation. It is actively managed and aims to replicate the return characteristics of the hedge-fund industry, using long and short positions in broad-based ETFs and futures contracts.

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

HFND Reverse-engineers the whole industry rather than backing one star manager: the engine tracks returns across hedge fund indices and expresses them with liquid ETFs and futures.unlimitedfunds.com
Exchange-traded access instead of lockups and subscription windows: it is a 1940 Act ETF holding broad ETFs and futures, long and short, not hedge fund partnerships.sec.gov
Unlimited's original fund (2022) and the broad one in the family: it aims at the full industry mix, while siblings such as HFGM narrow in on a single style, global macro.

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.

HFND At 1.07% it prices right at the median for its alternatives peer group, and cheaper replication sits nearby: HDG at 0.95%, QALT at 0.80%.
It is a replica, not the real thing. The prospectus flags heavy reliance on proprietary machine learning models and third-party data, so results can diverge from the funds tracked.sec.gov
Small and lightly traded by ETF standards, which can mean wider bid-ask spreads than the biggest names in the alternatives aisle.

Full HBDC profile⁠

Full HFND profile⁠

HBDC vs HFND Holdings

How HBDC and HFND differ

Overlap by weight

1.4%

Shared holdings make up 42.1% of HFND and 1.4% of HBDC.

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings1 in both1.4%
Countryby domicile68.7%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and HFND, widest gap first
Country	More in HBDCMore in HFND	HBDC	HFND
United States	HBDC +31.3 points	100.0%	68.7%
Taiwan	HFND +7.0 points	0.0%	7.0%
South Korea	HFND +5.5 points	0.0%	5.5%
China	HFND +4.7 points	0.0%	4.7%
India	HFND +2.6 points	0.0%	2.6%
Japan	HFND +1.8 points	0.0%	1.8%
United Kingdom	HFND +1.2 points	0.0%	1.2%
Brazil	HFND +1.1 points	0.0%	1.1%
Other countries (31)	HFND +7.4 points	0.0%	7.4%

Outside the US: HFND 25% developed, 75% emerging.

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
HFND100.7%

Securities held

HBDC155
HFND27

Asset class

HBDC: Fixed Income
HFND: Alternatives

Holdings

Only in HBDC154
In both1
Only in HFND26

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 HFND

26 securities, 56.1% of HFND by weight

MSCI EmgMkt Dec2611.36%
Vanguard Morningstar Value ETF4.67%
BCOM Comdty Ind Dec263.52%
Vanguard Morningstar Growth ETF3.40%
iShares Agency Bond ETF3.27%
MSCI EAFE Dec263.23%
iShares J.P. Morgan EM High Yield Bond ETF3.11%
iShares Convertible Bond ETF2.61%
Vanguard Morningstar Mid-Cap ETF2.51%
State Street Industrial Select Sector SPDR ETF2.26%
EURO STOXX 50 Dec262.14%
State Street Technology Select Sector SPDR ETF2.13%
iShares iBoxx USD Investment Grade Corporate Bond ETF2.02%
NIKKEI 225 (CME) Dec262.01%
Vanguard US Momentum Factor ETF1.98%
State Street Materials Select Sector SPDR ETF1.91%
State Street SPDR S&P Retail ETF1.13%
DOLLAR INDEX Dec260.63%
State Street Financial Select Sector SPDR ETF0.61%
State Street SPDR S&P Biotech ETF0.48%
State Street Energy Select Sector SPDR ETF0.47%
State Street Consumer Discretionary Select Sector SPDR ETF0.28%
State Street Utilities Select Sector SPDR ETF0.19%
iShares MSCI South Korea ETF0.10%
State Street Health Care Select Sector SPDR ETF0.04%
iShares MSCI Brazil ETF0.03%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in HBDC and HFND, widest gap first
Holding	More in HBDCMore in HFND	HBDC	HFND
First American Government Obligations Fund 12/01/2031	HFND +36.79 points	0.68%	37.47%

All HBDC holdings⁠All HFND 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 HFND Cost

Overpaying HFND vs HBDC

$11,917

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

HBDC 0.39%
$7,898
HFND 1.07%
$19,815

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
HFND 1.07%
Overpaying

Year by year

Year	HBDC	HFND	Overpaying
10	$705	$1,881	$1,176
20	$2,725	$7,046	$4,321
30	$7,898	$19,815	$11,917

Expense ratio

0.39%HBDC, cheaper
1.07%HFND

HBDC0.39%HFND1.07%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

HFND 14th cheapest of 29 funds

HBDC vs HFND Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%, better; HFND 4.87%
Payout (12M): HBDC $1.25; HFND $1.15
Last payment: HBDC $0.11; HFND $1.15
Ex-dividend: HBDC Oct 29, 2026; HFND Dec 24, 2025
Paid on: HBDC Oct 30, 2026; HFND Dec 26, 2025
Frequency: HBDC Monthly; HFND Annual

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

HFNDAnnual · 3 paymentsAll HFND payments⁠

HBDC vs HFND 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 2025HFND 7.5%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025HFND 0.63
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025HFND −13.3%since Oct 2022
Market sensitivityBeta, 5 years: HBDC 0.13HFND 0.51; Market = 1

HBDC and HFND 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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HBDC vs HFND

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and HFND differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HFND

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 HBDC and HFND differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HFND

Weight gaps