HBDC vs LALT: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

First Trust Multi-Strategy Alternative ETF

LALTBNYSE Arca

Overlap

0.0%by weight

Expense ratio

HBDC −0.79pt a year

HBDC0.39%LALT1.18%

Avg volume · 30D

LALT 15.0×the volume

HBDC8.86KLALT133K

HBDC vs LALT Performance

Nov 7, 2025 – Nov 9, 2026

+2.9%HBDC+10.8%LALT

Expense ratio: HBDC 0.39%, better; LALT 1.18%
Fund size: HBDC $91M; LALT $446M
1Y total return: HBDC +2.9%; LALT +10.8%, better
Yield (12M): HBDC 5.11%, better; LALT 4.03%
Holdings: HBDC 156; LALT 8
Avg volume (30D): HBDC 8.86K sh; LALT 133K sh, better
NAV per share: HBDC $24.50; LALT $24.35
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, LALT, with each pillar’s weight
Pillar	HBDC	LALT
Cost30% weight	A100Higher	C48
Mission25% weight	Not scored	Not scored
Risk15% weight	B67	A82Higher
Tradability15% weight	C50	A70Higher
Holdings10% weight	A86Higher	D27
Durability5% weight	C49	A75Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and LALT 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 LALT 9th 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 8BFARXFrontier Asset Absolute Return ETFScore 61
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 58
Rank 10BFTLSFirst Trust Long/Short Equity ETFScore 57

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

LALTBFirst Trust Multi-Strategy Alternative 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.

LALT Most funds in this corner run one playbook: trend. LALT is the sampler plate, an actively managed mix of alternative strategies from First Trust, built to move differently from stocks and bonds. The variety costs extra.

Stated mandate

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

LALT The Fund seeks long-term total return through active allocation among alternative asset categories and strategies intended to provide diversification and lower correlation with traditional equity and fixed-income benchmarks.

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

LALT Actively allocates across several alternative categories instead of riding a single trend model, with a stated aim of lower correlation to equity and fixed-income benchmarks.
Its cohort is stacked with single-lane trend followers (DBMF, CTA, ASMF). The multi-strategy mandate is what sets LALT apart from that shelf.
A First Trust product with hundreds of millions in assets and a quarterly distribution schedule, traded like any ordinary listed fund.

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.

LALT At 1.18% a year it runs above the peer median of 0.95%, and above trend rivals CTA (0.75%), ASMF (0.80%) and DBMF (0.85%).
No index to grade it against. Outcomes ride on the manager's allocation calls, and with a 2023 launch the track record is still short.
Built to behave unlike stocks and bonds, which is the point in choppy stretches and the trade-off when traditional markets are running hot.

Full HBDC profile⁠

Full LALT profile⁠

HBDC vs LALT Holdings

How HBDC and LALT differ

Overlap by weight

0.0%

About this figure: LALT holds other funds. We compare those funds, not the stocks inside them.

Level by level

Asset classBonds, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile97.8%

Sector

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

Country, concentration and asset class

Country by domicile

Country weights in HBDC and LALT, widest gap first
Country	More in HBDCMore in LALT	Gap	HBDC	LALT
United States		HBDC +2.2 points	100.0%	97.8%
Other countries (15)		LALT +2.2 points	0.0%	2.2%

Concentration

Weight in the 10 largest Holdings

HBDC12.4%
LALT100.0%

Securities held

HBDC155
LALT7

Asset class

HBDC: Bonds
LALT: Alternatives

Holdings

Only in HBDC155
In both0
Only in LALT7

Only in HBDC

155 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 LALT

7 securities, 99.8% of LALT by weight

First Trust Alternative Absolute Return Strategy ETF21.59%
First Trust Managed Futures Strategy Fund21.20%
First Trust Long/Short Equity ETF20.95%
First Trust Low Duration Opportunities ETF10.79%
Franklin Systematic Style Premia ETF9.83%
iShares 7-10 Year Treasury Bond ETF7.83%
First Trust Global Tactical Commodity Strategy Fund7.67%

Weight gaps

HBDC and LALT share no securities.

All HBDC holdings⁠All 7 LALT 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 LALT Cost

Overpaying LALT vs HBDC

$13,645

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

HBDC 0.39%
$7,898
LALT 1.18%
$21,543

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
LALT 1.18%
Overpaying

Year by year

Year	HBDC	LALT	Overpaying
10	$705	$2,065	$1,360
20	$2,725	$7,697	$4,972
30	$7,898	$21,543	$13,645

Expense ratio

0.39%HBDC, cheaper
1.18%LALT

HBDC0.39%LALT1.18%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

LALT 16th cheapest of 29 funds

HBDC vs LALT Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HBDC 5.11%, better; LALT 4.03%
Payout (12M): HBDC $1.25; LALT $0.98
Last payment: HBDC $0.11; LALT $0.08
Ex-dividend: HBDC Oct 29, 2026; LALT Sep 24, 2026
Paid on: HBDC Oct 30, 2026; LALT Sep 30, 2026
Frequency: HBDC Monthly; LALT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

LALTQuarterly · 10 paymentsAll LALT payments⁠

HBDC vs LALT 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 2025LALT 4.8%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.27since Jul 2025LALT 1.23
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025LALT −7.0%since Feb 2023
Market sensitivityBeta, 5 years: HBDC 0.13LALT 0.15; Market = 1

HBDC and LALT in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC
Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026LALT
New ETFs
Beacon's alternatives ETF opened 35% in the dollar, at a fee above every holding
Sep 9, 2026LALT

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HBDC vs LALT

In short

Stated mandate

Why people hold it