HBDC vs QALT: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.41pt a year

HBDC0.39%QALT0.80%

Avg volume · 30D

QALT 2.3×the volume

HBDC7.84KQALT17.7K

HBDC vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+6.6%QALT

Expense ratio: HBDC 0.39%, better; QALT 0.80%
Fund size: HBDC $90M; QALT $195M
1Y total return: HBDC +2.0%; QALT +6.6%, better
Yield (12M): HBDC 5.15%; QALT No data
Holdings: HBDC 156; QALT 26
Avg volume (30D): HBDC 7.84K sh; QALT 17.7K sh, better
NAV per share: HBDC $24.37; QALT $25.87
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, QALT, with each pillar’s weight
Pillar	HBDC	QALT
Cost30% weight	A100Higher	A90
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B65Higher
Tradability15% weight	C48	B57Higher
Holdings10% weight	A86	Not scored
Durability5% weight	C49	B65Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and QALT 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 QALT 4th 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 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

QALTASEI DBi 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.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

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

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

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

QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

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.

QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full HBDC profile⁠

Full QALT profile⁠

HBDC vs QALT Holdings

How HBDC and QALT differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile71.7%

Sector

No Sector split for HBDC and QALT.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and QALT, widest gap first
Country	More in HBDCMore in QALT	HBDC	QALT
United States	HBDC +28.3 points	100.0%	71.7%
Taiwan	QALT +5.1 points	0.0%	5.1%
South Korea	QALT +3.8 points	0.0%	3.8%
China	QALT +3.4 points	0.0%	3.4%
Japan	QALT +2.5 points	0.0%	2.5%
United Kingdom	QALT +2.1 points	0.0%	2.1%
India	QALT +1.9 points	0.0%	1.9%
Switzerland	QALT +1.1 points	0.0%	1.1%
Other countries (31)	QALT +8.3 points	0.0%	8.3%

Outside the US: QALT 39% developed, 61% emerging.

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
QALT83.4%

Securities held

HBDC155
QALT25

Asset class

HBDC: Fixed Income
QALT: Alternatives

Holdings

Only in HBDC155
In both0
Only in QALT25

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%

Only in QALT

25 securities, 28.9% of QALT by weight

Coca-Cola Co 0CP 11/20/261.45%
Sanofi 0 % Cp 12/14/20261.45%
Roche Holdings 0 11/12/261.44%
Novartis Finance Corp1.39%
Archer Daniels Midland Co1.35%
Fhlbdn 01/05/271.34%
Fhlbdn 12/04/261.33%
Ciscosystems 0CP 12/16/261.29%
Caterpillar 0 Cp 11/10/261.28%
Fhlbdn 12/28/261.25%
Exxon Mobil 0CP 11/05/261.24%
PROCTER&GAMBL0CP 10/13/261.21%
Unilever Capital Corp1.18%
Fhlbdn 12/22/261.17%
Fhlbdn 01/19/271.16%
John Deere 0CP 12/18/20261.14%
Svenska Handelsbanken 0CP1.13%
Apple Inc1.13%
Fhlbdn 11/13/261.10%
Fhlbdn 11/04/261.09%
TORONTODOMINIO0CP 12/7/261.05%
Fhlbdn 11/18/261.03%
Fhlbdn 12/07/260.93%
JOHNSON&JOHNS Cp 11/16/260.78%
B 01/05/270.05%

Weight gaps

HBDC and QALT share no securities.

All HBDC holdings⁠All 41 QALT 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 QALT Cost

Overpaying QALT vs HBDC

$7,448

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

HBDC 0.39%
$7,898
QALT 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
QALT 0.80%
Overpaying

Year by year

Year	HBDC	QALT	Overpaying
10	$705	$1,422	$717
20	$2,725	$5,393	$2,668
30	$7,898	$15,346	$7,448

Expense ratio

0.39%HBDC, cheaper
0.80%QALT

HBDC0.39%QALT0.80%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

QALT 4th cheapest of 29 funds

HBDC vs QALT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%; QALT No data
Payout (12M): HBDC $1.25; QALT No data
Last payment: HBDC $0.11; QALT $0.17
Ex-dividend: HBDC Oct 29, 2026; QALT Oct 5, 2026
Paid on: HBDC Oct 30, 2026; QALT Oct 6, 2026
Frequency: HBDC Monthly; QALT Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

QALTQuarterly · 5 paymentsAll QALT payments⁠

HBDC vs QALT 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 2025QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years: HBDC 0.13QALT 0.24; Market = 1

HBDC and QALT 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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