HBDC vs QIS: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Simplify Multi-QIS Alternative ETF

QISDNYSE Arca

Overlap

0.0%by weight

Expense ratio

HBDC −0.74pt a year

HBDC0.39%QIS1.13%

Avg volume · 30D

QIS 1.04×the volume

HBDC8.86KQIS9.23K

HBDC vs QIS Performance

Nov 7, 2025 – Nov 9, 2026

+2.9%HBDC−49.5%QIS

Expense ratio: HBDC 0.39%, better; QIS 1.13%
Fund size: HBDC $91M; QIS $42M
1Y total return: HBDC +2.9%, better; QIS −49.5%
Yield (12M): HBDC 5.11%; QIS 6.64%, better
Holdings: HBDC 156; QIS 20
Avg volume (30D): HBDC 8.86K sh; QIS 9.23K sh, better
NAV per share: HBDC $24.50; QIS $9.29
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, QIS, with each pillar’s weight
Pillar	HBDC	QIS
Cost30% weight	A100Higher	C52
Mission25% weight	Not scored	Not scored
Risk15% weight	B67Higher	F1
Tradability15% weight	C50Higher	F23
Holdings10% weight	A86	Not scored
Durability5% weight	C49	B61Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and QIS 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 QIS 23rd 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 22DLSEQHarbor Long-Short Equity ETF (LSEQ)Score 35
Rank 23DQISSimplify Multi-QIS Alternative ETFScore 34
Rank 23DSHRTGotham Short Strategies ETFScore 34

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

QISDSimplify Multi-QIS 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.

QIS Investment banks build quant 'risk premia' strategies for pensions and hedge funds. QIS packages a basket of those third-party strategies into an ETF, using total return swaps, aiming for returns that move independently of stocks and bonds.

Stated mandate

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

QIS The fund seeks positive absolute returns and income by investing in a diversified portfolio of quantitative strategies intended to provide an uncorrelated positive source of returns.

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

QIS Gets its exposure through total return swaps on third-party bank quant strategies spanning equities, interest rates, commodities and currencies.sec.gov simplify.us
The mandate is absolute return and income from strategies meant to be uncorrelated with the rest of a portfolio, not to shadow an index.simplify.us
Delivered in a plain 1940 Act ETF: daily liquidity, no lockups or capital calls, for a strategy set normally sold through institutional swap desks.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.

QIS At 1.21% a year it runs above the typical alternatives ETF, and cheaper peers exist: QALT at 0.80% and RNMN at 0.59%.
Returns ride on swap counterparties and outside models, so the drivers are less visible than a stock fund's holdings list.sec.gov
Launched in 2023, small and thinly traded next to the bigger alternatives funds, so the track record is short and execution costs can bite.

Full HBDC profile⁠

Full QIS profile⁠

HBDC vs QIS Holdings

How HBDC and QIS differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile99.5%

Sector

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

Country, concentration and asset class

Country by domicile

Country weights in HBDC and QIS, widest gap first
Country	Gap	HBDC	QIS
United States	HBDC +0.4 points	100.0%	99.5%
Switzerland	QIS +0.3 points	0.0%	0.3%
China	QIS +0.1 points	0.0%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

HBDC12.4%
QIS333.7%

Securities held

HBDC155
QIS13

Asset class

HBDC: Bonds
QIS: Alternatives

Holdings

Only in HBDC155
In both0
Only in QIS13

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 QIS

13 securities, 100% of QIS by weight

Trs Cta 031527158.91%
Trs Sbar 061527 Bullet55.95%
B 3/11/27 Govt32.26%
Trs Foxy 03152732.01%
B 2/16/27 Govt27.52%
Trs Foxy 11132627.18%
B 12/3/26 Govt20.52%
B 12/31/26 Govt12.89%
B 1/28/27 Govt10.02%
Trs Xxv 1113269.32%
Simplify E Us Equity Plus Managed F6.18%
Simplify E Ancorato Target 25 Distr5.48%
USO US 11/20/26 C200 Equity1.99%

Weight gaps

HBDC and QIS share no securities.

All HBDC holdings⁠All 3,518 QIS 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 QIS Cost

Overpaying QIS vs HBDC

$12,866

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

HBDC 0.39%
$7,898
QIS 1.13%
$20,764

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
QIS 1.13%
Overpaying

Year by year

Year	HBDC	QIS	Overpaying
10	$705	$1,981	$1,276
20	$2,725	$7,403	$4,678
30	$7,898	$20,764	$12,866

Expense ratio

0.39%HBDC, cheaper
1.13%QIS

HBDC0.39%QIS1.13%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

QIS 15th cheapest of 29 funds

HBDC vs QIS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HBDC 5.11%; QIS 6.64%, better
Payout (12M): HBDC $1.25; QIS $0.60
Last payment: HBDC $0.11; QIS $0.50
Ex-dividend: HBDC Oct 29, 2026; QIS Sep 25, 2026
Paid on: HBDC Oct 30, 2026; QIS Sep 30, 2026
Frequency: HBDC Monthly; QIS Twice a year

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

QISTwice a year · 9 paymentsAll QIS payments⁠

HBDC vs QIS 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 2025QIS 21.5%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.27since Jul 2025QIS −1.18
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025QIS −63.5%since Jul 2023
Market sensitivityBeta, 5 years: HBDC 0.13QIS 0.52; Market = 1

HBDC and QIS 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, 2026QIS

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HBDC vs QIS

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and QIS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in QIS

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

The largest alternatives fund has no one-year record

How HBDC and QIS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in QIS

Weight gaps