# HEGD (Swan Hedged Equity US Large Cap ETF)

Swan · Alternatives ETFs · data as of Sep 18, 2026

In the S&P 500’s down weeks over the year to Sep 18, 2026, HEGD fell 60% as much as the index.

## Key facts

- HEGD, correlation with the S&P 500: +0.97, as of Sep 18, 2026.
- HEGD, beta to the S&P 500: +0.57, as of Sep 18, 2026.
- HEGD, down-week capture: 60.2%, as of Sep 18, 2026.
- HEGD, against T-bills, 52 weeks: +4.7 pts, as of Sep 18, 2026.
- HEGD, net assets: $692m (SEC N-PORT, whole fund, as filed for May 31, 2026).
- HEGD, expense ratio: 0.87% (485BPOS XBRL, Mar 27, 2026).

## HEGD over each window to Sep 18, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | +0.3% | +2.3% | −1.9 pts |
| 6 months | +8.7% | +18.0% | −9.4 pts |
| 1 year | +9.0% | +16.6% | −7.5 pts |
| 3 years | +45.8% | +78.4% | −32.6 pts |
| Since it listed | +66.1% | +123.8% | −57.7 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | Swan | ETFIQ |
| Strategy | Hedged equity | ETFIQ, from its prospectus |
| Expense ratio | 0.87% | 485BPOS XBRL, Mar 27, 2026 |
| Net assets | $692m | SEC N-PORT, whole fund, as filed for May 31, 2026 |
| Weeks measured | 52, from Sep 19, 2025 to Sep 18, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 22 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.24% | ETFIQ |
| HEGD in those weeks, on average | −0.75% | ETFIQ |
| HEGD total return over those weeks | +8.4% | ETFIQ |
| T-bills | +3.6% | ETFIQ |
| Listed since | Dec 23, 2020 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### Does HEGD move with the S&P 500?

Over the year to Sep 18, 2026, HEGD’s weekly returns had a correlation of +0.97 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.57, so for each 1% the index moved it moved about 0.57% the same way.

### What did HEGD do when stocks fell?

The S&P 500 fell in 22 of the 52 weeks to Sep 18, 2026, by 1.24% on average. In those weeks HEGD fell 0.75% on average, a down-week capture of 60.2%.

### Did HEGD earn more than cash?

Over the same 52 weeks HEGD returned +8.4% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.6%. HEGD finished 4.7 percentage points ahead of it.

### What does HEGD cost?

The prospectus expense ratio is 0.87% a year.

### Why is HEGD listed as hedged equity?

ETFIQ files each fund by what its own prospectus says it does, and HEGD’s, filed Mar 27, 2026, describes a hedged equity fund.


## Cite this page

ETFIQ, HEGD, data as of Sep 18, 2026. https://etfiq.com/funds/hegd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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