ETF Evaluator:
State Street® Galaxy HdgDgtlAstEcosysETF ()
Follow This ETF
(as of Aug 24)
Best Performing in Equity Digital Assets Over the Last Year
| 103.7% | CoinShares Bitcoin Mining ETF (WGMI) |
| 92.3% | State Street® Galaxy Dgtl Ast Ecosys ETF (DECO) |
| 85.8% | State Street® Galaxy HdgDgtlAstEcosysETF (HECO) |
| 29.1% | Grayscale Bitcoin Miners ETF (MNRS) |
| 20.3% | VanEck Onchain Economy ETF (NODE) |
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ETF Details
State Street® Galaxy HdgDgtlAstEcosysETF Overview
State Street® Galaxy HdgDgtlAstEcosysETF (HECO) is an actively managed Sector Equity Equity Digital Assets exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2024.
The investment seeks to provide long term capital appreciation.
Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), directly or indirectly, in Digital Asset Ecosystem investments and other instruments that provide exposure to the Digital Asset Ecosystem. The fund is non-diversified.
About State Street® Galaxy HdgDgtlAstEcosysETF (HECO)
There are 2 members of the management team with an average tenure of 1.89 years: Christopher Rhine (2024) and Paul Cappelli (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. State Street® Galaxy HdgDgtlAstEcosysETF has 56 securities in its portfolio. The top 10 holdings constitute 64.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
State Street® Galaxy HdgDgtlAstEcosysETF is part of the Equity global asset class and is within the Sector Equity ETF group. State Street® Galaxy HdgDgtlAstEcosysETF has 2.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.0% There is 2.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). State Street® Galaxy HdgDgtlAstEcosysETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $81 million in total assets, which is below the $181 million average for the Equity Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HECO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® Galaxy HdgDgtlAstEcosysETF expense ratio is high compared to funds in the Equity Digital Assets category. State Street® Galaxy HdgDgtlAstEcosysETF has an expense ratio of 0.90%, which is 35% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® Galaxy HdgDgtlAstEcosysETF has a portfolio turnover rate of 141%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 91% for the Equity Digital Assets category.
Recently, in the month of July 2026, State Street® Galaxy HdgDgtlAstEcosysETF returned -5.2%, which earned it a grade of B, as the Equity Digital Assets category had an average return of -8.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
State Street® Galaxy HdgDgtlAstEcosysETF has a trailing yield of 0.00%, which is below the 5.75% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State Street® Galaxy HdgDgtlAstEcosysETF Grades
Year to date, the ETF has returned 61.6%, 52.3 percentage points better than the category, which translates into a grade of A. The fund has returned 85.8% over the past year (grade of A).
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HECO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HECO Return (NAV) | -5.2% | 29.3% | 85.8% | na | na | na |
| HECO Return (Price) | -3.7% | 36.0% | 86.0% | na | na | na |
| NAV +/- Price Return | -1.535% | -6.746% | -0.204% | na | na | na |
| Equity Digital Assets Avg | -8.3% | -2.1% | 14.8% | 28.7% | 0.9% | na |
| HECO Grade (NAV) | B | A | A | na | na | na |
| +/- Category (NAV) | 3.1% | 31.4% | 71.0% | na | na | na |
| HECO Tax-Cost Ratio | na | na | 0.0% | na | na | na |
HECO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HECO Return (NAV) | 61.6% | 26.3% | na | na | na | na | na | na | na | na | na |
| HECO Return (Price) | 63.0% | 14.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.024% | -0.441% | na | na | na | na | na | na | na | na | na |
| Equity Digital Assets Avg | 9.3% | 25.2% | 41.5% | 213.3% | -78.9% | 31.6% | 88.2% | 29.2% | na | na | na |
| HECO Grade (NAV) | A | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 52.3% | 1.1% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 82 Mil |
| Share Class Assets: | $ 82 Mil |
| Turnover: | 141.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Rhine Christopher (2024), Cappelli Paul (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 56 |
| % in Top 10 Holdings: | 64.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.9% |
Portfolio Allocation |
|
| Domestic Stock: | 96.0% |
| Foreign Stock: | 2.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | State Street Investment Management |
| Phone Number: | 866-787-2257 |
| Website: | www.spdrs.com |
| Inception Date: | September 9, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 0.67% |
