ETF Evaluator:
Swan Hedged Equity US Large Cap ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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| 26.2% | Innovator U.S. Small Cp Mgd Flr ETF (RFLR) |
| 23.7% | Rareview Systematic Equity ETF (RSEE) |
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ETF Details
Swan Hedged Equity US Large Cap ETF Overview
Swan Hedged Equity US Large Cap ETF (HEGD) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Swan launched the ETF in 2020.
The investment seeks long term capital appreciation while mitigating overall market risk.
The fund is an actively-managed ETF that pursues its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) directly and indirectly through one or more other investment companies, including ETFs, in equity securities of large capitalization U.S. companies. It may buy and sell put and call options.
About Swan Hedged Equity US Large Cap ETF (HEGD)
There are 3 members of the management team with an average tenure of 5.61 years: Robert Swan (2020), Christopher Hausman (2020) and Randy Swan (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 95-110 Collar PR USD index with a weighting of 100%. Swan Hedged Equity US Large Cap ETF has 12 securities in its portfolio. The top 10 holdings constitute 124.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Swan Hedged Equity US Large Cap ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Swan Hedged Equity US Large Cap ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 108.2% There is 0.6% 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). Swan Hedged Equity US Large Cap ETF has -9.6% of the portfolio in cash.
Assets Under Management
The fund has $716 million in total assets, which is above the $294 million average for the Equity Hedged 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.
HEGD 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 Swan Hedged Equity US Large Cap ETF expense ratio is high compared to funds in the Equity Hedged category. Swan Hedged Equity US Large Cap ETF has an expense ratio of 0.87%, which is 14% higher than its category average, making the fund expense ratio grade a D. 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. Swan Hedged Equity US Large Cap ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Swan Hedged Equity US Large Cap ETF returned -0.3%, which earned it a grade of C, as the Equity Hedged category had an average return of -1.4%. 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.
Swan Hedged Equity US Large Cap ETF has a trailing yield of 0.34%, which is below the 3.45% category average.
The fund normally distributes its income 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.
Swan Hedged Equity US Large Cap ETF Grades
Year to date, the ETF has returned 5.4%, 1.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.0% over the past year (grade of D), 12.6% over the past three years (grade of C) and 8.1% per year over the past five years (grade of B).
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HEGD 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 |
|
| HEGD Return (NAV) | -0.3% | 2.2% | 12.0% | 12.6% | 8.1% | na |
| HEGD Return (Price) | -0.2% | 2.2% | 12.2% | 12.6% | 8.1% | na |
| NAV +/- Price Return | -0.092% | -0.026% | -0.118% | -0.056% | -0.023% | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| HEGD Grade (NAV) | C | C | D | C | B | na |
| +/- Category (NAV) | 1.1% | 0.5% | -1.5% | 0.5% | 1.5% | na |
| HEGD Tax-Cost Ratio | na | na | 0.1% | 0.2% | 0.2% | na |
HEGD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HEGD Return (NAV) | 5.4% | 12.8% | 15.5% | 14.0% | -10.8% | 16.9% | na | na | na | na | na |
| HEGD Return (Price) | 5.6% | 12.9% | 15.2% | 14.2% | -11.3% | 17.3% | na | na | na | na | na |
| NAV +/- Price Ret | 0.034% | 0.008% | -0.015% | 0.012% | 0.039% | 0.026% | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| HEGD Grade (NAV) | D | C | C | C | B | C | na | na | na | na | na |
| +/- Category | -1.8% | 0.3% | 0.9% | -0.8% | 2.0% | 1.3% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.60 |
| R-Squared: | 95% |
| Standard Deviation: | 8.1% |
| Category Risk Index: | 0.77 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.66 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.3% |
| Total Assets: | $ 717 Mil |
| Share Class Assets: | $ 717 Mil |
| Turnover: | 20.0% |
| Expense Ratio: | 0.87% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Swan Robert (2020), Hausman Christopher (2020), Swan Randy (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 124.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 108.2% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.8% |
| Cash: | -9.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Swan |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | December 22, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.87% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
