What Is the HEDG ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The Equable Shares Hedged Equity ETF (HEDG) is an actively managed fund that combines U.S. stock exposure with an options hedge to manage downside risk. The key selection criteria are its risk management structure and how its strategy and defensive exposure differ from SPY, VOO and SFLR.
SubscribeWhat Is the Equable Shares Hedged Equity ETF?
This is an actively managed ETF that holds U.S. stocks such as those in the S&P 500 while using options strategies to hedge against downside risk. It guards against declines with put options and similar instruments, and it offsets that cost by selling call options and similar means to manage risk.
It suits moderate-risk investors who want to invest in U.S. stocks, reduce downside risk through an options hedge, and accept some limit on upside.
It is an actively managed ETF run by Equable Shares.
How Does the Equable Shares Hedged Equity ETF Invest?
| Item | Details |
|---|---|
| Underlying assets | U.S. stocks + options |
| Management style | Active (options hedge) |
| Strategy profile | Equity exposure + downside protection |
| Distribution frequency | Annual |
| Expense ratio | 0.96% |
The fund holds U.S. stocks such as those in the S&P 500 and runs an options hedging strategy: it protects against declines with put options and similar instruments, and it offsets that cost by selling call options and similar means. In exchange for reducing downside risk, participation in sharp rallies may be partially limited, and the fund manages risk by adjusting its options structure to market conditions.
- Hedges downside risk with options
- Combines equity exposure with risk management
Equable Shares Hedged Equity ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) are $471.9M, and the expense ratio is 0.96% per year.
The main point of comparison is the downside protection provided by the options hedge, relative to a standard equity ETF that invests in U.S. stocks without hedging.
Equable Shares Hedged Equity ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeOptions hedging strategies tend to seek to cushion losses with put options when markets fall, while in rising markets the sale of call options partially limits participation in gains. The defensive character may stand out in sideways or declining markets.
Hedged equity products tend to attract inflows from investors seeking downside protection when market uncertainty rises, and money sometimes shifts toward this product category when interest in risk management grows. It is also worth noting that performance varies with market conditions and options costs.
Equable Shares Hedged Equity ETF Strengths and Weaknesses
Downside protection through options is its strength, while limited upside, options costs and hedging strategy risk are the main considerations.
💪 Key Strengths
⚠️ Points to Watch
Equable Shares Hedged Equity ETF Alternative ETFs and Related Products
For direct exposure to U.S. stocks without a hedge, SPY and VOO, which track the S&P 500, are direct substitutes. Investors who want a different approach to options-based risk management can also consider products such as SFLR, which uses a managed floor strategy. What sets this ETF apart is that it combines U.S. stock exposure with an options hedge to manage downside risk.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MOAT | VanEck Morningstar Wide Moat ETF | $112.38 | -0.0% | $11.8B | 0.46% | 1.25% | +11.2% |
 PTLC | Pacer Trendpilot US Large Cap ETF | $59.03 | -1.7% | $3.3B | 0.60% | 1% | +5.6% |
 BALT | Innovator Defined Wealth Shield ETF | $34.97 | -0.3% | $3.2B | 0.69% | - | +6.0% |
 ACIO | Aptus Collared Investment Opportunity ETF | $46.30 | -1.5% | $2.4B | 0.79% | 0.39% | +5.3% |
 PKW | Invesco BuyBack Achievers ETF | $150.53 | -0.3% | $1.8B | 0.63% | 0.64% | +16.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 IVV | iShares Core S&P 500 ETF | 1.25% | $759.18 | -1.8% | $0.0M | - | 1.11% |
 MYMK | State Street My2031 Municipal Bond ETF | 0.45% | $24.67 | +0.1% | $0.0M | - | 2.61% |
 SPY | SPDR S&P 500 ETF Trust | 0.26% | $755.72 | -1.8% | $0.0M | - | 1% |
 OPER | ClearShares Ultra-Short Maturity ETF | 0.01% | $100.12 | +0.1% | $0.0M | - | 3.72% |
Equable Shares Hedged Equity ETF Investor Checkpoints
Here are the points to review before investing in HEDG. Downside protection through an options hedge is appealing, but limited upside, options costs and hedging strategy risk should be checked in advance. It is also a good idea to compare it with unhedged equity products and other risk management products.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 🛡️ Downside protection | Review the options hedging method and level of protection | Options hedge |
| 📈 Upside participation | Check the upside limit from call selling | Partially limited |
| 💵 Options costs | Review how hedging costs affect returns | Costs incurred |
| 🧮 Strategy understanding | Understand the options hedging structure | Prior understanding needed |
The upside limit in strong rallies and the options cost of downside protection are the main drivers of performance, and the effectiveness of options strategies can vary with market conditions. A hedge does not prevent all losses.
It is a suitable candidate for moderate-risk investors who want to invest in U.S. stocks while reducing downside risk through an options hedge. For investing without a hedge, consider products such as SPY and VOO, and for risk management through an options hedge, it is advisable to compare this product alongside them before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 10, 2026.
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