HDG ProShares Hedge Replication ETF
HDG Fund Description
HDG tracks an index that uses long and short exposure to equity, Treasury and currency indexes, and individual securities to mimic the returns of a broad hedge fund index.
HDG Factset Analytics Insight
HDG’s index aims to emulate the risk and return characteristics of another index - one of reporting hedge funds - by crunching the return series and allocating to various liquid asset classes. To do so, the index utilizes a model to establish a weighted long or short positions each month in six underlying factors, such as (1) the S&P 500 Total Return Index, (2) the MSCI EAFE US Dollar Net Total Return Index, (3) the MSCI Emerging Markets US Dollar Net Total Return Index, (4) the Russell 2000 Total Return Index, (5) three-month U.S. Treasury Bills, and (6) the ProShares UltraShort Euro ETF. This math produces a huge stake in short-dated Treasuries, which reduces portfolio volatility but doesn’t add much else. It’s the remaining equity allocation that provides all the movement, in fact, too much so. The fund and the index does not include hedge funds as components.
HDG Portfolio Management
HDG Tax Exposures
HDG Fund Structure
HDG Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of HDG. HDG is rated a N/A out of 5.
HDG Asset Allocation