Overview
The S&P 500 wrapped in a permanent, laddered put-spread collar — downside hedges always on, financed by selling away part of the upside.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| IVV | iShares Core S&P 500 ETF | 100.9% |
| OPT | SPX put ladder (hedge) | 0.2% |
| OPT | SPX put ladder (2nd tranche) | 0.1% |
| OPT | SPX put/call collar legs | 0.0% |
| CASH | Cash | 0.0% |
| OPT | SPX written calls (funding) | -0.4% |
Fund Details
Investment Thesis
The hedge you never have to time: three staggered option tranches mean HEQT is always carrying crash protection, unlike buffer funds that leave you exposed mid-period. Launched directly into the 2022 bear and lost just 8% against the market's 18%, then still returned +12% this past year. For allocators who know they can't predict drawdowns, the always-hedged structure converts equity risk into something closer to a 60/40 ride with full equity tax efficiency.
Who It's For
Risk-conscious equity holders who want permanent crash protection without timing decisions — the always-on alternative to date-specific buffer funds.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | $25.57 | -- |
| 2022 | $22.57 | -11.7% |
| 2023 | $25.26 | +11.9% |
| 2024 | $29.48 | +16.7% |
| 2025 | $32.05 | +8.7% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | -- |
| 2021 | 3.95% |
| 2022 | 3.95% |
| 2023 | 4.19% |
| 2024 | 1.37% |
| 2025 | 1.25% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | $0.2B | -- |
| 2022 | $0.2B | +0.0% |
| 2023 | $0.2B | +0.0% |
| 2024 | $0.3B | +50.0% |
| 2025 | $0.3B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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