Hilton BDC Corporate Bond ETF
HBDC
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- Hilton BDC Corporate Bond ETF (HBDC) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the Solactive Hilton Capital BDC Corporate Bond TR Index. The fund invests primarily in fixed-income securities, including senior unsecured bonds issued by U.S.-registered Business Development Companies (BDCs); it employs a full replication technique to mirror the index, which focuses on investment-grade rated BDC bonds with a minimum outstanding amount of USD 250 million, excluding floating-rate notes, convertibles, municipals, structured products, or perpetual bonds; top holdings include bonds from issuers such as Apollo Debt Solutions BDC (6.9% due 04/13/29, 6.7% due 07/29/31), Blue Owl Capital Corp. (5.95% due 03/15/29, 3.4% due 07/15/26), Blue Owl Credit Income Corp. (5.8% due 03/15/30, 6.6% due 09/15/29), FS KKR Capital Corp., Blackstone Private Credit Fund, Sixth Street Lending Partners, Golub Capital BDC, Blackstone Secured Lending Fund, HPS Corporate Lending Fund, and Ares Capital Corp., among over 100 holdings with a 10% cap per issuer to limit concentration. Launched on June 10, 2025, and listed on Nasdaq the following day, HBDC operates as a series of Tidal Trust II, with Tidal Investments LLC serving as investment adviser and Hilton Capital Management LLC as co-manager; the fund is domiciled in the United States, with operational headquarters in Milwaukee, Wisconsin, and draws on Hilton Capital Management's expertise, a Garden City, New York-based firm founded in 2001. Recent developments include the inaugural launch of the underlying Solactive Hilton Capital BDC Corporate Bond TR Index in collaboration with Solactive AG in June 2025, marking the first rules-based benchmark for BDC bonds and enabling targeted exposure to private credit yields within a regulated framework; subsequent index rebalancings in 2025 added new issuers such as Ares Strategic Income Fund (ASIF), expanding access to senior secured loans and middle-market direct lending from major managers like Ares Management; the ETF achieved assets under management of approximately $85 million by late 2025, reflecting rapid adoption amid investor interest in high-yield BDC fixed income. HBDC targets income-focused investors seeking elevated yields from BDC corporate bonds, which offer yields above average Baa-rated corporates backed by regulatory asset coverage requirements of at least 150% and a flawless repayment track record over 25 years; it provides daily liquidity and transparency through its ETF structure, with geographic focus on U.S. fixed-income markets and no material subsidiaries or parent relationships beyond its Tidal Trust II series affiliation.