HEGD vs SPY

AHEGD

BSPY

Measures won2–4SPY wins · of 6 · 5Y

$10,000 · 5Y$17,481SPY · HEGD $14,200

Lowest cost0.09%SPY · $9 on $10k

Most income1.00%SPY · $100 on $10k

Smallest drop−4.6%HEGD · worst fall in 1Y

Held in common0.0%HEGD and SPY

Swan Hedged Equity US Large Cap ETF · $726MState Street SPDR S&P 500 ETF · $793B

+14.0%3 years · per year$14,806 · $18,083+21.8%

+7.3%5 years · per year$14,200 · $17,481+11.8%

0.88%Expense ratio$88 · $9 on $10k · lower wins0.09%

0.34%12-mo yield$34 · $100 on $10k1.00%

End-of-day Nov 11, 2026 · $10,000 5 years ago, dividends reinvested · ● winner of the row · each row scaled to the bigger of the two

5Y2 funds

#			Trend
1	BSPY	State Street SPDR S&P 500 ETFRead Desk		0.09%	1.00%	+1.3%	+12.3%	+12.7%	+21.8%	+11.8%	−8.9%	$793.2B
2	AHEGD	Swan Hedged Equity US Large Cap ETFRead Desk		0.88%	0.34%	+1.0%	+6.0%	+5.8%	+14.0%	+7.3%	−4.6%	$726M

End-of-day Nov 11, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

5Y2 funds

#			Trend
1	BSPY	State Street SPDR S&P 500 ETFRead Desk		0.09%	1.00%	+1.3%	+12.3%	+12.7%	+21.8%	+11.8%	−8.9%	$793.2B
2	AHEGD	Swan Hedged Equity US Large Cap ETFRead Desk		0.88%	0.34%	+1.0%	+6.0%	+5.8%	+14.0%	+7.3%	−4.6%	$726M

End-of-day Nov 11, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

Cards for this view

HEGD

Swan Hedged Equity US Large Cap

$14,200

SPY

SPDR S&P 500

$17,481

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