At a glance
HECO charges 0.9% a year, above the 0.68% average of the 8 funds most like it (the most expensive of 9). It has $81.9M in assets, the 7th largest of that group. Over the past year it returned +9.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds. Its ten largest positions make up 64.2% of the fund, out of 30 in all.
The short version
SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) is an actively managed State Street fund, run day to day by Galaxy Digital, that holds crypto and blockchain stocks such as bitcoin miners Riot Platforms and CleanSpark. It can also put up to 25% into bitcoin and ether funds and futures. It differs from similar funds through an options overlay: it sells covered calls and buys puts to soften losses. It charges 0.90% a year, the highest of nine similar funds.
Price history
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HECO +9.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HECO official prospectus, to Dec 31, 2025 | — | +26.33% | — | — | — | +44.90% |
| HECO price data to Oct 27, 2026 | +29.8% | +9.1% | — | — | — | +41.4% |
- Over the year to Oct 27, 2026, HECO returned +9.1%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2025 (+26.2%); its best was 2025 (+26.2%).
- The deepest fall in its price history was 44.7% (Dec 5, 2024 to Apr 8, 2025), recovered by Sep 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +29.8% | — |
| 2025 | +26.2% | +26.33% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 64.16% of assets.
| Holding | Weight | |
|---|---|---|
| Riot Platforms Inc | 12.24% | |
| Keel Infrastructure Corp | 10.62% | |
| Cleanspark Inc | 8.42% | |
| Cipher Digital Inc | 7.00% | |
| Microsoft Corp | 5.33% | |
| NVIDIA Corp | 4.70% | |
| JPMorgan Chase & Co | 4.48% | |
| Applied Digital Corp | 4.43% | |
| Crowdstrike Holdings Inc | 3.64% | |
| Terawulf Inc | 3.30% | |
| Palo Alto Networks Inc | 3.29% | |
| Robinhood Markets Inc | 3.24% | |
| Visa Inc | 2.38% | |
| Datadog Inc | 2.37% | |
| Mastercard Inc | 2.34% |
By country
United States 96.33%Taiwan 1.75%Ireland 1.12%By asset type
Stocks 99.21%By sector
Sectors of the companies held, for the 43.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $25.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +34.50%, +1.43%, -5.25%.
How it works
HECO does not track an index. State Street uses Galaxy Digital Capital Management LP as sub-adviser to pick holdings. At least 80% of net assets must go to what the prospectus calls the Digital Asset Ecosystem: crypto and blockchain companies, related ETFs, and bitcoin and ether funds and futures. Galaxy picks stocks by studying financial statements, management teams and governance. It also uses "on-chain" data, the public record of activity on a blockchain, such as fees, hashrate and mining difficulty. As of July 31, 2026, the fund had 30 holdings, with 64% in the top 10. The largest were Riot Platforms (12.2%), Keel Infrastructure (10.6%) and CleanSpark (8.4%). Portfolio turnover was 141%, so holdings change often.
Galaxy also changes the mix based on interest rates, money supply and inflation. When it thinks conditions favor crypto, it adds bitcoin and ether futures, futures ETFs and spot crypto funds. It holds these through a Cayman Islands subsidiary, and together they are capped at 25% of assets. When conditions look weak, it leans toward stocks. The fund never holds coins directly.
On top of that, it sells out-of-the-money covered calls. It collects a fee (a premium) and gives up any gains above a set price. It also buys puts, which pay off if a stock falls, uses put spreads, and buys puts on crypto stocks it doesn't own.
What it really costs
- HECO charges 0.9% a year, versus an average of 0.68% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,108 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HECO | $92 | $287 | $498 | $1,108 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It is a concentrated, actively managed crypto-stock fund with options hedges, high volatility and no income, so it fits a small add-on role rather than a foundation.
HECO launched on September 9, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 44.7%, from December 5, 2024 to April 8, 2025. It got back to its old peak on September 16, 2025, about 5.3 months after the low. Over the year to October 27, 2026, volatility was 44.4% and beta was 2.43, so it swung more than twice as much as the broad market. It fell 23.3% in the month to that date. Anyone forced to sell in a slump could lock in deep losses. It paid no distributions in that year, so cash could only come from selling shares. Its only full calendar year, 2025, returned 26.33%. The 0.90% fee comes to about $92 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want crypto-industry stocks like Riot Platforms and CleanSpark with an options hedge, and who accept a 0.90% expense ratio.
- People who want some bitcoin and ether exposure, capped at 25% of assets, inside an ordinary ETF without holding coins directly.
- Those keeping a small satellite position who can live with swings like the 44.7% drop between December 2024 and April 2025.
Look elsewhere if
- Income seekers: despite selling covered calls, the fund paid no distributions in the year to October 27, 2026.
- Cost-focused investors: the unhedged sibling DECO charges 0.65%, and the average among similar funds is 0.68%, versus HECO's 0.90%.
- Anyone wanting a long track record or broad diversification: it launched in September 2024, and its top 10 holdings made up 64% as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HECO this fund | — | 0.9% | $81.9M | +9.1% | — |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF · different strategy | 99% | 0.65% | $20.5M | +5.7% | — |
| TEKX SPDR Galaxy Transformative Tech Accelerator… · different strategy | 75% | 0.65% | $16.0M | +13.0% | — |
| WGMI CoinShares Valkyrie Bitcoin Miners ETF · different strategy | 37% | 0.75% | $343.6M | -48.6% | +49.2% |
| CEPI REX Crypto Equity Premium Income ETF | 35% | 0.85% | $110.1M | -0.3% | — |
| IBLC iShares Blockchain and Tech ETF · different strategy | 29% | 0.47% | $88.7M | -38.1% | +38.3% |
| BITQ Bitwise Crypto Industry Innovators ETF · different strategy | 29% | 0.85% | $411.1M | -29.1% | +46.5% |
| FDIG Fidelity Crypto Industry and Digital Paymen… · different strategy | 25% | 0.4% | $263.0M | -37.2% | +33.1% |
Questions investors ask
Does HECO pay a dividend?
No. HECO paid no distributions in the year to October 27, 2026, and its yield was 0% as of that date. It does sell covered call options, but its stated goal is long-term capital appreciation, not income. The options are part of its hedging approach, not a payout plan. Investors who need cash from this fund would have to sell shares.
What's the difference between HECO and DECO?
Both are State Street funds run by Galaxy Digital, and as of July 31, 2026, about 99% of their holdings overlapped. The key difference is that HECO adds options: it sells covered calls and buys puts to limit losses, while DECO does not. HECO charges 0.90% a year and DECO charges 0.65%. Over the year to October 27, 2026, HECO returned 9.1% and DECO returned 5.7%.
Does HECO own bitcoin?
Not directly. The fund never holds coins itself. It can gain bitcoin and ether exposure through futures, futures ETFs and spot crypto funds, held through a Cayman Islands subsidiary, but these are capped together at 25% of assets. The sub-adviser adds more of this exposure when it views economic conditions as favorable. As of July 31, 2026, about 99% of the portfolio was in stocks.
How volatile is HECO?
Very volatile, even with its options hedges. Over the year to October 27, 2026, its volatility was 44.4% and its beta was 2.43, meaning it moved more than twice as much as the broad market. It fell 44.7% from December 2024 to April 2025, and it lost 23.3% in the month to October 27, 2026. Its worst quarter, the first quarter of 2025, was a 23.35% loss.
What are HECO's top holdings?
As of July 31, 2026, the largest holdings were Riot Platforms (12.2%), Keel Infrastructure (10.6%), CleanSpark (8.4%), Cipher Digital (7.0%), Microsoft (5.3%) and NVIDIA (4.7%). JPMorgan Chase and Applied Digital were each about 4.4% to 4.5%. The fund held 30 holdings, and the top 10 made up 64% of assets, so a few bitcoin miners and tech names drive much of its returns.