Hedges and tail protection ETFs in the fear layer
ETFs built to pay off in sharp falls. Driven by what protection costs, and how sharply markets fall.
18ETFs in this category
$3.3bnmoney in them
2.7%of the fear layer’s money
FHEQlargest unleveraged ETF, 30.8%
How they did, to Nov 2, 2026
| 1 month | YTD | 12 months | |
|---|---|---|---|
| Category median | −1.1% | +6.4% | +6.8% |
| Its story | −1.3% | +7.7% | +9.0% |
| Broad US ETFs | −2.5% | +11.5% | +11.8% |
Every ETF here, largest first
| # | ETF | Name | Assets | Share | 12 months | Fee |
|---|---|---|---|---|---|---|
| 1 | FHEQ | Fidelity Hedged Equity ETF | $1.0bn | 30.8% | +6.9% | 0.48% |
| 2 | HEDG | Equable Shares Hedged Equity ETF | $473m | 14.4% | +8.7% | 0.96% |
| 3 | BTAL | AGFiQ US Market Neutral Anti-Beta Fund | $335m | 10.2% | −6.9% | 1.40% |
| 4 | HEQT | Simplify Hedged Equity ETF | $311m | 9.5% | +8.7% | 0.43% |
| 5 | TAIL | Cambria Tail Risk ETF | $155m | 4.7% | −11.4% | 0.60% |
| 6 | KSPY | KraneShares Hedgeye Hedged Equity Index ETF | $135m | 4.1% | +10.0% | 0.88% |
| 7 | JHDG | John Hancock Hedged Equity ETF | $133m | 4.0% | – | 0.49% |
| 8 | ATTR | Arin Tactical Tail Risk ETF | $117m | 3.6% | +6.9% | 0.63% |
| 9 | OVLH | Overlay Shares Hedged Large Cap Equity ETF | $106m | 3.2% | +4.9% | 0.80% |
| 10 | HAWG | HCM Hedged Equity ETF | $101m | 3.1% | – | 1.35% |
| 11 | TOAK | Twin Oak Short Horizon Absolute Return ETF | $101m | 3.1% | +3.6% | 0.26% |
| 12 | SPD | Simplify US Equity PLUS Downside Convexity ETF | $86m | 2.6% | +1.9% | 0.53% |
| 13 | SPYC | Simplify US Equity PLUS Convexity ETF | $70m | 2.1% | +1.2% | 0.53% |
| 14 | PHDG | Invesco S&P 500 Downside Hedged ETF | $62m | 1.9% | +9.5% | 0.39% |
| 15 | THEQ | T. Rowe Price Hedged Equity ETF | $38m | 1.2% | +6.8% | 0.46% |
| 16 | CCOR | Core Alternative ETF | $26m | 0.8% | +5.5% | 1.16% |
| 17 | SHUS | Stratified LargeCap Hedged ETF | $24m | 0.7% | +16.3% | 0.79% |
| 18 | CHDG | Calamos Active Hedged Equity ETF | $3m | 0.1% | – | 0.66% |
Other categories in the fear layer
Common questions
Which ETFs are hedges and tail protection ETFs?18 US ETFs sit in this category of the fear layer. ETFs built to pay off in sharp falls. Driven by what protection costs, and how sharply markets fall.
What is the largest hedges and tail protection ETF?FHEQ, Fidelity Hedged Equity ETF, with $1.0bn, 30.8% of the category's money.
How have hedges and tail protection ETFs performed?The median unleveraged ETF here returned +6.8% over the last 12 months to Nov 2, 2026, against +11.8% for broad US ETFs. Past performance, not a forecast.