Bred and raced in England by the Aga Khan III, Khaled was sired by Hyperion, the 1933 Epsom Derby and St. Leger Stakes winner and a six-time Leading sire in Great Britain & Ireland.
The United Kingdom's National Horseracing Museum called The Tetrarch a "phenomenon" and reported that he was voted Britain's two-year-old of his century.
While Khaled won important races in England, his greatest success was at stud in the United States for Californian Rex Ellsworth.
Brought to Ellsworth's farm in Chino, California, in 1947, Khaled raced in 1948 with limited success.
As a stallion, Swaps notably sired the 1963 Kentucky Derby winner, Chateaugay and Hall of Fame inductee Affectionately.