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HFEQ

GradeCNew York Stock Exchange

Unlimited HFEQ Equity Long/Short ETF

Multi-Asset & Alternatives · Unlimited · Inception 2025-07-14

$23.30−0.43 (−1.81%)

As of Sep 23, 2026, 1:43 PM EDT

History starts Jul 15, 2025.
Intraday session: down, 6 prints from 23.73 to 23.30. Range 23.28 to 23.75. Use the arrow keys to read each point.$23.40$23.60$23.8010 AM12 PM2 PM4 PM
Expense ratio
1.00%
Fund size
$18M
1Y return
+16.8%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$23.19
52W range
low $20.40high $25.11

The ETF.net HFEQ Grade

C

49/ 100

Rank 16 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for HFEQ. Scores out of 100: Cost 55, Risk 46, Mission not scored, Tradability 47, Holdings not scored, Durability 35. Strongest: Cost (55). Weakest: Durability (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 49 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank13/30 · top 43%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 46
    Category rank19/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank18/30 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 35
    Category rank27/30 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on HFEQ

ETF.net Research

CHedge fund long/short, minus the hedge fund. Rather than picking managers, HFEQ rebuilds the equity long/short sector's exposure out of liquid ETFs and futures, both sides of the book, inside a daily-traded ETF.

Stated mandate

The Fund seeks capital appreciation through an actively managed equity long/short strategy. It uses long and short positions in broad-based ETFs and futures contracts, and may also use individual equities and swaps to approximate the Equity Long/Short sector's returns with higher volatility.

Why people hold it

  1. 01No manager selection needed: it approximates the equity long/short hedge fund sector using long and short positions in broad-based ETFs and futures, with room for single stocks and swaps.
  2. 02It is a 1940 Act ETF, so exposure trades intraday rather than arriving with the lockups, subscription windows and performance fees attached to private hedge funds.unlimitedfunds.com
  3. 03Actively managed with no index to hug. The basket of ETFs and exchange-listed futures is adjusted as market conditions shift.unlimitedfunds.com
  4. 04Launched alongside a managed futures sibling in 2025, filling out Unlimited's replication lineup across the main hedge fund strategy sectors under CIO Bob Elliott.unlimitedfunds.com

Worth knowing

  1. 01The 1.00% expense ratio sits well above what active global equity funds typically charge. Cheaper than hedge fund fees, but not cheap by ETF standards.
  2. 02The prospectus targets the sector's returns with higher volatility, so the ride can be bumpier than the strategies being mirrored.
  3. 03A 2025 launch with a small asset base and light trading: the record is short and spreads can run wider than in heavily traded funds.

HFEQ Holdings

As of Sep 20, 2026, 9:28 AM
Asset class
Other
Holdings
—
Top-10 weight
72%
Largest holding
VTV9.3%

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VTVVanguard Morningstar Value ETF9.32%14,660$3M19
002—NASDAQ 100 E-MINI Dec268.53%5$3M3
003VOVanguard Morningstar Mid-Cap ETF8.36%36,374$3M10
004—MSCI EmgMkt Dec268.12%33$3M3
005—First American Government Obligations Fund 12/01/20317.60%2,650,398$3M625
006—MSCI EAFE Dec266.88%15$2M3
007—EURO STOXX 50 Dec266.06%29$2M6
008XLBState Street Materials Select Sector SPDR ETF5.97%41,059$2M20
009—S&P500 EMINI FUT Dec265.52%5$2M6
010—E-Mini Russ 2000 Dec265.40%13$2M3
011—Cash & Other4.66%1,625,500$2M674
012—CBOE VIX FUTURE Oct264.12%80$1M7
013XLYState Street Consumer Discretionary Select Sector SPDR ETF3.79%11,852$1M20
014VFMOVanguard US Momentum Factor ETF3.49%5,360$1M2
015XLIState Street Industrial Select Sector SPDR ETF3.42%7,057$1M25

Showing 1–15 of 21 holdings

HFEQ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HFEQ$11,684
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. HFEQ $11,684. SPY $11,723. Use the arrow keys to read each point.$9,178$10,868$12,559Sep 2025Jan 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HFEQ. Periods over one year show the average yearly return.
PeriodHFEQ
Year to date+13.9%
1 month−3.2%
3 months−3.5%
1 year+16.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HFEQ
YearReturn barHFEQ
2026 YTD+13.9%
2025+14.9%

History from Jul 15, 2025

HFEQ in the news

ETF.net Research hasn’t filed on HFEQ yet — coverage lands here as it’s written.

HFEQ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$2.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $2.20. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$2.20

HFEQ Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
No data available
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.02
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

HFEQ Cost

Expense ratio1.00%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

13 of the 29 Alternative Strategies funds charge less.

HFEQ costs $100.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.