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Launched · SEC filings

Unlimited HFEQ Equity Long/Short ETF

HFEQNYSEUnlimitedB

$22.71+0.12 (+0.53%)

As of Nov 2, 2026, 3:59 PM ET

B56/ 100

Rank 12 of 30 in Alternative Strategies

B56/100Rank 12 of 30inAlternative Strategies
Intraday session: up, 73 prints from 22.59 to 22.71. Range 22.71 to 23.00. Use the arrow keys to read each point.22.8022.9023.0010 AM12 PM2 PM4 PM
Expense ratio
0.96%
Fund size
$12M
1Y total return
+6.7%
Yield · Last 12 months
No data
Holdings
21
Avg volume · 30D
9.35K sh
52W range
low $20.40high $25.11
Launched
Filings
SEC EDGAR

The ETF.net HFEQ Grade

Based on 4 of 6 pillars

B

Score 56 out of 100

Category
Alternative Strategies⁠
Rank
12 of 30
Six-pillar profile for HFEQ. Scores out of 100: Cost 74, Risk 41, Mission not scored, Tradability 46, Holdings not scored, Durability 29. Strongest: Cost (74). Weakest: Durability (29). Based on 4 of 6 pillars.

Score 56 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A74 out of 100
    Rank 7 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C41 out of 100
    Rank 20 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C46 out of 100
    Rank 19 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D29 out of 100
    Rank 28 of 30

Our read on HFEQ

ETF.net Research

In short

BHedge fund replication, sliced thin. HFEQ assembles a long/short equity book from broad ETFs and futures to mirror the gross-of-fees returns of the hedge fund industry's equity long/short sector, dialed to roughly twice that sector's volatility, for 0.96% a year.

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

  • Charges 0.96%, below the typical alternatives fund and under iShares' systematic alternatives ETF (IALT, 0.99%), with no fee waiver propping up the number.
  • Exposure comes mainly from broad-based ETFs and futures, with room for single stocks and swaps, keeping the long/short book in liquid, daily-priced instruments.
  • The volatility dial is the point: futures scale the book toward roughly twice the equity long/short sector's volatility, amplifying that sector's moves in both directions.sec.gov
  • Unlimited's engine reads hedge funds' actual return streams rather than delayed public filings, and HFEQ isolates one sector of that lineup instead of blending them all.yahoo.comsec.gov

Worth knowing

  • Young and lightly traded since its July 2025 launch, so spreads can widen and limit orders earn their keep.
  • Double volatility cuts both ways: the same scaling that magnifies the sector's gains magnifies its drawdowns.sec.gov
  • This is an approximation, not the hedge funds themselves, and the portfolio's path can drift from the sector it models.

HFEQ Holdings

Asset class
Other
Holdings
21
Top-10 weight
79%
Largest holding
First American Government Obligations Fund 12/01/203118.4%

Geography

  • United States76.81%
  • Taiwan3.75%
  • South Korea2.79%
  • China2.61%
  • Japan2.42%
  • United Kingdom1.61%
  • India1.39%
  • Switzerland1.16%
  • Other countries (34)7.47%

Developed 46% · Emerging 54% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataFirst American Government Obligations Fund 12/01/203118.35%4,164,329$4.16M477
2No dataNASDAQ 100 E-MINI Dec2610.42%4$2.36M3
3No dataMSCI EmgMkt Dec269.87%28$2.24M4
4VTVVanguard Morningstar Value ETF8.42%8,348$1.91M17
5No dataMSCI EAFE Dec266.91%10$1.57M5
6No dataS&P500 EMINI FUT Dec266.84%4$1.55M8
7VOVanguard Morningstar Mid-Cap ETF5.62%15,513$1.28M15
8VFMOVanguard US Momentum Factor ETF4.70%4,762$1.07M3
9No dataCash & Other4.09%928,560$929K609
10XLBState Street Materials Select Sector SPDR ETF3.79%16,360$859K22
11No dataEURO STOXX 50 Dec263.67%12$833K4
12XRTState Street SPDR S&P Retail ETF3.37%8,584$764K3
13No dataE-Mini Russ 2000 Dec263.16%5$717K4
14XLIState Street Industrial Select Sector SPDR ETF3.11%4,143$705K26
15No dataCBOE VIX FUTURE Nov262.88%36$653K8

Showing 1–15 of 21 holdings

HFEQ Performance

Launched Jul 14, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
HFEQ$10,673
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HFEQ $10,673. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000$12,000Oct 2025Jun 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+8.4%
1 month−2.3%
3 months−4.9%
1 year+6.7%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+8.4%
2025+14.9%

History from Jul 15, 2025

HFEQ in the news

HFEQ Dividends

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

$10,000 in HFEQ 1 year ago paid $941 in dividends.

HFEQ Risk

Risk pillarC41 out of 100Rank 20 of 30 in Alternative Strategies
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.
1.06
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.

FMP measures it over up to five years of monthly returns.

HFEQ Cost

Compare HFEQ and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$10,136

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HFEQ 0.96%

    $18,034

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • HFEQ 0.96%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HFEQ $18,034HBDC $7,898

Year by year

YearHFEQHBDCOverpaying
10$1,695$705$990
20$6,383$2,725$3,658
30$18,034$7,898$10,136

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