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Launched · SEC filings

Unlimited HFEQ Equity Long/Short ETF

HFEQNYSEC

$23.09−0.10 (−0.43%)

As of Oct 13, 2026, 2:50 PM

C51/ 100

Rank 13 of 30 in Alternative Strategies

C51/100Rank 13 of 30inAlternative Strategies
Intraday session: down, 5 prints from 23.19 to 23.09. Range 23.03 to 23.19. Use the arrow keys to read each point.23.0223.0523.1323.1510 AM12 PM2 PM4 PM
Expense ratio
1.00%
Fund size
$12M
1Y total return
+18.8%
Yield · Last 12 months
Data unavailable
Holdings
21
Avg volume · 30D
0M sh
NAV per share
$23.34
52W range
low $20.40high $25.11
Launched
Filings
SEC EDGAR

The ETF.net HFEQ Grade

Based on 4 of 6 pillars

C

Score 51 out of 100

Category
Alternative Strategies⁠
Rank
13 of 30
Six-pillar profile for HFEQ. Scores out of 100: Cost 55, Risk 47, Mission not scored, Tradability 57, Holdings not scored, Durability 30. Strongest: Tradability (57). Weakest: Durability (30). Based on 4 of 6 pillars.

Score 51 of 100 falls in the C 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.
    B55 out of 100
    Rank 13 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.
    C47 out of 100
    Rank 19 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 13 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.
    D30 out of 100
    Rank 28 of 30

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 Oct 12, 2026
Asset class
Other
Holdings
21
Top-10 weight
79%
Largest holding
Cash & Other14.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other14.18%3,283,205$3M672
002—NASDAQ 100 E-MINI Dec2610.75%4$2M3
003—MSCI EmgMkt Dec2610.33%28$2M3
004VTVVanguard Morningstar Value ETF8.72%9,157$2M15
005—First American Government Obligations Fund 12/01/20316.91%1,600,388$2M529
006—S&P500 EMINI FUT Dec266.79%4$2M7
007—MSCI EAFE Dec266.72%10$2M3
008VOVanguard Morningstar Mid-Cap ETF5.88%16,785$1M12
009VFMOVanguard US Momentum Factor ETF4.48%4,509$1M3
010XLBState Street Materials Select Sector SPDR ETF3.76%17,612$871K19
011—EURO STOXX 50 Dec263.59%12$832K4
012XRTState Street SPDR S&P Retail ETF3.51%9,674$813K3
013—CBOE VIX FUTURE Oct263.25%44$753K6
014—E-Mini Russ 2000 Dec263.05%5$706K3
015—NIKKEI 225 (CME) Dec262.99%2$691K5

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$11,882
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. HFEQ $11,882. SPY $12,044. Use the arrow keys to read each point.$9,768$11,415$13,062Oct 2025Jun 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+11.3%
1 month−2.2%
3 months−4.6%
1 year+18.8%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+11.3%
2025+14.9%

History from Jul 15, 2025

HFEQ in the news

Filtered to HFEQ · Alternative Strategies

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

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.
1.06
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.

HFEQ Cost

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

13 of the 30 Alternative Strategies funds charge less.

HFEQ costs $100.00 a year on $10,000. The median Alternative Strategies fund costs $100.50.

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