Unlimited HFEQ Equity Long/Short ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 23 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About HFEQ
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks capital appreciation. TheFund seeks to create an investment portfolio with similar return characteristics to the gross of fees returns of the hedge fundindustry’s Equity Long/Short sector (see the section of the Fund’s Prospectus titled “Additional Informationabout the Funds”), while also targeting a volatility level approximately twice that of the sector. By incorporatinghigher volatility, the Fund’s sub-adviser, Unlimited Funds, Inc. (“Unlimited” or the “Sub-Adviser”),believes that the Fund’s net of fees returns may outperform those of the Equity Long/Short sector. Additionally, the Fundmay benefit from its comparatively lower operating expenses versus the relatively high fees and expenses charged by hedge funds. ● Equity Long Short – Hedge funds managed within this sector generally implement strategies take long positions in stocks that are expected to appreciate and short positions in stocks that are expected to decline. An equity long-short strategy generally seeks to minimize market exposure while profiting from stock gains in the long positions, along with price declines in the short positions. TheSub-Adviser obtains publicly reported returns and fee data for the hedge fund industry’s Equity Long/Short sector from varioussources. The Sub-Adviser then seeks to create an investment portfolio with similar return characteristics (including return andcorrelation with other asset classes) as the Equity Long/Short sector’s gross of fees returns, while also targeting highervolatility. This is primarily achieved by taking long and short positions in broad-based ETFs (“Underlying ETFs”)and futures contracts. In addition, if at any time the Sub-Adviser is unable to construct an investment portfolio for the Fundwhich the Sub-Adviser believes will achieve the desired return and volatility characteristics by using currently available UnderlyingETFs, the Fund may invest in long or short positions of equity securities and swap agreements in addition to Underlying ETFs andfutures contracts. A long position means the Fund will buy a security with the expectation that it will rise in value. In contrast,the Fund will “short” a security with the expectation that it will fall in value. TheInvestment Process TheSub-Adviser determines the recent daily and monthly gross of fees returns and volatility metrics of the hedge fund industry’sEquity Long/Short sector by reviewing publicly reported returns and fee information for the sector. The Sub-Adviser determinesan investment portfolio of long and short positions in Underlying ETFs and futures contracts which best match the Equity Long/Shortsector’s most recent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm.As noted above, if the Sub-Adviser is unable to construct the Fund’s target portfolio by investing only in Underlying ETFs,the Fund may invest in long or short positions of equity securities and swap agreements that align with the desired return andvolatility characteristics. Theselection of potential Fund investments used as algorithm inputs is determined by the Sub-Adviser’s portfolio managers basedupon their belief of which return factors best capture recent positioning (e.g., sectors, company factors, country indexes). Theproprietary technology analyzes the historical pattern of the returns and volatility patterns of the Equity Long/Short sectorcompared with these factors over several time frames to determine the portfolio that best matches recent Equity Long/Short sector’sgross of fees returns while maintaining approximately twice the volatility. Overtime, through the use of this proprietary process, the Sub-Adviser expects the Fund to have similar return characteristics asthe hedge fund industry Equity Long/Short sector’s gross of fees returns, but with higher volatility by taking directionallysimilar positions as the hedge fund industry Equity Long/Short sector with larger notional exposure. The Sub-Adviser performsthe foregoing analyses on an ongoing basis because hedge fund data for different hedge fund indices (the “Indices”)is available at different times. The Sub-Adviser will frequently trade all or a significant portion of the holdings in the Fund’sinvestment portfolio as a result. Whatthe Fund invests in: The Fund’s portfolio will generally consist of long and short positions in 10-30 Underlying ETFsand futures contracts. The Fund may also invest in individual equity securities and swap agreements. Please see the heading titled“Portfolio Construction,” below, for more information about the Fund’s portfolio holdings. Whatthe Fund will NOT do: The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. For the avoidanceof doubt: ● The Fund will not invest in hedge funds. ● The Fund will not seek to replicate the direct underlying holdings of hedge funds. ● The Fund will not engage in certain types of investment activities that are permissible for hedge funds. For example, hedge funds may use more leverage than the Fund, and hedge funds may invest a greater percentage of their assets in illiquid investments as compared to the Fund. PortfolioConstruction TheFund invests primarily in Underlying ETFs and exchange-listed futures contracts. The Fund’s initial universe of UnderlyingETF investments includes a broad range of primarily passively-managed ETFs. The initial universe may include, among others: ● Sector ETFs that invest primarily in one of several economic sectors, such as information technology and consumer discretionary. ● Factor ETFs that invest primarily based on one of several investment factor categories, such as value and momentum. ● Domestic, Global, and Foreign ETFs that invest in the U.S., developed markets, and/or emerging markets, as well as country specific ETFs. Ifthere are several potential candidates for inclusion in the Fund’s portfolio, the Sub-Adviser’s selection criteriafavor lower cost Underlying ETFs. If the Fund invests in baskets of individual equity securities instead of Underlying ETFs, theoverall baskets will have characteristics similar to those reflected in the initial universe of Underlying ETFs described above.To seek to achieve the Fund's target volatility level, the Fund will use futures contracts and, to a lesser extent, swaps. Toachieve an appropriate risk/return profile for the Fund’s portfolio, which includes targeting approximately twice the volatilityof the Equity Long/Short sector, the Fund will also “short” the securities of Underlying ETFs. Please see the sectionof the Fund’s Prospectus titled “Additional Information about the Funds” for a description of short sales. Inaddition, the Fund’s portfolio will hold futures contracts to express long and short exposures if futures contracts areeither lower cost or more accurately reflect the Sub-Adviser’s desired positioning for the Fund’s overall portfoliothan investments in Underlying ETFs. The use of futures contracts will allow the Fund to take the larger notional economic exposureneeded to achieve the higher target volatility. The Fund can also invest in swap agreements for similar purposes. Please see thesection of the Fund’s prospectus titled “Additional Information about the Funds” for a description offutures contracts and swap agreements. Ifthe Fund invests in long or short positions of individual equity securities, the Sub-Adviser will select particular securitiesthat will allow the Fund, in the aggregate, to have an investment portfolio with similar return characteristics as the hedge fundindustry’s Equity Long/Short sector, but with higher volatility. TheFund is expected to outperform the hedge fund industry’s Equity Long/Short sector during periods when returns of that sectorexceed cash returns and underperform in periods when the returns from that sector underperform cash. TheSub-Adviser adjusts the Fund’s portfolio on a frequent basis in light of its ongoing analysis of the Indices. As a result,the Fund will frequently trade all or a significant portion of the holdings in the Fund’s investment portfolio. TheFund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets inthe securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Undernormal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, inequity securities, including Underlying ETFs that invest primarily in equity securities, and futures contracts based on equityindices or equity investments.
Data for HFEQ is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.