ETF Evaluator:
HCM Large Cap Growth ETF ()
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(as of Aug 10)
Best Performing in Large Growth Over the Last Year
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ETF Details
HCM Large Cap Growth ETF Overview
HCM Large Cap Growth ETF (AQLG) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). Highland Capital Management launched the ETF in 2026.
The investment seeks long term capital appreciation.
Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of large-capitalization companies. The managers define large-capitalization companies as companies within the Russell 1000 Growth Index at the time of purchase. The fund identifies sectors that contain the highest concentration of top-ranked individual equities. These sectors are then overweighted in the fund’s portfolio to enhance exposure to areas with favorable valuation dynamics. The fund is non-diversified.
About HCM Large Cap Growth ETF (AQLG)
There are 3 members of the management team with an average tenure of 0.15 years: Andrew O’Sullivan (2026), David Thompson (2026) and Bart McMurry (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
HCM Large Cap Growth ETF has 132 securities in its portfolio. The top 10 holdings constitute 35.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
HCM Large Cap Growth ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. HCM Large Cap Growth ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0% There is 0.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). HCM Large Cap Growth ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $76 million in total assets, which is below the $8 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AQLG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The HCM Large Cap Growth ETF expense ratio is above average compared to funds in the Large Growth category. HCM Large Cap Growth ETF has an expense ratio of 0.65%, which is 32% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. HCM Large Cap Growth ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, HCM Large Cap Growth ETF returned 1.7%, which earned it a grade of A, as the Large Growth category had an average return of -3.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
HCM Large Cap Growth ETF has a trailing yield of 0.00%, which is below the 0.53% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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AQLG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AQLG Return (NAV) | 1.7% | na | na | na | na | na |
| AQLG Return (Price) | 0.0% | na | na | na | na | na |
| NAV +/- Price Return | 1.712% | na | na | na | na | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| AQLG Grade (NAV) | A | na | na | na | na | na |
| +/- Category (NAV) | 5.5% | na | na | na | na | na |
| AQLG Tax-Cost Ratio | na | na | na | na | na | na |
AQLG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AQLG Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| AQLG Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| AQLG Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 77 Mil |
| Share Class Assets: | $ 77 Mil |
| Turnover: | na |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.2 years | |||
| Average Tenure: 0.2 years | |||
| Managers (Year): O’Sullivan Andrew (2026), Thompson David (2026), McMurry Bart (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 132 |
| % in Top 10 Holdings: | 35.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Highland Capital Management |
| Phone Number: | 844-401-9181 |
| Website: | |
| Inception Date: | June 5, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.49% |
