ETF Evaluator:
Unlimited HFEQ Equity Long/Short ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
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Risk
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ETF Details
Unlimited HFEQ Equity Long/Short ETF Overview
Unlimited HFEQ Equity Long/Short ETF (HFEQ) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). Unlimited launched the ETF in 2025.
The investment seeks capital appreciation.
Under normal market conditions, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including underlying ETFs that invest primarily in equity securities, and futures contracts based on equity indices or equity investments. The fund is non-diversified.
About Unlimited HFEQ Equity Long/Short ETF (HFEQ)
There are 2 members of the management team with an average tenure of 1.05 years: Bob Elliott (2025) and Bruce McNevin (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Unlimited HFEQ Equity Long/Short ETF has 23 securities in its portfolio. The top 10 holdings constitute 132.8% 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.
Unlimited HFEQ Equity Long/Short ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Unlimited HFEQ Equity Long/Short ETF has 46.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 126.6% There is 46.4% 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). Unlimited HFEQ Equity Long/Short ETF has -84.9% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $320 million average for the Long-Short Equity 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.
HFEQ 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 Unlimited HFEQ Equity Long/Short ETF expense ratio is high compared to funds in the Long-Short Equity category. Unlimited HFEQ Equity Long/Short ETF has an expense ratio of 0.96%, which is 47% lower than its category average, making the fund expense ratio grade a B. 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. Unlimited HFEQ Equity Long/Short ETF has a portfolio turnover rate of 125%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, Unlimited HFEQ Equity Long/Short ETF returned -3.7%, which earned it a grade of F, as the Long-Short Equity category had an average return of -0.0%. 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.
Unlimited HFEQ Equity Long/Short ETF has a trailing yield of 4.28%, which is above the 1.17% category average.
The fund normally distributes its income annually 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.
Unlimited HFEQ Equity Long/Short ETF Grades
Year to date, the ETF has returned 13.6%, 5.3 percentage points better than the category, which translates into a grade of B. The fund has returned 28.5% over the past year (grade of B).
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HFEQ 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 |
|
| HFEQ Return (NAV) | -3.7% | 3.8% | 28.5% | na | na | na |
| HFEQ Return (Price) | -3.5% | 4.1% | 29.1% | na | na | na |
| NAV +/- Price Return | -0.284% | -0.309% | -0.606% | na | na | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| HFEQ Grade (NAV) | F | B | B | na | na | na |
| +/- Category (NAV) | -3.7% | 0.7% | 14.0% | na | na | na |
| HFEQ Tax-Cost Ratio | na | na | 3.8% | na | na | na |
HFEQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HFEQ Return (NAV) | 13.6% | na | na | na | na | na | na | na | na | na | na |
| HFEQ Return (Price) | 14.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.026% | na | na | na | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| HFEQ Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.3% | 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: | 4.3% |
| Total Assets: | $ 18 Mil |
| Share Class Assets: | $ 18 Mil |
| Turnover: | 125.0% |
| Expense Ratio: | 0.96% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Elliott Bob (2025), McNevin Bruce (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 132.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 46.4% |
Portfolio Allocation |
|
| Domestic Stock: | 126.6% |
| Foreign Stock: | 46.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 11.9% |
| Cash: | -84.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Unlimited |
| Phone Number: | 833-216-0499 |
| Website: | |
| Inception Date: | July 14, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.96% (Rating: High) |
| Category Average Expense Ratio (%): | 1.83% |
