Unlimited HFEQ Equity Long/Short ETF (HFEQ) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from Unlimited. Key facts — expense ratio 0.96%; net assets about $12M; inception Jul 14, 2025. Its 1-year return is +1.86%.
Fund details
Fund overview
This is a US-listed ETF from Unlimited. Key facts — expense ratio 0.96%; net assets about $12M; inception Jul 14, 2025. Its 1-year return is +1.86%.
10 identified stocks · net exposure / NAV 91.30%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
10 identified stocks · net exposure / NAV 91.30%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 100.0% of the fund. The concentration index (HHI) is 1840 — Moderate, and the largest sector is Unclassified (100%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (1,840) — moderate.
Unclassified alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.96% a year is on the high side — about 9.6% over a decade, so it needs a reason to earn that.
Net assets of $12M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
An inverse fund. It rises when the index falls, but daily resetting means it does not mirror the index exactly over long holds.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (1,840) — moderate.
Unclassified alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.96% a year is on the high side — about 9.6% over a decade, so it needs a reason to earn that.
Net assets of $12M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
An inverse fund. It rises when the index falls, but daily resetting means it does not mirror the index exactly over long holds.
Top 10 holdings
10 derivative positions are excluded. Stock contributions do not explain the entire ETF return.
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | First American Government Obligs XFGXXX | 33.35% |
| 2 | Vanguard Morningstar Value ETFVTV | 18.18% |
| 3 | Vanguard Morningstar Mid-Cap ETFVO | 12.09% |
| 4 | Vanguard U.S. Momentum Factor ETFVFMO | 8.93% |
| 5 | State Street Materials Select Sector SPDR ETFXLB | 7.93% |
| 6 | State Street SPDR S&P Retail ETFXRT | 7.57% |
| 7 | State Street Industrial Select Sector SPDR ETFXLI | 6.07% |
| 8 | State Street SPDR S&P Biotech ETFXBI | 2.87% |
| 9 | State Street Energy Select Sector SPDR ETFXLE | 2.36% |
| 10 | State Street Utilities Select Sector SPDR ETFXLU | 0.65% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
Leverage / inverse caveat
This fund tracks 1x the inverse of its index — it rises when the index falls, and vice versa.
That 1x applies to a **single day**. Held longer, the daily reset makes the period return drift from 1x the index: if the index chops up and down and returns to where it started, this fund is still down. That is volatility decay.
It bites hardest in sideways markets and compounds with holding time. These are built for short directional trades.
How concentrated is it
Unlimited HFEQ Equity Long/Short ETF leans heavily on a handful of names. Its concentration index (HHI) is 1840, and the top 10 holdings make up 100.0% of equity weight — closer to owning a few stocks than a diversified basket.
If you bought it for diversification, note that when one or two of those names move sharply, most of the fund's day comes from them.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
By sector, Unclassified alone is 100% — whatever the fund is called, this is a bet on that industry.
Bad news for the sector moves the whole fund. Worth checking against anything else you hold in the same space.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, HFND, overlaps only 26% (11 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 23 positions in total; this page lists the largest 10 and folds the rest into "Others".
The expense ratio is 0.96% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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