IQ

HFEQ Unlimited HFEQ Equity Long/Short ETF

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$22.93
+1.1% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, HFEQ returned 11.4%, against 14.8% for VOO.

Why did HFEQ return +22.2% from Jul 2025 to Oct 2026, against VOO’s +20.4%?Is a 0.96% fee low for a fund like HFEQ?What does HFEQ cost to hold and to trade?
Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels outUnlimited ↗Expense ratio 0.96%Fund assets $19m net assets, latest filing (Aug 31, 2026)First traded Jul 15, 2025Benchmark S&P 500 Total Return Index, measured by VOO, which tracks the same indexSEC filings ↗Every Unlimited fund ETFIQ coversDividend history

Promise check: Not measuredIts strategy, long-short equity, states no objective ETFIQ can measure.

Compare with…Trading costsPut to the committeeaskIQ about HFEQAdd to portfolioAlerts

HFEQ risk and return scorecard

vs VOO · Jul 2025 to Oct 2026 · 66 weekly returns · dividend-adjusted

Short history · 15 months
HFEQ +22.2%, VOO +20.4%, Jul 2025 to Oct 2026, distributions reinvested.
Return
MeasureHFEQVOOEdge
Total return+22.2%+20.4%HFEQ (slight)
Annualized+17.1%+15.7%HFEQ (slight)
Price return+10.7%+18.7%VOO
Risk
MeasureHFEQVOOEdge
Volatility18.6%11.7%VOO
Max drawdown−11.6%−8.4%VOO
Upside capture144.2%100.0%HFEQ
Downside capture125.8%100.0%VOO
Risk-adjusted
MeasureHFEQVOOEdge
Sharpe ratio0.730.98VOO
Sortino ratio1.121.63VOO
Alpha vs VOO
MeasureHFEQVOOEdge
Alpha, a year−1.4%Not significant
Alpha t-stat−0.15
Beta to VOO1.321.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

HFEQ −2.2%, VOO −1.1%: total return over one month to Nov 4, 2026.
HFEQ−2.2%
VOO−1.1%
HFEQ −7.1%, VOO −0.1%: total return over three months to Nov 4, 2026.
HFEQ−7.1%
VOO−0.1%
HFEQ −2.7%, VOO +5.0%: total return over six months to Nov 4, 2026.
HFEQ−2.7%
VOO+5.0%
HFEQ +10.1%, VOO +13.4%: total return over the year to Nov 4, 2026.
HFEQ+10.1%
VOO+13.4%
HFEQ +11.4%, VOO +14.8%: total return over one year to Nov 4, 2026.
HFEQ+11.4%
VOO+14.8%
HFEQ +26.4%, VOO +25.0%: total return since launch to Nov 4, 2026.
HFEQ+26.4%
VOO+25.0%
askIQ: why did HFEQ return +11.4% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

+0.86
Correlation with the S&P 500
Report
+1.31
Beta to the S&P 500
Report
158.3%
Down-week capture
Report
+5.8 pts
Against T-bills, 52 weeks
Report
9.7%
12-month yield, capital gains included, on its starting price
Report
$2.1986
Last payment, ex-date Dec 24, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 0.96% fee low for a fund like HFEQ? ↗

More on HFEQ

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Price and total return, 1 year

$22.93+1.1%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

HFEQ returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026−2.2%−1.1%−1.1 pts
3M Aug 5 – Nov 4, 2026−7.1%−0.1%−7.0 pts
6M May 6 – Nov 4, 2026−2.7%+5.0%−7.7 pts
YTD Dec 31, 2025 – Nov 4, 2026+10.1%+13.4%−3.3 pts
1Y Nov 4, 2025 – Nov 4, 2026+11.4%+14.8%−3.4 pts
Since launch Jul 15, 2025 – Nov 4, 2026+26.4%+25.0%+1.4 pts
Since launch, annualised Jul 15, 2025 – Nov 4, 2026+19.7%––

Total returns, distributions reinvested. Listed Jul 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell more than the S&P 500
Fell more than the S&P 500HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.SPY−1.07%HFEQ−1.70%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell more than the S&P 500HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.SPY−1.07%HFEQ−1.70%Average week when SPY fell

HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.

HFEQ key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$25.06 on Aug 13, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$20.43 on Mar 30, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$22.93, 54% of the way from the low to the high
Beta to its benchmark, 1 year (ETFIQ)1.41, against VOO
R-squared, the same days (ETFIQ)0.76
Beta and R-squared measured over251 daily total returns, Nov 5, 2025 to Nov 4, 2026
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 13, 2025
Trading · HFEQas of Nov 13, 2025
·
Not scored1 of 6 measured · Nov 13, 2025
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

HFEQ for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HFEQ interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HFEQ is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About HFEQ

IssuerUnlimited
Strategy (ETFIQ, from its prospectus)Long-short equity
Expense ratio (485BPOS XBRL, Dec 23, 2025)0.96%Report
Net assets (SEC N-PORT, whole fund, as filed for Aug 31, 2026)$19mReport
Benchmark (ETFIQ, from its filings)S&P 500 Total Return Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Nov 10, 2025
HFEQ, 1 year to Nov 4, 2026+11.4%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−3.4 pts
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
HFEQ in those weeks, on average−1.70%
HFEQ total return over those weeks+9.5%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; HFEQ −8.5%
Weekly correlation with the S&P 500+0.86, 52 weeks to Nov 4, 2026
First tradedJul 15, 2025
Days traded331
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on HFEQ

12 seats on HFEQ, as of Nov 4, 2026: 1 Mixed, 2 Challenges, 8 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put HFEQ to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HFEQ

Does HFEQ move with the S&P 500?
Over the year to Nov 4, 2026, HFEQ’s weekly returns had a correlation of +0.86 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +1.31, so for each 1% the index moved it moved about 1.31% the same way.
What did HFEQ do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%.
Did HFEQ earn more than cash?
Over the same 52 weeks HFEQ returned +9.5% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. HFEQ finished 5.8 percentage points ahead of it.
What does HFEQ cost?
The prospectus expense ratio is 0.96% a year.
Why is HFEQ listed as long-short equity?
ETFIQ files each fund by what its own prospectus says it does, and HFEQ’s, filed Dec 23, 2025, describes a long-short equity fund.
Sources and dates
Prices, HFEQ and Benchmark (VOO)Prices, Tiingo end of day ↗
Fee, 0.96%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $19mSEC N-PORT, whole fund · Aug 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerUnlimited website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, HFEQ, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/hfeq

The down-week bars for HFEQ, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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HFEQ: HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/hfeq/" title="HFEQ: HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">HFEQ: HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%. Data: <a href="https://etfiq.com/funds/hfeq">ETFIQ</a></figcaption>
</figure>

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