QUALITY GROWTH
HGRO US Equity

SAM RAHMAN, Portfolio Manager
FUND DETAILS
Ticker
Primary Exchange
CUSIP
ISIN
Net Assets
Shares Outstanding
Gross Expense Ratio
Inception Date
Distribution Frequency
HGRO US Equity
NYSE
26923Q739
US26923Q7390
Data as of 9/11/2026
0.70%
6/10/2025
Annual
$119,802,835
4,030,000
HGRO OVERVIEW
The Hedgeye Quality Growth ETF (NYSE: HGRO) is an actively managed strategy that seeks long-term capital appreciation, primarily investing in large-cap equity securities with a three-year investment horizon. Managed by Hedgeye Asset Management (HAM) under veteran portfolio manager Sam Rahman, whose 30+ years of global investment experience most recently included a 15-year tenure at Crosby Advisors (the Fidelity family office), the Fund integrates bottom-up stock research, macro/thematic analysis, and disciplined portfolio construction. HGRO’s strategy targets companies across three categories: deep moat compounders, innovators/Disruptors/S-curve beneficiaries, and idiosyncratic special situations. The Fund utilizes the S&P 500 as a benchmark, allowing for a “go anywhere” approach to finding growth and rate-of-change in growth. Portfolio construction seeks to maximize risk-adjusted returns, with 40–50 holdings sized by conviction and diversified across sectors. HGRO offers investors a concentrated, research-driven strategy that seeks to capture quality growth in dynamic markets.


Daily Net Asset Value (NAV) and Closing Price
NAV:
NAV Change:
NAV Premium Discount:
Price:
Price Change:
30 Day Median Bid/Ask Spread:
0.39%
The ETF's 30 Day Median Bid-Ask Spread is calculated by identifiying the ETF's national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
Fund Resources
0.39%
-0.17%
$29.68
0.25%
$29.73
PREMIUM DISCOUNT GRAPH
Premium/Discount History | 2025 | Q1-26 | Q2-26 | Q3-26 | Q4-26 |
|---|---|---|---|---|---|
The frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day.
PERFORMANCE HISTORY
Cumulative %
Data as of: 6/30/2026
Fund NAV
Closing Price
1 Month
0.31%
3 Month
12.57%
6 Month
10.71%
YTD
10.71%
Since Inception
25.67%
0.09%
12.37%
10.45%
10.45%
25.50%
Avg Annualized %
Data as of: 6/30/2026
Fund NAV
Closing Price
1 Year
20.25%
Since Inception
24.18%
19.88%
24.03%
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the quoted performance. For month-end fund performance, please call +1 (888) 711-8292.
DISTRIBUTION HISTORY
2025 Distributions
DATE | TICKER | PER SHARE |
|---|---|---|
12/30/2025 | HGRO | $0.022699 |
ETF PORTFOLIO HOLDINGS
Data as of 9/12/2026
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
FGXXX
31846V336
First American Government Obligations Fund 12/01/2031
20,577,148.49
$100.00
$20,577,148.49
17.18%
AAPL
37833100
Apple Inc
29,507
$332.27
$9,804,290.89
8.18%
NVDA
67066G104
NVIDIA Corp
41,625
$218.29
$9,086,321.25
7.58%
MSFT
594918104
Microsoft Corp
17,842
$495.63
$8,843,030.46
7.38%
AMZN
23135106
Amazon.com Inc
21,287
$256.78
$5,466,075.86
4.56%
META
30303M102
Meta Platforms Inc
5,962
$648.03
$3,863,554.86
3.22%
JPM
46625H100
JPMORGAN CHASE & CO.
10,086
$356.23
$3,592,935.78
3.00%
V
92826C839
Visa Inc
9,009
$370.45
$3,337,384.05
2.79%
VLO
91913Y100
Valero Energy Corp
8,110
$390.42
$3,166,306.20
2.64%
JNJ
478160104
Johnson & Johnson
10,803
$265.58
$2,869,060.74
2.39%
KO
191216100
Coca-Cola Co/The
32,257
$88.29
$2,847,970.53
2.38%
TMO
883556102
Thermo Fisher Scientific Inc
4,350
$609.82
$2,652,717.00
2.21%
WFC
949746101
Wells Fargo & Co
27,724
$90.29
$2,503,199.96
2.09%
MRK
58933Y105
Merck & Co Inc
16,881
$143.93
$2,429,682.33
2.03%
BNY
64058100
Bank of New York Mellon Corp/The
13,157
$162.66
$2,140,117.62
1.79%
MU
595112103
Micron Technology Inc
2,031
$975.26
$1,980,753.06
1.65%
CRWD
22788C105
Crowdstrike Holdings Inc
9,388
$206.74
$1,940,875.12
1.62%
SNOW
833445109
Snowflake Inc
5,259
$328.99
$1,730,158.41
1.44%
ATI
01741R102
ATI Inc
8,581
$198.77
$1,705,645.37
1.42%
TWLO
90138F102
Twilio Inc
7,206
$227.35
$1,638,284.10
1.37%
ELF
26856L103
elf Beauty Inc
16,754
$96.91
$1,623,630.14
1.36%
WCC
95082P105
WESCO International Inc
4,487
$356.32
$1,598,807.84
1.33%
VRTX
92532F100
Vertex Pharmaceuticals Inc
3,059
$515.44
$1,576,730.96
1.32%
BIIB
09062X103
Biogen Inc
7,175
$217.15
$1,558,051.25
1.30%
ABNB
9066101
Airbnb Inc
9,038
$170.19
$1,538,177.22
1.28%
NEM
651639106
Newmont Corp
11,825
$126.81
$1,499,528.25
1.25%
TXG
88025U109
10X Genomics Inc
21,553
$68.59
$1,478,320.27
1.23%
MRVL
573874104
MARVELL TECHNOLOGY INC
6,177
$236.10
$1,458,389.70
1.22%
C
172967424
Citigroup Inc
10,361
$138.82
$1,438,314.02
1.20%
SLB
806857108
SLB Ltd
25,450
$56.06
$1,426,727.00
1.19%
DT
268150109
Dynatrace Inc
27,611
$51.07
$1,410,093.77
1.18%
NET
18915M107
Cloudflare Inc
4,628
$306.53
$1,418,620.84
1.18%
LITE
55024U109
Lumentum Holdings Inc
1,499
$927.03
$1,389,617.97
1.16%
NTRA
632307104
Natera Inc
3,976
$328.93
$1,307,825.68
1.09%
OKTA
679295105
Okta Inc
7,717
$166.50
$1,284,880.50
1.07%
CZR
12769G100
Caesars Entertainment Inc
41,768
$29.67
$1,239,256.56
1.03%
EQT
26884L109
EQT Corp
22,432
$54.07
$1,212,898.24
1.01%
DIS
254687106
Walt Disney Co/The
11,230
$106.55
$1,196,556.50
1.00%
PLTR
69608A108
Palantir Technologies Inc
7,136
$167.23
$1,193,353.28
1.00%
SNDK
80004C200
Sandisk Corp
694
$1,633.35
$1,133,544.90
0.95%
FCX
35671D857
Freeport-McMoRan Inc
13,066
$71.07
$928,600.62
0.78%
ANET
40413205
Arista Networks Inc
4,216
$199.59
$841,471.44
0.70%
HOOD
770700102
Robinhood Markets Inc
7,351
$112.57
$827,502.07
0.69%
BE
93712107
Bloom Energy Corp
2,961
$275.75
$816,495.75
0.68%
FWONK
531229755
Liberty Media Corp-Liberty Formula One
8,287
$95.59
$792,154.33
0.66%
Cash&Other
Cash&Other
Cash & Other
-4,557,222.57
$1.00
$-4,557,222.57
-3.80%
Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security
Index Definitions
S&P 500 Index (Ticker: SPX Index): The S&P 500 is a stock market index that tracks the stock performance of 500 of the largest companies listed on stock exchanges in the United States.
Definitions
S Curves: S Curves illustrate the non-linear progression of growth, where the trajectory of change or adoption follows a characteristic S-shaped pattern. This concept is used to convey how a particular sector, innovation, or investment theme may experience gradual early adoption, rapid acceleration, and ultimately maturity or saturation.
Margin-Expanding Compounder: A company that is growing earnings and free cash flow over time (“compounder”), while also expanding its profit margins (e.g., gross margin, operating margin, or EBITDA margin).
Free Cash Flow: Free Cash Flow is the cash a company generates from its operations after accounting for capital expenditures.
Sharpe Ratio: A risk-adjusted performance measure that shows how much excess return an investment has delivered for each unit of total risk taken.
Important Information
Before investing in the fund, the investment objective, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the fund. Copies of the fund’s prospectus may be obtained by visiting www.hedgeyeam.com/HGRO or calling +1 (888) 711-8292. Read it carefully before investing.
Investing involves risks including the risk of principal loss. The Adviser is newly formed and has not previously managed an ETF. Accordingly, investors in the Fund bear the risk that the Adviser's inexperience may limit its effectiveness.
The Fund is non-diversified, which means that it may invest a large percentage of its assets in a particular issuer and increases the risk that the value of the Fund could decrease due to poor performance of a single investment or limited number of investments.
The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.
As an actively managed investment portfolio, the Fund is subject to the Adviser's investment decisions about individual securities impact on the Fund's ability to achieve its investment objective. there is no guarantee that the Adviser's investment strategy will meet it's investment objective or produce the desired results. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions. Investments in stocks of mid-capitalization companies may be subject to more abrupt or erratic market movements
The Fund's investment strategies may employ quantitative algorithms and models that rely heavily on the use of proprietary and non-proprietary data, Models may also have hidden biases or exposure to broad structural or sentiment shifts. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market.
When the Fund uses derivatives, there may be imperfect correlation between the value of the underlying instrument and the derivative, which may prevent the Fund from achieving its investment objective.
The Hedgeye Quality Growth ETF may invest in foreign securities. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
The Distributor is Foreside Fund Services, LLC.





