130/30 EQUITY
HELS US Equity

R. PATRICK KENT, Portfolio Manager
FUND DETAILS
Ticker
Primary Exchange
CUSIP
ISIN
Net Assets
Shares Outstanding
Gross Expense Ratio
Inception Date
Distribution Frequency
HELS US Equity
NYSE
26923Q424
US26923Q4249
Data as of 10/8/2026
0.70%
12/10/2025
Annual
$16,592,445
690,000
HELS OVERVIEW
The Hedgeye 130/30 Equity ETF (HELS) is an actively managed long-short strategy that seeks long-term capital appreciation by employing a 130/30 style active extension approach designed to systematically outperform broad equity benchmarks. Managed by Hedgeye Asset Management (HAM) under R. Patrick Kent, whose 25+ years of experience includes portfolio management roles at Wellington Management, BNY Mellon, and CR Intrinsic, the Fund expands beyond traditional long-only constraints. Seeking to benefit from an ability to express both positive and negative convictions, the strategy shorts select stocks and reinvesting those proceeds into high-conviction long ideas, while maintaining approximately 100% net market exposure. HELS combines fundamental research, technical signals and proprietary models to identify companies with underappreciated change elements. These include quality growth stories, cyclical recoveries, operational improvers as well as short opportunities with deteriorating fundamentals. The portfolio is flexible, typically holding 30-50 long positions and 15–30 short positions across large, mid, and small-cap U.S. equities, while incorporating macroeconomic insights from Hedgeye Risk Management's Growth, Inflation, and Policy (GIP) model. HELS provides a research-intensive, dynamically managed strategy intended to deliver more efficient risk/return characteristics than traditional long-only products.


Daily Net Asset Value (NAV) and Closing Price
NAV:
NAV Change:
NAV Premium Discount:
Price:
Price Change:
30 Day Median Bid/Ask Spread:
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.
$24.05
PREMIUM DISCOUNT GRAPH
Premium/Discount History | 2025 | Q1-26 | Q2-26 | Q3-26 | Q4-26 |
|---|---|---|---|---|---|
Days traded at discount | 1 | 33 | 39 | 36 | N/A |
Days traded at NAV | 1 | 0 | 0 | 0 | N/A |
Days traded at premium | 13 | 28 | 23 | 13 | N/A |
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: 9/30/2026
Fund NAV
1 Month
-2.31%
3 Month
-5.64%
6 Month
0.16%
YTD
-3.27%
Since Inception
-5.30%
Closing Price
-2.13%
-5.43%
0.42%
-3.35%
-5.15%
Avg Annualized %
Data as of: 9/30/2026
Fund NAV
Closing Price
1 Year
N/A%
Since Inception
N/A%
N/A%
N/A%
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 | HELS | $0.004556 |
ETF PORTFOLIO HOLDINGS
Data as of 10/10/2026
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
FGXXX
31846V336
First American Government Obligations Fund 12/01/2031
2,103,403.78
$100.00
$2,103,403.78
12.47%
46137V357 SWP CS
46137V357 SWP CS
46137V357 SWP CS
7,787
$213.04
$1,658,942.48
9.83%
AAPL
37833100
Apple Inc
1,982
$336.64
$667,220.48
3.96%
NVDA
67066G104
NVIDIA Corp
2,892
$229.28
$663,077.76
3.93%
MSFT
594918104
Microsoft Corp
1,165
$535.07
$623,356.55
3.70%
Cash&Other
Cash&Other
Cash & Other
599,132.62
$1.00
$599,132.62
3.55%
META
30303M102
Meta Platforms Inc
806
$718.67
$579,248.02
3.43%
PM
718172109
Philip Morris International Inc
2,570
$201.19
$517,058.30
3.07%
XOM
30233Q108
ExxonMobil Holdings Corp
2,990
$168.94
$505,130.60
2.99%
LLY
532457108
Eli Lilly & Co
415
$1,179.27
$489,397.05
2.90%
MRVL
573874104
MARVELL TECHNOLOGY INC
1,519
$275.28
$418,150.32
2.48%
TWLO
90138F102
Twilio Inc
1,407
$289.47
$407,284.29
2.41%
DELL
24703L202
Dell Technologies Inc
673
$586.06
$394,418.38
2.34%
SHOP
82509L107
Shopify Inc
2,308
$170.85
$394,321.80
2.34%
PLTR
69608A108
Palantir Technologies Inc
1,855
$209.05
$387,787.75
2.30%
DT
268150109
Dynatrace Inc
5,943
$63.50
$377,380.50
2.24%
SNOW
833445109
Snowflake Inc
1,013
$368.89
$373,685.57
2.22%
CRWD
22788C105
Crowdstrike Holdings Inc
1,357
$275.04
$373,229.28
2.21%
RBLX
771049103
ROBLOX Corp
7,405
$48.09
$356,106.45
2.11%
AMZN
23135106
Amazon.com Inc
1,301
$262.43
$341,421.43
2.02%
OKTA
679295105
Okta Inc
1,471
$232.13
$341,463.23
2.02%
ILMN
452327109
Illumina Inc
1,204
$278.17
$334,916.68
1.99%
CZR
12769G100
Caesars Entertainment Inc
11,267
$29.50
$332,376.50
1.97%
MPC
56585A102
Marathon Petroleum Corp
717
$455.03
$326,256.51
1.93%
HOOD
770700102
Robinhood Markets Inc
2,906
$109.02
$316,812.12
1.88%
ELF
26856L103
elf Beauty Inc
2,866
$109.23
$313,053.18
1.86%
FANG
25278X109
Diamondback Energy Inc
1,635
$192.13
$314,132.55
1.86%
AM
03676B102
Antero Midstream Corp
14,636
$21.09
$308,673.24
1.83%
TXG
88025U109
10X Genomics Inc
3,706
$80.65
$298,888.90
1.77%
INTC
458140100
Intel Corp
2,818
$104.70
$295,044.60
1.75%
PBR
71654V408
Petroleo Brasileiro SA - Petrobras
11,640
$25.30
$294,492.00
1.75%
FCX
35671D857
Freeport-McMoRan Inc
3,980
$73.69
$293,286.20
1.74%
U
91332U101
Unity Software Inc
6,260
$46.88
$293,468.80
1.74%
GTLB
37637K108
Gitlab Inc
4,994
$55.09
$275,119.46
1.63%
FSLY
31188V100
Fastly Inc
9,251
$29.30
$271,054.30
1.61%
CME
12572Q105
CME Group Inc
907
$280.56
$254,467.92
1.51%
PSX
718546104
Phillips 66
913
$278.18
$253,978.34
1.51%
NET
18915M107
Cloudflare Inc
701
$360.93
$253,011.93
1.50%
ROKU
77543R102
Roku Inc
1,626
$152.85
$248,534.10
1.47%
GILD
375558103
Gilead Sciences Inc
1,629
$151.17
$246,255.93
1.46%
GSL
Y27183600
Global Ship Lease Inc
5,509
$44.58
$245,591.22
1.46%
CHEF
163086101
Chefs' Warehouse Inc/The
1,849
$114.32
$211,377.68
1.25%
CVI
12662P108
CVR Energy Inc
3,250
$58.02
$188,565.00
1.12%
AVO
60510V108
Mission Produce Inc
15,484
$11.74
$181,704.74
1.08%
DINO
403949100
HF Sinclair Corp
1,495
$121.30
$181,343.50
1.07%
TEAM
49468101
Atlassian Corp
865
$206.79
$178,873.35
1.06%
FIVN
338307101
Five9 Inc
4,877
$36.40
$177,522.80
1.05%
NOW
81762P102
ServiceNow Inc
1,251
$140.86
$176,215.86
1.04%
PFE
717081103
Pfizer Inc
6,010
$28.28
$169,962.80
1.01%
DASH
25809K105
DoorDash Inc
-255
$196.50
$-50,107.50
-0.30%
VFC
918204108
VF Corp
-3,322
$15.00
$-49,830.00
-0.30%
WMT
931142103
Walmart Inc
-448
$111.35
$-49,884.80
-0.30%
BYND
null
Beyond Meat Inc
-6,742.77
$7.70
$-51,919.30
-0.31%
PSP
46137V118
Invesco Global Listed Private Equity ETF
-1,053
$56.50
$-59,494.50
-0.35%
RKT
77311W101
Rocket Cos Inc
-5,116
$11.48
$-58,731.68
-0.35%
ROST
778296103
Ross Stores Inc
-292
$222.41
$-64,943.72
-0.38%
BYD
103304101
Boyd Gaming Corp
-943
$68.93
$-65,000.99
-0.39%
CAVA
148929102
Cava Group Inc
-1,240
$53.64
$-66,513.60
-0.39%
DRAM
77926X320
Roundhill Memory ETF
-1,161
$57.19
$-66,397.59
-0.39%
HELE
G4388N106
Helen of Troy Ltd
-2,498
$26.51
$-66,221.98
-0.39%
KRUS
501270102
Kura Sushi USA Inc
-1,640
$40.53
$-66,469.20
-0.39%
ALLY
02005N100
Ally Financial Inc
-1,789
$37.59
$-67,248.51
-0.40%
CVNA
146869102
Carvana Co
-1,048
$63.73
$-66,789.04
-0.40%
DECK
243537107
Deckers Outdoor Corp
-824
$82.89
$-68,301.36
-0.40%
DKS
253393102
Dick's Sporting Goods Inc
-490
$136.65
$-66,958.50
-0.40%
UBER
90353T100
Uber Technologies Inc
-948
$71.51
$-67,791.48
-0.40%
FOUR
82452J109
Shift4 Payments Inc
-1,710
$40.00
$-68,400.00
-0.41%
NCLH
G66721104
Norwegian Cruise Line Holdings Ltd
-4,438
$15.57
$-69,099.66
-0.41%
SPGI
78409V104
S&P Global Inc
-170
$407.82
$-69,329.40
-0.41%
APP
03831W108
AppLovin Corp
-261
$277.04
$-72,307.44
-0.43%
MCD
580135101
McDonald's Corp
-310
$235.23
$-72,921.30
-0.43%
PFSI
70932M107
PennyMac Financial Services Inc
-1,212
$59.90
$-72,598.80
-0.43%
TTD
88339J105
Trade Desk Inc/The
-6,064
$12.08
$-73,253.12
-0.43%
AXP
25816109
American Express Co
-241
$308.17
$-74,268.97
-0.44%
DKNG
26142V105
DraftKings Inc
-3,777
$19.58
$-73,953.66
-0.44%
PLAY
238337109
Dave & Buster's Entertainment Inc
-10,768
$6.90
$-74,299.20
-0.44%
SAIA
78709Y105
Saia Inc
-221
$336.75
$-74,421.75
-0.44%
XHR
984017103
Xenia Hotels & Resorts Inc
-4,149
$18.02
$-74,764.98
-0.44%
ARES
03990B101
Ares Management Corp
-643
$117.22
$-75,372.46
-0.45%
BOOT
99406100
Boot Barn Holdings Inc
-633
$119.96
$-75,934.68
-0.45%
ODFL
679580100
Old Dominion Freight Line Inc
-414
$181.97
$-75,335.58
-0.45%
SMPL
82900L102
Simply Good Foods Co/The
-7,487
$10.18
$-76,217.66
-0.45%
ADBE
00724F101
Adobe Inc
-317
$242.27
$-76,799.59
-0.46%
BRBR
07831C103
BellRing Brands Inc
-9,456
$8.55
$-80,848.80
-0.48%
ORCL
68389X105
Oracle Corp
-574
$141.40
$-81,163.60
-0.48%
ACI
13091103
Albertsons Cos Inc
-6,782
$12.19
$-82,672.58
-0.49%
GIII
36237H101
G-III Apparel Group Ltd
-3,086
$27.07
$-83,538.02
-0.50%
XLI
81369Y704
State Street Industrial Select Sector SPDR ETF
-588
$169.25
$-99,519.00
-0.59%
XLU
81369Y886
State Street Utilities Select Sector SPDR ETF
-2,470
$41.41
$-102,282.70
-0.61%
PBD
46138G847
Invesco Global Clean Energy ETF
-6,309
$16.75
$-105,675.75
-0.63%
Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.
Definitions
Quads: Quads as used here mean the evolving locations of each of 50+ national economies within four-quadrant plots like the stylized example below in which the vertical axes measure rates of change (ROCs) in real or inflation-adjusted Gross Domestic Product and the horizontal axes measure ROCs in CPI inflation (or its closest equivalent for countries not reporting CPI inflation per se).
Signals: Signals as used here mean a carefully defined set of security-specific indicators that the Manager deems useful in estimating the future price trajectory of securities comprising the Fund’s selection universe. Some of these indicators are proprietary.
Beta: Beta measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark.
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/HELS 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.
In addition, the fund's principle risks include derivative risk, options risk, futures contract risk, and swap agreements risk. For additional information about these and other fund risks, please refer to the "Principal Investment Risks” section of the prospectus.
Derivatives Risk. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, and swaps, which may involve significant risks. Derivatives often provide leveraged exposure, meaning the Fund can experience gains or losses greater than the amount invested in the derivative, based on changes in the value of the underlying asset, index, or rate, which the Fund may not own.
Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of their underlying securities. Writing call options may reduce the Fund’s ability to profit from increases in the value of the Fund’s portfolio securities.
Leverage Risk. The Fund does not seek leveraged returns but as a result of the Fund’s use of certain derivatives it may create investment leverage. This means that the derivative position may provide the Fund with investment exposure greater than the value of the Fund’s investment in the derivative.
Short Selling Risk: The Fund’s short sales involve potentially unlimited risk since the maximum price of a security sold short is unlimited. Short selling involves borrowing securities and selling them with the expectation that their price will decline, allowing the Fund to repurchase them at a lower price. If the price of a security increases after the Fund has sold it short, the Fund will incur a loss when it covers the short position.
Short Squeeze Risk: The Fund may experience difficulties in borrowing securities necessary to establish short positions, particularly during periods of market stress. Additionally, the Fund may be forced to close short positions at unfavorable prices if borrowed securities are recalled by lenders.
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.





