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130/30 EQUITY
HELS US Equity

HELS_videoThumb.jpg
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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.

RELATED CONTENT

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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.

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