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HCM Hedged Equity ETF

Ticker: HAWG

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Overview

Objective

The Fund seeks to provide long-term capital appreciation.

Inception Date: 8/13/2026

Fund Summary:

HCM Hedged Equity ETF (HAWG) is an actively managed ETF that seeks long-term capital appreciation by combining broad large-cap U.S. equity exposure with a systematic options overlay1 and HCM’s proprietary quantitative investment model, the HCM-BuyLine®. The Fund’s investment approach integrates multiple risk management techniques into a single portfolio to pursue long-term equity growth through changing market environments.

The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities represented in the S&P 500®2 Index (by replicating the Solactive US Large Cap Index3) and Nasdaq-100 Index4 (by replicating the Solactive United States Technology 100 Index5). Like the S&P 500® Index, the Solactive US Large Cap Index is comprised of common stocks issued by 500 large-capitalization companies traded on American stock exchanges. The constituents of the Solactive US Large Cap Index are based solely on the largest 500 companies by free-float market capitalization, whereas the S&P 500® Index uses a committee to select its constituents and considers companies’ profitability. Similarly, the Solactive United States Technology 100 Index and the Nasdaq-100 Index® each provide exposure to 100 of the largest non-financial companies listed on the Nasdaq stock exchange. The Solactive United States Technology 100 Index uses a rules-based methodology to select and weight constituents based on free-float market capitalization and is reconstituted quarterly, whereas the Nasdaq-100 Index® uses a modified

Howard Capital Management believes successful investing requires more than simply participating in rising markets—it requires a disciplined approach to managing risk throughout changing market cycles. Long-term investors know that market volatility is inevitable—but navigating changing market conditions requires discipline. Together, these three components create a disciplined investment process designed to pursue long-term capital appreciation while actively managing portfolio risk.

Fund Facts

As of 8/14/2026

CUSIP: 66538R441Total Assets: $3,014,912.65
Primary Exchange: New York Stock Exchange NYSE Arca, IncTotal Annual Fund Operating Expenses: 1.35%
Distribution Frequency: Annually in December*30 Day Median Bid/Ask Spread: 0.1983%

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Summary ProspectusProspectusSAI

Three Pillars. One Objective.

A multi-layered approach designed to pursue long-term equity growth while managing downside risk.

  1. Build

    Broad Equity Exposure

    Invests primarily in large-cap U.S. companies represented by the S&P 500® Index and Nasdaq-100® Index.

  2. Hedge

    Systematic Options Overlay

    Approximately 80% of the equity exposure is managed using a laddered put spread collar6 strategy designed to help manage downside risk while maintaining market exposure.

  3. Adapt

    HCM BuyLine® Model

    The remaining portion of the portfolio is actively managed using HCM's proprietary quantitative investment model, which evaluates market trends to determine portfolio positioning.

A Layered Strategy Built for All Market Environments

Each layer plays a distinct role. Together, they work to help reduce downside risk while seeking long-term capital appreciation.

80% Hedged Equity Exposure

20% Actively Managed Exposure

  • Adapt

    HCM BuyLine® Proprietary Quantitative Model

    Actively manages a portion of the portfolio based on quantitative analysis of broad market trends.

  • Hedge

    Systematic Options Overlay

    A laddered put spread collar strategy designed to help manage downside risk while maintaining market participation.

  • Build

    Large-Cap Equity Portfolio

    Diversified exposure to leading U.S. companies represented by the S&P 500® and Nasdaq-100® indexes.

Performance

Daily Fund Prices

As of 8/14/2026

NAV
Net Asset Value$30.15
Change$-0.03-0.1%
Premium/Discount
$0.11
Closing Market Price
Closing Price$30.26
Change$0.080.26%
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As of 8/14/2026As of 8/16/2026

Fund NameSince (8/13/2026)
HCM Hedged Equity ETF NAV -0.10
HCM Hedged Equity ETF Market Price 0.26
Fund Name
HCM Hedged Equity ETF NAV -0.10
HCM Hedged Equity ETF Market Price 0.26

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 770-642-4902. HCM Funds are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. NAV Return represents the closing price of underlying securities. Market Return is calculated using the price which investors buy and sell ETF shares in the market.  The market returns in the table are based upon the midpoint of the bid/ask spread at 4:00 pm EST, and do not represent the returns you would have received if you traded shares at other times. Returns greater than 1 year are annualized.

Top Holdings

As of 8/14/2026

Download Holdings (.CSV)
SymbolNameMarket Price($)Shares HeldMarket Value($)Net Assets(%)
NVDA USNVIDIA CORP$225.1645,942$10,344,300.7211%
AAPL USAPPLE INC$305.9328,210$8,630,285.309%
MSFT USMICROSOFT CORP$495.4014,446$7,156,548.408%
AMZN USAMAZON.COM INC$262.6518,972$4,982,995.805%
GOOGL USALPHABET INC-A$345.9011,532$3,988,918.804%
AVGO USBROADCOM INC$392.999,176$3,606,076.244%
GOOG USALPHABET INC-C$343.5410,044$3,450,515.764%
META USMETA PLATFORMS-A$589.854,340$2,559,949.003%
MU USMICRON TECH$971.662,232$2,168,745.122%
TSLA USTESLA INC$342.276,014$2,058,411.782%

Portfolio holdings are subject to change and should not be considered investment advice.

 

*The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for each fund 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.

 

Important Risk Information:

The sub-adviser’s execution of the put/spread collar strategy may not produce its intended results. The Fund is newly formed and has no operating history.

 

  1. Options overlay is an investment strategy where you layer options contracts—such as puts or calls—on top of an existing stock or portfolio without selling the underlying assets.
  2. S&P 500 TR Index: The S&P 500 Index tracks the performance of top 500 large-cap U.S. companies.
  3. Solactive US Large Cap Index: is a financial benchmark designed to track the performance of the largest companies in the United States, representing the large-cap segment of the U.S. equity market.
  4. NASDAQ 100 TR Index: The NASDAQ-100 Index represents 100 of largest non-financial US and international securities listed on The NASDAQ Stock Market® (NASDAQ®) based on market capitalization.
  5. The Solactive US Technology 100 Index tracks 100 of the largest technology-related stocks on the Nasdaq, focusing on large-cap, high-growth companies.
  6. Put spread collar is an options strategy that modifies a traditional collar by adding a fourth position.

 

Distribution Data
EX DateRecord DatePay DateST Cap GainsLP Cap GainsOrdinary IncomeTotal Distribution Amount
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Strive To Grow Today.
Safeguard Tomorrow.

Get in Touch

Investors should carefully consider the investment objectives, risks, charges, and expenses of Mutual Funds and ETFs. This and other important information about the Funds are contained in the prospectus, which can be obtained at www.howardcmfunds.com, www.howardcmetfs.com, or by calling 770-642-4902. The prospectus should be read carefully before investing.

 

The Funds’ portfolio holdings as of the end of each calendar month are posted on the Funds’ website no later than thirty days after the end of each month. This posted information generally remains accessible until the Funds post the information for the next calendar month to the Funds’ website. The Funds may choose to post their portfolio holdings on a more frequent basis, especially during periods of high market volatility. These off-cycle disclosures will be replaced with the normal monthly release when available.

 

important risk infomation

Investments in Funds involve risk, including possible loss of principal. There is no assurance that the Funds will achieve their investment objectives. The advisor’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions. The Fund’s use of derivatives, such as swaps, are subject to market risks that may cause their price to fluctuate over time. The Fund utilizes leverage to obtain investment exposure in excess of its net assets, and while the use of leverage may magnify potential gains in favorable markets, it will also magnify potential losses in adverse market conditions.

 

ETFs involve risk including possible loss of principal. When the Fund is out of the market and in cash or cash equivalents, there is a risk that the market will begin to rise rapidly and may cause the Fund to miss capturing the initial returns of changing market conditions. The mutual fund-in which the Fund may invest may use leverage. Using leverage can magnify a mutual fund’s potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund’s share price. The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account. ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund. The sub-adviser’s execution of the put/spread collar strategy may not produce its intended results.

 

The HCM-BuyLine® is a tactical proprietary indicator used to assist in determining when and how much to invest in equities. The HCM-BuyLine® is not an automated trading program, and not all HCM-BuyLine® signals will result in securities transactions. When the HCM-BuyLine® indicates a bull market, the firm identifies the particular mutual funds, ETFs, or individual securities that it believes have the best return potential in the current market from the universe of assets available in each given program and increases investment exposure to them. When the HCM-BuyLine® indicates a bear market, the firm moves clients’ investments to less risky alternatives, which may include cash, cash equivalents, and short term bonds. However, not every HCM-BuyLine® signal will result in full investment exposure to equities, nor will every HCM-BuyLine® sell signal result in full withdrawal from equity exposure. Not every HCM-BuyLine® buy or sell signal will result in a profitable trade. There will be times when following the indicator results in a loss. Each investment strategy we provide uses independent HCM-BuyLine® parameters, meaning the HCM-BuyLine® may produce different signals for different strategies at different times.

 

Except where agreed, we retain all discretionary decision-making with respect to securities transactions resulting from HCM-BuyLine® signals. As a result, transactions resulting from HCM-BuyLine® signals may not occur on the same day the signal(s) is produced. In addition, certain products, custodians and portfolios may have a delay in execution, which could cause actual transaction dates to differ from the dates when HCM-BuyLine® produced signals. In some instances, this could result in securities transactions (or lack of transactions) which result in less favorable overall performance than if the HCM-BuyLine® system had automatically initiated such transactions (or had refrained from such transactions). Use of HCM-BuyLine® does not guarantee outperformance of any strategies not employing such programs and does not insulate an investor from the risk of loss.

 

There can be no guarantee that the HCM-BuyLine® indicator will perform as anticipated. The HCM-BuyLine® is not a stoploss order that automatically sells securities in the portfolio at a certain price. As a result, it will not necessarily limit your losses to the desired amounts due to the limitations of the HCM-BuyLine®, market conditions, and delays in executing orders.

 

HCM Funds are distributed by Northern Lights Distributors, LLC, member FINRA/ SIPC. Northern Lights Distributors, LLC and Howard Capital Management, Inc. are not affiliated.

 

Direxion HCM Tactical Enhanced US ETF is distributed by Alps Distributors, inc. For more information specific to Direxion products, please contact Direxion directly at info@direxion.com or 866-476-7523.

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