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Launched · SEC filings

Unlimited HFGM Global Macro ETF

HFGMNYSEUnlimitedC

$28.54−0.14 (−0.49%)

As of Nov 10, 2026, 10:40 AM ET

C46/ 100

Rank 19 of 30 in Alternative Strategies

C46/100Rank 19 of 30inAlternative Strategies
Intraday session: down, 12 prints from 28.68 to 28.54. Range 28.54 to 28.68. Use the arrow keys to read each point.28.5728.6028.6328.6510 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$135M
1Y total return
+1.4%
Yield · Last 12 months
No data
Holdings
23
Avg volume · 30D
44.9K sh
52W range
low $27.41high $37.06
Launched
Filings
SEC EDGAR

The ETF.net HFGM Grade

Based on 4 of 6 pillars

C

Score 46 out of 100

Category
Alternative Strategies⁠
Rank
19 of 30
Six-pillar profile for HFGM. Scores out of 100: Cost 60, Risk 14, Mission not scored, Tradability 50, Holdings not scored, Durability 52. Strongest: Cost (60). Weakest: Risk (14). Based on 4 of 6 pillars.

Score 46 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B60 out of 100
    Rank 12 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F14 out of 100
    Rank 27 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C50 out of 100
    Rank 15 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C52 out of 100
    Rank 17 of 30

Our read on HFGM

ETF.net Research

In short

CMost macro funds pick their own trades. HFGM reverse-engineers what global macro hedge funds are already positioned in, then runs that book at roughly twice the sector's volatility. Replication, with the dial turned up.

Stated mandate

The Fund seeks capital appreciation by using a proprietary algorithm to build long and short positions in broad-based ETFs and futures, seeking to match recent gross returns of hedge funds’ Global Macro sector while targeting approximately twice its volatility.

Why people hold it

  • A proprietary algorithm infers what the global macro hedge fund sector is positioned in, then rebuilds those exposures with long and short broad-based ETFs and futures.nasdaq.com
  • Charges 1.01%, gross and net, with no waiver in the mix. That sits below the alternatives category median, though peers like QALT (0.80%) and IALT (0.99%) ask less.
  • It can go short as easily as long, across global asset classes, so a bearish macro view is expressed inside the portfolio rather than through the exit.
  • Ordinary 1940 Act ETF plumbing: exchange trading and one flat expense ratio, not the subscription windows and performance-fee arithmetic of a private macro fund.nasdaq.com

Worth knowing

  • By design it targets about twice the volatility of the hedge fund sector it mirrors. That amplification applies to the down moves too, not just the up ones.
  • Launched in April 2025, it is one of the newer names in its category, so there is limited live history for judging how the replication behaves across macro regimes.
  • Among the thinner traders in its peer group, which makes the bid-ask spread a bigger slice of the round-trip cost than at the largest alternatives funds.

HFGM Performance

Launched Apr 14, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
HFGM$10,140
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. HFGM $10,140. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000$12,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HFGM. Periods over one year show the average yearly return.
PeriodHFGM
Year to date−0.6%
1 month−9.6%
3 months−7.5%
1 year+1.4%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HFGM
YearReturn barHFGM
2026 YTD−0.6%
2025+26.9%

History from Apr 15, 2025

HFGM in the news

HFGM Dividends

Last payment
$3.24 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $3.24. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$3.24

$10,000 in HFGM 1 year ago paid $993 in dividends.

HFGM Risk

Risk pillarF14 out of 100Rank 27 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
16.9%
Annualised · 18 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.88
vs 3-month T-bills · 18 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−21.2%
18 months · trough Nov 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.72
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

HFGM Cost

Compare HFGM and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$10,952

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HFGM 1.01%

    $18,850

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • HFGM 1.01%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HFGM $18,850HBDC $7,898

Year by year

YearHFGMHBDCOverpaying
10$1,780$705$1,075
20$6,686$2,725$3,961
30$18,850$7,898$10,952

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