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Launched · SEC filings

Unlimited HFGM Global Macro ETF

HFGMNYSEC

$31.64−0.08 (−0.25%)

As of Oct 13, 2026, 3:59 PM

C47/ 100

Rank 15 of 30 in Alternative Strategies

C47/100Rank 15 of 30inAlternative Strategies
Intraday session: down, 21 prints from 31.72 to 31.64. Range 31.51 to 31.77. Use the arrow keys to read each point.31.5031.5531.6031.7510 AM12 PM2 PM4 PM
Expense ratio
1.00%
Fund size
$161M
1Y total return
+16.3%
Yield · Last 12 months
Data unavailable
Holdings
24
Avg volume · 30D
0M sh
NAV per share
$31.72
52W range
low $28.79high $37.06
Launched
Filings
SEC EDGAR

The ETF.net HFGM Grade

Based on 4 of 6 pillars

C

Score 47 out of 100

Category
Alternative Strategies⁠
Rank
15 of 30
Six-pillar profile for HFGM. Scores out of 100: Cost 55, Risk 20, Mission not scored, Tradability 59, Holdings not scored, Durability 53. Strongest: Tradability (59). Weakest: Risk (20). Based on 4 of 6 pillars.

Score 47 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.
    B55 out of 100
    Rank 13 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.
    F20 out of 100
    Rank 25 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 11 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.
    C53 out of 100
    Rank 15 of 30

Our read on HFGM

ETF.net Research

CGlobal macro hedge funds, reverse-engineered. An algorithm rebuilds the sector's positioning long and short in broad ETFs and futures, then runs it at roughly twice the sector's volatility. Hedge fund playbook, ETF plumbing.

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

  1. 01Targets the macro slice on purpose: long and short positions across broad-based ETFs and futures, sized to roughly twice the volatility of the global macro hedge fund sector.nasdaqtrader.com
  2. 02A 0.95% expense ratio, under the alternatives cohort median, inside a 1940 Act ETF rather than a private partnership.
  3. 03Run by Unlimited Funds, co-founded by Bob Elliott, a former Bridgewater investment committee member, and managed alongside the firm's earlier multi-strategy replication ETF.unlimitedfunds.comglobenewswire.com
  4. 04Trading friction sits at the better end of the alternatives group, which matters in a corner of the market where thin volume is the norm.

Worth knowing

  1. 01Double the sector's volatility is the design target, not a side effect. Swings can run sharper than the hedge fund returns being tracked, and shorts and derivatives are core tools.
  2. 02Launched in 2025, so the model has a short public record and risk readings rest on a thin window of data.
  3. 03Replication aims at the macro sector's average gross return, not one standout manager's book, and payouts come only once or twice a year.

HFGM Holdings

As of Oct 12, 2026
Asset class
Other
Holdings
24
Top-10 weight
159%
Largest holding
First American Government Obligations Fund 12/01/203143.6%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—First American Government Obligations Fund 12/01/203143.61%116,985,783$117M529
002—iBoxx iSh $HY Fut Dec2628.49%423$76M2
003—Cash & Other15.40%41,319,144$41M672
004—MSCI EmgMkt Dec2611.94%375$32M3
005—AUDUSD Crncy Fut Dec2611.10%427$30M5
006—WTI CRUDE FUTURE Nov2610.48%306$28M4
007—DOLLAR INDEX Dec2610.38%273$28M2
008—S&P500 EMINI FUT Dec269.67%66$26M7
009—GOLD 100 OZ FUTR Dec268.96%57$24M8
010—COPPER FUTURE Dec268.54%137$23M5
011—NIKKEI 225 (CME) Dec267.09%55$19M5
012—MSCI EAFE Dec264.93%85$13M3
013—E-Mini Russ 2000 Dec264.52%86$12M3
014—CBOE VIX FUTURE Oct263.26%511$9M6
015—CORN FUTURE Dec262.96%331$8M5

Showing 1–15 of 24 holdings

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$11,626
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. HFGM $11,626. SPY $12,044. Use the arrow keys to read each point.$9,520$11,297$13,074Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+10.0%
1 month−0.7%
3 months+2.7%
1 year+16.3%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, 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+10.0%
2025+26.9%

History from Apr 15, 2025

HFGM in the news

Filtered to HFGM · Alternative Strategies

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

HFGM Risk

How much the fund’s monthly returns vary, scaled to a year.
16.5%
Annualised · 17 months to Sep 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.
1.19
vs 3-month T-bills · 17 months to Sep 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.
−15.1%
17 months · trough Jun 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.
0.66
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.

HFGM Cost

Expense ratio1.00%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

13 of the 30 Alternative Strategies funds charge less.

HFGM costs $100.00 a year on $10,000. The median Alternative Strategies fund costs $100.50.

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