Skip to content
etf.net

HFGM

GradeCNew York Stock Exchange

Unlimited HFGM Global Macro ETF

Multi-Asset & Alternatives · Unlimited · Inception 2025-04-14 · SEC filings

$31.89−0.26 (−0.81%)

As of Sep 23, 2026, 3:14 PM EDT

History starts Apr 15, 2025.
Intraday session: down, 19 prints from 32.15 to 31.89. Range 31.88 to 31.96. Use the arrow keys to read each point.$31.88$31.90$31.92$31.94$31.9610 AM12 PM2 PM4 PM
Expense ratio
1.00%
Fund size
$155M
1Y return
+11.9%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$31.96
52W range
low $28.79high $37.06

The ETF.net HFGM Grade

C

50/ 100

Rank 14 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for HFGM. Scores out of 100: Cost 55, Risk 19, Mission not scored, Tradability 72, Holdings not scored, Durability 56. Strongest: Tradability (72). Weakest: Risk (19). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank14/30 · top 47%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 19
    Category rank26/30 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 72
    Category rank6/30 · top 20%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 56
    Category rank16/30 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 9:28 AM
Asset class
Other
Holdings
—
Top-10 weight
153%
Largest holding
iBoxx iSh $HY Fut Dec2637.1%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—iBoxx iSh $HY Fut Dec2637.06%620$114M2
002—First American Government Obligations Fund 12/01/203135.65%109,712,077$110M625
003—AUDUSD Crncy Fut Dec2628.96%1,255$89M5
004—Cash & Other9.82%30,231,211$30M674
005—WTI CRUDE FUTURE Nov268.88%281$27M6
006—GOLD 100 OZ FUTR Dec268.15%57$25M5
007—MSCI EmgMkt Dec267.75%278$24M3
008—S&P500 EMINI FUT Dec267.26%58$22M6
009VWOBVanguard Emerging Markets Government Bond ETF5.13%242,556$16M6
010—DOLLAR INDEX Dec264.61%142$14M2
011—COPPER FUTURE Dec264.28%79$13M4
012—SOYBEAN FUTURE Nov264.07%190$13M4
013—MSCI EAFE Dec264.06%78$12M3
014—E-Mini Russ 2000 Dec263.48%74$11M3
015—CBOE VIX FUTURE Oct263.39%581$10M7

Showing 1–15 of 26 holdings

HFGM Performance

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

HFGM$11,189
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. HFGM $11,189. SPY $11,723. Use the arrow keys to read each point.$9,280$10,838$12,396Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+11.5%
1 month+1.2%
3 months+1.9%
1 year+11.9%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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+11.5%
2025+26.9%

History from Apr 15, 2025

HFGM in the news

ETF.net Research hasn’t filed on HFGM yet — coverage lands here as it’s written.

HFGM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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.
16.9%
Annualised · 16 months to Aug 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.
1.23
vs 3-month T-bills · 16 months to Aug 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 29 Alternative Strategies funds charge less.

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