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Launched

Unlimited HFND Multi-Strategy Return Tracker ETF

HFNDNYSEC

$23.91−0.06 (−0.25%)

As of Oct 13, 2026, 3:59 PM

C48/ 100

Rank 14 of 30 in Alternative Strategies

C48/100Rank 14 of 30inAlternative Strategies
Intraday session: down, 40 prints from 23.97 to 23.91. Range 23.83 to 23.97. Use the arrow keys to read each point.23.8223.8523.8823.9510 AM12 PM2 PM4 PM
Expense ratio
1.07%
Fund size
$38M
1Y total return
+7.5%
Yield · Last 12 months
4.78%
Holdings
37
Avg volume · 30D
0M sh
NAV per share
$24.05
52W range
low $22.33high $24.81
Launched

The ETF.net HFND Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
Alternative Strategies⁠
Rank
14 of 30
Six-pillar profile for HFND. Scores out of 100: Cost 45, Risk 55, Mission not scored, Tradability 50, Holdings not scored, Durability 49. Strongest: Risk (55). Weakest: Cost (45). Based on 4 of 6 pillars.

Score 48 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.
    C45 out of 100
    Rank 17 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.
    B55 out of 100
    Rank 16 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 18 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.
    C49 out of 100
    Rank 22 of 30

Our read on HFND

ETF.net Research

CA hedge fund index fund that owns no hedge funds. Machine learning reads the industry's reported returns, then rebuilds that positioning with long and short broad ETFs and futures inside a daily-traded ETF.

Stated mandate

The Fund seeks capital appreciation. It is actively managed and aims to replicate the return characteristics of the hedge-fund industry, using long and short positions in broad-based ETFs and futures contracts.

Why people hold it

  1. 01Reverse-engineers the whole industry rather than backing one star manager: the engine tracks returns across hedge fund indices and expresses them with liquid ETFs and futures.unlimitedfunds.com
  2. 02Exchange-traded access instead of lockups and subscription windows: it is a 1940 Act ETF holding broad ETFs and futures, long and short, not hedge fund partnerships.sec.gov
  3. 03Unlimited's original fund (2022) and the broad one in the family: it aims at the full industry mix, while siblings such as HFGM narrow in on a single style, global macro.

Worth knowing

  1. 01At 1.07% it prices right at the median for its alternatives peer group, and cheaper replication sits nearby: HDG at 0.95%, QALT at 0.80%.
  2. 02It is a replica, not the real thing. The prospectus flags heavy reliance on proprietary machine learning models and third-party data, so results can diverge from the funds tracked.sec.gov
  3. 03Small and lightly traded by ETF standards, which can mean wider bid-ask spreads than the biggest names in the alternatives aisle.

HFND Holdings

As of Oct 12, 2026
Asset class
Other
Holdings
37
Top-10 weight
96%
Largest holding
First American Government Obligations Fund 12/01/203132.0%

Sectors

  • Technology27.2%
  • Financials14.2%
  • Industrials13.6%
  • Consumer Discretionary11.2%
  • Materials8.5%
  • Health Care8.1%
  • Energy4.5%
  • Communication4.3%
  • Utilities3.6%
  • Consumer Staples3.5%
  • Real Estate1.5%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—First American Government Obligations Fund 12/01/203132.03%16,796,970$17M529
002—iBoxx iSh $HY Fut Dec2623.77%69$12M2
003—MSCI EmgMkt Dec2610.91%67$6M3
004—Cash & Other7.98%4,187,053$4M672
005VTVVanguard Morningstar Value ETF4.73%11,241$2M15
006—S&P500 EMINI FUT Dec264.50%6$2M7
007—MSCI EAFE Dec263.27%11$2M3
008VUGVanguard Morningstar Growth ETF3.18%18,152$2M15
009EMHYiShares J.P. Morgan EM High Yield Bond ETF3.09%41,840$2M3
010AGZiShares Agency Bond ETF3.01%14,847$2M2
011—CBOE VIX FUTURE Oct262.97%91$2M6
012VOVanguard Morningstar Mid-Cap ETF2.76%17,832$1M12
013ICVTiShares Convertible Bond ETF2.64%12,347$1M2
014—BCOM Comdty Ind Dec262.63%96$1M1
015—EURO STOXX 50 Dec262.12%16$1M4

Showing 1–15 of 37 holdings

HFND Performance

Launched Oct 10, 2022

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.
HFND$10,748
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. HFND $10,748. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 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 HFND. Periods over one year show the average yearly return.
PeriodHFND
Year to date+6.3%
1 month−1.3%
3 months−2.2%
1 year+7.5%
3 yearsper year+9.6%
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 HFND
YearReturn barHFND
2026 YTD+6.3%
2025+8.9%
2024+8.3%
2023+3.6%
2022+2.4%

History from Oct 11, 2022

HFND in the news

Filtered to HFND · Alternative Strategies

HFND 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 Oct 12, 2026.
4.78%Last 12 months
Payout per share
$1.15Last 12 months
Last payment
$1.15 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 22, 2022 $0.09; Dec 27, 2023 $0.29; Dec 24, 2024 $0.80; Dec 24, 2025 $1.15. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.15
Dec 24, 2024Dec 27, 2024$0.80
Dec 27, 2023Dec 29, 2023$0.29
Dec 22, 2022Dec 27, 2022$0.09

HFND Risk

How much the fund’s monthly returns vary, scaled to a year.
7.5%
Annualised · 36 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.
0.61
vs 3-month T-bills · 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.
−13.3%
48 months · trough Apr 2025
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.
0.51
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.

HFND Cost

Expense ratio1.07%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

16 of the 30 Alternative Strategies funds charge less.

HFND costs $107.00 a year on $10,000. The median Alternative Strategies fund costs $100.50.

Other funds in Alternative Strategies

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