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HFND

GradeCNew York Stock Exchange

Unlimited HFND Multi-Strategy Return Tracker ETF

Multi-Asset & Alternatives · Unlimited · Inception 2022-10-10

$24.22−0.13 (−0.53%)

As of Sep 23, 2026, 2:03 PM EDT

History starts Oct 11, 2022.
Intraday session: down, 30 prints from 24.35 to 24.22. Range 24.14 to 24.35. Use the arrow keys to read each point.$24.15$24.25$24.30$24.3510 AM12 PM2 PM4 PM
Expense ratio
1.07%
Fund size
$38M
1Y return
+8.3%
Yield · Last 12 months
4.70%
Volume · 30D
0M sh
NAV per share
$24.12
52W range
low $22.33high $24.81

The ETF.net HFND Grade

C

48/ 100

Rank 17 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for HFND. Scores out of 100: Cost 45, Risk 52, Mission not scored, Tradability 53, Holdings not scored, Durability 51. Strongest: Tradability (53). Weakest: Cost (45). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 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.
    CScore 45
    Category rank17/30 · mid-pack

  • 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.
    CScore 52
    Category rank16/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 53
    Category rank16/30 · mid-pack

  • 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.
    CScore 51
    Category rank19/30 · mid-pack

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

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 Sep 20, 2026, 9:28 AM
Asset class
Other
Holdings
—
Top-10 weight
92%
Largest holding
First American Government Obligations Fund 12/01/203131.9%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—First American Government Obligations Fund 12/01/203131.89%17,523,801$18M625
002—iBoxx iSh $HY Fut Dec2623.77%71$13M2
003—MSCI EmgMkt Dec268.75%56$5M3
004—Cash & Other4.87%2,673,710$3M674
005VTVVanguard Morningstar Value ETF4.37%10,821$2M19
006—S&P500 EMINI FUT Dec264.21%6$2M6
007—CBOE VIX FUTURE Oct263.89%119$2M7
008EMHYiShares J.P. Morgan EM High Yield Bond ETF3.80%52,512$2M3
009—BCOM Comdty Ind Dec263.67%138$2M1
010—MSCI EAFE Dec263.20%11$2M3
011VOVanguard Morningstar Mid-Cap ETF3.19%21,853$2M10
012—AUDUSD Crncy Fut Dec263.10%24$2M5
013AGZiShares Agency Bond ETF2.93%14,994$2M2
014—EURO STOXX 50 Dec262.92%22$2M6
015VUGVanguard Morningstar Growth ETF2.55%15,815$1M16

Showing 1–15 of 37 holdings

HFND Performance

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

HFND$10,832
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. HFND $10,832. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 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 HFND. Periods over one year show the average yearly return.
PeriodHFND
Year to date+8.0%
1 month−0.7%
3 months−1.4%
1 year+8.3%
3 years+9.8%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 HFND
YearReturn barHFND
2026 YTD+8.0%
2025+8.9%
2024+8.3%
2023+3.6%
2022+2.4%

History from Oct 11, 2022

HFND in the news

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

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 Sep 22, 2026.
4.70%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 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.
0.63
vs 3-month T-bills · 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.
−13.3%
47 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.
0.50
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 29 Alternative Strategies funds charge less.

HFND costs $107.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.