FFUT vs HFMF

FFUTBFidelity Managed Futures ETF

HFMFDUnlimited HFMF Managed Futures ETF

In short

FFUT Fidelity's 2025 entry into managed futures: a systematic long-short model that rides price trends up or down across stocks, bonds, currencies and commodities. The fee sits at 0.80%, net of a waiver through May 31, 2027.

HFMF Peers build their own trend models. HFMF reverse-engineers the crowd instead: machine learning reads the managed futures hedge fund sector's returns and rebuilds them with futures and broad ETFs, at roughly twice the sector's volatility.

Stated mandate

FFUT The fund seeks to capitalize on market trends through a disciplined, systematic long-short strategy. The filing indicates that the portfolio may use broad-based ETFs and futures contracts to pursue return characteristics similar to the Managed Futures sector.

HFMF The Fund seeks capital appreciation. It seeks managed-futures-like return characteristics through long and short positions in broad-based ETFs and futures contracts, with at least 80% of assets allocated to that strategy.

Why people hold it

• FFUT Trend signals run both ways, so the fund can be short bonds or long gold with equal ease across equity, fixed income, currency and commodity markets.sec.gov
• Commodity exposure runs through a wholly owned Cayman subsidiary, capped at 25% of assets, keeping it all inside a 1940 Act fund that sends a 1099, not a K-1.sec.gov
• At 0.80% net of a waiver through May 31, 2027, the fee lands near the middle of a small managed futures field rather than at the premium end alternatives often occupy.
• Returns come from trend signals rather than owning the market, which is why Fidelity pitches it as a diversifier alongside stocks and bonds.fidelity.com

• HFMF No in-house trend model. Machine learning reads the managed futures sector's recent returns, then rebuilds similar exposure long and short through futures and broad-based ETFs.saytechnologies.com
• The volatility dial is the point: the prospectus targets a level roughly twice the sector's, a deliberately hotter version of the same return profile.saytechnologies.com
• Hedge fund exposure in 1940 Act clothing: an ETF you can trade intraday, with at least 80% of assets in the futures and broad-based ETFs chosen to echo the sector.nasdaqtrader.com

Worth knowing

• FFUT Trades thinly, so bid-ask spreads can widen and larger orders may need patience.
• Cheaper trend options exist: JPFP charges 0.59% with no waiver, WTMF 0.66% net of a waiver through December 31, 2026.
• Launched in June 2025, so there is no multi-cycle record, and trend models can give back ground in choppy, directionless markets.

• HFMF It runs 0.97% with no waiver, above the category median. JPFP charges 0.59% and IMF 0.65% net of a waiver through August 31, 2027, and both run their own trend models.
• Launched July 2025, so the record is short and it trades lighter than the category's established names, which can mean wider spreads.
• Twice the sector's volatility cuts both ways: losses scale with the target too, and the fund is non-diversified.saytechnologies.comnasdaqtrader.com

Full FFUT profile⁠

Full HFMF profile⁠