GMOD vs HF: Grades, Fees and Holdings Compared

GMO Dynamic Allocation ETF

GMODANYSE Arca

DGA Core Plus Absolute Return ETF

HFDNYSE

Overlap

0.0%by weight

Expense ratio

GMOD −1.20pt a year

GMOD0.50%HF1.70%

Avg volume · 30D

GMOD 29.8×the volume

GMOD11.8KHF398

GMOD vs HF Performance

Oct 31, 2025 – Oct 30, 2026

+11.8%GMOD+7.7%HF

Expense ratio: GMOD 0.50%, better; HF 1.70%
Fund size: GMOD $49M; HF $21M
1Y total return: GMOD +11.8%, better; HF +7.7%
Yield (12M): GMOD No data; HF 0.88%
Holdings: GMOD 20; HF 18
Avg volume (30D): GMOD 11.8K sh, better; HF 398 sh
NAV per share: GMOD $27.77; HF $22.68
52W range

ETF.net Grade

Pillar letters and Scores for GMOD, HF, with each pillar’s weight
Pillar	GMOD	HF
Cost30% weight	A90Higher	F9
Mission25% weight	A74	Not scored
Risk15% weight	A75	A75
Tradability15% weight	A73Higher	C42
Holdings10% weight	B64Higher	C51
Durability5% weight	C49	C51Higher

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. GMOD and HF are both graded against the same 46 Tactical Allocation funds, so their Grades compare head to head.

Tactical Allocation⁠

Category · 46 funds

See all 46 ›

GMOD ranks 2nd and HF 40th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2AGMODGMO Dynamic Allocation ETFScore 76
Rank 3APTBDPacer Trendpilot US Bond ETFScore 72
Rank 38DNMBLNovaTide Flexible Allocation ETFScore 38
Rank 40DHFDGA Core Plus Absolute Return ETFScore 37
Rank 41DXNAVFundX Aggressive ETFScore 34

Our read on each fund

ETF.net Research

GMODAGMO Dynamic Allocation ETF

HFDDGA Core Plus Absolute Return ETF

In short

GMOD GMO's 7-year asset class forecasts, finally wrapped in an ETF. It tilts toward what the firm's valuation models call cheap and away from what they call expensive, shifting between stocks, bonds and alternatives inside one ticker.

HF Ticker HF, mandate to match: hedge-fund-style absolute return in a plain ETF wrapper, chasing appreciation with capital preservation second. The hedge-fund fee came along too: 1.70% net of a waiver through November 30, 2026.

Stated mandate

GMOD The Fund seeks positive total return. It allocates among asset classes using GMO's multi-year return forecasts and relative-risk assessments.

HF The Fund seeks long-term capital appreciation, with capital preservation as a secondary objective.

Why people hold it

GMOD 0.50% all-in, about half the typical fee in its tactical-allocation peer group, and a contractual waiver offsets the fees of the GMO funds it holds so costs are not stacked.sec.gov
GMO's first multi-asset strategy in an ETF, run by the asset allocation team behind the firm's long-running 7-year asset class forecasts.gmo.com
The equity dial can swing between 40% and 80% of assets under normal conditions, so the fund handles the reallocating rather than you selling positions to do it.gmo.com
Sits in the upper tier of a crowded tactical multi-asset group on cost and process clarity.

HF The prospectus commits to both goals: long-term capital appreciation first, capital preservation second. Most tactical funds name one and leave the rest to interpretation.
Ordinary 1940 Act ETF plumbing: daily liquidity, a 1099 instead of a K-1, no lockups or gates. The hedge-fund idea without the hedge-fund paperwork.sec.gov
Risk is the strongest part of its profile. On volatility and drawdown it has run calmer than most tactical multi-asset peers.
Concentrated by design, a few dozen positions, so the manager's calls actually move the portfolio instead of averaging into plain beta.

Worth knowing

GMOD New in 2025 and lightly traded so far, which can mean wider bid-ask spreads than the big allocation ETFs.
It owns other GMO funds, and the single 0.50% rate leans on a contractual waiver with an expiration date rather than a permanent cap.sec.gov
Cheaper tactical allocators exist (ENDW at 0.22%, ONOF at 0.39%), though each runs a different process.

HF Cost is the headwind: 1.70% net of a waiver through November 30, 2026 (1.85% gross), above the category median. Peers ENDW at 0.22% and PTBD at 0.60% sit far below.
No declared index and no published tracking evidence, so there is no rulebook to check the strategy against. You are buying the manager's model.
Small and thinly traded: spreads can widen and sizeable orders can nudge the price. Cash comes once or twice a year, not monthly.

Full GMOD profile⁠

Full HF profile⁠

GMOD vs HF Holdings

How GMOD and HF differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GMOD and 0.0% of HF.

Level by level

Holdings0 in both0.0%
Countryby domicile71.5%

Sector

No Sector split for GMOD.

Country, concentration and asset class

Country by domicile

Country weights in GMOD and HF, widest gap first
Country	More in GMODMore in HF	GMOD	HF
United States	HF +28.5 points	67.1%	95.6%
Japan	GMOD +6.0 points	6.6%	0.6%
Canada	GMOD +3.0 points	3.3%	0.3%
Taiwan	GMOD +2.5 points	2.9%	0.4%
United Kingdom	GMOD +2.5 points	2.9%	0.4%
France	GMOD +2.4 points	2.6%	0.2%
Switzerland	GMOD +1.7 points	2.1%	0.4%
South Korea	GMOD +1.4 points	1.7%	0.3%
Other countries (33)	GMOD +8.8 points	10.6%	1.8%

Outside the US: GMOD 73% developed, 27% emerging.

Concentration

Weight in the 10 largest Holdings

GMOD78.4%
HF76.0%

Securities held

GMOD19
HF18

Asset class

GMOD: Multi-Asset
HF: Equity

Holdings

Only in GMOD19
In both0
Only in HF18

Only in GMOD

19 securities, 100% of GMOD by weight

Ishares 7 10 Year Treasury Bon14.05%
Schwab Us Tips Etf10.09%
Gmo Us Quality Etf9.98%
Gmo International Value Etf9.90%
Gmo Us Value Etf9.28%
Gmo International Quality Etf5.18%
Vanguard Intermediate Term Tre5.03%
Schwab Intermediate Term U.s.5.03%
State Street Spdr Portfolio In5.03%
Ishares Core Msci Emerging Mar4.80%
Gmo Domestic Resilience Etf4.08%
Ishares Msci Japan Value Etf4.06%
Ishares Core Msci Internationa2.97%
Ishares Msci Emerging Markets2.85%
Vanguard Short Term Treasury E2.49%
Ishares Msci Eafe Small Cap Et1.95%
Gmo Power Infrastructure Etf1.85%
Vanguard Total International’s1.13%
State Str Instl Invt Tr0.24%

Only in HF

18 securities, 100% of HF by weight

ProShares UltraShort S&P50015.24%
Goldman Sachs Access Treasury 0-1 Year ETF14.93%
iShares Core S&P 500 ETF9.18%
Vanguard S&P 500 ETF9.18%
State Street SPDR S&P 500 ETF Trust9.18%
Schwab US Dividend Equity ETF3.75%
State Street SPDR Portfolio S&P 500 High Dividend ETF3.72%
Vanguard Morningstar Value ETF3.62%
State Street SPDR Portfolio S&P 500 Value ETF3.61%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF3.55%
Schwab US Broad Market ETF3.45%
Vanguard Morningstar Total Stock Market ETF3.45%
Vanguard Total World Stock ETF3.45%
iShares MSCI ACWI ETF3.44%
abrdn Bloomberg All Commodity Strategy K-1 Free ETF3.42%
Vanguard Morningstar Growth ETF3.32%
State Street SPDR Portfolio S&P 500 Growth ETF3.31%
First American Government Obligations Fund 12/01/20310.23%

Weight gaps

GMOD and HF share no securities.

All GMOD holdings⁠All 36 HF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GMOD vs HF Cost

Overpaying HF vs GMOD

$19,062

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GMOD 0.50%
$9,979
HF 1.70%
$29,041

Amount$10,000

Years30 years

Cost over time

GMOD 0.50%
HF 1.70%
Overpaying

Year by year

Year	GMOD	HF	Overpaying
10	$900	$2,911	$2,011
20	$3,460	$10,606	$7,146
30	$9,979	$29,041	$19,062

Expense ratio

0.50%GMOD, cheaper
1.70%HF

GMOD0.50%HF1.70%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

GMOD 6th cheapest of 46 funds

HF 42nd cheapest of 46 funds

GMOD vs HF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GMOD No data; HF 0.88%
Payout (12M): GMOD No data; HF $0.20
Last payment: GMOD $0.14; HF $0.20
Ex-dividend: GMOD Jun 30, 2026; HF Dec 29, 2025
Paid on: GMOD Jul 1, 2026; HF Dec 30, 2025
Frequency: GMOD Twice a year; HF Annual

Distribution history

Per share, 2023 to 2026, same scale for both

GMODTwice a year · 2 paymentsAll GMOD payments⁠

HFAnnual · 3 paymentsAll HF payments⁠

GMOD vs HF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GMOD 8.7%since Nov 2025HF 6.0%
Return per unit of riskSharpe ratio, 3 years: GMOD 0.89since Nov 2025HF 0.85
Worst fallMax drawdown, 5 years: GMOD −6.5%since Oct 2025HF −6.0%since Aug 2023
Market sensitivityBeta, 5 years: GMOD 0.48HF 0.42; Market = 1

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