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HFND vs QALT

Unlimited HFND Multi-Strategy Return Tracker ETF

HFNDCNYSE

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −0.27pt a year

HFND1.07%QALT0.80%

Avg volume · 30D

QALT 2.1×the volume

HFND8.51KQALT17.7K

HFND vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+2.6%HFND+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. HFND +2.6%. QALT +6.6%. Use the arrow keys to read each point.−2.5%0%5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
HFND 1.07%
QALT 0.80%, better
Fund size
HFND $37M
QALT $195M
1Y total return
HFND +2.6%
QALT +6.6%, better
Yield (12M)
HFND 4.87%
QALT No data
Holdings
HFND 33
QALT 26
Avg volume (30D)
HFND 8.51K sh
QALT 17.7K sh, better
NAV per share
HFND $23.76
QALT $25.87
52W range

ETF.net Grade

HFND: Cost 55, Risk 49, Mission not scored, Tradability 42, Holdings not scored, Durability 49. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for HFND, QALT, with each pillar’s weight
PillarHFNDQALT
Cost30% weightB55A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightC49B65Higher
Tradability15% weightC42B57Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49B65Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HFND and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and HFND 15th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 15CEVNTAltShares Event-Driven ETFScore 50
  7. Rank 15CHFNDUnlimited HFND Multi-Strategy Return Tracker ETFScore 50
  8. Rank 17CHFGMUnlimited HFGM Global Macro ETFScore 47

Our read on each fund

ETF.net Research

HFNDCUnlimited HFND Multi-Strategy Return Tracker ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

HFND A 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.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

HFND 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.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

  • HFND Reverse-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
  • Exchange-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
  • Unlimited'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.
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

  • HFND At 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%.
  • It 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
  • Small and lightly traded by ETF standards, which can mean wider bid-ask spreads than the biggest names in the alternatives aisle.
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full HFND profile⁠

Full QALT profile⁠

HFND vs QALT 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.

HFND vs QALT Cost

Overpaying HFND vs QALT

$4,469

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

  • HFND 1.07%

    $19,815

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • HFND 1.07%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HFND $19,815QALT $15,346

Year by year

YearHFNDQALTOverpaying
10$1,881$1,422$459
20$7,046$5,393$1,653
30$19,815$15,346$4,469

Expense ratio

  • 1.07%HFND
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

HFND 14th cheapest of 29 funds

HFND vs QALT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HFND 4.87%
QALT No data
Payout (12M)
HFND $1.15
QALT No data
Last payment
HFND $1.15
QALT $0.17
Ex-dividend
HFND Dec 24, 2025
QALT Oct 5, 2026
Paid on
HFND Dec 26, 2025
QALT Oct 6, 2026
Frequency
HFND Annual
QALT Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

HFNDAnnual · 4 paymentsAll HFND payments⁠
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.$0$120232026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2022 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$120232026YTD

HFND vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HFND 7.5%QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
HFND 0.63QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
HFND −13.3%since Oct 2022QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
HFND 0.51QALT 0.24

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