Unlimited HFGM Global Macro ETF

Frequently Asked Questions About HFGM

What does HFGM invest in?

The HFGM ETF is an actively managed fund designed to construct a portfolio mirroring the attributes of the hedge fund industry's Global Macro sector, though with a substantially larger notional footprint. Its primary objective is to generate returns by navigating global economic shifts. To surpass industry performance, the fund deliberately targets twice the volatility. It initially builds its base from a broad range of passively managed ETFs across various asset classes. To achieve its heightened volatility target, HFGM then strategically employs both long and short positions in a focused selection of 10-30 ETFs and futures contracts. A proprietary algorithm is utilized to pinpoint optimal positions, analyzing historical return and volatility patterns within the Global Macro sector, with portfolio managers further refining inputs based on return factors that best capture recent market movements. The fund makes frequent adjustments to its portfolio, resulting in significant trading activity. Up to 25% of its investments may be in futures contracts and swap agreements, facilitated through a wholly owned Cayman Islands subsidiary. It is important to note that this fund does not directly invest in hedge fund strategies or specific hedge fund positions.

What is the expense ratio of HFGM?

Unlimited HFGM Global Macro ETF (HFGM) charges an expense ratio of 1.01%. This is the annual fee deducted from fund assets to cover management and operations.

How big is HFGM?

Unlimited HFGM Global Macro ETF (HFGM) manages $148.4M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is HFGM actively managed or an index fund?

HFGM is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (HFGM's is 1.01%) in exchange for the discretion to over- or under-weight positions.

When was HFGM launched?

Unlimited HFGM Global Macro ETF (HFGM) launched in April 2025 and is managed by Unlimited.

How has HFGM performed?

HFGM's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.