The Unlimited HFGM Global Macro ETF (HFGM) is an actively managed alternatives fund with $0.07 billion in assets under management and an expense ratio of 0.95%. HFGM aims to replicate the return characteristics of the global macro hedge fund industry, seeking to outperform by targeting twice the industry's volatility. The fund achieves this by taking long and short positions in 10-30 ETFs and futures contracts, utilizing a proprietary algorithm to identify optimal positions based on historical return and volatility patterns. Past performance does not guarantee future results.
The Unlimited HFGM Global Macro ETF (HFGM) is an actively managed alternatives fund with $0.07 billion in assets under management and an expense ratio of 0.95%. HFGM aims to replicate the return characteristics of the global macro hedge fund industry, seeking to outperform by targeting twice the industry's volatility. The fund achieves this by taking long and short positions in 10-30 ETFs and futures contracts, utilizing a proprietary algorithm to identify optimal positions based on historical return and volatility patterns. Past performance does not guarantee future results.
ETF Overview
HFGM aims to create a portfolio with similar characteristics but larger notional exposure to the hedge fund industrys Global Macro sector that profits from global economic shifts. The fund seeks to outperform the industry by targeting twice its volatility. The initial universe comprises of broad-based, passively managed ETFs across diverse asset classes. To reach the 2x volatility target, HFGM takes long and short positions in 10-30 ETFs and futures contracts. A proprietary algorithm identifies optimal positions by analyzing historical return and volatility patterns of the Global Macro sector. Portfolio managers choose inputs based on return factors perceived to best capture recent positions. The fund makes frequent adjustments to the portfolio, resulting in significant trading volumes. The fund invests up to 25% in futures contracts and swap agreements through a wholly owned Cayman Islands subsidiary. The actively managed fund does not invest in hedge fund strategies or positions.
HFGM seeks to deliver returns similar to the global macro hedge fund industry but with higher volatility. Unlike traditional hedge fund replication strategies, HFGM does not invest directly in hedge funds. Instead, it uses a quantitative approach, employing a proprietary algorithm to identify optimal long and short positions in a range of ETFs and futures contracts across diverse asset classes. The fund's portfolio managers select inputs based on return factors they believe best reflect recent global macro positions. HFGM's strategy involves frequent portfolio adjustments, resulting in potentially high trading volumes. The fund may invest up to 25% of its assets in futures contracts and swap agreements through a Cayman Islands subsidiary. As of March 15, 2026, the fund's top holdings include the Vanguard Emerging Mkts Govt Bd ETF (VWOB) at 26.67% and the First American Government Obligs X (FGXXX) at 25.95% indicating a significant allocation to fixed income and emerging markets. Past performance does not guarantee future results.
Risk Metrics
HFGM's active management and use of leverage through futures contracts introduce specific risks. The fund targets twice the volatility of the global macro hedge fund industry, which can lead to amplified gains but also amplified losses. The high expense ratio of 0.95% can create a significant drag on performance, especially in periods of low returns. The fund's concentration in its top two holdings, VWOB and FGXXX, exposes it to risks specific to emerging market government bonds and short-term government obligations. With a 3-year Beta of 0.00, HFGM's volatility is not correlated to the market. Investors should carefully consider their risk tolerance before investing in HFGM. Past performance does not guarantee future results.
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Risk Metrics
Beta: 0.00
Questions & Answers
What is HFGM and what does it track?
The Unlimited HFGM Global Macro ETF (HFGM) is an actively managed alternatives fund that seeks to replicate the return characteristics of the global macro hedge fund industry. However, it does not invest directly in hedge funds. Instead, HFGM uses a proprietary algorithm to identify optimal long and short positions in a range of ETFs and futures contracts across diverse asset classes. The fund aims to outperform the industry by targeting twice its volatility. As of March 15, 2026, HFGM has $0.07 billion in assets under management.
What is the expense ratio for HFGM?
The expense ratio for the Unlimited HFGM Global Macro ETF (HFGM) is 0.95%. This means that for every $10,000 invested in the fund, $95 is used to cover operating expenses. The expense ratio is higher than the category average for alternative ETFs, which can impact the fund's overall returns, especially in periods of lower performance. the may be worth researching expense ratio when evaluating the fund's potential returns.
What are the top holdings in HFGM?
As of March 15, 2026, the top holdings in the Unlimited HFGM Global Macro ETF (HFGM) are: 1) Vanguard Emerging Mkts Govt Bd ETF (VWOB) at 26.67%, and 2) First American Government Obligs X (FGXXX) at 25.95%. These two holdings constitute over half of the fund's portfolio, indicating a concentrated exposure to emerging market government bonds and short-term government obligations. The fund's holdings are subject to change based on the investment strategy.
Is HFGM a good long-term investment?
Whether HFGM is a suitable long-term investment depends on an individual investor's risk tolerance, investment objectives, and time horizon. HFGM's actively managed strategy and use of leverage can lead to potentially higher returns but also increased volatility. The fund's high expense ratio of 0.95% should also be considered. Investors should carefully evaluate the fund's strategy, risk profile, and historical performance in the context of their overall portfolio before making a decision. Past performance does not guarantee future results.
How does HFGM compare to similar ETFs?
HFGM differentiates itself through its focus on replicating the global macro hedge fund industry with a target of twice the industry's volatility. Compared to other alternative ETFs, HFGM's expense ratio of 0.95% is relatively high. The fund's AUM of $0.07 billion is relatively small compared to more established alternative ETFs. HFGM's unique approach and active management style may appeal to investors seeking a specific type of alternative exposure, but its higher expense ratio and smaller size should be considered.
Does HFGM pay dividends?
As of March 15, 2026, the Unlimited HFGM Global Macro ETF (HFGM) has a dividend yield of 0.00%. This indicates that the fund does not currently distribute dividends to its shareholders. Investors seeking income-generating investments may want to consider other ETFs with a higher dividend yield. However, HFGM's primary objective is capital appreciation through its global macro strategy, rather than income generation.