For educational purposes only. Nothing on this site constitutes investment advice. Disclaimers
Alpha Stacking
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For educational purposes only. Nothing on this site constitutes investment advice. Disclaimers
Alpha Stacking
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For educational purposes only. Nothing on this site constitutes investment advice. Disclaimers
HFGM is an actively managed global macro ETF. It holds long and short positions in ETFs and futures, targeting the return profile of the hedge fund industry’s Global Macro sector at ETF fees and daily liquidity.
Sleeve split estimated from sponsor materials and published holdings. Grades updated when materially new data is available.
Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.
Model portfolio charts on this site extend HFGM before its first listed session using 1.5× ASGM (Virtus AlphaSimplex Global Macro) daily total returns minus ~0.6% annual drag as a proxy; the chart above is HFGM-only (Yahoo adjusted close).
The fund runs roughly 10–30 long and short positions in ETFs and exchange-listed futures, targeting performance that resembles the hedge fund Global Macro sector’s gross returns, typically at roughly twice the sector’s volatility. It is not a hedge fund and does not invest in hedge funds. It is a regulated ETF that implements a macro trading strategy through listed instruments.
The strategy is explicitly cross-asset: rates, equities, commodities, and currencies. Alongside the long/short macro book, HFGM holds an estimated ~50% global equity position via futures, so equity beta is part of the portfolio, not replaced by it.
| Asset | Weight |
|---|---|
| US equity | 50% |
| Asset | Weight |
|---|---|
| Global macro futures | 100% |
Unlimited ETFs is a focused liquid-alts sponsor. The goal is to give investors access to hedge-fund Global Macro return patterns through a regulated ETF: daily liquidity, disclosed holdings, and a 1% fee rather than the 2-and-20 structure typical of the funds it tracks. Unlimited Funds, Inc. drives portfolio construction as sub-adviser.
The edge claimed is analytics: Unlimited publishes research on how hedge-fund macro positioning can be replicated with liquid instruments. Whether that replication holds through different market conditions is the open question for any investor sizing this position.
Outperforms most when there are clear, sustained moves across asset classes: rates repricing over multiple quarters, a dollar breakout, a commodity cycle. 2022 was a strong year for macro funds broadly: the Fed’s rate hike cycle produced persistent trends in rates and FX that directional positioning could capture.
Underperforms in a fast undifferentiated equity sell-off, or a year with no sustained macro theme where positions get stopped out before trends develop. 2023–2024 tested many macro managers as the anticipated recession did not materialize and markets moved on idiosyncratic factors rather than macro fundamentals.
Read the global macro guide for the return driver, failure modes, and how this type of sleeve fits in an alpha stacking portfolio.
| Ticker | Name | Score | MER | AUM |
|---|---|---|---|---|
| HFGM | Unlimited HFGM Global Macro ETF | C | 1.00% | ~$35M |
| ASGM | Virtus AlphaSimplex Global Macro ETF | A | 0.86% | ~$210M |
Use the issuer and regulatory documents below to verify current holdings, fees, exposure, and risk disclosures.