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HFGM — Unlimited HFGM Global Macro ETF

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.

Equity Efficiency:CCapital Efficiency grades how well this ETF delivers equity-side returns relative to the capital and beta it uses, with SPY as the B baseline. Leveraged ETFs score higher when they free up capital for an alpha sleeve. Long/short and factor ETFs are graded on excess return versus SPY, net of costs. HFGM holds an estimated ~50% S&P 500–style equity sleeve (futures and related exposure) alongside macro alternatives per Unlimited’s published holdings. The grade scores that equity book versus SPY, net of costs.Alpha Efficiency:AAlpha Efficiency grades the non-equity sleeve of this stacked ETF on return above its borrowing cost: that's the true hurdle for a futures overlay. A sleeve that only matches its financing cost adds no value; grades above B mean the overlay is genuinely earning its keep. The non-core sleeve is systematic global macro: rates, FX, commodities, and selective equity beta implemented with ETFs and listed futures to replicate hedge-fund Global Macro sector returns.Stacked Efficiency:B+Stacked Efficiency blends Capital- and Alpha-bucket grades using the configured sleeve weights (33% capital / 67% alpha).

Sleeve split estimated from sponsor materials and published holdings. Grades updated when materially new data is available.

HFGM price history

Range
+32.67%
Total return (1Y)
HFGM

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).

Strategy

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.

Manager and Issuer Pedigree

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.

Outperformance

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.

Similar ETFs

TickerNameScoreMERAUM
HFGMUnlimited HFGM Global Macro ETFB+1.00%~$35M
ASGMVirtus AlphaSimplex Global Macro ETFB0.86%~$210M

Official ETF page

Read the official ETF page for current NAV, holdings, and documents: HFGM official page.

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.