Unlimited HFGM Global Macro ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About HFGM
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks capital appreciation. TheFund seeks to create an investment portfolio with similar return characteristics to the gross of fees returns of the hedge fundindustry’s Global Macro sector (see the section in the Fund’s Prospectus titled “Additional Information aboutthe Funds”), while also targeting a volatility level approximately twice that of the sector. By incorporating highervolatility, the Fund’s sub-adviser, Unlimited Funds, Inc. (“Unlimited” or the “Sub-Adviser”), believesthat the Fund’s net of fees returns may outperform those of the hedge fund industry Global Macro sector. Additionally, theFund may benefit from its comparatively lower operating expenses versus the relatively high fees and expenses charged by hedgefunds. ● Global Macro – Hedge funds managed within this sector generally implement strategies that attempt to profit from fundamental changes in global economies, typically brought about by shifts in government economic policies, political climates, or interest rates which impact all financial markets. TheSub-Adviser obtains publicly reported returns and fee data for the hedge fund industry’s Global Macro sector from varioussources. The Sub-Adviser then seeks to create an investment portfolio with similar return characteristics (including return andcorrelation with other asset classes) as the Global Macro sector of the hedge fund industry by taking long and short positionsin broad-based ETFs (“Underlying ETFs”) and futures contracts. A long position means the Fund will buy a securitywith the expectation that it will rise in value. In contrast, the Fund will “short” a security with the expectationthat it will fall in value. TheInvestment Process TheSub-Adviser determines the recent daily and monthly gross of fees returns and volatility metrics of the hedge fund industry’sGlobal Macro sector by reviewing publicly reported returns and fee information for the sector. The Sub-Adviser determines an investmentportfolio of long and short positions in Underlying ETFs and futures contracts which best match the Global Macro sector’smost recent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm. Theselection of potential investments used as algorithm inputs is determined by the Sub-Adviser’s portfolio managers basedupon their belief of which return factors best capture recent positioning (e.g., bonds, credit, commodities, currencies, stocksectors, company factors, country indexes). The proprietary technology analyzes the historical pattern of the returns and volatilitypatterns of the Global Macro sector compared with these factors over several time frames to determine the portfolio that bestmatches the recent Global Macro sector’s gross of fees returns while maintaining approximately twice the volatility. Overtime, through the use of this proprietary process, the Sub-Adviser expects the Fund to have similar return characteristics asthe hedge fund industry Global Macro sector’s gross of fees returns, but with higher volatility by taking directionallysimilar positions as the Global Macro sector with larger notional exposure. The Sub-Adviser performs the foregoing analyses onan ongoing basis because hedge fund data for different hedge fund indices (the “Indices”) is available at differenttimes. The Sub-Adviser will frequently trade all or a significant portion of the holdings in the Fund’s investment portfolioas a result. Whatthe Fund invests in: The Fund’s portfolio will generally consist of long and short positions in 10-30 Underlying ETFsand futures contracts. The Fund may also invest in swap agreements. Please see the heading titled “Portfolio Construction,”below, for more information about the Fund’s portfolio holdings. Whatthe Fund will NOT do: The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. For the avoidanceof doubt: ● The Fund will not invest in hedge funds. ● The Fund will not seek to replicate the direct underlying holdings of hedge funds. ● The Fund will not engage in certain types of investment activities that are permissible for hedge funds. For example, hedge funds may use more leverage than the Fund, and hedge funds may invest a greater percentage of their assets in illiquid investments as compared to the Fund. PortfolioConstruction TheFund invests primarily in Underlying ETFs and exchange-listed futures contracts. The Fund’s initial universe of UnderlyingETF investments includes a broad range of primarily passively-managed ETFs. The initial universe may include, among others: ● Commodity ETFs that invest in commodities like oil and gold. ● Currency ETFs that invest in exchange rates such as the U.S. dollar index and euro. ● Fixed Income ETFs that invest in fixed income categories, such as treasuries, corporate bonds, municipal bonds, and high-yield bonds. ● Sector ETFs that invest primarily in one of several economic sectors, such as information technology and consumer discretionary. ● Factor ETFs that invest primarily based on one of several investment factor categories, such as value and momentum. ● Domestic, Global, and Foreign ETFs that invest in the U.S., developed markets, and/or emerging markets, as well as country specific ETFs. Ifthere are several potential candidates for inclusion in the Fund’s portfolio, the Sub-Adviser’s selection criteriafavor lower cost Underlying ETFs. To seek to achieve the Fund's target volatility level, the Fund will use futures contracts and,to a lesser extent, swaps. Toachieve an appropriate risk/return profile for the Fund’s portfolio, which includes targeting approximately twice the volatilityof the Global Macro sector, the Fund will also “short” the securities of Underlying ETFs. Please see the section inthe Fund’s Prospectus titled “Additional Information about the Funds” for a description of short sales. Inaddition, the Fund’s portfolio will hold futures contracts to express long and short exposures if futures contracts areeither lower cost or more accurately reflect the Sub-Adviser’s desired positioning for the Fund’s overall portfoliothan investments in Underlying ETFs. The use of futures contracts will allow the Fund to take the larger notional economic exposureneeded to achieve the higher target volatility. The Fund can also invest in swap agreements for similar purposes. The Fund isexpected to outperform the hedge fund industry’s Global Macro sector during periods when returns of that sector exceed cashreturns and underperform in periods when the returns from that sector underperform cash. Please see the section in the Fund’sProspectus titled “Additional Information about the Funds” for a description of futures contracts and swapagreements. TheSub-Adviser adjusts the Fund’s portfolio on a frequent basis in light of its ongoing analysis of the Indices. As a result,the Fund will frequently trade all or a significant portion of the holdings in the Fund’s investment portfolio. TheFund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets inthe securities of a single issuer or a smaller number of issuers than if it was a diversified fund. CaymanSubsidiary TheFund intends to gain exposure to futures contracts and swap agreements either directly or indirectly by investing through a wholly-ownedCayman Islands subsidiary (the “Subsidiary”) that is advised by the Adviser. The Fund may invest up to 25% of itstotal assets in the Subsidiary. The Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund’stransactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions and willfollow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as aregulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).The Fund is the sole investor in the Subsidiary. The Adviser selects the Subsidiary’s investments.
Data for HFGM is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.