Unlimited HFMF Managed Futures 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 18 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About HFMF
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 Managed Futures sector (see the section of the Fund’s Prospectus titled “Additional Informationabout the 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 Managed Future sector. Additionally, the Fund may benefitfrom its comparatively lower operating expenses versus the relatively high fees and expenses charged by hedge funds. ● Managed Futures – Hedge funds managed within this sector seek to implement strategies that invest in futures contracts. A futures contract is an agreement traded on an exchange to buy or sell assets, like commodities or equity securities, at a fixed price but to be paid for later. TheSub-Adviser obtains publicly reported returns and fee data for the hedge fund industry’s Managed Futures sector from varioussources. The Sub-Adviser then seeks to create an investment portfolio with similar return characteristics (return and correlationwith other asset classes) as the Managed Futures sector by taking long and short positions in futures contracts. A long positionmeans the Fund will buy a security with the expectation that it will rise in value. In contrast, the Fund will “short”a security with the expectation that 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’sManaged Futures sector by reviewing publicly reported returns and fee information for the sector. The Sub-Adviser determines aninvestment portfolio of long and short positions in futures contracts which best match the Managed Futures sector’s mostrecent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm. Theselection of potential Fund 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 Managed Futures sector compared with those factors over several time frames to determine the portfolio that bestmatches the recent Managed Futures 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 Managed Futures sector’s gross of fees returns, but with higher volatility by taking directionally similar positionsas the Managed Futures sector with larger notional exposure. The Sub-Adviser performs the foregoing analyses on an ongoing basisbecause hedge fund data for different hedge fund indices (the “Indices”) is available at different times. The Sub-Adviserwill frequently trade all or a significant portion of the holdings in the Fund’s investment portfolio as a result. Whatthe Fund invests in: The Fund’s portfolio will generally consist of long and short positions in futures contracts. TheFund may also invest in swap agreements. The Fund may also take long and short positions in broad-based ETFs (“UnderlyingETFs”). Please see the heading titled “Portfolio Construction,” below, for more information about theFund’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 exchange-listed futures contracts. To seek to achieve the Fund's target volatility level, which is approximatelytwice the volatility of the Managed Futures sector, the Fund will use futures contracts and, to a lesser extent, swaps. TheFund’s portfolio will primarily hold futures contracts to express the target long and short exposures. The use of futurescontracts will allow the Fund to take the larger notional economic exposure needed to achieve the higher target volatility. TheFund can also invest in swap agreements for similar purposes. The Fund is expected to outperform the hedge fund industry’sManaged Futures sector during periods when returns of that sector exceed cash returns and underperform in periods when the returnsfrom that sector underperform cash. Please see the section in the Fund’s Prospectus titled “Additional Informationabout the Funds” for a description of futures contracts and swap agreements. The futures contracts held by the Fundmay include futures contracts on the following asset classes: commodities such as oil and gold, currencies, exchange rates, fixedincome securities and equity securities. Inaddition, the Fund may take long and short positions in Underlying ETFs to achieve the target exposures. In that case, the Fund’sinitial universe of Underlying ETF investments will include a broad range of primarily passively-managed ETFs. The initial universemay 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. Toachieve an appropriate risk/return profile for the Fund’s portfolio the Fund may also “short” the securitiesof Underlying ETFs. Please see the section in the Fund’s Prospectus titled “Additional Information about the Funds”,for a description of short sales. 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. Undernormal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, ina portfolio of futures contracts and Underlying ETFs that the Sub-Adviser believes have similar return characteristics as thehedge fund industry’s Managed Futures sector. 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 HFMF 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.