Unlimited HFND Multi-Strategy Return Tracker 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 HFND
The Fund is an actively-managed exchange-tradedfund (“ETF”) that seeks capital appreciation. The Fund seeks to create an investmentportfolio that has similar return characteristics as the hedge fund industry gross of fees returns. By creating an investment portfoliofor the Fund with similar return characteristics as the hedge fund industry’s gross of fees returns, the Fund’s sub-adviser,Unlimited Funds, Inc. (“Unlimited” or the “Sub-Adviser”), believes that the Fund’s net of fees returnsmay outperform the hedge fund industry’s net of fees returns due to the relatively high fees and expenses charged by hedgefunds versus the comparatively lower operating expenses of the Fund. The Sub-Adviser obtains publicly reportedreturns and fee data for the hedge fund industry from various sources. The Sub-Adviser then seeks to create an investment portfoliowith similar return characteristics (return, volatility, and correlation with other asset classes) as the hedge fund industry grossof fees returns primarily by investing in broad-based exchange-traded funds (“Underlying ETFs”) and futures contracts. The Investment Process The Sub-Adviser first determines themost recent month’s gross of fees returns of the hedge fund industry as a whole and of several individual hedge fund sectorsthat comprise the hedge fund industry (such as long/short equity, global macro, event-driven, fixed income arbitrage, emergingmarkets, managed futures, and multi-strategy) by reviewing publicly reported returns and fee information for the sector. Next, for each of the hedge fund sectors,the Sub-Adviser determines an investment portfolio of roughly 10-20 Underlying ETFs and futures contracts which best match thehedge fund sector’s most recent publicly reported month’s gross of fees returns by using a proprietary machine learningalgorithm (each, a “Sector Portfolio”). The selection of Underlying ETFs and futures contracts used as algorithm inputsis determined by the Sub-Adviser’s portfolio managers based upon their belief of what assets best capture the positioning(e.g., stock sectors, stocks vs. bonds) and factors (e.g., liquidity conditions, borrowing costs) driving the returns of each hedgefund sector. The proprietary machine learning algorithm analyzes the historical pattern of returns over several time frames todetermine the Sector Portfolio that best matches the most recently publicly reported month’s hedge fund sector gross of feesreturns, as well portfolio returns over various prior periods (as determined appropriate by the Sub-Adviser). The Sub-Adviser then aggregates eachof the Sector Portfolio’s positions, which results in a total hedge fund industry model – and, in turn, determinesthe Fund’s investment portfolio. The Sector Portfolios are weighted based upon the relative asset levels in each hedge fundsector (based on publicly reported data). The Fund’s investment portfolio will generally consist of 30 to 50 Underlying ETFsand futures contracts. Over time, through the use of this proprietary machine learning process, the Sub-Adviser expects the Fundto have similar return characteristics as the hedge fund industry gross of fees returns. The Sub-Adviser performs the foregoinganalyses on an ongoing basis because hedge fund performance data for different indices (the “Indices”) is availableat different times. The Sub-Adviser will frequently trade all or a significant portion of the holdings in the Fund’s investmentportfolio as a result. What the Fund invests in: TheFund’s portfolio will generally consist of positions in 30 to 50 Underlying ETFs and futures contracts. In addition, theFund may invest in swap agreements. Please see the heading titled “Portfolio Construction,” below, for more informationabout the Fund’s portfolio holdings. What the Fund will NOT do: TheFund is not a hedge fund, nor will it invest in hedge fund strategies or positions. For the avoidance of 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. Portfolio Construction The Fund invests primarily in UnderlyingETFs and exchange-listed futures contracts. The Fund’s initial universe of ETF investments includes a broad range of primarilypassively-managed ETFs. The initial universe may include, among others: ● Commodity ETFs that invest in commodities like oil and gold. ● Factor ETFs that invest primarily based on one of several investment factor categories, such as value and momentum. ● Fixed Income ETFs that invest in fixed income categories, such as treasuries, corporate bonds, municipal bonds, and high-yield bonds. ● Domestic, Global, and Foreign ETFs that invest in the U.S., developed markets, and/or emerging markets, as well as country-specific ETFs. ● Sector ETFs that invest primarily in one of several economic sectors, such as information technology and consumer discretionary. If there are several potential candidatesfor inclusion in the Fund’s portfolio, the Sub-Adviser’s selection criteria favor lower cost Underlying ETFs. In addition, the Fund’s portfoliowill hold futures contracts to express long and short exposures if futures contracts are either lower cost or more accurately reflectthe Sub-Adviser’s desired positioning for the Fund’s overall portfolio than investments in Underlying ETFs. The Fundcan also invest in swap agreements for similar purposes. Please see the section of the Fund’s prospectus titled “AdditionalInformation about the Fund” for a description of futures contracts and swap agreements. The Sub-Adviser adjusts the Fund’sportfolio on a frequent basis in light of its ongoing analysis of the Indices. As a result, the Fund will frequently trade allor a significant portion of the holdings in the Fund’s investment portfolio. The Fund is deemed to be non-diversifiedunder the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a greater percentageof its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Cayman Subsidiary The Fund intends to gain exposure tofutures contracts and swap agreements either directly or indirectly by investing through a wholly-owned Cayman Islands subsidiary(the “Subsidiary”) that is advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary.The Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund’s transactions in derivatives.In addition, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliancepolicies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company(“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is thesole investor in the Subsidiary. The Adviser selects the Subsidiary’s investments.
HFND News
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- Discipline and Rules-Based Execution in HFND Response
- Behavioral Patterns of HFND and Institutional Flows
- (HFND) Movement Within Algorithmic Entry Frameworks
- Unlimited ETFs Celebrates A Remarkable Year Since Expanding Its ETF Lineup
- (HFND) Movement Within Algorithmic Entry Frameworks
- How (HFND) Movements Inform Risk Allocation Models
- Trading Systems Reacting to (HFND) Volatility
Data for HFND 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.