Key Takeaways
- • Bob Elliott, former senior investment executive at Bridgewater Associates, launched the Unlimited HFGM Global Macro ETF on April 14, 2025, democratizing access to hedge fund-style strategies through an actively managed ETF structure with a 0.95% management fee—substantially lower than traditional hedge funds' typical 2% management fee plus 20% performance fee.
- • HFGM employs a systematic, dynamic allocation strategy using liquid futures contracts and ETF baskets to exploit global market mispricings across currencies, fixed income, equities, credit, and exchange rates, with the flexibility to maintain both long and short positions across major asset classes.
- • The 0.95% expense ratio and tax-efficient ETF wrapper address structural inefficiencies inherent in traditional hedge fund vehicles, positioning the product for institutional and retail investors seeking diversification during periods of elevated market uncertainty in equities and bonds.
- • Unlimited Funds has approved SEC filings for two additional actively managed ETFs launching later in 2025: the Unlimited HFMF Managed Futures ETF and the Unlimited HFEQ Equity Long/Short ETF, signaling the firm's broader strategy to build a multi-strategy hedge fund alternative platform.
- • HFGM's trailing yield stands at 5.05% with annual income and capital gains distributions, and the fund targets performance characteristics comparable to the gross-of-fees returns of the broader hedge fund industry's global macro sector.
Summary
Unlimited Funds, co-founded by Bob Elliott—a veteran of 13 years in portfolio strategy development at Bridgewater Associates—has launched the Unlimited HFGM Global Macro ETF (HFGM), an actively managed exchange-traded fund designed to replicate hedge fund-style global macro strategies in a more accessible, cost-efficient structure. The fund launched on April 14, 2025, and seeks capital appreciation through systematic, dynamic allocation across global market opportunities, explicitly targeting mispricings in currencies, fixed income, equities, credit markets, and exchange rates.
The fund's core operational framework utilizes liquid exchange-listed futures contracts and a diversified basket of exchange-traded funds, governed by systematic signals that adjust positions based on evolving market conditions. This approach enables the fund to maintain both long and short exposure across major asset classes—a critical feature for institutional investors seeking diversification during periods of elevated macroeconomic uncertainty. Elliott emphasized to etf.com that current market volatility in both equities and bonds has created sustained demand for flexible strategies that can adjust positioning independent of traditional long-only constraints. The 0.95% management fee represents a significant cost advantage over traditional hedge fund structures, which typically charge 2% management fees plus 20% performance fees, effectively eroding net returns over extended periods.
Unlimited's launch of HFGM is part of a broader initiative to democratize access to sophisticated hedge fund strategies without the tax inefficiencies and fee drag associated with traditional private fund vehicles. The firm previously introduced the Unlimited HFND Multi-Strategy Return Tracker ETF in 2022, and has received SEC approval for two additional actively managed ETFs: the Unlimited HFMF Managed Futures ETF and the Unlimited HFEQ Equity Long/Short ETF, both scheduled for launch later in 2025. The trailing yield of 5.05%, with annual distributions of both income and capital gains, provides additional income generation characteristics for institutional portfolios. This expansion reflects Unlimited's strategy to build a comprehensive alternative investment platform accessible through the ETF wrapper, positioning the firm to capture the growing institutional appetite for liquid, transparent, low-cost access to hedge fund-equivalent strategies.
The fund's core operational framework utilizes liquid exchange-listed futures contracts and a diversified basket of exchange-traded funds, governed by systematic signals that adjust positions based on evolving market conditions. This approach enables the fund to maintain both long and short exposure across major asset classes—a critical feature for institutional investors seeking diversification during periods of elevated macroeconomic uncertainty. Elliott emphasized to etf.com that current market volatility in both equities and bonds has created sustained demand for flexible strategies that can adjust positioning independent of traditional long-only constraints. The 0.95% management fee represents a significant cost advantage over traditional hedge fund structures, which typically charge 2% management fees plus 20% performance fees, effectively eroding net returns over extended periods.
Unlimited's launch of HFGM is part of a broader initiative to democratize access to sophisticated hedge fund strategies without the tax inefficiencies and fee drag associated with traditional private fund vehicles. The firm previously introduced the Unlimited HFND Multi-Strategy Return Tracker ETF in 2022, and has received SEC approval for two additional actively managed ETFs: the Unlimited HFMF Managed Futures ETF and the Unlimited HFEQ Equity Long/Short ETF, both scheduled for launch later in 2025. The trailing yield of 5.05%, with annual distributions of both income and capital gains, provides additional income generation characteristics for institutional portfolios. This expansion reflects Unlimited's strategy to build a comprehensive alternative investment platform accessible through the ETF wrapper, positioning the firm to capture the growing institutional appetite for liquid, transparent, low-cost access to hedge fund-equivalent strategies.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.