Unlimited HFND Multi-Strategy Return Tracker ETF

Hedge Fund like exposure,
at a fraction of the cost


The Power of Alternative ETFs

We believe in the collective potential of hedge funds to perform in all markets. Hedge fund strategies have the ability to deliver superior risk-adjusted returns and can provide diversification to investment portfolios by reducing volatility and mitigating downside risk.

Accessing them is not easy for many investors. HFND offers access to the returns of sophisticated investment strategies at a lower cost than traditional limited partnerships, with greater transparency and liquidity.

Lower Fees

HFND's expense ratio is a fraction of the average fee charged by private 2&20 funds

Lower Taxes

For taxable investors, ETFs are more tax efficient than Limited Partnership funds


Gain exposure to the hedge fund industry and limit manager concentration risk

No Paperwork

Simplify your life and skip the paperwork and the K-1s

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O U R  T E A M

Unparalleled expertise in alternatives

Bob Elliott and Bruce McNevin are the Co-Founders of Unlimited. Their mission is to make it possible for all investors’ portfolios to be as well constructed as those of the largest, most sophisticated institutions in the world.

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Bob Elliott is Co-Founder, CEO & Chief Investment Officer at Unlimited. Bob has built innovative hedge fund strategies for more than two decades. At Bridgewater Associates, Bob was a member of the Investment Committee and developed strategies across asset classes. He also authored hundreds of Bridgewater’s widely read Daily Observations.


Bruce McNevin is Co-Founder, Chief Data Scientist at Unlimited. Bruce has held various data science positions at hedge funds Clinton Group and Midway Group, along with positions at Bank of America and BlackRock. Bruce is currently also a Professor of Economics at New York University.

Invest In HFND


Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by clicking here. Please read the prospectus carefully before you invest.

As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund; and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV.

The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. The Fund will not invest in hedge funds. The Fund will not seek to replicate the direct underlying holdings of hedge funds.

Investments involve risk. Principal loss is possible

Underlying ETFs Risks. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying ETFs. The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, Underlying ETFs are also subject to the “ETF Risks” described above.

Derivatives Risk. The Fund’s or an Underlying ETF’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments.

Fixed Income Securities Risk. The Fund may invest in Underlying ETFs that invest in fixed income securities. The prices of fixed income securities may be affected by changes in interest rates, the creditworthiness and financial strength of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing fixed income securities to fall and often has a greater impact on longer-duration and/or higher quality fixed income securities.

Foreign Securities Risk. Foreign securities held by Underlying ETFs in which the Fund invests involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile.

Machine Learning, Model and Data Risk. The Fund relies heavily on proprietary “machine learning” selection processes. In addition, the composition of the Fund’s portfolio is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties.

Short Selling Risk. The Fund may make short sales of securities of Underlying ETFs, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales also involve the risk that losses may exceed the amount invested and may be unlimited.

Futures Contracts Risk. The Fund or Underlying ETFs may invest in futures contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund or an Underlying ETF, as applicable, to make daily cash payments to maintain its required margin, particularly at times when the Fund or Underlying ETF may have insufficient cash; and (vi) unfavorable execution prices from rapid selling.

Swap Agreement Risk. The Fund or an Underlying ETF may invest in swap agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period, which may range from one day to more than six months. The swap agreements in which the Fund or an Underlying ETF, as applicable, invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

2 and 20: Two and twenty (or “2 and 20”) is a fee arrangement that is standard in the hedge fund industry and is also common in venture capital and private equity. Two refers to the standard management fee of 2% of assets annually, while 20 means the incentive fee of 20% of profits above a certain threshold known as the hurdle rate.
Alpha: A term used in investing to describe an investment strategy’s ability to beat the market.
Duration: A measure of the relationship between interest rates and price for a fixed income security.

The ETFs expense ratio as of the latest prospectus is 1.03%. Diversification does not guarantee a profit or protection against loss. The fund is distributed by Foreside Fund Services, LLC

Launch & Structure Partner: Tidal ETF Services