ETF Evaluator:
Unlimited HFND Multi-Strgy Ret Trckr ETF ()
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(as of Aug 26)
Best Performing in Multistrategy Over the Last Year
| 16.9% | Franklin Systematic Style Premia ETF (FLSP) |
| 16.3% | First Trust Multi-Strat Alt ETF (LALT) |
| 14.6% | Unlimited HFND Multi-Strgy Ret Trckr ETF (HFND) |
| 14.5% | SEI DBi Multi-Strategy Alternative ETF (QALT) |
| 12.4% | NYLI Hedge Multi-Strategy Tracker ETF (QAI) |
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Risk
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ETF Details
Unlimited HFND Multi-Strgy Ret Trckr ETF Overview
Unlimited HFND Multi-Strgy Ret Trckr ETF (HFND) is an actively managed Alternative Multistrategy exchange-traded fund (ETF). Unlimited launched the ETF in 2022.
The investment seeks capital appreciation.
The fund’s portfolio will generally consist of long and short positions in 30 to 50 Underlying ETFs and futures contracts. In addition, the fund may invest in swap agreements. It will not invest in hedge funds. To achieve an appropriate risk/return profile for the fund’s portfolio, the fund will also “short” the securities of Underlying ETFs. It is non-diversified.
About Unlimited HFND Multi-Strgy Ret Trckr ETF (HFND)
There are 4 members of the management team with an average tenure of 3.81 years: Michael Venuto (2022), Charles Ragauss (2022), Bob Elliott (2022) and Bruce McNevin (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Unlimited HFND Multi-Strgy Ret Trckr ETF has 46 securities in its portfolio. The top 10 holdings constitute 112.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Unlimited HFND Multi-Strgy Ret Trckr ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Unlimited HFND Multi-Strgy Ret Trckr ETF has 43.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 44.4% There is 24.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 17.7% (-1.5% domestic bond, 19.2% foreign bond and 3.3% convertible bond). Unlimited HFND Multi-Strgy Ret Trckr ETF has -2.4% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $664 million average for the Multistrategy category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HFND Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Unlimited HFND Multi-Strgy Ret Trckr ETF expense ratio is high compared to funds in the Multistrategy category. Unlimited HFND Multi-Strgy Ret Trckr ETF has an expense ratio of 1.07%, which is 46% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Unlimited HFND Multi-Strgy Ret Trckr ETF has a portfolio turnover rate of 295%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Multistrategy category.
Recently, in the month of July 2026, Unlimited HFND Multi-Strgy Ret Trckr ETF returned -1.6%, which earned it a grade of F, as the Multistrategy category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Unlimited HFND Multi-Strgy Ret Trckr ETF has a trailing yield of 4.70%, which is above the 2.91% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Unlimited HFND Multi-Strgy Ret Trckr ETF Grades
Year to date, the ETF has returned 7.5%, 4.6 percentage points better than the category, which translates into a grade of C. The fund has returned 14.6% over the past year (grade of B) and 8.5% over the past three years (grade of C).
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HFND Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HFND Return (NAV) | -1.6% | 0.4% | 14.6% | 8.5% | na | na |
| HFND Return (Price) | -1.3% | 0.5% | 14.7% | 8.6% | na | na |
| NAV +/- Price Return | -0.301% | -0.050% | -0.014% | -0.098% | na | na |
| Multistrategy Avg | 0.0% | -2.7% | 5.1% | 3.8% | 5.3% | 3.7% |
| HFND Grade (NAV) | F | C | B | C | na | na |
| +/- Category (NAV) | -1.6% | 3.1% | 9.5% | 4.7% | na | na |
| HFND Tax-Cost Ratio | na | na | 2.2% | 1.4% | na | na |
HFND Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HFND Return (NAV) | 7.5% | 9.8% | 7.9% | 3.9% | na | na | na | na | na | na | na |
| HFND Return (Price) | 7.4% | 10.0% | 8.3% | 3.6% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.024% | 0.018% | 0.047% | -0.091% | na | na | na | na | na | na | na |
| Multistrategy Avg | 2.9% | 2.8% | 6.7% | 6.5% | -5.8% | 4.8% | -0.6% | 9.0% | -3.7% | 5.9% | 1.5% |
| HFND Grade (NAV) | C | B | C | F | na | na | na | na | na | na | na |
| +/- Category | 4.6% | 7.0% | 1.2% | -2.6% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.51 |
| R-Squared: | 75% |
| Standard Deviation: | 7.4% |
| Category Risk Index: | 0.97 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.60 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 4.7% |
| Total Assets: | $ 37 Mil |
| Share Class Assets: | $ 37 Mil |
| Turnover: | 295.0% |
| Expense Ratio: | 1.07% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Venuto Michael (2022), Ragauss Charles (2022), Elliott Bob (2022), McNevin Bruce (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 112.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 43.4% |
Portfolio Allocation |
|
| Domestic Stock: | 44.4% |
| Foreign Stock: | 24.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -1.5% |
| Foreign Bond: | 19.2% |
| Convertible Bond: | 3.3% |
| Other: | 12.8% |
| Cash: | -2.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Unlimited |
| Phone Number: | 833-216-0499 |
| Website: | |
| Inception Date: | October 10, 2022 |
Expenses and Fees
| Expense Ratio (%): | 1.07% (Rating: High) |
| Category Average Expense Ratio (%): | 0.73% |
