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Trending ETFs

Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.13

$34.8 M

1.33%

$0.29

1.22%

Vitals

YTD Return

6.3%

1 yr return

7.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$34.8 M

Holdings in Top 10

73.2%

52 WEEK LOW AND HIGH

$22.1
$19.78
$22.13

Expenses

OPERATING FEES

Expense Ratio 1.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.13

$34.8 M

1.33%

$0.29

1.22%

HFND - Profile

Distributions

  • YTD Total Return 6.3%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Unlimited HFND Multi-Strategy Return Tracker ETF
  • Fund Family Name
    N/A
  • Inception Date
    Oct 10, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks capital appreciation.

The Fund seeks to create an investment portfolio that has similar return characteristics as the hedge fund industry gross of fees returns. By creating an investment portfolio for 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 returns may outperform the hedge fund industry’s net of fees returns due to the relatively high fees and expenses charged by hedge funds versus the comparatively lower operating expenses of the Fund.

The Sub-Adviser obtains publicly reported returns and fee data for the hedge fund industry from various sources. The Sub-Adviser then seeks to create an investment portfolio with similar return characteristics (return, volatility, and correlation with other asset classes) as the hedge fund industry gross of fees returns primarily by taking long and short positions in broad-based exchange-traded funds (“Underlying ETFs”) and futures contracts. A long position means 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.

The Investment Process

The Sub-Adviser first determines the most recent month’s gross of fees returns of the hedge fund industry as a whole and of several individual hedge fund sectors that comprise the hedge fund industry (such as long/short equity, global macro, event-driven, fixed income arbitrage, emerging markets, managed futures, and multi-strategy). The Sub-Adviser does this by reviewing publicly reported gross of fees returns information for the hedge fund industry.

Next, for each of the hedge fund sectors, the Sub-Adviser determines an investment portfolio of long and short positions in roughly 10-20 Underlying ETFs and futures contracts which best match the hedge fund sector’s most recent publicly reported month’s gross of fees returns by using a proprietary machine learning algorithm (each, a “Sector Portfolio”). The selection of Underlying ETFs and futures contracts used as algorithm inputs is 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 hedge fund style. The proprietary machine learning algorithm analyzes the historical pattern of returns over several time frames to determine the Sector Portfolio that best matches the most recently publicly reported month’s hedge fund sector gross of fees returns, as well portfolio returns over various prior periods (as determined appropriate by the Sub-Adviser).

The Sub-Adviser then aggregates each of the Sector Portfolio’s positions, which results in a total hedge fund industry model – and, in turn, determines the Fund’s investment portfolio. In this aggregation process, the Sub-Adviser nets any offsetting long and short Underlying ETF and futures positions across the Sector Portfolios. The Sector Portfolios are weighted based upon the relative asset levels in each hedge fund sector (based on publicly reported data). The Fund’s investment portfolio will generally consist of long and short positions in 30 to 50 Underlying ETFs and futures contracts. Over time, through the use of this proprietary machine learning process, the Sub-Adviser expects the Fund to have similar return characteristics as the hedge fund industry gross of fees returns.

The Sub-Adviser performs the foregoing analyses on an ongoing basis because hedge fund performance data for different indices (the “Indices”) is available at different times. The Sub-Adviser will frequently trade all or a significant portion of the holdings in the Fund’s investment portfolio as a result.

What the Fund invests in: 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. Please see the heading titled “Portfolio Construction,” below, for more information about the Fund’s portfolio holdings.

What the Fund will NOT do: The Fund 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 Underlying ETFs and exchange-listed futures contracts. The Fund’s initial universe of ETF investments includes a broad range of primarily passively-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 candidates for inclusion in the Fund’s portfolio, the Sub-Adviser’s selection criteria favor lower cost Underlying ETFs.

To achieve an appropriate risk/return profile for the Fund’s portfolio, the Fund will also “short” the securities of Underlying ETFs. A short sale is a transaction in which the Fund sells a security it does not own, typically in anticipation of a decline in the market price of that security. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. A short sale results in a gain when the price of the securities sold short declines between the date of the short sale and the date on which a security is purchased to replace the borrowed security. Conversely, a short sale will result in a loss if the price of the security sold short increases. When the Fund makes a short sale, the broker effecting the short sale typically holds the proceeds as part of the collateral securing the Fund’s obligation to cover the short position.

In addition, the Fund’s portfolio will hold futures contracts, which are standardized contracts traded on, or subject to the rules of, an exchange that call for the future delivery of a specified quantity and type of asset at a specified time and place or, alternatively, may call for cash settlement. The Fund will hold futures contracts to express long and short exposures if futures contracts are either lower cost or more accurately reflect the Sub-Adviser’s desired positioning for the Fund’s overall portfolio than investments in Underlying ETFs. The Fund can also invest in swap agreements for similar purposes.

The Sub-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.

The Fund is deemed to be non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a greater percentage of 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 to futures 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 compliance policies 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 the sole investor in the Subsidiary. The Adviser selects the Subsidiary’s investments.

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HFND - Performance

Return Ranking - Trailing

Period HFND Return Category Return Low Category Return High Rank in Category (%)
YTD 6.3% N/A N/A N/A
1 Yr 7.6% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period HFND Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period HFND Return Category Return Low Category Return High Rank in Category (%)
YTD 6.3% N/A N/A N/A
1 Yr 7.6% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period HFND Return Category Return Low Category Return High Rank in Category (%)
2023 3.6% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

HFND - Holdings

Concentration Analysis

HFND Category Low Category High HFND % Rank
Net Assets 34.8 M N/A N/A N/A
Number of Holdings 50 N/A N/A N/A
Net Assets in Top 10 28.8 M N/A N/A N/A
Weighting of Top 10 73.23% N/A N/A N/A

Top 10 Holdings

  1. ISHARES U S ETF TR IT RT HDG HGYL 18.30%
  2. VANGUARD INTL EQUITY INDEX FDS TT WRLD ST ETF 12.24%
  3. ISHARES INC MSCI AUSTRALIA 7.15%
  4. Invesco Senior Loan ETF 6.32%
  5. iShares Convertible Bond ETF 6.06%
  6. ProShares Investment Grade-Interest Rate Hedged ETF 5.99%
  7. Vanguard FTSE Emerging Markets ETF 5.34%
  8. iShares MSCI Japan ETF 5.14%
  9. iShares J.P. Morgan EM High Yield Bond ETF 3.54%
  10. ISHARES TR CMBS ETF 3.14%

Asset Allocation

Weighting Return Low Return High HFND % Rank
Stocks
93.14% N/A N/A N/A
Cash
6.86% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Bonds
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High HFND % Rank
Utilities
0.00% N/A N/A N/A
Technology
0.00% N/A N/A N/A
Real Estate
0.00% N/A N/A N/A
Industrials
0.00% N/A N/A N/A
Healthcare
0.00% N/A N/A N/A
Financial Services
0.00% N/A N/A N/A
Energy
0.00% N/A N/A N/A
Communication Services
0.00% N/A N/A N/A
Consumer Defense
0.00% N/A N/A N/A
Consumer Cyclical
0.00% N/A N/A N/A
Basic Materials
0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High HFND % Rank
US
93.14% N/A N/A N/A
Non US
0.00% N/A N/A N/A

HFND - Expenses

Operational Fees

HFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% N/A N/A N/A
Management Fee 0.95% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

HFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

HFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

HFND - Distributions

Dividend Yield Analysis

HFND Category Low Category High HFND % Rank
Dividend Yield 1.33% N/A N/A N/A

Dividend Distribution Analysis

HFND Category Low Category High Category Mod
Dividend Distribution Frequency Annual

Net Income Ratio Analysis

HFND Category Low Category High HFND % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

HFND Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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HFND - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A