IQ

HFGM Unlimited HFGM Global Macro ETF

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$29.29
−0.1% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, HFGM returned 2.4%. When the S&P 500 fell, it fell 1.7 times as much.

Why did HFGM return +28.8% from Apr 2025 to Oct 2026, against AGG’s +3.8%?Is a 1.01% fee low for a fund like HFGM?What does HFGM cost to hold and to trade?
Global macro fund: takes positions across countries, currencies, interest rates and commodities on a view of the economyUnlimited ↗Expense ratio 1.01%Fund assets $151m net assets, latest filing (Aug 31, 2026)First traded Apr 15, 2025Benchmark AGGSEC filings ↗Every Unlimited fund ETFIQ coversDividend history

Promise check: Not measuredIts strategy, macro trading, states no objective ETFIQ can measure.

Compare with…Trading costsPut to the committeeaskIQ about HFGMAdd to portfolioAlerts

HFGM risk and return scorecard

vs AGG, its stated benchmark (secondary) · Apr 2025 to Oct 2026 · 79 weekly returns · dividend-adjusted

Short history · 18 months
HFGM +28.8%, AGG +3.8%, Apr 2025 to Oct 2026, distributions reinvested.

Secondary: AGG tracks the Bloomberg U.S. Aggregate Bond Index, named in its shareholder report. Its own benchmark is its holdings, which have no weekly prices.

Return
MeasureHFGMAGGEdge
Total return+28.8%+3.8%HFGM
Annualized+18.1%+2.5%HFGM
Price return+16.1%−2.3%HFGM
Risk
MeasureHFGMAGGEdge
Volatility17.4%3.6%AGG
Max drawdown−13.4%−4.5%AGG
Upside capture137.7%100.0%HFGM
Downside capture0.9%100.0%HFGM
Risk-adjusted
MeasureHFGMAGGEdge
Sharpe ratio0.82−0.40HFGM
Sortino ratio1.30−0.53HFGM
Alpha vs AGG
MeasureHFGMAGGEdge
Alpha, a year+14.9%Not significant
Alpha t-stat1.05
Beta to AGG0.431.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

HFGM −8.1%: total return over one month to Nov 4, 2026.
HFGM−8.1%
HFGM −5.4%: total return over three months to Nov 4, 2026.
HFGM−5.4%
HFGM −13.3%: total return over six months to Nov 4, 2026.
HFGM−13.3%
HFGM +1.6%: total return over the year to Nov 4, 2026.
HFGM+1.6%
HFGM +2.4%: total return over one year to Nov 4, 2026.
HFGM+2.4%
HFGM +28.9%: total return since launch to Nov 4, 2026.
HFGM+28.9%
askIQ: what drove HFGM’s returns? ↗

How concentrated, and what does it cost?

+0.61
Correlation with the S&P 500
Report
+1.11
Beta to the S&P 500
Report
174.2%
Down-week capture
Report
−1.4 pts
Against T-bills, 52 weeks
Report
10.2%
12-month yield, capital gains included, on its starting price
Report
$3.2399
Last payment, ex-date Dec 24, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 1.01% fee low for a fund like HFGM? ↗

More on HFGM

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Price and total return, 1 year

$29.29−0.1%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

HFGM returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 5 – Nov 4, 2026−8.1%−1.0%
3M Aug 5 – Nov 4, 2026−5.4%−0.1%
6M May 6 – Nov 4, 2026−13.3%+5.0%
YTD Dec 31, 2025 – Nov 4, 2026+1.6%+13.3%
1Y Nov 4, 2025 – Nov 4, 2026+2.4%+14.8%
Since launch Apr 15, 2025 – Nov 4, 2026+28.9%+45.0%
Since launch, annualised Apr 15, 2025 – Nov 4, 2026+17.7%–

Total returns, distributions reinvested. Listed Apr 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell more than the S&P 500
Fell more than the S&P 500HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%.SPY−1.07%HFGM−1.87%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell more than the S&P 500HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%.SPY−1.07%HFGM−1.87%Average week when SPY fell

HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%.

HFGM key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$35.00 on Mar 10, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$28.84 on Dec 31, 2025
Close on Nov 4, 2026, within that range (ETFIQ)$29.29, 7% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 13, 2025
Trading · HFGMas of Nov 13, 2025
·
Not scored1 of 6 measured · Nov 13, 2025
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

HFGM for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HFGM interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HFGM is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About HFGM

IssuerUnlimited
Strategy (ETFIQ, from its prospectus)Global macro
Expense ratio (485BPOS XBRL, Dec 23, 2025)1.01%Report
Net assets (SEC N-PORT, whole fund, as filed for Aug 31, 2026)$151mReport
Stated benchmark (secondary)Bloomberg U.S. Aggregate Bond Index (from its shareholder report), priced by AGG
HFGM, 1 year to Nov 4, 2026 (secondary)+2.4%
AGG, the same days (secondary)+0.2%
Against its stated benchmark, 1 year (secondary)+2.2 pts
Daily R-squared against AGG, 1 year to Nov 4, 2026 (secondary)0.00
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
HFGM in those weeks, on average−1.87%
HFGM total return over those weeks+2.2%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; HFGM −5.0%
Weekly correlation with the S&P 500+0.61, 52 weeks to Nov 4, 2026
First tradedApr 15, 2025
Days traded392
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on HFGM

12 seats on HFGM, as of Nov 4, 2026: 1 Mixed, 2 Challenges, 8 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put HFGM to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HFGM

Does HFGM move with the S&P 500?
Over the year to Nov 4, 2026, HFGM’s weekly returns had a correlation of +0.61 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +1.11, so for each 1% the index moved it moved about 1.11% the same way.
What did HFGM do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks HFGM fell 1.87% on average, a down-week capture of 174.2%.
Did HFGM earn more than cash?
Over the same 52 weeks HFGM returned +2.2% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. HFGM finished 1.4 percentage points behind it.
What does HFGM cost?
The prospectus expense ratio is 1.01% a year.
Why is HFGM listed as global macro?
ETFIQ files each fund by what its own prospectus says it does, and HFGM’s, filed Dec 23, 2025, describes a global macro fund.
Sources and dates
Prices, HFGM and S&P 500 (SPY)Prices, Tiingo end of day ↗
Fee, 1.01%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $151mSEC N-PORT, whole fund · Aug 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerUnlimited website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, HFGM, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/hfgm

The down-week bars for HFGM, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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HFGM: HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%.
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<figcaption style="font:13px/1.5 sans-serif">HFGM: HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%. Data: <a href="https://etfiq.com/funds/hfgm">ETFIQ</a></figcaption>
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