Unlimited
Unlimited Funds is a New York-based investment firm using proprietary machine learning to replicate hedge fund strategy returns in low-cost, liquid ETF wrappers, serving financial advisors, institutional investors, and retail investors.
- Company typePrivate
- Founded2022
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Unlimited does
Unlimited (legal entity: Unlimited Funds, Inc.) is a New York-based investment firm founded in 2022 that builds alternative investment products for U.S. financial advisors, institutional investors, and retail investors. The company packages alternative strategy exposure into liquid, transparent, low-cost ETF wrappers, with the explicit goal of replicating hedge fund-style returns without the fees, illiquidity, and limited transparency of traditional 2&20 limited partnerships.
The firm's product platform is built around a proprietary machine learning return replication technology trained on hedge fund index returns to infer and replicate manager positioning in near real time, across cyclical, tactical, and structural factor-based indicators. The current lineup includes four ETFs (HFND Multi-Strategy Return Tracker launched October 2022; HFGM Global Macro launched April 2025; HFMF Managed Futures and HFEQ Equity Long/Short launched July 2025) and a Venture Capital Fund launched December 2025 offering diversified exposure to 204 positions across 170 VC-backed startups. The company also publishes the Hedge Fund Barometer, a quarterly ML-driven research product that tracks hedge fund positioning across asset classes, sectors, and geographies. ETFs are listed on NYSEARCA, distributed via Foreside Fund Services, and target ~95 bps expense ratios—well below the standard 2&20 hedge fund model.
Unlimited's revenue model is asset-based management fees on ETF AUM and the VC fund (95 bps), supported by an enterprise sales motion targeting financial advisors and a product-led distribution channel through exchange listing and content marketing (blog, monthly macro webinars, financial media presence). The company is privately held, venture-backed (Series A of $8 million in May 2023 led by FirstMark and Citi Ventures, with participation from Material, FJ Labs, Floating Point, and Valor), and led by co-founders Bob Elliott (CEO & CIO, formerly of Bridgewater Associates), Bruce McNevin (Chief Data Scientist, NYU Professor of Economics), and Matt Salzberg (Co-Founder, founder of Blue Apron, Managing Partner at Material). As of September 2025, total ETF AUM crossed $100 million.
Unlimited firmographics
Firmographics- Name
- Unlimited
- Legal name
- Unlimited Funds, Inc.
- Website
- https://unlimitedfunds.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Unlimited Funds is a New York-based investment firm using proprietary machine learning to replicate hedge fund strategy returns in low-cost, liquid ETF wrappers, serving financial advisors, institutional investors, and retail investors.
- Ownership category
- akta.pro rank
Unlimited industry classification
Industry- Product category
- Liquid Alternative ETFs
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Strategy — Quant/Systematic Multi-Strategy (FSAHAFAH)
- akta.pro secondary industry
- Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF)
Keywords
Where Unlimited is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Unlimited business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- ETF Management / Expense Fees: Unlimited generates revenue through management fees embedded in its ETF expense ratios. The firm's ETFs carry a significantly lower expense ratio than the standard 2% asset-based management fee plus 20% performance fee (2&20) of traditional hedge funds.
- Hedge Fund Alpha Replication Advisory: The firm provides advisory services through its proprietary machine learning technology that enables hedge fund replication strategies, generating revenue from ETF management fees charged to investors accessing these strategies.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | ETF expense ratios significantly below hedge fund 2&20 fees |
| Subscription | Annual | Venture Capital Fund at 95 bps management fee |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Unlimited product offering
Product offeringCore offering
Unlimited is an investment firm that creates and manages ETFs replicating hedge fund strategies (multi-strategy, global macro, managed futures, equity long/short) using proprietary machine learning applied to hedge fund index return data, packaged in low-cost, transparent, and liquid exchange-traded wrappers. It also manages a venture capital fund providing diversified exposure to VC-backed startups and produces the quarterly Hedge Fund Barometer research tool.
Product overview
Unlimited is an investment firm that has created a platform of ETF products replicating alternative investment strategies (hedge fund styles) at lower costs than traditional 2&20 fee structures. The core product lineup includes: HFND (Multi-Strategy Return Tracker ETF, flagship product launched 2022), HFGM (Global Macro ETF launched April 2025), HFMF (Managed Futures ETF, July 2025), HFEQ (Equity Long/Short ETF, July 2025), and a Venture Capital Fund (December 2025). The company also offers the Hedge Fund Barometer, a quarterly research tool. All products leverage proprietary machine learning technology to analyze hedge fund returns and replicate underlying exposures.
Differentiator
Problem solved
Functional benefit
Brands
- Unlimited ETF: Brand for the company's ETF products including HFND, HFGM, HFMF, and HFEQ.
Products and services
- Unlimited HFND Multi-Strategy Return Tracker ETF Actively managed ETF that seeks to replicate the returns of the diversified hedge fund industry using proprietary machine learning algorithms, offering tax-efficient, liquid, and lower-fee access to hedge-fund-style returns. Designed for financial advisors, institutional investors, and retail investors seeking diversification away from traditional stock and bond portfolios.
- Unlimited HFGM Global Macro ETF Actively managed ETF that replicates global macro hedge fund strategies by dynamically allocating capital long and short across currency, fixed income, equity, credit, and exchange rate markets using proprietary ML technology. Targeted at financial advisors and institutional investors seeking global macro exposure at a lower fee than traditional hedge fund LPs.
- Unlimited HFMF Managed Futures ETF Trend-following ETF that seeks to generate returns with low expected correlation to broad bond and equity markets by allocating across a diversified basket of ETFs and exchange-listed futures contracts. Targeted at advisors and institutional investors seeking managed futures exposure in a transparent, liquid ETF wrapper.
- Unlimited HFEQ Equity Long/Short ETF Equity-focused strategy ETF that takes long and short positions across equity sectors, factors, and geographies, aiming to generate alpha relative to broad equity market exposure. Built for advisors and institutional investors seeking long/short equity exposure in an ETF wrapper.
- Unlimited Venture Capital Fund Fund providing diversified exposure to VC-backed startups using a systematic approach to source high-potential venture-backed companies, with a 95 bps management fee charged to LPs. Targets investors seeking diversified venture capital exposure at materially lower fees than traditional 2-and-20 VC fund economics.
- Unlimited Hedge Fund Barometer Quarterly research report and data analysis tool that uses Unlimited's machine learning technology and multiple data sources to track performance metrics for major hedge fund strategies and provide near real-time views of how hedge funds are positioned across asset classes, industry sectors, and geographies.
Quantifiable outcome
- HFND ETF returned 23.13% ITD since October 11, 2022 launch (as of October 2025)
- +4 more outcomes
Companies that use Unlimited
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Unlimited technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature4 records
Unlimited partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights6 records
Unlimited competitors and assessment
Company assessmentDirect peers
- Alpha Architect: Alpha Architect is a quantitative, factor-based ETF manager whose systematic approach to portfolio construction parallels Unlimited's ML-driven methodology, making it directly comparable in the quant-alts subsegment.
- Simplify Asset Management: Simplify is a direct competitor in the liquid alts ETF space, offering managed futures, tail risk, and options-based alternative ETFs that overlap with Unlimited's HFMF (Managed Futures) and HFGM (Global Macro) strategies.
- Cambria ETF Trust: Cambria is an emerging ETF manager that offers multiple alternative-strategy ETFs (e.g., tail risk, global value, hedge fund replication), directly competing with Unlimited's HFND, HFGM, HFMF, and HFEQ products for advisor wallet share in liquid alts.
- Accelerate Financial: Accelerate offers alternative-strategy ETFs in the same niche as Unlimited (arbitrage, venture-backed, multi-strategy), making it a directly comparable emerging alt-ETF shop.
Others
- Research Affiliates: Research Affiliates pioneered fundamental-index and smart beta methodology and licenses index-based replication strategies to ETF issuers, making it a methodological/thematic adjacent comparable to Unlimited's replication-driven approach.
- AngelList: AngelList operates venture-focused rolling funds and syndicate vehicles that provide retail access to VC-backed startups, making it a comparable adjacent peer for Unlimited's newly launched Venture Capital Fund product.
Broad incumbents
- BlackRock (iShares): BlackRock operates BTAL (Diversified Alternatives Trust) and a broad liquid alts ETF suite; its iShares distribution platform dwarfs Unlimited's reach and represents the dominant incumbent alternative.
- AQR Capital Management: AQR is a large quant-led asset manager with liquid alternatives and hedge fund replication-style products that overlap with Unlimited's ML-driven multi-strategy ETFs but at materially greater AUM scale.
- JPMorgan Asset Management: JPMorgan offers a suite of liquid alternatives and hedge fund replication strategies as part of its broad asset management franchise, overlapping with Unlimited's alt-replication ETFs at a much larger scale.
- Goldman Sachs Asset Management: Goldman offers the Hedge Industry VIP ETF (GVIP) and a broad liquid alternatives platform that competes with Unlimited's alt-replication ETFs but as part of a much larger, multi-strategy asset manager.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Unlimited social profiles
Digital presenceUnlimited financial estimates
Financial estimateRevenue estimate
Valuation estimate
Unlimited leadership team
Management profileNumber of profiles
Profiles9 records
Unlimited funding detail
Funding detailFunding overview
Funding rounds1 record
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Unlimited M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Unlimited
What does Unlimited do?
Unlimited is an investment firm that creates and manages ETFs replicating hedge fund strategies (multi-strategy, global macro, managed futures, equity long/short) using proprietary machine learning applied to hedge fund index return data, packaged in low-cost, transparent, and liquid exchange-traded wrappers. It also manages a venture capital fund providing diversified exposure to VC-backed startups and produces the quarterly Hedge Fund Barometer research tool.
Is Unlimited a public or private company?
Unlimited is a private company. It is classified as venture growth investor backed and is currently operating.
When was Unlimited founded?
Unlimited was founded in 2022. It employs 1 to 10 people.
Where is Unlimited based?
Unlimited is headquartered in New York, United States, in the North America region.
How does Unlimited make money?
Two revenue lines are on record. ETF Management / Expense Fees are the primary driver. The others are hedge Fund Alpha Replication Advisory.
Who are Unlimited's main competitors?
Direct peers on record are Alpha Architect, Simplify Asset Management, Cambria ETF Trust and Accelerate Financial. Others are Research Affiliates and AngelList. Broad incumbents are BlackRock (iShares), AQR Capital Management, JPMorgan Asset Management and Goldman Sachs Asset Management.
Does Unlimited have an API?
No public API is recorded for Unlimited.
What industry is Unlimited in?
Unlimited's product category is Liquid Alternative ETFs. Its primary akta.pro industry code is FSAHAFAH, Multi-Strategy — Quant/Systematic Multi-Strategy, with a secondary code of FSAAAFAF, Multi-Asset & Allocation ETFs (Balanced, Target Risk). Its NAICS code is 523940 and its SIC code is 6282.