Unlimited

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.

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

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

• Alternative investment ETFs
• Hedge fund replication
• Machine learning investing
• Liquid alternative funds
• Venture capital funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core 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

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/UnlimitedFnds
• LinkedInlinkedin.com/company/unlimitedfunds

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unlimited