ETF Education Report: UNLIMITED HFMF MANAGED FUTURES ETF (HFMF)

What this ETF is trying to do

The UNLIMITED HFMF MANAGED FUTURES ETF (ticker: HFMF) is an exchange-traded fund listed on the NYSE. Based on its top holdings, this fund uses various financial tools like futures contracts (such as gold, crude oil, and currency futures) and government obligations to manage its portfolio.

What the numbers show

When looking at an ETF, it is important to understand two different types of returns: price return and total return.

• Price Return: This measures only the change in the share price. For HFMF, the year-to-date (YTD) price return is approximately 7.26%. The one-year price return is approximately 5.60%.

• Total Return: This includes the share price change plus any distributions (cash payments) made to investors. The one-year total return for this ETF is approximately 8.68%.

To give you an idea of price movement, the estimated price from roughly one year ago was $21.10. The current price is $22.28.

Income and distribution explanation

This ETF has a distribution yield of approximately 2.77%. This number describes the cash distributions relative to the ETF's price. It is important to remember that a distribution yield is not the same as a total return.

The fund's distributions are described as "irregular" or "less frequent," with one payout recorded in the last 12 months. While distributions provide cash income, they do not guarantee that your original investment will stay the same value.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). Some investors worry about erosion because if a fund's value drops significantly, it can be hard to recover.

For HFMF, the erosion-risk score is 100, and the label indicates "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Top Holdings

The following are the top holdings in this portfolio (as of October 4, 2026). Please note that holdings can change over time.

• FIRST AMERICAN GOVERNMENT OBLIGS X: 78.80%

• EURO FX FUTURE JUNE 26: 19.92%

• OTHER ASSETS AND LIABILITIES: 19.44%

• CASH OFFSET: 16.94%

• CRUDE OIL FUTURE JULY 26: 14.88%

• AUSTRALIAN DOLLAR FUTURE JUNE 26: 9.17%

• LIVE CATTLE FUTURE JUNE 26: 3.32%

• COPPER FUTURE JULY 26: 2.58%

• SUGAR NO 11 FUTURE JULY 26: 2.45%

• CBOE VIX FUTURE JUN26: 2.26%

Pros

• The fund shows a positive one-year total return of approximately 8.68%.

• The erosion-risk measurements are currently rated as "good."

Cons

• Distributions are irregular and do not happen on a set schedule.

• The income rating grade is a "C."

Beginner takeaway

When looking at HFMF, notice the difference between the share price growth and the total return. The total return is higher because it accounts for the cash distributions paid out to investors. Always remember that a distribution yield tells you about cash payments, but it does not tell you the whole story of how much your investment has grown or shrunk.