It is an actively managed ETF designed to track the return characteristics of the global macro sector of the hedge fund industry. It uses system-driven signals to capture pricing discrepancies across currency, bond, equity, credit and foreign exchange markets, building its exposure through long/short combinations of underlying ETFs and listed futures.

It suits investors who want the diversification benefits of a macro strategy beyond traditional stocks and bonds, and who are willing to tolerate high volatility and active management.

It is an ETF run with an active (actively managed) approach by Unlimited Funds.

The fund aims to replicate the return characteristics of the hedge fund global macro sector while targeting volatility at roughly twice that sector's level. It combines listed futures and several underlying ETFs in long and short positions based on system signals, seeking returns from macro trends in currency, interest rate, equity and credit markets.

• ETF replication of hedge fund macro strategies
• Long/short combinations of futures and underlying ETFs

Assets under management (AUM) are $152.8M, and the total expense ratio is 1.01% per year.

Its fees are relatively low compared with traditional hedge funds, and it holds an edge in intraday trading and holdings transparency.

Global macro strategies pursue return streams with low correlation to stocks and bonds, so they can at times move differently from the market's direction. However, given the nature of active management, short-term performance can be highly volatile.

Interest in macro strategies continues as an alternative to traditional hedge fund allocations. As a newly launched product in a relatively young category, it can be seen as being at a stage where fund flows and track record are still building up.

Its strength is macro diversification that differs from stocks and bonds, while its weaknesses are high volatility and dependence on active management.

Comparable products for global macro ETFs are limited. In the alternative asset category, ETFs such as PSP, PEX and GTPE, which offer exposure to listed private equity, may serve as a reference for investors interested in macro and alternative strategies. Fee levels and management approaches differ among these as well, so comparison is needed. However, their underlying exposures and risk structures differ from one another, so they are not direct substitutes, and it is advisable to review each product's strategy and risks separately.

Here are the points to review before investing in HFGM. Because it is a hedge-fund-style active macro strategy ETF, it is important to confirm in advance that you understand its target volatility, fee level and long/short structure, and to consider whether they fit within your own risk tolerance.

The main risk factors are the high target volatility and dependence on active signal models. Given the nature of macro strategies, the fund can move differently from the market's direction, so short-term performance can vary widely.

It can serve as a complementary tool for investors who want macro diversification with low correlation to traditional assets. However, it is recommended to size your allocation only after fully understanding its high volatility and strategic complexity.