Unlimited, an investment firm that gives all investors exposure to
the alpha-generating potential of alternative investment strategies
without the high fees and adverse tax implications of typical fund
structures, announced today that Michelle Sullivan has been
appointed as Head of Operations and Chief Compliance Officer,
effective immediately.
Unlimited launched in October 2022 with the debut of its first
product, HFND, an ETF that uses proprietary technology to seek to
replicate the risk/return profile of the gross-of-fees returns of
the hedge fund industry. The firm recently announced that it raised
$8 million in Series A financing to support team growth and product
development that could include the addition of ETFs that employ
sophisticated investment strategies including global macro,
long-short equity, and private equity.
“Michelle joins Unlimited with deep experience across the asset
management industry, from startups to the industry’s largest
institutions,” said Bob Elliott, CEO and Chief Investment Officer
of Unlimited. “As the key driver behind the development of scalable
operational solutions within the firm, she will be critical in
helping us expand the depth and range of our products in the next
stage of Unlimited’s growth.”
“It’s been incredibly exciting to watch how Bob and the team
have grown Unlimited as a thought leader and product innovator
since the launch of the firm and HFND less than a year ago,” said
Ms. Sullivan. “I’m thrilled to be helping the team deliver even
more effectively on the mission of democratizing access to
institutional-quality investment returns.”
Throughout her 15-year career in asset management, Ms. Sullivan
has held a range of strategic roles across operations, compliance,
finance, and technology. This includes senior positions at Granite
Peak Asset Management, Context Capital Partners, and Bridgewater
Associates. At Bridgewater, she helped navigate the firm’s
operational transformation, serving in-house for six years and an
additional three years on the Bridgewater back-office outsourcing
project with Bank of New York Mellon. Michelle holds a BS in
Business Management from Guilford College.
About Unlimited
Founded in 2022 by Bob Elliott, Bruce McNevin and Matt Salzberg,
Unlimited is an investment firm that uses proprietary technology to
create broadly accessible, low-cost index tracking ETFs for 2 &
20-style alternative investments like hedge funds. The firm
currently manages the Unlimited HFND Multi-Strategy Return Tracker
ETF (NYSE: “HFND”), which aims to track the gross-of-fees returns
of the hedge fund industry. Mr. Elliott has built innovative hedge
fund strategies for more than two decades, including at Bridgewater
Associates, the world’s largest hedge fund. Mr. McNevin is a
Professor of Economics at New York University and has held various
data science positions at hedge funds Clinton Group and Midway
Group, along with positions at Bank of America and BlackRock. Mr.
Salzberg serves as a Managing Partner at Material and is a
Co-Founder and Chairman of various companies, including Unlimited.
Learn more at unlimitedfunds.com.
Media Contacts:
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Dukas Linden Public
Relations |
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+1 551-655-4032 |
sarah@dlpr.com |
zkouwe@dlpr.com |
Before investing you should carefully consider the
Fund’s investment objectives, risks, charges and expenses. This and
other information is in the prospectus. A prospectus may be
obtained by clicking here. Please
read the prospectus carefully before you invest.
As with all ETFs, Fund shares may be bought and sold in the
secondary market at market prices. The market price normally should
approximate the Fund’s net asset value per share (NAV), but the
market price sometimes may be higher or lower than the NAV. There
are a limited number of financial institutions authorized to buy
and sell shares directly with the Fund; and there may be a limited
number of other liquidity providers in the marketplace. There is no
assurance that Fund shares will trade at any volume, or at all, on
any stock exchange. Low trading activity may result in shares
trading at a material discount to NAV.
Investments involve risk. Principal loss is possible.
Underlying ETFs Risks. The Fund will incur higher and
duplicative expenses because it invests in Underlying ETFs. There
is also the risk that the Fund may suffer losses due to the
investment practices of the Underlying ETFs. The Fund will be
subject to substantially the same risks as those associated with
the direct ownership of securities held by the Underlying ETFs.
Additionally, Underlying ETFs are also subject to the “ETF Risks”
described above.
Derivatives Risk. The Fund’s or an Underlying ETF’s derivative
investments have risks, including the imperfect correlation between
the value of such instruments and the underlying assets or index;
the loss of principal, including the potential loss of amounts
greater than the initial amount invested in the derivative
instrument; the possible default of the other party to the
transaction; and illiquidity of the derivative investments.
Fixed Income Securities Risk. The Fund may invest in Underlying
ETFs that invest in fixed income securities. The prices of fixed
income securities may be affected by changes in interest rates, the
creditworthiness and financial strength of the issuer and other
factors. An increase in prevailing interest rates typically causes
the value of existing fixed income securities to fall and often has
a greater impact on longer-duration and/or higher quality fixed
income securities.
Foreign Securities Risk. Foreign securities held by Underlying
ETFs in which the Fund invests involve certain risks not involved
in domestic investments and may experience more rapid and extreme
changes in value than investments in securities of U.S. companies.
Financial markets in foreign countries often are not as developed,
efficient or liquid as financial markets in the United States, and
therefore, the prices of non-U.S. securities can be more
volatile.
Short Selling Risk. The Fund may make short sales of securities
of Underlying ETFs, which involves selling a security it does not
own in anticipation that the price of the security will decline.
Short sales may involve substantial risk and leverage. Short sales
expose the Fund to the risk that it will be required to buy
(“cover”) the security sold short when the security has appreciated
in value or is unavailable, thus resulting in a loss to the Fund.
Short sales also involve the risk that losses may exceed the amount
invested and may be unlimited.
Futures Contracts Risk. The Fund or Underlying ETFs may invest
in futures contracts. Risks of futures contracts include: (i) an
imperfect correlation between the value of the futures contract and
the underlying asset; (ii) possible lack of a liquid secondary
market; (iii) the inability to close a futures contract when
desired; (iv) losses caused by unanticipated market movements,
which may be unlimited; (v) an obligation for the Fund or an
Underlying ETF, as applicable, to make daily cash payments to
maintain its required margin, particularly at times when the Fund
or Underlying ETF may have insufficient cash; and (vi) unfavorable
execution prices from rapid selling.
Swap Agreement Risk. The Fund or an Underlying ETF may invest in
swap agreements. Swap agreements are entered into primarily with
major global financial institutions for a specified period, which
may range from one day to more than six months. The swap agreements
in which the Fund or an Underlying ETF, as applicable, invests are
generally traded in the over-the-counter market, which generally
has less transparency than exchange-traded derivatives
instruments.
New Fund Risk. The Fund is a recently organized management
investment company with no operating history. As a result,
prospective investors do not have a track record or history on
which to base their investment decisions.
Definitions:
Alpha: A term used in investing to describe an investment
strategy’s ability to beat the market.
Beta: A concept that measures the expected move in a stock
relative to movements in the overall market.
The fund is distributed by Foreside Fund Services, LLCLaunch
& Structure Partner: Tidal ETF Services
HFND (NYSE:HFND)
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