📊 Unlimited ETFs — Holdings Monitor

The suite collectively expresses a sophisticated risk-on posture characterized by a heavy tilt toward high-yield credit and emerging markets, underpinned by a decisive bet on dollar weakness via significant short positions in the Japanese yen and British pound. While equity exposure remains aggressively long, the macro funds are utilizing high gross leverage to capture specific currency dislocations, suggesting an expectation of a softening US dollar regime.

HFND maintains a moderate risk-on stance with a 65.7% net exposure, increasingly pivoting toward credit and emerging markets. The fund significantly increased its position in high-yield bonds and emerging market equities over the last day, while simultaneously trimming its short position in US five-year notes and its short position in the Japanese yen. This reduction in yen shorts suggests a softening of the bet on yen strength, moving toward a more neutral or slightly bullish yen view compared to its peers.

HFGM exhibits high-conviction macro positioning with a 204.2% gross exposure, though its net exposure remains a more conservative 37.8%. The fund is aggressively betting against the US dollar, evidenced by massive increases in short positions on both the Japanese yen and the British pound. Conversely, it has bolstered its long position in the euro, signaling a preference for European currency strength. The addition of copper suggests a tactical tilt toward industrial growth and inflation hedging within its high-leverage framework.

HFMF presents the most contrarian profile, maintaining a deeply negative net exposure of -103.4% despite a 206.2% gross exposure. This fund is heavily positioned for a dollar rally or a broad liquidation event, driven by massive short positions in the Japanese yen and the British pound. However, the recent increase in long euro and Australian dollar positions indicates a nuanced approach where the fund is picking specific G10 currency winners while maintaining a dominant short bias against the dollar's primary funding currencies.

HFEQ remains the purest expression of equity optimism, with a 123.1% net exposure and minimal shorting. The fund is diversifying its long equity beta across US value stocks, European equities, and emerging markets. The recent increase in emerging market exposure, combined with the credit tilts seen in HFND, reinforces a global growth narrative where capital is rotating out of safe havens and into higher-yielding, higher-beta assets.