2026 ETF.com Award Nominees: Alternatives

The Nominees

IMF - Invesco Managed Futures Strategy ETF

Launched: March 2025 | ER: 0.65% | AUM: $298M | Issuer: Invesco

Investment Strategy: IMF offers systematic trend-following across 50+ global markets that include stock indices, bonds, currencies, and commodities. The strategy takes both long and short positions via futures, forwards, and swaps. This is Invesco’s institutional CTA capability packaged for the ETF market.

• Merit: High - Institutional managed futures strategy at scale
• Position: Major issuer entering category adds credibility
• Utility: Good - “Invesco’s CTA in ETF form” resonates with allocators
• Power: High - Trend strategies have proven their diversification value over cycles

Why it’s nominated: Managed futures as an asset class proved its worth in 2022 when CTAs were among the few strategies making money while stocks and bonds both crashed. Invesco brings institutional scale and expertise to a category that’s been dominated by smaller players. The $298M in AUM—with more in flows than assets, indicating strong momentum—shows advisors are taking notice.

ORR - Militia Long/Short Equity ETF

Launched: January 2025 | ER: 14.19% | AUM: $183M | Issuer: Militia Investments

Investment Strategy: This fund offers a true long/short global equity hedge fund in ETF form. ORR targets 50% net long exposure with 155 holdings, 88% international, and high turnover. This isn’t “hedge fund lite”—it’s the real thing with real hedge fund economics.

• Merit: High - Genuine hedge fund strategy, not watered down
• Position: Growing category for alternative strategies in ETF
• Utility: Moderate - Expensive and complex, but delivers true alternative exposure
• Power: Moderate - Hedge fund in ETF remains niche but growing

Why it’s nominated: Yes, the 14.19% gross expense ratio is startling. But that’s what hedge funds cost—2 and 20 fees on leveraged capital adds up fast. ORR doesn’t apologize for its pricing; it delivers actual hedge fund exposure with daily liquidity, no lockups, no accredited investor requirements, and full transparency. For investors who want genuine alternatives, not a facsimile, ORR is the real thing.

RSSX - Return Stacked U.S. Stocks & Gold/Bitcoin ETF

Launched: May 2025 | ER: 0.68% | AUM: $43M | Issuer: Return Stacked

Investment Strategy: RSSX provides exposure to equities, gold, and bitcoin in one portfolio, while using leverage to maximize its capital efficiency. $1 invested in the fund delivers $1 of U.S. equity exposure PLUS $1 of Gold/Bitcoin exposure (risk-parity weighted between the two). The strategy uses futures for gold and ETFs/futures for Bitcoin to achieve its leverage. 

• Merit: Very High - Genuinely novel asset combination
• Position: First-mover on stocks + gold + Bitcoin stacking
• Utility: Good - “Three assets in one ETF” is a simple story
• Power: High - Store-of-value thesis appeals across market environments

Why it’s nominated: Return Stacked pioneered the “stacking” concept—using capital efficiency to deliver multiple asset class exposures simultaneously. RSSX is their most ambitious yet, combining equities with both traditional (gold) and digital (Bitcoin) stores of value. It’s a one-ticker answer to “how do I get market exposure plus a hedge against currency debasement?”

FFUT - Fidelity Managed Futures ETF

Launched: June 2025 | ER: 0.80% | AUM: $226M | Issuer: Fidelity

Investment Strategy: FFUT seeks capital efficiency through a strategy that trades futures across global equity indices, fixed income, currencies, and commodities with both long and short exposure. The fund managers combine trend following as well as quantitative analysis (when applicable) to curate the portfolio. 

• Merit: High - Fidelity scale and resources in trend-following
• Position: Major issuer validation of category
• Utility: Good - “Fidelity managed futures” opens doors
• Power: High - Fidelity distribution is formidable

Why it’s nominated: When Fidelity enters a category, it matters. FFUT competes directly with IMF for the managed futures crown, and with $226M in AUM accumulated in just six months, it’s proven there’s room for multiple players. Fidelity’s distribution reach—particularly in the 401(k) market—could make managed futures accessible to a whole new investor base.

HEFT - Hedgeye Fourth Turning ETF

Launched: November 2025 | ER: 0.70% | AUM: $11M | Issuer: Hedgeye

Investment Strategy: HEFT offers a macro ETF built on Neil Howe’s “Fourth Turning” thesis—the idea that history moves in generational cycles and we’re currently in a crisis era requiring different asset allocation. The strategy uses long and short positions across equities, fixed income, currencies, commodities, ETFs, as well as derivates. It seeks to generate notable returns over rolling-three year periods, adjusted for inflation. 

• Merit: High - Differentiated macro worldview as ETF
• Position: First-mover on generational cycle investing
• Utility: Moderate - Requires belief in Fourth Turning framework
• Power: Moderate - Thesis is either prescient or wrong

Why it’s nominated: Most alternatives ETFs are defined by strategy—long/short, managed futures, etc. HEFT is defined by worldview: Neil Howe literally wrote the book on generational cycles (co-authored “The Fourth Turning” in 1997). Hedgeye has operationalized that framework into an investable strategy. Whether you buy the thesis or not, it’s genuinely differentiated—and the concepts are becoming increasingly mainstream.

HFGM - Unlimited HFGM Global Macro ETF

Launched: April 2025 | ER: 0.95% | AUM: $72M | Issuer: Unlimited

Investment Strategy: HFGM captures Unlimited’s approach to replicating hedge fund global macro strategies without the hedge fund fees. The strategy offers similar returns to the Global Macro sector of the hedge fund industry (gross fees) while increasing volatility to 2x the sector in an attempt to outperform. The fund also uses machine learning to identify long and short positions in futures and ETFs. 

• Merit: High - Hedge fund replication at accessible cost
• Position: Growing category for factor-based replication
• Utility: Good - “Global macro without 2-and-20” is compelling
• Power: High - If the replication works, it’s a game-changer

Why it’s nominated: Unlimited has built its brand on the premise that hedge fund returns can be replicated through systematic factor exposure—at a fraction of the cost. HFGM applies this to global macro, one of the most alpha-rich (and expensive) hedge fund categories. With $72M in AUM, investors are betting the approach works. If it does, it changes the math on alternative allocations.

For more information about the ETF.com awards process, click here.

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