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Unlimited Appoints Michelle Sullivan as Head of Operations and Chief Compliance Officer

NEW YORK, Aug. 22, 2023 (GLOBE NEWSWIRE) -- 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

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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.


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, LLC
Launch & Structure Partner: Tidal ETF Services

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