Unlimited brings low-cost indexing to 2&20 products by using proprietary machine learning technology to create index replications. These replications are packaged in an ETF wrapper and offer 2&20 product returns at 1/4 the fees and 1/2 the taxes of traditional LP positions. The first product is a hedge fund replication ETF which seeks to match the gross of fees returns of the hedge fund industry and is planned to launch in September. For the launch, Unlimited has created a private seed vehicle for accredited and institutional investors. The structure targets mid-teens total returns with monthly liquidity, and will own the ETF and additionally receive 20% of Unlimited's total management fee on the ETF for up to 5 years for the first $20mln in commitments.