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HEFT

GradeBNew York Stock Exchange Arca

Hedgeye Fourth Turning ETF

Multi-Asset & Alternatives · Hedgeye · Inception 2025-11-20

$26.45+0.03 (+0.10%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Nov 21, 2025.History starts Nov 21, 2025.
Intraday session: up, 14 prints from 26.42 to 26.45. Range 26.38 to 26.48. Use the arrow keys to read each point.$26.40$26.4810 AM12 PM2 PM4 PM
Expense ratio
0.70%
Fund size
$80M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$26.49
52W range
low $24.92high $28.84

The ETF.net HEFT Grade

B

60/ 100

Rank 16 of 46 in Tactical Allocation⁠

Confidence High

Six-pillar profile for HEFT. Scores out of 100: Cost 67, Risk 32, Mission 63, Tradability 86, Holdings 48, Durability 53. Strongest: Tradability (86). Weakest: Risk (32). Leans toward Tradability.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 67
    Category rank16/46 · top 35%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 63
    Category rank17/26 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank39/46 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 86
    Category rank4/46 · top 9%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 48
    Category rank22/42 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 53
    Category rank29/46 · mid-pack

Graded as of Sep 22, 2026

Our read on HEFT

ETF.net Research

BA research shop's macro call in ETF form. HEFT runs an active long/short book guided by Fourth Turning generational theory: long what it reads as demographic tailwinds, short what it expects to fade.

Stated mandate

The Fund seeks long-term capital appreciation. It uses an actively managed long/short strategy informed by Fourth Turning generational theory, varying exposure across U.S. equities, fixed income, commodities, currencies, and up to 20% international securities.

Why people hold it

  1. 010.70% a year, below the median for tactical multi-asset funds, and that buys an active long/short mandate rather than a rules file on autopilot.
  2. 02The short sleeve is the point. Managers can position against areas they expect to weaken instead of only choosing which longs to own.
  3. 03One legible thesis drives both sides of the book, so the fund's calls can be judged against the framework it publishes rather than a black box.

Worth knowing

  1. 01Launched in 2025. There is not yet a long record showing how the generational-cycle framework behaves across different market regimes.
  2. 02Shorting cuts both ways: borrow costs are ongoing, and a short position's losses are not bounded the way a long position's are.
  3. 03Small and lightly traded, so bid-ask spreads can run wider than in the category's household names. The mandate targets capital appreciation, not income.

HEFT Holdings

As of Sep 20, 2026, 9:16 AM
Asset class
Stocks
Holdings
—
Top-10 weight
78%
Largest holding
CERY13.1%

Geography

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001CERYState Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF13.11%262,636$10M7
002—First American Government Obligations Fund 12/01/203112.19%9,725,481$10M625
003DBMFiMGP DBi Managed Futures Strategy ETF10.30%254,961$8M10
004UTWOF/m US Treasury 2 Year Note ETF9.34%156,937$7M1
005—VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND ETF SHARES-SWAP-CLST-L6.47%66,524$5M1
006—VANGUARD TOTAL WORLD STOCK INDEX FUND ETF SHARES-SWAP-CLST-L5.95%29,952$5M2
007VTIVanguard Morningstar Total Stock Market ETF5.52%11,728$4M15
008NOBLProShares S&P 500 Dividend Aristocrats ETF5.29%75,793$4M4
009GLDSPDR Gold Shares4.99%9,920$4M8
010LVHDFranklin U.S. Low Volatility High Dividend Index ETF4.59%85,798$4M1
011—Cash & Other3.74%2,988,702$3M674
012NFRANorthern Trust STOXX Global Broad Infrastructure ETF3.45%42,942$3M1
013OIHVanEck Oil Services ETF3.33%6,672$3M2
014XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF2.17%9,136$2M3
015CIBRFirst Trust NASDAQ Cybersecurity ETF2.01%16,032$2M2

Showing 1–15 of 35 holdings

HEFT Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HEFT$10,451
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. HEFT $10,451. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HEFT. Periods over one year show the average yearly return.
PeriodHEFT
Year to date+4.5%
1 month−1.0%
3 months−0.9%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HEFT
YearReturn barHEFT
2026 YTD+4.5%
2025+1.0%

History from Nov 21, 2025

HEFT in the news

ETF.net Research hasn’t filed on HEFT yet — coverage lands here as it’s written.

HEFT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.005 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.005. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.005

HEFT Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.16
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

HEFT Cost

Expense ratio0.70%
  • The middle half of Tactical Allocation funds
  • Median 0.91%

15 of the 46 Tactical Allocation funds charge less.

HEFT costs $70.00 a year on $10,000. The median Tactical Allocation fund costs $90.50.