HEFT vs RISN

HEFTBHedgeye Fourth Turning ETF

RISNAInspire Capital Appreciation ETF

In short

HEFT A 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.

RISN A tactical blend of U.S. large-cap stocks and U.S. bonds from a values-screening shop, built to chase long-term growth with less turbulence than the large-cap market, at a fee below the typical tactical peer.

Stated mandate

HEFT 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.

RISN The fund seeks long-term capital appreciation with lower volatility than the U.S. large-cap stock market.

Why people hold it

• HEFT 0.70% 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.
• The short sleeve is the point. Managers can position against areas they expect to weaken instead of only choosing which longs to own.
• One 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.

• RISN Charges 0.72% a year, under the going rate for tactical multi-asset funds that actively shift their mix.
• One ticket holds U.S. large-cap equities alongside U.S. fixed income, with the stated aim of long-term appreciation at lower volatility than U.S. large caps.
• One of the stronger implementations in a crowded tactical multi-asset field, with a live record going back to its 2020 launch.
• Pays out quarterly, so the bond sleeve shows up as scheduled cash rather than a once-a-year surprise.

Worth knowing

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

• RISN Thinly traded and modest in size, so bid-ask spreads can matter more than the fee does. Limit orders are the standard workaround.
• Tactical means judgment calls: the allocation can look nothing like a fixed stock/bond blend at any given moment.
• Cheap for tactical, not cheap outright. Peers such as ENDW (0.22%) and ONOF (0.39%) run at a fraction of the fee.

Full HEFT profile⁠

Full RISN profile⁠