ETF Evaluator:
Hedgeye Fourth Turning ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
Risk
Index
Risk
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ETF Details
Hedgeye Fourth Turning ETF Overview
Hedgeye Fourth Turning ETF (HEFT) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). Hedgeye Asset Management, LLC launched the ETF in 2025.
The investment seeks long-term capital appreciation.
The fund maintains, under normal market conditions, notional exposure of up to approximately 150% of its net assets to long positions. Simultaneously, the fund seeks to maintain short exposure of up to approximately 50% of its net assets (i.e., investments expected to decline or underperform during Fourth Turning conditions, including over-leveraged financials, “old era” technology, long-term fixed-rate debt, and sectors vulnerable to policy or demographic headwinds).
About Hedgeye Fourth Turning ETF (HEFT)
There are 1 members of the management team with an average tenure of 0.69 years: R. Patrick Kent (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Hedgeye Fourth Turning ETF has 71 securities in its portfolio. The top 10 holdings constitute 70.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Hedgeye Fourth Turning ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Hedgeye Fourth Turning ETF has 7.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.8% There is 7.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 10.0% (9.5% domestic bond, 0.5% foreign bond and 0.0% convertible bond). Hedgeye Fourth Turning ETF has 19.2% of the portfolio in cash.
Assets Under Management
The fund has $84 million in total assets, which is below the $320 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HEFT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hedgeye Fourth Turning ETF expense ratio is above average compared to funds in the Long-Short Equity category. Hedgeye Fourth Turning ETF has an expense ratio of 0.70%, which is 62% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hedgeye Fourth Turning ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, Hedgeye Fourth Turning ETF returned -1.5%, which earned it a grade of C, as the Long-Short Equity category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Hedgeye Fourth Turning ETF has a trailing yield of 0.00%, which is below the 1.17% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hedgeye Fourth Turning ETF Grades
Year to date, the ETF has returned 3.9%, 4.4 percentage points worse than the category, which translates into a grade of D.
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HEFT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HEFT Return (NAV) | -1.5% | -0.0% | na | na | na | na |
| HEFT Return (Price) | -1.5% | -0.4% | na | na | na | na |
| NAV +/- Price Return | 0.060% | 0.384% | na | na | na | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| HEFT Grade (NAV) | C | F | na | na | na | na |
| +/- Category (NAV) | -1.4% | -3.1% | na | na | na | na |
| HEFT Tax-Cost Ratio | na | na | na | na | na | na |
HEFT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HEFT Return (NAV) | 3.9% | na | na | na | na | na | na | na | na | na | na |
| HEFT Return (Price) | 3.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.156% | na | na | na | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| HEFT Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.4% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 84 Mil |
| Share Class Assets: | $ 84 Mil |
| Turnover: | na |
| Expense Ratio: | 0.70% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Kent R. Patrick (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 71 |
| % in Top 10 Holdings: | 70.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.8% |
Portfolio Allocation |
|
| Domestic Stock: | 40.8% |
| Foreign Stock: | 7.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 9.5% |
| Foreign Bond: | 0.5% |
| Convertible Bond: | 0.0% |
| Other: | 22.8% |
| Cash: | 19.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Hedgeye Asset Management, LLC |
| Phone Number: | 888-711-8292 |
| Website: | |
| Inception Date: | November 20, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.83% |
