Hedgeye Asset Management has just launched a new ETF built around one of the most talked-about macro frameworks in modern investing, the “Fourth Turning.” The Hedgeye Fourth Turning ETF (NYSE:HEFT), launched on Nov. 21, is an effort to capture long-cycle demographic, political, and macroeconomic shifts that the firm believes will reshape markets over the next decade.

The actively managed fund is co-managed by historian-demographer Neil Howe, co-author of The Fourth Turning and the man who coined the term “Millennials“, along with veteran global equity investor R. Patrick Kent. Hedgeye CEO Keith McCullough said the new launch pairs the firm’s quantitative macro “Quads and Signals” process with a structural lens suited for what he called “a transformational period in history.”

The fund’s expense ratio is 0.7%.

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Built For Long Cycles, Not Quick Trades

HEFT seeks long-term capital appreciation and focuses on those thematic equity exposures that are underpinned by secular, or generational, and cyclical forces. The managers merge Hedgeye’s top-down macro models with bottom-up fundamental and thematic research to isolate durable trends and “asymmetric risk setups.”

The fund has broad flexibility: it can invest across regions, sectors, and market caps and can concentrate positions where conviction is highest.

Translating ‘Fourth Turning’ Theory Into An Investment Strategy

Howe said periods classified as Fourth Turnings-characterized by upheaval, institutional strain, and major societal realignment-demand that investors think in long arcs rather than quarterly beats. HEFT, he added, tries to convert that long-horizon framework into a portfolio that anticipates structural winners and looming risks.

Kent emphasized that by pairing Howe’s demographic work with Hedgeye’s quantitative risk framework, investors will get a disciplined way to navigate this period of “major transition.” He said the strategy’s objective is to suit an investor looking for a forward-looking, cycle-aware approach, rather than thematic punts.

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