Here's something I've noticed over four decades of watching markets.
The trades that have made real money are almost never comfortable when you get in. They look obvious in hindsight. At the time, they just look boring. Or early. Sometimes both.
Hard assets right now look boring to most people. A gas pipeline company. A water infrastructure business. A Class I railroad. None of it sounds as sexy as an AI trade. That's kind of the point.
The businesses that supply what the AI economy physically cannot function without are, right now, still being valued like the AI economy doesn't exist.
The market hasn't connected those dots yet at scale. Bloomberg puts physical infrastructure spending at $610 billion a year. Capital flows that size tend to get noticed.
If that repricing happens — and the scale of capital flowing into physical infrastructure makes me believe it's a possibility worth taking seriously — it may not be gradual.
I'm not calling a date. I'm not promising a return. What I am saying is that I've watched enough structural shifts play out to know that markets tend to close underpricing gaps faster than expected.
HALX exists because I wanted a disciplined, rules-based way to sit at those chokepoints — without having to time it perfectly, without having to pick individual names, and without having to explain to anyone why I own boring stocks in an AI bull market.
The boring stocks nobody wanted just got their own ETF.
— SEE HALX —
- Matt
IMPORTANT DISCLOSURES
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus with this and other information about the fund, please call (833) 759-6110. Please read the prospectus carefully before investing.
Distributor: Foreside Fund Services
Investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks:
Limited History of Operations Risk: As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.
Index Tracking Risk: Returns may not match its reference Index due to costs, timing differences, or operational constraints. The Fund will hold reference index securities regardless of outlook, which may lead to underperformance versus active strategies.
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.