Top Holdings, Weightings, and What Makes the ETF Unique

Launched on May 19, 2026, the Tuttle Capital Heavy Assets Low Obsolescence ETF (HALX) is one of the newest entrants in the thematic ETF landscape. The fund seeks to track the performance of the Tuttle Capital Heavy Asset Low Obsolescence Index, which begins with the VettaFi US Equity Large-Cap 500 Index as its investment universe and then selects 40 companies exhibiting HALO (Heavy Asset, Low Obsolescence) characteristics. The resulting portfolio emphasizes businesses with substantial tangible assets, capital-intensive operations, and durable asset-backed cash flows. It includes companies tied to transportation, energy infrastructure, logistics, and industrial facilities.

Key Takeaways

• HALX invests in companies with physical infrastructure to protect portfolios against tech disruption.
• The fund uses a modified equal-weight strategy to reduce single-stock concentration risk.
• Top holdings include a mix of traditional energy firms, rail operators, and data center hardware providers.

Transportation and Infrastructure Represent a Major HALX Theme

The portfolio’s largest holding is Devon Energy Corporation (DVN) at 4.51%, a leading independent exploration and production company with extensive operations across major U.S. oil and gas basins. The second-largest holding, West Pharmaceutical Services (WST) at 3.44%, provides critical containment and drug-delivery components used throughout the global healthcare industry.  

AI Infrastructure Exposure Through CoreWeave

One of the portfolio’s more unique holdings is CoreWeave (CRWV) at 2.92%. CoreWeave’s investment appeal within HALX stems from its ownership of compute hardware designed to support large-scale AI workloads. The company represents a modern form of industrial infrastructure. Here, physical data center capacity and computing assets serve as critical economic resources. 

See More: New HALX ETF Bets Big on Tangible Assets & Cash Flows

Railroad Stocks Provide Exposure to Critical U.S. Transit Corridors

Rail transportation is another major theme within the fund. CSX Corporation (CSX) accounts for 2.84% of assets, providing access to irreplaceable rail corridors throughout the eastern United States. Union Pacific (UNP), weighted at 2.68%, complements that position through its extensive rail network spanning the western two-thirds of the country.

Retail and Energy Infrastructure Expand Diversification

Outside transportation and energy, HALX holds Burlington Stores Inc (BURL) at 2.69%, a retailer whose competitive position is supported by a nationwide footprint of physical stores and distribution facilities. Energy infrastructure remains well represented through Targa Resources (TRGP) at 2.61%, a major operator of gathering systems, processing facilities, and fractionation assets. Rounding out the top 10 is Diamondback Energy (FANG) at 2.61%, a leading Permian Basin producer with significant reserve holdings and operational scale.

What Makes HALX Unique

HALX’s top 10 holdings represent just 31.06% of portfolio assets, underscoring the fund’s emphasis on diversification. HALX uses a modified equal-weight methodology that distributes capital more evenly across its holdings.

Beyond top positions, most constituents carry weightings between ~2.0% and 2.7%, limiting the portfolio’s reliance on any single company.

With an expense ratio of 0.75%, the approach produces a portfolio that looks markedly different from traditional market-cap-weighted indexes. Instead of concentrating in technology giants, HALX provides exposure to asset-intensive businesses positioned to benefit from long-term investment.

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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for HALX, for which it receives an index licensing fee. However, HALX is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of HALX.

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