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FOURTH TURNING
HEFT US Equity

FUND DETAILS

Ticker

Primary Exchange

CUSIP

ISIN

Net Assets

Shares Outstanding

Gross Expense Ratio

Inception Date

Distribution Frequency

HEFT US Equity

NYSE

26923Q416

US26923Q4165

Data as of 8/6/2026

0.70%

11/20/2025

Annual

$81,936,747

3,110,000

HEFT OVERVIEW

The Hedgeye Fourth Turning Fund (HEFT) is an actively managed long–short strategy seeking long-term real capital appreciation through a dynamic investment approach grounded in Fourth Turning generational theory. Managed by Hedgeye Asset Management (HAM), the Fund is co-led by Neil Howe, a world renowned authority on generational theory and demographic trends, as well as R. Patrick “RPK” Kent, a 25-year industry veteran with prior portfolio management roles at Wellington Management, BNY Mellon, and CR Intrinsic. HEFT targets meaningful real returns over rolling three-year periods, measured in inflation-adjusted terms. HEFT’s strategy is built on the premise that market dynamics from 2026 to 2036 will differ sharply from those of the past four decades, marked by rising protectionism, reinflation, industrial policy, re-armament, and geopolitical tension. The Fund’s flexible, research-driven portfolio may include equities, fixed income, commodities, currencies, ETFs, and derivatives, while employing dynamic hedging to maintain neutral or lower market beta. HEFT offers investors a thematically driven, research-intensive strategy designed to protect real capital and generate positive returns in a rapidly changing market regime.

AdobeStock_492933432_edited_edited.jpg

Daily Net Asset Value (NAV) and Closing Price

NAV:

NAV Change:

NAV Premium Discount:

Price:

Price Change:

30 Day Median Bid/Ask Spread:

The ETF's 30 Day Median Bid-Ask Spread is calculated by identifiying the ETF's national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

$26.35

PREMIUM DISCOUNT GRAPH

The frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day.

PERFORMANCE HISTORY

Cumulative %

Data as of: 6/30/2026

Fund NAV

Closing Price

1 Month

-1.58%

3 Month

0.03%

6 Month

5.46%

-1.67%

-0.38%

4.91%

YTD

5.46%

Since Inception

6.37%

4.91%

6.10%

Avg Annualized %

Data as of: 6/30/2026

Fund NAV

Closing Price

1 Year

N/A%

Since Inception

N/A%

N/A%

N/A%

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the quoted performance.  For month-end fund performance, please call +1 (888) 711-8292.

DISTRIBUTION HISTORY

2025 Distributions

DATE
TICKER
PER SHARE
12/30/2025
HEFT
$0.004973

ETF PORTFOLIO HOLDINGS

Data as of 8/7/2026

Ticker

Cusip

Name

Shares

Price

Market Value

Weight

CERY

78468R440

State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

271,362

$35.74

$9,698,477.88

11.84%

DBMF

53700T827

iMGP DBi Managed Futures Strategy ETF

263,431

$30.94

$8,150,555.14

9.95%

UTWO

74933W486

F/m US Treasury 2 Year Note ETF

162,151

$47.90

$7,766,222.15

9.48%

FGXXX

31846V336

First American Government Obligations Fund 12/01/2031

7,192,091.91

$100.00

$7,192,091.91

8.78%

VTI

922908769

Vanguard Morningstar Total Stock Market ETF

17,047

$379.07

$6,462,006.29

7.89%

Cash&Other

Cash&Other

Cash & Other

6,247,430.91

$1.00

$6,247,430.91

7.62%

NOBL

74348A467

ProShares S&P 500 Dividend Aristocrats ETF

69,737

$58.12

$4,053,114.44

4.95%

LVHD

52468L406

Franklin U.S. Low Volatility High Dividend Index ETF

88,648

$44.33

$3,929,765.84

4.80%

922042742-TRS-07/06/27-L-HEFT

922042742-TRS-07/06/27-L-HEFT

VANGUARD TOTAL WORLD STOCK INDEX FUND ETF SHARES-SWAP-CLST-L

18,219

$159.92

$2,913,582.48

3.56%

NFRA

33939L795

FlexShares STOXX Global Broad Infrastructure Index Fund

44,369

$65.54

$2,907,944.26

3.55%

GLD

78463V107

SPDR Gold Shares

7,324

$389.67

$2,853,943.08

3.48%

GNR

78463X541

State Street SPDR S&P Global Natural Resources ETF

34,018

$73.42

$2,497,601.56

3.05%

VCSH

92206C409

Vanguard Short-Term Corporate Bond ETF

31,153

$78.48

$2,444,887.44

2.98%

CIBR

33734X846

First Trust NASDAQ Cybersecurity ETF

24,828

$96.39

$2,393,170.92

2.92%

OIH

92189H607

VanEck Oil Services ETF

5,923

$392.08

$2,322,289.84

2.83%

XBI

78464A870

State Street SPDR S&P Biotech ETF

13,206

$154.50

$2,040,327.00

2.49%

XSW

78464A599

State Street SPDR S&P Software & Services ETF

8,874

$190.57

$1,691,118.18

2.06%

IPAY

32108656

Amplify Digital Payments ETF

32,593

$51.31

$1,672,346.83

2.04%

XOP

78468R556

State Street SPDR S&P Oil & Gas Exploration & Production ETF

9,439

$167.05

$1,576,784.95

1.92%

HTEC

301505723

ROBO Global R Healthcare Technology and Innovation ETF

32,560

$39.64

$1,290,678.40

1.58%

FITE

78468R671

State Street SPDR S&P Kensho Future Security ETF

11,199

$113.57

$1,271,874.91

1.55%

IHE

464288836

iShares U.S. Pharmaceuticals ETF

11,783

$102.47

$1,207,404.01

1.47%

LLY

532457108

Eli Lilly & Co

1,012

$1,191.94

$1,206,243.28

1.47%

IHF

464288828

iShares U.S. Healthcare Providers ETF

21,101

$55.99

$1,181,444.99

1.44%

RTX

9223372036854776000

RTX Corp

4,157

$223.25

$928,050.25

1.13%

DG

256677105

Dollar General Corp

7,205

$127.45

$918,277.25

1.12%

XAR

78464A631

State Street SPDR S&P Aerospace & Defense ETF

3,120

$282.91

$882,679.20

1.08%

AM

03676B102

Antero Midstream Corp

40,330

$21.49

$866,691.70

1.06%

PAVE

37954Y673

Global X US Infrastructure Development ETF

14,679

$58.35

$856,519.65

1.05%

EPD

293792107

Enterprise Products Partners LP

22,388

$38.05

$851,863.40

1.04%

EWZ

464286400

iShares MSCI Brazil ETF

23,066

$35.81

$825,993.46

1.01%

PM

718172109

Philip Morris International Inc

4,227

$188.05

$794,887.35

0.97%

LIN

G54950103

Linde PLC

1,601

$490.11

$784,666.11

0.96%

ROK

773903109

Rockwell Automation Inc

1,746

$441.80

$771,382.80

0.94%

NVO

670100205

Novo Nordisk A/S

16,333

$45.97

$750,828.01

0.92%

BTI

110448107

British American Tobacco PLC

6,633

$58.73

$389,556.09

0.48%

SPY 260918P00622000

SPY 260918P00622000

SPY US 09/18/26 P622

941

$0.63

$58,812.50

0.07%

WING

974155103

Wingstop Inc

-1,651

$116.62

$-192,539.62

-0.23%

PLAY

238337109

Dave & Buster's Entertainment Inc

-22,584

$10.09

$-227,872.56

-0.28%

MARA

565788106

MARA Holdings Inc

-24,086

$10.65

$-256,515.90

-0.31%

BOOT

99406100

Boot Barn Holdings Inc

-1,586

$164.04

$-260,167.44

-0.32%

Z

98954M200

Zillow Group Inc

-7,764

$33.43

$-259,550.52

-0.32%

FUBO

35953D401

fuboTV Inc

-31,258

$8.99

$-281,009.42

-0.34%

TTD

88339J105

Trade Desk Inc/The

-16,047

$17.67

$-283,550.49

-0.35%

PSKY

69932A204

Paramount Skydance Corp

-32,652

$9.06

$-295,827.12

-0.36%

BRBR

07831C103

BellRing Brands Inc

-26,043

$12.11

$-315,380.73

-0.38%

COIN

19260Q107

Coinbase Global Inc

-2,152

$145.41

$-312,922.32

-0.38%

MZTI

513847103

Marzetti Company/The

-2,925

$110.29

$-322,598.25

-0.39%

DRAM

77926X320

Roundhill Memory ETF

-6,299

$51.44

$-324,020.56

-0.40%

ENPH

29355A107

Enphase Energy Inc

-8,309

$39.67

$-329,618.03

-0.40%

NKE

654106103

NIKE Inc

-7,730

$42.00

$-324,660.00

-0.40%

UBER

90353T100

Uber Technologies Inc

-4,618

$70.47

$-325,430.46

-0.40%

HCA

40412C101

HCA Healthcare Inc

-812

$408.89

$-332,018.68

-0.41%

KRUS

501270102

Kura Sushi USA Inc

-6,904

$48.56

$-335,258.24

-0.41%

LULU

550021109

Lululemon Athletica Inc

-2,683

$124.73

$-334,650.59

-0.41%

TSLA

88160R101

Tesla Inc

-1,059

$319.53

$-338,382.27

-0.41%

PEGA

705573103

Pegasystems Inc

-10,959

$31.67

$-347,071.53

-0.42%

CAMT

M20791105

Camtek Ltd/Israel

-2,374

$149.67

$-355,316.58

-0.43%

LEN

526057104

Lennar Corp

-4,167

$84.82

$-353,444.94

-0.43%

OLLI

681116109

Ollie's Bargain Outlet Holdings Inc

-4,702

$77.97

$-366,614.94

-0.45%

SAIA

78709Y105

Saia Inc

-1,019

$361.82

$-368,694.58

-0.45%

MSTR

594972408

Strategy Inc

-4,021

$96.85

$-389,433.85

-0.48%

RDDT

75734B100

Reddit Inc

-2,625

$150.87

$-396,033.75

-0.48%

HSY

427866108

Hershey Co/The

-2,243

$183.02

$-410,513.86

-0.50%

ORCL

68389X105

Oracle Corp

-2,836

$143.47

$-406,880.92

-0.50%

SFTBY

83404D109

SoftBank Group Corp

-22,995

$17.73

$-407,701.35

-0.50%

NFLX

64110L106

Netflix Inc

-5,678

$73.69

$-418,411.82

-0.51%

ZROZ

72201R882

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

-48,558

$58.72

$-2,851,325.76

-3.48%

Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security

 

Definitions

Quads: Quads as used here mean the evolving locations of each of 50+ national economies within four-quadrant plots like the stylized example below in which the vertical axes measure rates of change (ROCs) in real or inflation-adjusted Gross Domestic Product and the horizontal axes measure ROCs in CPI inflation (or its closest equivalent for countries not reporting CPI inflation per se)

 

Signals: Signals as used here mean a carefully defined set of security-specific indicators that the Manager deems useful in estimating the future price trajectory of securities comprising the Fund’s selection universe. Some of these indicators are proprietary.

Beta: Beta measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark.

 

Important Information

 

Before investing in the fund, the investment objective, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the fund. Copies of the fund’s prospectus may be obtained by visiting www.hedgeyeam.com/HEFT or calling +1 (888) 711-8292. Read it carefully before investing.

 

Investing involves risks including the risk of principal loss. The Adviser is newly formed and has not previously managed an ETF. Accordingly, investors in the Fund bear the risk that the Adviser's inexperience may limit its effectiveness. 

 

The Fund is non-diversified, which means that it may invest a large percentage of its assets in a particular issuer and increases the risk that the value of the Fund could decrease due to poor performance of a single investment or limited number of investments.

 

The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

 

As an actively managed investment portfolio, the Fund is subject to the Adviser's investment decisions about individual securities impact on the Fund's ability to achieve its investment objective. there is no guarantee that the Adviser's investment strategy will meet it's investment objective or produce the desired results. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions. Investments in stocks of mid-capitalization companies may be subject to more abrupt or erratic market movements

 

The Fund's investment strategies may employ quantitative algorithms and models that rely heavily on the use of proprietary and non-proprietary data, Models may also have hidden biases or exposure to broad structural or sentiment shifts. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market.

 

In addition, the fund's principle risks include derivative risk, options risk, futures contract risk, and swap agreements risk. For additional information about these and other fund risks, please refer to the "Principal Investment Risks” section of the prospectus.

 

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

 

The Distributor is Foreside Fund Services, LLC.

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