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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 4/27/2026

0.70%

11/20/2025

Annual

$104,842,835

4,050,000

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.

$25.89

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: 3/31/2026

Fund NAV

1 Month

-3.17%

3 Month

5.43%

6 Month

N/A%

YTD

5.43%

Since Inception

6.34%

Closing Price

-3.18%

5.30%

N/A%

5.30%

6.50%

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 4/29/2026

Ticker

Cusip

Name

Shares

Price

Market Value

Weight

Cash&Other

Cash&Other

Cash & Other

16,122,925.8

$1.00

$16,122,925.80

15.50%

CERY

78468R440

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

395,359

$36.77

$14,537,350.43

13.98%

VXF

922908652

Vanguard Extended Market ETF

40,984

$223.42

$9,156,645.28

8.80%

FGXXX

31846V336

First American Government Obligations Fund 12/01/2031

4,772,717.29

$100.00

$4,772,717.29

4.59%

OIH

92189H607

VanEck Oil Services ETF

9,889

$441.60

$4,366,982.40

4.20%

XLE

81369Y506

State Street Energy Select Sector SPDR ETF

72,739

$57.71

$4,197,767.69

4.04%

GLD

78463V107

SPDR Gold Shares

9,885

$421.91

$4,170,580.35

4.01%

ARTY

46435U556

iShares Future AI & Tech ETF

67,805

$59.83

$4,056,773.15

3.90%

GII

78463X855

State Street SPDR S&P Global Infrastructure ETF

40,859

$76.63

$3,131,025.17

3.01%

VPL

922042866

Vanguard FTSE Pacific ETF

22,237

$105.05

$2,335,996.85

2.25%

VGK

922042874

Vanguard FTSE Europe ETF

27,089

$86.16

$2,333,988.24

2.24%

DBA

46140H106

Invesco DB Agriculture Fund

74,718

$27.96

$2,089,115.28

2.01%

HTEC

301505723

ROBO Global R Healthcare Technology and Innovation ETF

62,212

$33.08

$2,057,972.96

1.98%

ROBO

301505707

ROBO Global Robotics and Automation Index ETF

25,908

$79.35

$2,055,799.80

1.98%

XLI

81369Y704

State Street Industrial Select Sector SPDR ETF

12,027

$170.98

$2,056,376.46

1.98%

XLF

81369Y605

State Street Financial Select Sector SPDR ETF

39,353

$51.85

$2,040,453.05

1.96%

CIBR

33734X846

First Trust NASDAQ Cybersecurity ETF

29,982

$67.15

$2,013,291.30

1.94%

FITE

78468R671

State Street SPDR S&P Kensho Future Security ETF

21,508

$92.76

$1,995,082.08

1.92%

XAR

78464A631

State Street SPDR S&P Aerospace & Defense ETF

7,834

$254.91

$1,996,964.94

1.92%

XBI

78464A870

State Street SPDR S&P Biotech ETF

14,967

$131.16

$1,963,071.72

1.89%

WMT

931142103

Walmart Inc

14,261

$127.59

$1,819,560.99

1.75%

ADM

39483102

Archer-Daniels-Midland Co

22,261

$72.80

$1,620,600.80

1.56%

EWW

464286822

iShares MSCI Mexico ETF

21,303

$76.28

$1,624,992.84

1.56%

MO

02209S103

Altria Group Inc

23,706

$67.80

$1,607,266.80

1.55%

AVEM

25072604

Avantis Emerging Markets Equity ETF

17,479

$88.82

$1,552,484.78

1.49%

GEV

36828A101

GE Vernova Inc

1,295

$1,088.93

$1,410,164.35

1.36%

INTC

458140100

Intel Corp

15,842

$84.52

$1,338,965.84

1.29%

TSN

902494103

Tyson Foods Inc

20,860

$64.11

$1,337,334.60

1.29%

CASY

147528103

Casey's General Stores Inc

1,628

$784.61

$1,277,345.08

1.23%

APD

9158106

Air Products and Chemicals Inc

4,008

$303.35

$1,215,826.80

1.17%

RIG

H8817H100

Transocean Ltd

175,966

$6.79

$1,194,809.14

1.15%

AM

03676B102

Antero Midstream Corp

52,259

$21.64

$1,130,623.47

1.09%

EPD

293792107

Enterprise Products Partners LP

29,012

$38.47

$1,116,091.64

1.07%

EWC

464286509

ISHARES INC MSCI CDA INDEX

19,103

$57.46

$1,097,658.38

1.06%

FCFS

33768G107

FirstCash Holdings Inc

5,137

$214.07

$1,099,677.59

1.06%

EWY

464286772

iShares MSCI South Korea ETF

6,878

$154.37

$1,061,756.86

1.02%

LIN

G54950103

Linde PLC

2,071

$510.29

$1,056,810.59

1.02%

WELL

95040Q104

Welltower Inc

4,937

$214.23

$1,057,653.51

1.02%

WEAT

88166A870

Teucrium Wheat Fund

42,203

$24.72

$1,043,258.16

1.00%

ARGT

9223372036854776000

Global X MSCI Argentina ETF

11,330

$91.22

$1,033,522.60

0.99%

IBIT

46438F101

iShares Bitcoin Trust ETF

23,710

$43.27

$1,025,931.70

0.99%

EWJ

46434G822

iShares MSCI Japan ETF

11,581

$87.56

$1,014,032.36

0.98%

CCJ

13321L108

Cameco Corp

8,479

$116.31

$986,192.49

0.95%

BWXT

05605H100

BWX Technologies Inc

4,493

$216.18

$971,296.74

0.93%

KO

191216100

Coca-Cola Co/The

10,412

$78.35

$815,780.20

0.78%

SWBI

831754106

Smith & Wesson Brands Inc

52,696

$15.24

$803,087.04

0.77%

EZPW

302301106

EZCORP Inc

24,369

$32.25

$785,900.25

0.76%

PEP

713448108

PepsiCo Inc

5,000

$156.29

$781,450.00

0.75%

CWEN

18539C204

Clearway Energy Inc

18,354

$40.43

$742,052.22

0.71%

PM

718172109

Philip Morris International Inc

3,303

$165.89

$547,934.67

0.53%

SPY 260618P00570000

SPY 260618P00570000

SPY US 06/18/26 P570

1,178

$0.94

$110,143.00

0.11%

CPRT

217204106

Copart Inc

-12,911

$33.34

$-430,452.74

-0.41%

USPH

90337L108

US Physical Therapy Inc

-6,511

$72.54

$-472,307.94

-0.45%

HCA

40412C101

HCA Healthcare Inc

-1,537

$431.92

$-663,861.04

-0.64%

XSW

78464A599

State Street SPDR S&P Software & Services ETF

-4,526

$150.79

$-682,475.54

-0.66%

ARES

03990B101

Ares Management Corp

-6,486

$113.01

$-732,982.86

-0.70%

BRBR

07831C103

BellRing Brands Inc

-43,286

$16.93

$-732,831.98

-0.70%

BX

09260D107

Blackstone Inc

-5,985

$121.52

$-727,297.20

-0.70%

OLLI

681116109

Ollie's Bargain Outlet Holdings Inc

-8,378

$88.72

$-743,296.16

-0.71%

APO

03769M106

Apollo Global Management Inc

-6,053

$123.57

$-747,969.21

-0.72%

KSS

500255104

Kohl's Corp

-65,185

$14.81

$-965,389.85

-0.93%

PSP

46137V118

Invesco Global Listed Private Equity ETF

-16,900

$59.94

$-1,013,001.21

-0.97%

UTWO

74933W486

F/m US Treasury 2 Year Note ETF

-21,333

$48.21

$-1,028,463.93

-0.99%

ZROZ

72201R882

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

-16,609

$62.96

$-1,045,702.64

-1.01%

IEF

464287440

iShares 7-10 Year Treasury Bond ETF

-16,652

$95.25

$-1,586,103.00

-1.53%

INDA

46429B598

iShares MSCI India ETF

-41,090

$49.23

$-2,022,860.70

-1.95%

TLT

464287432

iShares 20+ Year Treasury Bond ETF

-23,995

$86.37

$-2,072,448.15

-1.99%

XTEN

09789C812

BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF

-45,287

$45.78

$-2,073,238.86

-1.99%

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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