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 11/20/2025
0.70%
11/20/2025
Annual
$25
1
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.


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.
Fund Resources
0.00%
0.00%
$25.00
0.00%
0.00%
$25.00
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:
Fund NAV
1 Month
N/A%
3 Month
N/A%
6 Month
N/A%
YTD
N/A%
Since Inception
N/A%
Closing Price
N/A%
N/A%
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.
ETF PORTFOLIO HOLDINGS
Data as of 11/21/2025
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
Cash&Other
Cash&Other
Cash & Other
112,010.45
$1.00
$112,010.45
44.80%
78468R440 SWP
78468R440 SWP
78468R440 SWP
681
$29.10
$19,817.10
7.93%
464287176 SWP
464287176 SWP
464287176 SWP
135
$110.76
$14,952.60
5.98%
78463V107 SWP
78463V107 SWP
78463V107 SWP
27
$374.85
$10,120.95
4.05%
84858T772 SWP
84858T772 SWP
84858T772 SWP
132
$41.48
$5,475.36
2.19%
30231G102 SWP
30231G102 SWP
30231G102 SWP
43
$117.02
$5,031.86
2.01%
37954Y772 SWP
37954Y772 SWP
37954Y772 SWP
142
$35.24
$5,004.08
2.00%
78464A490 SWP
78464A490 SWP
78464A490 SWP
129
$38.73
$4,996.17
2.00%
922020805 SWP
922020805 SWP
922020805 SWP
100
$50.07
$5,007.00
2.00%
46428Q109 SWP
46428Q109 SWP
46428Q109 SWP
108
$45.78
$4,944.24
1.98%
37954Y384 SWP
37954Y384 SWP
37954Y384 SWP
159
$30.76
$4,890.84
1.96%
502431109 SWP
502431109 SWP
502431109 SWP
17
$284.22
$4,831.74
1.93%
931142103 SWP
931142103 SWP
931142103 SWP
45
$107.11
$4,819.95
1.93%
003260106 SWP
003260106 SWP
003260106 SWP
32
$137.33
$4,394.56
1.76%
458140100 SWP
458140100 SWP
458140100 SWP
130
$33.62
$4,370.60
1.75%
369550108 SWP
369550108 SWP
369550108 SWP
12
$339.44
$4,073.28
1.63%
039483102 SWP
039483102 SWP
039483102 SWP
70
$57.87
$4,050.90
1.62%
478160104 SWP
478160104 SWP
478160104 SWP
20
$203.07
$4,061.40
1.62%
235851102 SWP
235851102 SWP
235851102 SWP
16
$222.18
$3,554.88
1.42%
883556102 SWP
883556102 SWP
883556102 SWP
6
$572.74
$3,436.44
1.37%
36828A101 SWP
36828A101 SWP
36828A101 SWP
6
$558.03
$3,348.18
1.34%
446413106 SWP
446413106 SWP
446413106 SWP
10
$301.83
$3,018.30
1.21%
05605H100 SWP
05605H100 SWP
05605H100 SWP
17
$175.28
$2,979.76
1.19%
717081103 SWP
717081103 SWP
717081103 SWP
121
$24.40
$2,952.40
1.18%
773903109 SWP
773903109 SWP
773903109 SWP
8
$368.70
$2,949.60
1.18%
75513E101 SWP
75513E101 SWP
75513E101 SWP
17
$172.73
$2,936.41
1.17%
651639106 SWP
651639106 SWP
651639106 SWP
34
$82.00
$2,788.00
1.12%
191216100 SWP
191216100 SWP
191216100 SWP
39
$71.21
$2,777.19
1.11%
21037T109 SWP
21037T109 SWP
21037T109 SWP
8
$345.78
$2,766.24
1.11%
742718109 SWP
742718109 SWP
742718109 SWP
17
$148.19
$2,519.23
1.01%
03676B102 SWP
03676B102 SWP
03676B102 SWP
140
$17.69
$2,476.60
0.99%
G51502105 SWP
G51502105 SWP
G51502105 SWP
22
$112.99
$2,485.78
0.99%
G5960L103 SWP
G5960L103 SWP
G5960L103 SWP
25
$99.35
$2,483.75
0.99%
74834L100 SWP
74834L100 SWP
74834L100 SWP
13
$187.61
$2,438.93
0.98%
525327102 SWP
525327102 SWP
525327102 SWP
13
$185.66
$2,413.58
0.97%
630402105 SWP
630402105 SWP
630402105 SWP
63
$38.00
$2,394.00
0.96%
666807102 SWP
666807102 SWP
666807102 SWP
4
$567.35
$2,269.40
0.91%
832696405 SWP
832696405 SWP
832696405 SWP
19
$103.75
$1,971.25
0.79%
008073108 SWP
008073108 SWP
008073108 SWP
7
$273.98
$1,917.86
0.77%
98419M100 SWP
98419M100 SWP
98419M100 SWP
14
$138.04
$1,932.56
0.77%
G0176J109 SWP
G0176J109 SWP
G0176J109 SWP
12
$159.45
$1,913.40
0.77%
00090Q103 SWP
00090Q103 SWP
00090Q103 SWP
239
$7.80
$1,864.20
0.75%
46982L108 SWP
46982L108 SWP
46982L108 SWP
14
$129.17
$1,808.38
0.72%
127190304 SWP
127190304 SWP
127190304 SWP
3
$595.00
$1,785.00
0.71%
05603J108 SWP
05603J108 SWP
05603J108 SWP
63
$25.42
$1,601.46
0.64%
50077B207 SWP
50077B207 SWP
50077B207 SWP
23
$67.31
$1,548.02
0.62%
336433107 SWP
336433107 SWP
336433107 SWP
6
$245.84
$1,475.04
0.59%
904767704 SWP
904767704 SWP
904767704 SWP
25
$59.28
$1,482.00
0.59%
M3760D101 SWP
M3760D101 SWP
M3760D101 SWP
3
$468.41
$1,405.23
0.56%
88025U109 SWP
88025U109 SWP
88025U109 SWP
80
$16.46
$1,316.80
0.53%
68404L201 SWP
68404L201 SWP
68404L201 SWP
45
$28.19
$1,268.55
0.51%
171340102 SWP
171340102 SWP
171340102 SWP
15
$83.34
$1,250.10
0.50%
368736104 SWP
368736104 SWP
368736104 SWP
9
$140.22
$1,261.98
0.50%
69608A108 SWP
69608A108 SWP
69608A108 SWP
8
$155.75
$1,245.96
0.50%
76118Y104 SWP
76118Y104 SWP
76118Y104 SWP
43
$28.83
$1,239.69
0.50%
343412102 SWP
343412102 SWP
343412102 SWP
30
$40.55
$1,216.50
0.49%
70202L102 SWP
70202L102 SWP
70202L102 SWP
15
$82.00
$1,230.00
0.49%
95082P105 SWP
95082P105 SWP
95082P105 SWP
5
$246.98
$1,234.90
0.49%
006739106 SWP
006739106 SWP
006739106 SWP
11
$110.07
$1,210.77
0.48%
256677105 SWP
256677105 SWP
256677105 SWP
12
$100.29
$1,203.48
0.48%
443628102 SWP
443628102 SWP
443628102 SWP
82
$14.58
$1,195.56
0.48%
864159108 SWP
864159108 SWP
864159108 SWP
42
$28.81
$1,210.02
0.48%
G25508105 SWP
G25508105 SWP
G25508105 SWP
11
$108.37
$1,192.07
0.48%
920253101 SWP
920253101 SWP
920253101 SWP
3
$379.21
$1,137.63
0.46%
293792107 SWP
293792107 SWP
293792107 SWP
35
$31.89
$1,116.15
0.45%
18539C204 SWP
18539C204 SWP
18539C204 SWP
31
$35.74
$1,107.94
0.44%
75281A109 SWP
75281A109 SWP
75281A109 SWP
29
$38.19
$1,107.51
0.44%
04271T100 SWP
04271T100 SWP
04271T100 SWP
159
$6.68
$1,062.12
0.42%
05464C101 SWP
05464C101 SWP
05464C101 SWP
2
$519.61
$1,039.22
0.42%
084423102 SWP
084423102 SWP
084423102 SWP
8
$77.30
$618.40
0.25%
023939101 SWP
023939101 SWP
023939101 SWP
25
$24.38
$609.50
0.24%
485924104 SWP
485924104 SWP
485924104 SWP
10
$58.96
$589.60
0.24%
68236H204 SWP
68236H204 SWP
68236H204 SWP
85
$6.27
$532.95
0.21%
253393102 SWP
253393102 SWP
253393102 SWP
-12
$202.61
$-2,431.32
-0.97%
148929102 SWP
148929102 SWP
148929102 SWP
-56
$43.59
$-2,441.04
-0.98%
09581B103 SWP
09581B103 SWP
09581B103 SWP
-182
$13.74
$-2,500.68
-1.00%
03769M106 SWP
03769M106 SWP
03769M106 SWP
-20
$126.76
$-2,535.20
-1.01%
88033G407 SWP
88033G407 SWP
88033G407 SWP
-16
$186.68
$-2,986.88
-1.19%
109641100 SWP
109641100 SWP
109641100 SWP
-24
$127.13
$-3,051.12
-1.22%
169656105 SWP
169656105 SWP
169656105 SWP
-101
$30.35
$-3,065.35
-1.23%
819047101 SWP
819047101 SWP
819047101 SWP
-37
$83.70
$-3,096.90
-1.24%
07831C103 SWP
07831C103 SWP
07831C103 SWP
-110
$29.80
$-3,278.00
-1.31%
009066101 SWP
009066101 SWP
009066101 SWP
-33
$111.54
$-3,680.82
-1.47%
146869102 SWP
146869102 SWP
146869102 SWP
-12
$313.25
$-3,759.00
-1.50%
550021109 SWP
550021109 SWP
550021109 SWP
-23
$164.69
$-3,787.87
-1.51%
464286806 SWP
464286806 SWP
464286806 SWP
-127
$38.89
$-4,939.03
-1.98%
464288661 SWP
464288661 SWP
464288661 SWP
-52
$119.82
$-6,230.64
-2.49%
464287432 SWP
464287432 SWP
464287432 SWP
-140
$89.23
$-12,492.20
-5.00%
464288513 SWP
464288513 SWP
464288513 SWP
-156
$80.10
$-12,495.60
-5.00%
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.
