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 5/4/2026
0.70%
11/20/2025
Annual
$105,768,184
4,030,000
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.


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
0.16%
-0.17%
$26.20
0.11%
0.23%
$26.25
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: 4/30/2026
Fund NAV
1 Month
-1.44%
3 Month
-2.92%
6 Month
N/A%
YTD
3.91%
Since Inception
4.81%
Closing Price
-1.52%
-3.23%
N/A%
3.70%
4.88%
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 5/6/2026
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
CERY
78468R440
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF
387,511
$37.74
$14,624,665.14
13.96%
Cash&Other
Cash&Other
Cash & Other
12,825,323.64
$1.00
$12,825,323.64
12.24%
VTI
922908769
Vanguard Total Stock Market ETF
26,231
$356.99
$9,364,204.69
8.94%
FGXXX
31846V336
First American Government Obligations Fund 12/01/2031
6,925,505.22
$100.00
$6,925,505.22
6.61%
ARTY
46435U556
iShares Future AI & Tech ETF
66,459
$65.20
$4,333,126.80
4.13%
GLD
78463V107
SPDR Gold Shares
9,689
$418.27
$4,052,618.03
3.87%
XLE
81369Y506
State Street Energy Select Sector SPDR ETF
61,085
$59.45
$3,631,503.25
3.47%
OIH
92189H607
VanEck Oil Services ETF
8,183
$440.70
$3,606,248.10
3.44%
GII
78463X855
State Street SPDR S&P Global Infrastructure ETF
40,048
$77.23
$3,092,907.04
2.95%
VPL
922042866
Vanguard FTSE Pacific ETF
21,796
$108.99
$2,375,546.04
2.27%
DRAM
77926X320
Roundhill Memory ETF
48,754
$46.29
$2,256,822.66
2.15%
ROBO
301505707
ROBO Global Robotics and Automation Index ETF
25,394
$82.36
$2,091,449.84
2.00%
CIBR
33734X846
First Trust NASDAQ Cybersecurity ETF
29,387
$70.87
$2,082,656.69
1.99%
XLI
81369Y704
State Street Industrial Select Sector SPDR ETF
11,788
$172.41
$2,032,369.08
1.94%
FITE
78468R671
State Street SPDR S&P Kensho Future Security ETF
21,081
$95.80
$2,019,625.15
1.93%
XAR
78464A631
State Street SPDR S&P Aerospace & Defense ETF
7,678
$255.22
$1,959,579.16
1.87%
XBI
78464A870
State Street SPDR S&P Biotech ETF
14,670
$133.79
$1,962,699.30
1.87%
WMT
931142103
Walmart Inc
13,978
$130.79
$1,828,182.62
1.74%
ADM
39483102
Archer-Daniels-Midland Co
21,819
$79.19
$1,727,846.61
1.65%
MO
02209S103
Altria Group Inc
23,235
$72.79
$1,691,275.65
1.61%
INTC
458140100
Intel Corp
15,528
$108.15
$1,679,353.20
1.60%
EWW
464286822
iShares MSCI Mexico ETF
20,880
$77.56
$1,619,452.80
1.55%
AVEM
25072604
Avantis Emerging Markets Equity ETF
17,132
$92.23
$1,580,084.36
1.51%
DBA
46140H106
Invesco DB Agriculture Fund
54,780
$28.37
$1,554,108.60
1.48%
SOYB
88166A607
Teucrium Soybean Fund
61,890
$25.05
$1,550,344.50
1.48%
WEAT
88166A870
Teucrium Wheat Fund
63,955
$23.75
$1,518,931.25
1.45%
GEV
36828A101
GE Vernova Inc
1,269
$1,095.21
$1,389,821.49
1.33%
RIG
H8817H100
Transocean Ltd
221,691
$6.25
$1,385,568.75
1.32%
CASY
147528103
Casey's General Stores Inc
1,596
$862.35
$1,376,310.60
1.31%
VGK
922042874
Vanguard FTSE Europe ETF
14,937
$86.87
$1,297,577.19
1.24%
APD
9158106
Air Products and Chemicals Inc
3,928
$303.93
$1,193,837.04
1.14%
EWY
464286772
iShares MSCI South Korea ETF
6,741
$173.47
$1,169,361.27
1.12%
FCFS
33768G107
FirstCash Holdings Inc
5,035
$224.72
$1,131,465.20
1.08%
AM
03676B102
Antero Midstream Corp
51,222
$21.78
$1,115,615.16
1.06%
EPD
293792107
Enterprise Products Partners LP
28,436
$38.50
$1,094,786.00
1.04%
EWC
464286509
ISHARES INC MSCI CDA INDEX
18,724
$57.70
$1,080,374.80
1.03%
IBIT
46438F101
iShares Bitcoin Trust ETF
23,239
$46.28
$1,075,500.92
1.03%
IHE
464288836
iShares U.S. Pharmaceuticals ETF
11,715
$89.33
$1,046,500.95
1.00%
NORW
9223372036854776000
Global X MSCI Norway ETF
26,859
$39.01
$1,047,769.59
1.00%
HTEC
301505723
ROBO Global R Healthcare Technology and Innovation ETF
31,017
$33.44
$1,037,161.95
0.99%
WELL
95040Q104
Welltower Inc
4,839
$214.30
$1,036,997.70
0.99%
XLY
81369Y407
State Street Consumer Discretionary Select Sector SPDR ETF
8,779
$118.07
$1,036,536.53
0.99%
EWJ
46434G822
iShares MSCI Japan ETF
11,351
$89.26
$1,013,190.26
0.97%
LIN
G54950103
Linde PLC
2,030
$500.29
$1,015,588.70
0.97%
BWXT
05605H100
BWX Technologies Inc
4,404
$206.15
$907,884.60
0.87%
EZPW
302301106
EZCORP Inc
23,885
$33.41
$797,997.85
0.76%
KO
191216100
Coca-Cola Co/The
10,205
$78.48
$800,888.40
0.76%
SWBI
831754106
Smith & Wesson Brands Inc
51,650
$15.19
$784,563.50
0.75%
PEP
713448108
PepsiCo Inc
4,901
$155.04
$759,851.04
0.73%
CWEN
18539C204
Clearway Energy Inc
17,990
$38.93
$700,350.70
0.67%
PM
718172109
Philip Morris International Inc
3,237
$169.46
$548,542.02
0.52%
SPY 260618P00570000
SPY 260618P00570000
SPY US 06/18/26 P570
1,155
$0.70
$80,272.50
0.08%
BRBR
07831C103
BellRing Brands Inc
-42,427
$10.63
$-450,999.01
-0.43%
USPH
90337L108
US Physical Therapy Inc
-6,382
$71.74
$-457,844.68
-0.44%
HCA
40412C101
HCA Healthcare Inc
-1,506
$428.79
$-645,757.74
-0.62%
OLLI
681116109
Ollie's Bargain Outlet Holdings Inc
-8,212
$81.78
$-671,577.36
-0.64%
THC
88033G407
Tenet Healthcare Corp
-3,636
$186.91
$-679,604.76
-0.65%
XSW
78464A599
State Street SPDR S&P Software & Services ETF
-4,436
$160.90
$-713,752.40
-0.68%
KSS
500255104
Kohl's Corp
-63,891
$14.25
$-910,446.75
-0.87%
UTWO
74933W486
F/m US Treasury 2 Year Note ETF
-20,910
$48.16
$-1,007,025.60
-0.96%
IEF
464287440
iShares 7-10 Year Treasury Bond ETF
-16,321
$94.53
$-1,542,824.13
-1.47%
INDA
46429B598
iShares MSCI India ETF
-40,274
$49.16
$-1,979,869.84
-1.89%
TLT
464287432
iShares 20+ Year Treasury Bond ETF
-23,519
$85.43
$-2,009,228.17
-1.92%
XTEN
09789C812
BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF
-44,388
$45.35
$-2,012,995.80
-1.92%
ZROZ
72201R882
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
-32,628
$62.39
$-2,035,660.92
-1.94%
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.


