FOURTH TURNING
HEFT US Equity

NEIL HOWE, Portfolio Manager
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 10/12/2026
0.70%
11/20/2025
Annual
$79,796,853
2,980,000
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.
$26.78
PREMIUM DISCOUNT GRAPH
Premium/Discount History | 2025 | Q1-26 | Q2-26 | Q3-26 | Q4-26 |
|---|---|---|---|---|---|
Days traded at discount | 0 | 11 | 42 | 47 | N/A |
Days traded at NAV | 1 | 0 | 0 | 0 | N/A |
Days traded at premium | 27 | 50 | 20 | 2 | N/A |
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: 9/30/2026
Fund NAV
Closing Price
1 Month
-1.15%
3 Month
-0.69%
6 Month
-0.66%
-1.22%
-0.60%
-0.98%
YTD
4.73%
Since Inception
5.64%
4.27%
5.46%
Avg Annualized %
Data as of: 9/30/2026
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 10/14/2026
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
VTI
922908769
Vanguard Morningstar Total Stock Market ETF
31,450
$381.32
$11,992,514.00
15.03%
Cash&Other
Cash&Other
Cash & Other
9,482,339.03
$1.00
$9,482,339.03
11.88%
CERY
78468R440
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF
217,872
$40.42
$8,806,386.24
11.03%
DBMF
53700T827
iMGP DBi Managed Futures Strategy ETF
252,420
$33.22
$8,385,392.40
10.51%
UTWO
74933W486
F/m US Treasury 2 Year Note ETF
155,373
$47.50
$7,379,440.64
9.25%
FGXXX
31846V336
First American Government Obligations Fund 12/01/2031
7,311,688.77
$100.00
$7,311,688.77
9.16%
XLK
81369Y803
State Street Technology Select Sector SPDR ETF
29,495
$196.28
$5,789,278.60
7.25%
ICSH
46434V878
iShares Ultra Short Duration Bond Active ETF
101,945
$50.33
$5,130,891.85
6.43%
XLE
81369Y506
State Street Energy Select Sector SPDR ETF
38,159
$67.20
$2,564,284.80
3.21%
CIBR
33734X846
First Trust NASDAQ Cybersecurity ETF
20,332
$107.47
$2,185,080.04
2.74%
GLD
78463V107
SPDR Gold Shares
5,207
$381.67
$1,987,355.69
2.49%
XOP
78468R556
State Street SPDR S&P Oil & Gas Exploration & Production ETF
9,045
$199.82
$1,807,371.90
2.26%
LVHD
52468L406
Franklin U.S. Low Volatility High Dividend Index ETF
37,694
$42.58
$1,604,822.05
2.01%
NOBL
74348A467
ProShares S&P 500 Dividend Aristocrats ETF
28,861
$55.66
$1,606,403.26
2.01%
MO
02209S103
Altria Group Inc
22,208
$71.56
$1,589,204.48
1.99%
PM
718172109
Philip Morris International Inc
7,875
$199.29
$1,569,408.75
1.97%
HTEC
301505723
ROBO Global R Healthcare Technology and Innovation ETF
27,863
$42.84
$1,193,642.56
1.50%
XLP
81369Y308
State Street Consumer Staples Select Sector SPDR ETF
14,195
$84.19
$1,195,077.05
1.50%
DG
256677105
Dollar General Corp
9,538
$125.00
$1,192,250.00
1.49%
FITE
78468R671
State Street SPDR S&P Kensho Future Security ETF
10,731
$110.10
$1,181,477.73
1.48%
SHOP
82509L107
Shopify Inc
5,552
$176.52
$980,039.04
1.23%
CRAK
92189F585
VanEck Oil Refiners ETF
14,341
$67.94
$974,327.54
1.22%
PLTR
69608A108
Palantir Technologies Inc
4,185
$208.67
$873,283.95
1.09%
SNOW
833445109
Snowflake Inc
2,400
$357.76
$858,624.00
1.08%
MCK
58155Q103
McKesson Corp
862
$961.88
$829,140.56
1.04%
AM
03676B102
Antero Midstream Corp
38,644
$21.08
$814,615.52
1.02%
COST
22160K105
Costco Wholesale Corp
835
$954.63
$797,116.05
1.00%
LIN
G54950103
Linde PLC
1,628
$492.11
$801,155.08
1.00%
EPD
293792107
Enterprise Products Partners LP
21,452
$36.04
$773,130.08
0.97%
ROK
773903109
Rockwell Automation Inc
1,720
$432.29
$743,538.80
0.93%
LLY
532457108
Eli Lilly & Co
514
$1,166.51
$599,586.14
0.75%
PFE
717081103
Pfizer Inc
20,974
$28.37
$595,032.38
0.75%
SPY 261120P00635000
SPY 261120P00635000
SPY US 11/20/26 P635
897
$0.61
$54,268.50
0.07%
XHR
984017103
Xenia Hotels & Resorts Inc
-10,557
$18.46
$-194,882.22
-0.24%
APO
03769M106
Apollo Global Management Inc
-1,725
$116.28
$-200,583.00
-0.25%
BX
09260D107
Blackstone Inc
-1,811
$109.98
$-199,173.78
-0.25%
KKR
48251W104
KKR & Co Inc
-2,277
$87.16
$-198,463.32
-0.25%
CVNA
146869102
Carvana Co
-3,472
$60.39
$-209,674.08
-0.26%
DECK
243537107
Deckers Outdoor Corp
-2,469
$84.02
$-207,445.38
-0.26%
KRUS
501270102
Kura Sushi USA Inc
-5,310
$39.16
$-207,939.60
-0.26%
DKNG
26142V105
DraftKings Inc
-10,912
$19.72
$-215,184.64
-0.27%
SMPL
82900L102
Simply Good Foods Co/The
-20,230
$10.55
$-213,325.35
-0.27%
BYND
null
Beyond Meat Inc
-31,172
$7.21
$-224,750.12
-0.28%
MCD
580135101
McDonald's Corp
-997
$235.81
$-235,102.57
-0.29%
NCLH
G66721104
Norwegian Cruise Line Holdings Ltd
-15,145
$15.32
$-232,021.40
-0.29%
BOOT
99406100
Boot Barn Holdings Inc
-2,052
$117.57
$-241,253.64
-0.30%
CAVA
148929102
Cava Group Inc
-4,444
$52.98
$-235,443.12
-0.30%
SAIA
78709Y105
Saia Inc
-722
$334.80
$-241,725.60
-0.30%
BYD
103304101
Boyd Gaming Corp
-3,654
$70.46
$-257,460.84
-0.32%
ODFL
679580100
Old Dominion Freight Line Inc
-1,408
$183.17
$-257,903.36
-0.32%
ACI
13091103
Albertsons Cos Inc
-21,056
$12.72
$-267,832.32
-0.34%
DKS
253393102
Dick's Sporting Goods Inc
-1,985
$137.55
$-273,036.75
-0.34%
BRBR
07831C103
BellRing Brands Inc
-33,520
$8.51
$-285,255.20
-0.36%
PLAY
238337109
Dave & Buster's Entertainment Inc
-41,071
$7.39
$-303,514.69
-0.38%
ALLY
02005N100
Ally Financial Inc
-8,347
$37.60
$-313,847.20
-0.39%
IREN
Q4982L109
IREN Ltd
-9,058
$34.80
$-315,218.40
-0.39%
TTD
88339J105
Trade Desk Inc/The
-26,067
$12.17
$-317,235.39
-0.40%
XLF
81369Y605
State Street Financial Select Sector SPDR ETF
-5,964
$54.82
$-326,946.48
-0.41%
ADBE
00724F101
Adobe Inc
-1,520
$236.28
$-359,145.60
-0.45%
FOUR
82452J109
Shift4 Payments Inc
-9,298
$38.84
$-361,134.32
-0.45%
PBD
46138G847
Invesco Global Clean Energy ETF
-21,802
$16.55
$-360,823.10
-0.45%
APP
03831W108
AppLovin Corp
-1,471
$272.28
$-400,523.88
-0.50%
ARES
03990B101
Ares Management Corp
-3,424
$115.62
$-395,882.88
-0.50%
PSP
46137V118
Invesco Global Listed Private Equity ETF
-7,101
$56.15
$-398,721.15
-0.50%
ORCL
68389X105
Oracle Corp
-3,295
$143.20
$-471,844.00
-0.59%
DRAM
77926X320
Roundhill Memory ETF
-13,732
$52.84
$-725,598.88
-0.91%
ZROZ
72201R882
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
-77,024
$54.43
$-4,192,416.32
-5.25%
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.







