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FOURTH TURNING
HEFT US Equity

Neil_headshot_circular.png

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 9/21/2026

0.70%

11/20/2025

Annual

$79,721,062

3,010,000

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.

RELATED CONTENT

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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.

$26.49

PREMIUM DISCOUNT GRAPH

Premium/Discount History
2025
Q1-26
Q2-26
Q3-26
Q4-26
Days traded at discount
0
11
42
N/A
N/A
Days traded at NAV
1
0
0
N/A
N/A
Days traded at premium
27
50
20
N/A
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: 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 9/22/2026

Ticker

Cusip

Name

Shares

Price

Market Value

Weight

FGXXX

31846V336

First American Government Obligations Fund 12/01/2031

12,252,245.48

$100.00

$12,252,245.48

15.37%

CERY

78468R440

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

262,636

$39.70

$10,426,649.20

13.08%

DBMF

53700T827

iMGP DBi Managed Futures Strategy ETF

254,961

$32.06

$8,174,049.66

10.25%

UTWO

74933W486

F/m US Treasury 2 Year Note ETF

156,937

$47.54

$7,460,000.30

9.36%

92206C409-TRS-09/14/27-L-HEFT

92206C409-TRS-09/14/27-L-HEFT

VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND ETF SHARES-SWAP-CLST-L

66,524

$77.75

$5,172,241.00

6.49%

VTI

922908769

Vanguard Morningstar Total Stock Market ETF

11,728

$381.10

$4,469,540.80

5.61%

NOBL

74348A467

ProShares S&P 500 Dividend Aristocrats ETF

75,793

$55.50

$4,206,511.50

5.28%

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

25,242

$160.89

$4,061,185.38

5.09%

GLD

78463V107

SPDR Gold Shares

9,920

$398.38

$3,951,929.60

4.96%

LVHD

52468L406

Franklin U.S. Low Volatility High Dividend Index ETF

85,798

$42.60

$3,654,574.39

4.58%

NFRA

33939L795

Northern Trust STOXX Global Broad Infrastructure ETF

42,942

$64.41

$2,765,894.22

3.47%

OIH

92189H607

VanEck Oil Services ETF

6,672

$396.63

$2,646,315.36

3.32%

XOP

78468R556

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

9,136

$184.75

$1,687,876.00

2.12%

CIBR

33734X846

First Trust NASDAQ Cybersecurity ETF

16,032

$103.09

$1,652,738.88

2.07%

XSW

78464A599

State Street SPDR S&P Software & Services ETF

8,090

$201.68

$1,631,591.20

2.05%

XBI

78464A870

State Street SPDR S&P Biotech ETF

10,215

$158.23

$1,616,319.45

2.03%

FITE

78468R671

State Street SPDR S&P Kensho Future Security ETF

10,839

$112.65

$1,221,062.13

1.53%

HTEC

301505723

ROBO Global R Healthcare Technology and Innovation ETF

28,143

$43.15

$1,214,291.65

1.52%

MO

02209S103

Altria Group Inc

17,432

$68.53

$1,194,614.96

1.50%

IHE

464288836

iShares U.S. Pharmaceuticals ETF

11,404

$102.24

$1,165,944.96

1.46%

IHF

464288828

iShares U.S. Healthcare Providers ETF

20,422

$55.86

$1,140,772.92

1.43%

CRAK

92189F585

VanEck Oil Refiners ETF

14,485

$64.87

$939,641.95

1.18%

Cash&Other

Cash&Other

Cash & Other

937,682.23

$1.00

$937,682.23

1.18%

DG

256677105

Dollar General Corp

6,974

$121.91

$850,200.34

1.07%

EPD

293792107

Enterprise Products Partners LP

21,668

$38.47

$833,567.96

1.05%

AM

03676B102

Antero Midstream Corp

39,033

$21.04

$821,254.32

1.03%

PICK

46434G848

iShares MSCI Global Metals & Mining Producers ETF

12,902

$61.72

$796,311.44

1.00%

V

92826C839

Visa Inc

2,165

$369.95

$800,941.75

1.00%

RTX

9223372036854776000

RTX Corp

4,023

$194.34

$781,829.82

0.98%

PM

718172109

Philip Morris International Inc

4,091

$187.48

$766,980.68

0.96%

SHLD

37960A529

Global X Defense Tech ETF

11,979

$63.18

$756,833.22

0.95%

PLTR

69608A108

Palantir Technologies Inc

3,474

$183.09

$636,054.66

0.80%

SNOW

833445109

Snowflake Inc

1,767

$339.39

$599,702.13

0.75%

CRCL

172573107

Circle Internet Group Inc

6,234

$94.49

$589,050.66

0.74%

SPY 261120P00635000

SPY 261120P00635000

SPY US 11/20/26 P635

906

$1.25

$112,797.00

0.14%

NKE

654106103

NIKE Inc

-5,923

$36.10

$-213,820.30

-0.27%

DECK

243537107

Deckers Outdoor Corp

-3,078

$80.23

$-246,947.94

-0.31%

PFSI

70932M107

PennyMac Financial Services Inc

-3,722

$66.60

$-247,885.20

-0.31%

ACI

13091103

Albertsons Cos Inc

-20,863

$12.12

$-252,859.56

-0.32%

KRUS

501270102

Kura Sushi USA Inc

-7,177

$35.73

$-256,434.21

-0.32%

SMPL

82900L102

Simply Good Foods Co/The

-25,932

$9.96

$-258,282.72

-0.32%

VFC

918204108

VF Corp

-19,458

$13.05

$-253,926.90

-0.32%

OPEN

683712103

Opendoor Technologies Inc

-99,007

$2.68

$-265,338.76

-0.33%

DKNG

26142V105

DraftKings Inc

-12,267

$21.97

$-269,505.99

-0.34%

NCLH

G66721104

Norwegian Cruise Line Holdings Ltd

-18,787

$14.24

$-267,526.88

-0.34%

ALLY

02005N100

Ally Financial Inc

-6,966

$39.89

$-277,873.74

-0.35%

ARES

03990B101

Ares Management Corp

-2,203

$126.67

$-279,054.01

-0.35%

BOOT

99406100

Boot Barn Holdings Inc

-2,253

$124.33

$-280,115.49

-0.35%

BRBR

07831C103

BellRing Brands Inc

-31,348

$8.95

$-280,564.60

-0.35%

MZTI

513847103

Marzetti Company/The

-2,750

$102.50

$-281,875.00

-0.35%

PLAY

238337109

Dave & Buster's Entertainment Inc

-41,485

$6.79

$-281,683.15

-0.35%

ROST

778296103

Ross Stores Inc

-1,207

$231.25

$-279,118.75

-0.35%

TTD

88339J105

Trade Desk Inc/The

-19,975

$13.88

$-277,253.00

-0.35%

XHR

984017103

Xenia Hotels & Resorts Inc

-15,614

$17.86

$-278,866.04

-0.35%

WING

974155103

Wingstop Inc

-2,690

$107.33

$-288,717.70

-0.36%

MCD

580135101

McDonald's Corp

-1,198

$247.88

$-296,960.24

-0.37%

PSP

46137V118

Invesco Global Listed Private Equity ETF

-5,126

$58.77

$-301,255.02

-0.38%

SGRY

86881A100

Surgery Partners Inc

-22,246

$13.66

$-303,880.36

-0.38%

ODFL

679580100

Old Dominion Freight Line Inc

-1,751

$175.36

$-307,055.36

-0.39%

PBD

46138G847

Invesco Global Clean Energy ETF

-17,986

$17.42

$-313,316.12

-0.39%

BYND

null

Beyond Meat Inc

-27,519

$11.92

$-328,026.48

-0.41%

CAT

149123101

Caterpillar Inc

-399

$816.50

$-325,783.50

-0.41%

DKS

253393102

Dick's Sporting Goods Inc

-2,692

$123.63

$-332,811.96

-0.42%

ORCL

68389X105

Oracle Corp

-2,241

$148.56

$-332,922.96

-0.42%

APP

03831W108

AppLovin Corp

-1,141

$330.17

$-376,723.97

-0.47%

SAIA

78709Y105

Saia Inc

-1,082

$348.04

$-376,579.28

-0.47%

ZROZ

72201R882

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

-56,431

$59.13

$-3,336,765.03

-4.19%

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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