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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 12/11/2025

0.70%

11/20/2025

Annual

$9,455,190

370,000

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.

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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.

$25.55

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: 11/30/2025

Fund NAV

1 Month

N/A%

3 Month

N/A%

6 Month

N/A%

YTD

N/A%

Since Inception

1.64%

Closing Price

N/A%

N/A%

N/A%

N/A%

1.80%

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 12/12/2025

Ticker

Cusip

Name

Shares

Price

Market Value

Weight

Cash&Other

Cash&Other

Cash & Other

3,852,156.57

$1.00

$3,852,156.57

40.74%

CERY

78468R440

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF

25,197

$29.99

$755,658.03

7.99%

GLD

78463V107

SPDR Gold Shares

1,221

$393.24

$480,146.04

5.08%

WIP

78464A490

SPDR FTSE International Government Inflation-Protected Bond ETF

7,175

$39.48

$283,269.00

3.00%

WMT

931142103

Walmart Inc

2,047

$115.29

$235,988.40

2.50%

TIP

464287176

ISHARES BARCLAYS TIPS BOND FUND

2,121

$110.40

$234,158.40

2.48%

SLV

46428Q109

iShares Silver Trust

3,996

$57.62

$230,249.52

2.44%

XOM

30231G102

Exxon Mobil Corp

1,799

$119.54

$215,052.46

2.27%

DG

256677105

Dollar General Corp

1,498

$132.68

$198,754.64

2.10%

INTC

458140100

Intel Corp

4,810

$39.51

$190,043.10

2.01%

AGNG

37954Y772

Global X Aging Population ETF

5,254

$36.00

$189,130.34

2.00%

MCD

580135101

McDonald's Corp

606

$309.71

$187,684.26

1.98%

PPLT

3260106

abrdn Physical Platinum Shares ETF

1,184

$154.65

$183,105.60

1.94%

GEV

36828A101

GE Vernova Inc

222

$704.20

$156,332.40

1.65%

ADM

39483102

Archer-Daniels-Midland Co

2,590

$59.92

$155,192.80

1.64%

JNJ

478160104

Johnson & Johnson

740

$210.01

$155,407.40

1.64%

GD

369550108

General Dynamics Corp

444

$341.48

$151,617.12

1.60%

HII

446413106

Huntington Ingalls Industries Inc

458

$326.72

$149,637.76

1.58%

NSSC

630402105

Napco Security Technologies Inc

3,406

$42.94

$146,253.64

1.55%

AM

03676B102

Antero Midstream Corp

7,758

$18.06

$140,109.48

1.48%

DHR

235851102

Danaher Corp

592

$232.37

$137,563.04

1.45%

BWXT

05605H100

BWX Technologies Inc

724

$183.38

$132,767.12

1.40%

TMO

883556102

Thermo Fisher Scientific Inc

222

$578.90

$128,515.80

1.36%

NEM

651639106

Newmont Corp

1,258

$99.42

$125,070.36

1.32%

ROK

773903109

Rockwell Automation Inc

296

$413.05

$122,262.80

1.29%

PFE

717081103

Pfizer Inc

4,477

$25.80

$115,506.60

1.22%

CEG

21037T109

Constellation Energy Corp

296

$378.60

$112,065.60

1.19%

RTX

9223372036854776000

RTX Corp

629

$177.42

$111,597.18

1.18%

KO

191216100

Coca-Cola Co/The

1,443

$69.11

$99,725.73

1.05%

AMTM

23939101

Amentum Holdings Inc

3,241

$30.13

$97,651.33

1.03%

BKV

05603J108

BKV Corp

3,353

$28.82

$96,633.46

1.02%

JCI

G51502105

Johnson Controls International plc

814

$118.06

$96,100.84

1.02%

MOG/A

615394202

Moog Inc

389

$248.86

$96,806.54

1.02%

GNRC

368736104

Generac Holdings Inc

568

$167.65

$95,225.20

1.01%

CRWD

22788C105

Crowdstrike Holdings Inc

182

$517.65

$94,212.30

1.00%

FCFS

33768G107

FirstCash Holdings Inc

579

$162.25

$93,942.75

0.99%

CACI

127190304

CACI International Inc

158

$586.51

$92,668.58

0.98%

MDT

G5960L103

Medtronic PLC

925

$99.75

$92,268.75

0.98%

LDOS

525327102

Leidos Holdings Inc

481

$190.53

$91,644.93

0.97%

UHS

913903100

Universal Health Services Inc

405

$224.58

$90,954.90

0.96%

PG

742718109

Procter & Gamble Co/The

629

$140.76

$88,538.04

0.94%

DGX

74834L100

Quest Diagnostics Inc

481

$181.57

$87,335.17

0.92%

WRBY

93403J106

Warby Parker Inc

2,441

$30.23

$73,791.43

0.78%

TXT

883203101

Textron Inc

840

$86.83

$72,937.20

0.77%

XYL

98419M100

Xylem Inc/NY

518

$140.06

$72,551.08

0.77%

J

46982L108

Jacobs Solutions Inc

518

$136.73

$70,826.14

0.75%

KTOS

50077B207

Kratos Defense & Security Solutions Inc

851

$78.78

$67,041.78

0.71%

HXL

428291108

Hexcel Corp

901

$72.77

$65,565.77

0.69%

AVAV

8073108

AeroVironment Inc

259

$249.75

$64,685.25

0.68%

FSLR

336433107

First Solar Inc

222

$272.83

$60,568.26

0.64%

HBM

443628102

Hudbay Minerals Inc

3,034

$18.62

$56,493.08

0.60%

PLTR

69608A108

Palantir Technologies Inc

296

$187.54

$55,511.84

0.59%

OPCH

68404L201

Option Care Health Inc

1,665

$32.90

$54,778.50

0.58%

ARRY

04271T100

Array Technologies Inc

5,883

$9.16

$53,888.28

0.57%

ONDS

68236H204

Ondas Holdings Inc

5,893

$9.02

$53,154.86

0.56%

CRH

G25508105

CRH PLC

407

$126.99

$51,684.93

0.55%

WCC

95082P105

WESCO International Inc

185

$276.97

$51,238.76

0.54%

ATRO

46433108

Astronics Corp

913

$54.80

$50,032.40

0.53%

FLR

343412102

Fluor Corp

1,110

$44.87

$49,805.70

0.53%

ESLT

M3760D101

Elbit Systems Ltd

97

$510.57

$49,525.29

0.52%

EZPW

302301106

EZCORP Inc

2,331

$21.03

$49,020.93

0.52%

QLYS

74758T303

Qualys Inc

321

$152.31

$48,891.51

0.52%

TXG

88025U109

10X Genomics Inc

2,960

$16.54

$48,958.40

0.52%

GEN

668771108

GEN DIGITAL INC

1,727

$27.78

$47,976.06

0.51%

VMI

920253101

Valmont Industries Inc

111

$427.27

$47,426.97

0.50%

ADUS

6739106

Addus HomeCare Corp

407

$114.36

$46,544.52

0.49%

AKAM

00971T101

Akamai Technologies Inc

511

$85.45

$43,664.95

0.46%

EPD

293792107

Enterprise Products Partners LP

1,295

$32.21

$41,711.95

0.44%

RRC

75281A109

Range Resources Corp

1,073

$36.22

$38,864.06

0.41%

CWEN

18539C204

Clearway Energy Inc

1,147

$32.66

$37,461.02

0.40%

PSN

70202L102

Parsons Corp

555

$65.89

$36,568.95

0.39%

KRMN

485924104

Karman Holdings Inc

370

$69.37

$25,666.90

0.27%

WRB

84423102

W R Berkley Corp

199

$69.34

$13,798.66

0.15%

SPY 260116P00500000

SPY 260116P00500000

SPY US 01/16/26 P500

266

$0.22

$5,719.00

0.06%

THC

88033G407

Tenet Healthcare Corp

-222

$197.71

$-43,891.62

-0.46%

EAT

109641100

Brinker International Inc

-329

$142.53

$-46,892.37

-0.50%

ELF

26856L103

elf Beauty Inc

-903

$77.99

$-70,424.97

-0.74%

GIS

370334104

General Mills Inc

-1,534

$46.23

$-70,916.82

-0.75%

OLLI

681116109

Ollie's Bargain Outlet Holdings Inc

-614

$116.17

$-71,328.38

-0.75%

PYPL

70450Y103

PayPal Holdings Inc

-1,157

$61.69

$-71,375.33

-0.75%

AMN

1744101

AMN Healthcare Services Inc

-4,408

$16.27

$-71,718.16

-0.76%

BJ

05550J101

BJ's Wholesale Club Holdings Inc

-773

$92.37

$-71,402.01

-0.76%

FND

339750101

Floor & Decor Holdings Inc

-1,148

$62.91

$-72,220.68

-0.76%

STZ

21036P108

Constellation Brands Inc

-480

$149.55

$-71,784.00

-0.76%

USPH

90337L108

US Physical Therapy Inc

-898

$80.42

$-72,217.16

-0.76%

XYZ

852234103

Block Inc

-1,132

$63.61

$-72,006.52

-0.76%

EFX

294429105

Equifax Inc

-332

$220.60

$-73,239.20

-0.77%

HELE

G4388N106

Helen of Troy Ltd

-3,318

$21.96

$-72,863.28

-0.77%

KMX

143130102

CarMax Inc

-1,748

$41.65

$-72,804.20

-0.77%

OMC

681919106

Omnicom Group Inc

-906

$80.07

$-72,543.42

-0.77%

NCLH

G66721104

Norwegian Cruise Line Holdings Ltd

-3,684

$20.55

$-75,706.20

-0.80%

CAVA

148929102

Cava Group Inc

-1,466

$52.65

$-77,184.90

-0.82%

LULU

550021109

Lululemon Athletica Inc

-505

$187.01

$-94,440.05

-1.00%

DKS

253393102

Dick's Sporting Goods Inc

-444

$215.48

$-95,672.01

-1.01%

SHAK

819047101

Shake Shack Inc

-1,369

$79.21

$-108,438.49

-1.15%

CMG

169656105

Chipotle Mexican Grill Inc

-3,737

$34.87

$-130,309.19

-1.38%

BRBR

07831C103

BellRing Brands Inc

-4,070

$32.67

$-132,966.90

-1.41%

IEI

464288661

iShares 3-7 Year Treasury Bond ETF

-1,540

$119.47

$-183,983.80

-1.95%

HYG

464288513

iShares iBoxx $ High Yield Corporate Bond ETF

-4,598

$80.72

$-371,150.56

-3.93%

TLT

464287432

iShares 20+ Year Treasury Bond ETF

-4,232

$88.19

$-373,220.08

-3.95%

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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