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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 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.

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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.

$25.00

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.

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