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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 7/2/2026

0.70%

11/20/2025

Annual

$92,889,131

3,530,000

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.

AdobeStock_492933432_edited_edited.jpg

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.

$26.31

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: 6/30/2026

Fund NAV

1 Month

-1.58%

3 Month

0.03%

6 Month

5.46%

YTD

5.46%

Since Inception

6.37%

Closing Price

-1.67%

-0.38%

4.91%

4.91%

6.10%

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 7/3/2026

Ticker

Cusip

Name

Shares

Price

Market Value

Weight

Cash&Other

Cash&Other

Cash & Other

14,954,437.39

$1.00

$14,954,437.39

16.33%

UTWO

74933W486

F/m US Treasury 2 Year Note ETF

280,908

$48.01

$13,484,988.54

14.73%

VTI

922908769

Vanguard Total Stock Market ETF

23,110

$368.76

$8,522,043.60

9.31%

DBMF

53700T827

iMGP DBi Managed Futures Strategy ETF

272,388

$30.33

$8,261,528.04

9.02%

FGXXX

31846V336

First American Government Obligations Fund 12/01/2031

5,993,468.03

$100.00

$5,993,468.03

6.54%

LVHD

52468L406

Franklin U.S. Low Volatility High Dividend Index ETF

122,592

$45.12

$5,531,351.04

6.04%

NOBL

74348A467

ProShares S&P 500 Dividend Aristocrats ETF

95,865

$57.71

$5,532,369.15

6.04%

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

23,963

$156.17

$3,742,301.71

4.09%

IHE

464288836

iShares U.S. Pharmaceuticals ETF

37,002

$100.96

$3,735,721.92

4.08%

NFRA

33939L795

FlexShares STOXX Global Broad Infrastructure Index Fund

49,649

$64.44

$3,199,381.56

3.49%

BUXX

02072L441

Strive Enhanced Income Short Maturity ETF

136,759

$20.23

$2,766,634.57

3.02%

XAR

78464A631

State Street SPDR S&P Aerospace & Defense ETF

9,507

$287.56

$2,733,832.92

2.99%

VPL

922042866

Vanguard FTSE Pacific ETF

22,832

$111.96

$2,556,270.72

2.79%

CIBR

33734X846

First Trust NASDAQ Cybersecurity ETF

27,782

$90.67

$2,518,993.94

2.75%

FITE

78468R671

State Street SPDR S&P Kensho Future Security ETF

18,572

$112.69

$2,092,830.39

2.29%

IHF

464288828

iShares U.S. Healthcare Providers ETF

34,380

$57.50

$1,976,850.00

2.16%

VGK

922042874

Vanguard FTSE Europe ETF

21,096

$89.35

$1,884,927.60

2.06%

CERY

78468R440

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

55,567

$33.36

$1,853,715.12

2.02%

AVEM

25072604

Avantis Emerging Markets Equity ETF

19,579

$92.44

$1,809,882.76

1.98%

XBI

78464A870

State Street SPDR S&P Biotech ETF

11,038

$160.46

$1,771,157.48

1.93%

HTEC

301505723

ROBO Global R Healthcare Technology and Innovation ETF

44,943

$38.68

$1,738,395.24

1.90%

OIH

92189H607

VanEck Oil Services ETF

4,804

$359.60

$1,727,518.40

1.89%

MO

02209S103

Altria Group Inc

20,471

$72.71

$1,488,446.41

1.63%

GLD

78463V107

SPDR Gold Shares

3,760

$378.13

$1,421,768.80

1.55%

LLY

532457108

Eli Lilly & Co

1,134

$1,213.91

$1,376,573.94

1.50%

AM

03676B102

Antero Midstream Corp

45,129

$22.46

$1,013,597.34

1.11%

LIN

G54950103

Linde PLC

1,789

$546.64

$977,938.96

1.07%

DG

256677105

Dollar General Corp

8,062

$118.17

$952,686.54

1.04%

PAVE

37954Y673

Global X US Infrastructure Development ETF

16,426

$57.15

$938,745.90

1.03%

XOP

78468R556

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

6,014

$154.64

$930,004.96

1.02%

EPD

293792107

Enterprise Products Partners LP

25,052

$36.75

$920,661.00

1.01%

NVO

670100205

Novo Nordisk A/S

18,278

$50.43

$921,759.54

1.01%

KO

191216100

Coca-Cola Co/The

8,991

$84.14

$756,502.74

0.83%

ROBO

301505707

ROBO Global Robotics and Automation Index ETF

8,573

$83.39

$714,902.47

0.78%

INTC

458140100

Intel Corp

3,853

$120.35

$463,708.55

0.51%

EWY

464286772

iShares MSCI South Korea ETF

2,551

$180.14

$459,537.14

0.50%

SPY 260821P00630000

SPY 260821P00630000

SPY US 08/21/26 P630

1,072

$1.17

$124,888.00

0.14%

LVS

517834107

Las Vegas Sands Corp

-3,580

$46.99

$-168,224.20

-0.18%

FUBO

35953D401

fuboTV Inc

-17,305

$10.20

$-176,511.00

-0.19%

NKE

654106103

NIKE Inc

-4,436

$44.09

$-195,583.24

-0.21%

KVYO

49845K101

Klaviyo Inc

-12,731

$16.90

$-215,153.90

-0.23%

SHAK

819047101

Shake Shack Inc

-3,771

$56.47

$-212,948.37

-0.23%

FISV

337738108

Fiserv Inc

-4,272

$52.33

$-223,553.76

-0.24%

LCID

549498202

Lucid Group Inc

-36,064

$6.08

$-219,269.12

-0.24%

PEGA

705573103

Pegasystems Inc

-6,951

$31.05

$-215,793.80

-0.24%

BYND

9223372036854776000

Beyond Meat Inc

-320,726

$0.71

$-227,811.68

-0.25%

PATH

90364P105

UiPath Inc

-21,340

$11.71

$-249,891.40

-0.27%

LULU

550021109

Lululemon Athletica Inc

-2,290

$118.43

$-271,204.70

-0.30%

CAMT

M20791105

Camtek Ltd/Israel

-2,018

$142.50

$-287,565.00

-0.31%

GPN

37940X102

Global Payments Inc

-3,571

$78.63

$-280,787.73

-0.31%

Z

98954M200

Zillow Group Inc

-8,433

$33.43

$-281,915.19

-0.31%

ADYEY

00783V104

Adyen NV

-31,421

$9.60

$-301,641.60

-0.33%

HSY

427866108

Hershey Co/The

-1,780

$182.14

$-324,209.20

-0.35%

MZTI

513847103

Marzetti Company/The

-2,810

$115.79

$-325,369.90

-0.36%

NYT

650111107

New York Times Co/The

-4,584

$73.85

$-338,528.40

-0.37%

PLAY

238337109

Dave & Buster's Entertainment Inc

-31,267

$11.04

$-345,187.68

-0.38%

ROP

776696106

Roper Technologies Inc

-988

$364.20

$-359,829.60

-0.39%

CVNA

146869102

Carvana Co

-5,618

$68.60

$-385,394.80

-0.42%

DPZ

25754A201

Domino's Pizza Inc

-1,328

$311.66

$-413,884.48

-0.45%

TSLA

88160R101

Tesla Inc

-1,134

$393.45

$-446,172.30

-0.49%

RMD

761152107

ResMed Inc

-2,188

$209.63

$-458,670.44

-0.50%

FICO

303250104

Fair Isaac Corp

-382

$1,270.83

$-485,457.06

-0.53%

COIN

19260Q107

Coinbase Global Inc

-3,102

$165.48

$-513,318.96

-0.56%

META

30303M102

Meta Platforms Inc

-904

$582.90

$-526,941.60

-0.58%

IDX

92189F833

VanEck Indonesia Index ETF

-81,519

$10.05

$-819,265.95

-0.89%

EIS

464286632

iShares MSCI Israel ETF

-7,748

$120.48

$-933,479.04

-1.02%

THC

88033G407

Tenet Healthcare Corp

-4,632

$203.72

$-943,631.04

-1.03%

EWG

464286806

ISHARES INC MSCI GERMAN

-22,605

$42.31

$-956,417.55

-1.04%

MAGS

53656G498

Roundhill Magnificent Seven ETF

-18,694

$65.10

$-1,216,979.40

-1.33%

MSTR

594972408

Strategy Inc

-13,676

$100.77

$-1,378,130.52

-1.50%

HYG

464288513

iShares iBoxx USD High Yield Corporate Bond ETF

-23,087

$79.71

$-1,840,264.77

-2.01%

JNK

78468R622

State Street SPDR Bloomberg High Yield Bond ETF

-19,166

$95.99

$-1,839,744.34

-2.01%

XLY

81369Y407

State Street Consumer Discretionary Select Sector SPDR ETF

-16,270

$117.12

$-1,905,542.40

-2.08%

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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