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 1/2/2026
0.70%
11/20/2025
Annual
$13,513,482
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.


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.
Fund Resources
1.13%
-0.05%
$25.48
0.81%
0.16%
$25.50
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: 12/31/2025
Fund NAV
1 Month
-0.76%
3 Month
N/A%
6 Month
N/A%
YTD
N/A%
Since Inception
0.86%
Closing Price
-0.65%
N/A%
N/A%
N/A%
1.14%
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 1/6/2026
Ticker
Cusip
Name
Shares
Price
Market Value
Weight
Cash&Other
Cash&Other
Cash & Other
3,496,760.35
$1.00
$3,496,760.35
25.56%
UTWO
74933W486
F/m US Treasury 2 Year Note ETF
27,594
$48.61
$1,341,206.37
9.80%
CERY
78468R440
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF
45,061
$29.22
$1,316,682.42
9.63%
GLD
78463V107
SPDR Gold Shares
1,749
$408.76
$714,921.24
5.23%
FGXXX
31846V336
First American Government Obligations Fund 12/01/2031
449,018.54
$100.00
$449,018.54
3.28%
WIP
78464A490
SPDR FTSE International Government Inflation-Protected Bond ETF
10,279
$39.41
$405,095.39
2.96%
SLV
46428Q109
iShares Silver Trust
5,724
$69.08
$395,413.92
2.89%
WMT
931142103
Walmart Inc
2,933
$112.71
$330,578.43
2.42%
DG
256677105
Dollar General Corp
2,145
$138.34
$296,739.30
2.17%
PPLT
3260106
abrdn Physical Platinum Shares ETF
1,438
$204.50
$294,071.00
2.15%
XOM
30231G102
Exxon Mobil Corp
2,268
$125.36
$284,316.48
2.08%
AGNG
37954Y772
Global X Aging Population ETF
7,526
$36.13
$271,930.94
1.99%
MCD
580135101
McDonald's Corp
868
$299.86
$260,278.48
1.90%
GD
369550108
General Dynamics Corp
636
$355.56
$226,136.16
1.65%
ADM
39483102
Archer-Daniels-Midland Co
3,710
$59.58
$221,041.80
1.62%
INTC
458140100
Intel Corp
5,590
$39.37
$220,078.30
1.61%
GEV
36828A101
GE Vernova Inc
318
$680.86
$216,513.48
1.58%
JNJ
478160104
Johnson & Johnson
1,060
$204.31
$216,568.60
1.58%
HII
446413106
Huntington Ingalls Industries Inc
571
$363.48
$207,547.08
1.52%
V
92826C839
Visa Inc
572
$353.80
$202,373.60
1.48%
NSSC
630402105
Napco Security Technologies Inc
4,878
$41.30
$201,461.40
1.47%
DHR
235851102
Danaher Corp
848
$235.36
$199,585.28
1.46%
AAPL
37833100
Apple Inc
735
$267.26
$196,436.10
1.44%
AM
03676B102
Antero Midstream Corp
11,112
$17.70
$196,682.40
1.44%
BWXT
05605H100
BWX Technologies Inc
1,037
$189.02
$196,013.74
1.43%
TMO
883556102
Thermo Fisher Scientific Inc
318
$611.20
$194,361.60
1.42%
NEM
651639106
Newmont Corp
1,802
$103.53
$186,561.06
1.36%
ROK
773903109
Rockwell Automation Inc
424
$404.73
$171,605.52
1.25%
RTX
9223372036854776000
RTX Corp
901
$188.26
$169,622.26
1.24%
PFE
717081103
Pfizer Inc
6,413
$25.17
$161,415.21
1.18%
CEG
21037T109
Constellation Energy Corp
424
$354.94
$150,494.56
1.10%
KTOS
50077B207
Kratos Defense & Security Solutions Inc
1,643
$89.93
$147,754.99
1.08%
AMTM
23939101
Amentum Holdings Inc
4,643
$31.44
$145,975.92
1.07%
CAT
149123101
Caterpillar Inc
232
$616.10
$142,935.20
1.04%
JCI
G51502105
Johnson Controls International plc
1,166
$121.53
$141,703.98
1.04%
KO
191216100
Coca-Cola Co/The
2,067
$67.94
$140,431.98
1.03%
MOG/A
615394202
Moog Inc
558
$252.67
$140,989.86
1.03%
JBHT
445658107
JB Hunt Transport Services Inc
681
$202.02
$137,575.62
1.01%
FCFS
33768G107
FirstCash Holdings Inc
829
$163.02
$135,143.58
0.99%
LDOS
525327102
Leidos Holdings Inc
689
$195.49
$134,692.61
0.98%
MA
57636Q104
Mastercard Inc
234
$568.57
$133,045.38
0.97%
UHS
913903100
Universal Health Services Inc
581
$222.87
$129,487.47
0.95%
BKV
05603J108
BKV Corp
4,803
$26.71
$128,288.13
0.94%
CACI
127190304
CACI International Inc
226
$568.63
$128,510.38
0.94%
MDT
G5960L103
Medtronic PLC
1,325
$97.36
$129,002.00
0.94%
CRWD
22788C105
Crowdstrike Holdings Inc
262
$456.55
$119,616.10
0.87%
DGX
74834L100
Quest Diagnostics Inc
689
$173.49
$119,534.61
0.87%
TXT
883203101
Textron Inc
1,202
$89.00
$106,978.00
0.78%
ONDS
68236H204
Ondas Holdings Inc
8,441
$12.53
$105,765.73
0.77%
HXL
428291108
Hexcel Corp
1,291
$76.65
$98,955.15
0.72%
HBM
443628102
Hudbay Minerals Inc
4,346
$21.30
$92,569.80
0.68%
ESLT
M3760D101
Elbit Systems Ltd
139
$628.22
$87,322.58
0.64%
FSLR
336433107
First Solar Inc
318
$272.00
$86,496.00
0.63%
WRBY
93403J106
Warby Parker Inc
3,497
$23.25
$81,305.25
0.59%
TXG
88025U109
10X Genomics Inc
4,240
$18.32
$77,676.80
0.57%
ARRY
04271T100
Array Technologies Inc
8,427
$9.03
$76,095.81
0.56%
ATRO
46433108
Astronics Corp
1,307
$58.13
$75,975.91
0.56%
OPCH
68404L201
Option Care Health Inc
2,385
$32.18
$76,749.30
0.56%
CRH
G25508105
CRH PLC
583
$128.31
$74,804.73
0.55%
PLTR
69608A108
Palantir Technologies Inc
424
$174.04
$73,792.96
0.54%
WCC
95082P105
WESCO International Inc
265
$266.86
$70,717.90
0.52%
EZPW
302301106
EZCORP Inc
3,339
$20.22
$67,514.58
0.49%
VMI
920253101
Valmont Industries Inc
159
$418.39
$66,524.01
0.49%
GEN
668771108
GEN DIGITAL INC
2,473
$26.14
$64,644.22
0.47%
AKAM
00971T101
Akamai Technologies Inc
732
$85.91
$62,886.12
0.46%
EPD
293792107
Enterprise Products Partners LP
1,855
$32.16
$59,656.80
0.44%
QLYS
74758T303
Qualys Inc
459
$131.02
$60,138.18
0.44%
CWEN
18539C204
Clearway Energy Inc
1,643
$33.06
$54,317.58
0.40%
KRMN
485924104
Karman Holdings Inc
530
$83.99
$44,514.70
0.33%
SPY 260220P00570000
SPY 260220P00570000
SPY US 02/20/26 P570
381
$0.65
$24,574.50
0.18%
WRB
84423102
W R Berkley Corp
285
$70.71
$20,152.35
0.15%
GIS
370334104
General Mills Inc
-1,422
$44.37
$-63,094.14
-0.46%
COST
22160K105
Costco Wholesale Corp
-77
$875.74
$-67,431.98
-0.49%
DKS
253393102
Dick's Sporting Goods Inc
-326
$207.06
$-67,501.56
-0.49%
ORCL
68389X105
Oracle Corp
-346
$192.59
$-66,636.14
-0.49%
META
30303M102
Meta Platforms Inc
-103
$658.79
$-67,855.37
-0.50%
TMUS
872590104
T-Mobile US Inc
-339
$200.86
$-68,091.54
-0.50%
CAVA
148929102
Cava Group Inc
-1,157
$63.48
$-73,446.36
-0.54%
TTD
88339J105
Trade Desk Inc/The
-1,856
$40.11
$-74,444.16
-0.54%
NBIS
N97284108
Nebius Group NV
-847
$92.83
$-78,627.01
-0.57%
IEI
464288661
iShares 3-7 Year Treasury Bond ETF
-669
$119.52
$-79,958.88
-0.58%
TLT
464287432
iShares 20+ Year Treasury Bond ETF
-913
$87.46
$-79,850.98
-0.58%
BRBR
07831C103
BellRing Brands Inc
-3,537
$23.89
$-84,498.93
-0.62%
AMN
1744101
AMN Healthcare Services Inc
-6,315
$15.10
$-95,356.50
-0.70%
HELE
G4388N106
Helen of Troy Ltd
-4,752
$20.77
$-98,699.04
-0.72%
PYPL
70450Y103
PayPal Holdings Inc
-1,657
$59.29
$-98,243.53
-0.72%
STZ
21036P108
Constellation Brands Inc
-688
$142.51
$-98,046.88
-0.72%
ELF
26856L103
elf Beauty Inc
-1,293
$76.84
$-99,354.12
-0.73%
KR
501044101
Kroger Co/The
-1,620
$61.79
$-100,099.80
-0.73%
MSTR
594972408
Strategy Inc
-607
$164.72
$-99,985.04
-0.73%
KMX
143130102
CarMax Inc
-2,503
$40.32
$-100,920.96
-0.74%
SHAK
819047101
Shake Shack Inc
-1,206
$83.51
$-100,713.06
-0.74%
BJ
05550J101
BJ's Wholesale Club Holdings Inc
-1,106
$93.17
$-103,046.02
-0.75%
OLLI
681116109
Ollie's Bargain Outlet Holdings Inc
-880
$116.96
$-102,924.80
-0.75%
EFX
294429105
Equifax Inc
-476
$220.79
$-105,096.04
-0.77%
FND
339750101
Floor & Decor Holdings Inc
-1,644
$63.86
$-104,985.84
-0.77%
THC
88033G407
Tenet Healthcare Corp
-510
$207.01
$-105,575.10
-0.77%
CMG
169656105
Chipotle Mexican Grill Inc
-2,812
$38.25
$-107,559.00
-0.79%
USPH
90337L108
US Physical Therapy Inc
-1,286
$84.24
$-108,332.64
-0.79%
XYZ
852234103
Block Inc
-1,622
$68.45
$-111,025.90
-0.81%
XTEN
09789C812
BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF
-3,445
$46.32
$-159,572.40
-1.17%
IEF
464287440
iShares 7-10 Year Treasury Bond ETF
-2,786
$96.37
$-268,486.82
-1.96%
HYG
464288513
iShares iBoxx $ High Yield Corporate Bond ETF
-3,327
$80.88
$-269,087.76
-1.97%
JNK
78468R622
State Street SPDR Bloomberg High Yield Bond ETF
-2,760
$97.50
$-269,100.00
-1.97%
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.
