top of page
HEFT_thumbnail.jpg

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.

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.

$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.

bottom of page