1
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
10.18% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.61% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
British American Tobacco plc |
|
6,867 |
|
$416,484 |
|
|
|
|
Dollar General Corp. |
|
7,460 |
|
947,793 |
|
|
|
|
Philip Morris International, Inc. |
|
4,377 |
|
835,219 |
|
|
|
|
|
|
|
|
2,199,496 |
|
|
|
|
|
|
|
|
|
|
|
2.13% |
|
ENERGY |
|
|
|
|
|
|
|
|
Antero Midstream Corp. |
|
41,757 |
|
917,401 |
|
|
|
|
Enterprise Products Partners, L.P. |
|
23,180 |
|
881,999 |
|
|
|
|
|
|
|
|
1,799,400 |
|
|
|
|
|
|
|
|
|
|
|
2.37% |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
Eli Lilly & Co. |
|
1,048 |
|
1,203,984 |
|
|
|
|
Novo Nordisk A/S |
|
16,911 |
|
796,170 |
|
|
|
|
|
|
|
|
2,000,154 |
|
|
|
|
|
|
|
|
|
|
|
2.13% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
Rockwell Automation, Inc. |
|
1,808 |
|
867,985 |
|
|
|
|
RTX Corp. |
|
4,304 |
|
926,307 |
|
|
|
|
|
|
|
|
1,794,292 |
|
|
|
|
|
|
|
|
|
|
|
0.94% |
|
MATERIALS |
|
|
|
|
|
|
|
|
Linde plc |
|
1,657 |
|
792,676 |
|
|
|
|
|
|
|
|
|
|
|
10.18% |
|
TOTAL COMMON STOCKS |
|
8,586,018 |
|
||
|
|
|
(Cost: $8,447,150) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83.59% |
|
EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.98% |
|
COMMODITIES FUNDS |
|
|
|
|
|
|
|
|
iMGP DBi Managed Futures Strategy ETF |
|
272,748 |
|
8,433,368 |
|
|
|
|
SPDR Gold Shares(A) |
|
4,533 |
|
1,684,191 |
|
|
|
|
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF |
|
280,960 |
|
10,103,322 |
|
|
|
|
|
|
|
|
20,220,881 |
|
2
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
22.04% |
|
DEVELOPED ECONOMIES |
|
|
|
|
|
|
|
|
FlexShares STOXX Global Broad Infrastructure Index Fund |
|
45,939 |
|
$2,992,237 |
|
|
|
|
Franklin U.S. Low Volatility High Dividend Index ETF |
|
91,783 |
|
4,118,303 |
|
|
|
|
Global X US Infrastructure Dev. ETF |
|
15,198 |
|
856,559 |
|
|
|
|
ProShares S&P 500 Dividend |
|
72,203 |
|
4,121,347 |
|
|
|
|
Vanguard Total Stock Market ETF |
|
17,650 |
|
6,498,906 |
|
|
|
|
|
|
|
|
18,587,352 |
|
|
|
|
|
|
|
|
|
|
|
1.04% |
|
EMERGING MARKETS |
|
|
|
|
|
|
|
|
iShares MSCI Brazil ETF |
|
23,882 |
|
875,275 |
|
|
|
|
|
|
|
|
|
|
|
3.01% |
|
FIXED INCOME FUNDS |
|
|
|
|
|
|
|
|
Vanguard Short-Term Corporate |
|
32,255 |
|
2,535,888 |
|
|
|
|
|
|
|
|
|
|
|
24.00% |
|
SECTOR FUNDS |
|
|
|
|
|
|
|
|
Amplify Digital Payments ETF |
|
33,746 |
|
1,686,625 |
|
|
|
|
First Trust Nasdaq Cybersecurity ETF |
|
25,706 |
|
2,360,582 |
|
|
|
|
iShares U.S. Healthcare Providers ETF |
|
21,847 |
|
1,231,734 |
|
|
|
|
iShares U.S. Pharmaceuticals ETF |
|
12,200 |
|
1,239,764 |
|
|
|
|
ROBO Global Healthcare Technology and Innovation ETF |
|
33,712 |
|
1,296,847 |
|
|
|
|
State Street SPDR S&P Aerospace & Defense ETF |
|
3,230 |
|
855,498 |
|
|
|
|
State Street SPDR S&P Biotech ETF |
|
13,673 |
|
2,010,068 |
|
|
|
|
State Street SPDR S&P Global Natural Resources ETF |
|
35,221 |
|
2,549,296 |
|
|
|
|
State Street SPDR S&P Kensho Future Security ETF |
|
11,595 |
|
1,236,375 |
|
|
|
|
State Street SPDR S&P Oil & Gas Exploration & Production ETF |
|
9,773 |
|
1,733,730 |
|
|
|
|
State Street SPDR S&P Software ETF |
|
9,188 |
|
1,679,015 |
|
|
|
|
VanEck Oil Services ETF |
|
6,132 |
|
2,359,655 |
|
|
|
|
|
|
|
|
20,239,189 |
|
|
|
|
|
|
|
|
|
|
3
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
9.52% |
|
TREASURY FUNDS |
|
|
|
|
|
|
|
|
F/m US Treasury 2 Year Note ETF |
|
167,886 |
|
$8,033,110 |
|
|
|
|
|
|
|
|
|
|
|
83.59% |
|
TOTAL EXCHANGE TRADED FUNDS |
|
70,491,695 |
|
||
|
|
|
(Cost: $68,607,933) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.99% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds 3.583%(B) |
|
9,272,042 |
|
9,272,042 |
|
|
|
|
(Cost: $9,272,042) |
|
|
|
|
|
|
0.13% |
|
OPTIONS PURCHASED(B) |
|
|
|
|
|
|
|
|
Description |
Number of Contracts |
Notional Amount |
Exercise Price |
Expiration Date |
|
Value |
|
|
0.13% |
|
PUT OPTIONS |
|
|
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust |
974 |
$72,760,722 |
$622.00 |
09/18/2026 |
|
$110,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
0.13% |
|
TOTAL OPTIONS PURCHASED |
|
110,549 |
|
||||
|
|
|
(Cost: $172,421) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104.89% |
|
TOTAL INVESTMENTS |
|
88,460,304 |
|
||||
|
|
|
(Cost: $86,499,547) |
|
|
|
|
|
|
|
|
(4.89%) |
|
Liabilities in excess of other assets |
|
(4,120,846 |
) |
||||
|
100.00% |
|
NET ASSETS |
|
$84,339,458 |
|
||||
4
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
SWAP CONTRACTS
TOTAL RETURN SWAP CONTRACTS
|
|
|
Counterparty |
|
Reference |
|
Pay/ |
|
Financing |
|
Pay/ |
|
Termination |
|
Notional |
|
Unrealized |
|
|
|
|
Clear Street Derivatives, LLC. |
|
Vanguard Total World Stock Index Fund ETF |
|
Receive |
|
OBFR01(C) +100bps |
|
Monthly |
|
7/6/27 |
|
$2,940,143 |
|
$(28,220 |
) |
|
(0.03%) |
|
TOTAL RETURN SWAP CONTRACTS |
|
$2,940,143 |
|
$(28,220 |
) |
||||||||||
(A)Non Income Producing.
(B)Effective 7 day yield as of July 31, 2026
(C)OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.
5
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Short InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
(14.91%) |
|
SECURITIES SOLD SHORT(A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.75%) |
|
COMMON STOCKS SOLD SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.97%) |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
AppLovin Corp. |
|
(844 |
) |
$(334,140 |
) |
|
|
|
fuboTV, Inc. |
|
(37,092 |
) |
(328,264 |
) |
|
|
|
Netflix, Inc. |
|
(5,879 |
) |
(421,583 |
) |
|
|
|
Paramount Skydance Corp. |
|
(27,085 |
) |
(215,597 |
) |
|
|
|
The Trade Desk, Inc. |
|
(19,645 |
) |
(354,396 |
) |
|
|
|
|
|
|
|
(1,653,980 |
) |
|
|
|
|
|
|
|
|
|
|
(4.09%) |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc. |
|
(1,642 |
) |
(244,642 |
) |
|
|
|
Carvana Co. |
|
(3,728 |
) |
(232,478 |
) |
|
|
|
Dave & Buster’s Entertainment |
|
(31,097 |
) |
(337,091 |
) |
|
|
|
Kura Sushi USA, Inc. |
|
(7,148 |
) |
(329,308 |
) |
|
|
|
Lennar Corp. |
|
(3,577 |
) |
(294,566 |
) |
|
|
|
Lululemon Athletica, Inc. |
|
(2,778 |
) |
(330,221 |
) |
|
|
|
NIKE, Inc. |
|
(8,004 |
) |
(333,847 |
) |
|
|
|
Ollie’s Bargain Outlet, Inc. |
|
(4,675 |
) |
(343,472 |
) |
|
|
|
Shake Shack, Inc. |
|
(5,379 |
) |
(337,532 |
) |
|
|
|
Tesla, Inc. |
|
(1,096 |
) |
(341,086 |
) |
|
|
|
Wingstop, Inc. |
|
(2,535 |
) |
(328,257 |
) |
|
|
|
|
|
|
|
(3,452,500 |
) |
|
|
|
|
|
|
|
|
|
|
(1.02%) |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
Beyond Meat, Inc. |
|
(455,365 |
) |
(257,737 |
) |
|
|
|
The Hershey Company |
|
(1,586 |
) |
(277,629 |
) |
|
|
|
The Marzetti Company |
|
(3,028 |
) |
(323,602 |
) |
|
|
|
|
|
|
|
(858,968 |
) |
|
|
|
|
|
|
|
|
|
|
(0.57%) |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Adyen NV |
|
(23,093 |
) |
(233,239 |
) |
|
|
|
Coinbase Global, Inc. |
|
(1,707 |
) |
(249,666 |
) |
|
|
|
|
|
|
|
(482,905 |
) |
6
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
(0.40%) |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
HCA Healthcare, Inc. |
|
(841 |
) |
$(338,578 |
) |
|
|
|
|
|
|
|
|
|
|
(0.40%) |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
(411 |
) |
(334,887 |
) |
|
|
|
|
|
|
|
|
|
|
(1.90%) |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
Camtek Ltd. |
|
(2,458 |
) |
(325,587 |
) |
|
|
|
Marathon Digital Holdings, Inc. |
|
(24,937 |
) |
(282,287 |
) |
|
|
|
Oracle Corp. |
|
(1,967 |
) |
(255,454 |
) |
|
|
|
Pegasystems, Inc. |
|
(11,346 |
) |
(346,620 |
) |
|
|
|
Strategy, Inc. Class A |
|
(4,163 |
) |
(388,325 |
) |
|
|
|
|
|
|
|
(1,598,273 |
) |
|
|
|
|
|
|
|
|
|
|
(0.40%) |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
Zillow Group, Inc. |
|
(9,993 |
) |
(340,362 |
) |
|
|
|
|
|
|
|
|
|
|
(10.74%) |
|
TOTAL COMMON STOCKS SOLD SHORT |
|
(9,060,453 |
) |
||
|
|
|
(Proceeds Received: $9,639,561) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.16%) |
|
EXCHANGE TRADED FUNDS SOLD SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.40%) |
|
DEVELOPED ECONOMIES |
|
|
|
|
|
|
|
|
Goldman Sachs Hedge Industry VIP ETF(A) |
|
(1,987 |
) |
(333,796 |
) |
|
|
|
|
|
|
|
|
|
|
(3.01%) |
|
FIXED INCOME FUNDS |
|
|
|
|
|
|
|
|
PIMCO 25+ Year Zero Coupon US Treasury Index ETF(A) |
|
(43,732 |
) |
(2,540,829 |
) |
|
|
|
|
|
|
|
|
|
|
(0.75%) |
|
SECTOR FUNDS |
|
|
|
|
|
|
|
|
Technology Select Sector SPDR Fund(A) |
|
(3,599 |
) |
(631,085 |
) |
|
|
|
|
|
|
|
|
|
|
(4.16%) |
|
TOTAL EXCHANGE TRADED FUNDS SOLD SHORT |
|
(3,505,710 |
) |
||
|
|
|
(Proceeds Received: $3,573,190) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14.90%) |
|
TOTAL SECURITIES SOLD SHORT |
|
$(12,566,163 |
) |
||
|
|
|
(Proceeds Received: $13,212,751) |
|
|
|
|
|
(A)Non Income Producing.
7
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of July 31, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Quoted |
|
Other |
|
Significant |
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$8,586,018 |
|
$— |
|
$— |
|
$8,586,018 |
|
|
Exchange Traded Funds |
|
70,491,695 |
|
— |
|
— |
|
70,491,695 |
|
|
Money Market Fund |
|
9,272,042 |
|
— |
|
— |
|
9,272,042 |
|
|
Put Options Purchased |
|
110,549 |
|
— |
|
— |
|
110,549 |
|
|
|
|
$88,460,304 |
|
$— |
|
$— |
|
$88,460,304 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Common Stocks Sold Short |
|
$(9,060,453 |
) |
$— |
|
$— |
|
$(9,060,453 |
) |
|
Exchange Traded Funds Sold Short |
|
(3,505,710 |
) |
— |
|
— |
|
(3,505,710 |
) |
|
Net Unrealized Deprecitiation of Total Return Swap Contracts |
|
(28,220 |
) |
— |
|
— |
|
(28,220 |
) |
|
|
|
$(12,594,383 |
) |
$— |
|
$— |
|
$(12,594,383 |
) |
8
QUARTERLY REPORT
HEDGEYE FOURTH TURNING ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2026, since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purposes is $73,286,796, and the related net unrealized appreciation (depreciation) consists of:
|
|
|
Gross unrealized appreciation |
|
$3,270,189 |
|
|
|
|
Gross unrealized depreciation |
|
(691,064 |
) |
|
|
|
Net unrealized appreciation (depreciation) |
|
$2,579,125 |