FCTE

SMI 3FOURTEEN FULL-CYCLE TREND ETF

ETF Market Price

Overview

Fund Objective

The SMI 3Fourteen Full-Cycle Trend ETF seeks long-term capital appreciation.

Fund Description

The ETF is actively managed and typically owns 20 domestic stocks drawn from within the S&P 500 index constituents. The stocks are chosen using a Full-Cycle Trend ("FCT") strategy. The FCT model uses a proprietary Quality screen to narrow the potential universe, then applies a variety of proprietary Trend and Momentum screens to select the ETF's portfolio.

Each month the screens are rerun to determine which stocks should remain in the portfolio. This is typically a high-turnover strategy, so the ability afforded to ETFs to minimize portfolio-generated capital gains can provide a significant advantage over implementing FCT and owning the 20 stocks directly.

The goal of this strategy is to identify and own stocks that can outperform the S&P 500 across the entire market cycle.

NAV Historical Change

Fund Details

As of 10/30/2025
TICKER FCTE
NET ASSETS $286M
TYPE Active Equity ETF
CUSIP 26923N512
ISIN US26923N5124
PRIMARY EXCHANGE NASDAQ
INCEPTION DATE 07/02/2024
GROSS EXPENSE RATIO 0.89%
NET EXPENSE RATIO* 0.85%
TYPICAL # OF HOLDINGS 20
ADVISOR 3Fourteen & SMI Advisory Services
FUND DISTRIBUTOR Foreside Fund Services, LLC
NAV $24.79
30 DAY MEDIAN BID-ASK SPREAD 0.000785

Fee Breakdown

ANNUAL FUND OPERATING EXPENSES
- MANAGEMENT FEE* 0.85%
- DISTRIBUTION AND/OR SERVICE (12B-1) FEES 0.00%
- OTHER EXPENSES 0.00%
TOTAL FEES: 0.85%

Performance

1 YR 3 YRS 5 YRS Since Inception
FCTE - NAV -3.54% N/A N/A 6.77%
FCTE - Market Price -3.83% N/A N/A 6.77%
S&P 500 Index Total Return 17.60% N/A N/A 18.93%
1 MO 3 MO YTD Since Inception
FCTE - NAV 1.69% 1.69% 0.02% 0.02% 2.56% 2.56% 8.54% 8.54%
FCTE - Market Price 1.77% 1.77% -0.02% -0.02% 2.65% 2.65% 8.25% 8.25%
S&P 500 Index Total Return 3.65% 3.65% 8.12% 8.12% 14.83% 14.83% 18.93% 18.93%
FCTE 2024
NAV 5.83%
MARKET PRICE 5.72%
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Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment 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 performance data quoted. For the most recent month-end performance, please call (844) 328-3383.

The S&P 500 index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.

Premium Discount

Premium: When a Fund’s market price exceeds its net asset value per share (“NAV”) on a given trading day, expressed as a percentage of the Fund’s NAV.
Discount: When a Fund’s market price is below its net asset value per share (“NAV”) on a given trading day expressed as a percentage of the Fund’s NAV.
# of Days 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Premium 58 40 33 8 0
Discount 6 20 29 56 22

Holdings

As of 10/30/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
EDWARDS LIFESCIENCES CORP EW 5.75 16443200 BBG000BRXP69 196972
CISCO SYSTEMS INC CSCO 5.71 16337500 BBG000C3J3C9 224077
VISA INC-CLASS A SHARES V 5.43 15520500 BBG000PSKYX7 44983
COSTCO WHOLESALE CORP COST 5.31 15177400 BBG000F6H8W8 16494
IDEXX LABS IDXX 5.30 15153500 BBG000BLRT07 24109
MASTERCARD INC - A MA 5.23 14952100 BBG000F1ZSQ2 27005
CADENCE DESIGN SYS INC CDNS 5.15 14730500 BBG000C13CD9 43829
TRACTOR SUPPLY COMPANY TSCO 5.11 14608000 BBG000BLXZN1 269919
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 4.99 14262100 BBG000B9ZXB4 114399
Broadridge Financial Solutions, Inc. BR 4.98 14241000 BBG000PPFKQ7 64439
PAYCHEX INC PAYX 4.96 14176400 BBG000BQSQ38 120928
REPUBLIC SERVICES INC RSG 4.88 13947300 BBG000BPXVJ6 66441
AUTOMATIC DATA PROCESSING ADP 4.80 13712300 BBG000JG0547 52431
CINTAS CORP CTAS 4.80 13711100 BBG000H3YXF8 74525
PHILIP MORRIS INTERNATIONAL PM 4.78 13668200 BBG000J2XL74 93772
CORPAY INC COMMON STOCK CPAY 4.73 13535400 BBG000GPXKX9 53080
VERISK ANALYTICS INC VRSK 4.60 13150900 BBG000BCZL41 60436
FASTENAL CO FAST 4.54 12981700 BBG000BJ8YN7 312435
VERISIGN INC VRSN 4.51 12879500 BBG000BGKHZ3 54667
F5 Inc FFIV 4.26 12174000 BBG000CXYSZ6 47427
CASH AND CASH EQUIVALENTS N/A 0.19 532795 N/A 532795

How To Invest

Buy Through Your Brokerage

FCTE and RAA can be purchased, like most other ETFs, in Brokerage Accounts held at firms like Schwab, Fidelity, etc.

Further Assistance

If you have any additional inquiries or questions about 3FourteenSMI, please contact us at 844-328-3383. Our team is here to assist you with all your investment needs.