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 11/25/2025
TICKER FCTE
NET ASSETS $245M
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 $24.85
30 DAY MEDIAN BID-ASK SPREAD 0.000814

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 -5.95% N/A N/A 0.71%
FCTE - Market Price -6.17% N/A N/A 0.64%
S&P 500 Index Total Return 21.45% N/A N/A 19.68%
1 MO 3 MO YTD Since Inception
FCTE - NAV -6.99% 1.69% -4.58% 0.02% -4.61% 2.56% 0.95% 8.54%
FCTE - Market Price -7.08% 1.77% -4.59% -0.02% -4.62% 2.65% 0.85% 8.25%
S&P 500 Index Total Return 2.34% 3.65% 8.23% 8.12% 17.52% 14.83% 27.09% 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

As of 11/25/2025

NET ASSET VALUE

$24.85

CLOSING PRICE

$24.84

PREMIUM/DISCOUNT

0.04%
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 39

Holdings

As of 11/25/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
IDEXX LABS IDXX 6.02 14765500 BBG000BLRT07 19259
PHILIP MORRIS INTERNATIONAL PM 5.42 13294700 BBG000J2XL74 84459
OREILLY AUTOMOTIVE INC ORLY 5.32 13067000 BBG000BGYWY6 128891
VERISIGN INC VRSN 5.30 13014900 BBG000BGKHZ3 50903
AUTOZONE INC AZO 5.23 12835200 BBG000C7LMS8 3251
REPUBLIC SERVICES INC RSG 5.19 12726900 BBG000BPXVJ6 58625
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 5.17 12677800 BBG000B9ZXB4 99007
Broadridge Financial Solutions, Inc. BR 5.14 12625800 BBG000PPFKQ7 55323
Allegion Public Limited Company ALLE 4.99 12241000 BBG003PS7JV1 73701
TRACTOR SUPPLY COMPANY TSCO 4.99 12238400 BBG000BLXZN1 224888
VERISK ANALYTICS INC VRSK 4.98 12220400 BBG000BCZL41 54795
CINTAS CORP CTAS 4.96 12168900 BBG000H3YXF8 66254
MASTERCARD INC - A MA 4.92 12074300 BBG000F1ZSQ2 22095
AUTOMATIC DATA PROCESSING ADP 4.89 11988900 BBG000JG0547 46775
META PLATFORMS INC META 4.86 11921500 BBG000MM2P62 18738
FASTENAL CO FAST 4.84 11876700 BBG000BJ8YN7 296250
F5 Inc FFIV 4.68 11483000 BBG000CXYSZ6 47844
GARMIN LTD GRMN 4.48 10984900 BBG000C4LN67 56937
CADENCE DESIGN SYS INC CDNS 4.45 10926600 BBG000C13CD9 35983
ORACLE CORP ORCL 3.72 9137070 BBG000BQLTW7 46374
CASH AND CASH EQUIVALENTS N/A 0.47 1142290 N/A 1142290

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.