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 12/31/2025
TICKER FCTE
NET ASSETS $213M
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 $24.93
30 DAY MEDIAN BID-ASK SPREAD 0.000796

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 0.99% 1.69% -4.49% 0.02% -3.67% 2.56% 1.94% 8.54%
FCTE - Market Price 1.05% 1.77% -4.44% -0.02% -3.61% 2.65% 1.64% 8.25%
S&P 500 Index Total Return 0.25% 3.65% 6.34% 8.12% 17.81% 14.83% 27.40% 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 12/31/2025

NET ASSET VALUE

$24.93

CLOSING PRICE

$24.90

PREMIUM/DISCOUNT

0.12%
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 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Premium 40 33 8 3 0
Discount 20 29 56 60 0

Holdings

As of 12/31/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
HCA HEALTHCARE INC HCA 5.02 10689200 BBG000QW7VC1 22896
AUTOZONE INC AZO 5.02 10686600 BBG000C7LMS8 3151
TRACTOR SUPPLY COMPANY TSCO 5.01 10669100 BBG000BLXZN1 213340
VERISIGN INC VRSN 5.01 10667900 BBG000BGKHZ3 43910
CADENCE DESIGN SYS INC CDNS 5.01 10665200 BBG000C13CD9 34120
PHILIP MORRIS INTERNATIONAL PM 5.01 10660700 BBG000J2XL74 66463
MICROSOFT CORP MSFT 5.01 10656100 BBG000BPH459 22034
META PLATFORMS INC META 5.00 10647900 BBG000MM2P62 16131
IDEXX LABS IDXX 5.00 10643800 BBG000BLRT07 15733
AMPHENOL CORP-CL A APH 5.00 10643000 BBG000B9YJ35 78755
MCKESSON CORP MCK 5.00 10637500 BBG000DYGNW7 12968
Allegion Public Limited Company ALLE 4.99 10627600 BBG003PS7JV1 66748
Cencora, Inc. COR 4.99 10623300 BBG000MDCQC2 31453
LEIDOS HOLDINGS INC LDOS 4.99 10616900 BBG000C23PB0 58852
FASTENAL CO FAST 4.99 10615100 BBG000BJ8YN7 264518
LAM RESH CORP LRCX 4.98 10601200 BBG000BNFLM9 61930
ARISTA NETWORKS INC ANET 4.98 10593300 BBG01QQZBFH1 80846
KLA CORPORATION KLAC 4.97 10582100 BBG000BMTFR4 8709
NVIDIA CORP NVDA 4.96 10556600 BBG000BBJQV0 56604
MONOLITHIC POWER SYSTEMS INC MPWR 4.96 10554600 BBG000C30L48 11645
CASH AND CASH EQUIVALENTS N/A 0.08 167203 N/A 167203

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.