FCTE ETF — Holdings & Analysis

The SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is an actively managed equity ETF with $0.28 billion in assets under management.

FCTE aims to outperform the S&P 500 by investing in approximately 20 large-cap domestic stocks selected using a proprietary Full-Cycle Trend (FCT) strategy. The fund's relatively high expense ratio of 0.85% reflects its active management approach, which involves monthly portfolio updates and adjustments based on quality and trend factors.

SMI 3Fourteen Full-Cycle Trend ETF (FCTE) ETF — Price, Holdings & Analysis

The SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is an actively managed equity ETF with $0.28 billion in assets under management. FCTE aims to outperform the S&P 500 by investing in approximately 20 large-cap domestic stocks selected using a proprietary Full-Cycle Trend (FCT) strategy. The fund's relatively high expense ratio of 0.85% reflects its active management approach, which involves monthly portfolio updates and adjustments based on quality and trend factors.

ETF Overview

FCTE aims to beat the S&P 500 throughout complete market cycles by targeting companies believed to be the most promising. Typically, holdings comprise around 20 domestic large-cap stocks drawn from the S&P 500 index. Portfolio selection is based on the Full-Cycle Trend (FCT) strategy, which evaluates stocks based on quality metrics and trend factors like return on capital and cash flow stability, earnings growth, return on investment, momentum, linear regression, and trend analysis. Each month, a model portfolio is created and published. The adviser uses this portfolio to update the funds holdings monthly according to this model while retaining discretion for additional adjustments and potential deviations due to regulatory compliance or unusual stock volatility. The fund may engage in active and frequent trading.

The SMI 3Fourteen Full-Cycle Trend ETF (FCTE) seeks to outperform the S&P 500 over complete market cycles by employing the Full-Cycle Trend (FCT) strategy. This strategy focuses on identifying companies with strong quality metrics and positive trend factors, such as return on capital, cash flow stability, earnings growth, return on investment, momentum, linear regression, and trend analysis. The fund typically holds around 20 domestic large-cap stocks selected from the S&P 500. The portfolio is re-evaluated monthly, and holdings are adjusted based on a model portfolio, with the adviser retaining discretion for additional adjustments. As of March 15, 2026, the fund's top holdings include McKesson Corp (5.90%), HCA Healthcare Inc (5.39%), and Cardinal Health Inc (5.30%). Sector allocation is heavily weighted towards Healthcare (41.4%) and Technology (38.5%), with smaller allocations to Industrials (15.1%) and Consumer Cyclical (5.0%). This concentrated approach differentiates FCTE from broader market ETFs.

Risk Metrics

FCTE carries several risks inherent to its investment strategy. With only 10 holdings, the fund exhibits significant concentration risk, as the performance of a few stocks can substantially impact the overall return. The fund's sector allocation is also concentrated, with a large emphasis on Healthcare and Technology, making it vulnerable to sector-specific downturns. The fund's beta is currently 0.00, indicating very low volatility relative to the market, but this may not be representative of future performance. The expense ratio of 0.85% is relatively high, which can create a significant drag on returns, especially when compared to passively managed ETFs with lower fees. Past performance does not guarantee future results.

Expense Ratio

0.85%

What does FCTE hold?

Holding	Weight
McKesson Corp (MCK)	5.90%
HCA Healthcare Inc (HCA)	5.39%
Cardinal Health Inc (CAH)	5.30%
Edwards Lifesciences Corp (EW)	5.26%
Fastenal Co (FAST)	5.23%
Cencora Inc (COR)	5.15%
Apple Inc (AAPL)	5.06%
Cadence Design Systems Inc (CDNS)	5.05%
Amphenol Corp Class A (APH)	5.04%
Tractor Supply Co (TSCO)	5.04%

How Is the Fund Allocated?

Sector	Weight
Healthcare	41.4%
Technology	38.5%
Industrials	15.1%
Consumer Cyclical	5.0%

Country	Weight
United States	95.1%
Ireland	4.8%
Other	0.1%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is FCTE and what does it track?

The SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is an actively managed equity ETF that aims to outperform the S&P 500 throughout complete market cycles.

It achieves this by investing in approximately 20 domestic large-cap stocks selected from the S&P 500 index. The fund uses a proprietary Full-Cycle Trend (FCT) strategy, which evaluates stocks based on quality metrics and trend factors.

What is the expense ratio for FCTE?

The expense ratio for the SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is 0.85%. This means that for every $10,000 invested in the fund, $85 is deducted annually to cover operating expenses.

This expense ratio is higher than the average expense ratio for equity ETFs, which is around 0.44%. The higher expense ratio reflects the fund's active management strategy, which involves ongoing research and portfolio adjustments.

What are the top holdings in FCTE?

As of March 15, 2026, the top holdings in the SMI 3Fourteen Full-Cycle Trend ETF (FCTE) are: McKesson Corp (MCK) at 5.90%, HCA Healthcare Inc (HCA) at 5.39%, Cardinal Health Inc (CAH) at 5.30%, Edwards Lifesciences Corp (EW) at 5.26%,…

and Fastenal Co (FAST) at 5.23%.

Is FCTE a good long-term investment?

Whether FCTE is a suitable long-term investment depends on an individual's investment goals and risk tolerance. The fund's active management and focus on quality and trend factors may appeal to investors seeking to outperform the S&P 500.

However, the fund's high expense ratio of 0.85% and concentrated portfolio of just 10 holdings could impact long-term returns.

How does FCTE compare to similar ETFs?

FCTE differentiates itself through its active management and proprietary Full-Cycle Trend (FCT) strategy. Many similar ETFs are passively managed and track broad market indexes like the S&P 500.

FCTE's expense ratio of 0.85% is higher than many passively managed ETFs, but potentially competitive with other actively managed funds.

Does FCTE pay dividends?

As of March 15, 2026, the SMI 3Fourteen Full-Cycle Trend ETF (FCTE) has a dividend yield of 0.00%. This indicates that the fund currently does not distribute dividends to its shareholders.

The fund's investment strategy focuses on capital appreciation through stock selection, rather than generating income through dividends. Investors seeking dividend income may want to consider other ETFs with a focus on dividend-paying stocks.