At a glance
FCTE charges 85.0% a year, above the 0.37% average of the 7 funds most like it (the most expensive of 8). It has $244.3M in assets, the 7th largest of that group; it paid 0.07% of its price in distributions over the past 12 months, annual. Over the past year it returned +15.8% with distributions reinvested (S&P 500: +11.5%), 2nd of those 8 funds. Its ten largest positions make up 50.3% of the fund, out of 20 in all.
The short version
SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is an actively managed fund that typically holds about 20 S&P 500 stocks. They are picked by a quality-and-trend model from 3Fourteen Research, an affiliate of the fund's adviser. It trades heavily, with 354% portfolio turnover, and costs 0.85% a year. Seven funds with overlapping holdings average 0.37%.
Price history
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FCTE +15.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FCTE official prospectus, to Dec 31, 2025 | — | -3.77% | — | — | — | +1.22% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | — | — | +17.55% |
| FCTE price data to Oct 27, 2026 | +19.7% | +15.8% | — | — | — | +8.7% |
- Over the year to Oct 27, 2026, FCTE returned +15.8%, 2nd of 8 among similar funds.
- Its worst full calendar year was 2025 (-3.8%); its best was 2025 (-3.8%).
- The deepest fall in its price history was 19.7% (Oct 14, 2024 to Apr 8, 2025), recovered by Jun 15, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.7% | — |
| 2025 | -3.8% | -3.77% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0400 |
What's inside
As of Jun 30, 2026, the fund held 20 securities; the ten largest made up 50.28% of assets.
| Holding | Weight | |
|---|---|---|
| APPLE INC. | 5.07% | |
| JABIL INC. | 5.04% | |
| META PLATFORMS, INC. | 5.03% | |
| LOCKHEED MARTIN CORPORATION | 5.03% | |
| TEXAS PACIFIC LAND CORPORATION | 5.02% | |
| MICROSOFT CORPORATION | 5.02% | |
| OLD DOMINION FREIGHT LINE, INC. | 5.02% | |
| MCKESSON CORPORATION | 5.02% | |
| HUBBELL INCORPORATED | 5.01% | |
| LOWE'S COMPANIES, INC. | 5.01% | |
| AMETEK, INC. | 5.01% | |
| HCA HEALTHCARE, INC. | 5.01% | |
| MONOLITHIC POWER SYSTEMS, INC. | 5.00% | |
| ALPHABET INC. | 4.99% | |
| LAM RESEARCH CORPORATION | 4.99% |
By country
United States 100.02%By asset type
Stocks 100.02%By sector
Sectors of the companies held, for the 85% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $6.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.91%, -0.75%, +8.55%.
How it works
FCTE does not track an index. 3Fourteen Research builds a model portfolio with its Full-Cycle Trend strategy. The model screens for quality, such as return on capital, cash flow stability, earnings growth and return on investment. It also uses trend signals, such as momentum (favoring stocks that have been rising), linear regression and trend analysis. 3Fourteen publishes the model in a monthly newsletter, and the adviser uses it to build the fund. The goal is to beat the S&P 500 over a full market cycle, meaning a stretch that includes both a rising and a falling market.
The fund rebalances each month when the model updates, and the adviser may trade more often in between. The adviser can stray from the published model on the number of stocks, the types of securities and the timing of trades. Reasons include legal limits on concentration and unusual price swings right after the model is published. As of June 30, 2026, it held 20 stocks at roughly 5% each and no derivatives. The largest included Apple, Jabil, Meta Platforms, Lockheed Martin and Texas Pacific Land.
The fund is "non-diversified," so a single stock can move its price more than in a broader fund. Turnover of 354% means the portfolio was replaced about three and a half times in a year. That can raise trading costs and capital gains payouts, some of which may be taxed at ordinary income rates.
What it really costs
- FCTE charges 85% a year, versus an average of 0.37% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.89% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,092 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FCTE | $87 | $280 | $489 | $1,092 |
In a retirement portfolio
With about 20 stocks, heavy trading, a short record and a 0.85% fee, FCTE fits best as a small add-on to a broader core.
FCTE launched on July 2, 2024, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 19.7%, from October 14, 2024, to April 8, 2025. It took about 14 months, until June 15, 2026, to recover. In 2025 it lost 3.77%, while the S&P 500 Total Return Index gained 17.88%. A retiree who had to sell shares during that stretch would have locked in losses. The trailing yield was 0.07% as of October 27, 2026, paid once a year, so it provides almost no income. Its 0.85% fee is more than double the 0.37% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated 20-stock S&P 500 portfolio chosen by 3Fourteen Research's quality-and-momentum model rather than by an index.
- People willing to pay 0.85% a year for rules-based active stock picking with monthly rebalancing.
- Investors holding it in tax-advantaged accounts, where capital gains payouts from 354% turnover matter less.
Look elsewhere if
- Retirees seeking income: the yield was 0.07% as of October 27, 2026, paid once a year.
- Investors wanting a proven record: it launched in July 2024 and lost 3.77% in 2025 while the S&P 500 gained 17.88%.
- Cost-focused investors: Principal U.S. Mega-Cap ETF (USMC), with 24% holdings overlap, charges 0.12% versus FCTE's 0.85%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FCTE this fund | — | 85% | $244.3M | +15.8% | — |
| CARK CastleArk Large Growth ETF | 32% | 0.54% | $319.2M | +4.4% | — |
| PGRO Putnam Focused Large Cap Growth ETF | 27% | 0.56% | $212.1M | +3.1% | +24.6% |
| NUGO Nuveen Growth Opportunities ETF | 24% | 0.56% | $2.44B | +4.6% | +25.6% |
| USMC Principal U.S. Mega-Cap ETF | 24% | 0.12% | $3.49B | +11.3% | +24.5% |
| FLCG Federated Hermes MDT Large Cap Growth ETF | 23% | 0.39% | $617.3M | +4.1% | — |
| OMFL Invesco Russell 1000 Dynamic Multifactor ETF | 21% | 0.29% | $4.80B | +17.8% | +19.3% |
| SEIM SEI Enhanced U.S. Large Cap Momentum Factor… | 20% | 0.15% | $1.50B | +13.8% | +30.2% |
Questions investors ask
Is FCTE good for retirement?
FCTE works better as a small, higher-risk satellite holding than as a core retirement fund. It holds about 20 stocks, trades heavily and pays almost no income. Its record is short. It launched July 2, 2024, and lost 3.77% in 2025 while the S&P 500 Total Return Index gained 17.88%. Its deepest drop, 19.7%, took about 14 months to recover. It returned 15.8% over the year to October 27, 2026.
What's the difference between FCTE and CARK?
FCTE and CastleArk Large Growth ETF (CARK) share about 32% of their holdings, the most of any similar fund we compared. FCTE costs 0.85% a year, against 0.54% for CARK. Over the year to October 27, 2026, FCTE returned 15.8% and CARK returned 4.4%. FCTE follows 3Fourteen Research's quality-and-trend model across about 20 stocks and rebalances monthly. CARK is a large-cap growth fund with net assets of about $319 million as of July 31, 2026.
Does FCTE pay dividends?
Yes, but very little. FCTE pays distributions once a year. Its trailing 12-month yield was 0.07% as of October 27, 2026, or about $0.02 per share. The fund aims for long-term capital growth, not income. Because it trades so often, it may also pay out capital gains. Some of those gains can be taxed at ordinary income rates in a taxable account.
What is FCTE's expense ratio?
FCTE's expense ratio is 0.85%, according to its prospectus filed April 28, 2026. That is a 0.89% management fee minus a 0.04% fee waiver. It is the highest of the eight funds we compared, and the other seven average 0.37%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $87 after one year, $489 over five years and $1,092 over ten years.
What stocks are in FCTE?
As of June 30, 2026, FCTE held 20 US stocks at roughly 5% each, and the top 10 made up 50.3% of assets. The largest holdings were Apple, Jabil, Meta Platforms, Lockheed Martin, Texas Pacific Land and Microsoft. Technology was the biggest sector at 25%, followed by health care at 19.9% and industrials at 15.1%. Holdings change often, because the model updates monthly and turnover was 354%.