Inspire Fidelis Multi Factor ETF

Inspire Fidelis Multi Factor ETF (FDLS) tracks the WI Fidelis Multi-Cap, Multi-Factor Index. The index holds about 100 stocks that first pass a biblical-values screen and are then picked for value, growth and momentum. It may appeal to investors who want faith-based screening. Holdings are spread evenly, and no stock was above about 1.7% as of August 31, 2026. Its 0.66% expense ratio is above the 0.58% average for similar funds.

• Over the year to Oct 27, 2026, FDLS returned +18.6%, 5th of 6 among similar funds.
• Its worst full calendar year was 2024 (+7.4%); its best was 2025 (+22.5%).
• The deepest fall in its price history was 23.3% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.

As of Aug 31, 2026, the fund held 101 securities; the ten largest made up 13.98% of assets.

• Over the three months to Aug 31, 2026, investors added a net $35.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.52%, +0.02%, +0.88%.

FDLS aims to match the WI Fidelis Multi-Cap, Multi-Factor Index before fees. It generally keeps at least 80% of its assets in the index's stocks. To qualify, a company must be listed on a major US exchange and be worth at least $250 million. Listed shares include ADRs (American Depositary Receipts), which are US-traded shares of foreign companies. The index leaves out limited partnerships, companies based in China, makers of military weapons, and medical facilities that provide abortions.

Each stock also needs an Inspire Impact Score of zero or higher. The adviser, Inspire Investing, LLC, created this score. A company gets a negative score if it is tied to areas the adviser sees as conflicting with biblical values. These include abortifacients, abortion activism, alcohol, cannabis, gambling, embryonic stem cells, in vitro fertilization and LGBT activism. The prospectus says the score reflects the adviser's own view. It also says the score may miss some company activities and may lag new information.

Last, a stock must rank in the top 60% on value, growth and momentum combined, and not in the bottom 20% on any one of them. Value means cheap relative to earnings or assets. Momentum means strong recent price gains. As of August 31, 2026, the fund held 101 stocks, and 76.73% of assets were in US companies. Turnover was 233% in the prospectus year. That means the fund replaced its holdings more than twice, and trading costs from that aren't included in the expense ratio.

• FDLS charges 0.66% a year, versus an average of 0.58% for the similar funds below (5th of 6, cheapest first).
• Of that, 0.45% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).

It is a small, high-turnover fund with a narrow values screen and a short record, so it fits better beside a broad core holding than as one.

FDLS could add a values-screened sleeve of factor-picked stocks next to a broad core fund. It launched in August 2022, so its record doesn't cover the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 23.3%, from November 25, 2024 to April 8, 2025. It got back to its old high by July 3, 2025, 2.8 months after the low. Its weakest calendar year, 2024, still ended up 7.4%. Its one-year beta was 1.01 as of October 27, 2026, which means it moved about in step with the market. A retiree selling in a slump could take losses similar to the stock market's. Income is small: the yield was 0.84% as of October 27, 2026, paid quarterly. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).