Keating Active ETF

Keating Active ETF (KEAT) is an actively managed fund. Its sub-adviser, Keating Investment Counselors, picks 25 to 40 stocks it considers undervalued, both U.S. and foreign. What sets it apart is a large bond cushion: as of July 31, 2026, about 30% sat in the iShares 0-5 Year TIPS Bond ETF. Its stock picks lean toward Oceaneering, Barrick, Vodafone and Equinor. It charges 0.85% a year.

• Over the year to Oct 27, 2026, KEAT returned +17.4%.
• Its worst full calendar year was 2025 (+22.8%); its best was 2025 (+22.8%).
• The deepest fall in its price history was 10.6% (Mar 2, 2026 to Jul 1, 2026), recovered by Aug 19, 2026.

As of Jul 31, 2026, the fund held 28 securities; the ten largest made up 67.58% of assets. It also reported 12.41% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $2.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.62%, -5.30%, +6.10%.

KEAT does not track an index. Keating Investment Counselors, the sub-adviser, picks each holding based on its own research. It looks for companies trading below its estimate of their value, compared with their own history and with industry peers. It studies whether earnings and cash flows can last, what has driven return on equity (profit as a share of shareholders' money), and whether the company has an edge from brands, technology or geography. It favors growing companies that hand surplus cash back through buybacks or fast-rising dividends.

The fund can own U.S.-listed common and preferred stock, real estate investment trusts (REITs) and depositary receipts. Depositary receipts are certificates that let U.S. investors own shares of foreign companies. It generally buys companies worth about $500 million or more. It can also hold Treasury bonds, Treasury ETFs and international ETFs. As of July 31, 2026, it held 28 holdings. The largest was the iShares 0-5 Year TIPS Bond ETF at about 30%. TIPS are Treasury bonds whose principal rises with inflation. The top 10 holdings made up about 68% of assets.

The prospectus gives no fixed weighting formula or rebalancing schedule, so position sizes are up to the manager. Turnover was 14%, which means relatively little trading. The fund reported no derivatives as of July 31, 2026, and it uses no leverage or options.

• KEAT charges 0.85% a year.
• The fee includes a 0.01% 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 $1,060 over 10 years (assuming a 5% annual return).

A low-beta mix of value stocks, mostly foreign holdings and about 30% in short-term TIPS behaves quite differently from a broad U.S. stock index fund.

KEAT launched in March 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 10.6%, from March 2 to July 1, 2026. It recovered by August 19, 2026, about 1.6 months later. Its beta of 0.26 means it moved far less than the market. Beta measures how much a fund swings with the market. Its only full calendar year, 2025, returned 22.6%. That short history says little about how it would hold up in a long bear market, which matters if you may need to sell shares in a bad year. The trailing yield was 2.77% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 costs $87 in year one and $1,060 over 10 years. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.

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