At a glance
KOOL charges 0.93% a year, above the 0.42% average of the 8 funds most like it (the most expensive of 9). It has $58.5M in assets, the 8th largest of that group; it paid 0.41% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds. Its ten largest positions make up 43.7% of the fund, out of 37 in all.
The short version
North Shore Equity Rotation ETF (KOOL) is an actively managed stock fund. It shifts its sector weights away from those of the S&P 500 based on its advisor's view of where the US economy is in the business cycle. It is small, with about $58.5 million in net assets as of June 30, 2026. Its 0.93% expense ratio is more than double the 0.42% average of similar funds.
Price history
The interactive chart needs JavaScript.
KOOL +12.6% 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 | |
|---|---|---|---|---|---|---|
| KOOL official prospectus, to Dec 31, 2025 | — | +16.03% | — | — | — | +15.15% |
| KOOL price data to Oct 27, 2026 | +14.5% | +12.6% | — | — | — | +16.2% |
- Over the year to Oct 27, 2026, KOOL returned +12.6%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.0%); its best was 2025 (+16.0%).
- The deepest fall in its price history was 20.8% (Dec 5, 2024 to Apr 8, 2025), recovered by Jun 5, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | +16.0% | +16.03% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.0400 | |
| 2025 | $0.0450 |
What's inside
As of Jun 30, 2026, the fund held 37 securities; the ten largest made up 43.74% of assets.
| Holding | Weight | |
|---|---|---|
| Health Care Select S | 5.50% | |
| NVIDIA Corp | 5.45% | |
| Quanta Services Inc | 5.41% | |
| Technology Select Se | 4.54% | |
| Amazon.com Inc | 4.14% | |
| Alphabet Inc | 3.96% | |
| ETF | 3.91% | |
| Apple Inc | 3.85% | |
| GE Vernova Inc | 3.81% | |
| SPDR S&P Emerging Ma | 3.17% | |
| Kinder Morgan Inc/DE | 3.13% | |
| Cameco Corp | 3.08% | |
| nVent Electric PLC | 2.98% | |
| META PLATFORMS INC. | 2.86% | |
| Citizens Financial G | 2.75% |
By country
United States 89.13%Canada 5.39%United Kingdom 2.98%By asset type
Stocks 97.5%By sector
Sectors of the companies held, for the 57.5% 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 added a net $5K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.01%, +1.34%, -1.30%.
How it works
KOOL does not track an index. Its advisor, Split Rock Private Trading & Wealth Management, reviews economic data at least monthly. That includes GDP, employment, consumer spending and inflation, plus leading indicators, which tend to change before the economy does. The advisor sorts the economy into four stages and leans toward sectors that have historically done well in each. In a recession, that means consumer staples, utilities and health care. In a recovery, it means real estate, technology, consumer discretionary and materials. In an expansion, it means technology and financials. In a slowdown, it means consumer staples and health care. The stages don't always come in order.
At least 80% of net assets go into US and foreign stocks of any size, held directly or through other ETFs. Stocks are chosen using fundamental analysis (financial statements and economic data) and technical analysis (price trends), then checked against research from investment firms. Portfolio turnover was 118.93%. That means trading over a year equaled more than the whole portfolio.
Up to 20% of net assets may go into bonds and options. As of June 30, 2026, stocks made up 97.5% of the portfolio. Twelve small option positions on QQQ, Broadcom, Arista Networks, Vertiv and others netted to about zero. This is not an options-income fund.
What it really costs
- KOOL charges 0.93% a year, versus an average of 0.42% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.39% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $95 in the first year and $1,556 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KOOL | $95 | $380 | $686 | $1,556 |
In a retirement portfolio
It is a high-cost, actively managed bet on timing sectors, with less than three years of history, so it fits better as a small add-on than as a core stock fund.
KOOL launched in April 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 20.8%, from December 5, 2024 to April 8, 2025. It was back at its old peak by June 5, 2025, about two months after the low. Its only full calendar year, 2025, returned 16.03%. Its beta was 1.04 as of October 27, 2026. Beta measures how much a fund moves with the market, and 1.04 means KOOL has moved about in step with it. So far, its sector shifts haven't made it less sensitive to market swings. Someone drawing on savings in a bad year should expect normal stock-market drops. Income is small: the yield was 0.41% as of October 27, 2026, paid quarterly. Its 0.93% cost is high next to similar funds. Past results don't predict future ones, 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 manager to shift sector weights by business-cycle stage and accept a 0.93% expense ratio for that active approach.
- Those comfortable with frequent trading (118.93% turnover) and large positions such as NVIDIA, Quanta Services and GE Vernova.
- Investors looking for a small add-on next to a low-cost core fund, who accept a track record that starts only in April 2024.
Look elsewhere if
- Cost-focused investors: Vanguard Mega Cap ETF (MGC) charges 0.07% and WisdomTree U.S. LargeCap Fund (EPS) charges 0.08%, compared with KOOL's 0.93%.
- Investors who need meaningful income from their holdings; KOOL's trailing 12-month yield was 0.41% as of October 27, 2026.
- Those who want a long record through bear markets or a large fund; KOOL had about $58.5 million in net assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| KOOL this fund | — | 0.93% | $58.5M | +12.6% | — |
| IWL iShares Russell Top 200 ETF | 27% | 0.15% | $2.19B | +12.5% | +25.5% |
| JPEF JPMorgan Equity Focus ETF | 27% | 0.5% | $1.98B | +8.6% | +22.5% |
| MGC Vanguard Mega Cap ETF | 27% | 0.07% | $10.90B | +13.5% | +26.0% |
| EPS WisdomTree U.S. LargeCap Fund | 27% | 0.08% | $1.58B | +15.6% | +24.3% |
| DYNF iShares U.S. Equity Factor Rotation Active … | 26% | 0.27% | $38.61B | +10.7% | +24.9% |
| SGLC SGI U.S. Large Cap Core ETF | 26% | 0.85% | $212.2M | +20.3% | +24.1% |
| RND First Trust Bloomberg R&D Leaders ETF | 25% | 0.6% | $4.8M | +7.8% | — |
Questions investors ask
What does KOOL ETF invest in?
KOOL holds mostly stocks, chosen to fit its advisor's view of the business cycle. As of June 30, 2026, its largest positions were a health care sector ETF (5.5%), NVIDIA (5.45%), Quanta Services (5.41%), a technology sector ETF (4.54%), Amazon (4.14%), Alphabet (3.96%) and Apple (3.85%). The top 10 made up 43.74% of assets. About 89% was in US holdings. Canada was 5.39%, including Cameco, and the UK was 2.98%, through nVent Electric.
How has KOOL ETF performed since launch?
KOOL returned 16.03% in 2025, its first full calendar year. According to its prospectus, it averaged 15.15% a year from its April 2, 2024 launch through December 31, 2025. Its strongest quarter gained 14.43% (ended June 30, 2025), and its weakest lost 6.28% (ended March 31, 2025). Based on price, it gained 12.6% in the year to October 27, 2026. That ranked fifth among nine similar funds.
KOOL vs MGC: what's the difference?
The main differences are cost and approach. KOOL is actively managed and shifts its sector weights with the business cycle. Vanguard Mega Cap ETF (MGC) focuses on the largest US companies and charges 0.07% a year, compared with KOOL's 0.93%. The two portfolios overlapped by about 27% in their latest holdings reports. In the year to October 27, 2026, MGC returned 13.5% and KOOL 12.6%. MGC is far larger, with about $10.9 billion in net assets as of August 31, 2026.
Does KOOL pay dividends?
Yes, but not much. KOOL pays distributions quarterly. Its trailing 12-month yield was 0.41% as of October 27, 2026, or about $0.06 per share. The fund's stated goal is long-term growth, not income. Nearly all of its money is in stocks, many of them fast-growing technology and industrial companies that pay small dividends. The prospectus allows bonds for income, but stocks made up 97.5% of the portfolio as of June 30, 2026.
What is KOOL's expense ratio?
KOOL's expense ratio is 0.93%, according to its prospectus filed July 29, 2026. That includes a 0.75% management fee. It ranks ninth of nine against similar funds, which average 0.42%. In the SEC's standard example, $10,000 earning 5% a year would cost about $95 after one year, $380 after three, $686 after five and $1,556 after ten. The prospectus also lists a 0.39% fee waiver. Costs in the example climb faster after year one, which suggests it does not assume the waiver continues.