Running Oak Efficient Growth ETF

Running Oak Efficient Growth ETF (RUNN) is an actively managed fund. It holds roughly equal amounts of 50 to 75 large and mid-sized U.S. companies, picked for above-average earnings growth at reasonable prices. The manager avoids heavily indebted, richly valued and highly market-sensitive stocks to try to limit sharp drops. That hands-on approach costs 0.58% a year, well above the 0.17% average for funds with the most similar holdings.

• Over the year to Oct 27, 2026, RUNN returned +1.3%, 6th of 7 among similar funds.
• Its worst full calendar year was 2025 (+2.3%); its best was 2024 (+17.2%).
• The deepest fall in its price history was 16.8% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 4, 2026.

As of Aug 31, 2026, the fund held 58 securities; the ten largest made up 21.82% of assets, and 2.04% sat in cash and money-market holdings.

By sector

• Over the three months to Aug 31, 2026, investors added a net $44.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.83%, +4.85%, +2.77%.

RUNN does not track an index. Its adviser, Running Oak Capital, picks stocks using what it calls the Efficient Growth discipline, a blend of growth and value investing. It studies companies one at a time. It looks for high-quality businesses with earnings growth well above the S&P 500 average and attractive valuations. It also avoids stocks with traits that have historically led to bigger-than-average drops: high debt compared with the company's total capital, expensive growth stocks, and stocks that swing hard with the market.

The fund typically holds 50 to 75 companies worth at least $5 billion, in roughly equal amounts, and limits any one industry to 15%. Up to 20% can go into non-U.S. companies, including American Depositary Receipts (ADRs, which are U.S.-listed shares of foreign firms). As of August 31, 2026, it held 58 stocks. The largest were ServiceNow, Zebra Technologies and IQVIA, each about 2.3% to 2.6% of assets. Portfolio turnover was 19%, which means modest trading.

One mechanical point matters. When the adviser can't find enough stocks that meet its rules, or when markets turn rough, the fund may hold large amounts of cash and short-term debt, up to 100% of assets, possibly for years. That can soften losses, but it can also make the fund lag a rising market. Cash was 2.04% of assets as of August 31, 2026.

• RUNN charges 0.58% a year, versus an average of 0.17% for the similar funds below (6th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).

It is an actively managed, non-diversified stock fund with a short record and above-average fees, so it fits better as a smaller piece next to a broad core holding.

RUNN launched in June 2023, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 16.8%, from November 29, 2024, to April 8, 2025. It took about 16 months to get back to its old high, on August 4, 2026. Anyone who sold shares during that stretch to pay bills would have locked in losses. Its weakest calendar year, 2025, still gained 2.31%. Its beta was 0.52 over the year to October 27, 2026, which means it tended to move about half as much as the market. Income is small: the yield was 0.55% as of October 27, 2026, paid once a year. In the SEC's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years. 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).