FCTE Fees and Costs — SMI 3Fourteen Full-Cycle Trend ETF
Data updated: 2026-08-25
The net expense ratio is 85.00% (89.00% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $149K in broker commissions, 0.0355% of average net assets, and portfolio turnover was 354%.
FCTE Fees and Expenses
Annual operating expenses and sales charges of FCTE. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 89.00% |
| Fee waiver | −0.04% |
| Net expense ratio | 85.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FCTE Costs Over Time
On $10,000 invested in FCTE, assuming 5% a year before costs, total costs come to $12,762 over 5 years, cutting the return by 89.29% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 85.00%) | $8,925 | $10,548 | $10,588 |
| Trading costs (broker commissions) | $4 | $4 | $4 |
| Lost growth on money paid in costs | $0 | $985 | $2,170 |
| Total costs | $8,929 | $11,537 | $12,762 |
| Value after costs | $1,571 | $39 | $1 |
| Impact on return, per year | 89.29% | 89.29% | 89.29% |
FCTE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0355%
- Total broker commissions: $149K
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 354%
- Securities lending: none during the year
FCTE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $148K | 99.48% |
| Robert W. Baird & Co. Incorporated | $677 | 0.46% |
| BNY Mellon Capital Markets, LLC | $76 | 0.05% |
| Goldman Sachs & Co. LLC | $24 | 0.02% |
| Brighton Securities Corp. | $4 | 0.00% |
FCTE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $1.2B | 68.82% |
| BofA Securities, Inc. | $483.1M | 28.71% |
| Virtu Americas LLC | $31.7M | 1.88% |
| J.P. Morgan Securities LLC | $9.9M | 0.59% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.