STRN

SMART Trend ETF

Managing Market Momentum with Precision

Fund Summary

Designed to pursue long-term capital appreciation through a quantitative, trend-following strategy focused on large-cap U.S. equities. The fund targets highly liquid stocks demonstrating strong technical strength and is structured as a concentrated equity portfolio with sector exposure capped, allowing for active, conviction-driven positioning while managing diversification.

Fund Details

Name	Value
Fund Inception	8/19/25
Fund Name	SMART Trend ETF
Ticker	STRN
Primary Exchange	NYSE Arca
CUSIP	886364116
Expense Ratio	0.59%
30 Day SEC Yield* As of 11/30/2025	0.12%

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.

Fund Data and Pricing

Name	Value
Net Assets	$22.99m
NAV	$21.89
Shares Outstanding	1,050,000
Premium/Discount Percentage	-0.04%
Closing Price	$21.88
Median 30 Day Spread*	0.20%

As of 12/5/2025

*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

As of 11/30/2025

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
SMART Trend 25 ETF	STRN MKT	-1.37	6.32	-	-	-	-	-	-	8.53	-	11/30/2025
SMART Trend 25 ETF	STRN NAV	-1.18	6.27	-	-	-	-	-	-	8.48	-	11/30/2025
S&P 500 TR	SPTR2	0.25	6.34	-	-	-	-	-	-	7.19	-	11/30/2025

As of 9/30/2025

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
SMART Trend 25 ETF	STRN MKT	7.42	-	-	-	-	-	-	-	9.65	-	09/30/2025
SMART Trend 25 ETF	STRN NAV	7.42	-	-	-	-	-	-	-	9.66	-	09/30/2025

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (877) 752-2442 or visit our website at WWW.SMARTWAYETFS.COM.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.
Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Top 10 Holdings

As of 12/8/2025

Date	Account	Ticker	CUSIP	Name	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits
12/05/2025	STRN	GS	38141G104	Goldman Sachs Group Inc/The	1987	837.83	1664768.21	7.07%	23533577.5	1075000	43
12/05/2025	STRN	SCHW	808513105	Charles Schwab Corp/The	17466	95.03	1659793.98	7.05%	23533577.5	1075000	43
12/05/2025	STRN	HOOD	770700102	Robinhood Markets Inc	11966	137.08	1640299.28	6.97%	23533577.5	1075000	43
12/05/2025	STRN	GOOG	02079K107	Alphabet Inc	5123	318.39	1631111.97	6.93%	23533577.5	1075000	43
12/05/2025	STRN	GOOGL	02079K305	Alphabet Inc	5124	317.62	1627484.88	6.92%	23533577.5	1075000	43
12/05/2025	STRN	VRT	92537N108	Vertiv Holdings Co	8914	182.54	1627161.56	6.91%	23533577.5	1075000	43
12/05/2025	STRN	NEM	651639106	Newmont Corp	17601	90.72	1596762.72	6.79%	23533577.5	1075000	43
12/05/2025	STRN	AMZN	023135106	Amazon.com Inc	6924	229.11	1586357.64	6.74%	23533577.5	1075000	43
12/05/2025	STRN	LLY	532457108	Eli Lilly & Co	1515	1014.49	1536952.35	6.53%	23533577.5	1075000	43
12/05/2025	STRN	COF	14040H105	Capital One Financial Corp	6021	229.71	1383083.91	5.88%	23533577.5	1075000	43
12/05/2025	STRN	AMD	007903107	Advanced Micro Devices Inc	5435	215.98	1173851.3	4.99%	23533577.5	1075000	43
12/05/2025	STRN	APP	03831W108	AppLovin Corp	1473	683.78	1007207.94	4.28%	23533577.5	1075000	43
12/05/2025	STRN	APH	032095101	Amphenol Corp	5690	139.46	793527.4	3.37%	23533577.5	1075000	43
12/05/2025	STRN	PLTR	69608A108	Palantir Technologies Inc	3871	177.92	688728.32	2.93%	23533577.5	1075000	43
12/05/2025	STRN	NVDA	67066G104	NVIDIA Corp	3626	183.38	664935.88	2.83%	23533577.5	1075000	43
12/05/2025	STRN	MU	595112103	Micron Technology Inc	2888	226.65	654565.2	2.78%	23533577.5	1075000	43
12/05/2025	STRN	MS	617446448	Morgan Stanley	3621	174.89	633276.69	2.69%	23533577.5	1075000	43
12/05/2025	STRN	LRCX	512807306	Lam Research Corp	3914	157.09	614850.26	2.61%	23533577.5	1075000	43
12/05/2025	STRN	ADI	032654105	Analog Devices Inc	1730	277.26	479659.8	2.04%	23533577.5	1075000	43
12/05/2025	STRN	AVGO	11135F101	Broadcom Inc	1256	381.03	478573.68	2.03%	23533577.5	1075000	43
12/05/2025	STRN	GLW	219350105	Corning Inc	3486	85.45	297878.7	1.27%	23533577.5	1075000	43
12/05/2025	STRN	Cash&Other	Cash&Other	Cash & Other	90692	1	90692.18	0.39%	23533577.5	1075000	43
12/05/2025	STRN	FGXXX	31846V336	First American Government Obligations Fund 12/01/2031	939	100	939.39	0.00%	23533577.5	1075000	43

Fund Documents

Purchase

The Fund (STRN) is available through various channels including via phone (877) 752-2442, broker-dealers, investment advisers, and other financial services firms, including: