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Dakota ETF

DAKOTA ACTIVE EQUITY ETF

We proudly feature the paintings of Brian Rutenberg, who inspires all of us through his unique passion, dedication and singularity of vision. Brian has been a client and a friend of the firm for many years. We encourage you to experience Brian’s work which is such an inspirational display of self-expression at www.brianrutenbergart.com.

METHODOLOGY

The Dakota Active Equity Team’s core investment philosophy centers on the skillful integration of qualitative insight (Art) and quantitative analysis (Science) in investment management. Our structured approach to identifying high-growth potential stocks employs a comprehensive framework that combines systematic fundamental analysis with subjective implementation, with the objective of enhancing portfolio outcomes. A key component of our strategy is the consistent application of rigorous, multi-faceted research, which we believe can generate alpha and contribute to more consistent performance. Furthermore, we maintain that continuous, innovative research is critical for uncovering emerging opportunities and fortifying our investment process. Our focus is on identifying leading companies within the most robust sectors and industries.

WHY PURCHASE THIS ETF?

By skillfully blending quantitative analysis with qualitative insight, our integrated approach aims to enhance stock selection and improve portfolio outcomes. This rigorous, multi-faceted research process leverages a repeatable process that identifies high-quality growth opportunities within leading sectors and industries. Our commitment to continuous innovation further strengthens our ability to adapt to market dynamics and uncover emerging opportunities for sustained success.

FUND OBJECTIVE

The Dakota Active Equity ETF (the “Fund”) seeks to achieve capital appreciation.

FUND DOCUMENTS

Fund Ticker Factsheet Summary Prospectus Statutory Prospectus SAI Part F Q3 Part F Q1 N-PX Proxy Voting Record Annual Financials Annual SOI Annual TSR Semi-Annual Financials Semi-Annual SOI Semi-Annual TSR Presentation
DAK Download Download Download Download Download Download Download Download Download Download Download Download

CURRENT NAV AND MARKET PRICE

MONTH-END PERFORMANCE

Fund_Ticker Type YTD 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Since Inception As of Date Inception Date
DAK MKT 12.21 -0.58 2.98 16.6 14.75 16.87 09/30/2026 07/29/2025
DAK NAV 12.1 -0.64 2.87 16.39 14.64 16.70 09/30/2026 07/29/2025

QUARTER-END PERFORMANCE

Fund_Ticker Type YTD 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Since Inception As of Date Inception Date
DAK MKT 12.21 -0.58 2.98 16.6 14.75 16.87 09/30/2026 07/29/2025
DAK NAV 12.10 -0.64 2.87 16.39 14.64 16.70 09/30/2026 07/29/2025

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. 

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 returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.

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.

HISTORICAL PREMIUM / DISCOUNT

COMPLETED CALENDAR QUARTERS OF CURRENT YEAR

Year Quarter Days Traded at Premium Days Traded at Discount
2026 1 55 5

MOST RECENT COMPLETED CALENDAR YEAR

Days Traded at Premium Days traded at Discount
90 10

FUND DISTRIBUTIONS

Ex Date Record Date Payable Date Income Short Term Capital Gain Long Term Capital Gain Total Capital Gain Total Distribution
09/29/2025 09/29/2025 09/30/2025 0.04 0.04
12/23/2025 12/23/2025 12/24/2025 0.08 0.08
03/30/2026 03/30/2026 03/31/2026 0.05 0.05
06/29/2026 06/29/2026 06/30/2026 0.06 0.06
09/28/2026 09/28/2026 09/30/2026 0.06 0.06

FUND HOLDINGS

Ticker Name CUSIP SHARES PRICE Market Value ($mm) % of Net Assets EFFECTIVE_DATE
ABBV AbbVie Inc 00287Y109 1,020 271.36 0.28 0.63 10/08/2026
AMD Advanced Micro Devices Inc 007903107 2,406 645.86 1.55 3.51 10/08/2026
ALGN Align Technology Inc 016255101 4,067 139.87 0.57 1.29 10/08/2026
ALL Allstate Corp/The 020002101 3,099 223.95 0.69 1.57 10/08/2026
GOOG Alphabet Inc 02079K107 4,341 347.37 1.51 3.41 10/08/2026
GOOGL Alphabet Inc 02079K305 1,523 350.50 0.53 1.21 10/08/2026
AMZN Amazon.com Inc 023135106 6,954 259.92 1.81 4.09 10/08/2026
APH Amphenol Corp 032095101 12,314 87.55 1.08 2.44 10/08/2026
ADI Analog Devices Inc 032654105 3,148 410.08 1.29 2.92 10/08/2026
AAPL Apple Inc 037833100 8,117 336.67 2.73 6.18 10/08/2026
AMAT Applied Materials Inc 038222105 69 520.65 0.04 0.08 10/08/2026
ANET Arista Networks Inc 040413205 4,158 215.83 0.90 2.03 10/08/2026
ADP Automatic Data Processing Inc 053015103 3,159 264.00 0.83 1.89 10/08/2026
BNY Bank of New York Mellon Corp/The 064058100 6,913 142.72 0.99 2.23 10/08/2026
BLK Blackrock Inc 09290D101 33 1,069.63 0.04 0.08 10/08/2026
BSX Boston Scientific Corp 101137107 20,376 41.58 0.85 1.92 10/08/2026
CBOE Cboe Global Markets Inc 12503M108 3,370 281.57 0.95 2.14 10/08/2026
CVX Chevron Corp 166764100 206 205.15 0.04 0.10 10/08/2026
GLW Corning Inc 219350105 296 163.25 0.05 0.11 10/08/2026
COST Costco Wholesale Corp 22160K105 650 942.25 0.61 1.38 10/08/2026
DHR Danaher Corp 235851102 125 218.49 0.03 0.06 10/08/2026
DOV Dover Corp 260003108 2,067 188.29 0.39 0.88 10/08/2026
EOG EOG Resources Inc 26875P101 3,126 144.21 0.45 1.02 10/08/2026
XOM ExxonMobil Holdings Corp 30233Q108 4,162 164.05 0.68 1.54 10/08/2026
FGXXX First American Government Obligations Fund 12/01/2031 31846V336 291,907 100.00 0.29 0.66 10/08/2026
FCX Freeport-McMoRan Inc 35671D857 3,537 71.86 0.25 0.57 10/08/2026
GE GE AEROSPACE 369604301 2,196 303.62 0.67 1.51 10/08/2026
GILD Gilead Sciences Inc 375558103 1,547 146.85 0.23 0.51 10/08/2026
IEX IDEX Corp 45167R104 4,170 232.91 0.97 2.20 10/08/2026
IVV iShares Core S&P 500 ETF 464287200 2,133 780.58 1.66 3.76 10/08/2026
IYW iShares U.S. Technology ETF 464287721 3,863 271.51 1.05 2.37 10/08/2026
JPM JPMORGAN CHASE & CO. 46625H100 3,770 329.58 1.24 2.81 10/08/2026
KEYS Keysight Technologies Inc 49338L103 3,559 381.42 1.36 3.07 10/08/2026
LRCX Lam Research Corp 512807306 70 329.51 0.02 0.05 10/08/2026
LLY Eli Lilly & Co 532457108 411 1,188.72 0.49 1.10 10/08/2026
MPC Marathon Petroleum Corp 56585A102 590 442.26 0.26 0.59 10/08/2026
MA Mastercard Inc 57636Q104 214 570.06 0.12 0.28 10/08/2026
MRK Merck & Co Inc 58933Y105 6,197 142.79 0.88 2.00 10/08/2026
MSFT Microsoft Corp 594918104 2,853 529.76 1.51 3.42 10/08/2026
MPWR Monolithic Power Systems Inc 609839105 640 1,425.98 0.91 2.06 10/08/2026
NEM Newmont Corp 651639106 2,769 113.54 0.31 0.71 10/08/2026
NVDA NVIDIA Corp 67066G104 11,935 237.47 2.83 6.41 10/08/2026
PANW Palo Alto Networks Inc 697435105 1,936 405.57 0.79 1.77 10/08/2026
PAYX Paychex Inc 704326107 748 101.55 0.08 0.17 10/08/2026
PSA Public Storage 74460D109 2,209 281.99 0.62 1.41 10/08/2026
PWR Quanta Services Inc 74762E102 89 701.07 0.06 0.14 10/08/2026
RMD ResMed Inc 761152107 384 225.98 0.09 0.20 10/08/2026
SPY State Street SPDR S&P 500 ETF Trust 78462F103 687 777.22 0.53 1.21 10/08/2026
SPYG State Street SPDR Portfolio S&P 500 Growth ETF 78464A409 3,380 126.28 0.43 0.96 10/08/2026
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF 78468R663 6,099 91.46 0.56 1.26 10/08/2026
CRM Salesforce Inc 79466L302 4,666 224.56 1.05 2.37 10/08/2026
SLB SLB Ltd 806857108 3,362 47.96 0.16 0.36 10/08/2026
SRE Sempra 816851109 3,598 79.69 0.29 0.65 10/08/2026
NOW ServiceNow Inc 81762P102 2,105 137.87 0.29 0.66 10/08/2026
TJX TJX Cos Inc/The 872540109 4,717 138.80 0.65 1.48 10/08/2026
TMUS T-Mobile US Inc 872590104 2,347 167.65 0.39 0.89 10/08/2026
TTWO Take-Two Interactive Software Inc 874054109 219 204.01 0.04 0.10 10/08/2026
TXN Texas Instruments Inc 882508104 158 288.98 0.05 0.10 10/08/2026
TMO Thermo Fisher Scientific Inc 883556102 269 662.06 0.18 0.40 10/08/2026
USB US Bancorp 902973304 627 56.17 0.04 0.08 10/08/2026
VLO Valero Energy Corp 91913Y100 181 424.10 0.08 0.17 10/08/2026
V Visa Inc 92826C839 1,878 372.10 0.70 1.58 10/08/2026
WM Waste Management Inc 94106L109 522 208.94 0.11 0.25 10/08/2026
WFC Wells Fargo & Co 949746101 1,978 80.26 0.16 0.36 10/08/2026
WST West Pharmaceutical Services Inc 955306105 2,758 366.48 1.01 2.28 10/08/2026
ZBRA Zebra Technologies Corp 989207105 3,324 386.05 1.28 2.90 10/08/2026
Cash&Other Cash & Other 102,178 1.00 0.10 0.23 10/08/2026
ETN Eaton Corp PLC G29183103 1,200 431.33 0.52 1.17 10/08/2026
NVT nVent Electric PLC G6700G107 77 167.82 0.01 0.03 10/08/2026
TEL TE Connectivity PLC G87052109 85 215.83 0.02 0.04 10/08/2026

Holdings are subject to change