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 | 12.86 | 2.28 | 1.87 | 11.01 | 18.56 | 18.88 | 08/31/2026 | 07/29/2025 | |||
| DAK | NAV | 12.83 | 2.34 | 1.79 | 10.87 | 18.46 | 18.76 | 08/31/2026 | 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 | 8.96 | -1.66 | 13.22 | 8.96 | 16.58 | 06/30/2026 | 07/29/2025 | ||||
| DAK | NAV | 8.98 | -1.68 | 13.15 | 8.98 | 16.51 | 06/30/2026 | 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 | 54 | 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 |
FUND HOLDINGS
| Ticker | Name | CUSIP | SHARES | PRICE | Market Value ($mm) | % of Net Assets | EFFECTIVE_DATE |
|---|---|---|---|---|---|---|---|
| T | AT&T Inc | 00206R102 | 6,428 | 25.60 | 0.16 | 0.38 | 09/09/2026 |
| ABBV | AbbVie Inc | 00287Y109 | 1,044 | 248.78 | 0.26 | 0.60 | 09/09/2026 |
| AMD | Advanced Micro Devices Inc | 007903107 | 2,440 | 505.74 | 1.23 | 2.83 | 09/09/2026 |
| APD | Air Products and Chemicals Inc | 009158106 | 169 | 297.71 | 0.05 | 0.12 | 09/09/2026 |
| ALL | Allstate Corp/The | 020002101 | 3,115 | 253.46 | 0.79 | 1.81 | 09/09/2026 |
| GOOG | Alphabet Inc | 02079K107 | 4,347 | 335.38 | 1.46 | 3.34 | 09/09/2026 |
| GOOGL | Alphabet Inc | 02079K305 | 1,525 | 338.36 | 0.52 | 1.18 | 09/09/2026 |
| AMZN | Amazon.com Inc | 023135106 | 4,036 | 256.97 | 1.04 | 2.38 | 09/09/2026 |
| AMT | AMERICAN TOWER CORP | 03027X100 | 397 | 175.73 | 0.07 | 0.16 | 09/09/2026 |
| AWK | American Water Works Co Inc | 030420103 | 259 | 140.38 | 0.04 | 0.08 | 09/09/2026 |
| APH | Amphenol Corp | 032095101 | 120 | 81.76 | 0.01 | 0.02 | 09/09/2026 |
| ADI | Analog Devices Inc | 032654105 | 3,024 | 363.20 | 1.10 | 2.52 | 09/09/2026 |
| AAPL | Apple Inc | 037833100 | 8,194 | 316.22 | 2.59 | 5.94 | 09/09/2026 |
| AMAT | Applied Materials Inc | 038222105 | 69 | 472.79 | 0.03 | 0.07 | 09/09/2026 |
| ADP | Automatic Data Processing Inc | 053015103 | 3,213 | 267.96 | 0.86 | 1.97 | 09/09/2026 |
| AZO | AutoZone Inc | 053332102 | 27 | 2,951.61 | 0.08 | 0.18 | 09/09/2026 |
| BAC | Bank of America Corp | 060505104 | 1,851 | 62.39 | 0.12 | 0.26 | 09/09/2026 |
| BNY | Bank of New York Mellon Corp/The | 064058100 | 6,883 | 162.85 | 1.12 | 2.57 | 09/09/2026 |
| BLK | Blackrock Inc | 09290D101 | 33 | 1,095.37 | 0.04 | 0.08 | 09/09/2026 |
| BSX | Boston Scientific Corp | 101137107 | 5,206 | 44.98 | 0.23 | 0.54 | 09/09/2026 |
| BMY | Bristol-Myers Squibb Co | 110122108 | 472 | 64.69 | 0.03 | 0.07 | 09/09/2026 |
| CBOE | Cboe Global Markets Inc | 12503M108 | 3,387 | 293.33 | 0.99 | 2.28 | 09/09/2026 |
| COF | Capital One Financial Corp | 14040H105 | 384 | 213.96 | 0.08 | 0.19 | 09/09/2026 |
| CAT | Caterpillar Inc | 149123101 | 197 | 822.48 | 0.16 | 0.37 | 09/09/2026 |
| CVX | Chevron Corp | 166764100 | 206 | 209.80 | 0.04 | 0.10 | 09/09/2026 |
| CSCO | Cisco Systems Inc | 17275R102 | 6,725 | 109.17 | 0.73 | 1.68 | 09/09/2026 |
| KO | Coca-Cola Co/The | 191216100 | 1,557 | 88.36 | 0.14 | 0.32 | 09/09/2026 |
| CL | Colgate-Palmolive Co | 194162103 | 868 | 88.41 | 0.08 | 0.18 | 09/09/2026 |
| CMCSA | Comcast Corp | 20030N101 | 2,987 | 26.33 | 0.08 | 0.18 | 09/09/2026 |
| COP | ConocoPhillips | 20825C104 | 228 | 135.04 | 0.03 | 0.07 | 09/09/2026 |
| GLW | Corning Inc | 219350105 | 298 | 165.96 | 0.05 | 0.11 | 09/09/2026 |
| COST | Costco Wholesale Corp | 22160K105 | 665 | 910.18 | 0.61 | 1.39 | 09/09/2026 |
| DHR | Danaher Corp | 235851102 | 125 | 205.23 | 0.03 | 0.06 | 09/09/2026 |
| DIS | Walt Disney Co/The | 254687106 | 749 | 105.06 | 0.08 | 0.18 | 09/09/2026 |
| DOV | Dover Corp | 260003108 | 2,012 | 194.74 | 0.39 | 0.90 | 09/09/2026 |
| DUK | Duke Energy Corp | 26441C204 | 542 | 121.24 | 0.07 | 0.15 | 09/09/2026 |
| ECL | Ecolab Inc | 278865100 | 100 | 278.11 | 0.03 | 0.06 | 09/09/2026 |
| EMR | Emerson Electric Co | 291011104 | 831 | 152.15 | 0.13 | 0.29 | 09/09/2026 |
| XOM | ExxonMobil Holdings Corp | 30233Q108 | 4,175 | 160.66 | 0.67 | 1.54 | 09/09/2026 |
| FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 310,699 | 100.00 | 0.31 | 0.71 | 09/09/2026 |
| FCX | Freeport-McMoRan Inc | 35671D857 | 3,501 | 76.62 | 0.27 | 0.61 | 09/09/2026 |
| GEV | GE Vernova Inc | 36828A101 | 54 | 971.31 | 0.05 | 0.12 | 09/09/2026 |
| GD | General Dynamics Corp | 369550108 | 125 | 356.58 | 0.04 | 0.10 | 09/09/2026 |
| GE | GE AEROSPACE | 369604301 | 2,184 | 334.91 | 0.73 | 1.68 | 09/09/2026 |
| GM | General Motors Co | 37045V100 | 111 | 85.79 | 0.01 | 0.02 | 09/09/2026 |
| GILD | Gilead Sciences Inc | 375558103 | 1,569 | 146.64 | 0.23 | 0.53 | 09/09/2026 |
| GWW | WW Grainger Inc | 384802104 | 100 | 1,289.17 | 0.13 | 0.30 | 09/09/2026 |
| HSY | Hershey Co/The | 427866108 | 321 | 173.27 | 0.06 | 0.13 | 09/09/2026 |
| HD | Home Depot Inc/The | 437076102 | 464 | 313.70 | 0.15 | 0.33 | 09/09/2026 |
| HONA | Honeywell Aerospace Inc | 43849R105 | 104 | 155.42 | 0.02 | 0.04 | 09/09/2026 |
| HON | Honeywell International Inc | 438516205 | 104 | 208.24 | 0.02 | 0.05 | 09/09/2026 |
| INTC | Intel Corp | 458140100 | 4,335 | 104.47 | 0.45 | 1.04 | 09/09/2026 |
| IBM | International Business Machines Corp | 459200101 | 629 | 232.09 | 0.15 | 0.33 | 09/09/2026 |
| QQQ | Invesco QQQ Trust Series 1 | 46090E103 | 1,533 | 718.36 | 1.10 | 2.52 | 09/09/2026 |
| ISRG | Intuitive Surgical Inc | 46120E602 | 105 | 350.16 | 0.04 | 0.08 | 09/09/2026 |
| IVV | iShares Core S&P 500 ETF | 464287200 | 2,127 | 769.20 | 1.64 | 3.75 | 09/09/2026 |
| IVE | ISHARES S&P 500 VALUE | 464287408 | 1,063 | 235.42 | 0.25 | 0.57 | 09/09/2026 |
| IWF | iShares Russell 1000 Growth ETF | 464287614 | 7,600 | 123.02 | 0.93 | 2.14 | 09/09/2026 |
| IYW | iShares U.S. Technology ETF | 464287721 | 3,825 | 253.08 | 0.97 | 2.22 | 09/09/2026 |
| JPM | JPMORGAN CHASE & CO. | 46625H100 | 3,732 | 353.51 | 1.32 | 3.02 | 09/09/2026 |
| KKR | KKR & Co Inc | 48251W104 | 923 | 105.73 | 0.10 | 0.22 | 09/09/2026 |
| KEYS | Keysight Technologies Inc | 49338L103 | 1,354 | 333.42 | 0.45 | 1.03 | 09/09/2026 |
| LRCX | Lam Research Corp | 512807306 | 70 | 320.42 | 0.02 | 0.05 | 09/09/2026 |
| LLY | Eli Lilly & Co | 532457108 | 425 | 1,123.91 | 0.48 | 1.09 | 09/09/2026 |
| LMT | Lockheed Martin Corp | 539830109 | 318 | 536.15 | 0.17 | 0.39 | 09/09/2026 |
| LOW | Lowe's Cos Inc | 548661107 | 368 | 200.80 | 0.07 | 0.17 | 09/09/2026 |
| MSCI | MSCI Inc | 55354G100 | 154 | 551.39 | 0.08 | 0.19 | 09/09/2026 |
| MPC | Marathon Petroleum Corp | 56585A102 | 603 | 397.77 | 0.24 | 0.55 | 09/09/2026 |
| MA | Mastercard Inc | 57636Q104 | 217 | 570.89 | 0.12 | 0.28 | 09/09/2026 |
| MKC | McCormick & Co Inc/MD | 579780206 | 1,247 | 51.90 | 0.06 | 0.15 | 09/09/2026 |
| MCD | McDonald's Corp | 580135101 | 655 | 255.81 | 0.17 | 0.38 | 09/09/2026 |
| MRK | Merck & Co Inc | 58933Y105 | 6,303 | 148.46 | 0.94 | 2.14 | 09/09/2026 |
| MSFT | Microsoft Corp | 594918104 | 2,834 | 493.95 | 1.40 | 3.21 | 09/09/2026 |
| MDLZ | Mondelez International Inc | 609207105 | 904 | 61.63 | 0.06 | 0.13 | 09/09/2026 |
| MCO | Moody's Corp | 615369105 | 52 | 481.25 | 0.03 | 0.06 | 09/09/2026 |
| NFLX | Netflix Inc | 64110L106 | 3,740 | 76.77 | 0.29 | 0.66 | 09/09/2026 |
| NEM | Newmont Corp | 651639106 | 2,724 | 127.09 | 0.35 | 0.79 | 09/09/2026 |
| NEE | NextEra Energy Inc | 65339F101 | 686 | 83.83 | 0.06 | 0.13 | 09/09/2026 |
| NSC | Norfolk Southern Corp | 655844108 | 159 | 327.92 | 0.05 | 0.12 | 09/09/2026 |
| NOC | Northrop Grumman Corp | 666807102 | 38 | 518.58 | 0.02 | 0.05 | 09/09/2026 |
| NVDA | NVIDIA Corp | 67066G104 | 4,832 | 225.73 | 1.09 | 2.50 | 09/09/2026 |
| PPG | PPG Industries Inc | 693506107 | 833 | 109.72 | 0.09 | 0.21 | 09/09/2026 |
| PTC | PTC Inc | 69370C100 | 414 | 133.26 | 0.06 | 0.13 | 09/09/2026 |
| PANW | Palo Alto Networks Inc | 697435105 | 1,850 | 336.98 | 0.62 | 1.43 | 09/09/2026 |
| PAYX | Paychex Inc | 704326107 | 768 | 116.93 | 0.09 | 0.21 | 09/09/2026 |
| PEP | PepsiCo Inc | 713448108 | 3,086 | 138.45 | 0.43 | 0.98 | 09/09/2026 |
| PM | Philip Morris International Inc | 718172109 | 303 | 184.73 | 0.06 | 0.13 | 09/09/2026 |
| PG | Procter & Gamble Co/The | 742718109 | 1,735 | 145.58 | 0.25 | 0.58 | 09/09/2026 |
| PGR | Progressive Corp/The | 743315103 | 489 | 214.90 | 0.11 | 0.24 | 09/09/2026 |
| PLD | Prologis Inc | 74340W103 | 642 | 138.48 | 0.09 | 0.20 | 09/09/2026 |
| PSA | Public Storage | 74460D109 | 2,209 | 301.60 | 0.67 | 1.53 | 09/09/2026 |
| QCOM | QUALCOMM Inc | 747525103 | 4,323 | 174.09 | 0.75 | 1.73 | 09/09/2026 |
| PWR | Quanta Services Inc | 74762E102 | 89 | 639.05 | 0.06 | 0.13 | 09/09/2026 |
| RPM | RPM International Inc | 749685103 | 636 | 102.27 | 0.07 | 0.15 | 09/09/2026 |
| RTX | RTX Corp | 75513E101 | 157 | 198.81 | 0.03 | 0.07 | 09/09/2026 |
| RMD | ResMed Inc | 761152107 | 387 | 221.05 | 0.09 | 0.20 | 09/09/2026 |
| ROK | Rockwell Automation Inc | 773903109 | 124 | 429.13 | 0.05 | 0.12 | 09/09/2026 |
| ROST | Ross Stores Inc | 778296103 | 300 | 229.31 | 0.07 | 0.16 | 09/09/2026 |
| SPY | State Street SPDR S&P 500 ETF Trust | 78462F103 | 685 | 765.96 | 0.52 | 1.20 | 09/09/2026 |
| SPYG | State Street SPDR Portfolio S&P 500 Growth ETF | 78464A409 | 3,369 | 121.11 | 0.41 | 0.94 | 09/09/2026 |
| CRM | Salesforce Inc | 79466L302 | 1,173 | 249.12 | 0.29 | 0.67 | 09/09/2026 |
| SLB | SLB Ltd | 806857108 | 3,228 | 57.10 | 0.18 | 0.42 | 09/09/2026 |
| XLB | State Street Materials Select Sector SPDR ETF | 81369Y100 | 568 | 51.94 | 0.03 | 0.07 | 09/09/2026 |
| XLV | State Street Health Care Select Sector SPDR ETF | 81369Y209 | 272 | 167.13 | 0.05 | 0.10 | 09/09/2026 |
| XLF | State Street Financial Select Sector SPDR ETF | 81369Y605 | 1,746 | 57.30 | 0.10 | 0.23 | 09/09/2026 |
| XLI | State Street Industrial Select Sector SPDR ETF | 81369Y704 | 159 | 174.42 | 0.03 | 0.06 | 09/09/2026 |
| XLC | State Street Communication Services Select Sector SPDR ETF | 81369Y852 | 2,509 | 111.52 | 0.28 | 0.64 | 09/09/2026 |
| XLU | State Street Utilities Select Sector SPDR ETF | 81369Y886 | 2,544 | 43.45 | 0.11 | 0.25 | 09/09/2026 |
| SRE | Sempra | 816851109 | 3,635 | 85.47 | 0.31 | 0.71 | 09/09/2026 |
| NOW | ServiceNow Inc | 81762P102 | 2,090 | 134.21 | 0.28 | 0.64 | 09/09/2026 |
| SNA | Snap-on Inc | 833034101 | 62 | 379.88 | 0.02 | 0.05 | 09/09/2026 |
| TJX | TJX Cos Inc/The | 872540109 | 4,850 | 128.92 | 0.63 | 1.43 | 09/09/2026 |
| TMUS | T-Mobile US Inc | 872590104 | 2,417 | 181.69 | 0.44 | 1.01 | 09/09/2026 |
| TTWO | Take-Two Interactive Software Inc | 874054109 | 219 | 213.29 | 0.05 | 0.11 | 09/09/2026 |
| TGT | Target Corp | 87612E106 | 256 | 162.71 | 0.04 | 0.10 | 09/09/2026 |
| TXN | Texas Instruments Inc | 882508104 | 151 | 258.92 | 0.04 | 0.09 | 09/09/2026 |
| TMO | Thermo Fisher Scientific Inc | 883556102 | 259 | 603.02 | 0.16 | 0.36 | 09/09/2026 |
| TDG | TransDigm Group Inc | 893641100 | 36 | 1,145.14 | 0.04 | 0.09 | 09/09/2026 |
| TRV | Travelers Cos Inc/The | 89417E109 | 174 | 365.66 | 0.06 | 0.15 | 09/09/2026 |
| USB | US Bancorp | 902973304 | 614 | 62.49 | 0.04 | 0.09 | 09/09/2026 |
| UBER | Uber Technologies Inc | 90353T100 | 3,967 | 73.13 | 0.29 | 0.66 | 09/09/2026 |
| UL | Unilever PLC | 904767803 | 2,388 | 63.54 | 0.15 | 0.35 | 09/09/2026 |
| UNP | Union Pacific Corp | 907818108 | 271 | 288.45 | 0.08 | 0.18 | 09/09/2026 |
| VLO | Valero Energy Corp | 91913Y100 | 184 | 382.85 | 0.07 | 0.16 | 09/09/2026 |
| VFH | Vanguard Financials ETF | 92204A405 | 419 | 140.06 | 0.06 | 0.13 | 09/09/2026 |
| VOX | Vanguard Communication Services ETF | 92204A884 | 948 | 188.40 | 0.18 | 0.41 | 09/09/2026 |
| VOO | Vanguard S&P 500 ETF | 922908363 | 2,148 | 704.07 | 1.51 | 3.47 | 09/09/2026 |
| VUG | Vanguard Morningstar Growth ETF | 922908736 | 4,374 | 88.12 | 0.39 | 0.88 | 09/09/2026 |
| V | Visa Inc | 92826C839 | 1,902 | 368.64 | 0.70 | 1.61 | 09/09/2026 |
| WMT | Walmart Inc | 931142103 | 1,298 | 106.05 | 0.14 | 0.32 | 09/09/2026 |
| WM | Waste Management Inc | 94106L109 | 530 | 217.78 | 0.12 | 0.26 | 09/09/2026 |
| WFC | Wells Fargo & Co | 949746101 | 1,943 | 87.96 | 0.17 | 0.39 | 09/09/2026 |
| Cash&Other | Cash & Other | 40,022 | 1.00 | 0.04 | 0.09 | 09/09/2026 | |
| AZN | AstraZeneca PLC | G0593M107 | 97 | 160.04 | 0.02 | 0.04 | 09/09/2026 |
| ETN | Eaton Corp PLC | G29183103 | 1,174 | 422.13 | 0.50 | 1.14 | 09/09/2026 |
| LIN | Linde PLC | G54950103 | 172 | 468.38 | 0.08 | 0.18 | 09/09/2026 |
| NVT | nVent Electric PLC | G6700G107 | 77 | 162.57 | 0.01 | 0.03 | 09/09/2026 |
| PNR | Pentair PLC | G7S00T104 | 652 | 58.62 | 0.04 | 0.09 | 09/09/2026 |
| TEL | TE Connectivity PLC | G87052109 | 85 | 204.99 | 0.02 | 0.04 | 09/09/2026 |
| GRMN | Garmin Ltd | H2906T109 | 317 | 275.68 | 0.09 | 0.20 | 09/09/2026 |
Holdings are subject to change