News

ETF Deathwatch: Third quarter 2026

Wed, 07 Oct 2026 20:17:04 GMT

In the third quarter of 2026, 19 exchange-traded products (“ETPs”) were added to the ETF Deathwatch list and 214 were removed, bringing the total down to 722.

All 19 additions this quarter were due to low trading volume. None were due to low assets under management (“AUM”). The low volume may be related to the nature of their investment products. Our system takes both AUM and volume into account. If both remain low, these funds could be considered for closure.

Among the removals for the quarter, 169 were due to delisting and 45 were due to improved health.

The average age of products on the list increased from 38.58 months to 44.97 months, while the number of products at least 5 years old stayed at 146. Seventy ETPs on Deathwatch this quarter have been in the market for at least 10 years, including many short ETPs.

The average asset level of the threatened ETPs on ETF Deathwatch increased from $9.13 million to $9.78 million, and 72 products had assets of less than $2 million. The largest ETP on the list had an AUM of $24.75 million, while the smallest had assets of just $234,825.

Here is the complete list of 722 ETPs on ETF Deathwatch for Q3 2026 compiled using the objective ETF Deathwatch Criteria.

ETPs added to ETF Deathwatch in Q3 2026 due to low trading volume:

Global X Clean Water ETF (AQWA)
TRADR 2X LONG ACHR DAILY ETF (ARCX)
Themes Gold Miners ETF (AUMI)
LEVERAGE SHARES 2X BBAI (BAIG)
GRANITE YIELDBOOST COIN ETF (COYY)
YIELDMAX CVNA OPTN IN ST ETF (CVNY)
T-REX 2X LNG DJT DLY TRG ETF (DJTU)
ProShares Short MSCI EAFE (EFZ)
T-Rex 2X Long Ether Daily Target ETF (ETU)
ROUNDHILL GOLD WEEKLYPAY ETF (GLDW)
HEDGEYE 130/30 EQUITY ETF (HELS)
YIELDMAX HIMS OP INC STR ETF (HIYY)
DEFIANCE D TRGT 2X L JPM ETF (JPX)
Direxion Daily MSCI Mexico Bull 3x Shares (MEXX)
Pacer WealthShield ETF (PWS)
YieldMax PYPL Option Income Strategy ETF (PYPY)
RLTIVE STRNGT MNG VOL ST ETF (RSMV)
Teucrium Agricultural Fund (TAGS)
YIELDS FOR YOU STRATGY A ETF (YFYA)

ETPs removed from ETF Deathwatch in Q3 2026 due to delisting:

Anfield Dynamic Fixed Income ETF (ADFI)
Abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (BCIM)
Siren Nasdaq NexGen Economy ETF (BLCN)
Calamos ETF Trust (CVRT)
iShares ESG Aware Aggressive Allocation ETF (EAOA)
iShares ESG Aware Growth Allocation ETF (EAOR)
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)
WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)
Eventide US Market ETF (EUSM)
iShares U.S. Fixed Income Balanced Risk Factor ETF (FIBR)
MicroSectors FANG+ 3x Leveraged ETNs (FNGB)
Global X MSCI Colombia ETF (GXG)
Hartford Short Duration ETF (HSRT)
Hartford Sustainable Income ETF (HSUN)
iShares Evolved U.S. Discretionary Spending ETF (IEDI)
Knowledge Leaders Developed World ETF (KLDW)
FIS Knights of Columbus Global Belief ETF (KOCG)
Global X Morningstar Capital Allocation Leaders ETF (KRMA)
Siren DIVCON Leaders Dividend ETF (LEAD)
Northern Lights Fund Trust IV - Monarch Blue Chips Core ETF (MBCC)
Litman Gregory Funds Trust (PCIG)
Hartford Quality Value ETF (QUVU)
The Advisors Inner Circle Fund III (RAYJ)
ETF Series Solutions - LHA Risk-Managed Income ETF (RMIF)
Schwab Ariel Opportunities ETF (SAEF)
AZORIA 500 MERITOCRACY ETF (SPXM)
Strive 500 ETF (STRV)
TRADR 2X LONG AUR DAILY ETF (AURU)
T-REX 2XL AXON D TAR ETF (AXUP)
GMO BEYOND CHINA ETF (BCHI)
AdvisorShares Hotel ETF (BEDZ)
BlackRock Long-Term U.S. Equity ETF (BELT)
TUTL CP IBIT 0DTE CVR CL ETF (BITK)
TRADR 2X LONG BLSH DAILY ETF (BLSX)
DIREXION DLY BA BEAR 1X SHR (BOED)
Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (BTOP)
T-REX 2X LNG BULL D TRGT ETF (BULU)
Bitwise Funds Trust - Bitwise Web3 ETF (BWEB)
TRADR 2X LONG CELH DAILY ETF (CELT)
LEVERAGE SHARES 2X CMG (CMGG)
LEVERAGE SHARES 2X CNC (CNCG)
REX COIN GROWTH & INCOME ETF (COII)
LVRG SHR 2X CA COIN M ETF (COIO)
Columbia Research Enhanced Real Estate ETF (CRED)
DEFIANCE D T 2X LONG CVN ETF (CVNX)
REX CRWV GROWTH & INCOME ETF (CWII)
Themes Natural Monopoly ETF (CZAR)
TRADR 2X LONG DASH DAILY ETF (DASX)
DEEPWATER BEACHFRONT SM CAP (DBSC)
Hashdex Bitcoin ETF (DEFI)
YieldMax DIS Option Income Strategy ETF (DISO)
DEFIANC D TRGT 2X L DKNG ETF (DKNX)
T-REX 2X LONG DKNG DT ETF (DKUP)
TRADR 2X LONG DDOG DAILY ETF (DOGD)
WEBS DEFINED VOLATILITY XLI (DVIN)
WEBS DEFINED VOLATILITY XLRE (DVRE)
WEBS DEFINED VOLATILITY XLU (DVUT)
WEBS DEFINED VOLATILITY XLB (DVXB)
WEBS DEFINED VOLATILITY XLC (DVXC)
WEBS DEFINED VOLATILITY XLE (DVXE)
WEBS DEFINED VOLATILITY XLF (DVXF)
WEBS DEFINED VOLATILITY XLK (DVXK)
WEBS DEFINED VOLATILITY XLP (DVXP)
WEBS DEFINED VOLATILITY XLV (DVXV)
WEBS DEFINED VOLATILITY XLY (DVXY)
iShares ESG Aware Conservative Allocation ETF (EAOK)
iShares ESG Aware Moderate Allocation ETF (EAOM)
First Trust EIP Carbon Impact ETF (ECLN)
BATTLESHARES TSLA VS F ETF (ELON)
TRADR 2X LONG ENPH DAILY ETF (ENPX)
REX-OSPREY ETH + STAKING ETF (ESK)
DEF LEVER LG + INC ETHER ETF (ETHI)
DIREXION DAILY F BEAR 1X ETF (FRDD)
DIREXION DAILY F BULL 2X ETF (FRDU)
GUINS ATKIN INT DIV BUIL ETF (GAID)
GUINES ATKIN US DIV BUIL ETF (GAUD)
Goldman Sachs Community Municipal Bond ETF (GMUN)
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG)
TRADR 2X LONG GS DAILY ETF (GSX)
DEFIANCE LEV LONG+INC HIMS (HIMY)
REX HOOD GROWTH & INCOME ETF (HOII)
DEFIANCE LEV LONG+INC HOOD (HOOI)
Themes US Infrastructure ETF (HWAY)
BITWISE COIN INCOME STRAT (ICOI)
BITWISE CRCL INCOME STRTY (ICRC)
BITWISE ETH INCM STRTY ETF (IETH)
BITWISE GME INCOME STRAT (IGME)
BITWISE MARA INCOME STRAT (IMRA)
BITWISE MSTR INCOME STRAT (IMST)
TEMA INTL DURABLE QLTY ETF (ITOL)
Ishares Future Metaverse Tech And Communications ETF (IVRS)
ETRACS 2x Leveraged US Value Factor TR ETN (IWDL)
ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL)
ETRACS 2x Leveraged US Size Factor TR ETN (IWML)
Janus Henderson U.S. Real Estate ETF (JRE)
Themes US Cash Flow Champions ETF (LGCF)
Themes Lithium & Battery Metal Miners ETF (LIMI)
REX LLY GROWTH & INCOME ETF (LLII)
DEFIANCE DT 2X SHO LLY ETF (LLYZ)
DEF DAILY TARG 2X L LMND ETF (LMNX)
DIREXION DLY LMT BEAR 1X ETF (LMTS)
TRADR 2X LONG LYFT DAILY ETF (LYFX)
TUTTLE CPTL MGNT IN BLST ETF (MAGO)
Harbor Multi-Asset Explorer ETF (MAPP)
TRADR 2X LONG MDB DAILY ETF (MDBX)
REX MSTR GROWTH & INCOME ETF (MSII)
LVRG SHR 2X ACLR MSTR M ETF (MSOO)
TUTTLE CAP MSTR 0DTE CC ETF (MSTK)
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL)
Nuveen Dividend Growth ETF (NDVG)
TRADR 2X LONG NET DAILY ETF (NETX)
TRADR 2X LONG NNE DAILY ETF (NNEX)
Nuveen Small Cap Select ETF (NSCS)
LEV SH 2X CA ACC NVDA M ETF (NVDO)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
TRADR 2X LONG NEM DAILY ETF (NWMX)
TRADR 2X LNG OKTA DAILY ETF (OKTX)
One One Nasdaq-100 and Bitcoin ETF (OOQB)
One One S&P 500 and Bitcoin ETF (OOSB)
LEVERAGE SHARES 2X OSCR (OSCG)
Litman Gregory Funds Trust (PCCE)
Putnam Sustainable Future ETF (PFUT)
PGIM ETF Trust - PGIM Jennison Better Future ETF (PJBF)
Putnam Sustainable Leaders ETF (PLDR)
LEV 2X ACC PLTR M ETF (PLOO)
DEFIANCE LEV LONG+INC PLTR (PLT)
REX PLTR GROWTH & INCOME ETF (PLTI)
T-REX 2XL UPXI DLT ETF (PXIU)
Innovator Hedged Nasdaq-100 ETF (QHDG)
QRAFT AI-Enhanced U.S. Large Cap ETF (QRFT)
TRADR 2X LONG QS DAILY ETF (QSX)
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL)
LEVERAGE SHARES 2X SBUX (SBU)
ETRACS 2x Leveraged US Dividend Factor TR ETN (SCDL)
DIREXIO DAILY SHOP BE 1X ETF (SHPD)
Themes US Small Cap Cash Flow Champions ETF (SMCF)
TRADR 1X SHO INN 100 MON ETF (SMQ)
TRADR 2X LONG SNPS DAILY ETF (SNPX)
T-REX 2X LONG SOL D TRGT ETF (SOLX)
TRADR 2X LONG SRPT DAILY ETF (SRPU)
LEV 2X ACC TSLA M ETF (TSLO)
LEVERAGE SHARES 2X UPS (UPSG)
ETRACS 2x Leveraged MSCI Minimum Volatility Factor TR ETN (USML)
Themes US R&D Champions ETF (USRD)
AdvisorShares Vice ETF (VICE)
TRADR 2X LNG VOYG DLY ETF (VOYX)
VISTASHARES AS DY 2X ST ETF (WILD)
BondBloxx US High Yield Consumer Cyclicals Sector ETF (XHYC)
BondBloxx US High Yield Consumer Non-Cyclicals Sector ETF (XHYD)
BondBloxx US High Yield Energy Sector ETF (XHYE)
BondBloxx US High Yield Financial & REIT Sector ETF (XHYF)
BondBloxx US High Yield Healthcare Sector ETF (XHYH)
BondBloxx US High Yield Industrial Sector ETF (XHYI)
BondBloxx US High Yield Telecom Media Technology Sector ETF (XHYT)
DIREXION DY XOM BEAR 1X SHR (XOMZ)
T-REX 2X LONG XRP D TRGT ETF (XRPK)
DEFIANCE BMNR OPT INC ETF (YBMN)
ANFIELD ENHANCED MARKET ETF (AEMS)
ANFIELD ENHANCED MARKET ETF (AEMS)
YieldMax Dorsey Wright Featured 5 Income ETF (FEAT)
YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY)
Innovator ETFs Trust - Innovator Gradient Tactical Rotation Strategy ETF (IGTR)
First Trust Vivaldi Merger Arbitrage ETF (MARB)
First Trust Exchange-Traded Fund VIII - First Trust Multi-Manager Large Growth ETF (MMLG)
DEF DAILY TARGET 2XL MP ETF (MPL)
DEFIANCE DT 2X SH OKLO ETF (OKLS)
Polen Capital Global Growth ETF (PCGG)
Regents Park Hedged Market Strategy ETF (RPHS)
Guinness Atkinson Sustainable Energy ETF (SOLR)

ETPs removed from ETF Deathwatch in Q3 2026 due to improved health:

COLUMBIA AAA CLO ETF (AAAC)
APTUS APRIL BUFFER ETF (APRB)
PGIM US Large-Cap Buffer 12 ETF - August (AUGP)
AVANTIS CREDIT ETF (AVGB)
ISHRS NSDQ PREM INC ACTV ETF (BALQ)
VanEck Vectors ChinaAMC China (CBON)
Calamos Nasdaq - 100 Structured Alt Protection ETF September (CPNS)
INNV EQTY DD 10 BUF ETF-SEP (DDTS)
ProShares UltraShort Oil & Gas (DUG)
Efficient Market Portfolio Plus ETF (EMPB)
EVENTIDE INTERNATIONAL ETF (ESIM)
EVENTIDE LARG CAP GROWTH ETF (ESLG)
Fidelity Dynamic Buffered Equity ETF (FBUF)
PGIM S&P 500 Buffer 12 ETF - February (FEBP)
FIRST TRUST BALANCED INC ETF (FTBI)
American Century Multisector Floating Income ETF (FUSI)
UNLMTED HFMF MNGED FTRES ETF (HFMF)
HORIZON KINETICS JAPAN OWNER (JAPN)
FT Vest US Equity Max Buffer ETF - July (JULM)
iShares iBonds 1-5 Year Tips Ladder ETF (LDRI)
MAN ACTIVE HIGH YIELD ETF (MHY)
MANZIL RUSELL HA USA B M ETF (MNZL)
PGIM US Large-Cap Buffer 12 ETF - March (MRCP)
SPDR SSGA My2031 Corporate Bond ETF (MYCK)
NED Davis Research 360 Dynamic Allocation Etf (NDAA)
PGIM NSDQ-100 B 12 ETF - JUL (PQJL)
PGIM NASDAQ-100 B12 ETF OCT (PQOC)
Pacer Swan SOS Flex April ETF (PSFM)
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF (QQQG)
Innovator Growth Accelerated Plus ETF - January (QTJA)
PGIM US Large-Cap Buffer 12 ETF - September (SEPP)
YIELDMAX ULTR SH OPT INC STR (SLTY)
SMART TREND 25 ETF (STRN)
T ROWE PRICE GLOBAL EQUI ETF (TGLB)
T ROWE PRICE HEALTH CARE ETF (TMED)
ProShares UltraPro Short 20+ Year Treasury (TTT)
VANECK SOLANA ETF (VSOL)
WEITZ MULTISECTOR BOND ETF (WMSB)
WISDOMTREE INFLATION PLUS (WTIP)
TECH SEL SECT SPDR PREM INC (XLKI)
UTIL SEL SECT SPDR PREM INC (XLUI)
HLTH SEL SECT SPDR PREM INC (XLVI)
CON DIS SEL SCT SPDR PRM INC (XLYI)
YieldMax N100 Short Option Income Strategy ETF (YQQQ)
Direxion Daily AMZN Bear 1X Shares (AMZD)

Behavioral biases: Not just for investors

Mon, 05 Oct 2026 19:32:00 GMT

By David Wismer

The message from a recent book will sound familiar to regular readers of our weekly updates, which often discuss the benefits of risk-mitigating portfolio strategies for investors.

I have long been a listener of Barry Ritholtz’s Bloomberg radio podcast “Masters in Business.” Ritholtz interviews prominent—and occasionally offbeat—figures from the fields of finance, business, journalism, and academia.

Ritholtz, an author and investment strategist, recently wrote a bestselling finance book “How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth―and How to Avoid Them.” He writes in the preface of the book,

“This book is designed to reduce mistakes—your mistakes—with money. Tiny errors, epic fails, and everything in between. If only you could learn how to avoid the avoidable errors investors make all the time, your life would be so much richer and less stressful! …

“Most finance authors don’t take this approach. The typical investing book goes the ‘How-To’ route. They want to teach you—in a dozen chapters or so—everything you need to learn to become financially successful. Execute these 100 strategies, and start adding up the dollars!

“That approach fails in the real world. Even if you do all the right things, it only takes a few mistakes to undo all your prior efforts.

“This truth is counterintuitive: Avoiding errors is more important than scoring wins. …

“More simply stated: Make fewer errors, make more money.”

Behavioral bias isn’t limited to retail investors

Some time ago, I wrote about the growing prominence of behavioral finance theory in the investment world and explored some common behavioral biases among self-directed investors. But what about financial advisers and other investment professionals? Are they similarly affected by biases?

Proactive Advisor Magazine has interviewed many financial advisers across the U.S. who subscribe to a disciplined approach to financial and investment planning for their clients. Yet many have discussed making past mistakes in investment judgment, process, or implementation. Research studies document that almost every textbook example of behavioral finance bias or emotional decision-making can be ascribed to financial advisers and other industry professionals at some point in their careers.

An article from the CFA Institute (home of the Chartered Financial Analyst credential) noted,

“Heuristics—mental shortcuts—and other biases continue to affect some of our professional choices, leading us to make mistakes. For a gifted few in the industry, biases are a source of alpha. But for many others biases impose a cost—a price paid for irrationalities.

“Financial markets reflect these irrationalities and collective biases.”

Three of these behavioral biases stand out from our discussions with financial advisers:

1. Trend-chasing bias. Today’s financial advisers have access to institutional-type strategies built with sophisticated algorithmic models by third-party investment managers such as Flexible Plan Investments (FPI). In and of itself, that is a real plus for their clients. But advisers must still make fundamental portfolio allocation decisions—and sometimes they may “chase” the best-performing strategies from the previous quarter or year.

A senior manager at FPI explained,

“One experience advisers may have had is choosing to use a back-tested strategy for client portfolios after it had a good and long run upward. We often watch strategies do well and then attract a large amount of assets due to their recent success. There is nothing inherently wrong with that. However, such strategies then might experience a period of sideways or drawdown performance. That normal, yet less-than-stellar, performance leads performance-chasing advisers (or their clients) to quit the strategy before the next period of positive performance.”

A diversified portfolio of several different actively managed strategies that are not highly correlated, he added, can offer clients higher probabilities of success over the long term and throughout bull and bear market cycles.

2. Familiarity bias. Like retail investors, some financial advisers tend to stick with what they know. FPI offers strategies that encompass a wide range of asset classes, geographies, and investment styles (for example, mean-reverting versus trend-following, or even inverse to an index). It’s important for advisers to stay informed about new strategies, evaluate their pros and cons for their clients, and consider how each one might fit within a dynamic, risk-managed portfolio.

3. Herd mentality. This can manifest itself in different ways for financial advisers, most often prompted or reinforced by the behavior of their clients or their peers. In markets like that seen since April 2025, clients tend to become more return-oriented in their expectations as the market continues to make new high after new high.

Although these same clients may have explicitly agreed to an investment plan that was well-aligned with their risk profile and incorporated several strong elements of risk management, their devotion to a disciplined approach may start to waver in the face of a rising (or plunging) market. Advisers must consistently reinforce the long-term value of an actively managed approach designed to mitigate risk when markets inevitably turn or become volatile.

The CFA Institute once surveyed its professional readership to identify the behavioral bias that “affected their investment decisions the most.”

Many experts agree that these types of biases are often most pronounced at market extremes. Investors of all types tend to take on too much risk in elevated markets and make poor decisions in volatile or declining ones. Nobel Prize–winner Richard Thaler has said, “Investors make mistakes—and they make mistakes because they are human.”

The good news is that the quantitative strategies offered by Flexible Plan Investments can help remove emotion from investment decisions for both financial advisers and their clients. These strategies are designed to perform competitively in bull markets and to manage risk in volatile periods—responding to market conditions through full market cycles.

As the manager previously cited points out, FPI’s business consultants are always available to discuss portfolio construction or performance-related issues with advisers, who can then share those insights with clients.

For those seeking additional perspective, I suggest taking a moment to read the in-depth interview with Jerry Wagner in The Wealth Advisor that explores FPI’s differentiated approach to active investment management, innovation, and personalized support.

I also recommend an article by a behavioral finance expert and industry veteran, Richard Lehman, who explains why “The case for active over passive investing is really about investor behavior.”

Market Update 10/5/26

Mon, 05 Oct 2026 18:18:00 GMT

By Jerry Wagner

Market snapshot

• Stocks: Major indexes posted mixed results this past week. The S&P 500 Index dropped 0.3%, the NASDAQ rallied 0.45%, and the Russell 2000 declined 0.2%.

• Bonds: Bonds were weak again. The U.S. Aggregate Bond ETF (AGG) dropped 0.6%, while the 20-year Treasury Bond ETF (TLT) tumbled 1.9%.

• Gold: Gold futures closed at $4,171.70, down $149.50 per ounce, or 3.46%. The U.S. Trade-Weighted Dollar rose 0.92%.

• Market indicators and outlook: Short-term technical indicators are mostly positive for stocks. The economic environment is classified as Normal, favoring stocks and gold for returns. Volatility is Low and Rising, a regime historically favorable for stocks over other asset classes on a return basis.

***

For the latest information on our Quantified Funds, check out our weekly fund updates. You can also see the funds’ daily holdings here.

Stocks

The NASDAQ 100 made a new closing high on Friday, and the S&P 500 was only about 1% away from a new all-time closing high. The long-term uptrend appears to remain intact.

Our new AI-generated market measure—the six-factor MA index—looks at the historical look-forward results associated with the positioning of the six factors each day with respect to each other over the following 1, 2, 3, 4, 5, 10, 15, and 20 days. On October 5, returns for all periods were positive for the S&P 500 and NASDAQ but below the average market day. The NYSE Composite, which measures the daily percentage move of all New York Stock Exchange-traded stocks, showed stronger results. Its readings were positive over all periods and substantially exceeded the returns of an average market day for the index. The 10-to-20-day results were statistically significant and suggest the probability of an advance over the next 20 days is just over 70%.

While the price action of the major stock market indexes is positive, internal weakness suggests the likelihood of volatility and a possible correction this month. Despite the new highs, almost every indicator measuring the breadth of the market advance is negative and declining. The advance/decline line, new highs versus new lows, equal weight, and small caps all point to a very narrow market advance on a weak foundation. This situation can often yield short-term trouble.

Yet, the new highs do seem justified when we look at economic measures. Profit margins for U.S. corporations are at record levels and still rising, yielding lower P/E ratios and steady upward revisions in earnings-per-share and revenue estimates.

On the consumer side, the reports are uniformly positive. The poverty rate has hit a record low. Jobless claims are also at near-historic lows.

Real median income is at an all-time high. That number is adjusted for inflation, and while prices have risen 27% since 2022, 80% of that increase occurred before the new administration started in 2025. Since then, inflation has continued but only at a rate of just over 3%.

Some fear that the current bull market, which started in October 2022, is long in the tooth and due for a correction. This uptrend has indeed hit the average gain and length of past bull markets; still, many bull runs have exceeded the current run in both length and returns, often by many multiples. The closest analogy to the present AI-inspired market is the dot-com gains early in this century. As the following graph demonstrates, based on that analogy, this market has much further to run.

Finally, in our seasonality analysis of the markets, the focus remains on the midterms. As I noted in mid-August, U.S. Global Investors highlighted both sides of the historical midterm-election pattern: weakness leading up to Election Day, followed by much stronger performance afterward:

“Since 1962, every one of the 16 midterm cycles saw a decline between mid-August and Election Day. Not most of them. All of them. The average drawdown was 8.1%, and 10 of the 16 put in their low in October.”

But the pattern following midterm elections has historically been much stronger:

“In the 12 months following every midterm election since 1962, the S&P 500 has been higher. Sixteen elections, 16 gains at 14.2% on average. The narrowest was 1986 at just 1.1%, and that 12-month window contained the October 1987 crash. It still finished in the black.”

I would add a stat from Bespoke Investment Group: “The S&P has averaged a gain of 5.6% in Q4 of midterm years with positive returns 83% (20 out of 24) of the time.”

The bottom line: Don’t fight the trend, and the trend is up! But the chance of near-term below-average performance and higher volatility in the next three weeks is definitely present. Watch for a break in the trend, but if it occurs, be equally vigilant about buying back in, as any correction is likely to be short-lived in this economic environment.

Bonds

Bond yields remain above their moving averages, although they have improved slightly from the recent high reached just a few days ago.

Yields remain in their long-term uptrend, and bond prices have continued to trend lower. Our new six-factor MA index has all TLT factors moving lower. While none of the forecasts hit our significance mark, the 10-day negative reading is the strongest.

Both rates and bond performance depend heavily on market expectations about future Federal Reserve action. While Friday’s disappointing jobs numbers gave bond investors some solace by reducing the odds of a Fed rate hike at its next meeting, the yield trend remains strongly up. It will probably take more than one report to sidetrack that trend and the resulting decline in bond values.

The ETF representing the high-yield bond market sector (HYG) moved to new highs in August as stocks advanced. Since then, the reality of higher yields has caught up with this asset class. High-yield bonds have joined the ranks of securities failing to confirm recent highs in mainstay stock market indicators, further weakening the case for positive stock market and high-yield bond returns in the short term.

Gold

Gold seemed to stabilize last week, following a very weak September that reflected higher yields and a stronger dollar, both of which provide significant headwinds to rising gold prices. The six-factor model suggests flat to lower performance in the short term but statistically significant higher prices in the 10- and 20-day forward periods.

On the fundamental front, U.S. Global Investors reports: “China’s central bank added more than 20 tonnes of gold in August, its biggest monthly purchase since 2023. That stretched its buying streak to 22 straight months. China also imported a record 1,141 tonnes of gold in the first eight months of the year, already more than in all of 2025.” On top of that, U.S. gold ETFs have registered their highest rate of gold purchases in the last year, as investors continue to buy the yellow metal.

FPI is the subadviser to the only U.S. gold mutual fund, the Quantified Gold Futures Tracking Fund (QGLDX). Launched in 2013, the fund is designed to track the daily price changes in the precious metal in a more tax-efficient manner than its ETF counterpart, GLD.

The indicators

The short-term technical indicators I watch for future stock market price changes are now all positive. Our QFC S&P Pattern Recognition strategy reads 1.9, suggesting 190% exposure to the S&P 500 Index as of Monday’s close.

Our QFC Political Seasonality Index strategy, after moving successfully into stocks at the close on September 29 (up 148 S&P 500 points so far), will return to its defensive positioning at the close on October 11. It will move back to stocks on the close of October 19. This continues a choppy-to-down period for the Index until October 28. The longest downturn projected during that period ran from September 8 to September 29, when the Index was virtually unchanged (down 3 S&P points). (Our QFC Political Seasonality Index—with all of the daily signals for 2026—is available after login in our Weekly Performance Report section under the Domestic Tactical Equity category.)

FPI’s intermediate-term tactical equity strategies remain mixed, with a positive bias. The Volatility Adjusted NASDAQ strategy has a 140% net long exposure to the NASDAQ 100. Systematic Advantage ended the week 90% net long. Our QFC Self-Adjusting Trend Following strategy remains at 0% exposure. QFC Dynamic Trends has 0% NDX exposure within the Quantified STF Fund (QSTFX). For the longer term, Classic remains 100% long equities, although its signal is weakening.

Because the QFC Dynamic Trends, Volatility Adjusted NASDAQ, Systematic Advantage, QFC Self-Adjusting Trend Following, and QFC S&P Pattern Recognition strategies can employ leverage, the investment positions may exceed 100%.

FPI’s Growth and Inflation measure, one of our Market Regime Indicators, shows that markets are in a Normal economic environment (inflation and GDP are growing). Historically, a Normal environment has occurred 75% of the time since 2003 and has been a positive regime for stocks, bonds, and gold. Stocks have the highest returns in Normal periods. Gold has the second-highest return but has also experienced high drawdowns in these environments.

Our S&P volatility regime is registering a Low and Rising reading. Since 2003, this environment has favored stocks over gold, and then bonds, in both annualized return and risk-adjusted return terms. Gold has the highest drawdown risk among the three asset classes. Bonds have the lowest return, risk, and drawdown. The Low and Rising combination has occurred 22% of the time since 2003.

Quantified Funds 10/5/26

Mon, 05 Oct 2026 16:30:00 GMT

U.S. equity markets posted gains in one of the three indexes last week. The S&P 500 went down 0.25%, the NASDAQ Composite went up 0.46%, and the Dow Jones Industrial Average fell 1.25%.

Three of the 11 sectors were up last week, led by Information Technology, which gained 1.45%.

Five of the 12 Quantified Funds were up last week: The Quantified Global Fund (QGBLX) went up 1.74%, the Quantified Tactical Sectors Fund (QTSSX) increased 0.68%, the Quantified Eckhardt Managed Futures Strategy Fund (QETCX) went up 0.51%, the Quantified STF Fund (QSTFX) went up 0.38%, the Quantified Common Ground Fund (QCGDX) was up 0.19%, the Quantified Market Leaders Fund (QMLFX) returned 0%, the Quantified Rising Dividend Tactical Fund (QRDTX) fell 0.27%, the Quantified Alternative Investment Fund (QALTX) decreased 0.37%, the Quantified Pattern Recognition Fund (QSPMX) fell 0.47%, the Quantified Evolution Plus Fund (QEVOX) decreased 0.50%, the Quantified Managed Income Fund (QBDSX) fell 0.64%, and the Quantified Government Income Tactical Fund (QGITX) was down 1.86%.

The Market Environment Indicator (MEI) was bullish as of Friday morning. Equity asset-class allocations in the Quantified Market Leaders Fund were the following: Large-Cap Growth (33.12%), Emerging Markets (19.42%), Large-Cap Value (12.88%), Mid-Cap Value (6.34%), 2X S&P 500 and 2X NASDAQ 100 exposure (25%), Health Care (7.18%), Information Technology (7.18%), Technology (7.18%), and single-stock ETFs (2X or -1X) (5%).

The cash level within the Quantified Alternative Investment Fund increased by 0.86% last week (10.04%). The largest allocation increase and decrease, respectively, within the Quantified Alternative Investment Fund (QALTX) last week were the following: Allocation to the iShares Global Energy ETF (IXC, 0.85%) increased by 0.85%, while allocation to the Global X Silver Miners ETF (SIL, 0%) decreased by 0.88%. Last week, the funds were up 0.78% and down 5.53%, respectively.

The capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week with a 4% net long exposure. On Tuesday, the position shifted to a 3% net long exposure. On Wednesday, the position changed to a 4% net long exposure. On Friday, the position moved to a 5% net long exposure.

The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund started the week with a 12% net long exposure. On Wednesday, the position shifted to a 10% net short exposure.

The QFC Self-adjusting Trend Following strategy's signal of exposure in the NASDAQ 100 Index (NDX) held a 0% net long exposure throughout the week. The Quantified STF Fund (QSTFX) was up 0.38% for the week, compared to a gain of 0.66% for the NASDAQ 100 Index (NDX) and a gain of 0.64% for the Rydex Series NASDAQ 100 Fund (RYHOX), a current potential holding of the STF strategy.

The Quantified Managed Income Fund's (QBDSX) largest ETF allocations were the iShares 1-3 Year Treasury Bond ETF (SHY, 30.80%), the Invesco Senior Loan ETF (BKLN, 6.8%), the State Street SPDR Bloomberg Convertible Securities ETF (CWB, 6.80%), the WisdomTree US LargeCap Dividend Fund (DLN, 6.80%), and ProShares Short 20+ Year Treasury (TBF, 6.80%). Last week, the securities were up 0.10%, down 0.24%, down 0.12%, down 0.80%, and up 2.19%, respectively. The cash allocation was at 19.21%.

The 10-year U.S. Treasury closed the week up 2.13%. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund started the week with an 18% net long exposure. On Wednesday, the position switched to a 15% net short exposure. The S&P 500 E-mini Futures started the week with a 0% net long exposure. On Thursday, the position switched to a 0.5% net short exposure.

The Quantified Pattern Recognition Fund (QSPMX) held a 0% net long exposure throughout the week.

The Quantified Government Income Tactical Fund (QGITX) started the week with a 98.80% net long exposure to Treasurys. On Wednesday, the position changed to a 3.90% net long exposure to Treasurys. On Friday, the position moved to an 18.70% net short exposure to Treasurys.

The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 65% in the U.S. dollar, 15% in the S&P 500, 10% in the NASDAQ 100, and 10% in emerging markets.

The Quantified Common Ground Fund's (QCGDX) largest allocations were Darling Ingredients Inc. (DAR, 4.8%) and Costco Wholesale Corp (COST, 4.7%). Last week, the securities were up 2.69% and down 0.23%, respectively. The cash allocation was at 2.50%.

The Quantified Global Fund's (QGBLX) largest allocations were the State Street SPDR S&P 500 ETF Trust (SPY, 25.35%) and PLDT Inc. (PHI, 7.85%). Last week, the securities were down 0.22% and up 2.09%, respectively. The cash allocation was at 4.94%.

The Quantified Tactical Sectors Fund (QTSSX) had the following allocations last Friday: the State Street Technology Select Sector SPDR ETF (XLK, 39%), the State Street Health Care Select Sector SPDR ETF (XLV, 39%), the State Street SPDR S&P 500 ETF Trust (SPY, 39%), and the Vanguard Information Technology ETF (VGT, 39%).

The Quantified Rising Dividend Fund (QRDTX) was bullish at the end of last week.

Total Return

Fund (Inception)

Symbol

Qtr Ending (9/30/26)

Year-To-Date Ending (9/30/26)

1 Year Ending (9/30/26)

3 Years Ending (9/30/26)

5 Years Ending (9/30/26)

10 Years Ending (9/30/26)

Since * Inception Ending (9/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

2.89%

(4.54%)

5.98%

28.06%

15.52%

9.12%

6.97%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(1.40%)

(2.14%)

(2.92%)

1.96%

0.43%

0.24%

0.57%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

(4.48%)

15.02%

12.96%

13.63%

3.00%

9.40%

7.93

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.94%

5.51%

7.92%

8.94%

4.48%

4.18%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

(6.69%)

17.32%

14.68%

22.18%

8.66%

17.55%

14.94%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

(8.59%)

4.79%

6.43%

9.05%

6.51%

N/A

8.87%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

(1.66%)

47.51%

60.58%

22.35%

9.62%

N/A

6.36%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

5.52%

0.62%

10.65%

13.88%

8.77%

N/A

11.03%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

0.58%

18.00%

15.40%

16.16%

1.91%

N/A

(0.70%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

(2.35%)

9.74%

10.91%

14.65%

2.02%

N/A

2.22%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(4.67%)

(9.31%)

(9.77%)

(2.12%)

(6.55%)

N/A

(5.79%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

3.50%

5.00%

4.69%

N/A

12.05%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

(1.89%)

(4.06%)

(6.74%)

N/A

(10.26%)

1.72%

* Performance for periods of greater than one year are annualized.

As of the most recent prospectus, the expense ratios for the Quantified Gold Futures Tracking Fund are as follows: Investors’ Class (No Load), 1.50%; Class A, 1.50%; Class C, 2.10%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end please call 1-855-647-8268.

Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, convertible bond risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, mortgage backed securities risk, hedging and leverage risk, preferred stock risk, and MLP and REIT risks. For detailed information relating to these risks, please see prospectus.

The principal risks of investing in The Quantified Gold Futures Tracking Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions.

An investor should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. This and other information can be found in the funds’ prospectus and summary prospectus, which can be obtained by calling 1-855-650-7453. The prospectus should be read carefully before investing. There is no guarantee that any of the Quantified Funds or Quantified Gold Futures Tracking Fund will achieve their investment objectives.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

The Quantified Gold Futures Tracking Fund (QGLDX) 10/5/26

Mon, 05 Oct 2026 16:07:00 GMT

Last week, the gold spot price lost 3.35%, and the U.S. Dollar Index went up 0.95%. The Quantified Gold Futures Tracking Fund (QGLDX) was down 3.55% for the week. COMEX gold futures, whose daily settlement is determined at 1:30 p.m. ET, was down 3.68% for the week. The short-duration fixed-income ETFs held by QGLDX as of Friday's close had an average weekly return of about 0.08%.

Total Return

Fund (Inception)

Symbol

Qtr Ending (9/30/26)

Year-To-Date Ending (9/30/26)

1 Year Ending (9/30/26)

3 Years Ending (9/30/26)

5 Years Ending (9/30/26)

10 Years Ending (9/30/26)

Since * Inception Ending (9/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

2.89%

(4.54%)

5.98%

28.06%

15.52%

9.12%

6.97%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(1.40%)

(2.14%)

(2.92%)

1.96%

0.43%

0.24%

0.57%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

(4.48%)

15.02%

12.96%

13.63%

3.00%

9.40%

7.93

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.94%

5.51%

7.92%

8.94%

4.48%

4.18%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

(6.69%)

17.32%

14.68%

22.18%

8.66%

17.55%

14.94%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

(8.59%)

4.79%

6.43%

9.05%

6.51%

N/A

8.87%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

(1.66%)

47.51%

60.58%

22.35%

9.62%

N/A

6.36%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

5.52%

0.62%

10.65%

13.88%

8.77%

N/A

11.03%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

0.58%

18.00%

15.40%

16.16%

1.91%

N/A

(0.70%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

(2.35%)

9.74%

10.91%

14.65%

2.02%

N/A

2.22%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(4.67%)

(9.31%)

(9.77%)

(2.12%)

(6.55%)

N/A

(5.79%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

3.50%

5.00%

4.69%

N/A

12.05%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

(1.89%)

(4.06%)

(6.74%)

N/A

(10.26%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

Don’t let your core go to waste

Mon, 28 Sep 2026 20:35:00 GMT

By Jerry Wagner

The “core” portion of an investment portfolio is often underappreciated, but it is the central portion of the portfolio. Like the core of an apple—which contains the seeds for future harvests—it provides the foundation for growth.

Fall is the season for apples here in Michigan. The cider mills near my house have opened for the year, temperatures are cooling, and apples are everywhere—right alongside the state’s cherries, grapes, and blueberries. Yet when most of us eat an apple, we toss the core without giving it much thought, forgetting it’s not just the center but the part that keeps apples on our tables year after year.

In much the same way, the core of an investment portfolio can seem ordinary compared to the “satellite” strategies around it—but it’s what keeps the portfolio strong and aligned with long-term goals.

Why is the core so central to an investment portfolio?

It goes back to the basics of a portfolio.

Portfolio returns are said to be made up of “beta” and “alpha.” Beta returns are those derived from simply investing in a market—in a bond index or a stock index, for example. Alpha returns are the extra juice that comes from trading, holding alternative investments, or applying tactical expertise. Alpha can enhance the portfolio returns or provide a measure of risk protection.

If you are pursuing a portfolio strategy that includes both beta and alpha, often referred to as a “core and satellite approach” (see illustration below), the core must be allocated the lion’s share of the portfolio. The core portion of the portfolio is the portfolio’s source of beta returns. It is difficult to keep up with a market benchmark if you don’t have a large portion of your portfolio invested in asset classes represented in the benchmark.

A bond portfolio may do as well or better than a stock portfolio at times, but in the long run you are not likely to get stock-like returns from a bond-only portfolio. And the same goes for getting bond-like risk management from a stock-only portfolio.

Therefore, it is important to invest a sufficient amount into the core strategy to make a difference. It has to be enough of an investment to allow the portfolio to keep up with the benchmarks.

In my opinion, 20% to 50% of the portfolio is not enough for a core position. I would prefer to see at least 60% to 70% allocated to the core to increase the probability of achieving the desired amount of beta or market returns for our clients.

Core strategies are pre-allocated to stocks, bonds, and (in some cases) alternatives. They come in various combinations to achieve a level of risk consistent with a number of preselected suitability or risk levels. As a result, three or five combinations ranging from conservative to aggressive mixes are usually offered.

How should a core portfolio be managed?

Conventional wisdom is to simply diversify among a selection of different passive index funds. The percentage invested in each is determined by both the suitability level and the interaction of either past or expected returns, volatility, and correlation of the various asset classes.

Unfortunately, this method is subject to a number of flaws. Studies show that the mean-variance methodology used by most of the industry is not robust. It explains the past with the precision that only hindsight can deliver but fails to deal well with an uncertain future in which we all invest.

It cannot respond to new market environments. It remains fully invested no matter how dire the present is or the future looks. Adjustments (so-called quarterly rebalancing) are determined by the calendar instead of market changes.

A better way would be to adopt the time-proven advantages of diversification—creating stock and bond portfolios based on investor suitability but overlaying these portfolios with risk-management methodologies. This is the approach of our dynamic, risk-managed core strategies.

The advantage of this approach is that you seek to capture the index betas—for bonds, stocks, and alternatives—while building in risk protection beyond what simple diversification can accomplish. The approach is responsive to market changes and is meant to be robust for future market conditions and risk environments.

Find the core strategy that’s right for you

We have several risk-managed core strategies. Each takes a different approach to capturing market beta in a suitability-based wrapper while employing disciplined risk-management systems. Whether you are looking to put trend following or leverage to work for you, or you’re looking for faith-based or socially responsible approaches to reflect your personal values, there is a core strategy for you.

And with our Quantified Fee Credit (QFC) strategies, multiple core strategies are available at a low cost.

What I especially like about the QFC strategies is that they employ two distinct levels of risk management. First, each mutual fund invested in uses multiple risk-management strategies within the funds. Then, an extra layer of protection is added through the allocation method used among the funds. Two levels of risk management for one low cost.

Finally, with so many core strategies available at Flexible Plan Investments, it is possible to double down on risk management by dividing one’s core portfolio into multiple dynamically risk-managed core strategies.

In our tests here at the office, I’ve seen better results using a number of core strategies in a single portfolio than in placing all assets in one, albeit risk-managed, basket. For example, you can create a portfolio with four different core strategies of 20% each at the investor’s suitability level, and then invest the final 20% in some alpha-producing strategies. Our testing shows this approach often produces a smoother growth line, as the added diversification of multiple core strategies can further reduce volatility.

***

For more information on how a multi-strategy core approach can address the drawbacks of a passive portfolio, download our white paper “A passive core is not enough” here (for financial professionals only).

Market Update 9/28/26

Mon, 28 Sep 2026 18:22:00 GMT

By Will Hubbard

Market snapshot

• Equities: Major U.S. stock indexes were mostly higher last week. The S&P 500 Index rose 1.23%, the NASDAQ Composite gained 2.07%, the Dow Jones Industrial Average added 0.28%, and the small-cap Russell 2000 Index fell 0.79%.

• Fixed income: The 10-year Treasury yield rose from 5.00% to 5.16% last week.

• Gold and commodities: Gold fell 2.14% for the week.

• Market indicators and outlook: FPI’s Market Regime Indicators continue to show a Normal economic environment, which historically favors stocks over bonds and then gold. Volatility is Low and Falling, which historically favors stocks over gold and then bonds.

***

For the latest information on our Quantified Funds, check out our weekly fund updates. You can also see the daily holdings of the funds here.

Equities

Last week’s gains came from the top of the market rather than from across it. The NASDAQ 100 Index, which tracks 100 of the largest nonfinancial companies listed on the exchange, rose 3.26%, more than a percentage point ahead of the broader NASDAQ Composite. Six of the 11 S&P 500 sectors rose last week, led by Information Technology, which gained 3.13%. The Dow, a price-weighted average that gives more sway to higher-priced shares than to larger companies, trailed well behind the tech-heavy benchmarks. The small-cap Russell 2000 slipped while the large-cap indexes gained. That divergence points to relatively narrow market leadership. When a small group of large companies drives index gains, headline returns can look stronger than the performance experienced across the broader market.

The broader trend remains intact. The SPDR S&P 500 ETF closed Friday at 771.35, above both its 50-day moving average (761.57) and its 200-day moving average (718.45), commonly used measures of short- and longer-term trends.

Fixed income

Treasurys offered little shelter to investors last week. The 10-year yield climbed 16 basis points. Because bond prices generally move in the opposite direction of yields, the increase put pressure on intermediate- and long-term Treasury prices.

The long end of the curve took the bigger hit, consistent with its greater sensitivity to interest-rate changes. The iShares 20+ Year Treasury Bond ETF (TLT) closed Friday at 79.32, below both its 50-day and 200-day moving averages. The iShares 7-10 Year Treasury Bond ETF (IEF) closed at 90.00, also below both its averages, but its gap to the 200-day moving average was narrower.

The question now is whether rising government borrowing costs spill into credit. Bespoke Investment Group noted in its August 21 report that the climb in long-term yields had been orderly, had not created major financial-stability concerns, and had not hurt corporate issuance.

Bespoke’s August 27 indicator table showed a mixed picture beneath the surface, though. Investment-grade corporate spreads, the extra yield those bonds pay over Treasurys, widened over both the 10-day and 50-day windows, while high-yield spreads narrowed. Higher Treasury yields now meet that backdrop, which makes the safer end of the corporate market the place to watch for early signs of strain.

Gold and commodities

A firmer U.S. dollar was the clearest headwind for gold last week. The U.S. Dollar Index rose 0.75%, while COMEX gold futures fell 2.34%. Gold is priced in dollars, so a stronger greenback can make bullion more expensive for buyers holding other currencies and tends to cool demand.

The technical backdrop also remained weak. SPDR Gold Shares (GLD), an exchange-traded fund that holds gold bullion, closed Friday at 393.41, below its 50-day moving average of 395.43 and its 200-day average of 416.44. The 50-day average also remained below the 200-day, signaling continued weakness in gold’s shorter-term trend.

Flexible Plan Investments (FPI) is the subadviser to the only U.S. gold mutual fund, The Quantified Gold Futures Tracking Fund. Launched in 2013, the fund is designed to track the daily price changes in the precious metal in a more tax-efficient manner than its ETF counterpart, GLD. Last week, QGLDX fell 2.16%.

The indicators

The QFC S&P Pattern Recognition strategy started the week 200% net long to the S&P 500 Index. Exposure fell to 90% net long on Monday and 60% net long on Tuesday before moving to cash on Wednesday. The strategy returned to 60% net long on Thursday and ended the week 100% net long.

The QFC Political Seasonality Index strategy remained risk-off throughout the week. The QFC Political Seasonality Index—with all of the daily signals—is available post-login in our Weekly Performance Report section under the Domestic Tactical Equity category.

Our intermediate-term tactical strategies remained varied in their degree of defensive positioning. The key advantage these strategies offer investors is their ability to adapt to changing market environments by participating during uptrends and moving to a defensive posture during downtrends.

The Volatility Adjusted NASDAQ strategy began the week 120% net long to the NASDAQ 100 Index, reduced exposure to 60% net long on Tuesday, held that level through Thursday, and ended the week 80% net long. The Systematic Advantage strategy remained 120% net long the S&P 500 Index throughout the week, while the QFC Self-adjusting Trend Following strategy stayed in cash. These strategies can employ leverage, so their exposure may exceed 100% at times.

The Classic strategy maintained its risk-on posture throughout the week. Most Classic accounts follow a signal that can change exposure within a week, though a few remain on platforms requiring up to a month to adjust to new signals.

FPI’s Growth and Inflation measure, one of our Market Regime Indicators, shows a Normal economic environment, meaning both prices and GDP are rising on a monthly basis. Historically, a Normal environment has occurred 75% of the time since 2003 and has been positive for stocks, bonds, and gold. Stocks have the highest rate of return in Normal periods. Gold has the second-highest return but has also experienced high drawdowns in these environments.

Our S&P volatility regime is registering a Low and Falling reading, which historically has favored stocks, followed by gold and bonds, based on annualized returns. This combination has occurred 32% of the time since 2003.

Quantified Funds 9/28/26

Mon, 28 Sep 2026 16:03:00 GMT

U.S. equity markets posted gains across all three indexes last week. The S&P 500 rose 1.23%, the NASDAQ Composite gained 2.07%, and the Dow Jones Industrial Average increased by 0.28%.

Six of the 11 sectors rose last week, led by Information Technology, which gained 3.13%.

Six of the 12 Quantified Funds were up last week: The Quantified Pattern Recognition Fund (QSPMX) rose 3.18%, the Quantified Market Leaders Fund (QMLFX) gained 2.24%, the Quantified Evolution Plus Fund (QEVOX) advanced 2.20%, the Quantified Tactical Sectors Fund (QTSSX) added 0.80%, the Quantified Managed Income Fund (QBDSX) rose 0.13%, the Quantified Rising Dividend Tactical Fund (QRDTX) increased by 0.09%, the Quantified Alternative Investment Fund (QALTX) decreased by 0.18%, the Quantified Eckhardt Managed Futures Strategy Fund (QETCX) lost 0.25%, the Quantified STF Fund (QSTFX) fell 0.38%, the Quantified Global Fund (QGBLX) declined 0.62%, the Quantified Government Income Tactical Fund (QGITX) decreased by 0.92%, and the Quantified Common Ground Fund (QCGDX) lost 1.17%.

The cash level within the Quantified Alternative Investment Fund increased by 1.46% last week (9.18%). The largest allocation increase and decrease, respectively, within the Quantified Alternative Investment Fund (QALTX) last week were the following: Allocation to the VanEck Natural Resources ETF (HAP, 1.98%) increased by 0.73%, while allocation to the Invesco 0-5 Yr US TIPS ETF (PBTP, 2.97%) decreased by 1.05%. Last week, the funds were down 1.69% and 0.11%, respectively.

The capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week with a 6% net long exposure. On Tuesday, the position changed to a 3% net long exposure. On Friday, the position reallocated to a 4% net long exposure.

The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund started the week with a 10% net short exposure. On Thursday, the position reallocated to a 12% net long exposure.

The QFC Self-adjusting Trend Following strategy's signal of exposure in the NASDAQ 100 Index (NDX) held a 0% net long exposure throughout the week. The Quantified STF Fund (QSTFX) decreased 0.38% for the week, compared to a gain of 3.26% for the NASDAQ 100 Index (NDX) and a gain of 3.23% for the Rydex Series NASDAQ 100 Fund (RYHOX), a current potential holding of the STF strategy.

The Quantified Managed Income Fund's (QBDSX) largest ETF allocations were the iShares 1-3 Year Treasury Bond ETF (SHY, 31.21%), the Invesco Senior Loan ETF (BKLN, 6.80%), the State Street SPDR Bloomberg Convertible Securities ETF (CWB, 6.80%), the WisdomTree US LargeCap Dividend Fund (DLN, 6.80%), and the ProShares Short 20+ Year Treasury (TBF, 6.80%). Last week, the securities were down 0.04%, down 0.08%, up 0.57%, down 0.03%, and up 2.38%, respectively. The cash allocation was at 18.80%.

The 10-year U.S. Treasury closed the week up 3.32%. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund started the week with a 15% net short exposure. On Thursday, the position switched to an 18% net long exposure. The S&P 500 E-mini futures held a 0% net long exposure throughout the week.

The Quantified Pattern Recognition Fund (QSPMX) started the week with a 200% net long exposure. On Monday, the position shifted to a 90% net long exposure. On Tuesday, the position changed to a 60% net long exposure. On Wednesday, the position reallocated to a 0% net long exposure. On Thursday, the position shifted to a 60% net long exposure. On Friday, the position shifted to a 100% net long exposure.

The Quantified Government Income Tactical Fund (QGITX) started the week with a 14.30% net long exposure to Treasurys. On Monday, the position changed to a 27.30% net long exposure to Treasurys. On Tuesday, the position reallocated to a 14.30% net long exposure to Treasurys. On Wednesday, the position changed to a 27.30% net long exposure to Treasurys. On Thursday, the position shifted to a 98.80% net long exposure to Treasurys.

The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 65% in the S&P 500, 15% in the NASDAQ 100, 8% in gold, 6% in emerging markets, and 6% in cash.

The Quantified Common Ground Fund's (QCGDX) largest allocations were Vistra Corp. (VST, 4.45%) and NMI Holdings Inc. (NMIH, 4.37%). Last week, the securities were down 1.41% and 3.89%, respectively. The cash allocation was at 2.50%.

The Quantified Global Fund's (QGBLX) largest allocations were the State Street SPDR S&P 500 ETF Trust (SPY, 23.89%) and PLDT Inc. (PHI, 7.81%). Last week, the securities were up 1.27% and down 2.82%, respectively. The cash allocation was at 6.89%.

The Quantified Tactical Sectors Fund (QTSSX) had the following allocations last Friday: the State Street SPDR S&P 500 ETF Trust (SPY, 39%), the Vanguard Information Technology ETF (VGT, 39%), the State Street Technology Select Sector SPDR ETF (XLK, 39%), and the State Street Health Care Select Sector SPDR ETF (XLV, 39%).

The Quantified Rising Dividend Fund (QRDTX) was bullish at the end of last week.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

The Quantified Gold Futures Tracking Fund (QGLDX) 9/28/26

Mon, 28 Sep 2026 16:01:00 GMT

Last week, the gold spot price fell 2.14%, and the U.S. Dollar Index rose 0.75%. The Quantified Gold Futures Tracking Fund (QGLDX) fell 2.16% for the week. COMEX gold futures, whose daily settlement is determined at 1:30 p.m. ET, fell 2.34% for the week. The short-duration fixed-income ETFs held by QGLDX as of Friday’s close had an average weekly return of approximately 0.07%.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

Are clients flipping the script with AI?

Tue, 22 Sep 2026 03:59:00 GMT

By David Wismer

For most of our lives, the usual adviser-client conversation followed a familiar pattern. The client brought questions and concerns. The financial adviser brought expertise in extensive qualitative and quantitative discovery—and a planning process designed to deliver answers.

Artificial intelligence may be starting to flip that script.

Imagine a client walking into their adviser’s office and saying, “I ran my financial plan and portfolio through ChatGPT, and it came back with a few recommendations that are different from yours. Can we talk about them?”

Whether you are an adviser or a client, you may not have encountered that scenario yet, but I would not be surprised if you eventually do.

AI has entered the meeting

The wealth-management industry is not waiting around to see what AI can do. Large firms are already using it to prepare for meetings, summarize client information, generate follow-up tasks, analyze portfolios, and streamline research and operations.

Bank of America, for example, says an AI-powered meeting system it rolled out to its advisers can save up to four hours per client meeting. Rogo Technologies, a start-up launched in 2021, has garnered widespread attention and gained traction among large financial institutions with its AI-based financial applications.

And the tools are moving closer to the adviser’s desk. For example, Anthropic has recently introduced Claude for Financial Advisors, which is designed to connect with platforms used across wealth management for tasks such as meeting preparation, portfolio reviews, and follow-up.

Advisers are mostly embracing the change. In a 2026 survey conducted by Morning Consult for Edward Jones, 69% of financial advisers said AI has had a positive impact on the industry, while 53% viewed it as an opportunity to spend more time on higher-value client work.

But there is another side to this story: Clients have AI too.

In the same survey, 38% of advisers said clients are already comparing professional advice with information they receive online or from AI tools. And a New York Life survey released this month found that among Americans who had sought financial guidance from AI, 23% acted on it without first seeking additional validation. The survey also found that 40% of Gen Z adults said the availability of AI actually increased their need for a human financial professional.

That is a finding worthy of everyone’s attention.

A challenge—or an opening?

If a client brings an AI-generated “second opinion” into a meeting, an adviser could understandably feel challenged. A 2026 study published in Computers in Human Behavior found that professionals can react negatively when clients seek a second opinion from AI, even when AI is used only as a supplemental resource.

That reaction may be exactly what advisers want to avoid.

I reached out to several top advisers we have interviewed for Proactive Advisor Magazine to ask how they might react in this scenario.

One surprised me with a response that even he admitted was pretty “snarky”—in effect: “You get what you pay for.”

The others offered variations on the same calm, reasoned response—something along the lines of, “Good. Let’s look at it together and examine the validity of the conclusions.”

One adviser said he had faced this exact situation. How he described it was interesting:

“The response from the LLM [large language model] was to provide ‘14 critical questions to be answered before any action is to be taken.’ Upon examination, the first two questions were relevant and topical; we added clarification. The remaining 12 questions were based on AI ‘hallucination.’”

Many mentioned that AI may be right about some things. It may be wrong. More likely, it may be working with incomplete or inaccurate information.

But beyond that, a financial plan is not simply a collection of numbers. It reflects tax implications, family circumstances, cash-flow needs, risk tolerance, time horizons, estate considerations, behavioral tendencies, and goals that may have taken an adviser several meetings over months to fully understand. Those factors can also change as the client’s life and financial circumstances evolve.

If the client did not give AI all of that detailed context—or did not know what context mattered—the answer may be technically plausible but personally inappropriate.

The adviser’s value is not diminished by having another source of information in the room. It is demonstrated by placing that information in the context of the client’s full financial life.

I like the approach described by Meghaan Lurtz, an expert on the psychology of financial planning. Rather than becoming defensive, thank the client for bringing the information in, listen to what caught their attention, work through the findings together, and collaborate on the next step. She offers examples of several real-time prompts, including, “Thank you for doing this research. It tells me you’re thinking deeply about your plan, and that’s a good thing.”

The bigger point is that a client who asks questions is engaging with their adviser.

The one who quietly acts without their adviser may be more concerning.

What about 401(k)s and other workplace retirement plans?

This discussion is particularly relevant to workplace retirement plans.

For many advisers, a client’s workplace retirement plan has traditionally fallen outside the main advisory relationship. The adviser may manage the client’s taxable account and IRA, build the financial plan, and discuss retirement goals—while a significant 401(k) balance remains in a limited menu of plan investment options with relatively little ongoing strategic attention.

Now imagine that same client asking AI to analyze their 401(k) allocations.

That does not have to be a threat. It could be the beginning of a better conversation about whether the client has access to a self-directed brokerage account (SDBA), which can allow an adviser to extend professional management to assets held within the workplace retirement plan.

That is one of many reasons Flexible Plan Investments (FPI) offers FlexPlan Strategic, a dynamically risk-managed investment strategy available through qualifying SDBAs. FlexPlan Strategic allocates among five actively managed Quantified Funds, with risk management applied within the funds and at the strategy level. It reallocates quarterly in response to evolving market conditions.

The key point is that participants in 401(k)s and other voluntary retirement plans are often expected to manage their own investment portfolios with limited personal investment knowledge and a standardized menu of options. Behavioral biases may also influence their decisions. The support available to them may fall far short of the professional guidance needed to make important investment decisions year after year.

While some clients may increasingly turn to AI for help making those decisions, advisers can provide another option: a turnkey strategy built on a research-based approach with active risk management that can be tailored to each client’s risk profile.

As with the broader theme of this article, AI may, ironically, be “flipping the script”—in this case, by building a bridge to greater client engagement.

The advisers who benefit most may be those who are comfortable reading from the new script.

***

Note: If you are a financial adviser, please reach out to your FPI regional business consultant to learn more about the benefits and convenient implementation of FPI’s SDBA offerings. If you are an investor client, contact your financial adviser to learn how this investment option—with its institutional-grade investment approach, active risk management, and broad diversification—may fit your long-term financial goals.

Market Update 9/21/26

Tue, 22 Sep 2026 02:52:00 GMT

By Daniel Poppe

Market snapshot

• Stocks: U.S. stocks were mostly lower last week. The Dow Jones Industrial Average fell 1.65%, the Russell 2000 Index declined 1.47%, and the S&P 500 Index slipped 0.06%. The NASDAQ Composite gained 0.73%.

• Bonds: The 10-year Treasury yield rose from 4.96% to 5.01% last week.

• Gold: Spot gold rose 0.68% last week, closing above $4,300 an ounce.

• Market indicators and outlook: FPI’s market regime indicators show the market is in a Normal economic environment stage, which is historically positive for stocks, bonds, and gold but with a substantial risk of a downturn for gold. Normal is one of the best stages for stocks, with limited downside. Volatility is Low and Falling, which favors stocks over gold and then bonds.

***

For the latest information on our Quantified Funds, check out our weekly fund updates. You can also see the daily holdings of the funds here.

Stocks

The SPDR S&P 500 ETF (SPY), which tracks the performance of the S&P 500, finished the week above both its 50-day and 200-day moving averages.

Stocks remain relatively close to the all-time highs set in mid-August. Strong corporate earnings, including contributions from technology and semiconductor companies benefiting from AI-related investment, have helped support the market despite continued geopolitical tensions in the Middle East.

Investors continue to focus on whether AI-related investment can translate into sustained productivity and earnings growth. The upcoming midterm elections could also affect the market outlook by changing the balance of power in Congress and influencing future legislative priorities.

Bonds

The iShares 7-10 Year Treasury Bond ETF (IEF), which tracks intermediate-term Treasurys, finished last week below both its 50-day and 200-day moving averages.

Bonds remained under pressure as oil prices rose and inflation concerns persisted. Higher energy costs can feed into inflation, reducing the purchasing power of a bond’s fixed interest payments and potentially leading investors to demand higher yields. The recent rise in bond yields put the 10-year Treasury yield at its highest level since July 2007, the last time the yield was above 5.00%.

The Federal Open Market Committee raised the federal funds target range by 25 basis points last week, to 3.75%–4.00%, in a unanimous decision. It was the Fed’s first rate increase in about three years. Markets were also pricing in the possibility of another increase at the Fed’s October meeting, as shown in the CME FedWatch chart below.

Gold

The SPDR Gold Shares ETF (GLD), which tracks the price of gold, finished the week above its 50-day moving average but below its 200-day moving average.

FPI’s indicators

The QFC S&P Pattern Recognition strategy’s primary signal started the week 200% net long the S&P 500. Exposure fell to 150% net long on Monday and returned to 200% net long on Tuesday.

Our QFC Political Seasonality Index strategy remained defensive throughout the week. The QFC Political Seasonality Index—with all of the daily signals—is available after login in our Weekly Performance Report section under the Domestic Tactical Equity category.

The Volatility Adjusted NASDAQ strategy began the week 140% net long the NASDAQ 100 and reduced exposure to 120% net long on Friday.

The Systematic Advantage strategy began the week 120% net long the S&P 500 Index. Exposure fell to 90% net long on Wednesday and returned to 120% net long on Friday.

Our QFC Self-Adjusting Trend Following strategy’s primary signal remained 0% net long the NASDAQ 100 throughout the week.

The Volatility Adjusted NASDAQ, Systematic Advantage, QFC Self-Adjusting Trend Following, and QFC S&P Pattern Recognition strategies can all employ leverage, so the investment positions may at times exceed 100%.

Our Classic model remained in stocks throughout last week. Most of our Classic accounts follow a signal that will allow the strategy to change exposure in as little as a week. A few accounts are on platforms that are more restrictive and can take up to one month to generate a new signal.

FPI’s Growth and Inflation measure is one of our Market Regime Indicators. It shows that we are in a Normal economic environment stage (meaning a positive monthly change in prices and a positive monthly change in GDP). Historically, a Normal environment has occurred 75% of the time since 2003 and has been a positive regime state for stocks, bonds, and gold. Stocks have the highest rate of return in Normal periods. Gold has the second-highest return but has also experienced high drawdowns in these environments.

Our S&P volatility regime is registering a Low and Falling reading, which favors stocks over gold and then bonds from an annualized return standpoint. The combination has occurred 32% of the time since 2003.

Quantified Funds 9/21/26

Mon, 21 Sep 2026 13:02:00 GMT

Only one of the three major U.S. equity indexes posted a gain last week. The S&P 500 lost 0.06%, the NASDAQ Composite gained 0.73%, and the Dow Jones Industrial Average fell 1.65%.

Three of the 11 sectors rose last week; Health Care posted the best return, gaining 1.85%.

Two of the 12 Quantified Funds rose last week: The Quantified Government Income Tactical Fund (QGITX) gained 0.31%, the Quantified Evolution Plus Fund (QEVOX) rose 0.17%, the Quantified Pattern Recognition Fund (QSPMX) was unchanged, the Quantified STF Fund (QSTFX) lost 0.05%, the Quantified Market Leaders Fund (QMLFX) fell 0.31%, the Quantified Tactical Sectors Fund (QTSSX) decreased 0.34%, the Quantified Alternative Investment Fund (QALTX) lost 0.46%, the Quantified Managed Income Fund (QBDSX) declined 0.63%, the Quantified Eckhardt Managed Futures Strategy Fund (QETCX) lost 0.63%, the Quantified Global Fund (QGBLX) fell 0.73%, the Quantified Rising Dividend Tactical Fund (QRDTX) declined 1.26%, and the Quantified Common Ground Fund (QCGDX) fell 1.45%.

The Market Environment Indicator (MEI) was bullish as of Friday morning. The Quantified Market Leaders Fund’s leveraged gross equity exposures were as follows: Large-Cap Value (25.94%), Mid-Cap Value (19.42%), Small-Cap Value (12.88%), Emerging Markets (6.34%), 2x S&P 500 and 2x NASDAQ-100 exposure (25.00%), Health Care (7.18%), Energy (7.18%), Financials (7.18%), Technology (7.18%), and single-stock ETFs (2x or -1x) (5%).

The Quantified Alternative Investment Fund’s cash allocation increased by 1.66 percentage points last week, ending the week at 7.72%. QALTX’s largest allocation increase was the VanEck Agribusiness ETF (MOO), which rose 1.25 percentage points to 4.88%. Its largest decrease was the iShares North American Natural Resources ETF (IGE), which fell 0.85 percentage points to 1.55%. Last week, the ETFs fell 2.13% and 1.44%, respectively.

The volatility-based systematic allocation to NASDAQ-100 Index futures began the week 7% net long. On Friday, the position shifted to 6% net short.

The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund held a 10% net short exposure throughout the week.

The QFC Self-Adjusting Trend Following strategy’s signal for exposure to the NASDAQ-100 Index (NDX) remained at 0% net exposure throughout the week. The Quantified STF Fund (QSTFX) fell 0.05% for the week, compared with gains of 0.95% for the NASDAQ-100 Index (NDX) and 0.92% for the Rydex Series NASDAQ-100 Fund (RYHOX), an eligible holding for the STF strategy.

The Quantified Managed Income Fund’s (QBDSX) largest ETF allocations were the State Street SPDR Bloomberg Convertible Securities ETF (CWB, 13.61%), WisdomTree U.S. LargeCap Dividend Fund (DLN, 13.6%), the Schwab Short-Term U.S. Treasury ETF (SCHO, 13.6%), and ProShares Short 20+ Year Treasury (TBF, 13.6%). Last week, CWB, DLN, SCHO, and TBF fell 0.94%, 1.11%, 0.13%, and 0.27%, respectively. The cash allocation was 10%.

The 10-year U.S. Treasury yield rose approximately 2 basis points, from 4.98% to 5.00%, last week. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund remained 15% net short throughout the week. E-mini S&P 500 futures remained at 0% net exposure throughout the week.

The Quantified Pattern Recognition Fund (QSPMX) entered the week 200% net long. On Monday, the position decreased to 150% net long. On Tuesday, it increased to 200% net long.

The Quantified Government Income Tactical Fund (QGITX) started the week with a 27.3% net long exposure to Treasurys. On Monday, the position moved to a 14.3% net long exposure to Treasurys. On Tuesday, the position switched to a 27.3% net long exposure to Treasurys. On Thursday, the position shifted to a 14.3% net long exposure to Treasurys.

The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 66% in the S&P 500, 14% in the NASDAQ-100 Index, 14% in gold, and 6% in emerging markets.

The Quantified Common Ground Fund’s (QCGDX) largest allocations were Invesco Ltd. (IVZ, 6.28%) and Reinsurance Group of America, Incorporated (RGA, 5.33%). Last week, IVZ and RGA fell 5.42% and 1.22%, respectively. The cash allocation was 2.5%.

The Quantified Global Fund’s (QGBLX) largest allocations were the State Street SPDR S&P 500 ETF Trust (SPY, 23.89%) and PLDT Inc. (PHI, 7.81%). Last week, SPY and PHI fell 0.09% and 4.27%, respectively. The cash allocation was 6.89%.

The Quantified Tactical Sectors Fund’s (QTSSX) leveraged gross allocations last Friday were as follows: the State Street Financial Select Sector SPDR ETF (XLF, 39%), the State Street Energy Select Sector SPDR ETF (XLE, 39%), the State Street Technology Select Sector SPDR ETF (XLK, 39%), and the State Street Health Care Select Sector SPDR ETF (XLV, 39%).

The Quantified Rising Dividend Tactical Fund (QRDTX) was bullish at the end of last week.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

The Quantified Gold Futures Tracking Fund (QGLDX) 9/21/26

Mon, 21 Sep 2026 13:00:00 GMT

Last week, the spot gold price rose 0.68%, and the U.S. Dollar Index gained 1.11%. The Quantified Gold Futures Tracking Fund (QGLDX) gained 0.64% for the week. COMEX gold futures, whose daily settlement is determined at 1:30 p.m. ET, rose 0.36% for the week. The short-duration fixed-income ETFs held by QGLDX at Friday's close had an average weekly return of approximately 0.07%.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

“Tradition”? Not in asset allocation

Tue, 15 Sep 2026 03:28:00 GMT

By Jerry Wagner

“Fiddler on the Roof” is one of the most enduring musicals ever written. It first previewed here in Detroit in 1964, and regional and touring companies still perform it today. And, of course, the movie version is always available.

One of the most important songs in the show is the opening number, “Tradition.” It sets up the conflict that runs through the rest of the production—the villagers trying to maintain their traditional approaches to life, marriage, and family versus a more modern way of doing things. Spoiler alert: Modern (mostly) wins.

In my own field of asset management, the conflict continues. Yet I believe there are many reasons why traditional asset allocation does not work.

Clarifying notes

• When I say “traditional” asset allocation, I mean passive or static asset allocation. And don’t be confused by firms claiming to use active asset allocation when all they do is make quarterly tweaks without making tactical decisions. That is not the dynamic management I would contrast with “traditional” asset allocation.

• When I say “traditional asset allocation does not work,” I don’t mean mathematically. I mean in practice for most people.

Reason #1: Traditional allocation requires investors to accept two risks: market crashes and low returns

This is a problem because history demonstrates that traditional asset allocation’s main defense against market crashes—diversification—may not be sufficient to prevent substantial losses during severe market declines.

And that same diversification can limit returns when markets are rallying. Inherent in the design of “traditional” asset allocation is the truism that it cannot deliver the return of the best-performing asset class during any period. Because static allocations diversify the portfolio across multiple asset classes, the “best” return possible is limited to the average return of the asset classes weighted by a static formula.

Reason #2: When confronted with a market crash or low returns, the average investor abandons the approach

The financial-services industry knows this. Over the years, I’ve heard many major providers give financial advisers the same message at industry gatherings: Forget providing or finding superior asset management. Be satisfied with buy-and-hold indexing. Concentrate instead on just two services: bringing in assets and talking investors through the substantial periods consumed by market crashes and low returns.

Of course, there are many reasons why investors give up on traditional asset allocation. Most of them are related to a lack of conviction.

The investor did not create the allocation that he or she is required to stick with. The allocation was not based on an independent, reproducible methodology the investor can understand, nor was it grounded in a personal investment philosophy. These deficiencies mean the investor will not have the understanding and belief in the allocation necessary to stick with it when the financial market environment turns negative.

In addition, sticking with a traditional asset-allocation plan flies in the face of all we know about investor behavior. Investors are averse to loss; we are told they fear loss more than twice as much as they appreciate gains.

Further, investors are impatient. Many check their investment results more often than the once-a-year frequency experts have found optimal. Investors are reactive. They act on emotion and thus, because of poor tactical decisions, typically make less from their investments than the assets themselves return.

Investors find it extremely difficult to practice both actions on which traditional asset allocation relies. As we have discussed, they cannot hold on in loss situations, and when it comes time to rebalance, they struggle to take money from top-performing investments and put it into their poorest performers.

Reason #3: The financial industry does a lousy job of creating expectations that match reality

Investor risk tolerance is not static, as so many assume. We find that the answers to suitability questionnaires can be influenced by the state of the market. In good market environments, investors say they are more comfortable with risk than when asked the same questions in the midst of, or just after, a market crash. As a result, they will take on riskier strategies or asset classes near market tops and will only consider defensive positions at market bottoms.

Traditional asset allocation fails because it is not a true match with the investor’s tolerance for risk and low returns. Investors and their advisers look at average returns and volatility numbers when an investment is proposed, rather than focusing on measures that reflect investors’ likely experience and reactions.

Investors are more likely to get a real sense of an investment’s suitability if they look at its maximum loss rather than its volatility (standard deviation). This is so even if that volatility is explained relative to the S&P 500 Index.

This is because volatility is not the same as risk. We like volatility when it occurs in a positive market move. It’s the downside variety that investors truly fear.

Investors may better understand risk if they think about potential loss in dollars instead of the percentages that appear throughout industry marketing materials. For example, which do you think has a greater impact on an investor with a $100,000 account: a 33% loss or a $33,000 loss? You can say that they are the same, which is true, but one carries more emotional weight for an investor in real time than the other.

Similarly, on the subject of returns, investors are used to seeing compound average growth rates (CAGR) reported for their investments in the sales literature. But CAGR can hide as much as it reveals.

It assumes that the investor can stay invested. However, as we have just discussed, few investors have the conviction and personality to do so. In addition, a few extraordinarily good periods may allow the single number to mask the downturns, sideways markets, and low returns that consume most of the time during which the overall return was generated.

To get a better sense of whether the returns are something an investor can live with, he or she should look at the individual annual, quarterly, or monthly returns over the period used to calculate the CAGR. Were there long periods of so-so returns during which the investor would have lost patience? Were there down times when the investor would have thrown in the towel? Overall, was the CAGR compiled over a period that included a full market cycle?

Failing to recognize the limitations of industry sales numbers leaves most investors ill-prepared for the real-world situations they must face. These industry standards provide investors with no real basis to build conviction for the methodology that would allow them to stick with the traditional asset-allocation approach in good, bad, and in-between times.

Traditional asset allocation does not work

Traditional asset allocation fails to adequately account for its historical return and risk characteristics. It underappreciates the impact of those real-world results on investor decision-making. It ignores investors’ financial behavior and is insensitive to their natural tendencies. Finally, it is often presented using overall risk and return numbers that have little connection to what matters to investors as they weather daily life and financial storms.

For these reasons, we have developed our QFC Multi-Strategy Core offering. QFC Multi-Strategy Core moves beyond traditional asset allocation to help advisers and investors build portfolios using many different dynamically managed core strategies. This turnkey “strategy of strategies” portfolio employs three levels of risk management (within each actively managed mutual fund, among all of the funds used in each strategy, and between the QFC strategies) and is available in five risk profiles, from conservative to aggressive. And because it uses our subadvised Quantified Funds, applicable fee credits can offset all or part of our advisory fee.

Investing can be as precarious as a fiddler on a roof—and just as solitary. Relying only on tradition from “sunrise” to “sunset” may not be the best way to become a “rich man.” Rather, “miracle of miracles,” modern investing gives us some tools to bring to the task. “To life!”

Market Update 9/14/26

Tue, 15 Sep 2026 02:39:00 GMT

By Will Hubbard

Market snapshot

• Equities: U.S. stocks moved lower last week. The S&P 500 fell 0.78%, the Dow Jones Industrial Average dropped 1.56%, the NASDAQ Composite declined 0.63%, and the small-cap Russell 2000 lost 2.38%.

• Fixed income: The 10-year Treasury yield rose from 4.78% to 4.97% last week.

• Gold and commodities: Gold fell 1.83% for the week.

• Market indicators and outlook: Market regime indicators show the market is in a Normal economic environment stage, which is historically positive for stocks, bonds, and gold but with a substantial risk of a downturn for gold. Normal is one of the best stages for stocks, with limited downside. Volatility is Low and Falling, which favors stocks over gold and then bonds.

***

For the latest information on our Quantified Funds, check out our weekly fund updates. You can also see the daily holdings of the funds here.

Equities

Small-caps led the market lower last week. The Russell 2000 Index fell 2.38%, roughly three times the S&P 500 Index’s 0.78% decline. Because smaller companies tend to be more sensitive to economic and financing conditions, their sharper decline suggested a more defensive tone among investors.

Market breadth was also weak. Only two of the 11 S&P 500 sectors finished higher, led by Energy with a 2.06% gain.

Bespoke Investment Group noted in its August 21 report that, with earnings season behind the market, investor focus would shift back to the economy, the Federal Reserve, and the Strait of Hormuz.

Bespoke also observed that recent economic data had been positively biased, especially in manufacturing, but that historically this has not always been the best backdrop for equities. Stronger economic data can support corporate earnings, but it can also push interest rates higher and give the Fed less reason to lower them. Investors then have to weigh firmer growth against higher borrowing costs.

Last week’s decline did not break the longer-term trend. The SPDR S&P 500 ETF Trust (SPY) closed Friday above both its 50-day and 200-day moving averages. However, SPY finished less than 1% above its 50-day average, leaving the shorter-term trend closer to being tested if selling continues.

Bespoke also noted in its August 21 report that the market still had to navigate September and October. With the 50-day average nearby and a busy stretch of economic data ahead, that seasonal backdrop may warrant some caution in the weeks ahead.

Fixed income

Bonds offered little diversification last week. Rates rose sharply, with the 10-year Treasury yield climbing from 4.78% to 4.97%, pushing Treasury prices lower as stocks also declined.

Treasury ETFs reflected that pressure. The iShares 7-10 Year Treasury Bond ETF (IEF) and the iShares 20+ Year Treasury Bond ETF (TLT) both finished below their 50-day and 200-day moving averages, indicating continued weakness in both intermediate- and long-term Treasurys. TLT remains further below its 200-day average than IEF, reflecting greater pressure at the long end of the curve. Longer maturities are more sensitive to changes in interest rates.

Bespoke Investment Group noted in its August 28 report, before last week’s move, that the Adrian-Crump-Moench model showed the 10-year Treasury term premium—the extra return investors demand for holding longer-term bonds—had remained relatively stable, while the portion of the yield tied to expected future short-term rates had risen. Bespoke also noted that long-term inflation expectations remained stable. Taken together, the data suggested that recent moves in long-term yields were being driven more by expectations for future interest rates than by rising inflation concerns or greater bond-market risk aversion.

That distinction matters for positioning. Expectations for higher policy rates can push borrowing costs higher across the economy, putting pressure on both stocks and bonds.

Gold and commodities

Gold also offered little portfolio diversification last week. Stocks and Treasury prices declined, while gold fell 1.83% and COMEX gold futures declined 1.51%.

The U.S. dollar index slipped just 0.05%, leaving the currency essentially unchanged. A stronger dollar can weigh on gold because the metal is priced in dollars, making it more expensive for buyers using other currencies. With the dollar largely flat, however, currency strength offered little explanation for gold’s decline.

Interest rates may have played a larger role. Because gold pays no interest, rising Treasury yields can make interest-bearing assets relatively more attractive. The 10-year Treasury yield climbed last week, creating a less favorable backdrop for gold. This is a general market relationship, though, not a measured cause of last week’s move.

On the technical side, SPDR Gold Shares (GLD) finished the week above its 50-day moving average but below its 200-day moving average, leaving the fund between its short- and long-term trend lines.

FPI’s gold fund followed the metal lower. The Quantified Gold Futures Tracking Fund (QGLDX) fell 2.03% for the week. As its name suggests, the fund is designed to track gold futures, so a down week for gold shows up directly in its return. Launched in 2013, the fund is designed to track the daily price changes in the precious metal in a more tax-efficient manner than its ETF counterpart, GLD.

The indicators

The QFC S&P Pattern Recognition strategy (QSPMX) increased its equity exposure as the week progressed. It began the week 90% net long, moved to 130% on Tuesday, 170% on Wednesday, and 190% on Thursday, and ended the week 200% net long.

The QFC Political Seasonality Index began the week in its risk-on posture and moved to risk-off on Tuesday’s close, where it remained for the week. The QFC Political Seasonality Index—with all of the daily signals—is available after login in our Weekly Performance Report section under the Domestic Tactical Equity category.

Our intermediate-term tactical strategies remained varied in their degree of defensive positioning. The key advantage these strategies offer investors is their ability to adapt to changing market environments—participating during uptrends and moving to a defensive posture during downtrends.

The Volatility Adjusted NASDAQ strategy remained 140% long throughout the week. The Systematic Advantage strategy remained 120% long throughout the week. The QFC Self-Adjusting Trend Following strategy remained in cash for the week. These strategies can employ leverage, so their exposure may exceed 100% at times.

Our Classic model was fully risk-on all week. Most Classic accounts follow a signal that can change exposure within a week, though a few remain on platforms requiring up to a month to adjust to new signals.

Quantified Funds 9/14/26

Mon, 14 Sep 2026 18:13:00 GMT

U.S. equity markets posted losses across all three major indexes last week. The S&P 500 fell 0.78%, the NASDAQ Composite lost 0.63%, and the Dow Jones Industrial Average declined 1.56%.

Two of the 11 sectors rose last week; Energy posted the best return, gaining 2.06%.

Two of the 12 Quantified Funds rose last week: The Quantified Eckhardt Managed Futures Strategy Fund (QETCX) gained 0.25%; the Quantified Alternative Investment Fund (QALTX) rose 0.18%; the Quantified STF Fund (QSTFX) fell 0.16%; the Quantified Global Fund (QGBLX) declined 0.24%; the Quantified Managed Income Fund (QBDSX) decreased by 0.25%; the Quantified Pattern Recognition Fund (QSPMX) fell 0.55%; the Quantified Government Income Tactical Fund (QGITX) decreased by 0.76%; the Quantified Market Leaders Fund (QMLFX) lost 1.29%; the Quantified Tactical Sectors Fund (QTSSX) fell 1.35%; the Quantified Common Ground Fund (QCGDX) declined 1.84%; the Quantified Rising Dividend Tactical Fund (QRDTX) fell 2.11%; and the Quantified Evolution Plus Fund (QEVOX) lost 2.31%.

The Market Environment Indicator (MEI) was bullish as of Friday morning. The Quantified Market Leaders Fund’s leveraged gross equity exposures were as follows: Large-Cap Value (25.94%), Mid-Cap Value (19.42%), Small-Cap Value (12.88%), Emerging Markets (6.34%), 2x S&P 500 and 2x NASDAQ-100 exposure (25%), Health Care (7.18%), Energy (7.18%), Financials (7.18%), Technology (7.18%), and single-stock ETFs (2x or -1x) (5%).

The Quantified Alternative Investment Fund’s cash allocation decreased by 13.28 percentage points last week, ending the week at 6.06%. QALTX’s largest allocation increase was the iShares U.S. Healthcare Providers ETF (IHF), which rose 6.78 percentage points to 6.78%. Its largest decrease was the State Street SPDR Bloomberg Convertible Securities ETF (CWB), which fell 5 percentage points to 0%. Last week, the ETFs fell 1.38% and 0.29%, respectively.

The volatility-based systematic allocation to NASDAQ-100 Index futures remained 7% net long throughout the week.

The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund started the week with a 10% net short exposure. On Tuesday, the position changed to a 12% net long exposure. On Wednesday, the position moved to a 10% net short exposure.

The QFC Self-Adjusting Trend Following strategy’s signal for exposure to the NASDAQ-100 Index (NDX) remained at 0% net exposure throughout the week. The Quantified STF Fund (QSTFX) fell 0.16% for the week, compared with declines of 0.58% for the NASDAQ-100 Index (NDX) and 0.61% for the Rydex Series NASDAQ-100 Fund (RYHOX), an eligible holding for the STF strategy.

The Quantified Managed Income Fund’s (QBDSX) largest ETF allocations were the State Street SPDR Bloomberg Convertible Securities ETF (CWB, 13.61%), WisdomTree U.S. LargeCap Dividend Fund (DLN, 13.60%), the Schwab Short-Term U.S. Treasury ETF (SCHO, 13.60%), and ProShares Short 20+ Year Treasury (TBF, 13.60%). Last week, CWB, DLN, and SCHO fell 0.29%, 0.92%, and 0.42%, respectively, while TBF rose 1.69%. The cash allocation was 10%.

The 10-year U.S. Treasury yield rose approximately 19 basis points, from 4.78% to 4.98%, last week. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund started the week with a 15% net short exposure. On Tuesday, the position changed to an 18% net long exposure. On Wednesday, the position shifted to a 15% net short exposure. E-mini S&P 500 futures remained at 0% net exposure throughout the week.

The Quantified Pattern Recognition Fund (QSPMX) started the week with a 90% net long exposure. On Tuesday, the position moved to a 130% net long exposure. On Wednesday, the position shifted to a 170% net long exposure. On Thursday, the position switched to a 190% net long exposure. On Friday, the position moved to a 200% net long exposure.

The Quantified Government Income Tactical Fund (QGITX) started the week with a 14.30% net long exposure to Treasurys. On Tuesday, the position moved to a 98.80% net long exposure to Treasurys. On Wednesday, the position moved to a 14.30% net long exposure to Treasurys. On Thursday, the position switched to a 27.30% net long exposure to Treasurys.

The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 65% in the S&P 500, 13% in the NASDAQ-100 Index, 9% in gold, 7% in emerging markets, and 6% in cash.

The Quantified Common Ground Fund’s (QCGDX) largest allocations were Vistra Corp. (VST, 4.36%) and NMI Holdings Inc. (NMIH, 4.30%). Last week, VST and NMIH fell 0.62% and 2.10%, respectively. The cash allocation was 2.50%.

The Quantified Global Fund’s (QGBLX) largest allocations were the State Street SPDR S&P 500 ETF Trust (SPY, 23.89%) and PLDT Inc. (PHI, 7.81%). Last week, SPY fell 0.77%, while PHI rose 1.59%. The cash allocation was 6.89%.

The Quantified Rising Dividend Tactical Fund (QRDTX) was bullish at the end of last week.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

The Quantified Gold Futures Tracking Fund (QGLDX) 9/14/26

Mon, 14 Sep 2026 18:12:00 GMT

Last week, the spot gold price fell 1.83%, and the U.S. Dollar Index decreased by 0.05%. The Quantified Gold Futures Tracking Fund (QGLDX) fell 2.03% for the week. COMEX gold futures, whose daily settlement is determined at 1:30 p.m. ET, fell 1.51% for the week. The short-duration fixed-income ETFs held by QGLDX at Friday's close had an average weekly return of approximately 0.05%.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.

Don’t be confused by investment semantics

Wed, 09 Sep 2026 03:54:00 GMT

by Jerry Wagner

I sometimes hate the term “active management.” It’s not because I have become a “buy-and-hold” convert, but because the term has been so corrupted by the financial-services industry.

Today, firms that are basically closet indexers use the term “active management.” Other advisers who simply tweak their portfolios occasionally proclaim they are “active managers.”

Even index funds have become more active in some respects. Their indexes periodically change components. They appropriate active management methodologies and use terms such as “factor investing” to be called an index and avoid being viewed as active.

These so-called indexers want to have the benefits of active management while calling themselves indexers. It’s a “chicken-and-egg” kind of argument. Except, in this case, those of us who have been in the industry long enough recognize the repackaging of the original active management methodologies that came first.

“Dynamic risk management” vs. “active management”

So instead of “active management,” I proposed a different phrase to describe what it is that our investment firm does. Since 1981, we have been, and continue to be, practitioners of “dynamic risk management”: “dynamic” because of our ability to take action at any time, not just quarterly or at the end of the year, and “risk management” because the dynamic actions we take are done to manage the risk of the investment.

How does this differ from “active management”? Historically, active management has been divided into two camps: one that pursues market-beating returns in the short run, and one that seeks to reduce the risk of investing by avoiding the big drawdowns that occur periodically in all of the financial asset classes in the long run.

The first camp has generally been discredited. The indexers and the financial press love to point out that most active managers (as they define them) trail the indexes and few are persistent stars. However, the second camp has generally, at least in the academic community, been acknowledged as having been successful.

Take trend-following or momentum investing. Academic studies have piled high supporting two propositions over various periods of up to hundreds of years. First, they’ve shown that asset-class index returns that are trending upward tend to persist in moving in that direction. Second, the studies have established that all major drawdowns occur after a trend has reversed and turned negative.

The evidence has been compelling. Momentum investing can outperform buy-and-hold investing. Nobel Laureate Eugene Fama and researcher Kenneth French found in their study of factors (inconveniently, I believe) that the primary factor contributing to returns in the long run was momentum.

And the reason for this outperformance was not because trend following outperforms in an up market. It doesn’t. Rather, it is because momentum investing misses the major part of the really big drawdown events that occur in the middle of the business cycle.

Differences between “strategic” and “tactical”

A similar argument of semantics in finance revolves around the words “strategic” and “tactical.”

The plain meaning of each should allow for no misunderstanding. Yet the industry persists in confusing the two. We regularly hear contradictory phrases such as “active strategic allocation” and “restrained tactical investing.”

According to the dictionary, “strategic” means “the identification of long-term or overall aims and interests and the means of achieving them,” while “tactical” denotes “methods used to achieve a particular result.” On one level, “strategic” suggests planning, and “tactical” involves action.

I like to think of the difference between the two in baseball terms. “Strategic” is a plan to cover all of the bases. “Tactical” is being in the right place at the right time.

The manager can place his fielders in the spot where the ball is likely to be hit. Yes, he may wave them a little to the left or the right or deeper or shallower, but, essentially, “being strategic” is positioning before the action takes place.

However, after the pitcher throws the ball, tactical takes over. By a prearranged plan, a ball hit on the ground causes the first baseman to move to cover first. The shortstop fields the ball, and, in a dance choreographed and practiced in advance, he throws it to the second baseman now covering second, who whirls in one motion to throw the batter out at first. All were in the right place at the right time.

So it is in investing. Strategic allocation is not active investing. It is the placement of dollars into different asset categories that are believed to “cover all of the bases” of future market developments.

In contrast, tactical investing endeavors to be in the right asset class at the right time. Since various financial asset classes dominate at different times, tactical investing is a plan of action that requires moving from one asset class to another. Thus, it is very different from strategic asset allocation, where there is always a presence in each of the asset classes regardless of which are advancing.

Tactical investing can be as simple as a market-timing approach that stays in stocks as long as the trend is up and then moves into a defensive asset class such as bonds or money markets when the trend reverses.

Or, it can be more complicated, following a rotational scheme where the investor seeks to always be invested in the asset classes that are advancing while avoiding those that are lagging.

Should strategies be strategic and tactical?

All of our firm’s strategies have a tactical component, which allows us to deliver on the two parts of being a dynamic risk manager:

Managing “dynamically” means not being tied to a calendar when it comes to trading. We can be responsive to the markets. We can change our whole approach to trading on a dime because the applicable economic regime has changed, or the market technicals have weakened. We eschew the “buy-and-hope” approach.
In addition to being dynamic, we are also “risk managers.” In contrast with traditional mutual funds, and certainly passive indexers, our first instinct is to control risk. In contrast to both an active manager and a passive indexer, a risk manager should provide at least two services. First, each strategy or portfolio should be tailored to the risk profile of its investor. Second, the manager should employ risk-management techniques in trading the strategy or portfolio.

Remember, strategies are always strategic, but not all of them can say that they are tactical. That is a critical distinction.

Market Update 9/8/26

Wed, 09 Sep 2026 02:55:00 GMT

By Daniel Poppe

Market snapshot

• Stocks: U.S. stocks were mostly higher last week. The NASDAQ Composite advanced 0.42%, the Russell 2000 Index rose 0.15%, the S&P 500 Index gained 0.13%, and the Dow Jones Industrial Average fell 0.16%.

• Bonds: The 10-year Treasury yield rose from 4.73% to 4.78% last week.

• Gold: Spot gold fell 0.56% last week but remained above $4,400 an ounce.

***

For the latest information on our Quantified Funds, check out our weekly fund updates. You can also see the daily holdings of the funds here.

Stocks

The SPDR S&P 500 ETF Trust (SPY), which tracks the performance of the S&P 500 Index, finished the week above both its 50-day and 200-day moving averages.

Stocks remain near record highs despite the continued rise in oil prices. Crude oil moved above $90 a barrel last week, returning to levels seen when geopolitical tensions increased in the spring. Companies may have some ability to pass higher input costs on to consumers, which could help explain the relatively muted reaction in stock prices to the recent oil surge.

AI may also be providing support. Companies across the economy are adopting new technologies in an effort to increase productivity and profitability. Second-quarter earnings for the S&P 500 were strong, with semiconductor companies contributing to earnings growth as demand for the chips needed to support AI expansion remained elevated.

Bonds

The iShares 7-10 Year Treasury Bond ETF (IEF), which tracks intermediate-term U.S. Treasurys, finished last week below both its 50-day and 200-day moving averages.

Bonds remained under pressure last week, continuing the weakness that began in late February. The recent rise in oil prices could add to inflation expectations, although recent inflation readings have not shown meaningful acceleration. For now, investors are still waiting to see whether higher energy costs begin to show up more clearly in the data.

The Federal Open Market Committee is scheduled to meet next week. Current expectations are split between no change in rates and a quarter-point increase, with CME FedWatch assigning a higher probability to a hike. A rate increase would suggest that the Federal Reserve is taking a more proactive approach to containing inflation and keeping it closer to its long-term goal of 2%.

Gold

The SPDR Gold Shares ETF (GLD), which tracks the price of gold, finished the week above its 50-day moving average but below its 200-day moving average.

FPI’s indicators

The QFC S&P Pattern Recognition strategy’s primary signal started the week 60% net long the S&P 500. Exposure increased to 110% net long on Monday, 160% net long on Tuesday, and 190% net long on Wednesday before falling to 110% net long on Thursday and ending the week 90% net long.

Our QFC Political Seasonality Index strategy was defensive at the start of the week, then shifted aggressively on Tuesday. Our QFC Political Seasonality Index—including all the daily signals—is available after login in our Weekly Performance Report section under the Domestic Tactical Equity category.

The Volatility Adjusted NASDAQ strategy remained 140% net long the NASDAQ 100 throughout the week.

The Systematic Advantage strategy began the week 120% net long the S&P 500 Index. Exposure fell to 90% net long on Tuesday and returned to 120% net long on Friday.

Our QFC Self-Adjusting Trend Following strategy’s primary signal began the week 200% net long the NASDAQ 100 and moved to 0% net long on Tuesday.

The Volatility Adjusted NASDAQ, Systematic Advantage, QFC Self-Adjusting Trend Following, and QFC S&P Pattern Recognition strategies can all employ leverage, so exposure may exceed 100% at times.

Quantified Funds 9/8/26

Tue, 08 Sep 2026 12:39:00 GMT

U.S. equity markets posted gains in two of the three indexes last week. The S&P 500 rose 0.13%, the NASDAQ Composite advanced 0.42%, and the Dow Jones Industrial Average fell 0.16%.

Five of the 11 sectors were up last week, led by Energy, which gained 2.28%.

Eight of the 12 Quantified Funds were up last week: The Quantified Pattern Recognition Fund (QSPMX) rose 1.39%, the Quantified Common Ground Fund (QCGDX) added 1.32%, the Quantified Tactical Sectors Fund (QTSSX) gained 1.25%, the Quantified Global Fund (QGBLX) advanced 1.11%, the Quantified Alternative Investment Fund (QALTX) rose 0.65%, the Quantified Eckhardt Managed Futures Strategy Fund (QETCX) went up 0.64%, the Quantified Market Leaders Fund (QMLFX) increased by 0.46%, the Quantified Evolution Plus Fund (QEVOX) gained 0.33%, the Quantified Managed Income Fund (QBDSX) fell 0.13%, the Quantified Rising Dividend Tactical Fund (QRDTX) declined 0.44%, the Quantified Government Income Tactical Fund (QGITX) lost 0.46%, and the Quantified STF Fund (QSTFX) fell 2.87%.

The Market Environment Indicator (MEI) was bullish Friday morning last week. Equity asset-class allocations in the Quantified Market Leaders Fund were the following: Large-Cap Value (25.94%), Mid-Cap Value (19.42%), Small-Cap Value (12.88%), Emerging Markets (6.34%), 2X S&P 500 and 2X NASDAQ 100 exposure (25%), Health Care (7.18%), Energy (7.18%), Financials (7.18%), Technology (7.18%), and single-stock ETFs (2X or -1X) (5%).

The cash level within the Quantified Alternative Investment Fund increased by 0.59% last week (19.34%). The largest allocation increase and decrease, respectively, within the Quantified Alternative Investment Fund (QALTX) last week were the following: Allocation to the Invesco 0-5 Yr US TIPS ETF (PBTP, 3.18%) increased by 1.08%, while allocation to the Fidelity Clean Energy ETF (FRNW, 1.36%) decreased by 1.11%. Last week, the funds were up 0.19% and down 0.09%, respectively.

The capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures held a 7% net long exposure throughout the week.

The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund started the week with a 12% net long exposure. On Monday, the position shifted to a 10% net short exposure.

The QFC Self-adjusting Trend Following strategy's signal of exposure in the NASDAQ 100 Index (NDX) started the week with a 200% net long exposure. On Tuesday, the position shifted to a 0% net long exposure. The Quantified STF Fund (QSTFX) lost 2.87% for the week, compared to a gain of 0.41% for the NASDAQ 100 Index (NDX) and a gain of 0.37% for the Rydex Series NASDAQ 100 Fund (RYHOX), a current potential holding of the STF strategy.

The Quantified Managed Income Fund's (QBDSX) largest ETF allocations were the Schwab Short-Term US Treasury ETF (SCHO, 44.81%) and the Vanguard Short-Term Bond ETF (BSV, 8%). Last week, the securities were up 0.05% and flat, respectively. The cash allocation was at 10%.

The 10-year U.S. Treasury closed the week up 1.33%. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund started the week with an 18% net long exposure. On Monday, the position changed to a 15% net short exposure. The S&P 500 E-mini futures held a 0% net long exposure throughout the week.

The Quantified Pattern Recognition Fund (QSPMX) started the week with a 60% net long exposure. On Monday, the position switched to a 110% net long exposure. On Tuesday, the position reallocated to a 160% net long exposure. On Wednesday, the position moved to a 190% net long exposure. On Thursday, the position changed to a 110% net long exposure. On Friday, the position reallocated to a 90% net long exposure.

The Quantified Government Income Tactical Fund (QGITX) started the week with an 85.80% net long exposure to Treasurys. On Monday, the position switched to a 27.30% net long exposure to Treasurys. On Thursday, the position switched to a 14.30% net long exposure to Treasurys.

The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 65% in the S&P 500, 15% in gold, 13% in the NASDAQ 100, and 7% in emerging markets.

The Quantified Common Ground Fund's (QCGDX) largest allocations were Vistra Corp. (VST, 4.45%) and NMI Holdings Inc. (NMIH, 4.37%). Last week, the securities were up 8.91% and 0.04%, respectively. The cash allocation was at 2.50%.

The Quantified Global Fund's (QGBLX) largest allocations were the State Street SPDR S&P 500 ETF Trust (SPY, 23.89%) and PLDT Inc. (PHI, 7.81%). Last week, the securities were up 0.11% and 0.28%, respectively. The cash allocation was at 6.89%.

The Quantified Tactical Sectors Fund (QTSSX) had the following allocations last Friday: the State Street Financial Select Sector SPDR ETF (XLF, 39%), the State Street Energy Select Sector SPDR ETF (XLE, 39%), the State Street Technology Select Sector SPDR ETF (XLK, 39%), and the State Street Health Care Select Sector SPDR ETF (XLV, 39%).

The Quantified Rising Dividend Fund (QRDTX) was bullish at the end of last week.

Total Return

Fund (Inception)

Symbol

Qtr Ending (6/30/26)

Year-To-Date Ending (6/30/26)

1 Year Ending (6/30/26)

3 Years Ending (6/30/26)

5 Years Ending (6/30/26)

10 Years Ending (6/30/26)

Since * Inception Ending (6/30/26)

Annual Expense Ratio

Quantified Gold Futures Tracking Fund (7/9/13)

QGLDX

(14.37%)

(7.22%)

19.34%

24.96%

14.55%

8.69%

6.87%

1.50%

Quantified Managed Income Fund (8/9/13)

QBDSX

(0.38%)

(0.76%)

(0.12%)

2.52%

0.60%

0.54%

0.69%

1.60%

Quantified Market Leaders Fund (8/9/13)

QMLFX

22.13%

20.41%

31.42%

11.69%

1.96%

10.45%

8.47%

1.53%

Quantified Alternative Investment Fund (8/9/13)

QALTX

0.38%

4.52%

14.81%

7.68%

3.76%

4.19%

3.63%

2.41%

Quantified STF Fund

(11/13/15)

QSTFX

42.48%

25.73%

42.64%

20.69%

10.55%

19.44%

16.07%

1.73%

Quantified Common Ground Fund

(12/27/19)

QCGDX

8.58%

14.65%

19.25%

11.45%

8.34%

N/A

10.75%

1.61%

Quantified Evolution Plus Fund

(9/30/19)

QEVOX

6.91%

50.00%

69.20%

21.76%

9.13%

N/A

6.87%

1.83%

Quantified Pattern Recognition Fund

(8/30/19)

QSPMX

2.73%

(4.65%)

15.19%

10.28%

7.33%

N/A

10.58%

1.79%

Quantified Tactical Sectors Fund (3/3/21)

QTSSX

22.28%

17.32%

29.78%

11.43%

(1.97%)

N/A

(0.84%)

1.72%

Quantified Rising Dividend Tactical Fund (4/14/21)

QRDTX

14.70%

12.37%

19.43%

13.02%

2.42%

N/A

2.79%

1.81%

Quantified Government Income Tactical Fund (4/15/21)

QGITX

(3.49%)

(4.87%)

(2.64%)

(2.55%)

(5.58%)

N/A

(5.20%)

1.81%

Quantified Global Fund (11/29/23)

QGBLX

(2.41%)

1.45%

7.99%

N/A

11.80%

1.69%

Quantified Eckhardt Managed Futures Strategy (10/26/24)

QETCX

3.25%

(2.21%)

(7.51%)

N/A

(10.69%)

1.72%

* Performance for periods of greater than one year are annualized.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Futures Tracking Fund and Quantified Funds. Advisors Preferred, LLC serves is the Funds’ investment advisor.