SMI Advisory Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWD	ISHARES TR	254,744	$55,463	9.6%	$217.72	—	RUS 1000 VAL ETF	464287598
QTPI	EXCHANGE PLACE ADVISORS TRUS	808,213	$20,852	3.6%	$25.80	—	NORTH SQUARE RCI	301471108
WCPB	NORTHERN LTS FD TR II	725,613	$18,641	3.2%	$25.69	—	WEITZ CORE PLUS	664925880
FDT	FIRST TR EXCH TRD ALPHDX FD	165,015	$13,842	2.4%	$83.89	—	DEV MRK EX US	33737J174
DFAS	DIMENSIONAL ETF TRUST	36,970	$2,717	0.5%	$73.50	—	US SMALL CAP ETF	25434V500
DFAI	DIMENSIONAL ETF TRUST	41,335	$1,631	0.3%	$39.47	—	INTL CORE EQT MK	25434V203
IBDR	ISHARES TR	31,428	$762	0.1%	$24.24	—	IBONDS DEC2026	46435GAA0
SFLR	INNOVATOR ETFS TRUST	13,204	$494	0.1%	$37.40	—	QUITY MANAGD FLR	45783Y673
BSCS	INVESCO EXCH TRD SLF IDX FD	16,294	$335	0.1%	$20.59	—	INVSCO BLSH 28	46138J643
XLB	SELECT SECTOR SPDR TR	6,664	$323	0.1%	$48.52	—	STATE STREET MAT	81369Y100
XLV	SELECT SECTOR SPDR TR	1,982	$312	0.1%	$157.38	—	STATE STREET HEA	81369Y209
DLN	WISDOMTREE TR	3,319	$298	0.1%	$89.90	—	US LARGECAP DIVD	97717W307

Increased Positions (14)

RAA ETF OPPORTUNITIES TRUST 36.1%

Value ($000) $209,321 (+6.3%) Shares 7,422,221 (+3.1%) Est. Cost $22.68 Unrealized —

QQQM INVESCO EXCH TRADED FD TR II 1.1%

Value ($000) $6,632 (+653.4%) Shares 25,683 (+624.5%) Est. Cost $249.55 Unrealized —

XLK SELECT SECTOR SPDR TR 1.2%

Value ($000) $7,090 (-37.5%) Shares 48,299 (+21.2%) Est. Cost $260.59 Unrealized —

GVAL CAMBRIA ETF TR 3.5%

Value ($000) $20,043 (+14.9%) Shares 610,335 (+2.6%) Est. Cost $22.69 Unrealized —

XLY SELECT SECTOR SPDR TR 0.4%

Value ($000) $2,317 (-33.6%) Shares 18,612 (+26.9%) Est. Cost $213.83 Unrealized —

XLF SELECT SECTOR SPDR TR 0.7%

Value ($000) $4,027 (+35.3%) Shares 72,842 (+31.4%) Est. Cost $54.10 Unrealized —

SDCI USCF ETF TR 3.3%

Value ($000) $19,203 (+2.4%) Shares 841,490 (+2.2%) Est. Cost $19.70 Unrealized —

BSCQ INVESCO EXCH TRD SLF IDX FD 0.1%

Value ($000) $626 (+69.0%) Shares 31,982 (+69.0%) Est. Cost $19.50 Unrealized —

XLI SELECT SECTOR SPDR TR 0.3%

Value ($000) $1,694 (+15.2%) Shares 10,382 (+9.0%) Est. Cost $155.13 Unrealized —

SPY SPDR S&P 500 ETF TR 0.5%

Value ($000) $2,648 (+5.5%) Shares 3,809 (+1.5%) Est. Cost $481.70 Unrealized —

BSCR INVESCO EXCH TRD SLF IDX FD 0.1%

Value ($000) $443 (+41.2%) Shares 22,459 (+41.1%) Est. Cost $19.54 Unrealized —

XLC SELECT SECTOR SPDR TR 0.6%

Value ($000) $3,402 (+3.7%) Shares 28,937 (+2.7%) Est. Cost $116.42 Unrealized —

SPTS SPDR SERIES TRUST 0.0%

Value ($000) $275 (+2.2%) Shares 9,401 (+2.2%) Est. Cost $29.29 Unrealized —

— DNP SELECT INCOME FD INC 0.0%

Value ($000) $170 (+3.1%) Shares 17,005 (+2.6%) Est. Cost $8.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RAA	ETF OPPORTUNITIES TRUST	7,422,221 (+3.1%)	$209,321 (+6.3%)	36.1%	$22.68	—	SMI 3FOURTEEN RE	26923N397
QQQM	INVESCO EXCH TRADED FD TR II	25,683 (+624.5%)	$6,632 (+653.4%)	1.1%	$249.55	—	NASDAQ 100 ETF	46138G649
XLK	SELECT SECTOR SPDR TR	48,299 (+21.2%)	$7,090 (-37.5%)	1.2%	$260.59	—	STATE STREET TEC	81369Y803
GVAL	CAMBRIA ETF TR	610,335 (+2.6%)	$20,043 (+14.9%)	3.5%	$22.69	—	GLOBAL VALUE ETF	132061409
XLY	SELECT SECTOR SPDR TR	18,612 (+26.9%)	$2,317 (-33.6%)	0.4%	$213.83	—	STATE STREET CON	81369Y407
XLF	SELECT SECTOR SPDR TR	72,842 (+31.4%)	$4,027 (+35.3%)	0.7%	$54.10	—	STATE STREET FIN	81369Y605
SDCI	USCF ETF TR	841,490 (+2.2%)	$19,203 (+2.4%)	3.3%	$19.70	—	SUMMERHAVEN K1	90290T809
BSCQ	INVESCO EXCH TRD SLF IDX FD	31,982 (+69.0%)	$626 (+69.0%)	0.1%	$19.50	—	BULSHS 2026 CB	46138J791
XLI	SELECT SECTOR SPDR TR	10,382 (+9.0%)	$1,694 (+15.2%)	0.3%	$155.13	—	STATE STREET IND	81369Y704
SPY	SPDR S&P 500 ETF TR	3,809 (+1.5%)	$2,648 (+5.5%)	0.5%	$481.70	—	TR UNIT	78462F103
BSCR	INVESCO EXCH TRD SLF IDX FD	22,459 (+41.1%)	$443 (+41.2%)	0.1%	$19.54	—	BULSHS 2027 CB	46138J783
XLC	SELECT SECTOR SPDR TR	28,937 (+2.7%)	$3,402 (+3.7%)	0.6%	$116.42	—	STATE STREET COM	81369Y852
SPTS	SPDR SERIES TRUST	9,401 (+2.2%)	$275 (+2.2%)	0.0%	$29.29	—	STATE STREET SPD	78468R101
—	DNP SELECT INCOME FD INC	17,005 (+2.6%)	$170 (+3.1%)	0.0%	$8.93	—	COM	23325P104

Exited Positions (9)

— INVESCO EXCH TRD SLF IDX FD 4.4%

Value ($000) $25,662 Shares 1,239,406 Est. Cost $20.52 Unrealized —

BIV VANGUARD BD INDEX FDS 4.3%

Value ($000) $24,853 Shares 318,471 Est. Cost $75.98 Unrealized —

— ISHARES TR 0.1%

Value ($000) $734 Shares 29,222 Est. Cost $25.12 Unrealized —

AGGY WISDOMTREE TR 0.1%

Value ($000) $312 Shares 7,041 Est. Cost $43.43 Unrealized —

AVGO BROADCOM INC 0.1%

Value ($000) $299 Shares 884 Est. Cost $215.92 Unrealized +65.3%

FBTC FIDELITY WISE ORIGIN BITCOIN 0.0%

Value ($000) $256 Shares 2,390 Est. Cost $57.54 Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $216 Shares 839 Est. Cost $225.58 Unrealized +19.0%

MGK VANGUARD WORLD FD 0.0%

Value ($000) $216 Shares 535 Est. Cost $404.02 Unrealized —

— CO-DIAGNOSTICS INC 0.0%

Value ($000) $11 Shares 28,000 Est. Cost $1.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESCO EXCH TRD SLF IDX FD	1,239,406	$25,662	4.4%	$20.52	—	—	46138J825
BIV	VANGUARD BD INDEX FDS	318,471	$24,853	4.3%	$75.98	—	—	921937819
—	ISHARES TR	29,222	$734	0.1%	$25.12	—	—	46434VBD1
AGGY	WISDOMTREE TR	7,041	$312	0.1%	$43.43	—	—	97717X511
AVGO	BROADCOM INC	884	$299	0.1%	$215.92	+65.3%	—	11135F101
FBTC	FIDELITY WISE ORIGIN BITCOIN	2,390	$256	0.0%	$57.54	—	—	315948109
AAPL	APPLE INC	839	$216	0.0%	$225.58	+19.0%	—	037833100
MGK	VANGUARD WORLD FD	535	$216	0.0%	$404.02	—	—	921910816
—	CO-DIAGNOSTICS INC	28,000	$11	0.0%	$1.34	—	—	189763105

Decreased Positions (21)

IWF ISHARES TR 0.2%

Value ($000) $1,127 (-93.7%) Shares 2,361 (-93.8%) Est. Cost $468.51 Unrealized —

FCTE ETF OPPORTUNITIES TRUST 9.8%

Value ($000) $56,971 (-21.2%) Shares 2,192,896 (-20.2%) Est. Cost $26.65 Unrealized —

GLD SPDR GOLD TR 8.8%

Value ($000) $51,250 (+12.6%) Shares 121,379 (-4.7%) Est. Cost $254.30 Unrealized —

IVV ISHARES TR 3.4%

Value ($000) $19,722 (-14.2%) Shares 28,245 (-17.4%) Est. Cost $459.79 Unrealized —

VXF VANGUARD INDEX FDS 2.0%

Value ($000) $11,531 (-16.7%) Shares 52,599 (-19.4%) Est. Cost $164.04 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 2.0%

Value ($000) $11,331 (+11.8%) Shares 323,644 (-4.6%) Est. Cost $18.07 Unrealized —

SCHO SCHWAB STRATEGIC TR 1.4%

Value ($000) $8,130 (-7.5%) Shares 333,624 (-7.5%) Est. Cost $34.81 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value ($000) $330 (-45.8%) Shares 2,664 (-50.5%) Est. Cost $104.51 Unrealized +10.5%

VOO VANGUARD INDEX FDS 0.1%

Value ($000) $867 (-22.6%) Shares 1,356 (-25.5%) Est. Cost $573.65 Unrealized —

HUBB HUBBELL INC 0.3%

Value ($000) $1,952 (+12.6%) Shares 4,128 (-1.6%) Est. Cost $383.93 Unrealized +13.9%

VEU VANGUARD INTL EQUITY INDEX F 0.1%

Value ($000) $443 (-24.7%) Shares 5,774 (-28.7%) Est. Cost $59.69 Unrealized —

IWB ISHARES TR 0.1%

Value ($000) $594 (-13.8%) Shares 1,559 (-16.9%) Est. Cost $343.05 Unrealized —

IWR ISHARES TR 0.1%

Value ($000) $517 (-8.7%) Shares 5,161 (-11.3%) Est. Cost $80.61 Unrealized —

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $218 (-17.0%) Shares 1,105 (-21.0%) Est. Cost $176.97 Unrealized —

SPTM SPDR SERIES TRUST 0.0%

Value ($000) $247 (-11.7%) Shares 2,926 (-15.1%) Est. Cost $67.60 Unrealized —

VV VANGUARD INDEX FDS 0.1%

Value ($000) $791 (-3.7%) Shares 2,468 (-7.1%) Est. Cost $255.11 Unrealized —

VUG VANGUARD INDEX FDS 0.0%

Value ($000) $260 (-9.2%) Shares 528 (-11.3%) Est. Cost $445.42 Unrealized —

SPMD SPDR SERIES TRUST 0.1%

Value ($000) $430 (-3.3%) Shares 7,080 (-8.3%) Est. Cost $41.20 Unrealized —

CWI SPDR INDEX SHS FDS 0.1%

Value ($000) $598 (+2.5%) Shares 15,977 (-2.7%) Est. Cost $27.11 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.0%

Value ($000) $257 (-4.0%) Shares 1,139 (-7.3%) Est. Cost $205.42 Unrealized —

SPYM SPDR SERIES TRUST 0.1%

Value ($000) $312 (+2.8%) Shares 3,816 (-1.1%) Est. Cost $59.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWF	ISHARES TR	2,361 (-93.8%)	$1,127 (-93.7%)	0.2%	$468.51	—	RUS 1000 GRW ETF	464287614
FCTE	ETF OPPORTUNITIES TRUST	2,192,896 (-20.2%)	$56,971 (-21.2%)	9.8%	$26.65	—	SMI 3FOURTEEN FU	26923N512
GLD	SPDR GOLD TR	121,379 (-4.7%)	$51,250 (+12.6%)	8.8%	$254.30	—	GOLD SHS	78463V107
IVV	ISHARES TR	28,245 (-17.4%)	$19,722 (-14.2%)	3.4%	$459.79	—	CORE S&P500 ETF	464287200
VXF	VANGUARD INDEX FDS	52,599 (-19.4%)	$11,531 (-16.7%)	2.0%	$164.04	—	EXTEND MKT ETF	922908652
PHYS	SPROTT ASSET MANAGEMENT LP	323,644 (-4.6%)	$11,331 (+11.8%)	2.0%	$18.07	—	PHYSICAL GOLD TR	85207H104
SCHO	SCHWAB STRATEGIC TR	333,624 (-7.5%)	$8,130 (-7.5%)	1.4%	$34.81	—	SHT TM US TRES	808524862
XOM	EXXON MOBIL CORP	2,664 (-50.5%)	$330 (-45.8%)	0.1%	$104.51	+10.5%	COM	30231G102
VOO	VANGUARD INDEX FDS	1,356 (-25.5%)	$867 (-22.6%)	0.1%	$573.65	—	S&P 500 ETF SHS	922908363
HUBB	HUBBELL INC	4,128 (-1.6%)	$1,952 (+12.6%)	0.3%	$383.93	+13.9%	COM	443510607
VEU	VANGUARD INTL EQUITY INDEX F	5,774 (-28.7%)	$443 (-24.7%)	0.1%	$59.69	—	ALLWRLD EX US	922042775
IWB	ISHARES TR	1,559 (-16.9%)	$594 (-13.8%)	0.1%	$343.05	—	RUS 1000 ETF	464287622
IWR	ISHARES TR	5,161 (-11.3%)	$517 (-8.7%)	0.1%	$80.61	—	RUS MID CAP ETF	464287499
VTV	VANGUARD INDEX FDS	1,105 (-21.0%)	$218 (-17.0%)	0.0%	$176.97	—	VALUE ETF	922908744
SPTM	SPDR SERIES TRUST	2,926 (-15.1%)	$247 (-11.7%)	0.0%	$67.60	—	STATE STREET SPD	78464A805
VV	VANGUARD INDEX FDS	2,468 (-7.1%)	$791 (-3.7%)	0.1%	$255.11	—	LARGE CAP ETF	922908637
VUG	VANGUARD INDEX FDS	528 (-11.3%)	$260 (-9.2%)	0.0%	$445.42	—	GROWTH ETF	922908736
SPMD	SPDR SERIES TRUST	7,080 (-8.3%)	$430 (-3.3%)	0.1%	$41.20	—	STATE STREET SPD	78464A847
CWI	SPDR INDEX SHS FDS	15,977 (-2.7%)	$598 (+2.5%)	0.1%	$27.11	—	MSCI ACWI EXUS	78463X848
VIG	VANGUARD SPECIALIZED FUNDS	1,139 (-7.3%)	$257 (-4.0%)	0.0%	$205.42	—	DIV APP ETF	921908844
SPYM	SPDR SERIES TRUST	3,816 (-1.1%)	$312 (+2.8%)	0.1%	$59.33	—	STATE STREET SPD	78464A854

Unchanged Positions (12)

XME SPDR SERIES TRUST 2.3%

Value ($000) $13,400 Shares 111,207 Est. Cost $97.56 Unrealized —

LLY ELI LILLY & CO 0.2%

Value ($000) $1,175 Shares 1,087 Est. Cost $773.40 Unrealized +23.6%

HWM HOWMET AEROSPACE INC 0.1%

Value ($000) $424 Shares 1,925 Est. Cost $153.62 Unrealized +29.5%

SCHK SCHWAB STRATEGIC TR 0.1%

Value ($000) $656 Shares 19,574 Est. Cost $31.75 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value ($000) $229 Shares 480 Est. Cost $508.71 Unrealized -1.6%

ILCV ISHARES TR 0.0%

Value ($000) $228 Shares 2,363 Est. Cost $90.69 Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $792 Shares 4,280 Est. Cost $101.54 Unrealized +83.3%

TJAN INNOVATOR ETFS TRUST 0.1%

Value ($000) $728 Shares 26,563 Est. Cost $24.57 Unrealized —

GSUS GOLDMAN SACHS ETF TR 0.0%

Value ($000) $258 Shares 2,683 Est. Cost $76.42 Unrealized —

IVW ISHARES TR 0.0%

Value ($000) $214 Shares 1,708 Est. Cost $121.06 Unrealized —

UFEB INNOVATOR ETFS TRUST 0.0%

Value ($000) $216 Shares 5,827 Est. Cost $31.14 Unrealized —

BND VANGUARD BD INDEX FDS 0.1%

Value ($000) $531 Shares 7,151 Est. Cost $72.62 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XME	SPDR SERIES TRUST	111,207	$13,400	2.3%	$97.56	—	STATE STREET SPD	78464A755
LLY	ELI LILLY & CO	1,087	$1,175	0.2%	$773.40	+23.6%	COM	532457108
HWM	HOWMET AEROSPACE INC	1,925	$424	0.1%	$153.62	+29.5%	COM	443201108
SCHK	SCHWAB STRATEGIC TR	19,574	$656	0.1%	$31.75	—	1000 INDEX ETF	808524722
MSFT	MICROSOFT CORP	480	$229	0.0%	$508.71	-1.6%	COM	594918104
ILCV	ISHARES TR	2,363	$228	0.0%	$90.69	—	MORNINGSTAR VALU	464288109
NVDA	NVIDIA CORPORATION	4,280	$792	0.1%	$101.54	+83.3%	COM	67066G104
TJAN	INNOVATOR ETFS TRUST	26,563	$728	0.1%	$24.57	—	EQUITY JAN 20227	45784N825
GSUS	GOLDMAN SACHS ETF TR	2,683	$258	0.0%	$76.42	—	MARKETBETA US EQ	381430123
IVW	ISHARES TR	1,708	$214	0.0%	$121.06	—	S&P 500 GRWT ETF	464287309
UFEB	INNOVATOR ETFS TRUST	5,827	$216	0.0%	$31.14	—	US EQT ULTRA BFR	45782C425
BND	VANGUARD BD INDEX FDS	7,151	$531	0.1%	$72.62	—	TOTAL BND MRKT	921937835