# EDGAR Filing Document

**Accession Number:** 0001602508
**File Stem:** 0001133228-25-013154
**Filing Date:** 2025-12
**Character Count:** 169757
**Document Hash:** a4d38b52676ff42f9fe952b6a48484f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013154.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001133228-25-013154

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundX Investment Trust
- **CENTRAL INDEX KEY:** 0001602508

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22951
- **FILM NUMBER:** 251547014

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MONTGOMERY STREET, SUITE 2400
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104-4138
- **BUSINESS PHONE:** 415-986-7979

**MAIL ADDRESS:**
- **STREET 1:** 2020 EAST FINANCIAL WAY, SUITE 100
- **CITY:** GLENDORA
- **STATE:** CA
- **ZIP:** 91741

## Series and Classes Contracts Data

### FundX ETF (Series ID: S000077552)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238035 | FundX ETF    | XCOR            |

### FundX Aggressive ETF (Series ID: S000077553)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000238036 | FundX Aggressive ETF | XNAV            |

### FundX Flexible ETF (Series ID: S000082812)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000246134 | FundX Flexible ETF | XFLX            |

### FundX Conservative ETF (Series ID: S000082813)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000246135 | FundX Conservative ETF | XRLX            |

### FundX Future Fund Opportunities ETF (Series ID: S000085351)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250350 | FundX Future Fund Opportunities ETF | FFOX            |

?xml version='1.0' encoding='ASCII'? 2025-07-31192627_FundXAggressiveETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22951</u>**

**<u>FundX Investment Trust</u>**

(Exact name of registrant as specified in charter)

**<u>101 Montgomery Street, Suite 2400</u>**

**<u>San Francisco, CA 94104</u>**

(Address of principal executive offices) (Zip code)

**<u>Jeff Smith</u>**

**<u>101 Montgomery Street, Suite 2400</u>**

**<u>San Francisco, CA 94104</u>**

(Name and address of agent for service)

**<u>(415) 248-8371</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| **FundX Aggressive ETF**  | ![image](img171431_202510061908622.jpg) |
| XNAV (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img171431_202510061908622.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img171431_202510061908622.jpg) |

---

This annual shareholder report contains important information about the FundX Aggressive ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://fundxetfs.com/how-invest. You can also request this information by contacting us at 1-800-323-1510.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| FundX Aggressive ETF | $107 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

FundX Aggressive ETF (XNAV) gained 14.44% for the 12-month period ended September 30, 2025, while its global benchmark, the Morningstar Global Market Large Mid Index, returned 17.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

XNAV delivered solid gains as global markets rallied for much of the year. The AI fervor that fueled US technology and growth stocks in 2024 waned temporarily in early 2025, while US value and foreign stocks surged. US stocks declined in the April tariff tumult, and then staged a powerful recovery, once again led by tech/AI giants.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | US technology and large-cap growth positions held for the full period. Exposure to clean energy, gold, international small-cap value, and financial sector ETFs. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | US dividend and small-cap ETFs, Eurozone ETFs. |

---

**PERFORMANCE**

We actively repositioned the portfolio as market conditions changed: we reduced US technology and large-cap growth exposure, which weighed on performance relative to the benchmark in the first quarter, and diversified into gold, international, and value ETFs as market conditions deteriorated in March and April. US value positions didn't keep pace as stocks recovered and were replaced, while gold, international small-cap value, and US growth positions that were held for the full period were among the best performers.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The chart reflects a hypothetical $10,000 investment in the Fund and its benchmark index. The Fund's performance reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5456img002.jpg)

FundX Aggressive ETF PAGE 1 TSR-AR-360876882

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **FundX Aggressive ETF (at NAV)**  | 14.44 | 9.82 | 10.07 |
| **Morningstar Global Market Large Mid NR**  | 17.01 | 13.33 | 11.77 |

---

Visit https://fundxetfs.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28893021 |
| **Number of Holdings** | 22 |
| **Net Advisory Fee** | $283461 |
| **Portfolio Turnover** | 134% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 17.1% |
|  Vanguard Growth ETF  | 10.8% |
|  Schwab U.S. Large-Cap Growth ETF  | 9.1% |
|  iShares MSCI EAFE Value ETF  | 6.0% |
|  iShares Europe ETF  | 5.9% |
|  iShares International Select Dividend ETF  | 5.6% |
|  SPDR Gold Trust  | 5.4% |
|  Invesco S&P 500 Momentum ETF  | 5.4% |
|  Avantis International Small Cap Value ETF  | 4.7% |
|  iShares MSCI Germany ETF  | 4.5% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Core Funds  | 42.8% |
|  Sector Funds  | 40.0% |
|  Aggressive Funds  | 16.1% |
|  Cash & Other  | 1.1% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Mark Dea was removed as Portfolio Manager and Lance Messervy, Steve Cowley and Jeffrey Smith were added as Portfolio Managers.

---

| | |
|:---|:---|
| ![image](img171432_202411191736176.jpg) |  |
| ![image](img171432_202411191736176.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fundxetfs.com/how-invest.  |
| ![image](img171432_202411191736176.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your FundX ETFs documents not be householded, please contact FundX ETFs at 1-800-323-1510, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by FundX ETFs or your financial intermediary.

FundX Aggressive ETF PAGE 2 TSR-AR-360876882

------

---

| | |
|:---|:---|
| **FundX Conservative ETF**  | ![image](img171431_202510061908622.jpg) |
| XRLX (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img171431_202510061908622.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img171431_202510061908622.jpg) |

---

This annual shareholder report contains important information about the FundX Conservative ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://fundxetfs.com/how-invest. You can also request this information by contacting us at 1-800-323-1510.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| FundX Conservative ETF | $104 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

FundX Conservative ETF (XRLX) gained 8.41% for the 12-month period ended September 30, 2025, while its benchmark, the 60/40 S&P 500 TR and Bloomberg Aggregate Bond Index, returned 11.67%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

XRLX delivered solid gains as stocks rallied for much of the year, and bonds rose modestly. US stocks, particularly large-cap growth stocks, and high-yield bonds lagged in early 2025 amid uncertainty around US trade policy, while higher-quality bonds and developed foreign stocks gained. US large-cap growth stocks recovered quickly, while bonds gained momentum in anticipation of the Federal Reserve's September interest rate cut.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity ETFs, specifically US growth and momentum ETFs that were held all year, intermediate-term corporate bond ETFs. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Alternative ETFs, US dividend and Europe stock ETFs. |

---

**PERFORMANCE**

We actively repositioned the portfolio as market conditions changed: we reduced exposure to US large-cap growth, high-yield bond, and alternative ETFs, which weighed on performance in early 2025 as stock markets declined, and diversified into US value and foreign stocks and ultra-short-term bonds and TIPS. XRLX's bond allocation helped buffer some of the stock market volatility, while its US equity allocation participated in the stock market's powerful recovery and contributed to gains for the full period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The chart reflects a hypothetical $10,000 investment in the Fund and its benchmark index. The Fund's performance reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

FundX Conservative ETF PAGE 1 TSR-AR-360876874

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5457img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **FundX Conservative ETF (at NAV)**  | 8.41 | 7.30 | 7.51 |
| **60/40 S&P 500 TR and Bloomberg Aggregate Bond** **Index**  | 11.67 | 9.62 | 9.99 |

---

Visit https://fundxetfs.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $52012278 |
| **Number of Holdings** | 22 |
| **Net Advisory Fee** | $543017 |
| **Portfolio Turnover** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.4% |
|  Invesco S&P 500 Momentum ETF  | 9.2% |
|  Vanguard Growth ETF  | 8.8% |
|  Invesco S&P 500 Top 50 ETF  | 7.8% |
|  Vanguard Russell 1000 Growth ETF  | 7.4% |
|  iShares Core 60/40 Balanced Allocation ETF  | 6.1% |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 5.6% |
|  iShares Broad USD Investment Grade Corporate Bond ETF  | 5.1% |
|  Vanguard Short-Term Inflation-Protected Securities ETF  | 5.0% |
|  First Trust Senior Loan ETF  | 4.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Core Funds  | 51.4% |
|  TiPS  | 14.2% |
|  Total Return Funds  | 10.7% |
|  Intermediate Term Bonds  | 10.6% |
|  Floating Rate  | 7.4% |
|  High Yield Bonds  | 4.7% |
|  Cash & Other  | 1.0% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Mark Dea was removed as Portfolio Manager and Lance Messervy, Steve Cowley and Jeffrey Smith were added as Portfolio Managers.

FundX Conservative ETF PAGE 2 TSR-AR-360876874

------

---

| | |
|:---|:---|
| ![image](img171432_202411191736176.jpg) |  |
| ![image](img171432_202411191736176.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fundxetfs.com/how-invest.  |
| ![image](img171432_202411191736176.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your FundX ETFs documents not be householded, please contact FundX ETFs at 1-800-323-1510, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by FundX ETFs or your financial intermediary.

FundX Conservative ETF PAGE 3 TSR-AR-360876874

------

---

| | |
|:---|:---|
| **FundX ETF**  | ![image](img171431_202510061908622.jpg) |
| XCOR (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img171431_202510061908622.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img171431_202510061908622.jpg) |

---

This annual shareholder report contains important information about the FundX ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://fundxetfs.com/how-invest. You can also request this information by contacting us at 1-800-323-1510.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| FundX ETF | $108 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

FundX ETF (XCOR) gained 15.23% for the 12-month period ended September 30, 2025, while its global benchmark, the Morningstar Global Market Large Mid Index, returned 17.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

XCOR delivered solid gains as global stock markets rallied for much of the year. The AI fervor that had fueled US large-cap stocks in 2024 waned temporarily in early 2025, while US value and foreign stocks surged. Changes in US trade policy rattled markets in March and April, yet US stocks recovered quickly, once again led by tech/AI giants.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | US large-cap growth and momentum ETFs that were held all year. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | US dividend and foreign low volatility ETFs. |

---

**PERFORMANCE**

We actively repositioned the portfolio as markets changed: we reduced US large-cap growth exposure, which weighed on performance relative to the benchmark in early 2025, and diversified into US value and foreign (EAFE) ETFs as market conditions deteriorated in March and April. US value positions didn't keep pace as stocks recovered and were replaced, while US growth ETFs that were held for the full period were among the best performers.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The chart reflects a hypothetical $10,000 investment in the Fund and its benchmark index. The Fund's performance reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5458img002.jpg)

FundX ETF PAGE 1 TSR-AR-360876809

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **FundX ETF (at NAV)**  | 15.23 | 10.65 | 11.18 |
| **Morningstar Global Market Large Mid NR**  | 17.01 | 13.33 | 11.77 |

---

Visit https://fundxetfs.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $168546350 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $1657736 |
| **Portfolio Turnover** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Vanguard Growth ETF  | 14.3% |
|  Vanguard Russell 1000 Growth ETF  | 13.9% |
|  Invesco S&P 500 Top 50 ETF  | 13.5% |
|  Invesco S&P 500 Momentum ETF  | 13.0% |
|  iShares MSCI EAFE Value ETF  | 10.7% |
|  iShares International Select Dividend ETF  | 9.7% |
|  iShares Core MSCI Europe ETF  | 9.3% |
|  iShares MSCI EAFE Min Vol Factor ETF  | 9.0% |
|  iShares Edge MSCI USA Momentum Factor ETF  | 4.1% |
|  Vanguard Mega Cap Growth ETF  | 1.6% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Core Funds  | 99.1% |
|  Cash & Other  | 0.9% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Mark Dea was removed as Portfolio Manager and Lance Messervy, Steve Cowley and Jeffrey Smith were added as Portfolio Managers.

---

| | |
|:---|:---|
| ![image](img171432_202411191736176.jpg) |  |
| ![image](img171432_202411191736176.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fundxetfs.com/how-invest.  |
| ![image](img171432_202411191736176.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your FundX ETFs documents not be householded, please contact FundX ETFs at 1-800-323-1510, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by FundX ETFs or your financial intermediary.

FundX ETF PAGE 2 TSR-AR-360876809

------

---

| | |
|:---|:---|
| **FundX Flexible ETF**  | ![image](img171431_202510061908622.jpg) |
| XFLX (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img171431_202510061908622.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img171431_202510061908622.jpg) |

---

This annual shareholder report contains important information about the FundX Flexible ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://fundxetfs.com/how-invest. You can also request this information by contacting us at 1-800-323-1510.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| FundX Flexible ETF | $70 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

FundX Flexible ETF (XFLX) gained 0.24% for the 12-month period ended September 30, 2025, while its benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Bonds posted modest gains in an environment of heightened uncertainty about the impact of tariffs, signs of a slowing economy, and inflation that remained above the Federal Reserve's 2% target, all of which contributed to the Federal Reserve's nine-month pause in interest rate cuts. Higher quality bonds held up better than high-yield bonds as volatility increased in March and April amid the tariff tumult.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Balanced ETFs, intermediate-term and ultra-short-term bond ETFs. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Alternative ETFs, such as First Trust Buy Write Income (FTHI) and Global X S&P 500 Covered Call (XYLD), performed poorly during the March to April downturn, as did high yield ETFs. |

---

**PERFORMANCE**

We actively repositioned the portfolio as market conditions changed: we replaced high-yield bond and alternative ETF exposure, which weighed on performance in the first quarter, and diversified into ultra-short-term bond and TIPS ETFs. Intermediate corporate bond ETFs that were held all year added to returns, along with a balanced 60/40 position that provided some participation in the stock market's gains.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The chart reflects a hypothetical $10,000 investment in the Fund and its benchmark index. The Fund's performance reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5459img002.jpg)

FundX Flexible ETF PAGE 1 TSR-AR-360876866

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **FundX Flexible ETF (at NAV)**  | 0.24 | 1.58 | 2.09 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

Visit https://fundxetfs.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $52134222 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $399585 |
| **Portfolio Turnover** | 133% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares Core 60/40 Balanced Allocation ETF  | 11.5% |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund  | 10.9% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 10.5% |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 10.4% |
|  iShares Broad USD Investment Grade Corporate Bond ETF  | 10.3% |
|  VanEck Fallen Angel High Yield Bond ETF  | 10.2% |
|  NYLI Merger Arbitrage ETF  | 10.0% |
|  First Trust Senior Loan ETF  | 9.9% |
|  Vanguard Short-Term Inflation-Protected Securities ETF  | 9.7% |
|  VanEck IG Floating Rate ETF  | 6.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  TiPS  | 30.2% |
|  Total Return Funds  | 21.5% |
|  Intermediate Term Bond Funds  | 20.7% |
|  Floating Rate  | 16.2% |
|  High Yield Bond Funds  | 10.2% |
|  Cash & Other  | 1.2% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Mark Dea was removed as Portfolio Manager and Lance Messervy, Steve Cowley and Jeffrey Smith were added as Portfolio Managers.

---

| | |
|:---|:---|
| ![image](img171432_202411191736176.jpg) |  |
| ![image](img171432_202411191736176.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fundxetfs.com/how-invest.  |
| ![image](img171432_202411191736176.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your FundX ETFs documents not be householded, please contact FundX ETFs at 1-800-323-1510, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by FundX ETFs or your financial intermediary.

FundX Flexible ETF PAGE 2 TSR-AR-360876866

------

---

| | |
|:---|:---|
| **FundX Future Fund Opportunities ETF**  | ![image](img171431_202510061908622.jpg) |
| FFOX (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img171431_202510061908622.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img171431_202510061908622.jpg) |

---

This annual shareholder report contains important information about the FundX Future Fund Opportunities ETF for the period of June 9, 2025, to September 30, 2025. You can find additional information about the Fund at https://fundxetfs.com/how-invest. You can also request this information by contacting us at 1-800-323-1510.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| FundX Future Fund Opportunities ETF | $32 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

FundX Future Fund Opportunities ETF (FFOX) gained 9.28% for the three-month period ending September 30, 2025, while its benchmark, the Russell 2500 Growth Index, returned 11.82%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund delivered strong gains as small- and mid-cap growth stocks rallied steadily throughout the period given the strong momentum in capex spending in AI and the Federal Reserve's position of lowering interest rates.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Technology and healthcare investments. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | consumer-oriented investments. |

---

**PERFORMANCE**

The Fund's exposure to quality companies that have strong returns on capital led to lagging performance in the first quarter of the launch.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The chart reflects a hypothetical $10,000 investment in the Fund and its benchmark index. The Fund's performance reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5460img002.jpg)

FundX Future Fund Opportunities ETF PAGE 1 TSR-AR-360876841

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception** |
| **FundX Future Fund Opportunities ETF (at NAV)**  | 9.28 |
| **Russell 2500 Growth Index**  | 11.82 |

---

Visit https://fundxetfs.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $175425455 |
| **Number of Holdings** | 153 |
| **Net Advisory Fee** | $347053 |
| **Portfolio Turnover** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.6% |
|  iShares Russell Midcap Growth Index Fund  | 8.0% |
|  iShares S&P Small-Cap 600 Growth ETF  | 5.2% |
|  First American Government Obligations Fund  | 5.1% |
|  iShares Russell 2000 Growth ETF  | 3.3% |
|  WisdomTree International Quality Dividend Growth Fund  | 2.3% |
|  iShares Russell Mid-Cap Value ETF  | 2.2% |
|  iShares Core S&P Small-Cap ETF  | 2.2% |
|  iShares Russell 2000 Value ETF  | 1.7% |
|  iShares S&P Mid-Cap 400 Value ETF  | 1.5% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Consumer, Non-cyclical  | 16.8% |
|  Industrial  | 12.3% |
|  Consumer, Cyclical  | 9.5% |
|  Technology  | 8.9% |
|  Communications  | 6.4% |
|  Financial  | 3.7% |
|  Basic Materials  | 1.6% |
|  Energy  | 1.2% |
|  Cash & Other  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img591306_320251121174378.jpg) |  |
| ![image](img591306_320251121174378.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fundxetfs.com/how-invest.  |
| ![image](img591306_320251121174378.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your FundX ETFs documents not be householded, please contact FundX ETFs at 1-800-323-1510, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by FundX ETFs or your financial intermediary.

FundX Future Fund Opportunities ETF PAGE 2 TSR-AR-360876841

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its Code of Ethics by mail when they call the registrant at 1-800-455-3863.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of [trustees/directors] has determined that there is at least one audit committee financial expert serving on its audit committee. Messrs. Jan L. Gullett and Gregg B. Keeling are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $111650 | $93650 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $15000 | $11800 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 | FYE 9/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jan L. Gullett, Gregg B. Keeling and Kimun Lee

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](fundxlogo.jpg)

**FundX Investment Trust** 

**FundX Aggressive ETF** 

**FundX Conservative ETF** 

**FundX ETF** 

**FundX Flexible ETF** 

**FundX Future Fund Opportunities ETF** 

Core Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#sch001) <br>|  |
| &nbsp;&nbsp;&nbsp; [FundX Aggressive ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [FundX Conservative ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [FundX ETF](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [FundX Flexible ETF](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp; [FundX Future Fund Opportunities ETF](#soi5) | [5](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [8](#sal) |
| [Statements of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Financial Highlights](#fihi) | [13](#fihi) |
| [Notes to the Financial Statements](#notes) | [18](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [27](#rep) |
| [Additional Information](#add) | [28](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX AGGRESSIVE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.9%** <br>|  |  |
| **Aggressive Funds - 16.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Avantis International Small Cap Value <br>ETF | 15202 | $1353434  |
| Invesco Nasdaq 100 ETF | 4019 | 993175  |
|  Pacer US Large Cap Cash Cows Growth Leaders ETF | 32280 | 1171764  |
| SPDR EURO STOXX 50 ETF | 18222 | 1131951  |
|  |  | 4650324  |
| **Core Funds - 42.8%** <br>|  |  |
| Invesco S&P 500 Momentum ETF | 12806 | 1550294  |
| iShares Europe ETF | 25900 | 1695932  |
| &nbsp;&nbsp;&nbsp; iShares International Select Dividend <br>ETF | 44584 | 1629545  |
| iShares MSCI EAFE Value ETF | 25750 | 1746623  |
| Schwab U.S. Large-Cap Growth ETF | 82018 | 2617194  |
| Vanguard Growth ETF | 6513 | 3123700  |
|  |  | 12363288  |
| **Sector Funds - 40.0%** <br>|  |  |
| ARK Fintech Innovation ETF<sup>(a)(b)</sup> | 17521 | 995193  |
| ARK Next Generation Internet ETF<sup>(a)(b)</sup> | 6830 | 1192586  |
| iShares Global Clean Energy ETF | 66686 | 1032299  |
| iShares MSCI Germany ETF<sup>(b)</sup> | 31240 | 1299897  |
| iShares MSCI Mexico ETF<sup>(b)</sup> | 16174 | 1103229  |
| iShares MSCI South Africa ETF | 18214 | 1167517  |
| iShares MSCI South Korea ETF | 13282 | 1063888  |
| SPDR Gold Trust<sup>(a)</sup> | 4372 | 1554115  |
| SPDR S&P Semiconductor ETF<sup>(b)</sup> | 3402 | 1085646  |
| VanEck Semiconductor ETF<sup>(a)</sup> | 3231 | 1054469  |
|  |  | 11548839  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $22,422,293)** |  | 28562451  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; **Investments Purchased** <br>**with Proceeds from Securities Lending - 17.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 4.27%<sup>(c)</sup> | 4950994 | 4950994  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,950,994)** |  | 4950994  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.2%** <br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 346289 | $346289  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $346,289)** |  | 346289  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 117.2%** <br>**(Cost $27,719,576)** |  | $33859734  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (17.2)% |  | (4966713)  |
| **TOTAL NET ASSETS - 100.0%** |  | $28893021 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $4,864,372.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX CONSERVATIVE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.0%** <br>|  |  |
| **Core Funds - 51.4%** <br>|  |  |
| Invesco S&P 500 Momentum ETF | 39343 | $4762863  |
| Invesco S&P 500 Top 50 ETF | 70620 | 4062062  |
| iShares Core MSCI Europe ETF | 34814 | 2371530  |
| iShares International Select Dividend ETF | 61394 | 2243951  |
| iShares MSCI EAFE Min Vol Factor ETF | 23611 | 2002921  |
| iShares MSCI EAFE Value ETF | 32259 | 2188128  |
| iShares Russell Top 200 Growth ETF | 2520 | 689598  |
| Vanguard Growth ETF<sup>(a)</sup> | 9513 | 4562530  |
| Vanguard Russell 1000 Growth ETF | 31948 | 3849734  |
|  |  | 26733317  |
| **Floating Rate - 7.4%** <br>|  |  |
| First Trust Senior Loan ETF | 56023 | 2568094  |
| VanEck IG Floating Rate ETF | 49914 | 1276301  |
|  |  | 3844395  |
| **High Yield Bonds - 4.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; VanEck Fallen Angel High Yield <br>Bond ETF | 81108 | 2411341  |
| **Intermediate Term Bonds - 10.6%** <br>|  |  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 53394 | 2888081  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 50625 | 2643638  |
|  |  | 5531719  |
| **TiPS - 14.2%** <br>|  |  |
|  FlexShares iBoxx 3-Year Target Duration TIPS Index Fund | 41114 | 1000304  |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 24559 | 1330560  |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 45384 | 2438496  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 51691 | 2617115  |
|  |  | 7386475  |
| **Total Return Funds - 10.7%** <br>|  |  |
|  iShares Core 60/40 Balanced Allocation ETF | 49461 | 3184299  |
| NYLI Merger Arbitrage ETF<sup>(b)</sup> | 66624 | 2391802  |
|  |  | 5576101  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $43,311,948)** |  | 51483348  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; **Investments Purchased** <br>**with Proceeds from Securities Lending - 13.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 4.27%<sup>(c)</sup> | 6968840 | 6968840  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $6,968,840)** |  | 6968840  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.1%** <br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 564279 | $564279  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $564,279)** |  | 564279  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.5%** <br>**(Cost $50,845,067)** |  | $59016467  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.5)% |  | (7004189)  |
| **TOTAL NET ASSETS - 100.0%** |  | $52012278 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $6,839,960.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.1%** <br>|  |  |
| **Core Funds - 99.1%** <br>|  |  |
| Invesco S&P 500 Momentum ETF | 180521 | $21853872  |
| Invesco S&P 500r Top 50 ETF | 394900 | 22714648  |
| iShares Core MSCI Europe ETF | 229998 | 15667464  |
| &nbsp;&nbsp;&nbsp; iShares Edge MSCI USA Momentum <br>Factor ETF | 26950 | 6911327  |
| &nbsp;&nbsp;&nbsp; iShares International Select <br>Dividend ETF | 446832 | 16331710  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE Min Vol <br>Factor ETF | 179639 | 15238776  |
| iShares MSCI EAFE Value ETF  | 265483 | 18007712  |
| Vanguard Growth ETF | 50253 | 24101841  |
| Vanguard Mega Cap Growth ETF | 6710 | 2700238  |
| Vanguard Russell 1000 Growth ETF | 193830 | 23356515  |
|  |  | 166884103  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $125,095,095)** |  | 166884103  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 1.0%** <br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(a)</sup> | 1763759 | 1763759  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,763,759)** |  | 1763759  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $126,858,854)** |  | $168647862  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (101512)  |
| **TOTAL NET ASSETS - 100.0%** |  | $168546350 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FundX Flexible ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.8%** <br>|  |  |
| **Floating Rate - 16.2%** <br>|  |  |
| First Trust Senior Loan ETF | 112190 | $5142790  |
| VanEck IG Floating Rate ETF | 129334 | 3307070  |
|  |  | 8449860  |
| **High Yield Bond Funds - 10.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; VanEck Fallen Angel High Yield <br>Bond ETF | 178251 | 5299402  |
| **Intermediate Term Bond Funds - 20.7%**<br>|  |  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 100445 | 5433070  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 102614 | 5358503  |
|  |  | 10791573  |
| **TiPS - 30.2%**<br>|  |  |
|  FlexShares iBoxx 3-Year Target Duration TIPS Index Fund | 103153 | 2509712  |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 46260 | 2506279  |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 106000 | 5695412  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 100012 | 5063608  |
|  |  | 15775011  |
| **Total Return Funds - 21.5%**<br>|  |  |
|  iShares Core 60/40 Balanced Allocation ETF | 92813 | 5975301  |
| NYLI Merger Arbitrage ETF<sup>(b)</sup> | 145828 | 5235225  |
|  |  | 11210526  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $50,001,282)** |  | 51526372  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(c)</sup> | 5494060 | 5494060  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,494,060)** |  | 5494060  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 635547 | $635547  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $635,547)** |  | 635547  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.6%** <br>**(Cost $56,130,889)** |  | $57655979  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.6)% |  | (5521757)  |
| **TOTAL NET ASSETS - 100.0%** |  | $52134222 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $5,378,710.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FundX Future Fund Opportunities ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 60.4%** <br>|  |  |
| **Basic Materials - 1.6%** <br>|  |  |
| Carpenter Technology Corp. | 5756 | $1413328  |
| Sensient Technologies Corp. | 15617 | 1465656  |
|  |  | 2878984  |
| **Communications - 6.4%**<br>|  |  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 26996 | 1091988  |
| Ciena Corp.<sup>(a)</sup> | 7287 | 1061497  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 6282 | 914722  |
| GDS Holdings Ltd. - ADR<sup>(a)(b)</sup> | 41768 | 1616422  |
| InterDigital, Inc. | 5691 | 1964704  |
| Millicom International Cellular SA | 44278 | 2149254  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 31352 | 1008594  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 18881 | 1366796  |
|  |  | 11173977  |
| **Consumer, Cyclical - 9.5%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 10431 | 972691  |
| Cheesecake Factory, Inc.<sup>(b)</sup> | 26050 | 1423372  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 45249 | 1692313  |
| FirstCash Holdings, Inc. | 10414 | 1649786  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 10301 | 1322648  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 16687 | 1732110  |
| RH<sup>(a)</sup> | 5581 | 1133836  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 10383 | 971953  |
| Super Group SGHC Ltd. | 104542 | 1379954  |
| Wingstop, Inc. | 3428 | 862759  |
| Wynn Resorts Ltd. | 15722 | 2016661  |
| YETI Holdings, Inc.<sup>(a)</sup> | 45251 | 1501428  |
|  |  | 16659511  |
| **Consumer, Non-cyclical - 16.8%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 64120 | 939999  |
| BellRing Brands, Inc.<sup>(a)</sup> | 16042 | 583127  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 12648 | 1373193  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 46540 | 916838  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 24621 | 1415461  |
| Convatec Group PLC - ADR | 70729 | 889488  |
| elf Beauty, Inc.<sup>(a)</sup> | 10214 | 1353151  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 29023 | 1662147  |
| Guardant Health, Inc.<sup>(a)</sup> | 31286 | 1954749  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 31483 | 2308963  |
| HealthEquity, Inc.<sup>(a)</sup> | 15023 | 1423730  |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 36156 | 2365326  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 10399 | 1788524  |
| Natera, Inc.<sup>(a)</sup> | 9560 | 1538873  |
| Penumbra, Inc.<sup>(a)</sup> | 6204 | 1571597  |
| RadNet, Inc.<sup>(a)</sup> | 21354 | 1627388  |
| Remitly Global, Inc.<sup>(a)</sup> | 53276 | 868399  |
| RxSight, Inc.<sup>(a)</sup> | 74406 | 668910  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 10516 | 1144141  |
| Stride, Inc.<sup>(a)</sup> | 10526 | 1567743  |
| Verra Mobility Corp.<sup>(a)</sup> | 63073 | 1557903  |
|  |  | 29519650  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Energy - 1.2%**<br>|  |  |
| TechnipFMC PLC | 51528 | $2032780  |
| **Financial - 3.7%**<br>|  |  |
| Goosehead Insurance, Inc. - Class A | 14184 | 1055573  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 8518 | 994477  |
| Piper Sandler Cos. | 4150 | 1440009  |
| StoneX Group, Inc.<sup>(a)</sup> | 12460 | 1257463  |
| Wintrust Financial Corp. | 13742 | 1819990  |
|  |  | 6567512  |
| **Industrial - 12.3%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 15008 | 2081610  |
| AeroVironment, Inc.<sup>(a)</sup> | 6646 | 2092759  |
| BWX Technologies, Inc. | 9815 | 1809591  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 10509 | 997094  |
| Coherent Corp.<sup>(a)</sup> | 18800 | 2025136  |
| Embraer SA - ADR | 22402 | 1354201  |
| ESCO Technologies, Inc. | 5265 | 1111494  |
| Knife River Corp.<sup>(a)</sup> | 16148 | 1241297  |
| Mercury Systems, Inc.<sup>(a)</sup> | 20387 | 1577954  |
| Oshkosh Corp. | 10477 | 1358867  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 5037 | 1710968  |
| Tetra Tech, Inc. | 42224 | 1409437  |
| Watts Water Technologies, Inc. - Class A | 5343 | 1492193  |
| Zurn Elkay Water Solutions Corp. | 26574 | 1249775  |
|  |  | 21512376  |
| **Technology - 8.9%**<br>|  |  |
| Bentley Systems, Inc. - Class B | 26190 | 1348261  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 11524 | 1443842  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 53649 | 966755  |
| CyberArk Software Ltd.<sup>(a)</sup> | 2087 | 1008334  |
| Dynatrace, Inc.<sup>(a)</sup> | 29371 | 1423025  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 34475 | 1554133  |
| Global-e Online Ltd.<sup>(a)</sup> | 32007 | 1144570  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 7176 | 1167607  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 14715 | 1094649  |
| ON Semiconductor Corp.<sup>(a)</sup> | 27757 | 1368698  |
| PAR Technology Corp.<sup>(a)</sup> | 21392 | 846695  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 14750 | 1236197  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 8298 | 1088117  |
|  |  | 15690883  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $98,937,168)** |  | 106035673  |
| **INVESTMENT COMPANIES - 34.6%**<br>|  |  |
|  Communication Services Select Sector SPDR Fund | 298 | 35274  |
|  Consumer Discretionary Select Sector SPDR Trust | 69 | 16535  |
| Dimensional US Core Equity 2 ETF | 500 | 19285  |
|  First Trust Dow Jones Select Microcap Index Fund | 1400 | 106050  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FundX Future Fund Opportunities ETF** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - (Continued)**  | **INVESTMENT COMPANIES - (Continued)**  | **INVESTMENT COMPANIES - (Continued)**  |
|  Global X US Infrastructure Development ETF | 874 | $41629  |
| Health Care Select Sector SPDR Fund<sup>(b)</sup> | 36 | 5010  |
| Invesco Aerospace & Defense ETF | 16 | 2487  |
| &nbsp;&nbsp;&nbsp; Invesco Next Gen Media and Gaming <br>ETF | 250 | 16088  |
| Invesco QQQ Trust Series 1 | 1441 | 865133  |
| Invesco RAFI US 1500 Small-Mid ETF | 1350 | 61317  |
| Invesco S&P 500 Low Volatility ETF | 236 | 17341  |
|  Invesco S&P SmallCap 600 Pure Value ETF | 228 | 26913  |
| Invesco Semiconductors ETF | 510 | 35865  |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets <br>ETF | 144 | 9492  |
| iShares Core S&P 500 ETF | 344 | 230239  |
| iShares Core S&P Mid-Cap ETF | 8799 | 574223  |
| iShares Core S&P Small-Cap ETF | 31894 | 3789964  |
|  iShares Core S&P Total U.S. Stock Market ETF | 123 | 17915  |
|  iShares Dow Jones Select Dividend Index Fund | 80 | 11368  |
| iShares Micro-Cap ETF | 2377 | 354387  |
| iShares MSCI EAFE ETF | 2151 | 200839  |
| iShares MSCI EAFE Growth ETF | 4128 | 470097  |
| iShares MSCI EAFE Small-Cap ETF | 27273 | 2092385  |
| iShares Russell 1000 Growth ETF | 1102 | 516188  |
| iShares Russell 1000 Value ETF | 84 | 17102  |
| iShares Russell 2000 Growth ETF<sup>(b)</sup> | 18311 | 5860252  |
| iShares Russell 2000 Value ETF<sup>(b)</sup> | 14605 | 3015623  |
| iShares Russell 3000 ETF | 10 | 3789  |
| iShares Russell Mid-Cap ETF | 3286 | 317263  |
|  iShares Russell Midcap Growth Index Fund<sup>(b)</sup> | 99049 | 14105568  |
| iShares Russell Mid-Cap Value ETF | 27975 | 3907268  |
| iShares S&P 500 Value ETF | 80 | 16521  |
| iShares S&P Mid-Cap 400 Growth ETF | 15914 | 1525993  |
| iShares S&P Mid-Cap 400 Value ETF | 19662 | 2550555  |
| iShares S&P Small-Cap 600 Growth ETF | 64211 | 9085857  |
| iShares S&P Small-Cap 600 Value ETF | 8787 | 971754  |
| iShares U.S. Aerospace & Defense ETF | 55 | 11509  |
| iShares U.S. Home Construction ETF | 1479 | 158623  |
| iShares U.S. Pharmaceuticals ETF | 135 | 9796  |
|  iShares U.S. Tech Breakthrough Multisector ETF | 136 | 8209  |
| One Global ETF<sup>(a)</sup> | 130 | 3882  |
| Schwab International Equity ETF | 1489 | 34664  |
|  Schwab International Small-Cap Equity ETF | 20633 | 939008  |
| Schwab U.S. Large-Cap Growth ETF | 8813 | 281223  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Schwab U.S. Large-Cap Value ETF | 119 | $3464  |
| Schwab U.S. Mid-Cap ETF | 5905 | 175024  |
| Schwab US Small-Cap ETF | 6290 | 175491  |
| SPDR Gold Trust<sup>(a)</sup> | 85 | 30215  |
|  SPDR Portfolio Developed World ex-US ETF | 1200 | 51348  |
| SPDR Portfolio S&P 500 Growth ETF | 2810 | 293673  |
| SPDR Portfolio S&P 500 Value ETF | 365 | 20195  |
| SPDR S&P 400 Mid Cap Value ETF | 800 | 66728  |
| SPDR S&P 400 Mid CapGrowth ETF | 1161 | 106301  |
| SPDR S&P 500 ETF Trust | 572 | 381055  |
|  SPDR S&P 600 Small Cap Growth ETF<sup>(b)</sup> | 3432 | 323672  |
| SPDR S&P 600 Small CapValue ETF | 946 | 83863  |
| SPDR S&P Aerospace & Defense ETF | 217 | 50986  |
| &nbsp;&nbsp;&nbsp; SPDR S&P International Small Cap <br>ETF | 1545 | 62078  |
| SPDR S&P MidCap 400 ETF Trust | 961 | 572785  |
| Technology Select Sector SPDR Trust | 220 | 62009  |
| VanEck Morningstar Wide Moat ETF | 291 | 28841  |
| Vanguard Energy ETF | 68 | 8558  |
| Vanguard ESG US Stock ETF | 56 | 6633  |
| Vanguard Growth ETF | 900 | 431649  |
| Vanguard Information Technology ETF | 12 | 8960  |
| Vanguard Large-Cap ETF | 43 | 13238  |
| Vanguard Mid-Cap ETF | 189 | 55517  |
| Vanguard Small-Cap ETF | 241 | 61282  |
| Vanguard Total Stock Market ETF | 725 | 237923  |
| Vanguard Value ETF<sup>(b)</sup> | 27 | 5035  |
|  WisdomTree International Quality Dividend Growth Fund | 101507 | 4048100  |
|  WisdomTree International SmallCap Dividend Fund | 700 | 55657  |
|  WisdomTree U.S. Quality Dividend Growth Fund | 8891 | 790943  |
| WisdomTree US SmallCap Fund | 1078 | 60228  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $33,377,746)** |  | 60611934 |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(c)</sup> | 23840879 | 23840879  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $23,840,879)** |  | 23840879  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FundX Future Fund Opportunities ETF** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 5.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 8932469 | $8932469  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,932,469)** |  | 8932469  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.7%** <br>**(Cost $165,088,262)** |  | 199420955  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.7)% |  | (23995500)  |
| **TOTAL NET ASSETS - 100.0%** |  | $175425455 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $23,226,330.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive** <br>**ETF** | **FundX** <br>**Conservative** <br>**ETF** | **FundX ETF** | **FundX** <br>**Flexible** <br>**ETF** | **FundX** <br>**Future Fund** <br>**Opportunities** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $33859734 | $59016467 | $168647862 | $57655979 | $199420955  |
| Dividends receivable | 4387 | 6544 | 33156 | 1954 | 34124  |
| Security lending income receivable | 2766 | 1092 | 3579 | 275 | 8096  |
| Prepaid expenses and other assets | 231 |  | 319 |  | 8  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 33867118 | 59024103 | 168684916 | 57658208 | 199463183  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 4950994 | 6968840 |  | 5494060 | 23840879  |
| Payable to adviser | 23103 | 42985 | 138566 | 29926 | 114040  |
| Audit Fees | —  |  | —  | —  | 25000 |
| Directors Fees | —  | —  | —  | —  | 13900 |
| Legal Fees |  |  | —  | —  | 14365 |
|  Payable for expenses and other liabilities |  |  |  |  | 29544  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4974097 | 7011825 | 138566 | 5523986 | 24037728  |
| **NET ASSETS** | $28893021 | $52012278 | $168546350 | $52134222 | $175425455  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $24967599 | $48152067 | $143356980 | $62690484 | $138707341  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated <br>losses) | 3925422 | 3860211 | 25189370 | (10556262) | 36718114  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $28893021 | $52012278 | $168546350 | $52134222 | $175425455  |
| Net assets | $28893021 | $52012278 | $168546350 | $52134222 | $175425455  |
| Shares issued and outstanding<sup>(a)</sup> | 368977 | 1120823 | 2152140 | 2134059 | 6385000  |
| Net asset value per share | $78.31 | $46.41 | $78.32 | $24.43 | $27.47  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $27719576 | $50845067 | $126858854 | $56130889 | $165088262  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $4864372 | $6839960 | $— | $5378710 | $23226330 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive** <br>**ETF** | **FundX** <br>**Conservative** <br>**ETF** | **FundX ETF** | **FundX** <br>**Flexible** <br>**ETF** | **FundX** <br>**Future Fund** <br>**Opportunities** <br>**ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $437813 | $1825877 | $2386464 | $3405594 | $458989  |
| Less: Dividend withholding taxes |  |  |  |  | (3586)  |
| Securities lending income | 4913 | 2757 | 11385 | 721 | 14272  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 442726 | 1828634 | 2397849 | 3406315 | 469675  |
| **EXPENSES:** <br>|  |  |  |  |  |
| Investment advisory fee | 283461 | 543017 | 1657736 | 399585 | 356193  |
|  Fund administration and accounting fees |  |  |  |  | 14130  |
| Transfer agent fees |  |  |  |  | 6056  |
| Custodian fees |  |  |  |  | 4479  |
| Legal fees |  |  |  |  | 14365  |
| Audit fees |  |  |  |  | 25000  |
| Reports to shareholders |  |  |  |  | 3421  |
| Trustees' fees |  |  |  |  | 13900  |
| Federal and state registration fees |  |  |  |  | 5103  |
| Other expenses and fees |  |  |  |  | 6904  |
| &nbsp;&nbsp;&nbsp; Total expenses | 283461 | 543017 | 1657736 | 399585 | 449551  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  |  |  |  | (9140)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 283461 | 543017 | 1657736 | 399585 | 440411  |
| **Net investment income** | 159265 | 1285617 | 740113 | 3006730 | 29264  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1195970 | 338676 | 1111423 | (2184586) | 2356157  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2877001 | 4614818 | 22283246 | 190178 | —  |
| Net realized gain (loss) | 4072971 | 4953494 | 23394669 | (1994408) | 2356157  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (532519) | (2024457) | (1289747) | (1138697) | 11517845<sup>(b)</sup>  |
|  Net change in unrealized appreciation (depreciation) | (532519) | (2024457) | (1289747) | (1138697) | 11517845  |
|  **Net realized and unrealized gain (loss)** | 3540452 | 2929037 | 22104922 | (3133105) | 13874002  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3699717 | $4214654 | $22845035 | $(126375) | $13903266 |

---

<sup>(a)</sup> Inception date of the Fund was June 9, 2025.

<sup>(b)</sup> Change in unrealized appreciation (depreciation) does not include net unrealized appreciation (depreciation) of $22,814,848 in connection with securities received in connection with the 351 exchange, See Note 1 in the Notes to Financial Statements. 

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FundX Aggressive ETF** | **FundX Aggressive ETF** | **FundX Conservative ETF**  | **FundX Conservative ETF**  |
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $159265 | $(28885) | $1285617 | $1071442  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4072971 | 1468514 | 4953494 | 1465514  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (532519) | 5684656 | (2024457) | 9968948  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3699717 | 7124285 | 4214654 | 12505904  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (25541) | (283737) | (928977) | (921701)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (25541) | (283737) | (928977) | (921701)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6157916 | 5173630 | 10819598 | 200  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10317892) | (5855246) | (19132559) | (12170860)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4159976) | (681616) | (8312961) | (12170660)  |
| **Net increase (decrease) in net assets** | (485800) | 6158932 | (5027284) | (586457)  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 29378821 | 23219889 | 57039562 | 57626019  |
| &nbsp;&nbsp;&nbsp; End of the year | $28893021 | $29378821 | $52012278 | $57039562  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 90000 | 80000 | 260000 | 6  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (150000) | (100000) | (450000) | (312799)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (60000) | (20000) | (190000) | (312793) |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FundX ETF** | **FundX ETF** | **FundX Flexible ETF**  | **FundX Flexible ETF**  |
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $740113 | $(341680) | $3006730 | $2721285  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23394669 | 11610056 | (1994408) | (541717)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1289747) | 37504332 | (1138697) | 3678917  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 22845035 | 48772708 | (126375) | 5858485  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (1344839) | (2686733) | (2315737)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1344839) | (2686733) | (2315737)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 47675706 | 27679162 | 4636476 | 7461462  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (69310093) | (42591661) | (13493311) | (6115726)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (21634387) | (14912499) | (8856835) | 1345736  |
| **Net increase (decrease) in net assets** | 1210648 | 32515370 | (11669943) | 4888483  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 167335702 | 134820332 | 63804165 | 58915682  |
| &nbsp;&nbsp;&nbsp; End of the year | $168546350 | $167335702 | $52134222 | $63804165  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 730000 | 440000 | 190000 | 310008  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1040000) | (710000) | (560000) | (252944)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (310000) | (270000) | (370000) | 57064 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | |
|:---|:---|
|  | **FundX Future Fund** <br>**Opportunities ETF**  |
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $29264  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2356157  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11517845  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 13903266  |
| **CAPITAL TRANSACTIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 105329595  |
| &nbsp;&nbsp;&nbsp; Shares issued in connection with the 351 exchange | &nbsp;&nbsp; 56192594  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 161522189  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 175425455  |
| **NET ASSETS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $175425455  |
| **SHARES TRANSACTIONS** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 4150000  |
| &nbsp;&nbsp;&nbsp; Shares issued in connection with in-kind contribution | &nbsp;&nbsp; 2235000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 6385000 |

---

<sup>(a)</sup> Inception date of the Fund was June 9, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX AGGRESSIVE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $68.49 | $51.72 | $45.65 | $75.45 | $68.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)(f)</sup> | 0.40 | (0.07) | 0.16 | 0.42 | (0.26)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 9.48 | 17.53 | 6.64 | (9.45) | 7.99  |
| **Total from investment operations** | 9.88 | 17.46 | 6.80 | (9.03) | 7.73  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.06) | (0.69) | (0.73) |  | —  |
| Net realized gains |  |  |  | (20.77) | (1.05)  |
| **Total distributions** | (0.06) | (0.69) | (0.73) | (20.77) | (1.05)  |
| **Net asset value, end of year** | $78.31 | $68.49 | $51.72 | $45.65 | $75.45  |
| Total return | 14.44% | 34.03% | 14.95% | -18.55% | 11.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $28893 | $29379 | $23220 | $24719 | $36523  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | N/A<sup>(g)</sup> | N/A<sup>(g)</sup> | 1.06% | 1.48% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.01%<sup>(h)</sup> | 1.35%<sup>(h)</sup> | 1.35%<sup>(h)</sup>  |
|  Ratio of interest and credit expenses to average net assets | —% | —% | —% | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses | 1.00% | 1.00% | 1.01% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.56% | (0.11)% | 1.12%<sup>(i)</sup> | 0.68%<sup>(i)</sup> | (0.35)%<sup>(i)</sup>  |
| Portfolio turnover rate<sup>(e)</sup> | 134% | 74% | 184% | 223% | 184% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Ratios do not include the expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the fund invests. The ratio does not include net investment income of the investment companies in which the fund invests.

<sup>(g)</sup> The Fund reorganized into an unitary fee ETF on October 14, 2022 whereas no fees are waived and no expenses are absorbed. See Note 3 of the Notes to the Financial Statements.

<sup>(h)</sup> Including credits and expenses paid indirectly, the ratio of expenses to average net assets would have been 1.01%, 1.33%, and 1.34% for the years ended September 30, 2023, September 30, 2022, and September 30, 2021, respectively.

<sup>(i)</sup> Including credits for expenses paid indirectly, the ratio of net investment income (loss) to average net assets would have been 1.12%, 0.71%, and (0.33)% for the years ended September 30, 2023, September 30, 2022, and September 30, 2021, respectively. 

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX CONSERVATIVE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $43.51 | $35.49 | $35.02 | $47.79 | $41.43  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)(f)</sup> | 1.04 | 0.75 | 0.97 | 0.33 | (0.06)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.59 | 7.91 | 0.42 | (5.09) | 6.60  |
| **Total from investment operations** | 3.63 | 8.66 | 1.39 | (4.76) | 6.54  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.73) | (0.64) | (0.92) | (0.68) | (0.18)  |
| Net realized gains |  |  |  | (7.33) | —  |
| **Total distributions** | (0.73) | (0.64) | (0.92) | (8.01) | (0.18)  |
| **Net asset value, end of year** | $46.41 | $43.51 | $35.49 | $35.02 | $47.79  |
| Total return | 8.41% | 24.66% | 3.98% | -12.60% | 15.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $52012 | $57040 | $57626 | $67820 | $89627  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | N/A<sup>(g)</sup> | 1.04% | 1.49% | 1.35% | 1.31%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.01%<sup>(h)</sup> | 1.35%<sup>(h)</sup> | 1.35%<sup>(h)</sup> | 1.31%<sup>(h)</sup>  |
|  Ratio of interest and credit expenses to average net assets | —% | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses | 1.00% | 1.01% | 1.35% | 1.35% | 1.31%  |
|  Ratio of net investment income (loss) to average net assets | 2.37% | 1.88%<sup>(i)</sup> | 2.67%<sup>(i)</sup> | 0.76%<sup>(i)</sup> | (0.16)%<sup>(i)</sup>  |
| Portfolio turnover rate<sup>(e)</sup> | 84% | 84% | 219% | 144% | 84% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Ratios do not include the expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the fund invests. The ratio does not include net investment income of the investment companies in which the fund invests. 

<sup>(g)</sup> The Fund reorganized into an unitary fee ETF on October 6, 2023 whereas no fees are waived and no expenses are absorbed. See Note 3 of the Notes to the Financial Statements.

<sup>(h)</sup> Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.00%, 1.32%, 1.30%, and 1.28% for the years ended September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively.

<sup>(i)</sup> Including credits for expenses paid indirectly, the ratio of net investment income (loss) to average net assets would have been 1.89%, 2.70%, 0.81%, and (0.13)%, for the years ended September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively. 

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $67.96 | $49.35 | $45.31 | $79.01 | $66.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)(f)</sup> | 0.32 | (0.13) | 0.46 | 0.28 | (0.58)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 10.04 | 19.27 | 4.81 | (12.35) | 13.57  |
| **Total from investment operations** | 10.36 | 19.14 | 5.27 | (12.07) | 12.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income |  | (0.53) | (1.23) |  | —  |
| Net realized gains |  |  |  | (21.63) | (0.31)  |
| **Total distributions** |  | (0.53) | (1.23) | (21.63) | (0.31)  |
| **Net asset value, end of year** | $78.32 | $67.96 | $49.35 | $45.31 | $79.01  |
| Total return | 15.23% | 39.03% | 11.62% | -22.46% | 19.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $168546 | $167336 | $134820 | $140362 | $232170  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | N/A<sup>(g)</sup> | N/A<sup>(g)</sup> | 1.02% | 1.30% | 1.26%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.01%<sup>(h)</sup> | 1.30%<sup>(h)</sup> | 1.26%<sup>(h)</sup>  |
|  Ratio of interest and credit expenses to average net assets | —% | —% | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses | 1.00% | 1.00% | 1.01% | 1.30% | 1.26%  |
|  Ratio of net investment income (loss) to average net assets | 0.45% | (0.23)% | 0.93%<sup>(i)</sup> | 0.44%<sup>(i)</sup> | (0.77)%<sup>(i)</sup>  |
| Portfolio turnover rate<sup>(e)</sup> | 66% | 34% | 184% | 185% | 104% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Ratios do not include the expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the fund invests. The ratio does not include net investment income of the investment companies in which the fund invests.

<sup>(g)</sup> The Fund reorganized into an unitary fee ETF on October 14, 2022 whereas no fees are waived and no expenses are absorbed. See Note 3 of the Notes to the Financial Statements.

<sup>(h)</sup> Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.01%, 1.27%, and 1.24%, for the years ended September 30, 2023, September 30, 2022, and September 30, 2021, respectively.

<sup>(i)</sup> Including credits for expenses paid indirectly, the ratio of net investment income (loss) to average net assets would have been 0.93%, 0.47%, (0.76)% and (0.47)% for the years ended September 30, 2023, September 30, 2022, September 30, 2021 and September 30, 2020, respectively. (Note 3) 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX FLEXIBLE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.48 | $24.08 | $24.93 | $28.60 | $26.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)(f)</sup> | 1.28 | 1.10 | 0.71 | 0.68 | 0.60  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (1.24) | 1.28 | (0.41) | (3.71) | 1.70  |
| **Total from investment operations** | 0.04 | 2.38 | 0.30 | (3.03) | 2.30  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.09) | (0.98) | (1.15) | (0.64) | (0.62)  |
| **Total distributions** | (1.09) | (0.98) | (1.15) | (0.64) | (0.62)  |
| **Net asset value, end of year** | $24.43 | $25.48 | $24.08 | $24.93 | $28.60  |
| Total return | 0.24% | 10.10% | 1.18% | -10.85% | 8.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $52134 | $63804 | $58916 | $67383 | $90128  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | N/A<sup>(g)</sup> | 0.74% | 1.18% | 1.03% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70% | 0.70%<sup>(h)</sup> | 0.99%<sup>(h)</sup> | 0.99%<sup>(h)</sup> | 0.99%<sup>(h)</sup>  |
|  Ratio of interest and credit expenses to average net assets | —% | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses | 0.70% | 0.70% | 0.99% | 0.99% | 0.99%  |
|  Ratio of net investment income (loss) to average net assets | 5.27% | 4.50%<sup>(i)</sup> | 2.88%<sup>(i)</sup> | 2.41%<sup>(i)</sup> | 2.11%<sup>(i)</sup>  |
| Portfolio turnover rate<sup>(e)</sup> | 133% | 164% | 209% | 158% | 73% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Ratios do not include the expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the fund invests. The ratio does not include net investment income of the investment companies in which the fund invests.

<sup>(g)</sup> The Fund reorganized into an unitary fee ETF on October 6, 2023 whereas no fees are waived and no expenses are absorbed. See Note 3 of the Notes to the Financial Statements.

<sup>(h)</sup> Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 0.70%, 0.96%, 0.91%, and 0.96%, for the years ended September 30, 2024, September 30, 2023, September 30, 2022, September 30, 2021, respectively.

<sup>(i)</sup> Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 4.51%, 2.91%, 2.49%, and 2.13%, for the years ended September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX FUTURE FUND OPPORTUNITIES ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.14  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)(h)</sup> | 0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.32  |
| **Total from investment operations** | 2.33  |
| Net asset value, end of period | &nbsp;&nbsp; $27.47  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 9.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $175425  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.07%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was June 9, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the fund invests. The ratio does not include net investment income of the investment companies in which the fund invests. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

FundX Investment Trust (the "Trust") was organized as a Delaware business trust on March 12, 2014, and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Funds comprising the Trust consist of FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF, (each, a "Fund", and collectively, the "Funds"). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The Funds were organized to serve as Successor Funds to certain predecessor mutual funds that were previously part of another investment company, Professionally Managed Portfolios, which were advised by the FundX Investment Group, LLC (the "Former Advisor") and were merged with and into the Successor Funds as part of a reorganization transaction that became effective on August 4, 2014. The Future Fund LLC (the "Sub-Advisor") serves as investment Sub-Advisor for the FundX Future Fund Opportunities ETF.

The FundX ETF commenced operations on November 1, 2001. The FundX Aggressive ETF, FundX Conservative ETF and FundX Flexible ETF commenced operations on July 1, 2002. The FundX Future Fund Opportunities ETF commenced operations on June 9, 2025. As part of the FundX Future Fund Opportunities ETF's commencement of operations, the Fund received an in-kind contribution from accounts managed by the Sub-Advisor, which consisted of $56,192,594 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of June 9, 2025, was $33,377,746, resulting in net unrealized appreciation on investments of $22,814,848 as of that date. As a result of the in-kind contribution, the Fund issued 2,235,000 shares at a $25.14 per share net asset value.

The investment objective of the FundX Aggressive ETF and the FundX ETF is to maximize capital appreciation over the long term without regard to income. The investment objective of the FundX Conservative ETF is to obtain capital appreciation over the long term while at times providing a low level of current income to reduce portfolio volatility. The investment objective of the FundX Flexible ETF is to generate total return, which is capital appreciation plus current income. The investment objective of the FundX Future Fund Opportunities ETF is to provide capital appreciation.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* Investments in open-end mutual funds are valued at their respective NAVs on the valuation date. Security valuations for the Funds'
 investments in investment companies are furnished by an independent pricing service that has been approved by the Funds' Board of
 Trustees (the "Board"). All equity securities that are traded on a national securities exchange, except those listed on the
 NASDAQ Global Market<sup>®</sup> ("NASDAQ"), are valued at the last reported sale price on the exchange on which the
 security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP").
 If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked
 prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter
 market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked
 price will be used.

Short-term securities that have maturities of less than 60 days, at time of purchase, are valued at amortized cost, which when combined with accrued interest, approximates market value.

Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Advisor does not represent the security's fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations. As of September 30, 2025, the Funds did not hold fair valued securities.

The Funds may utilize various methods to measure the fair value of some of their investments. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

**FundX Aggressive ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $28562451 | $—  | $—  | $28562451  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 4950994  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 346289 |  |  | 346289  |
| **Total Investments** | $28908740 | $— | $— | $33859734 |

---

**FundX Conservative ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $51483348 | $—  | $—  | $51483348  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 6968840  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 564279 |  |  | 564279  |
| **Total Investments** | $52047627 | $— | $— | $59016467 |

---

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**FundX ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies  | $166884103  | $—  | $—  | $166884103  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 1763759  | —  | —  | 1763759  |
| **Total Investments**  | $168647862  | $—  | $—  | $168647862 |

---

**FundX Flexible ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $51526372 | $—  | $—  | $51526372  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5494060  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 635547 |  |  | 635547  |
| **Total Investments** | $52161919 | $— | $— | $57655979 |

---

**FundX Future Fund Opportunities ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $106035673 | $—  | $—  | $106035673  |
| &nbsp;&nbsp;&nbsp; Investment Companies | 60611934 |  |  | 60611934  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 23840879  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8932469 |  |  | 8932469  |
| **Total Investments** | $175580076 | $— | $— | $199420955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain investments that are measured at fair
 value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
 The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed
 in the Schedule of Investments.

Refer to the Schedules of Investments for further disaggregate of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds have elected to be taxed as "regulated investment companies" and intend to distribute substantially
 all taxable income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated
 investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

To avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the fiscal year ended September 30, 2025, no fund had any post October losses and any late year losses.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

At September 30, 2025, the Funds' most recent fiscal year end, the following Capital Loss Carryover were available and Capital Loss Carryover Utilized:

---

| | | | |
|:---|:---|:---|:---|
|  | **Infinite** <br>**Short-Term** | **Infinite** <br>**Long-Term** | **Capital Loss**<br>**Carryover Utilized**  |
| FundX Aggressive ETF | $(2369123) | $— | &nbsp;&nbsp;&nbsp; $1200847  |
| FundX Conservative ETF | (4992811) |  | &nbsp;&nbsp;&nbsp; 391536  |
| FundX ETF | (17242363) |  | &nbsp;&nbsp;&nbsp; 1208811  |
| FundX Flexible ETF | (13787139) | (291025) | &nbsp;&nbsp;&nbsp; —  |
| FundX Future Fund Opportunities ETF |  |  | &nbsp;&nbsp;&nbsp; — |

---

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2022-2024, or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and California State; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized
 on sales of securities are determined on an identified cost basis. Discounts/premiums on debt securities purchased are accreted/amortized
 over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest
 income is recorded on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities for the Funds normally
 are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and
 expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and
 other assets, minus all liabilities by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds'
 shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading. The offering and
 redemption price per share for each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Reclassification of Capital Accounts.* GAAP requires that certain components of net assets relating to

permanent differences be reclassified between financial and tax reporting. These reclassifications have no

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

effect on net assets or net asset value per share. For the year ended September 30, 2025, the Funds' most recent fiscal year end, permanent differences, in book and tax accounting have been reclassified to paid-in capital and distributable earnings for the Funds as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive** <br>**ETF**  | **FundX** <br>**Conservative** <br>**ETF**  | **FundX** <br>**ETF**  | **FundX** <br>**Flexible** <br>**ETF**  | **FundX** <br>**Future Fund** <br>**Opportunities** <br>**ETF Fund**  |
| Paid-in Capital | $2877002  | $4601527  | $22283246  | $191058  | &nbsp;&nbsp; $—  |
| Distributable Earnings  | (2877002)  | (4601527)  | (22283246)  | (191058)  | &nbsp;&nbsp; — |

---

Reclassifications are primary due to the tax treatment of net operating losses and redemptions in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Fund of Funds.* Each Fund relies on Section 12(d)(1)(F) of the 1940 Act that permits each Fund to invest in unaffiliated funds subject to certain
 guidelines including that each Fund (together with its affiliated funds) may acquire no more than 3% of the outstanding voting securities
 of the unaffiliated fund. Generally, Section 12(d)(1) of the 1940 Act (and the rules thereunder) restricts investments by registered
 investment companies in securities of other registered investment companies, including the Underlying Funds. The acquisition of shares
 of the Underlying Funds by each Fund is therefore subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as may
 be permitted by any exemptive orders obtained by the Underlying Funds that permits registered investment companies such as each Fund to
 invest in the Underlying Fund beyond the limits of Section 12(d)(1), subject to certain terms and conditions, including that each Fund
 enter into an agreement with the Underlying Fund regarding the terms of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Share Transactions.* Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the shares may be different from their NAVs.
 The Funds issues and redeems shares on a continuous basis at NAV generally in blocks of 10,000 shares, called "Creation Units."
 Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally
 trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not
 redeemable securities of a Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized
 Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the
 Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in
 each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants
 nor have the resources to buy and sell whole Creation Units. Therefore, retail investors are unable to purchase or redeem the shares directly
 from a Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject
 to customary brokerage commissions or fees.

The Funds offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $300, payable to the custodian. In addition, a variable fee may be charged on all cash transactions, substitutes, non-standard orders, or partial cash purchases for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the transactions. Variable fees received by the Funds, if any, are displayed in the capital share transactions sections of the Statements of Change in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Subsequent Events.* In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or
 disclosure through the dates these financial statements were issued. The Funds have determined that there are no subsequent events that
 would need to be recognized or disclosed in the Fund's financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

The Trust has entered into Investment Advisory Agreements (the "Advisory Agreements") with the Advisor to furnish all investment advice, office space, certain administrative services and most of the personnel needed by the Funds. As compensation for its services, the Advisor receives a monthly fee at the annual rate of 1.00% on the first $500 million of average daily net assets, 0.90% on net assets of $500 million to $750 million and 0.80% on net assets of $750 million to $1 billion and 0.70% for assets over $1 billion for the FundX ETF, the FundX Aggressive ETF and the FundX Conservative ETF. For the FundX Flexible ETF, the Advisor receives a monthly fee at an annual rate of 0.70% based upon the average daily net assets of the Fund. For the FundX Future Fund Opportunities ETF, the Advisor receives a monthly fee at an annual rate of 0.80% based upon the average daily net assets of the Fund.

The Funds pay the Advisor a unitary management fee, except the FundX Future Fund Opportunities ETF, whereby the Advisor has agreed to pay all expenses of the Funds, except for (i) brokerage expenses and other fees incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith, (iii) extraordinary expenses, (iv) interest and taxes of any kind or nature, and (v) any fees and expense related to the provision of securities lending services.

For the year ended September 30, 2025, the FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF and FundX Future Fund Opportunities ETF incurred $283,461, $543,017, $1,657,736, $399,585 and $356,193 in investment advisory fees, respectively.

For the FundX Future Fund Opportunities ETF, The Advisor has contractually agreed to waive fees and/or reimburse operating expenses (other than taxes, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses such as litigation, Rule 12b-1 fees, or intermediary servicing fees) in order to limit the total annual fund operating expenses (after fee waivers and/or expense reimbursements) to 1.00% of average daily net assets for the Fund. This contractual limit may be referred to as the "Expense Cap." The Advisor may request recoupment from the Fund of previously waived fees and reimbursed expenses under the Expense Cap for three years from the date such fees and expenses were waived or paid, provided that such recoupment does not cause the Fund's expense ratio (after recoupment is taken into account) to exceed the lower of: (1) the Expense Cap in place at the time such amounts were waived or paid, or (2) the Fund's Expense Cap at the time of the recoupment. The Expense Cap will remain in effect through at least December 31, 2026 and may not be terminated prior to this date except with the approval of the Fund's Board of Trustees. As of the fiscal period ended September 30, 2025, the Future Fund Opportunities ETF the advisor is eligible to recoup $9,140.

The Advisor has retained The Future Fund LLC to serve as investment sub-advisor to the FundX Future Fund Opportunities ETF. The Sub-Advisor is responsible for monitoring the daily holdings and performance of the portfolio, making changes to the holdings, and rebalancing the holdings as necessary. For its services, the Sub-Advisor is paid a fee by the Advisor.

U.S. Bancorp Fund Services, LLC, dba U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly owned subsidiary of U.S. Bancorp, serves as the Funds' Administrator ("Administrator") and, in that capacity, performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds' fund accountant, transfer agent, dividend disbursing agent and registrar. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' expense accruals. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds. Fees paid by the Funds for Administration services for the year ended September 30, 2025 are disclosed in the Statements of Operations.

Quasar Distributors, LLC (the "Distributor") serves as the principal underwriter for shares of the Funds, and acts as each Fund's Distributor in a continuous public offering of each Fund's shares. U.S. Bank, N.A. ("U.S. Bank") serves as the Funds' custodian (the "Custodian"). The Custodian is an affiliate of the Administrator.

23<br>

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**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**NOTE 4 – SEGMENT REPORTING** 

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they operate as a single reportable segment.

The Funds' investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate their reporting requirements in accordance with applicable accounting standards.

**NOTE 5 – SECURITIES LENDING**

The FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF. Each Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of each Fund. The FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of September 30, 2025, the market value of the securities on loan and payable on collateral received for securities lending were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Market Value of** <br>**Securities on** <br>**Loan** | **Payable on** <br>**Collateral** <br>**Received** | **Percentage of Net** <br>**Assets of** <br>**Securities on Loan** |
| FundX Aggressive ETF | $4864372 | $4950994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.8% |
| FundX Conservative ETF | 6839960 | 6968840  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.2% |
| FundX ETF |  | —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| FundX Flexible ETF | 5378710 | 5494060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.3% |
| FundX Future Fund Opportunities ETF | 23226330 | 23840879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.2% |

---

The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year ended September 30, 2025, the FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF each loaned securities that were collateralized by

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**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund's Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund's portion of total cash collateral received. Securities lending income is disclosed in each Fund's Statement of Operations. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

The Funds are not subject to a master netting agreement with respect to each Fund's participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.

**NOTE 6 – PURCHASES AND SALES OF SECURITIES** 

The cost of purchases and proceeds from the sales of securities, excluding in-kind purchases and sales and short-term investments, for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| FundX Aggressive ETF | $37581032 | $37686586  |
| FundX Conservative ETF | 45353496 | 45401620  |
| FundX ETF | 108927473 | 109594267  |
| FundX Flexible ETF | 75308467 | 75521620  |
| FundX Future Fund Opportunities ETF | 3586440 | 11182477 |

---

For the year ended September 30, 2025, the cost of in-kind purchases and proceeds from in-kind redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| FundX Aggressive ETF | $6122635 | $10287453  |
| FundX Conservative ETF | 10757737 | 19007346  |
| FundX ETF | 47525060 | 69079462  |
| FundX Flexible ETF | 4590999 | 13310922  |
| FundX Future Fund Opportunities ETF | 104177047 |  |

---

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the year ended September 30, 2025 and the year ended September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2025** | **2024**  | **2024**  |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gain\*** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gain\***  |
| FundX Aggressive ETF | $25541 | &nbsp;&nbsp; $— | $283737 | &nbsp;&nbsp; $—  |
| FundX Conservative ETF | 928977 | &nbsp;&nbsp; — | 921701 | &nbsp;&nbsp; —  |
| FundX ETF |  | &nbsp;&nbsp; — | 1344839 | &nbsp;&nbsp; —  |
| FundX Flexible ETF | 2686733 | &nbsp;&nbsp; — | 2315738 | &nbsp;&nbsp; —  |
| FundX Future Fund Opportunities ETF |  | &nbsp;&nbsp; — | N/A | &nbsp;&nbsp; N/A |

---

<sup>\*</sup> Designated as long-term capital gain divided, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended September 30, 2025. 

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

As of September 30, 2025, the Funds' most recent fiscal year end, components of distributable earnings/ (accumulated losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive** <br>**ETF**  | **FundX** <br>**Conservative** <br>**ETF**  | **FundX** <br>**ETF**  |
| Investments, at cost  | $27724454 | $50884636  | $126956242 |
| Gross tax unrealized appreciation | 6140158 | 8199856  | 41789008 |
| Gross tax unrealized depreciation | (4878) | (60025)  | (97388) |
| Net tax unrealized appreciation (depreciation) | 6135280 | 8131831  | 41691620 |
| Undistributed ordinary income | 159265 | 721191  | 740113 |
| Undistributed long-term capital gain |  | —  |  |
| Total distributable earnings  | 159265 | 721191  | 740113 |
| Other accumulated loss | (2369123) | (4992811)  | (17242363) |
| Total distributable earnings/(accumulated losses)  | $3925422 | $3860211 | $25189370 |

---

---

| | | |
|:---|:---|:---|
|  | **FundX** <br>**Flexible** <br>**ETF** | **FundX** <br>**Future Fund** <br>**Opportunities** <br>**ETF**  |
| Investments, at cost | $56148281 | $165098097  |
| Gross tax unrealized appreciation  | 1586213 | 40282391  |
| Gross tax unrealized depreciation  | (78515) | (5959533)  |
| Net tax unrealized appreciation (depreciation)  | 1507698 | 34322858  |
| Undistributed ordinary income  | 2014204 | 2395256  |
| Undistributed long-term capital gain |  | —  |
| Total distributable earnings | 2014204 | 2395256  |
| Other accumulated loss  | (14078164) | —  |
| Total distributable earnings/(accumulated losses) | $(10556262) | $36718114 |

---

Differences between book-basis and tax-basis unrealized appreciation is attributable to wash sale deferrals.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and Board of Trustees** 

**of FundX Investment Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF, and FundX Future Fund Opportunities ETF (the "Funds"), each a series of FundX Investment Trust (the "Trust"), including the schedules of investments, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting FundX Investment Trust**  | **Statement of** <br>**operations** | **Statements of** <br>**changes in net assets** | **Financial highlights** |
| FundX Aggressive ETF, FundX Conservative ETF, FundX ETF, FundX Flexible ETF | For the year ended <br>September 30, 2025. | For each of the two years in the period ended September 30, 2025. | For each of the five years in the period ended September 30, 2025. |
| FundX Future Fund Opportunities ETF | For the period June 9, 2025 (commencement of operations) through September 30, 2025. | For the period June 9, 2025 (commencement of operations) through September 30, 2025. | For the period June 9, 2025 (commencement of operations) through September 30, 2025. |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

![](efp18633_triatsign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**November 24, 2025**

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**ADDITIONAL INFORMATION (Unaudited)** 

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS** 

The Funds' Semiannual and Annual Reports include a complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year.

The Funds file their complete schedule of portfolio investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for periods prior to March 31, 2020, on Form N-Q. The Funds' Form N-Q or Part F of Form N-PORT are available on the SEC's website at www.sec.gov and maybe reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

**FEDERAL TAX INFORMATION** 

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| FundX Aggressive ETF | 100.00%  |
| FundX Conservative ETF | 29.53%  |
| FundX ETF | 0.00%  |
| FundX Flexible ETF | 1.82%  |
| FundX Future Fund Opportunities ETF | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| FundX Aggressive ETF | 100.00%  |
| FundX Conservative ETF | 14.59%  |
| FundX ETF | 0.00%  |
| FundX Flexible ETF | 2.21%  |
| FundX Future Fund Opportunities ETF | 0.00% |

---

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for each Fund was as follows:

---

| | |
|:---|:---|
| FundX Aggressive ETF | 0.00%  |
| FundX Conservative ETF | 0.00%  |
| FundX ETF | 0.00%  |
| FundX Flexible ETF | 0.00%  |
| FundX Future Fund Opportunities ETF | 0.00% |

---

**INFORMATION ABOUT THE FUNDS' TRUSTEES** 

The Statement of Additional Information ("SAI") includes additional information about the Funds' Trustees and is available without charge, upon request, by calling (866) 455-FUND [3863]. Furthermore, you can obtain the SAI on the SEC's website at www.sec.gov or the Funds' website at www.fundxfunds.com.

**PRIVACY NOTICE** 

The Funds collect non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive about you on applications
 or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or
 others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder's authorization, except as permitted by law or in response to inquiries from governmental authorities. We

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDX INVESTMENT TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

![](fund_backcover.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ![](fund_backcover2.jpg)<br>| Symbol | CUSIP |
| **FundX Aggressive ETF** | **XNAV** | **360876882** |
| **FundX Conservative ETF** | **XRLX** | **360876874** |
| **FundX ETF** | **XCOR** | **360876809** |
| **FundX Flexible ETF** | **XFLX** | **360876866**  |
| **FundX Future Fund Opportunities ETF** | **FFOX** | **360876841** |

---

This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or

accompanied by a current prospectus.

------

**[**TABLE OF CONTENTS**](#TOC)**

**Contact Us:** 

For more about our funds and strategies: 800-763-8639

www.FundXETFs.com

**Advisor** 

**One Capital Management, LLC** 

**13075 Townsgate Road, Suite 350** 

**Westlake Village, California 91361** 

**Distributor** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100,** 

**Portland, ME 04101** 

**Transfer Agent** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**Custodian** 

**U.S. Bank, N.A. Custody Operations** 

**1555 N. RiverCenter Drive, Suite 302** 

**Milwaukee, WI 53212** 

**Independent Registered** 

**Public Accounting Firm** 

**Tait, Weller & Baker LLP** 

**50 South 16th Street, Suite 2900** 

**Philadelphia, PA 19102** 

**Legal Counsel** 

**Cravath & Associates, LLC** 

**19809 Shady Brook Way** 

**Gaithersburg, MD 20879** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

During the period covered by this report, the Funds held special meetings of shareholders on December 23, 2024, and February 11, 2025. The following matters were submitted to a vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve an investment advisory agreement (the "New Advisory Agreement")
 between the Trust, on behalf of the Funds, and One Capital Management, LLC (the "Advisor").

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Meeting Date: | For: | Against: | Abstain: | Broker<br> Non-Vote: |
| FundX Aggressive ETF | 2/11/2025 | 189602 | 566 | 20369 |  |
| FundX Conservative ETF | 2/11/2025 | 648172 | 19929 | 16114 |  |
| FundX ETF | 2/11/2025 | 1236459 | 18079 | 42239 |  |
| FundX Flexible ETF | 12/23/2024 | 1980934 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To approve a "manager of managers" arrangement that would grant the Trust and
 the Advisor greater flexibility to change sub-advisory arrangements without shareholder approval, subject to prior approval by the Trust's
 Board of Trustees.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Meeting Date: | For: | Against: | Abstain: | Broker<br> Non-Vote: |
| FundX Aggressive ETF | 2/11/2025 | 187238 | 2930 | 20369 |  |
| FundX Conservative ETF | 2/11/2025 | 1215172 | 39365 | 42239 |  |
| FundX ETF | 2/11/2025 | 1215172 | 39365 | 42239 |  |
| FundX Flexible ETF | 12/23/2024 | 1980931 | 3 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To approve a change in the fundamental investment restriction regarding lending.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Meeting Date: | For: | Against: | Abstain: | Broker<br> Non-Vote: |
| FundX Aggressive ETF | 2/11/2025 | 187238 | 2930 | 20369 |  |
| FundX Conservative ETF | 2/11/2025 | 1220849 | 30521 | 45407 |  |
| FundX ETF | 2/11/2025 | 1220849 | 30521 | 45407 |  |
| FundX Flexible ETF | 12/23/2024 | 1979182 | 644 | 1108 |  |

---

There were no other matters submitted to a vote of shareholders during the period.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Approval of Advisory and Sub-Advisory Agreements / 15(c)***

***<u>Board Meeting – August 20, 2025</u>***

 **

At a Board Meeting held on August 20, 2025 (the "Regular Meeting"), for the purpose of reapproving the advisory agreement with respect to the FundX ETF, FundX Aggressive ETF, FundX Conservative ETF and FundX Flexible ETF (each a "Fund" and together the "Funds" the Board of Trustees (the "Board") of FundX Investment Trust (the "Trust"), by unanimous vote, including separate votes of those trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) ("Independent Trustees"), considered and reapproved the current investment advisory agreement ("Current Advisory Agreement") between One Capital Management, LLC ("OCM") and the Trust on behalf of the Funds for an additional one-year period ending August 29, 2026.

In connection with their deliberations related to the Advisory Agreement, the Board (with the advice from independent legal counsel) requested, and OCM provided, all relevant information deemed to be reasonably necessary to ensure that the Board and the Independent Trustees could gain a sufficiently detailed understanding of the services currently provided by OCM.

The Board considered a variety of factors in connection with its review of the Advisory Agreement, also taking into account information provided by OCM during the course of the year and as part of the investment advisory agreement consideration and review process. The following summarizes key factors considered:

The Board received and reviewed extensive information and documentation from OCM relating to the Funds, including information regarding investment personnel of OCM, historical performance and the resources of OCM. The Board reviewed and considered detailed information about the structure, operations, organization, personnel, and financial capabilities of OCM. Additionally, information and analysis previously provided by OCM over the course of their service to the Funds was considered in evaluating the reapproval of the Advisory Agreement. In preparation for the Meeting, the Board was provided with, and the Board reviewed and considered extensive information regarding the Funds, detailing the services provided by OCM to each of the Funds under the Advisory Agreement.

In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision to reapprove the Advisory Agreement, rather the Board based its determination on the aggregated information available to it, and each Trustee may have attributed different weights to the various factors and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In considering the nature, extent, and quality of the services to be provided by OCM, the Board considered
 the information it believed necessary to assess the stability and viability of OCM and to assess the ongoing nature and quality of services
 to be provided to the Funds. The Trustees considered the experience and capabilities of OCM's personnel providing services to the
 Funds. The Board reviewed details of the organizational structure of OCM, as well as the financial resources of OCM and their ability
 to service the Funds. The Board considered the enhancements and continued commitment to investing in the growth and stability of the Funds.

In addition, the Board took note of its comprehensive review of OCM, both at earlier meetings and the Regular Meeting, in connection with the annual approval of the Advisory Agreement. The Board considered OCM's specific responsibilities in all aspects of the day-to-day management of the Funds, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day activities of the Funds. The Board reviewed the services that OCM is obligated to provide to the Funds, noting to what degree those services extend beyond portfolio management. The Trustees also considered the compliance policies and procedures of OCM, including information regarding the structure and implementation of compliance programs, the responsibilities of chief compliance officers, and the maintenance of compliance records and disaster recovery/business continuity plans. The Board concluded that OCM may be reasonably expected to have sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to perform their duties under the Advisory Agreement, and that the nature, overall quality, and extent of the management services to be provided to the Funds may reasonably be expected to continue to be satisfactory.

Based on its review, within the context of its full deliberations, the Board concluded that OCM may be reasonably expected to continue to provide the same type and quality of services to the Funds, in particular noting the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In assessing the quality of the portfolio management and other services provided by OCM, the Board reviewed
 the performance of the Funds on both an absolute basis and in comparison, to their peer groups and relevant benchmark indices. The Board
 considered that the Funds had performed in-line relative to their peer groups medians/averages for the one-year and three-year periods
 as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** As part of its comprehensive review of the cost of OCM's services, the Board duly considered the structure
 and level of advisory fees payable by the Funds, including a comparison of those fees to fees charged by a peer group of funds prepared
 by Broadridge. The Board noted that the Advisory Agreement with respect to the Funds provides for a unitary fee schedule whereby OCM would
 absorb certain other expenses of the Funds. The Board considered that though the management fees charged by each Fund were above their
 respective peer group medians/averages, they were still reasonable. The Independent Trustees also considered the fees charged to the Funds
 in relation to the fees charged to OCM's private accounts. They noted that the fees charged to the Funds would not be in in excess
 of fees charged to OCM's private account clients. The management fees for the Funds were deemed to be reasonable when considered
 in relation to the additional work the investment advisor is required to perform for Funds' shareholder accounts, versus private
 accounts, in particular with respect to added regulatory compliance burdens, expanded disclosure requirements, record keeping and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In considering economies of scale the Board considered OCM's assertion that, based on the asset size
 of the Funds, economies of scale had not yet been achieved. The Board also considered that the Funds, with the exception of the FundX
 Flexible ETF, have breakpoints. The Board further considered that they would have the opportunity to periodically re-examine whether economies
 of scale have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Board reviewed the profitability of OCM in its capacity managing the Funds. The Board was presented with,
 and duly considered, representations as to OCM's financial condition, profitability and operations. In assessing OCM's profitability,
 the Trustees reviewed financial information that was provided and considered both the direct and indirect benefits that may be expected
 to accrue from managing the Funds. The Board concluded that OCM's profits from managing the Funds would not be excessive and after
 a review of the relevant financial information provided, concluded that OCM appeared to have adequate capitalization and may reasonably
 be expected to maintain adequate profit levels to support the Funds.

The Board concluded that the investment advisory fees charged by OCM are reasonable and acceptable, based on their consideration and review of the services to be performed and the fees for investment advisory services, in light of overall expense ratios and investment performance of comparable peer group funds, as discussed above.

The Board considered the Funds' portfolio turnover and brokerage commissions, in particular noting that no "soft dollar" arrangements are currently operative or contemplated and concluded that OCM would not be expected to unduly benefit from such arrangements or receive other "fall out" benefits related to Fund portfolio trading.

In making their decisions, the Board did not identify any one single factor as being controlling; rather the Board examined, weighted and balanced a combination of factors deemed relevant by the Board.

Based on their evaluation of all the material factors summarized above and assisted by the advice of independent legal counsel to the Independent Trustees, the Board, including all the Independent Trustees, concluded that the reapproval of the Advisory Agreement was in the best interests of each Fund and its shareholders.

***<u>Special Board Meeting – October 25, 2024</u>***

At a Special Board Meetings held on October 25, 2024 (the "Special Meeting"), for the purpose of approving a change in control of One Capital Management, LLC ("OCM"). The Board of Trustees (the "Board") of FundX Investment Trust (the "Trust"), by unanimous vote, including separate votes of those trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) ("Independent Trustees"), considered and approved a new advisory agreement ("New Advisory Agreement") between OCM and the Trust and a new sub-advisory agreement between OCM and The Future Funds ("Future Funds"), ("Sub-Advisory Agreement") on behalf of FundX Future Funds Opportunities ETF ("Opportunities ETF" or the "Fund"), for a two-year initial term starting on the commencement of operations. The Board noted that the Fund was still in registration with the Securities Exchange Commission (the "SEC") and had not yet commenced operations.

In connection with the Board's deliberations related to the New Advisory Agreement and the Sub-Advisory Agreement, the Board (with the advice from independent legal counsel) requested, and OCM and Future Funds provided, all relevant information deemed to be reasonably necessary to ensure that the Board and the Independent Trustees could gain a sufficiently detailed understanding of the services currently provided by OCM and those services contemplated to be provided by Future Funds. The New Advisory Agreement, together with the Sub-Advisory Agreement (the "Advisory Agreements").

The Board considered a variety of factors in connection with its review of the Advisory Agreements, also taking into account information provided by OCM during the course of the year and as part of the annual investment advisory agreement consideration and review process. The Board also considered the information provided by the Future Funds in response to an information request letter prepared by independent counsel on behalf of the Independent Trustees.. The following summarizes key factors considered:

The Board received and reviewed extensive information and documentation from OCM and Future Funds relating to the Funds, including information regarding investment personnel of both OCM and Future Funds, historical performance and the resources of OCM. The Board reviewed and considered detailed information about the structure, operations, organization, personnel, and financial capabilities of both OCM and Future Funds. Additionally, information and analysis previously provided by OCM over the course of their service to the Trusts other Funds was considered in evaluating the approval of the Advisory Agreements. In preparation for the Meeting, the Board was provided with, and the Board reviewed and considered extensive information regarding the Fund, detailing the services to be provided by OCM to the Fund under the Advisory Agreement and the services contemplated by Future Funds under the Sub-Advisory Agreement to the Fund.

In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision to approve the Advisory Agreements, rather the Board based its determination on the aggregated information available to it, and each Trustee may have attributed different weights to the various factors and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In considering the nature, extent, and quality of the services to be provided by OCM and Future Funds, the
 Board considered the information it believed necessary to assess the stability and viability of both OCM and Future Funds. The Trustees
 considered the experience and capabilities of OCM's personnel providing services to the Funds as well as those services expected
 to be provided to the Fund. The Board reviewed details of the organizational structure of OCM, as well as the financial resources of OCM
 and their ability to service the Fund and to provide oversight of Future Funds as the Sub-Adviser to the Fund. The Board considered the
 enhancements and continued commitment to investing in the growth and stability of the Funds, generally, as well as the commitment to grow
 the Trust with the addition of the Fund.

In addition, the Board took note of its comprehensive review of OCM, both at earlier meetings and the Special Meeting, in connection with the approval of the Advisory Agreement with respect to the current operational Funds. The Board considered OCM's specific responsibilities in all aspects of the day-to-day management of the Funds, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day activities of the Funds. The Board reviewed the services that OCM is obligated to provide to the Fund, including supervision and oversight of Future Funds, noting to what degree those services extend beyond portfolio management. The Trustees also considered the compliance policies and procedures of both OCM and Future Funds, including information regarding the structure and implementation of compliance programs, the responsibilities of each chief compliance officer, and the maintenance of compliance records and disaster recovery/business continuity plans. The Board concluded that OCM and Future Funds may be reasonably expected to have sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to perform their duties under the Advisory Agreements.

Based on its review, within the context of its full deliberations, the Board concluded that OCM and Future Funds may be reasonably expected to provide the same type and quality of services to the Fund that OCM currently provides to the Funds, in particular noting the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In assessing the quality of the portfolio management and other services provided by OCM, the Board reviewed
 the performance of the Funds on both an absolute basis and in comparison, to their peer groups and relevant benchmark indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** As part of its comprehensive review of the cost of OCM's and Future Funds' services, the Board
 duly considered the structure and level of advisory fees payable by the Fund, including a comparison of those fees to fees charged by
 a peer group of funds prepared by Broadridge. The Board considered that though the management fees charged by the Fund were above its
 respective peer group medians/averages, they were still reasonable. The Independent Trustees also considered the fees charged to the Fund
 in relation to the fees charged to OCM's private accounts. They noted that the fees charged to the Fund would not be in in excess
 of fees charged to OCM's private account clients. The management fees for the Fund were deemed to be reasonable when considered
 in relation to the additional work the investment advisor is required to perform for Fund's shareholder accounts, versus private
 accounts, in particular with respect to added regulatory compliance burdens, expanded disclosure requirements, record keeping and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In considering economies of scale the Board considered that the Fund has breakpoints. The Board further considered
 that they would have the opportunity to periodically re-examine whether economies of scale have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Board reviewed the profitability of OCM, as well as Future Funds, in their capacity managing the Fund.
 The Board was presented with, and duly considered, representations as to OCM's and Future Funds' financial condition, profitability
 and operations. In assessing OCM's and Future Funds' profitability, the Trustees reviewed financial information that was provided
 and considered both the direct and indirect benefits that may be expected to accrue from managing the Fund. The Board concluded that OCM's
 and Future Funds profits from managing the Fund would not be excessive and after a review of the relevant financial information provided,
 concluded that both OCM and Future Funds appeared to have adequate capitalization and may reasonably be expected to maintain adequate
 profit levels to support the Fund.

The Board concluded that the investment advisory fees charged by OCM are reasonable and acceptable, based on their consideration and review of the services to be performed and the fees for investment advisory services, in light of overall expense ratios and investment performance of comparable peer group funds, as discussed above.

The Board considered the Fund's anticipated portfolio turnover and brokerage commissions, in particular noting that no "soft dollar" arrangements are currently operative or contemplated and concluded that OCM would not be expected to unduly benefit from such arrangements or receive other "fall out" benefits related to Fund portfolio trading.

In making their decisions, the Board did not identify any one single factor as being controlling; rather the Board examined, weighted and balanced a combination of factors deemed relevant by the Board.

Based on their evaluation of all the material factors summarized above and assisted by the advice of independent legal counsel to the Independent Trustees, the Board, including all the Independent Trustees, concluded that the approval of the Advisory Agreements was in the best interests of the Fund and its shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant's nominating committee charter does not contain any procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant's form N-CSR filed May 31, 2022.*](https://www.sec.gov/Archives/edgar/data/1602508/000089418922004091/coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](fit-efp18633_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange
 Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not
 previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment
 companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fit-efp18633_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) FundX
 Investment Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jeff Smith |
|  | Jeff Smith, Principal Executive Officer |

---

Date <u> 12/3/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jeff Smith |
|  | Jeff Smith, Principal Executive Officer |

---

Date <u> 12/3/25</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Sean McKeon |
|  | Sean McKeon, Principal Financial Officer |

---

Date <u> 12/3/25</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jeff Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of FundX Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/3/25 | /s/ Jeff Smith |
|  |  | Jeff Smith |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Sean McKeon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of FundX Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/3/25 | /s/ Sean McKeon |
|  |  | Sean McKeon |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the FundX Investment Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the FundX Investment Trust for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the FundX Investment Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jeff Smith | /s/ Sean McKeon |
| Jeff Smith | Sean McKeon |
| Principal Executive Officer,<br> FundX Investment Trust | Principal Financial Officer,<br> FundX Investment Trust |

---

Dated: <u>12/3/25</u> Dated: <u>12/3/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by FundX Investment Trust for purposes of Section 18 of the Securities Exchange Act of 1934.