# EDGAR Filing Document

**Accession Number:** 0001602508
**File Stem:** 0001133228-25-006154
**Filing Date:** 2025-6
**Character Count:** 94173
**Document Hash:** 1f5b991cfd57714a18efe70229614ab1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006154.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006154

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22951
- **FILM NUMBER:** 251029880

**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            |

?xml version='1.0' encoding='ASCII'? 2025-04-09192626_FundXETF_TF_TSRSemiAnnual

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 94101</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>March 31, 2025</u>**

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

(a) ---

| | |
|:---|:---|
| **FundX ETF**  | ![image](img001.jpg) |
| XCOR (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img001.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the FundX ETF for the period of October 1, 2024, to March 31, 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 LAST SIX MONTHS?** (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 | $49 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $152540035 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 27% |
| **30-Day SEC Yield** | -0.18% |
| **30-Day SEC Yield Unsubsidized** | -0.18% |

---

Visit https://fundxetfs.com/fundx-fundx-etf-xcor for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  iShares Russell Top 200 Growth ETF  | 12.1% |
|  Vanguard Growth ETF  | 12.0% |
|  iShares Russell 1000 Growth ETF  | 11.8% |
|  Invesco S&P 500r Top 50 ETF  | 11.7% |
|  Vanguard Russell 1000 Growth ETF  | 11.6% |
|  Invesco S&P 500 Momentum ETF  | 11.4% |
|  Vanguard Mega Cap Growth ETF  | 10.7% |
|  First Trust Morningstar Dividend Leaders Index Fund  | 9.6% |
|  iShares MSCI EAFE Value ETF  | 4.8% |
|  Vanguard S&P 500 Growth ETF  | 3.9% |

---

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(%)** |
|  Core Funds  | 99.5% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) |  |
| ![image](img002.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](img002.jpg) |  |

---

FundX ETF PAGE 1 TSR-SAR-360876809

------

**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-SAR-360876809

------

---

| | |
|:---|:---|
| **FundX Aggressive ETF**  | ![image](img001.jpg) |
| XNAV (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img001.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the FundX Aggressive ETF for the period of October 1, 2024, to March 31, 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 LAST SIX MONTHS?** (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 | $49 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26520055 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 61% |
| **30-Day SEC Yield** | -0.18% |
| **30-Day SEC Yield Unsubsidized** | -0.18% |

---

[EMPTY]

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  iShares Russell Top 200 Growth ETF  | 10.0% |
|  Vanguard Growth ETF  | 9.8% |
|  Vanguard Mega Cap Growth ETF  | 9.8% |
|  Schwab U.S. Large-Cap Growth ETF  | 8.9% |
|  Invesco KBW Bank ETF  | 8.2% |
|  iShares Expanded Tech Sector ETF  | 8.1% |
|  Invesco QQQ Trust Series 1  | 6.4% |
|  iShares China Large-Cap ETF  | 5.3% |
|  iShares U.S. Broker-Dealers & Securities Exchanges ETF  | 5.1% |
|  SPDR Gold Trust  | 4.6% |

---

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(%)** |
|  Core Funds  | 42.8% |
|  Sector Funds  | 35.5% |
|  Aggressive Funds  | 21.2% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) |  |
| ![image](img002.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](img002.jpg) |  |

---

FundX Aggressive ETF PAGE 1 TSR-SAR-360876882

------

**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-SAR-360876882

------

---

| | |
|:---|:---|
| **FundX Conservative ETF**  | ![image](img001.jpg) |
| XRLX (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img001.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the FundX Conservative ETF for the period of October 1, 2024, to March 31, 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 LAST SIX MONTHS?** (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 | $49 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51113646 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover** | 29% |
| **30-Day SEC Yield** | 2.54% |
| **30-Day SEC Yield Unsubsidized** | 2.54% |

---

Visit https://fundxetfs.com/fundx-fundx-conservative-etf-xrlx for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Invesco S&P 500 Momentum ETF  | 7.6% |
|  Vanguard Growth ETF  | 7.1% |
|  iShares Russell Top 200 Growth ETF  | 7.1% |
|  Vanguard Mega Cap Growth ETF  | 7.0% |
|  Invesco S&P 500 Top 50 ETF  | 6.5% |
|  iShares Russell 1000 Growth ETF  | 6.5% |
|  Vanguard Russell 1000 Growth ETF  | 6.0% |
|  iShares Core 60/40 Balanced Allocation ETF  | 5.4% |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 5.3% |
|  Global X S&P 500 Covered Call ETF  | 5.2% |

---

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(%)** |
|  Core Funds  | 50.8% |
|  Bond Funds  | 34.7% |
|  Total Return Funds  | 14.1% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) |  |
| ![image](img002.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](img002.jpg) |  |

---

FundX Conservative ETF PAGE 1 TSR-SAR-360876874

------

**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 2 TSR-SAR-360876874

------

---

| | |
|:---|:---|
| **FundX Flexible ETF**  | ![image](img001.jpg) |
| XFLX (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img001.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the FundX Flexible ETF for the period of October 1, 2024, to March 31, 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 LAST SIX MONTHS?** (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 | $35 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $55568521 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 43% |
| **30-Day SEC Yield** | 6.17% |
| **30-Day SEC Yield Unsubsidized** | 6.17% |

---

Visit https://fundxetfs.com/fundx-fundx-flexible-etf-xflx for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  SPDR Portfolio High Yield Bond ETF  | 12.4% |
|  SPDR Bloomberg High Yield Bond ETF  | 11.6% |
|  PIMCO 0-5 Year High Yield Corporate Bond Index ETF  | 10.8% |
|  iShares Core 60/40 Balanced Allocation ETF  | 10.5% |
|  First Trust Senior Loan ETF  | 10.0% |
|  Janus Henderson B-BBB CLO ETF  | 10.0% |
|  Global X S&P 500 Covered Call ETF  | 10.0% |
|  iShares Broad USD Investment Grade Corporate Bond ETF  | 8.2% |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 8.2% |
|  First Trust BuyWrite Income ETF  | 7.2% |

---

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(%)** |
|  High Yield Bond Funds  | 34.8% |
|  Total Return Funds  | 27.7% |
|  Floating Rate Bond Funds  | 20.1% |
|  Intermediate Term Bond Funds  | 16.4% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) |  |
| ![image](img002.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](img002.jpg) |  |

---

FundX Flexible ETF PAGE 1 TSR-SAR-360876866

------

**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-SAR-360876866

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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** 

Core Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <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) |
| [Statements of Assets and Liabilities](#sal) | [5](#sal) |
| [Statements of Operations](#sop) | [6](#sop) |
| [Statements of Changes in Net Assets](#scna) | [7](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to the Financial Statements](#notes) | [13](#notes) |

---

------

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

**FundX Aggressive ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.5%**<br>|  |  |
| **Aggressive Funds - 21.2%**<br>|  |  |
| Invesco QQQ Trust Series 1 | 3613 | $1694208  |
| &nbsp;&nbsp;&nbsp; iShares Currency Hedged MSCI <br>Eurozone ETF | 24500 | 954765  |
| &nbsp;&nbsp;&nbsp; iShares Russell Midcap Growth Index <br>Fund | 9000 | 1057410  |
|  Pacer US Large Cap Cash Cows Growth Leaders ETF | 31000 | 954490  |
| SPDR Euro Stoxx 50 ETF | 17500 | 952175  |
|  |  | 5613048  |
| **Core Funds - 42.8%**<br>|  |  |
| Invesco S&P 500 Momentum ETF | 12300 | 1138119  |
| iShares Russell Top 200 Growth ETF | 12513 | 2639492  |
| Schwab U.S. Large-Cap Growth ETF | 94064 | 2355363  |
| Vanguard Growth ETF | 7037 | 2609460  |
| Vanguard Mega Cap Growth ETF | 8411 | 2597990  |
|  |  | 11340424  |
| **Sector Funds - 35.5%**<br>|  |  |
| Invesco KBW Bank ETF | 34681 | 2176926  |
| iShares China Large-Cap ETF | 39300 | 1408512  |
| iShares Expanded Tech Sector ETF | 23710 | 2149786  |
| iShares MSCI Germany ETF | 30000 | 1112400  |
| &nbsp;&nbsp;&nbsp; iShares U.S. Broker-Dealers & <br>Securities Exchanges ETF | 9700 | 1359067  |
| SPDR Gold Trust<sup>(a)</sup> | 4200 | 1210188  |
|  |  | 9416879  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $22,856,331)** |  | 26370351  |
| **SHORT-TERM INVESTMENTS - 0.6%**<br>|  |  |
| **Money Market Funds - 0.6%**<br>|  |  |
|  Fidelity Investments Money Market Government Portfolio - Class Institutional, 4.23%<sup>(b)</sup> | 169776 | 169776  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $169,776)** |  | 169776  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $23,026,107)** |  | 26540127  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (20072)  |
| **TOTAL NET ASSETS - 100.0%** |  | $26520055 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

1<br>

------

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

**FundX Conservative ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.6%** | **INVESTMENT COMPANIES - 99.6%** |  |
| **Bond Funds - 34.7%**<br>|  |  |
| First Trust Senior Loan ETF | 54186 | $2473591  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 51650 | 2712658  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 45210 | 2309327  |
| Janus Henderson B-BBB CLO ETF | 51079 | 2486015  |
|  PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 27989 | 2621450  |
| SPDR Bloomberg High Yield Bond ETF | 26850 | 2558805  |
| SPDR Portfolio High Yield Bond ETF | 109791 | 2571305  |
|  |  | 17733151  |
| **Core Funds - 50.8%**<br>|  |  |
| Invesco S&P 500 Momentum ETF | 42026 | 3888666  |
| Invesco S&P 500 Top 50 ETF | 72744 | 3347679  |
| iShares MSCI EAFE Value ETF | 24700 | 1455818  |
| iShares Russell 1000 Growth ETF | 9255 | 3341888  |
| iShares Russell Top 200 Growth ETF | 17204 | 3629012  |
| Vanguard Growth ETF | 9795 | 3632182  |
| Vanguard Mega Cap Growth ETF | 11606 | 3584861  |
| Vanguard Russell 1000 Growth ETF | 32911 | 3053811  |
|  |  | 25933917  |
| **Total Return Funds - 14.1%**<br>|  |  |
| First Trust BuyWrite Income ETF | 83551 | 1826425  |
| Global X S&P 500 Covered Call ETF | 66972 | 2644724  |
|  iShares Core 60/40 Balanced Allocation ETF | 47848 | 2754610  |
|  |  | 7225759  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $45,314,167)** |  | 50892827  |
| **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  Fidelity Investments Money Market Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 265594 | 265594  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $265,594)** |  | 265594  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $45,579,761)** |  | 51158421  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (44775)  |
| **TOTAL NET ASSETS - 100.0%** |  | $51113646 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

2<br>

------

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

**FundX ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.5%**<br>|  |  |
| **Core Funds - 99.5%**<br>|  |  |
|  First Trust Morningstar Dividend Leaders Index Fund | 337055 | $14641669  |
| Invesco S&P 500 Momentum ETF | 188461 | 17438296  |
| Invesco S&P 500r Top 50 ETF | 387046 | 17811857  |
| iShares MSCI EAFE Value ETF | 125400 | 7391076  |
| iShares Russell 1000 Growth ETF | 49740 | 17960616  |
| iShares Russell Top 200 Growth ETF | 87440 | 18444594  |
| Vanguard Growth ETF | 49251 | 18263256  |
| Vanguard Mega Cap Growth ETF | 52664 | 16266856  |
| Vanguard Russell 1000 Growth ETF | 189978 | 17628059  |
| Vanguard S&P 500 Growth ETF | 17890 | 5983847  |
|  |  | 151830126  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $121,288,530)** |  | 151830126  |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |  |
| **Money Market Funds - 0.6%**<br>|  |  |
|  Fidelity Investments Money Market Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 842020 | 842020  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $842,020)** |  | 842020  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $122,130,550)** |  | 152672146  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (132111)  |
| **TOTAL NET ASSETS - 100.0%** |  | $152540035 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

3<br>

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

**FundX Flexible ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.0%**<br>|  |  |
| **Floating Rate Bond Funds - 20.1%**<br>|  |  |
| First Trust Senior Loan ETF | 122165 | $5576832  |
| Janus Henderson B-BBB CLO ETF | 114242 | 5560158  |
|  |  | 11136990  |
| **High Yield Bond Funds - 34.8%**<br>|  |  |
|  PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 64125 | 6005948  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond <br>ETF | 67520 | 6434656  |
| SPDR Portfolio High Yield Bond ETF | 294308 | 6892693  |
|  |  | 19333297  |
| **Intermediate Term Bond Funds - 16.4%**<br>|  |  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 86859 | 4561835  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 89527 | 4573039  |
|  |  | 9134874  |
| **Total Return Funds - 27.7%**<br>|  |  |
| First Trust BuyWrite Income ETF | 183480 | 4010873  |
| Global X S&P 500 Covered Call ETF | 140757 | 5558494  |
|  iShares Core 60/40 Balanced Allocation ETF | 101059 | 5817966  |
|  |  | 15387333  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $54,738,338)** |  | 54992494  |
| **SHORT-TERM INVESTMENTS - 1.1%** | **SHORT-TERM INVESTMENTS - 1.1%** |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  Fidelity Investments Money Market Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 608966 | 608966  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $608,966)** |  | 608966  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $55,347,304)** |  | 55601460  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (32939)  |
| **TOTAL NET ASSETS - 100.0%** |  | $55568521 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

4<br>

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

**FUNDX INVESTMENT TRUST** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive ETF** | **FundX** <br>**Conservative ETF** | **FundX ETF** | **FundX** <br>**Flexible ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | $26540127 | &nbsp;&nbsp; $51158421 | $152672146 | $55601460  |
| Dividends receivable | 2586 | &nbsp;&nbsp; — |  | —  |
| Interest receivable | 298 | &nbsp;&nbsp; 600 | 1936 | 1734  |
| Prepaid expenses and other assets | 231 | &nbsp;&nbsp; — | 320 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 26543242 | &nbsp;&nbsp; 51159021 | 152674402 | 55603194  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable to adviser | 23187 | &nbsp;&nbsp; 45375 | 134367 | 34673  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 23187 | &nbsp;&nbsp; 45375 | 134367 | 34673  |
| **NET ASSETS** | $26520055 | &nbsp;&nbsp; $51113646 | $152540035 | $55568521  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $24832749 | &nbsp;&nbsp; $48479822 | $133977308 | $66980192  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated <br>losses) | 1687306 | &nbsp;&nbsp; 2633824 | 18562727 | (11411671)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $26520055 | &nbsp;&nbsp; $51113646 | $152540035 | $55568521  |
| Net assets | $26520055 | &nbsp;&nbsp; $51113646 | $152540035 | $55568521  |
| Shares issued and outstanding<sup>(a)</sup> | 408977 | &nbsp;&nbsp; 1230823 | 2332140 | 2324059  |
| **Net asset value per share** | $64.84 | &nbsp;&nbsp; $41.53 | $65.41 | $23.91  |
| **Cost:**<br>|  |  |  |  |
| Investments, at cost | $23026107 | &nbsp;&nbsp; $45579761 | $122130550 | $55347304 |

---

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

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

5<br>

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

**FUNDX INVESTMENT TRUST** 

**Statements of Operations** 

**For the Six-Months Ended March 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FundX** <br>**Aggressive ETF** | **FundX** <br>**Conservative ETF** | **FundX ETF** | **FundX** <br>**Flexible ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $96514 | &nbsp;&nbsp; $918684 | $549008 | $2063828  |
| Interest income | 2331 | &nbsp;&nbsp; 6555 | 10847 | 14053  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 98845 | &nbsp;&nbsp; 925239 | 559855 | 2077881  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 148054 | &nbsp;&nbsp; 282750 | 854609 | 215667  |
| &nbsp;&nbsp;&nbsp; Total expenses | 148054 | &nbsp;&nbsp; 282750 | 854609 | 215667  |
| **Net investment income/(loss)** | (49209) | &nbsp;&nbsp; 642489 | (294754) | 1862214  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 250871 | &nbsp;&nbsp; 438077 | (1092105) | (788328)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1541594 | &nbsp;&nbsp; 1923372 | 7859164 | 162902  |
| Net realized gain (loss) | 1792465 | &nbsp;&nbsp; 2361449 | 6767059 | (625426)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3158657) | &nbsp;&nbsp; (4617198) | (12537159) | (2409630)  |
|  Net change in unrealized appreciation (depreciation) | (3158657) | &nbsp;&nbsp; (4617198) | (12537159) | (2409630)  |
| Net realized and unrealized gain (loss) | (1366192) | &nbsp;&nbsp; (2255749) | (5770100) | (3035056)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1415401) | &nbsp;&nbsp; $(1613260) | $(6064854) | $(1172842) |

---

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

6<br>

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**[**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**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024** | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(49209) | $25541 | &nbsp;&nbsp; $642489 | $1071442  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1792465 | 1414088 | &nbsp;&nbsp; 2361449 | 1465514  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3158657) | 5684656 | &nbsp;&nbsp; (4617198) | 9968948  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (1415401) | 7124285 | &nbsp;&nbsp; (1613260) | 12505904  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (25541) | (283737) | &nbsp;&nbsp; (928977) | (921701)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (25541) | (283737) | &nbsp;&nbsp; (928977) | (921701)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 3733000 | 5173630 | &nbsp;&nbsp; 4718410 | 200  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (5150824) | (5855246) | &nbsp;&nbsp; (8102089) | (12170860)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (1417824) | (681616) | &nbsp;&nbsp; (3383679) | (12170660)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (2858766) | 6158932 | &nbsp;&nbsp; (5925916) | (586457)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 29378821 | 23219889 | &nbsp;&nbsp; 57039562 | 57626019  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $26520055 | $29378821 | &nbsp;&nbsp; $51113646 | $57039562  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 50000 | 80000 | &nbsp;&nbsp; 110000 | 6  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (70000) | (100000) | &nbsp;&nbsp; (190000) | (312799)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (20000) | (20000) | &nbsp;&nbsp; (80000) | (312793) |

---

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

7<br>

------

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

**FUNDX INVESTMENT TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FundX ETF** | **FundX ETF** | **FundX Flexible ETF**  | **FundX Flexible ETF**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024** | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(294754) | $(341680) | &nbsp;&nbsp; $1862214 | $2721285  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6767059 | 11610056 | &nbsp;&nbsp; (625426) | (541717)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12537159) | 37504332 | &nbsp;&nbsp; (2409630) | 3678916  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (6064854) | 48772708 | &nbsp;&nbsp; (1172842) | 5858484  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (1344839) | &nbsp;&nbsp; (2686733) | (2315737)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1344839) | &nbsp;&nbsp; (2686733) | (2315737)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 14983518 | 27679162 | &nbsp;&nbsp; 4396366 | 7461462  |
| &nbsp;&nbsp;&nbsp; Redemptions | (23714331) | (42591661) | &nbsp;&nbsp; (8772435) | (6115726)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8730813) | (14912499) | &nbsp;&nbsp; (4376069) | 1345736  |
| **Net increase (decrease) in net assets**  | (14795667) | 32515370 | &nbsp;&nbsp; (8235644) | 4888483  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 167335702 | 134820332 | &nbsp;&nbsp; 63804165 | 58915682  |
| &nbsp;&nbsp;&nbsp; End of the period | $152540035 | $167335702 | &nbsp;&nbsp; $55568521 | $63804165  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 220000 | 440000 | &nbsp;&nbsp; 180000 | 310008  |
| &nbsp;&nbsp;&nbsp; Redemptions | (350000) | (710000) | &nbsp;&nbsp; (360000) | (252944)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (130000) | (270000) | &nbsp;&nbsp; (180000) | 57064 |

---

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

8<br>

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

**FundX Aggressive ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.49 | $51.72 | $45.65 | $75.45 | $68.77 | $59.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | (0.07) | 0.16 | 0.42 | (0.26) | (0.31)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.47) | 17.53 | 6.64 | (9.45) | 7.99 | 12.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.59) | 17.46 | 6.80 | (9.03) | 7.73 | 11.93  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.69) | (0.73) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (20.77) | (1.05) | (2.22)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.69) | (0.73) | (20.77) | (1.05) | (2.22)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64.84 | $68.49 | $51.72 | $45.65 | $75.45 | $68.77  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5.23% | 34.03% | 14.95% | -18.55% | 11.22% | 20.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26520 | $29379 | $23220 | $24719 | $36523 | $35103  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.06% | 1.48% | 1.40% | 1.48%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.01% | 1.35% | 1.35% | 1.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of interest and credit expenses to average net <br>assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | —% | —% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.01% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)% | (0.11)% | 1.12% | 0.68% | (0.35)% | (0.52)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61% | 74% | 184% | 223% | 184% | 159% |

---

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

<sup>(b)</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.

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

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

9<br>

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

**FundX Conservative ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.51 | $35.49 | $35.02 | $47.79 | $41.43 | $40.43  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.75 | 0.97 | 0.33 | (0.06) | 0.19  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.75) | 7.91 | 0.42 | (5.09) | 6.60 | 2.20  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25) | 8.66 | 1.39 | (4.76) | 6.54 | 2.39  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | (0.64) | (0.92) | (0.68) | (0.18) | (0.46)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (7.33) |  | (0.93)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | (0.64) | (0.92) | (8.01) | (0.18) | (1.39)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41.53 | $43.51 | $35.49 | $35.02 | $47.79 | $41.43  |
| Total return<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.99% | 24.66% | 3.98% | -12.60% | 15.83% | 5.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51114 | $57040 | $57626 | $67820 | $89627 | $83411  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.04% | 1.49% | 1.35% | 1.31% | 1.33%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.01% | 1.35% | 1.35% | 1.31% | 1.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of interest and credit expenses to average net <br>assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.01% | 1.35% | 1.35% | 1.31% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27% | 1.88% | 2.67% | 0.76% | (0.16)% | 0.46%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29% | —% | 219% | 144% | 84% | 172% |

---

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

<sup>(b)</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.

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

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

10<br>

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

**FundX ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.96 | $49.35 | $45.31 | $79.01 | $66.33 | $61.22  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | (0.13) | 0.46 | 0.28 | (0.58) | (0.28)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.43) | 19.27 | 4.81 | (12.35) | 13.57 | 10.53  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.55) | 19.14 | 5.27 | (12.07) | 12.99 | 10.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.53) | (1.23) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (21.63) | (0.31) | (5.14)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.53) | (1.23) | (21.63) | (0.31) | (5.14)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65.41 | $67.96 | $49.35 | $45.31 | $79.01 | $66.33  |
| Total return<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.76% | 39.03% | 11.62% | -22.46% | 19.61% | 17.55%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152540 | $167336 | $134820 | $140362 | $232170 | $211000  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.02% | 1.30% | 1.26% | 1.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.01% | 1.30% | 1.26% | 1.29%  |
| &nbsp;&nbsp;&nbsp; Ratio of interest and credit expenses to average net <br>assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | —% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 1.00% | 1.01% | 1.30% | 1.26% | 1.29%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)% | (0.23)% | 0.93% | 0.44% | (0.77)% | (0.50)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27% | 34% | 184% | 185% | 104% | 175% |

---

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

<sup>(b)</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.

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

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

11<br>

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

**FundX Flexible ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.48 | $24.08 | $24.93 | $28.60 | $26.92 | $28.13  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | 1.10 | 0.71 | 0.68 | 0.60 | 0.49  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22) | 1.28 | (0.41) | (3.71) | 1.70 | (1.12)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48) | 2.38 | 0.30 | (3.03) | 2.30 | (0.63)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.09) | (0.98) | (1.15) | (0.64) | (0.62) | (0.58)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.09) | (0.98) | (1.15) | (0.64) | (0.62) | (0.58)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.91 | $25.48 | $24.08 | $24.93 | $28.60 | $26.92  |
| Total return<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.89% | 10.10% | 1.18% | -10.85% | 8.63% | -2.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55569 | $63804 | $58916 | $67383 | $90128 | $85294  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | 0.74% | 1.18% | 1.03% | 1.00% | 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.99% | 0.99% | 0.99% | 0.99%  |
| &nbsp;&nbsp;&nbsp; Ratio of interest and credit expenses to average net <br>assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding interest and credit expenses<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.99% | 0.99% | 0.99% | 0.99%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04% | 4.50% | 2.88% | 2.41% | 2.11% | 1.77%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43% | 164% | 209% | 158% | 73% | 262% |

---

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

<sup>(b)</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.

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

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

12<br>

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

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)** 

**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 ETF ("Upgrader Fund") (formerly FundX Upgrader Fund), FundX Aggressive ETF ("Aggressive Fund") (formerly FundX Aggressive Upgrader Fund), FundX Conservative ETF ("Conservative Fund") (formerly FundX Conservative Upgrader Fund), and FundX Flexible ETF ("Flexible Fund") (formerly FundX Flexible Income Fund) (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 Upgrader Fund commenced operations on November 1, 2001. The Aggressive Fund, Conservative Fund and Flexible Fund commenced operations on July 1, 2002.

The investment objective of the Upgrader Fund and the Aggressive Fund is to maximize capital appreciation over the long term without regard to income. The investment objective of the Conservative Fund 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 Flexible Fund is to generate total return, which is capital appreciation plus current income.

**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.

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 March 31, 2025, the Funds did not hold fair valued securities.

13<br>

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

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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 March 31, 2025:

**FundX ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $151830126 | $— | $— | $151830126  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 842020 |  |  | 842020  |
| **Total Investments** | $152672146 | $— | $— | $152672146 |

---

**FundX Aggressive ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $26370351 | $— | $— | $26370351  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 169776 |  |  | 169776  |
| **Total Investments** | $26540127 | $— | $— | $26540127 |

---

**FundX Conservative ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $50892827 | $— | $— | $50892827  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 265594 |  |  | 265594  |
| **Total Investments** | $51158421 | $— | $— | $51158421 |

---

14<br>

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

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**FundX Flexible ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $54992494 | $— | $— | $54992494  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 608966 |  |  | 608966  |
| **Total Investments** | $55601460 | $— | $— | $55601460 |

---

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 March 31, 2025, no fund had any post October losses and any late year losses.

At September 30, 2024, 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**  |
| Upgrader Fund | $(17541387) | $(909787) | &nbsp;&nbsp;&nbsp; $2757176  |
| Aggressive fund | (3569970) |  | &nbsp;&nbsp;&nbsp; 305329  |
| Conservative Upgrader | (5384347) |  | &nbsp;&nbsp;&nbsp; 84177  |
| Flexible Income Fund | (11909981) |  | &nbsp;&nbsp;&nbsp; (662413) |

---

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 2022-2025, or expected to be taken in the Funds' 2024 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.

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**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

&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 effect on net assets or net asset value per share. For September 30,
 2024, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Upgrader Fund** | **Aggressive Fund** | **Conservative Fund** | **Flexible Fund**  |
| Paid-in Capital | $8511200 | $1108759 | &nbsp;&nbsp;&nbsp; $1347606 | $120805  |
| Distributable Earnings  | (8511200) | (1108759) | &nbsp;&nbsp;&nbsp; (1347606) | (120805) |

---

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

16<br>

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**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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 date these financial statements were issued. One Capital Management, LLC ("One Capital" or the "Adviser")
 currently serves as the Funds' investment adviser. Pursuant to a purchase agreement signed on November 8, 2024, Merchant Wealth
 Management Holdings 3, LLC became the new majority owner of One Capital effective as of the closing, which occurred on November 8, 2024.
 This transaction resulted in a change of control of the Adviser and for this reason a meeting of the Board of Trustees (the "Board")
 of FundX Investment Trust (the "Trust"), was held on October 25, 2024. At the meeting the Board, including a majority of the
 trustees who are not interested persons of the Trust (as defined by the 1940 Act), approved a new Investment Advisory agreement between
 the Trust and One Capital. The Board also approved of an interim Investment Advisory Agreement that will allow One Capital to continue
 to provide the Funds investment management services while it seeks shareholder approval. There will be no change in the day-to-day management
 of the Funds' investment portfolios, and the incumbent leadership of the current investment advisor will not change.

**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 Upgrader Fund, the Aggressive Fund and the Conservative Fund. For the Flexible Fund, the Advisor receives a monthly fee at an annual rate of 0.70% based upon the average daily net assets of the Fund.

The Funds pay the Advisor a unitary management fee, 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 six-months ended March 31, 2025, the Upgrader Fund, Aggressive Fund, Conservative Fund and Flexible Fund, incurred $134,367, $23,187, $45,375, and $34,673 in investment advisory fees, respectively.

The Advisor has contractually agreed to limit the total operating expenses, excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses, of the Conservative Fund and Flexible Fund for the fiscal period up until reorganization on October 6, 2023, by reducing all or a portion of their fees and reimbursing the Conservative Fund and Flexible Fund expenses so that their ratio of expenses to average net assets would not exceed the following:

---

| | |
|:---|:---|
| Conservative Fund | 1.35%  |
| Flexible Fund | 0.99% |

---

The Conservative Fund and Flexible Fund must paid their current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement was contingent upon the Board's review and approval prior to the time the reimbursement was initiated. For the period up until reorganizaiton on October 6, 2023, the Advisor waived $17,421 and $21,551 in fees for the Conservative Fund and Flexible Fund, respectively.

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,

17<br>

------

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

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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 March 31, 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.

U.S. Bank receives fees from the underlying funds ("Underlying Funds") in which the Funds invest for servicing these same shareholder accounts of the underlying Funds by third parties. Fund Services and the Funds have agreed that Fund Services will reduce its fees for fund administration, fund accounting, fund transfer agency and fund custodial services in an amount equal to 70% of the fees received by U.S. Bank. For the year ended March 31, 2025, this expense reduction, in aggregate, equaled $5,390 and $4,562 for the Conservative Fund and Flexible Fund, respectively. These expense reductions are reflected on the Statement of Operations as "expenses paid indirectly."

**NOTE 4 – 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 six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Upgrader Fund | $45491040 | $46183486  |
| Aggressive Fund | 17705124 | 17829750  |
| Conservative Fund | 16383717 | 16695494  |
| Flexible Fund | 26176560 | 27307912 |

---

For the six months ended March 31, 2025, the cost of in-kind purchases and proceeds from in-kind redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Upgrader Fund | $14932678 | $23640401  |
| Aggressive Fund | 3719894 | 5151267  |
| Conservative Fund | 4690895 | 8015602  |
| Flexible Fund | 4354167 | 8642163 |

---

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the six months ended March 31, 2025 (estimated) and the most recent fiscal year ended September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain\*** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain\***  |
| Upgrader Fund | $— | $— | $1344839 | $—  |
| Aggressive Fund | 25541 |  | 283737 | —  |
| Conservative Fund | 928977 |  | 921701 | —  |
| Flexible Fund | 2686733 |  | 2315737 |  |

---

\* 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 six-months ended March 31, 2025 and tax year ended September 30, 2024. 

18<br>

------

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

**FUNDX INVESTMENT TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

As of September 30, 2024, the Funds' most recent fiscal year end, components of distributable earnings/

(accumulated losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Upgrader** <br>**Fund** | **Aggressive** <br>**Fund** | **Conservative** <br>**Fund** | **Flexible** <br>**Fund**  |
| Investments, at cost | $124380420 | $22726065 | $46889009 | $61175418  |
| Gross tax unrealized appreciation | 43078755 | 6672677 | 10195857 | 2663787  |
| Gross tax unrealized depreciation |  |  |  | (109)  |
| Net tax unrealized appreciation (depreciation) | 43078755 | 6672677 | 10195857 | 2663678  |
| Undistributed ordinary income  |  | 25541 | 364551 | 1694207  |
| Undistributed long-term capital gain |  |  |  | —  |
| Total distributable earnings |  | 25541 | 364551 | 1694207  |
| Other accumulated loss | (18451174) | (3569970) | (5384347) | (11909981)  |
| Total distributable earnings/(accumulated losses) | $24627581 | $3128248 | $5176061 | $(7552096) |

---

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

**NOTE 6 - CREDIT FACILITY** 

U.S. Bank N.A. had made available a $25 million unsecured line of credit pursuant to a Loan and Security Agreement for the Mutual Funds ("Loan Agreement") in aggregate to be used temporarily for extraordinary or emergency purposes, including the financing of redemptions. For the six-months ended March 31, 2025, the average interest rate on the credit facility was the prime rate for each of the Funds. For the six-months ended March 31, 2025, the Funds did not utilize the credit facility.

19<br>

------

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

![](fund_backcover.jpg)

---

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

---

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** 

**1818 Market Street Suite 2400** 

**Philadelphia, PA 19103** 

**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(a) 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 the report.

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

See Item 7(a). 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 and Sub-Advisory Contracts.</u>**

Not applicable.

**<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>**

Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/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>**

(a) Not Applicable

(b) 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.* Not applicable.

&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 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](figm-efp15605_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.

&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.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](figm-efp15605_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>6/6/25</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>6/6/25</u>

---

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

---

Date <u>6/6/25</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: | 6/6/25 | /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: | 6/6/25 | /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 period ended March 31, 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, FundX Investment Trust | Principal Financial Officer, FundX Investment Trust |

---

Dated: <u>6/6/25</u> Dated: <u>6/6/25</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 Tidal ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.