RAA

SMI 3FOURTEEN REAL ASSET ALLOCATION ETF

ETF Market Price

Overview

Fund Objective

The SMI 3Fourteen REAL Asset Allocation ETF seeks long-term capital appreciation.

Fund Description

The Fund is actively managed and allocates its portfolio assets based on a high-level benchmark allocation to three broad categories of asset classes: Stocks, Bonds, and Alternatives. Assets are chosen using a REAL Asset Allocation (”RAA”) strategy developed by an affiliate of the Adviser, 3Fourteen Research, LLC (“3Fourteen”).

The RAA strategy uses a proprietary process developed by 3Fourteen to identify its allocation to the securities (and their weightings) within the stocks, bonds, and alternatives categories in the portfolio. This monthly, proprietary process consists of proprietary trend ranking using various trend analysis techniques and machine-learning-based optimizations to determine which and how much of each security to own.

While a pure trend rank will structurally overweight higher volatility assets, the strategy employs a hierarchical risk parity to optimize risk across and within each major asset class. The RAA strategy strives to stay diversified while overweighting the strongest assets within each category.

NAV Historical Change

Fund Details

As of 05/22/2026
TICKER RAA
NET ASSETS $593M
TYPE Active Equity ETF
CUSIP 26923N 397
ISIN US26923N3970
PRIMARY EXCHANGE NASDAQ
INCEPTION DATE 02/26/2025
GROSS EXPENSE RATIO 0.89%
NET EXPENSE RATIO* 0.85%
TYPICAL # OF HOLDINGS 150
ADVISOR 3Fourteen & SMI Advisory Services
FUND DISTRIBUTOR Foreside Fund Services, LLC
NAV $30.04
30 DAY MEDIAN BID-ASK SPREAD 0.000675

Fee Breakdown

ANNUAL FUND OPERATING EXPENSES
- NET MANAGEMENT FEE* 0.77%
- DISTRIBUTION AND/OR SERVICE (12B-1) FEES 0.00%
- ACQUIRED FUND FEES AND EXPENSES 0.08%
TOTAL FEES: 0.85%

Performance

1 YR 3 YRS 5 YRS Since Inception
RAA - NAV 18.26% 17.62%
RAA - Market Price 17.80% 17.60%
S&P 500 Index Total Return 16.99% 16.88%
1 MO 3 MO YTD Since Inception
RAA - NAV -3.97% -3.97% 0.68% 0.68% 0.68% 0.68% 11.92% 11.92%
RAA - Market Price -3.98% -3.98% 0.63% 0.63% 0.63% 0.63% 11.89% 11.89%
S&P 500 Index Total Return -4.98% -4.98% -4.33% -4.33% -4.33% -4.33% 10.18% 10.18%
RAA 2025*
NAV 12.32%
MARKET PRICE 12.36%

*RAA Inception was 2/26/2025

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Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (844) 328-3383.

The S&P 500 index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.

Premium Discount

As of 05/22/2026

NET ASSET VALUE

$30.04

CLOSING PRICE

$30.05

PREMIUM/DISCOUNT

0.02%
Premium: When a Fund’s market price exceeds its net asset value per share (“NAV”) on a given trading day, expressed as a percentage of the Fund’s NAV.
Discount: When a Fund’s market price is below its net asset value per share (“NAV”) on a given trading day expressed as a percentage of the Fund’s NAV.
# of Days 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2
Premium 54 47 39 35 22
Discount 5 13 16 8 8

Asset Allocation

As of 5/22/2026

Equities

47.02%
Nasdaq
18.74%
US Large Cap
14.27%
US Small Cap
3.98%
Dividend Payers
3.96%
Emerging Ex. China
2.07%
Japan
2.02%
Europe
1.98%

Fixed Income

26.25%
Long Term Treasuries
6.76%
High Yield
5.87%
Corporate Bonds
5.84%
Emerging Mkt Bonds
3.90%
TIPS
2.89%
T-Bills
0.99%

Alternatives

26.73%
Miners
7.00%
Managed Futures
6.00%
Gold
4.77%
Commodities
3.84%
Bitcoin
2.12%
Energy
2.03%
Real Estate
0.97%

Holdings

As of 05/22/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.27 84554900 BBG00RYR67P4 592287
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 6.76 40041200 BBG00PZFJPC3 1303420
SCHWAB HIGH YIELD BOND ETF SCYB 5.87 34773100 BBG01F80WX71 1327720
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.84 34630600 BBG000PWYVH7 421194
iM DBi Managed Futures Strategy ETF DBMF 5.20 30825300 N/A 991485
SPROTT PHYSICAL GOLD TRUS PHYS 4.77 28246000 BBG000Q83F79 828085
VANGUARD SMALL-CAP ETF VB 3.98 23607100 BBG000HT3Z79 81660
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.90 23110700 BBG000NXKWH0 242836
INVESCO OPTIMUM YIELD DIVERS PDBC 3.84 22768400 N/A 1251010
SCHWAB U.S. TIPS ETF SCHP 2.89 17105600 BBG000BGN6P5 642344
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.12 12577300 N/A 375105
ISHARES MSCI EMR MRK EX CHNA EMXC 2.07 12258300 BBG00H5VLMJ6 128225
Franklin FTSE Japan ETF FLJP 2.02 11964100 BBG00J3MDY16 304896
Franklin FTSE Europe ETF FLEE 1.98 11758500 BBG00J3PR1S7 302588
NVIDIA CORP NVDA 1.71 10138000 BBG000BBJQV0 47081
BHP GROUP LTD BHP 1.40 8292150 BBG000BD5NZ4 98016
APPLE INC AAPL 1.40 8293980 BBG000B9XRY4 26857
MICROSOFT CORP MSFT 1.03 6087260 BBG000BPH459 14543
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 0.98 5782990 BBG01922X0X9 115706
AMAZON.COM INC AMZN 0.90 5360760 BBG000BVPV84 20129
NEWMONT GOLDCORP CORPORATION COM NEM 0.86 5122260 BBG000BPWXK1 47587
RIO TINTO PLC-SPON ADR RIO 0.81 4829710 BBG000FD28T3 46337
Simplify DBi CTA Managed Futures Index ETF SDMF 0.80 4726210 BBG020BR8WR7 182620
MICRON TECHNOLOGY INC MU 0.74 4362560 BBG000C5Z1S3 5809
AGNICO EAGLE MINES LTD AEM 0.71 4223250 BBG000DLVDK3 24008
FREEPORT-MCMORAN INC FCX 0.67 3986640 BBG000BJDB15 64311
Tesla Inc. TSLA 0.66 3886920 BBG000N9MNX3 9124
ALPHABET INC-CL A GOOGL 0.65 3822810 BBG009S39JX6 9982
ADVANCED MICRO DEVICES INC AMD 0.63 3757380 BBG000BBQCY0 8037
META PLATFORMS INC META 0.62 3654240 BBG000MM2P62 5988
Broadcom Inc. AVGO 0.60 3567400 BBG00KHY5S69 8614
ALPHABET INC-CL C GOOG 0.60 3543410 BBG009S3NB30 9340
GLENCORE PLC -UNSP ADR GLNCY 0.55 3230900 BBG001VKX1Z1 210345
Barrick Mining Corp. B 0.53 3146440 N/A 77346
INTEL CORP INTC 0.52 3093310 BBG000C0G1D1 25812
WAL-MART STORES INC WMT 0.49 2916430 BBG000BWXBC2 24249
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.44 2605510 BBG000PVRDL2 20592
CISCO SYSTEMS INC CSCO 0.40 2387850 BBG000C3J3C9 19831
COSTCO WHOLESALE CORP COST 0.39 2299140 BBG000F6H8W8 2236
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.38 2228260 N/A 85178
FRANCO-NEVADA CORP FNV 0.35 2044980 BBG000RD3CL8 9041
LAM RESH CORP LRCX 0.32 1885230 BBG000BNFLM9 6174
NETFLIX INC NFLX 0.32 1891880 BBG000CL9VN6 21353
CHEVRON CORP CVX 0.32 1898790 BBG000K4ND22 9919
VALE SA-SP ADR VALE 0.30 1759310 BBG000BN5LG7 106754
APPLIED MATERIALS INC AMAT 0.29 1712650 BBG000BBPFB9 3963
AUTOMATIC DATA PROCESSING ADP 0.29 1694780 BBG000JG0547 7522
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.27 1598480 BBG000N7QR55 11678
REALTY INCOME CORP O 0.23 1385900 BBG000DHPN63 22346
TEXAS INSTRUMENTS INC TXN 0.23 1385260 BBG000BVV7G1 4480
KLA CORPORATION KLAC 0.22 1314310 BBG000BMTFR4 696
LINDE PLC LIN 0.21 1226660 BBG01FND0CC1 2370
AMCOR PLC COMMON STOCK USD.01 AMCR 0.20 1173320 N/A 30571
KENVUE INC KVUE 0.20 1163120 BBG01C79X561 66350
MARATHON PETROLEUM CORP MPC 0.20 1188450 BBG001DCCGR8 4667
EVERSOURCE ENERGY ES 0.20 1157240 BBG000BQ87N0 16532
SCHLUMBERGER LTD SLB 0.20 1168400 BBG000BT41Q8 20398
WILLIAMS COMPANIES INC. WMB 0.20 1191170 BBG000BWVCP8 15180
FRANKLIN RESOURCES INC BEN 0.20 1193870 BBG000BD0TF8 38487
T ROWE PRICE GROUP INC TROW 0.20 1179160 BBG000BVMPN3 11405
Kimberly-Clark Corp KMB 0.20 1175500 BBG000BMW2Z0 11857
CANADIAN NATURAL RESOURCES CNQ 0.20 1178700 BBG000HW5GX3 24248
HORMEL FOODS CORP HRL 0.19 1153290 BBG000BLF8D2 54298
CLOROX COMPANY CLX 0.19 1140840 BBG000BFS7D3 11995
ABBVIE INC ABBV 0.19 1101360 BBG0025Y4RY4 5106
QUALCOMM INC QCOM 0.19 1122450 BBG000CGC1X8 4713
MEDTRONIC PLC MDT 0.19 1129880 BBG000BNWG87 14375
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.19 1145590 BBG000BRK7L6 17012
EXXON MOBIL CORP XOM 0.19 1151830 BBG000GZQ728 7435
PALO ALTO NETWORKS INC PANW 0.19 1111370 BBG0014GJCT9 4265
ILLINOIS TOOL WORKS ITW 0.19 1133890 BBG000BMBL90 4496
STANLEY BLACK & DECKER INC SWK 0.19 1128170 BBG000BTQR96 14755
EQT CORP EQT 0.19 1108880 BBG000BHZ5J9 19145
OCCIDENTAL PETROLEUM CORP OXY 0.19 1124330 BBG000BQQ2S6 19118
PPG INDUSTRIES INC PPG 0.19 1130610 BBG000BRJ809 10490
SANDISK CORP/DE SNDKV SNDK 0.18 1069090 BBG01R388JG1 723
T-MOBILE US INC TMUS 0.18 1083720 BBG000NDV1D4 5660
PEPSICO INC PEP 0.17 1029900 BBG000DH7JK6 6840
Cheniere Energy Inc LNG 0.17 1013740 BBG000C3HSR0 4209
ANALOG DEVICES INC ADI 0.16 961306 BBG000BB6G37 2421
AO Smith Corp AOS 0.16 922609 BBG000BC1L02 16107
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 894003 BBG0113JGQF0 1100
Crowdstrike Holdings Inc. Class A CRWD 0.15 869133 BBG00BLYKS03 1310
GENUINE PARTS CO GPC 0.15 886702 BBG000BKL348 9060
J M Smucker Co COM STK NPV SJM 0.15 869878 BBG000BT1715 8416
International Business Machines Corporation IBM 0.15 912809 BBG000BLNNH6 3596
AMGEN INC AMGN 0.15 898806 BBG000BBS2Y0 2649
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.14 832832 BBG00ZXBJ153 4242
GILEAD SCIENCES INC GILD 0.14 836122 BBG000CKGBP2 6223
APPLOVIN CORP APP 0.13 773096 BBG006HFPX77 1605
INTUITIVE SURGICAL INC ISRG 0.13 789456 BBG000BJPDZ1 1802
WELLTOWER INC WELL 0.13 751407 BBG000BKY1G5 3476
WESTERN DIGITAL CORP WDC 0.13 791314 BBG000BWNFZ9 1634
HONEYWELL INTERNATIONAL INC HON 0.12 732535 BBG000H556T9 3214
ASML HOLDING NV-NY REG SHS ASML 0.12 703780 BBG000K6MRN4 431
PROLOGIS INC PLD 0.12 715494 BBG000B9Z0J8 4904
BOOKING HOLDINGS INC BKNG 0.11 676613 BBG000BLBVN4 4201
SHOPIFY INC - CLASS A SHOP 0.11 653226 BBG008HBD923 6342
STARBUCKS CORP SBUX 0.10 602575 BBG000CTQBF3 5844
ERIE INDEMNITY COMPANY-CL A ERIE 0.10 617305 BBG000BBTJZ1 2753
CONSTELLATION ENERGY CORPORATION CEG 0.09 517563 BBG014KFRNP7 1760
SYNOPSYS INC SNPS 0.09 510572 BBG000BSFRF3 973
FORTINET INC FTNT 0.09 512416 BBG000BCMBG4 3826
EQUINIX INC EQIX 0.09 520459 BBG000MBDGM6 482
VERTEX PHARMACEUTICALS INC VRTX 0.09 552709 BBG000C1S2X2 1272
CADENCE DESIGN SYS INC CDNS 0.09 534607 BBG000C13CD9 1431
ADOBE SYSTEMS INC ADBE 0.09 513751 BBG000BB5006 2099
FASTENAL CO FAST 0.08 485889 BBG000BJ8YN7 11058
COMCAST CORP-CLASS A CMCSA 0.08 460319 BBG000BFT2L4 18263
Marriott International, Inc Class A MAR 0.08 488385 BBG000BGD7W6 1323
INTUIT INC INTU 0.08 463273 BBG000BH5DV1 1448
Datadog Inc. Class A DDOG 0.07 386837 BBG003NJHZT9 1740
NXP Semiconductors NV NXPI 0.07 413626 BBG000BND699 1307
MONSTER BEVERAGE CORP MNST 0.07 435599 BBG008NVB1C0 5019
DIGITAL REALTY TRUST INC DLR 0.07 389245 BBG000Q5ZRM7 2027
ROSS STORES INC ROST 0.07 387671 BBG000BSBZH7 1651
SIMON PROPERTY GROUP INC SPG 0.07 407798 BBG000BJ2D31 1995
CSX CORP CSX 0.07 432167 BBG000BGJRC8 9494
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 395449 BBG000D4LWF6 6403
MERCADOLIBRE INC MELI 0.07 421098 BBG000GQPB11 253
Warner Bros Discovery Inc WBD 0.06 339902 BBG011386VF4 12575
DOORDASH INC CLASS A DASH 0.06 331237 BBG005D7QCJ3 2067
AMERICAN ELECTRIC POWER AEP 0.06 362662 BBG000BB9KF2 2756
MONOLITHIC POWER SYSTEMS INC MPWR 0.06 384734 BBG000C30L48 242
PUBLIC STORAGE PSA 0.06 352258 BBG000BPPN67 1154
CINTAS CORP CTAS 0.06 349664 BBG000H3YXF8 2022
REGENERON PHARMACEUTICALS REGN 0.06 326468 BBG000C734W3 511
OREILLY AUTOMOTIVE INC ORLY 0.06 367694 BBG000BGYWY6 4008
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.05 267085 BBG00CMNZNK7 267085
AIRBNB INC ABNB 0.05 281906 BBG001Y2XS07 2130
Baker Hughes Company BKR 0.05 324355 BBG00GBVBK51 4910
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.05 315602 BBG00LBLDDR2 3339
CONSOLIDATED EDISON INC ED 0.05 296097 BBG000BHLYS1 2728
Ventas Inc. VTR 0.05 290818 BBG000FRVHB9 3298
DIAMONDBACK ENERGY INC FANG 0.05 279589 BBG002PHSYX9 1393
PACCAR INC PCAR 0.05 285950 BBG000BQVTF5 2615
FERROVIAL SE FER 0.04 243805 BBG01H7CZ9S9 3613
VICI PROPERTIES INC REIT VICI 0.04 229710 BBG00HVVB499 8060
AUTODESK INC ADSK 0.04 265571 BBG000BM7HL0 1102
IDEXX LABS IDXX 0.04 228782 BBG000BLRT07 409
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 217511 BBG00B6BFWH9 2311
PAYPAL HOLDINGS INC PYPL 0.04 208943 BBG0077VNXV6 4724
Old Dominion Freight Line Inc. ODFL 0.04 218468 BBG000CHSS88 1038
MICROCHIP TECHNOLOGY INC MCHP 0.04 252168 BBG000BHCP19 2699
MCDONALDS CORP MCD 0.04 222711 BBG000BNSZP1 789
EXTRA SPACE STORAGE INC EXR 0.04 233866 BBG000PV27K3 1632
AVALONBAY COMMUNITIES INC AVB 0.04 233176 BBG000BLPBL5 1256
EXELON CORP EXC 0.04 243586 BBG000J6XT05 5269
XCEL ENERGY INC XEL 0.04 245753 BBG000BCTQ65 3031
MICROSTRATEGY INC-CL A MSTR 0.04 241274 BBG000GQJPZ0 1509
AIR PRODUCTS & CHEMICALS INC APD 0.04 224339 BBG000BC4JJ4 775
ELECTRONIC ARTS INC EA 0.04 257443 BBG000BP0KQ8 1281
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 222316 BBG000BS1YV5 977
THOMSON REUTERS CORP TRI 0.03 184055 N/A 2143.67
KEURIG DR PEPPER INC KDP 0.03 195162 BBG000TJM7F0 6702
AXON ENTERPRISE INC AXON 0.03 162120 BBG000BHJWG1 420
Zscaler Inc. ZS 0.03 161215 BBG003338H34 884
PAYCHEX INC PAYX 0.03 185949 BBG000BQSQ38 1917
COPART INC CPRT 0.03 170369 BBG000BM9RH1 5042
ROPER TECHNOLOGIES INC ROP 0.03 168701 BBG000F1ZSN5 516
EQUITY RESIDENTIAL EQR 0.03 174967 BBG000BG8M31 2643
IRON MOUNTAIN INC IRM 0.03 176032 BBG000KCZPC3 1392
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 193640 BBG000BFGNJ5 651
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 142269 BBG01BFR8YV1 2215
INVITATION HOMES INC REIT USD.01 INVH 0.02 115783 BBG00FQH6BS9 3953
WORKDAY INC-CLASS A WDAY 0.02 140441 BBG000VC0T95 1096
INSMED INC INSM 0.02 112508 BBG000BWM5P3 1059
VERISK ANALYTICS INC VRSK 0.02 122001 BBG000BCZL41 713
Sun Communities Inc SUI 0.02 115103 BBG000BLJWF3 901
MID-AMERICA APARTMENT COMM MAA 0.02 118419 BBG000BLMY92 903
ESSEX PROPERTY TRUST INC ESS 0.02 121471 BBG000CGJMB9 439
KIMCO REALTY CORP KIM 0.02 118332 BBG000CN3S73 4908
Omega Healthcare Investors Inc OHI 0.02 117978 BBG000BGBTC2 2463
W. P. CAREY REIT INC WPC 0.02 118125 BBG000BCQM58 1586
KRAFT HEINZ CO/THE KHC 0.02 139885 BBG005CPNTQ2 5880
DEXCOM INC DXCM 0.02 141388 BBG000QTF8K1 1961
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 133616 BBG000BBDV81 2533
CHARTER COMMUNICATIONS INC-A CHTR 0.02 92896 BBG000VPGNR2 640
Cash & Other Cash&Other -0.02 -95714.8 N/A -95714.8

How To Invest

Buy Through Your Brokerage

FCTE and RAA can be purchased, like most other ETFs, in Brokerage Accounts held at firms like Schwab, Fidelity, etc.

Further Assistance

If you have any additional inquiries or questions about 3FourteenSMI, please contact us at 844-328-3383. Our team is here to assist you with all your investment needs.