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 12/18/2025
TICKER RAA
NET ASSETS $504M
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 $27.56
30 DAY MEDIAN BID-ASK SPREAD 0.000367

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 N/A N/A N/A N/A
RAA - Market Price N/A N/A N/A N/A
S&P 500 Index Total Return N/A N/A N/A N/A
1 MO 3 MO YTD Since Inception
RAA - NAV 0.21% 3.44% 5.88% 6.54% - - 12.08% 9.50%
RAA - Market Price 0.18% 3.45% 5.89% 6.40% - - 12.11% 9.52%
S&P 500 Index Total Return 0.25% 3.65% 6.34% 8.12% - - 16.12% 13.18%
RAA 2025
NAV N/A
MARKET PRICE N/A
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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 12/18/2025

NET ASSET VALUE

$27.56

CLOSING PRICE

$27.57

PREMIUM/DISCOUNT

0.04%
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 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Premium 0 23 54 47 34
Discount 0 0 5 13 13

Asset Allocation

As of 12/18/2025

Equities

43.73%
Nasdaq
18.81%
US Large Cap
14.93%
Japan
2.98%
Emerging Ex. China
2.95%
Europe
2.03%
Dividend Payers
1.02%
US Small Cap
1.01%

Fixed Income

27.26%
High Yield
6.96%
Corporate Bonds
5.95%
Emerging Mkt Bonds
4.99%
TIPS
3.96%
Long Term Treasuries
2.93%
T-Bills
2.47%

Alternatives

29.01%
Managed Futures
7.02%
Commodities
7.00%
Gold
4.16%
Energy
3.84%
Miners
3.19%
Bitcoin
2.83%
Real Estate
0.97%

Holdings

As of 12/18/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.93 75305400 BBG00RYR67P4 580702
iM DBi Managed Futures Strategy ETF DBMF 7.02 35382100 N/A 1222600
INVESCO OPTIMUM YIELD DIVERS PDBC 7.00 35325400 N/A 2612830
Schwab High Yield Bond ETF SCYB 6.96 35081300 BBG01F80WX71 1330530
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.95 30014400 BBG000PWYVH7 358253
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 4.99 25154800 BBG000NXKWH0 261138
SPROTT PHYSICAL GOLD TRUS PHYS 4.16 20986700 BBG000Q83F79 633466
SCHWAB U.S. TIPS ETF SCHP 3.96 19959800 BBG000BGN6P5 749880
Franklin FTSE Japan ETF FLJP 2.98 15041300 BBG00J3MDY16 424586
ISHARES MSCI EMR MRK EX CHNA EMXC 2.95 14898800 BBG00H5VLMJ6 213175
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 2.93 14771300 BBG00PZFJPC3 463113
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.83 14263100 N/A 380858
Franklin FTSE Europe ETF FLEE 2.03 10226800 BBG00J3PR1S7 285028
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.00 10101100 BBG01922X0X9 202102
NVIDIA CORP NVDA 1.71 8605300 BBG000BBJQV0 49416
APPLE INC AAPL 1.64 8292270 BBG000B9XRY4 30465
MICROSOFT CORP MSFT 1.44 7281480 BBG000BPH459 15045
Broadcom Inc. AVGO 1.02 5136890 BBG00KHY5S69 15572
VANGUARD SMALL-CAP ETF VB 1.01 5075970 BBG000HT3Z79 19544
AMAZON.COM INC AMZN 0.99 4987810 BBG000BVPV84 21996
ISHARES MSCI GLOBAL METALS & PICK 0.79 3973600 BBG002GKR8T5 80421
ALPHABET INC-CL A GOOGL 0.73 3673980 BBG009S39JX6 12147
Tesla Inc. TSLA 0.71 3584670 BBG000N9MNX3 7416
ALPHABET INC-CL C GOOG 0.68 3450300 BBG009S3NB30 11359
META PLATFORMS INC META 0.59 2975410 BBG000MM2P62 4478
SCHLUMBERGER LTD SLB 0.43 2145690 BBG000BT41Q8 56273
CHEVRON CORP CVX 0.42 2131020 BBG000K4ND22 14429
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.42 2095330 BBG000N7QR55 11284
EXXON MOBIL CORP XOM 0.40 2040620 BBG000GZQ728 17510
BHP GROUP LTD BHP 0.40 2021280 BBG000BD5NZ4 34103
NETFLIX INC NFLX 0.39 1985000 BBG000CL9VN6 21117
WILLIAMS COMPANIES INC. WMB 0.39 1962590 BBG000BWVCP8 33457
CANADIAN NATURAL RESOURCES CNQ 0.38 1903510 BBG000HW5GX3 60448
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.38 1921950 BBG000BRK7L6 45329
OCCIDENTAL PETROLEUM CORP OXY 0.38 1926830 BBG000BQQ2S6 48498
COSTCO WHOLESALE CORP COST 0.38 1901280 BBG000F6H8W8 2217
EQT CORP EQT 0.37 1841550 BBG000BHZ5J9 34255
Cheniere Energy Inc LNG 0.37 1859960 BBG000C3HSR0 9797
MARATHON PETROLEUM CORP MPC 0.35 1759440 BBG001DCCGR8 10466
ISHARES MSCI GLOBAL GOLD MIN RING 0.35 1748420 BBG002GKR6T9 24020
ADVANCED MICRO DEVICES INC AMD 0.32 1590790 BBG000BBQCY0 7912
NEWMONT GOLDCORP CORPORATION COM NEM 0.31 1554470 BBG000BPWXK1 15648
CISCO SYSTEMS INC CSCO 0.31 1548700 BBG000C3J3C9 20126
MICRON TECHNOLOGY INC MU 0.27 1375230 BBG000C5Z1S3 5533
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.27 1340650 BBG00CMNZNK7 1340650
RIO TINTO PLC-SPON ADR RIO 0.24 1192710 BBG000FD28T3 15364
Cash & Other Cash&Other 0.23 1168420 N/A 1168420
T-MOBILE US INC TMUS 0.23 1145740 BBG000NDV1D4 5721
AGNICO EAGLE MINES LTD AEM 0.23 1180940 BBG000DLVDK3 7004
LAM RESH CORP LRCX 0.21 1039090 BBG000BNFLM9 6309
Barrick Mining Corp. B 0.21 1037570 N/A 23651
PEPSICO INC PEP 0.20 1027370 BBG000DH7JK6 6878
SHOPIFY INC - CLASS A SHOP 0.20 1022820 BBG008HBD923 6132
APPLIED MATERIALS INC AMAT 0.20 995748 BBG000BBPFB9 3928
LINDE PLC LIN 0.20 995520 BBG01FND0CC1 2376
INTUITIVE SURGICAL INC ISRG 0.20 1031630 BBG000BJPDZ1 1836
APPLOVIN CORP APP 0.20 1027670 BBG006HFPX77 1480
QUALCOMM INC QCOM 0.19 942890 BBG000CGC1X8 5413
INTUIT INC INTU 0.19 973889 BBG000BH5DV1 1456
FREEPORT-MCMORAN INC FCX 0.18 915032 BBG000BJDB15 19095
AMGEN INC AMGN 0.18 885018 BBG000BBS2Y0 2728
BOOKING HOLDINGS INC BKNG 0.17 876657 BBG000BLBVN4 164
INTEL CORP INTC 0.16 783757 BBG000C0G1D1 21603
KLA CORPORATION KLAC 0.16 808000 BBG000BMTFR4 661
AUTOMATIC DATA PROCESSING ADP 0.16 797002 BBG000JG0547 3054
TEXAS INSTRUMENTS INC TXN 0.16 793384 BBG000BVV7G1 4503
GILEAD SCIENCES INC GILD 0.15 759066 BBG000CKGBP2 6249
ADOBE SYSTEMS INC ADBE 0.15 773887 BBG000BB5006 2175
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.14 708401 BBG000PVRDL2 6136
WELLTOWER INC WELL 0.14 688838 BBG000BKY1G5 3674
HONEYWELL INTERNATIONAL INC HON 0.13 644354 BBG000H556T9 3253
PALO ALTO NETWORKS INC PANW 0.13 630877 BBG0014GJCT9 3394
GLENCORE PLC -UNSP ADR GLNCY 0.13 673075 BBG001VKX1Z1 65730
PROLOGIS INC PLD 0.13 649789 BBG000B9Z0J8 5090
ANALOG DEVICES INC ADI 0.13 672179 BBG000BB6G37 2445
Crowdstrike Holdings Inc. Class A CRWD 0.12 617097 BBG00BLYKS03 1293
VERTEX PHARMACEUTICALS INC VRTX 0.11 575331 BBG000C1S2X2 1286
CONSTELLATION ENERGY CORPORATION CEG 0.11 560350 BBG014KFRNP7 1552
COMCAST CORP-CLASS A CMCSA 0.11 569681 BBG000BFT2L4 18820
Anglo American PLC NGLOD 0.11 571747 N/A 29426
REALTY INCOME CORP O 0.10 511782 BBG000DHPN63 9015
FRANCO-NEVADA CORP FNV 0.10 508494 BBG000RD3CL8 2438
STARBUCKS CORP SBUX 0.10 514254 BBG000CTQBF3 5751
FASTENAL CO FAST 0.10 493684 BBG000BJ8YN7 11660
MERCADOLIBRE INC MELI 0.10 504866 BBG000GQPB11 257
CADENCE DESIGN SYS INC CDNS 0.09 432947 BBG000C13CD9 1374
DOORDASH INC CLASS A DASH 0.09 475044 BBG005D7QCJ3 2057
Marriott International, Inc Class A MAR 0.08 425559 BBG000BGD7W6 1387
REGENERON PHARMACEUTICALS REGN 0.08 390078 BBG000C734W3 521
CINTAS CORP CTAS 0.08 383198 BBG000H3YXF8 2018
EQUINIX INC EQIX 0.08 395106 BBG000MBDGM6 531
SYNOPSYS INC SNPS 0.08 416440 BBG000BSFRF3 908.999
ASML HOLDING NV-NY REG SHS ASML 0.08 422814 BBG000K6MRN4 408
OREILLY AUTOMOTIVE INC ORLY 0.08 389098 BBG000BGYWY6 4239
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 359028 BBG000D4LWF6 6554
SIMON PROPERTY GROUP INC SPG 0.07 350893 BBG000BJ2D31 1896
MONSTER BEVERAGE CORP MNST 0.07 375942 BBG008NVB1C0 4982
CSX CORP CSX 0.07 339155 BBG000BGJRC8 9264
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.07 349213 BBG00LBLDDR2 3301
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.07 345567 BBG00ZXBJ153 4091
Warner Bros Discovery Inc WBD 0.07 337394 BBG011386VF4 12220
PAYPAL HOLDINGS INC PYPL 0.06 285490 BBG0077VNXV6 4803
PACCAR INC PCAR 0.06 289893 BBG000BQVTF5 2633
PUBLIC STORAGE PSA 0.06 287507 BBG000BPPN67 1100
AMERICAN ELECTRIC POWER AEP 0.06 315071 BBG000BB9KF2 2726
TARGET CORP TGT 0.06 278727 BBG000H8TVT2 2814
AIRBNB INC ABNB 0.06 294644 BBG001Y2XS07 2199
IDEXX LABS IDXX 0.06 282326 BBG000BLRT07 405
THOMSON REUTERS CORP COMMON STOCK TRI 0.06 303433 N/A 2308
AUTODESK INC ADSK 0.06 312407 BBG000BM7HL0 1044
DIGITAL REALTY TRUST INC DLR 0.06 280771 BBG000Q5ZRM7 1898
FORTINET INC FTNT 0.06 315650 BBG000BCMBG4 3958
ROSS STORES INC ROST 0.06 306352 BBG000BSBZH7 1678
Ventas Inc. VTR 0.05 252276 BBG000FRVHB9 3157
ROPER TECHNOLOGIES INC ROP 0.05 237869 BBG000F1ZSN5 528
KENVUE INC KVUE 0.05 249916 BBG01C79X561 14615
Kimberly-Clark Corp KMB 0.05 236924 BBG000BMW2Z0 2334
GENUINE PARTS CO GPC 0.05 229948 BBG000BKL348 1826
PPG INDUSTRIES INC PPG 0.05 233400 BBG000BRJ809 2268
HORMEL FOODS CORP HRL 0.05 261528 BBG000BLF8D2 10897
ILLINOIS TOOL WORKS ITW 0.05 253441 BBG000BMBL90 1009
AMCOR PLC AMCR 0.05 244737 BBG00LNJRQ09 29345
MEDTRONIC PLC MDT 0.05 231428 BBG000BNWG87 2350
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.05 234071 BBG000BS1YV5 949
FRANKLIN RESOURCES INC BEN 0.05 267728 BBG000BD0TF8 11202
NXP Semiconductors NV NXPI 0.05 270493 BBG000BND699 1218
T ROWE PRICE GROUP INC TROW 0.05 255304 BBG000BVMPN3 2471
ABBVIE INC ABBV 0.05 247107 BBG0025Y4RY4 1109
EVERSOURCE ENERGY ES 0.05 237182 BBG000BQ87N0 3489
WORKDAY INC-CLASS A WDAY 0.05 264967 BBG000VC0T95 1215
ASTRAZENECA PLC-SPONS ADR AZN 0.05 268930 BBG000BZ0DK8 2968
STANLEY BLACK & DECKER INC SWK 0.05 255582 BBG000BTQR96 3504
ELECTRONIC ARTS INC EA 0.05 259565 BBG000BP0KQ8 1273
XCEL ENERGY INC XEL 0.04 214941 BBG000BCTQ65 2920
PAYCHEX INC PAYX 0.04 216599 BBG000BQSQ38 1896
EXELON CORP EXC 0.04 226891 BBG000J6XT05 5124
Baker Hughes Company BKR 0.04 219237 BBG00GBVBK51 4930
AVALONBAY COMMUNITIES INC AVB 0.04 200078 BBG000BLPBL5 1104
MICROSTRATEGY INC-CL A MSTR 0.04 204921 BBG000GQJPZ0 1295
AXON ENTERPRISE INC AXON 0.04 222496 BBG000BHJWG1 395
Zscaler Inc. ZS 0.04 210754 BBG003338H34 912
COGNIZANT TECH SOLUTIONS-A CTSH 0.04 208395 BBG000BBDV81 2488
EXTRA SPACE STORAGE INC EXR 0.04 198037 BBG000PV27K3 1513
KEURIG DR PEPPER INC KDP 0.04 185657 BBG000TJM7F0 6607
COPART INC CPRT 0.04 194021 BBG000BM9RH1 4947
VICI PROPERTIES INC REIT VICI 0.04 196391 BBG00HVVB499 6989
DIAMONDBACK ENERGY INC FANG 0.04 207564 BBG002PHSYX9 1412
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.04 187403 BBG01BFR8YV1 2271
Datadog Inc. Class A DDOG 0.04 223753 BBG003NJHZT9 1618
International Business Machines Corporation IBM 0.04 203104 BBG000BLNNH6 676
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 213041 BBG00B6BFWH9 2324
MICROCHIP TECHNOLOGY INC MCHP 0.03 171040 BBG000BHCP19 2670
KRAFT HEINZ CO/THE KHC 0.03 146372 BBG005CPNTQ2 5914
Old Dominion Freight Line Inc. ODFL 0.03 165368 BBG000CHSS88 1043
VERISK ANALYTICS INC VRSK 0.03 146442 BBG000BCZL41 670
ATLASSIAN CORP PLC-CLASS A TEAM 0.03 140745 BBG01BGWHFR5 853
COSTAR GROUP INC CSGP 0.03 134237 BBG000D7JKW9 2069
CHARTER COMMUNICATIONS INC-A CHTR 0.03 140007 BBG000VPGNR2 678
EQUITY RESIDENTIAL EQR 0.03 152058 BBG000BG8M31 2449
IRON MOUNTAIN INC IRM 0.03 138242 BBG000KCZPC3 1753
BIOGEN INC BIIB 0.03 126753 BBG000C17X76 746
DEXCOM INC DXCM 0.03 132215 BBG000QTF8K1 2006
AFLAC INC AFL 0.03 144924 BBG000BBBNC6 1312
Sun Communities Inc SUI 0.02 95762.5 BBG000BLJWF3 779
ESSEX PROPERTY TRUST INC ESS 0.02 99467.7 BBG000CGJMB9 381
ON Semiconductor Corporation ON 0.02 104713 BBG000DV7MX4 1927
MID-AMERICA APARTMENT COMM MAA 0.02 101415 BBG000BLMY92 744
LULULEMON ATHLETICA INC LULU 0.02 124764 BBG000R8ZVD1 580
CDW CORP/DE CDW 0.02 94003.6 BBG001P63B80 657
CLOROX COMPANY CLX 0.02 116386 BBG000BFS7D3 1171
KIMCO REALTY CORP KIM 0.02 98804.2 BBG000CN3S73 4872
Omega Healthcare Investors Inc OHI 0.02 97343.4 BBG000BGBTC2 2187
TRADE DESK INC/THE -CLASS A TTD 0.02 81926.1 BBG00629NGT2 2197
INVITATION HOMES INC REIT USD.01 INVH 0.02 98210 BBG00FQH6BS9 3583
W. P. CAREY REIT INC WPC 0.02 96114.6 BBG000BCQM58 1492
GLOBALFOUNDRIES INC GFS 0.02 98310.1 BBG000C2L5G9 2718
AO Smith Corp AOS 0.01 51960.8 BBG000BC1L02 762
AIR PRODUCTS & CHEMICALS INC APD 0.01 47043.8 BBG000BC4JJ4 193
CONSOLIDATED EDISON INC ED 0.01 50295 BBG000BHLYS1 503
ARM HOLDINGS PLC ARM 0.01 72419.4 BBG01J1GXZF0 638
JOHNSON & JOHNSON JNJ 0.01 50411 BBG000BMHYD1 242
MCDONALDS CORP MCD 0.01 51463.6 BBG000BNSZP1 161
Solstice Advanced Materials Inc. SOLSV 0.00 7056.25 BBG01X5744P5 145.25

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.