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 06/01/2026
TICKER RAA
NET ASSETS $603M
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 $30.49
30 DAY MEDIAN BID-ASK SPREAD 0.000666

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 6.72% -3.97% 4.53% 0.68% 7.44% 0.68% 17.36% 11.92%
RAA - Market Price 6.81% -3.98% 4.39% 0.63% 7.28% 0.63% 17.22% 11.89%
S&P 500 Index Total Return 10.49% -4.98% 4.19% -4.33% 5.70% -4.33% 19.15% 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 06/01/2026

NET ASSET VALUE

$30.49

CLOSING PRICE

$30.50

PREMIUM/DISCOUNT

0.03%
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 27
Discount 5 13 16 8 8

Asset Allocation

As of 6/1/2026

Equities

42.12%
Nasdaq
16.73%
US Large Cap
14.99%
Dividend Payers
3.40%
Emerging Ex. China
2.04%
US Small Cap
1.99%
Japan
1.98%
Europe
0.99%

Fixed Income

0.00%
High Yield
5.94%
Corporate Bonds
3.97%
Emerging Mkt Bonds
3.97%
TIPS
2.97%
Long Term Treasuries
0.99%
T-Bills
0.00%

Alternatives

38.59%
Commodities
10.13%
Managed Futures
10.08%
Gold
4.89%
Energy
4.86%
Miners
3.82%
Bitcoin
2.90%
Real Estate
1.91%

Holdings

As of 06/01/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.99 90347900 BBG00RYR67P4 621375
INVESCO OPTIMUM YIELD DIVERS PDBC 10.13 61068400 N/A 3417370
iM DBi Managed Futures Strategy ETF DBMF 9.07 54673600 N/A 1747320
SCHWAB HIGH YIELD BOND ETF SCYB 5.94 35838300 BBG01F80WX71 1371540
SPROTT PHYSICAL GOLD TRUS PHYS 4.89 29457100 BBG000Q83F79 870225
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.97 23935800 BBG000NXKWH0 249305
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 3.97 23910700 BBG000PWYVH7 290003
SCHWAB U.S. TIPS ETF SCHP 2.97 17907700 BBG000BGN6P5 672465
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.90 17478100 N/A 552931
ISHARES MSCI EMR MRK EX CHNA EMXC 2.04 12315800 BBG00H5VLMJ6 118798
VANGUARD SMALL-CAP ETF VB 1.99 11990600 BBG000HT3Z79 40911
Franklin FTSE Japan ETF FLJP 1.98 11960800 BBG00J3MDY16 301508
NVIDIA CORP NVDA 1.46 8812410 BBG000BBJQV0 39278
APPLE INC AAPL 1.22 7370120 BBG000B9XRY4 24061
Simplify DBi CTA Managed Futures Index ETF SDMF 1.01 6096310 BBG020BR8WR7 233575
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 1.00 6013220 BBG01922X0X9 120578
Franklin FTSE Europe ETF FLEE 0.99 5948880 BBG00J3PR1S7 152940
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 0.99 5981190 BBG00PZFJPC3 193004
MICROSOFT CORP MSFT 0.90 5396370 BBG000BPH459 11718
MICRON TECHNOLOGY INC MU 0.83 4999390 BBG000C5Z1S3 4828
BHP GROUP LTD BHP 0.80 4831830 BBG000BD5NZ4 52969
AMAZON.COM INC AMZN 0.76 4594520 BBG000BVPV84 17586
ADVANCED MICRO DEVICES INC AMD 0.63 3784650 BBG000BBQCY0 7419
CHEVRON CORP CVX 0.60 3605850 BBG000K4ND22 19404
ALPHABET INC-CL A GOOGL 0.60 3631970 BBG009S39JX6 9650
Tesla Inc. TSLA 0.57 3411460 BBG000N9MNX3 8203
Broadcom Inc. AVGO 0.57 3454370 BBG00KHY5S69 7510
ALPHABET INC-CL C GOOG 0.56 3356200 BBG009S3NB30 9008
OCCIDENTAL PETROLEUM CORP OXY 0.52 3134540 BBG000BQQ2S6 53200
MARATHON PETROLEUM CORP MPC 0.52 3114010 BBG001DCCGR8 12039
CANADIAN NATURAL RESOURCES CNQ 0.51 3071830 BBG000HW5GX3 66837
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.51 3086940 BBG000BRK7L6 48415
EXXON MOBIL CORP XOM 0.51 3087980 BBG000GZQ728 20672
EQT CORP EQT 0.50 3014990 BBG000BHZ5J9 54560
Cheniere Energy Inc LNG 0.50 3028530 BBG000C3HSR0 13290
SCHLUMBERGER LTD SLB 0.50 2994770 BBG000BT41Q8 54699
WILLIAMS COMPANIES INC. WMB 0.49 2938530 BBG000BWVCP8 41955
NEWMONT GOLDCORP CORPORATION COM NEM 0.48 2894950 BBG000BPWXK1 26758
META PLATFORMS INC META 0.48 2920690 BBG000MM2P62 4864
RIO TINTO PLC-SPON ADR RIO 0.46 2757450 BBG000FD28T3 25307
WAL-MART STORES INC WMT 0.43 2607840 BBG000BWXBC2 22756
INTEL CORP INTC 0.42 2511750 BBG000C0G1D1 22974
AGNICO EAGLE MINES LTD AEM 0.36 2142500 BBG000DLVDK3 12134
CISCO SYSTEMS INC CSCO 0.35 2129100 BBG000C3J3C9 17548
FREEPORT-MCMORAN INC FCX 0.34 2026490 BBG000BJDB15 30228
COSTCO WHOLESALE CORP COST 0.33 1987780 BBG000F6H8W8 2101
GLENCORE PLC -UNSP ADR GLNCY 0.31 1879610 BBG001VKX1Z1 118438
LAM RESH CORP LRCX 0.29 1776820 BBG000BNFLM9 5603
APPLIED MATERIALS INC AMAT 0.27 1637040 BBG000BBPFB9 3573
NETFLIX INC NFLX 0.27 1642310 BBG000CL9VN6 19130
Barrick Mining Corp. B 0.27 1618190 N/A 38237
REALTY INCOME CORP O 0.25 1514120 BBG000DHPN63 25426
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.25 1527300 BBG000N7QR55 9507
WELLTOWER INC WELL 0.24 1431250 BBG000BKY1G5 7252
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.23 1359570 BBG000PVRDL2 10554
PROLOGIS INC PLD 0.23 1399510 BBG000B9Z0J8 10067
AUTOMATIC DATA PROCESSING ADP 0.23 1369250 BBG000JG0547 5858
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.22 1355790 N/A 48928
NUCOR CORP NUE 0.20 1214950 BBG000BQ8KV2 4831
TEXAS INSTRUMENTS INC TXN 0.20 1219130 BBG000BVV7G1 4158
EQUINIX INC EQIX 0.20 1187370 BBG000MBDGM6 1130
KLA CORPORATION KLAC 0.19 1144620 BBG000BMTFR4 590
SANDISK CORP/DE SNDKV SNDK 0.19 1151980 BBG01R388JG1 654
FRANCO-NEVADA CORP FNV 0.18 1081340 BBG000RD3CL8 4739
QUALCOMM INC QCOM 0.18 1057700 BBG000CGC1X8 4619
LINDE PLC LIN 0.17 1044560 BBG01FND0CC1 2100
PALO ALTO NETWORKS INC PANW 0.17 1039060 BBG0014GJCT9 3458
VALE SA-SP ADR VALE 0.17 1018080 BBG000BN5LG7 62459
T-MOBILE US INC TMUS 0.16 937622 BBG000NDV1D4 5021
PEPSICO INC PEP 0.15 883651 BBG000DH7JK6 6244
KENVUE INC KVUE 0.15 896006 BBG01C79X561 51643
Kimberly-Clark Corp KMB 0.15 891639 BBG000BMW2Z0 9103
HORMEL FOODS CORP HRL 0.15 896570 BBG000BLF8D2 38397
MEDTRONIC PLC MDT 0.15 893826 BBG000BNWG87 12082
FRANKLIN RESOURCES INC BEN 0.15 892928 BBG000BD0TF8 28860
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 898228 BBG0113JGQF0 975
STANLEY BLACK & DECKER INC SWK 0.15 882070 BBG000BTQR96 11284
ILLINOIS TOOL WORKS ITW 0.15 893274 BBG000BMBL90 3634
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.15 874648 BBG00ZXBJ153 3986
T ROWE PRICE GROUP INC TROW 0.15 892361 BBG000BVMPN3 8587
ANALOG DEVICES INC ADI 0.15 899160 BBG000BB6G37 2239
WESTERN DIGITAL CORP WDC 0.14 827493 BBG000BWNFZ9 1515
CLOROX COMPANY CLX 0.14 872280 BBG000BFS7D3 9791
EVERSOURCE ENERGY ES 0.14 840751 BBG000BQ87N0 12622
International Business Machines Corporation IBM 0.14 865775 BBG000BLNNH6 2702
APPLOVIN CORP APP 0.14 837700 BBG006HFPX77 1365
Crowdstrike Holdings Inc. Class A CRWD 0.14 822061 BBG00BLYKS03 1051
SIMON PROPERTY GROUP INC SPG 0.14 830056 BBG000BJ2D31 4095
AMCOR PLC COMMON STOCK USD.01 AMCR 0.14 872204 N/A 23117
GENUINE PARTS CO GPC 0.13 757655 BBG000BKL348 7790
AMGEN INC AMGN 0.13 803735 BBG000BBS2Y0 2442
DIGITAL REALTY TRUST INC DLR 0.13 761460 BBG000Q5ZRM7 4116
AO Smith Corp AOS 0.12 750855 BBG000BC1L02 13461
PUBLIC STORAGE PSA 0.12 695426 BBG000BPPN67 2351
PPG INDUSTRIES INC PPG 0.12 748852 BBG000BRJ809 6682
GILEAD SCIENCES INC GILD 0.12 738486 BBG000CKGBP2 5633
ABBVIE INC ABBV 0.12 744616 BBG0025Y4RY4 3497
Ventas Inc. VTR 0.11 642322 BBG000FRVHB9 7861
HONEYWELL INTERNATIONAL INC HON 0.11 669645 BBG000H556T9 2831
SHOPIFY INC - CLASS A SHOP 0.11 657091 BBG008HBD923 5294
INTUITIVE SURGICAL INC ISRG 0.11 657967 BBG000BJPDZ1 1596
J M Smucker Co COM STK NPV SJM 0.11 638069 BBG000BT1715 6342
ASML HOLDING NV-NY REG SHS ASML 0.11 638399 BBG000K6MRN4 392
Cash & Other Cash&Other 0.10 617766 N/A 617766
IRON MOUNTAIN INC IRM 0.10 600810 BBG000KCZPC3 4754
BOOKING HOLDINGS INC BKNG 0.10 602699 BBG000BLBVN4 3561
CADENCE DESIGN SYS INC CDNS 0.08 504861 BBG000C13CD9 1219
ADOBE SYSTEMS INC ADBE 0.08 471880 BBG000BB5006 1722
ERIE INDEMNITY COMPANY-CL A ERIE 0.08 494109 BBG000BBTJZ1 2335
VERTEX PHARMACEUTICALS INC VRTX 0.08 500214 BBG000C1S2X2 1141
Marriott International, Inc Class A MAR 0.08 455745 BBG000BGD7W6 1209
STARBUCKS CORP SBUX 0.08 511406 BBG000CTQBF3 5299
VICI PROPERTIES INC REIT VICI 0.08 475533 BBG00HVVB499 17124
EXTRA SPACE STORAGE INC EXR 0.08 465722 BBG000PV27K3 3319
FORTINET INC FTNT 0.08 464227 BBG000BCMBG4 3155
FASTENAL CO FAST 0.07 409547 BBG000BJ8YN7 9310
COMCAST CORP-CLASS A CMCSA 0.07 412523 BBG000BFT2L4 16468
EQUITY RESIDENTIAL EQR 0.07 424343 BBG000BG8M31 6448
CONSTELLATION ENERGY CORPORATION CEG 0.07 433888 BBG014KFRNP7 1633
MONSTER BEVERAGE CORP MNST 0.07 394802 BBG008NVB1C0 4431
MERCADOLIBRE INC MELI 0.07 399856 BBG000GQPB11 231
INTUIT INC INTU 0.07 421328 BBG000BH5DV1 1191
CSX CORP CSX 0.07 397377 BBG000BGJRC8 8665
SYNOPSYS INC SNPS 0.07 433215 BBG000BSFRF3 880
AVALONBAY COMMUNITIES INC AVB 0.07 421332 BBG000BLPBL5 2304
MONDELEZ INTERNATIONAL INC-A MDLZ 0.06 351526 BBG000D4LWF6 5758
MONOLITHIC POWER SYSTEMS INC MPWR 0.06 345495 BBG000C30L48 224
NXP Semiconductors NV NXPI 0.06 361824 BBG000BND699 1162
OREILLY AUTOMOTIVE INC ORLY 0.06 333564 BBG000BGYWY6 3850
Datadog Inc. Class A DDOG 0.06 387099 BBG003NJHZT9 1395
LUMENTUM HOLDINGS INC LITE 0.05 300460 BBG0073F9RT7 332
Warner Bros Discovery Inc WBD 0.05 309097 BBG011386VF4 11343
Baker Hughes Company BKR 0.05 280594 BBG00GBVBK51 4456
ESSEX PROPERTY TRUST INC ESS 0.05 303238 BBG000CGJMB9 1095
REGENERON PHARMACEUTICALS REGN 0.05 281710 BBG000C734W3 469
DOORDASH INC CLASS A DASH 0.05 293308 BBG005D7QCJ3 1780
ROSS STORES INC ROST 0.05 314370 BBG000BSBZH7 1403
INVITATION HOMES INC REIT USD.01 INVH 0.05 296267 BBG00FQH6BS9 10181
CINTAS CORP CTAS 0.05 319346 BBG000H3YXF8 1847
AMERICAN ELECTRIC POWER AEP 0.05 310713 BBG000BB9KF2 2510
PACCAR INC PCAR 0.04 260867 BBG000BQVTF5 2383
XCEL ENERGY INC XEL 0.04 214941 BBG000BCTQ65 2813
Sun Communities Inc SUI 0.04 236367 BBG000BLJWF3 1964
MICROCHIP TECHNOLOGY INC MCHP 0.04 224499 BBG000BHCP19 2453
HOST HOTELS & RESORTS INC HST 0.04 240817 BBG000BL8804 10389
ARM HOLDINGS PLC ARM 0.04 252669 BBG01J1GXZF0 618
EXELON CORP EXC 0.04 212954 BBG000J6XT05 4763
AIRBNB INC ABNB 0.04 258368 BBG001Y2XS07 1874
MID-AMERICA APARTMENT COMM MAA 0.04 236912 BBG000BLMY92 1849
KIMCO REALTY CORP KIM 0.04 235573 BBG000CN3S73 9965
FERROVIAL SE FER 0.04 216484 BBG01H7CZ9S9 3251
AUTODESK INC ADSK 0.04 240219 BBG000BM7HL0 968
DIAMONDBACK ENERGY INC FANG 0.04 255953 BBG002PHSYX9 1286
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.04 252385 BBG00LBLDDR2 2893
W. P. CAREY REIT INC WPC 0.04 235662 BBG000BCQM58 3234
ELECTRONIC ARTS INC EA 0.04 223210 BBG000BP0KQ8 1105
PAYCHEX INC PAYX 0.03 159192 BBG000BQSQ38 1554
PAYPAL HOLDINGS INC PYPL 0.03 188036 BBG0077VNXV6 4161
ROPER TECHNOLOGIES INC ROP 0.03 159732 BBG000F1ZSN5 464
Old Dominion Freight Line Inc. ODFL 0.03 210476 BBG000CHSS88 921
AXON ENTERPRISE INC AXON 0.03 173107 BBG000BHJWG1 363
IDEXX LABS IDXX 0.03 205745 BBG000BLRT07 363
AIR PRODUCTS & CHEMICALS INC APD 0.03 181000 BBG000BC4JJ4 649
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.03 187939 BBG000BS1YV5 828
KEURIG DR PEPPER INC KDP 0.03 188176 BBG000TJM7F0 6231
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.03 184777 BBG000B9ZXB4 2105
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.03 203236 BBG00CMNZNK7 203236
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 183586 BBG000BFGNJ5 621
MCDONALDS CORP MCD 0.03 177166 BBG000BNSZP1 646
CONSOLIDATED EDISON INC ED 0.03 176431 BBG000BHLYS1 1703
MICROSTRATEGY INC-CL A MSTR 0.03 202203 BBG000GQJPZ0 1350
THOMSON REUTERS CORP TRI 0.03 176801 N/A 1881.67
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.03 189246 BBG00B6BFWH9 2110
INSMED INC INSM 0.02 101047 BBG000BWM5P3 953
KRAFT HEINZ CO/THE KHC 0.02 129138 BBG005CPNTQ2 5465
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 118436 BBG000BBDV81 2072
VERISK ANALYTICS INC VRSK 0.02 120684 BBG000BCZL41 656
Zscaler Inc. ZS 0.02 140450 BBG003338H34 902
COPART INC CPRT 0.02 141206 BBG000BM9RH1 4369
WORKDAY INC-CLASS A WDAY 0.02 131759 BBG000VC0T95 838
DEXCOM INC DXCM 0.02 122637 BBG000QTF8K1 1638
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 132339 BBG01BFR8YV1 2111
CHARTER COMMUNICATIONS INC-A CHTR 0.01 84847 BBG000VPGNR2 595

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.