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 04/30/2026
TICKER RAA
NET ASSETS $575M
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 $29.47
30 DAY MEDIAN BID-ASK SPREAD 0.000691

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 04/30/2026

NET ASSET VALUE

$29.47

CLOSING PRICE

$29.49

PREMIUM/DISCOUNT

0.08%
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 10
Discount 5 13 16 8 7

Asset Allocation

As of 4/30/2026

Equities

45.86%
Nasdaq
17.83%
US Large Cap
13.97%
Dividend Payers
4.04%
US Small Cap
4.00%
Emerging Ex. China
2.01%
Europe
2.01%
Japan
2.00%

Fixed Income

26.89%
Long Term Treasuries
6.86%
Corporate Bonds
5.94%
High Yield
5.93%
Emerging Mkt Bonds
3.96%
TIPS
2.91%
T-Bills
1.29%

Alternatives

27.25%
Miners
7.02%
Managed Futures
5.97%
Gold
4.98%
Commodities
3.99%
Bitcoin
2.20%
Energy
2.10%
Real Estate
0.99%

Holdings

As of 04/30/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 13.97 80256100 BBG00RYR67P4 584233
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 6.86 39400500 BBG00PZFJPC3 1272530
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.94 34146300 BBG000PWYVH7 413863
SCHWAB HIGH YIELD BOND ETF SCYB 5.93 34056700 BBG01F80WX71 1303040
iM DBi Managed Futures Strategy ETF DBMF 5.56 31949700 N/A 1045480
SPROTT PHYSICAL GOLD TRUS PHYS 4.98 28617300 BBG000Q83F79 817170
VANGUARD SMALL-CAP ETF VB 4.00 22959700 BBG000HT3Z79 80733
INVESCO OPTIMUM YIELD DIVERS PDBC 3.99 22916900 N/A 1236750
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.96 22736700 BBG000NXKWH0 238469
SCHWAB U.S. TIPS ETF SCHP 2.91 16723600 BBG000BGN6P5 623024
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.20 12650200 N/A 374155
Franklin FTSE Europe ETF FLEE 2.01 11555800 BBG00J3PR1S7 299141
ISHARES MSCI EMR MRK EX CHNA EMXC 2.01 11542100 BBG00H5VLMJ6 126767
Franklin FTSE Japan ETF FLJP 2.00 11478200 BBG00J3MDY16 301422
NVIDIA CORP NVDA 1.62 9289980 BBG000BBJQV0 46550
BHP GROUP LTD BHP 1.34 7684170 BBG000BD5NZ4 96900
APPLE INC AAPL 1.25 7204610 BBG000B9XRY4 26551
MICROSOFT CORP MSFT 1.02 5864280 BBG000BPH459 14381
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 0.99 5702440 BBG01922X0X9 114392
AMAZON.COM INC AMZN 0.92 5275750 BBG000BVPV84 19904
NEWMONT GOLDCORP CORPORATION COM NEM 0.91 5226450 BBG000BPWXK1 47047
RIO TINTO PLC-SPON ADR RIO 0.80 4603490 BBG000FD28T3 45815
AGNICO EAGLE MINES LTD AEM 0.78 4467730 BBG000DLVDK3 23738
ALPHABET INC-CL A GOOGL 0.66 3799520 BBG009S39JX6 9874
FREEPORT-MCMORAN INC FCX 0.64 3673770 BBG000BJDB15 63582
META PLATFORMS INC META 0.63 3625570 BBG000MM2P62 5925
Broadcom Inc. AVGO 0.62 3558170 BBG00KHY5S69 8524
ALPHABET INC-CL C GOOG 0.61 3529510 BBG009S3NB30 9241
Tesla Inc. TSLA 0.60 3444210 BBG000N9MNX3 9025
GLENCORE PLC -UNSP ADR GLNCY 0.56 3210760 BBG001VKX1Z1 207951
WAL-MART STORES INC WMT 0.55 3163550 BBG000BWXBC2 23979
MICRON TECHNOLOGY INC MU 0.52 2971600 BBG000C5Z1S3 5746
Barrick Mining Corp. B 0.52 3008090 N/A 76464
ADVANCED MICRO DEVICES INC AMD 0.49 2817130 BBG000BBQCY0 7947
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.45 2574470 BBG000PVRDL2 20358
INTEL CORP INTC 0.42 2411510 BBG000C0G1D1 25524
Simplify DBi CTA Managed Futures Index ETF SDMF 0.41 2376400 BBG020BR8WR7 92431
COSTCO WHOLESALE CORP COST 0.39 2246970 BBG000F6H8W8 2218
FRANCO-NEVADA CORP FNV 0.36 2059700 BBG000RD3CL8 8942
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.36 2085160 N/A 84215
NETFLIX INC NFLX 0.34 1976110 BBG000CL9VN6 21110
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.34 1954550 BBG00CMNZNK7 1954550
CHEVRON CORP CVX 0.33 1896560 BBG000K4ND22 9811
CISCO SYSTEMS INC CSCO 0.31 1793950 BBG000C3J3C9 19606
VALE SA-SP ADR VALE 0.30 1726620 BBG000BN5LG7 105539
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.28 1607000 BBG000N7QR55 11552
APPLIED MATERIALS INC AMAT 0.27 1545610 BBG000BBPFB9 3918
LAM RESH CORP LRCX 0.27 1575780 BBG000BNFLM9 6111
AUTOMATIC DATA PROCESSING ADP 0.27 1577050 BBG000JG0547 7441
REALTY INCOME CORP O 0.25 1419320 BBG000DHPN63 22094
TEXAS INSTRUMENTS INC TXN 0.22 1246590 BBG000BVV7G1 4435
KLA CORPORATION KLAC 0.21 1218240 BBG000BMTFR4 696
OCCIDENTAL PETROLEUM CORP OXY 0.20 1145080 BBG000BQQ2S6 18902
KENVUE INC KVUE 0.20 1149860 BBG01C79X561 65594
CANADIAN NATURAL RESOURCES CNQ 0.20 1143510 BBG000HW5GX3 23978
Kimberly-Clark Corp KMB 0.20 1153800 BBG000BMW2Z0 11722
EQT CORP EQT 0.20 1137250 BBG000BHZ5J9 18929
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.20 1151700 BBG000BRK7L6 16823
Cheniere Energy Inc LNG 0.20 1144890 BBG000C3HSR0 4164
SCHLUMBERGER LTD SLB 0.20 1147440 BBG000BT41Q8 20173
MEDTRONIC PLC MDT 0.20 1150830 BBG000BNWG87 14213
PPG INDUSTRIES INC PPG 0.20 1125470 BBG000BRJ809 10373
WILLIAMS COMPANIES INC. WMB 0.20 1145340 BBG000BWVCP8 15009
FRANKLIN RESOURCES INC BEN 0.20 1140510 BBG000BD0TF8 38055
CLOROX COMPANY CLX 0.20 1143780 BBG000BFS7D3 11860
LINDE PLC LIN 0.20 1174170 BBG01FND0CC1 2343
EVERSOURCE ENERGY ES 0.20 1156090 BBG000BQ87N0 16352
MARATHON PETROLEUM CORP MPC 0.20 1147600 BBG001DCCGR8 4622
STANLEY BLACK & DECKER INC SWK 0.20 1140590 BBG000BTQR96 14593
ILLINOIS TOOL WORKS ITW 0.20 1148400 BBG000BMBL90 4451
T ROWE PRICE GROUP INC TROW 0.20 1160380 BBG000BVMPN3 11279
EXXON MOBIL CORP XOM 0.20 1134940 BBG000GZQ728 7354
AMCOR PLC COMMON STOCK USD.01 AMCR 0.20 1149910 N/A 30229
HORMEL FOODS CORP HRL 0.20 1152640 BBG000BLF8D2 53686
PEPSICO INC PEP 0.19 1072660 BBG000DH7JK6 6768
GILEAD SCIENCES INC GILD 0.19 1089370 BBG000CKGBP2 8326
T-MOBILE US INC TMUS 0.19 1094210 BBG000NDV1D4 5597
ABBVIE INC ABBV 0.19 1067590 BBG0025Y4RY4 5052
AO Smith Corp AOS 0.17 984926 BBG000BC1L02 15927
GENUINE PARTS CO GPC 0.17 960888 BBG000BKL348 8961
ANALOG DEVICES INC ADI 0.17 963010 BBG000BB6G37 2394
AMGEN INC AMGN 0.16 907868 BBG000BBS2Y0 2622
QUALCOMM INC QCOM 0.15 838279 BBG000CGC1X8 4668
INTUITIVE SURGICAL INC ISRG 0.14 816376 BBG000BJPDZ1 1784
J M Smucker Co COM STK NPV SJM 0.14 816198 BBG000BT1715 8326
International Business Machines Corporation IBM 0.14 822289 BBG000BLNNH6 3560
SANDISK CORP/DE SNDKV SNDK 0.14 792777 BBG01R388JG1 723
PALO ALTO NETWORKS INC PANW 0.13 756730 BBG0014GJCT9 4220
WELLTOWER INC WELL 0.13 747650 BBG000BKY1G5 3440
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.13 734941 BBG0113JGQF0 1091
SHOPIFY INC - CLASS A SHOP 0.13 759485 BBG008HBD923 6270
WESTERN DIGITAL CORP WDC 0.12 702184 BBG000BWNFZ9 1616
HONEYWELL INTERNATIONAL INC HON 0.12 681141 BBG000H556T9 3178
BOOKING HOLDINGS INC BKNG 0.12 699704 BBG000BLBVN4 4156
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.12 693135 BBG00ZXBJ153 4197
PROLOGIS INC PLD 0.12 688797 BBG000B9Z0J8 4850
APPLOVIN CORP APP 0.12 708357 BBG006HFPX77 1587
STARBUCKS CORP SBUX 0.11 608913 BBG000CTQBF3 5781
ASML HOLDING NV-NY REG SHS ASML 0.11 620205 BBG000K6MRN4 431
ERIE INDEMNITY COMPANY-CL A ERIE 0.10 596803 BBG000BBTJZ1 2726
INTUIT INC INTU 0.10 559052 BBG000BH5DV1 1439
Crowdstrike Holdings Inc. Class A CRWD 0.10 579921 BBG00BLYKS03 1301
FASTENAL CO FAST 0.09 491175 BBG000BJ8YN7 10932
EQUINIX INC EQIX 0.09 521924 BBG000MBDGM6 482
CONSTELLATION ENERGY CORPORATION CEG 0.09 545246 BBG014KFRNP7 1742
ADOBE SYSTEMS INC ADBE 0.09 512134 BBG000BB5006 2081
VERTEX PHARMACEUTICALS INC VRTX 0.09 539781 BBG000C1S2X2 1263
CADENCE DESIGN SYS INC CDNS 0.08 468677 BBG000C13CD9 1422
COMCAST CORP-CLASS A CMCSA 0.08 488234 BBG000BFT2L4 18056
Marriott International, Inc Class A MAR 0.08 475261 BBG000BGD7W6 1314
MERCADOLIBRE INC MELI 0.08 453535 BBG000GQPB11 253
SYNOPSYS INC SNPS 0.08 465226 BBG000BSFRF3 964
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 388977 BBG000D4LWF6 6331
MONOLITHIC POWER SYSTEMS INC MPWR 0.07 390687 BBG000C30L48 242
NXP Semiconductors NV NXPI 0.07 381080 BBG000BND699 1298
DIGITAL REALTY TRUST INC DLR 0.07 403688 BBG000Q5ZRM7 2009
MONSTER BEVERAGE CORP MNST 0.07 382653 BBG008NVB1C0 4965
CSX CORP CSX 0.07 426406 BBG000BGJRC8 9386
OREILLY AUTOMOTIVE INC ORLY 0.07 393922 BBG000BGYWY6 3963
SIMON PROPERTY GROUP INC SPG 0.07 402735 BBG000BJ2D31 1977
AMERICAN ELECTRIC POWER AEP 0.07 374173 BBG000BB9KF2 2729
PUBLIC STORAGE PSA 0.06 346305 BBG000BPPN67 1145
Warner Bros Discovery Inc WBD 0.06 336502 BBG011386VF4 12440
Baker Hughes Company BKR 0.06 338318 BBG00GBVBK51 4856
REGENERON PHARMACEUTICALS REGN 0.06 361308 BBG000C734W3 511
DOORDASH INC CLASS A DASH 0.06 345564 BBG005D7QCJ3 2049
ROSS STORES INC ROST 0.06 371981 BBG000BSBZH7 1633
FORTINET INC FTNT 0.06 319535 BBG000BCMBG4 3790
CINTAS CORP CTAS 0.06 350119 BBG000H3YXF8 2004
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.06 329904 BBG00LBLDDR2 3303
PACCAR INC PCAR 0.05 307454 BBG000BQVTF5 2588
Ventas Inc. VTR 0.05 286599 BBG000FRVHB9 3262
AIRBNB INC ABNB 0.05 296440 BBG001Y2XS07 2112
AUTODESK INC ADSK 0.05 259041 BBG000BM7HL0 1093
CONSOLIDATED EDISON INC ED 0.05 301134 BBG000BHLYS1 2701
DIAMONDBACK ENERGY INC FANG 0.05 284592 BBG002PHSYX9 1384
XCEL ENERGY INC XEL 0.04 249182 BBG000BCTQ65 3004
MICROCHIP TECHNOLOGY INC MCHP 0.04 248256 BBG000BHCP19 2672
PAYPAL HOLDINGS INC PYPL 0.04 234605 BBG0077VNXV6 4679
Old Dominion Freight Line Inc. ODFL 0.04 218590 BBG000CHSS88 1029
AIR PRODUCTS & CHEMICALS INC APD 0.04 232539 BBG000BC4JJ4 775
EXELON CORP EXC 0.04 239838 BBG000J6XT05 5215
IDEXX LABS IDXX 0.04 229367 BBG000BLRT07 409
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 206920 BBG000BS1YV5 968
VICI PROPERTIES INC REIT VICI 0.04 232724 BBG00HVVB499 7970
EXTRA SPACE STORAGE INC EXR 0.04 231335 BBG000PV27K3 1614
THOMSON REUTERS CORP COMMON STOCK TRI 0.04 206595 N/A 2159
ALNYLAM PHARMACEUTICALS INC ALNY 0.04 201478 BBG000BFGNJ5 651
FERROVIAL SE FER 0.04 246491 BBG01H7CZ9S9 3577
MCDONALDS CORP MCD 0.04 229000 BBG000BNSZP1 780
Datadog Inc. Class A DDOG 0.04 227631 BBG003NJHZT9 1722
MICROSTRATEGY INC-CL A MSTR 0.04 248175 BBG000GQJPZ0 1500
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 216849 BBG00B6BFWH9 2293
ELECTRONIC ARTS INC EA 0.04 257415 BBG000BP0KQ8 1272
AVALONBAY COMMUNITIES INC AVB 0.04 228201 BBG000BLPBL5 1247
PAYCHEX INC PAYX 0.03 175904 BBG000BQSQ38 1899
ROPER TECHNOLOGIES INC ROP 0.03 183082 BBG000F1ZSN5 516
IRON MOUNTAIN INC IRM 0.03 174244 BBG000KCZPC3 1383
AXON ENTERPRISE INC AXON 0.03 168739 BBG000BHJWG1 420
EQUITY RESIDENTIAL EQR 0.03 171034 BBG000BG8M31 2616
KEURIG DR PEPPER INC KDP 0.03 194922 BBG000TJM7F0 6630
COPART INC CPRT 0.03 165153 BBG000BM9RH1 4988
INSMED INC INSM 0.02 143146 BBG000BWM5P3 1050
Sun Communities Inc SUI 0.02 114033 BBG000BLJWF3 892
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 132567 BBG000BBDV81 2506
ESSEX PROPERTY TRUST INC ESS 0.02 115549 BBG000CGJMB9 439
Omega Healthcare Investors Inc OHI 0.02 119633 BBG000BGBTC2 2547
VERISK ANALYTICS INC VRSK 0.02 131541 BBG000BCZL41 713
MID-AMERICA APARTMENT COMM MAA 0.02 115487 BBG000BLMY92 894
CHARTER COMMUNICATIONS INC-A CHTR 0.02 105709 BBG000VPGNR2 640
Zscaler Inc. ZS 0.02 114345 BBG003338H34 875
KIMCO REALTY CORP KIM 0.02 114749 BBG000CN3S73 4854
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 133665 BBG01BFR8YV1 2197
INVITATION HOMES INC REIT USD.01 INVH 0.02 112433 BBG00FQH6BS9 3908
WORKDAY INC-CLASS A WDAY 0.02 133049 BBG000VC0T95 1087
DEXCOM INC DXCM 0.02 115706 BBG000QTF8K1 1943
W. P. CAREY REIT INC WPC 0.02 114354 BBG000BCQM58 1568
KRAFT HEINZ CO/THE KHC 0.02 131813 BBG005CPNTQ2 5817
Cash & Other Cash&Other -0.07 -384742 N/A -384742

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.