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 11/26/2025
TICKER RAA
NET ASSETS $501M
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 $27.64
30 DAY MEDIAN BID-ASK SPREAD 0.000722

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 2.14% 3.44% 7.33% 6.54% - - 11.85% 9.50%
RAA - Market Price 2.17% 3.45% 7.45% 6.40% - - 11.90% 9.52%
S&P 500 Index Total Return 2.34% 3.65% 8.23% 8.12% - - 15.83% 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 11/26/2025

NET ASSET VALUE

$27.64

CLOSING PRICE

$27.65

PREMIUM/DISCOUNT

0.07%
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 26
Discount 0 0 5 13 9

Asset Allocation

As of 11/26/2025

Equities

43.91%
Nasdaq
18.93%
US Large Cap
14.97%
Emerging Ex. China
3.00%
Japan
3.00%
Europe
2.00%
Dividend Payers
1.01%
US Small Cap
1.00%

Fixed Income

27.12%
High Yield
6.99%
Corporate Bonds
5.99%
Emerging Mkt Bonds
4.99%
TIPS
4.00%
Long Term Treasuries
3.00%
T-Bills
2.15%

Alternatives

28.97%
Commodities
7.02%
Managed Futures
6.99%
Energy
4.00%
Gold
3.98%
Bitcoin
3.00%
Miners
3.00%
Real Estate
0.98%

Holdings

As of 11/26/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.97 74999700 BBG00RYR67P4 575151
INVESCO OPTIMUM YIELD DIVERS PDBC 7.02 35168800 N/A 2587840
iM DBi Managed Futures Strategy ETF DBMF 6.99 35031700 N/A 1210910
Schwab High Yield Bond ETF SCYB 6.99 35027500 BBG01F80WX71 1317820
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.99 30025700 BBG000PWYVH7 354830
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 4.99 25011100 BBG000NXKWH0 258646
SCHWAB U.S. TIPS ETF SCHP 4.00 20038400 BBG000BGN6P5 742712
SPROTT PHYSICAL GOLD TRUS PHYS 3.98 19951700 BBG000Q83F79 627411
ISHARES MSCI EMR MRK EX CHNA EMXC 3.00 15020400 BBG00H5VLMJ6 211138
GRAYSCALE BITCN MINI TRU ETF BTC.UP 3.00 15020800 N/A 377218
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 3.00 15012900 BBG00PZFJPC3 458689
Franklin FTSE Japan ETF FLJP 3.00 15025400 BBG00J3MDY16 420526
Franklin FTSE Europe ETF FLEE 2.00 10038800 BBG00J3PR1S7 282305
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.00 10006500 BBG01922X0X9 200170
NVIDIA CORP NVDA 1.76 8823190 BBG000BBJQV0 48947
APPLE INC AAPL 1.67 8375900 BBG000B9XRY4 30178
MICROSOFT CORP MSFT 1.44 7236380 BBG000BPH459 14905
Broadcom Inc. AVGO 1.22 6132520 BBG00KHY5S69 15425
AMAZON.COM INC AMZN 1.00 4992480 BBG000BVPV84 21786
VANGUARD SMALL-CAP ETF VB 1.00 4984360 BBG000HT3Z79 19362
ALPHABET INC-CL A GOOGL 0.77 3850600 BBG009S39JX6 12035
ISHARES MSCI GLOBAL METALS & PICK 0.75 3740740 BBG002GKR8T5 79658
ALPHABET INC-CL C GOOG 0.72 3604430 BBG009S3NB30 11254
Tesla Inc. TSLA 0.63 3133660 BBG000N9MNX3 7346
META PLATFORMS INC META 0.56 2810690 BBG000MM2P62 4436
NETFLIX INC NFLX 0.44 2220560 BBG000CL9VN6 20921
CHEVRON CORP CVX 0.43 2137400 BBG000K4ND22 14296
CANADIAN NATURAL RESOURCES CNQ 0.40 1995000 BBG000HW5GX3 59874
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.40 1995890 BBG000BRK7L6 44902
WILLIAMS COMPANIES INC. WMB 0.40 1995810 BBG000BWVCP8 33142
OCCIDENTAL PETROLEUM CORP OXY 0.40 1989650 BBG000BQQ2S6 48036
EQT CORP EQT 0.40 2002050 BBG000BHZ5J9 33933
SCHLUMBERGER LTD SLB 0.40 1987720 BBG000BT41Q8 55741
COSTCO WHOLESALE CORP COST 0.40 1994540 BBG000F6H8W8 2196
EXXON MOBIL CORP XOM 0.40 1991140 BBG000GZQ728 17349
Cheniere Energy Inc LNG 0.40 1997400 BBG000C3HSR0 9706
MARATHON PETROLEUM CORP MPC 0.40 1987960 BBG001DCCGR8 10368
BHP GROUP LTD BHP 0.37 1853900 BBG000BD5NZ4 33781
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.37 1853140 BBG000N7QR55 11179
ADVANCED MICRO DEVICES INC AMD 0.34 1680070 BBG000BBQCY0 7842
ISHARES MSCI GLOBAL GOLD MIN RING 0.33 1654770 BBG002GKR6T9 23796
CISCO SYSTEMS INC CSCO 0.30 1516610 BBG000C3J3C9 19937
NEWMONT GOLDCORP CORPORATION COM NEM 0.28 1403150 BBG000BPWXK1 15501
MICRON TECHNOLOGY INC MU 0.25 1262750 BBG000C5Z1S3 5484
AGNICO EAGLE MINES LTD AEM 0.24 1200930 BBG000DLVDK3 6941
T-MOBILE US INC TMUS 0.23 1172570 BBG000NDV1D4 5672
RIO TINTO PLC-SPON ADR RIO 0.22 1099170 BBG000FD28T3 15224
INTUITIVE SURGICAL INC ISRG 0.21 1046250 BBG000BJPDZ1 1822
PEPSICO INC PEP 0.20 1008480 BBG000DH7JK6 6815
SHOPIFY INC - CLASS A SHOP 0.19 968150 BBG008HBD923 6076
APPLIED MATERIALS INC AMAT 0.19 973133 BBG000BBPFB9 3893
LINDE PLC LIN 0.19 960604 BBG01FND0CC1 2355
AMGEN INC AMGN 0.19 932751 BBG000BBS2Y0 2707
LAM RESH CORP LRCX 0.19 970090 BBG000BNFLM9 6253
Barrick Mining Corp. B 0.19 957549 N/A 23427
QUALCOMM INC QCOM 0.18 885811 BBG000CGC1X8 5364
INTUIT INC INTU 0.18 911609 BBG000BH5DV1 1449
APPLOVIN CORP APP 0.17 859618 BBG006HFPX77 1466
INTEL CORP INTC 0.16 787734 BBG000C0G1D1 21400
GILEAD SCIENCES INC GILD 0.16 789669 BBG000CKGBP2 6193
FREEPORT-MCMORAN INC FCX 0.16 797183 BBG000BJDB15 18913
BOOKING HOLDINGS INC BKNG 0.16 805543 BBG000BLBVN4 164
TEXAS INSTRUMENTS INC TXN 0.15 737626 BBG000BVV7G1 4461
WELLTOWER INC WELL 0.15 750544 BBG000BKY1G5 3639
KLA CORPORATION KLAC 0.15 766145 BBG000BMTFR4 661
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.15 763008 BBG00CMNZNK7 763008
AUTOMATIC DATA PROCESSING ADP 0.15 769603 BBG000JG0547 3026
ADOBE SYSTEMS INC ADBE 0.14 686161 BBG000BB5006 2161
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.13 649101 BBG000PVRDL2 6080
PROLOGIS INC PLD 0.13 646952 BBG000B9Z0J8 5048
Crowdstrike Holdings Inc. Class A CRWD 0.13 644980 BBG00BLYKS03 1286
HONEYWELL INTERNATIONAL INC HON 0.12 612718 BBG000H556T9 3225
PALO ALTO NETWORKS INC PANW 0.12 623888 BBG0014GJCT9 3366
GLENCORE PLC -UNSP ADR GLNCY 0.12 600287 BBG001VKX1Z1 65107
ANALOG DEVICES INC ADI 0.12 625198 BBG000BB6G37 2424
VERTEX PHARMACEUTICALS INC VRTX 0.11 552745 BBG000C1S2X2 1279
CONSTELLATION ENERGY CORPORATION CEG 0.11 552280 BBG014KFRNP7 1538
Anglo American PLC NGLOD 0.11 550276 N/A 29146
REALTY INCOME CORP O 0.10 507910 BBG000DHPN63 8931
FRANCO-NEVADA CORP FNV 0.10 501189 BBG000RD3CL8 2417
STARBUCKS CORP SBUX 0.10 494363 BBG000CTQBF3 5702
COMCAST CORP-CLASS A CMCSA 0.10 495398 BBG000BFT2L4 18645
MERCADOLIBRE INC MELI 0.10 522563 BBG000GQPB11 257
FASTENAL CO FAST 0.09 465666 BBG000BJ8YN7 11555
OREILLY AUTOMOTIVE INC ORLY 0.09 426748 BBG000BGYWY6 4204
Marriott International, Inc Class A MAR 0.08 420417 BBG000BGD7W6 1380
CADENCE DESIGN SYS INC CDNS 0.08 418780 BBG000C13CD9 1367
REGENERON PHARMACEUTICALS REGN 0.08 408782 BBG000C734W3 521
EQUINIX INC EQIX 0.08 398468 BBG000MBDGM6 531
DOORDASH INC CLASS A DASH 0.08 400387 BBG005D7QCJ3 2043
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.08 379013 BBG00LBLDDR2 3273
ASML HOLDING NV-NY REG SHS ASML 0.08 424716 BBG000K6MRN4 408
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 371751 BBG000D4LWF6 6498
AMERICAN ELECTRIC POWER AEP 0.07 331958 BBG000BB9KF2 2705
SIMON PROPERTY GROUP INC SPG 0.07 349224 BBG000BJ2D31 1882
MONSTER BEVERAGE CORP MNST 0.07 370698 BBG008NVB1C0 4940
CINTAS CORP CTAS 0.07 369938 BBG000H3YXF8 2004
SYNOPSYS INC SNPS 0.07 369531 BBG000BSFRF3 902
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.07 355792 BBG00ZXBJ153 4056
PAYPAL HOLDINGS INC PYPL 0.06 294373 BBG0077VNXV6 4761
PUBLIC STORAGE PSA 0.06 299712 BBG000BPPN67 1093
Warner Bros Discovery Inc WBD 0.06 289139 BBG011386VF4 12108
IDEXX LABS IDXX 0.06 306164 BBG000BLRT07 405
CSX CORP CSX 0.06 322861 BBG000BGJRC8 9180
THOMSON REUTERS CORP COMMON STOCK TRI 0.06 306321 N/A 2287
AUTODESK INC ADSK 0.06 312531 BBG000BM7HL0 1037
DIGITAL REALTY TRUST INC DLR 0.06 299386 BBG000Q5ZRM7 1884
FORTINET INC FTNT 0.06 315998 BBG000BCMBG4 3923
ROSS STORES INC ROST 0.06 295676 BBG000BSBZH7 1664
Ventas Inc. VTR 0.05 250570 BBG000FRVHB9 3129
XCEL ENERGY INC XEL 0.05 235544 BBG000BCTQ65 2899
ROPER TECHNOLOGIES INC ROP 0.05 235530 BBG000F1ZSN5 528
PACCAR INC PCAR 0.05 274129 BBG000BQVTF5 2612
KENVUE INC KVUE 0.05 249380 BBG01C79X561 14482
EXELON CORP EXC 0.05 236343 BBG000J6XT05 5075
Kimberly-Clark Corp KMB 0.05 250475 BBG000BMW2Z0 2313
GENUINE PARTS CO GPC 0.05 235306 BBG000BKL348 1812
Baker Hughes Company BKR 0.05 242103 BBG00GBVBK51 4888
HORMEL FOODS CORP HRL 0.05 250861 BBG000BLF8D2 10799
MICROSTRATEGY INC-CL A MSTR 0.05 226224 BBG000GQJPZ0 1288
ILLINOIS TOOL WORKS ITW 0.05 249488 BBG000BMBL90 1002
AMCOR PLC AMCR 0.05 246762 BBG00LNJRQ09 29065
TARGET CORP TGT 0.05 250811 BBG000H8TVT2 2793
MEDTRONIC PLC MDT 0.05 244592 BBG000BNWG87 2329
Zscaler Inc. ZS 0.05 228033 BBG003338H34 905
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.05 229499 BBG000BS1YV5 942
FRANKLIN RESOURCES INC BEN 0.05 249904 BBG000BD0TF8 11097
AIRBNB INC ABNB 0.05 254260 BBG001Y2XS07 2178
NXP Semiconductors NV NXPI 0.05 234643 BBG000BND699 1211
T ROWE PRICE GROUP INC TROW 0.05 250120 BBG000BVMPN3 2450
ABBVIE INC ABBV 0.05 250881 BBG0025Y4RY4 1102
EVERSOURCE ENERGY ES 0.05 230849 BBG000BQ87N0 3461
WORKDAY INC-CLASS A WDAY 0.05 260131 BBG000VC0T95 1208
ASTRAZENECA PLC-SPONS ADR AZN 0.05 274361 BBG000BZ0DK8 2940
Datadog Inc. Class A DDOG 0.05 254074 BBG003NJHZT9 1604
STANLEY BLACK & DECKER INC SWK 0.05 249681 BBG000BTQR96 3476
ELECTRONIC ARTS INC EA 0.05 255631 BBG000BP0KQ8 1266
PAYCHEX INC PAYX 0.04 209674 BBG000BQSQ38 1882
AVALONBAY COMMUNITIES INC AVB 0.04 199511 BBG000BLPBL5 1097
PPG INDUSTRIES INC PPG 0.04 224453 BBG000BRJ809 2247
AXON ENTERPRISE INC AXON 0.04 210602 BBG000BHJWG1 395
COGNIZANT TECH SOLUTIONS-A CTSH 0.04 190082 BBG000BBDV81 2467
EXTRA SPACE STORAGE INC EXR 0.04 199802 BBG000PV27K3 1499
KEURIG DR PEPPER INC KDP 0.04 181138 BBG000TJM7F0 6544
COPART INC CPRT 0.04 190069 BBG000BM9RH1 4905
VICI PROPERTIES INC REIT VICI 0.04 199677 BBG00HVVB499 6926
DIAMONDBACK ENERGY INC FANG 0.04 209781 BBG002PHSYX9 1405
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.04 181418 BBG01BFR8YV1 2250
International Business Machines Corporation IBM 0.04 204970 BBG000BLNNH6 676
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 210218 BBG00B6BFWH9 2303
MICROCHIP TECHNOLOGY INC MCHP 0.03 139258 BBG000BHCP19 2649
KRAFT HEINZ CO/THE KHC 0.03 147622 BBG005CPNTQ2 5858
Old Dominion Freight Line Inc. ODFL 0.03 139767 BBG000CHSS88 1036
VERISK ANALYTICS INC VRSK 0.03 150006 BBG000BCZL41 670
ATLASSIAN CORP PLC-CLASS A TEAM 0.03 125233 BBG01BGWHFR5 846
CLOROX COMPANY CLX 0.03 125421 BBG000BFS7D3 1164
COSTAR GROUP INC CSGP 0.03 139370 BBG000D7JKW9 2055
CHARTER COMMUNICATIONS INC-A CHTR 0.03 135471 BBG000VPGNR2 678
EQUITY RESIDENTIAL EQR 0.03 149516 BBG000BG8M31 2428
IRON MOUNTAIN INC IRM 0.03 149937 BBG000KCZPC3 1739
BIOGEN INC BIIB 0.03 134454 BBG000C17X76 739
AFLAC INC AFL 0.03 144268 BBG000BBBNC6 1305
Sun Communities Inc SUI 0.02 99263.8 BBG000BLJWF3 772
GLOBALFOUNDRIES INC GFS 0.02 95123.2 BBG000C2L5G9 2697
ESSEX PROPERTY TRUST INC ESS 0.02 99867.7 BBG000CGJMB9 381
ON Semiconductor Corporation ON 0.02 94961.3 BBG000DV7MX4 1913
MID-AMERICA APARTMENT COMM MAA 0.02 99870.9 BBG000BLMY92 737
LULULEMON ATHLETICA INC LULU 0.02 105525 BBG000R8ZVD1 580
CDW CORP/DE CDW 0.02 94870.8 BBG001P63B80 657
KIMCO REALTY CORP KIM 0.02 99594.6 BBG000CN3S73 4830
Omega Healthcare Investors Inc OHI 0.02 99566.9 BBG000BGBTC2 2173
ARM HOLDINGS PLC ARM 0.02 84605.2 BBG01J1GXZF0 638
TRADE DESK INC/THE -CLASS A TTD 0.02 85103.4 BBG00629NGT2 2176
DEXCOM INC DXCM 0.02 124560 BBG000QTF8K1 1992
INVITATION HOMES INC REIT USD.01 INVH 0.02 99291.1 BBG00FQH6BS9 3555
W. P. CAREY REIT INC WPC 0.02 99602.4 BBG000BCQM58 1478
AO Smith Corp AOS 0.01 50079.1 BBG000BC1L02 755
AIR PRODUCTS & CHEMICALS INC APD 0.01 49979.3 BBG000BC4JJ4 193
CONSOLIDATED EDISON INC ED 0.01 50370.4 BBG000BHLYS1 503
JOHNSON & JOHNSON JNJ 0.01 50229.5 BBG000BMHYD1 242
MCDONALDS CORP MCD 0.01 50296.4 BBG000BNSZP1 161
Solstice Advanced Materials Inc. SOLSV 0.00 6714.91 BBG01X5744P5 145.25
Cash & Other Cash&Other -0.01 -61265.9 N/A -61265.9

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.