RAA

SMI 3FOURTEEN REAL ASSET ALLOCATION ETF

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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 11/05/2026
TICKER RAA
NET ASSETS $588M
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 $28.84
30 DAY MEDIAN BID-ASK SPREAD 0.000667

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 10.34% NA NA 13.35%
RAA - Market Price 10.25% NA NA 13.33%
S&P 500 Index Total Return 12.11% NA NA 16.84%
1 MO 3 MO YTD Since Inception
RAA - NAV 0.07% -1.49% 2.09% 1.87% 9.88% 9.81% 13.35% 14.06%
RAA - Market Price -0.03% -1.49% 1.99% 1.86% 9.80% 9.83% 13.33% 14.11%
S&P 500 Index Total Return -0.87% -0.35% 1.48% 2.30% 11.77% 12.75% 16.84% 18.46%
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 11/05/2026

NET ASSET VALUE

$28.84

CLOSING PRICE

$28.83

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 Q4 2026 Q1 2026 Q2 2026 Q3 2026 Q4
Premium 39 35 39 32 6
Discount 16 8 14 21 15

Asset Allocation

As of 11/5/2026

Equities

55.44%
Nasdaq
26.15%
US Large Cap
20.07%
Dividend Payers
3.19%
US Small Cap
2.03%
Emerging Ex. China
2.00%
Europe
1.00%
Japan
1.00%

Fixed Income

20.81%
Corporate Bonds
5.20%
High Yield
5.17%
Emerging Mkt Bonds
3.11%
TIPS
3.00%
T-Bills
2.25%
Long Term Treasuries
2.08%

Alternatives

23.63%
Managed Futures
7.90%
Commodities
5.77%
Energy
3.66%
Miners
2.11%
Bitcoin
2.05%
Gold
1.09%
Real Estate
1.05%

Holdings

As of 11/05/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 20.07 117953000 BBG00RYR67P4 2523600
iM DBi Managed Futures Strategy ETF DBMF 6.12 35979300 N/A 1157640
INVESCO OPTIMUM YIELD DIVERS PDBC 5.77 33901400 N/A 1809040
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.20 30548000 BBG000PWYVH7 382471
SCHWAB HIGH YIELD BOND ETF SCYB 5.17 30382700 BBG01F80WX71 1206620
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.11 18266100 BBG000NXKWH0 198631
SCHWAB U.S. TIPS ETF SCHP 3.09 18159300 BBG000BGN6P5 709903
APPLE INC AAPL 2.22 13055700 BBG000B9XRY4 37934
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 2.08 12226000 BBG00PZFJPC3 409718
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.07 12179900 BBG01922X0X9 244185
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.05 12031600 N/A 357764
Vanguard Morningstar Small-Cap ETF VB 2.03 11957000 BBG000HT3Z79 42108
NVIDIA CORP NVDA 2.02 11875200 BBG000BBJQV0 65392
ISHARES MSCI EMR MRK EX CHNA EMXC 1.92 11304200 BBG00H5VLMJ6 136327
MICROSOFT CORP MSFT 1.78 10483300 BBG000BPH459 19561
Simplify DBi CTA Managed Futures Index ETF SDMF 1.78 10470900 BBG020BR8WR7 403585
AMAZON.COM INC AMZN 1.26 7375910 BBG000BVPV84 28346
SPROTT PHYSICAL GOLD TRUS PHYS 1.09 6418260 BBG000Q83F79 207442
Franklin FTSE Europe ETF FLEE 1.05 6159600 BBG00J3PR1S7 159647
Franklin FTSE Japan ETF FLJP 0.99 5843800 BBG00J3MDY16 154598
MICRON TECHNOLOGY INC MU 0.96 5638390 BBG000C5Z1S3 8590
ADVANCED MICRO DEVICES INC AMD 0.91 5336460 BBG000BBQCY0 13196
Tesla Inc. TSLA 0.80 4728140 BBG000N9MNX3 13757
META PLATFORMS INC META 0.80 4711760 BBG000MM2P62 7787
ALPHABET INC-CL A GOOGL 0.75 4381810 BBG009S39JX6 15507
WAL-MART STORES INC WMT 0.74 4329580 BBG000BWXBC2 33899
ALPHABET INC-CL C GOOG 0.70 4085510 BBG009S3NB30 14501
SPACE EXPLORATION TECH CORP A SPCX 0.68 3974140 BBG000NQF3Z5 32148
Broadcom Inc. AVGO 0.65 3843530 BBG00KHY5S69 13184
COSTCO WHOLESALE CORP COST 0.56 3302260 BBG000F6H8W8 3099
INTEL CORP INTC 0.48 2822600 BBG000C0G1D1 54021
CHEVRON CORP CVX 0.47 2749560 BBG000K4ND22 12913
CISCO SYSTEMS INC CSCO 0.47 2787750 BBG000C3J3C9 29124
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.46 2705200 BBG000N7QR55 17454
BHP GROUP LTD BHP 0.43 2539470 BBG000BD5NZ4 32317
SCHLUMBERGER LTD SLB 0.39 2271180 BBG000BT41Q8 45753
EQT CORP EQT 0.38 2221560 BBG000BHZ5J9 43887
OCCIDENTAL PETROLEUM CORP OXY 0.37 2146360 BBG000BQQ2S6 38083
EXXONMOBIL HOLDINGS CORP COMMON STOCK USD XOM 0.37 2150220 BBG023CY9MM1 13008
CANADIAN NATURAL RESOURCES CNQ 0.36 2124840 BBG000HW5GX3 43435
WILLIAMS COMPANIES INC. WMB 0.36 2116520 BBG000BWVCP8 32942
Suncor Energy Inc. SU 0.36 2126290 BBG000BC1LY5 30789
Cheniere Energy Inc LNG 0.35 2070220 BBG000C3HSR0 7405
MARATHON PETROLEUM CORP MPC 0.35 2081300 BBG001DCCGR8 5516
APPLIED MATERIALS INC AMAT 0.33 1959240 BBG000BBPFB9 6137
NETFLIX INC NFLX 0.33 1927010 BBG000CL9VN6 29393
TEXAS INSTRUMENTS INC TXN 0.32 1875290 BBG000BVV7G1 6742
PALO ALTO NETWORKS INC PANW 0.32 1904700 BBG0014GJCT9 6053
PEPSICO INC PEP 0.31 1817550 BBG000DH7JK6 12736
LAM RESH CORP LRCX 0.30 1769590 BBG000BNFLM9 9555
AUTOMATIC DATA PROCESSING ADP 0.30 1761140 BBG000JG0547 5734
AMGEN INC AMGN 0.29 1723750 BBG000BBS2Y0 3745
Kimberly-Clark Corp KMB 0.28 1671790 BBG000BMW2Z0 15134.8
NEWMONT GOLDCORP CORPORATION COM NEM 0.28 1659660 BBG000BPWXK1 13864
LINDE PLC LIN 0.28 1654380 BBG01FND0CC1 3174
Crowdstrike Holdings Inc. Class A CRWD 0.28 1649630 BBG00BLYKS03 7595
GILEAD SCIENCES INC GILD 0.24 1417980 BBG000CKGBP2 8462
QUALCOMM INC QCOM 0.23 1344130 BBG000CGC1X8 8575
SHOPIFY INC - CLASS A SHOP 0.23 1358440 BBG004DW5NB8 9450
ANALOG DEVICES INC ADI 0.23 1342240 BBG000BB6G37 3718
KLA CORPORATION KLAC 0.22 1299430 BBG000BMTFR4 10011
AGNICO EAGLE MINES LTD AEM 0.22 1268590 BBG000DLVDK3 6710
INTUITIVE SURGICAL INC ISRG 0.21 1239700 BBG000BJPDZ1 2646
RIO TINTO PLC-SPON ADR RIO 0.19 1114590 BBG000FD28T3 13403
T-MOBILE US INC TMUS 0.19 1114490 BBG000NDV1D4 6940
REALTY INCOME CORP O 0.18 1074150 BBG000DHPN63 18053
FREEPORT-MCMORAN INC FCX 0.18 1075150 BBG000BJDB15 18569
MEDTRONIC PLC MDT 0.17 985391 BBG000BNWG87 9399
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.17 975710 BBG000B9ZXB4 8589
CLOROX COMPANY CLX 0.17 1019630 BBG000BFS7D3 10227
STANLEY BLACK & DECKER INC SWK 0.17 1018760 BBG000BTQR96 8838
SANDISK CORP/DE SNDKV SNDK 0.17 1004010 BBG01R388JG1 1245
AO Smith Corp AOS 0.16 956411 BBG000BC1L02 14367
HORMEL FOODS CORP HRL 0.16 963167 BBG000BLF8D2 42618
FRANKLIN RESOURCES INC BEN 0.16 936151 BBG000BD0TF8 29064
ILLINOIS TOOL WORKS ITW 0.16 925299 BBG000BMBL90 3242
T ROWE PRICE GROUP INC TROW 0.16 954039 BBG000BVMPN3 8776
VERTEX PHARMACEUTICALS INC VRTX 0.16 945578 BBG000C1S2X2 1743
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.16 928039 BBG00ZXBJ153 6949
ASML HOLDING NV-NY REG SHS ASML 0.16 951012 BBG000K6MRN4 701
GENUINE PARTS CO GPC 0.15 876804 BBG000BKL348 7046
WELLTOWER INC WELL 0.15 881585 BBG000BKY1G5 3592
BOOKING HOLDINGS INC BKNG 0.15 900627 BBG000BLBVN4 5338
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 854683 BBG0113JGQF0 1832
STARBUCKS CORP SBUX 0.15 867327 BBG000CTQBF3 8170
Barrick Mining Corp. B 0.15 870981 N/A 21591
AMCOR PLC COMMON STOCK USD.01 AMCR 0.15 886775 N/A 19345
GLENCORE PLC -UNSP ADR GLNCY 0.14 809700 BBG001VKX1Z1 61621
EVERSOURCE ENERGY ES 0.14 829957 BBG000BQ87N0 11540
APPLOVIN CORP APP 0.14 848942 BBG006HFPX77 2384
WESTERN DIGITAL CORP WDC 0.13 764619 BBG000BWNFZ9 2857
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.13 771447 BBG000PVRDL2 5824
PPG INDUSTRIES INC PPG 0.13 754289 BBG000BRJ809 6119
Marriott International, Inc Class A MAR 0.13 760284 BBG000BGD7W6 1822
International Business Machines Corporation IBM 0.13 761099 BBG000BLNNH6 3080
MONSTER BEVERAGE CORP MNST 0.12 677321 BBG008NVB1C0 14161
ADOBE SYSTEMS INC ADBE 0.12 718373 BBG000BB5006 2915
INTUIT INC INTU 0.12 694422 BBG000BH5DV1 1957
NUCOR CORP NUE 0.11 662599 BBG000BQ8KV2 2697
CADENCE DESIGN SYS INC CDNS 0.11 637186 BBG000C13CD9 2046
ERIE INDEMNITY COMPANY-CL A ERIE 0.11 645238 BBG000BBTJZ1 2259
MODERNA INC MRNA 0.11 664015 BBG003PHHZT1 2750
CSX CORP CSX 0.11 653420 BBG000BGJRC8 12855
CINTAS CORP CTAS 0.11 619911 BBG000H3YXF8 2738
SYNOPSYS INC SNPS 0.11 632285 BBG000BSFRF3 1436
FORTINET INC FTNT 0.11 660206 BBG000BCMBG4 5389
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.11 660200 N/A 26914
ARM HOLDINGS PLC ARM 0.10 601692 BBG01J1GXZF0 3609
COMCAST CORP-CLASS A CMCSA 0.10 594409 BBG000BFT2L4 23824
FRANCO-NEVADA CORP FNV 0.10 615193 BBG000TRN6Z1 2454
ROSS STORES INC ROST 0.10 558906 BBG000BSBZH7 2376
CONSTELLATION ENERGY CORPORATION CEG 0.10 613025 BBG014KFRNP7 2558
MERCADOLIBRE INC MELI 0.10 569264 BBG000GQPB11 372
REGENERON PHARMACEUTICALS REGN 0.10 600428 BBG000C734W3 665
PROLOGIS INC PLD 0.10 606885 BBG000B9Z0J8 4721
MONDELEZ INTERNATIONAL INC-A MDLZ 0.10 562825 BBG000D4LWF6 8423
ROPER TECHNOLOGIES INC ROP 0.09 509126 BBG000F1ZSN5 1037
EQUINIX INC EQIX 0.09 537572 BBG000MBDGM6 539
AIRBNB INC ABNB 0.09 501713 BBG001Y2XS07 2949
DOORDASH INC CLASS A DASH 0.09 546957 BBG005D7QCJ3 3040
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.09 522941 BBG00CMNZNK7 522941
PUBLIC STORAGE PSA 0.08 445034 BBG000BPPN67 1307
NXP Semiconductors NV NXPI 0.08 463928 BBG000BND699 1898
OREILLY AUTOMOTIVE INC ORLY 0.08 498529 BBG000BGYWY6 5449
Datadog Inc. Class A DDOG 0.08 456579 BBG003NJHZT9 2615
SIMON PROPERTY GROUP INC SPG 0.08 442452 BBG000BJ2D31 1953
AMERICAN ELECTRIC POWER AEP 0.08 469429 BBG000BB9KF2 3703
HONEYWELL INTERNATIONAL INC HONIV HONIV 0.08 475148 BBG022XF4SZ9 2202
FASTENAL CO FAST 0.07 430183 BBG000BJ8YN7 8132
MONOLITHIC POWER SYSTEMS INC MPWR 0.07 403920 BBG000C30L48 357
VALE SA-SP ADR VALE 0.07 430062 BBG000BN5LG7 37560
DIGITAL REALTY TRUST INC DLR 0.07 417287 BBG000Q5ZRM7 2389
AUTODESK INC ADSK 0.07 397011 BBG000BM7HL0 1475
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.07 387513 BBG00LBLDDR2 4616
Vivmark Residential VMRK 0.07 382365 BBG000BG8M31 5860
Cash & Other Cash&Other 0.06 369438 N/A 369438
XCEL ENERGY INC XEL 0.06 365362 BBG000BCTQ65 4546
PAYPAL HOLDINGS INC PYPL 0.06 376519 BBG0077VNXV6 6386
EXELON CORP EXC 0.06 365028 BBG000J6XT05 7845
IDEXX LABS IDXX 0.06 361513 BBG000BLRT07 539
KEURIG DR PEPPER INC KDP 0.06 375909 BBG000TJM7F0 10190
PACCAR INC PCAR 0.06 373378 BBG000BQVTF5 3573
DIAMONDBACK ENERGY INC FANG 0.06 361135 BBG002PHSYX9 2011
MICROSTRATEGY INC-CL A MSTR 0.06 365143 BBG000GQJPZ0 2824
LUMENTUM HOLDINGS INC LITE 0.06 379217 BBG0073F9RT7 744
HONEYWELL AEROSPACE INC HONAV HONAV 0.06 354678 BBG020QYV152 2371
Ventas Inc. VTR 0.06 380824 BBG000FRVHB9 4277
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.06 373803 BBG00B6BFWH9 3187
IRON MOUNTAIN INC IRM 0.05 277465 BBG000KCZPC3 2630
Baker Hughes Company BKR 0.05 306907 BBG00GBVBK51 6643
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.05 271181 BBG000BS1YV5 1271
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.05 266241 BBG01BFR8YV1 3179
FERROVIAL SA FER 0.05 317347 BBG01H0DF657 5430.88
THOMSON REUTERS CORP TRI 0.05 302244 N/A 2559
PAYCHEX INC PAYX 0.05 322411 BBG000BQSQ38 2698
MICROCHIP TECHNOLOGY INC MCHP 0.04 257844 BBG000BHCP19 3976
AXON ENTERPRISE INC AXON 0.04 217294 BBG000BHJWG1 568
ASTERA LABS INC ALAB 0.04 260052 BBG00TDKHW99 1449
Old Dominion Freight Line Inc. ODFL 0.04 238955 BBG000CHSS88 1401
TERADYNE INC TER 0.04 241247 BBG000BV4DR6 1134
EXTRA SPACE STORAGE INC EXR 0.04 255872 BBG000PV27K3 1598
WORKDAY INC-CLASS A WDAY 0.04 246009 BBG000VC0T95 1229
Nebius Group NV NBIS 0.04 241944 BBG001NVJ6W4 2010
VICI PROPERTIES INC REIT VICI 0.04 250915 BBG00HVVB499 9953
DEXCOM INC DXCM 0.04 248397 BBG000QTF8K1 2941
ROCKET LAB CORP RKLB 0.04 207093 BBG01V7JN3F3 4503
AIR PRODUCTS & CHEMICALS INC APD 0.03 178885 BBG000BC4JJ4 578
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 167626 BBG000BFGNJ5 1070
ABBVIE INC ABBV 0.03 177268 BBG0025Y4RY4 615
COREWEAVE INC CRWV 0.03 147876 BBG011ZTRJ21 3387
COPART INC CPRT 0.03 195432 BBG000BM9RH1 6017
CONSOLIDATED EDISON INC ED 0.03 188839 BBG000BHLYS1 1555
MCDONALDS CORP MCD 0.03 194628 BBG000BNSZP1 700
REGENCY CENTERS CORP REG 0.02 123421 BBG000BL46Q4 1618
HOST HOTELS & RESORTS INC HST 0.02 118446 BBG000BL8804 4809
Omega Healthcare Investors Inc OHI 0.02 123622 BBG000BGBTC2 2576
ESSEX PROPERTY TRUST INC ESS 0.02 123731 BBG000CGJMB9 456
MID-AMERICA APARTMENT COMM MAA 0.02 125097 BBG000BLMY92 1028
KIMCO REALTY CORP KIM 0.02 127150 BBG000CN3S73 4961
INVITATION HOMES INC REIT USD.01 INVH 0.02 125398 BBG00FQH6BS9 4550
W. P. CAREY REIT INC WPC 0.02 122941 BBG000BCQM58 1883

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.