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 09/30/2026
TICKER RAA
NET ASSETS $604M
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 $29.89
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 18.28% NA NA 16.03%
RAA - Market Price 18.32% NA NA 16.08%
S&P 500 Index Total Return NA NA NA 19.83%
1 MO 3 MO YTD Since Inception
RAA - NAV 3.57% -2.77% 0.55% 7.07% 11.47% 7.79% 16.03% 15.31%
RAA - Market Price 3.57% -2.70% 0.61% 7.15% 11.50% 7.83% 16.08% 15.38%
S&P 500 Index Total Return 2.72% -0.95% 1.68% 15.20% 13.14% 10.21% 19.83% 20.23%
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 09/30/2026

NET ASSET VALUE

$29.89

CLOSING PRICE

$29.91

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 Q4 2026 Q1 2026 Q2 2026 Q3 2026 Q4
Premium 39 35 39 32 0
Discount 16 8 14 21 0

Asset Allocation

As of 9/30/2026

Equities

42.09%
Nasdaq
18.16%
US Large Cap
14.87%
US Small Cap
2.99%
Dividend Payers
2.07%
Emerging Ex. China
2.00%
Europe
1.00%
Japan
1.00%

Fixed Income

29.15%
Long Term Treasuries
8.00%
Corporate Bonds
5.98%
High Yield
5.97%
Emerging Mkt Bonds
3.98%
TIPS
3.00%
T-Bills
2.22%

Alternatives

28.76%
Commodities
9.95%
Managed Futures
4.97%
Energy
4.92%
Miners
3.96%
Gold
2.00%
Real Estate
1.97%
Bitcoin
0.99%

Holdings

As of 09/30/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.87 89781400 BBG00RYR67P4 1842340
INVESCO OPTIMUM YIELD DIVERS PDBC 9.95 60096700 N/A 3113820
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 8.00 48287200 BBG00PZFJPC3 1703210
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.98 36122000 BBG000PWYVH7 463280
SCHWAB HIGH YIELD BOND ETF SCYB 5.97 36061800 BBG01F80WX71 1436700
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.98 24034800 BBG000NXKWH0 265794
iM DBi Managed Futures Strategy ETF DBMF 3.52 21272000 N/A 653920
SCHWAB U.S. TIPS ETF SCHP 3.00 18088100 BBG000BGN6P5 722002
Vanguard Morningstar Small-Cap ETF VB 2.99 18043200 BBG000HT3Z79 63423
SPROTT PHYSICAL GOLD TRUS PHYS 2.00 12080300 BBG000Q83F79 386323
ISHARES MSCI EMR MRK EX CHNA EMXC 2.00 12090100 BBG00H5VLMJ6 122024
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.00 12094300 BBG01922X0X9 242614
NVIDIA CORP NVDA 1.49 8991090 BBG000BBJQV0 39369
Simplify DBi CTA Managed Futures Index ETF SDMF 1.45 8752310 BBG020BR8WR7 325728
APPLE INC AAPL 1.30 7852280 BBG000B9XRY4 23579
MICROSOFT CORP MSFT 1.03 6193270 BBG000BPH459 12075
Franklin FTSE Europe ETF FLEE 1.00 6052030 BBG00J3PR1S7 159642
Franklin FTSE Japan ETF FLJP 1.00 6010410 BBG00J3MDY16 145179
GRAYSCALE BITCN MINI TRU ETF BTC.UP 0.99 6004490 N/A 162503
MICRON TECHNOLOGY INC MU 0.91 5470400 BBG000C5Z1S3 5136
BHP GROUP LTD BHP 0.85 5135110 BBG000BD5NZ4 60527
ADVANCED MICRO DEVICES INC AMD 0.76 4610220 BBG000BBQCY0 7536
AMAZON.COM INC AMZN 0.72 4375320 BBG000BVPV84 17561
META PLATFORMS INC META 0.60 3592540 BBG000MM2P62 4954
CHEVRON CORP CVX 0.56 3382740 BBG000K4ND22 16565
ALPHABET INC-CL A GOOGL 0.54 3246050 BBG009S39JX6 9434
Tesla Inc. TSLA 0.52 3114520 BBG000N9MNX3 8778
OCCIDENTAL PETROLEUM CORP OXY 0.50 3034190 BBG000BQQ2S6 54848
EQT CORP EQT 0.50 2996980 BBG000BHZ5J9 61717
SCHLUMBERGER LTD SLB 0.50 2999200 BBG000BT41Q8 61560
Cheniere Energy Inc LNG 0.50 3042190 BBG000C3HSR0 11308
WILLIAMS COMPANIES INC. WMB 0.50 3036220 BBG000BWVCP8 44670
Suncor Energy Inc. SU 0.50 2990690 BBG000BC1LY5 44065
MARATHON PETROLEUM CORP MPC 0.50 3000050 BBG001DCCGR8 7587
ALPHABET INC-CL C GOOG 0.50 3027820 BBG009S3NB30 8886
EXXONMOBIL HOLDINGS CORP COMMON STOCK USD XOM 0.50 3012500 BBG023CY9MM1 18510
CANADIAN NATURAL RESOURCES CNQ 0.49 2980710 BBG000HW5GX3 63325
SPACE EXPLORATION TECH CORP A SPCX 0.49 2934230 BBG000NQF3Z5 19450
NEWMONT GOLDCORP CORPORATION COM NEM 0.48 2884880 BBG000BPWXK1 25012
INTEL CORP INTC 0.47 2865560 BBG000C0G1D1 23834
Broadcom Inc. AVGO 0.47 2843940 BBG00KHY5S69 8098
WAL-MART STORES INC WMT 0.39 2380810 BBG000BWXBC2 22910
RIO TINTO PLC-SPON ADR RIO 0.39 2332590 BBG000FD28T3 24770
FREEPORT-MCMORAN INC FCX 0.38 2317210 BBG000BJDB15 33103
AGNICO EAGLE MINES LTD AEM 0.36 2163690 BBG000DLVDK3 11806
CISCO SYSTEMS INC CSCO 0.32 1912150 BBG000C3J3C9 17766
COSTCO WHOLESALE CORP COST 0.32 1918090 BBG000F6H8W8 2107
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.32 1932970 BBG000N7QR55 10334
APPLIED MATERIALS INC AMAT 0.31 1869090 BBG000BBPFB9 3655
LAM RESH CORP LRCX 0.31 1867250 BBG000BNFLM9 5684
WELLTOWER INC WELL 0.28 1673380 BBG000BKY1G5 7268
GLENCORE PLC -UNSP ADR GLNCY 0.26 1567630 BBG001VKX1Z1 107152
Barrick Mining Corp. B 0.26 1571160 N/A 38632
PALO ALTO NETWORKS INC PANW 0.24 1425550 BBG0014GJCT9 3588
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.23 1383600 BBG000PVRDL2 10347
NETFLIX INC NFLX 0.22 1327520 BBG000CL9VN6 19079
PROLOGIS INC PLD 0.22 1340210 BBG000B9Z0J8 10322
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.22 1330610 N/A 49557
NUCOR CORP NUE 0.20 1189550 BBG000BQ8KV2 5089
TEXAS INSTRUMENTS INC TXN 0.20 1204670 BBG000BVV7G1 4301
REALTY INCOME CORP O 0.20 1205190 BBG000DHPN63 22195
KLA CORPORATION KLAC 0.20 1217730 BBG000BMTFR4 6247
Crowdstrike Holdings Inc. Class A CRWD 0.20 1213610 BBG00BLYKS03 4584
EQUINIX INC EQIX 0.19 1150170 BBG000MBDGM6 1137
PEPSICO INC PEP 0.19 1147700 BBG000DH7JK6 9057
SANDISK CORP/DE SNDKV SNDK 0.19 1123970 BBG01R388JG1 646
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.19 1130030 BBG00ZXBJ153 4277
AMGEN INC AMGN 0.18 1081170 BBG000BBS2Y0 2565
AUTOMATIC DATA PROCESSING ADP 0.18 1062690 BBG000JG0547 4118
FRANCO-NEVADA CORP FNV 0.17 1034830 BBG000TRN6Z1 4346
LINDE PLC LIN 0.17 1039960 BBG01FND0CC1 2191
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.16 980447 BBG0113JGQF0 1063
VALE SA-SP ADR VALE 0.16 970482 BBG000BN5LG7 72370
QUALCOMM INC QCOM 0.15 889097 BBG000CGC1X8 4831
GILEAD SCIENCES INC GILD 0.15 876861 BBG000CKGBP2 5883
ANALOG DEVICES INC ADI 0.15 910449 BBG000BB6G37 2295
T-MOBILE US INC TMUS 0.14 846059 BBG000NDV1D4 5188
SIMON PROPERTY GROUP INC SPG 0.14 821510 BBG000BJ2D31 4092
WESTERN DIGITAL CORP WDC 0.13 762584 BBG000BWNFZ9 1678
DIGITAL REALTY TRUST INC DLR 0.13 799539 BBG000Q5ZRM7 4555
SHOPIFY INC - CLASS A SHOP 0.13 803786 BBG004DW5NB8 5420
PUBLIC STORAGE PSA 0.12 734818 BBG000BPPN67 2598
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.12 706753 BBG00CMNZNK7 706753
ASML HOLDING NV-NY REG SHS ASML 0.12 751843 BBG000K6MRN4 415
Vivmark Residential VMRK 0.12 717333 BBG000BG8M31 11806
Ventas Inc. VTR 0.12 720630 BBG000FRVHB9 8476
Cash & Other Cash&Other 0.11 659070 N/A 659070
INTUITIVE SURGICAL INC ISRG 0.11 684358 BBG000BJPDZ1 1683
GENUINE PARTS CO GPC 0.10 574883 BBG000BKL348 4572
KENVUE INC KVUE 0.10 598939 BBG01C79X561 33915
AO Smith Corp AOS 0.10 592674 BBG000BC1L02 10514
Kimberly-Clark Corp KMB 0.10 598415 BBG000BMW2Z0 6142
HORMEL FOODS CORP HRL 0.10 610104 BBG000BLF8D2 30597
MEDTRONIC PLC MDT 0.10 599629 BBG000BNWG87 6949
ARM HOLDINGS PLC ARM 0.10 581637 BBG01J1GXZF0 2008
VERTEX PHARMACEUTICALS INC VRTX 0.10 626849 BBG000C1S2X2 1199
STANLEY BLACK & DECKER INC SWK 0.10 596919 BBG000BTQR96 6738
CLOROX COMPANY CLX 0.10 604416 BBG000BFS7D3 7461
BOOKING HOLDINGS INC BKNG 0.10 610750 BBG000BLBVN4 3749
T ROWE PRICE GROUP INC TROW 0.10 603698 BBG000BVMPN3 5802
ABBVIE INC ABBV 0.10 610551 BBG0025Y4RY4 2334
FORTINET INC FTNT 0.10 609572 BBG000BCMBG4 3410
AMCOR PLC COMMON STOCK USD.01 AMCR 0.10 601361 N/A 14366
FRANKLIN RESOURCES INC BEN 0.10 604755 BBG000BD0TF8 18828
IRON MOUNTAIN INC IRM 0.09 546318 BBG000KCZPC3 4924
International Business Machines Corporation IBM 0.09 572258 BBG000BLNNH6 2602
STARBUCKS CORP SBUX 0.09 515559 BBG000CTQBF3 5487
PPG INDUSTRIES INC PPG 0.08 498593 BBG000BRJ809 4779
Marriott International, Inc Class A MAR 0.08 454546 BBG000BGD7W6 1278
ILLINOIS TOOL WORKS ITW 0.08 505812 BBG000BMBL90 1966
ADOBE SYSTEMS INC ADBE 0.08 453966 BBG000BB5006 1892
EVERSOURCE ENERGY ES 0.08 506287 BBG000BQ87N0 7891
CADENCE DESIGN SYS INC CDNS 0.07 410090 BBG000C13CD9 1242
CONSTELLATION ENERGY CORPORATION CEG 0.07 435644 BBG014KFRNP7 1715
MONSTER BEVERAGE CORP MNST 0.07 395390 BBG008NVB1C0 9500
MERCADOLIBRE INC MELI 0.07 409662 BBG000GQPB11 237
EXTRA SPACE STORAGE INC EXR 0.07 452657 BBG000PV27K3 3442
APPLOVIN CORP APP 0.07 427513 BBG006HFPX77 1472
CSX CORP CSX 0.07 417427 BBG000BGJRC8 8975
VICI PROPERTIES INC REIT VICI 0.07 409578 BBG00HVVB499 17831
SYNOPSYS INC SNPS 0.07 395795 BBG000BSFRF3 910
Datadog Inc. Class A DDOG 0.07 430492 BBG003NJHZT9 1572
LUMENTUM HOLDINGS INC LITE 0.07 409872 BBG0073F9RT7 422
Warner Bros Discovery Inc WBD 0.06 372421 BBG011386VF4 12033
ERIE INDEMNITY COMPANY-CL A ERIE 0.06 348887 BBG000BBTJZ1 1592
COMCAST CORP-CLASS A CMCSA 0.06 373619 BBG000BFT2L4 17170
ROSS STORES INC ROST 0.06 355001 BBG000BSBZH7 1521
REGENERON PHARMACEUTICALS REGN 0.06 359420 BBG000C734W3 474
DOORDASH INC CLASS A DASH 0.06 358840 BBG005D7QCJ3 1955
INTUIT INC INTU 0.06 356493 BBG000BH5DV1 1293
CINTAS CORP CTAS 0.06 375100 BBG000H3YXF8 1923
OREILLY AUTOMOTIVE INC ORLY 0.06 334124 BBG000BGYWY6 3912
MONDELEZ INTERNATIONAL INC-A MDLZ 0.06 354552 BBG000D4LWF6 6132
PACCAR INC PCAR 0.05 279137 BBG000BQVTF5 2542
FASTENAL CO FAST 0.05 272465 BBG000BJ8YN7 5501
MONOLITHIC POWER SYSTEMS INC MPWR 0.05 292347 BBG000C30L48 217
ESSEX PROPERTY TRUST INC ESS 0.05 283129 BBG000CGJMB9 1051
TERADYNE INC TER 0.05 294268 BBG000BV4DR6 734
NXP Semiconductors NV NXPI 0.05 282898 BBG000BND699 1191
AIRBNB INC ABNB 0.05 329172 BBG001Y2XS07 2049
AMERICAN ELECTRIC POWER AEP 0.05 309888 BBG000BB9KF2 2612
HONEYWELL INTERNATIONAL INC HONIV HONIV 0.05 320629 BBG022XF4SZ9 1520
XCEL ENERGY INC XEL 0.04 211440 BBG000BCTQ65 3000
PAYPAL HOLDINGS INC PYPL 0.04 222359 BBG0077VNXV6 4233
HOST HOTELS & RESORTS INC HST 0.04 255627 BBG000BL8804 11417
ASTERA LABS INC ALAB 0.04 267689 BBG00TDKHW99 752
Omega Healthcare Investors Inc OHI 0.04 229234 BBG000BGBTC2 4950
Baker Hughes Company BKR 0.04 250893 BBG00GBVBK51 4570
HEALTHPEAK PROPERTIES INC DOC 0.04 229475 BBG000BKYDP9 11491
MID-AMERICA APARTMENT COMM MAA 0.04 223471 BBG000BLMY92 1898
KIMCO REALTY CORP KIM 0.04 241756 BBG000CN3S73 10885
INVITATION HOMES INC REIT USD.01 INVH 0.04 259166 BBG00FQH6BS9 9843
Nebius Group NV NBIS 0.04 251212 BBG001NVJ6W4 1065
DIAMONDBACK ENERGY INC FANG 0.04 241710 BBG002PHSYX9 1315
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.04 250421 BBG00LBLDDR2 3213
W. P. CAREY REIT INC WPC 0.04 240682 BBG000BCQM58 3724
MICROSTRATEGY INC-CL A MSTR 0.04 231625 BBG000GQJPZ0 1513
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 216947 BBG00B6BFWH9 2133
HONEYWELL AEROSPACE INC HONAV HONAV 0.04 234005 BBG020QYV152 1510
PAYCHEX INC PAYX 0.03 168238 BBG000BQSQ38 1708
MICROCHIP TECHNOLOGY INC MCHP 0.03 202046 BBG000BHCP19 2598
ROPER TECHNOLOGIES INC ROP 0.03 156885 BBG000F1ZSN5 449
AXON ENTERPRISE INC AXON 0.03 164783 BBG000BHJWG1 390
Old Dominion Freight Line Inc. ODFL 0.03 170885 BBG000CHSS88 983
EXELON CORP EXC 0.03 197637 BBG000J6XT05 4892
IDEXX LABS IDXX 0.03 189033 BBG000BLRT07 362
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.03 195880 BBG000BS1YV5 944
KEURIG DR PEPPER INC KDP 0.03 198727 BBG000TJM7F0 6550
FERROVIAL SA FER 0.03 186476 BBG01H0DF657 3446.88
WORKDAY INC-CLASS A WDAY 0.03 187032 BBG000VC0T95 982
COREWEAVE INC CRWV 0.03 185217 BBG011ZTRJ21 2126
DEXCOM INC DXCM 0.03 159205 BBG000QTF8K1 1845
AUTODESK INC ADSK 0.03 210045 BBG000BM7HL0 1005
ROCKET LAB CORP RKLB 0.03 193501 BBG01V7JN3F3 2777
THOMSON REUTERS CORP TRI 0.03 177141 N/A 1820
AIR PRODUCTS & CHEMICALS INC APD 0.02 119137 BBG000BC4JJ4 431
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.02 131543 BBG000B9ZXB4 1331
ALNYLAM PHARMACEUTICALS INC ALNY 0.02 150511 BBG000BFGNJ5 610
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 141722 BBG01BFR8YV1 2168
COPART INC CPRT 0.02 119295 BBG000BM9RH1 4373
MCDONALDS CORP MCD 0.02 120089 BBG000BNSZP1 520
CONSOLIDATED EDISON INC ED 0.02 119586 BBG000BHLYS1 1170

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.