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 05/08/2026
TICKER RAA
NET ASSETS $591M
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 $30.13
30 DAY MEDIAN BID-ASK SPREAD 0.000685

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 05/08/2026

NET ASSET VALUE

$30.13

CLOSING PRICE

$30.13

PREMIUM/DISCOUNT

0.00%
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 14
Discount 5 13 16 8 7

Asset Allocation

As of 5/8/2026

Equities

46.55%
Nasdaq
18.53%
US Large Cap
14.05%
US Small Cap
3.96%
Dividend Payers
3.91%
Emerging Ex. China
2.11%
Japan
2.02%
Europe
1.97%

Fixed Income

26.46%
Long Term Treasuries
6.82%
Corporate Bonds
5.86%
High Yield
5.84%
Emerging Mkt Bonds
3.92%
TIPS
2.89%
T-Bills
1.13%

Alternatives

26.99%
Miners
7.22%
Managed Futures
5.86%
Gold
4.98%
Commodities
3.80%
Bitcoin
2.25%
Energy
1.91%
Real Estate
0.97%

Holdings

As of 05/08/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.05 82957100 BBG00RYR67P4 587931
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 6.82 40302800 BBG00PZFJPC3 1290100
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.86 34615400 BBG000PWYVH7 417606
SCHWAB HIGH YIELD BOND ETF SCYB 5.84 34492000 BBG01F80WX71 1315990
iM DBi Managed Futures Strategy ETF DBMF 5.46 32250200 N/A 1050840
SPROTT PHYSICAL GOLD TRUS PHYS 4.98 29404600 BBG000Q83F79 821358
VANGUARD SMALL-CAP ETF VB 3.96 23383600 BBG000HT3Z79 81145
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.92 23146300 BBG000NXKWH0 240731
INVESCO OPTIMUM YIELD DIVERS PDBC 3.80 22462600 N/A 1243090
SCHWAB U.S. TIPS ETF SCHP 2.89 17047000 BBG000BGN6P5 634660
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.25 13271300 N/A 374155
ISHARES MSCI EMR MRK EX CHNA EMXC 2.11 12489200 BBG00H5VLMJ6 127415
Franklin FTSE Japan ETF FLJP 2.02 11952000 BBG00J3MDY16 302966
Franklin FTSE Europe ETF FLEE 1.97 11642800 BBG00J3PR1S7 300673
NVIDIA CORP NVDA 1.70 10068300 BBG000BBJQV0 46786
BHP GROUP LTD BHP 1.40 8251390 BBG000BD5NZ4 97396
APPLE INC AAPL 1.32 7820630 BBG000B9XRY4 26687
MICROSOFT CORP MSFT 1.02 5999730 BBG000BPH459 14453
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 0.97 5738450 BBG01922X0X9 114976
NEWMONT GOLDCORP CORPORATION COM NEM 0.93 5509410 BBG000BPWXK1 47287
AMAZON.COM INC AMZN 0.92 5454690 BBG000BVPV84 20004
RIO TINTO PLC-SPON ADR RIO 0.82 4852430 BBG000FD28T3 46047
AGNICO EAGLE MINES LTD AEM 0.78 4609600 BBG000DLVDK3 23858
MICRON TECHNOLOGY INC MU 0.73 4312080 BBG000C5Z1S3 5774
ALPHABET INC-CL A GOOGL 0.67 3976740 BBG009S39JX6 9922
FREEPORT-MCMORAN INC FCX 0.67 3939800 BBG000BJDB15 63906
Tesla Inc. TSLA 0.66 3884710 BBG000N9MNX3 9069
Broadcom Inc. AVGO 0.62 3682520 BBG00KHY5S69 8564
ALPHABET INC-CL C GOOG 0.62 3686610 BBG009S3NB30 9285
ADVANCED MICRO DEVICES INC AMD 0.62 3635600 BBG000BBQCY0 7987
META PLATFORMS INC META 0.61 3629130 BBG000MM2P62 5953
Barrick Mining Corp. B 0.56 3314800 N/A 76856
GLENCORE PLC -UNSP ADR GLNCY 0.55 3220920 BBG001VKX1Z1 209015
INTEL CORP INTC 0.54 3204450 BBG000C0G1D1 25652
WAL-MART STORES INC WMT 0.53 3143230 BBG000BWXBC2 24099
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.48 2841150 BBG000PVRDL2 20462
Simplify DBi CTA Managed Futures Index ETF SDMF 0.40 2365780 BBG020BR8WR7 92903
COSTCO WHOLESALE CORP COST 0.38 2245570 BBG000F6H8W8 2226
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.38 2263350 N/A 84643
FRANCO-NEVADA CORP FNV 0.35 2085740 BBG000RD3CL8 8986
CISCO SYSTEMS INC CSCO 0.32 1903010 BBG000C3J3C9 19706
LAM RESH CORP LRCX 0.31 1805170 BBG000BNFLM9 6139
NETFLIX INC NFLX 0.31 1856360 BBG000CL9VN6 21218
CHEVRON CORP CVX 0.30 1790590 BBG000K4ND22 9859
VALE SA-SP ADR VALE 0.30 1764090 BBG000BN5LG7 106079
APPLIED MATERIALS INC AMAT 0.29 1714760 BBG000BBPFB9 3938
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.27 1599580 BBG000N7QR55 11608
AUTOMATIC DATA PROCESSING ADP 0.27 1592560 BBG000JG0547 7477
REALTY INCOME CORP O 0.23 1375000 BBG000DHPN63 22206
KLA CORPORATION KLAC 0.22 1300960 BBG000BMTFR4 696
TEXAS INSTRUMENTS INC TXN 0.22 1282150 BBG000BVV7G1 4455
AMCOR PLC COMMON STOCK USD.01 AMCR 0.21 1213110 N/A 30381
KENVUE INC KVUE 0.20 1159710 BBG01C79X561 65930
LINDE PLC LIN 0.20 1161390 BBG01FND0CC1 2355
FRANKLIN RESOURCES INC BEN 0.20 1187570 BBG000BD0TF8 38247
T ROWE PRICE GROUP INC TROW 0.20 1193920 BBG000BVMPN3 11335
Kimberly-Clark Corp KMB 0.20 1158290 BBG000BMW2Z0 11782
STANLEY BLACK & DECKER INC SWK 0.20 1188890 BBG000BTQR96 14665
SANDISK CORP/DE SNDKV SNDK 0.19 1129570 BBG01R388JG1 723
HORMEL FOODS CORP HRL 0.19 1102900 BBG000BLF8D2 53958
CLOROX COMPANY CLX 0.19 1098550 BBG000BFS7D3 11920
MARATHON PETROLEUM CORP MPC 0.19 1136690 BBG001DCCGR8 4642
EVERSOURCE ENERGY ES 0.19 1092890 BBG000BQ87N0 16432
ILLINOIS TOOL WORKS ITW 0.19 1139030 BBG000BMBL90 4471
PPG INDUSTRIES INC PPG 0.19 1135280 BBG000BRJ809 10425
T-MOBILE US INC TMUS 0.18 1089170 BBG000NDV1D4 5625
PEPSICO INC PEP 0.18 1051420 BBG000DH7JK6 6800
SCHLUMBERGER LTD SLB 0.18 1079940 BBG000BT41Q8 20273
WILLIAMS COMPANIES INC. WMB 0.18 1085520 BBG000BWVCP8 15085
MEDTRONIC PLC MDT 0.18 1087800 BBG000BNWG87 14285
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.18 1082220 BBG000BRK7L6 16907
EXXON MOBIL CORP XOM 0.18 1068370 BBG000GZQ728 7390
CANADIAN NATURAL RESOURCES CNQ 0.18 1073080 BBG000HW5GX3 24098
EQT CORP EQT 0.18 1064640 BBG000BHZ5J9 19025
ABBVIE INC ABBV 0.17 1023070 BBG0025Y4RY4 5076
ANALOG DEVICES INC ADI 0.17 1002150 BBG000BB6G37 2406
QUALCOMM INC QCOM 0.17 1027090 BBG000CGC1X8 4688
Cheniere Energy Inc LNG 0.17 1002300 BBG000C3HSR0 4184
OCCIDENTAL PETROLEUM CORP OXY 0.17 1007460 BBG000BQQ2S6 18998
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.16 923613 BBG00CMNZNK7 923613
GENUINE PARTS CO GPC 0.16 943004 BBG000BKL348 9005
AO Smith Corp AOS 0.16 938010 BBG000BC1L02 16007
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 856991 BBG0113JGQF0 1095
PALO ALTO NETWORKS INC PANW 0.15 881411 BBG0014GJCT9 4240
AMGEN INC AMGN 0.15 873698 BBG000BBS2Y0 2634
INTUITIVE SURGICAL INC ISRG 0.14 806508 BBG000BJPDZ1 1792
J M Smucker Co COM STK NPV SJM 0.14 830326 BBG000BT1715 8366
International Business Machines Corporation IBM 0.14 821622 BBG000BLNNH6 3576
GILEAD SCIENCES INC GILD 0.14 812670 BBG000CKGBP2 6188
APPLOVIN CORP APP 0.13 747337 BBG006HFPX77 1595
WELLTOWER INC WELL 0.13 741761 BBG000BKY1G5 3456
WESTERN DIGITAL CORP WDC 0.13 779520 BBG000BWNFZ9 1624
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.12 717438 BBG00ZXBJ153 4217
Crowdstrike Holdings Inc. Class A CRWD 0.12 688740 BBG00BLYKS03 1305
BOOKING HOLDINGS INC BKNG 0.12 692924 BBG000BLBVN4 4176
SHOPIFY INC - CLASS A SHOP 0.12 695804 BBG008HBD923 6302
HONEYWELL INTERNATIONAL INC HON 0.12 680705 BBG000H556T9 3194
ASML HOLDING NV-NY REG SHS ASML 0.12 686161 BBG000K6MRN4 431
PROLOGIS INC PLD 0.12 702295 BBG000B9Z0J8 4874
STARBUCKS CORP SBUX 0.10 609538 BBG000CTQBF3 5809
ERIE INDEMNITY COMPANY-CL A ERIE 0.10 591134 BBG000BBTJZ1 2738
INTUIT INC INTU 0.10 571875 BBG000BH5DV1 1443
CONSTELLATION ENERGY CORPORATION CEG 0.09 531352 BBG014KFRNP7 1750
EQUINIX INC EQIX 0.09 516743 BBG000MBDGM6 482
VERTEX PHARMACEUTICALS INC VRTX 0.09 544582 BBG000C1S2X2 1267
CADENCE DESIGN SYS INC CDNS 0.09 517210 BBG000C13CD9 1426
ADOBE SYSTEMS INC ADBE 0.09 528601 BBG000BB5006 2089
SYNOPSYS INC SNPS 0.08 499953 BBG000BSFRF3 968
FASTENAL CO FAST 0.08 485340 BBG000BJ8YN7 10988
COMCAST CORP-CLASS A CMCSA 0.08 460959 BBG000BFT2L4 18148
Marriott International, Inc Class A MAR 0.08 465491 BBG000BGD7W6 1318
FORTINET INC FTNT 0.07 434150 BBG000BCMBG4 3806
MONSTER BEVERAGE CORP MNST 0.07 430501 BBG008NVB1C0 4989
DIGITAL REALTY TRUST INC DLR 0.07 393940 BBG000Q5ZRM7 2017
MONOLITHIC POWER SYSTEMS INC MPWR 0.07 387403 BBG000C30L48 242
SIMON PROPERTY GROUP INC SPG 0.07 401208 BBG000BJ2D31 1985
CSX CORP CSX 0.07 422926 BBG000BGJRC8 9434
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 391643 BBG000D4LWF6 6363
MERCADOLIBRE INC MELI 0.07 413028 BBG000GQPB11 253
Warner Bros Discovery Inc WBD 0.06 338875 BBG011386VF4 12500
DOORDASH INC CLASS A DASH 0.06 337204 BBG005D7QCJ3 2057
Datadog Inc. Class A DDOG 0.06 346277 BBG003NJHZT9 1730
NXP Semiconductors NV NXPI 0.06 383764 BBG000BND699 1302
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.06 327851 BBG00LBLDDR2 3319
AMERICAN ELECTRIC POWER AEP 0.06 356769 BBG000BB9KF2 2741
ROSS STORES INC ROST 0.06 370554 BBG000BSBZH7 1641
PUBLIC STORAGE PSA 0.06 357385 BBG000BPPN67 1149
CINTAS CORP CTAS 0.06 335944 BBG000H3YXF8 2012
REGENERON PHARMACEUTICALS REGN 0.06 365309 BBG000C734W3 511
OREILLY AUTOMOTIVE INC ORLY 0.06 370260 BBG000BGYWY6 3983
AIRBNB INC ABNB 0.05 299959 BBG001Y2XS07 2120
Baker Hughes Company BKR 0.05 311783 BBG00GBVBK51 4880
AUTODESK INC ADSK 0.05 268216 BBG000BM7HL0 1097
CONSOLIDATED EDISON INC ED 0.05 288419 BBG000BHLYS1 2713
MICROCHIP TECHNOLOGY INC MCHP 0.05 265958 BBG000BHCP19 2684
Ventas Inc. VTR 0.05 286038 BBG000FRVHB9 3278
MICROSTRATEGY INC-CL A MSTR 0.05 282135 BBG000GQJPZ0 1504
PACCAR INC PCAR 0.05 297206 BBG000BQVTF5 2600
FERROVIAL SE FER 0.04 253019 BBG01H7CZ9S9 3593
VICI PROPERTIES INC REIT VICI 0.04 231008 BBG00HVVB499 8010
IDEXX LABS IDXX 0.04 229085 BBG000BLRT07 409
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 217606 BBG00B6BFWH9 2301
PAYPAL HOLDINGS INC PYPL 0.04 213194 BBG0077VNXV6 4699
MCDONALDS CORP MCD 0.04 216188 BBG000BNSZP1 784
EXTRA SPACE STORAGE INC EXR 0.04 232433 BBG000PV27K3 1622
AVALONBAY COMMUNITIES INC AVB 0.04 230284 BBG000BLPBL5 1251
EXELON CORP EXC 0.04 230044 BBG000J6XT05 5239
XCEL ENERGY INC XEL 0.04 239440 BBG000BCTQ65 3016
DIAMONDBACK ENERGY INC FANG 0.04 261916 BBG002PHSYX9 1388
AIR PRODUCTS & CHEMICALS INC APD 0.04 228943 BBG000BC4JJ4 775
ELECTRONIC ARTS INC EA 0.04 255761 BBG000BP0KQ8 1276
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 214277 BBG000BS1YV5 972
KEURIG DR PEPPER INC KDP 0.03 192065 BBG000TJM7F0 6662
AXON ENTERPRISE INC AXON 0.03 169487 BBG000BHJWG1 420
PAYCHEX INC PAYX 0.03 179125 BBG000BQSQ38 1907
COPART INC CPRT 0.03 170107 BBG000BM9RH1 5012
ROPER TECHNOLOGIES INC ROP 0.03 177153 BBG000F1ZSN5 516
Old Dominion Freight Line Inc. ODFL 0.03 204875 BBG000CHSS88 1033
EQUITY RESIDENTIAL EQR 0.03 172239 BBG000BG8M31 2628
IRON MOUNTAIN INC IRM 0.03 178701 BBG000KCZPC3 1387
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 192078 BBG000BFGNJ5 651
THOMSON REUTERS CORP TRI 0.03 198303 N/A 2133.67
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 139951 BBG01BFR8YV1 2205
Zscaler Inc. ZS 0.02 133722 BBG003338H34 879
INVITATION HOMES INC REIT USD.01 INVH 0.02 112851 BBG00FQH6BS9 3928
WORKDAY INC-CLASS A WDAY 0.02 139463 BBG000VC0T95 1091
INSMED INC INSM 0.02 106823 BBG000BWM5P3 1054
VERISK ANALYTICS INC VRSK 0.02 122543 BBG000BCZL41 713
Sun Communities Inc SUI 0.02 112842 BBG000BLJWF3 896
MID-AMERICA APARTMENT COMM MAA 0.02 116120 BBG000BLMY92 898
ESSEX PROPERTY TRUST INC ESS 0.02 115698 BBG000CGJMB9 439
KIMCO REALTY CORP KIM 0.02 114535 BBG000CN3S73 4878
Omega Healthcare Investors Inc OHI 0.02 115521 BBG000BGBTC2 2448
W. P. CAREY REIT INC WPC 0.02 116782 BBG000BCQM58 1576
KRAFT HEINZ CO/THE KHC 0.02 140046 BBG005CPNTQ2 5845
DEXCOM INC DXCM 0.02 118250 BBG000QTF8K1 1951
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 130130 BBG000BBDV81 2518
CHARTER COMMUNICATIONS INC-A CHTR 0.02 99110.4 BBG000VPGNR2 640
Cash & Other Cash&Other 0.00 18294.4 N/A 18294.4

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.