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 12/31/2025
TICKER RAA
NET ASSETS $507M
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 $27.48
30 DAY MEDIAN BID-ASK SPREAD 0.000364

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 0.21% 3.44% 5.88% 6.54% - - 12.08% 9.50%
RAA - Market Price 0.18% 3.45% 5.89% 6.40% - - 12.11% 9.52%
S&P 500 Index Total Return 0.25% 3.65% 6.34% 8.12% - - 16.12% 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 12/31/2025

NET ASSET VALUE

$27.48

CLOSING PRICE

$27.49

PREMIUM/DISCOUNT

0.05%
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 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Premium 23 54 47 39 0
Discount 0 5 13 16 0

Asset Allocation

As of 12/31/2025

Equities

0.00%
US Large Cap
16.87%
US Small Cap
3.96%
Japan
1.99%
Emerging Ex. China
1.00%
Europe
0.98%
Dividend Payers
0.00%
Nasdaq
0.00%

Fixed Income

0.00%
High Yield
5.98%
Corporate Bonds
4.98%
Emerging Mkt Bonds
3.99%
TIPS
2.99%
Long Term Treasuries
1.98%
T-Bills
0.00%

Alternatives

0.00%
Managed Futures
8.97%
Gold
4.97%
Miners
3.83%
Real Estate
1.10%
Bitcoin
0.99%
Commodities
0.98%
Energy
0.00%

Holdings

As of 12/31/2025
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 16.87 85501000 BBG00RYR67P4 653677
iM DBi Managed Futures Strategy ETF DBMF 8.97 45464200 N/A 1620250
Schwab High Yield Bond ETF SCYB 5.98 30313900 BBG01F80WX71 1147380
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 4.98 25239700 BBG000PWYVH7 301370
SPROTT PHYSICAL GOLD TRUS PHYS 4.97 25180000 BBG000Q83F79 762568
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.99 20216200 BBG000NXKWH0 209973
VANGUARD SMALL-CAP ETF VB 3.96 20076000 BBG000HT3Z79 77829
SCHWAB U.S. TIPS ETF SCHP 2.99 15161800 BBG000BGN6P5 572360
NVIDIA CORP NVDA 2.60 13167600 BBG000BBJQV0 70604
APPLE INC AAPL 2.30 11660300 BBG000B9XRY4 42891
MICROSOFT CORP MSFT 2.05 10395400 BBG000BPH459 21495
Franklin FTSE Japan ETF FLJP 1.99 10099500 BBG00J3MDY16 293165
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 1.98 10058200 BBG00PZFJPC3 317293
AMAZON.COM INC AMZN 1.41 7133490 BBG000BVPV84 30905
Tesla Inc. TSLA 1.15 5831970 BBG000N9MNX3 12968
META PLATFORMS INC META 1.09 5550040 BBG000MM2P62 8408
ALPHABET INC-CL A GOOGL 1.04 5276240 BBG009S39JX6 16857
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 1.01 5145270 BBG00CMNZNK7 5145270
ISHARES MSCI EMR MRK EX CHNA EMXC 1.00 5061440 BBG00H5VLMJ6 69640
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 1.00 5059230 BBG01922X0X9 101428
GRAYSCALE BITCN MINI TRU ETF BTC.UP 0.99 5040980 N/A 130157
Franklin FTSE Europe ETF FLEE 0.98 4963740 BBG00J3PR1S7 135844
INVESCO OPTIMUM YIELD DIVERS PDBC 0.98 4988780 N/A 376512
ALPHABET INC-CL C GOOG 0.97 4911600 BBG009S3NB30 15652
ISHARES MSCI GLOBAL METALS & PICK 0.96 4891980 BBG002GKR8T5 95286
Broadcom Inc. AVGO 0.93 4739490 BBG00KHY5S69 13694
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.65 3307930 BBG000N7QR55 18610
NETFLIX INC NFLX 0.63 3188400 BBG000CL9VN6 34006
COSTCO WHOLESALE CORP COST 0.60 3059580 BBG000F6H8W8 3548
ADVANCED MICRO DEVICES INC AMD 0.55 2791580 BBG000BBQCY0 13035
MICRON TECHNOLOGY INC MU 0.51 2580110 BBG000C5Z1S3 9040
CISCO SYSTEMS INC CSCO 0.48 2429160 BBG000C3J3C9 31704
BHP GROUP LTD BHP 0.44 2210150 BBG000BD5NZ4 36610
ISHARES MSCI GLOBAL GOLD MIN RING 0.42 2144910 BBG002GKR6T9 29127
T-MOBILE US INC TMUS 0.36 1815580 BBG000NDV1D4 8942
AUTOMATIC DATA PROCESSING ADP 0.36 1834310 BBG000JG0547 7131
LAM RESH CORP LRCX 0.34 1737130 BBG000BNFLM9 10148
APPLIED MATERIALS INC AMAT 0.33 1656040 BBG000BBPFB9 6444
APPLOVIN CORP APP 0.33 1670400 BBG006HFPX77 2479
SHOPIFY INC - CLASS A SHOP 0.32 1618070 BBG008HBD923 10052
INTUITIVE SURGICAL INC ISRG 0.32 1613560 BBG000BJPDZ1 2849
PEPSICO INC PEP 0.31 1580160 BBG000DH7JK6 11010
NEWMONT GOLDCORP CORPORATION COM NEM 0.31 1575030 BBG000BPWXK1 15774
LINDE PLC LIN 0.31 1579780 BBG01FND0CC1 3705
FREEPORT-MCMORAN INC FCX 0.31 1552400 BBG000BJDB15 30565
QUALCOMM INC QCOM 0.29 1462140 BBG000CGC1X8 8548
INTUIT INC INTU 0.29 1482500 BBG000BH5DV1 2238
AMGEN INC AMGN 0.28 1419540 BBG000BBS2Y0 4337
AGNICO EAGLE MINES LTD AEM 0.28 1400150 BBG000DLVDK3 8259
INTEL CORP INTC 0.27 1381170 BBG000C0G1D1 37430
FASTENAL CO FAST 0.27 1369800 BBG000BJ8YN7 34134
BOOKING HOLDINGS INC BKNG 0.27 1392390 BBG000BLBVN4 260
KLA CORPORATION KLAC 0.26 1292850 BBG000BMTFR4 1064
RIO TINTO PLC-SPON ADR RIO 0.26 1309850 BBG000FD28T3 16367
TEXAS INSTRUMENTS INC TXN 0.25 1264570 BBG000BVV7G1 7289
GILEAD SCIENCES INC GILD 0.25 1244710 BBG000CKGBP2 10141
REALTY INCOME CORP O 0.23 1143070 BBG000DHPN63 20278
ADOBE SYSTEMS INC ADBE 0.23 1167220 BBG000BB5006 3335
Barrick Mining Corp. B 0.23 1147630 N/A 26352
ANALOG DEVICES INC ADI 0.21 1058760 BBG000BB6G37 3904
KENVUE INC KVUE 0.20 1008280 BBG01C79X561 58451
HONEYWELL INTERNATIONAL INC HON 0.20 992813 BBG000H556T9 5089
HORMEL FOODS CORP HRL 0.20 1001140 BBG000BLF8D2 42242
Kimberly-Clark Corp KMB 0.20 1006180 BBG000BMW2Z0 9973
MEDTRONIC PLC MDT 0.20 1006710 BBG000BNWG87 10480
AIR PRODUCTS & CHEMICALS INC APD 0.20 994408 BBG000BC4JJ4 4055
PALO ALTO NETWORKS INC PANW 0.20 1028570 BBG0014GJCT9 5584
FRANKLIN RESOURCES INC BEN 0.20 1014230 BBG000BD0TF8 42454
CLOROX COMPANY CLX 0.20 1013140 BBG000BFS7D3 10048
ILLINOIS TOOL WORKS ITW 0.20 1001210 BBG000BMBL90 4065
T ROWE PRICE GROUP INC TROW 0.20 1000660 BBG000BVMPN3 9774
AMCOR PLC AMCR 0.20 1006930 BBG00LNJRQ09 120735
STANLEY BLACK & DECKER INC SWK 0.20 1000700 BBG000BTQR96 13472
Crowdstrike Holdings Inc. Class A CRWD 0.19 941270 BBG00BLYKS03 2008
GENUINE PARTS CO GPC 0.18 931914 BBG000BKL348 7579
VERTEX PHARMACEUTICALS INC VRTX 0.18 924854 BBG000C1S2X2 2040
ABBVIE INC ABBV 0.18 906648 BBG0025Y4RY4 3968
CONSOLIDATED EDISON INC ED 0.18 888318 BBG000BHLYS1 8944
COMCAST CORP-CLASS A CMCSA 0.17 864748 BBG000BFT2L4 28931
CONSTELLATION ENERGY CORPORATION CEG 0.17 886708 BBG014KFRNP7 2510
FRANCO-NEVADA CORP FNV 0.16 807148 BBG000RD3CL8 3894
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.16 801721 BBG000PVRDL2 6822
GLENCORE PLC -UNSP ADR GLNCY 0.16 814810 BBG001VKX1Z1 74548
MERCADOLIBRE INC MELI 0.16 819804 BBG000GQPB11 407
International Business Machines Corporation IBM 0.16 804506 BBG000BLNNH6 2716
VALE SA-SP ADR VALE 0.15 756261 BBG000BN5LG7 58040
DOORDASH INC CLASS A DASH 0.15 743987 BBG005D7QCJ3 3285
STARBUCKS CORP SBUX 0.15 769427 BBG000CTQBF3 9137
ASML HOLDING NV-NY REG SHS ASML 0.15 747832 BBG000K6MRN4 699
WELLTOWER INC WELL 0.14 687499 BBG000BKY1G5 3704
SYNOPSYS INC SNPS 0.14 698473 BBG000BSFRF3 1487
Anglo American PLC NGLOD 0.14 721502 N/A 34872
CADENCE DESIGN SYS INC CDNS 0.13 684238 BBG000C13CD9 2189
Marriott International, Inc Class A MAR 0.13 667947 BBG000BGD7W6 2153
REGENERON PHARMACEUTICALS REGN 0.13 645283 BBG000C734W3 836
CINCINNATI FINANCIAL CORP CINF 0.12 609837 BBG000BFPK65 3734
MONSTER BEVERAGE CORP MNST 0.12 596799 BBG008NVB1C0 7784
CINTAS CORP CTAS 0.12 609911 BBG000H3YXF8 3243
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.12 600173 BBG00LBLDDR2 5293
PROLOGIS INC PLD 0.12 601917 BBG000B9Z0J8 4715
OREILLY AUTOMOTIVE INC ORLY 0.12 615485 BBG000BGYWY6 6748
MONDELEZ INTERNATIONAL INC-A MDLZ 0.11 568068 BBG000D4LWF6 10553
Warner Bros Discovery Inc WBD 0.11 570780 BBG011386VF4 19805
CHEVRON CORP CVX 0.11 575348 BBG000K4ND22 3775
CSX CORP CSX 0.11 541212 BBG000BGJRC8 14930
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.11 575824 BBG00ZXBJ153 6776
AMERICAN ELECTRIC POWER AEP 0.10 496755 BBG000BB9KF2 4308
AUTODESK INC ADSK 0.10 508249 BBG000BM7HL0 1717
WESTERN DIGITAL CORP WDC 0.09 474604 BBG000BWNFZ9 2755
PAYPAL HOLDINGS INC PYPL 0.09 435515 BBG0077VNXV6 7460
PACCAR INC PCAR 0.09 464103 BBG000BQVTF5 4238
AIRBNB INC ABNB 0.09 466198 BBG001Y2XS07 3435
NXP Semiconductors NV NXPI 0.09 434988 BBG000BND699 2004
IDEXX LABS IDXX 0.09 437038 BBG000BLRT07 646
THOMSON REUTERS CORP COMMON STOCK TRI 0.09 467022 N/A 3541
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.09 476975 BBG0113JGQF0 1732
FORTINET INC FTNT 0.09 479557 BBG000BCMBG4 6039
ROSS STORES INC ROST 0.09 466923 BBG000BSBZH7 2592
EQUINIX INC EQIX 0.08 406831 BBG000MBDGM6 531
ALNYLAM PHARMACEUTICALS INC ALNY 0.08 426678 BBG000BFGNJ5 1073
FERROVIAL SE FER 0.08 380294 BBG01H7CZ9S9 5886
TARGET CORP TGT 0.08 408595 BBG000H8TVT2 4180
ASTRAZENECA PLC-SPONS ADR AZN 0.08 423522 BBG000BZ0DK8 4607
ELECTRONIC ARTS INC EA 0.08 411521 BBG000BP0KQ8 2014
XCEL ENERGY INC XEL 0.07 351130 BBG000BCTQ65 4754
ROPER TECHNOLOGIES INC ROP 0.07 377143 BBG000F1ZSN5 849
SIMON PROPERTY GROUP INC SPG 0.07 353190 BBG000BJ2D31 1908
EXELON CORP EXC 0.07 350071 BBG000J6XT05 8031
MONOLITHIC POWER SYSTEMS INC MPWR 0.07 346230 BBG000C30L48 382
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.07 379436 BBG000BS1YV5 1482
Baker Hughes Company BKR 0.07 348518 BBG00GBVBK51 7653
AXON ENTERPRISE INC AXON 0.07 364611 BBG000BHJWG1 642
DIGITAL REALTY TRUST INC DLR 0.07 351037 BBG000Q5ZRM7 2269
WORKDAY INC-CLASS A WDAY 0.07 363837 BBG000VC0T95 1694
Datadog Inc. Class A DDOG 0.07 348950 BBG003NJHZT9 2566
DIAMONDBACK ENERGY INC FANG 0.07 335988 BBG002PHSYX9 2235
MICROSTRATEGY INC-CL A MSTR 0.07 330035 BBG000GQJPZ0 2172
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.07 334683 BBG00B6BFWH9 3690
INSMED INC INSM 0.06 293780 BBG000BWM5P3 1688
PAYCHEX INC PAYX 0.06 319825 BBG000BQSQ38 2851
PUBLIC STORAGE PSA 0.06 287007 BBG000BPPN67 1106
Zscaler Inc. ZS 0.06 290597 BBG003338H34 1292
COGNIZANT TECH SOLUTIONS-A CTSH 0.06 318969 BBG000BBDV81 3843
KEURIG DR PEPPER INC KDP 0.06 304552 BBG000TJM7F0 10963
COPART INC CPRT 0.06 305879 BBG000BM9RH1 7813
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.06 303802 BBG01BFR8YV1 3704
Ventas Inc. VTR 0.05 246146 BBG000FRVHB9 3181
AO Smith Corp AOS 0.05 274007 BBG000BC1L02 4097
MICROCHIP TECHNOLOGY INC MCHP 0.05 275079 BBG000BHCP19 4317
KRAFT HEINZ CO/THE KHC 0.05 233406 BBG005CPNTQ2 9625
Old Dominion Freight Line Inc. ODFL 0.05 260288 BBG000CHSS88 1660
VERISK ANALYTICS INC VRSK 0.05 249191 BBG000BCZL41 1114
PPG INDUSTRIES INC PPG 0.05 234224 BBG000BRJ809 2286
COSTAR GROUP INC CSGP 0.05 232987 BBG000D7JKW9 3465
ATLASSIAN CORP PLC-CLASS A TEAM 0.04 219375 BBG01BGWHFR5 1353
AVALONBAY COMMUNITIES INC AVB 0.04 201254 BBG000BLPBL5 1110
CHARTER COMMUNICATIONS INC-A CHTR 0.04 219605 BBG000VPGNR2 1052
EXTRA SPACE STORAGE INC EXR 0.04 198586 BBG000PV27K3 1525
VICI PROPERTIES INC REIT VICI 0.04 198049 BBG00HVVB499 7043
NEXTERA ENERGY INC NEE 0.04 201984 BBG000BJSBJ0 2516
JOHNSON & JOHNSON JNJ 0.04 202604 BBG000BMHYD1 979
DEXCOM INC DXCM 0.04 203623 BBG000QTF8K1 3068
MCDONALDS CORP MCD 0.04 201105 BBG000BNSZP1 658
EQUITY RESIDENTIAL EQR 0.03 153811 BBG000BG8M31 2467
IRON MOUNTAIN INC IRM 0.03 146407 BBG000KCZPC3 1765
Sun Communities Inc SUI 0.02 97269.4 BBG000BLJWF3 785
ESSEX PROPERTY TRUST INC ESS 0.02 98720.9 BBG000CGJMB9 381
MID-AMERICA APARTMENT COMM MAA 0.02 104182 BBG000BLMY92 750
Omega Healthcare Investors Inc OHI 0.02 97503.7 BBG000BGBTC2 2199
KIMCO REALTY CORP KIM 0.02 99485.2 BBG000CN3S73 4908
INVITATION HOMES INC REIT USD.01 INVH 0.02 100239 BBG00FQH6BS9 3607
W. P. CAREY REIT INC WPC 0.02 96797.4 BBG000BCQM58 1504
Solstice Advanced Materials Inc. SOLSV 0.00 7056.25 BBG01X5744P5 145.25
Cash & Other Cash&Other -0.21 -1062410 N/A -1062410

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.