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 05/28/2026
TICKER RAA
NET ASSETS $612M
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 $30.35
30 DAY MEDIAN BID-ASK SPREAD 0.000669

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 6.72% -3.97% 4.53% 0.68% 7.44% 0.68% 17.36% 11.92%
RAA - Market Price 6.81% -3.98% 4.39% 0.63% 7.28% 0.63% 17.22% 11.89%
S&P 500 Index Total Return 10.49% -4.98% 4.19% -4.33% 5.70% -4.33% 19.15% 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 05/28/2026

NET ASSET VALUE

$30.35

CLOSING PRICE

$30.36

PREMIUM/DISCOUNT

0.02%
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 25
Discount 5 13 16 8 8

Asset Allocation

As of 5/28/2026

Equities

47.38%
Nasdaq
18.94%
US Large Cap
14.31%
US Small Cap
4.01%
Dividend Payers
3.96%
Emerging Ex. China
2.16%
Japan
2.02%
Europe
1.98%

Fixed Income

26.27%
Long Term Treasuries
6.77%
Corporate Bonds
5.82%
High Yield
5.82%
Emerging Mkt Bonds
3.90%
TIPS
2.88%
T-Bills
1.08%

Alternatives

26.35%
Miners
7.10%
Managed Futures
5.93%
Gold
4.70%
Commodities
3.70%
Bitcoin
2.03%
Energy
1.95%
Real Estate
0.94%

Holdings

As of 05/28/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.31 87645300 BBG00RYR67P4 605787
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 6.77 41474000 BBG00PZFJPC3 1333140
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.82 35643400 BBG000PWYVH7 430788
SCHWAB HIGH YIELD BOND ETF SCYB 5.82 35661100 BBG01F80WX71 1358000
iM DBi Managed Futures Strategy ETF DBMF 5.14 31477400 N/A 1014090
SPROTT PHYSICAL GOLD TRUS PHYS 4.70 28805300 BBG000Q83F79 846967
VANGUARD SMALL-CAP ETF VB 4.01 24554000 BBG000HT3Z79 83514
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.90 23899900 BBG000NXKWH0 248362
INVESCO OPTIMUM YIELD DIVERS PDBC 3.70 22673500 N/A 1279540
SCHWAB U.S. TIPS ETF SCHP 2.88 17620600 BBG000BGN6P5 656996
ISHARES MSCI EMR MRK EX CHNA EMXC 2.16 13249200 BBG00H5VLMJ6 131141
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.03 12438100 N/A 383655
Franklin FTSE Japan ETF FLJP 2.02 12383300 BBG00J3MDY16 311844
Franklin FTSE Europe ETF FLEE 1.98 12108400 BBG00J3PR1S7 309482
NVIDIA CORP NVDA 1.68 10314600 BBG000BBJQV0 48143
BHP GROUP LTD BHP 1.44 8801770 BBG000BD5NZ4 100248
APPLE INC AAPL 1.40 8584340 BBG000B9XRY4 27469
MICROSOFT CORP MSFT 1.04 6348060 BBG000BPH459 14867
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 0.96 5898950 BBG01922X0X9 118334
AMAZON.COM INC AMZN 0.92 5638650 BBG000BVPV84 20579
MICRON TECHNOLOGY INC MU 0.90 5481090 BBG000C5Z1S3 5935
NEWMONT GOLDCORP CORPORATION COM NEM 0.86 5267230 BBG000BPWXK1 48667
RIO TINTO PLC-SPON ADR RIO 0.82 5044660 BBG000FD28T3 47381
Simplify DBi CTA Managed Futures Index ETF SDMF 0.79 4819660 BBG020BR8WR7 186778
FREEPORT-MCMORAN INC FCX 0.71 4332200 BBG000BJDB15 65769
AGNICO EAGLE MINES LTD AEM 0.71 4368810 BBG000DLVDK3 24548
ADVANCED MICRO DEVICES INC AMD 0.70 4257150 BBG000BBQCY0 8217
Tesla Inc. TSLA 0.67 4121260 BBG000N9MNX3 9322
ALPHABET INC-CL A GOOGL 0.65 3978550 BBG009S39JX6 10198
META PLATFORMS INC META 0.63 3884160 BBG000MM2P62 6114
Broadcom Inc. AVGO 0.61 3751340 BBG00KHY5S69 8794
ALPHABET INC-CL C GOOG 0.60 3682810 BBG009S3NB30 9538
GLENCORE PLC -UNSP ADR GLNCY 0.54 3317350 BBG001VKX1Z1 215133
Barrick Mining Corp. B 0.54 3286330 N/A 79110
INTEL CORP INTC 0.52 3190050 BBG000C0G1D1 26388
WAL-MART STORES INC WMT 0.48 2947410 BBG000BWXBC2 24789
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.45 2739270 BBG000PVRDL2 21060
CISCO SYSTEMS INC CSCO 0.39 2406140 BBG000C3J3C9 20281
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.39 2372710 N/A 87104
COSTCO WHOLESALE CORP COST 0.37 2261090 BBG000F6H8W8 2272
FRANCO-NEVADA CORP FNV 0.34 2083950 BBG000RD3CL8 9239
LAM RESH CORP LRCX 0.33 2003400 BBG000BNFLM9 6300
NETFLIX INC NFLX 0.31 1886020 BBG000CL9VN6 21839
APPLIED MATERIALS INC AMAT 0.30 1822550 BBG000BBPFB9 4053
CHEVRON CORP CVX 0.30 1855010 BBG000K4ND22 10135
VALE SA-SP ADR VALE 0.30 1807000 BBG000BN5LG7 109184
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.28 1710050 BBG000N7QR55 11930
AUTOMATIC DATA PROCESSING ADP 0.28 1689400 BBG000JG0547 7684
TEXAS INSTRUMENTS INC TXN 0.24 1443890 BBG000BVV7G1 4570
REALTY INCOME CORP O 0.23 1403440 BBG000DHPN63 22850
KLA CORPORATION KLAC 0.22 1341630 BBG000BMTFR4 696
HORMEL FOODS CORP HRL 0.21 1309760 BBG000BLF8D2 55522
KENVUE INC KVUE 0.20 1197090 BBG01C79X561 67862
Kimberly-Clark Corp KMB 0.20 1214400 BBG000BMW2Z0 12127
PPG INDUSTRIES INC PPG 0.20 1210310 BBG000BRJ809 10724
LINDE PLC LIN 0.20 1216800 BBG01FND0CC1 2424
FRANKLIN RESOURCES INC BEN 0.20 1228140 BBG000BD0TF8 39351
STANLEY BLACK & DECKER INC SWK 0.20 1195310 BBG000BTQR96 15079
MARATHON PETROLEUM CORP MPC 0.20 1195580 BBG001DCCGR8 4757
T ROWE PRICE GROUP INC TROW 0.20 1207080 BBG000BVMPN3 11657
AMCOR PLC COMMON STOCK USD.01 AMCR 0.20 1226760 N/A 31255
CANADIAN NATURAL RESOURCES CNQ 0.19 1135540 BBG000HW5GX3 24788
SCHLUMBERGER LTD SLB 0.19 1149140 BBG000BT41Q8 20848
QUALCOMM INC QCOM 0.19 1168520 BBG000CGC1X8 4803
CLOROX COMPANY CLX 0.19 1179890 BBG000BFS7D3 12265
WILLIAMS COMPANIES INC. WMB 0.19 1135120 BBG000BWVCP8 15522
EVERSOURCE ENERGY ES 0.19 1167070 BBG000BQ87N0 16892
ILLINOIS TOOL WORKS ITW 0.19 1144850 BBG000BMBL90 4586
ABBVIE INC ABBV 0.19 1139940 BBG0025Y4RY4 5214
SANDISK CORP/DE SNDKV SNDK 0.19 1186910 BBG01R388JG1 723
OCCIDENTAL PETROLEUM CORP OXY 0.18 1120610 BBG000BQQ2S6 19550
EQT CORP EQT 0.18 1083590 BBG000BHZ5J9 19577
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.18 1100960 BBG000BRK7L6 17390
MEDTRONIC PLC MDT 0.18 1110800 BBG000BNWG87 14699
PALO ALTO NETWORKS INC PANW 0.18 1122590 BBG0014GJCT9 4355
EXXON MOBIL CORP XOM 0.18 1116460 BBG000GZQ728 7597
T-MOBILE US INC TMUS 0.18 1087710 BBG000NDV1D4 5786
PEPSICO INC PEP 0.17 1021690 BBG000DH7JK6 6984
ANALOG DEVICES INC ADI 0.17 1037050 BBG000BB6G37 2475
Cheniere Energy Inc LNG 0.16 986921 BBG000C3HSR0 4299
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.16 984645 BBG0113JGQF0 1118
International Business Machines Corporation IBM 0.16 969159 BBG000BLNNH6 3668
APPLOVIN CORP APP 0.16 984420 BBG006HFPX77 1641
GENUINE PARTS CO GPC 0.15 918949 BBG000BKL348 9258
AO Smith Corp AOS 0.15 948829 BBG000BC1L02 16467
AMGEN INC AMGN 0.15 909505 BBG000BBS2Y0 2703
J M Smucker Co COM STK NPV SJM 0.15 896391 BBG000BT1715 8596
Crowdstrike Holdings Inc. Class A CRWD 0.15 891088 BBG00BLYKS03 1328
WESTERN DIGITAL CORP WDC 0.14 887071 BBG000BWNFZ9 1670
GILEAD SCIENCES INC GILD 0.14 864861 BBG000CKGBP2 6349
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.14 887324 BBG00ZXBJ153 4332
HONEYWELL INTERNATIONAL INC HON 0.13 765638 BBG000H556T9 3286
INTUITIVE SURGICAL INC ISRG 0.13 778632 BBG000BJPDZ1 1838
SHOPIFY INC - CLASS A SHOP 0.12 746085 BBG008HBD923 6486
WELLTOWER INC WELL 0.12 746109 BBG000BKY1G5 3548
BOOKING HOLDINGS INC BKNG 0.12 728698 BBG000BLBVN4 4291
PROLOGIS INC PLD 0.12 729948 BBG000B9Z0J8 5012
ASML HOLDING NV-NY REG SHS ASML 0.11 692087 BBG000K6MRN4 431
ERIE INDEMNITY COMPANY-CL A ERIE 0.10 612459 BBG000BBTJZ1 2807
STARBUCKS CORP SBUX 0.10 601478 BBG000CTQBF3 5970
CADENCE DESIGN SYS INC CDNS 0.09 541709 BBG000C13CD9 1449
VERTEX PHARMACEUTICALS INC VRTX 0.09 577881 BBG000C1S2X2 1290
FASTENAL CO FAST 0.08 506236 BBG000BJ8YN7 11310
EQUINIX INC EQIX 0.08 515470 BBG000MBDGM6 482
COMCAST CORP-CLASS A CMCSA 0.08 469913 BBG000BFT2L4 18677
ADOBE SYSTEMS INC ADBE 0.08 515474 BBG000BB5006 2135
CONSTELLATION ENERGY CORPORATION CEG 0.08 514213 BBG014KFRNP7 1796
Marriott International, Inc Class A MAR 0.08 517304 BBG000BGD7W6 1341
FORTINET INC FTNT 0.08 505571 BBG000BCMBG4 3898
SYNOPSYS INC SNPS 0.08 476314 BBG000BSFRF3 991
MONDELEZ INTERNATIONAL INC-A MDLZ 0.07 408467 BBG000D4LWF6 6547
NXP Semiconductors NV NXPI 0.07 437621 BBG000BND699 1325
MONSTER BEVERAGE CORP MNST 0.07 451125 BBG008NVB1C0 5127
MERCADOLIBRE INC MELI 0.07 428969 BBG000GQPB11 253
INTUIT INC INTU 0.07 458858 BBG000BH5DV1 1466
CSX CORP CSX 0.07 443456 BBG000BGJRC8 9710
SIMON PROPERTY GROUP INC SPG 0.07 419950 BBG000BJ2D31 2031
Datadog Inc. Class A DDOG 0.07 400026 BBG003NJHZT9 1776
PUBLIC STORAGE PSA 0.06 362441 BBG000BPPN67 1172
Warner Bros Discovery Inc WBD 0.06 347329 BBG011386VF4 12845
MONOLITHIC POWER SYSTEMS INC MPWR 0.06 395227 BBG000C30L48 242
ROSS STORES INC ROST 0.06 383286 BBG000BSBZH7 1687
DIGITAL REALTY TRUST INC DLR 0.06 394920 BBG000Q5ZRM7 2063
CINTAS CORP CTAS 0.06 356157 BBG000H3YXF8 2058
OREILLY AUTOMOTIVE INC ORLY 0.06 365665 BBG000BGYWY6 4098
AMERICAN ELECTRIC POWER AEP 0.06 359006 BBG000BB9KF2 2810
Cash & Other Cash&Other 0.05 278799 N/A 278799
PACCAR INC PCAR 0.05 299515 BBG000BQVTF5 2669
Ventas Inc. VTR 0.05 289112 BBG000FRVHB9 3370
Baker Hughes Company BKR 0.05 324715 BBG00GBVBK51 5018
AIRBNB INC ABNB 0.05 291327 BBG001Y2XS07 2166
REGENERON PHARMACEUTICALS REGN 0.05 317597 BBG000C734W3 511
DOORDASH INC CLASS A DASH 0.05 329540 BBG005D7QCJ3 2103
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.05 291647 BBG00CMNZNK7 291647
CONSOLIDATED EDISON INC ED 0.05 295727 BBG000BHLYS1 2782
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.05 283215 BBG00LBLDDR2 3411
XCEL ENERGY INC XEL 0.04 244517 BBG000BCTQ65 3085
MICROCHIP TECHNOLOGY INC MCHP 0.04 264398 BBG000BHCP19 2753
Old Dominion Freight Line Inc. ODFL 0.04 233228 BBG000CHSS88 1056
IDEXX LABS IDXX 0.04 232324 BBG000BLRT07 409
AIR PRODUCTS & CHEMICALS INC APD 0.04 219829 BBG000BC4JJ4 775
EXELON CORP EXC 0.04 245084 BBG000J6XT05 5377
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 216781 BBG000BS1YV5 995
VICI PROPERTIES INC REIT VICI 0.04 233439 BBG00HVVB499 8240
FERROVIAL SE FER 0.04 251686 BBG01H7CZ9S9 3685
EXTRA SPACE STORAGE INC EXR 0.04 243211 BBG000PV27K3 1668
MCDONALDS CORP MCD 0.04 224322 BBG000BNSZP1 807
AUTODESK INC ADSK 0.04 269864 BBG000BM7HL0 1120
AVALONBAY COMMUNITIES INC AVB 0.04 235473 BBG000BLPBL5 1274
DIAMONDBACK ENERGY INC FANG 0.04 273932 BBG002PHSYX9 1411
MICROSTRATEGY INC-CL A MSTR 0.04 231554 BBG000GQJPZ0 1527
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 216605 BBG00B6BFWH9 2347
ELECTRONIC ARTS INC EA 0.04 261294 BBG000BP0KQ8 1299
PAYCHEX INC PAYX 0.03 186531 BBG000BQSQ38 1953
PAYPAL HOLDINGS INC PYPL 0.03 214030 BBG0077VNXV6 4814
ROPER TECHNOLOGIES INC ROP 0.03 164991 BBG000F1ZSN5 516
AXON ENTERPRISE INC AXON 0.03 184514 BBG000BHJWG1 420
IRON MOUNTAIN INC IRM 0.03 178830 BBG000KCZPC3 1410
EQUITY RESIDENTIAL EQR 0.03 178703 BBG000BG8M31 2697
KEURIG DR PEPPER INC KDP 0.03 205654 BBG000TJM7F0 6846
COPART INC CPRT 0.03 171392 BBG000BM9RH1 5150
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 198594 BBG000BFGNJ5 651
THOMSON REUTERS CORP TRI 0.03 184160 N/A 2179.67
INSMED INC INSM 0.02 116714 BBG000BWM5P3 1077
Sun Communities Inc SUI 0.02 114875 BBG000BLJWF3 919
KRAFT HEINZ CO/THE KHC 0.02 146967 BBG005CPNTQ2 6006
Omega Healthcare Investors Inc OHI 0.02 118400 BBG000BGBTC2 2517
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 139310 BBG000BBDV81 2587
ESSEX PROPERTY TRUST INC ESS 0.02 121357 BBG000CGJMB9 439
CHARTER COMMUNICATIONS INC-A CHTR 0.02 94246.4 BBG000VPGNR2 640
VERISK ANALYTICS INC VRSK 0.02 123221 BBG000BCZL41 713
MID-AMERICA APARTMENT COMM MAA 0.02 120485 BBG000BLMY92 921
KIMCO REALTY CORP KIM 0.02 121237 BBG000CN3S73 5016
Zscaler Inc. ZS 0.02 117296 BBG003338H34 902
INVITATION HOMES INC REIT USD.01 INVH 0.02 118783 BBG00FQH6BS9 4043
WORKDAY INC-CLASS A WDAY 0.02 144831 BBG000VC0T95 1114
DEXCOM INC DXCM 0.02 144463 BBG000QTF8K1 1997
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 141498 BBG01BFR8YV1 2251
W. P. CAREY REIT INC WPC 0.02 120369 BBG000BCQM58 1622

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.