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 04/15/2026
TICKER RAA
NET ASSETS $562M
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 $28.91
30 DAY MEDIAN BID-ASK SPREAD 0.000722

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 04/15/2026

NET ASSET VALUE

$28.91

CLOSING PRICE

$28.91

PREMIUM/DISCOUNT

0.01%
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 5
Discount 5 13 16 8 4

Asset Allocation

As of 4/15/2026

Equities

48.70%
Nasdaq
21.77%
US Large Cap
17.43%
Dividend Payers
2.28%
Emerging Ex. China
2.15%
US Small Cap
2.03%
Japan
2.02%
Europe
1.02%

Fixed Income

27.36%
High Yield
6.74%
Corporate Bonds
5.75%
Emerging Mkt Bonds
3.89%
TIPS
3.83%
Long Term Treasuries
3.80%
T-Bills
3.35%

Alternatives

23.94%
Managed Futures
7.48%
Commodities
4.74%
Miners
3.08%
Gold
2.95%
Energy
2.71%
Bitcoin
2.09%
Real Estate
0.89%

Holdings

As of 04/15/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 17.43 97856700 BBG00RYR67P4 730165
iM DBi Managed Futures Strategy ETF DBMF 7.48 41981200 N/A 1387350
SCHWAB HIGH YIELD BOND ETF SCYB 6.74 37830200 BBG01F80WX71 1437320
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.75 32282100 BBG000PWYVH7 387261
INVESCO OPTIMUM YIELD DIVERS PDBC 4.74 26640500 N/A 1546170
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.89 21862600 BBG000NXKWH0 227144
SCHWAB U.S. TIPS ETF SCHP 3.83 21527300 BBG000BGN6P5 802359
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 3.80 21360700 BBG00PZFJPC3 677901
SPROTT PHYSICAL GOLD TRUS PHYS 2.95 16553600 BBG000Q83F79 455646
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.86 16053100 BBG01922X0X9 321577
ISHARES MSCI EMR MRK EX CHNA EMXC 2.15 12046400 BBG00H5VLMJ6 137391
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.09 11760800 N/A 354135
VANGUARD SMALL-CAP ETF VB 2.03 11402800 BBG000HT3Z79 40976
Franklin FTSE Japan ETF FLJP 2.02 11367200 BBG00J3MDY16 297962
NVIDIA CORP NVDA 1.96 10988600 BBG000BBJQV0 55255
APPLE INC AAPL 1.61 9049830 BBG000B9XRY4 33967
MICROSOFT CORP MSFT 1.24 6945090 BBG000BPH459 16889
AMAZON.COM INC AMZN 1.06 5974190 BBG000BVPV84 24041
Franklin FTSE Europe ETF FLEE 1.02 5734520 BBG00J3PR1S7 148061
Tesla Inc. TSLA 0.80 4478810 BBG000N9MNX3 11427
ALPHABET INC-CL A GOOGL 0.79 4418970 BBG009S39JX6 13108
META PLATFORMS INC META 0.77 4298110 BBG000MM2P62 6400
Broadcom Inc. AVGO 0.77 4332580 BBG00KHY5S69 10921
ALPHABET INC-CL C GOOG 0.73 4098260 BBG009S3NB30 12253
WAL-MART STORES INC WMT 0.70 3940050 BBG000BWXBC2 31581
BHP GROUP LTD BHP 0.64 3588550 BBG000BD5NZ4 45156
MICRON TECHNOLOGY INC MU 0.64 3610150 BBG000C5Z1S3 7913
NETFLIX INC NFLX 0.51 2885340 BBG000CL9VN6 26788
COSTCO WHOLESALE CORP COST 0.50 2812450 BBG000F6H8W8 2856
ADVANCED MICRO DEVICES INC AMD 0.49 2724200 BBG000BBQCY0 10554
CISCO SYSTEMS INC CSCO 0.39 2186160 BBG000C3J3C9 26544
NEWMONT GOLDCORP CORPORATION COM NEM 0.38 2123910 BBG000BPWXK1 18789
LAM RESH CORP LRCX 0.38 2157870 BBG000BNFLM9 8138
INTEL CORP INTC 0.37 2089310 BBG000C0G1D1 32173
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.37 2056910 BBG000N7QR55 14470
APPLIED MATERIALS INC AMAT 0.36 2041080 BBG000BBPFB9 5177
RIO TINTO PLC-SPON ADR RIO 0.36 2045320 BBG000FD28T3 20752
CHEVRON CORP CVX 0.32 1824690 BBG000K4ND22 9868
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.31 1759400 BBG00CMNZNK7 1759400
SCHLUMBERGER LTD SLB 0.29 1638070 BBG000BT41Q8 31249
AGNICO EAGLE MINES LTD AEM 0.29 1642300 BBG000DLVDK3 7660
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.28 1570530 BBG000BRK7L6 24941
WILLIAMS COMPANIES INC. WMB 0.28 1580850 BBG000BWVCP8 22341
FREEPORT-MCMORAN INC FCX 0.28 1574330 BBG000BJDB15 22916
CANADIAN NATURAL RESOURCES CNQ 0.27 1538650 BBG000HW5GX3 33617
LINDE PLC LIN 0.27 1494820 BBG01FND0CC1 3002
KLA CORPORATION KLAC 0.27 1489390 BBG000BMTFR4 852
EQT CORP EQT 0.26 1447890 BBG000BHZ5J9 25509
Cheniere Energy Inc LNG 0.26 1474260 BBG000C3HSR0 5742
MARATHON PETROLEUM CORP MPC 0.26 1483820 BBG001DCCGR8 6653
EXXON MOBIL CORP XOM 0.26 1435710 BBG000GZQ728 9635
OCCIDENTAL PETROLEUM CORP OXY 0.25 1418420 BBG000BQQ2S6 25406
PEPSICO INC PEP 0.24 1368560 BBG000DH7JK6 8838
GLENCORE PLC -UNSP ADR GLNCY 0.24 1334970 BBG001VKX1Z1 88702
T-MOBILE US INC TMUS 0.24 1368990 BBG000NDV1D4 7198
TEXAS INSTRUMENTS INC TXN 0.22 1262700 BBG000BVV7G1 5838
AMGEN INC AMGN 0.22 1212850 BBG000BBS2Y0 3483
Barrick Mining Corp. B 0.21 1190970 N/A 27652
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.20 1145310 BBG000PVRDL2 7759
GILEAD SCIENCES INC GILD 0.20 1102230 BBG000CKGBP2 7886
INTUITIVE SURGICAL INC ISRG 0.19 1059900 BBG000BJPDZ1 2263
Simplify DBi CTA Managed Futures Index ETF SDMF 0.19 1066890 BBG020BR8WR7 42454
ANALOG DEVICES INC ADI 0.19 1079310 BBG000BB6G37 3102
AUTOMATIC DATA PROCESSING ADP 0.18 1023200 BBG000JG0547 5196
HONEYWELL INTERNATIONAL INC HON 0.17 949193 BBG000H556T9 4088
SHOPIFY INC - CLASS A SHOP 0.17 966277 BBG008HBD923 7584
FRANCO-NEVADA CORP FNV 0.17 944364 BBG000RD3CL8 3677
BOOKING HOLDINGS INC BKNG 0.17 928450 BBG000BLBVN4 5000
QUALCOMM INC QCOM 0.16 922569 BBG000CGC1X8 6934
VALE SA-SP ADR VALE 0.16 888770 BBG000BN5LG7 50441
APPLOVIN CORP APP 0.16 895807 BBG006HFPX77 1928
WESTERN DIGITAL CORP WDC 0.15 824170 BBG000BWNFZ9 2258
REALTY INCOME CORP O 0.15 828026 BBG000DHPN63 12946
ASML HOLDING NV-NY REG SHS ASML 0.15 838682 BBG000K6MRN4 566
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.15 853122 N/A 34864
PALO ALTO NETWORKS INC PANW 0.14 802990 BBG0014GJCT9 4893
CONSTELLATION ENERGY CORPORATION CEG 0.13 752740 BBG014KFRNP7 2554
VERTEX PHARMACEUTICALS INC VRTX 0.13 711579 BBG000C1S2X2 1611
WELLTOWER INC WELL 0.13 740923 BBG000BKY1G5 3506
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.13 727960 BBG0113JGQF0 1401
STARBUCKS CORP SBUX 0.13 703426 BBG000CTQBF3 7153
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.13 736127 BBG00ZXBJ153 5469
COMCAST CORP-CLASS A CMCSA 0.12 651862 BBG000BFT2L4 23034
INTUIT INC INTU 0.12 677333 BBG000BH5DV1 1738
PROLOGIS INC PLD 0.12 675928 BBG000B9Z0J8 4836
Marriott International, Inc Class A MAR 0.11 608537 BBG000BGD7W6 1673
ADOBE SYSTEMS INC ADBE 0.11 632201 BBG000BB5006 2584
FRANKLIN RESOURCES INC BEN 0.11 605034 BBG000BD0TF8 22720
Crowdstrike Holdings Inc. Class A CRWD 0.11 635242 BBG00BLYKS03 1545
KENVUE INC KVUE 0.10 539933 BBG01C79X561 31210
Kimberly-Clark Corp KMB 0.10 540974 BBG000BMW2Z0 5588
CADENCE DESIGN SYS INC CDNS 0.10 541906 BBG000C13CD9 1782
MEDTRONIC PLC MDT 0.10 538365 BBG000BNWG87 6181
CLOROX COMPANY CLX 0.10 535904 BBG000BFS7D3 5207
EVERSOURCE ENERGY ES 0.10 535168 BBG000BQ87N0 7782
ILLINOIS TOOL WORKS ITW 0.10 546230 BBG000BMBL90 2066
T ROWE PRICE GROUP INC TROW 0.10 566761 BBG000BVMPN3 5897
MERCADOLIBRE INC MELI 0.10 574741 BBG000GQPB11 307
AMCOR PLC COMMON STOCK USD.01 AMCR 0.10 557674 N/A 13735.8
AO Smith Corp AOS 0.09 498025 BBG000BC1L02 7859
GENUINE PARTS CO GPC 0.09 496649 BBG000BKL348 4497
MONDELEZ INTERNATIONAL INC-A MDLZ 0.09 477988 BBG000D4LWF6 8448
HORMEL FOODS CORP HRL 0.09 487679 BBG000BLF8D2 23605
EQUINIX INC EQIX 0.09 514907 BBG000MBDGM6 489
PPG INDUSTRIES INC PPG 0.09 478277 BBG000BRJ809 4440
REGENERON PHARMACEUTICALS REGN 0.09 482515 BBG000C734W3 640
MONSTER BEVERAGE CORP MNST 0.09 482324 BBG008NVB1C0 6437
STANLEY BLACK & DECKER INC SWK 0.09 509493 BBG000BTQR96 7584
CSX CORP CSX 0.09 500232 BBG000BGJRC8 11882
SYNOPSYS INC SNPS 0.09 521316 BBG000BSFRF3 1189
OREILLY AUTOMOTIVE INC ORLY 0.09 502445 BBG000BGYWY6 5368
Warner Bros Discovery Inc WBD 0.08 436206 BBG011386VF4 16037
DOORDASH INC CLASS A DASH 0.08 463153 BBG005D7QCJ3 2574
ROSS STORES INC ROST 0.08 465335 BBG000BSBZH7 2076
CINTAS CORP CTAS 0.08 447150 BBG000H3YXF8 2534
ABBVIE INC ABBV 0.08 427469 BBG0025Y4RY4 2051
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.08 436636 BBG00LBLDDR2 4282
AMERICAN ELECTRIC POWER AEP 0.08 474397 BBG000BB9KF2 3530
PACCAR INC PCAR 0.07 410571 BBG000BQVTF5 3325
MONOLITHIC POWER SYSTEMS INC MPWR 0.07 419430 BBG000C30L48 310
Baker Hughes Company BKR 0.07 401208 BBG00GBVBK51 6679
AIRBNB INC ABNB 0.07 365914 BBG001Y2XS07 2661
J M Smucker Co COM STK NPV SJM 0.07 402942 BBG000BT1715 4310
FORTINET INC FTNT 0.07 372397 BBG000BCMBG4 4676
DIGITAL REALTY TRUST INC DLR 0.07 403317 BBG000Q5ZRM7 2061
International Business Machines Corporation IBM 0.07 405389 BBG000BLNNH6 1656
SIMON PROPERTY GROUP INC SPG 0.07 404228 BBG000BJ2D31 2005
XCEL ENERGY INC XEL 0.06 313814 BBG000BCTQ65 3990
PUBLIC STORAGE PSA 0.06 356498 BBG000BPPN67 1189
FASTENAL CO FAST 0.06 323232 BBG000BJ8YN7 7280
EXELON CORP EXC 0.06 320604 BBG000J6XT05 6696
NXP Semiconductors NV NXPI 0.06 336699 BBG000BND699 1608
AUTODESK INC ADSK 0.06 313749 BBG000BM7HL0 1311
FERROVIAL SE FER 0.06 321946 BBG01H7CZ9S9 4516
DIAMONDBACK ENERGY INC FANG 0.06 354268 BBG002PHSYX9 1906
ELECTRONIC ARTS INC EA 0.06 325794 BBG000BP0KQ8 1603
Ventas Inc. VTR 0.05 276846 BBG000FRVHB9 3262
PAYPAL HOLDINGS INC PYPL 0.05 281954 BBG0077VNXV6 5688
Old Dominion Freight Line Inc. ODFL 0.05 274749 BBG000CHSS88 1339
IDEXX LABS IDXX 0.05 300834 BBG000BLRT07 518
THOMSON REUTERS CORP COMMON STOCK TRI 0.05 264812 N/A 2865
ALNYLAM PHARMACEUTICALS INC ALNY 0.05 270379 BBG000BFGNJ5 811
MICROSTRATEGY INC-CL A MSTR 0.05 298994 BBG000GQJPZ0 2083
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.05 285817 BBG00B6BFWH9 2972
PAYCHEX INC PAYX 0.04 207417 BBG000BQSQ38 2298
ROPER TECHNOLOGIES INC ROP 0.04 238488 BBG000F1ZSN5 666
MICROCHIP TECHNOLOGY INC MCHP 0.04 249244 BBG000BHCP19 3346
CINCINNATI FINANCIAL CORP CINF 0.04 228526 BBG000BFPK65 1402
AXON ENTERPRISE INC AXON 0.04 210742 BBG000BHJWG1 524
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 242204 BBG000BS1YV5 1131
KEURIG DR PEPPER INC KDP 0.04 234910 BBG000TJM7F0 9035
VICI PROPERTIES INC REIT VICI 0.04 219414 BBG00HVVB499 7800
EXTRA SPACE STORAGE INC EXR 0.04 231479 BBG000PV27K3 1641
COPART INC CPRT 0.04 202962 BBG000BM9RH1 6084
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.04 209871 BBG01BFR8YV1 2855
AVALONBAY COMMUNITIES INC AVB 0.04 226103 BBG000BLPBL5 1320
Datadog Inc. Class A DDOG 0.04 250836 BBG003NJHZT9 2072
INSMED INC INSM 0.03 180930 BBG000BWM5P3 1233
KRAFT HEINZ CO/THE KHC 0.03 165603 BBG005CPNTQ2 7524
COGNIZANT TECH SOLUTIONS-A CTSH 0.03 187692 BBG000BBDV81 3108
IRON MOUNTAIN INC IRM 0.03 178728 BBG000KCZPC3 1574
EQUITY RESIDENTIAL EQR 0.03 165878 BBG000BG8M31 2706
VERISK ANALYTICS INC VRSK 0.03 156680 BBG000BCZL41 886
CHARTER COMMUNICATIONS INC-A CHTR 0.03 181078 BBG000VPGNR2 822
WORKDAY INC-CLASS A WDAY 0.03 159618 BBG000VC0T95 1286
DEXCOM INC DXCM 0.03 152188 BBG000QTF8K1 2473
CONSOLIDATED EDISON INC ED 0.03 140828 BBG000BHLYS1 1277
Sun Communities Inc SUI 0.02 109104 BBG000BLJWF3 848
ESSEX PROPERTY TRUST INC ESS 0.02 110501 BBG000CGJMB9 439
AIR PRODUCTS & CHEMICALS INC APD 0.02 108932 BBG000BC4JJ4 369
COSTAR GROUP INC CSGP 0.02 108260 BBG000D7JKW9 2754
Omega Healthcare Investors Inc OHI 0.02 112611 BBG000BGBTC2 2415
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.02 106232 BBG000B9ZXB4 1046
Zscaler Inc. ZS 0.02 125115 BBG003338H34 955
MID-AMERICA APARTMENT COMM MAA 0.02 108169 BBG000BLMY92 871
KIMCO REALTY CORP KIM 0.02 111342 BBG000CN3S73 4742
INVITATION HOMES INC REIT USD.01 INVH 0.02 112715 BBG00FQH6BS9 4289
MCDONALDS CORP MCD 0.02 105047 BBG000BNSZP1 343
W. P. CAREY REIT INC WPC 0.02 112381 BBG000BCQM58 1570
ATLASSIAN CORP PLC-CLASS A TEAM 0.01 64614 BBG01BGWHFR5 979
ASTRAZENECA PLC AZNCF 0.00 603.63 BBG000D3MHB4 3
Cash & Other Cash&Other -0.01 -32060.3 N/A -32060.3

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.