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 06/03/2026
TICKER RAA
NET ASSETS $602M
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 $30.46
30 DAY MEDIAN BID-ASK SPREAD 0.000665

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 06/03/2026

NET ASSET VALUE

$30.46

CLOSING PRICE

$30.47

PREMIUM/DISCOUNT

0.04%
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 29
Discount 5 13 16 8 8

Asset Allocation

As of 6/3/2026

Equities

42.01%
Nasdaq
17.10%
US Large Cap
14.92%
Dividend Payers
2.99%
Emerging Ex. China
2.03%
Japan
2.00%
US Small Cap
1.99%
Europe
0.98%

Fixed Income

18.93%
High Yield
5.94%
Emerging Mkt Bonds
3.97%
Corporate Bonds
3.96%
TIPS
2.97%
T-Bills
1.10%
Long Term Treasuries
0.99%

Alternatives

39.06%
Commodities
10.24%
Managed Futures
10.13%
Energy
5.18%
Gold
4.85%
Miners
4.02%
Bitcoin
2.65%
Real Estate
1.99%

Holdings

As of 06/03/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 14.92 89857000 BBG00RYR67P4 621375
INVESCO OPTIMUM YIELD DIVERS PDBC 10.24 61683600 N/A 3417370
iM DBi Managed Futures Strategy ETF DBMF 9.12 54900800 N/A 1747320
SCHWAB HIGH YIELD BOND ETF SCYB 5.94 35762900 BBG01F80WX71 1371540
SPROTT PHYSICAL GOLD TRUS PHYS 4.85 29204800 BBG000Q83F79 870225
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.97 23908400 BBG000NXKWH0 249305
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 3.96 23855600 BBG000PWYVH7 290003
SCHWAB U.S. TIPS ETF SCHP 2.97 17880800 BBG000BGN6P5 672465
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.65 15985200 N/A 552931
ISHARES MSCI EMR MRK EX CHNA EMXC 2.03 12236200 BBG00H5VLMJ6 118798
Franklin FTSE Japan ETF FLJP 2.00 12072400 BBG00J3MDY16 301508
VANGUARD SMALL-CAP ETF VB 1.99 12001700 BBG000HT3Z79 40911
NVIDIA CORP NVDA 1.40 8425130 BBG000BBJQV0 39278
APPLE INC AAPL 1.24 7465170 BBG000B9XRY4 24061
Simplify DBi CTA Managed Futures Index ETF SDMF 1.01 6102120 BBG020BR8WR7 233575
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 1.00 6013220 BBG01922X0X9 120578
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 0.99 5967680 BBG00PZFJPC3 193004
Franklin FTSE Europe ETF FLEE 0.98 5900160 BBG00J3PR1S7 152940
MICRON TECHNOLOGY INC MU 0.87 5212160 BBG000C5Z1S3 4828
MICROSOFT CORP MSFT 0.83 5007570 BBG000BPH459 11718
BHP GROUP LTD BHP 0.80 4812230 BBG000BD5NZ4 52969
AMAZON.COM INC AMZN 0.73 4396850 BBG000BVPV84 17586
ADVANCED MICRO DEVICES INC AMD 0.67 4024960 BBG000BBQCY0 7419
CHEVRON CORP CVX 0.61 3681130 BBG000K4ND22 19404
Broadcom Inc. AVGO 0.60 3599020 BBG00KHY5S69 7510
Tesla Inc. TSLA 0.58 3475610 BBG000N9MNX3 8203
ALPHABET INC-CL A GOOGL 0.58 3464250 BBG009S39JX6 9650
CANADIAN NATURAL RESOURCES CNQ 0.53 3187460 BBG000HW5GX3 66837
OCCIDENTAL PETROLEUM CORP OXY 0.53 3172850 BBG000BQQ2S6 53200
MARATHON PETROLEUM CORP MPC 0.53 3216940 BBG001DCCGR8 12039
ALPHABET INC-CL C GOOG 0.53 3203970 BBG009S3NB30 9008
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.52 3154990 BBG000BRK7L6 48415
Cheniere Energy Inc LNG 0.52 3128070 BBG000C3HSR0 13290
SCHLUMBERGER LTD SLB 0.52 3109640 BBG000BT41Q8 54699
EXXON MOBIL CORP XOM 0.52 3153100 BBG000GZQ728 20672
WILLIAMS COMPANIES INC. WMB 0.50 3006500 BBG000BWVCP8 41955
META PLATFORMS INC META 0.50 3030170 BBG000MM2P62 4864
EQT CORP EQT 0.49 2971880 BBG000BHZ5J9 54560
NEWMONT GOLDCORP CORPORATION COM NEM 0.48 2875680 BBG000BPWXK1 26758
RIO TINTO PLC-SPON ADR RIO 0.45 2729610 BBG000FD28T3 25307
WAL-MART STORES INC WMT 0.44 2659950 BBG000BWXBC2 22756
INTEL CORP INTC 0.43 2589400 BBG000C0G1D1 22974
CISCO SYSTEMS INC CSCO 0.37 2219820 BBG000C3J3C9 17548
AGNICO EAGLE MINES LTD AEM 0.35 2082800 BBG000DLVDK3 12134
FREEPORT-MCMORAN INC FCX 0.35 2135310 BBG000BJDB15 30228
COSTCO WHOLESALE CORP COST 0.34 2020800 BBG000F6H8W8 2101
GLENCORE PLC -UNSP ADR GLNCY 0.32 1922250 BBG001VKX1Z1 118438
LAM RESH CORP LRCX 0.32 1925810 BBG000BNFLM9 5603
APPLIED MATERIALS INC AMAT 0.30 1789250 BBG000BBPFB9 3573
Barrick Mining Corp. B 0.27 1600600 N/A 38237
NETFLIX INC NFLX 0.26 1559480 BBG000CL9VN6 19130
REALTY INCOME CORP O 0.25 1518440 BBG000DHPN63 25426
WELLTOWER INC WELL 0.24 1447430 BBG000BKY1G5 7252
PROLOGIS INC PLD 0.24 1427700 BBG000B9Z0J8 10067
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.22 1318720 BBG000PVRDL2 10554
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.22 1351900 BBG000N7QR55 9507
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.22 1350900 N/A 48928
AUTOMATIC DATA PROCESSING ADP 0.22 1334160 BBG000JG0547 5858
NUCOR CORP NUE 0.21 1245090 BBG000BQ8KV2 4831
TEXAS INSTRUMENTS INC TXN 0.21 1283120 BBG000BVV7G1 4158
KLA CORPORATION KLAC 0.21 1253810 BBG000BMTFR4 590
EQUINIX INC EQIX 0.20 1217010 BBG000MBDGM6 1130
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.20 1202380 BBG00ZXBJ153 3986
SANDISK CORP/DE SNDKV SNDK 0.20 1197800 BBG01R388JG1 654
QUALCOMM INC QCOM 0.19 1150550 BBG000CGC1X8 4619
FRANCO-NEVADA CORP FNV 0.18 1085800 BBG000RD3CL8 4739
LINDE PLC LIN 0.18 1062540 BBG01FND0CC1 2100
VALE SA-SP ADR VALE 0.17 1003090 BBG000BN5LG7 62459
MEDTRONIC PLC MDT 0.16 941792 BBG000BNWG87 12082
PALO ALTO NETWORKS INC PANW 0.16 969727 BBG0014GJCT9 3458
ANALOG DEVICES INC ADI 0.16 979943 BBG000BB6G37 2239
PEPSICO INC PEP 0.15 890020 BBG000DH7JK6 6244
WESTERN DIGITAL CORP WDC 0.15 900077 BBG000BWNFZ9 1515
HORMEL FOODS CORP HRL 0.15 888123 BBG000BLF8D2 38397
FRANKLIN RESOURCES INC BEN 0.15 876478 BBG000BD0TF8 28860
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 917173 BBG0113JGQF0 975
STANLEY BLACK & DECKER INC SWK 0.15 886810 BBG000BTQR96 11284
ILLINOIS TOOL WORKS ITW 0.15 909445 BBG000BMBL90 3634
T ROWE PRICE GROUP INC TROW 0.15 893134 BBG000BVMPN3 8587
T-MOBILE US INC TMUS 0.15 911060 BBG000NDV1D4 5021
AMCOR PLC COMMON STOCK USD.01 AMCR 0.15 875672 N/A 23117
KENVUE INC KVUE 0.14 869152 BBG01C79X561 51643
Kimberly-Clark Corp KMB 0.14 862600 BBG000BMW2Z0 9103
CLOROX COMPANY CLX 0.14 866797 BBG000BFS7D3 9791
AMGEN INC AMGN 0.14 825933 BBG000BBS2Y0 2442
EVERSOURCE ENERGY ES 0.14 860568 BBG000BQ87N0 12622
International Business Machines Corporation IBM 0.14 825812 BBG000BLNNH6 2702
SIMON PROPERTY GROUP INC SPG 0.14 833537 BBG000BJ2D31 4095
GENUINE PARTS CO GPC 0.13 765601 BBG000BKL348 7790
AO Smith Corp AOS 0.13 763642 BBG000BC1L02 13461
DIGITAL REALTY TRUST INC DLR 0.13 755286 BBG000Q5ZRM7 4116
ABBVIE INC ABBV 0.13 759304 BBG0025Y4RY4 3497
APPLOVIN CORP APP 0.13 779183 BBG006HFPX77 1365
Crowdstrike Holdings Inc. Class A CRWD 0.13 785738 BBG00BLYKS03 1051
Cash & Other Cash&Other 0.12 728981 N/A 728981
PUBLIC STORAGE PSA 0.12 709932 BBG000BPPN67 2351
PPG INDUSTRIES INC PPG 0.12 744308 BBG000BRJ809 6682
GILEAD SCIENCES INC GILD 0.12 726601 BBG000CKGBP2 5633
INTUITIVE SURGICAL INC ISRG 0.11 650035 BBG000BJPDZ1 1596
J M Smucker Co COM STK NPV SJM 0.11 642254 BBG000BT1715 6342
ASML HOLDING NV-NY REG SHS ASML 0.11 676733 BBG000K6MRN4 392
Ventas Inc. VTR 0.10 621333 BBG000FRVHB9 7861
HONEYWELL INTERNATIONAL INC HON 0.10 632049 BBG000H556T9 2831
SHOPIFY INC - CLASS A SHOP 0.10 597904 BBG008HBD923 5294
IRON MOUNTAIN INC IRM 0.10 608274 BBG000KCZPC3 4754
BOOKING HOLDINGS INC BKNG 0.10 586782 BBG000BLBVN4 3561
CADENCE DESIGN SYS INC CDNS 0.08 497352 BBG000C13CD9 1219
ERIE INDEMNITY COMPANY-CL A ERIE 0.08 483905 BBG000BBTJZ1 2335
VERTEX PHARMACEUTICALS INC VRTX 0.08 488736 BBG000C1S2X2 1141
Marriott International, Inc Class A MAR 0.08 455491 BBG000BGD7W6 1209
EXTRA SPACE STORAGE INC EXR 0.08 474750 BBG000PV27K3 3319
FORTINET INC FTNT 0.08 462144 BBG000BCMBG4 3155
STARBUCKS CORP SBUX 0.08 508121 BBG000CTQBF3 5299
VICI PROPERTIES INC REIT VICI 0.08 467143 BBG00HVVB499 17124
FASTENAL CO FAST 0.07 432543 BBG000BJ8YN7 9310
EQUITY RESIDENTIAL EQR 0.07 426471 BBG000BG8M31 6448
ADOBE SYSTEMS INC ADBE 0.07 441245 BBG000BB5006 1722
CONSTELLATION ENERGY CORPORATION CEG 0.07 436403 BBG014KFRNP7 1633
MONSTER BEVERAGE CORP MNST 0.07 394536 BBG008NVB1C0 4431
CSX CORP CSX 0.07 402403 BBG000BGJRC8 8665
SYNOPSYS INC SNPS 0.07 438258 BBG000BSFRF3 880
AVALONBAY COMMUNITIES INC AVB 0.07 422070 BBG000BLPBL5 2304
MONDELEZ INTERNATIONAL INC-A MDLZ 0.06 353023 BBG000D4LWF6 5758
MONOLITHIC POWER SYSTEMS INC MPWR 0.06 378535 BBG000C30L48 224
COMCAST CORP-CLASS A CMCSA 0.06 387327 BBG000BFT2L4 16468
NXP Semiconductors NV NXPI 0.06 374025 BBG000BND699 1162
INTUIT INC INTU 0.06 370925 BBG000BH5DV1 1191
OREILLY AUTOMOTIVE INC ORLY 0.06 336413 BBG000BGYWY6 3850
Datadog Inc. Class A DDOG 0.06 349210 BBG003NJHZT9 1395
MERCADOLIBRE INC MELI 0.06 378503 BBG000GQPB11 231
LUMENTUM HOLDINGS INC LITE 0.05 311416 BBG0073F9RT7 332
PACCAR INC PCAR 0.05 272568 BBG000BQVTF5 2383
Warner Bros Discovery Inc WBD 0.05 306261 BBG011386VF4 11343
Baker Hughes Company BKR 0.05 286387 BBG00GBVBK51 4456
ESSEX PROPERTY TRUST INC ESS 0.05 304180 BBG000CGJMB9 1095
REGENERON PHARMACEUTICALS REGN 0.05 290288 BBG000C734W3 469
DOORDASH INC CLASS A DASH 0.05 275152 BBG005D7QCJ3 1780
ROSS STORES INC ROST 0.05 326366 BBG000BSBZH7 1403
CINTAS CORP CTAS 0.05 322708 BBG000H3YXF8 1847
AMERICAN ELECTRIC POWER AEP 0.05 317038 BBG000BB9KF2 2510
INVITATION HOMES INC REIT USD.01 INVH 0.05 295045 BBG00FQH6BS9 10181
XCEL ENERGY INC XEL 0.04 217698 BBG000BCTQ65 2813
Sun Communities Inc SUI 0.04 236721 BBG000BLJWF3 1964
MICROCHIP TECHNOLOGY INC MCHP 0.04 236837 BBG000BHCP19 2453
HOST HOTELS & RESORTS INC HST 0.04 247778 BBG000BL8804 10389
Old Dominion Freight Line Inc. ODFL 0.04 217411 BBG000CHSS88 921
ARM HOLDINGS PLC ARM 0.04 254511 BBG01J1GXZF0 618
EXELON CORP EXC 0.04 212716 BBG000J6XT05 4763
AIRBNB INC ABNB 0.04 250348 BBG001Y2XS07 1874
MID-AMERICA APARTMENT COMM MAA 0.04 245066 BBG000BLMY92 1849
KIMCO REALTY CORP KIM 0.04 236868 BBG000CN3S73 9965
FERROVIAL SE FER 0.04 215834 BBG01H7CZ9S9 3251
AUTODESK INC ADSK 0.04 222253 BBG000BM7HL0 968
DIAMONDBACK ENERGY INC FANG 0.04 270819 BBG002PHSYX9 1286
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.04 247062 BBG00LBLDDR2 2893
W. P. CAREY REIT INC WPC 0.04 237958 BBG000BCQM58 3234
ELECTRONIC ARTS INC EA 0.04 223906 BBG000BP0KQ8 1105
PAYCHEX INC PAYX 0.03 152991 BBG000BQSQ38 1554
PAYPAL HOLDINGS INC PYPL 0.03 176718 BBG0077VNXV6 4161
ROPER TECHNOLOGIES INC ROP 0.03 153909 BBG000F1ZSN5 464
AXON ENTERPRISE INC AXON 0.03 174777 BBG000BHJWG1 363
IDEXX LABS IDXX 0.03 203545 BBG000BLRT07 363
AIR PRODUCTS & CHEMICALS INC APD 0.03 183193 BBG000BC4JJ4 649
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.03 178682 BBG000BS1YV5 828
KEURIG DR PEPPER INC KDP 0.03 190357 BBG000TJM7F0 6231
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.03 183114 BBG000B9ZXB4 2105
ALNYLAM PHARMACEUTICALS INC ALNY 0.03 181692 BBG000BFGNJ5 621
MCDONALDS CORP MCD 0.03 176545 BBG000BNSZP1 646
CONSOLIDATED EDISON INC ED 0.03 176226 BBG000BHLYS1 1703
MICROSTRATEGY INC-CL A MSTR 0.03 170836 BBG000GQJPZ0 1350
THOMSON REUTERS CORP TRI 0.03 156987 N/A 1881.67
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.03 194985 BBG00B6BFWH9 2110
INSMED INC INSM 0.02 98978.6 BBG000BWM5P3 953
KRAFT HEINZ CO/THE KHC 0.02 124383 BBG005CPNTQ2 5465
COGNIZANT TECH SOLUTIONS-A CTSH 0.02 110873 BBG000BBDV81 2072
VERISK ANALYTICS INC VRSK 0.02 116984 BBG000BCZL41 656
Zscaler Inc. ZS 0.02 121202 BBG003338H34 902
COPART INC CPRT 0.02 132599 BBG000BM9RH1 4369
WORKDAY INC-CLASS A WDAY 0.02 123102 BBG000VC0T95 838
DEXCOM INC DXCM 0.02 119197 BBG000QTF8K1 1638
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.02 122954 BBG00CMNZNK7 122954
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 130945 BBG01BFR8YV1 2111
CHARTER COMMUNICATIONS INC-A CHTR 0.01 76761 BBG000VPGNR2 595

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.