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 04/23/2026
TICKER RAA
NET ASSETS $568M
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 $29.16
30 DAY MEDIAN BID-ASK SPREAD 0.000707

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 04/23/2026

NET ASSET VALUE

$29.16

CLOSING PRICE

$29.16

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 8
Discount 5 13 16 8 5

Asset Allocation

As of 4/23/2026

Equities

48.96%
Nasdaq
22.09%
US Large Cap
17.48%
Dividend Payers
2.25%
Emerging Ex. China
2.14%
US Small Cap
2.05%
Japan
1.96%
Europe
0.99%

Fixed Income

27.07%
High Yield
6.67%
Corporate Bonds
5.68%
Emerging Mkt Bonds
3.85%
TIPS
3.81%
Long Term Treasuries
3.76%
T-Bills
3.30%

Alternatives

23.97%
Managed Futures
7.46%
Commodities
4.87%
Miners
2.98%
Gold
2.86%
Energy
2.74%
Bitcoin
2.15%
Real Estate
0.91%

Holdings

As of 04/23/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 17.48 99265000 BBG00RYR67P4 732043
iM DBi Managed Futures Strategy ETF DBMF 7.46 42381300 N/A 1390920
SCHWAB HIGH YIELD BOND ETF SCYB 6.67 37898700 BBG01F80WX71 1441010
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.68 32279700 BBG000PWYVH7 388257
INVESCO OPTIMUM YIELD DIVERS PDBC 4.87 27654600 N/A 1550150
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.85 21845900 BBG000NXKWH0 227728
SCHWAB U.S. TIPS ETF SCHP 3.81 21614800 BBG000BGN6P5 804423
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 3.76 21354400 BBG00PZFJPC3 679645
SPROTT PHYSICAL GOLD TRUS PHYS 2.86 16258200 BBG000Q83F79 456818
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.84 16110500 BBG01922X0X9 322403
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.15 12213500 N/A 355045
ISHARES MSCI EMR MRK EX CHNA EMXC 2.14 12161300 BBG00H5VLMJ6 137743
VANGUARD SMALL-CAP ETF VB 2.05 11635900 BBG000HT3Z79 41080
Franklin FTSE Japan ETF FLJP 1.96 11115700 BBG00J3MDY16 298728
NVIDIA CORP NVDA 1.95 11059500 BBG000BBJQV0 55397
APPLE INC AAPL 1.64 9311110 BBG000B9XRY4 34053
MICROSOFT CORP MSFT 1.24 7039060 BBG000BPH459 16931
AMAZON.COM INC AMZN 1.08 6147680 BBG000BVPV84 24101
Franklin FTSE Europe ETF FLEE 0.99 5638920 BBG00J3PR1S7 148441
Broadcom Inc. AVGO 0.81 4597920 BBG00KHY5S69 10949
ALPHABET INC-CL A GOOGL 0.78 4453010 BBG009S39JX6 13140
Tesla Inc. TSLA 0.75 4280960 BBG000N9MNX3 11455
META PLATFORMS INC META 0.74 4229110 BBG000MM2P62 6416
WAL-MART STORES INC WMT 0.74 4180200 BBG000BWXBC2 31661
ALPHABET INC-CL C GOOG 0.73 4148580 BBG009S3NB30 12283
MICRON TECHNOLOGY INC MU 0.67 3821480 BBG000C5Z1S3 7933
BHP GROUP LTD BHP 0.64 3614520 BBG000BD5NZ4 45272
ADVANCED MICRO DEVICES INC AMD 0.57 3230390 BBG000BBQCY0 10580
COSTCO WHOLESALE CORP COST 0.51 2903160 BBG000F6H8W8 2862
NETFLIX INC NFLX 0.44 2492770 BBG000CL9VN6 26856
CISCO SYSTEMS INC CSCO 0.42 2357560 BBG000C3J3C9 26612
INTEL CORP INTC 0.38 2153990 BBG000C0G1D1 32255
APPLIED MATERIALS INC AMAT 0.37 2095890 BBG000BBPFB9 5189
NEWMONT GOLDCORP CORPORATION COM NEM 0.37 2092040 BBG000BPWXK1 18837
LAM RESH CORP LRCX 0.37 2109330 BBG000BNFLM9 8158
RIO TINTO PLC-SPON ADR RIO 0.36 2056480 BBG000FD28T3 20804
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.36 2053610 BBG000N7QR55 14506
CHEVRON CORP CVX 0.33 1855740 BBG000K4ND22 9892
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.33 1884530 BBG00CMNZNK7 1884530
SCHLUMBERGER LTD SLB 0.30 1714950 BBG000BT41Q8 31329
TEXAS INSTRUMENTS INC TXN 0.29 1651610 BBG000BVV7G1 5852
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.28 1614320 BBG000BRK7L6 25005
WILLIAMS COMPANIES INC. WMB 0.28 1604740 BBG000BWVCP8 22397
CANADIAN NATURAL RESOURCES CNQ 0.27 1531130 BBG000HW5GX3 33703
EQT CORP EQT 0.27 1507020 BBG000BHZ5J9 25573
LINDE PLC LIN 0.27 1528240 BBG01FND0CC1 3008
KLA CORPORATION KLAC 0.27 1550380 BBG000BMTFR4 854
AGNICO EAGLE MINES LTD AEM 0.27 1527610 BBG000DLVDK3 7678
OCCIDENTAL PETROLEUM CORP OXY 0.26 1472930 BBG000BQQ2S6 25470
Cheniere Energy Inc LNG 0.26 1480390 BBG000C3HSR0 5756
MARATHON PETROLEUM CORP MPC 0.26 1474520 BBG001DCCGR8 6669
EXXON MOBIL CORP XOM 0.26 1453970 BBG000GZQ728 9659
FREEPORT-MCMORAN INC FCX 0.25 1412440 BBG000BJDB15 22974
T-MOBILE US INC TMUS 0.25 1400410 BBG000NDV1D4 7216
PEPSICO INC PEP 0.24 1379500 BBG000DH7JK6 8860
GLENCORE PLC -UNSP ADR GLNCY 0.23 1330390 BBG001VKX1Z1 88930
ANALOG DEVICES INC ADI 0.22 1255260 BBG000BB6G37 3108
AMGEN INC AMGN 0.21 1217030 BBG000BBS2Y0 3491
Barrick Mining Corp. B 0.20 1114420 N/A 27722
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.19 1100830 BBG000PVRDL2 7777
INTUITIVE SURGICAL INC ISRG 0.19 1085480 BBG000BJPDZ1 2267
GILEAD SCIENCES INC GILD 0.19 1056560 BBG000CKGBP2 7906
Simplify DBi CTA Managed Futures Index ETF SDMF 0.19 1076750 BBG020BR8WR7 42562
AUTOMATIC DATA PROCESSING ADP 0.18 1033940 BBG000JG0547 5208
SHOPIFY INC - CLASS A SHOP 0.17 944396 BBG008HBD923 7602
WESTERN DIGITAL CORP WDC 0.16 911857 BBG000BWNFZ9 2262
FRANCO-NEVADA CORP FNV 0.16 899287 BBG000RD3CL8 3685
QUALCOMM INC QCOM 0.16 930952 BBG000CGC1X8 6950
BOOKING HOLDINGS INC BKNG 0.16 885871 BBG000BLBVN4 5012
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.16 907766 BBG00ZXBJ153 5483
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.16 886732 N/A 34952
HONEYWELL INTERNATIONAL INC HON 0.15 878365 BBG000H556T9 4098
REALTY INCOME CORP O 0.15 831630 BBG000DHPN63 12978
VALE SA-SP ADR VALE 0.15 866753 BBG000BN5LG7 50569
PALO ALTO NETWORKS INC PANW 0.15 849595 BBG0014GJCT9 4905
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.15 824431 BBG0113JGQF0 1403
APPLOVIN CORP APP 0.15 877456 BBG006HFPX77 1932
ASML HOLDING NV-NY REG SHS ASML 0.14 802475 BBG000K6MRN4 566
COMCAST CORP-CLASS A CMCSA 0.13 730631 BBG000BFT2L4 23092
CONSTELLATION ENERGY CORPORATION CEG 0.13 749491 BBG014KFRNP7 2560
WELLTOWER INC WELL 0.13 731755 BBG000BKY1G5 3514
STARBUCKS CORP SBUX 0.13 713801 BBG000CTQBF3 7171
VERTEX PHARMACEUTICALS INC VRTX 0.12 702686 BBG000C1S2X2 1615
Crowdstrike Holdings Inc. Class A CRWD 0.12 689018 BBG00BLYKS03 1547
PROLOGIS INC PLD 0.12 690064 BBG000B9Z0J8 4848
INTUIT INC INTU 0.12 667709 BBG000BH5DV1 1742
ADOBE SYSTEMS INC ADBE 0.11 618958 BBG000BB5006 2590
FRANKLIN RESOURCES INC BEN 0.11 610906 BBG000BD0TF8 22778
Marriott International, Inc Class A MAR 0.11 617538 BBG000BGD7W6 1677
KENVUE INC KVUE 0.10 547262 BBG01C79X561 31290
Kimberly-Clark Corp KMB 0.10 548604 BBG000BMW2Z0 5602
CADENCE DESIGN SYS INC CDNS 0.10 561393 BBG000C13CD9 1786
EQUINIX INC EQIX 0.10 545377 BBG000MBDGM6 489
ILLINOIS TOOL WORKS ITW 0.10 565379 BBG000BMBL90 2070
T ROWE PRICE GROUP INC TROW 0.10 588085 BBG000BVMPN3 5911
MERCADOLIBRE INC MELI 0.10 555424 BBG000GQPB11 307
CSX CORP CSX 0.10 550096 BBG000BGJRC8 11912
SYNOPSYS INC SNPS 0.10 544108 BBG000BSFRF3 1191
AMCOR PLC COMMON STOCK USD.01 AMCR 0.10 545803 N/A 13769
STANLEY BLACK & DECKER INC SWK 0.10 577828 BBG000BTQR96 7602
AO Smith Corp AOS 0.09 512844 BBG000BC1L02 7879
GENUINE PARTS CO GPC 0.09 494824 BBG000BKL348 4507
MONDELEZ INTERNATIONAL INC-A MDLZ 0.09 488688 BBG000D4LWF6 8468
HORMEL FOODS CORP HRL 0.09 514950 BBG000BLF8D2 23665
MONOLITHIC POWER SYSTEMS INC MPWR 0.09 493573 BBG000C30L48 310
MEDTRONIC PLC MDT 0.09 519079 BBG000BNWG87 6195
PPG INDUSTRIES INC PPG 0.09 490790 BBG000BRJ809 4450
REGENERON PHARMACEUTICALS REGN 0.09 490253 BBG000C734W3 640
CLOROX COMPANY CLX 0.09 509688 BBG000BFS7D3 5219
EVERSOURCE ENERGY ES 0.09 536544 BBG000BQ87N0 7802
MONSTER BEVERAGE CORP MNST 0.09 500495 BBG008NVB1C0 6453
OREILLY AUTOMOTIVE INC ORLY 0.09 501631 BBG000BGYWY6 5380
Warner Bros Discovery Inc WBD 0.08 432471 BBG011386VF4 16077
Baker Hughes Company BKR 0.08 431761 BBG00GBVBK51 6695
DOORDASH INC CLASS A DASH 0.08 456660 BBG005D7QCJ3 2580
ROSS STORES INC ROST 0.08 471994 BBG000BSBZH7 2080
CINTAS CORP CTAS 0.08 451155 BBG000H3YXF8 2540
AMERICAN ELECTRIC POWER AEP 0.08 477913 BBG000BB9KF2 3538
PACCAR INC PCAR 0.07 423191 BBG000BQVTF5 3333
PUBLIC STORAGE PSA 0.07 370187 BBG000BPPN67 1191
AIRBNB INC ABNB 0.07 378367 BBG001Y2XS07 2667
J M Smucker Co COM STK NPV SJM 0.07 415541 BBG000BT1715 4320
NXP Semiconductors NV NXPI 0.07 388750 BBG000BND699 1612
FORTINET INC FTNT 0.07 387979 BBG000BCMBG4 4688
DIGITAL REALTY TRUST INC DLR 0.07 413000 BBG000Q5ZRM7 2065
ABBVIE INC ABBV 0.07 412952 BBG0025Y4RY4 2055
International Business Machines Corporation IBM 0.07 383593 BBG000BLNNH6 1660
DIAMONDBACK ENERGY INC FANG 0.07 373577 BBG002PHSYX9 1910
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.07 419629 BBG00LBLDDR2 4292
SIMON PROPERTY GROUP INC SPG 0.07 409153 BBG000BJ2D31 2009
XCEL ENERGY INC XEL 0.06 317920 BBG000BCTQ65 4000
FASTENAL CO FAST 0.06 331694 BBG000BJ8YN7 7298
EXELON CORP EXC 0.06 313786 BBG000J6XT05 6712
FERROVIAL SE FER 0.06 316322 BBG01H7CZ9S9 4526
MICROSTRATEGY INC-CL A MSTR 0.06 359945 BBG000GQJPZ0 2087
ELECTRONIC ARTS INC EA 0.06 325434 BBG000BP0KQ8 1607
Ventas Inc. VTR 0.05 271181 BBG000FRVHB9 3270
MICROCHIP TECHNOLOGY INC MCHP 0.05 304007 BBG000BHCP19 3354
PAYPAL HOLDINGS INC PYPL 0.05 283674 BBG0077VNXV6 5702
Old Dominion Freight Line Inc. ODFL 0.05 298748 BBG000CHSS88 1341
IDEXX LABS IDXX 0.05 290562 BBG000BLRT07 518
KEURIG DR PEPPER INC KDP 0.05 258396 BBG000TJM7F0 9057
THOMSON REUTERS CORP COMMON STOCK TRI 0.05 258907 N/A 2871
AUTODESK INC ADSK 0.05 304590 BBG000BM7HL0 1313
Datadog Inc. Class A DDOG 0.05 265437 BBG003NJHZT9 2076
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.05 289849 BBG00B6BFWH9 2978
PAYCHEX INC PAYX 0.04 209367 BBG000BQSQ38 2302
ROPER TECHNOLOGIES INC ROP 0.04 242264 BBG000F1ZSN5 666
CINCINNATI FINANCIAL CORP CINF 0.04 236125 BBG000BFPK65 1404
AXON ENTERPRISE INC AXON 0.04 205743 BBG000BHJWG1 524
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 237817 BBG000BS1YV5 1133
CHARTER COMMUNICATIONS INC-A CHTR 0.04 199227 BBG000VPGNR2 824
VICI PROPERTIES INC REIT VICI 0.04 222948 BBG00HVVB499 7820
ALNYLAM PHARMACEUTICALS INC ALNY 0.04 255111 BBG000BFGNJ5 813
EXTRA SPACE STORAGE INC EXR 0.04 234676 BBG000PV27K3 1645
COPART INC CPRT 0.04 206600 BBG000BM9RH1 6098
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.04 199955 BBG01BFR8YV1 2861
AVALONBAY COMMUNITIES INC AVB 0.04 229169 BBG000BLPBL5 1322
INSMED INC INSM 0.03 177630 BBG000BWM5P3 1235
KRAFT HEINZ CO/THE KHC 0.03 165698 BBG005CPNTQ2 7542
COGNIZANT TECH SOLUTIONS-A CTSH 0.03 171692 BBG000BBDV81 3116
IRON MOUNTAIN INC IRM 0.03 183237 BBG000KCZPC3 1578
EQUITY RESIDENTIAL EQR 0.03 169907 BBG000BG8M31 2712
VERISK ANALYTICS INC VRSK 0.03 157300 BBG000BCZL41 888
WORKDAY INC-CLASS A WDAY 0.03 147695 BBG000VC0T95 1288
DEXCOM INC DXCM 0.03 155433 BBG000QTF8K1 2479
Sun Communities Inc SUI 0.02 110160 BBG000BLJWF3 850
ESSEX PROPERTY TRUST INC ESS 0.02 111971 BBG000CGJMB9 439
AIR PRODUCTS & CHEMICALS INC APD 0.02 112047 BBG000BC4JJ4 369
COSTAR GROUP INC CSGP 0.02 103169 BBG000D7JKW9 2760
Omega Healthcare Investors Inc OHI 0.02 112213 BBG000BGBTC2 2421
MID-AMERICA APARTMENT COMM MAA 0.02 109998 BBG000BLMY92 873
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.02 96919 BBG000B9ZXB4 1048
Zscaler Inc. ZS 0.02 127252 BBG003338H34 957
KIMCO REALTY CORP KIM 0.02 113335 BBG000CN3S73 4754
INVITATION HOMES INC REIT USD.01 INVH 0.02 117363 BBG00FQH6BS9 4299
MCDONALDS CORP MCD 0.02 103768 BBG000BNSZP1 343
CONSOLIDATED EDISON INC ED 0.02 141010 BBG000BHLYS1 1279
W. P. CAREY REIT INC WPC 0.02 116035 BBG000BCQM58 1574
ATLASSIAN CORP PLC-CLASS A TEAM 0.01 66335.2 BBG01BGWHFR5 981
Cash & Other Cash&Other -0.04 -224846 N/A -224846

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.