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 04/22/2026
TICKER RAA
NET ASSETS $570M
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 $29.25
30 DAY MEDIAN BID-ASK SPREAD 0.000718

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 04/22/2026

NET ASSET VALUE

$29.25

CLOSING PRICE

$29.24

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 7
Discount 5 13 16 8 5

Asset Allocation

As of 4/22/2026

Equities

49.01%
Nasdaq
22.08%
US Large Cap
17.50%
Dividend Payers
2.24%
Emerging Ex. China
2.17%
US Small Cap
2.05%
Japan
1.97%
Europe
1.00%

Fixed Income

27.08%
High Yield
6.67%
Corporate Bonds
5.68%
Emerging Mkt Bonds
3.85%
TIPS
3.79%
Long Term Treasuries
3.76%
T-Bills
3.33%

Alternatives

23.91%
Managed Futures
7.43%
Commodities
4.79%
Miners
3.05%
Gold
2.88%
Energy
2.71%
Bitcoin
2.18%
Real Estate
0.87%

Holdings

As of 04/22/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 17.50 99696900 BBG00RYR67P4 732043
iM DBi Managed Futures Strategy ETF DBMF 7.43 42297800 N/A 1390920
SCHWAB HIGH YIELD BOND ETF SCYB 6.67 37970700 BBG01F80WX71 1441010
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.68 32345700 BBG000PWYVH7 388257
INVESCO OPTIMUM YIELD DIVERS PDBC 4.79 27267100 N/A 1550150
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.85 21948400 BBG000NXKWH0 227728
SCHWAB U.S. TIPS ETF SCHP 3.79 21574600 BBG000BGN6P5 804423
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 3.76 21388400 BBG00PZFJPC3 679645
SPROTT PHYSICAL GOLD TRUS PHYS 2.88 16399800 BBG000Q83F79 456818
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 2.83 16107300 BBG01922X0X9 322403
GRAYSCALE BITCN MINI TRU ETF BTC.UP 2.18 12391100 N/A 355045
ISHARES MSCI EMR MRK EX CHNA EMXC 2.17 12355500 BBG00H5VLMJ6 137743
VANGUARD SMALL-CAP ETF VB 2.05 11678200 BBG000HT3Z79 41080
Franklin FTSE Japan ETF FLJP 1.97 11208300 BBG00J3MDY16 298728
NVIDIA CORP NVDA 1.97 11217900 BBG000BBJQV0 55397
APPLE INC AAPL 1.63 9302260 BBG000B9XRY4 34053
MICROSOFT CORP MSFT 1.29 7329770 BBG000BPH459 16931
AMAZON.COM INC AMZN 1.08 6154430 BBG000BVPV84 24101
Franklin FTSE Europe ETF FLEE 1.00 5682830 BBG00J3PR1S7 148441
Broadcom Inc. AVGO 0.81 4627600 BBG00KHY5S69 10949
ALPHABET INC-CL A GOOGL 0.78 4458660 BBG009S39JX6 13140
Tesla Inc. TSLA 0.78 4438930 BBG000N9MNX3 11455
META PLATFORMS INC META 0.76 4329000 BBG000MM2P62 6416
ALPHABET INC-CL C GOOG 0.73 4148340 BBG009S3NB30 12283
WAL-MART STORES INC WMT 0.72 4115300 BBG000BWXBC2 31661
MICRON TECHNOLOGY INC MU 0.68 3867180 BBG000C5Z1S3 7933
BHP GROUP LTD BHP 0.64 3647110 BBG000BD5NZ4 45272
ADVANCED MICRO DEVICES INC AMD 0.56 3210610 BBG000BBQCY0 10580
COSTCO WHOLESALE CORP COST 0.50 2872590 BBG000F6H8W8 2862
NETFLIX INC NFLX 0.44 2504050 BBG000CL9VN6 26856
CISCO SYSTEMS INC CSCO 0.42 2389760 BBG000C3J3C9 26612
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.39 2213910 BBG000N7QR55 14506
LAM RESH CORP LRCX 0.38 2166360 BBG000BNFLM9 8158
INTEL CORP INTC 0.37 2105280 BBG000C0G1D1 32255
RIO TINTO PLC-SPON ADR RIO 0.37 2086230 BBG000FD28T3 20804
APPLIED MATERIALS INC AMAT 0.37 2093660 BBG000BBPFB9 5189
NEWMONT GOLDCORP CORPORATION COM NEM 0.37 2106920 BBG000BPWXK1 18837
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.32 1841660 BBG00CMNZNK7 1841660
CHEVRON CORP CVX 0.32 1843080 BBG000K4ND22 9892
SCHLUMBERGER LTD SLB 0.30 1702730 BBG000BT41Q8 31329
FREEPORT-MCMORAN INC FCX 0.28 1616450 BBG000BJDB15 22974
AGNICO EAGLE MINES LTD AEM 0.28 1566850 BBG000DLVDK3 7678
SUNCOR ENERGY INC COMMON STOCK CAD 0 SU 0.28 1586070 BBG000BRK7L6 25005
WILLIAMS COMPANIES INC. WMB 0.28 1592430 BBG000BWVCP8 22397
KLA CORPORATION KLAC 0.27 1547500 BBG000BMTFR4 854
CANADIAN NATURAL RESOURCES CNQ 0.26 1505850 BBG000HW5GX3 33703
OCCIDENTAL PETROLEUM CORP OXY 0.26 1453060 BBG000BQQ2S6 25470
EQT CORP EQT 0.26 1501650 BBG000BHZ5J9 25573
Cheniere Energy Inc LNG 0.26 1482050 BBG000C3HSR0 5756
LINDE PLC LIN 0.26 1487820 BBG01FND0CC1 3008
MARATHON PETROLEUM CORP MPC 0.26 1480980 BBG001DCCGR8 6669
EXXON MOBIL CORP XOM 0.25 1444020 BBG000GZQ728 9659
PEPSICO INC PEP 0.24 1362580 BBG000DH7JK6 8860
T-MOBILE US INC TMUS 0.24 1363250 BBG000NDV1D4 7216
TEXAS INSTRUMENTS INC TXN 0.24 1382890 BBG000BVV7G1 5852
GLENCORE PLC -UNSP ADR GLNCY 0.24 1345510 BBG001VKX1Z1 88930
ANALOG DEVICES INC ADI 0.21 1185450 BBG000BB6G37 3108
AMGEN INC AMGN 0.21 1207610 BBG000BBS2Y0 3491
Barrick Mining Corp. B 0.20 1129120 N/A 27722
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.20 1125490 BBG000PVRDL2 7777
Simplify DBi CTA Managed Futures Index ETF SDMF 0.19 1075120 BBG020BR8WR7 42562
INTUITIVE SURGICAL INC ISRG 0.19 1096370 BBG000BJPDZ1 2267
AUTOMATIC DATA PROCESSING ADP 0.18 1050400 BBG000JG0547 5208
SHOPIFY INC - CLASS A SHOP 0.18 1003160 BBG008HBD923 7602
GILEAD SCIENCES INC GILD 0.18 1050710 BBG000CKGBP2 7906
QUALCOMM INC QCOM 0.17 945686 BBG000CGC1X8 6950
APPLOVIN CORP APP 0.16 934528 BBG006HFPX77 1932
HONEYWELL INTERNATIONAL INC HON 0.16 901437 BBG000H556T9 4098
FRANCO-NEVADA CORP FNV 0.16 911448 BBG000RD3CL8 3685
VALE SA-SP ADR VALE 0.16 885463 BBG000BN5LG7 50569
PALO ALTO NETWORKS INC PANW 0.16 888786 BBG0014GJCT9 4905
BOOKING HOLDINGS INC BKNG 0.16 899153 BBG000BLBVN4 5012
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.15 862586 BBG00ZXBJ153 5483
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.15 871004 N/A 34952
WESTERN DIGITAL CORP WDC 0.15 880144 BBG000BWNFZ9 2262
ASML HOLDING NV-NY REG SHS ASML 0.14 817112 BBG000K6MRN4 566
REALTY INCOME CORP O 0.14 822026 BBG000DHPN63 12978
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.14 813572 BBG0113JGQF0 1403
STARBUCKS CORP SBUX 0.13 713658 BBG000CTQBF3 7171
Crowdstrike Holdings Inc. Class A CRWD 0.13 721954 BBG00BLYKS03 1547
CONSTELLATION ENERGY CORPORATION CEG 0.13 735130 BBG014KFRNP7 2560
PROLOGIS INC PLD 0.12 685604 BBG000B9Z0J8 4848
COMCAST CORP-CLASS A CMCSA 0.12 678212 BBG000BFT2L4 23092
ADOBE SYSTEMS INC ADBE 0.12 662885 BBG000BB5006 2590
VERTEX PHARMACEUTICALS INC VRTX 0.12 706837 BBG000C1S2X2 1615
WELLTOWER INC WELL 0.12 701746 BBG000BKY1G5 3514
INTUIT INC INTU 0.12 711921 BBG000BH5DV1 1742
FRANKLIN RESOURCES INC BEN 0.11 626167 BBG000BD0TF8 22778
Marriott International, Inc Class A MAR 0.11 615677 BBG000BGD7W6 1677
ILLINOIS TOOL WORKS ITW 0.10 552876 BBG000BMBL90 2070
T ROWE PRICE GROUP INC TROW 0.10 592519 BBG000BVMPN3 5911
MERCADOLIBRE INC MELI 0.10 571321 BBG000GQPB11 307
SYNOPSYS INC SNPS 0.10 568417 BBG000BSFRF3 1191
AMCOR PLC COMMON STOCK USD.01 AMCR 0.10 554478 N/A 13769
KENVUE INC KVUE 0.10 541630 BBG01C79X561 31290
Kimberly-Clark Corp KMB 0.10 541994 BBG000BMW2Z0 5602
CADENCE DESIGN SYS INC CDNS 0.10 592255 BBG000C13CD9 1786
STANLEY BLACK & DECKER INC SWK 0.10 575471 BBG000BTQR96 7602
CSX CORP CSX 0.09 514360 BBG000BGJRC8 11912
OREILLY AUTOMOTIVE INC ORLY 0.09 505290 BBG000BGYWY6 5380
AO Smith Corp AOS 0.09 510638 BBG000BC1L02 7879
GENUINE PARTS CO GPC 0.09 503612 BBG000BKL348 4507
HORMEL FOODS CORP HRL 0.09 507141 BBG000BLF8D2 23665
EQUINIX INC EQIX 0.09 539015 BBG000MBDGM6 489
MEDTRONIC PLC MDT 0.09 515548 BBG000BNWG87 6195
PPG INDUSTRIES INC PPG 0.09 496932 BBG000BRJ809 4450
CLOROX COMPANY CLX 0.09 505460 BBG000BFS7D3 5219
EVERSOURCE ENERGY ES 0.09 523124 BBG000BQ87N0 7802
MONSTER BEVERAGE CORP MNST 0.09 490105 BBG008NVB1C0 6453
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.08 429415 BBG00LBLDDR2 4292
AMERICAN ELECTRIC POWER AEP 0.08 465672 BBG000BB9KF2 3538
MONDELEZ INTERNATIONAL INC-A MDLZ 0.08 474716 BBG000D4LWF6 8468
Warner Bros Discovery Inc WBD 0.08 439384 BBG011386VF4 16077
MONOLITHIC POWER SYSTEMS INC MPWR 0.08 471832 BBG000C30L48 310
REGENERON PHARMACEUTICALS REGN 0.08 477811 BBG000C734W3 640
DOORDASH INC CLASS A DASH 0.08 470257 BBG005D7QCJ3 2580
ROSS STORES INC ROST 0.08 470787 BBG000BSBZH7 2080
CINTAS CORP CTAS 0.08 443636 BBG000H3YXF8 2540
ABBVIE INC ABBV 0.07 412028 BBG0025Y4RY4 2055
International Business Machines Corporation IBM 0.07 418088 BBG000BLNNH6 1660
DIAMONDBACK ENERGY INC FANG 0.07 370292 BBG002PHSYX9 1910
MICROSTRATEGY INC-CL A MSTR 0.07 374324 BBG000GQJPZ0 2087
SIMON PROPERTY GROUP INC SPG 0.07 405175 BBG000BJ2D31 2009
PACCAR INC PCAR 0.07 417525 BBG000BQVTF5 3333
Baker Hughes Company BKR 0.07 418705 BBG00GBVBK51 6695
AIRBNB INC ABNB 0.07 384528 BBG001Y2XS07 2667
J M Smucker Co COM STK NPV SJM 0.07 410357 BBG000BT1715 4320
FORTINET INC FTNT 0.07 408278 BBG000BCMBG4 4688
DIGITAL REALTY TRUST INC DLR 0.07 414776 BBG000Q5ZRM7 2065
FERROVIAL SE FER 0.06 316503 BBG01H7CZ9S9 4526
AUTODESK INC ADSK 0.06 325059 BBG000BM7HL0 1313
ELECTRONIC ARTS INC EA 0.06 325867 BBG000BP0KQ8 1607
PUBLIC STORAGE PSA 0.06 363029 BBG000BPPN67 1191
FASTENAL CO FAST 0.06 327023 BBG000BJ8YN7 7298
NXP Semiconductors NV NXPI 0.06 363909 BBG000BND699 1612
Datadog Inc. Class A DDOG 0.05 274323 BBG003NJHZT9 2076
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.05 286454 BBG00B6BFWH9 2978
Ventas Inc. VTR 0.05 261927 BBG000FRVHB9 3270
XCEL ENERGY INC XEL 0.05 312440 BBG000BCTQ65 4000
MICROCHIP TECHNOLOGY INC MCHP 0.05 276638 BBG000BHCP19 3354
PAYPAL HOLDINGS INC PYPL 0.05 292056 BBG0077VNXV6 5702
EXELON CORP EXC 0.05 307812 BBG000J6XT05 6712
Old Dominion Freight Line Inc. ODFL 0.05 294993 BBG000CHSS88 1341
IDEXX LABS IDXX 0.05 299585 BBG000BLRT07 518
THOMSON REUTERS CORP COMMON STOCK TRI 0.05 266601 N/A 2871
COPART INC CPRT 0.04 205381 BBG000BM9RH1 6098
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.04 204218 BBG01BFR8YV1 2861
AVALONBAY COMMUNITIES INC AVB 0.04 226472 BBG000BLPBL5 1322
PAYCHEX INC PAYX 0.04 215076 BBG000BQSQ38 2302
ROPER TECHNOLOGIES INC ROP 0.04 242910 BBG000F1ZSN5 666
CINCINNATI FINANCIAL CORP CINF 0.04 233443 BBG000BFPK65 1404
AXON ENTERPRISE INC AXON 0.04 211251 BBG000BHJWG1 524
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.04 247209 BBG000BS1YV5 1133
CHARTER COMMUNICATIONS INC-A CHTR 0.04 199812 BBG000VPGNR2 824
KEURIG DR PEPPER INC KDP 0.04 240373 BBG000TJM7F0 9057
VICI PROPERTIES INC REIT VICI 0.04 220524 BBG00HVVB499 7820
ALNYLAM PHARMACEUTICALS INC ALNY 0.04 252502 BBG000BFGNJ5 813
EXTRA SPACE STORAGE INC EXR 0.04 232422 BBG000PV27K3 1645
INSMED INC INSM 0.03 178433 BBG000BWM5P3 1235
DEXCOM INC DXCM 0.03 157193 BBG000QTF8K1 2479
KRAFT HEINZ CO/THE KHC 0.03 165094 BBG005CPNTQ2 7542
COGNIZANT TECH SOLUTIONS-A CTSH 0.03 183252 BBG000BBDV81 3116
IRON MOUNTAIN INC IRM 0.03 184989 BBG000KCZPC3 1578
EQUITY RESIDENTIAL EQR 0.03 167330 BBG000BG8M31 2712
VERISK ANALYTICS INC VRSK 0.03 158854 BBG000BCZL41 888
WORKDAY INC-CLASS A WDAY 0.03 163061 BBG000VC0T95 1288
INVITATION HOMES INC REIT USD.01 INVH 0.02 114697 BBG00FQH6BS9 4299
MCDONALDS CORP MCD 0.02 102924 BBG000BNSZP1 343
CONSOLIDATED EDISON INC ED 0.02 138298 BBG000BHLYS1 1279
W. P. CAREY REIT INC WPC 0.02 114697 BBG000BCQM58 1574
Sun Communities Inc SUI 0.02 108672 BBG000BLJWF3 850
ESSEX PROPERTY TRUST INC ESS 0.02 110711 BBG000CGJMB9 439
AIR PRODUCTS & CHEMICALS INC APD 0.02 109504 BBG000BC4JJ4 369
COSTAR GROUP INC CSGP 0.02 107005 BBG000D7JKW9 2760
Omega Healthcare Investors Inc OHI 0.02 108969 BBG000BGBTC2 2421
MID-AMERICA APARTMENT COMM MAA 0.02 108767 BBG000BLMY92 873
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.02 96101.6 BBG000B9ZXB4 1048
Zscaler Inc. ZS 0.02 136526 BBG003338H34 957
KIMCO REALTY CORP KIM 0.02 112052 BBG000CN3S73 4754
ATLASSIAN CORP PLC-CLASS A TEAM 0.01 72603.8 BBG01BGWHFR5 981
Cash & Other Cash&Other -0.03 -147056 N/A -147056

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.