RAA

SMI 3FOURTEEN REAL ASSET ALLOCATION ETF

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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 10/08/2026
TICKER RAA
NET ASSETS $613M
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 $30.22
30 DAY MEDIAN BID-ASK SPREAD 0.000666

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 12.16% NA NA 13.76%
RAA - Market Price 12.20% NA NA 13.81%
S&P 500 Index Total Return 15.74% NA NA 18.46%
1 MO 3 MO YTD Since Inception
RAA - NAV -1.90% -1.90% 1.45% 1.45% 9.35% 9.35% 13.76% 13.76%
RAA - Market Price -1.90% -1.90% 1.43% 1.43% 9.37% 9.37% 13.81% 13.81%
S&P 500 Index Total Return -0.35% -0.35% 2.30% 2.30% 12.75% 12.75% 18.46% 18.46%
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 10/08/2026

NET ASSET VALUE

$30.22

CLOSING PRICE

$30.21

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 Q4 2026 Q1 2026 Q2 2026 Q3 2026 Q4
Premium 39 35 39 32 2
Discount 16 8 14 21 3

Asset Allocation

As of 10/8/2026

Equities

42.06%
Nasdaq
17.99%
US Large Cap
15.08%
US Small Cap
2.99%
Dividend Payers
2.09%
Emerging Ex. China
1.96%
Japan
0.98%
Europe
0.97%

Fixed Income

28.86%
Long Term Treasuries
7.94%
Corporate Bonds
5.96%
High Yield
5.96%
Emerging Mkt Bonds
3.96%
TIPS
2.98%
T-Bills
2.06%

Alternatives

29.08%
Commodities
10.08%
Energy
5.16%
Managed Futures
4.99%
Miners
3.94%
Real Estate
1.98%
Gold
1.97%
Bitcoin
0.96%

Holdings

As of 10/08/2026
Description Ticker Weight (%)** Market Value ($) FIGI Shares Held
BNY MELLON US LARGE CAP CORE E BNY MELLON US LARGE CAP CORE BKLC 15.08 92486700 BBG00RYR67P4 1868420
INVESCO OPTIMUM YIELD DIVERS PDBC 10.08 61809900 N/A 3145540
SCHWAB LONG TERM U.S. TREASURY SCHWAB LONG TERM US TREASURY SCHQ 7.94 48696100 BBG00PZFJPC3 1711640
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF VCIT 5.96 36538100 BBG000PWYVH7 465572
SCHWAB HIGH YIELD BOND ETF SCYB 5.96 36568400 BBG01F80WX71 1451700
ISHARES JPMORGAN USD EMERGING MARKETS BOND ETF EMB 3.96 24296000 BBG000NXKWH0 267106
iM DBi Managed Futures Strategy ETF DBMF 3.53 21627000 N/A 657156
Vanguard Morningstar Small-Cap ETF VB 2.99 18332100 BBG000HT3Z79 63735
SCHWAB U.S. TIPS ETF SCHP 2.98 18284500 BBG000BGN6P5 725574
US TREASURY 3 MONTH BILL ETF US TREASURY 3 MONTH BILL ETF TBIL 1.98 12166300 BBG01922X0X9 243814
SPROTT PHYSICAL GOLD TRUS PHYS 1.97 12112900 BBG000Q83F79 388235
ISHARES MSCI EMR MRK EX CHNA EMXC 1.96 12044500 BBG00H5VLMJ6 122628
NVIDIA CORP NVDA 1.49 9118020 BBG000BBJQV0 39561
Simplify DBi CTA Managed Futures Index ETF SDMF 1.46 8968890 BBG020BR8WR7 327340
APPLE INC AAPL 1.32 8066250 BBG000B9XRY4 23695
MICROSOFT CORP MSFT 1.03 6339780 BBG000BPH459 12131
Franklin FTSE Japan ETF FLJP 0.98 6040050 BBG00J3MDY16 145895
Franklin FTSE Europe ETF FLEE 0.97 5976020 BBG00J3PR1S7 160430
GRAYSCALE BITCN MINI TRU ETF BTC.UP 0.96 5898650 N/A 163307
MICRON TECHNOLOGY INC MU 0.87 5344930 BBG000C5Z1S3 5160
BHP GROUP LTD BHP 0.84 5159620 BBG000BD5NZ4 60823
ADVANCED MICRO DEVICES INC AMD 0.75 4612890 BBG000BBQCY0 7432
AMAZON.COM INC AMZN 0.73 4482890 BBG000BVPV84 17645
META PLATFORMS INC META 0.59 3588590 BBG000MM2P62 4978
MARATHON PETROLEUM CORP MPC 0.58 3532040 BBG001DCCGR8 7623
CHEVRON CORP CVX 0.57 3521250 BBG000K4ND22 16645
OCCIDENTAL PETROLEUM CORP OXY 0.54 3322390 BBG000BQQ2S6 55116
EQT CORP EQT 0.54 3283390 BBG000BHZ5J9 62021
ALPHABET INC-CL A GOOGL 0.54 3301090 BBG009S39JX6 9478
Tesla Inc. TSLA 0.53 3254250 BBG000N9MNX3 8678
WILLIAMS COMPANIES INC. WMB 0.53 3247340 BBG000BWVCP8 44890
CANADIAN NATURAL RESOURCES CNQ 0.51 3121390 BBG000HW5GX3 63637
Cheniere Energy Inc LNG 0.51 3156720 BBG000C3HSR0 11360
Suncor Energy Inc. SU 0.51 3139970 BBG000BC1LY5 44281
SPACE EXPLORATION TECH CORP A SPCX 0.51 3138500 BBG000NQF3Z5 19546
EXXONMOBIL HOLDINGS CORP COMMON STOCK USD XOM 0.51 3133760 BBG023CY9MM1 18598
ALPHABET INC-CL C GOOG 0.50 3078220 BBG009S3NB30 8926
SCHLUMBERGER LTD SLB 0.49 3030100 BBG000BT41Q8 61864
Broadcom Inc. AVGO 0.48 2930820 BBG00KHY5S69 8138
NEWMONT GOLDCORP CORPORATION COM NEM 0.47 2904000 BBG000BPWXK1 25132
INTEL CORP INTC 0.41 2485970 BBG000C0G1D1 23216
WAL-MART STORES INC WMT 0.41 2545310 BBG000BWXBC2 23022
FREEPORT-MCMORAN INC FCX 0.39 2366330 BBG000BJDB15 33263
RIO TINTO PLC-SPON ADR RIO 0.38 2323230 BBG000FD28T3 24890
AGNICO EAGLE MINES LTD AEM 0.36 2181070 BBG000DLVDK3 11862
PALANTIR TECHNOLOGIES INC. CLASS A PLTR 0.34 2063730 BBG000N7QR55 10382
CISCO SYSTEMS INC CSCO 0.33 2050790 BBG000C3J3C9 17850
COSTCO WHOLESALE CORP COST 0.33 2004850 BBG000F6H8W8 2115
APPLIED MATERIALS INC AMAT 0.30 1870630 BBG000BBPFB9 3671
LAM RESH CORP LRCX 0.30 1831210 BBG000BNFLM9 5712
WELLTOWER INC WELL 0.27 1628190 BBG000BKY1G5 7300
GLENCORE PLC -UNSP ADR GLNCY 0.26 1619510 BBG001VKX1Z1 107680
Barrick Mining Corp. B 0.25 1552410 N/A 38820
WHEATON PRECIOUS METALS CORP COMMON STOCK WPM 0.23 1402910 BBG000PVRDL2 10395
PALO ALTO NETWORKS INC PANW 0.23 1436190 BBG0014GJCT9 3604
NETFLIX INC NFLX 0.22 1372070 BBG000CL9VN6 19171
PROLOGIS INC PLD 0.22 1340740 BBG000B9Z0J8 10370
ANGLO AMERICAN PLC SPONS ADR ADR NGL 0.22 1338150 N/A 49801
NUCOR CORP NUE 0.21 1258510 BBG000BQ8KV2 5113
TEXAS INSTRUMENTS INC TXN 0.20 1245310 BBG000BVV7G1 4321
REALTY INCOME CORP O 0.20 1208150 BBG000DHPN63 22303
KLA CORPORATION KLAC 0.20 1234420 BBG000BMTFR4 6275
Crowdstrike Holdings Inc. Class A CRWD 0.20 1210900 BBG00BLYKS03 4604
EQUINIX INC EQIX 0.19 1153730 BBG000MBDGM6 1141
PEPSICO INC PEP 0.19 1168020 BBG000DH7JK6 9101
MARVELL TECHNOLOGY GROUP LTD MRVL MRVL 0.18 1096480 BBG00ZXBJ153 3993
AUTOMATIC DATA PROCESSING ADP 0.18 1120280 BBG000JG0547 4138
FRANCO-NEVADA CORP FNV 0.17 1050020 BBG000TRN6Z1 4366
AMGEN INC AMGN 0.17 1049970 BBG000BBS2Y0 2577
LINDE PLC LIN 0.17 1059260 BBG01FND0CC1 2199
SANDISK CORP/DE SNDKV SNDK 0.17 1039710 BBG01R388JG1 646
VALE SA-SP ADR VALE 0.16 975983 BBG000BN5LG7 72726
SHOPIFY INC - CLASS A SHOP 0.15 895865 BBG004DW5NB8 5444
T-MOBILE US INC TMUS 0.15 892868 BBG000NDV1D4 5212
ANALOG DEVICES INC ADI 0.15 934857 BBG000BB6G37 2303
QUALCOMM INC QCOM 0.14 853824 BBG000CGC1X8 4851
GILEAD SCIENCES INC GILD 0.14 869508 BBG000CKGBP2 5911
DIGITAL REALTY TRUST INC DLR 0.13 805520 BBG000Q5ZRM7 4575
SEAGATE TECHNOLOGY-ORDINARY SHARES STX 0.13 826738 BBG0113JGQF0 1067
SIMON PROPERTY GROUP INC SPG 0.13 820796 BBG000BJ2D31 4112
PUBLIC STORAGE PSA 0.12 745207 BBG000BPPN67 2610
ASML HOLDING NV-NY REG SHS ASML 0.12 734463 BBG000K6MRN4 415
Vivmark Residential VMRK 0.12 711483 BBG000BG8M31 11862
WESTERN DIGITAL CORP WDC 0.11 663121 BBG000BWNFZ9 1686
INTUITIVE SURGICAL INC ISRG 0.11 702458 BBG000BJPDZ1 1691
FORTINET INC FTNT 0.11 647857 BBG000BCMBG4 3426
Ventas Inc. VTR 0.11 696268 BBG000FRVHB9 8516
GENUINE PARTS CO GPC 0.10 588557 BBG000BKL348 4592
KENVUE INC KVUE 0.10 604221 BBG01C79X561 34079
AO Smith Corp AOS 0.10 597613 BBG000BC1L02 10566
Kimberly-Clark Corp KMB 0.10 603056 BBG000BMW2Z0 6170
HORMEL FOODS CORP HRL 0.10 597068 BBG000BLF8D2 30745
MEDTRONIC PLC MDT 0.10 612583 BBG000BNWG87 6981
FRANKLIN RESOURCES INC BEN 0.10 613008 BBG000BD0TF8 18920
STANLEY BLACK & DECKER INC SWK 0.10 603681 BBG000BTQR96 6770
International Business Machines Corporation IBM 0.10 592359 BBG000BLNNH6 2614
CLOROX COMPANY CLX 0.10 625550 BBG000BFS7D3 7497
VERTEX PHARMACEUTICALS INC VRTX 0.10 605410 BBG000C1S2X2 1203
T ROWE PRICE GROUP INC TROW 0.10 607661 BBG000BVMPN3 5830
ABBVIE INC ABBV 0.10 638008 BBG0025Y4RY4 2342
AMCOR PLC COMMON STOCK USD.01 AMCR 0.10 604496 N/A 14434
IRON MOUNTAIN INC IRM 0.09 558976 BBG000KCZPC3 4948
ARM HOLDINGS PLC ARM 0.09 554985 BBG01J1GXZF0 2016
ILLINOIS TOOL WORKS ITW 0.09 522538 BBG000BMBL90 1974
BOOKING HOLDINGS INC BKNG 0.09 549497 BBG000BLBVN4 3435
PPG INDUSTRIES INC PPG 0.08 506103 BBG000BRJ809 4799
CONSTELLATION ENERGY CORPORATION CEG 0.08 491176 BBG014KFRNP7 1723
Marriott International, Inc Class A MAR 0.08 462905 BBG000BGD7W6 1282
EVERSOURCE ENERGY ES 0.08 520725 BBG000BQ87N0 7927
EXTRA SPACE STORAGE INC EXR 0.08 460329 BBG000PV27K3 3458
STARBUCKS CORP SBUX 0.08 513680 BBG000CTQBF3 5511
CADENCE DESIGN SYS INC CDNS 0.07 434655 BBG000C13CD9 1246
MONSTER BEVERAGE CORP MNST 0.07 416596 BBG008NVB1C0 9544
MERCADOLIBRE INC MELI 0.07 440028 BBG000GQPB11 237
ADOBE SYSTEMS INC ADBE 0.07 457995 BBG000BB5006 1900
APPLOVIN CORP APP 0.07 413457 BBG006HFPX77 1476
CSX CORP CSX 0.07 426959 BBG000BGJRC8 9019
VICI PROPERTIES INC REIT VICI 0.07 408374 BBG00HVVB499 17919
SYNOPSYS INC SNPS 0.07 454944 BBG000BSFRF3 914
Datadog Inc. Class A DDOG 0.07 431509 BBG003NJHZT9 1576
LUMENTUM HOLDINGS INC LITE 0.07 442509 BBG0073F9RT7 422
Cash & Other Cash&Other 0.06 383942 N/A 383942
ERIE INDEMNITY COMPANY-CL A ERIE 0.06 361558 BBG000BBTJZ1 1596
COMCAST CORP-CLASS A CMCSA 0.06 365957 BBG000BFT2L4 17254
ROSS STORES INC ROST 0.06 343430 BBG000BSBZH7 1525
REGENERON PHARMACEUTICALS REGN 0.06 350556 BBG000C734W3 474
DOORDASH INC CLASS A DASH 0.06 376327 BBG005D7QCJ3 1963
INTUIT INC INTU 0.06 394132 BBG000BH5DV1 1297
CINTAS CORP CTAS 0.06 388363 BBG000H3YXF8 1931
OREILLY AUTOMOTIVE INC ORLY 0.06 337847 BBG000BGYWY6 3928
FIRST AMERICAN GOVERNMENT OBLI FIRST AM GOV OBLIG X FGXXX 0.06 378270 BBG00CMNZNK7 378270
MONDELEZ INTERNATIONAL INC-A MDLZ 0.06 373727 BBG000D4LWF6 6160
PACCAR INC PCAR 0.05 280072 BBG000BQVTF5 2554
FASTENAL CO FAST 0.05 278957 BBG000BJ8YN7 5525
MONOLITHIC POWER SYSTEMS INC MPWR 0.05 297247 BBG000C30L48 217
ESSEX PROPERTY TRUST INC ESS 0.05 283352 BBG000CGJMB9 1055
TERADYNE INC TER 0.05 292660 BBG000BV4DR6 734
NXP Semiconductors NV NXPI 0.05 276129 BBG000BND699 1195
AIRBNB INC ABNB 0.05 335764 BBG001Y2XS07 2057
AMERICAN ELECTRIC POWER AEP 0.05 320968 BBG000BB9KF2 2624
HONEYWELL INTERNATIONAL INC HONIV HONIV 0.05 314858 BBG022XF4SZ9 1524
XCEL ENERGY INC XEL 0.04 220960 BBG000BCTQ65 3012
PAYPAL HOLDINGS INC PYPL 0.04 234000 BBG0077VNXV6 4253
HOST HOTELS & RESORTS INC HST 0.04 258601 BBG000BL8804 11473
ASTERA LABS INC ALAB 0.04 260982 BBG00TDKHW99 752
Omega Healthcare Investors Inc OHI 0.04 219552 BBG000BGBTC2 4974
Baker Hughes Company BKR 0.04 258417 BBG00GBVBK51 4590
MID-AMERICA APARTMENT COMM MAA 0.04 221458 BBG000BLMY92 1906
KIMCO REALTY CORP KIM 0.04 241598 BBG000CN3S73 10937
INVITATION HOMES INC REIT USD.01 INVH 0.04 261914 BBG00FQH6BS9 9891
Nebius Group NV NBIS 0.04 234870 BBG001NVJ6W4 1069
DIAMONDBACK ENERGY INC FANG 0.04 252826 BBG002PHSYX9 1319
AUTODESK INC ADSK 0.04 235702 BBG000BM7HL0 1009
PDD HOLDINGS INC ADR USD 0.00002 PDD 0.04 252388 BBG00LBLDDR2 3225
MICROSTRATEGY INC-CL A MSTR 0.04 229780 BBG000GQJPZ0 1517
W. P. CAREY REIT INC WPC 0.04 236106 BBG000BCQM58 3740
COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK CCEP 0.04 221893 BBG00B6BFWH9 2141
HONEYWELL AEROSPACE INC HONAV HONAV 0.04 233171 BBG020QYV152 1514
MICROCHIP TECHNOLOGY INC MCHP 0.03 197107 BBG000BHCP19 2610
ROPER TECHNOLOGIES INC ROP 0.03 163539 BBG000F1ZSN5 449
AXON ENTERPRISE INC AXON 0.03 162751 BBG000BHJWG1 390
Old Dominion Freight Line Inc. ODFL 0.03 179289 BBG000CHSS88 987
EXELON CORP EXC 0.03 205145 BBG000J6XT05 4916
HEALTHPEAK PROPERTIES INC DOC 0.03 213850 BBG000BKYDP9 11547
IDEXX LABS IDXX 0.03 185757 BBG000BLRT07 362
TAKE-TWO INTERACTIVE SOFTWRE TTWO 0.03 198483 BBG000BS1YV5 948
KEURIG DR PEPPER INC KDP 0.03 205753 BBG000TJM7F0 6582
FERROVIAL SA FER 0.03 174148 BBG01H0DF657 3462.88
WORKDAY INC-CLASS A WDAY 0.03 185181 BBG000VC0T95 986
COREWEAVE INC CRWV 0.03 174092 BBG011ZTRJ21 2134
DEXCOM INC DXCM 0.03 156412 BBG000QTF8K1 1853
ROCKET LAB CORP RKLB 0.03 190768 BBG01V7JN3F3 2789
THOMSON REUTERS CORP TRI 0.03 185633 N/A 1828
PAYCHEX INC PAYX 0.03 179253 BBG000BQSQ38 1716
AIR PRODUCTS & CHEMICALS INC APD 0.02 119982 BBG000BC4JJ4 431
ABBOTT LABORATORIES COMMON STOCK USD 0 ABT 0.02 131484 BBG000B9ZXB4 1335
ALNYLAM PHARMACEUTICALS INC ALNY 0.02 136963 BBG000BFGNJ5 610
GE HEALTHCARE TECHNOLOG-W/I GEHC 0.02 139743 BBG01BFR8YV1 2176
COPART INC CPRT 0.02 120720 BBG000BM9RH1 4393
MCDONALDS CORP MCD 0.02 123188 BBG000BNSZP1 520
CONSOLIDATED EDISON INC ED 0.02 124432 BBG000BHLYS1 1174

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.