At a glance
RAA charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $595.2M in assets, the 8th largest of that group; it paid 0.76% of its price in distributions over the past 12 months, quarterly. Its ten largest positions make up 60.3% of the fund, out of 182 in all.
The short version
SMI 3Fourteen REAL Asset Allocation ETF (RAA) is an actively managed fund of funds. It spreads money across stocks, bonds and alternatives such as commodities, managed futures, gold and a small bitcoin position. Two things set it apart. A monthly trend-following model from 3Fourteen Research can move each category anywhere from 0% to 80% of the fund. It also costs more than many funds, with an expense ratio of 0.90% and portfolio turnover of 162%.
Price history
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RAA — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RAA price data to Oct 27, 2026 | +2.8% | — | — | — | — | — |
- The deepest fall in its price history was 3.3% (Jun 15, 2026 to Jul 29, 2026), recovered by Aug 10, 2026.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 182 securities; the ten largest made up 60.31% of assets.
| Fund held | Weight | |
|---|---|---|
| BNY Mellon US Large Cap Core Equity ETF | 15.29% | |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 9.31% | |
| iMGP DBi Managed Futures Strategy ETF | 9.18% | |
| Schwab High Yield Bond ETF | 6.16% | |
| Sprott Physical Gold Trust | 4.51% | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.13% | |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.11% | |
| Schwab US TIPS ETF | 3.06% | |
| Grayscale Bitcoin Mini Trust ETF | 2.42% | |
| Vanguard Small-Cap ETF | 2.13% | |
| iShares MSCI Emerging Markets ex China ETF | 2.09% | |
| Franklin FTSE Japan ETF | 2.06% | |
| NVIDIA Corp | 1.35% | |
| Apple Inc | 1.19% | |
| Schwab Long-Term U.S. Treasury ETF | 1.04% |
By country
United States 90.86%Canada 6.43%Australia 0.76%United Kingdom 0.69%Switzerland 0.45%By asset type
Stocks 99.84%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $11.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.72%, +3.18%, -2.77%.
How it works
RAA does not track an index. It follows a model portfolio built by 3Fourteen Research, an affiliate of the adviser, which is published in a monthly newsletter for subscribers. The prospectus sets a typical mix of 50% stocks, 30% bonds and 20% alternatives. Each category can range from 0% to 80%, depending on volatility and market conditions. The fund rebalances each month when the model updates. The adviser may also trade between updates or depart from the model, for example to stay within legal concentration limits.
Within each category, the model ranks assets by their price trends over several timeframes, using regression trendlines (lines fitted through past prices). It favors assets with strong, lasting trends and cuts back on those that swing the most. Because of this, holdings change often. Portfolio turnover was 162%, according to the prospectus filed April 28, 2026.
As of June 30, 2026, other funds made up about 69% of assets. The largest were BNY Mellon US Large Cap Core Equity ETF (15.3%), Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (9.3%) and iMGP DBi Managed Futures Strategy ETF (9.2%). The fund holds commodities, gold and bitcoin only through other funds and trusts. Its bond funds may hold junk bonds without limit, and RAA pays its share of those funds' expenses.
What it really costs
- RAA charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.81% is the management fee; the rest covers other fund expenses.
- The fee includes a 4% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,150 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RAA | $92 | $295 | $516 | $1,150 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It adds commodities, managed futures, gold and bitcoin to a stock-and-bond mix, using a trend model meant to limit volatility.
RAA could give a retirement portfolio access to assets that a plain stock-and-bond mix lacks, such as commodities, managed futures, gold and a small bitcoin position. Its record is short, though. The fund launched on February 26, 2025, and its price history here starts June 9, 2026. That means there are no results for the 2008 crisis, the 2020 COVID crash, the 2022 bear market or any full calendar year. In that short window, its deepest drop was 3.3%, from June 15 to July 29, 2026, and it recovered by August 10. That says little about how it might hold up for someone forced to sell shares in a long bear market.
It isn't built for income. The yield was 0.76% as of October 27, 2026, paid quarterly. The 0.90% expense ratio is a steady drag on returns. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding stocks, bonds, commodities, managed futures, gold and a small slice of bitcoin through other ETFs and trusts.
- People comfortable with a trend-following model that can move stocks, bonds or alternatives anywhere from 0% to 80% of the fund each month.
- Those willing to pay a 0.90% expense ratio for active, model-driven allocation instead of a fixed stock-and-bond mix.
Look elsewhere if
- Income seekers: the trailing yield was just 0.76% as of October 27, 2026, paid quarterly.
- Investors who want a long record: the fund launched February 26, 2025, so it has no results through the 2008, 2020 or 2022 downturns.
- Cost-conscious or hands-off investors uneasy with 162% turnover, underlying-fund expenses, junk bonds or a bitcoin position.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RAA this fund | 0.9% | $595.2M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does the RAA ETF invest in?
RAA mainly invests in other funds. As of June 30, 2026, funds made up about 69% of assets and individual stocks most of the rest. Its largest holdings were BNY Mellon US Large Cap Core Equity ETF (15.3%), Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (9.3%), iMGP DBi Managed Futures Strategy ETF (9.2%) and Schwab High Yield Bond ETF (6.2%). It also held Sprott Physical Gold Trust (4.5%) and Grayscale Bitcoin Mini Trust ETF (2.4%).
What is the RAA expense ratio?
RAA's expense ratio is 0.90%, with a management fee of 0.81%, according to the prospectus filed April 28, 2026. Under the SEC's standard example, $10,000 earning 5% a year would cost about $92 over one year, $516 over five years and $1,150 over ten. The prospectus also notes that the fund bears its share of its underlying funds' expenses. Turnover of 162% can add trading costs.
Does RAA pay dividends?
Yes, RAA pays distributions quarterly, but they are small. Its trailing 12-month yield was 0.76% as of October 27, 2026, or about $0.23 per share. The fund's stated goal is total return, which combines income and price growth, so income is not its main purpose. Investors who want regular, meaningful income from a fund will likely find this yield low.
Is RAA a buffer ETF like BUFR?
No. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) use options to cushion part of a stock market loss over a set period, and in exchange they cap gains. RAA has no options overlay, buffer or cap. Instead, it uses a trend model to shift money among stocks, bonds and alternatives. BUFR's expense ratio is 0.95%, compared with RAA's 0.90%. The two follow different strategies, so neither is a close substitute for the other.
Is RAA a good ETF for retirement?
RAA may suit retirees looking for a diversifier rather than an income fund or a low-cost core holding. It adds commodities, managed futures, gold and bitcoin through other funds, chosen by a trend model meant to limit volatility. Its record is very short. Price history starts June 9, 2026, and its deepest drop since then was 3.3%. The yield was 0.76% as of October 27, 2026, and the expense ratio is 0.90%.