RAA SMI 3Fourteen REAL Asset Allocation ETF
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SMI 3Fourteen REAL Asset Allocation ETF (RAA) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2025-02-25
- Has Options
- No
- Expense ratio
- 0.90% prospectus, filed Apr 28, 2026
- Assets
- $595M SEC filing, Jun 30, 2026
- Trailing yield
- 2.15% paid quarterly
- Average daily volume
- $1.4M 30 sessions
- Holdings
- 182 top 10 are 60.7%
- Listed
- Feb 25, 2025 Nasdaq
- Last fee change
- +5 bp filed Apr 28, 2026
Moves with. US large-cap stocks (60% of its variance, beta 0.54); Gold (14% of its variance, beta 0.09); Emerging markets over US (9% of its variance, beta 0.10); Bitcoin (4% of its variance, beta 0.02). These factors explain 90% of its daily moves over the last year.
Stated objective. The SMI 3Fourteen REAL Asset Allocation ETF (the Fund) seeks total return. Total return is comprised of both income and capital appreciation. (from the fund's prospectus)
All 182 holdingsFlow historySimilar fundsOverlap toolAll Allocation ETFs
- Jun 2026
- +$423K latest reported month
- Latest 3 months
- +$12M +2.0% of assets
- Latest 12 months
- +$27M +4.5% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$423K |
| May 2026 | −$9.9M |
| Apr 2026 | +$21M |
| Mar 2026 | −$18M |
| Feb 2026 | −$32M |
| Jan 2026 | +$90M |
| Dec 2025 | +$9.0M |
| Nov 2025 | −$76M |
| Oct 2025 | +$24M |
| Sep 2025 | −$560K |
| Aug 2025 | +$20M |
| Jul 2025 | −$838K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 17 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| DSPYTema S&P 500 Historical Weight ETF Strategy | 22% | 0.18% | $997M | +11.3% | compare |
| JHMLJohn Hancock Multifactor Large Cap ETF | 22% | 0.29% | $1.1B | +11.1% | compare |
| ONOFGlobal X Adaptive U.S. Risk Management ETF | 22% | 0.39% | $136M | +4.3% | compare |
| KOKUXtrackers MSCI Kokusai Equity ETF | 22% | 0.09% | $777M | +8.5% | compare |
| USPXFranklin U.S. Equity Index ETF | 22% | 0.03% | $2.0B | +7.8% | compare |
Ranked by how much of the two portfolios is the same securities.
- Insider buying
- 2% of weight had net insider buying, 90 days; 18% net selling
- 13F holders
- −0.7% change in shares held by institutions, latest quarter
- Reporting earnings
- 1.5% of weight in 7 days; 4.6% in 14
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Increase | PDBCInvesco Optimum Yield Diversif | 2.43% | 9.31% | +389.1% |
| Decrease | VCITVanguard Intermediate-Term Cor | 9.14% | 4.11% | −47.3% |
| Decrease | SCHQSchwab Long-Term U.S. Treasury | 4.98% | 1.04% | −75.6% |
| New position | BTCGrayscale Bitcoin Mini Trust E | — | 2.42% | — |
| Increase | DBMFiMGP DBi Managed Futures Strat | 7.00% | 9.18% | +50.8% |
| Decrease | SCYBSchwab High Yield Bond ETF | 8.18% | 6.16% | −12.6% |
| Exit | PICKiShares MSCI Global Metals & M | 1.09% | — | — |
| New position | SDMFSimplify DBi CTA Managed Futur | — | 1.03% | — |
| Increase | PHYSSprott Physical Gold Trust | 3.69% | 4.51% | +67.4% |
| Decrease | MUMicron Technology Inc | 0.39% | 0.96% | −15.1% |
- Authorized participants
- 5 active of 5 with agreements; top 3 did 97%
- Created · redeemed
- $960M · $504M over the fiscal year
- Redemptions in kind
- 99% creations 97% in kind
- Creation unit
- 25,000 shares
- Securities lending
- not authorized
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-16 | 2026-09-17 | $0.1252 | CD |
| 2026-06-17 | 2026-06-18 | $0.0989 | CD |
| 2026-03-18 | 2026-03-19 | $0.0537 | CD |
| 2025-12-24 | 2025-12-26 | $0.3464 | CD |
| 2025-09-17 | 2025-09-18 | $0.1285 | CD |
| 2025-06-17 | 2025-06-18 | $0.1131 | CD |
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| BKLC | BNY Mellon US Large Cap Core E | 15.29% | Equity (common) | US |
| PDBC | Invesco Optimum Yield Diversif | 9.31% | Equity (common) | US |
| DBMF | iMGP DBi Managed Futures Strat | 9.18% | Equity (common) | US |
| SCYB | Schwab High Yield Bond ETF | 6.16% | Equity (common) | US |
| PHYS | Sprott Physical Gold Trust | 4.51% | Equity (common) | CA |
| EMB | iShares J.P. Morgan USD Emergi | 4.13% | Equity (common) | US |
| VCIT | Vanguard Intermediate-Term Cor | 4.11% | Equity (common) | US |
| SCHP | Schwab US TIPS ETF | 3.06% | Equity (common) | US |
| BTC | Grayscale Bitcoin Mini Trust E | 2.42% | Equity (common) | US |
| VB | Vanguard Small-Cap ETF | 2.13% | Equity (common) | US |
| EMXC | iShares MSCI Emerging Markets | 2.09% | Equity (common) | US |
| FLJP | Franklin FTSE Japan ETF | 2.06% | Equity (common) | US |
| NVDA | NVIDIA Corp | 1.35% | Equity (common) | US |
| AAPL | Apple Inc | 1.19% | Equity (common) | US |
| SCHQ | Schwab Long-Term U.S. Treasury | 1.04% | Equity (common) | US |
| TBIL | F/m US Treasury 3 Month Bill F | 1.03% | Equity (common) | US |
| SDMF | Simplify DBi CTA Managed Futur | 1.03% | Equity (common) | US |
| FLEE | Franklin FTSE Europe ETF | 1.02% | Equity (common) | US |
| MU | Micron Technology Inc | 0.96% | Equity (common) | US |
| BHP | BHP Group Ltd | 0.76% | Equity (common) | AU |
| AMD | Advanced Micro Devices Inc | 0.74% | Equity (common) | US |
| MSFT | Microsoft Corp | 0.72% | Equity (common) | US |
| AMZN | Amazon.com Inc | 0.72% | Equity (common) | US |
| TSLA | Tesla Inc | 0.59% | Equity (common) | US |
| GOOGL | Alphabet Inc | 0.59% | Equity (common) | US |
| CVX | Chevron Corp | 0.55% | Equity (common) | US |
| INTC | Intel Corp | 0.55% | Equity (common) | US |
| GOOG | Alphabet Inc | 0.55% | Equity (common) | US |
| LNG | Cheniere Energy Inc | 0.54% | Equity (common) | US |
| WMB | Williams Cos Inc/The | 0.54% | Equity (common) | US |
| MPC | Marathon Petroleum Corp | 0.53% | Equity (common) | US |
| EQT | EQT Corp | 0.50% | Equity (common) | US |
| XOM | Exxon Mobil Corp | 0.48% | Equity (common) | US |
| META | Meta Platforms Inc | 0.47% | Equity (common) | US |
| AVGO | Broadcom Inc | 0.47% | Equity (common) | US |
| CNQ | Canadian Natural Resources Ltd | 0.45% | Equity (common) | CA |
| SU | Suncor Energy Inc | 0.45% | Equity (common) | CA |
| OXY | Occidental Petroleum Corp | 0.44% | Equity (common) | US |
| WMT | Walmart Inc | 0.44% | Equity (common) | US |
| SLB | SLB Ltd | 0.44% | Equity (common) | US |
| AMAT | Applied Materials Inc | 0.43% | Equity (common) | US |
| NEM | Newmont Corp | 0.42% | Equity (common) | US |
| LRCX | Lam Research Corp | 0.42% | Equity (common) | US |
| RIO | Rio Tinto PLC | 0.41% | Equity (common) | GB |
| CSCO | Cisco Systems Inc | 0.35% | Equity (common) | US |
| COST | Costco Wholesale Corp | 0.34% | Equity (common) | US |
| FCX | Freeport-McMoRan Inc | 0.33% | Equity (common) | US |
| AEM | Agnico Eagle Mines Ltd | 0.31% | Equity (common) | CA |
| KLAC | KLA Corp | 0.29% | Equity (common) | US |
| WELL | Welltower Inc | 0.28% | Equity (common) | US |
| Month | '25 | '26 | Avg |
|---|---|---|---|
| Jan | -- | 2.60% | 2.60% |
| Feb | -0.26% | 2.16% | 0.95% |
| Mar | -2.67% | -4.18% | -3.42% |
| Apr | -0.06% | 6.23% | 3.09% |
| May | 3.09% | 3.06% | 3.08% |
| Jun | 2.65% | -3.30% | -0.32% |
| Jul | 1.34% | 0.24% | 0.79% |
| Aug | 2.53% | 3.35% | 2.94% |
| Sep | 3.35% | -1.35% | 1.00% |
| Oct | 1.67% | -0.36% | 0.66% |
| Nov | 0.25% | -0.47%* | -0.11% |
| Dec | -0.52% | -- | -0.52% |
| Total | 11.79% | 7.77% | 9.78% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
Stock Analysis Report: RAA (SMI 3Fourteen REAL Asset Allocation ETF)
Executive Summary
Overall Assessment: NEUTRAL with confidence level 6/10
RAA is an actively managed multi-asset allocation ETF currently trading at $30.34, positioned within a consolidation range with mixed technical signals and modest positive fund flows. The fund is moderately concentrated (top 10 holdings = 60.3% of assets) with a cost structure 0.90% expense ratio—above the 0.58% category median but less expensive than 74% of peers. The portfolio exhibits defensive characteristics (Beta 0.71) while maintaining exposure to real assets and commodities through major positions in BKLC, PDBC, DBMF, and PHYS. Recent portfolio actions suggest tactical repositioning toward inflation hedges (Bitcoin addition, commodity emphasis) while exiting consumer-sensitive positions (TGT, CINF, JNJ).
Investment Thesis: RAA offers a diversified real-asset allocation strategy with low systematic risk (beta 0.71), though the fund trades at a modest valuation premium (+1.3% above fair value) with 70% of holdings above their 200-day averages, suggesting limited upside cushion in a mean-reversion scenario. Positive fund flows (+$27M annually) and selective insider buying (+5.1% of weight) indicate modest manager and investor conviction, but the lack of price momentum and elevated concentration risk warrant cautious positioning.
Technical Analysis
Trend Direction
- Short-term (1-4 weeks): NEUTRAL/CONSOLIDATION — Price $30.34 sits marginally above the 20-day SMA ($30.18) and 50-day SMA ($30.22), indicating no decisive directional bias. Trading range suggests indecision.
- Medium-term (1-3 months): MODESTLY BULLISH — Price remains $1.12 above the 200-day SMA ($29.22), establishing an uptrend foundation. The 3.8% premium to the 200-day MA indicates sustained demand.
- Long-term (3-12 months): CONSTRUCTIVE — The fund maintains structural support above its primary moving average, though the absence of momentum suggests gradual consolidation rather than acceleration.
Support/Resistance Levels
| Level | Type | Significance | |-------|------|--------------| | $30.49 | Resistance | Upper Bollinger Band; recent price ceiling | | $30.34 | Current | Trading at midpoint of recent range | | $30.18 | Support | 20-day SMA (short-term trend anchor) | | $30.22 | Support | 50-day SMA (intermediate support) | | $29.87 | Support | Lower Bollinger Band; oversold threshold | | $29.22 | Strong Support | 200-day SMA; major trend support |
Technical Takeaway: The fund is range-bound between $29.87–$30.49. A break above $30.49 with volume would signal resumption of the uptrend; a fall below $29.87 would test the 200-day MA.
Momentum Signals
RSI (14): 55.06 — NEUTRAL
- Reading falls squarely in the neutral zone (30-70), indicating neither overbought nor oversold conditions. No momentum extremes warrant mean-reversion trades. This reflects equilibrium between buyers and sellers.
MACD: BEARISH DIVERGENCE
- MACD value 0.00 is marginally below the signal line (0.01), with histogram -0.01 trending negative.
- This represents either a recent bearish crossover or imminent bearish signal, suggesting momentum is weakening or reversing lower.
- Concern: This divergence contradicts the fund's position above the 200-day MA, signaling that while the directional trend remains intact, buying pressure is fading.
Stochastic Oscillators: OVERBOUGHT SHORT-TERM
- %K (65.11) and %D (65.59) both elevated near 70, suggesting overbought conditions in the daily timeframe.
- Williams %R (-21.70, near -20 threshold) also confirms overbought status.
- Implication: Near-term pullback risk to $30.18–$29.87 support zone is elevated; momentum is stretched.
Bollinger Bands: NEUTRAL, MODESTLY TIGHT
- Price is centered in the bands ($30.34 vs middle $30.18), indicating balanced volatility.
- Band width (2.05) is moderate; no extreme squeeze or expansion signal.
- Position between middle and upper band suggests mild upside bias but with room to mean-revert.
Volume Analysis
Volume Rate of Change: +131.37% — SPIKE SIGNAL
- Current 20-day average volume (47,919) shows dramatically elevated trading activity in recent sessions.
- Interpretation: Recent sharp increase in volume likely corresponds to portfolio rebalancing or investor activity (consistent with reported +$423K monthly inflows through June).
- Caveat: Without directional confirmation (price break), volume spikes in consolidation ranges often precede reversals.
On-Balance Volume (OBV): 2,471,054.97
- Cumulative trend is positive, aligned with the fund's position above 200-day MA.
- No extreme OBV divergence vs price action suggests volume is supporting the existing trend structure, though lacking decisive breakout character.
Institutional Interest Signal:
- The +131% volume spike combined with +$27M net inflows (12-month) and active position changes indicates active institutional management and ongoing capital allocation.
News & Sentiment Analysis
Recent Headlines Summary
No recent news available for the fund. This represents a significant data gap for sentiment analysis.
Sentiment Assessment
Unable to determine aggregate news sentiment. Without recent headlines or press releases, sentiment cannot be quantified. This is a limitation in the analysis framework, as news catalysts are often drivers of ETF flows and positioning changes.
Catalyst Identification
Explicit Catalysts (from Fund Profile data):
- Portfolio Rebalancing Catalyst — Ongoing manager actions (Q2 position changes: added BTC, SDMF, SNDK, NUE; exited PICK, RING, TGT, CINF, JNJ) indicate active tactical positioning responding to market conditions.
- Earnings Season Catalyst — 1% of portfolio weight reports earnings within 7 days [as of 2026-06-30 filing]; limited near-term earnings impact given low concentration.
- Macroeconomic Catalysts — Real-asset focus (commodities, REIT, inflation-linked bonds) suggests sensitivity to:
- Inflation data and Fed policy expectations
- Commodity price movements (crude, metals, agriculture)
- Currency dynamics (USD strength/weakness)
Manager Positioning Narrative:
- Addition of Bitcoin (BTC, 2.4% weight) and Bitcoin mining (SCYB trim rather than exit) signals inflation hedge/alternative asset allocation.
- Increased commodity exposure (PDBC added to, DBMF added to, PHYS added to) suggests manager expects inflation or commodity appreciation.
- Exit from Consumer/Healthcare (TGT, JNJ, CINF, RING) indicates defensive rotation away from rate-sensitive, valuation-dependent sectors.
- Real asset thesis: The fund appears positioned for inflationary/stagflationary environment protection.
Market Narrative Alignment
Technical signals vs. narrative conflict:
- Manager's positioning (rotating to commodities/inflation hedges) is constructive for real assets.
- Technical momentum (MACD bearish, Stochastic overbought) is cautionary in the near term.
- Reconciliation: The fund may be consolidating after a period of strength (note: 70% of holdings above 200-day MA) while the manager strategically positions for longer-term inflation dynamics. Near-term pullback could create tactical buying opportunity aligned with manager's thesis.
Risk & Volatility Assessment
Beta Interpretation: 0.71 (vs SPY) — DEFENSIVE POSITIONING
What this means:
- RAA is 33% less volatile than the S&P 500.
- For every 10% move in SPY, RAA historically moves ~7.1%.
- Classification: Low-risk, defensive beta — appropriate for risk-averse investors.
Implications:
- Downside capture in market sell-offs is limited (e.g., 20% market decline → ~14% RAA decline).
- Upside capture in rall
RAA Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Scanning bull put, bear call, iron condor and calendar spreads…
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Loading the implied volatility surface…
Loading the implied volatility smile…
Risk Metrics
Analysis Details
Data Points: 251
Period: 252 trading days
Low volatility - stock moves less than market
RAA Institutional Ownership (13F)
Filings for 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
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| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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