SMI 3Fourteen REAL Asset Allocation ETF (RAA) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from SMI Funds. Key facts — expense ratio 0.9%; net assets about $613M; inception Feb 26, 2025. Its 1-year return is +12.3%.
Fund details
Fund overview
This is a US-listed ETF from SMI Funds. Key facts — expense ratio 0.9%; net assets about $613M; inception Feb 26, 2025. Its 1-year return is +12.3%.
20 identified stocks · net exposure / NAV 57.96%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
20 identified stocks · net exposure / NAV 57.96%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 85.8% of the fund. The concentration index (HHI) is 1301 — Low — evenly diversified, and the largest sector is Unclassified (86%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (1,301), so no single holding dominates.
Unclassified alone is 86%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.9% a year is on the high side — about 9.0% over a decade, so it needs a reason to earn that.
Net assets of $613M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (1,301), so no single holding dominates.
Unclassified alone is 86%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.9% a year is on the high side — about 9.0% over a decade, so it needs a reason to earn that.
Net assets of $613M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Top 20 holdings
2 derivative positions are excluded. Stock contributions do not explain the entire ETF return.
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | BNY Mellon US Large Cap Core Equity ETFBKLC | 25.93% |
| 2 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFPDBC | 17.55% |
| 3 | Vanguard Intermediate-Term Corporate Bond ETFVCIT | 10.35% |
| 4 | Schwab High Yield Bond ETFSCYB | 10.28% |
| 5 | Schwab US TIPS ETFSCHP | 5.18% |
| 6 | Vanguard Morningstar Small-Cap ETFVB | 5.16% |
| 7 | Sprott Physical Gold TrustPHYS | 3.45% |
| 8 | iShares MSCI Emerging Markets ex China ETFEMXC | 3.24% |
| 9 | NVIDIANVDA | 2.42% |
| 10 | AppleAAPL | 2.28% |
| 11 | MicrosoftMSFT | 1.85% |
| 12 | Franklin FTSE Europe ETFFLEE | 1.71% |
| 13 | Grayscale Bitcoin Mini Trust ETFBTC | 1.67% |
| 14 | Franklin FTSE Japan ETFFLJP | 1.67% |
| 15 | BHPBHP | 1.41% |
| 16 | Micron TechnologyMU | 1.35% |
| 17 | Amazon.comAMZN | 1.26% |
| 18 | Advanced Micro DevicesAMD | 1.17% |
| 19 | Meta PlatformsMETA | 1.03% |
| 20 | ChevronCVX | 1.04% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
How concentrated is it
Concentration (HHI) sits at 1301 — moderate. The top 10 names carry 85.8% of equity weight, so the fund is spread out but its largest holdings still steer it.
That is the usual shape of a cap-weighted index fund: broad, yet tilted toward the biggest companies.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
By sector, Unclassified alone is 86% — whatever the fund is called, this is a bet on that industry.
Bad news for the sector moves the whole fund. Worth checking against anything else you hold in the same space.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, EDGX, overlaps only 15% (1 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 182 positions in total; this page lists the largest 20 and folds the rest into "Others".
Equities are 58.0% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 0.9% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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