Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

KMLM is benchmarked to the KFA MLM Index, which consists of a portfolio of twenty-two liquid futures contracts traded on U.S. and foreign exchanges. The Index includes futures contracts on 11 commodities, 6 currencies, and 5 global bond markets. These three baskets are weighted by their relative historical volatility, and within each basket, the constituent markets are equal dollar weighted.

KMLM Features:

  • Access to managed futures through a liquid and low-cost ETF structure1
  • Managed futures are considered alternative investments and may provide additional diversification and decrease volatility when included within traditional equity/bond portfolios2
  • A potential hedge on equity, bond, and commodity risk
  • Sub-advised by Mount Lucas Management, who in 1988 established the first passive index to measure the returns to risk bearing in futures markets3

KMLM Partner:

Mount Lucas Management, the sub-advisor of KMLM, is a Newtown, PA based asset manager founded in 1986. Since its founding, Mount Lucas has provided innovative alternative investment strategies to institutional and high-net-worth investors that enhance and diversify traditional investments. Mount Lucas’ investment professionals have extensive experience in the development and use of systematic investment strategies that access alternative risk premia as well as a long history of discretionary macro trading and risk taking.

*Formerly the KFA Mount Lucas Index Strategy ETF

1. Buying and selling shares of the KFA Funds may result in brokerage commissions.
2. Diversification does not ensure a profit or guarantee against a loss.
3. Data from Mount Lucas Management.

Premium Discount Chart

Daily Performance

Data as of 09/28/2023
Daily Net Asset Value (NAV) and Market Price
NAV $32.63
NAV Daily Change 0.18%
Market Price $32.63
Market Price Daily Change -0.12%
30 Day Median Bid/Ask Spread
0.34%

Performance History

Cumulative %
Data as of: 08/31/2023
Fund NAV Closing Price Index
1 Month 1.66% 1.47% 1.81%
3 Month -0.45% -0.42% -0.18%
6 Month 3.28% 3.11% 3.77%
YTD 1.86% 1.90% 2.74%
Since Inception 50.54% 50.44% 61.46%
Avg Annualized %
Data as of month end: 08/31/2023
Fund NAV Closing Price Index
1 Year -3.51% -4.57% -1.45%
Since Inception 16.05% 16.02% 19.05%
Avg Annualized %
Data as of quarter end: 06/30/2023
Fund NAV Closing Price Index
1 Year -1.32% -1.02% 1.25%
Since Inception 16.17% 16.20% 19.25%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Distribution History

2023 Distributions
Ex-Date Record Date Payable Date Amount
09/27/2023 09/28/2023 09/29/2023 0.000000

Future calendar dates are subject to change. There is no guarantee that dividends will be paid. Past distributions are not indicative of future trends. This material is provided for educational purposes only and does not constitute investment advice.

2022 Distributions
Ex-Date Record Date Payable Date Amount
12/28/2022 12/29/2022 12/30/2022 4.037692
2021 Distributions
Ex-Date Record Date Payable Date Amount
12/29/2021 12/30/2021 12/31/2021 1.838123

Growth of $10,000

Data as of 09/28/2023

The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only.

Commodity Exposures

Data as of 09/29/2023
Name Identifier Position % NAV
WTI CRUDE FUTURE DEC23 CLZ3 Long 7.43%
NY HARB ULSD FUT DEC23 HOZ3 Long 7.41%
SUGAR #11 (WORLD) MAR24 SBH4 Long 7.19%
LIVE CATTLE FUTR DEC23 LCZ3 Long 7.00%
CORN FUTURE DEC23 C Z3 Short 6.87%
GASOLINE RBOB FUT DEC23 XBZ3 Long 6.75%
NATURAL GAS FUTR DEC23 NGZ23 Short 6.33%
WHEAT FUTURE(CBT) DEC23 W Z3 Short 6.20%
SOYBEAN FUTURE NOV23 S X3 Long 5.81%
COPPER FUTURE DEC23 HGZ3 Short 4.81%
GOLD 100 OZ FUTR DEC23 GCZ3 Long 0.95%

Currency Exposures

Data as of 09/29/2023
Name Identifier Position % NAV
AUDUSD CRNCY FUT DEC23 ADZ3 Short 16.31%
JPN YEN CURR FUT DEC23 JYZ3 Short 15.92%
C$ CURRENCY FUT DEC23 CDZ3 Short 13.25%
EURO FX CURR FUT DEC23 ECZ3 Short 11.41%
BP CURRENCY FUT DEC23 BPZ3 Long 8.30%
CHF CURRENCY FUT DEC23 SFZ3 Long 6.76%

Fixed Income Exposures

Data as of 09/29/2023
Name Identifier Position % NAV
US 10YR NOTE (CBT)DEC23 TYZ3 Short 25.11%
CAN 10YR BOND FUT DEC23 CNZ3 Short 24.75%
LONG GILT FUTURE DEC23 G Z3 Short 24.47%
EURO-BUND FUTURE DEC23 RXZ3 Short 24.37%
JPN 10Y BOND(OSE) DEC23 JBZ3 Long 13.14%

Collateral and Currency Management

Data as of 09/29/2023
Name Identifier Position Current Exposure($) % NAV
Cash 94,130,496 94,130,496 31.88%
B 10/05/23 40,000,000 39,982,446 13.54%
B 10/12/23 40,000,000 39,941,417 13.53%
B 10/31/23 40,000,000 39,830,430 13.49%
B 11/02/23 40,000,000 39,817,674 13.49%
B 11/30/23 40,000,000 39,650,917 13.43%
BRITISH STERLING POUND 4,229,078 5,159,929 1.75%
CANADIAN DOLLAR 2,126,235 1,565,422 0.53%
EURO 944,302 998,363 0.34%
JAPANESE YEN -665,867,482 -4,455,751 -1.51%
296,621,343 100%

Holdings, futures, and collateral are subject to change.

Top 10 Holdings

Data as of 09/29/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 31.73% Cash 94,130,496 94,130,496 0
2 B 10/05/23 13.48% US912796YJ21 Treasury Bill 40,000,000 39,982,446 0
3 B 10/12/23 13.47% US912797FA06 Treasury Bill 40,000,000 39,941,417 0
4 B 10/31/23 13.43% US912797HD27 Treasury Bill 40,000,000 39,830,430 0
5 B 11/02/23 13.42% US912796YT03 Treasury Bill 40,000,000 39,817,674 0
6 B 11/30/23 13.37% US912796ZD42 Treasury Bill 40,000,000 39,650,917 0
7 BRITISH STERLING POUND 1.74% Currency 4,229,078 5,159,929 0
8 CANADIAN DOLLAR 0.53% Currency 2,126,235 1,565,422 0
9 EURO 0.34% Currency 944,302 998,363 0
10 AUDUSD CRNCY FUT DEC23 0.00% ADZ3 Future -746 0 -48,154,300

Holdings are subject to change.