KDFI

KFA Dynamic Fixed Income ETF

Investment Strategy:

KDFI is benchmarked to the FTSE US High-Yield/Treasury Rotation Index, which takes a tactical approach to investing in High-Yield Credit and US Treasuries. The index is designed to provide a benchmark for investors looking to capture risk-managed exposure to High-Yield Credit and US Treasuries.

The FTSE US High-Yield/Treasury Rotation Index rotates between the following three underlying indexes: FTSE US Treasury 1-5 Years Index, FTSE US Treasury 7-10 Years Index, or the FTSE US High-Yield Market BB/B-Rated Capped Custom Index. During quarterly reviews, the cumulative quarterly return of these three indexes is compared, and the index with the highest return across that period receives the full allocation for the coming quarter. Click here for index definitions.

About Dynamic Fixed Income:

  • Over the long-run, we believe credit spreads are a reliable indicator for helping investors allocate to fixed income markets.
  • Dynamic fixed income strategies attempt to offer equity like returns, with fixed income like drawdown.
  • The risk management and tactical features of a dynamic fixed income strategy could replace and improve bond positions within traditional client portfolios.

KDFI Provides:

  • Systematic exposure to High-Yield bonds or Treasuries.
  • Smart-beta* strategy that provides the potential for yield and return enhancement.
  • Disciplined risk management process based on credit spreads.



*Smart beta is an investment style where a manager passively follows an index designed to take advantage of perceived systematic biases or inefficiencies in the market.

Fund Details

Data as of 02/18/2020
TickerKDFI
Primary Exchange NYSE
Net Assets$20,021,525
Total Annual Fund Operating Expense 0.46%
Inception Date12/9/2019
Distribution FrequencyAnnual

Daily Performance

Data as of 02/18/2020
Premium Discount Chart
NAV
Net Asset Value$25.03 
Daily Change 0.00%
Price
Closing Price $25.00 
Daily Change-0.12%

Performance History

Distributions
Cumulative %
Data as of: 01/31/2020
Fund NAV Closing Price Index
1 Month-0.61% -1.05%
3 Month
6 Month
Since Inception-1.00% -1.40%
Cumulative %
Data as of quarter end: 12/31/2019
Fund NAV Closing Price Index
Since Inception-0.40% -0.36%

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.

KDFI Key Metrics

Data as of 01/31/2020
Average Weighted Maturity12.73 yrs
Duration4.8 yrs
Current Yield2.32%
30-day SEC Yield4.44%
Unsubsidized 30-day SEC Yield4.44%

Average Weighted Maturity: A calculation of the weighted average of the maturities of fixed income instruments held in a portfolio.
Duration: a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.
Current Yield: an investment's annual income (interest or dividends) divided by the current price of the security.
30-day SEC Yield (Subsidized/Unsubsidized): standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund's filings with the SEC. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Top 10 Holdings

Data as of 02/18/2020
Full Holdings .CSV
RankCompany Name% of Net AssetsTickerShares HeldMarket Value($)
1
TSLA 5.3 08/15/25
2.31%450,000462,492
2
WYNMAC 5 1/8 12/15/29
2.29%450,000457,875
3
DNR 9 05/15/21
2.11%450,000421,875
4
S 7 7/8 09/15/23
2.01%350,000401,380
5
NGLS 6 7/8 01/15/29
1.95%350,000389,417
6
NFLX 4 7/8 04/15/28
1.89%350,000378,829
7
ALTICE 7 1/2 05/15/26
1.88%350,000376,793
8
CYH 8 03/15/26
1.86%350,000371,875
9
NAV 6 5/8 11/01/25
1.84%350,000367,500
10
SPLS 7 1/2 04/15/26
1.82%350,000364,875

Holdings are subject to change.

FTSE US Treasury 1-5 Years Index is designed to track the performance of US dollar-denominated bonds issued in the US investment-grade bond market.

FTSE US Treasury 7-10 Years Index is designed to track the performance of US dollar-denominated bonds issued in the US investment-grade bond market.

FTSE US High-Yield Market BB/B Rated Capped Custom Index is a US Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the US or Canada. Recognized as a broad measure of the North American high-yield market, the index covers cash-pay, deferred-interest securities, and debt issued under Rule 144A in unregistered form.