KDFI

KFA Dynamic Fixed Income ETF

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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 monthly reviews, the cumulative 3-month return of these indexes is compared, and the index with the highest return across that period receives the full allocation for the coming month. 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 06/17/2021
TickerKDFI
Primary ExchangeNYSE
CUSIP500767686
ISINUS5007676860
Net Assets$63,081,519
Total Annual Fund Operating Expense 0.46%
Inception Date12/9/2019
Distribution FrequencyAnnual

Daily Performance

Data as of 06/17/2021
Premium Discount Chart
NAV
Net Asset Value$21.75 
Daily Change -0.09%
Price
Market Price $21.79 
Daily Change0.27%
30 Day Median Bid/Ask Spread
Value0.32%

The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

Performance History

Distributions
Cumulative %
Data as of: 05/31/2021
Fund NAV Closing Price Index
1 Month0.30% 0.34% 0.13%
3 Month1.67% 1.58% 1.36%
6 Month3.21% 2.87% 2.92%
Since Inception-8.62% -8.50% -1.26%
Avg Annualized %
Data as of month end: 05/31/2021
Fund NAV Closing PriceIndex
1 Year8.33% 8.37% 11.95%
Since Inception-5.87% -5.79% -0.85%
Avg Annualized %
Data as of quarter end: 03/31/2021
Fund NAV Closing Price Index
1 Year5.79% 6.89% 11.65%
Since Inception-7.53% -7.40% -1.80%
Growth of $10,000
Data as of 06/17/2021

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.

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.

KDFI Key Metrics

Data as of 05/31/2021
Current Yield4.03%
30-day SEC Yield3.94%
Unsubsidized 30-day SEC Yield 3.94%

Top 10 Holdings

Data as of 06/18/2021
Full Holdings .CSV
Rank Company Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 TK 9 1/4 11/15/22 4.18% US87900YAF07 2,575,000 2,632,938
2 Cash 4.08% 2,570,078 2,570,078
3 SPDR BBG BARC HY 2.99% JNK US78468R6229 17,225 1,882,004
4 AAL 5 1/4 01/15/24 2.66% US02376YAA55 1,718,882 1,675,177
5 ISHARES IBOXX HI 2.44% HYG US4642885135 17,600 1,538,768
6 AFSI 6 1/8 08/15/23 1.08% US032359AE12 675,000 679,165
7 DAL 4 1/4 07/30/23 0.94% US24737AAA51 578,157 589,769
8 RLGY 9 3/8 04/01/27 0.88% US75606DAG60 500,000 555,635
9 XRX 5 08/15/25 0.87% US98421MAA45 520,000 550,550
10 X 6 7/8 03/01/29 0.84% US912909AU28 500,000 530,000

Holdings are subject to change.