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 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 01/15/2021
TickerKDFI
Primary Exchange NYSE
CUSIP500767686
ISINUS5007676860
Net Assets$58,407,631
Total Annual Fund Operating Expense 0.46%
Inception Date12/9/2019
Distribution FrequencyAnnual

Daily Performance

Data as of 01/15/2021
Premium Discount Chart
NAV
Net Asset Value$21.63 
Daily Change -0.04%
Price
Market Price $21.64 
Daily Change0.00%
30 Day Median Bid/Ask Spread 0.56%

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: 12/31/2020
Fund NAV Closing Price Index
1 Month1.54% 1.21% 1.57%
3 Month5.51% 5.71% 5.55%
6 Month6.24% 6.08% 10.42%
Since Inception-10.10% -9.98% -2.55%
Avg Annualized %
Data as of quarter end: 12/31/2020
Fund NAV Closing Price Index
1 Year-9.74% -9.66% -1.76%
Since Inception-9.45% -9.33% -2.37%
Growth of $10,000
Data as of 01/14/2021

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 12/31/2020
Current Yield3.79%
30-day SEC Yield4.14%
Unsubsidized 30-day SEC Yield 4.14%

Top 10 Holdings

Data as of 01/15/2021
Full Holdings .CSV
Rank Company Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 SPDR BBG BARC HY 4.51% JNK US78468R6229 24,225 2,633,015
2 ISHARES IBOXX HI 4.41% HYG US4642885135 29,600 2,578,456
3 TK 9 1/4 11/15/22 4.39% US87900YAF07 2,575,000 2,565,344
4 Cash 3.35% 1,954,064 1,954,064
5 GME 10 03/15/23 1.16% US36467WAC38 654,000 676,890
6 XRX 5 08/15/25 1.13% US98421MAA45 620,000 658,471
7 OXY 0 10/10/36 1.03% US674599DG73 1,246,000 601,195
8 GNW 7.2 02/15/21 0.85% US37247DAN66 500,000 498,750
9 AFSI 6 1/8 08/15/23 0.85% US032359AE12 500,000 493,724
10 MTG 5 1/4 08/15/28 0.73% US552848AG81 401,000 428,569

Holdings are subject to change.