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 04/18/2024
Daily Net Asset Value (NAV) and Market Price
NAV $31.18
NAV Daily Change 0.52%
Market Price $31.20
Market Price Daily Change 0.45%
30 Day Median Bid/Ask Spread
0.4%

Performance History

Cumulative %
Data as of: 03/31/2024
Fund NAV Closing Price Index
1 Month 2.15% 2.33% 2.09%
3 Month 4.00% 3.71% 4.02%
6 Month -7.77% -8.23% -7.51%
YTD 4.00% 3.71% 4.02%
Since Inception 44.50% 44.45% 55.58%
Avg Annualized %
Data as of quarter end: 03/31/2024
Fund NAV Closing Price Index
1 Year 1.01% 1.39% 1.86%
3 Year 9.45% 9.37% 12.10%
Since Inception 11.68% 11.67% 14.19%

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

2024 Distributions and Calendar
Ex-Date Record Date Payable Date Amount
03/26/2024 03/27/2024 03/28/2024 0.000000
06/26/2024 06/27/2024 06/28/2024
09/26/2024 09/27/2024 09/30/2024

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.

Distributions are issued to brokers on the payable date, and are subject to broker payment schedules.

2023 Distributions
Ex-Date Record Date Payable Date Amount
09/27/2023 09/28/2023 09/29/2023 0.000000
12/18/2023 12/19/2023 12/20/2023 0.000000
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 04/18/2024

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. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Commodity Exposures

Data as of 04/18/2024
Name Identifier Position % NAV
COPPER FUTURE JUL24 HGN4 Long 7.24%
GOLD 100 OZ FUTR JUN24 GCM4 Long 6.97%
WTI CRUDE FUTURE JUN24 CLM4 Long 6.52%
GASOLINE RBOB FUT JUN24 XBM4 Long 6.51%
NATURAL GAS FUTR JUN24 NGM24 Short 6.50%
NY HARB ULSD FUT JUN24 HOM4 Long 6.36%
WHEAT FUTURE(CBT) JUL24 W N4 Short 6.27%
CORN FUTURE JUL24 C N4 Short 6.27%
SOYBEAN FUTURE JUL24 S N4 Short 6.23%
SUGAR #11 (WORLD) JUL24 SBN4 Short 5.76%
LIVE CATTLE FUTR JUN24 LCM4 Short 2.73%

Currency Exposures

Data as of 04/18/2024
Name Identifier Position % NAV
CHF CURRENCY FUT JUN24 SFM4 Short 15.40%
EURO FX CURR FUT JUN24 ECM4 Short 15.36%
C$ CURRENCY FUT JUN24 CDM4 Short 15.32%
JPN YEN CURR FUT JUN24 JYM4 Short 15.21%
AUDUSD CRNCY FUT JUN24 ADM4 Short 13.88%
BP CURRENCY FUT JUN24 BPM4 Long 3.66%

Fixed Income Exposures

Data as of 04/18/2024
Name Identifier Position % NAV
US 10YR ULTRA FUT JUN24 UXYM4 Short 23.59%
CAN 10YR BOND FUT JUN24 CNM4 Short 23.51%
LONG GILT FUTURE JUN24 G M4 Long 14.46%
JPN 10Y BOND(OSE) JUN24 JBM4 Long 10.26%
EURO-BUND FUTURE JUN24 RXM4 Short 5.64%

Collateral and Currency Management

Data as of 04/18/2024
Name Identifier Position Current Exposure($) % NAV
Cash 101,073,925 101,073,925 35.82%
B 04/30/24 40,000,000 39,935,253 14.15%
B 05/02/24 40,000,000 39,923,704 14.15%
B 05/16/24 40,000,000 39,841,800 14.12%
B 05/30/24 40,000,000 39,759,296 14.09%
B 06/04/24 40,000,000 39,730,261 14.08%
CANADIAN DOLLAR -5,234,348 -3,801,683 -1.35%
BRITISH STERLING POUND -3,414,561 -4,246,861 -1.50%
EURO -4,506,366 -4,796,353 -1.70%
JAPANESE YEN -812,868,956 -5,257,034 -1.86%
282,162,307 100%

Holdings, futures, and collateral are subject to change.

Top 10 Holdings

Data as of 04/18/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 35.82% Cash 101,073,925 101,073,925 0
2 B 04/30/24 14.15% US912797JQ12 Treasury Bill 40,000,000 39,935,253 0
3 B 05/02/24 14.15% US912797HH31 Treasury Bill 40,000,000 39,923,704 0
4 B 05/16/24 14.12% US912797FH58 Treasury Bill 40,000,000 39,841,800 0
5 B 05/30/24 14.09% US912797HS95 Treasury Bill 40,000,000 39,759,296 0
6 B 06/04/24 14.08% US912797JZ11 Treasury Bill 40,000,000 39,730,261 0
7 GASOLINE RBOB FUT JUN24 0.00% XBM4 Future 163 0 18,378,772
8 WTI CRUDE FUTURE JUN24 0.00% CLM4 Future 224 0 18,390,400
9 GOLD 100 OZ FUTR JUN24 0.00% GCM4 Future 82 0 19,663,600
10 JPN 10Y BOND(OSE) JUN24 0.00% JBM4 Future 31 0 28,952,045

Holdings are subject to change.