KMLM

KFA Mount Lucas Index Strategy ETF

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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.

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.

Fund Details

Data as of 01/15/2021
TickerKMLM
Primary Exchange NYSE
CUSIP500767652
ISINUS5007676522
Net Assets$27,877,828
Total Annual Fund Operating Expense 0.90%
Inception Date12/2/2020
Distribution FrequencyAnnual

Daily Performance

Data as of 01/15/2021
Premium Discount Chart
NAV
Net Asset Value$26.55 
Daily Change -1.19%
Price
Market Price $26.95 
Daily Change0.00%
30 Day Median Bid/Ask Spread 0.39%

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 Month
3 Month
6 Month
Since Inception5.48% 5.80%
Cumulative %
Data as of quarter end: 12/31/2020
Fund NAV Closing Price Index
Since Inception5.48% 5.80%

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.

Top 10 Holdings

Data as of 01/15/2021
Full Holdings .CSV
Rank Company Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 SCHWAB SHORT-TER 78.33% SCHO US8085248628 Mutual Fund 425,000 21,836,500 0
2 Cash 21.60% Cash 6,021,233 6,021,233 0
3 EURO 0.06% Currency 14,554 17,580 0
4 JAPANESE YEN 0.03% Currency 880,024 8,472 0
5 BRITISH STERLING POUND 0.03% Currency 5,550 7,539 0
6 GASOLINE RBOB FUT MAR21 0.00% XBH1 Future 32 0 2,053,229
7 JPN YEN CURR FUT MAR21 0.00% JYH1 Future 37 0 4,455,494
8 WTI CRUDE FUTURE MAR21 0.00% CLH1 Future -2 0 -104,840
9 WHEAT FUTURE(CBT) MAR21 0.00% W H1 Future 59 0 1,992,725
10 US 10YR NOTE (CBT)MAR21 0.00% TYH1 Future 22 0 3,010,906

Holdings are subject to change.