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April 20, 2023 – Before SVB Collapse, Nancy Davis Warned of “Short Fixed-Income Volatility Exposure” on CNBC
April 3, 2023 – Has the US Fed Put Inflation Aside to Focus on the Banking Crisis?
March 27, 2023 – CNBC: Nancy Davis on 25bps Bump and IVOL
March 21, 2023 – Investing Strategy: Banking, Financial Crisis, Rate Hikes, SVB, Recession, Crash
KFA Funds is a premier platform for developing and delivering differentiated, high-conviction investment strategies to global investors. Our newsletter is a collaboration between our internal research department and our distinguished partners. Together we strive to offer differentiated perspectives on high-conviction investment strategies and themes.
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San Francisco, CA 94111
181 Queen Victoria Street
London EC4V 4EG
KVLE is benchmarked to the 3D/L Value Line® Dynamic Core Equity Index, which introduces a market adaptive approach to investing in US large cap companies. The strategy seeks to capture quality US companies based on a three-factor process that selects stocks with high dividend yields and are the highest rated among Value Line®’s Safety™ and Timeliness™ Ranking Systems. Careful quantitative modelling, that incorporates a unique set of risk management tools, adjusts the beta of the overall portfolio based on the market environment. The index is rebalanced monthly.
Ticker | KVLE |
Primary Exchange | NYSE |
CUSIP | 500767645 |
ISIN | US5007676456 |
Net Assets | $31,958,035 |
Total Annual Fund Operating Expense | 0.56% |
Inception Date | 11/24/2020 |
Distribution Frequency | Quarterly |
Daily Net Asset Value (NAV) and Market Price | |
NAV | $22.04 |
NAV Daily Change | -0.41% |
Market Price | $22.06 |
Market Price Daily Change | -0.41% |
30 Day Median Bid/Ask Spread |
0.32% |
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. |
NAV | Market Price | Premium/Discount |
$22.04 | $22.06 | $0.02 |
2022 Full Year | Q1 2023 | Q2 2023 | Q3 2023 | |
Days traded at premium | 123 | 58 | 58 | 51 |
Days traded at NAV | 0 | 0 | 0 | 0 |
Days traded at discount | 128 | 66 | 4 | 5 |
The Premium/Discount History chart demonstrates the difference between the daily market price of shares of the Fund and the Fund’s net asset value (NAV). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart and table above represent past performance and cannot be used to predict future results.
Fund NAV | Closing Price | Index | |
1 Month | -3.12% | -2.99% | -3.17% |
3 Month | 4.15% | 4.19% | 4.07% |
6 Month | 4.78% | 4.58% | 4.72% |
YTD | 5.56% | 5.80% | 5.38% |
Since Inception | 31.71% | 31.89% | 30.81% |
Fund NAV | Closing Price | Index | |
1 Year | 7.93% | 7.93% | 7.49% |
Since Inception | 10.46% | 10.51% | 10.18% |
Fund NAV | Closing Price | Index | |
1 Year | 10.86% | 11.17% | 10.38% |
Since Inception | 11.59% | 11.63% | 11.32% |
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.
2023 Distributions and Calendar |
Ex-Date | Record Date | Payable Date | Amount |
03/29/2023 | 03/30/2023 | 03/31/2023 | 0.102963 |
06/28/2023 | 06/29/2023 | 06/30/2023 | 0.135379 |
09/27/2023 | 09/28/2023 | 09/29/2023 |
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.
2022 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
03/29/2022 | 03/30/2022 | 03/31/2022 | 0.110853 |
06/28/2022 | 06/29/2022 | 06/30/2022 | 0.121110 |
09/28/2022 | 09/29/2022 | 09/30/2022 | 0.138116 |
12/28/2022 | 12/29/2022 | 12/30/2022 | 0.867091 |
2021 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
09/28/2021 | 09/29/2021 | 09/30/2021 | 0.292556 |
12/29/2021 | 12/30/2021 | 12/31/2021 | 2.001847 |
2020 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
12/30/2020 | 12/31/2020 | 01/04/2021 | 0.073054 |
30-day SEC Yield | 2.88% |
Unsubsidized 30-day SEC Yield | 2.88% |
30-day SEC Yield (Subsidized/Unsubsidized) is a 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.
In 2023, #volatility and recession fears led many #investors to focus on #income and overlook the growth #stock rebound. We believe $KVLE can help investors earn an attractive yield without sacrificing growth.
— KraneShares (@KraneShares) August 24, 2023
Read: https://t.co/gkzrtokE31#ETFs #investing #stocks #RIA #invest pic.twitter.com/hE1AtwkoAT
Does the current yield curve inversion mean a recession is on the horizon? Our research into past inversions suggests so. In this article, we examine yield curve patterns before and during recessions and how $IVOL may benefit: https://t.co/eEU6Bk4q2V#ETFs #investing pic.twitter.com/VRoPrUXSKh
— KraneShares (@KraneShares) August 8, 2023
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 $10,000 investment in the fund is hypothetical and for illustration purposes only.
Rank | Name | % of Net Assets | Ticker | Identifier | Shares Held | Market Value($) |
1 | APPLE INC | 6.72% | AAPL | US0378331005 | 12,242 | 2,148,349 |
2 | MICROSOFT CORP | 4.38% | MSFT | US5949181045 | 4,360 | 1,398,557 |
3 | JPMORGAN CHASE & CO | 2.73% | JPM | US46625H1005 | 5,880 | 872,004 |
4 | CISCO SYSTEMS INC | 2.09% | CSCO | US17275R1023 | 12,026 | 667,443 |
5 | HOME DEPOT INC | 2.07% | HD | US4370761029 | 2,127 | 661,199 |
6 | COMCAST CORP-CLASS A | 2.06% | CMCSA | US20030N1019 | 14,436 | 656,838 |
7 | PFIZER INC | 2.01% | PFE | US7170811035 | 19,078 | 641,402 |
8 | AMGEN INC | 1.96% | AMGN | US0311621009 | 2,307 | 626,258 |
9 | UNION PACIFIC CORP | 1.88% | UNP | US9078181081 | 2,828 | 602,307 |
10 | CVS HEALTH CORP | 1.88% | CVS | US1266501006 | 8,424 | 601,558 |
Holdings are subject to change.
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