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 Managed Futures 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 02/12/2025
Daily Net Asset Value (NAV) and Market Price
NAV $27.45
NAV Daily Change 0.73%
Market Price $27.37
Market Price Daily Change 0.77%
30 Day Median Bid/Ask Spread
0.15%

Performance History

Cumulative %
Data as of: 01/31/2025
Fund NAV Closing Price Underlying Index
1 Month -2.76% -2.17% -2.67%
3 Month -2.00% -1.61% -2.00%
6 Month -6.82% -6.75% -6.63%
YTD -2.76% -2.17% -2.67%
Since Inception 33.64% 33.94% 44.84%
Avg Annualized %
Data as of month end: 01/31/2025
Fund NAV Closing Price Underlying Index
1 Year -3.44% -2.86% -2.82%
3 Year 3.96% 4.03% 6.03%
Since Inception 7.20% 7.26% 9.29%
Avg Annualized %
Data as of quarter end: 12/31/2024
Fund NAV Closing Price Underlying Index
1 Year -1.07% -1.70% -0.51%
3 Year 6.68% 6.53% 8.98%
Since Inception 8.10% 7.99% 10.22%

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

2025 Distributions and Calendar
Ex-Date Record Date Payable Date Amount
03/27/2025 03/28/2025 03/31/2025
06/26/2025 06/27/2025 06/30/2025
09/26/2025 09/29/2025 09/30/2025

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.

2024 Distributions
Ex-Date Record Date Payable Date Amount
03/26/2024 03/27/2024 03/28/2024 0.000000
06/27/2024 06/27/2024 06/28/2024 0.000000
09/27/2024 09/27/2024 09/30/2024 0.000000
12/17/2024 12/17/2024 12/18/2024 0.230111
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 02/12/2025

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 02/13/2025
Name Identifier Position % NAV
SUGAR #11 (WORLD) MAY25 SBK5 Short 7.22%
GOLD 100 OZ FUTR JUN25 GCM5 Long 7.13%
WHEAT FUTURE(CBT) MAR25 W H5 Short 7.06%
CORN FUTURE MAR25 C H5 Long 7.00%
SOYBEAN FUTURE MAR25 S H5 Short 6.75%
LIVE CATTLE FUTR JUN25 LCM5 Long 6.68%
NATURAL GAS FUTR MAR25 NGH25 Long 6.60%
WTI CRUDE FUTURE JUN25 CLM5 Long 3.51%
GASOLINE RBOB FUT MAR25 XBH5 Long 1.67%
COPPER FUTURE MAR25 HGH5 Long 1.09%
NY HARB ULSD FUT MAR25 HOH5 Short 1.00%

Currency Exposures

Data as of 02/13/2025
Name Identifier Position % NAV
C$ CURRENCY FUT MAR25 CDH5 Short 16.62%
AUDUSD CRNCY FUT MAR25 ADH5 Short 16.53%
JPN YEN CURR FUT MAR25 JYH5 Short 16.51%
BP CURRENCY FUT MAR25 BPH5 Short 16.48%
CHF CURRENCY FUT MAR25 SFH5 Short 16.39%
EURO FX CURR FUT MAR25 ECH5 Short 16.38%

Fixed Income Exposures

Data as of 02/13/2025
Name Identifier Position % NAV
LONG GILT FUTURE MAR25 G H5 Short 26.10%
EURO-BUND FUTURE MAR25 RXH5 Short 25.91%
JPN 10Y BOND(OSE) MAR25 JBH5 Short 25.82%
US 10YR ULTRA FUT MAR25 UXYH5 Short 25.68%
CAN 10YR BOND FUT MAR25 CNH5 Long 18.74%

Collateral and Currency Management

Data as of 02/13/2025
Name Identifier Position Current Exposure($) % NAV
Cash 169,845,846 169,845,846 51.56%
B 02/27/25 50,000,000 49,923,258 15.16%
B 03/06/25 50,000,000 49,881,945 15.14%
B 03/27/25 50,000,000 49,757,502 15.11%
B 03/11/25 35,000,000 34,896,434 10.59%
BRITISH STERLING POUND -3,462,809 -4,349,280 -1.32%
JAPANESE YEN -851,573,312 -5,575,131 -1.69%
CANADIAN DOLLAR -9,000,516 -6,344,647 -1.93%
EURO -10,546,825 -11,034,668 -3.35%
327,001,260 99%

Holdings, futures, and collateral are subject to change.

Top 10 Holdings

Data as of 02/13/2025 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 51.94% Cash 169,845,846 169,845,846 0
2 B 02/27/25 15.27% US912797ML87 Treasury Bill 50,000,000 49,923,258 0
3 B 03/06/25 15.25% US912797MM60 Treasury Bill 50,000,000 49,881,945 0
4 B 03/27/25 15.22% US912797MU86 Treasury Bill 50,000,000 49,757,502 0
5 B 03/11/25 10.67% US912797NQ65 Treasury Bill 35,000,000 34,896,434 0
6 GASOLINE RBOB FUT MAR25 0.00% XBH5 Future 62 0 5,496,263
7 WTI CRUDE FUTURE JUN25 0.00% CLM5 Future 164 0 11,573,480
8 GOLD 100 OZ FUTR JUN25 0.00% GCM5 Future 79 0 23,488,280
9 JPN 10Y BOND(OSE) MAR25 0.00% JBH5 Future -93 0 -85,045,272
10 JPN YEN CURR FUT MAR25 0.00% JYH5 Future -663 0 -54,370,144

Holdings are subject to change.