KCAL Food Security ETF

The Subversive Food Security ETF (Ticker: KCAL) is an actively managed exchange-traded fund that seeks to achieve its investment objective of long term capital appreciation by investing in a portfolio of publicly-listed equity securities of companies that intersect the production, distribution, or delivery of food, or companies that invest in technology and tools necessary to support the global food security. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of Food Security Companies. Securities eligible for inclusion in the Fund’s investable universe include publicly listed equity securities of U.S. and foreign (including emerging markets) issuers.

In selecting investments for the Fund, we will apply a top-down approach, utilizing primarily quantitative factors, but also considering qualitative factors with a view toward growth and earning potential. In the selection process, we will give greater weight to Food Security Companies whose primary business models and growth prospects are dedicated to the actual production of food or the infrastructure or the applications that support global food security.

In our selection process, we will also factor in global macroeconomic events that affect the global food supply chain, such as the invasion of Ukraine, as well as the long-term effects of climate change on food production and prices. In doing so, we seek to identify companies that are positioned to help the global economy manage the inflationary shocks resulting from the global pandemic response and the truly
supply-driven food chain shocks that we believe will result in generally higher prices on food inputs and higher interest rates/weaker currency among those countries where the risk of interruptions in the global food supply chain are highest.

As water security is food security, the Fund will invest in companies in and related to the water industry. The Fund’s investments in the water industry will typically be in the form of investments in publicly traded desalination plants, publicly traded derivatives instruments, or a future, market-based method of investing in the price of water. The Fund will concentrate its investments in the securities of issuers in the food and agriculture group of industries.

 

FUND DATA & PRICING
Net Assets as of 02/07/2023 $638,932.64
NAV $25.56
Shares Outstanding 25,000
Premium/discount Percentage 0.19%
Closing Price $25.61
Median 30 Day Spread 0.35%

Data as of 02/07/2023

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

FUND DETAILS
Inception Date 12/22/2022
Primary Exchange CBOE
Ticker KCAL
CUSIP 81752T551
IOPV Symbol KCAL.IV
NAV Symbol KCAL.NV
Expense Ratio 0.75%
PERFORMANCE As of 01/31/2023
  AVG. ANNUALIZED
  QUARTER 1 YEAR 3 YEAR SINCE INCEPTION 12/21/2022
Fund NAV 00.00% 00.00% 00.00% 3.37%
Market Price 00.00% 00.00% 00.00% 3.53%
Benchmark Index 00.00% 00.00% 00.00% 5.25%

Expense ratio: 0.75%

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. Performance current to the most recent month-end can be obtained by calling (877-291-4040 ).

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

DISTRIBUTION DETAIL
EX-DATE RECORD DATE 1 YEAR PAYABLE DATE
XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX
TOP 10 HOLDINGS
% OF NET ASSETS NAME TICKER CUSIP SHARES HELD MARKET VALUE
5.33% MOSAIC CO NEW MOS 61945C103 680 34,034.00
5.20% INTREPID POTASH INC IPI 46121Y201 1,037 33,194.37
4.71% K+S AG SDF GR B54C017 1,309 30,072.91
4.56% YARA INTERNATIONAL YAR NO 7751259 674 29,105.87
4.46% ANDERSONS INC ANDE 034164103 741 28,521.09
4.45% BALCHEM CORP BCPC 057665200 200 28,412.00
4.43% CVR PARTNERS LP UAN 126633205 301 28,318.08
4.38% CF INDS HLDGS INC CF 125269100 332 27,971.00
4.34% KATAKURA & CO-OP A 4031 JP 6483865 2,113 27,731.56
4.27% TITAN MACHY INC TITN 88830R101 617 27,308.42

Data as of 02/08/2023. Holdings are subject to change.