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Kingsbarn Dividend Opportunity ETF (DVDN)

DVDN is an actively managed portfolio of publicly listed equities issued by Residential and Commercial Mortgage Real Estate Investment Trusts and Business Development Companies. The Fund’s investment objective is to deliver investors an attractive quarterly dividend while maintaining prospects for capital appreciation.

Distribution Yield ℹ️


30-Day SEC Yield ℹ️


Distribution Frequency:


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The SEC-30 Day Yield and the Distribution Yield are not guaranteed and are based upon the dividends received by the Fund that can vary, sometimes materially.  In addition, both yields are based upon the Fund’s NAV that can also vary as determined by the prices of the stocks in the Fund’s portfolio. Investors should not base their investment decision on the Fund’s 30-Day SEC Yield or its Distribution Yield. The Distribution Yield is as of March 31, 2024 and the 30-Day SEC Yield is as of April 30, 2024. Past performance is not a guarantee of future results.

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Actively Managed to Deliver an Attractive Yield


The portfolio managers each possess unique analytic and operating expertise that allows for the development of proprietary bottom-up financial forecasts that provide earnings, dividend, and book value sensitivities to changing macroeconomic conditions.


DVDN’s portfolio managers model and monitor approximately 73 companies across five subsectors providing a differentiated investment universe to take advantage of attractive companyspecific investment opportunities.


Absent systemic events (FY08 Global Financial Crisis; 1Q20 COVID19) that can materially disrupt dividend distributions, Mortgage REITs and Business Development Companies generally pay relatively stable dividend distributions. The DVDN 30-Day SEC Yield for April 2024 was 12.09% which declined from 13.46% for February 2024. DVDN may serve as an attractive fund for fixed income portfolio allocations.

The DVDN Investment Universe*








$11.1 Billion





$21.7 Billion





$22.0 Billion





$64.3 Billion



Data accurate as of 5/7/24. Source: Bloomberg, JMP Securities, and BTIG.
Past performance does not guarantee future returns.
All metrics are equal-weighted by the number of stocks in each segment.
Please see end note disclosures for definitions.

As an actively managed fund, DVDN will typically have positions in
12-18 companies from three or more of the REIT and/or BDC sub-sectors.

The DVDN Investment Process

Bottom-Up Analysis

DVDN’s PMs develop proprietary financial forecasts for net income, dividends, and book value under numerous interest rate scenarios.

  • Forecast forward 12-month net income, dividends, and book value.
  • Via Bloomberg, mark-to-market the investment portfolio and hedging positions.

Construct the Portfolio

From the five sub-sectors, select 12-18 companies that may deliver investors an attractive dividend that is relatively resilient across various interest rate scenarios.

  • The goal of DVDN’s investment process is twofold: (a) select those companies that deliver the highest aggregate “base forecast” dividend (b) with the lowest volatility in that dividend across various interest rate scenarios.

Actively Manage Portfolio Positions

Frequently “stress-testing” financial models and marking-to-market investment portfolios should benefit DVDN returns.

  • Core positions in companies with resilient dividends across wide ranges of interest rates.
  • Overweight “upside surprise” dividend opportunities.
  • Sell positions before earnings misses/dividend cuts.

Fund Summary



Investment Objective

Deliver an attractive quarterly dividend while maintaining prospects for capital appreciation.

High Income Potential

Investment universe of ~73 securities paying high dividend yields.

Actively Managed Portfolio

Fund managers select 12-18 companies they believe will deliver
attractive risk-adjusted returns.

Management Fee

0.90% on invested capital.

Fund Expenses


Performance As Of  4/30/24 • Inception Date: 11/2/23

Time Period

Apr ’24



Inception (Annualized)

DVDN Price










Performance data quoted represents past performance and does not guarantee future results. An investment’s return and the principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance from the most recent month-end (April  2024) to the current date may be lower or higher than the quoted performance and can be obtained by calling 800.242.1000. Time periods less than one year are annualized unless noted otherwise. Short-term performance, in particular, is not a good indication of the Fund’s future, or longerterm, performance and an investment should not be made based solely on investment returns


The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 800-242-1000.

Shares are bought and sold at market price, not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

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Market Cap – The “Market Cap” or market capitalization is calculated by multiplying the number of shares outstanding by the company’s stock price.

Price to Book – The “Price to Book” is the ratio of the security’s market price divided by the company’s book value, or the balance of its common equity (total equity less any preferred equity).  It is also common for a company’s book value to be referred to as its Net Asset Value, or NAV, which is the difference between its assets and liabilities (and preferred equity, if any).  As shown in the Exhibit, most of the stocks in DVDN’s Investment Universe were priced, on 10/16/2023, below Net Asset Value.  A company’s Net Asset Value can fluctuate as the fair market value of its assets changes due to changes in interest rates, changes in market spreads, or changes in credit performance.  Although there are some companies in the Investment Universe that trade at a premium to Net Asset Value, generally Net Asset Value is a reasonable proxy for the fair value of the stocks in the Investment Universe.

Current Yield – The “Current Yield” is the ratio of the company’s most recently declared dividend divided by the security’s market price wherein the most recently declared dividend is annualized by multiplying by 4 (or 12 in the case the company pays a monthly dividend).  The Current Yield can fluctuate as a company’s stock price changes or if a company increases or decreases its quarterly dividend.  As shown on Page 3, the Current Yield for the stocks in the Investment Universe is benefitted as the stock prices are trading at discounts to Net Asset Value, or book value (see definition for Price to Book).

Agency Mortgage REITs – Agency Mortgage REITs invest in mortgage-backed securities issued by Fannie Mae and/or Freddie Mac, otherwise known as government-sponsored enterprises (or GSEs).  These securities do not expose the investor or any credit risk as that risk is borne by the GSEs.  Agency Mortgage REITs also invest in mortgage-backed securities issued by Ginnie Mae with is backed by the full faith and credit of the U.S. government.

Hybrid / Credit Mortgage REITs – Hybrid Mortgage REITs invest in mortgage-backed securities that are not guaranteed by any government-sponsored enterprise and investors are exposed to credit risk related to borrower payment behavior for the mortgages underlying the mortgage-backed security.

CREITs – Commercial Mortgage REITs (“CREITs”) invest in loans that are secured by commercial real estate, including multifamily properties.  Investors in commercial mortgage loans are subject to credit risk related to borrower payment behavior.

BDCs – Business Development Companies (“BDCs”) invest in loans made primarily to private companies.  Investors in loans to private companies are subject to credit risk related to the payment behavior of the private companies.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 800.242.1000 or visit our website at Read the prospectus or summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Fund risks: As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders’ investments in the Fund are set forth below.

Equity Securities Risk. Equity prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of equity
securities may fluctuate from day to day.

Mortgage REITs Risk. The Fund’s investments in the securities of publicly traded residential and commercial mortgage REITs will be subject to a variety of risks affecting those REITs directly. Investments in BDCs, Business Development Companies may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC’s portfolio typically will include substantial amounts of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund.

Risks of investing in VDLs. VDLs, Venture Debt Lenders, are direct lenders to private companies that are backed by private equity or venture capital investment firms. Generally, these companies have reached a stage in their business life cycle whereby their sponsors are comfortable raising debt capital to fund growth rather than investing additional equity capital.

Fixed-Income Securities Risk. Fixed-income securities can experience extended periods of price declines during periods of (a) sustained increases in market interest rates; and/or (b) persistent widening of credit spreads. The values of fixed-income securities may be affected by changes in the credit rating or financial condition of their issuers.

New Fund Risk. The Fund is a new ETF and has only recently commenced operations. As a new fund, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case it could ultimately liquidate.The Fund’s distributor does not maintain a secondary market in the Fund’s shares.

Foreside Fund Services, LLC. Distributor.


The 30-Day SEC Yield is a standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows fairer comparison of bond funds. It is based on the most recent 30-Day period covered by the Fund’s filings with the SEC. The yield figure reflects dividends and interest earned during the period after the deduction of the Fund’s expenses. It is also referred to as the “standardized yield.” The SEC yield is used to compare bond funds and ETFs because it captures the effective rate of interest an investor may receive in the future. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV.

Per the 30-Day SEC Yield calculation, the total amount of dividends and interest earned, less applicable expenses, is divided by the maximum public offering price per share on the last day of the 30-Day period. Therefore, over time, the 30-Day SEC Yield can fluctuate based upon (a) dividends and interest earned; and/or (b) applicable expenses; and/or (c) the maximum share price of the ETF at the end of a 30-Day period.

Investors should not rely upon the historical 30-Day SEC Yield when considering an investment in DVDN as past results may not be indicative of future dividend distributions by companies in the DVDN portfolio.

The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund. The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date.

Investors should not rely upon the Distribution Yield when considering an investment in DVDN as past results may not be indicative of future dividend distributions by companies in the DVDN portfolio.