KINGSBARN TACTICAL BOND ETF (KDRN) Educational Report

What this ETF is trying to do

The KINGSBARN TACTICAL BOND ETF (KDRN) is an exchange-traded fund that focuses on bonds. It holds several different types of bond funds to build its portfolio. Based on the data, its top holdings include investment-grade corporate bonds and mortgage-backed securities.

What the numbers show

When looking at an ETF, it is important to know the difference between "price return" and "total return." Price return only tracks how much the share price changes. Total return includes both the price change and any cash payments (distributions) made to investors.

Here is how KDRN has performed:

• Year-to-Date (YTD): The price return is approximately -3.67%. However, the total return is higher at -1.07%.

• One Year: The price return was approximately -4.30%, while the total return was approximately -0.76%.

• Three Years: The price return was approximately 2.18%, but the total return was much higher at 11.76%.

To visualize the price change, if you had bought one share roughly one year ago at the estimated price of $23.36, that single share would be worth approximately $22.36 today.

Income and distribution explanation

Some investors look for ETFs that pay out cash. KDRN has a distribution yield of approximately 3.75%. This means the fund paid out about $0.84 per share over the last 12 months. These payments usually happen four times a year (quarterly). While these payments provide cash, they are not the same as total return.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases over time. It is important to note that a falling share price does not always mean the NAV is eroding. For KDRN, the erosion-risk score is 94, which is labeled as "Stable / sideways." There is no severe erosion-risk flag for this ETF.

Pros

• Stronger Total Returns: Over a three-year period, the total return (11.76%) was significantly higher than the price return (2.18%), showing that distributions added value over time.

• Stable Risk Score: The erosion-risk measurement is considered "good."

Cons

• Recent Price Declines: Both the year-to-date and one-year price returns have been negative.

• Lower Income Grade: The fund has an income rating grade of "C."

Beginner takeaway

When studying KDRN, remember that the share price and the total return tell different stories. While the share price has gone down recently, the total return is often higher because of the cash distributions paid to investors. Always look at both numbers to get a full picture of how an ETF is performing.

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Top Holdings (as of 2026-10-07):

• ISHARES 1-5 YEAR INVMT GRD CORP BD ETF (23.66%)

• STATE STREET SPDR PORT ITMTTERMCORPBDETF (23.43%)

• STATE STREET® SPDR® PORT HI YLD BD ETF (11.70%)

• ISHARES MBS ETF (11.56%)

• SIMPLIFY MBS ETF (11.45%)

• ISHARES 7-10 YEAR TREASURY BOND ETF (7.12%)

• VANGUARD SHORT-TERM TREASURY ETF (6.26%)