Kingsbarn Dividend Opportunity ETF

Kingsbarn Dividend Opportunity ETF (DVDN) is an actively managed fund of about 11 to 18 dividend-paying finance companies, mainly mortgage real estate investment trusts (REITs) and business development companies (BDCs). It yielded 16.01% over the 12 months to October 27, 2026, but lost 44.4% between its July 2024 peak and October 2026 low. Its 0.90% annual fee tops iShares Mortgage Real Estate ETF's 0.48%, and net assets were $3.1 million as of July 31, 2026.

• Over the year to Oct 27, 2026, DVDN returned -27.9%, 3rd of 3 among similar funds.
• Its worst full calendar year was 2025 (-16.9%); its best was 2024 (+2.0%).
• The deepest fall in its price history was 44.4% (Jul 23, 2024 to Oct 19, 2026), not yet recovered.

As of Jul 31, 2026, the fund held 17 securities; the ten largest made up 59.84% of assets.

• Over the three months to Jul 31, 2026, investors added a net $4K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -4.07%, -2.23%, -4.33%.

DVDN does not track an index. Its adviser, Kingsbarn Capital Management, picks the holdings and their weights. Under normal conditions, at least 80% of net assets go into dividend-paying companies, meaning ones that paid a dividend within the last year. That rule can change on 60 days' notice without a shareholder vote. The fund generally holds 11 to 18 companies and is non-diversified, so single positions can be large. As of July 31, 2026, it held 17 positions, with the top 10 at 59.8% of assets.

Much of the money goes to mortgage real estate investment trusts (REITs) and business development companies (BDCs), which generally must pay out most of their income. Mortgage REITs borrow to hold mortgage loans and securities, earning the gap between interest collected and borrowing costs. BDCs, including venture debt lenders, lend to private companies. Their assets range from government-agency-guaranteed mortgage securities to riskier commercial and business loans. These companies may hedge with derivatives, but the fund itself reported no derivatives as of July 31, 2026.

Trading is heavy. The prospectus reports portfolio turnover of 1,429%, meaning the fund replaced the equivalent of its whole portfolio about 14 times in a year. Trading costs are not part of the 0.90% expense ratio. The fund may also lend out the securities it owns.

• DVDN charges 0.9% a year, versus an average of 1.25% for the similar funds below (2nd of 3, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,108 over 10 years (assuming a 5% annual return).

It could add high income as a small side holding, but its concentrated mix of mortgage REITs and BDCs fell 44.4% from July 2024 to October 2026.

DVDN could add a large income stream. It pays quarterly, and payouts over the 12 months to October 27, 2026 totaled $2.08 per share, a 16.01% yield. Losses have been steep. The fund launched in November 2023, so it has no record in the 2008, 2020 or 2022 downturns. It lost 16.92% in 2025, its worst calendar year, and another 23.5% in 2026 through October 27. Its deepest drop, 44.4% from July 23, 2024 to October 19, 2026, had not been recovered as of October 27, 2026. Anyone drawing on it in a bad year could end up cashing out shares near lows, and dividends are not guaranteed.

It costs 0.90% a year: $92 in the first year and $1,108 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and any plan needs to look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.