At a glance
KDRN charges 0.62% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.2M in assets, the 8th largest of that group; it paid 3.77% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.2% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.0% a year. At its worst it fell 14.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low.
The short version
Kingsbarn Tactical Bond ETF (KDRN) is an actively managed fund of funds that holds bond ETFs and may use 10-year Treasury futures, aiming to roughly mirror the credit and interest-rate risk of the Bloomberg Aggregate Bond Index. Its key difference is a systematic rate forecast that shifts its duration, or sensitivity to rate changes. It is very small (about $1.15 million in net assets as of August 31, 2026) and charges 0.62% a year.
Price history
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KDRN -1.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| KDRN official prospectus, to Dec 31, 2025 | — | +4.31% | — | — | — | +0.76% |
| KDRN price data to Oct 27, 2026 | -0.2% | -1.2% | +4.0% | — | — | +0.5% |
- Over the year to Oct 27, 2026, KDRN returned -1.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2022 (-12.1%); its best was 2023 (+10.1%).
- The deepest fall in its price history was 15.3% (Dec 28, 2021 to Oct 24, 2022), recovered by Aug 21, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.2% | — |
| 2025 | +4.7% | +4.31% |
| 2024 | +1.3% | +1.96% |
| 2023 | +10.1% | +9.95% |
| 2022 | -12.1% | -12.04% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.1% over that stretch · deepest drop along the way 14.5%, back to its old high 21.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $0.5900 | -9.2% |
| 2024 | $0.6500 | -1.5% |
| 2023 | $0.6600 | +46.7% |
| 2022 | $0.4500 |
What's inside
As of Aug 31, 2026, the fund held 6 securities; the ten largest made up 91.62% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES 1 5 YEAR INVESTMENT GRADE CORPORATE BOND E Other | 22.96% | |
| STATE STREET SPDR PORTFOLIO INTERMEDIATE TERM CORP Other | 22.90% | |
| STATE STREET SPDR PORTFOLIO HIGH YIELD BOND ETF Other | 11.51% | |
| VANGUARD SHORT TERM TREASURY ETF Other | 11.47% | |
| ISHARES MBS ETF Other | 11.47% | |
| SIMPLIFY MBS ETF Other | 11.31% |
By country
United States 91.62%By asset type
Other 91.62%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.04%, -0.48%, +0.17%.
How it works
KDRN is actively managed, not an index fund. Its adviser, Kingsbarn Capital Management, picks bond ETFs meant to generally track the credit risk and duration (how sharply prices react to rate changes) of the Bloomberg Aggregate Bond Index, a broad US bond benchmark. At least 80% of net assets goes into bonds through these funds. They may hold corporate, government, mortgage-backed, emerging-market and below-investment-grade, or “junk,” bonds. The adviser can add or replace funds without shareholder approval.
The tactical part is duration. The adviser trades 10-year Treasury futures based on a systematic short-term rate forecast that uses market, economic and technical factors. Futures are contracts that adjust exposure to Treasury prices without owning the bonds. When the adviser expects falling rates, it lengthens duration to gain more. When it expects rising rates, it shortens duration to limit losses. A wrong call can hurt returns, and with some derivatives, losses can exceed the amount invested.
As of August 31, 2026, six ETFs made up about 92% of net assets, and no futures positions were listed. The iShares 1-5 Year Investment Grade Corporate Bond ETF and SPDR Portfolio Intermediate Term Corporate Bond ETF held about 23% each. The SPDR Portfolio High Yield Bond ETF, Vanguard Short-Term Treasury ETF, iShares MBS ETF and Simplify MBS ETF held about 11% to 12% each.
What it really costs
- KDRN charges 0.62% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $63 in the first year and $774 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KDRN | $63 | $199 | $346 | $774 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers broad bond exposure meant to resemble the credit and rate risk of the Bloomberg Aggregate Bond Index, which may balance stocks, though it fell alongside them in 2022.
KDRN launched in December 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. It fell 14.5% in the 2022 bear market, dropping alongside stocks rather than cushioning them. Its deepest decline, 15.3% from December 28, 2021 to October 24, 2022, took about 22 months to recover. Its worst calendar year was 2022, a 12.04% loss. Anyone selling shares for spending during that stretch sold below the prior high.
Quarterly payouts totaled $0.85 per share in the 12 months to October 27, 2026, a 3.77% yield. The 0.62% annual expense ratio equals $63 over one year on $10,000 in the SEC's standard example. The fund had about $1.15 million in net assets as of August 31, 2026. Funds that small can close, forcing a sale. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund spread across corporate, Treasury, mortgage and high-yield bond ETFs, with risk meant to resemble the Bloomberg Aggregate Bond Index.
- Those who think a systematic interest-rate forecast can add value by shifting duration with 10-year Treasury futures, and who accept that it may be wrong.
- Investors seeking quarterly income from bonds: payouts totaled $0.85 per share, a 3.77% yield, in the 12 months to October 27, 2026.
Look elsewhere if
- Investors wary of tiny funds: net assets were about $1.15 million as of August 31, 2026, raising closure risk and possibly trading costs.
- Those wanting a proven record: it returned 0.76% a year from inception through December 31, 2025, including a 12.04% loss in 2022.
- Cost-focused investors: it charges 0.62% a year, including a 0.50% management fee, to hold ETFs that carry their own fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KDRN this fund | 0.62% | $1.2M | -1.2% | +4.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does KDRN pay monthly dividends?
No. KDRN pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.85 per share, a yield of 3.77%. Its payouts depend largely on what its underlying bond ETFs pay, so the amount can change. The prospectus warns that income could fall if market interest rates drop and the fund or its underlying funds move into lower-yielding bonds.
Is KDRN good for retirement?
It may suit retirees who are comfortable with an adviser's interest-rate calls, but its record is short and uneven. It launched in December 2021, lost 12.04% in 2022 and needed about 22 months to recover from its 15.3% peak-to-trough drop. From inception through December 31, 2025, it returned 0.76% a year. Quarterly payouts added up to a 3.77% yield over the 12 months to October 27, 2026. Net assets were only about $1.15 million as of August 31, 2026, and funds that small can close.
What does KDRN invest in?
KDRN holds other bond ETFs rather than individual bonds. As of August 31, 2026, six funds made up about 92% of net assets. The iShares 1-5 Year Investment Grade Corporate Bond ETF and SPDR Portfolio Intermediate Term Corporate Bond ETF were about 23% each. The SPDR Portfolio High Yield Bond ETF, Vanguard Short-Term Treasury ETF and two mortgage-backed funds, iShares MBS ETF and Simplify MBS ETF, were about 11% to 12% each. It may also use 10-year Treasury futures, but none were listed on that date.
What's the difference between KDRN and an aggregate bond index fund?
An index fund tracking the Bloomberg Aggregate Bond Index follows the index's rules, while KDRN is actively managed. KDRN owns other bond ETFs, including a high-yield fund. Its adviser can trade 10-year Treasury futures to lengthen or shorten duration, its sensitivity to rate changes, based on a rate forecast. KDRN aims only to generally track the index's credit and duration risk, so its returns can differ, for better or worse. Its 0.50% management fee also sits on top of the underlying ETFs' own fees.
What is KDRN's expense ratio?
KDRN's expense ratio is 0.62% a year, according to its prospectus filed March 30, 2026, and that includes a 0.50% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs would total about $63 after one year, $199 after three years, $346 after five years and $774 after 10 years. Because KDRN is a fund of funds, its management fee sits on top of the fees its underlying ETFs charge.