AXS Knowledge Leaders ETF

AXS Knowledge Leaders ETF (KNO) is an actively managed global stock fund. It does not track an index. It buys mid- and large-cap companies in developed countries that its adviser calls 'knowledge leaders': firms that turn research, brands and other intangible spending into lasting advantages. At least 40% of the fund sits outside the US. As of June 30, 2026, Micron Technology alone was about 23% of assets, and the fund charges 0.75% a year.

• Over the year to Oct 27, 2026, KNO returned +23.9%.
• Its worst full calendar year was 2025 (+19.8%); its best was 2025 (+19.8%).
• The deepest fall in its price history was 15.6% (Sep 26, 2024 to Apr 8, 2025), recovered by May 15, 2025.

As of Jun 30, 2026, the fund held 65 securities; the ten largest made up 43.22% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $1.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.24%, +12.95%, +2.79%.

KNO's adviser starts with companies in the top 85% by market value across 22 developed countries, leaving out Hong Kong. It drops stocks priced under $1 and the 10% that trade least. It then rebuilds each company's financial history back to 1980. In that rebuild, spending on research and development, advertising, brand building and employee training counts as an investment, much like a new factory, rather than an expense that disappears.

Next comes a pass/fail screen. It checks innovation intensity, balance sheet strength, steady earnings growth and operating cash flow. Companies that pass every level are 'knowledge leaders.' The fund does not buy them all. It picks the ones the adviser sees as easiest to trade. At least 80% of assets go to knowledge leaders, with no more than 25% in any one industry. At least 40% goes to companies based outside the US, sometimes through depositary receipts, which are US-traded certificates for foreign shares.

The prospectus gives no fixed weighting formula or rebalancing schedule. A stock may be sold if it fails the screen, to harvest tax losses, or to swap in a more easily traded stock. In unsettled markets the fund may hold cash. As of June 30, 2026, it held 65 positions. The top 10 made up 43% of assets, and Micron alone was about 23%.

• KNO charges 0.75% a year.
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

KNO adds global, innovation-focused stocks, but with roughly 23% in a single company and a 0.75% fee, it fits better as a smaller slice than as a core holding.

KNO could add developed-market stocks outside the US, especially Japan, which was 22% of assets as of June 30, 2026. The fund launched in 2015, so it missed the 2008 crisis. Its filings show a 16.95% gain in 2020. In 2022, its worst calendar year, it lost 22.81%, including a 15.88% drop in the second quarter alone. In price data starting July 2024, its deepest fall was 15.6%, from September 2024 to April 2025. It made that back by May 15, 2025. Anyone forced to sell in a year like 2022 would have locked in losses.

KNO is not built for income. Its yield was 0.87% as of October 27, 2026, paid once a year. In the SEC's standard $10,000 example, costs come to $77 after one year and $930 after ten. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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

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