Kingsbarn Tactical Bond ETF · AMEX:KDRN
Kingsbarn Tactical Bond ETF — Investor Presentation (January 2026)
20 slides from Kingsbarn Tactical Bond ETF's investor presentation, Jan 31, 2026
Slide 1: Kingsbarn Tactical Bond ETF (KDRN)
K D R N K ING SBARN TACT ICAL B OND E T F
Slide 2: Fund Overview
Fund Overview Objective: Kingsbarn Tactical Bond Fund (KDRN) seeks to maximize total returns Opportunity: Benefit from tactical credit and duration positioning • Returns across credit and duration risk continuum vary over time • Passively maintaining benchmark exposure makes little sense in a world
Slide 3: KDRN Total Returns vs Benchmark
KDRN Total Returns vs Benchmark 10 5 Total Net Return (%) 0 -5 -10 -15 -20 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Nov25 Kingsbarn Tactical Bond ETF Bloomberg US Agg Total Return As of 12/31/2025. Source: Bloomberg. Cumulative Total Return (Gro
Slide 4: Fund Performance Attribution
Fund Performance Attribution Active management has generated 780 bps of cumulative excess return (i.e. alpha1) As of: 1/31/2026; Inception 12/20/2021 2022 2023 2024 2025 2026 ITD Alpha1 Kingsbarn Tactical Bond GROSS -10.87% 11.04% 3.02% 5.24% 0.36% 7.86% 8.10% Kingsbarn Tactical Bond NET NAV -12.04%
Slide 5: Drivers of Expected Excess Return (Alpha)
Drivers of Expected Excess Return (Alpha) Active Duration Management Active interest rate and yield curve positioning Portfolio duration range between 0 and 10 years. Active Credit Allocation Baseline allocations similar to Aggregate Bond Index with tactical sector allocations over time. Excess Retu
Slide 6: Active Duration Opportunities
Active Duration Opportunities • Flexibility to adapt to changing yield curve movements • Return Dispersion = Alpha opportunity of active duration management1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.98% 1.43% 8.98% 1.83% 15.11% 18.10% 0.04% 1.52% 5.14% 5.32% 7.20% Best 5-7 Year 20+ Y
Slide 7: Active Credit Opportunities
Active Credit Opportunities • Flexibility to adapt to changing credit risk regimes over time • Return Dispersion = Alpha opportunity of active credit allocation1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.30% 17.13% 7.50% 1.83% 14.54% 10.99% 5.96% 1.52% 13.45% 8.76% 7.22% Best Municipa
Slide 8: Futures Overlay (duration)
10 Year Treasury Yield 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Active Duration Position
Slide 9: Current Active Exposures
Current Active Exposures Kingsbarn Bloomberg ST Treasury Tactical Aggregate Active Bills, 20% Bond ETF Bond Index Positions AA AA Credit Quality LT Treasury Bond, 20% TIPs, 14% 45% 45% Treasury Bonds + Cash 15% +15% Treasury Inflation Protect 20% 25% -5% Mortgage Bonds Treasury Futures, 6% 20% 25% -
Slide 10: KDRN: Active Alpha
KDRN: Active Alpha Fund has provided excess returns since inception: As of: 1/31/2026; Inception 12/20/2021 2022 2023 2024 2025 2026 ITD Duration Management Alpha 2.23% 5.84% 1.42% -1.27% 0.11% 8.34% Credit Allocation Alpha -0.09% -0.33% 0.35% -0.79% 0.14% -0.51% Total Excess Return GROSS 2.14% 5.51
Slide 11: Risk Management
Risk Management • Focus on investments in liquid, low-cost bond ETFs • Opportunistic credit positioning • Active duration exposure within pre-defined parameters • Exchange-traded futures to position duration (low counterparty risk) • Strict stop-loss and profit-taking levels on futures positions • S
Slide 12: Benefits of KDRN
Benefits of KDRN • Outsources duration decision to experienced manager • Excess returns through skill-based, active management • Differentiated strategy that can exploit yield curve volatility • Portfolio stabilizer – Treasury bond allocation and investment grade focus • Scalable, transparent and li
Slide 13: Alpha Specialist
Alpha Specialist • In our opinion, KDRN’s active management techniques are differentiated from the average core bond fund’s excess credit risk and un-managed duration risk1 • Distinctive product based on tactical flexibility, liquidity and high-grade bond focus • Our fixed income strategies offer di
Slide 14: Performance Review
Performance Review As of: 1/31/2026; Inception 12/20/2021 1M 3M 6M YTD 1YR ITD (A) ITD (C) Kingsbarn Tactical Bond MKT 0.43% 0.45% 1.93% 0.43% 4.48% 0.81% 3.42% Kingsbarn Tactical Bond NAV 0.31% 0.47% 1.89% 0.31% 4.34% 0.82% 3.44% Bloomberg US Aggregate Bond Index 0.11% 0.58% 3.54% 0.11% 6.85% -0.06
Slide 15: Active Duration
ACTIVE DURATION 15
Slide 16: Factors Driving Duration Positioning
Factors Driving Duration Positioning Our Duration Model assesses a broad set of uncorrelated predictive factors: ECONOMIC INFL ATION FED POLICY VALUAT ION TECHNICALS Are real-time Are price levels Is current policy Are current levels Is current bond measures of the accelerating or restrictive or hig
Slide 17: Duration Parameters (maximum ±10 Year Active Duration Overlay)
Duration Parameters (maximum ±10 Year Active Duration Overlay) Forecasted Excess Bond Return -3.0% -2.0% -1.0% 0.0% +1.0% +2.0% +3.0% There are two attributes to our tactical interest rate forecast: Direction: HIGHER RATES Direction: LOWER RATES SHORT 10 YEAR TREASURY FUTURE LONG 10 YEAR TREASURY FU
Slide 18: Disclosures
DISCLOSURES 18
Slide 19: Disclosures: futures operational issues and benchmark notes
Due to operational issues, KDRN’s portfolio did not include any 10-year U.S. treasury futures from the Fund’s inception (12/20/2021) until May 6, 2022 which negatively impacted the Fund’s NAV. Subsequent to May 6, 2022, U.S. treasury futures have been utilized for actively managing the Fund’s durati
Slide 20: Kingsbarn Capital Management
Kingsbarn Capital Management 1645 Village Center Circle, Suite 200 Las Vegas, NV 89134
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