ETF Research Center

Subversive Food Security ETF

ALTAR
Score™

0.0%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	0.0x	P/Sales ratio	0.0x
P/BV ratio	0.0x	Div. yield	0.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

KCAL is an actively managed fund of US and foreign companies supporting the securement of the global food chain. It selects securities using a top-down approach utilizing quantitative factors with considerations of qualitative factors.

FUND BASICS
Category	Global Equities
Fund Sponsor	Subversive Capital Advisor LLC
Website	www.subversiveetfs.com/kcal
Inception date	Dec 22, 2022
Assets (mns)	$0
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	4
Wgt avg mkt cap (mns)	$10,133
Large cap (>$10bn)	19.2%
Mid cap ($2-10bn)	38.0%
Small cap (<$2bn)	42.7%
Developed mkts	84.4%
Emerging mkts	15.6%

TOP TEN HOLDINGS
Total	52.0 %
PILGRIM'S PRIDE CORP	5.9 %
BALCHEM CORP	5.6 %
YAMABIKO CORPORATION	5.4 %
CHIPOTLE MEXICAN GRILL-CL A	5.4 %
ARCOS DORADOS HOLDINGS INC-A	5.4 %
LIMONEIRA CO	5.2 %
MUELLER INDUSTRIES INC	5.0 %
MITSUI SUGAR CO LTD	4.9 %
JOHN B. SANFILIPPO & SON INC	4.7 %
CRESUD S.A.-SPONS ADR	4.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	68.8 %
	JAPAN	14.4 %
	URUGUAY	5.4 %
	ARGENTINA	4.6 %
	SOUTH AFRICA	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.2%	-8.4%	--	--	-13.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	54%
MSCI EAFE	0.95	61%
MSCI Emg. Mkts.	0.84	51%

Technical Indicators
Recent close	$0.00
30d moving avg.	$20.55
Annualized volatility	17.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	2.54%
ADV underlying (mns)	$3,798

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Subversive Food Security ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	0.0	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.53

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.