Morningstar

Kensington Defender Fund Institutional Class DFNDX

Medalist Rating as of Aug 31, 2026 See Kensington Asset Management Investment Hub

Strategy

The investment seeks capital preservation and total return. The fund is designed to provide the potential to participate in rising markets, but with a reduced risk of drawdown in declining markets, through a portfolio that has exposure to different strategies, asset classes and individual investments. The advisor will seek to utilize varying investment strategies, including (i) Liquid Strategies, LLC’s Defender Model, (ii) an options overlay strategy to generate income, and (iii) a managed futures strategy or diversified opportunities intended to provide exposures with reduced correlation to the other strategies. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
DFNDX	Kensington Defender Fund Institutional Class	Institutional	Open			May 31, 2023	$99.20M	1.800%	High	$25,000	$10.18M
DFNRX	Kensington Defender Fund R Class	Retirement, Large	Open			Jan 26, 2026	$26.20M	2.500%	High	$1,000	—

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