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Trending ETFs

Name

As of 05/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.81

$24.1 M

0.00%

0.85%

Vitals

YTD Return

-1.1%

1 yr return

-1.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$24.1 M

Holdings in Top 10

42.9%

52 WEEK LOW AND HIGH

$20.3
$16.59
$22.76

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.81

$24.1 M

0.00%

0.85%

CLIA - Profile

Distributions

  • YTD Total Return -1.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Veridien Climate Action ETF
  • Fund Family Name
    N/A
  • Inception Date
    May 09, 2023
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund seeks to achieve its investment objective by investing in equity securities (or corresponding American Depositary Receipts (“ADRs”)) of U.S. and foreign companies, whose activities, business models, or products make a substantial contribution to mitigating climate change. The Fund invests in ADRs to gain exposure to foreign companies, which may include those based in both developed and emerging markets. The Fund may invest in exchange-traded ADRs only if they trade on a U.S. exchange contemporaneously with the Fund’s shares.

The Fund’s sub-adviser, Veridien Global Investors LLC (the “Sub-Adviser”) uses proprietary industry research and a proprietary valuation analysis process to evaluate companies that are candidates for the Fund’s portfolio. The Sub-Adviser employs a multi-step investment process to construct the Fund’s portfolio.

The Fund’s initial universe of candidates includes over ten thousand micro-, small-, mid-, and large-capitalization companies. A micro-capitalization company has a total market capitalization of $300 million or less.

Step 1 (Eligibility for Climate Change Mitigation Objective): From this initial universe, the Sub-Adviser’s methodology requires that a target company is active in a business activity that contributes to mitigating climate change. Examples of such business activities include, but are not limited to, conservation forestry, restoration of wetlands, manufacture of renewable energy technologies, manufacture of low carbon technologies for transport, manufacture of batteries, electricity generation from renewable sources, installation and operation of electric heat pumps, infrastructure for rail transport, data-driven solutions for greenhouse gas (GHG) emissions reductions and professional services related to the energy performance of buildings. The Sub-Adviser also considers companies engaged in “enabling” activities that contribute indirectly to mitigating climate change. For example, the Sub-Adviser will include companies engaged in enabling activities relating to developing renewable energy systems, such as e companies that provide electrical equipment or industrial automation and management of electricity consumption supporting renewable energy sources.

To determine whether a company satisfies Step 1, the Sub-Adviser reviews the target companies’ business activities, and as part of this process uses the “EU Taxonomy,” a globally recognized environmental classification system, as a tool in conducting its analysis. See “Additional Information About the Fund’s Principal Investment Strategies” in the statutory prospectus for more information about the EU Taxonomy.

As part of its Step 1 analysis, the Sub-Adviser reviews data and analysis from third-party vendors (e.g., Sustainalytics Morningstar EU Taxonomy Solutions, Bloomberg), which provides analysis on activities that contribute to mitigating climate change for over 10,500 public companies. The Sub-Adviser then supplements this third-party data with proprietary analysis and research to ensure company analysis reflects current company fundamentals and business activities. The Sub-Adviser analyses detailed product and service sales data to determine each product’s and service’s contribution to mitigating climate change. In instances where a company does not currently report key metrics, the Sub-Adviser analyses business lines, manufacturing processes, and financial statements to identify an industry peer or peer group as a proxy. See “Additional Information About the Fund’s Principal Investment Strategies” in the statutory prospectus for more information about the third-party data.

Step 2 (Substantial Contribution to Mitigating Climate Change): The Sub-Adviser assesses the financials of each company that passes Step 1 to determine the scope of its financial alignment to making a substantial contribution to mitigating climate change. In particular, the Sub-Adviser evaluates a company’s revenues, capital expenditures (CAPEX), and operating expenditures (OPEX).

Revenue is the total amount of income generated by the sale of goods and services from a company’s business operations.
CAPEX are funds used by a company to acquire, upgrade, and maintain physical assets (e.g., property, buildings, technology, or equipment). A company may use CAPEX to undertake new projects or investments.
OPEX are expenses a company incurs through its normal business operations. OPEX may include rent, equipment, inventory costs, marketing, payroll, insurance, and funds allocated for research and development.

Generally, a company is deemed to be making a “substantial contribution to mitigating climate change” and, thus, is eligible for inclusion in the Fund’s portfolio, if:

Greater than 50% of the company’s revenue is derived from activities that contribute to mitigating climate change, and/or
Greater than 50% of the company’s CAPEX or OPEX is spent on activities that contribute to mitigating climate change.

To make this determination, the Sub-Adviser generally reviews company reporting and financial statements and may rely on data and analysis from third-party data vendors. The Sub-Adviser performs a financial analysis of the company’s product and service sales data, including CAPEX and OPEX data (broken down by category), and determines each product’s and service’s contribution to mitigating climate change. The determination of whether a company is making a substantial contribution to mitigating climate change is made in the context of a company’ size and business. For example, a small company with a limited product line may still be considered to be a significant contributor to mitigating climate change if it satisfies the revenue or CAPEX/OPEX tests described above, even though the company by itself may have a limited ability to impact global climate conditions. In addition, companies that are investing significantly in mitigation activities, by satisfying the revenue or CAPEX/OPEX test described above, may be eligible even though they may currently not be a low carbon emitter.

Step 3 (Fundamental Analysis): The Sub-Adviser next analyzes each remaining candidate based on various qualitative and financial metrics in a four-step process:

1. Positioning – The Sub-Adviser seeks to determine the importance of decarbonization trends on the company’s business model, outlook for demand for the company’s products or services, and catalysts for value creation.
2. Qualitative Assessment – which includes the company’s competitive positioning, supply and delivery risks, and its management’s track record.
3. Financial Analysis - The Sub-Adviser analyzes each company’s:
financial statements – the balance sheet, cash flow statements, and income statement that provide details about the balance of income and expenditure over the preceding period; and
capital allocation decisions of the company – whether the company reinvests profits in capital expenditures or uses profits for mergers and acquisitions, debt repayment, share buybacks, or dividend payments to shareholders.
4. Technical Analysis– The Sub-Adviser looks at stock price movements and volume. This stage of analysis also includes a review of the quality of financial information reporting by the company, insider transactions such as purchases or sales of shares by company insiders, and availability of broker coverage of the stock.

Step 4 (Derivation of Risk-Adjusted Target Price): For companies that have passed the initial steps, the Sub-Adviser engages in a deeper analysis of the potential target company and derives a Risk-Adjusted Target Price using a proprietary valuation analysis. The analysis may include, but is not limited to, a company’s target market prospects, its regulatory environment, its management quality, unexplained stock price movements, and other company-specific factors. The Risk-Adjusted Target Price represents the Sub-Adviser’s view of the intrinsic value of a stock.

Step 5 (Portfolio Construction): Under normal market conditions, the Fund’s portfolio will include the securities of companies that the Sub Adviser believes have a Risk-Adjusted Target Price that is significantly above the then-current market price of the security at the time of investment. The weight of the companies in the Fund’s portfolio will be determined by the Sub-Adviser’s view of the potential upside between the security’s current market price and its Risk-Adjusted Target Price. The Fund’s portfolio will typically hold the securities of between 35 and 50 companies.

Under normal market conditions, the Fund’s holdings of micro-cap stocks will represent less than 10% of the portfolio.

The Sub-Adviser evaluates the Fund’s portfolio on a continual basis and adjusts the respective weights of companies in the Fund’s portfolio based on the difference between the market price and Risk-Adjusted Target Price. Portfolio positions are added to and trimmed such that the position size of companies in the portfolio are weighted according to the Sub-Adviser’s adjusted view of the potential upside between the security’s current market price and its Risk-Adjusted Target Price.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in companies making a substantial contribution to mitigating climate change. The Fund’s “80%” policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change.

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CLIA - Performance

Return Ranking - Trailing

Period CLIA Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% N/A N/A N/A
1 Yr -1.7% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period CLIA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period CLIA Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% N/A N/A N/A
1 Yr -1.7% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period CLIA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

CLIA - Holdings

Concentration Analysis

CLIA Category Low Category High CLIA % Rank
Net Assets 24.1 M N/A N/A N/A
Number of Holdings 42 N/A N/A N/A
Net Assets in Top 10 9.42 M N/A N/A N/A
Weighting of Top 10 42.95% N/A N/A N/A

Top 10 Holdings

  1. Hannon Armstrong Sustainable Infrastructure Capital Inc 5.63%
  2. Tesla Inc 5.11%
  3. Fluor Corp 4.54%
  4. Brookfield Renewable Partners LP 4.31%
  5. ON Semiconductor Corp 4.30%
  6. Corteva Inc 3.99%
  7. Enphase Energy Inc 3.96%
  8. AES Corp/The 3.89%
  9. STMicroelectronics NV 3.86%
  10. NextEra Energy Partners LP 3.36%

Asset Allocation

Weighting Return Low Return High CLIA % Rank
Stocks
99.75% N/A N/A N/A
Cash
0.49% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Bonds
0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High CLIA % Rank
Utilities
0.00% N/A N/A N/A
Technology
0.00% N/A N/A N/A
Real Estate
0.00% N/A N/A N/A
Industrials
0.00% N/A N/A N/A
Healthcare
0.00% N/A N/A N/A
Financial Services
0.00% N/A N/A N/A
Energy
0.00% N/A N/A N/A
Communication Services
0.00% N/A N/A N/A
Consumer Defense
0.00% N/A N/A N/A
Consumer Cyclical
0.00% N/A N/A N/A
Basic Materials
0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High CLIA % Rank
US
99.75% N/A N/A N/A
Non US
0.00% N/A N/A N/A

CLIA - Expenses

Operational Fees

CLIA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

CLIA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

CLIA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CLIA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

CLIA - Distributions

Dividend Yield Analysis

CLIA Category Low Category High CLIA % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

CLIA Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

CLIA Category Low Category High CLIA % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

CLIA Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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CLIA - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A