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Trending ETFs

Name

As of 05/21/2024

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

$22.11

$36.4 M

1.09%

$0.24

0.45%

Vitals

YTD Return

2.9%

1 yr return

19.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$36.4 M

Holdings in Top 10

63.6%

52 WEEK LOW AND HIGH

$22.3
$16.96
$22.76

Expenses

OPERATING FEES

Expense Ratio 0.45%

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 05/21/2024

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

$22.11

$36.4 M

1.09%

$0.24

0.45%

CRUZ - Profile

Distributions

  • YTD Total Return 2.9%
  • 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 1.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Defiance Hotel, Airline, and Cruise ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jun 03, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anand Desai

Fund Description

The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index.
BlueStar Global Hotels, Airlines, and Cruises Index
The Index is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries (“Travel Companies”) as determined by MV Index Solutions GmbH (the “Index Provider”). The Index may include companies in developed countries, including the United States, as well as emerging market countries. To be added to the Index, an Index component must meet the Index’s investibility and liquidity requirements, including a market capitalization greater than or equal to US$150 million, and once included in the Index, companies are eligible to remain in the Index at reduced investibility and liquidity thresholds (collectively, the “Investibility Requirements”).
At the time of each semi-annual reconstitution of the Index, Travel Companies meeting the Investibility Requirements are added to the Index based on their free-float market capitalization (from largest to smallest) until their aggregate free-float market capitalization is at least 95% of the free-float market capitalization of all Travel Companies meeting the Investibility Requirements with at least 25 Travel Companies. If such rules result in fewer than 25 Index components, the largest remaining eligible companies are selected until the number of components reaches 25.
At the time of each quarterly rebalance of the Index, the Index components are initially weighted by their float-adjusted market capitalization and separated into three tiers: (i) hotels, (ii) airlines, and (iii) cruises. If the aggregate weight of any tier would exceed 50%, then that tier’s weight is set to 50% and the excess weight is distributed to the other two tiers on a pro-rata basis. If the weight of any tier would be less than 15%, that tier’s weight is set to 15% and the difference is subtracted from the other two tiers on a pro-rata basis. Index components are then weighted based on their float-adjusted market capitalization within each tier, subject to a maximum weight of 8% for any individual security and adjustments downward based on certain liquidity criteria. Excess weight resulting from such adjustments is redistributed among the remaining constituents in the applicable tier.
The Index is reconstituted semi-annually after the close of business on the third Friday of each March and September and rebalanced quarterly on the third Friday of each March, June, September, and December based on data as of the last business day of the month prior to such reconstitution or rebalance.
As of March 31, 2024, the Index was composed of 55 constituents, 20 of which were listed on a non-U.S. exchange. The Index was established in 2021 and is owned and maintained by the Index Provider. The Index Provider partnered with the Fund’s investment adviser to co-develop the methodology used to determine the securities included in the Index. The Index Provider is not affiliated with the Fund or its investment adviser, sub-adviser, or distributor.
The Fund’s Investment Strategy
Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Travel Companies. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to be concentrated in Travel Companies.
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
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CRUZ - Performance

Return Ranking - Trailing

Period CRUZ Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -25.0% 16.3% 67.31%
1 Yr 19.3% -31.8% 19.9% N/A
3 Yr N/A* -4.6% 21.0% N/A
5 Yr N/A* -1.9% 12.2% N/A
10 Yr N/A* 1.1% 14.3% N/A

* Annualized

Return Ranking - Calendar

Period CRUZ Return Category Return Low Category Return High Rank in Category (%)
2023 33.8% -55.7% 29.4% N/A
2022 -24.4% -13.5% 24.4% N/A
2021 N/A -3.6% 31.0% N/A
2020 N/A -6.6% 10.4% N/A
2019 N/A -7.1% 5.8% N/A

Total Return Ranking - Trailing

Period CRUZ Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -41.3% 16.3% 92.31%
1 Yr 19.3% -31.8% 19.9% N/A
3 Yr N/A* -4.6% 21.0% N/A
5 Yr N/A* -1.9% 12.2% N/A
10 Yr N/A* 3.7% 14.3% N/A

* Annualized

Total Return Ranking - Calendar

Period CRUZ Return Category Return Low Category Return High Rank in Category (%)
2023 35.3% -55.7% 29.4% N/A
2022 -24.3% -13.5% 24.4% N/A
2021 N/A -3.6% 31.0% N/A
2020 N/A -6.6% 10.4% N/A
2019 N/A -7.1% 5.8% N/A

CRUZ - Holdings

Concentration Analysis

CRUZ Category Low Category High CRUZ % Rank
Net Assets 36.4 M 979 K 16.1 B 59.26%
Number of Holdings 56 25 327 57.41%
Net Assets in Top 10 26.4 M 431 K 11.1 B 57.41%
Weighting of Top 10 63.61% 13.6% 74.1% 37.04%

Top 10 Holdings

  1. Mount Vernon Liquid Assets Portfolio, LLC 14.42%
  2. Marriott International Inc/MD 8.20%
  3. Hilton Worldwide Holdings Inc 8.06%
  4. Royal Caribbean Cruises Ltd 6.66%
  5. Delta Air Lines Inc 6.18%
  6. Carnival Corp 5.96%
  7. Ryanair Holdings PLC 4.80%
  8. Southwest Airlines Co 3.43%
  9. InterContinental Hotels Group PLC 3.00%
  10. United Airlines Holdings Inc 2.90%

Asset Allocation

Weighting Return Low Return High CRUZ % Rank
Stocks
99.29% 77.53% 100.38% 48.15%
Cash
15.69% -0.37% 22.47% 50.00%
Preferred Stocks
0.00% 0.00% 0.00% 87.04%
Other
0.00% -2.11% 0.43% 72.22%
Convertible Bonds
0.00% 0.00% 0.04% 87.04%
Bonds
0.00% 0.00% 0.42% 87.04%

Stock Sector Breakdown

Weighting Return Low Return High CRUZ % Rank
Utilities
0.00% 0.00% 6.10% 87.04%
Technology
0.00% 0.00% 56.29% 96.30%
Real Estate
0.00% 0.00% 38.79% 7.41%
Industrials
0.00% 0.00% 42.91% 3.70%
Healthcare
0.00% 0.00% 13.27% 90.74%
Financial Services
0.00% 0.00% 7.31% 87.04%
Energy
0.00% 0.00% 1.00% 87.04%
Communication Services
0.00% 0.00% 93.76% 98.15%
Consumer Defense
0.00% 0.00% 29.70% 94.44%
Consumer Cyclical
0.00% 0.00% 97.08% 74.07%
Basic Materials
0.00% 0.00% 7.13% 87.04%

Stock Geographic Breakdown

Weighting Return Low Return High CRUZ % Rank
US
73.26% 26.30% 99.97% 72.22%
Non US
26.02% 0.00% 73.67% 27.78%

CRUZ - Expenses

Operational Fees

CRUZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.45% 0.08% 2.44% 75.93%
Management Fee 0.45% 0.03% 0.85% 25.93%
12b-1 Fee N/A 0.00% 1.00% 50.00%
Administrative Fee N/A 0.03% 0.25% N/A

Sales Fees

CRUZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

CRUZ 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.

CRUZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 214.00% 26.83%

CRUZ - Distributions

Dividend Yield Analysis

CRUZ Category Low Category High CRUZ % Rank
Dividend Yield 1.09% 0.00% 3.30% 96.30%

Dividend Distribution Analysis

CRUZ Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

CRUZ Category Low Category High CRUZ % Rank
Net Income Ratio N/A -1.54% 2.70% 75.51%

Capital Gain Distribution Analysis

CRUZ Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

CRUZ - Fund Manager Analysis

Managers

Anand Desai


Start Date

Tenure

Tenure Rank

Jun 03, 2021

0.99

1.0%

Anand Desai. Mr. Desai has been an Associate with Penserra since 2015. Prior to joining the Penserra Capital Management, LLC, Mr. Desai was a portfolio fund accountant at State Street for five years.

Dustin Lewellyn


Start Date

Tenure

Tenure Rank

Jun 03, 2021

0.99

1.0%

Dustin Lewellyn, CFA. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on exchange-traded funds (“ETFs”). Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock), and he managed a number of international equity funds. Dustin also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.

Ernesto Tong


Start Date

Tenure

Tenure Rank

Jun 03, 2021

0.99

1.0%

Mr. Tong has been a managing director with Penserra since 2015. Prior to joining Penserra, Mr. Tong spent seven years as a vice president at Blackrock, where he was a portfolio manager for a number of the iShares ETFs, and prior to that, he spent two years in the firm’s index research group.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.31 24.18 12.19 14.22