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Trending ETFs

Name

As of 05/17/2024

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

$40.14

$10.5 M

3.59%

$1.44

1.89%

Vitals

YTD Return

9.2%

1 yr return

15.5%

3 Yr Avg Return

4.8%

5 Yr Avg Return

7.5%

Net Assets

$10.5 M

Holdings in Top 10

32.6%

52 WEEK LOW AND HIGH

$40.5
$34.92
$42.95

Expenses

OPERATING FEES

Expense Ratio 1.89%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 54.66%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/17/2024

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

$40.14

$10.5 M

3.59%

$1.44

1.89%

DFND - Profile

Distributions

  • YTD Total Return 9.2%
  • 3 Yr Annualized Total Return 4.8%
  • 5 Yr Annualized Total Return 7.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.58%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Siren DIVCON Dividend Defender ETF
  • Fund Family Name
    SRN Advisors
  • Inception Date
    Jan 14, 2016
  • Shares Outstanding
    780060
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Freeze

Fund Description

The Fund seeks to track the performance, before fees and expenses, of the Index. The Index was developed by Reality Shares, Inc. (“Index Provider”). The Index is designed to capitalize on the theory that, over time, companies that consistently grow their dividends tend to have investment returns above overall market returns (each a “Dividend Grower” or “High Quality Company”), and companies that do not grow (or cut) their dividends tend to have investment returns below overall market returns (each a “Dividend Cutter” or “Low Quality Company”). The Index is designed to select the companies for a long position that have the highest probability of increasing their dividend in a 12-month period, the High Quality Dividend Growers, and select the companies for a short position that have the highest probability of decreasing their dividend in a 12-month period, the Low Quality Dividend

Cutters. These Dividend Growers and Dividend Cutters (or High Quality Companies and Low Quality Companies) are determined by Reality Shares’ DIVCON Dividend Health Scoring system, which is a proprietary, rules-based scoring and weighting methodology, and are chosen based on a ranking of each company as determined by its DIVCON Score and DIVCON Rating.

The DIVCON Dividend Health Scoring system begins by identifying the 500 largest U.S. companies based on market capitalization as of the Index reconstitution date and then narrows this universe to those companies that paid an ordinary dividend and announced a future dividend payment during the 12 months preceding such date. The DIVCON Dividend Health Scoring system analyzes seven quantitative factors that the Index Provider has determined to be correlated to a company’s likelihood to increase or decrease future dividends, and weights each factor based on its effectiveness in predicting dividend changes to produce a company’s DIVCON Score. After a DIVCON Score is calculated for each company, it is assigned a rating from 1 to 5 according to the DIVCON Rating system: DIVCON 1, DIVCON 2, DIVCON 3, DIVCON 4 and DIVCON 5. Companies in the DIVCON 1 category are those determined most likely to decrease their dividend in the next twelve months. Companies in the DIVCON 5 category are those determined most likely to increase their dividend in the next twelve months.

The Index consists of a “Long Portfolio” and a “Short Portfolio” (together a “Long/Short Portfolio”). This Long/Short Portfolio seeks to provide more stable investment returns with lower volatility and lower equity market correlation than a long-only portfolio. Through its Long/Short Portfolio, the Index will consist of at least 40 stocks. The Long Portfolio consists of all DIVCON 5 stocks or the 30 stocks with the highest DIVCON Scores, whichever is greater. All stocks in the Long Portfolio are reflected as long positions in such stocks. The value of the Long Portfolio reflected in the Index is expected to increase if the prices of stocks included in the Long Portfolio increase. The Short Portfolio consists of all DIVCON 1 stocks or the 10 stocks with the lowest DIVCON Scores, whichever is greater. All stocks in the Short Portfolio are reflected as short positions in such stocks. The value of the Short Portfolio reflected in the Index is expected to increase if the prices of stocks included in the Short Portfolio decrease. Companies are weighted in each Portfolio based on their DIVCON Scores. Companies with higher DIVCON Scores are weighted more heavily in the Long Portfolio, and companies with lower DIVCON Scores are weighted more heavily in the Short Portfolio.

The Index will direct approximately 75% exposure to the Long Portfolio and approximately 25% exposure to the Short Portfolio. The Index is rebalanced at the end of any calendar quarter if the value of the Short Portfolio has increased 10% or more from the last rebalancing date. The Index also is rebalanced if the value of either the sum of or difference between the Long Portfolio and Short Portfolio changes in an amount greater than predetermined levels, effective the next business day. The Index is reconstituted annually on the first Friday in December. As of March 31, 2023, the market capitalizations of the 500 largest U.S. companies included in the DIVCON Scoring System ranged from $8.6 billion to $3 trillion.

The Adviser employs a passive indexing investment approach. Under normal circumstances, at least 80% of the Fund’s assets, including any borrowings for investment purposes, will be invested in component securities of the Index. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund generally uses a “replication” strategy to achieve its investment objective, meaning that it will invest in all of the securities included in the Index. The Fund may, however, use a representative sampling approach to achieve its investment objective when the Adviser believes it is in the best interest of the Fund. For example, among other reasons, the Fund may use a representative sampling approach when there are practical difficulties or substantial costs involved in replicating the Index or when an Index constituent becomes temporarily illiquid, unavailable or less liquid. When the Fund uses a representative sampling approach, the Fund may invest in a subset, or “sample,” of the securities included in the Index and whose risk, return and performance characteristics generally match the risk, return and performance characteristics of the Index as a whole. The Fund may invest in swaps, futures, forwards, options, exchange traded funds (“ETFs”) and other securities that are not components of the Index that the Adviser believes will help the Fund track the Index.

The Fund seeks to remain fully invested at all times in securities and or financial instruments that, in combination, provide exposure to the Index without regard to market conditions, trends or direction. To the extent the Index has significant exposure to a particular sector or is concentrated in a particular industry, the Fund will necessarily have significant exposure to that sector or be concentrated in that industry. As of the date of this Prospectus, the Fund has significant long exposure to the Technology and Industrial sectors, as each such sector is defined by the Bloomberg Industry Classification Standard. The sectors in which the Index components, and thus the Fund’s investments, may be focused will vary as the composition of the Index changes over time.

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DFND - Performance

Return Ranking - Trailing

Period DFND Return Category Return Low Category Return High Rank in Category (%)
YTD 9.2% -7.0% 20.8% 26.19%
1 Yr 15.5% -10.3% 43.5% 44.05%
3 Yr 4.8%* -16.7% 25.5% 41.89%
5 Yr 7.5%* -3.5% 25.7% 44.12%
10 Yr N/A* -4.3% 10.3% 73.33%

* Annualized

Return Ranking - Calendar

Period DFND Return Category Return Low Category Return High Rank in Category (%)
2023 10.0% -17.3% 43.8% 25.60%
2022 -19.8% -54.0% 17.4% 86.27%
2021 14.8% -40.0% 54.1% 24.49%
2020 16.1% -47.6% 88.4% 23.40%
2019 18.6% -20.3% 62.6% 11.28%

Total Return Ranking - Trailing

Period DFND Return Category Return Low Category Return High Rank in Category (%)
YTD 9.2% -7.0% 20.8% 26.19%
1 Yr 15.5% -10.3% 43.5% 44.05%
3 Yr 4.8%* -16.7% 25.5% 41.89%
5 Yr 7.5%* -3.5% 25.7% 44.12%
10 Yr N/A* -4.3% 10.3% N/A

* Annualized

Total Return Ranking - Calendar

Period DFND Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% -14.5% 43.8% 33.33%
2022 -19.6% -54.0% 50.3% 92.16%
2021 14.8% -40.0% 61.6% 43.54%
2020 16.1% -29.9% 91.0% 25.53%
2019 19.5% -17.9% 79.4% 15.04%

DFND - Holdings

Concentration Analysis

DFND Category Low Category High DFND % Rank
Net Assets 10.5 M 1.08 M 6.67 B 93.45%
Number of Holdings 71 3 1788 61.21%
Net Assets in Top 10 3.26 M 474 K 2.09 B 90.91%
Weighting of Top 10 32.57% 0.9% 182.8% 73.94%

Top 10 Holdings

  1. First American Government Obligations Fund 10.64%
  2. Microchip Technology Inc 2.62%
  3. Nordson Corp 2.52%
  4. Visa Inc 2.49%
  5. McDonald's Corp 2.41%
  6. Martin Marietta Materials Inc 2.41%
  7. KLA Corp 2.40%
  8. Snap-on Inc 2.36%
  9. PPG Industries Inc 2.35%
  10. FactSet Research Systems Inc 2.35%

Asset Allocation

Weighting Return Low Return High DFND % Rank
Stocks
62.06% 0.00% 102.24% 62.42%
Cash
37.94% 0.00% 102.08% 26.67%
Preferred Stocks
0.00% 0.00% 8.29% 70.30%
Other
0.00% -45.12% 99.51% 64.24%
Convertible Bonds
0.00% -0.02% 4.48% 67.30%
Bonds
0.00% 0.00% 178.67% 74.55%

Stock Sector Breakdown

Weighting Return Low Return High DFND % Rank
Utilities
0.00% 0.00% 21.71% 99.46%
Technology
0.00% 0.00% 43.24% 77.72%
Real Estate
0.00% 0.00% 10.93% 98.91%
Industrials
0.00% 0.00% 31.93% 3.80%
Healthcare
0.00% 0.00% 100.00% 17.39%
Financial Services
0.00% 0.00% 83.83% 33.70%
Energy
0.00% 0.00% 32.57% 100.00%
Communication Services
0.00% 0.00% 32.32% 90.76%
Consumer Defense
0.00% 0.00% 33.38% 34.78%
Consumer Cyclical
0.00% 0.00% 88.83% 35.33%
Basic Materials
0.00% 0.00% 28.58% 99.46%

Stock Geographic Breakdown

Weighting Return Low Return High DFND % Rank
US
62.06% -0.30% 102.24% 56.97%
Non US
0.00% -3.36% 70.87% 72.73%

DFND - Expenses

Operational Fees

DFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.89% 0.42% 8.51% 62.50%
Management Fee 0.85% 0.00% 2.50% 17.86%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

DFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

DFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 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.

DFND Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 54.66% 0.00% 479.00% 32.82%

DFND - Distributions

Dividend Yield Analysis

DFND Category Low Category High DFND % Rank
Dividend Yield 3.59% 0.00% 27.22% 43.11%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

DFND Category Low Category High DFND % Rank
Net Income Ratio -0.58% -3.33% 2.16% 40.96%

Capital Gain Distribution Analysis

DFND Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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DFND - Fund Manager Analysis

Managers

Scott Freeze


Start Date

Tenure

Tenure Rank

Nov 23, 2020

1.52

1.5%

Scott Freeze, President of SRN Advisors, LLC. Mr. Freeze has been involved with ETFs since entering the financial services industry in the 1990s. Mr. Freeze founded SRN Advisors, LLC in 2019. Prior to founding the SRN Advisors, LLC, he worked for The Vanguard Group as a Supervisor for Vanguard Brokerage Services before moving to Croix Securities in 2002 to develop an automated trading platform. Mr. Freeze worked at Knight Capital from 2003 to 2005 on the program/ETF desk and Miller Tabak from 2005 to 2008. Mr. Freeze founded Street One Financial in September 2009 to service institutional advisers with their ETF executions.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 6.04 7.93