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Trending ETFs

Name

As of 05/20/2024

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

$17.27

$6.02 M

0.80%

$0.14

0.76%

Vitals

YTD Return

7.1%

1 yr return

0.8%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$6.02 M

Holdings in Top 10

55.5%

52 WEEK LOW AND HIGH

$17.3
$14.31
$17.99

Expenses

OPERATING FEES

Expense Ratio 0.76%

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 05/20/2024

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

$17.27

$6.02 M

0.80%

$0.14

0.76%

EATV - Profile

Distributions

  • YTD Total Return 7.1%
  • 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 0.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    VegTech Plant-based Innovation & Climate ETF
  • Fund Family Name
    N/A
  • Inception Date
    Dec 28, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Dustin Lewellyn

Fund Description

The Fund invests in innovative and sustainable solutions in the food and materials sectors. This involves investing across the entire food and materials supply chain, starting with agriculture technology (“AgTech”) and proceeding through food, nutrition, bio-tech, flavor and texture, ingredient and consumer goods companies. These types of companies focus on enhancing the sustainability and efficiency of the food and materials supply system.
The Fund is an actively managed exchange-traded fund (“ETF”). The Fund will invest under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of plant-based innovation companies (“VegTechTM Companies”) or companies making a positive impact on climate change matters (“Climate Companies”). VegTechTM Companies are companies that (1) innovate or use technology in their primary products by utilizing at least one plant ingredient, or innovate or use technology to enable or support companies that do the same; and (2) the end product
enables protein diversification, plant-based foods or plant-based materials. The Adviser believes that VegTechTM Companies are a critical component in the global food and materials systems shift towards sustainability and efficiency, and that they promote positive climate change. Further, the Adviser believes that these companies provide a path towards capitalizing on and supporting sustainable food systems and materials transformation.
In looking for VegTechTM Companies, the Adviser searches for companies it considers to be innovators in developing products and technologies contributing to a nutritional, efficient and sustainable food supply system, such as plant-based products, alternative proteins, innovative production and materials processes, advancements in nutrition, food and bio-tech innovations, and the latest technology and advancements in scientific research.
Technology is a critical element of these advancements. These include cell-cultured and precision fermentation technology companies that use plant-based carbohydrates in the process of growing cells, nutrients, proteins, flavors, and ingredients. It also includes plant-based agriculture and AgTech, such as vertical farming and agricultural robotics companies, and innovative plant-based materials and scientific services.
To be considered an innovator by the Adviser, a company should work to advance a nutritious, efficient and sustainable food supply system and must use at least one plant or plant-derived ingredient and the end product, component, or service must enable protein diversification, plant-based foods or plant-based materials; or, the company may help other businesses create diversified protein or plant-based foods or materials along the supply chain by offering specialized products, machinery, services, or technologies. These companies are part of a long-term secular trend towards building a food and materials supply system that is efficient and sustainable and prolific with the end goal of feeding more people, more nutritiously, in a shorter amount of time, using fewer resources while creating less damage. The Adviser looks for VegTechTM Companies that are also part of a circular economy with an established food waste goal or policy. These companies may make commitments to ensure that products are sourced responsibly to minimize deforestation and biodiversity loss through certifications. Biodiversity loss is defined as the reduction in the variety of life across the globe, primarily driven by land/sea-use change (such as from deforestation caused by the meat and dairy sector when converting forests to pastureland), overuse of natural resources (such as overfishing and deforestation), climate change, pollution, and the introduction of non-native species that overtake native species. Deforestation refers to the conversion of forested land to non-forest uses in a manner that falls outside of recognized sustainability standards (such as those set by the Roundtable on Sustainable Palm Oil, RSPO or Forest Stewardship Council, FSC), contrasting with sustainable forestry that ensure long-term ecological balance and biodiversity conservation.
Further, the company should show positive performance potential, as determined through an analysis of quantitative and fundamental data or expert knowledge of the sector. Additionally, a VegTechTM Company produces no primary products designed solely for industrial farm animal production (“primary products” meaning more than 50% of revenues come in their entirety from the sale of these products, as shown conclusively in a public financial statement), must not perform animal testing unless required to do so by law in order to bring a product to market, and must have a minimum market capitalization of $25 million.
For a VegTechTM Company to qualify as such, the issuer’s plant-based “primary products,” “primary services,” or “primary assets” must account for more than 50% of the company’s revenues or assets, as disclosed in public financial statements as available. The Adviser performs a qualitative and quantitative analysis as feasible to determine whether a company is a VegTechTM Company.
The Adviser believes VegTechTM Companies contribute to several United Nations (UN) Sustainable Development Goals (“SDG”). Within the SDG framework, these goals include “Climate Action,” “Life on Land,” “Life Below Water,” “Zero Hunger,” and “Good Health and Well-being.”
To qualify as a Climate Company, the issuer must meet at least one of the following criteria:
(1) The company has committed to reducing greenhouse gas emissions by signing a pledge to measure and reduce those emissions. Acceptable pledges include, but are not limited to, the United Nations “Climate Neutral Now” and Global Optimism’s “The Climate Pledge;”
(2) The company sells a product that generates less greenhouse gas emissions than typical replacement products, as determined by a formal evaluation. Acceptable evaluations follow the standards defined by the International Organization for Standardization (ISO 14040 or ISO 14044);
(3) The company has disclosed a commitment to reducing greenhouse gas emissions;
(4) The company has greenhouse gas emissions lower than its average peer, per unit of sales or assets, as measured by Bloomberg or a similar data provider; or
(5) The company has a Climate Rating from a third-party environmental, social and governance (“ESG”) data provider such as Bloomberg or Ethos ESG that is above average for peers or that indicates the company is aligned with the Paris Agreement to limit global warming to 2 and preferably 1.5 degrees Celsius.
The Fund will predominantly invest in the equity securities of VegTechTM and Climate companies, which may include, but are not limited to, common and preferred publicly-traded stocks of U.S. and foreign companies, rights and warrants, partnership interests and business trust shares. The Fund may also invest in initial public offerings (“IPOs”) of VegTechTM or Climate companies or in companies that have recently completed an IPO. The Fund’s foreign investments may be direct or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund’s portfolio is expected to be a focused portfolio with typically fewer than 50 holdings, although the number of such holdings may increase over time if the universe of VegTechTM and Climate companies increases. The Fund may experience high portfolio turnover from time to time.
The Adviser maintains an internal, proprietary, and systematic research process to determine which companies qualify as VegTechTM or Climate companies. The Adviser conducts its own screening research by reviewing financial statements, websites, and brochures. The Adviser may also conduct company interviews and analyzes product labels prior to investing in any company.
In identifying VegTechTM Companies, the Adviser considers companies with primary products, services, or assets in the following categories:
Plant-based and Protein Diversification Companies. Companies that produce end products that are typically derived from plants, fungi, microbes, or algae, to support a sustainable, efficient and nutritious food supply system. These may include companies that employ food scientists to develop beef alternatives or alternative proteins that use less land and water and generate less methane than industrial animal agriculture, or may include food or materials companies that produce products that include plants and plant derivatives. It could also include companies that offer products or services that support and enable the protein diversification category, such as specialized food processors, and food machinery companies.
Cell-cultured Technology Companies. Companies that use bioscience and engineering to produce, or help produce, cell-cultured foods or alternative proteins. These foods are sometimes called “cell-based,” “lab-grown,” or “cultured” products and are considered part of the field of synthetic biology. These technologies can increase food production and mitigate environmental impact by growing animal cells outside of animals in a nutrient solution that includes plant-derived carbohydrates and other ingredients in a way that significantly changes the production of protein. This reduces the use of land, water, and antibiotics. These companies need only use a trace amount (i.e., 1% or less) of animal cells to grow a significantly larger amount, and thus can positively impact food security. These companies may also support and enable other companies to use plant carbohydrates to grow animal cells, by producing bioreactors (a temperature controlled tank filled with the nutrient solution and used to grow cells outside of an animal), cell culture media (a solution of basic nutrients, including plant-derived carbohydrates, designed to allow cells to grow in a bioreactor), or cell culture meat scaffolding (this can be a plant-based material made into a shape that resembles a piece of meat, used in a bioreactor; as the cells grow on the material, the material degrades and is replaced by cells).
Precision Fermentation Technology Companies. Companies that grow algae or microbes, such as yeasts and fungi fed with plant-derived carbohydrates to produce nutrients, alternative proteins, flavors, and ingredients. These companies may include one that uses microbes in a bioreactor to produce casein,whey, or heme. Similar to cell-cultured food companies, these companies can produce greater quantities of food in a way that significantly reduces the need for deleterious industrial farming of protein, thus reducing the use of land, water and antibiotics and positively impacting food security. It could also include companies that support and enable the category such as a bioreactor maker or a yeast bioengineering company.
Sustainable Agricultural and AgTech Companies. Companies that produce plants (vegetables, pulses, tubers, legumes, fruits, nuts, seeds, and grains), fungi, microbes, and algae; or companies that offer technologies, services, or products that support the business of plant-based agriculture. These companies may include ones using vertical farming technology and robotics to grow food near population centers with less land, water, pesticide, and manure than standard industrialized animal factories, furthering the Fund’s sustainability goals. It may include companies that support and enable this category, such as makers of farm equipment, sustainable fertilizers, water conservation equipment, carbon sequestration services, biodiversity protection services, agroecology services, greenhouse technology, or offer robotic and automation tools for plant-based farming.
Sustainable Materials and Packaging. It includes issuers that use plant-based ingredients in their products, including cosmetics companies that do not engage in animal testing. These companies could produce eco-friendly packaging, body care products, textiles, building materials, or various biodegradable and compostable materials, for example. Companies may use biobased inputs such as food waste, and turn it into usable materials while diverting it from landfills, as part of a circular economy. It may include companies with products or services that support and enable the category, such as companies that engage in ecologically minded construction or develop machinery for biobased recycling.
Scientific Services. Companies in bioengineering, bioscience, nutrition, or food science that support or enable businesses in sustainable food production, such as alternative proteins and plant-based products. A scientific service company may include one that sequences and tests plant genomes to identify high protein variants of food for human consumption or for use in materials.
The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.
The Adviser may sell securities from the portfolio if the company’s fundamentals no longer meet the Adviser’s criteria for a VegTechTM Company. The Adviser may sell a security when its price reaches a set target, or if it believes that other investments are more attractive, or for other reasons we may determine. In selling a security, the Adviser will take into account prudent portfolio management practices and the interests of shareholders, which may result in the position being sold over a period of time, rather than immediately, even if the issuer no longer qualifies as a VegTechTM or Climate Company.
Read More

EATV - Performance

Return Ranking - Trailing

Period EATV Return Category Return Low Category Return High Rank in Category (%)
YTD 7.1% -16.0% 6.3% 100.00%
1 Yr 0.8% -7.2% 11.1% N/A
3 Yr N/A* -7.3% 19.1% N/A
5 Yr N/A* -6.0% 11.8% N/A
10 Yr N/A* -0.9% 12.4% N/A

* Annualized

Return Ranking - Calendar

Period EATV Return Category Return Low Category Return High Rank in Category (%)
2023 -0.1% -27.4% 11.7% N/A
2022 -35.5% -5.4% 13.5% N/A
2021 N/A -1.3% 22.3% N/A
2020 N/A -13.2% 6.4% N/A
2019 N/A -5.8% 4.0% N/A

Total Return Ranking - Trailing

Period EATV Return Category Return Low Category Return High Rank in Category (%)
YTD 7.1% -33.4% 6.3% 100.00%
1 Yr 0.8% -7.2% 11.1% N/A
3 Yr N/A* -7.3% 19.1% N/A
5 Yr N/A* -6.0% 11.8% N/A
10 Yr N/A* -0.9% 12.4% N/A

* Annualized

Total Return Ranking - Calendar

Period EATV Return Category Return Low Category Return High Rank in Category (%)
2023 0.7% -27.4% 11.7% N/A
2022 -35.3% -5.4% 13.5% N/A
2021 N/A -1.3% 22.3% N/A
2020 N/A -13.2% 6.4% N/A
2019 N/A -4.6% 4.0% N/A

EATV - Holdings

Concentration Analysis

EATV Category Low Category High EATV % Rank
Net Assets 6.02 M 3.16 M 16.1 B 96.00%
Number of Holdings 35 31 112 76.00%
Net Assets in Top 10 2.96 M 1.31 M 11.4 B 96.00%
Weighting of Top 10 55.50% 33.4% 70.4% 52.00%

Top 10 Holdings

  1. elf Beauty Inc 8.48%
  2. Givaudan SA 7.23%
  3. SunOpta Inc 6.55%
  4. Novozymes A/S 6.46%
  5. International Flavors Fragrances Inc 5.19%
  6. Ingredion Inc 4.46%
  7. Lamb Weston Holdings Inc 4.43%
  8. Dole PLC 4.34%
  9. Oatly Group AB 4.26%
  10. Vita Coco Co Inc/The 4.12%

Asset Allocation

Weighting Return Low Return High EATV % Rank
Stocks
98.94% 88.28% 100.00% 92.00%
Cash
1.06% 0.00% 11.72% 12.00%
Preferred Stocks
0.00% 0.00% 0.00% 60.00%
Other
0.00% -0.33% 0.00% 52.00%
Convertible Bonds
0.00% 0.00% 0.00% 60.00%
Bonds
0.00% 0.00% 0.00% 60.00%

Stock Sector Breakdown

Weighting Return Low Return High EATV % Rank
Utilities
0.00% 0.00% 0.28% 60.00%
Technology
0.00% 0.00% 2.95% 60.00%
Real Estate
0.00% 0.00% 0.00% 60.00%
Industrials
0.00% 0.00% 16.13% 36.00%
Healthcare
0.00% 0.00% 11.58% 24.00%
Financial Services
0.00% 0.00% 5.15% 4.00%
Energy
0.00% 0.00% 0.00% 60.00%
Communication Services
0.00% 0.00% 2.61% 72.00%
Consumer Defense
0.00% 31.04% 98.54% 92.00%
Consumer Cyclical
0.00% 0.00% 62.08% 12.00%
Basic Materials
0.00% 0.00% 34.22% 8.00%

Stock Geographic Breakdown

Weighting Return Low Return High EATV % Rank
US
79.64% 52.21% 100.00% 92.00%
Non US
19.30% 0.00% 44.04% 8.00%

EATV - Expenses

Operational Fees

EATV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.08% 2.45% 36.00%
Management Fee 0.75% 0.03% 0.85% 84.00%
12b-1 Fee N/A 0.00% 1.00% 20.00%
Administrative Fee N/A 0.25% 0.25% N/A

Sales Fees

EATV 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

EATV 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.

EATV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 116.00% N/A

EATV - Distributions

Dividend Yield Analysis

EATV Category Low Category High EATV % Rank
Dividend Yield 0.80% 0.00% 2.56% 92.00%

Dividend Distribution Analysis

EATV Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Quarterly

Net Income Ratio Analysis

EATV Category Low Category High EATV % Rank
Net Income Ratio N/A -0.23% 2.71% N/A

Capital Gain Distribution Analysis

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

Distributions History

View More +

EATV - Fund Manager Analysis

Managers

Dustin Lewellyn


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

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

Dec 28, 2021

0.42

0.4%

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.

Anand Desai


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

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.

Sasha Goodman


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

Dr. Sasha Goodman of VegTech is a portfolio manager of the Fund and has over 17 years of experience as a statistical software specialist. He develops portfolio analysis software in the R statistical programming language, including a tool for performant RIC diversification compliance. In the past 17 years, he has served as the lead quantitative analyst on several empirical projects at universities where he used econometric and time series methods to study company survival and growth rates. His last two years have been spent in private equity due diligence and purchasing. His company, New Growth, invests in private and public companies entirely in the plant-based space.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.87 23.92 10.19 2.41