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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

TCW Transform Systems ETF

NETZ | Active ETF

$70.76

$120 M

0.25%

$0.18

0.75%

Vitals

YTD Return

25.1%

1 yr return

44.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$120 M

Holdings in Top 10

65.4%

52 WEEK LOW AND HIGH

$71.0
$48.29
$71.35

Expenses

OPERATING FEES

Expense Ratio 0.75%

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

TCW Transform Systems ETF

NETZ | Active ETF

$70.76

$120 M

0.25%

$0.18

0.75%

NETZ - Profile

Distributions

  • YTD Total Return 25.1%
  • 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 0.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    TCW Transform Systems ETF
  • Fund Family Name
    TCW Family of Investment Companies
  • Inception Date
    Feb 02, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Molly Landes

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to invest in companies that the Adviser believes will benefit from global transformation in the systems supporting how energy and power are sourced, produced, and consumed. Government policy and public demand are shifting the global economy towards more efficient and lower net-emission energy systems. This large-scale systems change is creating unique opportunities in the public markets, particularly in “brown” or “grey” old-economy businesses that require huge investments as the way consumers source and use energy and power changes. The Fund portfolio will include companies that the Adviser believes will either lead or win in the transition, where efficiency and alternative approaches are highly valued, or enable these shifts.

Target companies are typically chosen from companies included in the Morningstar® US Market Extended TR USD Index℠ but may be selected from a universe of US- and non-US-listed equity securities. The Morningstar® US Market Extended TR USD Index℠ measures the performance of US securities and targets 99.5% market capitalization coverage of the investable universe. It is a diversified broad market index and does not incorporate sustainability criteria.

The key criteria by which the Adviser assesses companies for investment by the Fund, in addition to traditional operational and financial performance and valuation, are expected to include consideration of whether a company’s business practices, products, or services are designed to enable or benefit from the shift in energy and power systems. In particular, companies are expected to play a role in the overhauling of several key systems supporting this transformation, including but not limited to:

Transportation: the world’s transportation systems require major updates to keep up with the energy transformation. This includes the end-to-end supply chains of battery-powered electric vehicles – which rely on numerous inputs and processes including minerals, mining, and semiconductors. This transformation also encompasses other major transportation industries, such as commercial freight which includes railroads and various forms of trucking, and commercial aviation, which is transforming to become more fuel efficient, resulting in fuel savings and materially lower airline operating costs.
Electric Grid: the electric grid needs to be overhauled and expanded to accommodate new, intermittent sources of energy and the planet’s increased demand for electricity. This transformation requires investment in grid infrastructure including equipment such as transmission lines, substations and transformers while also requiring significant enhancements in grid technology, digitization, and intelligent monitoring devices. Further this investment will draw heavily upon raw materials such as copper to lay the foundation for the electric grid of the future.
Power Generation: the energy transformation is significantly impacting how the world generates energy. This impacts companies who currently provide renewable energy solutions, but also existing energy companies, like those in Oil and Gas, that are adapting to be more efficient, as well as the companies that enable their transition.
Enablers to the transformation of energy systems including commercial services such as waste management, equipment rental and engineering and construction; information technology businesses such as semiconductor and software companies; capital goods manufacturers and distributors; automation providers and others.

The Adviser believes the transformation of these systems can have a major compounding effect on industries across the economy. For instance, there is increased demand for waste management services and cost-efficient plastics recycling, which minimizes the energy required to create new plastic material. Similarly, the increased demand for energy-intensive data centers is driving the need for more energy efficient solutions at these sites.

Through its disciplined, bottom-up investment process, the Adviser attempts to construct a concentrated portfolio of companies that are well-positioned to take advantage of the opportunities this transformation presents. In considering potential investments, the Adviser will generally use a proprietary framework which includes fundamental analysis (such as company financial modeling and valuation analysis), combined with quantitative and thematic data, such as those that account for the complexity of the interconnecting systems in the transition, to identify companies with competitive advantages that the Adviser believes are trading at discounts to intrinsic value. The Fund will take an active management approach in responding to the complexities and developments of this systems transformation.

The Fund will invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in portfolio companies that the Adviser believes are either poised to transform or are actively in the process of transforming the systems supporting how energy and power are sourced, produced or consumed (e.g., “brown-to-grey” businesses that are transforming to generate some energy from renewable sources and/or to generate energy more efficiently) or that provide goods or services that aid other businesses in effecting such systems transformation, in accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may invest up to 20% of the value of its net assets, plus the amount of any borrowings for investment purposes, in cash and cash equivalents and securities that do not meet the foregoing test. The key criteria, as discussed above, by which the Adviser assesses companies for investment by the Fund will be applied to all investments by the Fund except for temporary investments or investments in cash equivalents.

The Adviser considers environmental and governance risk factors as part of its investment process, particularly in considering the ways in which each company’s externalities, and the management of these factors, could ultimately drive financial performance. The Adviser does not use aggregated environmental or governance ratings or rankings to exclude specific companies or sectors from investment, but instead generally uses its own proprietary analysis of each company’s specific externalities to make better informed decisions. The Adviser generally estimates these externalities using data from the companies themselves, and publicly available data sources (e.g., Bloomberg, Economic Policy Institute, Environmental Protection Agency (EPA), International Council on Clean Transportation (ICCT), Federal Reserve Economic Data, MIT Living Wage Calculator, US Department of Agriculture (USDA), U.S. Bureau of Labor Statistics, U.S. Department of Transportation, U.S. Energy Information Administration).

The Fund invests in U.S.-listed equity, American Depositary Receipts (ADRs) and non-U.S. developed and emerging market-listed securities, which over time may vary as market and investment opportunities change. The Fund’s investments may include micro-, small-, medium- and large-capitalization companies. The Adviser expects to hold between 20-40 equities within the Fund’s portfolio.

In furtherance of its investment objective and where the Adviser believes it will be rewarded in the stock price, the Fund seeks to encourage accountability, change acceleration or transformational change at the public companies within its portfolio specifically through the application of proxy voting guidelines and through dialogue with management of the portfolio companies. The proxy voting guidelines are based on a commitment to protecting and enhancing the value of the Fund’s assets and driving increased transparency and accountability to align shareholder and stakeholder interests through favoring actions that encourage companies to create long-term value. Generally, in applying the proxy voting guidelines and in seeking to engage in dialogue with companies within the Fund’s portfolio, the Adviser may measure the investment made by companies in their employees, communities, customers, and the environment using financial, operational, and environmental and/or governance data provided by (i) the companies themselves, (ii) several publicly available data sources and (iii) the Adviser itself. This data may include, but are not limited to, air pollution, board composition, carbon emissions, employee health and safety, land use, wages, workforce diversity, among others. The Adviser will collect qualitative and quantitative data and compare the data against benchmarks based on industry trends. The Fund’s proxy voting guidelines, as well as the financial, operational and environmental and governance data included in such guidelines, will apply to all companies held by the Fund.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received), however it is a priority of the Adviser and the Fund to vote all proxies, so securities lending revenue may be foregone as a result. The Fund is a “non-diversified” fund, and, as such, may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”

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NETZ - Performance

Return Ranking - Trailing

Period NETZ Return Category Return Low Category Return High Rank in Category (%)
YTD 25.1% -51.8% 22.1% N/A
1 Yr 44.3% -58.9% 46.9% N/A
3 Yr N/A* -25.7% 197.6% N/A
5 Yr N/A* -29.1% 93.8% N/A
10 Yr N/A* -17.2% 37.0% N/A

* Annualized

Return Ranking - Calendar

Period NETZ Return Category Return Low Category Return High Rank in Category (%)
2023 19.8% -69.4% 53.7% N/A
2022 N/A -94.0% 152.6% N/A
2021 N/A -13.9% 183.6% N/A
2020 N/A -18.2% 8.9% N/A
2019 N/A -80.2% 35.2% N/A

Total Return Ranking - Trailing

Period NETZ Return Category Return Low Category Return High Rank in Category (%)
YTD 25.1% -97.2% 22.1% N/A
1 Yr 44.3% -58.9% 67.6% N/A
3 Yr N/A* -25.7% 197.6% N/A
5 Yr N/A* -28.1% 93.8% N/A
10 Yr N/A* -11.8% 37.0% N/A

* Annualized

Total Return Ranking - Calendar

Period NETZ Return Category Return Low Category Return High Rank in Category (%)
2023 20.8% -69.4% 53.7% N/A
2022 N/A -94.0% 152.6% N/A
2021 N/A -13.9% 183.6% N/A
2020 N/A -12.8% 8.9% N/A
2019 N/A -60.0% 35.2% N/A

NETZ - Holdings

Concentration Analysis

NETZ Category Low Category High NETZ % Rank
Net Assets 120 M 177 K 1.21 T 85.13%
Number of Holdings 25 2 4154 93.71%
Net Assets in Top 10 89.7 M 1.74 K 270 B 80.71%
Weighting of Top 10 65.42% 1.8% 100.0% 8.40%

Top 10 Holdings

  1. REPUBLIC SERVICES INC 0.00000000 8.72%
  2. MICROSOFT CORP 0.00000000 8.26%
  3. UNION PACIFIC CORP 0.00000000 8.00%
  4. SAFRAN SA /EUR/ 0.00000000 7.03%
  5. GENERAL ELECTRIC CO 0.00000000 6.91%
  6. AIRBUS SE /EUR/ 0.00000000 6.73%
  7. VERTIV HOLDINGS CO-A 0.00000000 5.66%
  8. WILLSCOT MOBILE MINI HOLDING 0.00000000 5.32%
  9. WASTE MANAGEMENT INC 0.00000000 4.74%
  10. EXXON MOBIL CORP 0.00000000 4.04%

Asset Allocation

Weighting Return Low Return High NETZ % Rank
Stocks
95.91% 0.00% 130.24% 97.16%
Cash
4.09% -102.29% 100.00% 1.66%
Preferred Stocks
0.00% 0.00% 2.23% 57.19%
Other
0.00% -13.91% 134.98% 57.40%
Convertible Bonds
0.00% 0.00% 5.54% 55.19%
Bonds
0.00% -0.04% 95.81% 55.19%

Stock Sector Breakdown

Weighting Return Low Return High NETZ % Rank
Utilities
0.00% 0.00% 25.44% 66.18%
Technology
0.00% 0.00% 48.94% 92.65%
Real Estate
0.00% 0.00% 37.52% 93.91%
Industrials
0.00% 0.00% 29.90% 0.63%
Healthcare
0.00% 0.00% 60.70% 99.86%
Financial Services
0.00% 0.00% 55.59% 99.79%
Energy
0.00% 0.00% 41.64% 12.04%
Communication Services
0.00% 0.00% 27.94% 99.58%
Consumer Defense
0.00% 0.00% 49.14% 91.11%
Consumer Cyclical
0.00% 0.00% 50.47% 1.26%
Basic Materials
0.00% 0.00% 26.10% 0.07%

Stock Geographic Breakdown

Weighting Return Low Return High NETZ % Rank
US
79.70% 0.00% 127.77% 89.97%
Non US
16.20% 0.00% 33.51% 13.07%

NETZ - Expenses

Operational Fees

NETZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% 0.01% 2.95% 46.85%
Management Fee 0.75% 0.00% 2.00% 88.40%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

NETZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

NETZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

NETZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% N/A

NETZ - Distributions

Dividend Yield Analysis

NETZ Category Low Category High NETZ % Rank
Dividend Yield 0.25% 0.00% 19.15% 77.43%

Dividend Distribution Analysis

NETZ Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

NETZ Category Low Category High NETZ % Rank
Net Income Ratio N/A -54.00% 6.06% N/A

Capital Gain Distribution Analysis

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

Distributions History

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NETZ - Fund Manager Analysis

Managers

Molly Landes


Start Date

Tenure

Tenure Rank

Feb 02, 2022

0.32

0.3%

Molly Landes has been with Engine No. 1 since March 2021. Prior to her role at Engine No. 1, Ms. Landes was employed at BlackRock with a focus on Portfolio Management and trading since 2011. Before her time with BlackRock, Ms. Landes focused on domestic and international equity trading at both Fidelity and Bank of America/US Trust. Ms. Landes holds an MBA in Finance from Boston University and a BA in Telecommunications with a Business Minor from Indiana University.

Christopher James


Start Date

Tenure

Tenure Rank

Feb 02, 2022

0.32

0.3%

Mr. James founded Engine No. 1 in 2020 and has been an investor in the technology sector for nearly three decades, including as the Founder of Partner Fund Management (“PFM”) (2004-2020) and Co-Founder of Andor Capital Management (2001-2004), as well as Managing Director at Pequot Capital (1996-2001) and as a member of Pequot’s Management Committee. Prior to joining Pequot, Mr. James was a Portfolio Manager at Moore Capital (1995-1996), (previously Ethos Capital). Mr. James was an Analyst at Ethos Capital (1992-1995) before it was sold to Moore Capital in 1995. Mr. James started his career at JGM Management. In addition, Mr. James has founded and built asset heavy companies in industries in transition located in Illinois, Louisiana, and Texas. Mr. James graduated with a BA in Economics from Tulane University and is the Chair of Tipping Point Community and Director of the James Family Foundation, organizations focused on poverty relief, conservation, and education.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.17 2.42