Emles Federal Contractors ETF
Name
As of 10/20/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$5.92 M
Holdings in Top 10
66.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.60%
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 10/20/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FEDX - Profile
Distributions
- YTD Total Return N/A
- 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
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameEmles Federal Contractors ETF
-
Fund Family NameEmles Trust
-
Inception DateN/A
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGabriel Hammond
Fund Description
The Fund attempts to replicate the Index by investing all, or substantially all (no less than 80%), of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. As of October 22, 2021, there were 19 issues in the Index.
The Index is comprised of U.S. equity securities that provide exposure to the Index’s theme of U.S. federal contractors. Companies relevant to the Index’s federal contractor theme are those that had at least 40% revenue exposure to federal contracts with the U.S. government in the previous fiscal year (defined as ending on September 30th). Companies that are awarded federal contracts amounting to at least 40% of revenues may include companies whose principal business is offering products or providing services related to: aerospace & defense, information technology, cybersecurity, and healthcare (each of the foregoing, a “sub-theme”). The Index may at times include companies that do not fall into the listed sub-themes, but nonetheless satisfy the 40% revenue exposure requirement. The Index aims to have a weighted average federal contract revenue exposure of 50% or above. The Fund concentrates its investments (i.e., under normal circumstances, invest 25% or more of its total assets) in the aerospace and defense industry, to the extent that the Index is concentrated in that industry.
Emles Indexing LLC (the “Index Provider”) analyzes the eligible companies in accordance with its proprietary methodology, which uses publicly available information, such as annual reports, business descriptions, and financial news, to rate and weight the companies based on the degree to which the company, including its products or services, provides exposure to the applicable sub-theme(s). In addition to having a 40% revenue exposure to federal contracts with the U.S. government, securities included in the Index must have, for the six months prior to inclusion in the Index, (i) a minimum average daily trading volume of 100,000 shares, (ii) $10 million in average daily trading value and (iii) a minimum share price of $5.00. Further, each security must have a market capitalization of at least $100 million. Securities must meet the above requirements at that time in which they are selected to be included in the index, including upon rebalancing. The Index Provider’s Index Committee may determine to include a security with less than $10 million average daily trading value, provided it satisfies the remaining inclusion criteria and is deemed appropriate for inclusion in the Index. The Index seeks to rebalance quarterly, and under certain circumstances, such as a merger between two Index constituents, a special rebalance will be completed to maintain the Index’s weighting scheme.
Emles Indexing LLC (an affiliate of Emles Advisors LLC (the “Adviser”)) is the index provider for the Index. S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P”) is the calculation agent for the Index and independently prices the Index on a continuous basis during equity market hours. The Fund has adopted procedures pursuant to Rule 17j-1 of the Investment Company Act of 1940, as amended (the “1940 Act”) and the Adviser has adopted procedures to address any potential conflicts in accordance with Rule 204(A)(1) of the Investment Advisers Act of 1940. These procedures address the types of conflicts that may arise in connection with a self-indexing fund.
The Index Provider’s methodology does not require that a company from each of the sub-themes be included in the Index. In addition, companies included in the Index may also operate business lines that generate revenue in other sub-themes.
The Adviser uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it tracks and would not necessarily sell a security because of overall market decline or if a certain issuer was experiencing financial troubles or appeared overvalued, unless that issuer’s security was removed from the Index. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.
The Adviser uses a full replication strategy, an indexing strategy that involves investing in all securities from the Index that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. The Fund seeks to invest from 80% (at the minimum) to significantly all of its net assets (plus borrowings for investment purposes) in the component securities of the Index.
FEDX - Performance
Return Ranking - Trailing
Period | FEDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -83.8% | 104.1% | 1.23% |
1 Yr | N/A | -56.4% | 42.8% | 91.74% |
3 Yr | N/A* | -14.0% | 44.5% | N/A |
5 Yr | N/A* | -5.7% | 29.0% | N/A |
10 Yr | N/A* | 2.7% | 23.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | FEDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -87.9% | 326.9% | 85.93% |
2022 | N/A | -67.0% | 145.0% | N/A |
2021 | N/A | -28.8% | 75.8% | N/A |
2020 | N/A | -57.9% | 10.6% | N/A |
2019 | N/A | -68.7% | 64.0% | N/A |
Total Return Ranking - Trailing
Period | FEDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -83.8% | 104.1% | 1.23% |
1 Yr | N/A | -58.4% | 57.2% | 90.75% |
3 Yr | N/A* | -15.1% | 44.5% | N/A |
5 Yr | N/A* | -6.1% | 29.0% | N/A |
10 Yr | N/A* | 2.6% | 23.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FEDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -87.9% | 326.9% | 85.69% |
2022 | N/A | -67.0% | 145.0% | N/A |
2021 | N/A | -28.8% | 75.8% | N/A |
2020 | N/A | -57.9% | 16.5% | N/A |
2019 | N/A | -68.7% | 64.0% | N/A |
FEDX - Holdings
Concentration Analysis
FEDX | Category Low | Category High | FEDX % Rank | |
---|---|---|---|---|
Net Assets | 5.92 M | 189 K | 222 B | 99.47% |
Number of Holdings | 24 | 2 | 3509 | 90.68% |
Net Assets in Top 10 | 3.92 M | -1.37 M | 104 B | 97.99% |
Weighting of Top 10 | 66.25% | 9.4% | 100.0% | 50.22% |
Top 10 Holdings
- NORTHROP GRUMMAN CORP 9.30%
- RAYTHEON TECHNOLOGIES CORP 9.15%
- GENERAL DYNAMICS CORP 9.02%
- LOCKHEED MARTIN CORP 8.91%
- L3HARRIS TECHNOLOGIES INC 8.61%
- JACOBS SOLUTIONS INC 4.54%
- TELEDYNE TECHNOLOGIES INC 4.53%
- BOOZ ALLEN HAMILTON HOLDING CORP 4.34%
- LEIDOS HOLDINGS 4.22%
- HUNTINGTON INGALLS INDUSTRIES INC 3.64%
Asset Allocation
Weighting | Return Low | Return High | FEDX % Rank | |
---|---|---|---|---|
Stocks | 99.64% | 0.00% | 107.71% | 5.97% |
Cash | 0.09% | -10.83% | 87.35% | 94.03% |
Preferred Stocks | 0.00% | 0.00% | 4.41% | 55.26% |
Other | 0.00% | -7.57% | 17.15% | 58.46% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 52.42% |
Bonds | 0.00% | -1.84% | 98.58% | 52.13% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FEDX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 16.07% | 66.19% |
Technology | 0.00% | 0.00% | 69.82% | 9.63% |
Real Estate | 0.00% | 0.00% | 29.57% | 83.81% |
Industrials | 0.00% | 0.00% | 30.65% | 2.46% |
Healthcare | 0.00% | 0.00% | 39.76% | 99.48% |
Financial Services | 0.00% | 0.00% | 43.06% | 94.18% |
Energy | 0.00% | 0.00% | 41.09% | 76.79% |
Communication Services | 0.00% | 0.00% | 66.40% | 47.31% |
Consumer Defense | 0.00% | 0.00% | 25.50% | 2.31% |
Consumer Cyclical | 0.00% | 0.00% | 62.57% | 86.27% |
Basic Materials | 0.00% | 0.00% | 22.00% | 86.64% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FEDX % Rank | |
---|---|---|---|---|
US | 99.64% | 0.00% | 105.43% | 59.43% |
Non US | 0.00% | 0.00% | 54.22% | 23.64% |
FEDX - Expenses
Operational Fees
FEDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.60% | 0.01% | 7.09% | 87.69% |
Management Fee | 0.60% | 0.00% | 1.50% | 22.38% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 1.02% | N/A |
Sales Fees
FEDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
FEDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 5.00% | 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.
FEDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 316.74% | 46.46% |
FEDX - Distributions
Dividend Yield Analysis
FEDX | Category Low | Category High | FEDX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 12.42% | 4.22% |
Dividend Distribution Analysis
FEDX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
FEDX | Category Low | Category High | FEDX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -6.13% | 2.90% | 31.02% |
Capital Gain Distribution Analysis
FEDX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 17, 2022 | $0.028 | ExtraDividend |
Sep 30, 2022 | $0.041 | OrdinaryDividend |
Jun 30, 2022 | $0.056 | OrdinaryDividend |
Mar 31, 2022 | $0.042 | OrdinaryDividend |
Sep 24, 2021 | $0.083 | OrdinaryDividend |
Jun 25, 2021 | $0.075 | OrdinaryDividend |
Mar 26, 2021 | $0.238 | OrdinaryDividend |
Dec 24, 2020 | $0.075 | OrdinaryDividend |
FEDX - Fund Manager Analysis
Managers
Gabriel Hammond
Start Date
Tenure
Tenure Rank
Oct 14, 2020
1.63
1.6%
Gabriel Hammond. After graduating from Johns Hopkins University in 2001, Mr. Hammond joined Goldman Sachs & Co. in the Energy & Power Group. In 2004, he left Goldman and founded SteelPath, an investment firm that focused exclusively on energy infrastructure, and Alerian, a leading energy infrastructure data and analytics company. In 2005, Alerian created and launched the first real-time index of master limited partnerships (“MLPs”). In 2010, SteelPath launched the first MLP mutual fund and Alerian launched the first MLP exchange traded fund. Mr. Hammond sold SteelPath and its mutual funds family to OppenheimerFunds, Inc. in 2012, but remained a portfolio manager until 2014, and he sold Alerian in 2018. In 2019, Mr. Hammond founded Emles Advisors LLC where he serves as the Chief Executive Officer.
Emanuel Zareh
Start Date
Tenure
Tenure Rank
Oct 14, 2020
1.63
1.6%
Emanuel Zareh. After receiving his BA from Colgate University in 2001, Mr. Zareh began his career at Morgan Stanley in the Mergers and Acquisitions Group within the Investment Banking division. In 2003, Mr. Zareh joined the National Football League (NFL) to work directly with the Commissioner, franchise owners, general managers, and league executives. Mr. Zareh then enrolled at Harvard Business School, where he received his MBA in 2007. Upon graduation, Mr. Zareh joined Andor Capital, after which he worked with a number of hedge funds, including Clovis Capital, Sandler Capital, and Hutchin Hill Capital, where he focused on special situation investment opportunities. In 2016 until 2019, Mr. Zareh became a founding member and managing Director at Bayfield Court Capital Management, a hedge fund that focused on event driven and special situation investment opportunities across companies’ capital structures. Mr. Zareh joined Emles Advisors LLC in 2019 as the SVP of Investments.
Eric Qian
Start Date
Tenure
Tenure Rank
May 20, 2021
1.03
1.0%
After graduating from the University of Maryland in 2015, Mr. Qian joined BlackRock as a portfolio analyst where he was involved in portfolio construction, implementation, and analytics across multi-sector, public, and private credit funds. During this time, Mr. Qian contributed to internal and external engagements spanning launches of novel asset risk models, equity derivative valuation models, and BlackRock Self Indexing (now, BlackRock Index Services). Prior to joining Emles, Mr. Qian was a lead index manager at Nasdaq where he enabled the index business’ quantitative capabilities and regulatory compliance, while also managing over $50 billion in multi-asset index AUM across sector indexes, systematic factor strategies, and strategic product relationships.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 54.45 | 8.11 | 2.92 |