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Name

As of 04/24/2024

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

Defiance Next Gen H2 ETF

HDRO | ETF

$4.74

$21.2 M

0.27%

$0.01

0.30%

Vitals

YTD Return

-26.5%

1 yr return

-44.6%

3 Yr Avg Return

-43.0%

5 Yr Avg Return

N/A

Net Assets

$21.2 M

Holdings in Top 10

90.1%

52 WEEK LOW AND HIGH

$4.8
$4.72
$9.14

Expenses

OPERATING FEES

Expense Ratio 0.30%

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 04/24/2024

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

Defiance Next Gen H2 ETF

HDRO | ETF

$4.74

$21.2 M

0.27%

$0.01

0.30%

HDRO - Profile

Distributions

  • YTD Total Return -26.5%
  • 3 Yr Annualized Total Return -43.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Defiance Next Gen H2 ETF
  • Fund Family Name
    N/A
  • Inception Date
    Mar 09, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ernesto Tong

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 Hydrogen & NextGen Fuel Cell Index
The Index is a rules-based index that tracks the performance of a group of globally listed equity securities of companies involved in the development of hydrogen-based energy sources and fuel cell technologies. The Index is predominantly comprised of “pure-play” companies, i.e., those that generate at least 50% of their revenues from products that facilitate hydrogen-based energy production, including fuel cells capable of using hydrogen as a fuel source (collectively, “H2 Companies”). At the time of each quarterly reconstitution of the Index, pure-play companies will comprise at least 85% of the weight of the Index.
Up to 15% of the Index’s weight, at the time of each quarterly reconstitution, may be comprised of “non-pure-play” companies, i.e., those that are engaged in hydrogen or hydrogen-based fuel cell projects, including the production of hydrogen and other industrial gases, and either have the potential to become pure-play companies or that play a significant role in the global hydrogen or fuel cell segment. Vehicle manufacturers are not eligible for inclusion in the Index. The Index may include companies in developed countries, including the United States, as well as emerging market countries.
At the time of each quarterly reconstitution of the Index, MV Index Solutions GmbH (the “Index Provider”) identifies the universe of pure-play and non-pure-play companies. To be eligible for being added to the Index, such companies must meet investibility requirements (the “Investibility Requirements”), including:
•a market capitalization of at least US$150 million that is within the top 85% of the free-float market capitalization of the universe of pure-play companies;
•a 3-month average daily value traded greater than or equal to US$1 million;
•250,000 shares traded per month over the prior six months; and
•a free float (i.e., the proportion of shares that are publicly available) of at least 10%.
Once included in the Index, companies are eligible to remain in the Index at lower investibility thresholds.
At the time of each quarterly reconstitution of the Index, pure-play companies 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 90% of the free-float market capitalization of all pure-play companies meeting the Investibility Requirements. In the event the Index would include fewer than 25 pure-play companies, the Index will include non-pure-play companies (from largest to smallest based on their free-float market capitalization) meeting the Investibility Requirements and, if necessary, add the next largest pure-play or non-pure-play company that does not meet the Investibility Requirements until there are a minimum of 25 companies in the Index.
At the time of each quarterly reconstitution of the Index, Index constituents are weighted using a modified market-capitalization methodology that establishes a minimum aggregate weight of 85% for pure-play companies, limits the weight of any individual security to 10% (4% for industrial gas companies), and adjusts the weight of a constituent downward based on certain liquidity criteria. Excess weight resulting from the above adjustments is redistributed among the remaining constituents. Additionally, at the time of each rebalance of the Index, the aggregate weight of constituents with a weight greater than or equal to 5% is limited to 50%, and the weight of the smallest constituent(s) that would otherwise cause the Index to exceed the 50% threshold and all other constituents with a weight greater than 4.5% but less than 5% will be set to 4.5%.
The Index is reconstituted quarterly, effective after the close of trading on the third Friday of each March, June, September, and December (the “Rebalance Date”). For each rebalance and reconstitution of the Index, Index constituents and their weights are determined based on data prior to the Rebalance Date.
As of March 31, 2023, the Index was composed of 25 constituents. 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 Fund’s Investment Strategy
Under normal circumstances, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) will be invested in H2 Companies (as described above).
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 is expected to be concentrated in hydrogen and fuel cell 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.
Read More

HDRO - Performance

Return Ranking - Trailing

Period HDRO Return Category Return Low Category Return High Rank in Category (%)
YTD -26.5% -26.0% 53.5% 100.00%
1 Yr -44.6% -45.1% 77.4% 100.00%
3 Yr -43.0%* 8.5% 208.3% N/A
5 Yr N/A* -6.9% 59.8% N/A
10 Yr N/A* -11.7% 26.1% N/A

* Annualized

Return Ranking - Calendar

Period HDRO Return Category Return Low Category Return High Rank in Category (%)
2023 -31.3% -23.7% 88.5% N/A
2022 -50.9% -29.5% 134.4% N/A
2021 N/A -17.7% 110.6% N/A
2020 N/A -22.4% 66.3% N/A
2019 N/A -16.6% -0.9% N/A

Total Return Ranking - Trailing

Period HDRO Return Category Return Low Category Return High Rank in Category (%)
YTD -26.5% -42.2% 53.5% 100.00%
1 Yr -44.6% -45.1% 77.4% 100.00%
3 Yr -43.0%* -9.4% 208.3% N/A
5 Yr N/A* -6.9% 59.8% N/A
10 Yr N/A* -11.7% 26.1% N/A

* Annualized

Total Return Ranking - Calendar

Period HDRO Return Category Return Low Category Return High Rank in Category (%)
2023 -31.2% -23.7% 88.5% N/A
2022 -50.9% -29.5% 134.4% N/A
2021 N/A -17.7% 110.6% N/A
2020 N/A -22.4% 66.3% N/A
2019 N/A -16.6% -0.5% N/A

HDRO - Holdings

Concentration Analysis

HDRO Category Low Category High HDRO % Rank
Net Assets 21.2 M 5.1 M 42.2 B 86.84%
Number of Holdings 28 24 263 93.59%
Net Assets in Top 10 23.3 M 2.02 M 32.1 B 69.23%
Weighting of Top 10 90.14% 26.7% 80.0% 7.69%

Top 10 Holdings

  1. Mount Vernon Liquid Assets Portfolio, LLC 24.25%
  2. Plug Power Inc 10.58%
  3. Bloom Energy Corp 9.77%
  4. Doosan Fuel Cell Co Ltd 9.68%
  5. Ballard Power Systems Inc 9.19%
  6. NEL ASA 8.58%
  7. Thyssenkrupp Nucera AG Co KGaa 4.85%
  8. FuelCell Energy Inc 4.44%
  9. Ceres Power Holdings PLC 4.41%
  10. PowerCell Sweden AB 4.39%

Asset Allocation

Weighting Return Low Return High HDRO % Rank
Stocks 		98.52% 71.51% 105.30% 50.00%
Cash 		24.60% -8.59% 26.89% 48.72%
Preferred Stocks 		0.00% 0.00% 1.02% 55.13%
Other 		0.00% -1.44% 12.87% 53.85%
Convertible Bonds 		0.00% 0.00% 0.00% 55.13%
Bonds 		0.00% 0.00% 7.44% 58.97%

Stock Sector Breakdown

Weighting Return Low Return High HDRO % Rank
Utilities 		0.00% 0.00% 42.92% 28.21%
Technology 		0.00% 0.00% 44.11% 39.74%
Real Estate 		0.00% 0.00% 10.91% 58.97%
Industrials 		0.00% 0.00% 79.38% 1.28%
Healthcare 		0.00% 0.00% 0.00% 55.13%
Financial Services 		0.00% 0.00% 0.41% 57.69%
Energy 		0.00% 0.00% 100.00% 98.72%
Communication Services 		0.00% 0.00% 2.65% 55.13%
Consumer Defense 		0.00% 0.00% 1.61% 62.82%
Consumer Cyclical 		0.00% 0.00% 6.59% 5.13%
Basic Materials 		0.00% 0.00% 17.92% 3.85%

Stock Geographic Breakdown

Weighting Return Low Return High HDRO % Rank
Non US 		56.75% 0.00% 78.23% 1.28%
US 		41.77% 21.23% 100.06% 100.00%

HDRO - Expenses

Operational Fees

HDRO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.30% 0.08% 2.96% 91.03%
Management Fee 0.30% 0.00% 1.25% 9.21%
12b-1 Fee N/A 0.00% 1.00% 17.65%
Administrative Fee N/A 0.06% 0.25% N/A

Sales Fees

HDRO 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% 2.25% N/A

Trading Fees

HDRO 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.

HDRO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 5.00% 382.00% 75.86%

HDRO - Distributions

Dividend Yield Analysis

HDRO Category Low Category High HDRO % Rank
Dividend Yield 0.27% 0.00% 4.88% 88.46%

Dividend Distribution Analysis

HDRO Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Quarterly

Net Income Ratio Analysis

HDRO Category Low Category High HDRO % Rank
Net Income Ratio N/A -1.80% 4.54% 89.33%

Capital Gain Distribution Analysis

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

Distributions History

View More +

HDRO - Fund Manager Analysis

Managers

Ernesto Tong

Start Date

Tenure

Tenure Rank

Mar 09, 2021

1.23

1.2%

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.

Dustin Lewellyn

Start Date

Tenure

Tenure Rank

Mar 09, 2021

1.23

1.2%

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.

Anand Desai

Start Date

Tenure

Tenure Rank

Mar 09, 2021

1.23

1.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.18 6.99 8.32

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