DFND
Siren DIVCON Dividend Defender ETF
DFND tracks an index of dividend-paying US large-cap stocks that are likely to increase dividends, while shorting those that are unlikely to do so. At rebalance, the fund is 75% long, 25% short.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
9.3 M
ASSETS UNDER MGMT
189 bp
EXPENSES
Fund Basics
| Fund sponsor | SRN Advisors |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 07, 2020 |
| Assets (mns) | $9 |
| Expense ratio | 189 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| DOMINION RESOURCES INC/VA | 11.5 % |
| CENTERPOINT ENERGY INC | 10.4 % |
| FORD MOTOR CO | 10.1 % |
| FREEPORT-MCMORAN COPPER | 8.1 % |
| INTERNATIONAL PAPER CO | 8.0 % |
| AT&T INC | 7.8 % |
| NEWS CORP - CLASS B | 7.3 % |
| SOUTHWEST AIRLINES CO | 7.2 % |
| INTEL CORP | 5.6 % |
| DEVON ENERGY CORPORATION | 5.5 % |
Constituent Breakdown
| Number of holdings | 72 |
| Herfindahl-Hirschman Index | 738 |
| Wgt avg mkt cap (mns) | $41,574 |
| Large cap (>$10bn) | 89.7% |
| Mid cap ($2-10bn) | 10.3% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 91.3 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 17.5% | 19.3% | 16.1% | 5.6% | 8.2% | -- | 7.3% | Volatility | 26.8% | 19.8% | 21.8% | 19.4% | 20.3% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.50 | 50% |
| MSCI EAFE | 0.39 | 29% |
| MSCI Emg Mkts | 0.29 | 16% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.64% |
| ADV of underlying (mns) | $5,212 |
Technical Indicators
| Recent close | $40.54 |
| 30d moving avg. | $41.50 |
| Annualized volatility | 12.6% |
| Relative strength (RSI) | 46 |
| Short interest (ETF) | 0.5% |
| Short interest (underlying) | 1.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DFND |
Expenses vs. DFND |
ALTAR Score™ vs. DFND |
|---|---|---|---|---|
| WBIY | WBI Power Factor High Dividend ETF | 14.7% | -89 bp | +3.1% |
| VLUE | iShares MSCI USA Value Factor ETF | 12.2% | -174 bp | +3.0% |
| IYM | iShares U.S. Basic Materials ETF | 10.2% | -149 bp | -0.9% |
Risk and Returns: DFND vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/22/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DFND
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
DFND
7.2%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. DFND's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places DFND in the 76th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DFNDSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| DFND (189 bp) Percentile rank | 99 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFND | 189.0 | 63.8 | 252.8 |
| Peer Avg. | 44.1 | 16.7 | 60.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .