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.
Fund Basics
| Fund sponsor | SRN Advisors |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 07, 2020 |
| Assets (mns) | $10 |
| 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
| SNAP-ON INC | 3.7 % |
| BROADCOM INC. | 1.8 % |
| WEST PHARMACEUTICAL SERVICES | 1.8 % |
| OLD DOMINION FREIGHT LINE | 1.7 % |
| LAM RESEARCH CORP | 1.5 % |
| APPLIED MATERIALS INC | 1.5 % |
| MARATHON PETROLEUM | 1.5 % |
| INTUIT INC | 1.5 % |
| MICROSOFT CORP | 1.4 % |
| MONOLITHIC POWER SYSTEMS INC | 1.4 % |
Constituent Breakdown
| Number of holdings | 76 |
| Herfindahl-Hirschman Index | 125 |
| Wgt avg mkt cap (mns) | $171,129 |
| Large cap (>$10bn) | 94.9% |
| Mid cap ($2-10bn) | 1.6% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 60.5 % |
 |
IRELAND | 2.4 % |
 |
BRITAIN | 1.2 % |
 |
SWITZERLAND | 1.1 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 13.4% | 12.7% | -2.5% | 1.7% | 6.6% | -- | 5.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.52 | 58% |
| MSCI EAFE | 0.39 | 33% |
| MSCI Emg Mkts | 0.26 | 14% |
Liquidity Measures
| Avg. volume (000) | 2 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.25% |
| ADV of underlying (mns) | $45,184 |
Technical Indicators
| Recent close | $37.03 |
| 30d moving avg. | $37.39 |
| Annualized volatility | 12.3% |
| Relative strength (RSI) | 46 |
| Short interest (ETF) | 0.0% |
| 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 |
|---|---|---|---|---|
| LEAD | Siren DIVCON Leaders Dividend ETF | 63.5% | -146 bp | +1.3% |
| PSET | Principal Price Setters Index ETF | 25.9% | -174 bp | +1.5% |
| STXD | Strive 1000 Dividend Growth ETF | 24.1% | -154 bp | +1.2% |
| PY | Principal Shareholder Yield Index ETF | 24.1% | -174 bp | +3.6% |
| IPDP | Dividend Performers ETF | 22.9% | -83 bp | +0.8% |
| VIG | Vanguard Dividend Appreciation Index Fund | 22.8% | -183 bp | +1.3% |
| FQAL | Fidelity Quality Factor ETF | 22.8% | -160 bp | +1.2% |
| PFM | Invesco Dividend Achievers ETF | 22.0% | -136 bp | +1.5% |
| DUHP | Dimensional US High Profitability ETF | 21.9% | -168 bp | +3.0% |
| RNLC | Large Cap US Equity Select ETF | 21.9% | -129 bp | +2.6% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 9/20/2023
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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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
DFND
4.7%
Cat. Avg
6.3%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.7% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 899 funds in the US Equities category, with an average ALTAR Score™
of 6.3% and a standard deviation of
3.1%. DFND's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places DFND in the 30rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFND
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFND | 189.0 | 25.3 | 214.3 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .