DFND

Reality Shares DIVCON Dividend Defender ETF
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52
*Unless otherwise stated, data provided by FactSet.

DFND Fund Description

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.

DFND Factset Analytics Insight

DFND holds US large-cap stocks with rising dividends, while shorting those without. The issuer uses a proprietary model to score the 500 largest US firms on their likelihood of increasing dividends in the next year. Holdings for both the long and short portfolios are selected and weighted by this score, known as the DIVCON dividend health score. The DIVCON score is rules-based, but the metrics are not disclosed. Note that stocks with high DIVCON scores are expected to raise their dividends, but aren't necessarily high dividend payers.Unlike many long/short ETFs, DFND does not leverage its long portfolio against its short positions. This means the fund will experience only half the market risk—and return—of a plain-vanilla large-cap fund. DFND is part of a DIVCON-based suite of ETFs, including siblings LEAD (long only) and GARD (variable long/short exposure). The fund charges a steep fee for the competitive US large-cap space, though it’s not quite as bad as at looks—DFND is required to report short interest expense and dividend payments on its short positions as part of its expense ratio. Unfortunately, the fund hasn’t seen much investor interest and is very difficult to trade.

DFND MSCI ESG Analytics Insight

Reality Shares DIVCON Dividend Defender ETF has an MSCI ESG Fund Rating of A based on a score of 6.08 out of 10. The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors. ESG Fund Ratings range from best (AAA) to worst (CCC). Highly rated funds consist of companies that tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.

The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. Reality Shares DIVCON Dividend Defender ETF ranks in the 69th percentile within its peer group and in the 85th percentile within the global universe of all funds covered by MSCI ESG Fund Ratings.

DFND Charts And Performance

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PERFORMANCE [as of 09/18/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
DFND 2.34% 3.70% 14.34% 7.37% 10.39% -- --
DFND (NAV) 2.14% 2.64% 13.60% 6.83% 10.20% -- --
MSCI USA Large Cap Index 4.13% 3.57% 21.56% 5.97% 14.56% 10.83% 13.23%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DFND Summary Data

01/14/16
Open-Ended Fund
1.21%
$6.03M
$62.03K
0.29%

DFND Portfolio Data

$78.30B
19.32
4.87
0.75%
09/25/17
66

DFND Index Data

Proprietary
Proprietary
MSCI USA Large Cap Index

DFND Portfolio Management

1.21%
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--
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DFND Tax Exposures

20.00% / 39.60%
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Qualified dividends
No

DFND Fund Structure

Open-Ended Fund
No
No
No Policy
N/A
N/A
High
Daily
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

DFND Factset Analytics Block Liquidity

As of 09/19/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of DFND. DFND is rated a 5 out of 5.

DFND Tradability

1,897
$62.03K
1,038
$38.50K
0.29%
$0.09
-0.02%
1.99% / -1.74%
None
100.00%
25,000
0.04
0.07%
0.01%
0
$30.19
5

DFND Sector/Industry Breakdown


DFND
Segment Benchmark
27.95%
9.15%
22.77%
29.02%
17.67%
13.15%
12.50%
14.77%
5.89%
2.10%
4.51%
7.74%
4.43%
14.03%
3.02%
5.11%
1.25%
2.64%

DFND Top 10 Holdings[View All]

22.71%
12.35%
6.01%
2.85%
54.12%

DFND Countries


DFND
Segment Benchmark
100.00%
100.00%

DFND Regions


DFND
Segment Benchmark
100.00%
100.00%

DFND Economic Development


DFND
Segment Benchmark
100.00%
100.00%

DFND Performance Statistics

0.83
0.55
0.54
0.55
0.50%
MSCI USA Large Cap Index

DFND MSCI ESG Ratings

A
6.08 / 10
85.06
69.44
1.03%
2.48%
99.50

DFND Benchmark Comparison Holdings

66
298
34
15.62%

DFND Benchmark Comparison Summary


DFND
Segment Benchmark
66
298
$78.30B
$268.77B
19.32
21.93
4.87
3.46
1.80%
1.91%
Low
Low

DFND Benchmark Comparison Market Cap Size


DFND
Segment Benchmark
79.00%
99.74%
21.00%
0.26%
0.00%
0.00%
0.00%
0.00%