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Defiance Next Gen Altered Experience ETF
ETF
PSY
Payout Change
Pending
Price as of:
$4.99
+0.02
+0.4%
primary theme
N/A
PSY (ETF)
Defiance Next Gen Altered Experience ETF
Payout Change
Pending
Price as of:
$4.99
+0.02
+0.4%
primary theme
N/A
PSY (ETF)
Defiance Next Gen Altered Experience ETF
Payout Change
Pending
Price as of:
$4.99
+0.02
+0.4%
primary theme
N/A
Name
As of 07/01/2022Price
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
Vitals
YTD Return
-19.3%
1 yr return
-79.0%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$4.6 M
Holdings in Top 10
68.0%
52 WEEK LOW AND HIGH
$5.0
$4.73
$24.99
Expenses
OPERATING FEES
Expense Ratio 0.75%
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 07/01/2022Price
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
PSY - Profile
Distributions
- YTD Total Return -57.8%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.75%
- Dividend Yield 6.7%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameDefiance Next Gen Altered Experience ETF
-
Fund Family NameDefiance ETFs
-
Inception DateMay 27, 2021
-
Shares Outstanding850000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerDustin Lewellyn
Fund Description
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index.
BITA Medical Psychedelics, Cannabis, and Ketamine Index
The Index is a rules-based index that tracks the performance of a portfolio of companies conducting legal activities under the national laws of the applicable country related to medical psychedelics, medical cannabis, cannabis pharmaceuticals and cannabidiol (“CBD”) derivatives, and ketamine. The Index is comprised of common stocks or depositary receipts listed on a U.S. or Canadian exchange. Companies are eligible to be included in the Index if they derive at least 50% of their revenue from (i) the production of, distribution of, or services related to medical psychedelics; (ii) the cultivation of, production of, distribution of, or services related to medical cannabis; (iii) cannabis pharmaceuticals and CBD derivatives; or (iv) the production of, distribution of, or services related to ketamine and its derivatives.
Medical Cannabis, Cannabis Pharmaceuticals, and CBD Derivatives. Companies included in the Index that engage in activities related to medical cannabis, cannabis pharmaceuticals, or CBD derivatives are referred to as Medical Cannabis Companies. The term “medical cannabis” refers to both medical marijuana and hemp. Cannabis, including hemp, may contain chemical compounds, such as tetrahydrocannabinol (“THC”) and CBD, or have properties that researchers are exploring as potential treatments for certain health conditions and wellness uses.
Medical Psychedelics and Ketamine. Companies included in the Index that engage in activities related to medical psychedelics or ketamine are referred to as Medical Psychedelics Companies. Such companies include those engaged in the research and development of psychedelic medicines and therapeutics and/or conducting clinical trials of psychedelic medicines, therapeutics, or healthcare treatments. Psychedelic drugs, also known as hallucinogens, are a group of substances, including psilocybin, that are being investigated by Medical Psychedelics Companies for potential use in the treatment of mental illnesses, such as depression, addiction,
anxiety and post-traumatic stress disorder, by altering and/or enhancing a recipient’s sensory perceptions, thought processes, and energy levels. To date, no psychedelic drug product has received marketing approval on the basis of safety and efficacy from the U.S. Food and Drug Administration (“FDA”) or Health Canada and, accordingly, no psychedelic drug product may be commercially marketed or sold. To qualify for inclusion in the Index, a Medical Psychedelics Company’s operations must include the lawful production, distribution, research, or development of psychedelics healthcare treatments and/or medicines, which may include ketamine. Ketamine is a dissociative drug that is sometimes labeled a psychedelic and may produce psychedelic effects. Ketamine-based products have been approved by the FDA for certain therapeutics.
To be eligible for inclusion in the Index, a company must have a minimum market capitalization of US$75 million and meet a minimum liquidity threshold.
At the time of each semi-annual reconstitution and rebalance of the Index, companies in the Index are weighted based on their market capitalization, subject to a maximum individual weight of 7% and an aggregate weight of 45% for all positions with an individual weight of more than 5%. Excess weight from such constraints will be reallocated in proportion to the weight of the unaffected constituents.
The Index is reconstituted and rebalanced semi-annually after the close of trading on the third Friday of each March and September based on information as of the first Friday of the applicable month, although new initial public offerings (“IPOs”) that meet the Index’s eligibility requirements may be added on a “fast-entry basis” in between reconstitution dates. In addition to the semi-annual reconstitutions in March and September, new IPOs are reviewed for fast-entry addition on the first calendar day of each month (the “IPO Review Date”) and may be added after the close of trading on the tenth day of trading after the IPO Review Date. Index constituents will be removed from the Index at the time of a reconstitution if they fail to meet the eligibility requirements.
As of March 31, 2022, the Index was composed of 19 constituents. The Index was established in 2021 and is owned and maintained by BITA GmbH (the “Index Provider”), which is not affiliated with the Fund or its investment adviser, sub-adviser, or distributor. The Fund’s investment adviser worked with the Index Provider to develop the methodology used to determine the securities included in the Index.
The Fund’s Investment Strategy
The Fund will not invest directly in or hold ownership in any companies that engage in cannabis- or psychedelics-related business unless permitted by national and local laws of the relevant jurisdiction, including U.S. federal and state laws. Accordingly, the Fund does not currently invest (directly or indirectly) in companies located in the United States if their cannabis- or psychedelics-related business activities are illegal under U.S. federal law, even if such activities are legal under state law. If U.S. federal law changes in the future and these cannabis- or psychedelic-related business activities become legal at the federal level, the Fund will begin investing in these U.S.-listed companies in accordance with the Fund’s investment objective and principal investment strategy. If, after acquiring the securities of a Medical Cannabis Company or a Medical Psychedelics Company, the Fund’s investment adviser identifies or becomes aware that the company no longer meets the Fund’s definition of a Medical Cannabis Company or a Medical Psychedelics Company, respectively, the Fund will promptly sell that position.
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 Medical Psychedelics Companies and Medical Cannabis 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.
The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower.
PSY - Performance
Return Ranking - Trailing
| Period | PSY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -19.3% | -31.3% | 11.5% | 78.69% |
| 1 Yr | -79.0% | -79.0% | 24.0% | 100.00% |
| 3 Yr | N/A* | -36.2% | 44.2% | N/A |
| 5 Yr | N/A* | -21.4% | 31.8% | N/A |
| 10 Yr | N/A* | 6.4% | 21.4% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PSY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | N/A | -41.2% | 27.4% | N/A |
| 2024 | N/A | -34.0% | 233.6% | N/A |
| 2023 | N/A | -31.4% | 66.0% | N/A |
| 2022 | N/A | -52.1% | 6.5% | N/A |
| 2021 | N/A | -8.2% | 589.1% | N/A |
Total Return Ranking - Trailing
| Period | PSY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -57.8% | -73.0% | 174.3% | 91.80% |
| 1 Yr | -79.0% | -79.0% | 24.0% | 100.00% |
| 3 Yr | N/A* | -36.2% | 44.2% | N/A |
| 5 Yr | N/A* | -21.4% | 31.8% | N/A |
| 10 Yr | N/A* | 6.4% | 21.4% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PSY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | N/A | -41.2% | 27.4% | N/A |
| 2024 | N/A | -34.0% | 233.6% | N/A |
| 2023 | N/A | -31.4% | 66.0% | N/A |
| 2022 | N/A | -47.9% | 6.5% | N/A |
| 2021 | N/A | -8.2% | 589.1% | N/A |
PSY - Holdings
Concentration Analysis
| PSY | Category Low | Category High | PSY % Rank | |
|---|---|---|---|---|
| Net Assets | 4.6 M | 610 K | 31.2 B | 86.44% |
| Number of Holdings | 20 | 1 | 389 | 98.55% |
| Net Assets in Top 10 | 3.13 M | -21.4 M | 5.86 B | 78.26% |
| Weighting of Top 10 | 67.99% | 8.9% | 100.0% | 18.46% |
Top 10 Holdings
- Cronos Group Inc 9.62%
- Mind Medicine Inc Ordinary Shares Sub Voting 8.69%
- ATAI Life Sciences NV 7.83%
- Innovative Industrial Properties Inc Registered Shs 7.35%
- PharmaCielo Ltd Ordinary Shares 7.19%
- GrowGeneration Corp 6.92%
- Forian Inc Ordinary Shares 6.30%
- 22nd Century Group Inc 6.21%
- Neptune Wellness Solutions Inc 6.02%
- Numinus Wellness Inc Ordinary Shares 5.99%
Asset Allocation
| Weighting | Return Low | Return High | PSY % Rank | |
|---|---|---|---|---|
| Stocks | 99.52% | 0.00% | 100.33% | 50.72% |
| Cash | 0.48% | -0.34% | 101.46% | 46.38% |
| Preferred Stocks | 0.00% | 0.00% | 29.02% | 24.64% |
| Other | 0.00% | -8.90% | 91.95% | 36.23% |
| Convertible Bonds | 0.00% | 0.00% | 3.05% | 28.99% |
| Bonds | 0.00% | 0.00% | 88.23% | 30.43% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PSY % Rank | |
|---|---|---|---|---|
| Healthcare | 78.41% | 0.00% | 100.00% | 5.00% |
| Real Estate | 7.75% | 0.00% | 54.95% | 15.00% |
| Consumer Cyclical | 7.30% | 0.00% | 41.11% | 36.67% |
| Consumer Defense | 6.55% | 0.00% | 53.62% | 28.33% |
| Utilities | 0.00% | 0.00% | 85.14% | 55.00% |
| Technology | 0.00% | 0.00% | 77.79% | 85.00% |
| Industrials | 0.00% | 0.00% | 90.47% | 88.33% |
| Financial Services | 0.00% | 0.00% | 95.51% | 36.67% |
| Energy | 0.00% | 0.00% | 32.10% | 38.33% |
| Communication Services | 0.00% | 0.00% | 16.38% | 35.00% |
| Basic Materials | 0.00% | 0.00% | 36.59% | 70.00% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PSY % Rank | |
|---|---|---|---|---|
| Non US | 57.10% | 0.00% | 98.35% | 24.64% |
| US | 42.42% | 0.00% | 85.31% | 55.07% |
PSY - Expenses
Operational Fees
| PSY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.75% | 0.22% | 4.26% | 36.84% |
| Management Fee | 0.75% | 0.25% | 1.90% | 63.38% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 12.00% |
| Administrative Fee | N/A | 0.03% | 0.19% | N/A |
Sales Fees
| PSY 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
| PSY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | 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.
| PSY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 140.00% | 72.22% |
PSY - Distributions
Dividend Yield Analysis
| PSY | Category Low | Category High | PSY % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.68% | 0.00% | 11.38% | 7.89% |
Dividend Distribution Analysis
| PSY | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| PSY | Category Low | Category High | PSY % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.75% | -2.66% | 5.19% | 82.14% |
Capital Gain Distribution Analysis
| PSY | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
PSY - Fund Manager Analysis
Managers
Dustin Lewellyn
Start Date
Tenure
Tenure Rank
May 27, 2021
1.01
1.0%
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.
Ernesto Tong
Start Date
Tenure
Tenure Rank
May 27, 2021
1.01
1.0%
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.
Anand Desai
Start Date
Tenure
Tenure Rank
May 27, 2021
1.01
1.0%
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 |
|---|---|---|---|
| 0.75 | 23.1 | 6.77 | 3.29 |
