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ETF Series Solutions Trust - Nationwide Maximum Diversification U.S. Core Equity ETF
ETF
MXDU
Payout Change
Pending
Price as of:
$
+0.0
+0.0%
primary theme
N/A
MXDU (ETF)
ETF Series Solutions Trust - Nationwide Maximum Diversification U.S. Core Equity ETF
Payout Change
Pending
Price as of:
$
+0.0
+0.0%
primary theme
N/A
MXDU (ETF)
ETF Series Solutions Trust - Nationwide Maximum Diversification U.S. Core Equity ETF
Payout Change
Pending
Price as of:
$
+0.0
+0.0%
primary theme
N/A
Name
As of 05/26/2022Price
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
-
$94.4 M
0.00%
0.34%
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$94.4 M
Holdings in Top 10
44.2%
52 WEEK LOW AND HIGH
$34.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.34%
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 05/26/2022Price
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
-
$94.4 M
0.00%
0.34%
MXDU - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameETF Series Solutions Trust - Nationwide Maximum Diversification U.S. Core Equity ETF
-
Fund Family NameN/A
-
Inception DateSep 15, 2017
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAustin Wen
Fund Description
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index.
TOBAM Maximum Diversification USA Index
The Index is a rules-based index that is designed to create a more diversified equity portfolio of the common and preferred stock of large and mid-capitalization U.S. companies relative to traditional market capitalization weighted benchmarks. The Index uses a quantitative model to weight companies in the Index universe to maximize the Diversification Ratio® of the Index, a proprietary metric based on the volatility of each Index constituent and its correlation to the other Index constituents. The Index was developed in 2011 by TOBAM S.A.S., the Fund’s index provider.
Construction of the Index begins with the universe of large and mid-capitalization common and preferred stocks of U.S. companies with a minimum market capitalization set by the Index rules and adjusted quarterly based on changes to the overall U.S. equity market capitalization. As of September 17, 2021, the minimum market capitalization for companies eligible to be added to the Index was USD $10.5 billion (USD $8.4 billion for companies already included in the Index). Companies in the Index universe are then screened to eliminate securities with insufficient liquidity and relatively new issues.
The remaining companies are then screened against a socially responsible investment (“SRI”) exclusion blacklist. The SRI exclusion blacklist contains those companies whose activities do not meet the criteria for socially responsible investing, such as the production or sale of unconventional weapons, production of tobacco, production of coal or coal-based energy, serious or systematic human rights violations, severe environmental damage, gross corruption, or other particularly serious violation of ethical norms. Companies included on the SRI exclusion blacklist are not eligible to be added to the Index, and the remaining companies constitute the “Eligible Universe” for the Index.
Companies in the Eligible Universe are then analyzed for their volatility and correlation to each other and weighted to maximize the Diversification Ratio®, a mathematical definition of diversification developed by TOBAM. The model used to maximize the Diversification Ratio (the “MaxDiv® Model”) seeks to lower the overall volatility of the Index while maintaining its diversification. The maximum weight for each stock is the lower of (i) 1.5% or (ii) 20 times the security’s weight had the Eligible Universe been market capitalization weighted (the “Cap-Weighted Benchmark”).
Additionally, at the time of each reconstitution of the Index, the MaxDiv Model is constrained to ensure that the “active share” of the Index, which measures how much the holdings of the Index differ from those of the securities in the Cap-Weighted Benchmark, cannot exceed 50%.
The MaxDiv Model is also optimized to reduce turnover and to limit the Index’s carbon emissions to 80% of the emissions of the Cap-Weighted Benchmark.
The Index is reconstituted (i.e., Index Constituents are added or deleted, and weights are reset based on the MaxDiv Model) quarterly after the close of business on the third Friday of each March, June, September and December using data as of the close of business on the first Friday of the relevant month.
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 equity securities that are principally traded in the United States.
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).
The Fund generally may invest in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions).
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.
MXDU - Performance
Return Ranking - Trailing
| Period | MXDU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -51.8% | 22.1% | 32.18% |
| 1 Yr | N/A | -60.9% | 46.9% | 96.90% |
| 3 Yr | N/A* | -26.9% | 192.0% | 92.31% |
| 5 Yr | N/A* | -29.0% | 93.8% | N/A |
| 10 Yr | N/A* | -17.1% | 37.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MXDU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -69.4% | 53.7% | 74.79% |
| 2022 | N/A | -94.0% | 152.6% | 8.92% |
| 2021 | N/A | -13.9% | 183.6% | 40.58% |
| 2020 | N/A | -18.2% | 8.9% | 13.44% |
| 2019 | N/A | -80.2% | 35.2% | N/A |
Total Return Ranking - Trailing
| Period | MXDU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -97.2% | 22.1% | 76.32% |
| 1 Yr | N/A | -60.9% | 67.6% | 96.44% |
| 3 Yr | N/A* | -26.9% | 192.0% | 91.45% |
| 5 Yr | N/A* | -28.0% | 93.8% | N/A |
| 10 Yr | N/A* | -11.8% | 37.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MXDU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -69.4% | 53.7% | 74.79% |
| 2022 | N/A | -94.0% | 152.6% | 8.92% |
| 2021 | N/A | -13.9% | 183.6% | 41.10% |
| 2020 | N/A | -12.8% | 8.9% | 36.62% |
| 2019 | N/A | -60.0% | 35.2% | N/A |
MXDU - Holdings
Concentration Analysis
| MXDU | Category Low | Category High | MXDU % Rank | |
|---|---|---|---|---|
| Net Assets | 94.4 M | 38 K | 1.21 T | 81.06% |
| Number of Holdings | 461 | 1 | 4154 | 22.60% |
| Net Assets in Top 10 | 44.8 M | 1.74 K | 270 B | 86.39% |
| Weighting of Top 10 | 44.24% | 1.8% | 100.0% | 97.56% |
Top 10 Holdings
- Mount Vernon Liquid Assets Portfolio, LLC 30.73%
- Newmont Goldcorp Corp 1.90%
- General Mills Inc 1.65%
- Kroger Co/The 1.61%
- Dollar Tree Inc 1.61%
- Amazon.com Inc 1.42%
- Biogen Inc 1.40%
- Consolidated Edison Inc 1.40%
- Diamondback Energy Inc 1.26%
- Extra Space Storage Inc 1.26%
Asset Allocation
| Weighting | Return Low | Return High | MXDU % Rank | |
|---|---|---|---|---|
| Stocks | 99.68% | 0.00% | 130.24% | 24.44% |
| Cash | 30.94% | -102.29% | 100.00% | 74.27% |
| Preferred Stocks | 0.00% | 0.00% | 2.23% | 77.26% |
| Other | 0.00% | -13.91% | 134.98% | 77.54% |
| Convertible Bonds | 0.00% | 0.00% | 5.54% | 76.04% |
| Bonds | 0.00% | -0.04% | 95.81% | 76.38% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MXDU % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 25.44% | 14.15% |
| Technology | 0.00% | 0.00% | 48.94% | 93.10% |
| Real Estate | 0.00% | 0.00% | 37.52% | 8.21% |
| Industrials | 0.00% | 0.00% | 29.90% | 96.76% |
| Healthcare | 0.00% | 0.00% | 60.70% | 2.48% |
| Financial Services | 0.00% | 0.00% | 55.59% | 95.93% |
| Energy | 0.00% | 0.00% | 41.64% | 54.24% |
| Communication Services | 0.00% | 0.00% | 27.94% | 25.26% |
| Consumer Defense | 0.00% | 0.00% | 49.14% | 1.59% |
| Consumer Cyclical | 0.00% | 0.00% | 50.47% | 63.01% |
| Basic Materials | 0.00% | 0.00% | 26.10% | 34.58% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MXDU % Rank | |
|---|---|---|---|---|
| US | 99.68% | 0.00% | 127.77% | 33.56% |
| Non US | 0.00% | 0.00% | 33.51% | 49.56% |
MXDU - Expenses
Operational Fees
| MXDU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.34% | 0.01% | 3.53% | 78.71% |
| Management Fee | 0.34% | 0.00% | 2.00% | 31.72% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
| MXDU 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% | 5.00% | N/A |
Trading Fees
| MXDU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 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.
| MXDU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 496.00% | 62.94% |
MXDU - Distributions
Dividend Yield Analysis
| MXDU | Category Low | Category High | MXDU % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 16.56% | 87.61% |
Dividend Distribution Analysis
| MXDU | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
| MXDU | Category Low | Category High | MXDU % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -54.00% | 6.06% | 31.32% |
Capital Gain Distribution Analysis
| MXDU | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 27, 2021 | $0.438 | OrdinaryDividend |
| Dec 31, 2020 | $0.662 | OrdinaryDividend |
| Dec 23, 2019 | $0.521 | OrdinaryDividend |
| Dec 31, 2018 | $0.420 | OrdinaryDividend |
MXDU - Fund Manager Analysis
Managers
Austin Wen
Start Date
Tenure
Tenure Rank
Sep 15, 2017
4.62
4.6%
Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.
Rafael Zayas
Start Date
Tenure
Tenure Rank
Jun 19, 2020
1.86
1.9%
Rafael Zayas, CFA, is a portfolio manager. Mr. Zayas became SVP, Head of Portfolio Management and Trading in June 2020. From 2017 to 2020, he was a Senior Portfolio Manager – International Equity at Vident and has over 15 years of experience that includes managing international equity portfolios, including in emerging and frontier markets. Prior to joining Vident, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets, including the Russell Strategic Call Overwriting Fund, a mutual fund. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a B.S. in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 39.02 | 7.12 | 2.42 |
