HDRO
Defiance Next Gen H2 ETF
HDRO tracks a modified market-cap-weighted index that targets globally-listed firms in the hydrogen and fuel cell segment.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
14.7 M
ASSETS UNDER MGMT
30 bp
EXPENSES
Fund Basics
| Fund sponsor | Defiance ETFs |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 09, 2021 |
| Assets (mns) | $15 |
| Expense ratio | 30 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| BALLARD POWER SYSTEMS INC | 9.8 % |
| THYSSENKRUPP NUCERA AG & CO KGAA | 8.8 % |
| BLOOM ENERGY CORPORATION CLASS A | 8.7 % |
| PLUG POWER INC | 7.7 % |
| FUELCELL ENERGY, INC. | 6.2 % |
| SFC ENERGY AG | 5.7 % |
| DOOSAN FUEL CELL CO., LTD. | 4.6 % |
| ITM POWER PLC | 4.6 % |
| SHANGHAI REFIRE GROUP LTD | 4.5 % |
| LINDE PLC | 4.5 % |
Constituent Breakdown
| Number of holdings | 18 |
| Herfindahl-Hirschman Index | 585 |
| Wgt avg mkt cap (mns) | $18,330 |
| Large cap (>$10bn) | 18.9% |
| Mid cap ($2-10bn) | 13.0% |
| Small cap (<$2bn) | 68.1% |
| Developed mkts. | 91.3% |
| Emerging mkts. | 8.8% |
Country Exposure
 |
UNITED STATES | 27.0 % |
 |
BRITAIN | 14.9 % |
 |
CANADA | 9.8 % |
 |
SOUTH KOREA | 8.0 % |
 |
GERMANY | 5.7 % |
 |
FRANCE | 4.3 % |
 |
NORWAY | 4.2 % |
 |
SWEDEN | 2.6 % |
 |
JAPAN | 2.2 % |
Historical Performance
Standardized Performance (as of 02/28/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -12.0% | -27.2% | -39.3% | -37.9% | -- | -- | -39.2% | Volatility | 34.9% | 36.5% | 34.7% | 39.0% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.75 | 52% |
| MSCI EAFE | 1.81 | 58% |
| MSCI Emg Mkts | 1.62 | 46% |
Liquidity Measures
| Avg. volume (000) | 5 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.55% |
| ADV of underlying (mns) | $2,078 |
Technical Indicators
| Recent close | $27.52 |
| 30d moving avg. | $30.82 |
| Annualized volatility | 41.4% |
| Relative strength (RSI) | 37 |
| Short interest (ETF) | 3.1% |
| Short interest (underlying) | 0.0% |
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. HDRO |
Expenses vs. HDRO |
ALTAR Score™ vs. HDRO |
|---|---|---|---|---|
| HYDR | Global X Hydrogen ETF | 50.5% | +20 bp | +1.7% |
| IBAT | iShares Energy Storage & Materials ETF | 16.9% | +17 bp | +15.3% |
| MXI | iShares Global Materials ETF | 12.0% | +11 bp | +18.1% |
Risk and Returns: HDRO 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2024 | 2025E | Fwd Est | 2026E | |
| 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 4/2/2025
Peer Group Comparison Sample data. Subscribe for access.
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
HDRO
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
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
HDRO
-10.1%
Cat. Avg
4.6%
ALTAR Score™ Calculation
Category Overview
There are 363 funds in the Global Equity category, with an average ALTAR Score™
of 4.6% and a standard deviation of
4.0%. HDRO's ALTAR Score™ is approximately
3.7 standard deviations
below
the category average. This places HDRO in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
HDROSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| HDRO (30 bp) Percentile rank | 8 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| HDRO | 30.0 | 54.5 | 84.5 |
| Peer Avg. | 56.2 | 39.5 | 95.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .