At a glance
DFND charges 1.75% a year, above the 0.33% average of the 4 funds most like it (the most expensive of 5). It has $10.0M in assets, the 5th largest of that group; it paid 0.14% of its price in distributions over the past 12 months, annual. Over the past year it returned +0.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +7.1% a year. At its worst it fell 16.1% in the 2020 crash (S&P 500: 33.7%) and 21.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 19 months after the lows. Its ten largest positions make up 28.2% of the fund, out of 76 in all.
The short version
Siren DIVCON Dividend Defender ETF (DFND) tracks an index that holds large U.S. dividend payers rated likeliest to raise dividends and shorts (bets against) those rated likeliest to cut them. That long/short mix aims for steadier returns than a fund that only owns stocks, but costs 1.75% a year, against a 0.33% average for similar funds. Despite the name, income is minimal: the 12-month yield was 0.14% as of October 27, 2026.
Price history
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DFND +0.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DFND official prospectus, to Dec 31, 2024 | — | +7.08% | — | +6.43% | — | +7.10% |
| S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes) [Default Label] index, same period | — | +25.02% | — | +14.53% | — | +15.54% |
| Siren DIVCON Dividend Defender Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +0.35% | — | +5.81% | — | +6.96% |
| DFND price data to Oct 27, 2026 | -1.5% | +0.7% | +7.1% | +2.8% | +7.2% | +6.4% |
- Over the year to Oct 27, 2026, DFND returned +0.7%, 4th of 5 among similar funds.
- Its 5-year annualized return was +2.8% and its 10-year +7.2%.
- In the 2020 COVID crash it fell 16.1% and regained its old high 1.8 months after the low.
- Its worst full calendar year was 2022 (-19.6%); its best was 2019 (+19.6%).
- The deepest fall in its price history was 22.7% (Nov 19, 2021 to Aug 5, 2022), recovered by Mar 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.5% | — |
| 2025 | +12.0% | — |
| 2024 | +8.5% | +7.08% |
| 2023 | +12.2% | +18.54% |
| 2022 | -19.6% | -19.29% |
| 2021 | +14.8% | +14.02% |
| 2020 | +16.1% | +16.91% |
| 2019 | +19.6% | +18.81% |
| 2018 | -1.9% | -0.85% |
| 2017 | +16.3% | +15.77% |
| 2016 | -1.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15.4% over that stretch · deepest drop along the way 16.1%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.6% over that stretch · deepest drop along the way 21.4%, back to its old high 18.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4800 | -26.2% |
| 2024 | $0.6500 | -5.8% |
| 2023 | $0.6900 | +590.0% |
| 2022 | $0.1000 | -60.0% |
| 2019 | $0.2500 | +78.6% |
| 2018 | $0.1400 | +1300.0% |
| 2017 | $0.0100 |
What's inside
As of Sep 30, 2025, the fund held 76 securities; the ten largest made up 28.23% of assets, and 11.22% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| KLA Corp | 3.50% | |
| NVIDIA Corp | 3.18% | |
| Quanta Services Inc | 2.99% | |
| Microsoft Corp | 2.81% | |
| Ecolab Inc | 2.72% | |
| ResMed Inc | 2.71% | |
| Garmin Ltd | 2.69% | |
| Travelers Cos Inc | 2.58% | |
| Intuit Inc | 2.56% | |
| Expeditors International of Wa | 2.49% | |
| Amphenol Corp | 2.46% | |
| Visa Inc | 2.45% | |
| PulteGroup Inc | 2.31% | |
| S&P Global Inc | 2.29% | |
| Chubb Ltd | 2.25% |
By country
United States 51.5%Switzerland 4.94%Ireland 2.96%United Kingdom 1.2%By asset type
Stocks 60.59%By sector
Sectors of the companies held, for the 66.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Sep 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Sep 30, 2025, investors added a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: 0.00%, -0.68%, +0.98%.
How it works
DFND tracks the Siren DIVCON Dividend Defender Index, built by Reality Shares, Inc. The index starts with the 500 largest U.S. companies, keeps those that paid a dividend and announced another in the prior 12 months, and scores each on seven factors tied to future dividend changes. Scores become ratings from DIVCON 1 (likeliest to cut) to DIVCON 5 (likeliest to raise).
The long side holds every DIVCON 5 stock or the 30 top scorers, whichever is more; the short side holds every DIVCON 1 stock or the 10 lowest scorers, whichever is more. To short, the fund borrows shares and sells them, so it gains if the price falls but can lose without limit if it keeps rising. Weights follow scores, with about 75% of exposure long and 25% short. The index is rebuilt on the first Friday of each December. It rebalances at quarter-end if the short side's value has risen 10% or more, or the next business day if the two sides' combined or net value moves past preset levels.
The fund, issued by SRN Advisors, invests passively, generally owning every index stock, and may use swaps, futures, options or other ETFs. Yearly portfolio turnover was 115%, a high rate of trading. Tracking can be loose: in 2024 the fund returned 7.08%, its index 0.35%.
What it really costs
- DFND charges 1.75% a year, versus an average of 0.33% for the similar funds below (5th of 5, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $178 in the first year and $2,062 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DFND | $178 | $551 | $949 | $2,062 |
In a retirement portfolio
Its long/short design, 1.75% expense ratio and roughly $10 million in assets as of September 30, 2025 make it a specialized side position rather than a portfolio anchor.
DFND launched in January 2016, so it has no 2008 record. In the 2020 COVID crash it fell 16.1% and regained its high within two months. The 2022 bear market was harder despite the short side: the fund lost about 19% for the year, and its deepest drop, 22.7% from November 19, 2021 to August 5, 2022, took 19 months from the low to recover. Anyone drawing money then would have cashed in shares well below their peak.
Income is minimal despite the name: its 12-month yield was 0.14% as of October 27, 2026, paid once a year. Costs are steep, with a 1.75% expense ratio. In the SEC's standard example, expenses on $10,000 earning 5% a year come to $178 over one year and $2,062 over 10. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors drawn to a rules-based bet that dividend raisers beat dividend cutters, expressed through long and short positions in large U.S. stocks.
- Investors who value a short side meant to dampen market swings enough to accept a 1.75% expense ratio, far above the 0.33% peer average.
- Patient holders who don't need income here and can wait out slow recoveries, such as 19 months after the August 2022 low.
Look elsewhere if
- Retirees seeking dividend income: despite the name, the 12-month yield was 0.14% as of October 27, 2026, paid once a year.
- Cost-conscious investors: the 1.75% expense ratio compares with 0.08% for iShares Core Dividend Growth ETF (DGRO), a far larger dividend growth fund.
- Those wanting market-like gains: through December 31, 2024, it returned 6.43% a year over five years versus 14.53% for the S&P 500.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DFND this fund | — | 1.75% | $10.0M | +0.7% | +7.1% |
| LEAD Siren DIVCON Leaders Dividend ETF | 33% | 0.43% | $77.1M | +11.4% | +19.1% |
| RDVY First Trust Rising Dividend Achievers ETF | 23% | 0.48% | $24.48B | +19.7% | +22.2% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 17% | 0.35% | $11.80B | -42.4% | -9.5% |
| DGRO iShares Core Dividend Growth ETF | 11% | 0.08% | $42.77B | +21.8% | +20.6% |
Questions investors ask
Does DFND pay dividends?
Yes, but very little, and only once a year. DFND's yield over the prior 12 months was 0.14% as of October 27, 2026, or about $0.06 per share. Its stated objective is long-term capital appreciation, not income. In general, a fund pays its expenses out of the dividends it collects, and a fund that shorts stocks owes the dividends on the shares it has borrowed. Both can shrink what reaches shareholders.
Does DFND short stocks?
Yes. DFND's index shorts, or bets against, at least 10 large U.S. dividend payers it rates likeliest to cut their dividends, with about 25% of its exposure on that side and 75% in likely dividend raisers. A short gains when the stock falls but can lose without limit if it keeps rising. The goal is steadier returns that move less in step with the market, yet the fund still fell 16.1% in the 2020 COVID crash and 21.4% in the 2022 bear market.
What is DFND's expense ratio?
DFND's expense ratio, the yearly cost taken from fund assets, is 1.75%, according to its prospectus filed July 29, 2025. That includes a 0.85% management fee. The four similar dividend funds it was matched with averaged 0.33%, leaving DFND the most expensive of the five. In the SEC's standard example, $10,000 invested with a 5% yearly return would incur about $178 in costs over one year, $949 over five years and $2,062 over 10 years.
What's the difference between DFND and LEAD?
The biggest gaps are cost and size. Both carry the Siren DIVCON name and hold some of the same stocks, and DFND's index pairs long positions with shorts against likely dividend cutters. LEAD charges 0.43% a year versus DFND's 1.75%. LEAD had about $77 million in net assets as of June 30, 2026, against roughly $10 million for DFND as of September 30, 2025. Over the year to October 27, 2026, LEAD returned 11.4% and DFND 0.7%.
Has DFND beaten the S&P 500?
No. Through December 31, 2024, DFND returned 7.08% over one year, 6.43% a year over five years and 7.1% a year since its January 2016 launch, per its prospectus. The S&P 500 Total Return Index returned 25.02%, 14.53% and 15.54% over the same periods. DFND's own index returned 6.96% a year since inception, so the gap reflects the strategy, not just fees. Based on price, DFND returned 7.2% a year over the 10 years to October 27, 2026.