CHAI

Defiance Israel Fixed Income ETF

As of 2/16/2024 the fund changed its name from Defiance Israel Bond ETF to Defiance Israel Fixed Income ETF

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Index Characteristics

As of 12/07/2023
Average Yield to Maturity
5.73%
Average Modified Duration
5.81
Average Years to Maturity
8.30

Invest in the Defiance Israel Fixed Income ETF

CHAI predominantly invests in Israeli government and corporate bonds, denominated in both USD and ILS, offering diversified exposure to the Israeli fixed-income market. CHAI, the Defiance Israel Bond ETF, will track the MCM BlueStar Israel Bond Index.
CHAI
Listed
NYSE ARCA
Index Description

The MCM-BlueStar Israel Bonds Index (the “Index”) tracks the performance of USD and shekel denominated bonds issued by the Israeli government or Israeli corporations according to a methodology that was developed in partnership with M.C.M Alternative Investments Ltd. ("MCM”).

The index provides exposure to Israeli Shekel and US Dollar denominated debt issued by the Israeli government, government-related entities or agencies, or companies. Securities are selected to the index based on the following procedure with a target of 35 bonds, a minimum of 15 issuers, a maximum of 10 securities issued by the Israeli government or government-related entities, and a maximum of 5 securities issued by any one corporate issuer (issuer is determined by parent company).

The index uses a modified market cap weighting methodology as follows, where the maximum security weight is set to 5%, the maximum aggregate weight of securities issued by the Israeli government or government-related entities is 25%, and the maximum aggregate weight of securities issued by any single corporate issuer is set to 7.5%. The index is reviewed and rebalanced monthly. The Index may include US Treasury securities as well as USD-denominated Israel Bonds that are rated below investment grade (aka "junk bonds").

100% of the net profits to Defiance ETFs will be donated.

The Adviser expects to donate a portion, up to 100%, of the net revenue it receives from its management of the Fund to Magen David Adom. Net revenue is defined as the management fee revenue collected by the Adviser for management of the Fund less all expenses of the Fund that the Adviser is contractually obligated to pay pursuant to the Advisory Agreement. The Adviser anticipates donating a minimum total annual amount. If the annual amount of net revenue the Adviser receives from its management of the Fund falls short of the minimum donation amount, the Adviser will meet the minimum donation amount through other revenues it receives, which are not tied to its management of the Fund. The Adviser has sole discretion to increase, decrease or terminate the contribution at any time. The Adviser has sole discretion to determine which organization(s) will receive a donation. The Adviser may receive a tax benefit for these donations.

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Name Ticker CUSIP Weight Shares
ENERGIAN ISRAEL FINANCE 5.875% 03/30/2031BKP8KT7BKP8KT70.84%25,000.00
ENERGEAN ISRAEL FI 5.375% 03/30/2028BKP8KV9BKP8KV90.87%25,000.00
ISRAEL ST 3.25% 01/17/202846513YJH246513YJH21.20%33,000.00
LEVIATHAN BOND LTD 6.75% 06/30/2030BMDYSL9BMDYSL91.29%36,000.00
Migdal Insurance Funds Raising Ltd 5.4% 12/31/2036IL0011975732IL00119757321.36%125,000.00
LEVIATHAN BOND LTD 6.5% 06/30/2027BMF1012BMF10121.57%42,000.00
ICL GROUP LTD 4.5% 12/02/2024BSS7DD2BSS7DD21.58%41,000.00
LEVIATHAN BOND LTD 6.125% 06/30/2025BMF1186BMF11861.61%42,000.00
Clalbit Finance Ltd 2.5% 03/31/2035IL0011799280IL00117992801.70%190,000.00
ISRAEL ST 4.125% 01/17/204846513YJJ846513YJJ81.78%58,000.00
ENERGEAN ISRAEL FI 4.875% 03/30/2026BLH2QQ3BLH2QQ31.83%50,000.00
ISRAEL ST 2.5% 01/15/203046513JXM846513JXM81.88%56,000.00
ENERGEAN ISRAEL FI 8.5% 09/30/2033BMY3GR7BMY3GR72.19%58,000.00
Clalbit Finance Ltd 2.64% 03/31/2033IL0011606477IL00116064772.21%233,000.00
ISRAEL ST 2.875% 03/16/202646513CXR246513CXR22.23%60,000.00
ISRAEL ST 3.375% 01/15/205046513JXN646513JXN62.87%109,000.00
Fattal Properties Ltd / Europe 1.6% 08/30/2027BL688S8BL688S83.04%290,000.00
ISRAEL ST 4.5% 01/17/203346514BRA746514BRA73.09%85,000.00
ISRAEL ST 3.875% 07/03/205046513JB4246513JB423.17%110,000.00
ISRAEL ST 4.5% 01/30/20434651387N94651387N93.21%95,000.00
ISRAEL CHEMICALS L 6.375% 05/31/2038BF3SP44BF3SP443.22%87,000.00
Cash & OtherCash&OtherCash&Other3.23%82,589.23
Alony Hetz Properties & Investments Ltd 3.85% 02/28/2027IL0039003541IL00390035413.60%325,000.00
ISRAEL ST 2.75% 07/03/203046513JB3446513JB343.68%110,000.00
Migdal Insurance Funds Raising Ltd 2.63% 12/31/2030IL0011427858IL00114278583.85%365,000.00
Phoenix Capital Raising 2009 Ltd/The 2.62% 04/30/2032IL0011593592IL00115935923.95%405,000.00
Amot Investments Ltd 2.44% 01/05/2032IL0011628661IL00116286613.96%430,000.00
BEZEQ ISRAEL TELCM 3.65% 12/01/2025BKPNLN3BKPNLN33.99%370,000.00
B Communications Ltd 3.65% 11/30/2026IL0011781510IL00117815104.02%385,000.00
Tamar Petroleum Ltd 4.69% 08/30/2028BLBLVS3BLBLVS34.25%400,000.00
TEVA PHARMACEUTICAL FIN LLC 6.15% 02/01/203688163VAD188163VAD14.30%115,000.00
AMDOCS LTD 2.538% 06/15/203002342TAE902342TAE94.36%131,000.00
Israel Discount Bank Ltd 2.68% 12/05/2030IL0074801635IL00748016354.65%454,000.00
Mizrahi Tefahot Issuing Co Ltd 2.98% 06/08/2025IL0023101673IL00231016734.68%439,000.00
Bank Hapoalim BM 2.5% 12/09/2031IL0066204889IL00662048894.76%468,000.00
View Full Holdings
Data
As of 02/20/2024
. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.

Fund Details
As of 02/20/2024

Ticker chai
NAV Symbol CHAI.NV
Primary Exchange NYSE
Fund inception 12/12/2023
CUSIP 26922B550
Distribution Frequency Monthly
Fund Holdings 35
Total Expense Ratio 0.48%
Net Assets $2.55M
Shares Outstanding 100,000
NAV $25.54
Closing Price $25.50
Premium / Discount -0.17%
30 Day SEC Yield * 4.59%
Median 30 Day Spread 0.27%
Effective Duration --
Average YTM --
* Yield as of 1/31/2024

Quarter-end Performance

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 888-411-1948. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Distributions

Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
12/27/202312/28/202312/29/202301/02/2024$0.06424000
01/29/202401/30/202401/31/202402/01/2024$0.08829010
02/28/202402/29/202403/01/202403/04/2024$x
03/28/202403/29/202404/01/202404/02/2024$x
04/29/202404/30/202405/01/202405/02/2024$x
05/29/202405/30/202405/30/202405/31/2024$x
06/27/202406/28/202406/28/202407/01/2024$x
07/30/202407/31/202407/31/202408/01/2024$x
08/28/202408/29/202408/29/202408/30/2024$x
09/26/202409/27/202409/27/202409/30/2024$x
10/30/202410/31/202410/31/202411/01/2024$x
11/27/202411/29/202411/29/202412/02/2024$x
12/30/202412/31/202412/31/202401/02/2025$x

Invest in CHAI,
Defiance Israel Fixed Income ETF

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The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 888-411-1948.

Past performance is no guarantee of future results.

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country may be subject to a higher degree of risk.

The Defiance Israel Fixed Income ETF (the “Fund” or the “Israel Fixed Income ETF”) seeks to track the total return performance, before fees and expenses, of the BlueStar® USD Israel Bonds Index (the “Index”). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index. The Index is not affiliated with the Trust, the Fund, the Adviser, the Sub- Adviser, or their respective affiliates and is not involved with this offering.

The BlueStar® USD Israel Bonds Index is predominantly composed of investment grade, U.S. dollar (“USD”)-denominated Israel Bonds. CHAI (the Fund) may also include US treasury securities and USD-denominated Israel Bonds that are rated below investment grade (also known as “junk bonds”) and a limited number of derivatives. Generally, the value of debt securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income (aka debt or bond) securities tends to decrease. The value of the Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors which may be unrelated or disproportionate to the operating performance of companies. See the prospectus for details.

Associated Risks of Israeli Investments: Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities, including, but not limited to, risk of loss due to foreign currency fluctuations or to geopolitical or economic instability. Non-U.S. issuers may be subject to different accounting, auditing, legal and financial reporting requirements. Israel’s economy is dependent upon external trading partners. As a result, economic conditions of Israel may be particularly affected by changes in the credit rating, economy, or political relations between Israel and its key trading partners. These dynamics can adversely affect the cost of borrowing in the international capital markets, the liquidity of and demand for Israel’s debt securities, and the trading price for Israel’s debt securities.

Derivatives Risk: Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives will be limited but may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

New Fund Risk: The Fund is a recently organized management investment company with no operating history on which an investor on which to base their investment decisions or evaluate the management team. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of their investment.

CHAI is distributed by Foreside Fund Services, LLC.

Total return represents changes to the NAV and accounts for distributions from the fund.

Commissions may be charged on trades.

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Name Ticker CUSIP Weight Shares
ENERGIAN ISRAEL FINANCE 5.875% 03/30/2031BKP8KT7BKP8KT70.84%25,000.00
ENERGEAN ISRAEL FI 5.375% 03/30/2028BKP8KV9BKP8KV90.87%25,000.00
ISRAEL ST 3.25% 01/17/202846513YJH246513YJH21.20%33,000.00
LEVIATHAN BOND LTD 6.75% 06/30/2030BMDYSL9BMDYSL91.29%36,000.00
Migdal Insurance Funds Raising Ltd 5.4% 12/31/2036IL0011975732IL00119757321.36%125,000.00
LEVIATHAN BOND LTD 6.5% 06/30/2027BMF1012BMF10121.57%42,000.00
ICL GROUP LTD 4.5% 12/02/2024BSS7DD2BSS7DD21.58%41,000.00
LEVIATHAN BOND LTD 6.125% 06/30/2025BMF1186BMF11861.61%42,000.00
Clalbit Finance Ltd 2.5% 03/31/2035IL0011799280IL00117992801.70%190,000.00
ISRAEL ST 4.125% 01/17/204846513YJJ846513YJJ81.78%58,000.00
ENERGEAN ISRAEL FI 4.875% 03/30/2026BLH2QQ3BLH2QQ31.83%50,000.00
ISRAEL ST 2.5% 01/15/203046513JXM846513JXM81.88%56,000.00
ENERGEAN ISRAEL FI 8.5% 09/30/2033BMY3GR7BMY3GR72.19%58,000.00
Clalbit Finance Ltd 2.64% 03/31/2033IL0011606477IL00116064772.21%233,000.00
ISRAEL ST 2.875% 03/16/202646513CXR246513CXR22.23%60,000.00
ISRAEL ST 3.375% 01/15/205046513JXN646513JXN62.87%109,000.00
Fattal Properties Ltd / Europe 1.6% 08/30/2027BL688S8BL688S83.04%290,000.00
ISRAEL ST 4.5% 01/17/203346514BRA746514BRA73.09%85,000.00
ISRAEL ST 3.875% 07/03/205046513JB4246513JB423.17%110,000.00
ISRAEL ST 4.5% 01/30/20434651387N94651387N93.21%95,000.00
ISRAEL CHEMICALS L 6.375% 05/31/2038BF3SP44BF3SP443.22%87,000.00
Cash & OtherCash&OtherCash&Other3.23%82,589.23
Alony Hetz Properties & Investments Ltd 3.85% 02/28/2027IL0039003541IL00390035413.60%325,000.00
ISRAEL ST 2.75% 07/03/203046513JB3446513JB343.68%110,000.00
Migdal Insurance Funds Raising Ltd 2.63% 12/31/2030IL0011427858IL00114278583.85%365,000.00
Phoenix Capital Raising 2009 Ltd/The 2.62% 04/30/2032IL0011593592IL00115935923.95%405,000.00
Amot Investments Ltd 2.44% 01/05/2032IL0011628661IL00116286613.96%430,000.00
BEZEQ ISRAEL TELCM 3.65% 12/01/2025BKPNLN3BKPNLN33.99%370,000.00
B Communications Ltd 3.65% 11/30/2026IL0011781510IL00117815104.02%385,000.00
Tamar Petroleum Ltd 4.69% 08/30/2028BLBLVS3BLBLVS34.25%400,000.00
TEVA PHARMACEUTICAL FIN LLC 6.15% 02/01/203688163VAD188163VAD14.30%115,000.00
AMDOCS LTD 2.538% 06/15/203002342TAE902342TAE94.36%131,000.00
Israel Discount Bank Ltd 2.68% 12/05/2030IL0074801635IL00748016354.65%454,000.00
Mizrahi Tefahot Issuing Co Ltd 2.98% 06/08/2025IL0023101673IL00231016734.68%439,000.00
Bank Hapoalim BM 2.5% 12/09/2031IL0066204889IL00662048894.76%468,000.00