CRUZ — Defiance Hotel, Airline, and Cruise ETF
Data updated: 2025-05-30
CRUZ — Defiance Hotel, Airline, and Cruise ETF. Global (incl. US) Mid Cap Blend / Core Industrials Equity. Holdings, fees, performance and SEC filings.
CRUZ Fund Overview
CRUZ — Defiance Hotel, Airline, and Cruise ETF is a US ETF managed by ETF Series Solutions, categorised as Global (incl. US) Mid Cap Blend / Core Industrials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: ETF Series Solutions
- Category: Global (incl. US) Mid Cap Blend / Core Industrials Equity
- Assets under management: $23.59M
- 1-year return: 2.4%
- Ticker: CRUZ
- SEC CIK: 0001540305
- SEC series ID: S000072009
- Share class ID: C000227685
CRUZ Investment Objective and Strategy
Defiance Hotel, Airline, and Cruise ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Series Solutions.
Investment objective
The Defiance Hotel, Airline, and Cruise ETF (the Fund or the Travel ETF) seeks to track the total return performance, before fees and expenses, of the BlueStar Global Hotels, Airlines, and Cruises Index (the Index).
Principal investment strategy
The Fund uses a passive management (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Global Hotels, Airlines, and Cruises Index The Index is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries (Travel Companies) as determined by MV Index Solutions GmbH (the Index Provider). The Index may include companies in developed countries, including the United States, as well as emerging market countries. To be added to the Index, an Index component must meet the Indexs investibility and liquidity requirements, including a market capitalization greater than or equal to US$150 million, and once included in the Index, companies are eligible to remain in the Index at reduced investibility and liquidity thresholds (collectively, the Investibility Requirements).
At the time of each semi-annual reconstitution of the Index, Travel Companies meeting the Investibility Requirements are added to the Index based on their free-float market capitalization (from largest to smallest) until their aggregate free-float market capitalization is at least 95% of the free-float market capitalization of all Travel Companies meeting the Investibility Requirements with at least 25 Travel Companies. If such rules result in fewer than 25 Index components, the largest remaining eligible companies are selected until the number of components reaches 25. At the time of each quarterly rebalance of the Index, the Index components are initially weighted by their float-adjusted market capitalization and separated into three tiers: (i) hotels, (ii) airlines, and (iii) cruises. If the aggregate weight of any tier would exceed 50%, then that tiers weight is set to 50% and the excess weight is distributed to the other two tiers on a pro-rata basis.
If the weight of any tier would be less than 15%, that tiers weight is set to 15% and the difference is subtracted from the other two tiers on a pro-rata basis. Index components are then weighted based on their float-adjusted market capitalization within each tier, subject to a maximum weight of 8% for any individual security and adjustments downward based on certain liquidity criteria. Excess weight resulting from such adjustments is redistributed among the remaining constituents in the applicable tier. The Index is reconstituted semi-annually after the close of business on the third Friday of each March and September and rebalanced quarterly on the third Friday of each March, June, September, and December based on data as of the last business day of the month prior to such reconstitution or rebalance.
As of March 31, 2024, the Index was composed of 55 constituents, 20 of which were listed on a non-U.S. exchange. The Index was established in 2021 and is owned and maintained by the Index Provider. The Index Provider partnered with the Funds investment adviser to co-develop the methodology used to determine the securities included in the Index. The Index Provider is not affiliated with the Fund or its investment adviser, sub-adviser, or distributor. The Funds Investment Strategy Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Travel Companies. The foregoing policy may be changed without shareholder approval upon 60 days written notice to shareholders. 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 Funds 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, and consequently the Fund, is expected to be concentrated in Travel 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.
CRUZ Holdings
Top 10 holdings of Defiance Hotel, Airline, and Cruise ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Mount Vernon Liquid Assets Portfolio, LLC | 18.42% |
| Hilton Worldwide Holdings Inc | 8.14% |
| Royal Caribbean Cruises Ltd | 8.10% |
| Marriott International Inc/MD | 7.98% |
| Delta Air Lines Inc | 6.67% |
| Carnival Corp | 5.44% |
| United Airlines Holdings Inc | 4.87% |
| InterContinental Hotels Group | 3.91% |
| Ryanair Holdings PLC | 3.61% |
| H World Group Ltd | 2.83% |
CRUZ Portfolio Allocation
Asset-class allocation of Defiance Hotel, Airline, and Cruise ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.1% |
| Cash & Equivalents | 19.1% |
CRUZ Performance
Total returns for CRUZ (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.4% |
| 3 years (annualised) | 2.8% |
CRUZ Risk Information
Risk metrics for CRUZ, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 22.4%
CRUZ Costs and Fees
CRUZ costs about $45 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.45%
- Gross expense ratio: 0.45%
- Portfolio turnover: 16%
- Brokerage commissions: 1.45 bps of average net assets (SEC N-CEN)
CRUZ Cashflows
Over the 12 months to 2025-03, Defiance Hotel, Airline, and Cruise ETF had net outflows of $11.63M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-03 | −$3.67M |
| 2025-02 | $683.02K |
| 2025-01 | $2.11M |
| 2024-12 | $3.41M |
| 2024-11 | $0 |
| 2024-10 | −$1.85M |
CRUZ Debt Constituents
No individual debt constituents are reported in Defiance Hotel, Airline, and Cruise ETF's latest SEC N-PORT filing.
CRUZ Prospectus and SEC Filings
Official Defiance Hotel, Airline, and Cruise ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-26
- Prospectus (485BPOS) — filed 2023-04-27
- Prospectus (485BPOS) — filed 2022-04-26
- Portfolio holdings (N-PORT) — filed 2025-05-30
- Portfolio holdings (N-PORT) — filed 2025-02-21
- Portfolio holdings (N-PORT) — filed 2024-11-27
- Annual census (N-CEN) — filed 2025-03-17
- Annual census (N-CEN) — filed 2024-03-15
Related Funds
Other Global (incl. US) Mid Cap Blend / Core Industrials Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.