Donoghue Forlines Risk Managed Innovation ETF
DFNV
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- Donoghue Forlines Risk Managed Innovation ETF (DFNV) is an exchange-traded fund that tracks the FCF US Quality Innovation Index, providing risk-managed exposure to U.S. all-cap companies exhibiting strong free cash flow generation and high research and development (R&D) investment intensity; the index selects up to 120 holdings representing the top 25% of eligible securities based on quality of earnings, profits from R&D, R&D relative to total assets, asset turnover, and financial leverage, with target weights derived from these factors combined with market capitalization until reaching 90% cumulative weight. The fund emphasizes companies across sectors such as technology services, electronic technology, and health technology, with major holdings including Apple Inc., NVIDIA Corp., Alphabet Inc., Broadcom Inc., and AbbVie Inc.; it maintains a net expense ratio of 0.69%, a 30-day SEC yield of approximately 0.22% as of mid-2024, and assets under management around $33 million. DFNV operates primarily in U.S. equity markets, targeting investors seeking innovation-driven growth balanced by risk management outside traditional style-box allocations. Launched on December 7, 2020, and listed on the Cboe BZX Exchange, the ETF is managed by Donoghue Forlines LLC, a Boston-based tactical investment firm founded in 1986 and headquartered at 125 High Street, Suite 220, Boston, Massachusetts. In recent developments, Donoghue Forlines LLC updated its investment strategies in 2024-2025 by migrating tracking indices for certain portfolios, including the Dividend Portfolio to the DF Risk-Managed Dividend Index and the Momentum Portfolio to the DF Risk-Managed Momentum Index, while discontinuing the DF Veridien Climate Action Strategy and removing associated website references; the firm also launched the DF Tactical 30 ETF (DFTT) on NYSE Arca in November 2025. These changes reflect ongoing evolution in the firm's risk-managed offerings, building on its 2017 acquisition of JAForlines Global and 2020 rebranding to Donoghue Forlines LLC.