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HCM Defender 100

Ticker: QQH

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Overview

Objective

The Fund seeks to provide investment results that correspond, before fees and expenses, generally to the performance of the HCM Defender 100 Index (the “HCM 100 Index”).

Inception Date: 10/9/19

Fund Summary:

The HCM 100 Index seeks to outperform the Solactive US Technology 100 Index using a proprietary methodology. The HCM 100 Index is comprised of securities in the Solactive US Technology 100 Index (“Tech Equity Sub-Index”), which are the largest and most liquid companies classified in the Technology sector as defined by the TRBC Sector Classification; cash or cash equivalents; or a combination of both. The HCM 100 Index alternates exposure among a full position of securities in the Tech Equity Sub-Index, a 70/30 position of securities in the Tech Equity Sub-Index/cash and cash equivalents, a 40/60 position of securities in the Tech Equity Sub-Index/cash or cash equivalents, or a full position of cash or cash equivalents. The Fund may gain exposure to securities included in the HCM 100 Index indirectly through investments in derivatives and other investment companies. The HCM 100 Index is an index sponsored, created, compiled, and maintained by the adviser and uses a representative sampling strategy.

The HCM 100 Index uses the HCM BuyLine® (“BuyLine®”), a proprietary quantitative investment model, to determine when the HCM 100 Index should be in or out of the market. The BuyLine® uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the HCM 100 Index reduces exposure to equities, and when the trend is up, the HCM 100 Index increases exposure to equities. When the Solactive US Large Cap Index’s closing price drops to 3.5% below the BuyLine®, the HCM 100 Index assumes a 70/30 position in equities and cash or cash equivalents. If the Solactive US Large Cap Index’s closing price drops to 6.5% below the BuyLine®, the HCM 100 Index assumes a 40/60 position in equities and cash or cash equivalents. If the Solactive US Large Cap Index’s closing price drops to 12% below the BuyLine®, the HCM 100 Index is 100% in cash or cash equivalents. Once the Solactive US Large Cap Index closes above the BuyLine® for five consecutive trading days, the HCM 100 Index will reinvest in equities. If the Solactive US Large Cap Index closes above the BuyLine® without having previously closed below the 3.5%, 6.5% or 12% levels for at least five consecutive trading days, the HCM 100 Index will add or maintain exposure to track the Solactive US Technology 100 Index.

 

Fund Facts

As of 3/17/2026

CUSIP: 66538R748Total Assets: $667,018,911.91
Primary Exchange: New York Stock Exchange NYSE Arca, Inc.Total Annual Fund Operating Expenses: 0.98%
Distribution Frequency: Annually in December*30 Day Median Bid/Ask Spread: 0.0541%

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Summary ProspectusProspectusSAIFactsheetSemi Annual ReportAnnual Report

Performance

Daily Fund Prices

As of 3/17/2026

NAV
Net Asset Value$74.11
Change$0.40.54%
Premium/Discount
$0.02
Closing Market Price
Closing Price$74.13
Change$0.420.57%
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As of 3/17/2026As of 12/31/2025

Fund Name1M3MQTD6MYTD1Y5YSince (10/9/2019)
HCM Defender 100 Index ETF NAV 0.35-1.09-4.16-0.28-4.1623.0412.1518.56
HCM Defender 100 Index ETF Market Price 0.47-1.05-4.18-0.30-4.1823.1412.1918.56
Fund Name1M3MQTD6MYTD1Y5YSince (10/9/2019)
HCM Defender 100 Index ETF NAV -1.391.581.5814.6915.6515.6513.7420.06
HCM Defender 100 Index ETF Market Price -1.281.581.5814.6615.6615.6613.7120.07

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 770-642-4902. HCM Funds are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Beginning November 2, 2020, market price returns are calculated using the closing price and account for distributions from the funds. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). Returns greater than 1 year are annualized.

Top Holdings

As of 3/17/2026

Download Holdings (.CSV)
SymbolNameMarket Price($)Shares HeldMarket Value($)Net Assets(%)
TQQQ USPROSHARES UL QQQ$48.162,501,214$120,458,466.2418%
NVDA USNVIDIA CORP$181.93327,670$59,613,003.109%
AAPL USAPPLE INC$254.23207,344$52,713,065.128%
MSFT USMICROSOFT CORP$399.41101,609$40,583,650.696%
META USMETA PLATFORMS-A$622.6647,601$29,639,238.664%
AMZN USAMAZON.COM INC$215.20137,307$29,548,466.404%
TSLA USTESLA INC$399.2770,179$28,020,369.334%
AVGO USBROADCOM INC$321.3184,006$26,991,967.864%
COST USCOSTCO WHOLESALE$996.1624,589$24,494,578.244%
NFLX USNETFLIX INC$94.36228,800$21,589,568.003%
Distribution Data
EX DateRecord DatePay DateST Cap GainsLP Cap GainsOrdinary IncomeTotal Distribution Amount
12/16/202512/16/202512/22/2025--$0.1637$0.1637
12/16/202412/16/202412/23/2024--$0.1597$0.1597
12/15/202312/18/202312/21/2023--$0.1369$0.1369
12/13/201912/16/201912/23/2019$0.0589-$0.003$0.0619

Portfolio holdings are subject to change and should not be considered investment advice.

 

*The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

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Investors should carefully consider the investment objectives, risks, charges, and expenses of Mutual Funds and ETFs. This and other important information about the Funds are contained in the prospectus, which can be obtained at www.howardcmfunds.com or by calling 770-642-4902/855-969-8464. The prospectus should be read carefully before investing.

 

The Funds’ portfolio holdings as of the end of each calendar month are posted on the Funds’ website no later than thirty days after the end of each month. This posted information generally remains accessible until the Funds post the information for the next calendar month to the Funds’ website. The Funds may choose to post their portfolio holdings on a more frequent basis, especially during periods of high market volatility. These off-cycle disclosures will be replaced with the normal monthly release when available.

 

Investments in Funds involve risk, including possible loss of principal. There is no assurance that the Funds will achieve their investment objectives. The advisor’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions. The Fund’s use of derivatives, such as swaps, are subject to market risks that may cause their price to fluctuate over time. The Fund utilizes leverage to obtain investment exposure in excess of its net assets, and while the use of leverage may magnify potential gains in favorable markets, it will also magnify potential losses in adverse market conditions.

 

ETFs involve risk including possible loss of principal. When the Fund is out of the market and in cash or cash equivalents, there is a risk that the market will begin to rise rapidly and may cause the Fund to miss capturing the initial returns of changing market conditions. The mutual fund-in which the Fund may invest may use leverage. Using leverage can magnify a mutual fund’s potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund’s share price. The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account. ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund.

 

The HCM-BuyLine® is a tactical proprietary indicator used to assist in determining when and how much to invest in equities. The HCM-BuyLine® is not an automated trading program, and not all HCM-BuyLine® signals will result in securities transactions. When the HCM-BuyLine® indicates a bull market, the firm identifies the particular mutual funds, ETFs, or individual securities that it believes have the best return potential in the current market from the universe of assets available in each given program and increases investment exposure to them. When the HCM-BuyLine® indicates a bear market, the firm moves clients’ investments to less risky alternatives, which may include cash, cash equivalents, and short term bonds. However, not every HCM-BuyLine® signal will result in full investment exposure to equities, nor will every HCM-BuyLine® sell signal result in full withdrawal from equity exposure. Not every HCM-BuyLine® buy or sell signal will result in a profitable trade. There will be times when following the indicator results in a loss. Each investment strategy we provide uses independent HCM-BuyLine® parameters, meaning the HCM-BuyLine® may produce different signals for different strategies at different times.

 

Except where agreed, we retain all discretionary decision-making with respect to securities transactions resulting from HCM-BuyLine® signals. As a result, transactions resulting from HCM-BuyLine® signals may not occur on the same day the signal(s) is produced. In addition, certain products, custodians and portfolios may have a delay in execution, which could cause actual transaction dates to differ from the dates when HCM-BuyLine® produced signals. In some instances, this could result in securities transactions (or lack of transactions) which result in less favorable overall performance than if the HCM-BuyLine® system had automatically initiated such transactions (or had refrained from such transactions). Use of HCM-BuyLine® does not guarantee outperformance of any strategies not employing such programs and does not insulate an investor from the risk of loss.

 

There can be no guarantee that the HCM-BuyLine® indicator will perform as anticipated. The HCM-BuyLine® is not a stoploss order that automatically sells securities in the portfolio at a certain price. As a result, it will not necessarily limit your losses to the desired amounts due to the limitations of the HCM-BuyLine®, market conditions, and delays in executing orders.

 

HCM Funds are distributed by Northern Lights Distributors, LLC, member FINRA/ SIPC. Northern Lights Distributors, LLC and Howard Capital Management, Inc. are not affiliated.

 

Direxion HCM Tactical Enhanced US ETF is distributed by Alps Distributors, inc. For more information specific to Direxion products, please contact Direxion directly at info@direxion.com or 866-476-7523.

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