Overview
America's homebuilders and their supply chain — D.R. Horton to Home Depot, around 46 companies living and dying by mortgage rates.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| DHI | D.R. Horton | 12.8% |
| LEN | Lennar Corp. | 11.4% |
| NVR | NVR Inc. | 8.1% |
| PHM | PulteGroup | 7.9% |
| HD | Home Depot | 4.6% |
| LOW | Lowe's Companies | 4.4% |
| TOL | Toll Brothers | 4.1% |
| SHW | Sherwin-Williams | 3.9% |
| TT | Trane Technologies | 3.2% |
| MAS | Masco Corp. | 2.6% |
Fund Details
Investment Thesis
Homebuilders are the market's purest mortgage-rate trade, and a year of 5% Treasury yields plus this week's Fed hike crushed them 20% — while America's structural housing shortage sat unresolved underneath. That's the contrarian setup: builders trading at single-digit earnings multiples with demand locked behind rates that will eventually break. Timing the break is the whole game.
Who It's For
Contrarian cyclical investors positioning for the rate turn through its most leveraged equity expression. Early is expensive here — the sector moves 30%+ when conviction returns.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $36.62 | -- |
| 2017 | $57.86 | +58.0% |
| 2018 | $39.92 | -31.0% |
| 2019 | $59.08 | +48.0% |
| 2020 | $73.85 | +25.0% |
| 2021 | $109.30 | +48.0% |
| 2022 | $79.79 | -27.0% |
| 2023 | $126.07 | +58.0% |
| 2024 | $131.11 | +4.0% |
| 2025 | $118.00 | -10.0% |
| Year | Yield |
|---|---|
| 2016 | 0.50% |
| 2017 | 0.40% |
| 2018 | 0.60% |
| 2019 | 0.50% |
| 2020 | 0.50% |
| 2021 | 0.40% |
| 2022 | 0.60% |
| 2023 | 0.50% |
| 2024 | 0.60% |
| 2025 | 0.70% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.4B | -- |
| 2017 | $2B | +42.9% |
| 2018 | $1B | -50.0% |
| 2019 | $1.5B | +50.0% |
| 2020 | $2B | +33.3% |
| 2021 | $2.6B | +30.0% |
| 2022 | $1.6B | -38.5% |
| 2023 | $2.5B | +56.3% |
| 2024 | $3B | +20.0% |
| 2025 | $2.8B | -6.7% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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