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Overview

Performance

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

The BNDD ETF is an ESG fixed income ETF that seeks to benefit from lower growth, deflation, lower or negative long-term interest rates, and/or a reduction in the spread between shorter and longer term interest rates by investing in US Treasuries and options.

The Debt Machine is Challenging Investors

  • Demographics: Declining birth rates & a shrinking population tend to cause the costs of government programs to be spread over fewer people.
  • Extreme-Indebtedness: While many believe stimulus spurs growth, it has ballooned the federal debt to well beyond 100% of GDP, reaching levels never seen outside of wartime.
  • Lower for Longer “Japan 2.0”: Global long term interest rates have plummeted over the past three decades amid a surge in sovereign debt issuance, which may incentivize central banks to keep interest rates “lower for longer.”

BNDD: Built to Help Investors Navigate the Debt Machine

Unique Access:

  • Provides access to OTC fixed income options market which is typically not available to investors directly.

Asymmetric Upside:

  • Has the potential for enhanced returns in periods of lower growth.
  • The portfolio’s option downside is limited to the market value of the options.

Portfolio Diversification:

  • A potential diversifier to a traditional 60/40 portfolio.
  • Bonds have historically increased during large equity sell-offs.
  • The options held by the fund could also serve as a market hedge when policy rates are close to zero.
Premium Discount Chart

Daily Performance

Data as of 02/01/2023
Daily Net Asset Value (NAV) and Market Price
NAV $15.47
NAV Daily Change 0.39%
Market Price $15.44
Market Price Daily Change 0.52%
30 Day Median Bid/Ask Spread
0.13%
Curve Spread DV01
Data as of 02/01/2023
$-0.0118
Distributions

Performance History

Cumulative %
Data as of: 01/31/2023
Fund NAV Closing Price Index
1 Month 2.84% 2.30% 6.41%
3 Month 6.15% 6.14% 12.00%
6 Month -4.31% -4.52% -6.89%
Since Inception -10.69% -10.96% -25.64%
Avg Annualized %
Data as of month end: 01/31/2023
Fund NAV Closing Price Index
1 Year -13.81% -14.07% -21.47%
Since Inception -7.96% -8.16% -19.52%
Avg Annualized %
Data as of quarter end: 12/31/2022
Fund NAV Closing Price Index
1 Year -17.71% -17.47% -29.26%
Since Inception -10.44% -10.29% -24.43%

*Fee waivers are contractual and in effect until August 1, 2023

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.

Growth of $10,000

Data as of 02/01/2023

The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only.

Top 10 Holdings

Data as of 02/01/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($)
1 VANGUARD LT TREA 83.00% VGLT US92206C8477 Mutual Fund 414,620 27,609,546
2 Cash 10.61% Cash 3,530,346 3,530,346
3 USD CMS 2-30 05/07/24 1 3.72% Option 30,000 1,237,746
4 USDCMS 2-30 03/12/25 -30 2.67% Option 35,000 888,855

Holdings are subject to change.