Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

The BNDD ETF is a 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.

BNDD Yield Metrics

Data as of 07/12/2024
30-day SEC Yield 2.16%

30-day SEC Yield (Subsidized/Unsubsidized) is a standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund's filings with the SEC. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Premium Discount Chart

Daily Performance

Data as of 07/12/2024
Daily Net Asset Value (NAV) and Market Price
NAV $14.55
NAV Daily Change -0.14%
Market Price $14.52
Market Price Daily Change -0.07%
30 Day Median Bid/Ask Spread
0.14%
Curve Spread DV01
Data as of 07/15/2024
$-0.0126

Performance History

Cumulative %
Data as of: 06/30/2024
Fund NAV Closing Price Index
1 Month 0.23% 0.92% 1.65%
3 Month -1.38% -1.12% -1.81%
6 Month -0.16% -0.42% -5.01%
YTD -0.16% -0.42% -5.01%
Since Inception -9.96% -9.88% -31.59%
Avg Annualized %
Data as of quarter end: 06/30/2024
Fund NAV Closing Price Index
1 Year -5.99% -5.86% -5.61%
Since Inception -3.71% -3.68% -12.77%

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.

Distribution History

2024 Distributions and Calendar
Ex-Date Record Date Payable Date Amount
01/29/2024 01/30/2024 01/31/2024 0.042868
02/27/2024 02/28/2024 02/29/2024 0.045049
03/26/2024 03/27/2024 03/28/2024 0.044265
04/26/2024 04/29/2024 04/30/2024 0.043752
05/30/2024 05/30/2024 05/31/2024 0.043811
06/27/2024 06/27/2024 06/28/2024 0.044907
07/29/2024 07/30/2024 07/31/2024
08/28/2024 08/29/2024 08/30/2024
09/26/2024 09/27/2024 09/30/2024
10/29/2024 10/30/2024 10/31/2024
11/26/2024 11/27/2024 11/29/2024

Future calendar dates are subject to change. There is no guarantee that dividends will be paid. Past distributions are not indicative of future trends. This material is provided for educational purposes only and does not constitute investment advice.

Distributions are issued to brokers on the payable date, and are subject to broker payment schedules.

2023 Distributions
Ex-Date Record Date Payable Date Amount
01/27/2023 01/30/2023 01/31/2023 0.046249
02/24/2023 02/27/2023 02/28/2023 0.046632
03/29/2023 03/30/2023 03/31/2023 0.047287
04/26/2023 04/27/2023 04/28/2023 0.047677
05/26/2023 05/30/2023 05/31/2023 0.046143
06/28/2023 06/29/2023 06/30/2023 0.048232
07/27/2023 07/28/2023 07/31/2023 0.047829
08/29/2023 08/30/2023 08/31/2023 0.045904
09/27/2023 09/28/2023 09/29/2023 0.043136
10/27/2023 10/30/2023 10/31/2023 0.041301
11/28/2023 11/29/2023 11/30/2023 0.043084
12/27/2023 12/28/2023 12/29/2023 0.141775
2022 Distributions
Ex-Date Record Date Payable Date Amount
01/27/2022 01/28/2022 01/31/2022 0.075353
02/24/2022 02/25/2022 02/28/2022 0.076407
03/29/2022 03/30/2022 03/31/2022 0.076124
04/27/2022 04/28/2022 04/29/2022 0.072522
05/26/2022 05/27/2022 05/31/2022 0.069967
06/28/2022 06/29/2022 06/30/2022 0.067239
07/27/2022 07/28/2022 07/29/2022 0.069020
08/29/2022 08/26/2022 08/31/2022 0.067713
09/28/2022 09/29/2022 09/30/2022 0.065144
10/27/2022 10/28/2022 10/31/2022 0.060815
11/28/2022 11/29/2022 11/30/2022 0.063581
12/28/2022 12/29/2022 12/30/2022 5.734910
2021 Distributions
Ex-Date Record Date Payable Date Amount
10/27/2021 10/28/2021 10/29/2021 0.075290
11/26/2021 11/29/2021 11/30/2021 0.078480
12/29/2021 12/30/2021 12/31/2021 0.118547

Growth of $10,000

Data as of 07/12/2024

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. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Top 10 Holdings

Data as of 07/15/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($)
1 VANGUARD LT TREA 78.23% VGLT US92206C8477 Mutual Fund 323,021 18,835,355
2 Cash 16.99% Cash 4,090,242 4,090,242
3 USD CMS 2-30 06/25/25 -40 3.58% Option 50,000 861,722
4 USDCMS 2-30 03/12/25 -30 1.21% Option 15,000 290,266

Holdings are subject to change.