Quadratic Deflation ETF
$98.56+0.00 (+0.00%)
- Expense ratio
- 1.02%
- Fund size
- $18M
- 1Y return
- +3.7%
- Yield · Last 12 months
- 3.58%
- Holdings
- 4
- Volume · 30D
- 0M sh
- NAV per share
- $98.85
- 52W range
The ETF.net BNDD Grade
Score 26 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 7Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.FScore 18Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 20Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 100Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 37Category rank
Our read on BNDD
FMost bond funds are built around inflation fear. BNDD takes the other side: US Treasuries paired with options on the interest rate swap curve, aimed at deflation, falling long-term rates and a flattening curve.
The Fund seeks to benefit from lower growth, deflation, lower or negative long-term interest rates, and a narrowing spread between shorter- and longer-term rates through investments in U.S. Treasuries and options.
Why people hold it
- A rare, undiluted expression of the deflation trade. It targets lower growth, lower or negative long-term rates, and a narrowing gap between short and long yields.
- The plumbing is simple to picture: a core of US Treasuries, plus an options sleeve tied to the shape of the US interest rate swap curve.
- Actively managed, not index-tracking, so the curve position can be reshaped as rates move. Distributions come monthly.
Worth knowing
- The overlay is not cheap: 1.02% a year, while plain Treasury funds in the same cohort (VGIT, SCHP, VGUS) charge a tiny fraction of that. Among the priciest ways to own Treasury exposure.
- Directional by design. When long-term rates climb or the curve steepens, the options position works against the fund, and options can expire worthless.
- A small, thinly traded fund since its 2021 launch, so spreads can widen. Limit orders are the sane way in and out.
BNDD Holdings
- Bonds
- 4
- 100%
- VGLT
Sectors
- Financials100.0%
Geography
- United States100.00%
BNDD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BNDD |
|---|---|
| Year to date | +5.9% |
| 1 month | +4.1% |
| 3 months | −0.8% |
| 1 year | +3.7% |
| 3 years | −3.2% |
| 5 years | −11.0% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BNDD |
|---|---|---|
| 2026 YTD | +5.9% | |
| 2025 | −8.8% | |
| 2024 | −7.7% | |
| 2023 | +2.1% | |
| 2022 | −40.9% | |
| 2021 | +4.7% |
BNDD in the news
ETF.net Research hasn’t filed on BNDD yet — coverage lands here as it’s written.
BNDD Dividends
- 3.58%
- $3.55
- $0.29 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 28, 2026 | Aug 31, 2026 | $0.29 |
| Jul 30, 2026 | Jul 31, 2026 | $0.29 |
| Jun 29, 2026 | Jun 30, 2026 | $0.30 |
| May 28, 2026 | May 29, 2026 | $0.30 |
| Apr 29, 2026 | Apr 30, 2026 | $0.29 |
| Mar 30, 2026 | Mar 31, 2026 | $0.30 |
| Feb 26, 2026 | Feb 27, 2026 | $0.30 |
| Jan 29, 2026 | Jan 30, 2026 | $0.29 |
| Dec 30, 2025 | Dec 31, 2025 | $0.29 |
| Nov 26, 2025 | Nov 28, 2025 | $0.30 |
| Oct 30, 2025 | Oct 31, 2025 | $0.31 |
| Sep 29, 2025 | Sep 30, 2025 | $0.30 |
BNDD Risk
- 10.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.87
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −52.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.24
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BNDD Cost
- The middle half of US Treasury & Government funds
- Median 0.15%
14 of the 16 US Treasury & Government funds charge less.