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Launched · SEC filings

Quadratic Deflation ETF

BNDDNYSE ArcaKraneSharesF

$98.72−0.18 (−0.18%)

As of Nov 2, 2026, 3:58 PM ET

F17/ 100

Rank 13 of 16 in US Treasury & Government

F17/100Rank 13 of 16inUS Treasury & Government
Intraday session: down, 79 prints from 98.90 to 98.72. Range 98.14 to 98.72. Use the arrow keys to read each point.98.2098.4098.6010 AM12 PM2 PM4 PM
Expense ratio
1.02%
Fund size
$11M
1Y total return
+2.1%
Yield · Last 12 months
3.56%
Holdings
3
Avg volume · 30D
19.7K sh
52W range
low $93.76high $102.01
Launched
Filings
SEC EDGAR

The ETF.net BNDD Grade

Based on 5 of 6 pillars

F

Score 17 out of 100

Category
US Treasury & Government⁠
Rank
13 of 16
Six-pillar profile for BNDD. Scores out of 100: Cost 7, Risk 24, Mission not scored, Tradability 16, Holdings 36, Durability 38. Strongest: Durability (38). Weakest: Cost (7). Based on 5 of 6 pillars.

Score 17 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F7 out of 100
    Rank 15 of 16

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F24 out of 100
    Rank 16 of 16

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F16 out of 100
    Rank 14 of 16

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D36 out of 100
    Rank 14 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D38 out of 100
    Rank 14 of 16

Our read on BNDD

ETF.net Research

In short

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.

Stated mandate

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 Performance

Launched Sep 20, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
BNDD$10,215
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BNDD $10,215. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for BNDD. Periods over one year show the average yearly return.
PeriodBNDD
Year to date+6.4%
1 month+4.8%
3 months+4.2%
1 year+2.1%
3 yearsper year−0.1%
5 yearsper year−11.4%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BNDD
YearReturn barBNDD
2026 YTD+6.4%
2025−8.8%
2024−7.7%
2023+2.1%
2022−40.9%
2021+4.7%

History from Sep 21, 2021

BNDD in the news

BNDD Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.56%Last 12 months
Payout per share
$3.53Last 12 months
Last payment
$0.29 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 36 payments from 2023 to 2026 YTD. Mar 29, 2023 $0.38; Apr 26, 2023 $0.38; May 26, 2023 $0.37; Jun 28, 2023 $0.39; Jul 27, 2023 $0.38; Aug 29, 2023 $0.37; Sep 27, 2023 $0.35; Oct 27, 2023 $0.33; Mar 26, 2024 $0.35; Apr 26, 2024 $0.35; May 30, 2024 $0.35; Jun 27, 2024 $0.36; Jul 30, 2024 $0.35; Aug 29, 2024 $0.35; Sep 27, 2024 $0.35; Oct 30, 2024 $0.34; Mar 28, 2025 $0.32; Apr 29, 2025 $0.31; May 29, 2025 $0.30; Jun 27, 2025 $0.30; Jul 30, 2025 $0.30; Aug 28, 2025 $0.29; Sep 29, 2025 $0.30; Oct 30, 2025 $0.31; Nov 26, 2025 $0.30; Dec 30, 2025 $0.29; Jan 29, 2026 $0.29; Feb 26, 2026 $0.30; Mar 30, 2026 $0.30; Apr 29, 2026 $0.29; May 28, 2026 $0.30; Jun 29, 2026 $0.30; Jul 30, 2026 $0.29; Aug 28, 2026 $0.29; Sep 29, 2026 $0.29; Oct 29, 2026 $0.29. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 29, 2026Oct 30, 2026$0.29
Sep 29, 2026Sep 30, 2026$0.29
Aug 28, 2026Aug 31, 2026$0.29
Jul 30, 2026Jul 31, 2026$0.29
Jun 29, 2026Jun 30, 2026$0.30
May 28, 2026May 29, 2026$0.30
Apr 29, 2026Apr 30, 2026$0.29
Mar 30, 2026Mar 31, 2026$0.30
Feb 26, 2026Feb 27, 2026$0.30
Jan 29, 2026Jan 30, 2026$0.29
Dec 30, 2025Dec 31, 2025$0.29
Nov 26, 2025Nov 28, 2025$0.30

See all 45 payments⁠

$10,000 in BNDD 5 years ago paid $773 in dividends.⁠

BNDD Risk

Risk pillarF24 out of 100Rank 16 of 16 in US Treasury & Government
How much the fund’s monthly returns vary, scaled to a year.
10.0%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.40
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−52.5%
Trough Sep 2025
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.

How strongly the fund’s returns move with its asset-class index.
1.24
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BNDD Cost

Compare BNDD and SPTB

Overpaying vs SPTB, tied cheapest in US Treasury & Government

$18,374

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BNDD 1.02%

    $19,012

  • SPTB 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • BNDD 1.02%
  • SPTB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BNDD $19,012SPTB $638

Year by year

YearBNDDSPTBOverpaying
10$1,797$55$1,742
20$6,746$216$6,530
30$19,012$638$18,374

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