Quadratic Deflation ETF
$95.13+1.09 (+1.16%)
- 1.02%
- $11M
- −2.9%
- 3.74%
- 0M sh
- $94.85
- low $93.76high $102.28
The ETF.net BNDD Grade
F
Score 17 out of 100
- 13 of 16
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 100Rank 15 of 16Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F20 out of 100Rank 16 of 16Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F16 out of 100Rank 14 of 16Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D36 out of 100Rank 13 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D38 out of 100Rank 14 of 16
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.
Not enough history yet.
BNDD$9,710
Returns run to the Oct 12, 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 | +1.5% |
| 1 month | −2.1% |
| 3 months | −3.2% |
| 1 year | −2.9% |
| 3 years | −2.7% |
| 5 years | −10.9% |
| 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 | +1.5% | |
| 2025 | −8.8% | |
| 2024 | −7.7% | |
| 2023 | +2.1% | |
| 2022 | −40.9% | |
| 2021 | +4.7% |
BNDD in the news
Category Review
Index option income was not one bet this year
BNDD Dividends
- 3.74%
- $3.54
- $0.29 per share
- Monthly
Distribution history
BNDD Risk
- 10.0%
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.
- −0.73
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
1.02%
BNDD1.02%
- The middle half of US Treasury & Government funds
- Median 0.15%
14 of the 16 US Treasury & Government funds charge less.
Other funds in US Treasury & Government
- BGOVIInvesco Equal Weight 0-30 Year Treasury ETFExpense ratio 0.15%1 year return −6.0%
- BJMMFJPMorgan 100% U.S. Treasury Securities Money Market ETFExpense ratio 0.16%1 year return —
- CLGOVFirst Trust Long Duration Opportunities ETFExpense ratio 0.49%1 year return −6.0%
- CMGOVFirst Trust Intermediate Government Opportunities ETFExpense ratio 0.50%1 year return −2.7%
- CTROTInvesco MSCI Treasury Duration Rotation ETFExpense ratio 0.15%1 year return —