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NDAA

GradeCNASDAQ Global Market

Ned Davis Research 360 Dynamic Allocation ETF

Multi-Asset & Alternatives · Ned Davis Research · Inception 2024-10-16

$24.13−0.19 (−0.77%)

As of Sep 23, 2026, 2:17 PM EDT

History starts Oct 17, 2024.
Intraday session: down, 51 prints from 24.32 to 24.13. Range 24.09 to 24.23. Use the arrow keys to read each point.$24.10$24.15$24.20$24.2510 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$194M
1Y return
+15.0%
Yield · Last 12 months
2.42%
Volume · 30D
0M sh
NAV per share
$24.25
52W range
low $21.20high $24.65

The ETF.net NDAA Grade

C

40/ 100

Rank 29 of 38 in Multi-Asset Allocation⁠

Confidence High

Six-pillar profile for NDAA. Scores out of 100: Cost 46, Risk 54, Mission 83, Tradability 42, Holdings 72, Durability 29. Strongest: Mission (83). Weakest: Durability (29). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned58This cap took−18Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 46
    Category rank20/38 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 83
    Category rank9/30 · top 30%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 54
    Category rank19/36 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 42
    Category rank21/38 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 72
    Category rank11/34 · top 32%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 29
    Category rank33/38 · bottom quartile

Graded as of Sep 22, 2026

Our read on NDAA

ETF.net Research

CA research house best known for selling market indicators now runs money with them. NDAA is an actively managed fund of ETFs built on Ned Davis Research's 360 Approach, anchored at 60% global stocks and 40% global bonds but free to move well off that mix.

Stated mandate

The Fund is actively managed and uses Ned Davis Research’s 360° Approach to allocate dynamically among equity, fixed-income and commodity ETFs and money markets. Its stated allocation framework targets 60% global equities and 40% global bonds but can move materially away from that mix.

Why people hold it

  1. 01One ticket for a global mix: the fund allocates across equity, fixed-income and commodity ETFs plus money markets, rather than a single asset class.
  2. 02The 60/40 baseline is a starting point, not a cage. The manager can shift materially away from it as its indicators change.
  3. 03At 0.65%, it undercuts the typical fund in the allocation cohort, where the median runs 0.78%. Cheap for discretionary tactical management.

Worth knowing

  1. 01Index-based allocation peers cost far less: AOA charges 0.19% and IRTR 0.08%. You are paying up for the active calls, not the building blocks.
  2. 02Small and thinly traded. Spreads can be wide, so limit orders matter more here than in a mega-cap index fund.
  3. 03Launched in 2024, so the strategy has not yet been tested across a full market cycle in this wrapper. Distributions come annually or semiannually, not monthly.

NDAA Holdings

As of Sep 20, 2026, 10:15 AM
Asset class
Other
Holdings
—
Top-10 weight
65%
Largest holding
XLK8.9%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001XLKState Street Technology Select Sector SPDR ETF8.87%90,583$17M33
002HEZUiShares Currency Hedged MSCI Eurozone ETF7.50%295,345$14M3
003IEMGiShares Core MSCI Emerging Markets ETF7.37%173,695$14M13
004SPMDState Street SPDR Portfolio S&P 400 Mid Cap ETF7.20%214,904$14M5
005SPYState Street SPDR S&P 500 ETF Trust6.50%16,410$12M38
006BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF6.01%436,126$12M5
007SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF5.76%203,247$11M5
008BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF5.35%112,367$10M19
009SPHYState Street SPDR Portfolio High Yield Bond ETF5.04%420,432$10M16
010XEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF5.03%219,722$10M2
011XLVState Street Health Care Select Sector SPDR ETF4.88%55,585$9M28
012XLCState Street Communication Services Select Sector SPDR ETF4.50%76,908$9M27
013XLFState Street Financial Select Sector SPDR ETF4.09%140,446$8M25
014XLYState Street Consumer Discretionary Select Sector SPDR ETF3.78%65,197$7M20
015XLIState Street Industrial Select Sector SPDR ETF3.74%42,507$7M25

Showing 1–15 of 26 holdings

NDAA Performance

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

NDAA$11,497
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NDAA $11,497. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for NDAA. Periods over one year show the average yearly return.
PeriodNDAA
Year to date+11.8%
1 month−0.5%
3 months+1.8%
1 year+15.0%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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 NDAA
YearReturn barNDAA
2026 YTD+11.8%
2025+14.0%
2024−1.3%

History from Oct 17, 2024

NDAA in the news

ETF.net Research hasn’t filed on NDAA yet — coverage lands here as it’s written.

NDAA 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 Sep 22, 2026.
2.42%Last 12 months
Payout per share
$0.59Last 12 months
Last payment
$0.59 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 26, 2024 $0.16; Dec 23, 2025 $0.59. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.59
Dec 26, 2024Dec 30, 2024$0.16

NDAA Risk

How much the fund’s monthly returns vary, scaled to a year.
9.9%
Annualised · 22 months to Aug 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.
1.02
vs 3-month T-bills · 22 months to Aug 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.
−13.5%
23 months · trough Apr 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.
0.72
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.

NDAA Cost

Expense ratio0.80%
  • The middle half of Multi-Asset Allocation funds
  • Median 0.58%

25 of the 37 Multi-Asset Allocation funds charge less.

NDAA costs $80.00 a year on $10,000. The median Multi-Asset Allocation fund costs $58.00.