BNDD ETF — Quadratic Deflation ETF

Quadratic Deflation ETF (BNDD)

Updated October 16, 2026.

BNDD is an ETF. its distribution rate is 3.60%, its trailing-12-month yield is 3.67%, its expense ratio is 1.02%. Dividend Vision Distribution Safety Score™ is 52/100 (Caution). Total return is -19.7% over the past 5.1 years, 107.9 points behind SPY at 88.2%.

Quadratic Deflation ETF is an ETF that invests in U.S. Treasuries of various maturities, directly or through other Treasury-focused ETFs, while employing option strategies—including long options, spreads, and butterflies—tied to the SOFR interest rate curve to manage downside risk. The fund distributes monthly at a current distribution rate in the mid-single-digit range, carries an expense ratio of 1.02%, and is structured as non-diversified. It may appeal to income-focused investors seeking Treasury exposure combined with tactical option positioning.

BNDD performance versus SPY

Price and return data through 2026-10-16.

Total return is -19.7% over the past 5.1 years, 107.9 points behind SPY at 88.2%. Over the past year its total return — price change plus distributions reinvested — is -0.7%. Its deepest 1-year drawdown was 6.9%.

BNDD key facts

Distribution Safety Score™

52 · Caution

Safety-Adjusted Yield

1.87%

Issuer

KraneShares

Asset type

ETF

Asset class

Fixed Income

Inception date

09/16/2021

Expense ratio

1.02%

Distribution rate

3.60%

Distribution frequency

Monthly

Trailing yield

3.67%

Last close

$96.33 (as of 2026-10-16)

AUM

$11,160,204

Average volume

165.0

Dividend

$0.28864

Ex-dividend date

09/29/2026

Payment date

09/30/2026

Beta

1.06

How Dividend Vision calculates yield and returns

Distribution rate (3.60%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.67%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: KraneShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

BNDD risks and drawbacks

BNDD's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 6.9%.

Who may consider BNDD — and who may not

BNDD may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on BNDD

• All tickers starting with B

Tagged: Fixed Income.

Frequently asked questions

More securities from KraneShares.