At a glance
DDX charges 0.25% a year. It has $71.6M in assets; it paid 3.13% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +10.0% a year. At its worst it fell 20.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low.
The short version
Defined Duration 10 ETF (DDX), from ETF Architect, is an actively managed mix of US Treasuries and low-cost stock and bond ETFs. It aims for about half stocks and half bonds when markets look average. Its sub-adviser's monthly algorithms add to stocks after declines and trim them after gains, within a 30% to 70% stock range. The expense ratio is 0.25%, and payouts are quarterly.
Price history
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DDX +5.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DDX official prospectus, to Dec 31, 2024 | — | +2.91% | — | — | — | -1.07% |
| DDX price data to Oct 27, 2026 | +5.2% | +5.5% | +10.0% | +2.5% | — | +2.4% |
- Over the year to Oct 27, 2026, DDX returned +5.5%.
- Its 5-year annualized return was +2.5%.
- Its worst full calendar year was 2022 (-16.2%); its best was 2025 (+12.0%).
- The deepest fall in its price history was 21.3% (Nov 9, 2021 to Oct 14, 2022), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.2% | — |
| 2025 | +12.0% | — |
| 2024 | +3.0% | +2.91% |
| 2023 | +10.4% | +10.50% |
| 2022 | -16.2% | -16.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20% over that stretch · deepest drop along the way 20.1%, back to its old high 23.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $0.7606 | +8.7% |
| 2024 | $0.7000 | +32.1% |
| 2023 | $0.5300 | +82.8% |
| 2022 | $0.2900 |
What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 84.93% of assets, and 14.57% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Note/Bond Bonds and notes | 25.22% | |
| United States Treasury Note/Bond Bonds and notes | 19.25% | |
| State Street SPDR Portfolio Developed World ex-US ETF | 15.28% | |
| Vanguard Morningstar Value ETF | 14.61% | |
| Vanguard FTSE Emerging Markets ETF | 4.89% | |
| Vanguard Long-Term Treasury ETF | 3.70% | |
| Vanguard S&P 500 ETF | 1.98% |
By country
United States 84.93%By issuer
US Treasury 44.47%Other registered funds 40.46%The bonds mature in 3.8 years on average (weighted by size), with an average coupon of 3.72%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.37%, +0.57%, -0.39%.
How it works
Defined Duration 10 ETF (DDX) follows no index. Its prospectus describes an actively managed portfolio of four to eight large, broad-based ETFs. Sub-adviser Orcam Financial Group (Discipline Funds) runs two rules-based models that gauge stock and bond market risk from valuations and economic data such as interest rates, GDP and inflation. The models update monthly, and the portfolio shifts when their readings change.
"Defined Duration" is the fund's estimate of how many years an investment needs to earn a reasonable return; DDX sets its stock-bond mix to average about 10 years. When stock risk looks average, it holds about half stocks and half bonds; stocks can range from 30% to 70%. The method is countercyclical: after a sharp drop, it may add to stocks rather than just rebalance to 50-50, since stocks often carry less risk after falling. In a long rally it may hold fewer stocks and trail passive funds.
Stocks are split between US and foreign markets by global market value. Each stock ETF must hold at least $100 million and cost 0.25% or less. As of July 31, 2026, 44.5% of assets sat in Treasury notes held directly, alongside SPDR Portfolio Developed World ex-US (SPDW, 15.3%), Vanguard's value ETF (VTV, 14.6%) and Vanguard FTSE Emerging Markets (VWO, 4.9%), with 14.6% in cash.
What it really costs
- DDX charges 0.25% a year.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $364 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DDX | $26 | $89 | $159 | $364 |
In a retirement portfolio
It holds US and foreign stocks plus US Treasuries in one fund, so it can act as a balanced core position, though its rules-based shifts set it apart from a fixed 50/50 fund.
DDX gives a retiree one fund that holds US and foreign stocks plus US Treasuries, with stocks kept between 30% and 70% of the fund. It launched in September 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 20.1%. Its worst calendar year was 2022, at -16.13%. Its deepest drop was 21.3%, from November 2021 to October 2022, and it took 32.3 months to recover, until June 2025. Anyone who had to sell shares in a year like 2022 would have locked in losses. The fund's yield over the prior 12 months was 3.13% as of October 27, 2026, paid quarterly. The expense ratio is 0.25%, or $26 in the first year on $10,000 in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund that holds US and foreign stock ETFs plus US Treasuries, with stocks kept between 30% and 70%.
- People comfortable with a rules-based, countercyclical method that adds to stocks after declines and holds fewer after strong runs.
- Holders who value low trading: 2% portfolio turnover, a 0.25% expense ratio and quarterly payouts yielding 3.13% as of October 27, 2026.
Look elsewhere if
- Investors who want a fixed stock-bond mix; the prospectus warns this style can trail passive funds while stocks keep rising.
- Those wanting a long or gentle record: DDX launched in September 2021, fell 21.3% and needed 32.3 months to recover.
- Investors who prefer large funds: net assets were about $71.6 million as of July 31, 2026, and shares may trade below their underlying value.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is DDX good for retirement?
It may suit retirees who want a single fund holding global stocks and US Treasuries, but it has not been low-risk. It fell 20.1% in the 2022 bear market. Its deepest drop was 21.3%, and it took 32.3 months to recover, until June 2025. The fund launched in September 2021, so it has no record in the 2008 or 2020 crashes. It pays quarterly and charges a 0.25% expense ratio.
Does DDX pay monthly dividends?
No. DDX pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $0.78 per share, a yield of 3.13%. The income comes from the Treasury notes it holds directly and from the distributions of the stock and bond ETFs it owns. The amount can change from quarter to quarter as the fund shifts between stocks and bonds.
How has DDX performed since launch?
Results have been mixed. As of December 31, 2024, the prospectus showed a 1-year return of 2.91% and an average annual return of -1.07% since launch. Calendar-year returns were -16.13% in 2022, 10.5% in 2023 and 2.91% in 2024. Based on share prices, it returned 11.99% in 2025 and 5.2% year to date through October 27, 2026. Annualized price returns to that date were 10% over three years and 2.5% over five.
How is DDX different from a regular 50/50 stock and bond fund?
A passive 50/50 fund brings its mix back to half stocks and half bonds whatever markets do. DDX starts near 50/50 when stock risk looks average. It then moves as far as 70% stocks or 70% bonds, based on monthly algorithms that use valuations and economic data. After a drop in stocks, it may hold more of them. That can help after a selloff, but the prospectus warns it may trail passive funds while stocks keep rising.
What is DDX's expense ratio?
DDX's expense ratio is 0.25%, according to its prospectus filed November 21, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost about $26 after one year, $89 after three, $159 after five and $364 after ten. The stock ETFs it buys must also cost 0.25% or less when purchased, and those funds charge their own fees. Portfolio turnover was a low 2%.