At a glance
FDCE charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $2.1M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +9.8% a year.
The short version
Foundations Dynamic Core ETF (FDCE), from Anfield Group, owns broad U.S. stock ETFs and actively adjusts its stock exposure to aim for about 10% volatility, a gauge of how widely returns swing. In turbulent markets it can shift entirely to cash-like holdings; in calm ones, S&P 500 futures can lift stock exposure up to 150%. It charges 0.79% a year and held just $2.1 million in net assets as of April 30, 2025.
Price history
The interactive chart needs JavaScript.
FDCE 0.0% 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 | |
|---|---|---|---|---|---|---|
| FDCE price data to Oct 27, 2026 | 0.0% | 0.0% | +9.8% | — | — | +8.6% |
- Over the year to Oct 27, 2026, FDCE returned 0.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (-0.9%); its best was 2024 (+14.6%).
- The deepest fall in its price history was 19.6% (Dec 4, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2025 | -0.9% |
| 2024 | +14.6% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.0800 |
What's inside
As of Apr 30, 2025, the fund held 5 securities; the ten largest made up 89.37% of assets.
| Fund held | Weight | |
|---|---|---|
| VANGUARD TL SK E | 28.82% | |
| ISHARES CORE S&P | 23.08% | |
| ISHARES-C S&P500 | 19.39% | |
| VANGUARD LAR-C E | 9.73% | |
| ISHARES-C S&P MC | 8.35% |
By country
United States 89.37%By asset type
Stocks 89.37%What changed recently
- Over the three months to Apr 30, 2025, investors added a net $484K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.76%, -4.96%, -1.74%.
How it works
FDCE does not track an index. Its sub-adviser builds this fund of funds from passively managed ETFs that follow U.S. stock indexes, favoring large-company funds. As of April 30, 2025, five ETFs made up about 89% of assets: Vanguard Total Stock Market ETF (28.8%), iShares Core S&P 500 ETF (19.4%), Vanguard Large-Cap ETF (9.7%), iShares Core S&P Mid-Cap ETF (8.4%) and a second iShares Core S&P fund (23.1%).
The key feature is a volatility overlay. Each day a third-party model, V-Mod, measures intraday volatility, meaning how widely prices swing, against a target of about 10%. When volatility runs above target, the sub-adviser may cut stocks and move up to 100% into cash alternatives such as Treasury bills and inflation-protected securities. When it runs below, the sub-adviser may lift stock exposure up to 150% of net assets with S&P 500 futures, contracts that let the fund track the index without paying its full value up front. That adds leverage, magnifying gains and losses.
This isn't a daily-reset leveraged ETF: the sub-adviser decides the size and frequency of moves, reviewing holdings and rebalancing at least quarterly. The prospectus warns the target gives no assurance about maximum loss; FDCE's three-year volatility was 13.8% as of October 27, 2026, above the target.
What it really costs
- FDCE charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FDCE | $81 | $252 | $439 | $978 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its model-driven shifts between cash and up to 150% stock exposure, tiny asset base and short record suit a small side position more than a portfolio's core.
Launched October 3, 2023, FDCE has no record through the 2008 financial crisis, 2020 COVID crash or 2022 bear market. Its deepest drop was 19.6%, from December 4, 2024, to April 8, 2025, and it had not regained that peak by October 27, 2026. Its weakest calendar year was 2025, down 0.9%, after a 14.6% gain in 2024. Its volatility target is meant to cut stock exposure in rough markets, but it did not prevent that drop, so cashing out in a slump could still lock in losses.
It made no distributions in the year to October 27, 2026. It costs 0.79% a year, or $978 over 10 years on $10,000 in the SEC's standard example. Its tiny size, about $2.1 million as of April 30, 2025, adds closure risk. 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 U.S. stock exposure via Vanguard and iShares index ETFs, with a manager trimming stocks when volatility spikes and adding when markets calm.
- Those comparing ways to soften stock swings who prefer volatility targeting over option-based buffers, at 0.79% a year versus 0.95% for FT Vest's BUFR.
- Investors comfortable with leverage, since S&P 500 futures can lift stock exposure up to 150% of assets in calm markets, magnifying gains and losses.
Look elsewhere if
- Those wanting an established fund: net assets were about $2.1 million as of April 30, 2025, raising risks of closure and higher trading costs.
- Investors expecting firm loss protection: the 10% volatility target isn't a loss limit, and FDCE fell 19.6% between December 2024 and April 2025.
- Income seekers or fee-focused investors: it made no distributions in the year to October 27, 2026, and charges 0.79% to hold mostly index ETFs.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FDCE this fund | 0.79% | $2.1M | 0.0% | +9.8% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does FDCE invest in?
FDCE invests mainly in other ETFs that track U.S. stock indexes. As of April 30, 2025, five funds made up about 89% of assets: Vanguard Total Stock Market ETF (28.8%), iShares Core S&P 500 ETF (19.4%), Vanguard Large-Cap ETF (9.7%), iShares Core S&P Mid-Cap ETF (8.4%) and a second iShares Core S&P fund (23.1%). Guided by a volatility model, its sub-adviser can also shift up to 100% into cash alternatives such as Treasury bills or add S&P 500 futures.
Does FDCE use leverage?
It can. FDCE normally doesn't borrow, but when its volatility model signals calm markets, the sub-adviser may use S&P 500 futures, contracts tied to the index, to raise stock exposure to as much as 150% of net assets. Leverage magnifies gains and losses. This is discretionary, unlike the daily-reset leverage of leveraged ETFs, and it isn't always on: the fund held no futures as of April 30, 2025. When volatility rises, it can instead cut stocks and hold up to 100% in cash alternatives.
Does FDCE pay dividends?
No. FDCE made no distributions in the year to October 27, 2026, so its yield for that period was 0%. Its stated objective is capital appreciation, meaning growth in share value, not income. Anyone needing regular cash from this holding would have to cash out shares instead, which in a bad stretch could mean doing so after a drop like its 19.6% decline from December 2024 to April 2025.
What is FDCE's expense ratio?
FDCE's expense ratio, the yearly fee taken from fund assets, is 0.79%, all management fee, per its November 27, 2024, prospectus. In the SEC's standard example ($10,000 invested, 5% yearly returns, cashed out at each period's end), costs come to $81 after one year, $252 after three, $439 after five and $978 after ten. That is below the 0.86% average of seven large buffer ETFs from FT Vest and Innovator, matching Innovator's PJAN and PDEC, though buffer funds follow a different, options-based strategy.
What's the difference between FDCE and BUFR?
They follow different strategies. FDCE shifts between stock ETFs, cash alternatives and S&P 500 futures based on volatility. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund; these generally use options to absorb part of a loss over a set period while capping gains. Over the three years to October 27, 2026, BUFR returned 16.8% a year versus 9.8% for FDCE. BUFR costs 0.95% versus 0.79% and is far larger: $10.5 billion as of August 31, 2026, against FDCE's $2.1 million as of April 30, 2025.