At a glance
NDAA charges 0.65% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $4.5M in assets, the 8th largest of that group; it paid 2.46% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
Ned Davis Research 360 Dynamic Allocation ETF (NDAA) is an actively managed fund of funds: it owns other ETFs and shifts money among stocks, bonds, commodities and cash using Ned Davis Research's quantitative models. That offers a model-driven alternative to a fixed stock-and-bond mix for a 0.65% expense ratio. The trade-offs: it launched only in October 2024, trades heavily, and held just $4.5 million in assets as of June 30, 2026.
Price history
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NDAA +10.1% 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 | |
|---|---|---|---|---|---|---|
| NDAA price data to Oct 27, 2026 | +10.1% | +10.1% | — | — | — | +11.2% |
- Over the year to Oct 27, 2026, NDAA returned +10.1%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.0%); its best was 2025 (+14.0%).
- The deepest fall in its price history was 13.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.1% |
| 2025 | +14.0% |
| 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 |
|---|---|---|
| 2025 | $0.5900 |
What's inside
As of Jun 30, 2026, the fund held 8 securities; the ten largest made up 98.5% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 19.69% | |
| Vanguard Growth ETF | 17.34% | |
| iShares Core MSCI Emerging Markets ETF | 12.76% | |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 10.21% | |
| iShares Core S&P U.S. Value ETF | 10.21% | |
| iShares Core MSCI EAFE ETF | 10.20% | |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 9.98% | |
| iShares Core S&P Small-Cap ETF | 8.11% |
By country
United States 98.5%By asset type
Stocks 98.5%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.90%, +2.88%, -1.27%.
How it works
NDAA is actively managed and does not track an index. Its sub-adviser, Ned Davis Research, Inc. (NDR), uses what it calls a “360° Approach”: quantitative models built on four kinds of evidence. Macroeconomic and fundamental data, such as company earnings and cash flow, change slowly and shape the long-term view. Technical signals (price trends) and sentiment (investor behavior) move faster and guide short-term shifts. When most indicators agree, that weight of evidence counts for more.
The managers use these signals to split money between stocks and bonds, then pick ETFs within each group, favoring those with the strongest price trends. The menu spans U.S. large, small, growth and value stocks; developed and emerging markets abroad; long- and short-term Treasuries; corporate, high-yield, international and emerging-market bonds; Treasury bills; and, to a limited extent, broad commodity funds.
As of June 30, 2026, NDAA held eight ETFs, led by Vanguard S&P 500 ETF (19.7%), Vanguard Growth ETF (17.3%) and iShares Core MSCI Emerging Markets ETF (12.8%), plus about 10% each in a Treasury bill fund and a commodity fund. It used no derivatives. Turnover of 238% means it traded more than twice its portfolio's value in a year. The prospectus flags a conflict: NDR can earn extra fees when NDAA owns ETFs based on NDR's models or indices.
What it really costs
- NDAA charges 0.65% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.09% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $910 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NDAA | $66 | $228 | $403 | $910 |
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 tactical, model-driven approach, short record and very small size point to a supporting role beside core holdings rather than the center of a plan.
NDAA could add a tactical sleeve that leans toward stocks when Ned Davis Research's indicators look favorable and toward Treasury bills, bonds or commodities when they don't. Its record is too short to test that in a crisis: it launched in October 2024, after the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 14%. Its deepest drop, 13.5% from February 19 to April 8, 2025, was recovered by July 3, 2025, about 2.8 months later. A retiree who had to cash out near that low would still have locked in a loss.
Income is modest and arrives once a year: the trailing 12-month yield was 2.46% as of October 27, 2026. In the SEC's standard $10,000 example, costs total $66 after one year and $910 after ten. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager to shift among stock, bond, commodity and Treasury bill ETFs using Ned Davis Research's economic, trend and sentiment models.
- Those wanting broad stock exposure in one ticker: on June 30, 2026, it held S&P 500, growth, value, small-cap, international and emerging-market ETFs.
- Investors who can tolerate swings like its 13.5% fall from February to April 2025, which took about 2.8 months to recover.
Look elsewhere if
- Anyone wanting a long, tested record: NDAA launched in October 2024 and has no history through the 2008, 2020 or 2022 bear markets.
- Investors wary of tiny funds: net assets were about $4.5 million as of June 30, 2026, and very small ETFs are more likely to close.
- Retirees seeking regular income or a set loss limit: it pays once a year and, unlike buffer ETFs, uses no options to cap losses.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NDAA this fund | 0.65% | $4.5M | +10.1% | — |
| 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 NDAA invest in?
NDAA invests in other ETFs rather than individual stocks or bonds. As of June 30, 2026, its eight holdings were led by Vanguard S&P 500 ETF (19.7%), Vanguard Growth ETF (17.3%) and iShares Core MSCI Emerging Markets ETF (12.8%). It also owned iShares funds for U.S. value, international developed and U.S. small-cap stocks, plus State Street SPDR Bloomberg 1-3 Month T-Bill ETF (10.2%) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (10.0%). The mix changes often: turnover, a measure of trading activity, was 238%.
What is NDAA's expense ratio?
NDAA's expense ratio is 0.65%, according to its prospectus filed January 23, 2026. In the SEC's standard example ($10,000 invested, a 5% annual return and shares redeemed at the end of each period), total costs come to $66 after one year, $228 after three, $403 after five and $910 after ten. The prospectus also warns that owning other ETFs means higher, duplicated expenses, because each underlying fund charges its own fee.
Does NDAA pay dividends?
Yes, but only once a year. NDAA paid $0.59 per share over the 12 months to October 27, 2026, a trailing yield of 2.46%. The payout passes along income from the ETFs it owns, so the amount can change as the mix shifts between stocks, Treasury bills, bonds and commodities. The annual schedule makes it less suited to anyone counting on monthly or quarterly income from this one holding.
Is NDAA a buffer ETF like BUFR?
No. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) use options to cushion part of a stock-market drop in exchange for a cap on gains. NDAA held no derivatives as of June 30, 2026, and has no loss limit. Instead, it tries to manage risk by shifting among stock, bond, commodity and cash ETFs. NDAA's 0.65% expense ratio is lower than BUFR's 0.95%. In the year to October 27, 2026, NDAA returned 10.1% and BUFR returned 11.6%.
Is NDAA good for retirement?
NDAA may suit retirees as a smaller, tactical piece of a portfolio rather than its foundation. It launched in October 2024, so it has no record through the 2008, 2020 or 2022 bear markets. It returned 14% in 2025 and 10.1% year to date through October 27, 2026. Its deepest fall was 13.5%, between February and April 2025, and it recovered by July 3, 2025. With about $4.5 million in assets as of June 30, 2026, it is also very small. Past results don't predict future returns.