Anydrus Advantage ETF

NDOWBelpointeMulti-Asset
Expense ratio2.11%
Net assets$69.5M
Holdings87
Yield (TTM)1.19%
1 week-0.5%
1 month-0.6%
3 months-1.2%
6 months-0.7%
YTD+3.6%
1 year+4.8%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

NDOW charges 2.11% a year. It has $69.5M in assets; it paid 1.19% of its price in distributions over the past 12 months, annual. Over the past year it returned +4.8% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 46.5% of the fund, out of 87 in all.

The short version

Anydrus Advantage ETF (NDOW) is an actively managed multi-asset fund from Belpointe. It mixes stocks, bonds and alternative strategies, and about half of it is held through other ETFs. It aims to depend less on U.S. stock and bond markets by using holdings such as managed futures and merger arbitrage funds. The trade-offs are a 2.11% expense ratio, very frequent trading and a track record that only began in May 2024.

Price history

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NDOW +4.8% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)9.6%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-7.2%3 years: -8.8% · all history: -8.8%
Beta vs S&P 5000.62moves less than the market
Sharpe ratio (1 year)0.09return above cash per unit of risk
Since launch+6.5%a year over 2.5 years
52-week range$26.88 – $30.05
Last price $28.57 on Oct 27, 2026, 4.9% below the 52-week high · below its 200-day average ($28.79).
YTD1 yr3 yr5 yr10 yrSince start
NDOW official prospectus, to Dec 31, 2025—+14.73%———+7.82%
NDOW price data to Oct 27, 2026+3.6%+4.8%———+6.5%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, NDOW returned +4.8%.
  • Its worst full calendar year was 2025 (+14.8%); its best was 2025 (+14.8%).
  • The deepest fall in its price history was 8.8% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
15%20254%2026*
15%20254%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +5.48% (Jun 30, 2025), worst +1.19% (Mar 31, 2025).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)+3.6%—
2025+14.8%+14.73%
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

Yield (last 12 months)1.19%distributions ÷ price
Paid in the last 12 months$0.34per share, split-adjusted
How oftenannual 
Latest payment$0.3400Dec 16, 2025
$0.342025
$0.342025
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2025$0.3400
Distributions through Oct 27, 2026.

What's inside

As of Jun 30, 2026, the fund held 87 securities; the ten largest made up 46.55% of assets.

HoldingWeight
JANUS HENDERSON AAA CLO ETF Other7.59%
IMGP DBI MANAGED FUTURES STRATEGY ETF Other6.12%
VANGUARD TOTAL INTERNATIONAL BOND ETF Other6.02%
VANECK J P MORGAN EM LOCAL CURRENCY BOND ETF Other4.99%
SCHWAB INTERMEDIATE TERM U S TREASURY ETF Other4.21%
SCHWAB SHORT TERM US TREASURY ETF Other4.20%
ISHARES FLOATING RATE BOND ETF Other3.74%
VANGUARD MORTGAGE BACKED SECURITIES ETF Other3.48%
ALTSHARES MERGER ARBITRAGE ETF Other3.24%
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF Other2.97%
Taiwan Semiconductor Manufacturing Company Limited Other1.68%
NYLI MERGER ARBITRAGE ETF Other1.62%
NVIDIA CORPORATION1.59%
ASML Holding N.V. Other1.37%
SILICON MOTION TECHNOLOGY CORPORATION Other1.34%

By country

United States 79.84%United Kingdom 2.25%Taiwan 2.23%Netherlands 1.91%Cayman Islands 1.86%

By asset type

Other 63.88%Stocks 35.5%
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jun 30, 2026, investors added a net $5.3M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +5.50%, +2.19%, +0.11%.

How it works

NDOW does not track an index. Its adviser decides what to own and keeps the portfolio within set ranges: 30% to 70% in stocks, 30% to 70% in bonds, up to 30% in alternative assets and up to 30% in cash or money market funds. To choose holdings, the adviser combines rules-based quantitative models with its own judgment. It looks at company fundamentals, market trends, price patterns and statistical measures.

Much of the fund is held through other ETFs, which made up 49.72% of assets as of June 30, 2026. Those funds can hold foreign and emerging-market stocks, junk bonds, REITs, pipeline partnerships, mortgage bonds, managed futures (trend-following bets on futures prices) or physical commodities. At that date the fund had 87 positions. The largest were the Janus Henderson AAA CLO ETF at 7.6%, the iMGP DBi Managed Futures Strategy ETF at 6.1% and the Vanguard Total International Bond ETF at 6.0%. CLOs are bundles of business loans. The fund also owns some stocks directly, such as Taiwan Semiconductor and Nvidia, each under 2%.

There is no fixed rebalancing schedule. The fund trades often: its turnover of 358% means it replaced its holdings about three and a half times in a year. It may also hedge up to 10% of the portfolio with futures. Futures carry built-in leverage, so a small position can have a large effect. The June 30, 2026 report showed no derivatives held.

What it really costs

  • NDOW charges 2.11% a year.
  • Of that, 1.25% is the management fee; the rest covers other fund expenses.
  • 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 $214 in the first year and $2,480 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
NDOW$214$669$1,151$2,480
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

In a retirement portfolio

RoleDiversifier

NDOW is built to move less in step with U.S. stocks and bonds, using alternative strategies such as managed futures and merger arbitrage alongside a broad mix of bonds and stocks.

NDOW could add assets that don't simply follow the stock market. Its 1-year beta, a measure of how much it moves with the market, was 0.62 as of Oct 27, 2026. The fund launched in May 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 8.8%, from Feb 18 to April 8, 2025, and it was back to its old high by June 3, 2025. Its only full calendar year, 2025, returned 14.73%. That is a short and fairly calm sample for anyone who may need to draw money in a bad year. Income is modest: the trailing yield was 1.19% as of Oct 27, 2026, paid once a year. Costs are high at 2.11%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors who want one actively managed fund holding stocks, bonds and alternatives such as managed futures, merger arbitrage and CLO funds.
  • Those who want less sensitivity to the stock market: its 1-year beta was 0.62 and its deepest drop 8.8%, as of Oct 27, 2026.
  • People willing to pay 2.11% a year for a manager's asset-allocation calls and frequent trading, with 358% turnover.

Look elsewhere if

  • Cost-focused investors: in the SEC's standard example, $10,000 incurs about $2,480 in costs over 10 years.
  • Anyone needing regular cash income: the yield was 1.19% as of Oct 27, 2026, paid only once a year.
  • Those wanting a long track record: the fund launched May 14, 2024, and has not been through a major bear market.

Close alternatives

Matched by holdings overlap from the latest N-PORT reports.

No close alternatives found.

Questions investors ask

What does NDOW invest in?

NDOW invests in a mix of stocks, bonds and alternative assets chosen by its manager. The prospectus allows 30% to 70% in stocks, 30% to 70% in bonds, up to 30% in alternatives and up to 30% in cash. As of June 30, 2026, about half the fund was in other ETFs. The largest were the Janus Henderson AAA CLO ETF at 7.6% and the iMGP DBi Managed Futures Strategy ETF at 6.1%. Its biggest single stocks were Taiwan Semiconductor and Nvidia.

What is NDOW's expense ratio?

NDOW's expense ratio is 2.11%, according to the prospectus filed July 27, 2026. That includes a 1.25% management fee. The fund also owns other ETFs, and the prospectus warns that this makes it cost more than holding those ETFs directly. In the SEC's standard example, $10,000 earning 5% a year would pay about $214 in costs after one year, $1,151 after five years and $2,480 after ten.

Does NDOW pay dividends?

Yes, but only once a year and not much. Over the 12 months to Oct 27, 2026, NDOW paid about $0.34 per share, a trailing yield of 1.19%. That is low for a fund with a large share of bonds. Fund expenses come out of income before it reaches shareholders, and NDOW's 2.11% expense ratio is high. Investors who want monthly or quarterly payments may find the schedule a poor match.

How has NDOW performed since launch?

NDOW's track record is short. According to the prospectus, it returned 14.73% in 2025, its first full calendar year. It averaged 7.82% a year from its May 14, 2024 launch through Dec 31, 2025. Based on market prices, it gained 4.8% in the year to Oct 27, 2026, and 3.6% in 2026 through that date. Its weakest quarter in the prospectus, ending March 31, 2025, still gained 1.19%.

Is NDOW a good fund for retirement?

That depends on the rest of the portfolio. NDOW is built as a diversified mix that moves less than the market. Its 1-year beta was 0.62 as of Oct 27, 2026. Its deepest drop was 8.8%, from February to April 2025, and it recovered in under two months. But it launched in 2024, so it hasn't been tested in a bear market like 2022. Its 2.11% cost also reduces returns every year. It may suit investors who value alternative strategies more than low fees.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Jul 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Aug 26, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.