At a glance
TDSC charges 0.86% a year, the same as the average of the 7 funds most like it (the 6th cheapest of 8). It has $102.5M in assets, the 8th largest of that group; it paid 1.32% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +12.3% a year. At its worst it fell 19.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low.
The short version
Cabana Target Drawdown 10 ETF (TDSC) is an actively managed "fund of funds," meaning it owns other ETFs. A proprietary model shifts its money among stocks, bonds, real estate, currencies and commodities. Its stated aim is to keep peak-to-trough losses near 10%. However, it fell 21.5% between November 2021 and August 2023. It costs 0.86% a year, the same as the 0.86% average of the buffer funds it is often grouped with.
Price history
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TDSC +15.0% 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 | |
|---|---|---|---|---|---|---|
| TDSC official prospectus, to Dec 31, 2025 | — | +6.55% | — | +2.51% | — | +2.20% |
| TDSC price data to Oct 27, 2026 | +15.0% | +15.0% | +12.3% | +3.0% | — | +4.6% |
- Over the year to Oct 27, 2026, TDSC returned +15.0%, 1st of 8 among similar funds.
- Its 5-year annualized return was +3.0%.
- Its worst full calendar year was 2022 (-19.7%); its best was 2023 (+7.6%).
- The deepest fall in its price history was 21.5% (Nov 5, 2021 to Aug 18, 2023), recovered by Jan 21, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.0% | — |
| 2025 | +6.6% | +6.55% |
| 2024 | +7.1% | +7.24% |
| 2023 | +7.6% | +7.58% |
| 2022 | -19.7% | -19.68% |
| 2021 | — | +14.68% |
| 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 18.7% over that stretch · deepest drop along the way 19%, back to its old high 40.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2500 | |
| 2025 | $0.7400 | +48.0% |
| 2024 | $0.5000 | +4.2% |
| 2023 | $0.4800 | +26.3% |
| 2022 | $0.3800 |
What's inside
As of Jul 31, 2026, the fund held 10 securities; the ten largest made up 99.78% of assets.
| Fund held | Weight | |
|---|---|---|
| INVES NASDAQ 100 | 15.73% | |
| SS HEALTH CARE | 14.37% | |
| ISHARES 7-10 YEA | 12.84% | |
| SS ENERGY SELECT | 11.96% | |
| SS TECH SEL SECT | 11.50% | |
| SS UTILITIES SEL | 8.99% | |
| G/S PHYS GOLD | 8.85% | |
| ISHARES SELECT D | 5.24% | |
| VANGUARD HI DV Y | 5.22% | |
| VNGD MRGST MCE-U | 5.07% |
By country
United States 99.78%By asset type
Stocks 99.78%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.02%, -0.68%, -0.54%.
How it works
Exchange Traded Concepts runs the fund. A sub-adviser, Cabana Asset Management, picks what it owns. The fund spreads money across five asset classes, mostly by buying other ETFs. Those ETFs can hold foreign and emerging-market stocks, and high-yield "junk" bonds. Choices come from Cabana's Cyclical Asset Reallocation Algorithm (CARA). CARA tracks three things: the yield curve (the gap between short- and long-term interest rates), US company earnings, and stock price trends. It checks the portfolio daily. If it spots serious trouble, it can move the fund into cash for a while.
The "target drawdown" is the most Cabana expects the fund to fall from its latest high. It is checked at each month end. The target is 10%, but the prospectus says it is not guaranteed. Cabana can also override CARA. Trading is heavy: portfolio turnover was 185%, and trading costs can drag on returns.
As of July 31, 2026, ten funds made up 99.78% of assets. The largest were an Invesco Nasdaq 100 fund (15.7%) and State Street's Health Care (14.4%), Energy (12.0%), Technology (11.5%) and Utilities (9.0%) sector funds. The fund also held an iShares 7–10 year bond fund (12.8%) and Goldman Sachs Physical Gold (8.9%). It held no options or other derivatives, and it offers no preset buffer.
What it really costs
- TDSC charges 0.86% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $88 in the first year and $1,180 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TDSC | $88 | $298 | $526 | $1,180 |
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
The fund is designed to limit losses by shifting among asset classes and into cash, but it has missed its 10% target in practice.
TDSC tries to soften market falls, which could matter to someone drawing cash in a bad year. Its record is mixed. It launched in September 2020, so it has no history for the 2008 crisis or the 2020 crash. In the 2022 bear market it fell 19% between January 4 and August 31, 2022. It did not regain that peak until January 13, 2026, about 40 months after its low. Its worst calendar year was 2022, at −19.7%. Its deepest drop, 21.5%, was more than twice its target. A retiree selling shares in that stretch would have locked in losses. Income is modest: the yield was 1.32% as of October 27, 2026, paid quarterly. Under the SEC's standard example, its 0.86% fee costs $88 in the first year on $10,000. 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 one fund that rotates among stock-sector, bond, gold and dividend ETFs, and who trust a model, CARA, to make those calls.
- People who prefer smaller swings: as of October 27, 2026, its one-year beta (sensitivity to the market) was 0.6 and three-year volatility was 10.4%.
- Investors who want growth plus quarterly distributions, and who accept a modest yield of 1.32% as of October 27, 2026.
Look elsewhere if
- Anyone counting on losses staying near 10%: the fund fell 21.5% from its November 2021 peak and did not recover until January 2026.
- Cost-focused investors: the SEC example puts 10-year costs at $1,180 on $10,000, and 185% turnover adds trading costs on top.
- Investors who want downside protection with set terms: TDSC holds no options and has no defined buffer, unlike buffer ETFs such as BUFR.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TDSC this fund | 0.86% | $102.5M | +15.0% | +12.3% |
| 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
Is TDSC good for retirement?
TDSC may suit retirees who want a fund that actively tries to limit losses, but its record is uneven. It lost 19.68% in 2022, its worst calendar year. Its deepest drop, 21.5%, took until January 2026 to recover. Over the five years to December 31, 2025, it returned 2.51% a year on average. As of October 27, 2026, its one-year return was 15%. It costs 0.86% a year.
What does target drawdown 10 mean in TDSC?
It means the manager aims to keep the fund's fall from its latest high to about 10%, measured at each month end. This is a goal, not a promise, and nothing in the fund caps losses. Cabana Asset Management uses its CARA model to move money among stocks, bonds, gold and other assets, or into cash, when it sees trouble ahead. In practice, the fund fell 21.5% from its November 2021 peak to its August 2023 low.
Does TDSC pay dividends?
Yes. TDSC pays distributions every quarter. In the 12 months to October 27, 2026, it paid $0.38 per share, a yield of 1.32%. The payouts come from bond interest and stock dividends earned by the ETFs it owns, including dividend-focused iShares and Vanguard funds. The yield is modest, so the fund is built more for growth with smaller losses than for steady income.
What's the difference between TDSC and BUFR?
They try to limit losses in different ways, so BUFR is not a close match. BUFR, from FT Vest, is a laddered buffer fund. Buffer funds use options to absorb part of a stock-market fall over a set period, and in return they cap gains. TDSC holds no options; it shifts among asset-class ETFs based on a model. BUFR costs 0.95%, compared with 0.86% for TDSC. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. TDSC returned 15% and 12.3%.
What is TDSC's expense ratio?
TDSC's expense ratio is 0.86%, according to the prospectus filed August 27, 2026. That figure includes a 0.80% management fee and reflects a fee waiver of 0.11 percentage points. In the SEC's standard example, $10,000 growing 5% a year would cost about $88 in the first year, $526 over five years and $1,180 over 10. The fund's 185% turnover also creates trading costs that the expense ratio does not include.