Quadratic Deflation ETF
BNDD
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 280 Park Avenue, 32nd Floor New York NY United States of America 10017
- IPO Date
- Sep 21, 2021
- CIK
- 0001547576
- Website
- bnddetf.com
- Similar Companies
- Business
- KraneShares Trust - Quadratic Deflation ETF (BNDD) is an actively managed exchange-traded fund that seeks to benefit from deflation, lower economic growth, lower or negative long-term interest rates, and a reduction in the spread between shorter- and longer-term interest rates by investing primarily in long-dated U.S. Treasury bonds, over-the-counter (OTC) interest rate options on the shape of the U.S. interest rate curve, and cash equivalents. The fund's portfolio typically features significant allocations to holdings such as Vanguard Long-Term Treasury ETF (VGLT), various USD CMS spread options (e.g., USDCMS 2-30 maturing in 2026), and cash, providing exposure to Treasury price appreciation during rate declines and option gains from curve flattening. Launched on September 20, 2021, and listed on the NYSE Arca, BNDD is managed by Krane Funds Advisors, LLC (KraneShares), with sub-advisory services provided by Quadratic Capital Management LLC, an asset management firm founded in 2013 and headquartered in Greenwich, Connecticut. The ETF targets fixed income and equity investors seeking diversification, downside protection in challenging economic environments, and access to sophisticated OTC interest rate markets typically unavailable to retail investors, with operations focused on U.S. fixed income markets. No major partnerships, acquisitions, funding rounds, name changes, or significant strategic shifts have been reported for BNDD within the last 1-2 years; the fund continues to operate under its established structure with ongoing monthly distributions and active management adjustments to its options portfolio. Recent performance reflects sensitivity to U.S. Treasury movements and curve dynamics, with net assets around $8.7 million, a total annual operating expense ratio of 1.02%, and a 30-day SEC yield of 2.36% as of late 2025. The fund benchmarks against the Bloomberg Long U.S. Treasury Index and maintains a portfolio composition emphasizing long-dated Treasuries for deflationary upside while limiting options downside to their market value.