Defined Duration 20 ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 9 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About DDXX

The Fund’s Investment StrategyThe Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in a portfolio of other large, broad-based or factor- or style-based (e.g., based on value, growth, or momentum) equity ETFs that the Sub-Adviser (Orcam Financial Group, LLC d/b/a Discipline Funds) believes can improve the Fund’s relative stock returns when compared to a traditional diversified market cap-weighted index fund. The Fund will provide a globally diversified portfolio, which will be systematically reallocated depending on the Sub-Adviser’s assessment of the risks and potential returns in the then-current market environment. The Fund will seek long-term growth of capital.The MethodologyThe Sub-Adviser uses a systematic, data-driven algorithm designed to calculate the current risk level of global equity markets based on market valuations and macroeconomic data, including measurements like interest rate levels, gross domestic product (GDP), and consumer price index changes. The Sub-Adviser also quantifies the time horizon over which an instrument can be expected to generate reasonable rates of returns, similar to fixed income duration calculations (“Defined Duration”). The duration of a stock measures the sensitivity of an equity’s price to changes in overall market conditions. It represents the estimated point in time, adjusted for inflation, at which the broad market is expected to recover its value and break even over a specified time horizon. The algorithm estimates an expected potential maximum drawdown and expected return to quantify the Defined Duration of stocks.The algorithm is updated monthly. Depending on the algorithm’s output, the Fund’s portfolio will be reallocated accordingly.Equity AllocationThe Fund’s typical Defined Duration target is 20 years. The Sub-Adviser uses the algorithm to determine the Fund’s allocation between broad-based equity ETFs and factor- or style-based equity ETFs. The factor- or style-based ETFs may be considered to be aggressive when they invest in assets that generally have higher returns and higher volatility, including ETFs that invest in growth stocks, momentum stocks, small capitalization stocks, and emerging markets stocks. In contrast, the Fund may invest in ETFs that invest in value-oriented, large-capitalization, and developed markets equities that have a less aggressive profile. Depending on the then-current risk level of the equity markets, the allocations among the types of ETFs may shift without limitation.The Sub-Adviser’s algorithm has determined that the global stock market typically has an average Defined Duration of 10 to 20 years, and consequently, the Fund is expected to maintain a relatively aggressive allocation to achieve an overall Defined Duration at the long end (20 years) of this range. For example, if the current Defined Duration of the global stock market is determined to be 15, then the Fund might hold an equal weight allocation in 15- and 25-year duration equity instruments to help it maintain its average Defined Duration of 20 years. This would equate to an overweight allocation in longer relative duration instruments when compared to the global stock market. U.S.-Foreign Equity Sleeve AllocationThe Fund’s equity allocation is contingent on the Defined Duration of the underlying equity markets to achieve its Defined Duration target of 20 years. For example, if the Defined Duration of foreign stocks is quantified to be 17 years and the domestic U.S. stock market’s Defined Duration is quantified to be 25, then the Fund would maintain an average weighting of approximately 66% foreign stocks and 34% domestic U.S. stocks to achieve its target of 20 years Defined Duration. The allocation is designed to maintain broad diversification and will therefore hold a core allocation of market cap weighted global ETFs as well as tilts to different styles or regions based on their Defined Durations. These tilts are designed to improve diversification and help maintain the Fund’s ability to achieve its 20 year average Defined Duration. The Sub-Adviser evaluates equity ETFs that are publicly traded in U.S. markets. The Fund may hold broad-based, factor-based or style-based U.S., international, global, or emerging markets ETFs. International and global ETFs may have exposure to any foreign markets, whether developed or emerging.

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