Discipline Funds

What Discipline Funds does

Discipline Funds is a privately held registered investment advisory firm, operated as Orcam Financial Group, LLC (DBA Discipline Funds), that offers a three-ETF suite and complementary software tools built around its proprietary Defined Duration Investing (DDI) methodology. Founded in 2012 by Cullen Roche and headquartered in the Encinitas/San Diego area, the firm quantifies the time horizon (defined duration) of equities and bonds using inputs like CAPE ratios and sequence-of-returns risk, then systematically rebalances portfolios countercyclically to maintain target durations across 5-, 10-, and 20-year horizons via DDV, DDX, and DDXX, all listed on CBOE at a 0.25% net expense ratio.

The firm's technology stack centers on Defined Duration™ methodology paired with the HourglassFP Pro advisor platform (currently in BETA), the free HourglassFP Basic tool, and a Macro Dashboard featuring proprietary indices such as the Leading Inflation Index and Recession Rule. Distribution occurs through CBOE exchange listings (accessible via any brokerage account), a dedicated RIA Home portal, and a direct-to-consumer private client advisory service (Discipline Financial Planner) priced at a flat $499 per month with no firm account minimums.

Discipline Funds earns revenue primarily through AUM-based ETF management fees on approximately $200M of aggregate assets across the three ETFs, supplemented by recurring subscription revenue from the monthly flat-fee private client planning service. The go-to-market motion is sales-led, targeting registered investment advisors who integrate the DDI framework into client portfolios, while also serving high-net-worth individuals, near-retirement investors, and trusts/estates through the direct advisory channel. The firm maintains a content-driven marketing engine anchored by founder Cullen Roche's books, podcasts, and the Discipline Alerts newsletter.

Name

Discipline Funds

Legal name

Orcam Financial Group, LLC

Website

https://disciplinefunds.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Discipline Funds is a private RIA operating a three-ETF suite (DDV, DDX, DDXX) and advisor software built on its proprietary Defined Duration Investing methodology, targeting financial advisors, high-net-worth individuals, and near-retirement investors through CBOE-listed ETFs and a direct private client planning service.

Ownership category

akta.pro rank

Product category

Asset Management (Defined Duration ETFs)

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Based Advisory (FSAEAAAM)

akta.pro secondary industries

Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF), Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG), Systematic Portfolio Construction & Risk Control (Risk Parity, Vol Target, Dynamic Allocation) (FSAHAEAJ)

Keywords

• Asset management
• Exchange traded funds
• Financial planning software
• Registered investment advisor
• Defined duration investing

Headquarters

HQ city

Encinitas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. ETF Management Fees (AUM-based): Discipline Funds earns management fees based on assets under management across its three ETF products (DDV, DDX, DDXX). All three ETFs carry a net expense ratio of 0.25% after fee waivers. Revenue scales with AUM growth across the fund family.
2. Discipline Financial Planner (Retail RIA): Discipline Funds offers a flat-fee private client financial planning service at $499 per month, providing holistic planning, Defined Duration ALM, macro analysis, risk management, estate coordination, and ongoing portfolio management for individual investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Discipline Funds manages a suite of three Defined Duration ETFs (DDV, DDX, DDXX) that use a proprietary rules-based methodology to align portfolio time horizons (5, 10, and 20 years) with investor financial planning goals. The firm also provides financial planning software (HourglassFP Pro for advisors, HourglassFP Basic for individuals) and a flat-fee private client advisory service that implements the Defined Duration Investing framework for holistic portfolio management.

Product overview

Discipline Funds is an ETF firm and registered investment advisory firm built around the Defined Duration Investing (DDI) methodology, offering a suite of three Defined Duration ETFs (DDV targeting 5-year, DDX targeting 10-year, and DDXX targeting 20-year horizons), complemented by financial planning software tools (HourglassFP Pro and HourglassFP Basic), a Macro Dashboard, and a private client advisory service (Discipline Financial Planner). The ETFs are actively managed, fund-of-funds structures that use countercyclical time-weighted rebalancing to maintain target defined durations, and they form the investment backbone of the firm's broader DDI framework that aligns investor assets to specific financial planning time horizons.

Differentiator

Problem solved

Functional benefit

Brands

• Defined Duration ETFs: A suite of three ETFs (DDV, DDX, DDXX) targeting 5, 10, and 20-year investment horizons respectively
• Defined Duration 5 ETF (DDV)
• Defined Duration 10 ETF (DDX)
• Defined Duration 20 ETF (DDXX)
• HourglassFP Pro
• Discipline Financial Planner

Products and services

• Defined Duration 5 ETF (DDV) A multi-asset bond/stock ETF targeting a constant 5-year defined duration, maintaining 80-90% in high-quality investment-grade and U.S. government bonds with a 10-20% global equity sleeve, rebalancing countercyclically to align with near-term 3-7 year planning goals.
• Defined Duration 10 ETF (DDX) A multi-asset stock/bond ETF targeting a 10-year defined duration using time-weighted countercyclical rebalancing between 30-70% high-quality U.S. bonds and 30-70% global equities, designed to balance capital growth and preservation for intermediate 7-15 year planning goals.
• Defined Duration 20 ETF (DDXX) An all-stock ETF targeting a 20-year defined duration using 100% global equities with systematic style and regional tilts (value, momentum, size, quality) and time-weighted rebalancing, designed for long-term 15+ year planning goals and capital growth.
• HourglassFP Pro A comprehensive financial planning software tool for registered investment advisors featuring asset-liability matching, quantified risk capacity scoring, and portfolio construction aligned to five Defined Duration time horizons, with a three-step process connecting planning workflows.
• Discipline Financial Planner (Private Client Service) A holistic financial planning and portfolio management service for private clients, built around Defined Duration asset-liability matching, including estate planning, retirement planning, macro analysis, and tax-smart asset location, offered at a flat fee of $499/month.

Quantifiable outcome

• DDX (10-year Defined Duration ETF) delivered 12.68% market return and 12.69% NAV return over 1 year as of mid-2026, with 3-year returns of 8.4% MKT / 8.43% NAV. Since inception (9/20/2021) through mid-2026: 2.68% MKT / 2.69% NAV annualized.
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• PINE Distributors LLCcoreChannel Partner/ Reseller/ DistributorPINE Distributors LLC is the principal distributor of the Defined Duration ETF suite (DDV, DDX, DDXX). The Funds' investment adviser is Empowered Funds, LLC (doing business as ETF Architect). Orcam Financial Group, LLC (DBA Discipline Funds) serves as Sub-adviser. PINE Distributors LLC is not affiliated with ETF Architect or Discipline Funds.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Others

• MoneyGuidePro: Widely adopted advisor-facing financial planning software that competes directly with HourglassFP Pro for RIA workflow mindshare and budgeting/ALM planning tasks.
• Riskalyze: Advisor risk-tolerance and portfolio-construction platform with overlapping capabilities to HourglassFP Pro's risk-capacity scoring and portfolio builder modules.

Direct peers

• Wealthfront: Automated financial planning and investment platform targeting long-horizon goal-based allocation, structurally analogous to DDI's time-horizon matching but for a younger, mass-affluent client base.
• Betterment: Digital wealth manager offering automated goal-based planning and portfolio management, comparable to Discipline Funds' $499/month Discipline Financial Planner service but at higher scale and via a robo-advisor model.
• Alpha Architect: Quant-driven ETF issuer with advisor-focused distribution and a similar size profile to Discipline Funds; comparable business model combining proprietary research, factor/rule-based ETFs, and thought-leadership content.
• Cambria Funds: Cambria operates a multi-ETF suite of actively managed, quant-driven funds targeting advisors and retail investors with proprietary methodologies, mirroring Discipline Funds' DDI approach but at greater scale.

Broad incumbents

• BlackRock iShares: Dominant ETF issuer with multi-asset, target-risk, and target-date products that compete directly with Discipline Funds' allocation ETFs in advisor portfolios.
• WisdomTree: Established ETF issuer with smart-beta, multi-asset, and duration-aware products serving advisors; comparable to Discipline Funds' allocation-oriented ETFs but at materially larger AUM and broader product scope.
• Vanguard: Low-cost ETF and mutual fund leader with extensive target-date and balanced offerings; comparable to Discipline Funds' planning-horizon allocation philosophy and competitive on fees.
• PIMCO: Large fixed-income and multi-asset manager with a broad ETF suite including target-duration and allocation products that overlap DDI's planning-horizon framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/DisciplineFunds
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Discipline Funds