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BFIX

Build Bond Innovation ETF

NAV:
$22.86
Market Price:
$22.84
NAV Change:
-$0.03 / -0.13%
Market Price Change:
-$0.03 / -0.11%
as of 2024-02-22

Fund Objective

The Build Bond Innovation ETF is an actively-managed bond fund that seeks risk mitigation and growth via a mix of fixed income and equity options. The ETF typically has 90% to 95% of its holdings in investment grade bonds, with the remaining assets seeking upside by using a long only options overlay. The fund is designed to be used as a core bond complement. It seeks to outperform the Bloomberg US Aggregate Bond Index over a full market cycle without taking on excess risk.

 

Why use BFIX?

    • BFIX may appeal to investors with conservative or risk mitigation objectives
    • Seeks to mitigate credit and interest rate risk with investment grade bond core with duration typically shorter than benchmark
    • Equity options overlay seeks enhanced total return profile vs. benchmark
    • Monthly dividend distribution provides income
BFIX portfolio construction

How to use BFIX

Core Bond Allocation

  • Use to complement or replace a core fixed income or investment grade credit exposure
  • BFIX seeks to provide higher total returns for a similar risk profile to the benchmark, without reaching for yield or taking long duration risk

Risk Mitigation

  • Use to seek lower downside risk, while retaining attractive upside and downside capture profile
  • May increase credit quality and reduce volatility for a high yield bond allocation

Portfolio Diversification

  • With its unique structure, BFIX may have lower correlations to traditional equity and fixed income exposures, offering diversification benefits to a multi-asset class portfolio

Fund Overview

as of 2024-02-21
Ticker Symbol:BFIX
Gross Expense Ratio:0.50%
NAV:$22.86
NAV Change:-$0.03 / -0.13%
Market Price:$22.84
Market Price Change:-$0.03 / -0.11%
CUSIP:12009B101
Total Assets:$8,571,055.04
Shares Outstanding:375000
Inception Date:2022-02-09
Premium Discount:-0.09%
30 Day Median Bid Ask Spread:0.26%

Monthly Fund Performance

as of 2024-01-31
Cumulative
 1mo3mo6mo1yrSince Inception
NAV-0.23%3.40%1.83%4.08%-2.66%
Market Price-0.34%3.17%1.53%3.82%-2.88%
Bloomberg US Agg Total Return-0.27%8.23%3.15%2.10%-5.40%
Annualized
 1yr3yr5yrSince Inception
NAV4.08%---1.36%
Market Price3.82%---1.47%

Quarterly Fund Performance

as of 2023-12-31
Cumulative
 1mo3mo6mo1yrSince Inception
NAV2.01%3.82%2.84%5.21%-2.44%
Market Price1.96%3.66%2.62%4.96%-2.55%
Bloomberg US Agg Total Return3.83%6.82%3.37%5.53%-5.14%
Annualized
 1yr3yr5yrSince Inception
NAV5.21%---1.30%
Market Price4.96%---1.36%

NAV, or Net Asset Value: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Distribution Information

Distribution Information
Distribution Frequency: Monthly
30 Day SEC Yield: 4.6
Ex-Div DateRecord DatePayable DateAmount ($)Amount (%)
2024-01-292024-01-302024-01-31$0.062704860.2732%
2023-12-272023-12-282023-12-29$0.229150000.8264%
2023-12-272023-12-282023-12-29$0.088522670.3844%
2023-11-282023-11-292023-11-30$0.080384700.3554%
2023-10-272023-10-302023-10-31$0.094225830.4203%
2023-09-272023-09-282023-09-29$0.056016800.2500%
2023-08-292023-08-302023-08-31$0.091788360.4036%
2023-07-272023-07-282023-07-31$0.074722150.3269%
2023-06-282023-06-292023-06-30$0.076714410.3363%
2023-05-262023-05-302023-05-31$0.085145740.3753%
2023-04-262023-04-272023-04-28$0.072559940.3171%
2023-03-292023-03-302023-03-31$0.082534650.3612%
2023-02-242023-02-272023-02-28$0.045613660.2011%
2023-01-272023-01-302023-01-31$0.138736770.6061%
2022-12-232022-12-272022-12-30$0.069908370.3061%
2022-11-282022-11-292022-11-30$0.077632800.3393%
2022-10-272022-10-282022-10-31$0.054888820.2405%
2022-09-282022-09-292022-09-30$0.054308320.2374%
2022-08-292022-08-302022-08-31$0.042103090.1812%
2022-07-272022-07-282022-07-29$0.013043440.0557%
2022-06-282022-06-292022-06-30$0.015177400.0650%
2022-05-262022-05-272022-05-31$0.013593440.0569%
2022-04-272022-04-282022-04-29$0.010711580.0448%
2022-03-292022-03-302022-03-31$0.009786970.0400%

Portfolio Holdings

as of 2024-02-22

Download Holdings

TickerCUSIPNameMarket ValueWeight
91282CDB491282CDB4UNITED STATES TREAS NTS 0.625% 10/15/2024$922,642.2610.76%
91282CDJ791282CDJ7UNITED STATES TREAS NTS 1.375% 11/15/2031$605,581.067.07%
91282CJB891282CJB8UNITED STATES TREAS NTS 5% 09/30/2025$501,777.355.85%
91282CHV691282CHV6UNITED STATES TREAS NTS 5% 08/31/2025$501,425.785.85%
91282CHN491282CHN4UNITED STATES TREAS NTS 4.75% 07/31/2025$499,550.785.83%
91282CJV491282CJV4UNITED STATES TREAS NTS 4.25% 01/31/2026$496,279.305.79%
91282CGU991282CGU9UNITED STATES TREAS NTS 3.875% 03/31/2025$494,335.945.77%
91282CJL691282CJL6UNITED STATES TREAS NTS 4.875% 11/30/2025$476,280.275.56%
912828ZT0912828ZT0UNITED STATES TREAS NTS 0.25% 05/31/2025$448,179.205.23%
9128283J79128283J7UNITED STATES TREAS NTS 2.125% 11/30/2024$439,698.125.13%
91282CJE291282CJE2UNITED STATES TREAS NTS 5% 10/31/2025$401,671.884.69%
91282CJK891282CJK8UNITED STATES TREAS NTS 4.625% 11/15/2026$401,507.814.68%
912828YM6912828YM6UNITED STATES TREAS NTS 1.5% 10/31/2024$243,787.452.84%
91282CDH191282CDH1UNITED STATES TREAS NTS 0.75% 11/15/2024$242,186.322.83%
912810SN9912810SN9UNITED STATES TREAS BDS 1.25% 05/15/2050$229,984.282.68%
86765BAN986765BAN9SUNOCO LOGISTICS PARTNERS 4.25% 04/01/2024$109,784.611.28%
91282CHE491282CHE4UNITED STATES TREAS NTS 3.625% 05/31/2028$97,214.841.13%
032095AG6032095AG6AMPHENOL CORP 3.2% 04/01/2024$95,724.051.12%
45866FAT145866FAT1INTERCONTINENTAL EXCHANGE INC GLBL NT 3.65% 25 3.65% 05/23/2025$88,280.641.03%
713448CM8713448CM8PEPSICO INC 3.6% 03/01/2024$74,945.640.87%
91913YBA791913YBA7VALERO ENERGY CORP 1.2% 03/15/2024$72,745.130.85%
609207AZ8609207AZ8MONDELEZ INTL INC 2.125% 03/17/2024$61,851.590.72%
02665WDY402665WDY4AMERICAN HONDA FIN CORP MTN 0.75% 08/09/2024$58,711.810.69%
20826FAT320826FAT3CONOCOPHILLIPS 2.125% 03/08/2024$57,918.340.68%
SPY 241220C00520000SPY 241220C00520000SPY OPTI CLL OPT 12/24 520$55,425.000.65%
SPY 240621C00485000SPY 240621C00485000SPY OPTI CLL OPT 06/24 485$51,100.000.60%
SPY 240315C00475000SPY 240315C00475000SPDR S&P CLL OPT 03/24 475$49,560.000.58%
502431AK5502431AK5L3HARRIS TECHNOLOGIES INC 3.95% 05/28/2024$47,774.210.56%
053332AX0053332AX0AUTOZONE INC 3.125% 04/18/2024$43,829.510.51%
031162BV1031162BV1AMGEN INC 3.625% 05/22/2024$39,801.760.46%
58013MES958013MES9MCDONALDS CORP 3.25% 06/10/2024$37,745.430.44%
42824CBJ742824CBJ7HEWLETT PACKARD ENTERPRISE CO SR GLBL NT 24 1.45% 04/01/2024$36,834.630.43%
283695BE3283695BE3EL PASO NAT GAS CO 7.5% 11/15/2026$31,588.480.37%
22160KAL922160KAL9COSTCO WHOLESALE CORPORATION SR GLBL NT 24 2.75% 05/18/2024$29,803.550.35%
166764BT6166764BT6CHEVRON CORPORATION 2.895% 03/03/2024$28,978.690.34%
92939UAF392939UAF3WEC ENERGY GROUP INC 0.8% 03/15/2024$28,913.030.34%
59523UAL159523UAL1MID-AMERICA APTS LP 3.75% 06/15/2024$26,822.270.31%
20826FAG120826FAG1CONOCOPHILLIPS 3.35% 05/15/2025$26,348.790.31%
446413AS5446413AS5HUNTINGTON INGALLS INDS INC 3.844% 05/01/2025$25,440.430.30%
718546AV6718546AV6PHILLIPS 66 3.85% 04/09/2025$25,559.840.30%
87264ABB087264ABB0T MOBILE USA INC 3.5% 04/15/2025$24,468.520.29%
29717PAP229717PAP2ESSEX PORTFOLIO L P 3.5% 04/01/2025$24,425.390.28%
QQQ 240621C00410000QQQ 240621C00410000INVESCO CLL OPT 06/24 410$22,316.000.26%
666807BM3666807BM3NORTHROP GRUMMAN CORP 2.93% 01/15/2025$20,570.290.24%
571900BB4571900BB4MARRIOTT INTL INC NEW 3.6% 04/15/2024$20,944.360.24%
48133PDZ348133PDZ3JPMORGAN CHASE FINL CO LLC 5% 02/29/2024$19,953.820.23%
91324PEB491324PEB4UNITEDHEALTH GROUP INC 0.55% 05/15/2024$17,801.680.21%
053332AY8053332AY8AUTOZONE INC 3.625% 04/15/2025$17,658.560.21%
13607GAP913607GAP9CANADIAN IMPERIAL BK COMM TORO GLBL COCO 24 3.1% 04/02/2024$17,950.500.21%
59156RBM959156RBM9METLIFE INC 3% 03/01/2025$14,681.810.17%
09261HAB309261HAB3BLACKSTONE PRIVATE CREDIT FUND SR GLBL NT 24 1.75% 09/15/2024$14,635.020.17%
44107TAX444107TAX4HOST HOTELS & RESORTS LP 3.875% 04/01/2024$14,966.090.17%
GLD 240621C00190000GLD 240621C00190000SPDR GOL CLL OPT 06/24 190$14,000.000.16%
59156RBH059156RBH0METLIFE INC 3.6% 04/10/2024$12,969.560.15%
68389XBT168389XBT1ORACLE CORP 2.5% 04/01/2025$11,626.770.14%
723787AT4723787AT4PIONEER NAT RES CO 1.125% 01/15/2026$11,146.080.13%
48133DE5548133DE55JPMORGAN CHASE FINL CO LLC 3.125% 04/29/2024$10,848.510.13%
89114YMM089114YMM0TORONTO DOMINION BANK 5.1% 02/29/2024$9,940.020.12%
278642AL7278642AL7EBAY INC. 3.45% 08/01/2024$9,902.370.12%
025816CV9025816CV9AMERICAN EXPRESS CO 3.375% 05/03/2024$9,958.960.12%
292480AH3292480AH3ENERGY TRANSFER L P 6.022% 05/15/2024$7,965.810.09%
822582BD3822582BD3SHELL INTERNATIONAL FIN BV 3.25% 05/11/2025$6,859.470.08%
482480AE0482480AE0KLA CORP 4.65% 11/01/2024$6,952.560.08%
571903AW3571903AW3MARRIOTT INTL INC NEW 3.75% 03/15/2025$5,891.780.07%
30231GAF930231GAF9EXXON MOBIL CORP 2.709% 03/06/2025$5,864.760.07%
375558AW3375558AW3GILEAD SCIENCES INC 3.7% 04/01/2024$5,988.930.07%
745310AH5745310AH5PUGET ENERGY INC 3.65% 05/15/2025$4,871.600.06%
452308AT6452308AT6ILLINOIS TOOL WKS INC 3.5% 03/01/2024$3,998.510.05%
TLT 240621C00094000TLT 240621C00094000ISHARES CLL OPT 06/24 94$4,420.000.05%
00287YBZ100287YBZ1ABBVIE INC 2.6% 11/21/2024$2,940.480.03%
375558AZ6375558AZ6GILEAD SCIENCES INC 3.5% 02/01/2025$2,950.630.03%
Cash&OtherCash&OtherCash & Other-$13,811.53-0.16%

Portfolio holdings and allocations are subject to change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.

How to Buy

BFIX Availability for Individuals and Advisors

Individual Brokerage Accounts

Individual investors may be able to purchase shares of BFIX on the popular brokerage platforms listed below. Please log into your brokerage account and search for the ticker symbol BFIX to check availability. If BFIX is not available, please reach out to your brokerage for more information. You may also call us at (833) 852-8453.

Financial Advisor Platforms

Financial advisors may be able to purchase shares of BFIX on their platforms. Please check with your platform provider or call us at (833) 852-8453 if you require assistance.

 

 

DEFINITIONS OF TERMS:

Investment Grade Fixed Income – To be considered an investment grade issue, the company must be rated at ‘BBB’ or higher by Standard and Poor’s or Moody’s. Anything below this ‘BBB’ rating is considered non-investment grade.

30-Day SEC Yield – Yield calculation that reflects the dividends and interest earned during the period after the deduction of the fund’s expenses. It is also referred to as the “standardized yield.”

Call Option – A call is an option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security at a specified price within a specified time.

Put Option – Put options give holders of the option the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time frame.

Weighted Average Maturity – Weighted average maturity is a measure of the overall maturity of the debt securities in a portfolio.

Duration – Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration can measure how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows. Duration can also measure the sensitivity of a bond’s or fixed income portfolio’s price to changes in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value.

Option-Adjusted Duration – A measure of fixed income duration that accounts for the effect of a call option on the expected life of a bond.

BFIX News & Insights

Four Macro Trends Every Advisor Needs to Know

Four Macro Trends Every Advisor Needs to Know

In the past three years, financial markets have faced unprecedented challenges ranging from the worst pandemic in 100 years, the biggest armed conflict in Europe since World War II, the largest drawdown in bonds ever, and highest inflation in more than 40 years. The resultant market volatility has left many financial advisors unsure of what to do next, but savvy advisors know there are throughlines in the narrative. These are the four key macro trends we believe every advisor needs to be watching to drive their clients’ success.