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BFIX

Build Bond Innovation ETF

NAV:
$23.71
Market Price:
$23.66
NAV Change:
$0.11 / 0.46%
Market Price Change:
$0.08 / 0.34%
as of 2024-07-17

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 2024-07-16
Ticker Symbol:BFIX
Gross Expense Ratio:0.50%
NAV:$23.71
NAV Change:$0.11 / 0.46%
Market Price:$23.66
Market Price Change:$0.08 / 0.34%
CUSIP:12009B101
Total Assets:$7,705,847.48
Shares Outstanding:325000
Inception Date:2022-02-09
Premium Discount:-0.21%
30 Day Median Bid Ask Spread:0.52%

Monthly Fund Performance

as of 2024-06-30
Cumulative
 1mo3mo6mo1yrSince Inception
NAV1.46%0.98%3.33%6.27%0.81%
Market Price1.50%0.95%3.52%6.23%0.88%
Bloomberg US Agg Total Return0.95%0.07%-0.71%2.63%-5.82%
Annualized
 1yr3yr5yrSince Inception
NAV6.27%--0.34%
Market Price6.23%--0.37%

Quarterly Fund Performance

as of 2024-06-30
Cumulative
 1mo3mo6mo1yrSince Inception
NAV1.46%0.98%3.33%6.27%0.81%
Market Price1.50%0.95%3.52%6.23%0.88%
Bloomberg US Agg Total Return0.95%0.07%-0.71%2.63%-5.82%
Annualized
 1yr3yr5yrSince Inception
NAV6.27%--0.34%
Market Price6.23%--0.37%

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: 4.53
Ex-Div DateRecord DatePayable DateAmount ($)Amount (%)
2024-06-272024-06-272024-06-28$0.077748430.3343%
2024-05-302024-05-302024-05-31$0.089794240.3909%
2024-04-262024-04-292024-04-30$0.092732430.4027%
2024-03-262024-03-272024-03-28$0.084270770.3642%
2024-02-272024-02-282024-02-29$0.123560030.5398%
2024-01-292024-01-302024-01-31$0.062704860.2732%
2023-12-272023-12-282023-12-29$0.088522670.3844%
2023-12-272023-12-282023-12-29$0.229150000.8264%
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 2024-07-17

Download Holdings

TickerCUSIPNameMarket ValueWeight
91282CDB491282CDB4United States Treasury Note/Bond 0.625% 10/15/2024$395,449.045.13%
91282CJV491282CJV4United States Treasury Note/Bond 4.25% 01/31/2026$372,941.904.84%
91282CHN491282CHN4United States Treasury Note/Bond 4.75% 07/31/2025$359,698.534.67%
91282CJE291282CJE2United States Treasury Note/Bond 5% 10/31/2025$351,086.914.56%
91282CJB891282CJB8United States Treasury Note/Bond 5% 09/30/2025$350,875.004.55%
912828ZT0912828ZT0United States Treasury Note/Bond 0.25% 05/31/2025$336,044.974.36%
91282CDJ791282CDJ7United States Treasury Note/Bond 1.375% 11/15/2031$330,914.064.29%
91282CFX491282CFX4United States Treasury Note/Bond 4.5% 11/30/2024$324,049.624.20%
91282CGU991282CGU9United States Treasury Note/Bond 3.875% 03/31/2025$322,419.584.18%
9128283J79128283J7United States Treasury Note/Bond 2.125% 11/30/2024$321,215.674.17%
91282CDH191282CDH1United States Treasury Note/Bond 0.75% 11/15/2024$320,227.084.16%
91282CDZ191282CDZ1United States Treasury Note/Bond 1.5% 02/15/2025$293,761.133.81%
91282CHV691282CHV6United States Treasury Note/Bond 5% 08/31/2025$260,538.283.38%
91282CJL691282CJL6United States Treasury Note/Bond 4.875% 11/30/2025$250,551.763.25%
91282CKB691282CKB6United States Treasury Note/Bond 4.625% 02/28/2026$250,126.953.25%
912810SN9912810SN9United States Treasury Note/Bond 1.25% 05/15/2050$148,149.221.92%
298785JM9298785JM9European Investment Bank 0.375% 07/24/2024$124,877.371.62%
SPY 250321C00550000SPY 250321C00550000SPY US 03/21/25 C550$106,214.001.38%
SPY 241220C00525000SPY 241220C00525000SPY US 12/20/24 C525$98,022.001.27%
548661DD6548661DD6Lowe's Cos Inc 3.125% 09/15/2024$91,614.351.19%
45866FAT145866FAT1Intercontinental Exchange Inc 3.65% 05/23/2025$88,679.211.15%
29379VBE229379VBE2Enterprise Products Operating LLC 3.75% 02/15/2025$79,237.761.03%
745310AH5745310AH5Puget Energy Inc 3.65% 05/15/2025$78,733.381.02%
718546AV6718546AV6Phillips 66 3.85% 04/09/2025$77,092.591.00%
03076CAK203076CAK2Ameriprise Financial Inc 3% 04/02/2025$72,788.260.94%
278642AL7278642AL7eBay Inc 3.45% 08/01/2024$69,928.010.91%
91282CKY691282CKY6United States Treasury Note/Bond 4.625% 06/30/2026$65,217.090.85%
Cash&OtherCash&OtherCash & Other$60,544.780.79%
05348EAV105348EAV1AvalonBay Communities Inc 3.45% 06/01/2025$59,988.830.78%
00287YCX500287YCX5AbbVie Inc 3.8% 03/15/2025$59,395.940.77%
59523UAM959523UAM9Mid-America Apartments LP 4% 11/15/2025$58,116.340.75%
20826FAU020826FAU0ConocoPhillips Co 2.4% 03/07/2025$56,945.300.74%
571903AW3571903AW3Marriott International Inc/MD 3.75% 03/15/2025$55,380.090.72%
91282CKK691282CKK6United States Treasury Note/Bond 4.875% 04/30/2026$50,300.780.65%
GLD 240920C00215000GLD 240920C00215000GLD US 09/20/24 C215$50,375.000.65%
00724FAC500724FAC5Adobe Inc 3.25% 02/01/2025$49,472.860.64%
494368BQ5494368BQ5Kimberly-Clark Corp 2.65% 03/01/2025$49,146.530.64%
828807DG9828807DG9Simon Property Group LP 2% 09/13/2024$48,721.300.63%
674599CW3674599CW3Occidental Petroleum Corp 2.9% 08/15/2024$45,887.510.60%
375558AZ6375558AZ6Gilead Sciences Inc 3.5% 02/01/2025$45,528.000.59%
63111XAG663111XAG6Nasdaq Inc 5.65% 06/28/2025$45,101.380.59%
26875PAM326875PAM3EOG Resources Inc 3.15% 04/01/2025$44,325.370.58%
189754AA2189754AA2Tapestry Inc 4.25% 04/01/2025$44,519.150.58%
053332AR3053332AR3AutoZone Inc 3.25% 04/15/2025$42,309.360.55%
67077MAD067077MAD0Nutrien Ltd 3% 04/01/2025$39,321.500.51%
29717PAP229717PAP2Essex Portfolio LP 3.5% 04/01/2025$38,417.240.50%
02665WDY402665WDY4American Honda Finance Corp 0.75% 08/09/2024$34,888.780.45%
QQQ 240920C00445000QQQ 240920C00445000QQQ US 09/20/24 C445$33,792.000.44%
87264ABB087264ABB0T-Mobile USA Inc 3.5% 04/15/2025$32,499.380.42%
58933YAR658933YAR6Merck & Co Inc 2.75% 02/10/2025$30,556.660.40%
446413AS5446413AS5Huntington Ingalls Industries Inc 3.844% 05/01/2025$29,582.150.38%
666807BM3666807BM3Northrop Grumman Corp 2.93% 01/15/2025$27,654.930.36%
778296AA1778296AA1Ross Stores Inc 3.375% 09/15/2024$25,882.680.34%
20826FAG120826FAG1ConocoPhillips Co 3.35% 05/15/2025$26,521.260.34%
674599EB7674599EB7Occidental Petroleum Corp 5.875% 09/01/2025$25,094.000.33%
125523AV2125523AV2Cigna Group/The 3.25% 04/15/2025$24,598.470.32%
68389XBT168389XBT1Oracle Corp 2.5% 04/01/2025$23,534.730.31%
716973AA0716973AA0Pfizer Investment Enterprises Pte Ltd 4.65% 05/19/2025$23,890.590.31%
58013MEU458013MEU4McDonald's Corp 3.375% 05/26/2025$22,660.350.29%
89236TGT689236TGT6Toyota Motor Credit Corp 1.8% 02/13/2025$21,554.310.28%
IEF 240920C00093000IEF 240920C00093000IEF US 09/20/24 C93$19,951.000.26%
886546AB6886546AB6Tiffany & Co 3.8% 10/01/2024$19,909.380.26%
34964CAA434964CAA4Fortune Brands Innovations Inc 4% 06/15/2025$19,727.100.26%
244199BH7244199BH7Deere & Co 2.75% 04/15/2025$19,638.450.25%
053332AY8053332AY8AutoZone Inc 3.625% 04/15/2025$17,758.280.23%
002824BB5002824BB5Abbott Laboratories 2.95% 03/15/2025$17,749.460.23%
49456BAF849456BAF8Kinder Morgan Inc 4.3% 06/01/2025$16,834.230.22%
XLU 240920C00065000XLU 240920C00065000XLU US 09/20/24 C65$17,136.000.22%
11134LAP411134LAP4Broadcom Corp / Broadcom Cayman Finance Ltd 3.125% 01/15/2025$16,796.120.22%
06406RAN706406RAN7Bank of New York Mellon Corp/The 1.6% 04/24/2025$16,540.970.21%
283695BE3283695BE3El Paso Natural Gas Co LLC 7.5% 11/15/2026$15,721.380.20%
BITO 240920C00023000BITO 240920C00023000BITO US 09/20/24 C23$15,500.000.20%
858119BL3858119BL3Steel Dynamics Inc 2.4% 06/15/2025$15,557.250.20%
59156RBM959156RBM9MetLife Inc 3% 03/01/2025$14,785.440.19%
09261HAB309261HAB3Blackstone Private Credit Fund 1.75% 09/15/2024$14,893.230.19%
025816CQ0025816CQ0American Express Co 2.25% 03/04/2025$13,724.690.18%
64110LAL064110LAL0Netflix Inc 5.875% 02/15/2025$14,020.740.18%
74251VAK874251VAK8Principal Financial Group Inc 3.4% 05/15/2025$12,795.770.17%
84265VAH884265VAH8Southern Copper Corp 3.875% 04/23/2025$12,804.370.17%
46625HJY746625HJY7JPMorgan Chase & Co 3.875% 09/10/2024$11,967.240.16%
TLT 240920C00091000TLT 240920C00091000TLT US 09/20/24 C91$12,615.000.16%
723787AT4723787AT4Pioneer Natural Resources Co 1.125% 01/15/2026$11,335.460.15%
482480AE0482480AE0KLA Corp 4.65% 11/01/2024$10,971.090.14%
654106AH6654106AH6NIKE Inc 2.4% 03/27/2025$9,805.690.13%
42824CBL242824CBL2Hewlett Packard Enterprise Co 5.9% 10/01/2024$10,003.060.13%
031162DM9031162DM9Amgen Inc 5.25% 03/02/2025$9,987.710.13%
822582CC4822582CC4Shell International Finance BV 2% 11/07/2024$7,917.250.10%
29273RBD029273RBD0Energy Transfer LP 4.05% 03/15/2025$7,932.410.10%
822582BD3822582BD3Shell International Finance BV 3.25% 05/11/2025$6,895.340.09%
FGXXX31846V336First American Government Obligations Fund 12/01/2031$6,340.940.08%
30231GAF930231GAF9Exxon Mobil Corp 2.709% 03/06/2025$5,904.940.08%
384802AE4384802AE4WW Grainger Inc 1.85% 02/15/2025$4,903.840.06%
615369AS4615369AS4Moody's Corp 3.75% 03/24/2025$4,945.940.06%
785592AM8785592AM8Sabine Pass Liquefaction LLC 5.625% 03/01/2025$3,999.310.05%
00287YBZ100287YBZ1AbbVie Inc 2.6% 11/21/2024$1,979.830.03%

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.