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Build Bond Innovation ETF

Market Price:
NAV Change:
$0.00 / -0.02%
Market Price Change:
-$0.02 / -0.09%
as of 2023-10-03

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 2023-09-29
Ticker Symbol:BFIX
Gross Expense Ratio:0.50%
NAV Change:$0.00 / -0.02%
Market Price:$22.42
Market Price Change:-$0.02 / -0.09%
Total Assets:$17,365,490.53
Shares Outstanding:775000
Inception Date:2022-02-09
Premium Discount:0.04%
30 Day Median Bid Ask Spread:0.85%

Monthly Fund Performance

as of 2023-09-30
 1mo3mo6mo1yrSince Inception
Market Price-1.35%-1.01%-0.36%2.17%-6.00%
Bloomberg US Agg Total Return-2.54%-3.23%-4.05%0.64%-11.20%
 1yr3yr5yrSince Inception
Market Price2.17%---3.70%

Quarterly Fund Performance

as of 2023-09-30
 1mo3mo6mo1yrSince Inception
Market Price-1.35%-1.01%-0.36%2.17%-6.00%
Bloomberg US Agg Total Return-2.54%-3.23%-4.05%0.64%-11.20%
 1yr3yr5yrSince Inception
Market Price2.17%---3.70%

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: 4.91
Ex-Div DateRecord DatePayable DateAmount ($)Amount (%)

Portfolio Holdings

as of 2023-10-03

Download Holdings

TickerCUSIPNameMarket ValueWeight
91282CCC391282CCC3UNITED STATES TREAS NTS 0.25% 05/15/2024$1,452,348.278.38%
91282CCT691282CCT6UNITED STATES TREAS NTS 0.375% 08/15/2024$1,339,517.407.73%
91282CDJ791282CDJ7UNITED STATES TREAS NTS 1.375% 11/15/2031$1,146,927.736.62%
912828ZT0912828ZT0UNITED STATES TREAS NTS 0.25% 05/31/2025$1,128,770.506.51%
91282CFG191282CFG1UNITED STATES TREAS NTS 3.25% 08/31/2024$979,925.915.65%
91282CBV291282CBV2UNITED STATES TREAS NTS 0.375% 04/15/2024$973,228.355.62%
912828Y87912828Y87UNITED STATES TREAS NTS 1.75% 07/31/2024$921,277.185.32%
91282CCG491282CCG4UNITED STATES TREAS NTS 0.25% 06/15/2024$915,816.315.28%
91282CDV091282CDV0UNITED STATES TREAS NTS 0.875% 01/31/2024$886,584.545.12%
912828YE4912828YE4UNITED STATES TREAS NTS 1.25% 08/31/2024$769,940.234.44%
912828YM6912828YM6UNITED STATES TREAS NTS 1.5% 10/31/2024$766,977.504.43%
912828W71912828W71UNITED STATES TREAS NTS 2.125% 03/31/2024$737,830.174.26%
91282CGU991282CGU9UNITED STATES TREAS NTS 3.875% 03/31/2025$636,695.313.67%
91282CDH191282CDH1UNITED STATES TREAS NTS 0.75% 11/15/2024$593,554.693.43%
912828D56912828D56UNITED STATES TREAS NTS 2.375% 08/15/2024$486,719.672.81%
912810SN9912810SN9UNITED STATES TREAS BDS 1.25% 05/15/2050$400,873.442.31%
9128283D09128283D0UNITED STATES TREAS NTS 2.25% 10/31/2024$386,582.622.23%
9128283J79128283J7UNITED STATES TREAS NTS 2.125% 11/30/2024$313,066.411.81%
91282CEK391282CEK3UNITED STATES TREAS NTS 2.5% 04/30/2024$221,156.591.28%
713448CM8713448CM8PEPSICO INC 3.6% 03/01/2024$173,621.101.00%
29250NBG929250NBG9ENBRIDGE INC 0.55% 10/04/2023$161,000.000.93%
Cash&OtherCash&OtherCash & Other$140,826.630.81%
91282CHV691282CHV6UNITED STATES TREAS NTS 5% 08/31/2025$124,611.820.72%
91282CHN491282CHN4UNITED STATES TREAS NTS 4.75% 07/31/2025$124,045.410.72%
29364WBF429364WBF4ENTERGY LA LLC 0.62% 11/17/2023$121,235.810.70%
86765BAN986765BAN9SUNOCO LOGISTICS PARTNERS 4.25% 04/01/2024$100,103.200.58%
91282CBE091282CBE0UNITED STATES TREAS NTS 0.125% 01/15/2024$98,509.180.57%
91282CHE491282CHE4UNITED STATES TREAS NTS 3.625% 05/31/2028$95,445.310.55%
59562VAY359562VAY3MIDAMERICAN ENERGY HLDGS NEW SR NT 3.75% 23 3.75% 11/15/2023$84,780.340.49%
931142AU7931142AU7WALMART INC 6.75% 10/15/2023$75,033.780.43%
03076CAF303076CAF3AMERIPRISE FINL INC 4% 10/15/2023$74,938.020.43%
931427AU2931427AU2WALGREENS BOOTS ALLIANCE INC GLBL NT 0.95% 23 0.95% 11/17/2023$67,576.210.39%
501044CY5501044CY5KROGER CO 4% 02/01/2024$65,622.780.38%
03027XAD203027XAD2AMERICAN TOWER CORP 5% 02/15/2024$64,741.880.37%
89352HAK589352HAK5TRANSCANADA PIPELINE STRIP 3.75% 10/16/2023$49,952.620.29%
75886AAJ775886AAJ7REGENCY ENERGY PARTNERS LP 4.5% 11/01/2023$49,927.070.29%
59523UAA559523UAA5MID-AMERICA APTS LP 4.3% 10/15/2023$47,973.000.28%
SPY 231215C00402000SPY 231215C00402000SPY OPTI CLL OPT 12/23 402$47,320.000.27%
05348EAT605348EAT6AVALONBAY CMNTYS INC 4.2% 12/15/2023$45,840.490.26%
806854AH8806854AH8SCHLUMBERGER INVT SA 3.65% 12/01/2023$36,865.970.21%
SPY 240621C00440000SPY 240621C00440000SPY OPTI CLL OPT 06/24 440$31,720.000.18%
GLD 240315C00190000GLD 240315C00190000GLD US 03/15/24 C190$30,225.000.17%
92939UAF392939UAF3WEC ENERGY GROUP INC 0.8% 03/15/2024$28,315.390.16%
91913YBA791913YBA7VALERO ENERGY CORP 1.2% 03/15/2024$25,412.840.15%
628530BD8628530BD8MYLAN INC 4.2% 11/29/2023$24,920.820.14%
3133ENU573133ENU57FEDERAL FARM CR BKS 4.5% 10/19/2023$19,990.820.12%
98934KAB698934KAB6ZENECA WILMINGTON INC 7% 11/15/2023$20,013.830.12%
718172BE8718172BE8PHILIP MORRIS INTL INC 3.6% 11/15/2023$20,945.780.12%
XOP 231215C00160000XOP 231215C00160000SPDR S&P CLL OPT 12/23 160$21,384.000.12%
VIX 231115C00021000VIX 231115C00021000CBOE VOL CLL OPT 11/23 21$19,734.000.11%
822582BZ4822582BZ4SHELL INTERNATIONAL FIN BV 3.5% 11/13/2023$15,960.620.09%
989822AA9989822AA9ZURICH REINS CENTRE HLDGS INC SR NT 7.125% 23 7.125% 10/15/2023$15,002.800.09%
124845AF5124845AF5PARAMOUNT GLOBAL 7.125% 11/01/2023$15,002.310.09%
09261HAB309261HAB3BLACKSTONE PRIVATE CREDIT FUND SR GLBL NT 24 1.75% 09/15/2024$14,316.810.08%
032095AG6032095AG6AMPHENOL CORP 3.2% 04/01/2024$11,843.320.07%
883556CP5883556CP5THERMO FISHER SCIENTIFIC INC SR GLBL NT 23 0.797% 10/18/2023$12,973.860.07%
02665WCQ202665WCQ2AMERICAN HONDA FIN CORP MTN 3.625% 10/10/2023$9,996.820.06%
3137EAEY13137EAEY1FEDERAL HOME LN MTG CORP 0.125% 10/16/2023$9,980.900.06%
494550BS4494550BS4KINDER MORGAN ENERGY PARTNERS SR NT 4.15% 24 4.15% 02/01/2024$10,929.100.06%
025537AQ4025537AQ4AMERICAN ELEC PWR CO INC 0.75% 11/01/2023$7,966.870.05%
00287YBC200287YBC2ABBVIE INC 3.75% 11/14/2023$7,980.270.05%
172967HD6172967HD6CITIGROUP INC 3.875% 10/25/2023$6,991.340.04%
110122DT2110122DT2BRISTOL-MYERS SQUIBB CO 0.537% 11/13/2023$5,967.160.03%
05724BAB505724BAB5BAKER HUGHES HLDGS LLC / BAKER SR GLBL NT 23 1.231% 12/15/2023$5,940.110.03%
24422EVJ524422EVJ5JOHN DEERE CAPITAL CORPORATION FR 0.4% 101023 0.4% 10/10/2023$4,995.500.03%
745310AH5745310AH5PUGET ENERGY INC 3.65% 05/15/2025$4,793.400.03%
718546AV6718546AV6PHILLIPS 66 3.85% 04/09/2025$5,834.870.03%
002824BE9002824BE9ABBOTT LABORATORIES 3.4% 11/30/2023$5,977.500.03%
316773CP3316773CP3FIFTH THIRD BANCORP 4.3% 01/16/2024$3,975.610.02%
69371RR2469371RR24PACCAR FINANCIAL CORP 0.35% 02/02/2024$2,946.710.02%

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.




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.