BFIX
Build Bond Innovation ETF
| NAV: $22.88 |
| Market Price: $22.85 |
| NAV Change: $0.00 / 0.02% |
| Market Price Change: -$0.04 / -0.18% |
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
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 Overviewas of 2022-09-28
| Ticker Symbol: | BFIX |
| Gross Expense Ratio: | 0.50% |
| NAV: | $22.88 |
| NAV Change: | $0.00 / 0.02% |
| Market Price: | $22.85 |
| Market Price Change: | -$0.04 / -0.18% |
| CUSIP: | 12009B101 |
| Total Assets: | $31,459,824.91 |
| Shares Outstanding: | 1375000 |
| Inception Date: | 2022-02-09 |
| Premium Discount: | -0.13% |
| 30 Day Median Bid Ask Spread: | 0.30% |
Monthly Fund Performanceas of 2022-08-31Cumulative
| 1mo | 3mo | 6mo | 1yr | Since Inception | |
|---|---|---|---|---|---|
| NAV | -1.13% | -2.55% | -6.56% | - | -6.93% |
| Market Price | -0.98% | -2.56% | -6.59% | - | -6.86% |
| Bloomberg US Agg Total Return | -2.83% | -2.01% | -7.76% | - | -7.78% |
Annualized
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| NAV | - | - | - | - |
| Market Price | - | - | - | - |
Quarterly Fund Performanceas of 2022-06-30Cumulative
| 1mo | 3mo | 6mo | 1yr | Since Inception | |
|---|---|---|---|---|---|
| NAV | -1.92% | -4.16% | - | - | -6.32% |
| Market Price | -1.92% | -4.34% | - | - | -6.25% |
| Bloomberg US Agg Total Return | -1.57% | -4.69% | - | - | -7.36% |
Annualized
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| NAV | - | - | - | - |
| Market Price | - | - | - | - |
NAV, or Net Asset Value: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.
Distribution Information
| Distribution Information |
|---|
| Distribution Frequency: Monthly |
| 30 Day SEC Yield: 3.25 |
| Ex-Div Date | Record Date | Payable Date | Amount ($) | Amount (%) |
|---|---|---|---|---|
| 2022-09-28 | 2022-09-29 | 2022-09-30 | $0.05430832 | 0.2374% |
| 2022-08-29 | 2022-08-30 | 2022-08-31 | $0.04210309 | 0.1812% |
| 2022-07-27 | 2022-07-28 | 2022-07-29 | $0.01304344 | 0.0557% |
| 2022-06-28 | 2022-06-29 | 2022-06-30 | $0.01517740 | 0.0650% |
| 2022-05-26 | 2022-05-27 | 2022-05-31 | $0.01359344 | 0.0569% |
| 2022-04-27 | 2022-04-28 | 2022-04-29 | $0.01071158 | 0.0448% |
| 2022-03-29 | 2022-03-30 | 2022-03-31 | $0.00978697 | 0.0400% |
Portfolio Holdings
| Ticker | CUSIP | Name | Quantity | Weight |
|---|---|---|---|---|
| 91282CAF8 | 91282CAF8 | UNITED STATES TREAS NTS 0.125% 08/15/2023 | 3900000 | 12.44% |
| 91282CCU3 | 91282CCU3 | UNITED STATES TREAS NTS 0.125% 08/31/2023 | 3900000 | 12.41% |
| 91282CDD0 | 91282CDD0 | UNITED STATES TREAS NTS 0.375% 10/31/2023 | 3350000 | 10.62% |
| 91282CAP6 | 91282CAP6 | UNITED STATES TREAS NTS 0.125% 10/15/2023 | 3350000 | 10.61% |
| 912828R28 | 912828R28 | UNITED STATES TREAS NTS 1.625% 04/30/2023 | 2700000 | 8.80% |
| 91282CBX8 | 91282CBX8 | UNITED STATES TREAS NTS 0.125% 04/30/2023 | 2500000 | 8.07% |
| 912828ZY9 | 912828ZY9 | UNITED STATES TREAS NTS 0.125% 07/15/2023 | 2500000 | 8.00% |
| 912828VB3 | 912828VB3 | UNITED STATES TREAS NTS 1.75% 05/15/2023 | 2300000 | 7.49% |
| 91282CCN9 | 91282CCN9 | UNITED STATES TREAS NTS 0.125% 07/31/2023 | 2250000 | 7.19% |
| 912828S35 | 912828S35 | UNITED STATES TREAS NTS 1.375% 06/30/2023 | 1750000 | 5.67% |
| 912828ZP8 | 912828ZP8 | UNITED STATES TREAS NTS 0.125% 05/15/2023 | 1350000 | 4.35% |
| 912810SN9 | 912810SN9 | UNITED STATES TREAS BDS 1.25% 05/15/2050 | 725000 | 1.36% |
| 91282CDJ7 | 91282CDJ7 | UNITED STATES TREAS NTS 1.375% 11/15/2031 | 400000 | 1.08% |
| 9128285P1 | 9128285P1 | UNITED STATES TREAS NTS 2.875% 11/30/2023 | 150000 | 0.49% |
| 9128284L1 | 9128284L1 | UNITED STATES TREAS NTS 2.75% 04/30/2023 | 150000 | 0.49% |
| 91282CDR9 | 91282CDR9 | UNITED STATES TREAS NTS 0.75% 12/31/2023 | 150000 | 0.47% |
| 91282CBE0 | 91282CBE0 | UNITED STATES TREAS NTS 0.125% 01/15/2024 | 150000 | 0.47% |
| 91282CAW1 | 91282CAW1 | UNITED STATES TREAS NTS 0.25% 11/15/2023 | 150000 | 0.47% |
| 91282CDM0 | 91282CDM0 | UNITED STATES TREAS NTS 0.5% 11/30/2023 | 150000 | 0.47% |
| 91282CBA8 | 91282CBA8 | UNITED STATES TREAS NTS 0.125% 12/15/2023 | 150000 | 0.47% |
| 29250NBG9 | 29250NBG9 | ENBRIDGE INC MTN CDS- 0.55% 10/04/2023 | 146000 | 0.46% |
| SPY 230616C00375000 | SPY 230616C00375000 | SPY OPTI CLL OPT 06/23 375 | 32 | 0.30% |
| SPY 221216C00334000 | SPY 221216C00334000 | SPDR S&P CLL OPT 12/22 334 | 15 | 0.19% |
| SPY 230915C00400000 | SPY 230915C00400000 | SPY OPTI CLL OPT 09/23 400 | 20 | 0.15% |
| 023135AJ5 | 023135AJ5 | AMAZON COM INC 2.5% 11/29/2022 | 39000 | 0.13% |
| 036752AQ6 | 036752AQ6 | ELEVANCE HEALTH INC 0.45% 03/15/2023 | 30000 | 0.10% |
| 151020AX2 | 151020AX2 | CELGENE CORP 2.75% 02/15/2023 | 25000 | 0.08% |
| 369550AW8 | 369550AW8 | GENERAL DYNAMICS CORP 1.875% 08/15/2023 | 15000 | 0.05% |
| 718172CQ0 | 718172CQ0 | PHILIP MORRIS INTL INC 1.125% 05/01/2023 | 14000 | 0.05% |
| SPY 230317C00351000 | SPY 230317C00351000 | SPDR S&P CLL OPT 03/23 351 | 4 | 0.05% |
| 316773CZ1 | 316773CZ1 | FIFTH THIRD BANCORP 1.625% 05/05/2023 | 9000 | 0.03% |
| 494550BM7 | 494550BM7 | KINDER MORGAN ENERGY PARTNERS SR GLBL NT 23 3.45% 02/15/2023 | 10000 | 0.03% |
| 89153VAE9 | 89153VAE9 | TOTAL CAPITAL 2.7% 01/25/2023 | 7000 | 0.02% |
| 67077MAV0 | 67077MAV0 | NUTRIEN LTD 1.9% 05/13/2023 | 5000 | 0.02% |
| 761713AY2 | 761713AY2 | REYNOLDS AMERICAN INC 4.85% 09/15/2023 | 2000 | 0.01% |
| 828807DD6 | 828807DD6 | SIMON PPTY GROUP LP 2.75% 06/01/2023 | 3000 | 0.01% |
| 025816BW8 | 025816BW8 | AMERICAN EXPRESS CO 3.7% 08/03/2023 | 2000 | 0.01% |
| 14913Q3C1 | 14913Q3C1 | CATERPILLAR FINL SVCS MTNS BE FR 1.95% 111822 1.95% 11/18/2022 | 1000 | 0.00% |
| Cash&Other | Cash&Other | Cash & Other | -940715.34 | -3.11% |
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.
PRIVACY POLICY:
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BFIX News & Insights
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Contact Us
Investors should carefully consider the investment objectives, risks, charges, and expenses of Exchange Traded Funds (ETFs) before investing. To obtain an ETF’s prospectus containing this and other important information, please call (833) 852-8453, or visit www.BFIX.fund. Please read the prospectus carefully before you invest.
IMPORTANT RISK INFORMATION: An investment in the fund involves risk, including possible loss of principal. Past performance does not guarantee future results.
The fund’s investment objective is to seek capital appreciation and risk mitigation. The funds are new and have a limited operating history.
Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on.
The Fund is actively managed, which means that investment decisions are made based on the Adviser’s investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. The Fund invests in ETFs (Exchange-Traded Funds) and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly. While the option overlay is intended to improve the Fund’s performance, there is no guarantee that it will do so. Utilizing an option overlay strategy involves the risk that as the buyer of a call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Also, securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk.
Build Asset Management, LLC (a/k/a Build Asset Management and/or Get Building) is the investment advisor to the BFIX ETF. Build is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration of an investment adviser does not imply any skill or training. Build Asset Management does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. Build does not guarantee any minimum level of investment performance or the success of any index portfolio, index, mutual fund or investment strategy. Past performance does not guarantee future results. There is a potential for loss in any investment, including loss of principal invested. All investments involve risk, and different types of investments involve varying degrees of risk. Investment recommendations will not always be profitable.
Build ETFs are distributed by Foreside Fund Services, LLC.
