BFIX
Build Bond Innovation ETF
| NAV: $22.41 |
| Market Price: $22.42 |
| NAV Change: $0.00 / -0.02% |
| Market Price Change: -$0.02 / -0.09% |
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 2023-09-29
| Ticker Symbol: | BFIX |
| Gross Expense Ratio: | 0.50% |
| NAV: | $22.41 |
| NAV Change: | $0.00 / -0.02% |
| Market Price: | $22.42 |
| Market Price Change: | -$0.02 / -0.09% |
| CUSIP: | 12009B101 |
| Total Assets: | $17,365,490.53 |
| Shares Outstanding: | 775000 |
| Inception Date: | 2022-02-09 |
| Premium Discount: | 0.04% |
| 30 Day Median Bid Ask Spread: | 0.85% |
Monthly Fund Performanceas of 2023-09-30Cumulative
| 1mo | 3mo | 6mo | 1yr | Since Inception | |
|---|---|---|---|---|---|
| NAV | -1.33% | -0.94% | -0.23% | 2.24% | -6.02% |
| Market Price | -1.35% | -1.01% | -0.36% | 2.17% | -6.00% |
| Bloomberg US Agg Total Return | -2.54% | -3.23% | -4.05% | 0.64% | -11.20% |
Annualized
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| NAV | 2.24% | - | - | -3.72% |
| Market Price | 2.17% | - | - | -3.70% |
Quarterly Fund Performanceas of 2023-09-30Cumulative
| 1mo | 3mo | 6mo | 1yr | Since Inception | |
|---|---|---|---|---|---|
| NAV | -1.33% | -0.94% | -0.23% | 2.24% | -6.02% |
| Market Price | -1.35% | -1.01% | -0.36% | 2.17% | -6.00% |
| Bloomberg US Agg Total Return | -2.54% | -3.23% | -4.05% | 0.64% | -11.20% |
Annualized
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| NAV | 2.24% | - | - | -3.72% |
| Market Price | 2.17% | - | - | -3.70% |
NAV, or Net Asset Value: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.
Distribution Information
| Distribution Information |
|---|
| Distribution Frequency: Monthly |
| 30 Day SEC Yield: 4.91 |
| Ex-Div Date | Record Date | Payable Date | Amount ($) | Amount (%) |
|---|---|---|---|---|
| 2023-09-27 | 2023-09-28 | 2023-09-29 | $0.05601680 | 0.2500% |
| 2023-08-29 | 2023-08-30 | 2023-08-31 | $0.09178836 | 0.4036% |
| 2023-07-27 | 2023-07-28 | 2023-07-31 | $0.07472215 | 0.3269% |
| 2023-06-28 | 2023-06-29 | 2023-06-30 | $0.07671441 | 0.3363% |
| 2023-05-26 | 2023-05-30 | 2023-05-31 | $0.08514574 | 0.3753% |
| 2023-04-26 | 2023-04-27 | 2023-04-28 | $0.07255994 | 0.3171% |
| 2023-03-29 | 2023-03-30 | 2023-03-31 | $0.08253465 | 0.3612% |
| 2023-02-24 | 2023-02-27 | 2023-02-28 | $0.04561366 | 0.2011% |
| 2023-01-27 | 2023-01-30 | 2023-01-31 | $0.13873677 | 0.6061% |
| 2022-12-23 | 2022-12-27 | 2022-12-30 | $0.06990837 | 0.3061% |
| 2022-11-28 | 2022-11-29 | 2022-11-30 | $0.07763280 | 0.3393% |
| 2022-10-27 | 2022-10-28 | 2022-10-31 | $0.05488882 | 0.2405% |
| 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 | Market Value | Weight |
|---|---|---|---|---|
| 91282CCC3 | 91282CCC3 | UNITED STATES TREAS NTS 0.25% 05/15/2024 | $1,452,348.27 | 8.38% |
| 91282CCT6 | 91282CCT6 | UNITED STATES TREAS NTS 0.375% 08/15/2024 | $1,339,517.40 | 7.73% |
| 91282CDJ7 | 91282CDJ7 | UNITED STATES TREAS NTS 1.375% 11/15/2031 | $1,146,927.73 | 6.62% |
| 912828ZT0 | 912828ZT0 | UNITED STATES TREAS NTS 0.25% 05/31/2025 | $1,128,770.50 | 6.51% |
| 91282CFG1 | 91282CFG1 | UNITED STATES TREAS NTS 3.25% 08/31/2024 | $979,925.91 | 5.65% |
| 91282CBV2 | 91282CBV2 | UNITED STATES TREAS NTS 0.375% 04/15/2024 | $973,228.35 | 5.62% |
| 912828Y87 | 912828Y87 | UNITED STATES TREAS NTS 1.75% 07/31/2024 | $921,277.18 | 5.32% |
| 91282CCG4 | 91282CCG4 | UNITED STATES TREAS NTS 0.25% 06/15/2024 | $915,816.31 | 5.28% |
| 91282CDV0 | 91282CDV0 | UNITED STATES TREAS NTS 0.875% 01/31/2024 | $886,584.54 | 5.12% |
| 912828YE4 | 912828YE4 | UNITED STATES TREAS NTS 1.25% 08/31/2024 | $769,940.23 | 4.44% |
| 912828YM6 | 912828YM6 | UNITED STATES TREAS NTS 1.5% 10/31/2024 | $766,977.50 | 4.43% |
| 912828W71 | 912828W71 | UNITED STATES TREAS NTS 2.125% 03/31/2024 | $737,830.17 | 4.26% |
| 91282CGU9 | 91282CGU9 | UNITED STATES TREAS NTS 3.875% 03/31/2025 | $636,695.31 | 3.67% |
| 91282CDH1 | 91282CDH1 | UNITED STATES TREAS NTS 0.75% 11/15/2024 | $593,554.69 | 3.43% |
| 912828D56 | 912828D56 | UNITED STATES TREAS NTS 2.375% 08/15/2024 | $486,719.67 | 2.81% |
| 912810SN9 | 912810SN9 | UNITED STATES TREAS BDS 1.25% 05/15/2050 | $400,873.44 | 2.31% |
| 9128283D0 | 9128283D0 | UNITED STATES TREAS NTS 2.25% 10/31/2024 | $386,582.62 | 2.23% |
| 9128283J7 | 9128283J7 | UNITED STATES TREAS NTS 2.125% 11/30/2024 | $313,066.41 | 1.81% |
| 91282CEK3 | 91282CEK3 | UNITED STATES TREAS NTS 2.5% 04/30/2024 | $221,156.59 | 1.28% |
| 713448CM8 | 713448CM8 | PEPSICO INC 3.6% 03/01/2024 | $173,621.10 | 1.00% |
| 29250NBG9 | 29250NBG9 | ENBRIDGE INC 0.55% 10/04/2023 | $161,000.00 | 0.93% |
| Cash&Other | Cash&Other | Cash & Other | $140,826.63 | 0.81% |
| 91282CHV6 | 91282CHV6 | UNITED STATES TREAS NTS 5% 08/31/2025 | $124,611.82 | 0.72% |
| 91282CHN4 | 91282CHN4 | UNITED STATES TREAS NTS 4.75% 07/31/2025 | $124,045.41 | 0.72% |
| 29364WBF4 | 29364WBF4 | ENTERGY LA LLC 0.62% 11/17/2023 | $121,235.81 | 0.70% |
| 86765BAN9 | 86765BAN9 | SUNOCO LOGISTICS PARTNERS 4.25% 04/01/2024 | $100,103.20 | 0.58% |
| 91282CBE0 | 91282CBE0 | UNITED STATES TREAS NTS 0.125% 01/15/2024 | $98,509.18 | 0.57% |
| 91282CHE4 | 91282CHE4 | UNITED STATES TREAS NTS 3.625% 05/31/2028 | $95,445.31 | 0.55% |
| 59562VAY3 | 59562VAY3 | MIDAMERICAN ENERGY HLDGS NEW SR NT 3.75% 23 3.75% 11/15/2023 | $84,780.34 | 0.49% |
| 931142AU7 | 931142AU7 | WALMART INC 6.75% 10/15/2023 | $75,033.78 | 0.43% |
| 03076CAF3 | 03076CAF3 | AMERIPRISE FINL INC 4% 10/15/2023 | $74,938.02 | 0.43% |
| 931427AU2 | 931427AU2 | WALGREENS BOOTS ALLIANCE INC GLBL NT 0.95% 23 0.95% 11/17/2023 | $67,576.21 | 0.39% |
| 501044CY5 | 501044CY5 | KROGER CO 4% 02/01/2024 | $65,622.78 | 0.38% |
| 03027XAD2 | 03027XAD2 | AMERICAN TOWER CORP 5% 02/15/2024 | $64,741.88 | 0.37% |
| 89352HAK5 | 89352HAK5 | TRANSCANADA PIPELINE STRIP 3.75% 10/16/2023 | $49,952.62 | 0.29% |
| 75886AAJ7 | 75886AAJ7 | REGENCY ENERGY PARTNERS LP 4.5% 11/01/2023 | $49,927.07 | 0.29% |
| 59523UAA5 | 59523UAA5 | MID-AMERICA APTS LP 4.3% 10/15/2023 | $47,973.00 | 0.28% |
| SPY 231215C00402000 | SPY 231215C00402000 | SPY OPTI CLL OPT 12/23 402 | $47,320.00 | 0.27% |
| 05348EAT6 | 05348EAT6 | AVALONBAY CMNTYS INC 4.2% 12/15/2023 | $45,840.49 | 0.26% |
| 806854AH8 | 806854AH8 | SCHLUMBERGER INVT SA 3.65% 12/01/2023 | $36,865.97 | 0.21% |
| SPY 240621C00440000 | SPY 240621C00440000 | SPY OPTI CLL OPT 06/24 440 | $31,720.00 | 0.18% |
| GLD 240315C00190000 | GLD 240315C00190000 | GLD US 03/15/24 C190 | $30,225.00 | 0.17% |
| 92939UAF3 | 92939UAF3 | WEC ENERGY GROUP INC 0.8% 03/15/2024 | $28,315.39 | 0.16% |
| 91913YBA7 | 91913YBA7 | VALERO ENERGY CORP 1.2% 03/15/2024 | $25,412.84 | 0.15% |
| 628530BD8 | 628530BD8 | MYLAN INC 4.2% 11/29/2023 | $24,920.82 | 0.14% |
| 3133ENU57 | 3133ENU57 | FEDERAL FARM CR BKS 4.5% 10/19/2023 | $19,990.82 | 0.12% |
| 98934KAB6 | 98934KAB6 | ZENECA WILMINGTON INC 7% 11/15/2023 | $20,013.83 | 0.12% |
| 718172BE8 | 718172BE8 | PHILIP MORRIS INTL INC 3.6% 11/15/2023 | $20,945.78 | 0.12% |
| XOP 231215C00160000 | XOP 231215C00160000 | SPDR S&P CLL OPT 12/23 160 | $21,384.00 | 0.12% |
| VIX 231115C00021000 | VIX 231115C00021000 | CBOE VOL CLL OPT 11/23 21 | $19,734.00 | 0.11% |
| 822582BZ4 | 822582BZ4 | SHELL INTERNATIONAL FIN BV 3.5% 11/13/2023 | $15,960.62 | 0.09% |
| 989822AA9 | 989822AA9 | ZURICH REINS CENTRE HLDGS INC SR NT 7.125% 23 7.125% 10/15/2023 | $15,002.80 | 0.09% |
| 124845AF5 | 124845AF5 | PARAMOUNT GLOBAL 7.125% 11/01/2023 | $15,002.31 | 0.09% |
| 09261HAB3 | 09261HAB3 | BLACKSTONE PRIVATE CREDIT FUND SR GLBL NT 24 1.75% 09/15/2024 | $14,316.81 | 0.08% |
| 032095AG6 | 032095AG6 | AMPHENOL CORP 3.2% 04/01/2024 | $11,843.32 | 0.07% |
| 883556CP5 | 883556CP5 | THERMO FISHER SCIENTIFIC INC SR GLBL NT 23 0.797% 10/18/2023 | $12,973.86 | 0.07% |
| 02665WCQ2 | 02665WCQ2 | AMERICAN HONDA FIN CORP MTN 3.625% 10/10/2023 | $9,996.82 | 0.06% |
| 3137EAEY1 | 3137EAEY1 | FEDERAL HOME LN MTG CORP 0.125% 10/16/2023 | $9,980.90 | 0.06% |
| 494550BS4 | 494550BS4 | KINDER MORGAN ENERGY PARTNERS SR NT 4.15% 24 4.15% 02/01/2024 | $10,929.10 | 0.06% |
| 025537AQ4 | 025537AQ4 | AMERICAN ELEC PWR CO INC 0.75% 11/01/2023 | $7,966.87 | 0.05% |
| 00287YBC2 | 00287YBC2 | ABBVIE INC 3.75% 11/14/2023 | $7,980.27 | 0.05% |
| 172967HD6 | 172967HD6 | CITIGROUP INC 3.875% 10/25/2023 | $6,991.34 | 0.04% |
| 110122DT2 | 110122DT2 | BRISTOL-MYERS SQUIBB CO 0.537% 11/13/2023 | $5,967.16 | 0.03% |
| 05724BAB5 | 05724BAB5 | BAKER HUGHES HLDGS LLC / BAKER SR GLBL NT 23 1.231% 12/15/2023 | $5,940.11 | 0.03% |
| 24422EVJ5 | 24422EVJ5 | JOHN DEERE CAPITAL CORPORATION FR 0.4% 101023 0.4% 10/10/2023 | $4,995.50 | 0.03% |
| 745310AH5 | 745310AH5 | PUGET ENERGY INC 3.65% 05/15/2025 | $4,793.40 | 0.03% |
| 718546AV6 | 718546AV6 | PHILLIPS 66 3.85% 04/09/2025 | $5,834.87 | 0.03% |
| 002824BE9 | 002824BE9 | ABBOTT LABORATORIES 3.4% 11/30/2023 | $5,977.50 | 0.03% |
| 316773CP3 | 316773CP3 | FIFTH THIRD BANCORP 4.3% 01/16/2024 | $3,975.61 | 0.02% |
| 69371RR24 | 69371RR24 | PACCAR FINANCIAL CORP 0.35% 02/02/2024 | $2,946.71 | 0.02% |
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.
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
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Opportunities for tax loss harvesting should be regularly reviewed in every taxable portfolio, not just when taxes are top of mind.
