Piton Intermediate Fixed Income ETF

The Clearshares Piton Intermediate Fixed Income ETF (“PIFI”) is an actively managed
portfolio of taxable intermediate-duration bonds. The fund primarily invests in investment -grade corporate bonds, U.S. government agency bonds and U.S. Treasury
notes. PIFI focuses on maximizing total-return while delivering conservative goals of
income generation, capital preservation, and liquidity.

Fund Details

Fund Inception 10/02/2020
Ticker PIFI
Net Assets as of 10/23/2020 $24.95m
Primary Exchange NYSE ARCA
CUSIP 26922A131
Fund Type Actively Managed Intermediate Fixed Income
Investment Objective Current income consistent with the long term preservation of capital.
Expense Ratio 0.45%
Indicative Value PIFI.IV
Net Asset Value (NAV) PIFI.NV
Portfolio Managers Brian Lockwood
Ralph Chan
Distribution Quasar Distributors, LLC
Benchmark Bloomberg Barclays US Intermediate Government Credit Index
SEC Yield as of 10/02/2020
NA

Fund Prices

NAV PRICE
Net Asset Value $99.79 Closing Price $99.79
Daily Change $0.01 Daily Change $0.04
Daily Change 0.01% Daily Change 0.04%
30 Day Median Bid/Ask Spread 0.05%
Data as of 10/23/2020

Premium/Discount

NAV Mid-Point Premium/Discount
$99.79 $99.79 0.00%
Data as of 10/23/2020

Performance

Month End Returns as of xx/xx/xxxx

Avg. Annualized
(%) 1 MO. 3 MO. 6 MO. YTD 1 YR. SINCE INCEPTION
Fund NAV N/A N/A N/A N/A N/A N/A
Closing Price N/A N/A N/A N/A N/A N/A

Quarter End Returns as of xx/xx/xxxx

Avg. Annualized
(%) 1 MO. 3 MO. 6 MO. YTD 1 YR. SINCE INCEPTION
Fund NAV N/A N/A N/A N/A N/A N/A
Closing Price N/A N/A N/A N/A N/A N/A

1 Duration is a weighted average of the maturity of all the income streams from a bond or portfolio of bonds (Source: investorguide.com)
2 Bid-Ask Spread is a two-way price quotation that indicates the best price at which a security can be sold and bought at a given point in time. (Source: investopedia.com)

The performance data quoted represents past performance. Performance does not guarentee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made solely on returns. 

Returns are average annualized except for periods less than one year.

Annualized return is the average return gained or lost by an investment each year over a given time period. ClearShares Funds’ NAVs are calculated using prices as of 4:00 PM Eastern Time.

The closing market price is the Mid-Point between the Bid and Ask price as of the close of exchange. Since the Fund’s Shares typically do not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in Shares, the NAV of the Fund is used to calculate market returns.

Top Holdings

Full Holdings
Percentage Of
Net Assets
Name Identifier Shares Held Market Value ($)
39.43% Cash & Other Cash&Other 11,804,804.98 11,804,804.98
9.96% UNITED STATES TREAS NTS 0.25% 09/30/2025 91282CAM3 3,000,000.00 2,982,773.43
6.67% UNITED STATES TREAS NTS 0.125% 10/15/2023 91282CAP6 2,000,000.00 1,995,546.88
3.34% UNITED STATES TREAS BILLS 9127963T4 1,000,000.00 999,847.92
3.33% FEDERAL HOME LN MTG CORP 0.125% 10/16/2023 3137EAEY1 1,000,000.00 996,004.75
3.32% FEDERAL HOME LN MTG CORP 0.375% 07/21/2025 3137EAEU9 1,000,000.00 994,303.36
1.68% FEDERAL HOME LN MTG CORP 0.375% 04/20/2023 3137EAEQ8 500,000.00 501,909.75
1.67% FEDERAL HOME LOAN BANKS 0.125% 10/21/2022 3130AKDH6 500,000.00 499,430.88
1.66% FEDERAL NATL MTG ASSN 0.75% 10/08/2027 3135G05Y5 500,000.00 498,427.89
1.64% UNITED STATES TREAS NTS 0.625% 08/15/2030 91282CAE1 500,000.00 489,882.81
Data as of 10/26/2020 Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.


Past performance is not indicative of future results. References to efforts to mitigate or “control” risk reflect an effort to address risk, but do not mean that the portfolio risk can be completely controlled. All investment has risk, including the risk of loss of principal.

 

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. The Fund invests in fixed income securities, that involves certain risks including call risk, credit risk, event risk, extension risk, interest rate risk & prepayment risk.

 

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by clicking here. Please read the prospectus carefully before you invest.

 

ClearShares LLC is the investment advisor to ClearShares PIFI ETF. The ClearShares ETFs are distributed by Quasar Distributors, LLC.

 

Investment Company Risk. The risks of investing in investment companies, such as the Underlying Funds, typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund may be subject to statutory limits with respect to the amount it can invest in other ETFs, which may adversely affect the Fund’s ability to achieve its investment objective. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value (“NAV”); (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

 

Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

 

Mortgage- and Asset-Backed Securities Risk. The Fund may invest in U.S. government agency-backed mortgage- and asset-backed securities. Mortgageand asset-backed securities are subject to interest rate risk.

 

New Fund Risk. The Fund is a recently organized, diversified management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Additionally, the Adviser has not previously managed a registered investment company, which may increase the risks associated with investments in the Fund.

 

Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely.

 

Diversification does not assure a profit nor protect against loss in a declining market.