Piton Intermediate Fixed Income ETF
The Clearshares Piton Intermediate Fixed Income ETF 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 and focuses on maximizing total-return while delivering conservative goals of income generation, capital preservation, and liquidity.
Fund Details
| Fund Inception | 10/01/2020 |
| Ticker | PIFI |
| Net Assets as of 12/20/2024 | $100.16m |
| 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. |
| Gross Expense Ratio | 0.46% |
| Net Expense Ratio | 0.46% |
| Portfolio Managers |
Brian Lockwood Ralph Chan |
| Benchmark |
ICE BofA U.S. Broad Market Index |
| Distribution | Quarterly |
| Distribution 9/30/2024 | $0.69 |
| SEC Yield as of 11/30/2024 | 3.96% |
| Form N-PX | https://www.sec.gov/Archives/edgar/data/1540305/000143893424001060/0001438934-24-001060-index.htm |
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Fund Prices
| NAV | PRICE | ||
|---|---|---|---|
| Net Asset Value | $93.18 | Closing Price | $93.16 |
| Daily Change | $0.14 | Daily Change | $0.16 |
| Daily Change | 0.16% | Daily Change | 0.18% |
| 30 Day Median Bid/Ask Spread | 0.11% | ||
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Data as of 12/20/2024
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Premium/Discount
| NAV | Mid-Point | Premium/Discount |
|---|---|---|
| $93.18 | $93.18 | -0.02% |
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Data as of 12/20/2024
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Performance
Month End Returns as of 11/30/2024
| Avg. Annualized | ||||||||
|---|---|---|---|---|---|---|---|---|
| (%) | 1 MO. | 3 MO. | 6 MO. | CALENDAR YTD | 1 YR. | 3 YR | 5 YR | SINCE INCEPTION |
| Closing Price | 0.60 | -0.11 | 3.58 | 3.12 | 5.38 | 0.06 | - | -0.25 |
| Fund NAV | 0.59 | -0.08 | 3.68 | 3.06 | 5.36 | 0.05 | - | -0.24 |
| ICE BofA US Broad Market Index | 1.01 | -0.14 | 4.62 | 3.15 | 6.97 | -2.01 | -1.61 | |
Quarter End Returns as of 09/30/2024
| Avg. Annualized | ||||||||
|---|---|---|---|---|---|---|---|---|
| (%) | 1 MO. | 3 MO. | 6 MO. | CALENDAR YTD | 1 YR. | 3 YR | 5 YR | SINCE INCEPTION |
| Closing Price | 1.10 | 3.99 | 4.48 | 4.37 | 8.78 | 0.33 | -NA | 0.04 |
| Fund NAV | 0.96 | 3.83 | 4.41 | 4.14 | 8.55 | 0.28 | -NA | 0.01 |
| ICE BofA US Broad Market Index | 1.34 | 5.16 | 5.36 | 4.67 | 11.56 | -1.39 | 0.30 | -1.32 |
ICE BofA US Broad Market Index tracks the performance of US dollar denominated investment grade debt publicly issue in the US domestic market including US Treasury, quasi-government, corporate, securitized and collateralized securities. One cannot invest directly in an index.
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 ($) |
|---|---|---|---|---|
| 4.98% | United States Treasury Note/Bond 4.125% 06/15/2026 | 91282CHH7 | 5,000,000.00 | 4,987,109.40 |
| 2.89% | United States Treasury Note/Bond 2.75% 04/30/2027 | 91282CEN7 | 3,000,000.00 | 2,896,171.86 |
| 2.87% | Federal Home Loan Banks 3.25% 11/16/2028 | 3130AFFX0 | 3,000,000.00 | 2,874,823.11 |
| 2.82% | United States Treasury Note/Bond 3.5% 02/15/2033 | 91282CGM7 | 3,025,000.00 | 2,822,407.70 |
| 2.45% | United States Treasury Note/Bond 1.375% 11/15/2031 | 91282CDJ7 | 3,000,000.00 | 2,455,546.86 |
| 2.42% | United States Treasury Note/Bond 3.75% 05/31/2030 | 91282CHF1 | 2,500,000.00 | 2,421,191.40 |
| 2.33% | United States Treasury Note/Bond 1.875% 02/15/2032 | 91282CDY4 | 2,775,000.00 | 2,338,587.90 |
| 2.30% | United States Treasury Note/Bond 3.375% 05/15/2033 | 91282CHC8 | 2,500,000.00 | 2,304,980.48 |
| 2.25% | United States Treasury Note/Bond 4.125% 07/31/2028 | 91282CHQ7 | 2,275,000.00 | 2,257,315.42 |
| 2.20% | United States Treasury Note/Bond 4.5% 05/15/2027 | 91282CKR1 | 2,200,000.00 | 2,208,765.64 |
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Data as of 12/23/2024
Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
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Important Disclosures
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.
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.