ClearShares Piton Intermediate Fixed Income ETF
Active ETF
PIFI
Price as of:
$90.60
- $0.11
- 0.13%
Primary Theme
N/A
fund company
N/A
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.4%
1 yr return
0.0%
3 Yr Avg Return
-1.5%
5 Yr Avg Return
N/A
Net Assets
$96.3 M
Holdings in Top 10
27.7%
52 WEEK LOW AND HIGH
$90.7
$88.43
$93.16
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PIFI - Profile
Distributions
- YTD Total Return -1.4%
- 3 Yr Annualized Total Return -1.5%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 2.5%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameClearShares Piton Intermediate Fixed Income ETF
-
Fund Family NameN/A
-
Inception DateOct 01, 2020
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Lockwood
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in debt securities and other instruments that have economic characteristics similar to such securities. The Fund principally invests in U.S.-dollar denominated, investment-grade securities and seeks to typically maintain a dollar-weighted average portfolio maturity of zero to ten years. The Fund may invest in instruments with a range of maturities, including short-, medium- or long-term maturities.
The Fund seeks to typically maintain an average portfolio duration of three to five years. Duration is the weighted-average time in years for an investor to recoup the cost of an investment from the cash flows associated with a bond or portfolio of bonds. It can be used as a measure of price sensitivity to changes in yields or interest rates with a lower duration indicating less sensitivity to interest rates. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates.
Piton Investment Management, L.P. (“Piton” or the “Sub-Adviser”) selects securities for the Fund’s portfolio based on its analysis of how an instrument contributes to the Fund’s overall credit, liquidity, duration, and interest rate risks. The Sub-Adviser will generally select instruments from issuers with at least $1 billion in outstanding debt issuances.
Piton’s approach to identifying attractive securities for the Fund includes a top-down macroeconomic investment thesis and bottom-up security analysis to drive investment decisions. The firm’s investment thesis is generally derived from consideration of core macroeconomic factors such as economic data and trends, monetary, fiscal, and regulatory policy measures, market valuations and volatility, inflation, supply and demand, and intangible elements that Piton believes may
influence markets. Piton’s portfolio management team then combines its assessment of the above information into the team’s outlook for interest rates, sector strengths or weaknesses, and liquidity, along with external research to set the current thesis. The combined analysis determines the overall risk profile for the Fund, including its targeted duration range, relative asset allocation decisions, and credit exposure. This investment thesis is typically revisited weekly as part of the ongoing management of the Fund.
Once the Fund’s investment thesis is identified, Piton’s portfolio management team conducts an analysis of individual securities or issuers to screen to identify appropriate investment opportunities at the individual security level. The investment team narrows the list of potential investments based on a variety of screens, including forward-looking assessments of a security’s contribution to the Fund’s duration and sector allocation.
The Fund may invest in a variety of fixed income instruments with a fixed or floating (variable) interest rate. The Fund’s investments may include investment-grade U.S. corporate and government debt obligations (including securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities), as well as mortgage-backed, commercial mortgage-backed and asset-backed securities. The Fund’s investments may also include cash and cash equivalents, money market mutual funds, taxable or tax-exempt municipal securities, and shares of other ETFs that principally invest in debt securities.
“Investment-grade” debt securities are those rated “Baa3” or “BBB-” or better by Moody’s Investors Service, Inc. (Moody’s) or S&P Global Ratings (S&P), each of which is a nationally recognized statistical ratings organization. The Fund may also invest in unrated securities, in which case the Sub-Adviser may internally assign ratings to certain of those securities, after assessing their credit quality.
The Fund will generally limit its investment in securities issued by a single issuer to 10% of the Fund’s total assets.
PIFI - Performance
Return Ranking - Trailing
| Period | PIFI Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.4% | -50.1% | 6.9% | 94.69% |
| 1 Yr | 0.0% | -25.4% | 139.4% | 2.88% |
| 3 Yr | -1.5%* | -13.0% | 100.8% | N/A |
| 5 Yr | N/A* | -10.0% | 55.1% | N/A |
| 10 Yr | N/A* | -7.4% | 12.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PIFI Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.2% | -75.2% | 1360.6% | 0.75% |
| 2022 | -8.3% | -14.5% | 1027.9% | N/A |
| 2021 | -1.6% | -9.6% | 118.7% | N/A |
| 2020 | N/A | -11.4% | 5.8% | N/A |
| 2019 | N/A | -49.5% | 12.4% | N/A |
Total Return Ranking - Trailing
| Period | PIFI Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.4% | -50.1% | 6.9% | 95.24% |
| 1 Yr | 0.0% | -25.4% | 139.4% | 2.79% |
| 3 Yr | -1.5%* | -13.0% | 100.8% | N/A |
| 5 Yr | N/A* | -10.0% | 55.1% | N/A |
| 10 Yr | N/A* | -7.4% | 13.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PIFI Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.6% | -75.2% | 131.9% | 0.66% |
| 2022 | -7.2% | -14.5% | 1027.9% | N/A |
| 2021 | -1.3% | -9.6% | 118.7% | N/A |
| 2020 | N/A | -11.4% | 5.8% | N/A |
| 2019 | N/A | -7.0% | 12.4% | N/A |
PIFI - Holdings
Concentration Analysis
| PIFI | Category Low | Category High | PIFI % Rank | |
|---|---|---|---|---|
| Net Assets | 96.3 M | 1.19 M | 287 B | 84.59% |
| Number of Holdings | 77 | 1 | 17234 | 91.67% |
| Net Assets in Top 10 | 25.8 M | -106 M | 27.6 B | 82.34% |
| Weighting of Top 10 | 27.68% | 3.7% | 100.0% | 56.58% |
Top 10 Holdings
- United States Treasury Note/Bond 5.30%
- United States Treasury Note/Bond 3.04%
- United States Treasury Note/Bond 2.58%
- United States Treasury Note/Bond 2.57%
- United States Treasury Note/Bond 2.47%
- United States Treasury Note/Bond 2.47%
- United States Treasury Note/Bond 2.42%
- United States Treasury Note/Bond 2.36%
- United States Treasury Note/Bond 2.30%
- United States Treasury Note/Bond 2.16%
Asset Allocation
| Weighting | Return Low | Return High | PIFI % Rank | |
|---|---|---|---|---|
| Bonds | 99.25% | 3.97% | 268.18% | 58.21% |
| Cash | 0.75% | -181.13% | 95.99% | 41.67% |
| Stocks | 0.00% | -0.98% | 24.74% | 32.22% |
| Preferred Stocks | 0.00% | 0.00% | 77.13% | 36.41% |
| Other | 0.00% | -13.23% | 23.06% | 12.23% |
| Convertible Bonds | 0.00% | 0.00% | 10.39% | 45.47% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PIFI % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 0.13% | 0.00% | 95.99% | 57.07% |
| Derivative | 0.00% | 0.00% | 25.16% | 36.68% |
| Securitized | 0.00% | 0.00% | 98.79% | 97.46% |
| Corporate | 0.00% | 0.00% | 100.00% | 14.04% |
| Municipal | 0.00% | 0.00% | 100.00% | 14.13% |
| Government | 0.00% | 0.00% | 86.23% | 5.62% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PIFI % Rank | |
|---|---|---|---|---|
| US | 99.25% | 3.63% | 210.09% | 19.57% |
| Non US | 0.00% | -6.54% | 58.09% | 89.13% |
PIFI - Expenses
Operational Fees
| PIFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.45% | 0.01% | 2.93% | 66.33% |
| Management Fee | 0.45% | 0.00% | 1.76% | 76.06% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 0.58% |
| Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
| PIFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| PIFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PIFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 2.00% | 493.39% | 31.31% |
PIFI - Distributions
Dividend Yield Analysis
| PIFI | Category Low | Category High | PIFI % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.47% | 0.00% | 12.67% | 92.81% |
Dividend Distribution Analysis
| PIFI | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| PIFI | Category Low | Category High | PIFI % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -1.28% | 8.97% | 98.83% |
Capital Gain Distribution Analysis
| PIFI | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 28, 2024 | $0.559 | OrdinaryDividend |
| Dec 29, 2023 | $0.652 | OrdinaryDividend |
| Sep 29, 2023 | $0.932 | OrdinaryDividend |
| Jun 30, 2023 | $0.169 | OrdinaryDividend |
| Mar 31, 2023 | $0.367 | OrdinaryDividend |
| Dec 23, 2022 | $0.364 | OrdinaryDividend |
| Sep 30, 2022 | $0.489 | OrdinaryDividend |
| Jun 30, 2022 | $0.079 | OrdinaryDividend |
| Mar 31, 2022 | $0.171 | OrdinaryDividend |
| Dec 17, 2021 | $0.073 | OrdinaryDividend |
| Sep 30, 2021 | $0.122 | OrdinaryDividend |
| Jun 30, 2021 | $0.029 | OrdinaryDividend |
| Mar 31, 2021 | $0.017 | OrdinaryDividend |
PIFI - Fund Manager Analysis
Managers
Brian Lockwood
Start Date
Tenure
Tenure Rank
Oct 01, 2020
1.66
1.7%
Mr. Lockwood has been a portfolio manager for the Adviser since 2019 and is the Head of Fixed Income of Piton Investment Management (“Piton”). He has over twenty years’ experience managing fixed income portfolios. Prior to joining Piton in 2018, Mr.Lockwood was a senior portfolio manager and the team leader of the fixed income division in the Private Bank Investment Management Group of HSBC. Prior to joining HSBC, he worked as a fixed income manager for Ramius Capital Group and DLJ/Credit Suisse Asset Management. Lockwood has also traded fixed income securities for Spear, Leads, & Kellogg and began his career in the institutional trading/sales division of National Westminster Bank, NA.
Ralph Chan
Start Date
Tenure
Tenure Rank
Oct 01, 2020
1.66
1.7%
Mr. Chan serves as Senior Vice President on the Investment team at Piton Investment Management, L.P. Prior to joining Piton, Mr. Chan worked at HSBC Private Bank as a Vice President and Senior Trader in the Investment Management Group. He joined HSBC in 2005, where he worked closely with the Fixed Income team to grow, maintain and create portfolio mandates. He managed the tactical cash portfolios in accordance with specific guidelines. Along with the Investment Management Group, he helped oversee five Fixed Income and Equity strategies. He has over a decade of trading experience in Fixed Income and Equity markets. Prior to joining HSBC, he worked as a trade specialist at Brown Brothers Harriman and Co.’s Investment Management team. Ralph graduated cum laude from the Zicklin School of Business with a B.B.A. in Finance and Investments.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 33.43 | 6.76 | 1.16 |