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Trending ETFs

Name

As of 07/12/2024

Price

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

$92.95

$95.9 M

0.82%

$0.77

0.45%

Vitals

YTD Return

1.4%

1 yr return

4.0%

3 Yr Avg Return

-0.7%

5 Yr Avg Return

N/A

Net Assets

$95.9 M

Holdings in Top 10

27.7%

52 WEEK LOW AND HIGH

$92.8
$88.43
$92.95

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 07/12/2024

Price

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

$92.95

$95.9 M

0.82%

$0.77

0.45%

PIFI - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    ClearShares Piton Intermediate Fixed Income ETF
  • Fund Family Name
    N/A
  • Inception Date
    Oct 01, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian 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.
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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 4.0% -25.4% 139.4% 2.88%
3 Yr -0.7%* -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 4.0% -25.4% 139.4% 2.79%
3 Yr -0.7%* -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 95.9 M 1.19 M 287 B 84.59%
Number of Holdings 76 1 17234 91.67%
Net Assets in Top 10 26 M -106 M 27.6 B 82.34%
Weighting of Top 10 27.67% 3.7% 100.0% 56.58%

Top 10 Holdings

  1. United States Treasury Note/Bond 5.27%
  2. United States Treasury Note/Bond 3.04%
  3. United States Treasury Note/Bond 2.59%
  4. United States Treasury Note/Bond 2.58%
  5. United States Treasury Note/Bond 2.48%
  6. United States Treasury Note/Bond 2.48%
  7. United States Treasury Note/Bond 2.40%
  8. United States Treasury Note/Bond 2.36%
  9. United States Treasury Note/Bond 2.31%
  10. United States Treasury Note/Bond 2.16%

Asset Allocation

Weighting Return Low Return High PIFI % Rank
Bonds
99.47% 3.97% 268.18% 58.21%
Cash
0.53% -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
0.19% 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
99.47% 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 0.82% 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

View More +

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