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 06/12/2024 $96.8m
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 1ICE BofA 1-10 Year US Corporate & Government Index
Distribution Quarterly
Distribution 3/28/2024
SEC Yield as of 5/31/2024 4.52%

Fund Prices

Net Asset Value $92.19 Closing Price $92.09
Daily Change $0.39 Daily Change $0.31
Daily Change 0.43% Daily Change 0.34%
30 Day Median Bid/Ask Spread 0.12%
Data as of 06/12/2024


NAV Mid-Point Premium/Discount
$92.19 $92.19 -0.11%
Data as of 06/12/2024


Month End Returns as of 05/31/2024

Avg. Annualized
Closing Price 1.08 0.32 1.74 -0.44 1.85 -1.24 - -1.23
Fund NAV 1.05 0.28 1.62 -0.59 1.81 -1.27 - -1.26

Quarter End Returns as of 03/31/2024

Avg. Annualized
Closing Price 0.65 -0.11 4.12 -0.11 2.10 -0.91 - -1.20
Fund NAV 0.62 -0.26 3.96 -0.26 2.20 -0.92 - -1.22

1ICE BofA US Corporate & Governement Index.  The ICE BofA US Corporate & Government Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate Index with less than 10 years of maturity.  The index includes investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities.  It is not possible to invest 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 ($)
5.10% United States Treasury Note/Bond 4.125% 06/15/2026 91282CHH7 5,000,000.00 4,948,144.55
2.95% United States Treasury Note/Bond 2.75% 04/30/2027 91282CEN7 3,000,000.00 2,863,476.57
2.54% United States Treasury Note/Bond 1.375% 11/15/2031 91282CDJ7 3,000,000.00 2,459,824.23
2.51% United States Treasury Note/Bond 3.75% 05/31/2030 91282CHF1 2,500,000.00 2,436,767.58
2.42% United States Treasury Note/Bond 1.875% 02/15/2032 91282CDY4 2,775,000.00 2,350,836.92
2.41% United States Treasury Note/Bond 3.375% 05/15/2033 91282CHC8 2,500,000.00 2,340,625.00
2.33% United States Treasury Note/Bond 4.125% 07/31/2028 91282CHQ7 2,275,000.00 2,259,981.45
2.30% United States Treasury Note/Bond 2.625% 04/15/2025 91282CEH0 2,275,000.00 2,228,479.66
2.27% United States Treasury Note/Bond 4.5% 05/15/2027 91282CKR1 2,200,000.00 2,203,007.82
2.24% United States Treasury Note/Bond 3.5% 02/15/2033 91282CGM7 2,300,000.00 2,177,093.75
Data as of 06/14/2024 Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

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.


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.