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Build Bond Innovation ETF

Market Price:
NAV Change:
$0.12 / 0.53%
Market Price Change:
$0.08 / 0.35%
as of 2024-06-13

Fund Objective

The Build Bond Innovation ETF is an actively-managed bond fund that seeks risk mitigation and growth via a mix of fixed income and equity options. The ETF typically has 90% to 95% of its holdings in investment grade bonds, with the remaining assets seeking upside by using a long only options overlay. The fund is designed to be used as a core bond complement. It seeks to outperform the Bloomberg US Aggregate Bond Index over a full market cycle without taking on excess risk.


Why use BFIX?

    • BFIX may appeal to investors with conservative or risk mitigation objectives
    • Seeks to mitigate credit and interest rate risk with investment grade bond core with duration typically shorter than benchmark
    • Equity options overlay seeks enhanced total return profile vs. benchmark
    • Monthly dividend distribution provides income
BFIX portfolio construction

How to use BFIX

Core Bond Allocation

  • Use to complement or replace a core fixed income or investment grade credit exposure
  • BFIX seeks to provide higher total returns for a similar risk profile to the benchmark, without reaching for yield or taking long duration risk

Risk Mitigation

  • Use to seek lower downside risk, while retaining attractive upside and downside capture profile
  • May increase credit quality and reduce volatility for a high yield bond allocation

Portfolio Diversification

  • With its unique structure, BFIX may have lower correlations to traditional equity and fixed income exposures, offering diversification benefits to a multi-asset class portfolio

Fund Overview

as of 2024-06-12
Ticker Symbol:BFIX
Gross Expense Ratio:0.50%
NAV Change:$0.12 / 0.53%
Market Price:$23.22
Market Price Change:$0.08 / 0.35%
Total Assets:$7,564,118.04
Shares Outstanding:325000
Inception Date:2022-02-09
Premium Discount:-0.22%
30 Day Median Bid Ask Spread:0.39%

Monthly Fund Performance

as of 2024-05-31
 1mo3mo6mo1yrSince Inception
Market Price0.38%0.95%3.99%5.48%-0.61%
Bloomberg US Agg Total Return1.70%0.04%2.12%1.31%-6.70%
 1yr3yr5yrSince Inception
Market Price5.48%---0.27%

Quarterly Fund Performance

as of 2024-03-31
 1mo3mo6mo1yrSince Inception
Market Price1.49%2.54%6.30%5.92%-0.07%
Bloomberg US Agg Total Return0.92%-0.78%5.99%1.70%-5.88%
 1yr3yr5yrSince Inception
Market Price5.92%---0.03%

NAV, or Net Asset Value: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Distribution Information

Distribution Information
Distribution Frequency: Monthly
30 Day SEC Yield: 4.71
Ex-Div DateRecord DatePayable DateAmount ($)Amount (%)

Portfolio Holdings

as of 2024-06-13

Download Holdings

TickerCUSIPNameMarket ValueWeight
91282CDB491282CDB4United States Treasury Note/Bond 0.625% 10/15/2024$393,651.095.20%
91282CJV491282CJV4United States Treasury Note/Bond 4.25% 01/31/2026$371,330.574.91%
91282CHN491282CHN4United States Treasury Note/Bond 4.75% 07/31/2025$358,875.004.74%
91282CJB891282CJB8United States Treasury Note/Bond 5% 09/30/2025$350,027.344.63%
91282CJE291282CJE2United States Treasury Note/Bond 5% 10/31/2025$350,123.054.63%
912828ZT0912828ZT0United States Treasury Note/Bond 0.25% 05/31/2025$334,040.114.42%
91282CDJ791282CDJ7United States Treasury Note/Bond 1.375% 11/15/2031$326,640.624.32%
91282CFX491282CFX4United States Treasury Note/Bond 4.5% 11/30/2024$323,702.904.28%
91282CGU991282CGU9United States Treasury Note/Bond 3.875% 03/31/2025$321,711.684.25%
9128283J79128283J7United States Treasury Note/Bond 2.125% 11/30/2024$320,183.044.23%
91282CDH191282CDH1United States Treasury Note/Bond 0.75% 11/15/2024$318,789.044.21%
91282CHV691282CHV6United States Treasury Note/Bond 5% 08/31/2025$309,818.364.10%
91282CDZ191282CDZ1United States Treasury Note/Bond 1.5% 02/15/2025$292,512.513.87%
91282CJL691282CJL6United States Treasury Note/Bond 4.875% 11/30/2025$249,799.813.30%
91282CKB691282CKB6United States Treasury Note/Bond 4.625% 02/28/2026$249,121.103.29%
91282CKK691282CKK6United States Treasury Note/Bond 4.875% 04/30/2026$200,343.752.65%
91282CKS991282CKS9United States Treasury Note/Bond 4.875% 05/31/2026$180,425.392.39%
59523UAL159523UAL1Mid-America Apartments LP 3.75% 06/15/2024$159,964.552.11%
912810SN9912810SN9United States Treasury Note/Bond 1.25% 05/15/2050$146,393.361.94%
00287YCV900287YCV9AbbVie Inc 3.85% 06/15/2024$99,988.611.32%
29379VBE229379VBE2Enterprise Products Operating LLC 3.75% 02/15/2025$98,641.331.30%
45866FAT145866FAT1Intercontinental Exchange Inc 3.65% 05/23/2025$88,567.881.17%
SPY 241220C00525000SPY 241220C00525000SPY US 12/20/24 C525$80,980.001.07%
548661DD6548661DD6Lowe's Cos Inc 3.125% 09/15/2024$78,523.991.04%
SPY 250321C00550000SPY 250321C00550000SPY US 03/21/25 C550$73,715.000.97%
718546AV6718546AV6Phillips 66 3.85% 04/09/2025$66,083.820.87%
716973AA0716973AA0Pfizer Investment Enterprises Pte Ltd 4.65% 05/19/2025$59,641.610.79%
00287YCX500287YCX5AbbVie Inc 3.8% 03/15/2025$59,188.750.78%
20826FAU020826FAU0ConocoPhillips Co 2.4% 03/07/2025$56,739.440.75%
03076CAK203076CAK2Ameriprise Financial Inc 3% 04/02/2025$55,859.400.74%
278642AL7278642AL7eBay Inc 3.45% 08/01/2024$54,826.180.72%
FGXXX31846V336First American Government Obligations Fund 12/01/2031$51,798.500.68%
494368BQ5494368BQ5Kimberly-Clark Corp 2.65% 03/01/2025$49,018.930.65%
00724FAC500724FAC5Adobe Inc 3.25% 02/01/2025$49,291.910.65%
63111XAG663111XAG6Nasdaq Inc 5.65% 06/28/2025$45,035.390.60%
674599CW3674599CW3Occidental Petroleum Corp 2.9% 08/15/2024$45,759.140.60%
67066GAL867066GAL8NVIDIA Corp 0.584% 06/14/2024$42,993.990.57%
375558AZ6375558AZ6Gilead Sciences Inc 3.5% 02/01/2025$40,481.560.54%
244199BH7244199BH7Deere & Co 2.75% 04/15/2025$39,169.450.52%
29717PAP229717PAP2Essex Portfolio LP 3.5% 04/01/2025$38,345.920.51%
02665WDY402665WDY4American Honda Finance Corp 0.75% 08/09/2024$34,737.800.46%
GLD 240920C00215000GLD 240920C00215000GLD US 09/20/24 C215$30,750.000.41%
58933YAR658933YAR6Merck & Co Inc 2.75% 02/10/2025$30,459.610.40%
446413AS5446413AS5Huntington Ingalls Industries Inc 3.844% 05/01/2025$29,524.710.39%
666807BM3666807BM3Northrop Grumman Corp 2.93% 01/15/2025$27,563.020.36%
20826FAG120826FAG1ConocoPhillips Co 3.35% 05/15/2025$26,503.960.35%
00287YBZ100287YBZ1AbbVie Inc 2.6% 11/21/2024$25,672.660.34%
3130A1XJ23130A1XJ2Federal Home Loan Banks 2.875% 06/14/2024$24,998.230.33%
QQQ 240920C00445000QQQ 240920C00445000QQQ US 09/20/24 C445$24,690.000.33%
674599EB7674599EB7Occidental Petroleum Corp 5.875% 09/01/2025$25,047.140.33%
3130AV4J83130AV4J8Federal Home Loan Banks 5.4% 06/20/2024$24,999.660.33%
125523AV2125523AV2Cigna Group/The 3.25% 04/15/2025$24,521.680.32%
58013MEU458013MEU4McDonald's Corp 3.375% 05/26/2025$22,568.870.30%
67077MAD067077MAD0Nutrien Ltd 3% 04/01/2025$21,526.410.28%
34964CAA434964CAA4Fortune Brands Innovations Inc 4% 06/15/2025$19,654.950.26%
IEF 240621C00092000IEF 240621C00092000IEF US 06/21/24 C92$19,520.000.26%
26875PAM326875PAM3EOG Resources Inc 3.15% 04/01/2025$19,630.890.26%
89236TGT689236TGT6Toyota Motor Credit Corp 1.8% 02/13/2025$18,539.960.25%
053332AY8053332AY8AutoZone Inc 3.625% 04/15/2025$17,699.220.23%
11134LAP411134LAP4Broadcom Corp / Broadcom Cayman Finance Ltd 3.125% 01/15/2025$16,758.070.22%
778296AA1778296AA1Ross Stores Inc 3.375% 09/15/2024$15,888.930.21%
283695BE3283695BE3El Paso Natural Gas Co LLC 7.5% 11/15/2026$15,657.740.21%
858119BL3858119BL3Steel Dynamics Inc 2.4% 06/15/2025$15,501.750.20%
09261HAB309261HAB3Blackstone Private Credit Fund 1.75% 09/15/2024$14,834.350.20%
59156RBM959156RBM9MetLife Inc 3% 03/01/2025$14,739.780.19%
87264ABB087264ABB0T-Mobile USA Inc 3.5% 04/15/2025$13,761.720.18%
84265VAH884265VAH8Southern Copper Corp 3.875% 04/23/2025$12,804.350.17%
46625HJY746625HJY7JPMorgan Chase & Co 3.875% 09/10/2024$11,953.110.16%
723787AT4723787AT4Pioneer Natural Resources Co 1.125% 01/15/2026$11,261.750.15%
68389XBT168389XBT1Oracle Corp 2.5% 04/01/2025$10,724.240.14%
482480AE0482480AE0KLA Corp 4.65% 11/01/2024$10,962.630.14%
031162DM9031162DM9Amgen Inc 5.25% 03/02/2025$9,980.860.13%
654106AH6654106AH6NIKE Inc 2.4% 03/27/2025$9,774.760.13%
42824CBL242824CBL2Hewlett Packard Enterprise Co 5.9% 10/01/2024$10,003.390.13%
TLT 240621C00090000TLT 240621C00090000TLT US 06/21/24 C90$8,835.000.12%
49456BAF849456BAF8Kinder Morgan Inc 4.3% 06/01/2025$7,902.040.10%
822582BD3822582BD3Shell International Finance BV 3.25% 05/11/2025$6,873.570.09%
002824BB5002824BB5Abbott Laboratories 2.95% 03/15/2025$5,903.120.08%
30231GAF930231GAF9Exxon Mobil Corp 2.709% 03/06/2025$5,886.700.08%
571903AW3571903AW3Marriott International Inc/MD 3.75% 03/15/2025$5,915.440.08%
615369AS4615369AS4Moody's Corp 3.75% 03/24/2025$4,930.860.07%
745310AH5745310AH5Puget Energy Inc 3.65% 05/15/2025$4,899.410.06%
384802AE4384802AE4WW Grainger Inc 1.85% 02/15/2025$4,877.460.06%
785592AM8785592AM8Sabine Pass Liquefaction LLC 5.625% 03/01/2025$3,996.250.05%
29273RBD029273RBD0Energy Transfer LP 4.05% 03/15/2025$3,951.540.05%
64110LAL064110LAL0Netflix Inc 5.875% 02/15/2025$2,002.850.03%
TLT 240621C00094000TLT 240621C00094000TLT US 06/21/24 C94$1,392.000.02%
Cash&OtherCash&OtherCash & Other$1,524.420.02%
XLE 240621C00093000XLE 240621C00093000XLE US 06/21/24 C93$324.000.00%
BITO 240621C00030000BITO 240621C00030000BITO US 06/21/24 C30$170.000.00%

Portfolio holdings and allocations are subject to change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.

How to Buy

BFIX Availability for Individuals and Advisors

Individual Brokerage Accounts

Individual investors may be able to purchase shares of BFIX on the popular brokerage platforms listed below. Please log into your brokerage account and search for the ticker symbol BFIX to check availability. If BFIX is not available, please reach out to your brokerage for more information. You may also call us at (833) 852-8453.

Financial Advisor Platforms

Financial advisors may be able to purchase shares of BFIX on their platforms. Please check with your platform provider or call us at (833) 852-8453 if you require assistance.




Investment Grade Fixed Income – To be considered an investment grade issue, the company must be rated at ‘BBB’ or higher by Standard and Poor’s or Moody’s. Anything below this ‘BBB’ rating is considered non-investment grade.

30-Day SEC Yield – Yield calculation that reflects the dividends and interest earned during the period after the deduction of the fund’s expenses. It is also referred to as the “standardized yield.”

Call Option – A call is an option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security at a specified price within a specified time.

Put Option – Put options give holders of the option the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time frame.

Weighted Average Maturity – Weighted average maturity is a measure of the overall maturity of the debt securities in a portfolio.

Duration – Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration can measure how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows. Duration can also measure the sensitivity of a bond’s or fixed income portfolio’s price to changes in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value.

Option-Adjusted Duration – A measure of fixed income duration that accounts for the effect of a call option on the expected life of a bond.

BFIX News & Insights

Four Macro Trends Every Advisor Needs to Know

Four Macro Trends Every Advisor Needs to Know

In the past three years, financial markets have faced unprecedented challenges ranging from the worst pandemic in 100 years, the biggest armed conflict in Europe since World War II, the largest drawdown in bonds ever, and highest inflation in more than 40 years. The resultant market volatility has left many financial advisors unsure of what to do next, but savvy advisors know there are throughlines in the narrative. These are the four key macro trends we believe every advisor needs to be watching to drive their clients’ success.