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Build Bond Innovation ETF

Market Price:
NAV Change:
$0.11 / 0.50%
Market Price Change:
$0.14 / 0.60%
as of 2023-12-04

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 2023-12-01
Ticker Symbol:BFIX
Gross Expense Ratio:0.50%
NAV Change:$0.11 / 0.50%
Market Price:$22.75
Market Price Change:$0.14 / 0.60%
Total Assets:$17,625,354.16
Shares Outstanding:775000
Inception Date:2022-02-09
Premium Discount:0.03%
30 Day Median Bid Ask Spread:0.89%

Monthly Fund Performance

as of 2023-11-30
 1mo3mo6mo1yrSince Inception
Market Price1.53%0.30%1.43%2.79%-4.43%
Bloomberg US Agg Total Return4.53%0.26%-0.80%1.18%-8.64%
 1yr3yr5yrSince Inception
Market Price2.79%---2.48%

Quarterly Fund Performance

as of 2023-09-30
 1mo3mo6mo1yrSince Inception
Market Price-1.35%-1.01%-0.36%2.17%-6.00%
Bloomberg US Agg Total Return-2.54%-3.23%-4.05%0.64%-11.20%
 1yr3yr5yrSince Inception
Market Price2.17%---3.70%

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: 4.7
Ex-Div DateRecord DatePayable DateAmount ($)Amount (%)

Portfolio Holdings

as of 2023-12-04

Download Holdings

TickerCUSIPNameMarket ValueWeight
91282CCC391282CCC3UNITED STATES TREAS NTS 0.25% 05/15/2024$1,466,457.868.32%
91282CDJ791282CDJ7UNITED STATES TREAS NTS 1.375% 11/15/2031$1,193,424.806.77%
91282CCT691282CCT6UNITED STATES TREAS NTS 0.375% 08/15/2024$1,160,711.366.59%
912828ZT0912828ZT0UNITED STATES TREAS NTS 0.25% 05/31/2025$1,145,709.966.50%
91282CFN691282CFN6UNITED STATES TREAS NTS 4.25% 09/30/2024$992,461.455.63%
91282CFG191282CFG1UNITED STATES TREAS NTS 3.25% 08/31/2024$985,426.015.59%
91282CCX791282CCX7UNITED STATES TREAS NTS 0.375% 09/15/2024$963,591.315.47%
91282CDB491282CDB4UNITED STATES TREAS NTS 0.625% 10/15/2024$962,227.965.46%
91282CJK891282CJK8UNITED STATES TREAS NTS 4.625% 11/15/2026$856,939.454.86%
91282CGU991282CGU9UNITED STATES TREAS NTS 3.875% 03/31/2025$789,703.134.48%
912828YE4912828YE4UNITED STATES TREAS NTS 1.25% 08/31/2024$776,871.694.41%
912828YM6912828YM6UNITED STATES TREAS NTS 1.5% 10/31/2024$774,315.374.39%
91282CDH191282CDH1UNITED STATES TREAS NTS 0.75% 11/15/2024$599,856.773.40%
91282CJE291282CJE2UNITED STATES TREAS NTS 5% 10/31/2025$503,554.692.86%
91282CHV691282CHV6UNITED STATES TREAS NTS 5% 08/31/2025$502,734.382.85%
91282CJB891282CJB8UNITED STATES TREAS NTS 5% 09/30/2025$503,105.472.85%
91282CHN491282CHN4UNITED STATES TREAS NTS 4.75% 07/31/2025$500,302.742.84%
9128283J79128283J7UNITED STATES TREAS NTS 2.125% 11/30/2024$485,726.432.76%
912810SN9912810SN9UNITED STATES TREAS BDS 1.25% 05/15/2050$432,854.792.46%
9128283D09128283D0UNITED STATES TREAS NTS 2.25% 10/31/2024$389,782.782.21%
713448CM8713448CM8PEPSICO INC 3.6% 03/01/2024$174,227.720.99%
GLD 240315C00190000GLD 240315C00190000GLD US 03/15/24 C190$128,650.000.73%
86765BAN986765BAN9SUNOCO LOGISTICS PARTNERS 4.25% 04/01/2024$105,426.080.60%
SPY 231215C00441000SPY 231215C00441000SPY OPTI CLL OPT 12/23 441$99,892.000.57%
Cash&OtherCash&OtherCash & Other$99,139.620.56%
91282CHE491282CHE4UNITED STATES TREAS NTS 3.625% 05/31/2028$97,714.840.55%
032095AG6032095AG6AMPHENOL CORP 3.2% 04/01/2024$91,206.470.52%
501044CY5501044CY5KROGER CO 4% 02/01/2024$86,727.650.49%
05348EAT605348EAT6AVALONBAY CMNTYS INC 4.2% 12/15/2023$75,960.030.43%
03027XAD203027XAD2AMERICAN TOWER CORP 5% 02/15/2024$64,848.400.37%
45866FAT145866FAT1INTERCONTINENTAL EXCHANGE INC GLBL NT 3.65% 25 3.65% 05/23/2025$63,486.220.36%
SPY 240621C00455000SPY 240621C00455000SPY OPTI CLL OPT 06/24 455$60,654.000.34%
QQQ 231229C00375000QQQ 231229C00375000INVESCO CLL OPT 12/23 375$53,630.000.30%
718546AY0718546AY0PHILLIPS 66 0.9% 02/15/2024$50,475.690.29%
20826FAT320826FAT3CONOCOPHILLIPS 2.125% 03/08/2024$47,552.850.27%
24422EVN624422EVN6JOHN DEERE CAPITAL CORPORATION FR 0.45% 011724 0.45% 01/17/2024$42,736.140.24%
42824CBJ742824CBJ7HEWLETT PACKARD ENTERPRISE CO SR GLBL NT 24 1.45% 04/01/2024$36,438.670.21%
283695BE3283695BE3EL PASO NAT GAS CO 7.5% 11/15/2026$31,517.480.18%
92939UAF392939UAF3WEC ENERGY GROUP INC 0.8% 03/15/2024$28,580.760.16%
91913YBA791913YBA7VALERO ENERGY CORP 1.2% 03/15/2024$25,627.590.15%
58013MES958013MES9MCDONALDS CORP 3.25% 06/10/2024$24,659.830.14%
91324PEB491324PEB4UNITEDHEALTH GROUP INC 0.55% 05/15/2024$17,609.760.10%
502431AK5502431AK5L3HARRIS TECHNOLOGIES INC 3.95% 05/28/2024$16,852.350.10%
09261HAB309261HAB3BLACKSTONE PRIVATE CREDIT FUND SR GLBL NT 24 1.75% 09/15/2024$14,478.970.08%
446413AS5446413AS5HUNTINGTON INGALLS INDS INC 3.844% 05/01/2025$13,667.740.08%
571900BB4571900BB4MARRIOTT INTL INC NEW 3.6% 04/15/2024$13,873.890.08%
723787AT4723787AT4PIONEER NAT RES CO 1.125% 01/15/2026$11,060.560.06%
494550BS4494550BS4KINDER MORGAN ENERGY PARTNERS SR NT 4.15% 24 4.15% 02/01/2024$10,966.780.06%
166764BT6166764BT6CHEVRON CORP NEW 2.895% 03/03/2024$7,946.920.05%
292480AH3292480AH3ENERGY TRANSFER L P 6.022% 05/15/2024$7,926.700.04%
05724BAB505724BAB5BAKER HUGHES HLDGS LLC / BAKER SR GLBL NT 23 1.231% 12/15/2023$5,991.810.03%
482480AE0482480AE0KLA CORP 4.65% 11/01/2024$4,966.800.03%
037833CG3037833CG3APPLE INC 3% 02/09/2024$4,974.530.03%
718546AV6718546AV6PHILLIPS 66 3.85% 04/09/2025$5,883.980.03%
745310AH5745310AH5PUGET ENERGY INC 3.65% 05/15/2025$4,843.480.03%
316773CP3316773CP3FIFTH THIRD BANCORP 4.3% 01/16/2024$3,988.790.02%
59523UAL159523UAL1MID-AMERICA APTS LP 3.75% 06/15/2024$2,969.620.02%
69371RR2469371RR24PACCAR FINANCIAL CORP 0.35% 02/02/2024$2,974.700.02%
00287YBZ100287YBZ1ABBVIE INC 2.6% 11/21/2024$2,918.160.02%

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.