Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
UVA Unconstrained Medium-Term Fixed Income ETF
$20.56+0.01 (+0.02%)
- 0.82%
- $50M
- −3.6%
- 4.37%
- 0M sh
- $20.57
- low $20.34high $23.11
The ETF.net FFIU Grade
F
Score 20 out of 100
- 114 of 117
Score 20 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F5 out of 100Rank 111 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.F22 out of 100Rank 99 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D29 out of 100Rank 108 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F7 out of 100Rank 112 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B55 out of 100Rank 62 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C43 out of 100Rank 77 of 117
Our read on FFIU
FA go-anywhere bond fund with a human at the wheel: no index to track, just an active manager picking across the fixed income market for current income. It has been running since 2017.
The Fund seeks current income with limited risk to principal by investing mainly in fixed income securities of any kind. It normally invests at least 80% of assets in those securities.
Why people hold it
- Unconstrained means unconstrained: no benchmark to hug, and the prospectus allows fixed income of any kind, plus up to 20% in futures, options, cash or other funds.sec.gov
- Built for income, not fireworks. At least 80% of assets sit in fixed income, the stated aim is current income with limited risk to principal, and cash goes out quarterly.sec.gov
- Trading since 2017, so there is a real multi-year record across very different rate environments rather than a backtest.
Worth knowing
- Costs 0.54% a year, above the roughly 0.36% median for core bond ETFs and well above index giants like BND, SPAB and SCHZ at 0.03%.
- Small and thinly traded, which usually means wider bid-ask spreads and more gap between your fill price and the fund's underlying value.
- Outcomes hinge on the manager's judgment rather than a published index, so there is no benchmark to measure the portfolio against day to day.
FFIU Holdings
- Bonds
- 132
- 20%
- Cash / Cash Equivalents
Sectors
- Financials100.0%
Geography
- United States100.00%
FFIU Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FFIU$9,635
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FFIU |
|---|---|
| Year to date | −4.6% |
| 1 month | −1.8% |
| 3 months | −4.0% |
| 1 year | −3.6% |
| 3 years | +4.1% |
| 5 years | −1.0% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FFIU |
|---|---|---|
| 2026 YTD | −4.6% | |
| 2025 | +8.6% | |
| 2024 | +0.2% | |
| 2023 | +7.4% | |
| 2022 | −15.2% | |
| 2021 | +0.1% | |
| 2020 | +7.9% |
FFIU in the news
FFIU Dividends
- 4.37%
- $0.90
- $0.23 per share
- Quarterly
Distribution history
FFIU Risk
- 7.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.11
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −20.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.18
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FFIU Cost
0.82%
FFIU0.82%
- The middle half of US Aggregate Bond funds
- Median 0.34%
106 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- DLVIGLongview Advantage Fixed Income ETFExpense ratio 0.49%1 year return —
- DABXBAbacus Flexible Bond Leaders ETFExpense ratio 0.83%1 year return +0.1%
- DTPFIThe Timothy Plan - Timothy Plan Fixed Income ETFExpense ratio 0.55%1 year return —
- FSJCPSanJac Alpha Core Plus Bond ETFExpense ratio 0.65%1 year return +1.8%
- FCRDTSimplify Opportunistic Income ETFExpense ratio 0.99%1 year return −9.0%