Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
ClearShares Piton Intermediate Fixed Income ETF
$91.10+0.07 (+0.08%)
- 0.45%
- $95M
- −0.8%
- 3.60%
- 0M sh
- $90.90
- low $90.56high $96.12
The ETF.net PIFI Grade
C
Score 44 out of 100
- 94 of 117
Score 44 of 100 falls in the C 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.D26 out of 100Rank 83 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A86 out of 100Rank 78 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 39 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F17 out of 100Rank 106 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D31 out of 100Rank 103 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C44 out of 100Rank 75 of 117
Our read on PIFI
CActive management in a corner of the bond market owned by index trackers. A manager picks the bonds here, chasing current income with capital preservation and a three- to ten-year average maturity, instead of cloning the Agg.
The Fund seeks current income while preserving capital over the long term. It is actively managed and invests at least 80% of assets in debt securities or economically similar instruments, generally maintaining a three- to ten-year dollar-weighted average maturity.
Why people hold it
- Truly active, not index-shadowing: at least 80% in debt securities, a three- to ten-year average maturity, and a manager making the calls.
- The portfolio matches the mandate on paper: US debt, intermediate maturities, no style drift into places the prospectus never mentioned.
- Income is the stated job, and the fund pays on a quarterly schedule.
- Live since 2020, so there is a real multi-year record to inspect rather than a backtest.
Worth knowing
- 0.45% a year, above the intermediate-bond median of 0.36% and miles past the 0.03% charged by BND, SPAB and SCHZ. Active judgment is what you are paying for.
- Thinly traded. Spreads can widen, so limit orders matter more here than with the index behemoths.
- A boutique fund with a modest asset base, without the scale cushion of the Vanguard and Schwab giants in its cohort.
PIFI Holdings
- Bonds
- 56
- 36%
- 91282CGM7
Geography
- United States100.00%
PIFI 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.
PIFI$9,917
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 | PIFI |
|---|---|
| Year to date | −1.4% |
| 1 month | −0.2% |
| 3 months | −1.4% |
| 1 year | −0.8% |
| 3 years | +3.9% |
| 5 years | +0.8% |
| 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 | PIFI |
|---|---|---|
| 2026 YTD | −1.4% | |
| 2025 | +6.3% | |
| 2024 | +2.5% | |
| 2023 | +4.6% | |
| 2022 | −7.2% | |
| 2021 | −1.3% | |
| 2020 | +0.1% |
PIFI in the news
PIFI Dividends
- 3.60%
- $3.28
- $0.86 per share
- Quarterly
Distribution history
PIFI Risk
- 3.4%
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.
- −0.23
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.
- −9.8%
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.
- 0.57
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PIFI Cost
0.45%
PIFI0.45%
- The middle half of US Aggregate Bond funds
- Median 0.34%
79 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CSDCPVirtus Newfleet Short Duration Core Plus Bond ETFExpense ratio 0.35%1 year return +2.2%
- CNBTRNeuberger Berman ETF Trust - Neuberger Total Return Bond ETFExpense ratio 0.94%1 year return −1.3%
- CCGIBCapital Group International Bond ETF (USD-Hedged)Expense ratio 0.45%1 year return −0.1%
- CDMXDoubleLine Multi-Sector Income ETFExpense ratio 0.50%1 year return +3.4%
- CDYNBHartford Dynamic Bond ETFExpense ratio 0.70%1 year return −1.8%