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PIFI

GradeCNew York Stock Exchange Arca

ClearShares Piton Intermediate Fixed Income ETF

Core US Bond · ClearShares · Inception 2020-09-30 · SEC filings

$91.64−0.43 (−0.46%)

As of Sep 23, 2026, 1:20 PM EDT

Intraday session: down, 6 prints from 92.07 to 91.64. Range 91.64 to 92.03. Use the arrow keys to read each point.$91.70$91.80$91.90$92.0010 AM12 PM2 PM4 PM
Expense ratio
0.45%
Fund size
$97M
1Y return
−0.3%
Yield · Last 12 months
4.53%
Volume · 30D
0M sh
NAV per share
$92.23
52W range
low $91.75high $96.58

The ETF.net PIFI Grade

C

46/ 100

Rank 89 of 118 in US Aggregate Bond⁠

Confidence High

Six-pillar profile for PIFI. Scores out of 100: Cost 26, Risk 52, Mission 90, Tradability 18, Holdings 31, Durability 44. Strongest: Mission (90). Weakest: Tradability (18). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 26
    Category rank87/118 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 90
    Category rank74/100 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 52
    Category rank46/117 · top 39%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 18
    Category rank101/118 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 31
    Category rank101/117 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank76/118 · mid-pack

Graded as of Sep 22, 2026

Our read on PIFI

ETF.net Research

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.

Stated mandate

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

  1. 01Truly active, not index-shadowing: at least 80% in debt securities, a three- to ten-year average maturity, and a manager making the calls.
  2. 02The portfolio matches the mandate on paper: US debt, intermediate maturities, no style drift into places the prospectus never mentioned.
  3. 03Income is the stated job, and the fund pays on a quarterly schedule.
  4. 04Live since 2020, so there is a real multi-year record to inspect rather than a backtest.

Worth knowing

  1. 010.45% 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.
  2. 02Thinly traded. Spreads can widen, so limit orders matter more here than with the index behemoths.
  3. 03A boutique fund with a modest asset base, without the scale cushion of the Vanguard and Schwab giants in its cohort.

PIFI Holdings

As of Sep 21, 2026, 4:22 AM
Asset class
Bonds
Holdings
—
Top-10 weight
36%
Largest holding
91282CGM76.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
00191282CGM7United States Treasury Note/Bond 3.5% 02/15/20336.24%6,545,000$6M13
00291282CMN8United States Treasury Note/Bond 4.25% 02/15/20284.86%4,725,000$5M14
00391282CHC8United States Treasury Note/Bond 3.375% 05/15/20333.80%4,025,000$4M11
00491282CJZ5United States Treasury Note/Bond 4% 02/15/20343.67%3,775,000$4M15
00591282CLW9United States Treasury Note/Bond 4.25% 11/15/20343.39%3,440,000$3M15
00691282CLD1United States Treasury Note/Bond 4.125% 07/31/20313.15%3,150,000$3M13
0073130AFFX0Federal Home Loan Banks 3.25% 11/16/20283.00%3,000,000$3M4
00891282CGZ8United States Treasury Note/Bond 3.5% 04/30/20302.96%3,000,000$3M13
00991282CHF1United States Treasury Note/Bond 3.75% 05/31/20302.66%2,675,000$3M11
01091282CPJ4United States Treasury Note/Bond 4% 11/15/20352.47%2,575,000$2M14
01191282CHQ7United States Treasury Note/Bond 4.125% 07/31/20282.33%2,275,000$2M14
01276116FAB3Resolution Funding Corp Principal Strip 0% 01/15/22.29%2,600,000$2M1
01391282CKR1United States Treasury Note/Bond 4.5% 05/15/20272.28%2,200,000$2M7
01491282CMR9United States Treasury Note/Bond 4.125% 02/29/20322.09%2,100,000$2M9
01591282CGQ8United States Treasury Note/Bond 4% 02/28/20302.07%2,060,000$2M13

Showing 1–15 of 56 holdings

PIFI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PIFI$9,973
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PIFI $9,973. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for PIFI. Periods over one year show the average yearly return.
PeriodPIFI
Year to date−1.2%
1 month−1.0%
3 months−1.1%
1 year−0.3%
3 years+3.8%per year
5 years+0.7%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PIFI
YearReturn barPIFI
2026 YTD−1.2%
2025+6.3%
2024+2.5%
2023+4.6%
2022−7.2%
2021−1.3%
2020+0.1%

History from Oct 2, 2020

PIFI in the news

ETF.net Research hasn’t filed on PIFI yet — coverage lands here as it’s written.

PIFI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.53%Last 12 months
Payout per share
$4.17Last 12 months
Last payment
$0.85 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2021–2026

One bar per payment. 22 payments from 2021 to 2026 YTD. Mar 29, 2021 $0.02; Jun 28, 2021 $0.03; Sep 28, 2021 $0.12; Dec 15, 2021 $0.07; Mar 29, 2022 $0.17; Jun 28, 2022 $0.08; Sep 28, 2022 $0.49; Dec 21, 2022 $0.36; Mar 29, 2023 $0.37; Jun 28, 2023 $0.17; Sep 27, 2023 $0.93; Dec 27, 2023 $0.65; Mar 26, 2024 $0.56; Jun 27, 2024 $0.19; Sep 27, 2024 $0.69; Dec 30, 2024 $1.25; Mar 28, 2025 $0.20; Jun 27, 2025 $0.21; Sep 29, 2025 $1.75; Dec 30, 2025 $0.83; Mar 30, 2026 $0.73; Jun 29, 2026 $0.85. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 29, 2026Jun 30, 2026$0.85
Mar 30, 2026Mar 31, 2026$0.73
Dec 30, 2025Dec 31, 2025$0.83
Sep 29, 2025Sep 30, 2025$1.75
Jun 27, 2025Jun 30, 2025$0.21
Mar 28, 2025Mar 31, 2025$0.20
Dec 30, 2024Dec 31, 2024$1.25
Sep 27, 2024Sep 30, 2024$0.69
Jun 27, 2024Jun 28, 2024$0.19
Mar 26, 2024Mar 28, 2024$0.56
Dec 27, 2023Dec 29, 2023$0.65
Sep 27, 2023Sep 29, 2023$0.93

PIFI Risk

How much the fund’s monthly returns vary, scaled to a year.
3.4%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.22
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−10.1%
Trough Oct 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.57
vs its asset-class index
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

Expense ratio0.45%
  • The middle half of US Aggregate Bond funds
  • Median 0.34%

79 of the 112 US Aggregate Bond funds charge less.

PIFI costs $45.00 a year on $10,000. The median US Aggregate Bond fund costs $34.00.