BFIX vs XRLX: Grades, Fees and Holdings Compared

Build Bond Innovation ETF

BFIXCNYSE Arca

FundX Investment Conservative ETF

XRLXCNYSE Arca

Overlap

0.6%by weight

Expense ratio

BFIX −0.75pt a year

BFIX0.45%XRLX1.20%

Avg volume · 30D

BFIX 2.2×the volume

BFIX3.65KXRLX1.64K

3Y return · a year

XRLX +4.6pt

BFIX+7.6%XRLX+12.2%

BFIX vs XRLX Performance

Oct 31, 2025 – Nov 2, 2026

+1.4%BFIX+4.1%XRLX

Expense ratio: BFIX 0.45%, better; XRLX 1.20%
Fund size: BFIX $12M; XRLX $45M
1Y total return: BFIX +1.4%; XRLX +4.1%, better
Yield (12M): BFIX 3.59%, better; XRLX 2.68%
Holdings: BFIX 118; XRLX 20
Avg volume (30D): BFIX 3.65K sh, better; XRLX 1.64K sh
NAV per share: BFIX $24.78; XRLX $47.90
52W range

ETF.net Grade

Pillar letters and Scores for BFIX, XRLX, with each pillar’s weight
Pillar	BFIX	XRLX
Cost30% weight	B59Higher	D30
Mission25% weight	F5	A81Higher
Risk15% weight	C54Higher	D35
Tradability15% weight	D39	B55Higher
Holdings10% weight	C51	B63Higher
Durability5% weight	C47	B61Higher

Rank among Conservative Allocation funds

How we build Categories ›

Same Category. BFIX and XRLX are both graded against the same 7 Conservative Allocation funds, so their Grades compare head to head.

Conservative Allocation⁠

Category · 7 funds

See all 7 ›

XRLX ranks 4th and BFIX 7th of 7 funds in the Conservative Allocation Category.

Rank 1AAOKiShares Core 30/70 Conservative Allocation ETFScore 86
Rank 2ACGMSCapital Group U.S. Multi-Sector Income ETFScore 76
Rank 3CBLUIBluemonte Diversified Income ETFScore 52
Rank 4CXRLXFundX Investment Conservative ETFScore 51
Rank 5CTHRVProspera Income ETFScore 46
Rank 6CMFULMindful Conservative ETFScore 43
Rank 7CBFIXBuild Bond Innovation ETFScore 40

Our read on each fund

ETF.net Research

BFIXCBuild Bond Innovation ETF

XRLXCFundX Investment Conservative ETF

In short

BFIX Bonds with a stock-market kicker. BFIX pairs an actively managed investment-grade bond portfolio with S&P 500 call options, chasing capital appreciation and risk mitigation in one wrapper. Distributions land monthly.

XRLX Most conservative allocation funds are index blends on autopilot. XRLX is actively managed: a fund of funds that ranks other funds on recent returns, buys the leaders and sells them when they fade.

Stated mandate

BFIX The Fund seeks capital appreciation and risk mitigation through an actively managed portfolio combining investment-grade bonds and S&P 500 Index call options.

XRLX The Fund seeks long-term capital appreciation and may provide a low level of current income intended to reduce portfolio volatility.

Why people hold it

BFIX The structure is the whole idea: bonds carry the portfolio, S&P 500 call options carry the equity exposure. Upside participation comes from option premium, not from owning the stocks.
At 0.45% it sits exactly at the median for conservative multi-asset funds, and roughly a third the cost of high-fee cohort rivals XRLX and MFUL.
Actively run rather than index-tracking, so the bond sleeve and the option sleeve can be reshaped as rates and volatility shift.
Trading since February 2022, so there is real-money history behind the bonds-plus-calls design instead of a backtest.

XRLX The Upgrading discipline has a long paper trail: FundX has published its no-load fund newsletter since 1976, and this conservative version has run inside a fund since 2002.sec.gov
No stock picking. It buys other funds, so one ticker gets you a multi-manager mix of stock and bond funds rather than a single manager's call.sec.gov sec.gov 2
Built around a plainly stated mandate: long-term capital appreciation plus a low level of current income meant to reduce portfolio volatility.
Sits in the upper half of a small conservative-income peer group.

Worth knowing

BFIX A small, thinly traded fund. Spreads can run wider and big orders are harder to work than in the category's largest names.
Call options expire. When the S&P 500 stays flat, the premium spent on the upside sleeve is a cost the bond side has to absorb.
Inside its conservative multi-asset cohort it lands in the bottom quartile overall, where plainer, cheaper blends such as CGMS and BLUI rate more strongly.

XRLX The fee is 1.20% a year, above the category median and well above plain multi-sector peers like CGMS at 0.39%. Active fund selection is what the premium buys.
Fund-of-funds math: shareholders also bear a share of the underlying funds' fees, which appear as their own line in the fee table.sec.gov
It is a small fund that trades lightly, so bid-ask spreads can run wider and larger orders are more sensitive to execution.

Full BFIX profile⁠

Full XRLX profile⁠

BFIX vs XRLX Holdings

How BFIX and XRLX differ

Overlap by weight

0.6%

Shared holdings make up 1.4% of BFIX and 1.0% of XRLX.

Level by level

Holdings1 in both0.6%
Countryby domicile90.7%

Sector

No Sector split for BFIX.

Country, concentration and asset class

Country by domicile

Country weights in BFIX and XRLX, widest gap first
Country	More in BFIXMore in XRLX	BFIX	XRLX
United States	BFIX +8.9 points	99.5%	90.6%
United Kingdom	XRLX +1.8 points	0.0%	1.8%
Japan	XRLX +1.4 points	0.0%	1.4%
Canada	XRLX +0.7 points	0.0%	0.7%
Australia	XRLX +0.7 points	0.0%	0.7%
Ireland	XRLX +0.5 points	0.0%	0.5%
Luxembourg	BFIX +0.5 points	0.5%	0.0%
Other countries (35)	XRLX +4.2 points	0.0%	4.2%

Concentration

Weight in the 10 largest Holdings

BFIX59.5%
XRLX64.2%

Securities held

BFIX117
XRLX19

Asset class

BFIX: Fixed Income
XRLX: Multi-Asset

Holdings

Only in BFIX116
In both1
Only in XRLX18

Only in BFIX

116 securities, 98.6% of BFIX by weight

United States Treasury Note/Bond 4% 05/31/202810.53%
United States Treasury Note/Bond 4.25% 07/31/20289.13%
United States Treasury Note/Bond 4.125% 06/15/20297.05%
United States Treasury Note/Bond 4.125% 06/30/20316.64%
United States Treasury Note/Bond 3.875% 03/31/20285.47%
United States Treasury Note/Bond 3.5% 02/15/20295.31%
United States Treasury Note/Bond 4.625% 04/30/20294.25%
United States Treasury Note/Bond 3.75% 04/15/20284.20%
United States Treasury Note/Bond 4.125% 07/15/20294.19%
United States Treasury Note/Bond 3.375% 02/29/20282.76%
United States Treasury Note/Bond 3.5% 01/15/20291.41%
CSX Corp 3.25% 06/01/20271.38%
Analog Devices Inc 3.45% 06/15/20271.16%
United States Treasury Note/Bond 4% 03/31/20301.08%
Huntington Ingalls Industries Inc 4.2% 05/01/20301.06%
Intercontinental Exchange Inc 4% 09/15/20271.05%
Autodesk Inc 3.5% 06/15/20271.03%
Essex Portfolio LP 3.625% 05/01/20271.00%
Diamondback Energy Inc 5.2% 04/18/20270.84%
AT&T Inc 2.3% 06/01/20270.84%
Analog Devices Inc 4.5% 06/15/20300.83%
Clorox Co/The 4.4% 05/01/20290.82%
Phillips 66 Co 4.95% 12/01/20270.77%
Energy Transfer LP 4% 10/01/20270.72%
Amphenol Corp 5.05% 04/05/20270.70%
Energy Transfer LP 4.2% 04/15/20270.68%
Berkshire Hathaway Energy Co 3.25% 04/15/20280.67%
Comcast Corp 4.15% 10/15/20280.65%
Lowe's Cos Inc 3.1% 05/03/20270.65%
Intel Corp 3.75% 03/25/20270.64%
Enterprise Products Operating LLC 4.15% 10/16/20280.64%
Nucor Corp 3.95% 05/01/20280.63%
Nucor Corp 2.7% 06/01/20300.63%
El Paso Natural Gas Co LLC 7.5% 11/15/20260.60%
Waste Management Inc 4.5% 03/15/20280.59%
Nucor Corp 4.3% 05/23/20270.59%
Hershey Co/The 2.45% 11/15/20290.58%
Phillips 66 3.9% 03/15/20280.57%
Meta Platforms Inc 4.95% 05/15/20330.57%
Dollar General Corp 5% 11/01/20320.54%
Schlumberger Investment SA 4.5% 05/15/20280.52%
Lockheed Martin Corp 4.45% 05/15/20280.52%
American Honda Finance Corp 4.9% 03/12/20270.49%
Newmont Corp 2.8% 10/01/20290.48%
AT&T Inc 4.25% 03/01/20270.47%
Philip Morris International Inc 5.5% 09/07/20300.45%
Blackrock Inc 3.25% 04/30/20290.43%
Meta Platforms Inc 3.5% 08/15/20270.42%
Freeport-McMoRan Inc 4.125% 03/01/20280.42%
eBay Inc 5.95% 11/22/20270.39%

Only in XRLX

18 securities, 99.0% of XRLX by weight

Vanguard Morningstar Growth ETF9.33%
iShares Russell 1000 Value ETF8.66%
PIMCO 0-5 Year High Yield Corporate Bond Exchange-Traded Fund6.73%
iShares Core 60/40 Balanced Allocation ETF6.55%
iShares MSCI USA Value Factor ETF6.34%
Invesco S&P 500 Momentum ETF5.76%
Invesco S&P 500 Pure Growth ETF5.74%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund5.07%
iShares Treasury Floating Rate Bond ETF5.00%
Janus Henderson AAA CLO ETF4.98%
iShares Global 100 ETF4.83%
Wisdomtree US Quality Growth Fund4.81%
VanEck IG Floating Rate ETF4.80%
NYLIM Merger Arbitrage ETF4.79%
iShares Core 30/70 Conservative Allocation ETF4.76%
Janus Henderson B-BBB CLO ETF4.73%
iShares MSCI USA Momentum Factor ETF4.06%
Vanguard Russell 1000 Value2.05%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BFIX and XRLX, widest gap first
Holding	More in BFIXMore in XRLX	BFIX	XRLX
First American Government Obligations Fund 12/01/2031	XRLX +0.45 points	0.48%	0.93%

All BFIX holdings⁠All XRLX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BFIX vs XRLX Cost

Overpaying XRLX vs BFIX

$12,810

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BFIX 0.45%
$9,041
XRLX 1.20%
$21,851

Amount$10,000

Years30 years

Cost over time

BFIX 0.45%
XRLX 1.20%
Overpaying

Year by year

Year	BFIX	XRLX	Overpaying
10	$812	$2,098	$1,286
20	$3,128	$7,814	$4,686
30	$9,041	$21,851	$12,810

Expense ratio

0.45%BFIX, cheaper
1.20%XRLX

BFIX0.45%XRLX1.20%

0.15%1.80%

Middle half of Conservative Allocation funds
Median 0.67%

BFIX 3rd cheapest of 7 funds

XRLX 5th cheapest of 7 funds

BFIX vs XRLX Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BFIX 3.59%, better; XRLX 2.68%
Payout (12M): BFIX $0.89; XRLX $1.28
Last payment: BFIX $0.07; XRLX $1.28
Ex-dividend: BFIX Oct 29, 2026; XRLX Dec 31, 2025
Paid on: BFIX Oct 30, 2026; XRLX Jan 2, 2026
Frequency: BFIX Monthly; XRLX Annual

Distribution history

Per share, 2023 to 2026, same scale for both

BFIXMonthly · 46 paymentsAll BFIX payments⁠

XRLXAnnual · 3 paymentsAll XRLX payments⁠

BFIX vs XRLX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BFIX 3.2%, betterXRLX 9.0%
Return per unit of riskSharpe ratio, 3 years: BFIX 0.98, betterXRLX 0.94
Worst fallMax drawdown, 5 years: BFIX −8.0%since Feb 2022XRLX −15.4%since Oct 2023
Market sensitivityBeta, 5 years: BFIX 0.37XRLX 0.83; Market = 1

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