ETF Evaluator:
ClearShares Piton Intdt Fxd Inc ETF ()
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(as of Aug 26)
Best Performing in Intermediate Core Bond Over the Last Year
| 7.3% | Aptus Enhanced Yield ETF (JUCY) |
| 6.6% | SGI Enhanced Core ETF (USDX) |
| 5.9% | Hartford Schroders Tax-Aware Bond ETF (HTAB) |
| 5.1% | Overlay Shares Core Bond ETF (OVB) |
| 4.8% | NEOS Enhanced Income Aggregate Bond ETF (BNDI) |
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Risk
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ETF Details
ClearShares Piton Intdt Fxd Inc ETF Overview
ClearShares Piton Intdt Fxd Inc ETF (PIFI) is an actively managed Taxable Bond Intermediate Core Bond exchange-traded fund (ETF). ClearShares launched the ETF in 2020.
The investment seeks current income consistent with the long term preservation of capital.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in debt securities and other instruments that have economic characteristics similar to such securities. It principally invests in U.S.-dollar denominated, investment-grade securities and seeks to typically maintain a dollar-weighted average portfolio maturity of zero to ten years.
About ClearShares Piton Intdt Fxd Inc ETF (PIFI)
There are 2 members of the management team with an average tenure of 5.83 years: Brian Lockwood (2020) and Ralph Chan (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: ICE BofA US Broad Market TR USD index with a weighting of 100%. ClearShares Piton Intdt Fxd Inc ETF has 58 securities in its portfolio. The top 10 holdings constitute 35.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ClearShares Piton Intdt Fxd Inc ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. ClearShares Piton Intdt Fxd Inc ETF has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.1% (94.9% domestic bond, 1.2% foreign bond and 0.0% convertible bond). ClearShares Piton Intdt Fxd Inc ETF has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $97 million in total assets, which is below the $6 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PIFI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ClearShares Piton Intdt Fxd Inc ETF expense ratio is average compared to funds in the Intermediate Core Bond category. ClearShares Piton Intdt Fxd Inc ETF has an expense ratio of 0.45%, which is 41% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ClearShares Piton Intdt Fxd Inc ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Intermediate Core Bond category.
Recently, in the month of July 2026, ClearShares Piton Intdt Fxd Inc ETF returned -0.7%, which earned it a grade of A, as the Intermediate Core Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ClearShares Piton Intdt Fxd Inc ETF has a trailing yield of 4.49%, which is above the 4.44% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ClearShares Piton Intdt Fxd Inc ETF Grades
Year to date, the ETF has returned -0.5%, 0.1 percentage points worse than the category, which translates into a grade of B. The fund has returned 2.1% over the past year (grade of F), 3.8% over the past three years (grade of C) and 0.8% per year over the past five years (grade of A).
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PIFI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PIFI Return (NAV) | -0.7% | -0.5% | 2.1% | 3.8% | 0.8% | na |
| PIFI Return (Price) | -0.7% | -0.4% | 2.2% | 3.8% | 0.9% | na |
| NAV +/- Price Return | -0.034% | -0.105% | -0.056% | 0.002% | -0.008% | na |
| Intermediate Core Bond Avg | -1.2% | -0.7% | 3.0% | 4.0% | -0.3% | 1.5% |
| PIFI Grade (NAV) | A | A | F | C | A | na |
| +/- Category (NAV) | 0.5% | 0.1% | -0.9% | -0.2% | 1.2% | na |
| PIFI Tax-Cost Ratio | na | na | 1.8% | 1.3% | 0.9% | na |
PIFI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIFI Return (NAV) | -0.5% | 6.4% | 2.4% | 4.6% | -7.1% | -1.2% | na | na | na | na | na |
| PIFI Return (Price) | -0.4% | 6.3% | 2.5% | 4.6% | -7.2% | -1.3% | na | na | na | na | na |
| NAV +/- Price Ret | -0.206% | -0.017% | 0.030% | 0.011% | 0.011% | 0.076% | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.4% | 7.1% | 1.9% | 6.0% | -13.2% | -1.5% | 7.6% | 9.1% | -0.5% | 3.7% | 3.0% |
| PIFI Grade (NAV) | B | F | A | F | A | B | na | na | na | na | na |
| +/- Category | -0.1% | -0.7% | 0.6% | -1.4% | 6.1% | 0.3% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.57 |
| R-Squared: | 94% |
| Standard Deviation: | 3.3% |
| Category Risk Index: | 0.60 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.27 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.5% |
| Total Assets: | $ 97 Mil |
| Share Class Assets: | $ 97 Mil |
| Turnover: | 31.0% |
| Expense Ratio: | 0.45% |
| Index Fund: | No |
| Index Tracked: | ICE BofA US Broad Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Lockwood Brian (2020), Chan Ralph (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 35.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.9% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.9% |
| Cash: | 2.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ClearShares |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | October 1, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.45% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.32% |
