At a glance
BFIX charges 0.45% a year, below the 0.68% average of the 2 funds most like it (the cheapest of 3). It has $11.9M in assets, the 3rd largest of that group; it paid 3.67% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.6% with distributions reinvested, the weakest of those 3 funds; over three years it returned +7.7% a year. Its ten largest positions make up 46.2% of the fund, out of 106 in all.
The short version
Build Bond Innovation ETF (BFIX) is an actively managed fund that holds at least 80% in bonds, mostly investment grade, with up to 15% in private credit and up to 10% in bought calls and puts on stocks, ETFs or indexes. As of June 30, 2026, about two-thirds sat in US Treasuries, and its bonds averaged 1.5 years to maturity. It charges 0.45% a year but holds only about $11.9 million.
Price history
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BFIX +0.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BFIX official prospectus, to Dec 31, 2025 | — | +5.79% | — | — | — | +3.97% |
| BFIX price data to Oct 27, 2026 | +0.9% | +0.6% | +7.7% | — | — | +6.3% |
- Over the year to Oct 27, 2026, BFIX returned +0.6%, 3rd of 3 among similar funds.
- Its worst full calendar year was 2023 (+5.0%); its best was 2024 (+12.9%).
- The deepest fall in its price history was 4% (Sep 3, 2024 to Sep 4, 2024), recovered by Nov 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.8% | — |
| 2025 | +6.0% | +5.79% |
| 2024 | +12.9% | +12.74% |
| 2023 | +5.0% | +5.21% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6700 | |
| 2025 | $0.9500 | -12.0% |
| 2024 | $1.0800 | +9.1% |
| 2023 | $0.9900 |
What's inside
As of Jun 30, 2026, the fund held 106 securities; the ten largest made up 46.16% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 5.45% | |
| US TREASURY N/B Bonds and notes | 5.44% | |
| US TREASURY N/B Bonds and notes | 5.43% | |
| US TREASURY N/B Bonds and notes | 5.29% | |
| US TREASURY N/B Bonds and notes | 4.42% | |
| US TREASURY N/B Bonds and notes | 4.37% | |
| US TREASURY N/B Bonds and notes | 4.17% | |
| US TREASURY N/B Bonds and notes | 4.07% | |
| US TREASURY N/B Bonds and notes | 3.83% | |
| US TREASURY N/B Bonds and notes | 3.69% | |
| US TREASURY N/B Bonds and notes | 3.32% | |
| US TREASURY N/B Bonds and notes | 2.94% | |
| US TREASURY N/B Bonds and notes | 2.69% | |
| US TREASURY N/B Bonds and notes | 2.52% | |
| US TREASURY N/B Bonds and notes | 2.27% |
By country
United States 97.72%Luxembourg 0.52%By issuer
US Treasury 66.08%Companies 32.17%The bonds mature in 1.5 years on average (weighted by size), with an average coupon of 3.88%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $633K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.23%, +0.11%, -0.45%.
How it works
BFIX doesn't track an index; its adviser, Build Asset Management, picks holdings. At least 80% goes into bonds, owned directly or through other ETFs. Public bonds must be US dollar debt from US or foreign issuers, rated investment grade (BBB- or better). The adviser weighs credit quality, yield and spread (extra yield over safer bonds) and keeps weighted average duration, a measure of how much prices move when rates change, between 1 and 8 years. Up to 15% can go into private credit, such as consumer or mortgage loans arranged outside public markets. The fund may also hold Bitcoin-backed loans.
A second sleeve, capped at 10%, owns call options (which gain if an asset rises) or put options (which gain if it falls) on stocks, ETFs or indexes. Each costs a fee, called a premium, and can expire worthless, but the most it can lose is that fee. The fund isn't leveraged and doesn't collect option premiums for income. As of June 30, 2026, nine option positions made up 0.73% of assets, including calls on iShares Treasury ETFs and the Roundhill Memory ETF, plus a put on a high-yield bond ETF.
The prospectus reports 426% turnover, like replacing its holdings more than four times a year. The fund is non-diversified, so it can hold bigger stakes in fewer issuers.
What it really costs
- BFIX charges 0.45% a year, versus an average of 0.68% for the similar funds below (1st of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BFIX | $46 | $144 | $252 | $567 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
As of June 30, 2026, about two-thirds of the fund sat in US Treasuries and its deepest drop since October 2022 was about 4%, though its options and possible private credit holdings add risk.
BFIX could add a low-volatility bond sleeve. As of June 30, 2026, 66% sat in US Treasuries, and its bonds averaged 1.5 years to maturity. It launched in February 2022, after the 2008 and 2020 crashes, and its price history starts in October 2022, after the 2022 bear market's low. It gained in every full calendar year (2023–2025); the weakest, 2023, returned 5.21%. Its deepest drop, about 4% in September 2024, recovered in about two months. That's a shallow dip for someone taking withdrawals or drawing income in a bad year, but that record is short.
It pays monthly; its yield was 3.67% over the 12 months to October 27, 2026. Costs are 0.45% a year: $46 on $10,000 in year one, per the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees wanting monthly income from a mostly US Treasury portfolio; the trailing 12-month yield was 3.67% as of October 27, 2026.
- Savers wanting small price swings: one-year volatility was 2.5% and the worst drop since October 2022 was 4%, as of October 27, 2026.
- Investors wanting mostly bonds plus bought call and put options aimed at extra gains, capped at 10% of holdings, for 0.45% a year.
Look elsewhere if
- Investors wanting a large, easily traded fund: net assets were about $11.9 million as of June 30, 2026, risking wider trading spreads.
- Investors wanting a plain bond fund: up to 15% may go to private credit (loans not publicly traded), possibly including Bitcoin-backed loans.
- Investors seeking higher growth: it averaged 3.97% a year from launch through December 31, 2025, and returned 0.6% in the year to October 27, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does BFIX pay monthly dividends?
Yes. BFIX pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.91 a share, a trailing yield of 3.67%. That income comes mostly from bond interest. As of June 30, 2026, about two-thirds of the fund sat in US Treasuries, and its bonds carried an average coupon (the stated interest rate) of 3.88%. Monthly amounts can vary with the bonds the adviser holds and the rates they pay.
What does BFIX invest in?
Mostly US Treasury debt. As of June 30, 2026, Treasuries made up about 66% of the fund and company-issued debt about 32%, across 106 holdings. The 10 largest positions, all US Treasury issues, totaled about 46%, and its bonds averaged 1.5 years to maturity. Options were 0.73% of assets. The prospectus also allows up to 15% in private credit (loans arranged outside public markets) and permits Bitcoin-backed loans.
How has BFIX performed?
It gained in each full calendar year from 2023 through 2025, according to its prospectus: 5.21%, 12.74% and 5.79%. Its average since its February 2022 launch was lower, 3.97% a year through December 31, 2025, which implies the fund lost money in its partial first year, 2022. Based on prices through October 27, 2026, it returned 0.6% over one year and 7.7% a year over three years. Its strongest quarter, ended September 30, 2024, gained 5.23%; its weakest, ended September 30, 2023, lost 0.94%.
What is BFIX's expense ratio?
BFIX's expense ratio, the yearly fee deducted from fund assets, is 0.45%, per its prospectus filed January 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $46 over one year, $144 over three, $252 over five and $567 over ten. That's below the 0.68% average of the funds matched to it by maturity and issuer mix, though those follow different strategies. Its 426% turnover can add trading costs not counted in the expense ratio.
BFIX vs DBMF: what's the difference?
They follow different strategies. BFIX is an actively managed bond fund with a small options sleeve. The iMGP DBi Managed Futures Strategy ETF (DBMF) follows a managed futures strategy, which trades futures contracts. They were matched on bond maturity and issuer mix. BFIX costs 0.45% a year versus 0.85% for DBMF. Through October 27, 2026, DBMF returned 21.2% over one year and 10.1% a year over three, against BFIX's 0.6% and 7.7%. DBMF is much larger, at about $3.9 billion versus $11.9 million as of June 30, 2026.