At a glance
FFIU charges 0.53% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $53.4M in assets, the 8th largest of that group; it paid 4.29% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −3.5% with distributions reinvested, 7th of those 8 funds; over three years it returned +5.1% a year. At its worst it fell 11.1% in the 2020 crash (S&P 500: 33.7%) and 17.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 36 months after the lows. Its ten largest positions make up 17.4% of the fund, out of 129 in all.
The short version
UVA Unconstrained Medium-Term Fixed Income ETF (FFIU) is an actively managed bond fund. It holds a mix of investment-grade corporate bonds, government-agency mortgage pools, Treasuries and municipal bonds, and it aims for income with limited risk to principal. Its manager can move the portfolio's interest-rate sensitivity anywhere in a set range. That flexibility costs more than an index fund: the expense ratio is 0.53%, against a 0.07% average for similar bond ETFs.
Price history
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FFIU -3.5% 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 | |
|---|---|---|---|---|---|---|
| FFIU official prospectus, to Dec 31, 2025 | — | +7.06% | — | -0.30% | — | +15.66% |
| FFIU price data to Oct 27, 2026 | -2.6% | -3.5% | +5.1% | -0.8% | — | +1.3% |
- Over the year to Oct 27, 2026, FFIU returned -3.5%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.8%.
- In the 2020 COVID crash it fell 11.1% and regained its old high 3 months after the low.
- Its worst full calendar year was 2022 (-15.2%); its best was 2019 (+9.6%).
- The deepest fall in its price history was 20.4% (Sep 14, 2021 to Oct 21, 2022), recovered by Oct 20, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.6% | — |
| 2025 | +8.6% | +7.06% |
| 2024 | +0.2% | +0.53% |
| 2023 | +7.4% | +7.53% |
| 2022 | -15.2% | -14.95% |
| 2021 | +0.1% | +0.11% |
| 2020 | +7.9% | +7.93% |
| 2019 | +9.6% | +9.46% |
| 2018 | -0.7% | -2.99% |
| 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 | Lost 7.4% over that stretch · deepest drop along the way 11.1%, back to its old high 3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.4% over that stretch · deepest drop along the way 17.4%, back to its old high 36 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6800 | |
| 2025 | $0.8700 | 0.0% |
| 2024 | $0.8700 | +3.6% |
| 2023 | $0.8400 | +21.7% |
| 2022 | $0.6900 | -16.9% |
| 2021 | $0.8300 | +13.7% |
| 2020 | $0.7300 | -1.4% |
| 2019 | $0.7400 | +17.5% |
| 2018 | $0.6300 |
What's inside
As of Jun 30, 2026, the fund held 129 securities; the ten largest made up 17.4% of assets, and 5.52% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| FR SD2700 Bonds and notes | 2.66% | |
| FN MA5165 Bonds and notes | 1.81% | |
| FR RQ0075 Bonds and notes | 1.77% | |
| US TREASURY N/B Bonds and notes | 1.70% | |
| US TREASURY N/B Bonds and notes | 1.69% | |
| FR RJ1927 Bonds and notes | 1.61% | |
| FN MA5822 Bonds and notes | 1.61% | |
| EBAY INC Bonds and notes | 1.60% | |
| FN DC4424 Bonds and notes | 1.53% | |
| FN MA5038 Bonds and notes | 1.42% | |
| US TREASURY N/B Bonds and notes | 1.38% | |
| US TREASURY N/B Bonds and notes | 1.35% | |
| FR RQ0094 Bonds and notes | 1.34% | |
| FN MA5972 Bonds and notes | 1.34% | |
| FN MA5996 Bonds and notes | 1.33% |
By country
United States 93.68%By issuer
Companies 42.41%US government agencies 18.8%Other 15.88%Municipalities 8.3%US Treasury 8.29%The bonds mature in 19 years on average (weighted by size), with an average coupon of 4.33%.
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 added a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.22%, +0.40%, +0.57%.
How it works
FFIU, from Mcivy Co. LLC, does not track an index. A sub-adviser picks the bonds. The prospectus requires at least 80% of net assets in fixed income securities, with an average effective duration of three to ten years. Duration measures how much a bond's price tends to move when interest rates change. The manager lengthens or shortens it based on its view of the economy and rates.
Holdings are typically investment grade, meaning rated BBB or better by Moody's or S&P. Mortgage-backed securities are the exception. The sub-adviser treats all of them as eligible whatever their rating, including private ones with no government guarantee. The fund may also own asset-backed securities, foreign bonds, inflation-indexed bonds and preferred securities.
As of June 30, 2026, the fund held 129 securities, and the top 10 made up 17.4% of assets. By issuer, companies were 42% of the portfolio, US government agencies 19%, municipalities 8% and the US Treasury 8%. Cash was 5.5%. The largest position was a Freddie Mac mortgage pool at 2.7%. The largest corporate holding was an eBay bond at 1.6%. Average stated maturity was about 19 years, longer than the duration range suggests, partly because mortgage pools often repay principal early. Portfolio turnover was 10.87%.
What it really costs
- FFIU charges 0.53% a year, versus an average of 0.07% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.28% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $976 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FFIU | $54 | $231 | $422 | $976 |
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
It pays quarterly income from a mostly investment-grade mix of corporate, agency mortgage and government bonds, but its price moves with interest rates, so it is no stand-in for cash.
FFIU's trailing 12-month yield was 4.29% as of October 27, 2026, paid quarterly. The fund launched in 2017, so it has no record from 2008. In the 2020 COVID crash it fell 11.1% over two weeks in March and had recovered by June 19, 2020. In 2022, as rates rose, it lost 14.95%, its worst calendar year. Its deepest drop was 20.4%, from September 2021 to October 2022, and it took 36 months to recover. A retiree selling shares for spending money in 2022 would have sold at depressed prices.
Costs are high for a bond fund. In the SEC's standard example, $10,000 invested costs $54 in the first year and $976 over ten years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager to adjust interest-rate exposure within a three-to-ten-year duration range, rather than follow a fixed bond index.
- Income seekers comfortable with quarterly payouts; the trailing 12-month yield was 4.29% as of October 27, 2026.
- Those who want agency mortgage pools, Treasuries, municipal bonds and corporate bonds together in one mostly investment-grade fund.
Look elsewhere if
- Cost-focused investors: its 0.53% expense ratio ranked last of eight similar funds, which averaged 0.07%.
- Anyone who needs stable value: it fell 20.4% from September 2021 to October 2022 and took 36 months to recover.
- Investors who prefer large, heavily traded funds: net assets were about $53 million as of June 30, 2026, the smallest of eight peers.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FFIU this fund | 19 yrs | 0.53% | $53.4M | -3.5% | +5.1% |
| VCLT Vanguard Long-Term Corporate Bond ETF | 22.3 yrs | 0.03% | $9.56B | -5.4% | +6.6% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| JAAA Janus Henderson AAA CLO ETF | 11.4 yrs | 0.2% | $29.21B | +4.9% | +6.1% |
| USIG iShares Broad USD Investment Grade Corporat… | 10.3 yrs | 0.04% | $17.85B | -0.9% | +5.7% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
Questions investors ask
Does FFIU pay monthly dividends?
No. FFIU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.90 per share, a trailing yield of 4.29%. The income can change as the manager buys new bonds and as interest rates move, and payments are not guaranteed. The fund holds mortgage pools and callable bonds, so falling rates can bring early repayments that the fund must reinvest at lower rates, cutting income.
What is FFIU's expense ratio?
FFIU's expense ratio is 0.53%, according to its prospectus filed October 28, 2026. That includes a 0.25% management fee. It ranked eighth of eight among similar bond funds, which averaged 0.07%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $54 after one year, $422 after five years and $976 after ten. Index funds in its peer group, such as Vanguard's VCLT, charge 0.03%.
FFIU vs VCLT: what's the difference?
The main differences are approach and cost. Vanguard Long-Term Corporate Bond ETF (VCLT) tracks an index of long-term corporate bonds and charges 0.03%. FFIU is actively managed, charges 0.53% and holds a wider mix that includes agency mortgage pools, Treasuries and municipal bonds, so the two are not close twins. Over three years to October 27, 2026, VCLT returned 6.6% a year and FFIU 5.1%. Over one year, VCLT lost 5.4% and FFIU 3.5%.
How much did FFIU lose in 2022?
FFIU lost 14.95% in 2022, its worst calendar year, according to its prospectus. Its worst quarter was the three months ending June 30, 2022, when it fell 7.48%. Rising interest rates pushed bond prices down across the market. Measured from its September 14, 2021 peak, the fund fell 20.4% by October 21, 2022. It did not get back to that level until October 20, 2025.
Is FFIU safe for retirement savings?
Not in the sense of being guaranteed. FFIU's prospectus lists losing money as a principal risk. Most holdings are investment grade. As of June 30, 2026, US government agencies made up 19% of the portfolio and the US Treasury 8%. Still, interest-rate changes move its price. The fund returned 7.06% in 2025 but averaged −0.3% a year over the five years to December 31, 2025. With about $53 million in net assets, its market price can also drift from its underlying value.