At a glance
PIFI charges 0.45% a year, above the 0.06% average of the 7 funds most like it (the most expensive of 8). It has $97.7M in assets, the 8th largest of that group; it paid 3.56% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −0.3% with distributions reinvested, 5th of those 8 funds; over three years it returned +4.2% a year. At its worst it fell 8.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 36.4% of the fund, out of 54 in all.
The short version
ClearShares Piton Intermediate Fixed Income ETF (PIFI) is an actively managed bond fund. It holds mostly US Treasury notes and investment-grade corporate bonds, and it aims to keep its average duration at three to five years. Rather than tracking an index, its sub-adviser, Piton Investment Management, picks the bonds. That approach costs 0.45% a year, against a 0.06% average for similar funds. The fund is also small, at about $98 million as of August 31, 2026.
Price history
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PIFI -0.3% 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 | |
|---|---|---|---|---|---|---|
| PIFI official prospectus, to Dec 31, 2025 | — | +6.39% | — | +0.90% | — | +0.87% |
| PIFI price data to Oct 27, 2026 | -0.6% | -0.3% | +4.2% | +1.0% | — | +0.8% |
- Over the year to Oct 27, 2026, PIFI returned -0.3%, 5th of 8 among similar funds.
- Its 5-year annualized return was +1.0%.
- Its worst full calendar year was 2022 (-7.2%); its best was 2025 (+6.3%).
- The deepest fall in its price history was 10.4% (Aug 3, 2021 to Oct 20, 2022), recovered by Sep 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.6% | — |
| 2025 | +6.3% | +6.39% |
| 2024 | +2.5% | +2.44% |
| 2023 | +4.6% | +4.56% |
| 2022 | -7.2% | -7.08% |
| 2021 | — | -1.23% |
| 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 | Lost 8.2% over that stretch · deepest drop along the way 8.5%, back to its old high 22.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.4400 | |
| 2025 | $2.9900 | +11.2% |
| 2024 | $2.6900 | +26.9% |
| 2023 | $2.1200 | +92.7% |
| 2022 | $1.1000 |
What's inside
As of Aug 31, 2026, the fund held 54 securities; the ten largest made up 36.38% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 6.29% | |
| US TREASURY N/B Bonds and notes | 4.83% | |
| US TREASURY N/B Bonds and notes | 3.83% | |
| US TREASURY N/B Bonds and notes | 3.71% | |
| US TREASURY N/B Bonds and notes | 3.42% | |
| US TREASURY N/B Bonds and notes | 3.17% | |
| FEDERAL HOME LOAN BANK Bonds and notes | 3.00% | |
| US TREASURY N/B Bonds and notes | 2.97% | |
| US TREASURY N/B Bonds and notes | 2.67% | |
| US TREASURY N/B Bonds and notes | 2.49% | |
| US TREASURY N/B Bonds and notes | 2.32% | |
| RFC PRINCIPAL STRIP Bonds and notes | 2.28% | |
| US TREASURY N/B Bonds and notes | 2.26% | |
| US TREASURY N/B Bonds and notes | 2.11% | |
| US TREASURY N/B Bonds and notes | 2.08% |
By country
United States 99.06%By issuer
US Treasury 55.94%Companies 35.33%US government-sponsored enterprises 5.93%US government agencies 1.85%The bonds mature in 4.4 years on average (weighted by size), with an average coupon of 3.81%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.18%, -0.72%, +0.20%.
How it works
PIFI follows no index. ClearShares LLC is the issuer, and it hands day-to-day bond picking to Piton Investment Management. The fund must keep at least 80% of its net assets in debt securities. It focuses on US-dollar, investment-grade bonds, meaning those rated BBB- or Baa3 or better by S&P or Moody's. It aims to keep its average maturity between zero and ten years and its duration between three and five years. Duration measures how sensitive a bond's price is to interest rates. A three-year duration means a 1% rise in rates would cut the price by about 3%.
Piton starts with a top-down view of the economy. It looks at data, Federal Reserve and government policy, inflation and market valuations. That view sets the fund's duration target, its sector mix and how much credit risk it takes, and the team revisits it weekly. The team then screens individual bonds. It generally buys only from issuers with at least $1 billion of debt outstanding and limits any single issuer to 10% of assets.
As of August 31, 2026, the fund held 54 issues. About 56% was in US Treasuries, 35% in corporate bonds and nearly 8% in government agency and government-sponsored debt. The average maturity was 4.4 years and the average coupon was 3.81%. Portfolio turnover was 23%.
What it really costs
- PIFI charges 0.45% a year, versus an average of 0.06% for the similar funds below (8th of 8, 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 |
|---|---|---|---|---|
| PIFI | $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
Its mostly Treasury, investment-grade portfolio and 3.2% three-year volatility make it a stabilizer, not a growth engine.
PIFI could add a cushion of high-quality bonds, with about 56% in US Treasuries as of August 31, 2026. It launched in October 2020, so it has no record from the 2008 crisis or the 2020 crash. In the 2022 bear market it fell 8.5% as interest rates jumped, and 2022 was its worst calendar year, at -7.08%. Its deepest drop was 10.4%, from August 2021 to October 2022, and it took about 23 months to recover, in September 2024. Anyone who had to sell during that stretch would have locked in losses. Over the 12 months to October 27, 2026, it yielded 3.56%, paid quarterly. Its 0.45% fee takes a noticeable bite out of that income, since some similar funds charge 0.03%. Past results don't predict future ones, and a 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 adjusting duration and sector mix week by week, within a three-to-five-year duration target, rather than an index fund.
- Those who want mostly government-backed bonds: about 56% in Treasuries and 35% in investment-grade corporate bonds as of August 31, 2026.
- Holders comfortable with quarterly payouts; the trailing 12-month yield was 3.56% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: its 0.45% expense ratio ranked 8th of 8 among similar funds, which averaged 0.06%.
- Those who want a large fund: at about $98 million, PIFI was the smallest in its peer group. Small funds can have wider bid-ask spreads.
- Those who want a long or strong track record: five-year returns averaged 0.90% a year through December 31, 2025.
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 |
|---|---|---|---|---|---|
| PIFI this fund | 4.4 yrs | 0.45% | $97.7M | -0.3% | +4.2% |
| GVI iShares Intermediate Government/Credit Bond… | 4.3 yrs | 0.2% | $3.80B | -0.1% | +4.6% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 5.5 yrs | 0.03% | $13.38B | -0.6% | +4.1% |
| SPTI SPDR Portfolio Intermediate Term Treasury E… | 5.6 yrs | 0.03% | $10.18B | -1.4% | +4.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
Questions investors ask
Does PIFI pay monthly dividends?
No. PIFI pays income quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $3.27 per share, a trailing yield of 3.56%. That income comes from the interest on its bonds: mostly US Treasury notes plus investment-grade corporate bonds, with an average coupon of 3.81% as of August 31, 2026. Payouts can change as the bonds in the portfolio and interest rates change.
What's the difference between PIFI and GVI?
Of the funds compared, the iShares Intermediate Government/Credit Bond ETF (GVI) is the closest match to PIFI on average maturity and issuer mix: 4.3 years versus 4.4. GVI charges 0.20% a year against PIFI's 0.45%, and it held about $3.8 billion against PIFI's $98 million. As of October 27, 2026, GVI returned -0.1% over one year and 4.6% a year over three years. PIFI returned -0.3% and 4.2%. PIFI is actively managed by Piton.
How much does PIFI cost per year?
PIFI's expense ratio is 0.45% a year, according to its prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $46 after one year, $252 after five years and $567 after ten. Similar intermediate bond funds averaged 0.06%, and several Treasury funds charge 0.03%.
How did PIFI do in 2022 when rates went up?
PIFI lost 7.08% in 2022, its worst calendar year. The Federal Reserve raised rates sharply that year, and bond prices fall when rates rise. Its worst quarter was the first quarter of 2022, at -3.54%. From its August 2021 peak to its October 2022 low, it fell 10.4%. It didn't regain that peak until September 2024, about 23 months later.
Is PIFI a safe bond fund?
PIFI is lower risk than stocks but can still lose money. As of August 31, 2026, about 56% of its holdings were US Treasuries and the rest were mostly investment-grade corporate and agency bonds. Its three-year volatility was 3.2%. Even so, it fell 10.4% in its deepest drop. It aims for a three-to-five-year duration, so a 1% rise in rates could cut its price by roughly 3% to 5%.