ClearShares Piton Intermediate Fixed Income ETF
PIFI
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 17 State Street, 21st Floor New York NY United States of America 10004
- IPO Date
- Oct 2, 2020
- CIK
- 0001540305
- Website
- clear-shares.com
- Similar Companies
- Business
- ClearShares Piton Intermediate Fixed Income ETF (NYSE Arca: PIFI) is an actively managed exchange-traded fund that seeks current income consistent with the long-term preservation of capital by investing primarily in a diversified portfolio of high-credit-quality, taxable intermediate-duration bonds, including investment-grade corporate bonds, U.S. government agency bonds, and U.S. Treasury notes; the fund targets securities with maturities of 0-10 years and a duration range of 3-5 years to balance income generation, capital preservation, liquidity, and total return potential while emphasizing large benchmark securities for low bid-ask spreads and quarterly income distributions. PIFI operates within the intermediate core bond segment of the fixed income market, serving investors seeking conservative fixed income exposure with lower interest rate risk compared to many core intermediate ETFs; it trades daily on the NYSE Arca exchange, benchmarked against the ICE BofA U.S. Broad Market Index, and as of December 2025 maintains net assets of approximately $107.5 million with a net expense ratio of 0.45%. The fund was incepted on October 1, 2020, with ClearShares LLC serving as the investment adviser based in the New York area and Piton Investment Management, LP—an independent SEC-registered adviser founded in 2015 and headquartered in New York City—acting as sub-adviser, leveraging its team's prior experience managing portfolios for Annaly Capital Management, HSBC, and Credit Suisse Asset Management; portfolio managers include Brian Lockwood and Ralph Chan. Recent developments include sustained asset growth to over $107 million amid positive performance, with the fund reporting annualized returns outperforming its benchmark over one- and three-year periods ending May 31, 2025, alongside a quarterly distribution of $1.752 declared as of September 30, 2025, and an SEC yield of 3.43% as of November 30, 2025; the sub-adviser has strategically extended portfolio duration and rotated toward higher-quality government bonds in response to credit spread risks during 2023-2024 market cycles, reflecting ongoing active management adaptations without major structural changes, acquisitions, or partnerships announced in the last 1-2 years.