XFIX

F/m Opportunistic Income ETF (XFIX)

Why XFIX?

Seizing the Opportunity

We examine yield curves, credit spectrums and other individual features to identify undervalued capacities for growth

Maximizing Potential

Our targeted selection of Fixed Income Securities is expertly managed to target value. Extensive experience and professional knowledge helps us judge when to realize gains and redeploy value to maintain growth.

Flexible Yet Targeted Strategy

We focus on Investment grade corporate, municipal bonds, high yield bonds, preferred stocks; US Government and agency bond; mortgage-backed bonds and other fixed income securities.

Free to Succeed

Our “go anywhere” strategy breaks the binds of sector or duration targets, so we can pursue total return wherever it may lie

Dynamic Allocation

XFIX is actively managed, giving our team the flexibility to adjust holdings to maximize total return, targeting both income and appreciation

Focused Exposure

XFIX combines a focused fixed income portfolio with the flexibility and convenience of an ETF.

Overview

Investment Objective

The investment objective of the F/m Opportunistic Income ETF (the “Fund”) is to maximize total return, including both income and appreciation, by identifying undervalued and opportunistic sectors and securities in the U.S. fixed income markets.

Summary

  • F/m Opportunistic Income ETF is an actively managed ETF that targets undervalued sectors and securities in the US fixed income space.

  • We search for relative value, trade nimbly to achieve a targeted selection, realize profits when appropriate and redeploy resources to continue to maximize returns. XFIX combines a focused fixed income portfolio with the flexibility and convenience of an ETF.

Fund Facts

As of 02/10/2025
Ticker xfix
Inception Date 9/6/2023
CUSIP 74933W445
Exchange NASDAQ
Expense Ratio 0.39%
# of Holdings 58
Net Assets $34.57M
Shares Outstanding 670,000
NAV $51.61
Closing Price $51.74
Median 30 Day Spread 0.04%
Premium / Discount 0.25%
30-Day Yield * 5.73%
-- --
*Yield
As of 01/31/2025
Type Declaration Date Ex Date Record Date Payable Date Dividend Declared (per share)
10/29/202311/02/202311/03/202311/04/2023$0.397759
11/29/202312/02/202312/03/202312/04/2023$0.227929
12/26/202312/27/202312/28/202312/29/2023$0.00
12/26/202312/27/202312/28/202312/29/2023$0.257305
01/31/202402/01/202402/02/202402/05/2024$0.236847
02/29/202403/01/202403/04/202403/05/2024$0.23684729
03/29/202404/01/202404/02/202404/03/2024$0.23129325
04/30/202405/01/202405/02/202405/03/2024$0.26132025
05/31/202406/03/202406/03/202406/04/2024$0.25405563
06/28/202407/01/202407/01/202407/02/2024$0.22334657
07/31/202408/01/202408/01/202408/02/2024$0.24297192
08/30/202409/03/202409/03/202409/04/2024$0.22772543
09/30/202410/01/202410/01/202410/02/2024$0.24258973
10/31/202411/01/202411/01/202411/04/2024$0.23714204
11/29/202412/02/202412/02/202412/03/2024$0.22111202
12/27/202412/30/202412/30/202412/31/2024$0.23563679
12/27/202412/30/202412/30/202412/31/2024$x
01/31/202502/03/202502/03/202502/04/2025$0.24572790
02/28/202503/03/202503/03/202503/04/2025$x
03/31/202504/01/202504/01/202504/02/2025$x
04/30/202505/01/202505/01/202505/02/2025$x
05/30/202506/02/202506/02/202506/03/2025$x
06/30/202507/01/2025--07/02/2025$x
--08/01/202508/01/202508/04/2025$x
08/29/202509/02/202509/02/202509/03/2025$x
09/30/202510/01/202510/01/202510/02/2025$x
10/31/202511/03/202511/03/202511/04/2025$x
12/01/202512/02/202512/02/202512/03/2025$x
12/29/202512/30/202512/30/202512/31/2025$x

Performance

Market Price Performance

Quarter-end Performance

YTD1 Months3 Months6 Months1 YearSince Inception
5.30%-0.89%-1.25%3.76%5.30%11.06%8.27%
4.92%-0.96%-1.27%3.78%4.92%11.20%8.37%
YTD1 Months3 Months6 Months1 YearSince Inception
0.43%0.43%0.77%2.22%5.37%11.53%8.07%
0.34%0.34%0.88%1.96%5.39%11.58%8.11%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Top Holdings

As of 02/12/2025
Name Symbol Par Value Market Value Weightings (%)
Banc of California Inc 5.25% 04/15/202505990KAC050,000.00$49,799.380.14%
Phillips 66 Partners LP 3.605% 02/15/2025718549AB465,000.00$64,990.390.19%
Herbalife Nutrition Ltd / HLF Financing Inc 7.875% 09/01/202542704MAA098,000.00$97,900.030.28%
Prime Healthcare Services Inc 9.375% 09/01/202974165HAC2130,000.00$123,250.470.36%
Bombardier Inc 8.75% 11/15/2030097751CA7120,000.00$128,100.610.37%
Encino Acquisition Partners Holdings LLC 8.5% 05/01/202829254BAA5125,000.00$128,403.500.37%
Global Aircraft Leasing Co Ltd 8.75% 09/01/202737960JAC2125,000.00$127,894.150.37%
Mercer International Inc 5.125% 02/01/2029588056BB6145,000.00$127,098.850.37%
Flagstar Financial Inc 7.3435% 11/06/2028649445AC7135,000.00$129,262.310.37%
Tenneco Inc 8% 11/17/2028880349AU9135,000.00$127,878.510.37%
Cloud Software Group Inc 6.5% 03/31/202988632QAE3130,000.00$127,767.540.37%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 04/20/202900253XAB7130,000.00$129,679.630.38%
Armor Holdco Inc 8.5% 11/15/202904625PAA9130,000.00$129,926.190.38%
CHS/Community Health Systems Inc 5.625% 03/15/202712543DBG4135,000.00$131,199.090.38%
CVR Energy Inc 8.5% 01/15/202912662PAF5135,000.00$132,656.850.38%
Chemours Co/The 5.375% 05/15/2027163851AE8135,000.00$132,725.600.38%
Civitas Resources Inc 8.75% 07/01/203117888HAB9125,000.00$131,202.500.38%
Cleveland-Cliffs Inc 7% 03/15/2032185899AP6130,000.00$129,833.640.38%
Crocs Inc 4.25% 03/15/2029227046AA7140,000.00$129,775.490.38%
Freedom Mortgage Corp 12% 10/01/202835640YAK3120,000.00$130,612.560.38%
Goodyear Tire & Rubber Co/The 5% 07/15/2029382550BN0140,000.00$129,897.960.38%
JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 09/20/2031476920AA1125,000.00$132,187.270.38%
Qwest Corp 7.25% 09/15/2025912920AK1130,000.00$130,295.100.38%
AmeriGas Partners LP / AmeriGas Finance Corp 5.875% 08/20/2026030981AJ3135,000.00$134,270.660.39%
Cincinnati Bell Telephone Co LLC 6.3% 12/01/2028171875AD9140,000.00$134,750.000.39%
PennyMac Corp 8.5% 06/01/202970932AAG8135,000.00$135,810.000.39%
Viking Cruises Ltd 9.125% 07/15/203192676XAG2125,000.00$135,605.750.39%
SunCoke Energy Inc 4.875% 06/30/2029U86651AB9145,000.00$133,919.450.39%
WaMu Mortgage Pass-Through Certificates Series 2005-AR2 Trust 5.1851% 01/25/204592922FD62315,970.49$318,549.950.92%
Phillips 66 Partners LP 3.15% 12/15/2029718549AH1365,000.00$320,116.790.93%
JP Morgan Mortgage Trust 2019-HYB1 4.9074% 10/25/204946651FAT8351,678.06$349,707.221.01%
Freddie Mac REMICS 3.5% 03/15/20413137BTK34473,668.40$471,225.551.36%
Phillips 66 Partners LP 3.75% 03/01/2028718549AF5500,000.00$468,346.881.36%
BX Trust 2024-VLT4 6.247% 07/15/202905612TAC9500,000.00$502,030.751.45%
Cash & OtherCash&Other520,133.84$520,133.841.51%
Jack in the Box Funding LLC 3.445% 02/26/2052466365AD5600,075.00$573,289.091.66%
Citigroup Mortgage Loan Trust 2024-INV2 6.5% 06/25/205417331WBB8592,881.09$602,399.801.74%
Extended Stay America Trust 2021-ESH 6.1205% 07/15/203830227FAG5613,513.72$614,835.661.78%
RCKT Mortgage Trust 2024-INV1 6.5% 06/25/205474938QAA2644,021.17$655,165.961.90%
VeriSign Inc 4.75% 07/15/202792343EAL6661,000.00$657,931.961.90%
Flagship Credit Auto Trust 2021-3 1.65% 09/15/202733846QAG6750,000.00$710,466.832.06%
Elevance Health Inc 4.9% 02/08/202628622HAA9784,000.00$783,200.422.27%
Ricoh USA Inc 6.75% 12/01/2025451713AA9925,000.00$906,817.062.63%
Sempra 4.125% 04/01/2052816851BM01,142,000.00$1,084,991.733.14%
US Treasury 6 Month Bill ETFXBIL24,650.00$1,233,979.003.57%
Freeport Minerals Corp 9.5% 06/01/2031717265AL61,128,000.00$1,352,960.423.92%
Nokia Oyj 6.625% 05/15/2039654902AC91,445,000.00$1,479,575.964.28%
Ford Motor Co 3.25% 02/12/2032345370DA51,843,000.00$1,516,300.664.39%
Dell Inc 6.5% 04/15/203824702RAF81,490,000.00$1,547,890.974.48%
Leidos Inc 5.75% 03/15/203352532XAJ41,525,000.00$1,549,724.024.49%
Transcanada Trust 5.875% 08/15/207689356BAB41,575,000.00$1,556,014.644.51%
Charter Communications Operating LLC / Charter Communications Operating Capital 3.75% 02/15/2028161175BJ21,638,000.00$1,571,173.404.55%
Nationwide Financial Services Inc 6.75% 05/15/2037638612AJ01,571,000.00$1,576,584.914.56%
Celanese US Holdings LLC 6.33% 07/15/202915089QAN41,541,000.00$1,577,374.534.57%
Concentrix Corp 6.85% 08/02/203320602DAC51,575,000.00$1,607,663.804.65%
Bank of America Corp 5.875% 09/15/2173060505FL31,631,000.00$1,643,230.614.76%
Blackstone Secured Lending Fund 5.35% 04/13/202809261XAJ11,661,000.00$1,652,920.214.79%
Viatris Inc 3.85% 06/22/204092556VAE62,218,000.00$1,662,910.154.81%
Holdings are subject to change without notice.

Documents

Team

Peter Baden
Series Founder
Justin Hennessy
Senior Portfolio Manager
Marcin Zdunek
Senior Portfolio Manager

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F/m Investments, LLC (“F/m”) is an SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. 

The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.

Fund Risks:

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Fixed-Income Market Risk. The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.

Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Mortgage and Asset-Backed Securities Risk. The Fund may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust. In a period of rising interest rates, these securities may exhibit additional volatility.

Preferred Stock Risk. A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status.

Derivatives Risk. A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value.

Investments involve risk. Principal loss is possible.

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Marcin Zdunek

Head trader and Assistant Portfolio Manager
Marcin has over 25 years experience in trading all aspects of Fixed Income; including U.S. Governments, Investment Grade and Below Investment Grade Corporate Bonds, Asset Backed debt, etc. with Insurance Companies, ETF's, RIA's and customized individual bond portfolios.

Justin Jennessy

Director of Portfolio Management / Co-Portfolio Manager
Justin’s 40+ years encompass leadership roles in investment advisory firms, insurance companies, mutual funds, and bank trust departments.

Peter Baden

Chief Investment Office / Lead Portfolio Manager
Peter has over 25 years of investment management experience, encompassing management, mergers and acquisitions, financials institutions, and credit analysis. Peter takes the lead on taxable bond strategies.