Enhanced Yield Potential
Short-dated corporate bonds offer a yield that is multiples higher than short-dated government bonds but with similar drawdown risk.
A decline in the financial health of an issuer of a fixed income security can lead to an inability or unwillingness to repay a loan or meet a contractual obligation. This could cause the value of its bonds to fall or become worthless. Funds with high exposures to non-investment grade securities have a higher exposure to this risk.
Changes in exchange rates may cause the value of investments to decrease or increase.
Derivatives and Counterparty Risk
The use of certain derivatives could result in the fund having a greater or more volatile exposure to the underlying assets and an increased exposure to counterparty risk. This may expose the fund to larger gains or losses associated with market movements or in relation to a trade counterparty being unable to meet its obligations.
Difficult market conditions could result in certain securities becoming hard to sell at a desired time and price.
Interest Rate Risk
Changes in interest rates will usually result in the values of bond and other debt instruments moving in the opposite direction (e.g. a rise in interest rates likely leads to fall in bond prices).
Mortgage Related and Other Asset Backed Securities Risks
Mortgage or asset backed securities are subject to similar risks as other fixed income securities, and may also be subject to prepayment risk and higher levels of credit and liquidity risk.
The PIMCO Euro Low Duration Corporate Bond UCITS ETF aims to generate maximum total return, consistent with prudent investment management. The Fund will invest primarily in an actively managed diversified portfolio of Euro denominated investment grade corporate Fixed Income Instruments. Portfolio duration may vary between 0-4 years and the fund may invest up to 10% of assets in below-investment-grade securities.
ICE BofAML Euro Corporate Bond 1-5 Year Index
The Index offers exposure to euro denominated investment grade corporate bonds from industrial, utility and financial issuers with a remaining term to final maturity less than 5 years.
|Data point name||Data point value|
The fund is considered to be actively managed in reference to the ICE BofAML Euro Corporate Bond 1-5 Year Index (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes. Certain of the fund’s securities may be components of and may have similar weightings to the Index. However, the Index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Index. The fund is actively managed in reference to the above Benchmark as further outlined in the prospectus and key investor information document.
|Data point name||Data point value|
|Benchmark BBG Ticker||EROV|
|Number of Holdings||226|
|Launch Date||17 November 2014|
|UK Reporting Status||Yes|
|Registered for Distribution in||Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom|
|Exchanges||Deutsche Börse Xetra, SIX Swiss Exchange, Borsa Italiana|
|Financial Year End||31 March|
|Equity Ratio (Tax Information for German Investors)||0.00|
|Use of Income||Distributed|
Key Service Providers
|Issuer||PIMCO ETFs plc|
|Manager||PIMCO Europe Ltd|
|Fund Administrator||State Street Fund Services (Ireland) Limited|
|Depository||State Street Custodial Services (Ireland) Limited|
|Authorized Participants||Banca Sella Holding S.p.A., Bluefin Europe LLP, Citigroup Global Market Limited, Credit Suisse Securities (Europe) Limited, DRW Europe B.V., Flow Traders B.V., Goldenberg Hehmeyer LLP, Goldman Sachs International, JP Morgan Securities Ltd., Jane Street Financial Limited, Morgan Stanley and Co. International plc, Nomura International plc, Old Mission Europe LLP, Société Générale , Unicredit Bank AG, Virtu Financial Ireland Limited|
|IRS EUR 3.50000 03/20/24-2Y LCH||3.50||25.45|
|IRS EUR 3.25000 03/20/24-5Y LCH||3.25||5.89|
|OIS CAD CAONREPO/3.75000 09/20/23-2Y LCH||3.75||5.75|
|CDX ITRAXX MAIN40 5Y||1.00||4.45|
|CDX ITRAXX MAIN40 10Y||1.00||4.00|
|FRANCE GOVT OATE I/L||0.25||3.23|
|FIN FUT US 5YR CBT 03/28/24||6.00||2.93|
|PIMCO EURO SHRT ACC||2.95||2.60|
|DEUTSCHLAND REP BD||0.50||1.88|
|BNP PARIBAS SNR NON PREF||0.50||1.60|
Current holdings are subject to risk. Holdings are subject to change at any time.
Indicative Net Asset Value (iNAV) is a measure of the net asset value intraday, and is reported every 15 seconds during trading hours. PIMCO has partnered with external vendor Intercontinental Exchange Ltd. (ICE) to calculate iNAV for the European ETF Fund Ranges. ICE calculates iNAV using the mid prices of the respective ETF basket of securities to derive the market value and divides the total market value by creation unit size. The iNAV is calculated daily.
Fees & Expenses
Because the fund is an ETF, investors will typically only be able to buy or sell shares in the secondary market, on exchange. Authorized Participants who help in the creation or redemption of shares in the primary market, may face “create” or “redeem” fees (aka “entry” or “exit” fees) on the cash portion of the transaction (up to a maximum of 3.00%). These create and redeem fees are not applicable to secondary market investors. However, secondary market investors may incur brokerage and/or transaction fees in connection with their dealings. Secondary market investors may also bear the costs of bid-ask spreads; meaning the difference between the prices at which shares can be bought and sold.
Yields & Distributions
|Distribution Date||Dist. NAV (€)||Dividend Income (€)||Dist. Total (€)|
Price & PerformancePast performance does not predict future returns
|Nov`14 - Nov`15||Nov`15 - Nov`16||Nov`16 - Nov`17||Nov`17 - Nov`18||Nov`18 - Nov`19||Nov`19 - Nov`20||Nov`20 - Nov`21||Nov`21 - Nov`22||Nov`22 - Nov`23|
|Euro Low Duration Corporate Bond UCITS ETF||2.12||2.42||1.96||-0.98||2.62||1.12||0.36||-7.99||4.11|
|ICE BofAML Euro Corporate Bond 1-5 Year Index||1.07||1.91||1.67||-0.69||2.74||1.05||-0.03||-7.69||3.59|
|Performance - Fund vs Index||1.05||0.51||0.29||-0.29||-0.12||0.07||0.39||-0.30||0.52|
Past performance is not a guarantee or a reliable indicator of future returns. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling +44 203 3640 1552.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
|category / asset class||FUND||Fund ratio||ICE BofAML Euro Corporate Bond 1-5 Year Index||Index ratio|
|Invest. Grade Credit||73.27||99.00|
|High Yield Credit||2.68||0.00|
|Net Other Short Duration Instruments||-7.13||0.00|
|Sector||Fund||Fund ratio||ICE BofAML Euro Corporate Bond 1-5 Year Index||Index ratio|
|Invest. Grade Credit||78.26||99.00|
|High Yield Credit||2.24||0.00|
|Net Other Short Duration Instruments||2.66||0.00|
|Years||% of Fund||% of ICE BofAML Euro Corporate Bond 1-5 Year Index|
|Effective Maturity (yrs)||3.49||-|
|Quality||MV (%)||Fund percent|
|Bull Market Duration||2.83||2.77|
|Bear Market Duration||2.80||2.75|
|Total Curve Duration||0.22||N/A|
|Mortgage Spread Duration||0.07||0.00|
|Corporate Spread Duration||2.96||3.03|
|Emerging Markets Spread Duration||0.06||0.05|
** Other net assets (liabilities) includes, but is not limited to, unsettled activity from shareholder and portfolio security trades, and accrued interest and expenses.