Other financial institutions provide services such as safekeeping of assets or as a counterparty to financial contracts such as derivatives. The fund is exposed to the risk of bankruptcy, or other type of default of transaction counterparties.
Credit and Default 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.
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.
Fixed Income Risk
There is a risk that the institution which issued the securities will fail, which would result in a loss of income to the fund. Fixed income values are likely to fall if interest rates rise.
Risk of Using Derivatives
In order to reach its investment objective, the fund may use swaps, including futures and forwards. Such derivatives may result in gains or losses that are greater than the original amount invested.
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 US Dollar Short Maturity UCITS ETF aims to generate income, while preserving and growing capital. The Fund will invest primarily in a portfolio of USD-denominated fixed income instruments. Portfolio duration may vary between 0-1 years.
ICE BofAML 3-Month Treasury Bill Index GBP Hedged
The ICE BofAML US 3-Month Treasury Bill Index GBP Hedged is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury Bill issued at the most recent 3-month auction, it is also possible for a seasoned 6-month Bill to be selected. It is not possible to invest directly in an unmanaged index.
|Data point name||Data point value|
The fund intends to measure its performance against the FTSE 3-Month Treasury Bill Index (the “Index”). The fund is considered to be actively managed in reference to the Index by virtue of the fact that it uses the Index 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||SBMMTB3|
|Number of Holdings||391|
|Launch Date||25 September 2019|
|UK Reporting Status||Yes|
|Registered for Distribution in||Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom|
|Exchanges||London Stock Exchange|
|Financial Year End||31 March|
|Equity Ratio (Tax Information for German Investors)||0.00|
|Use of Income||Reinvested|
Key Service Providers
|Issuer||PIMCO ETFs plc|
|Fund Administrator||State Street Fund Services (Ireland) Limited|
|Depository||State Street Custodial Services (Ireland) Limited|
|Authorized Participants||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, Unicredit Bank AG, Virtu Financial Ireland Limited|
|HSBC HOLDINGS PLC SR UNSEC||2.46||2.17|
|AMERICAN ELECTRIC POWER SR UNSEC||3.26||1.80|
|BAT CAPITAL CORP SR UNSEC||2.29||1.74|
|GNR 2021-122 FA SOFR 30ALIB+40BP||1.91||1.65|
|AOZORA BANK SR UNSEC||1.05||1.56|
|GNR 2021-97 FA 30ALIB+40BP||1.91||1.53|
|CRMN 2014-1A A1AR 3MLIB+126BP 144A||3.86||1.31|
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
Price & PerformancePast performance does not predict future returns
|Jul`20 - Jul`21||Jul`21 - Jul`22|
|US Dollar Short Maturity UCITS ETF||0.29||-2.01|
|ICE BofAML 3-Month Treasury Bill Index GBP Hedged||-0.14||0.06|
|Performance - Fund vs Index||0.43||-2.07|
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 3-Month Treasury Bill Index GBP Hedged||Index ratio|
|Invest. Grade Credit||68.17||0.00|
|High Yield Credit||0.00||0.00|
|Net Other Short Duration Instruments||0.07||0.00|
|Sector||Fund||Fund ratio||ICE BofAML 3-Month Treasury Bill Index GBP Hedged||Index ratio|
|Invest. Grade Credit||55.13||0.00|
|High Yield Credit||0.00||0.00|
|Net Other Short Duration Instruments||0.05||0.00|
|Years||% of Fund||% of ICE BofAML 3-Month Treasury Bill Index GBP Hedged|
|Effective Maturity (yrs)||0.68||-|
|Quality||MV (%)||Fund percent|
|Bull Market Duration||0.44||0.23|
|Bear Market Duration||0.50||0.23|
|Total Curve Duration||0.10||N/A|
|Mortgage Spread Duration||0.63||0.00|
|Corporate Spread Duration||0.80||0.00|
|Emerging Markets Spread Duration||0.04||0.00|