LDUR

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

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Core Fixed Income
sector
4.18%
distribution yield
As of 12/31/2019
2.05%
30-day sec yield
As of 01/24/2020
0.49%
nav ytd return
As of 01/24/2020
0.51%
MARKET PRICE YTD RETURN
As of 01/24/2020
Morningstar Rating

Seeks maximum total return, consistent with preservation of capital and prudent investment management

why invest in this fund

Actively managed to pursue the best client outcomes and mitigate risk

The fund is actively managed across government and credit sectors in an effort to diversify its sources of returns, limit interest rate risk and optimize client outcomes in a risk-managed framework.

tab 1 graph

Portfolio Information

647
NUMBER OF HOLDINGS
As of 01/23/2020
1.70 Years
Effective Maturity
As of 01/24/2020
2.33 Years
Effective Duration
As of 01/24/2020
2.22%
est. yield to maturity
As of 01/24/2020

Fund Facts

NAV PRICE
$100.25
1 DAY RETURN
$0.10 0.10%
As of 01/24/2020
MARKET PRICE
$100.21
1 DAY RETURN
$0.05 0.05%
As of 01/24/2020

Price

Fund Information

As of 01/23/2020
Data point name Data point value
TYPE Active
DURATION CATEGORY Low
CUSIP 72201R718
Inception Date 01/22/2014
Shares Outstanding 4,640,000
Total Net Assets $464,707,138.05
Daily Trading Volume (in shares) 19,577
Premium/Discount Average (since inception) 0.07%
Premium/Discount Average as of market close 0.06%
Tracking Error
Trailing 3 years as of 12/31/2019
0.93%
Closing Price
As of 01/23/2020
$100.23

INDEX INFORMATION

ICE BofAML 1-3 Year U.S. Treasury Index

The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

INDEX INFORMATION
Data point name Data point value
Index Ticker G1O2
Inception Date 12/31/1975
Rebalancing Frequency Monthly
Annualized Volatility
As of 12/31/2019
0.80%

quarterly trading characteristics

As of 12/31/2019

average volume

in shares 24,106
in $ $2,410,085.36

bid / ask spread

in % 0.09%
in $ $0.09

Top Ten Exposure

As of 01/23/2020

Top Ten Exposure table

Description % of Assets Sector Coupon Maturity
FIN FUT US 2YR CBT 03/31/20 55.95 Future 6.00 04/01/2020
U S TREASURY NOTE 4.83 Government 1.50 10/31/2024
FNMA TBA 4.0% FEB 30YR 4.13 Mortgage Pass Thru 4.00 02/12/2050
IRS USD R 3ML/1ML+9.75 01/13/22-22 CME 3.87 Interest Rate Swap - Receiver 0.00 01/13/2023
U S TREASURY NOTE 3.27 Government 1.50 08/31/2021
FNMA TBA 3.0% APR 30YR 3.08 Mortgage Pass Thru 3.00 04/15/2050
IRS USD R 3ML/1ML+9.8 01/13/22-22 CME 2.97 Interest Rate Swap - Receiver 0.00 01/13/2023
FNMA TBA 3.0% MAR 30YR 2.50 Mortgage Pass Thru 3.00 03/12/2050
U S TREASURY INFLATE PROT BD 1.47 Government 0.63 04/15/2023
FNMA TBA 4.0% MAR 30YR 1.12 Mortgage Pass Thru 4.00 03/12/2050

Fund Managers

fund manager Jerome M. Schneider
Jerome M. Schneider
Head of Short-Term Portfolio Management
fund manager David L. Braun
David L. Braun
Head of US Financial Institutions Portfolio Management
fund manager Sonali Pier
Sonali Pier
Portfolio Manager, Multi-Sector Credit
Effective as of 10/31/2019

Fees and Expenses

Name Value
Gross Expense Ratio 0.86%
Net Expense Ratio 0.79%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2020 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.

Name Value
Adjusted Expense Ratio 0.39%

The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.



Yields

4.18%
distribution yield
As of 12/31/2019
2.05%
30-DAY SEC YIELD
As of 01/24/2020
2.12%
30-DAY SEC SUBSIDIZED YIELD
As of 01/24/2020
2.22%
est. yield to maturity
As of 01/24/2020

Dividends & Capital Gains Distribution

As of 01/24/2020
distribution date dist. nav long term cap. gain short term cap. gain dividend income dist total
12/30/2019 99.72 - - 0.320000 0.320000
12/11/2019 99.84 0.000000 0.000000 - 0.000000
12/02/2019 99.76 - - 0.300000 0.300000
11/01/2019 99.94 - - 0.300000 0.300000
10/01/2019 100.11 - - 0.320000 0.320000
09/03/2019 100.30 - - 0.280000 0.280000
08/01/2019 100.23 - - 0.240000 0.240000
07/01/2019 99.95 - - 0.230000 0.230000
06/03/2019 99.80 - - 0.240000 0.240000
05/01/2019 99.59 - - 0.230000 0.230000
04/01/2019 99.45 - - 0.220000 0.220000
03/01/2019 99.28 - - 0.220000 0.220000
02/01/2019 99.02 - - 0.230000 0.230000
12/28/2018 98.68 - - 0.370000 0.370000
12/12/2018 98.78 0.000000 0.000000 - 0.000000
12/03/2018 98.87 - - 0.330000 0.330000
11/01/2018 99.30 - - 0.260000 0.260000
10/01/2018 99.40 - - 0.220000 0.220000
09/04/2018 99.44 - - 0.240000 0.240000
08/01/2018 99.42 - - 0.233000 0.233000
07/02/2018 99.35 - - 0.245000 0.245000
06/01/2018 99.52 - - 0.245000 0.245000
05/01/2018 99.49 - - 0.240000 0.240000
04/02/2018 99.62 - - 0.230000 0.230000
03/01/2018 99.87 - - 0.190000 0.190000
02/01/2018 99.97 - - 0.190000 0.190000
12/28/2017 100.29 - - 0.267670 0.267670
12/13/2017 100.68 0.000000 0.000000 - 0.000000
12/01/2017 100.64 - - 0.190000 0.190000
11/01/2017 100.91 - - 0.175000 0.175000
10/02/2017 100.81 - - 0.190000 0.190000
09/01/2017 100.71 - - 0.196000 0.196000
08/01/2017 100.74 - - 0.196000 0.196000
07/03/2017 100.87 - - 0.190000 0.190000
06/01/2017 100.79 - - 0.190000 0.190000
05/01/2017 100.69 - - 0.100000 0.100000
04/03/2017 100.55 - - 0.100000 0.100000
03/01/2017 100.40 - - 0.145000 0.145000
02/01/2017 100.29 - - 0.145000 0.145000
12/28/2016 100.15 - - 0.140000 0.140000
12/14/2016 100.13 0.000000 0.000000 - 0.000000
12/01/2016 100.16 - - 0.150000 0.150000
11/01/2016 100.76 - - 0.140000 0.140000
10/03/2016 100.70 - - 0.140000 0.140000
09/01/2016 100.67 - - 0.140000 0.140000
08/01/2016 100.57 - - 0.170000 0.170000
07/01/2016 100.13 - - 0.170000 0.170000
06/01/2016 100.06 - - 0.140000 0.140000
05/02/2016 99.67 - - 0.140000 0.140000
04/01/2016 99.32 - - 0.160000 0.160000
03/01/2016 98.67 - - 0.160000 0.160000
02/01/2016 98.83 - - 0.210000 0.210000
12/29/2015 99.26 - - 0.610000 0.610000
12/09/2015 100.01 0.345790 0.475560 - 0.821350
12/01/2015 101.04 - - 0.200000 0.200000
11/02/2015 101.14 - - 0.220000 0.220000
09/30/2015 100.57 - - 0.190000 0.190000
08/31/2015 101.15 - - 0.150000 0.150000
07/31/2015 101.67 - - 0.120000 0.120000
06/30/2015 101.62 - - 0.120000 0.120000
05/29/2015 101.84 - - 0.110000 0.110000
04/30/2015 101.49 - - 0.100000 0.100000
03/31/2015 101.32 - - 0.080000 0.080000
02/27/2015 101.12 - - 0.070000 0.070000
01/30/2015 100.65 - - 0.120000 0.120000
12/29/2014 100.16 - - 0.610000 0.610000
12/10/2014 100.89 0.000000 0.252892 - 0.252892
11/28/2014 101.40 - - 0.170000 0.170000
10/31/2014 101.48 - - 0.130000 0.130000
09/30/2014 101.35 - - 0.104000 0.104000
08/29/2014 101.46 - - 0.102000 0.102000
07/31/2014 101.21 - - 0.053000 0.053000
06/30/2014 101.27 - - 0.050000 0.050000
05/30/2014 101.34 - - 0.019000 0.019000
04/30/2014 101.02 - - 0.072000 0.072000
03/31/2014 100.61 - - 0.065000 0.065000
02/28/2014 100.55 - - 0.040000 0.040000
As of 12/31/2019
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 4.34 2.60 2.54 - 2.45
Market Price Returns 4.18 2.56 2.54 - 2.45
ICE BofAML 1-3 Year U.S. Treasury Index 3.55 1.84 1.39 1.22 1.28
Performance Difference (Fund NAV vs. Index) 0.79 0.76 1.15 - 1.17
Performance Difference (Fund Market Price vs. Index) 0.63 0.72 1.15 - 1.17
Standard Deviation - 0.59 0.94 - 0.92
After Tax Pre-Liquidation 3.02 1.44 1.44 - 1.40
After Tax Post-Liquidation 2.56 1.48 1.46 - 1.41
As of 12/31/2019
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 4.34 2.60 2.54 - 2.45
Market Price Returns 4.18 2.56 2.54 - 2.45
ICE BofAML 1-3 Year U.S. Treasury Index 3.55 1.84 1.39 1.22 1.28
Performance Difference (Fund NAV vs. Index) 0.79 0.76 1.15 - 1.17
Performance Difference (Fund Market Price vs. Index) 0.63 0.72 1.15 - 1.17
Standard Deviation - 0.59 0.94 - 0.92
After Tax Pre-Liquidation 3.02 1.44 1.44 - 1.40
After Tax Post-Liquidation 2.56 1.48 1.46 - 1.41
As of 12/31/2019
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 4.34 0.34 0.67 1.61
Market Price Returns 4.18 0.34 0.66 1.59
ICE BofAML 1-3 Year U.S. Treasury Index 3.55 0.21 0.51 1.09
Performance Difference (Fund NAV vs. Index) 0.79 0.13 0.16 0.52
Performance Difference (Fund Market Price vs. Index) 0.63 0.13 0.15 0.50
Standard Deviation - - - -
After Tax Pre-Liquidation 3.02 0.09 0.16 0.79
After Tax Post-Liquidation 2.56 0.20 0.40 0.95
As of 12/31/2019
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 4.34 0.34 0.67 1.61
Market Price Returns 4.18 0.34 0.66 1.59
ICE BofAML 1-3 Year U.S. Treasury Index 3.55 0.21 0.51 1.09
Performance Difference (Fund NAV vs. Index) 0.79 0.13 0.16 0.52
Performance Difference (Fund Market Price vs. Index) 0.63 0.13 0.15 0.50
Standard Deviation - - - -
After Tax Pre-Liquidation 3.02 0.09 0.16 0.79
After Tax Post-Liquidation 2.56 0.20 0.40 0.95

Morningstar Rating

As of 12/31/2019
Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Enhanced Low Duration Active Exchange-Traded Fund Short-Term Bond
(488 funds)
(488 funds)
(442 funds)
-

Overall Morningstar Rating for Enhanced Low Duration Active Exchange-Traded Fund, as of 12/31/2019 rated against 488 funds based on risk-adjusted returns. Category: Short-Term Bond.

Premium / Discount

As of 12/31/2019
market price above or equal to nav market price below nav
percent of difference NUMBER OF DAYS PERCENT OF TOTAL DAYS NUMBER OF DAYS PERCENT OF TOTAL DAYS
0 - 0.49% 47 73.44% 17 26.56%
0.5% - 0.99% 0 0.00% 0 0.00%
1.0% - 1.49% 0 0.00% 0 0.00%
1.5% - 1.99% 0 0.00% 0 0.00%
2.0% - 2.49% 0 0.00% 0 0.00%
2.5% - 2.99% 0 0.00% 0 0.00%
3.0% - 3.49% 0 0.00% 0 0.00%
3.5% - 3.99% 0 0.00% 0 0.00%
4.0% - 4.49% 0 0.00% 0 0.00%
4.5% - 4.99% 0 0.00% 0 0.00%
> = 5.00% 0 0.00% 0 0.00%
Total 47 73.44% 17 26.56%
As of 12/31/2019
Portfolio Composition - Sector Allocation: Market Value
Sector Fund Fund ratio ICE BofAML 1-3 Year U.S. Treasury Index Index ratio
US Government Related 64.40 100.00
Securitized 24.88 0.00
Invest. Grade Credit 61.90 0.00
High Yield Credit 0.38 0.00
Non-USD Developed 0.00 0.00
Emerging Markets 2.25 0.00
Other 0.90 0.00
Net Other Short Duration Instruments -54.72 0.00
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio ICE BofAML 1-3 Year U.S. Treasury Index Index ratio
US Government Related 19.74 100.00
Securitized 22.62 0.00
Invest. Grade Credit 54.35 0.00
High Yield Credit 1.72 0.00
Non-USD Developed 0.00 0.00
Emerging Markets 0.25 0.00
Other 0.20 0.00
Net Other Short Duration Instruments 1.13 0.00
As of 12/31/2019
Portfolio Composition - Maturity Distribution
Years % of Fund % of ICE BofAML 1-3 Year U.S. Treasury Index
0-1 0.00 0.00
1-3 93.00 97.00
3-5 9.00 3.00
5-10 0.00 0.00
10-20 -1.00 0.00
20+ -1.00 0.00
Effective Maturity (yrs) 2.17 -
As of 01/23/2020
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 11.15
AAA 1.64
AA+ 0.69
AA 0.06
AA- 0.37
A+ 1.12
A 2.89
A- 5.28
BBB+ 7.48
BBB 7.27
BBB- 12.38
BB+ 0.44
BB 0.44
BB- 0.66
B+ 0.96
B 0.98
B- 0.23
CCC 0.74
D 0.24
A1 (Short Term) 0.62
Not Rated 43.98
As of 01/23/2020
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 11.15
Aaa 5.05
Aa1 0.13
Aa2 0.44
Aa3 1.72
A1 1.17
A2 2.39
A3 3.13
Baa1 5.30
Baa2 4.79
Baa3 10.73
Ba1 3.10
Ba2 1.48
Ba3 1.42
B1 0.65
B2 0.06
B3 0.75
P2 (Short Term) 0.62
Not Rated 45.54
As of 01/23/2020
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 11.15
AAA 3.15
AA 0.00
AA- 0.73
A+ 2.95
A 5.76
A- 4.00
BBB+ 2.61
BBB 5.51
BBB- 9.03
BB+ 0.12
BB 1.05
BB- 0.07
B+ 0.55
B 0.55
CCC 0.33
Not Rated 52.06

interest rate exposures

As of 12/31/2019
exposure fund index
Effective Duration 2.43 1.87
Bull Market Duration 2.32 1.87
Bear Market Duration 2.60 1.86
Total Curve Duration 0.39 N/A

sector exposures

As of 12/31/2019
exposure fund index
Mortgage Spread Duration 1.04 0.00
Corporate Spread Duration 0.43 0.00
Emerging Markets Spread Duration 0.08 0.00
DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest.
Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.
Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. The after-tax return calculation assumes a 35% tax rate.
ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETF shares will develop or be maintained, or that their listing will continue or remain unchanged.
The SEC yield is an annualized yield based on the most recent 30 day period.
PIMCO calculates a Portfolio’s Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in the PIMCO's Portfolio Analytics database, PIMCO pulls the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data. In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a Fund.
Hypothetical 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.

A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Certain U.S. government securities are backed by the full faith of the government. Obligations of U.S. government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value.Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.  Swaps are a type of derivative; swaps are increasingly subject to central clearing and exchange-trading. Swaps that are not centrally cleared and exchange-traded may be less liquid than exchange-traded instruments.Diversification does not ensure against loss.

ETFs are subject to secondary market trading risks. Shares of an ETF will be listed for trading on an exchange, however, there can be no guarantee that an active trading market for such shares will develop or continue. There can be no guarantee that an ETF's exchange listing or ability to trade its shares will continue or remain unchanged. Shares of an ETF may trade on an exchange at prices at, above or below their most recent NAV. The per share NAV of an ETF is calculated at the end of each business day, and fluctuates with changes in the market value of the Fund’s holdings. The trading prices of an ETF's shares fluctuate continuously throughout the trading day based on market supply and demand, which may not correlate to NAV. The trading prices of an ETF's shares may differ significantly from NAV during periods of market volatility, which may, among other factors, lead to the Fund’s shares trading at a premium or discount to NAV.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.
Exchange Traded Funds (“ETFs”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with an ETF are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF are bought and sold at market price (not net asset value (“NAV”)). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus.
Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading.
Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market
Credit quality ratings for each issue are obtained using ratings from Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. In the fund holdings, the credit rating for other net assets (liabilities) appears as “NL“, not rated securities are indicated as “NR” and U.S. Treasury, U.S. Agency, U.S. Agency mortgage-backed securities and other Sovereign (foreign or domestic) securities appear under “GOVT”. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc. or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated Indicative NAV (“iNAV”) for the Fund as calculated by an information provider or market data vendor. The Fund is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2019, PIMCO.

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