PRFD

Preferred and Capital Securities Active Exchange-Traded Fund

Loading...

  • ADD
  • PRINT
  • SUBSCRIBE
Preferred
Sector
-
distribution yield
As of -
-
30-day sec yield
As of -
-
nav ytd return
As of 02/07/2023
-
MARKET PRICE YTD RETURN
As of 02/07/2023

The Fund seeks total return, consistent with prudent investment management, with a secondary objective of income generation.

why invest in this fund

Tax Aware Yield

Most preferred dividends are taxed at qualified dividend income (QDI) rates, which is considerably less than ordinary income tax rates, potentially providing a compelling after-tax yield relative to other asset classes for US investors. Generally, the ETF vehicle can generate less tax liability over similarly structured mutual funds.

tab 1 graph

Portfolio Information

79
Number of Holdings
As of 02/07/2023
4.99 Years
Effective Maturity
As of 02/07/2023
4.21 Years
Effective Duration
As of 02/07/2023
-
est. yield to maturity
As of -

Fund Facts

NAV PRICE
$51.03
1 DAY RETURN
$-0.08 -0.16%
As of 02/07/2023
MARKET PRICE
$51.02
1 DAY RETURN
$-0.09 -0.18%
As of 02/07/2023
PREMIUM / DISCOUNT
-0.02%
As of 02/07/2023
MEDIAN BID/ASK SPREAD
0.14%
As of 02/07/2023

Price

Fund Information

As of 02/07/2023
Data point name Data point value
TYPE Active
DURATION CATEGORY Intermediate
CUSIP 72201R619
Inception Date 01/18/2023
Shares Outstanding 1,000,000
Total Net Assets $51,030,795.28
Daily Trading Volume (dollar notional) $1,352,030.00
Annualized Volatility 0.00%

INDEX INFORMATION

ICE BofA US All Capital Securities Index

ICE BofA US All Capital Securities Index tracks the performance of fixed rate, US dollar denominated hybrid corporate and preferred securities publicly issued in the US domestic market. Qualifying securities must be rated by Moody’s, S&P or Fitch. Floating rate coupon or dividend securities are excluded, but zero, step and rating-dependent coupons are included.

INDEX INFORMATION
Data point name Data point value
Index Ticker I0CS
Inception Date 07/18/2014
Rebalancing Frequency Monthly
Annualized Volatility
As of 01/31/2023
0.00%

Top Ten Exposure

As of 02/07/2023

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR 3.50 CORPORATE BONDS 4.60 12/31/2099
BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR 3.41 CORPORATE BONDS 4.38 12/31/2099
ALLY FINANCIAL INC JR SUBORDINA 12/99 VAR 2.90 CORPORATE BONDS 4.70 12/31/2099
PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR 2.88 CORPORATE BONDS 6.25 12/31/2099
BARCLAYS PLC JR SUBORDINA 12/99 8 2.80 CORPORATE BONDS 8.00 12/31/2099
DEUTSCHE BANK AG JR SUBORDINA REGS 05/49 VAR 2.52 CORPORATE BONDS 4.79 05/29/2049
MORGAN STANLEY SUBORDINATED 01/38 VAR 2.48 CORPORATE BONDS 5.95 01/19/2038
CITIZENS FINANCIAL GROUP JR SUBORDINA 12/99 VAR 2.46 CORPORATE BONDS 6.38 12/31/2099
SVENSKA HANDELSBANKEN AB JR SUBORDINA REGS 12/99 VAR 2.06 CORPORATE BONDS 4.75 12/31/2099
NATWEST GROUP PLC JR SUBORDINA 12/99 VAR 2.01 CORPORATE BONDS 4.60 12/31/2099

Fund Managers

fund manager Philippe Bodereau
Philippe Bodereau
Portfolio Manager, Head, Credit Research Europe
fund manager Amit Arora
Amit Arora
fund manager Matthieu Loriferne
Matthieu Loriferne
Portfolio Manager, Capital Securities and Financials
fund manager Tanuj Dora
Tanuj Dora
Portfolio Manager
Effective as of 01/18/2023

Fees and Expenses

Name Value
Gross Expense Ratio 0.88%

Fees and Expenses

Name Value
Net Expense Ratio 0.69%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction. The contractual fee waiver is in place through January 18, 2024. The expense reduction is in place through October 31, 2024 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the relevant agreement.

Yields

-
distribution yield
As of -
-
30-DAY SEC YIELD
As of -
-
est. yield to maturity
As of -

Dividends & Capital Gains Distribution

As of 01/31/2023
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
ICE BofA US All Capital Securities Index - - - -
Performance Difference (Fund NAV vs. Index) - - - -
Performance Difference (Fund Market Price vs. Index) - - - -
Standard Deviation - - - -
After Tax Pre-Liquidation - - - -
After Tax Post-Liquidation - - - -
As of -
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
ICE BofA US All Capital Securities Index - - - -
Performance Difference (Fund NAV vs. Index) - - - -
Performance Difference (Fund Market Price vs. Index) - - - -
Standard Deviation - - - -
After Tax Pre-Liquidation - - - -
After Tax Post-Liquidation - - - -
As of 01/31/2023
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - - - - 1.64
Market Price Returns - - - - 1.64
ICE BofA US All Capital Securities Index - - - - -
Performance Difference (Fund NAV vs. Index) - - - - -
Performance Difference (Fund Market Price vs. Index) - - - - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - - - - 1.64
After Tax Post-Liquidation - - - - 0.97
As of -
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - - - - -
Market Price Returns - - - - -
ICE BofA US All Capital Securities Index - - - - -
Performance Difference (Fund NAV vs. Index) - - - - -
Performance Difference (Fund Market Price vs. Index) - - - - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - - - - -
After Tax Post-Liquidation - - - - -

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Preferred and Capital Securities Active Exchange-Traded Fund Preferred Stock - - - -

Premium / Discount

Premium / Discount

Premium / Discount
Days Traded At Premium
Days Traded At NAV
Days Traded At Discount
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
Portfolio Composition - Maturity Distribution
Years % of Fund
As of 02/07/2023
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 1.80
A 1.62
BBB+ 6.15
BBB 8.36
BBB- 34.75
BB+ 19.49
BB 6.84
BB- 7.34
B+ 5.63
B 1.51
Not Rated 6.40
As of 02/07/2023
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 1.80
A2 1.62
Baa1 7.99
Baa2 24.75
Baa3 27.59
Ba1 8.53
Ba2 16.41
Not Rated 11.20
As of 02/07/2023
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 1.80
A- 5.82
BBB+ 11.19
BBB 21.12
BBB- 21.77
BB+ 9.73
BB 12.14
BB- 1.51
B+ 2.91
Not Rated 11.90

interest rate exposures

As of 01/31/2023
exposure FUND index
Effective Duration 4.04 4.81
Bull Market Duration 4.04 4.56
Bear Market Duration 4.03 5.01
Total Curve Duration 0.62 N/A

sector exposures

As of 01/31/2023
exposure FUND index
Mortgage Spread Duration 0.00 0.00
Corporate Spread Duration 7.50 7.03
Emerging Markets Spread Duration 0.00 0.05
Invest in PIMCO Funds
Talk With Your Financial Advisor
Share with your financial advisor your interest in PIMCO Funds and provide them with information by sharing through the link below.
Invest Through Your Brokerage Account
PIMCO funds can be found within your personal brokerage account. Use the link below to save this fund to your PIMCO account.
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 on the New York Stock Exchange (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.


The Fund’s Net Asset Value, shares outstanding and total net assets are calculated as of the close of regular trading on each day that the New York Stock Exchange is open, and do not reflect security transactions or Fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following 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.
A word about risk: Contingent Convertible (“Coco”) Bonds are bonds that are converted into equity of the issuing company if a pre-specified trigger occurs. Co-cos are subject to a different type of risk from traditional bonds and may result in a partial or total loss of value or may be converted into shares of the issuing company which may also have suffered a loss in value. Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. 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. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. 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. Investments in illiquid securities may reduce the returns of a portfolio because it may be not be able to sell the securities at an advantageous time or price. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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. Diversification does not ensure against loss.
PIMCO Smart beta ETFs and index ETFs use an indexing approach and may be affected by a general decline in market segments or asset classes relating to its Underlying Index. The Fund invests in securities and instruments included in, or representative of, its Underlying Index regardless of the investment merits of the Underlying Index.
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.
Exchange Traded Funds (“ETF”) 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 ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not 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 fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). 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 conditions. Investments may be worth more or less than the original cost when redeemed.
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 daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. For purposes of the premium/discount information, market price is determined using NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time. Market price for purposes of other information is calculated as follows: (i) for time periods preceding December 17, 2020, 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 and (ii) for the time periods starting December 17, 2020, the NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or, if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc., New York Stock Exchange 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.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. 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. ©2023, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2023, PIMCO.

CMR2023-0111-2667443