LONZ

Senior Loan Active Exchange-Traded Fund

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Bank Loans
Sector
8.40%
distribution yield
As of 04/30/2024
6.89%
30-day sec yield
As of 05/16/2024
3.81%
nav ytd return
As of 05/16/2024
4.34%
MARKET PRICE YTD RETURN
As of 05/16/2024

The Fund seeks current income, consistent with prudent investment management.

why invest in this fund

A Hedge Against Rates

Bank loans are floating rate instruments and offer low duration or interest rate sensitivity—making them an effective counterweight to rising interest rates.   

tab 1 graph

Portfolio Information

291
Number of Holdings
As of 05/16/2024
4.54 Years
Effective Maturity
As of 05/16/2024
-0.01 Years
Effective Duration
As of 05/16/2024
8.91%
est. yield to maturity
As of 05/16/2024

Fund Facts

NAV PRICE
$51.21
1 DAY RETURN
$0.01 0.02%
As of 05/16/2024
MARKET PRICE
$51.30
1 DAY RETURN
$-0.16 -0.31%
As of 05/16/2024
PREMIUM / DISCOUNT
0.18%
As of 05/16/2024
MEDIAN BID/ASK SPREAD
0.16%
As of 05/16/2024

Price

Fund Information

As of 05/16/2024
Data point name Data point value
TYPE Active
DURATION CATEGORY Low
CUSIP 72201R627
Inception Date 06/08/2022
Shares Outstanding 7,040,000
Total Net Assets $360,516,765.61
Daily Trading Volume (dollar notional) $3,451,669.20
Annualized Volatility 0.00%

INDEX INFORMATION

iBoxx USD Liquid Leveraged Loans Index

iBoxx USD Liquid Leveraged Loans Index comprises approximately 100 of the most liquid, tradable USD leveraged loans. Index constituents are derived using selection criteria such as loan type, minimum size, liquidity, credit ratings, initial spreads and minimum time to maturity. It is not possible to invest directly in an unmanaged index.

INDEX INFORMATION
Data point name Data point value
Index Ticker IBXXLLTR
Inception Date 10/17/2011
Rebalancing Frequency Monthly
Annualized Volatility
As of 04/30/2024
0.00%

Quarterly Trading Volume Characteristics

As of 03/31/2024

Average Volume

in shares 32,480
in $ $1,646,780.70

Top Ten Exposure

As of 05/16/2024

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
REPO BANK AMERICA REPO 11.56 SHORT TERM INSTRUMENT 5.34 05/20/2024
MEDLINE BORROWER LP 2024 TERM LOAN B 1.51 BANK LOAN 8.07 10/23/2028
ATHENAHEALTH INC 2022 TERM LOAN B 1.49 BANK LOAN 8.57 02/15/2029
MH SUB I LLC 2023 TERM LOAN 1.47 BANK LOAN 9.57 05/03/2028
POLARIS NEWCO, LLC USD TERM LOAN B 1.36 BANK LOAN 9.59 06/02/2028
ASURION CORPORATION 2023 TERM LOAN B11 1.34 BANK LOAN 9.67 08/19/2028
MADISON IAQ LLC TERM LOAN 1.34 BANK LOAN 8.68 06/21/2028
NEPTUNE BIDCO US INC 2022 USD TERM LOAN B 1.34 BANK LOAN 10.41 04/11/2029
STAR PARENT, INC. TERM LOAN B 1.31 BANK LOAN 9.31 09/27/2030
REALPAGE, INC. 1ST LIEN TERM LOAN 1.26 BANK LOAN 8.43 04/24/2028

Fund Managers

fund manager David Forgash
David Forgash
Portfolio Manager
fund manager Giang Bui
Giang Bui
Portfolio Manager, Securitized Debt
fund manager Jason Duko
Jason Duko
Portfolio Manager
fund manager Tanuj Dora
Tanuj Dora
Portfolio Manager
Effective as of 10/30/2023

Fees and Expenses

Name Value
Gross Expense Ratio 0.72%

Fees and Expenses

Name Value
Net Expense Ratio 0.62%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2025 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..

Fees and Expenses

Name Value
Adjusted Expense Ratio 0.60%

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

8.40%
distribution yield
As of 04/30/2024
6.89%
30-DAY SEC YIELD
As of 05/16/2024
6.99%
30-DAY SEC SUBSIDIZED YIELD
As of 05/16/2024
8.91%
est. yield to maturity
As of 05/16/2024

Dividends & Capital Gains Distribution

As of 05/16/2024
Distribution Date Dist. Nav Long Term Cap. Gain Short Term Cap. Gain Dividend Income Special Dist. Dist. Total
05/01/2024 50.84 - - 0.350000 - 0.350000
04/01/2024 50.89 - - 0.240000 - 0.240000
03/01/2024 50.62 - - 0.350000 - 0.350000
02/01/2024 50.34 - - 0.400000 - 0.400000
12/28/2023 50.60 - - 0.260000 - 0.260000
12/11/2023 50.26 0.000000 0.000000 - - 0.000000
12/01/2023 50.02 - - 0.360000 - 0.360000
11/01/2023 49.47 - - 0.370000 - 0.370000
10/02/2023 49.93 - - 0.330000 - 0.330000
09/01/2023 50.07 - - 0.333000 - 0.333000
08/01/2023 49.79 - - 0.370000 - 0.370000
07/03/2023 49.58 - - 0.370000 - 0.370000
06/01/2023 48.81 - - 0.400000 - 0.400000
05/01/2023 49.30 - - 0.340000 - 0.340000
04/03/2023 49.29 - - 0.380000 - 0.380000
03/01/2023 49.56 - - 0.324000 - 0.324000
02/01/2023 49.62 - - 0.350000 - 0.350000
12/29/2022 48.74 - - 0.400000 - 0.400000
12/01/2022 48.94 - - 0.264000 - 0.264000
11/01/2022 48.72 - - 0.260000 - 0.260000
10/03/2022 48.36 - - 0.250000 - 0.250000
09/01/2022 49.57 - - 0.228000 - 0.228000
08/01/2022 49.39 - - 0.220000 - 0.220000
As of 04/30/2024
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 12.09 - - - 8.82
Market Price Returns 12.06 - - - 8.84
iBoxx USD Liquid Leveraged Loans Index 10.12 - - - 8.26
Performance Difference (Fund NAV vs. Index) 1.97 - - - 0.56
Performance Difference (Fund Market Price vs. Index) 1.94 - - - 0.58
Standard Deviation - - - - -
After Tax Pre-Liquidation 8.39 - - - 5.67
After Tax Post-Liquidation 7.02 - - - 5.34
As of 03/31/2024
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 12.25 - - - 8.83
Market Price Returns 12.61 - - - 8.91
iBoxx USD Liquid Leveraged Loans Index 10.60 - - - 8.25
Performance Difference (Fund NAV vs. Index) 1.65 - - - 0.58
Performance Difference (Fund Market Price vs. Index) 2.01 - - - 0.66
Standard Deviation - - - - -
After Tax Pre-Liquidation 8.41 - - - 5.65
After Tax Post-Liquidation 7.11 - - - 5.34
As of 04/30/2024
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.04 0.67 2.83 6.82
Market Price Returns 3.42 0.57 2.97 6.91
iBoxx USD Liquid Leveraged Loans Index 2.88 0.69 2.75 5.71
Performance Difference (Fund NAV vs. Index) 0.16 -0.02 0.08 1.11
Performance Difference (Fund Market Price vs. Index) 0.54 -0.12 0.22 1.20
Standard Deviation - - - -
After Tax Pre-Liquidation 2.22 0.48 2.02 5.13
After Tax Post-Liquidation 1.79 0.39 1.67 4.00
As of 03/31/2024
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 2.35 1.03 2.35 5.84
Market Price Returns 2.84 1.03 2.84 5.96
iBoxx USD Liquid Leveraged Loans Index 2.18 0.93 2.18 4.75
Performance Difference (Fund NAV vs. Index) 0.17 0.10 0.17 1.09
Performance Difference (Fund Market Price vs. Index) 0.66 0.10 0.66 1.21
Standard Deviation - - - -
After Tax Pre-Liquidation 1.74 0.74 1.74 4.08
After Tax Post-Liquidation 1.39 0.61 1.39 3.42

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Senior Loan Active Exchange-Traded Fund Bank Loan - - - -

Premium / Discount

Premium / Discount

Premium / Discount Calendar Year 2023 First Quarter 2024
Days Traded At Premium 144 49
Days Traded At NAV 7 2
Days Traded At Discount 99 10
As of 04/30/2024
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
Bank Loans 92.73
Bonds 3.41
Other 13.23
Net Other Short Duration Instruments -9.37
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
Bank Loans 0.00
Bonds 0.00
Other 0.00
Net Other Short Duration Instruments 0.00
As of 04/30/2024
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 6.95
1-3 7.98
3-5 57.02
5-10 28.05
10-20 0.00
20+ 0.00
Effective Maturity (yrs) 4.49
As of 05/16/2024
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
BBB 0.04
BBB- 0.00
BB+ 1.61
BB 3.87
BB- 3.42
B+ 13.14
B 29.30
B- 21.41
CCC+ 2.17
CCC 0.15
CC 0.15
Not Rated Corporates 3.68
Not Rated Others 20.98
As of 05/16/2024
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Ba1 1.54
Ba2 2.14
Ba3 11.28
B1 13.53
B2 35.84
B3 10.85
Caa1 2.61
Caa2 0.30
Not Rated Corporates 0.85
Not Rated Others 20.98
As of 05/16/2024
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
BBB 0.04
BBB- 1.30
BB+ 7.74
BB 4.06
BB- 4.70
B+ 5.64
B 1.49
B- 0.34
CCC 0.15
Not Rated Corporates 53.48
Not Rated Others 20.98

interest rate exposures

As of 04/30/2024
exposure FUND
Effective Duration -0.01
Bull Market Duration 0.13
Bear Market Duration 0.14
Total Curve Duration 0.00

sector exposures

As of 04/30/2024
exposure FUND
Mortgage Spread Duration 0.00
Corporate Spread Duration 2.21
Emerging Markets Spread Duration 0.00
Fund Literature
Report Types
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: 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 senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. 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. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. 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. 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 LLC in the United States and throughout the world. ©2024, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2024, PIMCO.

CMR2022-0526-2220296