LONZ

Senior Loan Active Exchange-Traded Fund

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Bank Loans
Sector
6.72%
distribution yield
As of 10/31/2022
6.38%
30-day sec yield
As of 12/06/2022
-
nav ytd return
As of 12/07/2022
-
MARKET PRICE YTD RETURN
As of 12/07/2022

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

163
Number of Holdings
As of 12/06/2022
3.63 Years
Effective Maturity
As of 12/06/2022
0.19 Years
Effective Duration
As of 12/06/2022
7.89%
est. yield to maturity
As of 12/06/2022

Fund Facts

NAV PRICE
$49.00
1 DAY RETURN
$-0.01 -0.02%
As of 12/06/2022
MARKET PRICE
$48.93
1 DAY RETURN
$-0.04 -0.08%
As of 12/06/2022
PREMIUM / DISCOUNT
-0.14%
As of 12/06/2022
MEDIAN BID/ASK SPREAD
0.06%
As of 12/06/2022

Price

Fund Information

As of 12/06/2022
Data point name Data point value
TYPE Active
DURATION CATEGORY Low
CUSIP 72201R627
Inception Date 06/08/2022
Shares Outstanding 2,560,000
Total Net Assets $125,448,522.34
Daily Trading Volume (dollar notional) $158,337.48
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 11/30/2022
0.00%

Top Ten Exposure

As of 12/06/2022

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
HUB INTERNATIONAL LIMITED 2021 TERM LOAN B 2.59 BANK LOAN TBD 04/25/2025
CAESARS RESORT COLLECTION LLC 2020 TERM LOAN 1.98 BANK LOAN TBD 07/21/2025
POLARIS NEWCO, LLC USD TERM LOAN B 1.91 BANK LOAN TBD 06/02/2028
RADIATE HOLDCO LLC 2021 TERM LOAN B 1.81 BANK LOAN TBD 09/25/2026
TRANSDIGM INC 2020 TERM LOAN G 1.79 BANK LOAN TBD 08/22/2024
DIRECTV FINANCING LLC TERM LOAN 1.77 BANK LOAN TBD 08/02/2027
REGIONALCARE HOSPITAL PARTNERS 2018 TERM LOAN B 1.62 BANK LOAN TBD 11/16/2025
ALLIED UNIVERSAL HOLDCO LLC 2021 USD TERM LOAN 1.55 BANK LOAN TBD 05/12/2028
AMERICAN AIRLINES, INC. 2021 TERM LOAN 1.43 BANK LOAN TBD 04/20/2028
REALPAGE, INC. 1ST LIEN TERM LOAN 1.43 BANK LOAN TBD 04/24/2028

Fund Managers

fund manager David Forgash
David Forgash
Head of Leveraged Loan Portfolio Management
fund manager Tanuj Dora
Tanuj Dora
Portfolio Manager
fund manager Chris Kemp
Chris Kemp
Portfolio Manager
fund manager Giang Bui
Giang Bui
Portfolio Manager, Securitized Debt
Effective as of 11/01/2022

Fees and Expenses

Name Value
Gross Expense Ratio 0.72%

Fees and Expenses

Name Value
Net Expense Ratio 0.52%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2023 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 0.50%

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

6.72%
distribution yield
As of 10/31/2022
6.38%
30-DAY SEC YIELD
As of 12/06/2022
6.59%
30-DAY SEC SUBSIDIZED YIELD
As of 12/06/2022
7.89%
est. yield to maturity
As of 12/06/2022

Dividends & Capital Gains Distribution

As of 12/06/2022
Distribution Date Dist. Nav Long Term Cap. Gain Short Term Cap. Gain Dividend Income Special Dist. Dist. Total
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 11/30/2022
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
iBoxx USD Liquid Leveraged Loans 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 09/30/2022
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
iBoxx USD Liquid Leveraged Loans 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 11/30/2022
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - 1.11 -0.07 - 0.22
Market Price Returns - 1.44 0.16 - 0.22
iBoxx USD Liquid Leveraged Loans Index - 0.99 -0.07 - -
Performance Difference (Fund NAV vs. Index) - 0.12 0.00 - -
Performance Difference (Fund Market Price vs. Index) - 0.45 0.23 - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - 0.89 -0.68 - -0.58
After Tax Post-Liquidation - 0.66 -0.04 - 0.12
As of 09/30/2022
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - -2.18 1.85 - -1.90
Market Price Returns - -2.46 1.28 - -1.90
iBoxx USD Liquid Leveraged Loans Index - -2.44 1.38 - -
Performance Difference (Fund NAV vs. Index) - 0.26 0.47 - -
Performance Difference (Fund Market Price vs. Index) - -0.02 -0.10 - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - -2.36 1.48 - -2.26
After Tax Post-Liquidation - -1.29 1.10 - -1.12

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 Second Quarter 2022 * Third Quarter 2022
Days Traded At Premium 12 36
Days Traded At NAV 1 3
Days Traded At Discount 2 25
As of 10/31/2022
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
Bank Loans 80.73
Bonds 8.01
Other -11.12
Net Other Short Duration Instruments 22.39
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 10/31/2022
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 16.00
1-3 20.00
3-5 23.00
5-10 41.00
10-20 0.00
20+ 0.00
Effective Maturity (yrs) 3.73
As of 12/06/2022
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 1.54
BBB- 5.75
BB+ 1.84
BB 4.21
BB- 7.64
B+ 11.49
B 25.64
B- 19.74
CCC+ 4.27
CCC- 0.25
Not Rated 17.45
As of 12/06/2022
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 1.54
Ba1 6.82
Ba2 4.34
Ba3 11.00
B1 21.01
B2 30.04
B3 5.83
Caa1 2.33
Caa2 0.45
Not Rated 16.46
As of 12/06/2022
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 1.54
BBB 0.92
BBB- 5.50
BB+ 3.94
BB 4.05
BB- 3.73
B+ 5.34
B 0.60
B- 0.21
Not Rated 73.99

interest rate exposures

As of 11/30/2022
exposure FUND index
Effective Duration 0.19 0.15
Bull Market Duration 0.19 0.16
Bear Market Duration 0.19 0.15
Total Curve Duration 0.01 N/A

sector exposures

As of 11/30/2022
exposure FUND index
Mortgage Spread Duration 0.00 0.00
Corporate Spread Duration 2.06 2.54
Emerging Markets Spread Duration 0.01 0.00
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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 L.P. in the United States and throughout the world. ©2022, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2022, PIMCO.

CMR2022-0526-2220296