LDCU

US Low Duration Corporate Bond UCITS ETF

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Investment Grade
category / asset class
5.62%
est. yield to maturity
As of 22/02/2024
$99.33
DAILY NAV
As of 22/02/2024
-0.13%
ytd return
As of 22/02/2024

why invest in this fund

Enhanced Yield Potential

Short-dated corporate bonds offer a yield that is higher than short-dated government bonds but with similar drawdown risk.

tab 1 graph

Fund Specific Risks

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.

Currency Risk

Changes in exchange rates may cause the value of investments to decrease or increase.

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.

Emerging Markets Risk

Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk. Investments in these markets may expose the fund to larger gains or losses.

Liquidity Risk

Difficult market conditions could result in certain securities becoming hard to sell at a desired time and price.

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.

Portfolio Information

3.09 Years
Effective Maturity
As of 22/02/2024
2.49 Years
Effective Duration
As of 22/02/2024
5.62%
est. yield to maturity
As of 22/02/2024
A
average quality
As of 22/02/2024

Fund Facts

FUND DESCRIPTION

The PIMCO US Low Duration Corporate Bond UCITS ETF aims to generate maximum total return, consistent with prudent investment management. The Fund will invest primarily in an actively managed diversified portfolio of US Dollar denominated investment grade corporate Fixed Income Instruments. Portfolio duration may vary between 0-4 years and the fund may invest up to 10% of assets in below-investment-grade securities.

DAILY NAV PRICE
$99.33
As of 22/02/2024

Price - Past performance does not predict future returns

Trading Information


Trading Currency
USD


Exchange ticker
LDCU

Settlement Period
T+2

Bloomberg ticker
LDCU LN

Trading Information


Trading Currency
USD


Exchange ticker
LDCU

Settlement Period
T+2

Bloomberg ticker
LDCU SW

Trading Information


Trading Currency
EUR


Exchange ticker
LDCU

Settlement Period
T+2

Bloomberg ticker
LDCU IM

BENCHMARK INFORMATION

ICE BofAML US Corporate Bond 1-5 Year Index

The Index offers exposure to US Dollar denominated investment grade corporate bonds from industrial, utility and financial issuers with a remaining term to final maturity less than 5 years.

BENCHMARK INFORMATION
Data point name Data point value
Bloomberg Ticker CVAO

The fund is considered to be actively managed in reference to the ICE BofAML US Corporate Bond 1–5 Year Index (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and 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.

BENCHMARK INFORMATION
Data point name Data point value

Security Information

As of 22/02/2024

General

ISIN IE00BP9F2H18
AUM $93,564,530.37
Benchmark BBG Ticker CVAO
Number of Holdings 339
Base Currency USD
Launch Date 17 November 2014
Shares Outstanding 770,242
UK Reporting Status Yes
Registered for Distribution in Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom
Exchanges London Stock Exchange, SIX Swiss Exchange, Borsa Italiana
UCITS Yes
Dividend Treatment Quarterly

Structure

Legal Form UCITS
Replication Method Physical
Domicile Ireland
Financial Year End 31 March
Equity Ratio (Tax Information for German Investors) 0.00
Use of Income Distributed

Key Service Providers

Issuer PIMCO ETFs plc
Manager PIMCO Europe Ltd
Fund Administrator State Street Fund Services (Ireland) Limited
Depository State Street Custodial Services (Ireland) Limited
Authorized Participants Banca Sella Holding S.p.A., 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, Société Générale , Unicredit Bank AG, Virtu Financial Ireland Limited

Top Ten Exposure

As of 22/02/2024

Top Ten Exposure table

Name Coupon Weight (%)
FIN FUT US 2YR CBT 03/28/24 6.00 15.60
FIN FUT US 5YR CBT 03/28/24 6.00 6.67
RFR USD SOFR/4.50000 07/18/23-1Y LCH 4.50 3.71
FNMA TBA 6.0% MAR 30YR 6.00 3.52
FNMA TBA 4.0% APR 30YR 4.00 2.92
OIS CAD CAONREPO/3.75000 12/20/23-2Y LCH 3.75 2.65
AUSTRALIAN GOVERNMENT 2.75 2.13
OIS CAD CAONREPO/3.50000 12/18/24-1Y LCH 3.50 1.80
BANK OF AMERICA CORP SR UNSEC SOFR 1.32 1.71
ATHENE GLOBAL FUNDING SOFR 144A 6.06 1.70

Fund Managers

fund manager Mark R. Kiesel
Mark R. Kiesel
CIO Global Credit
fund manager Amit Arora
Amit Arora
Portfolio Manager, Investment Grade
fund manager Lillian Lin
Lillian Lin
Portfolio Manager, Investment Grade Credit
As of 22/02/2024

Fees and Expenses

Name Value
Management Fee 0.49%

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

5.62%
est. yield to maturity
As of 22/02/2024
4.26%
Current Yield
As of 22/02/2024
4.43%
distribution yield
As of 31/12/2023
Past performance does not predict future returns

Recent Distributions

As of 22/02/2024
Ex-Date
21/12/2023
Record Date
22/12/2023
Distribution Per Shares
1.0952
Currency
USD

Dividends

As of 22/02/2024
Distribution Date Dist. NAV ($) Dividend Income ($) Dist. Total ($)
21/12/2023 99.15 1.095246 1.095246
21/09/2023 96.57 0.953207 0.953207
15/06/2023 97.53 0.650012 0.650012
16/03/2023 96.56 0.723504 0.723504
15/12/2022 97.43 0.661120 0.661120
15/09/2022 96.80 0.524133 0.524133
16/06/2022 97.27 0.308383 0.308383
17/03/2022 100.05 0.376664 0.376664
16/12/2021 104.29 0.394512 0.394512
16/09/2021 105.93 0.434570 0.434570
17/06/2021 106.14 0.555599 0.555599
18/03/2021 105.94 0.457251 0.457251
17/12/2020 106.32 0.530698 0.530698
17/09/2020 105.57 0.496916 0.496916
18/06/2020 104.33 0.588426 0.588426
19/03/2020 100.39 0.696913 0.696913
19/12/2019 103.90 0.718970 0.718970
19/09/2019 103.50 0.831163 0.831163
13/06/2019 102.99 0.818393 0.818393
14/03/2019 101.59 0.717045 0.717045
20/12/2018 100.03 0.796390 0.796390
13/09/2018 100.38 0.700110 0.700110
14/06/2018 100.32 0.638018 0.638018
15/03/2018 101.08 0.623475 0.623475
14/12/2017 102.12 0.594958 0.594958
14/09/2017 102.71 0.572708 0.572708
15/06/2017 102.43 0.594287 0.594287
16/03/2017 101.43 0.543267 0.543267
15/12/2016 100.51 0.584853 0.584853
15/09/2016 101.87 0.649169 0.649169
16/06/2016 101.07 0.632152 0.632152
17/03/2016 99.71 0.530485 0.530485
17/12/2015 98.82 0.465149 0.465149
17/09/2015 99.46 0.497291 0.497291
18/06/2015 99.85 0.631162 0.631162
19/03/2015 100.23 0.513638 0.513638
18/12/2014 99.32 0.094347 0.094347

Discrete Performance

As of 31/01/2024
ANNUALIZED RETURNS
Annual Returns
Jan`15 - Jan`16 Jan`16 - Jan`17 Jan`17 - Jan`18 Jan`18 - Jan`19 Jan`19 - Jan`20 Jan`20 - Jan`21 Jan`21 - Jan`22 Jan`22 - Jan`23 Jan`23 - Jan`24
US Low Duration Corporate Bond UCITS ETF 0.65 4.81 2.62 2.21 6.87 3.74 -1.43 -2.76 4.92
ICE BofAML US Corporate Bond 1-5 Year Index 0.72 2.91 1.82 2.50 6.99 4.75 -1.50 -3.47 5.15
Performance - Fund vs Index -0.07 1.90 0.80 -0.29 -0.12 -1.01 0.07 0.71 -0.23
As of 31/01/2024
Portfolio Composition - Sector Allocation: Market Value
category / asset class FUND Fund ratio
Government Related 28.05
Securitized 9.12
Invest. Grade Credit 80.56
High Yield Credit 2.84
Emerging Markets 1.85
Municipal/Other 0.00
Net Other Short Duration Instruments -22.42
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
Government Related 20.60
Securitized 15.87
Invest. Grade Credit 58.52
High Yield Credit 1.84
Emerging Markets 1.48
Municipal/Other 0.00
Net Other Short Duration Instruments 1.70
As of 31/01/2024
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 0.04
1-3 59.67
3-5 38.83
5-10 1.18
10-20 0.00
20+ 0.28
Effective Maturity (yrs) 3.25
As of 22/02/2024
Portfolio Composition - Credit Rating: S&P
Quality MV (%) Fund percent
A1/P1 1.79
Below A1/P1 0.00
AAA 22.35
AA 7.06
A 26.64
BAA 39.07
BB 3.05
B 0.06
Below B 0.00

interest rate exposures

As of 31/01/2024
exposure FUND
Effective Duration 2.61
Bull Market Duration 2.57
Bear Market Duration 2.69
Total Curve Duration 0.02

sector exposures

As of 31/01/2024
exposure FUND
Mortgage Spread Duration 0.43
Corporate Spread Duration 1.91
Emerging Markets Spread Duration 0.09

country exposure breakdown

Fund Literature
Report Types Fund Literature
Fund Fact Sheet
PRIIPs KID
DISCLOSURES

Important information


Your capital is at risk. You may not get back the amount you invested. Past performance is not a guarantee or reliable indicator of future returns and no guarantee is being made that similar returns will be achieved in the future.  


The information on this Website is not intended as investment advice or as a recommendation to invest in any particular asset class, security or strategy. The information provided is for illustrative purposes only, and it should not be relied upon as investment advice or as a recommendation to buy or sell securities. Investors should seek independent professional advice prior to investing. Any investment in an ETF should be made on the basis of the relevant Prospectus and Key Investor Information Documents, including consideration of the investment objective, risks, charges and expenses.

 

A Prospectus is available for PIMCO ETFs plc (the Company) and Key Investor Information Documents (PRIIPs KID) are available for each share class of each the sub-funds of the Company.

 

The Company’s Prospectus can be obtained from Fund Info and is available in English, French and German.

 

The PRIIPs KID can be obtained from Fund Info and are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive).

 

In addition, a summary of investor rights is available from hereThe summary is available in English.

 

The sub-funds of the Company are currently notified for marketing into a number of EU Member States under the UCITS Directive. [PIMCO Global Advisors (Ireland) Limited] can terminate such notifications for any share class and/or sub-fund of the Company at any time using the process contained in Article 93a of the UCITS Directive.

 

Further information on the ETFs, their Prospectus, Key Investor Information Documents and Supplements are available at Fund Info or from your financial adviser or broker.  For actively managed ETFs, further information on the use of benchmarks or indices is set out in the Prospectus and relevant Supplement.

 

The distribution and the offering of ETFs in certain jurisdictions may be restricted by law. The information on this website does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. The information on this website is not for distribution to, or for the attention of, US or Canadian persons.

 

UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them.

 

The information provided on this website does not constitute an offer of the sub-funds of PIMCO ETFs plc in Switzerland pursuant to the Swiss Financial Services Act ("FinSA") and its implementing ordinance ("FinSO"), but the information on this website may be construed as an advertisement for the sub-funds of PIMCO ETFs plc pursuant to the FinSA and the FinSO. The representative and paying agent for the sub-funds of PIMCO ETFs plc in Switzerland is BNP Paribas, Paris, Zurich Branch, Selnaustrasse 16, 8002 Zurich, Switzerland. The prospectus, articles of incorporation, Key Investor Information Documents and annual and semi-annual reports of PIMCO ETFs plc may be obtained free of charge from the representative in Switzerland. PIMCO ETFs plc is a collective investment scheme domiciled in Ireland.

 

French language copies of the Sub-Fund's Prospectus, Key Investor Information Documents, articles of incorporation, latest annual and semi-annual Report & Accounts may be obtained from Fund Info


The information contained on this Website referred to the UCITS ETF Fund (the Sub-fund) of PIMCO Europe Ltd, a collective investment scheme duly registered with the Spanish Securities Market Commission (CNMV) under number 1360 (www.cnmv.es), where it may be consulted the updated list of the authorised distributors of the Company in Spain (the Spanish Distributors). The Spanish Distributors must provide to each investor, prior to subscribing the shares of the Sub-fund, a copy translated into Spanish of the simplified prospectus or PRIIPs KID, when implemented, and the latest published economic report prior to subscribing shares. In addition, a copy of the report on the planned types of marketing in Spain must be provided using the form published on the CNMV website. The prospectus and the PRIIPs KID (if applicable) and other legally required documents relating to the fund are available through the Spanish Distributors, in hard copy or by electronic means, and also available upon request by dialling +44 20 3640 1558, writing to iberia@pimco.com or consulting Fund Info where you may also obtain updated information on the net asset value of the relevant shares.

 

Benchmark

Unless referenced in the prospectus and relevant key investor information document, a benchmark or index in this material is not used in the active management of the Fund, in particular for performance comparison purposes.

Where referenced in the prospectus and relevant key investor information document a benchmark may be used as part of the active management of the Fund including, but not limited to, for duration measurement, as a benchmark which the Fund seeks to outperform, performance comparison purposes and/or relative VaR measurement. Any reference to an index or benchmark in this material, and which is not referenced in the prospectus and relevant key investor information document, is purely for illustrative or informational purposes (such as to provide general financial information or market context) and is not for performance comparison purposes. Please contact your PIMCO representative for further details.

 

Correlation

As outlined under “Benchmark”, where referenced in the prospectus and relevant key investor information document, a benchmark may be used as part of the active management of the Fund. In such instances, certain of the Fund’s securities may be components of and may have similar weightings to the benchmark and the Fund may from time to time show a high degree of correlation with the performance of any such benchmark. However the benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.

 

Investors should note that a Fund may from time to time show a high degree of correlation with the performance of one or more financial indices not referenced in the prospectus and relevant key investor information document. Such correlation may be coincidental or may arise because any such financial index may be representative of the asset class, market sector or geographic location in which the Fund is invested or uses a similar investment methodology to that used in managing the Fund.


PIMCO Europe Ltd (Company No. 2604517, 11 Baker Street, London W1U 3AH, United Kingdom) is authorised and regulated by the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN) in the UK. The services provided by PIMCO Europe Ltd are not available to retail investors, who should not rely on this communication but contact their financial adviser. PIMCO Europe GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany), PIMCO Europe GmbH Italian Branch (Company No. 10005170963, Via Turati nn. 25/27 (angolo via Cavalieri n. 4), 20121 Milano, Italy), PIMCO Europe GmbH Irish Branch  (Company No. 909462, 57B Harcourt Street Dublin D02 F721, Ireland), PIMCO Europe GmbH UK Branch (Company No. 2604517, 11 Baker Street, London W1U 3AH, UK), PIMCO Europe GmbH Spanish Branch (N.I.F. W2765338E, Paseo de la Castellana 43, Oficina 05-111, 28046 Madrid, Spain) and PIMCO Europe GmbH French Branch (Company No. 918745621 R.C.S. Paris, 50–52 Boulevard Haussmann, 75009 Paris, France) are authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 15 of the German Securities Institutions Act (WpIG). The Italian Branch, Irish Branch, UK Branch, Spanish Branch and French Branch are additionally supervised by: (1) Italian Branch: the Commissione Nazionale per le Società e la Borsa (CONSOB) (Giovanni Battista Martini, 3 - 00198 Rome) in accordance with Article 27 of the Italian Consolidated Financial Act; (2) Irish Branch: the Central Bank of Ireland (New Wapping Street, North Wall Quay, Dublin 1 D01 F7X3) in accordance with Regulation 43 of the European Union (Markets in Financial Instruments) Regulations 2017, as amended; (3) UK Branch: the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN); (4) Spanish Branch: the Comisión Nacional del Mercado de Valores (CNMV) (Edison, 4, 28006 Madrid) in accordance with obligations stipulated in articles 168 and  203  to 224, as well as obligations contained in Tile V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively and (5) French Branch: ACPR/Banque de France (4 Place de Budapest, CS 92459, 75436 Paris Cedex 09) in accordance with Art. 35 of Directive 2014/65/EU on markets in financial instruments and under the surveillance of ACPR and AMF. The services provided by PIMCO Europe GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2, Brandschenkestrasse 41 Zurich 8002, Switzerland). The services provided by PIMCO (Schweiz) GmbH are not available to retail investors, who should not rely on this communication but contact their financial adviser.. © 2024, PIMCO.