STHE

US Short-Term High Yield Corporate Bond Index UCITS ETF

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High Yield
category / asset class
8.03%
est. yield to maturity
As of 20/02/2024
€74.37
DAILY NAV
As of 20/02/2024
-0.05%
ytd return
As of 20/02/2024

STHE

why invest in this fund

Attractive Risk/Return Characteristics

Short-term high yield investors have historically benefited from a lower volatility profile than the broader high yield market, as well as the attractive returns of the asset class.

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.

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.

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).

Index Tracking Risk

Fund performance can potentially deviate from the reference index due to market conditions, transaction costs and different replication techniques such as optimization & sampling

Portfolio Information

3.16 Years
Effective Maturity
As of 20/02/2024
2.04 Years
Effective Duration
As of 20/02/2024
8.03%
est. yield to maturity
As of 20/02/2024
BA
average quality
As of 20/02/2024

Fund Facts

FUND DESCRIPTION

The PIMCO Short-term High Yield Corporate Bond Index UCITS ETF aims to provide a return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML 0-5 Year US High Yield Constrained Index.

DAILY NAV PRICE
€74.37
As of 20/02/2024

Price - Past performance does not predict future returns

Trading Information


Trading Currency
EUR


Exchange ticker
STHE

Settlement Period
T+2

Bloomberg ticker
STHE LN

Trading Information


Trading Currency
EUR


Exchange ticker
STHE

Settlement Period
T+2

Bloomberg ticker
STHE IM

Trading Information


Trading Currency
EUR


Exchange ticker
STHE

Settlement Period
T+2

Bloomberg ticker
STHE SW

BENCHMARK INFORMATION

ICE BofAML 0-5 Year US High Yield Constrained Index (EUR Hedged)

The ICE BofAML 0-5 Year US High Yield Constrained Index (EUR Hedged) tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt issued in the U.S. domestic market with less than five years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million, issued publicly. Allocations to an individual issuer will not exceed 2%. It is not possible to invest directly in an unmanaged index.

BENCHMARK INFORMATION
Data point name Data point value
Bloomberg Ticker HUCE

The fund is passively managed (i.e. tracks the ICE BofAML 0-5 Year US High Yield Constrained Index (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 20/02/2024

General

ISIN IE00BF8HV600
AUM $1,431,621,128.46
Benchmark BBG Ticker HUCE
Number of Holdings 852
Base Currency EUR
Launch Date 16 October 2013
Shares Outstanding 7,132,285
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, Borsa Italiana, SIX Swiss Exchange
UCITS Yes
Dividend Treatment Monthly

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 20/02/2024

Top Ten Exposure table

Name Coupon Weight (%)
REPO 5.27 3.74
CDX HY41 5Y 5.00 3.68
REPO 5.29 3.55
FIN FUT US 2YR CBT 03/28/24 6.00 2.26
FIN FUT US 5YR CBT 03/28/24 6.00 2.04
REPO 5.30 0.71
CARNIVAL CORP SR UNSEC 144A 5.75 0.59
DIRECTV HOLDINGS/FING SEC 144A SMR 5.88 0.58
DISH NETWORK CORP 144A SR SEC 11.75 0.57
TRANSDIGM INC SMR **TENDER & CONSENT** 6.25 0.56

Fund Managers

fund manager David Forgash
David Forgash
Portfolio Manager
fund manager Tanuj Dora
Tanuj Dora
Portfolio Manager
fund manager Matt Dorsten
Matt Dorsten
Portfolio Manager, Quantitative Strategy
fund manager Jason Vivas
Jason Vivas
Portfolio Manager
As of 20/02/2024

Fees and Expenses

Name Value
Management Fee 0.60%

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

8.03%
est. yield to maturity
As of 20/02/2024
6.49%
Current Yield
As of 20/02/2024
7.07%
distribution yield
As of 31/01/2024
Past performance does not predict future returns

Recent Distributions

As of 20/02/2024
Ex-Date
15/02/2024
Record Date
16/02/2024
Distribution Per Shares
0.4478
Currency
EUR

Dividends

As of 20/02/2024
Distribution Date Dist. NAV ($) Dividend Income ($) Dist. Total ($)
15/02/2024 74.39 0.447847 0.447847
18/01/2024 74.37 0.403149 0.403149
21/12/2023 75.01 0.476081 0.476081
16/11/2023 72.92 0.397775 0.397775
19/10/2023 71.56 0.407683 0.407683
21/09/2023 73.13 0.498469 0.498469
17/08/2023 73.25 0.380161 0.380161
20/07/2023 73.92 0.444243 0.444243
15/06/2023 73.88 0.379839 0.379839
19/05/2023 73.25 0.345961 0.345961
20/04/2023 73.62 0.387697 0.387697
16/03/2023 72.92 0.333924 0.333924
16/02/2023 74.01 0.295142 0.295142
19/01/2023 74.70 0.370300 0.370300
15/12/2022 74.29 0.305438 0.305438
17/11/2022 73.67 0.290219 0.290219
20/10/2022 72.52 0.389904 0.389904
15/09/2022 74.14 0.305410 0.305410
18/08/2022 76.45 0.285766 0.285766
21/07/2022 74.85 0.380137 0.380137
16/06/2022 73.88 0.262244 0.262244
19/05/2022 75.89 0.301765 0.301765
21/04/2022 78.88 0.299864 0.299864
17/03/2022 79.66 0.293166 0.293166
17/02/2022 80.41 0.258355 0.258355
20/01/2022 82.04 0.298738 0.298738
16/12/2021 82.54 0.265407 0.265407
18/11/2021 83.02 0.245131 0.245131
21/10/2021 83.25 0.327813 0.327813
16/09/2021 83.83 0.252570 0.252570
19/08/2021 83.21 0.302390 0.302390
15/07/2021 83.95 0.306861 0.306861
17/06/2021 84.08 0.297546 0.297546
20/05/2021 83.56 0.377728 0.377728
15/04/2021 83.91 0.311469 0.311469
18/03/2021 83.08 0.350386 0.350386
18/02/2021 83.68 0.339735 0.339735
21/01/2021 83.61 0.412703 0.412703
17/12/2020 83.32 0.331294 0.331294
19/11/2020 82.20 0.419776 0.419776
15/10/2020 80.71 0.342602 0.342602
17/09/2020 80.84 0.340166 0.340166
20/08/2020 80.43 0.331046 0.331046
16/07/2020 79.45 0.281586 0.281586
18/06/2020 79.54 0.416578 0.416578
14/05/2020 75.03 0.282655 0.282655
16/04/2020 76.37 0.304561 0.304561
19/03/2020 70.68 0.409491 0.409491
13/02/2020 86.27 0.324945 0.324945
16/01/2020 86.77 0.306446 0.306446
19/12/2019 86.44 0.431561 0.431561
15/11/2019 85.92 0.304067 0.304067
17/10/2019 86.60 0.335118 0.335118
19/09/2019 87.38 0.391667 0.391667
15/08/2019 86.46 0.328336 0.328336
18/07/2019 87.89 0.429108 0.429108
13/06/2019 88.02 0.410678 0.410678
16/05/2019 88.31 0.370172 0.370172
18/04/2019 88.97 0.396672 0.396672
14/03/2019 88.36 0.408158 0.408158
14/02/2019 88.13 0.365237 0.365237
17/01/2019 87.54 0.287216 0.287216
20/12/2018 85.45 0.439212 0.439212
15/11/2018 87.81 0.343498 0.343498
18/10/2018 89.50 0.406522 0.406522
13/09/2018 90.59 0.351808 0.351808
16/08/2018 90.62 0.358166 0.358166
19/07/2018 90.71 0.447901 0.447901
14/06/2018 91.33 0.355397 0.355397
17/05/2018 91.21 0.371772 0.371772
19/04/2018 91.71 0.351542 0.351542
15/03/2018 91.64 0.379757 0.379757
15/02/2018 91.89 0.332508 0.332508
18/01/2018 93.07 0.444543 0.444543
14/12/2017 93.03 0.351882 0.351882
16/11/2017 93.01 0.370785 0.370785
19/10/2017 94.20 0.473500 0.473500
14/09/2017 94.22 0.358553 0.358553
17/08/2017 94.09 0.341449 0.341449
20/07/2017 94.86 0.431135 0.431135
15/06/2017 94.92 0.351682 0.351682
18/05/2017 94.81 0.467224 0.467224
13/04/2017 94.75 0.402260 0.402260
16/03/2017 94.28 0.396283 0.396283
16/02/2017 94.90 0.358149 0.358149
19/01/2017 94.64 0.515829 0.515829
15/12/2016 94.06 0.404267 0.404267
17/11/2016 92.70 0.411887 0.411887
20/10/2016 94.26 0.502558 0.502558
15/09/2016 92.88 0.387374 0.387374
18/08/2016 93.32 0.485123 0.485123
14/07/2016 92.91 0.451030 0.451030
16/06/2016 91.04 0.420952 0.420952
19/05/2016 90.43 0.496509 0.496509
14/04/2016 89.93 0.366000 0.366000
17/03/2016 88.47 0.351249 0.351249
18/02/2016 84.59 0.454025 0.454025
14/01/2016 86.48 0.384470 0.384470
17/12/2015 87.83 0.378497 0.378497
19/11/2015 90.57 0.473647 0.473647
15/10/2015 92.48 0.361149 0.361149
17/09/2015 93.66 0.374643 0.374643
20/08/2015 93.74 0.460076 0.460076
16/07/2015 96.55 0.366146 0.366146
18/06/2015 97.18 0.453356 0.453356
14/05/2015 97.97 0.338323 0.338323
16/04/2015 98.24 0.378994 0.378994
19/03/2015 97.54 0.337128 0.337128
19/02/2015 97.99 0.371013 0.371013
15/01/2015 97.05 0.362786 0.362786
18/12/2014 97.20 0.347705 0.347705
20/11/2014 98.63 0.411493 0.411493
16/10/2014 98.02 0.333291 0.333291
17/09/2014 99.94 0.318759 0.318759
20/08/2014 100.73 0.451315 0.451315
16/07/2014 101.31 0.313044 0.313044
18/06/2014 101.86 0.417558 0.417558
14/05/2014 101.81 0.342224 0.342224
16/04/2014 101.69 0.364270 0.364270
19/03/2014 101.62 0.341746 0.341746
19/02/2014 101.51 0.423678 0.423678
15/01/2014 101.54 0.315418 0.315418
18/12/2013 101.02 0.335769 0.335769
20/11/2013 100.86 0.349016 0.349016

Discrete Performance

As of 31/01/2024
ANNUALIZED RETURNS
Annual Returns
Jan`14 - Jan`15 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 Short-Term High Yield Corporate Bond Index UCITS ETF 0.45 -6.59 16.07 3.34 -0.63 2.62 2.22 1.85 -3.13 6.57
ICE BofAML 0-5 Year US High Yield Constrained Index (EUR Hedged) 0.21 -7.14 17.71 4.04 -0.09 3.03 2.92 2.94 -3.60 6.49
Performance - Fund vs Index 0.24 0.55 -1.64 -0.70 -0.54 -0.41 -0.70 -1.09 0.47 0.08
As of 31/01/2024
Portfolio Composition - Sector Allocation: Market Value
category / asset class FUND Fund ratio
Government Related 4.55
Securitized 0.00
Invest. Grade Credit 5.27
High Yield Credit 91.84
Emerging Markets 0.78
Municipal/Other 0.36
Net Other Short Duration Instruments -2.80
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
Government Related 6.25
Securitized 0.00
Invest. Grade Credit 5.21
High Yield Credit 87.57
Emerging Markets 0.95
Municipal/Other 0.00
Net Other Short Duration Instruments 0.01
As of 31/01/2024
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 1.40
1-3 42.52
3-5 53.98
5-10 1.72
10-20 0.36
20+ 0.01
Effective Maturity (yrs) 3.17
As of 20/02/2024
Portfolio Composition - Credit Rating: S&P
Quality MV (%) Fund percent
A1/P1 1.23
Below A1/P1 0.00
AAA 11.11
AA 0.00
A 0.06
BAA 4.73
BB 49.20
B 25.64
Below B 8.02

interest rate exposures

As of 31/01/2024
exposure FUND
Effective Duration 1.99
Bull Market Duration 1.89
Bear Market Duration 2.09
Total Curve Duration -

sector exposures

As of 31/01/2024
exposure FUND
Mortgage Spread Duration 0.00
Corporate Spread Duration 2.11
Emerging Markets Spread Duration 0.03

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.