BOND Fund Description

The PIMCO Total Return ETF is an actively managed portfolio made up primarily of investment-grade bonds. The fund aims to maintain a duration that is within two years of that of the Barclays U.S. Aggregate Index.

BOND ETF.com Insight

BOND uses the same management team and investment philosophy as PIMCO’s flagship Total Return Fund with the same end goal: maximizing total returns through active management. Despiteoutperforming its mutual fund counterpart massive outflows in the wake of Bill Gross’ departure, the ETF is still a resounding success, with over $2.5B in AUM and outperforming its mutual fund counterpart. While it invests heavily in US credits and government securities, the allocation can change drastically at a moment’s notice. BOND has the leeway to invest in high-yield bonds (up to 10%), preferred and convertible instruments (up to 10%), and locally denominated foreign debt (up to 30%). BOND charges 55 bps for its exposure, and has sufficient liquidity to meet any investor’s needs. Note: Three CIOs have replaced Bill Gross as the fund managers. (Insight updated 10/10/2014)

1 Year
Performance [as of 12/17/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
BOND 0.68% 1.88% 6.47% 6.08% -- -- --
BOND (NAV) 0.68% 1.95% 6.60% 6.11% -- -- --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BOND Top 10 Countries

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BOND Top 10 Sectors

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BOND Top 10 Holdings

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BOND Summary Data

PIMCO

A company that produces and manages ETFs.

03/01/12

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.55%

The net total annual fee a fund holder pays to the issuer.

$2.42 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$27.38 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

BOND Portfolio Data

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Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

--

The weighted average of remaining time until maturity for all securities in the portfolio.

--

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

12/29/14

The date on which a security's price excludes an upcoming dividend.

--

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

BOND Index Data

No Underlying Index

This is the benchmark an ETF is desigend to track or replicate.

Proprietary

A set of rules that the underlying index provider follows to weight its constituent securities.

Proprietary

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays Global Aggregate
Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to BOND

FWDB, RIGS

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

BOND Commentary & News

17 December 2014 The Case For $20 A Barrel Oil | ETF.com Sumit Roy
17 December 2014 Daily ETF Watch | ETF.com
17 December 2014 14. 5. ETF.com Analyst Blogs

BOND ETF.com Efficiency Insight

BOND delivers a version of PIMCO’s flagship Total Return strategy for a reasonable 55 bps. Despite the legal permission to use derivatives, BOND hasn’t been using derivatives (beside currency forwards) to boost performance. However, with the new management team, it’s unclear if the fund will start using credit derivatives. BOND is one of the most successfully launched ETFs. With over $2.5B in AUM, fund closure is highly unlikely. (Insight updated 10/10/2014)

Total Return - 09/30/2014
Performance [as of 09/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
BOND -0.61% 0.40% 4.82% 4.66% -- -- --
BOND (NAV) -0.52% 0.52% 4.82% 4.44% -- -- --
No Underlying Index -- -- -- -- -- -- --
Barclays Global Aggregate Index -2.79% -3.14% 1.64% 1.19% 1.16% 2.69% 4.38%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BOND Portfolio Management

0.55%

The net total annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

BOND Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

BOND Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

BOND ETF.com Tradability Insight

BOND is the most liquid active bond ETF, and trades extremely well by any measure. Over $20M changes hands on most days, with fairly tight spreads. Amidst an $800M outflow the week following Bill Gross’ abrupt departure, premiums/discounts were well contained within -/+ 40 bps, proving market makers are active and the fund can handle large flows. In short, regardless of trade size, investors can access the fund with ease. (Insight updated 10/10/2014)



Average Spread
Premium/Discount
Volume

BOND ETF.com/ Block LiquidityAs of 12/18/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of BOND. BOND is rated a 3 out of 5.

BOND Tradability

250,693

It is the daily number of shares traded, averaged over the past 45 trading days.

$27.38 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

209,677

Median number of shares traded over the past 45 trading days.

$22.84 M

Median dollar value of shares traded over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.05

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.05%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.37% / -0.49%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

79.52%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

2.10

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

680

The total number of net outstanding options contracts for an ETF.

$108.88

The total market value of the assets that an ETF holds less fund expenses.

3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

BOND ETF.com Fit Insight

BOND’s frequent portfolio turnover means holdings analysis provides only a fleeting glimpse into the fund manager’s strategy. While benchmarking itself to the Barclays US Agg Index, the fund reaches into global (non-USD-denominated) bonds. Three CIOs, each with a sector expertise, replaced Bill Gross as the portfolio management team while keeping the overall investing thesis intact, maintaining a duration that’s within 2 years of its benchmark. Despite its ability to use derivatives, BOND is still a long-only bond fund whose performance will come under pressure when interest rates rise. (Insight updated 10/10/2014)

BOND Sector/Industry Breakdown

BOND Segment Benchmark
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BOND Top 10 Holdings

BOND Top 5 Countries

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BOND Top 5 Currencies

BOND Performance Statistics

0.48

The degree to which the fund and its segment benchmark move up and down in unison.

0.47

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

3.87%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

0.41

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.43

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.15%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

BOND Holdings Statistics

BOND Segment Benchmark
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The weighted average of remaining time until maturity for all securities in the portfolio.

-- --

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

-- --

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

-- --

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

-- --

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

-- --

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low N/A

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

-- --

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

A N/A

Market–value–weighted average credit quality of the portfolio.

BOND Maturity Distribution

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Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

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Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

-- --

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

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Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

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Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

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Percent of the portfolio's exposure to securities with 10+ years until maturity.

BOND Credit Breakdown

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Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

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Percent of portfolio's exposure to AA rated bonds (Investment Grade).

-- --

Percent of portfolio's exposure to A rated bonds (Investment Grade).

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Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

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Percent of portfolio's exposure to BB rated bonds (High Yield).

-- --

Percent of portfolio's exposure to B rated bonds (High Yield).

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Percent of portfolio's exposure to CCC rated bonds (High Yield).

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Percent of portfolio's exposure to CC rated bonds (High Yield).

-- --

Percent of portfolio's exposure to C rated bonds (High Yield).