PIMCO Canada launches USD ETF share class for Monthly Income Fund

Oct 2nd, 2018 | By | Category: Fixed Income

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PIMCO Canada has launched a US dollar-denominated ETF share class for the PIMCO Monthly Income Fund on Toronto Stock Exchange.

Stuart Graham, Managing Director and Head of PIMCO Canada

Stuart Graham, Managing Director and Head of PIMCO Canada.

“An ETF series provides our Canadian investors with an additional access point to the established PIMCO Monthly Income Fund,” said Stuart Graham, Managing Director and Head of PIMCO Canada.

“We can give clients the ability to choose the series that best suits their investment objectives.”

The new share class will trade under the ticker PMIF.U CN and is intended for investors with US dollars who seek US currency exposure and income.

The fund seeks maximum current income consistent with preservation of capital through an actively managed bond portfolio that invests primarily in non-Canadian dollar fixed income instruments of varying maturities. Up to 20% of the portfolio may be dedicated to debt from emerging market issuers.

The largest exposures are cash and cash equivalents (27.6%), asset-backed securities (26.2%), corporate bonds (22.7%) and mortgage-backed securities (14.8%). Its effective duration is 3.4 years.

The fund is benchmarked against the Bloomberg Barclays US Aggregate Index.

The ETF originally launched in October 2017, trading in Canadian dollars (Ticker: PMIF CN), although the strategy has been available in mutual fund format in Canada since January 2011. The fund comes with a management expense ratio (MER) of 0.75%.

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