US Short-Term High Yield Corporate Bond Index UCITS ETF


High Yield
category / asset class
est. yield to maturity
As of 28/02/2024
As of 28/02/2024
ytd return
As of 28/02/2024


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

3.20 Years
Effective Maturity
As of 27/02/2024
2.08 Years
Effective Duration
As of 27/02/2024
est. yield to maturity
As of 28/02/2024
average quality
As of 28/02/2024

Fund Facts


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.

As of 28/02/2024

Price - Past performance does not predict future returns

Trading Information

Trading Currency

Exchange ticker

Settlement Period

Bloomberg ticker

Trading Information

Trading Currency

Exchange ticker

Settlement Period

Bloomberg ticker


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

The ICE BofAML 0-5 Year US High Yield Constrained Index (GBP 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, hedged to GBP. Allocations to an individual issuer will not exceed 2%. It is not possible to invest directly in an unmanaged index.

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.

Data point name Data point value

Security Information

As of 27/02/2024


AUM $1,442,049,769.82
Benchmark BBG Ticker HUCE
Number of Holdings 867
Base Currency GBP
Launch Date 16 November 2015
Shares Outstanding 3,451,590
UK Reporting Status Yes
Registered for Distribution in Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden, Switzerland, United Kingdom
Exchanges London Stock Exchange, SIX Swiss Exchange
Dividend Treatment Monthly


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 27/02/2024

Top Ten Exposure table

Name Coupon Weight (%)
CDX HY41 5Y 5.00 3.67
REPO 5.34 3.66
REPO 5.33 3.54
FIN FUT US 2YR CBT 06/28/24 6.00 2.25
FIN FUT US 5YR CBT 06/28/24 6.00 2.03

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 27/02/2024

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.


est. yield to maturity
As of 28/02/2024
Current Yield
As of 28/02/2024
distribution yield
As of 31/01/2024
Past performance does not predict future returns

Recent Distributions

As of 28/02/2024
Record Date
Distribution Per Shares


As of 28/02/2024
Distribution Date Dist. NAV ($) Dividend Income ($) Dist. Total ($)
15/02/2024 8.82 0.052779 0.052779
18/01/2024 8.81 0.048368 0.048368
21/12/2023 8.88 0.055974 0.055974
16/11/2023 8.62 0.047212 0.047212
19/10/2023 8.45 0.048826 0.048826
21/09/2023 8.63 0.058275 0.058275
17/08/2023 8.63 0.045610 0.045610
20/07/2023 8.70 0.051811 0.051811
15/06/2023 8.68 0.044194 0.044194
19/05/2023 8.60 0.040020 0.040020
20/04/2023 8.63 0.050944 0.050944
16/03/2023 8.55 0.041284 0.041284
16/02/2023 8.66 0.037673 0.037673
19/01/2023 8.73 0.047442 0.047442
15/12/2022 8.68 0.035149 0.035149
17/11/2022 8.59 0.033511 0.033511
20/10/2022 8.45 0.045650 0.045650
15/09/2022 8.62 0.036185 0.036185
18/08/2022 8.88 0.033425 0.033425
21/07/2022 8.69 0.043720 0.043720
16/06/2022 8.56 0.030084 0.030084
19/05/2022 8.79 0.035347 0.035347
21/04/2022 9.12 0.035334 0.035334
17/03/2022 9.20 0.033047 0.033047
17/02/2022 9.28 0.030072 0.030072
20/01/2022 9.46 0.033902 0.033902
16/12/2021 9.51 0.030274 0.030274
18/11/2021 9.57 0.028204 0.028204
21/10/2021 9.59 0.037254 0.037254
16/09/2021 9.65 0.029556 0.029556
19/08/2021 9.57 0.034234 0.034234
15/07/2021 9.65 0.035062 0.035062
17/06/2021 9.66 0.034266 0.034266
20/05/2021 9.60 0.043742 0.043742
15/04/2021 9.63 0.035482 0.035482
18/03/2021 9.53 0.039372 0.039372
18/02/2021 9.59 0.037795 0.037795
21/01/2021 9.58 0.046571 0.046571
17/12/2020 9.54 0.038414 0.038414
19/11/2020 9.41 0.047609 0.047609
15/10/2020 9.24 0.039575 0.039575
17/09/2020 9.25 0.039016 0.039016
20/08/2020 9.20 0.037609 0.037609
16/07/2020 9.08 0.032993 0.032993
18/06/2020 9.09 0.047985 0.047985
14/05/2020 8.57 0.031680 0.031680
16/04/2020 8.71 0.036836 0.036836
19/03/2020 8.07 0.047438 0.047438
13/02/2020 9.89 0.037361 0.037361
16/01/2020 9.95 0.035925 0.035925
19/12/2019 9.90 0.048469 0.048469
15/11/2019 9.83 0.033312 0.033312
17/10/2019 9.89 0.037977 0.037977
19/09/2019 9.97 0.043597 0.043597
15/08/2019 9.85 0.038351 0.038351
18/07/2019 10.01 0.048920 0.048920
13/06/2019 10.01 0.048273 0.048273
16/05/2019 10.04 0.041895 0.041895
18/04/2019 10.11 0.044799 0.044799
14/03/2019 10.02 0.046197 0.046197
14/02/2019 9.99 0.040471 0.040471
17/01/2019 9.92 0.031995 0.031995
20/12/2018 9.67 0.051484 0.051484
15/11/2018 9.93 0.038726 0.038726
18/10/2018 10.11 0.044783 0.044783
13/09/2018 10.22 0.039824 0.039824
16/08/2018 10.22 0.040934 0.040934
19/07/2018 10.22 0.050679 0.050679
14/06/2018 10.28 0.039457 0.039457
17/05/2018 10.26 0.042270 0.042270
19/04/2018 10.30 0.038225 0.038225
15/03/2018 10.28 0.042910 0.042910
15/02/2018 10.30 0.037492 0.037492
18/01/2018 10.43 0.049505 0.049505
14/12/2017 10.42 0.039460 0.039460
16/11/2017 10.40 0.041445 0.041445
19/10/2017 10.53 0.051842 0.051842
14/09/2017 10.52 0.040311 0.040311
17/08/2017 10.50 0.039276 0.039276
20/07/2017 10.59 0.048533 0.048533
15/06/2017 10.58 0.040410 0.040410
18/05/2017 10.56 0.051823 0.051823
13/04/2017 10.55 0.044297 0.044297
16/03/2017 10.49 0.044353 0.044353
16/02/2017 10.55 0.039267 0.039267
19/01/2017 10.52 0.058667 0.058667
15/12/2016 10.44 0.042601 0.042601
17/11/2016 10.28 0.044437 0.044437
20/10/2016 10.45 0.058996 0.058996
15/09/2016 10.29 0.042757 0.042757
18/08/2016 10.33 0.053332 0.053332
14/07/2016 10.27 0.052937 0.052937
16/06/2016 10.07 0.045500 0.045500
19/05/2016 10.00 0.054808 0.054808
14/04/2016 9.94 0.041333 0.041333
17/03/2016 9.76 0.037906 0.037906
18/02/2016 9.33 0.052090 0.052090
14/01/2016 9.54 0.043772 0.043772
17/12/2015 9.68 0.035591 0.035591

Discrete Performance

As of 31/01/2024
Annual Returns
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 17.15 4.17 0.41 3.85 2.22 2.49 -1.73 8.13
ICE BofAML 0-5 Year US High Yield Constrained Index (GBP Hedged) 18.98 4.87 0.95 4.25 3.22 3.59 -2.39 8.02
Performance - Fund vs Index -1.83 -0.70 -0.54 -0.40 -1.00 -1.10 0.66 0.11
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 27/02/2024
Portfolio Composition - Credit Rating: S&P
Quality MV (%) Fund percent
A1/P1 1.27
Below A1/P1 0.00
AAA 10.99
AA 0.00
A 0.06
BAA 4.75
BB 49.13
B 26.05
Below B 7.74

interest rate exposures

As of 31/01/2024
exposure FUND
Effective Duration 1.99
Bull Market Duration 1.88
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

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.


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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 (, 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 or consulting Fund Info where you may also obtain updated information on the net asset value of the relevant shares.



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.



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-, 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.