COVR

Covered Bond UCITS ETF
Investment Grade
category/asset class
0.17%
est. yield to maturity
As of 05/05/2021
€114.35
DAILY NAV
As of 05/05/2021
-1.17%
ytd return
As of 05/05/2021

why invest in this fund

A high quality asset offering yield pick-up over government bonds

Covered Bonds are the most senior bonds of an issuer (bank or mortgage institution). The asset class offers both safe haven characteristics and a yield pick up over government bonds. Covered bonds are supported by dual recourse to both the issuing institution and a cover pool of highly quality assets.

tab 1 graph

Portfolio Information

8.00 Years
Effective Maturity
As of 04/05/2021
4.80 Years
Effective Duration
As of 04/05/2021
0.17%
est. yield to maturity
As of 05/05/2021
AA+
average quality
As of 05/05/2021

Fund Facts

FUND DESCRIPTION

The PIMCO Covered Bond UCITS ETF aims to generate income while preserving and growing capital. The ETF will invest primarily in an actively managed diversified portfolio of covered bonds.

DAILY NAV PRICE
€114.35
As of 05/05/2021

Price

Trading Information


Trading Currency
EUR


Exchange Ticker
COVR

Settlement Period
T+2

Bloomberg ticker
COVR GY

BENCHMARK INFORMATION

Bloomberg Barclays Euro Aggregate Covered 3% Cap Index

The Bloomberg Barclays Euro Aggregate Covered 3% Cap Index (the "Index") tracks the performance of euro-denominated covered bonds. Inclusion is based on the currency denomination of the issue and not the domicile of the issuer. Qualifying securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch), at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of EUR 300 million. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 3%. It is not possible to invest directly in an unmanaged index

BENCHMARK INFORMATION
Data point name Data point value
Bloomberg Ticker BEA3TREU

The fund is considered to be actively managed in reference to the Index by virtue of the fact that the Bloomberg Barclays Euro Aggregate Covered 3% Cap Index (the "Index") is used for duration measurement 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.

BENCHMARK INFORMATION
Data point name Data point value

Security Information

As of 04/05/2021

General

ISIN IE00BF8HV717
AUM €62,557,915.07
Benchmark BBG Ticker BEA3TREU
Number of Holdings 70
Base Currency EUR
Launch Date 17 December 2013
Shares Outstanding 547,061
UK Reporting Status Yes
Registered for Distribution in Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, United Kingdom
Exchanges Deutsche Börse Xetra
UCITS Yes
Dividend Treatment Annually

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 ETF Ireland
Manager PIMCO Europe Ltd
Fund Administrator State Street Fund Services (Ireland) Limited
Depository State Street Custodial Services (Ireland) Limited
Authorized Participants Bank of America Merrill Lynch, Bluefin, Commerzbank, Credit Suisse, Flow Traders, Goldenberg Hehmeyer, Goldman Sachs, JP Morgan, Jane Street, Morgan Stanley, Nomura International PLC, Unicredit, Virtu Financial

Top Ten Exposure

As of 04/05/2021

Top Ten Exposure table

Name Coupon Weight (%)
IRS EUR -0.25000 06/16/21-10Y LCH -0.25 13.38
FIN FUT EUR-BUXL 30YR EUX 06/08/21 4.00 9.11
IRS EUR -0.50000 06/16/21-5Y LCH -0.50 7.42
FIN FUT EURO-BOBL 5Y EUX 06/08/21 6.00 4.74
U S TREASURY NOTE 1.13 4.64
LIBERBANK SA COVERED SEC 0.25 4.53
DEUT PFANDBRIEFBANK AG SEC SONIA 1.05 4.52
BANCA MONTE DEI PASCHI S SEC 0.88 4.51
AYT CEDULAS CAJAS X 3.75 4.46
AMCO SPA SR UNSEC 2.63 4.45

Fund Managers

fund manager Kristion T. Mierau
Kristion T. Mierau
Portfolio Manager, European Covered Bonds
As of 04/05/2021

Fees and Expenses

Name Value
Management Fee 0.43%

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

0.17%
est. yield to maturity
As of 05/05/2021
1.46%
Current Yield
As of 05/05/2021
0.00%
distribution yield
As of 31/03/2021

Recent Distributions

As of 05/05/2021
Ex-Date
18/03/2021
Record Date
11/03/2021
Distribution Per Shares
0.0004
Currency
EUR

Dividends

As of 05/05/2021
Distribution Date Dist. NAV (€) Dividend Income (€) Dist. Total (€)
18/03/2021 114.39 0.000417 0.000417
19/03/2020 111.04 0.487768 0.487768
14/03/2019 109.90 1.348943 1.348943
15/03/2018 109.86 0.854670 0.854670
16/03/2017 108.08 0.631074 0.631074
17/03/2016 107.51 0.800049 0.800049
19/03/2015 110.65 0.916738 0.916738
16/07/2014 104.81 0.112008 0.112008
18/06/2014 104.34 0.126533 0.126533
14/05/2014 103.52 0.118516 0.118516
16/04/2014 102.62 0.165836 0.165836
19/03/2014 101.96 0.128748 0.128748
19/02/2014 101.43 0.139079 0.139079
15/01/2014 100.27 0.074114 0.074114

Discrete Performance

As of 30/04/2021
ANNUALIZED RETURNS
Annual Returns
Apr `16 - Apr `17 Apr `17 - Apr `18 Apr `18 - Apr `19 Apr `19 - Apr `20 Apr `20 - Apr `21
Covered Bond UCITS ETF 1.65 1.65 1.84 1.96 1.70
Bloomberg Barclays Euro Aggregate Covered 3% Cap Index 0.72 0.24 2.15 1.46 0.32
Performance - Fund vs Index 0.93 1.41 -0.31 0.50 1.38
As of 31/03/2021
Portfolio Composition - Sector Allocation: Market Value
category / asset class FUND Fund ratio Bloomberg Barclays Euro Aggregate Covered 3% Cap Index Index ratio
Government Related -3.38 0.00
Securitized 0.00 0.00
Invest. Grade Credit 81.60 100.00
High Yield Credit 0.00 0.00
Emerging Markets 0.00 0.00
Municipal/Other 0.00 0.00
Net Other Short Duration Instruments 21.78 0.00
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio Bloomberg Barclays Euro Aggregate Covered 3% Cap Index Index ratio
Government Related -3.49 0.00
Securitized 0.00 0.00
Invest. Grade Credit 103.33 100.00
High Yield Credit 0.00 0.00
Emerging Markets 0.00 0.00
Municipal/Other 0.00 0.00
Net Other Short Duration Instruments 0.16 0.00
As of 31/03/2021
Portfolio Composition - Maturity Distribution
Years % of Fund % of Bloomberg Barclays Euro Aggregate Covered 3% Cap Index
0-1 26.00 0.00
1-3 3.00 25.00
3-5 12.00 26.00
5-10 41.00 27.00
10-20 13.00 11.00
20+ 5.00 11.00
Effective Maturity (yrs) 5.77 -
As of 04/05/2021
Portfolio Composition - Credit Rating: S&P
Quality MV (%) Fund percent
A1/P1 2.58
Below A1/P1 0.00
AAA 46.65
AA 38.12
A 7.89
BAA 4.76
BB 0.00
B 0.00
Below B 0.00

interest rate exposures

As of 30/04/2021
exposure FUND index
Effective Duration 4.80 5.17
Bull Market Duration 4.53 5.20
Bear Market Duration 5.13 5.14
Total Curve Duration 0.05 N/A

sector exposures

As of 30/04/2021
exposure FUND index
Mortgage Spread Duration 0.00 0.00
Corporate Spread Duration 0.03 0.00
Emerging Markets Spread Duration 0.29 0.05

country exposure breakdown

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 results 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. 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 UCITS ETF 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 pursuant to the FinSA. The representative and paying agent for the sub-funds of PIMCO ETFs plc in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The offering documents, articles of incorporation and annual and semi-annual reports may be obtained free of charge from the representative in Switzerland. The ETFs are 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 KIID, 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 KIID (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.


PIMCO Europe Ltd (Company No. 2604517) is authorised and regulated by the Financial Conduct Authority (12 Endeavour Square, London E20 1JN) in the UK. The services provided by PIMCO Europe Ltd are not available to individual 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), PIMCO Europe GmbH Spanish Branch (N.I.F. W2765338E) and PIMCO Europe GmbH Irish Branch  (Company No. 909462) 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 32 of the German Banking Act (KWG). The Italian Branch, Irish Branch and Spanish Branch are additionally supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB) in accordance with Article 27 of the Italian Consolidated Financial Act and the Comisión Nacional del Mercado de Valores (CNMV) 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. 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) . The services provided by PIMCO (Schweiz) GmbH are not available to individual investors, who should not rely on this communication but contact their financial adviser.

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