BOND

Pimco Sets Cap Gains On 14 Of 19 ETFs

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Pimco, the bond fund manager behind Bill Gross' blockbuster Pimco Total Return ETF (NYSEArca:BOND), declared 2012 capital gains distributions on 14 of its 19 ETFs , an unsurprising turn of events given the popularity of bond funds in the past year of on-again/off-again market volatility.

Indeed, ETF sponsors have generally been reporting cap gains distributions on bond funds rather than equities funds, and because Newport Beach, Calif.-based Pimco sponsors only bond funds, the fact that almost three-quarters of its ETFs have payouts is consistent with the broader pattern.

That pattern essentially reflects the post-crisis environment that has featured investors piling into fixed income in one-way traffic that has limited many managers' ability to offset cap gains through sales of readily available low-cost-basis securities at the portfolio level. The challenge is rendered more difficult because bonds-unlike stocks-mature, forcing fund managers to realize gains at that time.

Among the sponsors who have reported a concentration, most-if not all-of their cap gains distributions on bond funds are on funds from iShares, State Street Global Advisors, Vanguard and Guggenheim.

Included among the bond funds with capital gains distributions is BOND, the nearly $4 billion ETF that came to market on March 1. The total payout of $0.88264 per share amounts to just shy of 1 percent of the ETF's closing price on Dec. 27.

Details on the Pimco payouts are in the table on the following page.

Modest Cap Gains For Equities

By comparison, cap gains payouts on equities are much less frequent than on bond funds, and tend to be a smaller percentage of a given fund's net asset value. Equity fund managers have been able to easily find securities to sell out of a portfolio to minimize and most often neutralize the need to pass on any capital gains to fund holders.

As an example, last year, only 20 of 756 equity ETFs paid distributions-less than 3 percent of all equity ETFs, and the gains they did pay out were tiny, according to data compiled by IndexUniverse. This year is looking to be similar.

Morningstar data meanwhile showed that 24 percent of equity mutual fund share classes made a capital gains distribution last year, and nearly two-thirds of these share classes distributed more than 2.0 percent of their assets as capital gains.

The payouts on the 14 Pimco bond ETFs, again, are detailed on the following page.

Regarding the table, while not currently complete, IndexUniverse intends to compile information on the entire universe of U.S.-listed ETFs and ETNs. It currently includes payout information on about three-quarters of the more than 1,400 U.S.-listed exchange-traded products.

Invesco PowerShares171Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

PowerShares S&P 500 Buy Write

PBP

-

0,00%

0,1454

0,74%

0,1454

0,74%

19,5776

PowerShares 1-30 Laddered Treasury Portfolio

PLW

0,00%

0,0010

0,00%

0,0010

0,00%

32,8853

PowerShares Active Low Duration Fund

PLK

0,00%

0,0634

0,25%

0,0634

0,25%

25,3674

iShares280 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

iShares Barclays Aggregate Bond Fund

AGG

0,4000

0,36%

0,0400

0,04%

0,4400

0,40%

111,16

iShares Barclays GNMA Bond Fund

GNMA

0,2200

0,44%

0,00%

0,2200

0,44%

49,9

iShares iBoxx $ Investment Grade Corporate Bond Fund

LQD

0,00%

0,0100

0,01%

0,0100

0,01%

121,19

iShares Barclays MBS Bond Fund

MBB

0,2300

0,21%

0,00%

0,2300

0,21%

108,06

iShares Financials Sector Bond Fund

MONY

0,2600

0,49%

0,00%

0,2600

0,49%

52,8

Jefferies2 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

No capital gains distributions in 2012.

Pax World2 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

No 2012 capital gains distributions.

Pimco17 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Pimco 1-3 Year Treasury Fund

TUZ

0,0000

0,00%

0,1438

0,28%

0,1438

0,28%

50,8781

Pimco 1-5 Year U.S. TIPS Index Fund

STPZ

0,0025

0,00%

0,0285

0,05%

0,0310

0,06%

54,0587

Pimco Broad U.S. TIPS Index Fund

TIPZ

0,0000

0,00%

0,0043

0,01%

0,0043

0,01%

61,4969

Pimco 7-15 Year U.S. Treasury Index Fund

TENZ

0,0542

0,06%

0,4948

0,57%

0,5490

0,63%

87,0384

Pimco 3-7 Year U.S. Treasury Index Fund

FIVZ

0,0642

0,08%

0,5554

0,68%

0,6197

0,76%

81,3582

Pimco Total Return Fund

BOND

0,8826

0,81%

0,0000

0,00%

0,8826

0,81%

108,9998

Pimco Intermediate Municipal Bond Strategy Fund

MUNI

0,0574

0,11%

0,0127

0,02%

0,0701

0,13%

54,2718

Pimco Short Term Municipal Bond Strategy Fund

SMMU

0,0000

0,00%

0,0044

0,01%

0,0044

0,01%

50,3649

Pimco Build America Bond Strategy Fund

BABZ

0,8501

1,53%

0,8532

1,54%

1,7033

3,07%

55,4794

Pimco Investment Grade Corporate Bond Index ETF

CORP

0,6021

0,56%

0,1512

0,14%

0,7533

0,70%

108,1828

Pimco Broad U.S. Treasury Index Fund

TRSY

2,8282

2,69%

0,0000

0,00%

2,8282

2,69%

105,1238

Pimco Australia Bond Index Fund

AUD

0,0777

0,07%

0,0000

0,00%

0,0777

0,07%

103,7533

Pimco Canada Bond Index Fund

CAD

0,3031

0,29%

0,0000

0,00%

0,3031

0,29%

105,3904

Pimco Global Advantage Inflation-Linked Bond Fund

ILB

0,1590

0,30%

0,0000

0,00%

0,1590

0,30%

53,5856

Precidian1 Total ETFNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

No capital gains distributions in 2012

ProShares139 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Company says none of its equity and fixed-income ETFs will pay any 2012 capital gain distributions.

RevenueShares6 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

No capital gains distributions at this time.

Russell24 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

No capital gains distributions in 2012.

Note:Company shut 25 index ETFs in August.

SSgA117 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

SPDR Barclays Capital Aggregate Bond ETF

LAG

0,2350

0,40%

0,0830

0,14%

0,3180

0,54%

58,7026

SPDR Barclays Capital Convertible Securities ETF

CWB

0,1170

0,29%

0,3830

0,96%

0,5000

1,25%

39,9474

SPDR Barclays Capital Intermediate Term Corporate Bond ETF

ITR

0,0080

0,02%

0,0620

0,18%

0,0700

0,20%

34,6583

SPDR Barclays Capital Intermediate Term Treasury ETF

ITE

0,0000

0,00%

0,2860

0,47%

0,2860

0,47%

60,8336

SPDR Barclays Capital Mortgage Backed Bond ETF

MBG

0,4220

1,55%

0,0000

0,00%

0,4220

1,55%

27,2844

SPDR Barclays Capital Short Term Corporate Bond ETF

SCPB

0,0090

0,03%

0,0180

0,06%

0,0270

0,09%

30,6541

SPDR Nuveen Barclays Capital California Municipal Bond ETF

CXA

0,0440

0,18%

0,4840

1,99%

0,5280

2,17%

24,2792

SPDR Nuveen Barclays Capital Municipal Bond ETF

TFI

0,0040

0,02%

0,2730

1,13%

0,2770

1,14%

24,2211

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF

SHM

0,0010

0,00%

0,0450

0,19%

0,0460

0,19%

24,2648

SPDR Nuveen S&P High Yield Municipal Bond ETF

HYMB

0,0830

0,14%

0,0000

0,00%

0,0830

0,14%

58,2991

SPDR Barclays Capital Issuer Scored Corporate Bond ETF

CBND

0,0530

0,16%

0,0460

0,14%

0,0990

0,30%

32,6487

SPDR Barclays International Corporate Bond ETF

IBND

0,0040

0,01%

0,0310

0,09%

0,0350

0,10%

35,2046

SPDR Barclays Long Term Corporate Bond ETF

LWC

0,0460

0,11%

0,0800

0,19%

0,1260

0,30%

41,5977

SPDR Barclays Emerging Markets Local Bond ETF

EBND

0,0380

0,12%

0,0080

0,02%

0,0460

0,14%

32,0176

SPDR Nuveen Barclays New York Municipal Bond ETF

INY

0,0000

0,00%

0,1650

0,69%

0,1650

0,69%

24,0017

SPDR Dow Jones Mid Cap ETF

EMM

0,2380

0,36%

0,2440

0,37%

0,4820

0,73%

65,6071

SPDR S&P Software & Services ETF

XSW

1,1760

1,90%

0,0000

0,00%

1,1760

1,90%

61,9437

SPDR S&P Health Care Services ETF

XHS

2,7010

4,09%

0,0000

0,00%

2,7010

4,09%

66,0353

SPDR S&P Health Care Equipment ETF

XHE

0,6140

1,10%

0,2650

0,48%

0,8790

1,58%

55,7313

SPDR S&P Aerospace & Defense ETF

XAR

0,3410

0,54%

0,0000

0,00%

0,3410

0,54%

63,4464

SPDR S&P International Mid Cap ETF

MDD

0,0670

0,23%

0,0000

0,00%

0,0670

0,23%

28,5849

SPDR MSCI ACWI IMI ETF

ACIM

0,0160

0,03%

0,0000

0,00%

0,0160

0,03%

51,0533

SPDR S&P Small Cap Emerging Asia Pacific ETF

GMFS

3,2210

7,79%

0,0000

0,00%

3,2210

7,79%

41,3611

Teucrium6 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Capital gains, if any, are allocated and not distributed in futures-based commodities funds.

US Commodity Funds10 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Capital gains, if any, are allocated and not distributed in futures-based commodities funds.

Van Eck46 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Market Vectors Biotech ETF

BBH

0,1660

0,31%

5,6750

10,64%

5,8410

10,95%

53,323

Market Vectors Small-Cap Brazil ETF

BRF

0,0000

0,00%

0,0250

0,06%

0,0250

0,06%

41,7584

Market Vectors Oil Services ETF

OIH

0,0070

0,02%

0,0000

0,00%

0,0070

0,02%

38,2265

Market Vectors CEF Municipal Income ETF

XMPT

0,0065

0,0065

TBA

Market Vectors Intermediate Municipal Index ETF

ITM

0,0021

0,0021

TBA

Market Vectors Short Municipal Index ETF

SMB

0,0110

0,0110

TBA

Market Vectors Emerging Markets High Yield Bond ETF

HYEM

0,0080

0,0080

TBA

Market Vectors Fallen Angel High Yield Bond ETF

ANGL

0,1200

0,1200

TBA

Market Vectors LatAm Aggregate Bond ETF

BONO

0,0120

0,0120

TBA

Market Vectors Mortgage REIT ETF

MORT

0,0022

0,0022

TBA

Vanguard64 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

Extended Duration Treasury ETF

EDV

1,3200

1,12%

2,9200

2,48%

4,2400

3,60%

117,71

Intermediate-Term Bond ETF

BIV

0,1200

0,14%

1,4200

1,61%

1,5400

1,75%

88,15

Intermediate-Term Corporate Bond ETF

VCIT

0,2800

0,32%

0,1700

0,19%

0,4500

0,51%

87,46

Intermediate-Term Government Bond ETF

VGIT

0,1800

0,27%

0,4300

0,66%

0,6100

0,93%

65,5

Long-Term Bond ETF

BLV

0,2300

0,24%

1,0900

1,16%

1,3200

1,40%

94,31

Vanguard Long-Term Corporate Bond ETF

VCLT

0,2000

0,22%

0,0300

0,03%

0,2300

0,25%

92,02

Vanguard Long-Term Government Bond ETF

VGLT

0,0200

0,03%

0,1200

0,16%

0,1400

0,18%

76,04

Mortgage-Backed Securities ETF

VMBS

0,2600

0,50%

0,0100

0,02%

0,2700

0,52%

52,19

Short-Term Bond ETF

BSV

0,0300

0,04%

0,1800

0,22%

0,2100

0,26%

80,91

Short-Term Corporate Bond ETF

VCSH

0,0400

0,05%

0,0900

0,11%

0,1300

0,16%

79,98

Short-Term Government Bond ETF

VGSH

0,0300

0,05%

0,0700

0,12%

0,1000

0,16%

60,85

Total Bond Market ETF

BND

0,1700

0,20%

0,2600

0,31%

0,4300

0,51%

83,98

WisdomTree47 Total ETFsNameTicker

Short Term Distribution ($/share)

Estimated Percentage of NAV

Long Term Distribution ($/share)

Estimated Percentage of NAV

Total Distribution ($/share)

Total Distribution (%)

NAV as of 12/27/2012

WisdomTree Euro Debt Fund

EU

0,1955

0,86%

0,1955

0,86%

22,6809

WisdomTree Emerging Markets Local Debt Fund

ELD

0,0948

0,18%

0,0561

0,11%

0,1508

0,28%

53,0339

WisdomTree Asia Local Debt Fund

ALD

0,2665

0,51%

0,0164

0,03%

0,2829

0,54%

52,3359

WisdomTree Dreyfus Chinese Yuan Fund

CYB

0,00%

0,1992

0,78%

0,1992

0,78%

25,5211

Note:Number of total funds for each sponsor according to IndexUniverse's ETF Classification System. Capital gains percentages have been calculated using traditional 'holding period' methodologies. Where possible, all cap gains paid in a calendar year are divided by the NAV at the start of that year. Where a fund did not begin trading until after the first of the year, the longest possible holding period is used.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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