BOND is designed to provide core fixed income exposure, and seeks to achieve attractive risk-adjusted income while preserving purchasing power through active management. While BOND once employed the same management and strategy as the legendary PIMCO Total Return mutual fund, the ETF switched to a different management team in May 2017. BONDs investment strategy is now said to be more strategic, or long-term in nature, with less emphasis on short-term, tactical trading strategies used in the past. While BOND invests heavily in US credits and government securities, the prospectus allows up to 30% allocation to high-yield bonds, up to 10% to preferred and convertible instruments, up to 10% to locally denominated foreign debt, and up to 15% to EM debt. The fund may also hedge its foreign currency risk. BOND is also the first actively managed ETF to trade on the floor of the NYSE. The exchange traditionally has used their electronic trading platform, ARCA, to execute ETF trades.
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