At a glance
LDUR charges 0.51% a year, above the 0.14% average of the 7 funds most like it (the most expensive of 8). It has $1.37B in assets, the 8th largest of that group; it paid 4.22% of its price in distributions over the past 12 months, monthly. Over the past year it returned +2.2% with distributions reinvested, 3rd of those 8 funds; over three years it returned +5.2% a year. At its worst it fell 8.2% in the 2020 crash (S&P 500: 33.7%) and 5.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows. Its ten largest positions make up 19.7% of the fund, out of 627 in all.
The short version
PIMCO Enhanced Low Duration Active ETF (LDUR) is an actively managed bond ETF. It holds mostly investment-grade corporate bonds and mortgage-backed securities, and it keeps its duration (a measure of how much prices react to interest-rate changes) between one and three years. It pays income monthly and aims for steadier prices than longer-term bond funds. At 0.51% a year, it costs more than any of the seven similar funds it was compared with.
Price history
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LDUR +2.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LDUR official prospectus, to Dec 31, 2025 | — | +5.63% | — | +2.11% | +2.56% | — |
| LDUR price data to Oct 27, 2026 | +1.4% | +2.2% | +5.2% | +2.6% | +2.5% | +2.5% |
- Over the year to Oct 27, 2026, LDUR returned +2.2%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +2.6% and its 10-year +2.5%.
- In the 2020 COVID crash it fell 8.2% and regained its old high 3.1 months after the low.
- Its worst full calendar year was 2022 (-4.2%); its best was 2025 (+5.8%).
- The deepest fall in its price history was 8.7% (Mar 9, 2020 to Mar 26, 2020), recovered by Jun 25, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.4% | — |
| 2025 | +5.8% | +5.63% |
| 2024 | +5.2% | +5.14% |
| 2023 | +5.6% | +4.86% |
| 2022 | -4.2% | -4.40% |
| 2021 | -0.5% | -0.31% |
| 2020 | +4.5% | +4.48% |
| 2019 | +4.3% | +4.35% |
| 2018 | +1.8% | +1.34% |
| 2017 | +2.1% | +2.14% |
| 2016 | +2.6% | +2.84% |
| 2015 | +2.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 6.3% over that stretch · deepest drop along the way 8.2%, back to its old high 3.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5% over that stretch · deepest drop along the way 5.1%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9000 | |
| 2025 | $4.4100 | -2.9% |
| 2024 | $4.5400 | -1.7% |
| 2023 | $4.6200 | +120.0% |
| 2022 | $2.1000 | +130.8% |
| 2021 | $0.9100 | -58.4% |
| 2020 | $2.1900 | -30.0% |
| 2019 | $3.1300 | -6.0% |
| 2018 | $3.3300 | +57.8% |
| 2017 | $2.1100 | +13.4% |
| 2016 | $1.8600 | -36.1% |
| 2015 | $2.9100 |
What's inside
As of Jun 30, 2026, the fund held 627 securities; the ten largest made up 19.71% of assets, and 7.79% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UMBS, TBA Mortgage-backed securities | 6.59% | |
| UMBS, TBA Mortgage-backed securities | 3.91% | |
| Fannie Mae Mortgage-backed securities | 2.28% | |
| BMW US CAPITAL LLC Bonds and notes | 1.47% | |
| DEUTSCHE BANK NY Bonds and notes | 1.05% | |
| GA GLOBAL FUNDING TRUST Bonds and notes | 0.98% | |
| LLOYDS BANKING GROUP PLC Bonds and notes | 0.89% | |
| CANADIAN IMPERIAL BANK Bonds and notes | 0.85% | |
| EPR PROPERTIES Bonds and notes | 0.85% | |
| SAUDI INTERNATIONAL BOND Bonds and notes | 0.85% | |
| ISRAEL ELECTRIC CORP LTD Bonds and notes | 0.84% | |
| UMBS, TBA Mortgage-backed securities | 0.81% | |
| CITADEL LP Bonds and notes | 0.81% | |
| FIRST ABU DHABI BANK PJS Bonds and notes | 0.80% | |
| PACIFIC GAS & ELECTRIC Bonds and notes | 0.80% |
By country
United States 76.6%Cayman Islands 9.62%Canada 3.28%United Kingdom 2.26%Israel 1.88%By issuer
Companies 70.83%US government-sponsored enterprises 25.3%US government agencies 3.27%Other 2.41%Foreign governments 1.78%The bonds mature in 12.5 years on average (weighted by size), with an average coupon of 4.52%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $30.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.34%, +0.15%, +0.24%.
How it works
LDUR doesn't track an index. PIMCO's managers choose holdings from the bottom up, looking for bonds and sectors they consider undervalued. The goal is "maximum total return, consistent with preservation of capital." At least 80% of net assets goes into bonds and similar debt. Most of it is investment grade, but up to 15% can be in high-yield "junk" bonds and up to 10% in emerging markets. Net foreign-currency exposure is normally kept to 5% or less.
The key setting is duration, which PIMCO moves between one and three years based on its rate forecasts. As of June 30, 2026, the fund had 627 holdings. Bonds and notes made up about 50% of assets, mortgage-backed securities 33%, other asset-backed debt 12%, and CLOs (pooled corporate loans) 10%. The largest positions were two Uniform Mortgage-Backed Security "TBA" contracts at 6.6% and 3.9%. These are forward agreements to buy mortgage pools later. Next came a Fannie Mae mortgage security and BMW US Capital bonds. Forward contracts like these brought total debt exposure to 104% of assets.
PIMCO also uses SOFR-linked interest-rate swaps and Treasury futures to fine-tune rate exposure. The prospectus says the fund tries to pay a fairly steady dividend, limit trading and keep taxable gains down. Even so, portfolio turnover was 280%, and heavy trading can add costs that the expense ratio doesn't show.
What it really costs
- LDUR charges 0.51% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.46% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LDUR | $52 | $164 | $285 | $640 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its short duration and mostly investment-grade holdings have kept price swings small, with one-year volatility of 1.7% as of October 27, 2026.
LDUR could serve as a lower-volatility bond holding or a place for money needed in the next few years. It launched in 2014, so it has no record from the 2008 crisis. Its deepest drop came in the 2020 COVID crash, when it fell 8.7% between March 9 and March 26, 2020. It recovered by June 25, about three months later. The 2022 rate shock was slower: a 5.1% decline took 14.6 months to recover, and 2022 was its worst calendar year at -4.4%. Anyone forced to sell in those stretches would have locked in losses. It pays monthly, with a trailing yield of 4.22% as of October 27, 2026. Its 0.51% expense ratio ($52 in the first year on $10,000 under the SEC's example) is well above the 0.14% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly bond income, with a 4.22% trailing yield as of October 27, 2026, and only a one-to-three-year duration.
- People who prefer PIMCO actively choosing among corporate bonds, mortgage securities and asset-backed debt instead of tracking an index.
- Retirees setting aside money for the next few years who can accept dips like 2022's 5.1% drop, which took 14.6 months to recover.
Look elsewhere if
- Cost-focused investors: its 0.51% expense ratio is the highest among comparable funds, versus 0.15% for PULS and 0.03% for AGG or BND.
- Anyone wanting mainly government bonds: about 71% was company-issued debt as of June 30, 2026, and up to 15% may be junk bonds.
- Savers seeking near-cash steadiness may compare PIMCO's MINT, which holds shorter maturities and returned 4.2% over one year versus LDUR's 2.2% (late October 2026).
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| LDUR this fund | 12.5 yrs | 0.51% | $1.37B | +2.2% | +5.2% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 12.5 yrs | 0.03% | $10.60B | -1.1% | +5.2% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
Questions investors ask
Does LDUR pay monthly dividends?
Yes. LDUR pays distributions monthly. Over the 12 months to October 27, 2026, it paid $3.98 per share, a trailing yield of 4.22%. The prospectus says PIMCO tries to keep dividend income fairly steady by spreading money across many bond sectors. Payments still depend on market conditions and can change. Because the fund holds bonds, most of its distributions come from interest, which is generally taxed as ordinary income in taxable accounts.
What's the difference between LDUR and MINT?
Both are actively managed PIMCO bond ETFs, but MINT is cheaper and holds shorter maturities. MINT charges 0.35% a year to LDUR's 0.51%. Its average years to maturity was 6.3, against 12.5 for LDUR, based on N-PORT filings. MINT returned 4.2% over one year as of October 29, 2026. LDUR returned 2.2% as of October 27. Over three years, LDUR returned 5.2% a year and MINT 5.0%. MINT is also much larger, with about $16.4 billion in net assets to LDUR's $1.37 billion.
Is LDUR safe when interest rates rise?
Not completely. Bond prices fall when rates rise, and LDUR is no exception, though its one-to-three-year duration limits the damage. In 2022, as rates climbed quickly, the fund lost 4.4% for the year, according to its prospectus. Its worst quarter was a 2.96% decline in the first quarter of 2022. Its peak-to-trough drop that year was 5.1%, and it took 14.6 months to recover, until December 26, 2023.
What is LDUR's expense ratio?
LDUR's expense ratio is 0.51% a year, according to its prospectus filed October 27, 2026. That includes a 0.46% management fee. Under the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end), costs would total $52 after one year, $164 after three, $285 after five and $640 after ten. Similar funds averaged 0.14%, and LDUR was the most expensive of the eight funds compared.
How has LDUR performed over 10 years?
LDUR returned 2.56% a year over the 10 years ending December 31, 2025, according to its prospectus. It returned 2.11% a year over five years and 5.63% over one year. From 2016 through 2025, its calendar-year returns ranged from a 4.4% loss in 2022 to a 5.63% gain in 2025. Through October 27, 2026, the year-to-date return was 1.43%. That covers only part of a year.