At a glance
MINO charges 0.39% a year, the same as the average of the 7 funds most like it (the 6th cheapest of 8). It has $719.8M in assets, the 8th largest of that group; it paid 4.01% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.4% with distributions reinvested, 5th of those 8 funds; over three years it returned +5.3% a year. At its worst it fell 13.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 12.2% of the fund, out of 518 in all.
The short version
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is an actively managed ETF. It mostly holds municipal bonds, whose interest is generally exempt from federal income tax, and it can put up to 30% of its assets in lower-rated "junk" bonds for extra income. It pays monthly, with a trailing 12-month yield of 4.01% as of October 27, 2026. After a fee waiver, its 0.39% expense ratio matches the average of similar funds.
Price history
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MINO -0.4% 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 | |
|---|---|---|---|---|---|---|
| MINO official prospectus, to Dec 31, 2025 | — | +4.42% | — | — | — | +1.12% |
| MINO price data to Oct 27, 2026 | -0.3% | -0.4% | +5.3% | +1.2% | — | +0.9% |
- Over the year to Oct 27, 2026, MINO returned -0.4%, 5th of 8 among similar funds.
- Its 5-year annualized return was +1.2%.
- Its worst full calendar year was 2022 (-10.4%); its best was 2023 (+8.5%).
- The deepest fall in its price history was 15.2% (Dec 17, 2021 to Oct 25, 2022), recovered by Aug 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.3% | — |
| 2025 | +4.4% | +4.42% |
| 2024 | +3.2% | +3.01% |
| 2023 | +8.5% | +8.57% |
| 2022 | -10.4% | -10.45% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.8% over that stretch · deepest drop along the way 13.5%, back to its old high 22.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3100 | |
| 2025 | $1.6800 | -5.6% |
| 2024 | $1.7800 | +3.5% |
| 2023 | $1.7200 | +35.4% |
| 2022 | $1.2700 |
What's inside
As of Jun 30, 2026, the fund held 518 securities; the ten largest made up 12.22% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 1.85% | |
| Connecticut State Health & Educational Facilities Authority Bonds and notes | 1.62% | |
| United States Treasury Bonds and notes | 1.52% | |
| Municipal Electric Authority of Georgia Bonds and notes | 1.27% | |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds and notes | 1.19% | |
| State of Minnesota Bonds and notes | 0.98% | |
| United States Treasury Bonds and notes | 0.98% | |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Bonds and notes | 0.95% | |
| Pennsylvania Turnpike Commission Bonds and notes | 0.94% | |
| Permanent University Fund - Texas A&M University System Bonds and notes | 0.93% | |
| City of Mesa AZ Utility System Revenue Bonds and notes | 0.87% | |
| County of Cuyahoga OH Bonds and notes | 0.86% | |
| Arkansas Development Finance Authority Bonds and notes | 0.85% | |
| Illinois Finance Authority Bonds and notes | 0.83% | |
| Tarrant County Cultural Education Facilities Finance Corp Bonds and notes | 0.83% |
By country
United States 100.68%By issuer
Municipalities 93.89%US Treasury 5.21%US government-sponsored enterprises 1.99%Companies -0.42%The bonds mature in 19.1 years on average (weighted by size), with an average coupon of 4.59%.
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 added a net $156.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.00%, +0.49%, +0.82%.
How it works
MINO does not track an index. PIMCO's managers choose the bonds. They focus on bonds that pay steady, attractive income or that trade at good prices. At least 80% of assets go into municipal bonds. These are bonds issued by states, local governments and their agencies, and bond counsel judged their interest exempt from federal income tax when they were issued. Up to 30% can be high-yield bonds, meaning bonds rated below investment grade. The fund can also buy unlimited "private activity" bonds, whose interest can count toward the alternative minimum tax (AMT).
Duration measures how much a bond's price reacts when interest rates change. The managers keep the fund's duration within 2 years either side of the Bloomberg Municipal Bond Index, which stood at 7.11 years as of September 30, 2026. The fund may concentrate in sectors such as health care, education, housing, transportation and utilities, and in states such as California and New York. It is allowed to use futures, options, swaps and forward purchases, which can create leverage. It reported no derivative positions as of June 30, 2026.
As of June 30, 2026, the fund held 518 holdings, and the top 10 made up 12.22% of assets. Municipal issuers were 93.89% and US Treasuries 5.21%. The largest holdings included U.S. Treasury notes, the Connecticut State Health & Educational Facilities Authority (1.62%), the Municipal Electric Authority of Georgia (1.27%) and the New York City Transitional Finance Authority (1.19%). Average maturity was 19.1 years, and turnover was 29%.
What it really costs
- MINO charges 0.39% a year, versus an average of 0.39% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $606 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MINO | $40 | $147 | $264 | $606 |
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
MINO's main job is to pay monthly income that is generally free of federal income tax, which matters most in a taxable account.
MINO's trailing 12-month yield was 4.01% ($1.76 per share) as of October 27, 2026, paid monthly. Because that income is already largely free of federal tax, it adds less value inside an IRA or 401(k). The fund launched in September 2021, so it has no record from 2008 or 2020. Rising rates made 2022 its worst calendar year, at -10.45%. Its deepest drop was 15.2%, from December 2021 to October 2022, and it took about 21 months to recover, by August 2024. A retiree who sold shares for cash during that stretch would have locked in losses. The expense ratio is 0.39%, or $40 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors in higher tax brackets with taxable accounts who want monthly income that is generally free of federal tax (4.01% trailing yield as of October 27, 2026).
- People comfortable letting PIMCO's managers put up to 30% in below-investment-grade municipal bonds in pursuit of more income.
- Those comparing active high-income muni ETFs: MINO's 0.39% fee is lower than FMHI's 0.70% and FMB's 0.65%.
Look elsewhere if
- Investors holding bonds mainly in IRAs or 401(k)s, where tax-exempt interest adds little benefit over taxable bonds.
- Cost-focused investors: JMUB charges 0.18%, TFI 0.23% and PZA 0.28%, all lower than MINO's 0.39%.
- Anyone who can't tolerate drops like MINO's 15.2% loss in 2021–2022, which took about 21 months to recover, or who owes AMT.
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 |
|---|---|---|---|---|---|
| MINO this fund | 19.1 yrs | 0.39% | $719.8M | -0.4% | +5.3% |
| FMHI First Trust Municipal High Income ETF | 20.2 yrs | 0.7% | $994.3M | +0.2% | +5.8% |
| HYMB SPDR Nuveen Bloomberg High Yield Municipal … | 20.5 yrs | 0.35% | $3.09B | -0.5% | +5.6% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
| PZA Invesco National AMT-Free Municipal Bond ETF | 22.5 yrs | 0.28% | $4.24B | -2.7% | +3.8% |
| MUNI PIMCO Intermediate Municipal Bond Active Ex… | 15.3 yrs | 0.35% | $3.09B | +0.2% | +4.7% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
Questions investors ask
Does MINO pay monthly dividends?
Yes. MINO pays income monthly. Over the 12 months to October 27, 2026, it paid $1.76 per share, a trailing yield of 4.01%. The income comes mostly from interest on municipal bonds, which had an average coupon of 4.59% as of June 30, 2026. Payments can rise or fall as the fund's bonds mature, are called early or are replaced, so the monthly amount is not fixed.
Is MINO income tax-free?
Mostly from federal income tax, but not fully. The fund aims for income exempt from federal income tax and keeps at least 80% in municipal bonds. It can, however, own unlimited private activity bonds, so investors subject to the alternative minimum tax may owe tax on part of the income. The objective covers federal tax only, so state and local treatment can differ. Capital gains distributions are also generally taxable.
What's the difference between MINO and HYMB?
Both own long-maturity municipal bonds with some high-yield exposure. HYMB's name points to a Bloomberg high-yield municipal index, while PIMCO actively picks MINO's bonds and caps high yield at 30%. HYMB costs 0.35% and MINO 0.39%. HYMB is much larger, with $3.09 billion versus about $720 million in net assets as of June 30, 2026. As of October 27, 2026, their three-year annualized returns were close: 5.6% for HYMB and 5.3% for MINO.
How much did MINO lose in 2022?
MINO lost 10.45% in calendar 2022 by the prospectus's official measure, its worst year since launch. Its weakest quarter fell 7.07%, in early 2022. From its December 2021 peak to its October 2022 low, it dropped 15.2%, and it didn't recover until August 2024. The cause was mainly rising interest rates, which push bond prices down. It rebounded 8.57% in 2023, helped by a 7.6% gain in that year's fourth quarter.
What is MINO's expense ratio?
MINO's net expense ratio is 0.39%, per its prospectus filed October 27, 2026. That reflects a 0.49% management fee less a 0.10% waiver. Under the SEC's standard example, $10,000 earning 5% a year would cost about $40 after one year, $147 after three, $264 after five and $606 after ten. Its 0.39% fee matches the peer average, but it ranks 6th cheapest of 8 similar municipal bond funds.