At a glance
WINC charges 0.55% a year, above the 0.11% average of the 7 funds most like it (the most expensive of 8). It has $12.1M in assets, the 8th largest of that group. Over the past year it returned +2.5% with distributions reinvested, 5th of those 8 funds; over three years it returned +5.1% a year. At its worst it fell 17.4% in the 2020 crash (S&P 500: 33.7%) and 9.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 18 months after the lows.
The short version
Western Asset Short Duration Income ETF (WINC) is a Franklin Templeton bond fund that, as its name says, focuses on short-duration bonds for income. It is tiny next to rivals, at about $12.1 million in net assets against billions for funds such as JPST and BSV, and it made no distributions in the 12 months to October 27, 2026. Its price has usually moved little, but it fell 17.4% in March 2020.
Price history
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WINC +2.5% 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 | |
|---|---|---|---|---|---|---|
| WINC official prospectus, to Dec 31, 2025 | — | +16.09% | — | +3.58% | — | — |
| WINC price data to Oct 27, 2026 | +2.5% | +2.5% | +5.1% | +2.1% | — | +3.1% |
- Over the year to Oct 27, 2026, WINC returned +2.5%, 5th of 8 among similar funds.
- Its 5-year annualized return was +2.1%.
- In the 2020 COVID crash it fell 17.4% and regained its old high 4.5 months after the low.
- Its worst full calendar year was 2022 (-7.2%); its best was 2023 (+6.5%).
- The deepest fall in its price history was 17.4% (Mar 4, 2020 to Mar 20, 2020), recovered by Aug 5, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +4.1% |
| 2024 | +5.3% |
| 2023 | +6.5% |
| 2022 | -7.2% |
| 2021 | +0.7% |
| 2020 | +5.6% |
| 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 16.9% over that stretch · deepest drop along the way 17.4%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.4% over that stretch · deepest drop along the way 9.4%, back to its old high 17.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6800 | -42.4% |
| 2024 | $1.1800 | +14.6% |
| 2023 | $1.0300 | +74.6% |
| 2022 | $0.5900 | +18.0% |
| 2021 | $0.5000 | -51.5% |
| 2020 | $1.0300 |
How it works
WINC is a bond ETF from Franklin Templeton. It carries the Western Asset name and launched on February 7, 2019. Its name states the aim: income from short-duration bonds. Duration measures how much a bond's price tends to move when interest rates change. Short-duration bonds mature or reset their rates within a few years, so their prices usually react less to rate moves than long-term bonds do.
A recent list of the fund's holdings wasn't available for this page, so its largest positions, credit quality and exact duration aren't covered here. The fund's prospectus and shareholder reports explain how bonds are chosen and weighted, and list what the fund owns.
Two forces drive the share price. First, bond prices move opposite to interest rates: when rates rise, existing bonds lose value, and bonds with longer maturities lose more. Second, the fund's history points to credit risk, the chance that borrowers fail to repay. It lost 17.4% in about two weeks in March 2020. A drop that size in short-term bonds usually reflects fears about borrowers rather than rate moves. Like any ETF, its shares trade at market prices that can drift from the value of its holdings, and a fund this small may trade thinly.
What it really costs
- WINC charges 0.55% a year, versus an average of 0.11% for the similar funds below (8th of 8, cheapest first).
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 price has usually moved little, but it paid no distributions in the 12 months to October 27, 2026, so it fits a steadying role better than an income one.
Short-duration bond funds often hold money that may be needed within a few years. WINC launched in February 2019, so it has no 2008 record. In the 2020 COVID crash it fell 17.4% between March 4 and March 20, then recovered by August 5, 2020, about 4.5 months after the low. In 2022 it dropped 9.4% and needed about 17.5 months after its October low to recover. 2022 was its worst calendar year, at -7.2%. Anyone forced to sell near those lows would have locked in losses.
It made no distributions in the 12 months to October 27, 2026, so it provided no income over that stretch. Vanguard's BSV and VCSH charge 0.03% a year, a useful yardstick for WINC's expense ratio. 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 a bond fund whose price has usually moved little: its 3-year volatility (how much returns swing) was 3.0% as of October 27, 2026.
- Those focused on multi-year results: WINC returned 5.1% a year over three years, 3rd in a group of 8 similar funds, as of October 27, 2026.
- Holders who can ride out sharp but brief drops, like its 17.4% fall in March 2020, which it recovered in about 4.5 months.
Look elsewhere if
- Anyone counting on regular income: WINC paid no distributions in the 12 months to October 27, 2026, despite the word Income in its name.
- Investors who prefer big, established funds: at about $12.1 million in net assets, WINC is the smallest in a group of 8 similar funds.
- Anyone who may need to sell in a downturn: WINC lost 9.4% in 2022 and took about 17.5 months, until March 2024, to recover.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| WINC this fund | 0.55% | $12.1M | +2.5% | +5.1% |
| BSV Vanguard Short-Term Bond ETF | 0.03% | $60.20B | +1.7% | +4.5% |
| VTIP Vanguard Short-Term Inflation-Protected Sec… | 0.03% | $57.30B | +2.8% | +5.3% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 0.03% | $41.40B | +1.9% | +5.7% |
| JPST JPMorgan Ultra-Short Income ETF | 0.18% | $31.50B | +3.1% | +4.8% |
| VGSH Vanguard Short-Term Treasury ETF | 0.03% | $26.90B | +2.2% | +4.2% |
| SHV iShares Short Treasury Bond ETF | 0.15% | $20.10B | +3.3% | +4.3% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 0.35% | $13.30B | +3.9% | +4.9% |
Questions investors ask
Does WINC pay monthly dividends?
No. WINC made no distributions in the 12 months to October 27, 2026, so its trailing 12-month yield (income paid over the past year as a share of the price) was 0% as of that date. That is unusual for a fund with 'Income' in its name, because bond ETFs normally pass along the interest their bonds earn. Anyone who needs regular cash from the fund may want to check the issuer's distribution history and fund notices first.
Is WINC good for retirement income?
It did not provide any in the 12 months to October 27, 2026, when it paid no distributions. What it does offer is steadiness: its 3-year volatility, a measure of how much returns swing, was 3.0% as of that date. But it fell 17.4% in March 2020 and 7.2% in calendar 2022. At about $12.1 million in net assets, it is also far smaller than similar funds. It may suit a defensive slice of a portfolio better than an income role.
What's the difference between WINC and JPST?
Mostly size and track record. JPMorgan Ultra-Short Income ETF (JPST) had about $31.5 billion in net assets, against roughly $12.1 million for WINC, and it charges 0.18% a year. Over one year, JPST returned 3.5% as of October 30, 2026, versus 2.5% for WINC as of October 27, 2026. Over three years, WINC was slightly ahead, at 5.1% a year against 4.9%. Ultra-short funds generally hold even shorter-dated bonds, which tends to mean smaller price swings.
How much did WINC lose in 2022?
WINC lost 7.24% in calendar 2022, its worst year since it launched in February 2019. From its January 4, 2022 peak to its October 12, 2022 low, the drop was 9.4%. It took until March 27, 2024, about 17.5 months after the low, to fully recover. Rising interest rates pushed bond prices down that year. Short-duration funds usually feel rate rises less than long-term bond funds, but they are not immune.
How risky is WINC?
WINC has usually moved little, but it is not risk-free. Its biggest drop in the three years to October 27, 2026 was 1.7%. Its deepest fall since launch was 17.4%, between March 4 and March 20, 2020, during the COVID crash, and it recovered by August 5, 2020. Bond prices also fall when interest rates rise. And with about $12.1 million in net assets, it is small. Small ETFs can trade thinly, and their sponsors sometimes close them.