Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
$42.90+0.28 (+0.66%)
- 0.49%
- $765M
- −2.2%
- 4.13%
- 0.2M sh
- $42.58
- low $42.15high $46.19
The ETF.net MINO Grade
B
Score 57 out of 100
- 30 of 63
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F13 out of 100Rank 55 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A97 out of 100Rank 11 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B60 out of 100Rank 16 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A77 out of 100Rank 8 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B58 out of 100Rank 30 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 22 of 63
Our read on MINO
BAn actively run muni fund from PIMCO's credit desk: federally tax-free income hunted across the whole ratings ladder, with room for up to 30% junk munis. Most big muni ETFs simply track an index. This one shops.
The Fund seeks current income exempt from federal income tax and long-term capital appreciation.
Why people hold it
- Prospectus allows up to 30% of total assets in below-investment-grade munis, so managers can buy bonds index funds screen out. Roughly 240 positions do the work.finance.yahoo.com
- Built for tax-aware income: the stated objective is current income exempt from federal income tax plus long-term capital appreciation, and distributions land monthly.pimco.com
- Active credit picking with a leash: portfolio duration normally stays within two years either side of the Bloomberg Municipal Bond Index.finance.yahoo.com
- The portfolio has stayed tightly aligned with the muni mandate in its filings, and it sits in the upper half of its municipal-bond peer group.
Worth knowing
- At 0.49% a year it costs well above the muni cohort median of 0.30%, and many multiples of index staples like VTEB (0.03%) and MUB (0.05%).
- High-yield munis can be thinly traded and carry real default risk. That is the trade-off behind the extra income this mandate reaches for.finance.yahoo.com
- A mid-size fund with moderate trading activity, so spreads can run wider than the category's busiest names.
MINO Holdings
- Bonds
- 565
- 22%
- Paribas Repo 3.90% 10/13/2026
Sectors
- Municipal99.8%
- Securitized0.2%
MINO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
MINO$9,782
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MINO |
|---|---|
| Year to date | −3.2% |
| 1 month | −2.2% |
| 3 months | −5.3% |
| 1 year | −2.2% |
| 3 years | +3.8% |
| 5 years | +0.5% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MINO |
|---|---|---|
| 2026 YTD | −3.2% | |
| 2025 | +4.4% | |
| 2024 | +3.1% | |
| 2023 | +8.4% | |
| 2022 | −10.4% | |
| 2021 | +0.3% |
MINO in the news
MINO Dividends
- 4.13%
- $1.76
- $0.14 per share
- Monthly
Distribution history
MINO Risk
- 6.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.12
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −15.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.96
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MINO Cost
0.49%
MINO0.49%
- The middle half of Other Municipal Bond funds
- Median 0.30%
54 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BFTNJFranklin New Jersey Municipal Income ETFExpense ratio 0.36%1 year return —
- BGMNYGoldman Sachs Dynamic New York Municipal Income ETFExpense ratio 0.35%1 year return −0.9%
- BWTMUWisdomTree Core Laddered Municipal FundExpense ratio 0.25%1 year return −2.1%
- BFTMAPutnam ETF Trust - Franklin Massachusetts Municipal Income ETFExpense ratio 0.36%1 year return —
- CFTMNPutnam ETF Trust - Franklin Minnesota Municipal Income ETFExpense ratio 0.36%1 year return —