Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Western Asset Bond ETF
$23.64+0.03 (+0.12%)
- 0.35%
- $12M
- −2.2%
- 5.64%
- 0M sh
- $23.64
- low $23.43high $25.79
The ETF.net WABF Grade
C
Score 53 out of 100
- 74 of 117
Score 53 of 100 falls in the C 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.C46 out of 100Rank 61 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A93 out of 100Rank 69 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D38 out of 100Rank 88 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D28 out of 100Rank 97 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C44 out of 100Rank 85 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 79 of 117
Our read on WABF
CWestern Asset has run bond money since 1971, and WABF is that core-plus playbook in ETF form: an actively picked book of roughly 400 US bonds, paid out monthly, with room to reach into high yield.
The Fund seeks to maximize total return while maintaining prudent investment management and meeting liquidity needs.
Why people hold it
- Active, but with a leash: managers aim to keep average effective duration within 20% of the domestic bond market's, so security selection does the work rather than big rate bets.franklintempleton.com
- Up to 20% can sit in below-investment-grade bonds, and the fund intends to stay in US dollar securities, so the yield lever comes without currency exposure.businesswire.com
- A 0.35% expense ratio lands right at the aggregate-bond category median, unusual for a fund where a human team is making the calls.
- Income arrives monthly, and the portfolio hews closely to the broad US total-return mandate its prospectus describes.
Worth knowing
- Index rivals BND, SPAB and SCHZ charge 0.03%. Active management here costs about ten times the cheapest route to core US bonds, a gap the manager has to earn back.
- Small asset base and light trading volume. Spreads can be wider than on the giant index funds, and limit orders are the norm in this corner of the market.
- That high-yield sleeve cuts both ways: credit stress can bite harder here than in a pure investment-grade index tracker.businesswire.com
WABF Holdings
- Bonds
- 391
- 35%
- Recv Cmenairswap Fwd 9/27
Sectors
- Financials48.3%
- Communication14.8%
- Energy10.4%
- Health Care9.4%
- Technology7.1%
- Industrials3.8%
- Materials1.9%
- Utilities1.7%
- Consumer Discretionary1.6%
- Consumer Staples0.9%
WABF 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.Not enough history yet.
WABF$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 | WABF |
|---|---|
| Year to date | −2.9% |
| 1 month | −1.4% |
| 3 months | −2.9% |
| 1 year | −2.2% |
| 3 years | +5.0% |
| 5 years | — |
| 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 | WABF |
|---|---|---|
| 2026 YTD | −2.9% | |
| 2025 | +7.9% | |
| 2024 | +1.3% | |
| 2023 | +6.3% |
WABF in the news
WABF Dividends
- 5.64%
- $1.33
- $0.13 per share
- Monthly
Distribution history
WABF Risk
- 6.7%
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.
- 0.01
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.
- −5.3%
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.
- 0.30
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
WABF Cost
0.35%
WABF0.35%
- The middle half of US Aggregate Bond funds
- Median 0.34%
57 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CBLTDBluemonte Long Term Bond ETFExpense ratio 0.28%1 year return −5.4%
- CJPIBJPMorgan International Bond Opportunities ETFExpense ratio 0.50%1 year return +0.5%
- CFTCBFirst Trust Core Investment Grade ETFExpense ratio 0.56%1 year return −2.6%
- CTPLSThornburg Core Plus Bond ETFExpense ratio 0.45%1 year return −1.7%
- CCRUXColumbia Core Bond ETFExpense ratio 0.32%1 year return —