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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.35

$24 M

0.00%

1.65%

Vitals

YTD Return

2.3%

1 yr return

11.4%

3 Yr Avg Return

4.8%

5 Yr Avg Return

N/A

Net Assets

$24 M

Holdings in Top 10

29.7%

52 WEEK LOW AND HIGH

$9.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.35

$24 M

0.00%

1.65%

SYFFX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return 4.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.69%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pioneer Securitized Income Fund
  • Fund Family Name
    The Pioneer Funds
  • Inception Date
    Dec 09, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Noah Funderburk

Fund Description

The fund invests primarily in mortgage-backed securities, asset-backed securities and other securitized asset instruments.Normally, the fund invests at least 80% of its net assets (plus borrowings or other leverage for investment purposes) in securitized asset instruments. Securitized asset instruments include agency and non-agency mortgage-backed securities (MBS), such as commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), and uniform mortgage-backed securities (UMBS), asset-backed securities (ABS), including private and multi-class structures, pass-through certificates, other instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables), and debt and equity tranches of collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs) and collateralized loan obligations (CLOs). MBS include credit risk transfer securities issued by government sponsored entities or private issuers. Derivative instruments that provide exposure to securitized asset instruments or have similar economic characteristics may be used to satisfy the fund's 80% policy.Agency MBS are issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored enterprises, including mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), or the Federal Home Loan Mortgage Corporation (FHLMC). Although securitized asset instruments typically represent pools of loans, in some cases they may consist of one large loan that is securitized and sold to capital market investors. At any given time, the fund may have invested a substantial amount of its assets in any sector or subsector of the securitized asset markets.MBS and other mortgage-related investments may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The fund may also invest in structured investments including credit linked notes (CLNs), adjustable rate mortgage loans (ARMs), and custodial receipts. The fund may invest a substantial amount of its assets in “sub-prime” mortgage-related securities. The fund also may invest in mortgage pass-through securities including securities eligible to be sold on the “to-be-announced” or TBA market. The fund may enter into dollar rolls, in which the fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. MBS include credit risk transfer securities, which transfer the credit risk related to the MBS to the buyer of the security. Credit risk transfer securities are fixed or floating-rate unsecured general obligations issued by FNMA, FHLMC or other government sponsored or private entities.The fund’s investments in mortgage-related securities may include instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).In addition to securitized asset instruments, the fund has the flexibility to invest in a broad range of issuers and segments of the debt security markets as a whole. Debt securities may include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, those of U.S. and non-U.S. governmental entities (including government agencies and instrumentalities), floating rate loans and other floating rate securities, subordinated debt securities, preferred securities, insurance-linked securities, certificates of deposit, money market securities, securities of other investment companies (including mutual funds,exchange-traded funds and closed-end funds) that invest primarily in debt securities, and cash, cash equivalents and other short term holdings. The fund may invest in securities of issuers in any market sector, industry or market capitalization range. The fund may also invest in Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities.The fund has no limit as to the maturity or duration of the securities in which it invests and maintains an average portfolio duration that varies based upon the judgment of the fund’s investment adviser. The fund's investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features.The fund may invest without limit in securities of any rating. A substantial portion of the fund’s assets ordinarily will consist of below investment grade (high yield) debt securities. Investment in securities of below investment grade quality, commonly referred to as “junk bonds,” involves substantial risk of loss.The fund may invest in securities that are subordinated or “junior” to more senior securities of the issuer, including residual or equity tranches of securitized asset instruments.The fund may, but is not required to, use derivatives, such as interest rate futures and credit default swaps. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to seek event-linked exposure; to attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund also may hold cash or other short-term investments.In selecting investments, Amundi Asset Management US, Inc. (“Amundi US” or the “adviser”), the fund’s investment adviser, integrates fundamental analysis of individual investments and their sectors with a top-down view of the macroeconomic landscape. The adviser uses a research oriented, value-driven approach to identify investments that it believes will perform well over market cycles in terms of income, total return and risk characteristics. The adviser seeks to add value over the course of market cycles by identifying specific opportunities, including cyclical opportunities, with the potential for attractive risk-adjusted returns. The adviser considers such factors as yield, interest rate risk, liquidity, instrument structure, credit and asset quality, perceived risk relative to other risk assets, and supply/demand technicals. In selecting among investments, the adviser considers the relative value of particular investments. The adviser also may employ sector rotation, which refers to the shifting of investments from one or more sectors or subsectors into one or more other sectors or subsectors.In addition to investment-specific factors, the adviser considers broad economic factors in constructing a portfolio designed to achieve the fund's investment objective. In assessing the appropriate quality, sector weightings and duration of the portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates.The adviser may sell a portfolio security when it believes the security no longer will contribute to meeting the fund’s investment objective. The adviser makes that determination based on the same criteria it uses to select portfolio securities.The fund is classified as a non-diversified fund under the 1940 Act and may invest in the securities of a smaller number of issuers than a diversified fund.
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SYFFX - Performance

Return Ranking - Trailing

Period SYFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -6.5% 5.7% 14.84%
1 Yr 11.4% -9.3% 24.0% 6.80%
3 Yr 4.8%* -16.7% 18.1% 2.76%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Return Ranking - Calendar

Period SYFFX Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -12.0% 15.7% 15.90%
2022 -10.4% -31.8% 18.4% 33.70%
2021 2.9% -26.6% 25.7% 3.43%
2020 N/A -49.2% 18.7% N/A
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period SYFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -6.5% 5.7% 14.84%
1 Yr 11.4% -9.3% 24.0% 6.80%
3 Yr 4.8%* -16.7% 18.1% 2.76%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Total Return Ranking - Calendar

Period SYFFX Return Category Return Low Category Return High Rank in Category (%)
2023 13.5% -7.0% 22.2% 2.47%
2022 -3.1% -31.8% 21.1% 16.77%
2021 7.4% -13.5% 49.9% 5.23%
2020 N/A -28.6% 24.1% N/A
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


SYFFX - Holdings

Concentration Analysis

SYFFX Category Low Category High SYFFX % Rank
Net Assets 24 M 2.32 M 127 B 97.98%
Number of Holdings 107 2 10577 81.49%
Net Assets in Top 10 9.4 M -1.57 B 65.8 B 94.39%
Weighting of Top 10 29.74% 0.7% 170.6% 45.37%

Top 10 Holdings

  1. United States Treasury Bill 6.33%
  2. Fannie Mae or Freddie Mac 4.70%
  3. United States Treasury Bill- When Issued 3.16%
  4. Fannie Mae or Freddie Mac 2.89%
  5. United States Treasury Bill 2.68%
  6. Santander Bank NA - SBCLN 2.08%
  7. Santander Bank Auto Credit-Linked Notes Series 2022-A 2.07%
  8. Freddie Mac STACR Trust 2018-HQA2 1.99%
  9. STACR Trust 2018-HRP2 1.93%
  10. Bayview Opportunity Master Fund VII Trust 2024-CAR1F 1.91%

Asset Allocation

Weighting Return Low Return High SYFFX % Rank
Bonds
60.81% -150.81% 203.29% 82.55%
Other
47.37% -72.32% 100.00% 3.03%
Stocks
0.00% -1.60% 99.88% 92.11%
Preferred Stocks
0.00% 0.00% 30.46% 83.31%
Convertible Bonds
0.00% 0.00% 33.50% 93.46%
Cash
0.00% -94.66% 258.91% 97.42%

Bond Sector Breakdown

Weighting Return Low Return High SYFFX % Rank
Securitized
93.95% 0.00% 99.65% 1.88%
Derivative
0.37% -72.32% 37.37% 24.20%
Cash & Equivalents
0.00% 0.00% 88.14% 98.48%
Corporate
0.00% 0.00% 96.66% 98.28%
Municipal
0.00% 0.00% 54.26% 82.47%
Government
0.00% 0.00% 99.43% 95.62%

Bond Geographic Breakdown

Weighting Return Low Return High SYFFX % Rank
US
60.81% -151.11% 203.29% 72.08%
Non US
0.00% 0.00% 67.77% 89.38%

SYFFX - Expenses

Operational Fees

SYFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.65% 0.01% 20.67% 31.62%
Management Fee 0.55% 0.00% 2.29% 37.05%
12b-1 Fee 0.00% 0.00% 1.00% 11.80%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

SYFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SYFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SYFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% N/A

SYFFX - Distributions

Dividend Yield Analysis

SYFFX Category Low Category High SYFFX % Rank
Dividend Yield 0.00% 0.00% 18.15% 8.72%

Dividend Distribution Analysis

SYFFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Quarterly

Net Income Ratio Analysis

SYFFX Category Low Category High SYFFX % Rank
Net Income Ratio 4.69% -1.55% 11.51% 11.25%

Capital Gain Distribution Analysis

SYFFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SYFFX - Fund Manager Analysis

Managers

Noah Funderburk


Start Date

Tenure

Tenure Rank

Dec 09, 2019

2.48

2.5%

Noah Funderburk is a Vice President, Portfolio Manager, and member of the Securitized Assets team at Amundi Pioneer. Based in Boston, he is responsible for the portfolio management of securitized credit strategies. He specializes in non-agency residential mortgage-backed securities and emerging sectors such as agency credit risk transfer securities and single family rental securities.

Nicolas Pauwels


Start Date

Tenure

Tenure Rank

Dec 09, 2019

2.48

2.5%

Mr. Pauwels, Vice President of Amundi Pioneer, joined Amundi Pioneer in 2006.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19