Unlike money market mutual funds, the share price of MINT can fluctuate. However, last month the SEC announced a proposal that would require institutional money market funds to move to a floating net asset value. [Short-Duration Bond ETFs in Spotlight on SEC Money Fund Proposal]
In PIMCO’s ETF business, MINT helped offset outflows from PIMCO Total Return ETF (NYSEArca: BOND), which is managed by Bill Gross, in June. BOND saw outflows of more than $500 million last month. Meanwhile, PIMCO Total Return Fund experienced redemptions of nearly $10 billion, Bloomberg reports. BOND is the ETF version of PIMCO Total Return Fund.
PIMCO Enhanced Short Maturity