PIMCO launches two actively managed government bond UCITS ETFs
17 DEC, 2025
By Joanna Piwko from RankiaPro Europe
PIMCO announced today that it is expanding its range of ETFs with the launch of two new actively managed fixed income UCITS ETFs: PIMCO Advantage Global Government Bond UCITS ETF (GOVI) and PIMCO Advantage Euro Government Bond UCITS ETF (EUGO).
Both vehicles, integrated into the Advantage series — the main line of UCITS ETFs from the manager — provide access to sovereign debt through the firm's renowned active management approach.
Features and objectives of the new ETFs
The two ETFs seek to maximize total return through diversified portfolios of government bonds: global in the case of GOVI and denominated in euros for EUGO. Their goal is to beat their respective benchmark indices —the Bloomberg Global Aggregate Treasury Index and the Bloomberg Euro Aggregate Treasury Index— in the medium and long term, maintaining disciplined risk management principles. These additions complement PIMCO's current offering in global and euro bond strategies.
PIMCO was a pioneer in active investment in fixed income ETFs in Europe with the launch in 2011 of the first UCITS ETF of these characteristics. Today its UCITS ETF platform manages 8.6 billion dollars and, with these launches, it adds 11 funds that cover the short term, investment grade, high yield and emerging markets.
Management team
The PIMCO Advantage Global Government Bond UCITS ETF (GOVI) will be managed by Martin Svorc (Senior Vice President and Portfolio Manager), Andrew Balls (Managing Director and Global Fixed Income CIO) and Sachin Gupta (Managing Director and Portfolio Manager). The PIMCO Advantage Euro Government Bond UCITS ETF (EUGO) will be in charge of Konstantin Veit (Executive Vice President and Portfolio Manager), Sara Adjir (Senior Vice President and Portfolio Manager) and Lorenzo Pagani (Managing Director and Portfolio Manager).
GOVI is listed on the London Stock Exchange and Xetra Deutsche Börse, while EUGO is listed on Xetra Deutsche Börse and Borsa Italiana, with trading commencing on December 17, 2025. Both funds will disclose their positions quarterly with a 30-day lag, seeking to balance transparency and flexibility in management. In addition, GOVI offers share classes hedged in USD, EUR and GBP to facilitate currency risk management by investors.
The expansion of our range of UCITS ETFs represents a significant milestone in our commitment to offering investors actively managed solutions. By combining PIMCO's over 50 years of rigorous active fixed income management, our track record in global fixed income solutions, and our experience with the efficiency of the ETF structure, we offer clients the fundamental pillars to navigate today's complex markets and achieve their long-term investment goals. Given that high-quality sovereign yields offer attractive opportunities, diversified exposure to government bonds can provide potential income, liquidity, and a defensive anchor, while duration provides investors with a straightforward way to position themselves in the face of macroeconomic trends as monetary policies normalize.
Ryan Blute, Managing Director and Head of Global Wealth Management for EMEA, PIMCO
