PIMCO and Source have teamed up to launch their seventh joint ETF, a German government bond tracker.

The PIMCO German Government Bond Index Source ETF (“BUND“) has been listed on the German Stock Exchange and will aim to track the Markit iBoxx € Germany index.

The index has a duration of seven years and offered a yield of around 1.2% at the end of May, according to the fund factsheet. The ETF will use physical replication without securities lending, says Source.

BUND carries an annual management fee of 0.15%. Any additional operating expenses are currently capped at 0.0049% a year.

The fund is registered for sale in the UK, Ireland, Austria, France, Finland, Germany, Italy (for institutional investors only), Netherlands, Norway and Sweden, says Source.

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