# Western Asset Ultra-Short Income Fund;A (ARMZX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/armzx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Western Asset · Asset class: Equity - Strategy: Leveraged · Inception: 1997-04-14 The Fund seeks high current income and to limit the degree of fluctuation of its net asset value by investing principally in a portfolio of adjustable rate securities, many of which will also be US Government securities. ## Key Facts | Metric | Value | |---|---| | Price | $9.23 | | Expense Ratio | 0.65% | | Assets Under Management | $508.9M | | NAV | $9.23 | | Holdings Count | — | | Distribution Yield (TTM) | 3.93% | | Annual Distribution (TTM) | $0.36 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.22 – $9.28 | | Beta | 0.06 | ## Latest Distribution - Amount: $0.0308 /share - Ex-date: 2026-09-30 - Pay date: 2026-09-30 ## Frequently Asked Questions ### What does ARMZX invest in? The Fund seeks high current income and to limit the degree of fluctuation of its net asset value by investing principally in a portfolio of adjustable rate securities, many of which will also be US Government securities. ### What is the expense ratio of ARMZX? Western Asset Ultra-Short Income Fund;A (ARMZX) charges an expense ratio of 0.65%. This is the annual fee deducted from fund assets to cover management and operations. ### What is ARMZX's dividend yield? ARMZX's trailing-twelve-month yield is 3.93%, calculated from the sum of dividends over the past year divided by the current price. ### Is ARMZX a good long-term hold? ARMZX is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days. ### How does ARMZX's daily reset work? ARMZX rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level, so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets. ### How big is ARMZX? Western Asset Ultra-Short Income Fund;A (ARMZX) manages $508.9M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Does ARMZX pay a dividend? Yes, Western Asset Ultra-Short Income Fund;A (ARMZX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.93%. Full dividend history is on this page. ### How often does ARMZX pay dividends? Western Asset Ultra-Short Income Fund;A pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is ARMZX's next ex-dividend date? The most recently announced ex-dividend date for ARMZX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will ARMZX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.65% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does ARMZX charge its expense ratio? The expense ratio is deducted in tiny daily slices from ARMZX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does ARMZX cost more than a fund like VOO? ARMZX is a leveraged fund (current expense ratio 0.65%). Daily-reset leverage products carry swap and financing costs that don't exist on a plain-vanilla equity ETF. The Cost Verdict card compares against the leveraged/inverse cohort where these costs are the norm. ### Are there cheaper alternatives to ARMZX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as ARMZX (0.65%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/armzx - Distribution history: https://www.dividenddata.com/funds/armzx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/armzx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/armzx/expenses - Peer comparison: https://www.dividenddata.com/funds/armzx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.