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PIMCO ETF TRUST

Annual Report

June 30, 2023

Index Exchange-Traded Funds

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | ZROZ | NYSE Arca

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | STPZ | NYSE Arca

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | LTPZ | NYSE Arca

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | TIPZ | NYSE Arca

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | HYS | NYSE Arca

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | CORP | NYSE Arca

Actively-Managed Exchange-Traded Funds

PIMCO Active Bond Exchange-Traded Fund | BOND | NYSE

PIMCO Enhanced Low Duration Active Exchange-Traded Fund | LDUR | NYSE Arca

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | EMNT | NYSE Arca

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | MINT | NYSE Arca

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | MUNI | NYSE Arca

PIMCO Multisector Bond Active Exchange-Traded Fund | PYLD | NYSE Arca

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | MINO | NYSE Arca

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD | NYSE Arca

PIMCO Senior Loan Active Exchange-Traded Fund | LONZ | NYSE Arca

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU | NYSE Arca

PIMCO Ultra Short Government Active Exchange-Traded Fund | BILZ | NYSE Arca

PIMCO Commodity Strategy Active Exchange-Traded Fund | CMDT | NYSE Arca

 


Table of Contents

Table of Contents

 

            Page  
     

Market Insights

        2  

Important Information About the Funds

        3  

Expense Examples

        26  

Financial Highlights

        28  

Statements of Assets and Liabilities

        32  

Consolidated Statement of Assets and Liabilities

        34  

Statements of Operations

        35  

Consolidated Statement of Operations

        38  

Statements of Changes in Net Assets

        39  

Consolidated Statements of Changes in Net Assets

        43  

Notes to Financial Statements

        143  

Report of Independent Registered Public Accounting Firm

        175  

Glossary

        177  

Federal Income Tax Information

        178  

Distribution Information

        180  

Approval of Investment Management Agreement

        183  

Management of the Trust

        186  

Privacy Policy

        189  

Liquidity Risk Management Program

        190  
     
Fund    Fund
Summary
     Schedule of
Investments
 
     

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

     8        44  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

     9        45  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

     10        46  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

     11        47  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

     12        48  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

     13        58  

PIMCO Active Bond Exchange-Traded Fund

     14        70  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

     15        80  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

     16        87  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

     17        92  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

     18        100  

PIMCO Multisector Bond Active Exchange-Traded Fund

     19        107  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

     20        112  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

     21        117  

PIMCO Senior Loan Active Exchange-Traded Fund

     22        122  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

     23        127  

PIMCO Ultra Short Government Active Exchange-Traded Fund

     24        133  

PIMCO Commodity Strategy Active Exchange-Traded Fund(1)

     25        135  

 

  (1) 

Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust prospectus.


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Market Insights              

 

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

 

LOGO  

Sincerely,

 

LOGO

 

Peter G. Strelow

Chairman of the Board
PIMCO ETF Trust

 

 

 
Total Returns of Certain Asset Classes for the
Period Ended June 30, 2023
   
Asset Class (as measured by, currency)   12-Month
   

U.S. large cap equities (S&P 500 Index, USD)

  19.59%
   

Global equities (MSCI World Index, USD)

  18.51%
   

European equities (MSCI Europe Index, EUR)

  16.72%
   

Emerging market equities (MSCI Emerging Markets Index, EUR)

  1.75%
   

Japanese equities (Nikkei 225 Index, JPY)

  28.61%
   

Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)

  11.38%
   

Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)

  6.85%
   

Below investment grade bonds

(ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)

  9.48%
   

Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)

  1.36%
   

Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)

  0.07%

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

 

       
2   PIMCO ETF TRUST            


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Important Information About the Funds              

 

PIMCO ETF Trust (the “Trust”) is an open-end management investment company that includes the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (collectively, the “Index Funds”). Each Index Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. An Index Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. The PIMCO Active Bond Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, and PIMCO Ultra Short Government Active Exchange-Traded Fund unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the “Active Funds” and together with the Index Funds, a “Fund” or the “Funds”). Shares of the Funds, except PIMCO Active Bond Exchange-Traded Fund, will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”), and the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange (“NYSE”), each a national securities exchange, and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in

an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Funds are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses. As a result, there could be increased sales of shares which could further reduce the market price for a Fund’s shares.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectuses, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

 

         ANNUAL REPORT     |     JUNE 30, 2023     3
    


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Important Information About the Funds   (Cont.)  

 

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

 

       
4   PIMCO ETF TRUST            


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On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:

 

Fund Name         Fund
Inception
    Diversification
Status
 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

      10/30/09       Diversified  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      08/20/09       Diversified  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      09/03/09       Diversified  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      09/03/09       Diversified  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      06/16/11       Diversified  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      09/20/10       Diversified  

PIMCO Active Bond Exchange-Traded Fund

      02/29/12       Diversified  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      01/22/14       Diversified  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      12/10/19       Diversified  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      11/16/09       Diversified  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      11/30/09       Diversified  

PIMCO Multisector Bond Active Exchange-Traded Fund

      06/21/23       Diversified  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      09/08/21       Diversified  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      01/18/23       Diversified  

PIMCO Senior Loan Active Exchange-Traded Fund

      06/08/22       Diversified  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      02/01/10       Diversified  

PIMCO Ultra Short Government Active Exchange-Traded Fund

      06/21/23       Diversified  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      05/09/23       Non-diversified  

 

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a

contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

 

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Important Information About the Funds   (Cont.)  

 

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds’ website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file their portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available upon request by, calling PIMCO at (888) 400-4ETF.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and

similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

 

       
6   PIMCO ETF TRUST            


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In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

On May 19, 2023, a supplement was filed to provide notification of a change to the definition of “Capital Securities” for purposes of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund’s 80% policy. As of July 31, 2023, the definition of “Capital Securities” will include “(1) securities issued by U.S. and non U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt.”

 

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PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - ZROZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.6%  

Short-Term Instruments

    0.4%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(10/30/2009)
 
LOGO   PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value)     (12.87)%       (2.38)%       2.24%       4.21%  
LOGO   PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)(1)     (12.75)%       (2.30)%       2.25%       4.22%  
LOGO   The ICE BofAML Long U.S. Treasury Principal STRIPS Index±     (12.98)%       (2.24)%       2.46%       4.35%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML Long U.S. Treasury Principal STRIPS Index is an unmanaged index comprised of long maturity Separate Trading of Registered Interest and Principal of Securities (STRIPS) representing the final principal payment of U.S. Treasury bonds.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.15%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA Long US Treasury Principal STRIPS Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

U.S. interest rate strategies including duration, curve positioning, and instrument selection contributed to performance due to underweight exposure to the back end of the curve, as U.S. Treasury yields rose.

 

»  

There were no other material contributors or detractors for this Fund.

 

       
8   PIMCO ETF TRUST            


Table of Contents

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - STPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(08/20/2009)
 
LOGO   PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (0.71)%       2.42%       1.47%       1.88%  
LOGO   PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (0.67)%       2.42%       1.47%       1.88%  
LOGO   The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index±     (0.60)%       2.61%       1.68%       2.09%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 1 year and less than 5 years.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 1-5 Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 1-5 Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

         ANNUAL REPORT     |     JUNE 30, 2023     9
    


Table of Contents

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - LTPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/03/2009)
 
LOGO   PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (3.33)%       1.06%       2.50%       3.98%  
LOGO   PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (3.27)%       1.06%       2.52%       3.98%  
LOGO   The ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index±     (3.49)%       1.20%       2.67%       4.17%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML 15+ Year US Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 15+ Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 15+ Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

       
10   PIMCO ETF TRUST            


Table of Contents

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - TIPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/03/2009)
 
LOGO   PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (1.06)%       2.31%       1.98%       2.96%  
LOGO   PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (0.94)%       2.31%       1.99%       2.96%  
LOGO   The ICE BofAML U.S. Inflation-Linked Treasury Index±     (1.41)%       2.47%       2.15%       3.14%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities).

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. PIMCO uses an indexing approach in managing the Fund’s investments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

         ANNUAL REPORT     |     JUNE 30, 2023     11
    


Table of Contents

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - HYS

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    83.0%  

Short-Term Instruments

    15.3%  

Other

    1.7%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(06/16/2011)
 
LOGO   PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)     8.99%       2.90%       3.72%       4.23%  
LOGO   PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)     9.26%       3.06%       3.73%       4.26%  
LOGO   ICE BofAML 0-5 Year US High Yield Constrained Index±     9.09%       3.35%       4.20%       4.76%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML 0-5 Year US High Yield Constrained Index tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt issued in the U.S. domestic market with less than five years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250 million, issued publicly. Allocations to an individual issuer will not exceed 2%.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.55%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 0-5 Year US High Yield Constrained Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Security selection within the forest products, paper, and packaging sector, specifically overweight exposure to a food and beverage package producer, contributed to performance, as spreads tightened amid the continued focus on deleveraging.

 

»  

Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle.

 

»  

Underweight exposure to the retailers sector contributed to performance, as the sector underperformed the broader high yield market amid secular headwinds to the industry.

 

»  

Security selection within the finance and insurance sector, specifically underweight exposure to a Chinese transportation and asset leasing company, detracted from performance, as spreads tightened amid China’s post-pandemic reopening.

 

»  

Security selection within the telecommunications sector, specifically overweight exposure to a U.S.-based satellite operator, detracted from performance, as the company underperformed amid its restructuring process.

 

»  

Security selection within commercial mortgage backed securities and real estate investment trusts, specifically underweight exposure to a firm focused in hotel properties, detracted from performance, as spreads tightened amid global recovery in travel.

 

       
12   PIMCO ETF TRUST            


Table of Contents

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - CORP

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Industrials

    47.2%  

Banking & Finance

    35.0%  

Utilities

    12.9%  

U.S. Treasury Obligations

    4.2%  

Short-Term Instruments

    0.7%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/20/2010)
 
LOGO   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)     2.12%       2.01%       2.78%       3.14%  
LOGO   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)     2.15%       2.06%       2.83%       3.15%  
LOGO   ICE BofAML U.S. Corporate Index±     1.69%       1.85%       2.69%       3.17%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± ICE BofAML US Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade, fixed rate corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity and at least $250 million outstanding.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Corporate Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Security selection within the utilities sector, specifically overweight exposure to a U.S. electricity company, contributed to performance, as spreads tightened amid the reduction of capital expenditures, dividend payouts, and non-core assets.

 

»  

Security selection within the banks and brokerage sector, specifically underweight exposure to a select U.S. regional bank, contributed to performance, as spreads widened amid heightened deposit outflows in the second quarter of 2023.

 

»  

Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle.

 

»  

Security selection within emerging markets, specifically underweight exposure to a Middle Eastern oil company, detracted from performance, as spreads tightened amid rising energy prices.

 

»  

Underweight exposure to the automotive industry detracted from performance, as spreads tightened amid normalizing production and sales.

 

»  

Specialty finance positioning, particularly overweight exposure in March 2023 and underweight exposure in the third quarter of 2022, detracted from performance, as spreads widened in March 2023 amid growing volatility and spreads tightened in the third quarter of 2022 amid elevated profit levels in the financial sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     13
    


Table of Contents

PIMCO Active Bond Exchange-Traded Fund

 

 
 
  Ticker Symbol - BOND

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Government Agencies

    37.6%  

Corporate Bonds & Notes

    20.8%  

U.S. Treasury Obligations

    17.0%  

Asset-Backed Securities

    14.0%  

Non-Agency Mortgage-Backed Securities

    6.9%  

Municipal Bonds & Notes

    1.4%  

Preferred Securities

    1.2%  

Other

    1.1%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(02/29/2012)
 
LOGO   PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value)     (0.13)%       0.74%       1.83%       2.44%  
LOGO   PIMCO Active Bond Exchange-Traded Fund (At Market Price)(1)     (0.23)%       0.75%       1.84%       2.44%  
LOGO   Bloomberg U.S. Aggregate Index±     (0.94)%       0.77%       1.52%       1.41%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.56%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Active Bond Exchange-Traded Fund seeks current income and long-term capital appreciation, consistent with prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Overweight exposure to investment grade corporate credit, particularly a preference for financials, contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to U.S. duration contributed to relative performance, as interest rates rose.

 

»  

Long exposure to senior securitized assets, particularly AAA-rated collateralized loan obligations, contributed to returns, as spreads tightened.

 

»  

Exposure to emerging market external debt contributed to relative performance, as spreads tightened.

 

»  

Short exposure to U.K. and U.S. breakeven inflation in July and August of 2022 detracted from relative performance, as breakeven inflation rates rose.

 

»  

Local rate exposure in Canada detracted from relative performance during the first half of the reporting period, as yields rose.

 

»  

There were no other material detractors for this Fund.

 

       
14   PIMCO ETF TRUST            


Table of Contents

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - LDUR

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    29.1%  

Corporate Bonds & Notes

    26.4%  

Asset-Backed Securities

    23.8%  

Non-Agency Mortgage-Backed Securities

    10.4%  

U.S. Government Agencies

    8.2%  

Short-Term Instruments

    1.5%  

Other

    0.6%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     Fund Inception
(01/22/2014)
 
LOGO   PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value)     0.54%       1.17%       1.60%  
LOGO   PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)(1)     0.53%       1.12%       1.59%  
LOGO   ICE BofAML 1-3 Year U.S. Treasury Index±     0.13%       0.95%       0.77%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.53%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Low Duration Active Exchange-Traded Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Overweight exposure to investment grade corporate credit, specifically financials and industrials, contributed to relative performance, as corporate credit spreads tightened.

 

»  

Underweight exposure to United States (“U.S.”) duration contributed to relative performance, as interest rates rose.

 

»  

Overweight exposure to collateralized loan obligations contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to investment grade corporate credit default swap indices detracted from relative performance, as investment grade corporate spreads tightened.

 

»  

A long bias to the Japanese yen versus the U.S. dollar detracted from relative performance, as the Japanese yen depreciated.

 

»  

A long bias to the Australian dollar versus the U.S. dollar detracted from relative performance, as the Australian dollar depreciated.

 

         ANNUAL REPORT     |     JUNE 30, 2023     15
    


Table of Contents

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

 

 
 
  Ticker Symbol - EMNT

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    49.9%  

Short-Term Instruments

    24.6%  

Asset-Backed Securities

    14.8%  

U.S. Government Agencies

    5.8%  

Non-Agency Mortgage-Backed Securities

    3.8%  

Sovereign Issues

    1.1%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(12/10/2019)
 
LOGO   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value)     3.56%       1.29%  
LOGO   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)(1)(2)     3.48%       1.28%  
LOGO   FTSE 3-Month Treasury Bill Index±     3.75%       1.29%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

 

(2) 

The Fund was seeded on December 10, 2019, but was not listed for trading until December 12, 2019. Accordingly, there is no Market Price information for December 10, 2019 through December 11, 2019.

± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.37%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, while incorporating PIMCO’s ESG investment strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will not invest in the securities of any non-governmental issuer determined by PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, the production or trade of pornographic materials, or in the oil industry, including extraction, production, and refining or the production, distribution of coal and coal fired generation. To the extent possible on the basis of information available to PIMCO, an issuer will be deemed to be principally engaged in an activity if it derives more than 10% of its gross revenues from such activities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened.

 

»  

Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened.

 

»  

Overweight exposure to U.S. duration detracted from relative performance, as interest rates rose.

 

»  

Overweight exposure to U.K. duration detracted from relative performance, as local interest rates rose.

 

»  

There were no other material contributors for this Fund.

 

       
16   PIMCO ETF TRUST            


Table of Contents

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MINT

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    37.9%  

Short-Term Instruments

    26.1%  

Asset-Backed Securities

    22.1%  

U.S. Government Agencies

    7.0%  

Non-Agency Mortgage-Backed Securities

    5.0%  

Sovereign Issues

    1.9%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(11/16/2009)
 
LOGO   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value)     4.09%       1.54%       1.40%       1.38%  
LOGO   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)(1)     4.10%       1.55%       1.40%       1.38%  
LOGO   FTSE 3-Month Treasury Bill Index±     3.75%       1.57%       0.98%       0.74%¨  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

¨ Average annual total return since 11/30/2009.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.36%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened.

 

»  

Overweight exposure to select securitized credit, primarily from collateralized loan obligations, contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to U.S. duration during the second quarter of 2023 contributed to relative performance, as interest rates rose.

 

»  

Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened in the sector.

 

»  

Overweight exposure to agency debt detracted from relative performance, as spreads widened in the sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     17
    


Table of Contents

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MUNI

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    15.9%  

Ad Valorem Property Tax

    13.9%  

Natural Gas Revenue

    7.2%  

Income Tax Revenue

    6.0%  

Water Revenue

    5.9%  

Miscellaneous Revenue

    5.5%  

Electric Power & Light Revenue

    5.3%  

Tobacco Settlement Funded

    4.5%  

Sales Tax Revenue

    4.5%  

Highway Revenue Tolls

    3.8%  

Fuel Sales Tax Revenue

    3.2%  

Industrial Revenue

    3.1%  

General Fund

    2.6%  

Lease (Appropriation)

    2.5%  

Appropriations

    2.2%  

Port, Airport & Marina Revenue

    2.1%  

Nuclear Revenue

    1.9%  

College & University Revenue

    1.2%  

Sewer Revenue

    1.1%  

Other

    3.6%  

Short-Term Instruments

    4.0%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(11/30/2009)
 
LOGO   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)     3.26%       1.81%       2.17%       2.53%  
LOGO   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)     3.44%       1.82%       2.21%       2.53%  
LOGO   Bloomberg 1-15 Year Municipal Bond Index±     2.78%       1.83%       2.34%       2.77%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± Bloomberg 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Underweight duration positioning contributed to performance, as municipal yields broadly rose.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the electric utility sector detracted from performance, as the sector underperformed the broader municipal market.

 

       
18   PIMCO ETF TRUST            


Table of Contents

PIMCO Multisector Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - PYLD

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    38.4%  

U.S. Government Agencies

    24.0%  

Short-Term Instruments

    19.5%  

U.S. Treasury Obligations

    9.6%  

Asset-Backed Securities

    5.9%  

Non-Agency Mortgage-Backed Securities

    1.7%  

Other

    0.9%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

A line graph is not included since the Fund has less than six months of performance.

 

 

Investment Objective and Strategy Overview

 

PIMCO Multisector Bond Active Exchange-Traded Fund seeks to maximize yield and long term capital appreciation consistent with prudent investment management, by investing, under normal circumstances, at least 80% of its assets in a multi-sector portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will generally allocate its assets among several investment sectors, without limitation, which may include: (i) high yield securities (“junk bonds”) and investment grade corporate bonds of issuers located in the United States and non-U.S. countries, including emerging market countries; (ii) fixed income securities issued by U.S. and non-U.S. governments (including emerging market governments), their agencies and instrumentalities; (iii) mortgage-related and other asset backed securities; and (iv) foreign currencies, including those of emerging market countries. However, the Fund is not required to gain exposure to any one investment sector, and the Fund’s exposure to any one investment sector will vary over time. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

 

         ANNUAL REPORT     |     JUNE 30, 2023     19
    


Table of Contents

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MINO

 

Cumulative Returns Through June 30, 2023

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    18.1%  

Port, Airport & Marina Revenue

    7.1%  

Sales Tax Revenue

    6.7%  

Tobacco Settlement Funded

    6.3%  

Electric Power & Light Revenue

    6.1%  

Industrial Revenue

    5.6%  

Natural Gas Revenue

    4.2%  

Miscellaneous Revenue

    3.9%  

Appropriations

    3.7%  

Ad Valorem Property Tax

    3.6%  

Local or Guaranteed Housing

    2.7%  

Special Assessment

    2.5%  

Lease (Appropriation)

    2.5%  

General Fund

    2.1%  

Economic Development Revenue

    2.0%  

College & University Revenue

    1.9%  

Highway Revenue Tolls

    1.7%  

Water Revenue

    1.7%  

Miscellaneous Taxes

    1.5%  

Income Tax Revenue

    1.2%  

Other

    4.1%  

Short-Term Instruments

    9.3%  

Other

    1.5%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(09/08/2021)
 
LOGO   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Based on Net Asset Value)     4.87%       (3.68)%  
LOGO   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (At Market Price)(1)     4.67%       (3.70)%  
LOGO   Bloomberg Municipal Bond Index±     3.19%       (3.40)%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.49%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund seeks current income exempt from federal income tax and long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Underweight duration positioning contributed to performance, as municipal yields broadly rose.

 

»  

Security selection within the industrial revenue sector contributed to performance, as the sector underperformed the broader municipal market.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Security selection within the water and sewer sector detracted from performance, as the sector underperformed the broader municipal market.

 

       
20   PIMCO ETF TRUST            


Table of Contents

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - PRFD

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    49.4%  

Preferred Securities

    44.9%  

U.S. Treasury Obligations

    3.0%  

Short-Term Instruments

    2.7%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

A line graph is not included since the Fund has less than six months of performance.

Average Annual Total Return for the period ended June 30, 2023  
        Fund Inception
(01/18/2023)*
 
  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Based on Net Asset Value)     (5.20)%  
  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (At Market Price)(1)     (5.12)%  
    ICE BofA US All Capital Securities Index±     (3.54)%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± ICE BofA US All Capital Securities Index tracks the performance of fixed rate, US dollar denominated hybrid corporate and preferred securities publicly issued in the US domestic market. Qualifying securities must be rated by Moody’s, S&P or Fitch. Floating rate coupon or dividend securities are excluded, but zero, step and rating-dependent coupons are included.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.88%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund seeks maximum total return, with a secondary objective of income generation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. “Capital Securities” include (1) securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt. Preferred securities and Capital Securities may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in preferred securities or Capital Securities may be invested in other types of Fixed Income Instruments, including derivative Fixed Income Instruments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Underweight exposure to Preferred securities of a select U.S. regional bank contributed to performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector.

 

»  

Security selection within senior financials, particularly overweight exposure to a major Swiss bank, contributed to performance, as spreads tightened amid its takeover by another major Swiss bank in March 2023.

 

»  

Security selection within insurance capital, particularly an overweight to a U.S. insurance company, contributed to performance, as spreads tightened.

 

»  

Security selection within Swiss Additional Tier 1 securities, particularly overweight exposure to a major Swiss bank, detracted from performance, as the bank was taken over by another major Swiss bank following its collapse in March 2023.

 

»  

Overweight exposure to Preferred securities of a select U.S. regional bank detracted from performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector.

 

»  

Overweight exposure to German, French, and U.K. Additional Tier 1 securities detracted from performance, as spread widened amid broader volatility in the global banking sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     21
    


Table of Contents

PIMCO Senior Loan Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - LONZ

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Loan Participations and Assignments

    84.8%  

Short-Term Instruments

    7.7%  

Corporate Bonds & Notes

    7.5%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(06/08/2022)
 
LOGO   PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value)     10.98%       6.54%  
LOGO   PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)(1)     10.73%       6.55%  
LOGO   iBoxx USD Liquid Leveraged Loans Index±     11.02%       6.83%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± iBoxx USD Liquid Leveraged Loans Index comprises approximately 100 of the most liquid, tradable USD leveraged loans. Index constituents are derived using selection criteria such as loan type, minimum size, liquidity, credit ratings, initial spreads and minimum time to maturity.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.72%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Senior Loan Active Exchange-Traded Fund seeks to provide current income consistent with prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of Senior Loans, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Senior Loans” include senior secured floating rate bank loans, also referred to as leveraged loans, bank loans and floating rate loans, that are first or second lien loans. The Fund may also invest in collateralized loan obligations and high-yield corporate debt securities, which may also be represented by forwards or derivatives such as options, futures contracts or swap agreements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Security selection in the gaming & lodging sector contributed to performance, as prices of an overweight position within the sector rose.

 

»  

Underweight exposure to the media, entertainment & publishing sector contributed to performance, as the sector underperformed the broader market.

 

»  

Overweight exposure to gaming & lodging sector contributed to performance, as the sector outperformed the broader market.

 

»  

Security selection in the technology sector detracted from performance, as prices of an overweight position within the sector fell.

 

»  

Security selection in the media, entertainment & publishing sector detracted from performance, as prices of an overweight position within the sector fell.

 

»  

Security selection in the healthcare sector detracted from performance, as prices of an overweight position within the sector fell.

 

       
22   PIMCO ETF TRUST            


Table of Contents

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - SMMU

 

Cumulative Returns Through June 30, 2023

LOGO

 

$10,000 invested at the end of the month when the Fund commenced operations.

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    14.0%  

Ad Valorem Property Tax

    13.1%  

Electric Power & Light Revenue

    10.3%  

Natural Gas Revenue

    7.2%  

College & University Revenue

    4.8%  

Water Revenue

    4.3%  

Industrial Revenue

    3.3%  

Sales Tax Revenue

    3.2%  

General Fund

    3.2%  

Economic Development Revenue

    3.2%  

Highway Revenue Tolls

    3.0%  

Local or Guaranteed Housing

    2.5%  

Port, Airport & Marina Revenue

    2.3%  

Lease (Appropriation)

    2.2%  

Tobacco Settlement Funded

    2.1%  

Income Tax Revenue

    2.0%  

Fuel Sales Tax Revenue

    1.5%  

Lease (Abatement)

    1.5%  

Hotel Occupancy Tax

    1.1%  

Other

    4.4%  

Short-Term Instruments

    10.6%  

U.S. Treasury Obligations

    0.2%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(02/01/2010)
 
LOGO   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)     2.16%       1.29%       1.08%       1.10%  
LOGO   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)     1.93%       1.30%       1.09%       1.09%  
LOGO   Bloomberg 1-Year Municipal Bond Index±     1.24%       1.05%       0.91%       0.96%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± The Bloomberg 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Underweight duration positioning contributed to performance, as rates broadly rose.

 

»  

Security selection within the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the lease-backed sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

There were no other material detractors for this Fund.

 

         ANNUAL REPORT     |     JUNE 30, 2023     23
    


Table of Contents

PIMCO Ultra Short Government Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - BILZ

 

Allocation Breakdown as of June 30, 2023§

 

Short-Term Instruments     100.0%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

A line graph is not included since the Fund has less than six months of performance.

 

 

Investment Objective and Strategy Overview

 

PIMCO Ultra Short Government Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity investing under normal circumstances at least 80% of its assets in U.S. government securities. The Fund invests 100% of its total assets in (i) cash, (ii) U.S. government securities, such as U.S. Treasury bills, notes, and other obligations issued by, or guaranteed as to principal and interest by, the U.S. government (including its agencies and instrumentalities), and (iii) repurchase agreements that are collateralized fully by such U.S. government securities or cash. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

 

       
24   PIMCO ETF TRUST            


Table of Contents

PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)

 

 
 
  Ticker Symbol - CMDT

 

Allocation Breakdown as of June 30, 2023§

 

Short-Term Instruments

    79.6%  

Corporate Bonds & Notes

    17.8%  

Sovereign Issues

    1.7%  

Other

    0.9%  
   

% of Investments, at value.

 

  § 

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

A line graph is not included since the Fund has less than six months of performance.

Average Annual Total Return for the period ended June 30, 2023  
        Fund Inception
(05/09/2023)*
 
  PIMCO Commodity Strategy Active Exchange-Traded Fund (Based on Net Asset Value)     0.92%  
  PIMCO Commodity Strategy Active Exchange-Traded Fund (At Market Price)(1)     0.84%  
    Bloomberg Commodity Index Total Return±     (1.26)%  

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 1.16%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Commodity Strategy Active Exchange-Traded Fund seeks total return which exceeds that of the Bloomberg Commodity Index Total Return, consistent with prudent investment management, by investing, under normal circumstances, in commodity-linked derivative instruments backed by an actively managed and diversified portfolio of Fixed Income Instruments of varying maturities and may also invest directly in commodities. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

 

»  

Relative value positions in grains, particularly a preference for wheat against corn in the latter half of June, contributed to relative performance, as wheat outperformed corn.

 

»  

Underweight exposure to precious metals, particularly gold, contributed to relative performance, as the subsector posted negative returns.

 

»  

Underweight exposure to base metals contributed to relative performance, as the subsector posted negative returns.

 

»  

Overweight exposure to petroleum contributed to relative performance, as the subsector posted positive returns.

 

»  

Underweight exposure to livestock detracted from relative performance, as the subsector posted positive returns.

 

»  

Underweight exposure to soybean oil detracted from relative performance, as the commodity posted positive returns.

 

»  

Underweight exposure to natural gas detracted from relative performance, as the natural gas subsector posted positive returns.

 

         ANNUAL REPORT     |     JUNE 30, 2023     25
    


Table of Contents
Expense Examples              

 

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, management fees and other Fund expenses. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds is from January 1, 2023 to June 30, 2023 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other exchange-traded funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of shares of the Funds. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different exchange-traded funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).

 

          Actual           Hypothetical
(5% return before expenses)
              
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Net Annualized
Expense Ratio**
 
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund     $  1,000.00     $  1,060.50     $  0.77             $  1,000.00     $  1,024.05     $  0.75               0.15
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,013.50       1.00               1,000.00       1,023.80       1.00               0.20  
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,043.00       1.01               1,000.00       1,023.80       1.00               0.20  
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,021.40       1.00               1,000.00       1,023.80       1.00               0.20  
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund       1,000.00       1,048.10       2.84               1,000.00       1,022.02       2.81               0.56  
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund       1,000.00       1,036.00       1.26               1,000.00       1,023.55       1.25               0.25  
PIMCO Active Bond Exchange-Traded Fund       1,000.00       1,027.50       2.92               1,000.00       1,021.92       2.91               0.58  
PIMCO Enhanced Low Duration Active Exchange-Traded Fund       1,000.00       1,010.70       2.74               1,000.00       1,022.07       2.76               0.55  
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund       1,000.00       1,025.70       1.26               1,000.00       1,023.55       1.25               0.25  
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund       1,000.00       1,029.40       1.76               1,000.00       1,023.06       1.76               0.35  
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund       1,000.00       1,022.40       1.76               1,000.00       1,023.06       1.76               0.35  
PIMCO Multisector Bond Active Exchange-Traded Fund(a)       1,000.00       1,000.80       0.17               1,000.00       1,022.02       2.81               0.56  
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund       1,000.00       1,040.30       2.02               1,000.00       1,022.81       2.01               0.40  
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(b)       1,000.00       948.00       3.30               1,000.00       1,021.08       3.76               0.75  
PIMCO Senior Loan Active Exchange-Traded Fund       1,000.00       1,060.70       2.76               1,000.00       1,022.12       2.71               0.54  
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund       1,000.00       1,015.90       1.75               1,000.00       1,023.06       1.76               0.35  

 

       
26   PIMCO ETF TRUST            


Table of Contents
        

 

          Actual           Hypothetical
(5% return before expenses)
              
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Net Annualized
Expense Ratio**
 
PIMCO Ultra Short Government Active Exchange-Traded Fund(a)     $  1,000.00     $  1,001.50     $  0.05             $  1,000.00     $  1,024.05     $  0.75               0.15 %  
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated) (c)       1,000.00       1,008.40       1.03         1,000.00       1,021.37       3.46         0.69  

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

(a) The Beginning Account Value is reflective as of 06/21/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 11/365 (to reflect the period since inception date of 06/21/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

(b) The Beginning Account Value is reflective as of 01/18/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 165/365 (to reflect the period since inception date of 01/18/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

(c) The Beginning Account Value is reflective as of 05/09/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 54/365 (to reflect the period since inception date of 05/09/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

 

         ANNUAL REPORT     |     JUNE 30, 2023     27
    


Table of Contents
Financial Highlights              

 

          Investment Operations     Less Distributions(c)  
                                                 
Selected Per Share Data for the Year or Period Ended^:   Net Asset
Value
Beginning
of Year
or Period(a)
    Net
Investment
Income (Loss)(b)
    Net
Realized/
Unrealized
Gain (Loss)
    Total     From Net
Investment
Income
    From Net
Realized
Capital
Gains
    Tax Basis
Return of
Capital
    Total  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

               

06/30/2023

  $   108.27     $   3.12     $   (16.97   $   (13.85   $   (2.59   $ 0.00     $ 0.00     $   (2.59

06/30/2022

    145.38       2.59       (37.32     (34.73     (2.38     0.00       0.00       (2.38

06/30/2021

    173.14       2.49       (27.75     (25.26     (2.50     0.00       0.00       (2.50

06/30/2020

    128.17       2.99       45.06       48.05       (3.08     0.00       0.00       (3.08

06/30/2019

    115.51       3.15       12.73       15.88       (3.22     0.00       0.00       (3.22

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 52.31     $ 1.66     $ (2.01   $ (0.35   $ (1.66   $ 0.00     $ 0.00     $ (1.66

06/30/2022

    55.05       2.97       (2.83     0.14       (2.88     0.00       0.00       (2.88

06/30/2021

    53.21       1.85       1.35       3.20       (1.36     0.00       0.00       (1.36

06/30/2020

    52.62       0.26       1.56       1.82       (1.07     0.00       (0.16     (1.23

06/30/2019

    51.76       0.97       0.64       1.61       (0.75     0.00       0.00       (0.75

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 65.19     $ 3.08     $ (5.12   $ (2.04   $ (3.14   $ 0.00     $ 0.00     $ (3.14

06/30/2022

    86.49       4.78       (21.26     (16.48     (4.82     0.00       0.00       (4.82

06/30/2021

    83.31       2.10       2.85       4.95       (1.77     0.00       0.00       (1.77

06/30/2020

    69.61       0.19       15.22       15.41       (1.71     0.00       (0.00     (1.71

06/30/2019

    67.57       1.58       1.72       3.30       (1.26     0.00       0.00       (1.26

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 57.62     $ 3.34     $ (3.90   $ (0.56   $ (2.98   $ 0.00     $ 0.00     $ (2.98

06/30/2022

    65.77       3.65       (7.47     (3.82     (3.79     (0.54     0.00       (4.33

06/30/2021

    63.20       2.07       1.89       3.96       (1.39     0.00       0.00       (1.39

06/30/2020

    59.46       0.22       4.82       5.04       (1.09     0.00       (0.21     (1.30

06/30/2019

    57.61       1.08       1.57       2.65       (0.80     0.00       0.00       (0.80

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

               

06/30/2023

  $ 88.56     $ 5.18     $ 2.56     $ 7.74     $ (5.32   $ 0.00     $ 0.00     $ (5.32

06/30/2022

    99.99       3.33       (11.31     (7.98     (3.45     0.00       0.00       (3.45

06/30/2021

    91.45       3.70       9.16       12.86       (4.32     0.00       0.00       (4.32

06/30/2020

    100.71       4.08       (8.54     (4.46     (4.80     0.00       0.00       (4.80

06/30/2019

    100.07       4.63       0.90       5.53       (4.89     0.00       0.00       (4.89

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

               

06/30/2023

  $ 96.33     $ 3.67     $ (1.69   $ 1.98     $ (3.54   $ 0.00     $ 0.00     $ (3.54

06/30/2022

    114.60       2.64       (18.11     (15.47     (2.72     (0.08     0.00       (2.80

06/30/2021

    114.04       2.92       0.79       3.71       (3.01     (0.14     0.00       (3.15

06/30/2020

    107.27       3.40       6.88       10.28       (3.51     0.00       0.00       (3.51

06/30/2019

    100.41       3.44       6.96       10.40       (3.54     0.00       0.00       (3.54

PIMCO Active Bond Exchange-Traded Fund

               

06/30/2023

  $ 95.16     $ 3.65     $ (3.80   $ (0.15   $ (3.39   $ 0.00     $ 0.00     $ (3.39

06/30/2022

    111.01       2.52       (15.52     (13.00     (2.85     0.00       0.00       (2.85

06/30/2021

    111.39       2.27       0.16       2.43       (2.81     0.00       0.00       (2.81

06/30/2020

    107.54       2.88       4.42       7.30       (3.45     0.00       0.00       (3.45

06/30/2019

    103.19       3.54       4.49       8.03       (3.68     0.00       0.00       (3.68

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

               

06/30/2023

  $ 96.16     $ 3.30     $ (2.83   $ 0.47     $   (2.77   $ 0.00     $ 0.00     $ (2.77

06/30/2022

    101.78       1.43       (5.87     (4.44     (1.18     0.00       0.00       (1.18

06/30/2021

    101.79       1.16       0.43       1.59       (1.60     0.00       0.00       (1.60

06/30/2020

    100.15       2.61       2.06       4.67       (3.03     0.00       0.00       (3.03

06/30/2019

    99.61       2.96       0.62       3.58       (3.04     0.00       0.00       (3.04

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

               

06/30/2023

  $ 98.43     $ 3.15     $ 0.27     $ 3.42     $ (3.91   $ 0.00     $ 0.00     $ (3.91

06/30/2022

    100.66       0.67       (2.11     (1.44     (0.71       (0.08     0.00       (0.79

06/30/2021

    100.64       0.74       0.26       1.00       (0.98     0.00       0.00       (0.98

12/10/2019 - 06/30/2020

    100.00       1.04       0.49       1.53       (0.89     0.00       0.00       (0.89

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

               

06/30/2023

  $ 99.13     $ 3.48     $ 0.49     $ 3.97     $ (3.32   $ 0.00     $ 0.00     $ (3.32

06/30/2022

    101.99       0.67       (2.90     (2.23     (0.62     (0.01     0.00       (0.63

06/30/2021

    101.65       0.52       0.39       0.91       (0.57     0.00       0.00       (0.57

06/30/2020

    101.75       2.06       0.15       2.21       (2.31     0.00       0.00       (2.31

06/30/2019

    101.58       2.73       0.11       2.84       (2.67     0.00       0.00       (2.67

 

       
28   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
        

 

            Ratios/Supplemental Data  
                  Ratios to Average Net Assets        
Net Asset
Value End of
Year or
Period(a)
    Total
Return(d)
    Net Assets
End of Year
or Period
(000s)
    Expenses     Expenses
Excluding
Waivers
    Expenses
Excluding
Interest
Expense
    Expenses
Excluding
Interest
Expense and
Waivers
    Net
Investment
Income (Loss)
    Portfolio
Turnover
Rate(e)
 
               
$   91.83       (12.87 )%    $   947,726       0.15     0.15     0.15     0.15     3.30     26
    108.27       (24.29     435,244       0.15       0.15       0.15       0.15       1.90       12  
  145.38       (14.70     395,447       0.15       0.15       0.15       0.15       1.59       25  
  173.14       37.97       375,713       0.15       0.15       0.15       0.15       1.98       14  
  128.17       14.17       265,315       0.15       0.15       0.15       0.15       2.79       21  
               
$ 50.30       (0.71 )%    $ 833,417       0.20     0.20     0.20     0.20     3.26     25
  52.31       0.18       1,575,509       0.20       0.20       0.20       0.20       5.46       23  
  55.05       6.07       972,716       0.20       0.20       0.20       0.20       3.40       26  
  53.21       3.52       628,978       0.20       0.20       0.20       0.20       0.49       30  
  52.62       3.17       748,304       0.20       0.20       0.20       0.20       1.89       36  
               
$ 60.01       (3.33 )%    $ 670,356       0.20     0.20     0.20     0.20     4.99     5
  65.19       (20.04     620,606       0.20       0.20       0.20       0.20       5.69       4  
  86.49       6.00       602,828       0.20       0.20       0.20       0.20       2.46       4  
  83.31       22.47       614,024       0.20       0.20       0.20       0.20       0.25       9  
  69.61       5.06       178,903       0.20       0.20       0.20       0.20       2.45       6  
               
$ 54.08       (1.06 )%    $ 131,420       0.20     0.20     0.20     0.20     5.95     213
  57.62       (6.25     194,771       0.20       0.20       0.20       0.20       5.70       177  
  65.77       6.31       176,261       0.20       0.20       0.20       0.20       3.19       5  
  63.20       8.61       61,936       0.20       0.20       0.20       0.20       0.35       10  
  59.46       4.69       52,327       0.20       0.20       0.20       0.20       1.89       9  
               
$ 90.98       8.98   $ 1,100,838       0.56     0.56     0.55     0.55     5.71     42
  88.56       (8.24     1,115,806       0.55       0.55       0.55       0.55       3.43       45  
  99.99       14.35       2,239,839       0.55       0.55       0.55       0.55       3.81       65  
  91.45       (4.56     1,156,826       0.56       0.56       0.55       0.55       4.22       36  
  100.71       5.71       1,460,224       0.56       0.56       0.55       0.55       4.66       27  
               
$ 94.77       2.12   $ 742,059       0.23     0.23     0.20     0.20     3.85     17
  96.33       (13.77     580,883       0.20       0.20       0.20       0.20       2.42       41  
  114.60       3.29       794,189       0.20       0.20       0.20       0.20       2.55       21  
  114.04       9.76       659,123       0.20       0.20       0.20       0.20       3.10       18  
  107.27       10.65       797,018       0.20       0.20       0.20       0.20       3.41       27  
               
$ 91.62       (0.13 )%    $ 3,478,849       0.58     0.58     0.55     0.55     3.93     352
  95.16       (11.96     3,224,915       0.56       0.56       0.55       0.55       2.37       368  
  111.01       2.20       4,282,895       0.55       0.55       0.55       0.55       2.04       273  
  111.39       6.92       3,400,704       0.57       0.57       0.55       0.55       2.65       146  
  107.54       7.99       2,422,925       0.73       0.73       0.55       0.55       3.42       155  
               
$ 93.86       0.51   $ 1,041,832       0.51     0.51     0.46     0.46     3.47     133
  96.16       (4.38     1,444,341       0.53       0.53       0.46       0.46       1.44       269  
  101.78       1.57       1,129,706       0.47       0.49       0.44       0.46       1.13       73  
  101.79       4.77       496,743       0.49       0.56       0.39       0.46       2.61       378  
  100.15       3.66       352,514       0.79       0.86       0.39       0.46       2.98       1,613  
               
$ 97.94       3.56   $ 150,823       0.24     0.36     0.24     0.36