UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22250

PIMCO ETF Trust

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO ETF Trust

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Adam T. Teufel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The following is a copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

•

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

•

PIMCO Investment Grade Corporate Bond Exchange-Traded Fund

•

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

•

PIMCO Ultra Short Government Active Exchange-Traded Fund

(b)

Not applicable to the Registrant.

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDT | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Commodity Strategy Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Commodity Strategy Active Exchange-Traded Fund	$68	0.64%

How did the Fund perform during the reporting period and what affected its performance?

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

• Underweight exposure to natural gas contributed to relative performance, as the commodity posted negative returns.

• Underweight exposure to corn contributed to relative performance, as the commodity posted negative returns.

• Overweight exposure to brent crude oil contributed to relative performance, as the commodity posted positive returns.

• Underweight exposure to soybean oil contributed to relative performance, as the commodity posted negative returns.

• Overweight exposure to gasoline contributed to relative performance, as the commodity posted positive returns.

• Tactical positioning in cocoa, specifically exposure between June 2023 and February 2024, contributed to relative performance, as the

commodity posted positive returns.

• Underweight exposure to gold detracted from relative performance, as the commodity posted positive returns.

• Underweight exposure to copper detracted from relative performance, as the commodity posted positive returns.

• There were no other material detractors for the Fund.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The table below illustrates cumulative returns for the 10-year period ended June 30, 2024 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

Cumulative Returns Based on $10,000 Investment

	PIMCO Commodity Strategy Active Exchange-Traded Fund (at NAV)	S&P 500 Index	Bloomberg Commodity Index Total Return
5/9/2023	$10,000	$10,000	$10,000
5/31/2023	$9,640	$10,118	$9,478
6/30/2023	$10,092	$10,786	$9,861
7/31/2023	$10,851	$11,133	$10,478
8/31/2023	$10,899	$10,955	$10,398
9/30/2023	$10,939	$10,433	$10,326
10/31/2023	$10,907	$10,214	$10,353
11/30/2023	$10,770	$11,146	$10,120
12/31/2023	$10,531	$11,653	$9,848
1/31/2024	$10,748	$11,849	$9,887
2/29/2024	$10,732	$12,481	$9,742
3/31/2024	$11,171	$12,883	$10,064
4/30/2024	$11,354	$12,357	$10,335
5/31/2024	$11,349	$12,969	$10,516
6/30/2024	$11,304	$13,435	$10,354

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 5/9/23
PIMCO Commodity Strategy Active Exchange-Traded Fund (at NAV)	12.01%	11.32%
PIMCO Commodity Strategy Active Exchange-Traded Fund (at Market Price)	12.06%	11.29%
S&P 500 Index	24.56%	30.00%
Bloomberg Commodity Index Total Return	5.00%	3.21%

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.

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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund’s performance versus an 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. For performance current to the most recent month-end, visit www.pimco.com/literature or via 888.400.4ETF (888.400.4383).

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$302,502
# of Portfolio Holdings	290
Portfolio Turnover Rate	50%
Total Net Management Fees Paid During the Reporting Period	$1,399

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	51.5%
Commodities	11.8%
Asset-Backed Securities	10.8%
Affiliated Investments	6.7%
Sovereign Issues	3.1%
U.S. Government Agencies	0.5%
Non-Agency Mortgage-Backed Securities	0.5%
Short-Term Instruments	21.8%
Other Investments	(1.3%)
Other Assets and Liabilities, Net	(5.4%)
Total	100.0%

Material Fund Changes

This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2024 or upon request at 888.400.4ETF (888.400.4383).

Change to Principal Investment Strategies. Effective January 16, 2024, the Fund has an investment strategy to invest, under normal circumstances, in commodity-linked derivative instruments and commodities that, in the aggregate, provide the Fund with notional exposure to commodities within 20% (plus or minus) of the value of the Fund’s net assets. Previously, the Fund sought to maintain, under normal circumstances, notional exposure to commodities within 20% (plus or minus) of the value of the Fund’s net assets.

Additional Information

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit www.pimco.com/literature or contact 888.400.4ETF (888.400.4383). For tax information about the Fund, please visit: https://www.pimco.com/tax.

PIMCO Commodity Strategy Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

CMDT | Principal Listing Exchange: NYSE Arca

ETF4741ARTSR_063024

PIMCO Multisector Bond Active Exchange-Traded Fund

PYLD | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Multisector Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Multisector Bond Active Exchange-Traded Fund	$72	0.69%

How did the Fund perform during the reporting period and what affected its performance?

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

• Exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate rose.

• Exposure to high yield credit contributed to performance, as the asset class posted positive returns.

• Exposure to non-agency residential mortgage-backed securities contributed to performance, as spreads tightened.

• U.S. duration positioning detracted from performance, as rates rose.

• Brazilian duration positioning detracted from performance, as rates rose.

• Mexican duration positioning detracted from performance, as rates rose.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Multisector Bond Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index
6/21/2023	$10,000	$10,000
6/30/2023	$10,008	$9,968
7/31/2023	$10,060	$9,961
8/31/2023	$10,025	$9,897
9/30/2023	$9,844	$9,646
10/31/2023	$9,710	$9,494
11/30/2023	$10,175	$9,924
12/31/2023	$10,517	$10,303
1/31/2024	$10,570	$10,275
2/29/2024	$10,520	$10,130
3/31/2024	$10,664	$10,223
4/30/2024	$10,501	$9,965
5/31/2024	$10,692	$10,134
6/30/2024	$10,774	$10,230

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 6/21/23
PIMCO Multisector Bond Active Exchange-Traded Fund (at NAV)	7.66%	7.55%
PIMCO Multisector Bond Active Exchange-Traded Fund (at Market Price)	7.68%	7.78%
Bloomberg U.S. Aggregate Index	2.63%	2.24%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,005,834
# of Portfolio Holdings	951
Portfolio Turnover Rate	398%
Total Net Management Fees Paid During the Reporting Period	$1,976

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Government Agencies	42.1%
Asset-Backed Securities	37.9%
Corporate Bonds & Notes	24.9%
Non-Agency Mortgage-Backed Securities	23.9%
U.S. Treasury Obligations	9.8%
Sovereign Issues	1.6%
Loan Participations and Assignments	1.6%
Affiliated Investments	0.3%
Municipal Bonds & Notes	0.3%
Short-Term Instruments	1.7%
Other Investments	1.6%
Other Assets and Liabilities, Net	(45.7%)
Total	100.0%

Material Fund Changes

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.15% as a result of higher expenses related to interest.

Additional Information

PIMCO Multisector Bond Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

PYLD | Principal Listing Exchange: NYSE Arca

ETF4796ARTSR_063024

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

PRFD | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund	$79	0.74%

How did the Fund perform during the reporting period and what affected its performance?

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

• Overweight exposure to U.K. Additional Tier 1 ("AT1") securities contributed to performance, as the AT1 market benefited from the

post-March 2023 recovery.

• Security selection within U.S. non-financial subordinate debt, particularly overweight exposure to an energy company, contributed to

performance, as energy prices remained high.

• Overweight exposure to French AT1 securities contributed to performance, as the AT1 market benefited from the post-March 2023

recovery.

• Security selection within U.S. preferred securities, particularly underweight exposure to a custodian, detracted from performance, as it

recovered from volatility in the banking sector.

• Security selection within U.S. insurance capital, particularly underweight exposure to a retirement services company, detracted from

performance, as it benefited from growth in retail fixed annuity products.

• Overweight exposure to U.S. duration at the intermediate part of the curve detracted from performance, as rates rose.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA US All Capital Securities Index
1/18/2023	$10,000	$10,000	$10,000
1/31/2023	$10,164	$10,044	$10,233
2/28/2023	$9,968	$9,785	$10,037
3/31/2023	$9,355	$10,033	$9,560
4/30/2023	$9,472	$10,094	$9,707
5/31/2023	$9,410	$9,984	$9,593
6/30/2023	$9,482	$9,948	$9,688
7/31/2023	$9,721	$9,941	$9,844
8/31/2023	$9,598	$9,878	$9,780
9/30/2023	$9,416	$9,627	$9,670
10/31/2023	$9,173	$9,475	$9,378
11/30/2023	$9,723	$9,904	$9,976
12/31/2023	$10,185	$10,283	$10,294
1/31/2024	$10,314	$10,255	$10,562
2/29/2024	$10,360	$10,110	$10,653
3/31/2024	$10,541	$10,203	$10,762
4/30/2024	$10,368	$9,946	$10,540
5/31/2024	$10,596	$10,114	$10,746
6/30/2024	$10,705	$10,210	$10,815

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 1/18/23
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (at NAV)	12.91%	4.83%
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (at Market Price)	12.88%	4.85%
Bloomberg U.S. Aggregate Index	2.63%	0.77%
ICE BofA US All Capital Securities Index	11.63%	5.24%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$116,116
# of Portfolio Holdings	148
Portfolio Turnover Rate	64%
Total Net Management Fees Paid During the Reporting Period	$606

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	59.3%
Preferred Securities	34.2%
Short-Term Instruments	5.3%
Other Investments	0.6%
Other Assets and Liabilities, Net	0.6%
Total	100.0%

Additional Information

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

PRFD | Principal Listing Exchange: NYSE Arca

ETF4790ARTSR_063024

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Ultra Short Government Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Ultra Short Government Active Exchange-Traded Fund	$14	0.14%

How did the Fund perform during the reporting period and what affected its performance?

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

• Selection to United States Treasury bills contributed to relative performance, as interest rates rose.

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

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Ultra Short Government Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	FTSE 3-Month Treasury Bill Index
6/21/2023	$10,000	$10,000	$10,000
6/30/2023	$10,015	$9,968	$10,014
7/31/2023	$10,056	$9,961	$10,060
8/31/2023	$10,102	$9,897	$10,107
9/30/2023	$10,147	$9,646	$10,152
10/31/2023	$10,191	$9,494	$10,200
11/30/2023	$10,240	$9,924	$10,247
12/31/2023	$10,288	$10,303	$10,295
1/31/2024	$10,333	$10,275	$10,343
2/29/2024	$10,374	$10,130	$10,388
3/31/2024	$10,421	$10,223	$10,436
4/30/2024	$10,465	$9,965	$10,483
5/31/2024	$10,516	$10,134	$10,532
6/30/2024	$10,559	$10,230	$10,579

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 6/21/23
PIMCO Ultra Short Government Active Exchange-Traded Fund (at NAV)	5.43%	5.45%
PIMCO Ultra Short Government Active Exchange-Traded Fund (at Market Price)	5.41%	5.44%
Bloomberg U.S. Aggregate Index	2.63%	2.24%
FTSE 3-Month Treasury Bill Index	5.64%	5.63%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$362,970
# of Portfolio Holdings	34
Portfolio Turnover Rate	0%
Total Net Management Fees Paid During the Reporting Period	$211

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Short-Term Instruments	110.2%
Other Assets and Liabilities, Net	(10.2%)
Total	100.0%

Additional Information

PIMCO Ultra Short Government Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

BILZ | Principal Listing Exchange: NYSE Arca

ETF4752ARTSR_063024

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

HYS | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$60	0.57%

How did the Fund perform during the reporting period and what affected its performance?

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

• Security selection within the finance and brokerage sector, specifically underweight exposure to a provider of co-working spaces,

contributed to performance, as spreads widened after filing for bankruptcy.

• Underweight exposure to duration contributed to performance, as interest rates rose.

• Security selection within the energy services sector, specifically underweight exposure to an international provider, contributed to

performance, as the bond price fell.

• Security selection within the retail sector, specifically underweight exposure to a vehicle retailer, detracted from performance, as

spreads tightened amid improved earnings.

• Security selection within the paper and packaging sector, specifically overweight exposure to a packaging producer, detracted from

performance, as spreads widened amid weak earnings.

• Security selection within the healthcare sector, specifically underweight exposure to a staffing provider, detracted from performance,

as spreads tightened amid refinancing.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA 0-5 Year US High Yield Constrained Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$9,880	$9,975	$9,911
8/31/14	$9,977	$10,085	$9,996
9/30/14	$9,834	$10,017	$9,865
10/31/14	$9,911	$10,115	$9,911
11/30/14	$9,894	$10,187	$9,877
12/31/14	$9,790	$10,196	$9,747
1/31/15	$9,785	$10,410	$9,759
2/28/15	$9,966	$10,312	$9,951
3/31/15	$9,915	$10,360	$9,917
4/30/15	$9,988	$10,323	$10,018
5/31/15	$10,022	$10,298	$10,060
6/30/15	$9,916	$10,186	$9,973
7/31/15	$9,860	$10,257	$9,870
8/31/15	$9,703	$10,242	$9,707
9/30/15	$9,503	$10,311	$9,520
10/31/15	$9,708	$10,313	$9,687
11/30/15	$9,500	$10,286	$9,503
12/31/15	$9,330	$10,252	$9,282
1/31/16	$9,176	$10,393	$9,118
2/29/16	$9,184	$10,467	$9,120
3/31/16	$9,541	$10,563	$9,477
4/30/16	$9,844	$10,604	$9,818
5/31/16	$9,934	$10,607	$9,936
6/30/16	$10,019	$10,797	$10,043
7/31/16	$10,186	$10,865	$10,240
8/31/16	$10,333	$10,853	$10,434
9/30/16	$10,438	$10,847	$10,525
10/31/16	$10,456	$10,764	$10,585
11/30/16	$10,493	$10,509	$10,589
12/31/16	$10,686	$10,524	$10,781
1/31/17	$10,791	$10,544	$10,905
2/28/17	$10,914	$10,615	$11,054
3/31/17	$10,909	$10,610	$11,045
4/30/17	$11,012	$10,692	$11,148
5/31/17	$11,103	$10,774	$11,234
6/30/17	$11,109	$10,763	$11,249
7/31/17	$11,196	$10,809	$11,343
8/31/17	$11,202	$10,906	$11,346
9/30/17	$11,271	$10,854	$11,431
10/31/17	$11,306	$10,861	$11,470
11/30/17	$11,270	$10,847	$11,437
12/31/17	$11,310	$10,897	$11,474
1/31/18	$11,402	$10,771	$11,577
2/28/18	$11,347	$10,669	$11,540
3/31/18	$11,317	$10,737	$11,523
4/30/18	$11,406	$10,658	$11,606
5/31/18	$11,439	$10,734	$11,649
6/30/18	$11,462	$10,720	$11,692
7/31/18	$11,571	$10,723	$11,806
8/31/18	$11,638	$10,792	$11,876
9/30/18	$11,699	$10,722	$11,950
10/31/18	$11,536	$10,638	$11,806
11/30/18	$11,474	$10,701	$11,723
12/31/18	$11,247	$10,898	$11,486
1/31/19	$11,661	$11,014	$11,901
2/28/19	$11,824	$11,007	$12,065
3/31/19	$11,897	$11,219	$12,139
4/30/19	$12,021	$11,221	$12,251
5/31/19	$11,903	$11,421	$12,139
6/30/19	$12,117	$11,564	$12,329
7/31/19	$12,125	$11,589	$12,366
8/31/19	$12,139	$11,890	$12,365
9/30/19	$12,173	$11,826	$12,392
10/31/19	$12,178	$11,862	$12,396
11/30/19	$12,148	$11,856	$12,393
12/31/19	$12,359	$11,848	$12,622
1/31/20	$12,337	$12,076	$12,631
2/29/20	$12,117	$12,293	$12,460
3/31/20	$10,732	$12,221	$10,965
4/30/20	$11,032	$12,438	$11,274
5/31/20	$11,444	$12,496	$11,708
6/30/20	$11,564	$12,575	$11,866
7/31/20	$11,932	$12,762	$12,269
8/31/20	$12,087	$12,659	$12,423
9/30/20	$12,002	$12,652	$12,360
10/31/20	$12,030	$12,596	$12,410
11/30/20	$12,525	$12,720	$12,861
12/31/20	$12,717	$12,737	$13,091
1/31/21	$12,758	$12,646	$13,185
2/28/21	$12,836	$12,463	$13,300
3/31/21	$12,948	$12,308	$13,398
4/30/21	$13,054	$12,405	$13,517
5/31/21	$13,097	$12,445	$13,579
6/30/21	$13,224	$12,533	$13,707
7/31/21	$13,198	$12,673	$13,706
8/31/21	$13,241	$12,649	$13,773
9/30/21	$13,266	$12,539	$13,813
10/31/21	$13,251	$12,536	$13,820
11/30/21	$13,148	$12,573	$13,707
12/31/21	$13,320	$12,541	$13,878
1/31/22	$13,113	$12,271	$13,693
2/28/22	$13,081	$12,134	$13,650
3/31/22	$13,053	$11,797	$13,588
4/30/22	$12,782	$11,349	$13,335
5/31/22	$12,770	$11,422	$13,306
6/30/22	$12,133	$11,243	$12,636
7/31/22	$12,677	$11,518	$13,192
8/31/22	$12,493	$11,192	$13,030
9/30/22	$12,199	$10,709	$12,699
10/31/22	$12,486	$10,570	$12,998
11/30/22	$12,679	$10,959	$13,183
12/31/22	$12,617	$10,909	$13,122
1/31/23	$12,985	$11,245	$13,530
2/28/23	$12,901	$10,954	$13,455
3/31/23	$12,971	$11,232	$13,534
4/30/23	$13,073	$11,300	$13,655
5/31/23	$13,012	$11,177	$13,578
6/30/23	$13,224	$11,137	$13,784
7/31/23	$13,366	$11,130	$13,954
8/31/23	$13,427	$11,059	$14,032
9/30/23	$13,363	$10,778	$13,964
10/31/23	$13,221	$10,607	$13,813
11/30/23	$13,688	$11,088	$14,285
12/31/23	$14,100	$11,512	$14,709
1/31/24	$14,112	$11,481	$14,722
2/29/24	$14,182	$11,318	$14,804
3/31/24	$14,304	$11,423	$14,937
4/30/24	$14,224	$11,134	$14,842
5/31/24	$14,353	$11,323	$14,985
6/30/24	$14,485	$11,430	$15,119

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (at NAV)	9.54%	3.64%	3.78%
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (at Market Price)	9.08%	3.64%	3.75%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA 0-5 Year US High Yield Constrained Index	9.68%	4.16%	4.22%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,230,384
# of Portfolio Holdings	927
Portfolio Turnover Rate	49%
Total Net Management Fees Paid During the Reporting Period	$6,595

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	94.1%
Affiliated Investments	3.4%
Loan Participations and Assignments	0.6%
Common Stocks	0.4%
Short-Term Instruments	4.7%
Other Investments	0.2%
Other Assets and Liabilities, Net	(3.4%)
Total	100.0%

Additional Information

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

Annual Shareholder Report |

June 30, 2024

HYS | Principal Listing Exchange: NYSE Arca

ETF4780ARTSR_063024

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

STPZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund	$21	0.20%

How did the Fund perform during the reporting period and what affected its performance?

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

• Exposure to U.S. real yields contributed to absolute performance for both the Fund and the ICE BofA 1-5 Year U.S. Treasury Inflation-

Protected Securities Index, as two to three year real yields moved lower.

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

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$9,964	$9,975	$9,964
8/31/14	$9,951	$10,085	$9,949
9/30/14	$9,844	$10,017	$9,845
10/31/14	$9,848	$10,115	$9,852
11/30/14	$9,834	$10,187	$9,833
12/31/14	$9,685	$10,196	$9,693
1/31/15	$9,799	$10,410	$9,800
2/28/15	$9,761	$10,312	$9,771
3/31/15	$9,726	$10,360	$9,737
4/30/15	$9,795	$10,323	$9,810
5/31/15	$9,782	$10,298	$9,805
6/30/15	$9,773	$10,186	$9,801
7/31/15	$9,748	$10,257	$9,766
8/31/15	$9,709	$10,242	$9,741
9/30/15	$9,703	$10,311	$9,728
10/31/15	$9,701	$10,313	$9,729
11/30/15	$9,677	$10,286	$9,708
12/31/15	$9,641	$10,252	$9,679
1/31/16	$9,718	$10,393	$9,750
2/29/16	$9,741	$10,467	$9,776
3/31/16	$9,852	$10,563	$9,890
4/30/16	$9,850	$10,604	$9,892
5/31/16	$9,827	$10,607	$9,875
6/30/16	$9,942	$10,797	$9,987
7/31/16	$9,927	$10,865	$9,976
8/31/16	$9,886	$10,853	$9,938
9/30/16	$9,967	$10,847	$10,013
10/31/16	$9,965	$10,764	$10,016
11/30/16	$9,897	$10,509	$9,955
12/31/16	$9,929	$10,524	$9,985
1/31/17	$9,986	$10,544	$10,036
2/28/17	$9,986	$10,615	$10,047
3/31/17	$10,005	$10,610	$10,063
4/30/17	$10,001	$10,692	$10,064
5/31/17	$9,992	$10,774	$10,057
6/30/17	$9,942	$10,763	$10,006
7/31/17	$9,972	$10,809	$10,039
8/31/17	$10,001	$10,906	$10,071
9/30/17	$9,981	$10,854	$10,054
10/31/17	$9,997	$10,861	$10,070
11/30/17	$9,972	$10,847	$10,050
12/31/17	$9,993	$10,897	$10,067
1/31/18	$9,953	$10,771	$10,030
2/28/18	$9,943	$10,669	$10,022
3/31/18	$9,997	$10,737	$10,081
4/30/18	$9,989	$10,658	$10,074
5/31/18	$10,019	$10,734	$10,113
6/30/18	$10,043	$10,720	$10,128
7/31/18	$10,019	$10,723	$10,107
8/31/18	$10,070	$10,792	$10,162
9/30/18	$10,040	$10,722	$10,129
10/31/18	$9,991	$10,638	$10,086
11/30/18	$9,996	$10,701	$10,090
12/31/18	$10,012	$10,898	$10,107
1/31/19	$10,093	$11,014	$10,189
2/28/19	$10,099	$11,007	$10,201
3/31/19	$10,185	$11,219	$10,286
4/30/19	$10,229	$11,221	$10,336
5/31/19	$10,297	$11,421	$10,401
6/30/19	$10,361	$11,564	$10,472
7/31/19	$10,360	$11,589	$10,469
8/31/19	$10,417	$11,890	$10,533
9/30/19	$10,389	$11,826	$10,497
10/31/19	$10,409	$11,862	$10,529
11/30/19	$10,414	$11,856	$10,537
12/31/19	$10,497	$11,848	$10,620
1/31/20	$10,550	$12,076	$10,678
2/29/20	$10,596	$12,293	$10,727
3/31/20	$10,416	$12,221	$10,549
4/30/20	$10,550	$12,438	$10,686
5/31/20	$10,639	$12,496	$10,777
6/30/20	$10,726	$12,575	$10,865
7/31/20	$10,809	$12,762	$10,951
8/31/20	$10,934	$12,659	$11,085
9/30/20	$10,912	$12,652	$11,063
10/31/20	$10,883	$12,596	$11,034
11/30/20	$10,954	$12,720	$11,107
12/31/20	$11,066	$12,737	$11,223
1/31/21	$11,135	$12,646	$11,294
2/28/21	$11,137	$12,463	$11,296
3/31/21	$11,193	$12,308	$11,354
4/30/21	$11,303	$12,405	$11,464
5/31/21	$11,387	$12,445	$11,558
6/30/21	$11,376	$12,533	$11,549
7/31/21	$11,547	$12,673	$11,721
8/31/21	$11,544	$12,649	$11,724
9/30/21	$11,534	$12,539	$11,712
10/31/21	$11,610	$12,536	$11,789
11/30/21	$11,636	$12,573	$11,816
12/31/21	$11,660	$12,541	$11,841
1/31/22	$11,568	$12,271	$11,753
2/28/22	$11,698	$12,134	$11,885
3/31/22	$11,604	$11,797	$11,791
4/30/22	$11,577	$11,349	$11,760
5/31/22	$11,604	$11,422	$11,798
6/30/22	$11,397	$11,243	$11,588
7/31/22	$11,631	$11,518	$11,835
8/31/22	$11,431	$11,192	$11,632
9/30/22	$11,038	$10,709	$11,228
10/31/22	$11,148	$10,570	$11,342
11/30/22	$11,200	$10,959	$11,399
12/31/22	$11,166	$10,909	$11,373
1/31/23	$11,252	$11,245	$11,453
2/28/23	$11,192	$10,954	$11,386
3/31/23	$11,426	$11,232	$11,627
4/30/23	$11,448	$11,300	$11,658
5/31/23	$11,352	$11,177	$11,556
6/30/23	$11,316	$11,137	$11,519
7/31/23	$11,366	$11,130	$11,577
8/31/23	$11,371	$11,059	$11,582
9/30/23	$11,337	$10,778	$11,548
10/31/23	$11,373	$10,607	$11,590
11/30/23	$11,505	$11,088	$11,724
12/31/23	$11,643	$11,512	$11,864
1/31/24	$11,697	$11,481	$11,918
2/29/24	$11,653	$11,318	$11,871
3/31/24	$11,719	$11,423	$11,942
4/30/24	$11,689	$11,134	$11,914
5/31/24	$11,815	$11,323	$12,040
6/30/24	$11,883	$11,430	$12,118

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (at NAV)	5.01%	2.78%	1.74%
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (at Market Price)	4.98%	2.78%	1.73%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index	5.21%	2.96%	1.94%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$491,717
# of Portfolio Holdings	24
Portfolio Turnover Rate	25%
Total Net Management Fees Paid During the Reporting Period	$1,189

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.8%
Other Assets and Liabilities, Net	0.2%
Total	100.0%

Additional Information

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

Annual Shareholder Report |

June 30, 2024

STPZ | Principal Listing Exchange: NYSE Arca

ETF4792ARTSR_063024

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

LTPZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund	$19	0.20%

How did the Fund perform during the reporting period and what affected its performance?

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 ICE BofA 15+ Year U.S. Treasury Inflation-

Protected Securities Index, as 15+ year real yields moved higher.

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

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA 15+ Year U.S. Inflation-Linked Treasury Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,126	$9,975	$10,123
8/31/14	$10,438	$10,085	$10,397
9/30/14	$9,822	$10,017	$9,791
10/31/14	$10,085	$10,115	$10,072
11/30/14	$10,243	$10,187	$10,199
12/31/14	$10,361	$10,196	$10,342
1/31/15	$11,123	$10,410	$11,059
2/28/15	$10,688	$10,312	$10,672
3/31/15	$10,588	$10,360	$10,568
4/30/15	$10,533	$10,323	$10,522
5/31/15	$10,121	$10,298	$10,177
6/30/15	$9,748	$10,186	$9,800
7/31/15	$10,011	$10,257	$9,978
8/31/15	$9,756	$10,242	$9,789
9/30/15	$9,495	$10,311	$9,478
10/31/15	$9,682	$10,313	$9,659
11/30/15	$9,685	$10,286	$9,680
12/31/15	$9,456	$10,252	$9,508
1/31/16	$9,738	$10,393	$9,745
2/29/16	$10,003	$10,467	$10,042
3/31/16	$10,399	$10,563	$10,419
4/30/16	$10,440	$10,604	$10,477
5/31/16	$10,287	$10,607	$10,354
6/30/16	$10,844	$10,797	$10,845
7/31/16	$11,226	$10,865	$11,263
8/31/16	$11,231	$10,853	$11,250
9/30/16	$11,225	$10,847	$11,184
10/31/16	$10,960	$10,764	$10,962
11/30/16	$10,454	$10,509	$10,502
12/31/16	$10,355	$10,524	$10,383
1/31/17	$10,491	$10,544	$10,513
2/28/17	$10,650	$10,615	$10,690
3/31/17	$10,586	$10,610	$10,602
4/30/17	$10,685	$10,692	$10,730
5/31/17	$10,682	$10,774	$10,743
6/30/17	$10,538	$10,763	$10,570
7/31/17	$10,544	$10,809	$10,560
8/31/17	$10,859	$10,906	$10,905
9/30/17	$10,711	$10,854	$10,769
10/31/17	$10,777	$10,861	$10,824
11/30/17	$10,932	$10,847	$10,994
12/31/17	$11,333	$10,897	$11,379
1/31/18	$11,153	$10,771	$11,229
2/28/18	$10,717	$10,669	$10,778
3/31/18	$10,959	$10,737	$11,051
4/30/18	$10,976	$10,658	$11,088
5/31/18	$10,964	$10,734	$11,108
6/30/18	$11,157	$10,720	$11,231
7/31/18	$11,048	$10,723	$11,117
8/31/18	$11,115	$10,792	$11,227
9/30/18	$10,802	$10,722	$10,867
10/31/18	$10,233	$10,638	$10,290
11/30/18	$10,355	$10,701	$10,410
12/31/18	$10,495	$10,898	$10,558
1/31/19	$10,779	$11,014	$10,838
2/28/19	$10,677	$11,007	$10,755
3/31/19	$11,214	$11,219	$11,282
4/30/19	$11,168	$11,221	$11,263
5/31/19	$11,736	$11,421	$11,812
6/30/19	$11,722	$11,564	$11,821
7/31/19	$11,872	$11,589	$11,998
8/31/19	$12,869	$11,890	$13,023
9/30/19	$12,460	$11,826	$12,477
10/31/19	$12,346	$11,862	$12,505
11/30/19	$12,479	$11,856	$12,607
12/31/19	$12,310	$11,848	$12,429
1/31/20	$13,178	$12,076	$13,310
2/29/20	$13,548	$12,293	$13,685
3/31/20	$13,471	$12,221	$13,614
4/30/20	$14,276	$12,438	$14,418
5/31/20	$14,175	$12,496	$14,315
6/30/20	$14,356	$12,575	$14,500
7/31/20	$15,321	$12,762	$15,458
8/31/20	$15,172	$12,659	$15,322
9/30/20	$15,119	$12,652	$15,271
10/31/20	$14,852	$12,596	$15,000
11/30/20	$15,309	$12,720	$15,465
12/31/20	$15,410	$12,737	$15,570
1/31/21	$15,253	$12,646	$15,410
2/28/21	$14,342	$12,463	$14,491
3/31/21	$14,031	$12,308	$14,184
4/30/21	$14,353	$12,405	$14,508
5/31/21	$14,667	$12,445	$14,833
6/30/21	$15,218	$12,533	$15,385
7/31/21	$15,872	$12,673	$16,046
8/31/21	$15,849	$12,649	$16,032
9/30/21	$15,528	$12,539	$15,707
10/31/21	$15,910	$12,536	$16,099
11/30/21	$16,575	$12,573	$16,776
12/31/21	$16,488	$12,541	$16,689
1/31/22	$15,479	$12,271	$15,674
2/28/22	$15,544	$12,134	$15,744
3/31/22	$14,998	$11,797	$15,205
4/30/22	$13,880	$11,349	$14,071
5/31/22	$13,081	$11,422	$13,280
6/30/22	$12,168	$11,243	$12,355
7/31/22	$13,233	$11,518	$13,435
8/31/22	$12,656	$11,192	$12,858
9/30/22	$10,770	$10,709	$10,932
10/31/22	$10,995	$10,570	$11,142
11/30/22	$11,617	$10,959	$11,777
12/31/22	$11,279	$10,909	$11,431
1/31/23	$11,848	$11,245	$12,002
2/28/23	$11,532	$10,954	$11,683
3/31/23	$11,943	$11,232	$12,105
4/30/23	$11,908	$11,300	$12,074
5/31/23	$11,692	$11,177	$11,851
6/30/23	$11,763	$11,137	$11,923
7/31/23	$11,559	$11,130	$11,721
8/31/23	$11,170	$11,059	$11,318
9/30/23	$10,420	$10,778	$10,559
10/31/23	$9,962	$10,607	$10,107
11/30/23	$10,715	$11,088	$10,875
12/31/23	$11,336	$11,512	$11,502
1/31/24	$11,325	$11,481	$11,482
2/29/24	$11,080	$11,318	$11,236
3/31/24	$11,155	$11,423	$11,318
4/30/24	$10,589	$11,134	$10,740
5/31/24	$10,979	$11,323	$11,131
6/30/24	$11,080	$11,430	$11,242

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (at NAV)	(5.81%)	(1.12%)	1.03%
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (at Market Price)	(5.88%)	(1.13%)	1.03%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA 15+ Year U.S. Inflation-Linked Treasury Index	(5.71%)	(1.00%)	1.18%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$706,924
# of Portfolio Holdings	16
Portfolio Turnover Rate	4%
Total Net Management Fees Paid During the Reporting Period	$1,400

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.5%
Short-Term Instruments	0.1%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Additional Information

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

Annual Shareholder Report |

June 30, 2024

LTPZ | Principal Listing Exchange: NYSE Arca

ETF4794ARTSR_063024

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

ZROZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$14	0.15%

How did the Fund perform during the reporting period and what affected its performance?

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

• U.S. interest rate strategies overall, including duration, curve positioning and instrument selection, contributed to performance due to

overweight exposure to the back end of the curve, as U.S. Treasury yields fell during the fourth quarter of 2023.

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

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA Long U.S. Treasury Principal STRIPS Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,144	$9,975	$10,136
8/31/14	$10,890	$10,085	$10,841
9/30/14	$10,554	$10,017	$10,525
10/31/14	$10,984	$10,115	$10,969
11/30/14	$11,487	$10,187	$11,454
12/31/14	$12,134	$10,196	$12,098
1/31/15	$14,043	$10,410	$13,936
2/28/15	$12,716	$10,312	$12,694
3/31/15	$12,905	$10,360	$12,909
4/30/15	$11,981	$10,323	$11,946
5/31/15	$11,625	$10,298	$11,706
6/30/15	$10,864	$10,186	$10,907
7/31/15	$11,643	$10,257	$11,584
8/31/15	$11,518	$10,242	$11,587
9/30/15	$11,753	$10,311	$11,737
10/31/15	$11,662	$10,313	$11,629
11/30/15	$11,534	$10,286	$11,483
12/31/15	$11,534	$10,252	$11,564
1/31/16	$12,433	$10,393	$12,384
2/29/16	$12,974	$10,467	$12,993
3/31/16	$12,949	$10,563	$12,967
4/30/16	$12,753	$10,604	$12,794
5/31/16	$12,960	$10,607	$13,024
6/30/16	$14,242	$10,797	$14,230
7/31/16	$14,802	$10,865	$14,843
8/31/16	$14,683	$10,853	$14,749
9/30/16	$14,309	$10,847	$14,304
10/31/16	$13,317	$10,764	$13,350
11/30/16	$11,766	$10,509	$11,888
12/31/16	$11,698	$10,524	$11,789
1/31/17	$11,786	$10,544	$11,833
2/28/17	$12,079	$10,615	$12,114
3/31/17	$11,910	$10,610	$11,974
4/30/17	$12,120	$10,692	$12,176
5/31/17	$12,462	$10,774	$12,566
6/30/17	$12,693	$10,763	$12,737
7/31/17	$12,499	$10,809	$12,536
8/31/17	$13,116	$10,906	$13,200
9/30/17	$12,719	$10,854	$12,801
10/31/17	$12,725	$10,861	$12,814
11/30/17	$12,936	$10,847	$12,997
12/31/17	$13,345	$10,897	$13,411
1/31/18	$12,768	$10,771	$12,827
2/28/18	$12,115	$10,669	$12,173
3/31/18	$12,651	$10,737	$12,755
4/30/18	$12,291	$10,658	$12,417
5/31/18	$12,655	$10,734	$12,839
6/30/18	$12,831	$10,720	$12,933
7/31/18	$12,565	$10,723	$12,629
8/31/18	$12,728	$10,792	$12,866
9/30/18	$12,196	$10,722	$12,280
10/31/18	$11,525	$10,638	$11,551
11/30/18	$11,787	$10,701	$11,833
12/31/18	$12,773	$10,898	$12,821
1/31/19	$12,804	$11,014	$12,881
2/28/19	$12,562	$11,007	$12,634
3/31/19	$13,585	$11,219	$13,633
4/30/19	$13,142	$11,221	$13,205
5/31/19	$14,543	$11,421	$14,596
6/30/19	$14,649	$11,564	$14,780
7/31/19	$14,701	$11,589	$14,830
8/31/19	$17,303	$11,890	$17,419
9/30/19	$16,605	$11,826	$16,710
10/31/19	$16,328	$11,862	$16,482
11/30/19	$16,317	$11,856	$16,451
12/31/19	$15,483	$11,848	$15,688
1/31/20	$17,213	$12,076	$17,444
2/29/20	$18,862	$12,293	$19,118
3/31/20	$20,558	$12,221	$20,839
4/30/20	$20,884	$12,438	$21,171
5/31/20	$20,101	$12,496	$20,382
6/30/20	$20,212	$12,575	$20,497
7/31/20	$21,554	$12,762	$21,859
8/31/20	$19,931	$12,659	$20,214
9/30/20	$20,131	$12,652	$20,422
10/31/20	$19,157	$12,596	$19,436
11/30/20	$19,631	$12,720	$19,922
12/31/20	$19,289	$12,737	$19,577
1/31/21	$18,295	$12,646	$18,571
2/28/21	$16,840	$12,463	$17,095
3/31/21	$15,600	$12,308	$15,839
4/30/21	$16,131	$12,405	$16,381
5/31/21	$16,155	$12,445	$16,407
6/30/21	$17,240	$12,533	$17,512
7/31/21	$18,108	$12,673	$18,396
8/31/21	$18,044	$12,649	$18,333
9/30/21	$17,342	$12,539	$17,622
10/31/21	$18,179	$12,536	$18,486
11/30/21	$18,922	$12,573	$19,251
12/31/21	$18,331	$12,541	$18,650
1/31/22	$17,417	$12,271	$17,715
2/28/22	$17,034	$12,134	$17,323
3/31/22	$15,964	$11,797	$16,227
4/30/22	$13,823	$11,349	$14,046
5/31/22	$13,245	$11,422	$13,462
6/30/22	$13,053	$11,243	$13,270
7/31/22	$13,351	$11,518	$13,590
8/31/22	$12,665	$11,192	$12,886
9/30/22	$11,279	$10,709	$11,466
10/31/22	$10,131	$10,570	$10,282
11/30/22	$11,137	$10,959	$11,312
12/31/22	$10,723	$10,909	$10,993
1/31/23	$11,882	$11,245	$12,060
2/28/23	$11,147	$10,954	$11,318
3/31/23	$11,760	$11,232	$11,940
4/30/23	$11,749	$11,300	$11,926
5/31/23	$11,235	$11,177	$11,406
6/30/23	$11,373	$11,137	$11,547
7/31/23	$10,923	$11,130	$11,083
8/31/23	$10,373	$11,059	$10,523
9/30/23	$9,095	$10,778	$9,221
10/31/23	$8,255	$10,607	$8,366
11/30/23	$9,574	$11,088	$9,703
12/31/23	$10,812	$11,512	$10,953
1/31/24	$10,287	$11,481	$10,427
2/29/24	$10,019	$11,318	$10,157
3/31/24	$10,088	$11,423	$10,232
4/30/24	$9,069	$11,134	$9,197
5/31/24	$9,426	$11,323	$9,559
6/30/24	$9,667	$11,430	$9,804

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (at NAV)	(15.00%)	(7.98%)	(0.34%)
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (at Market Price)	(15.27%)	(8.00%)	(0.38%)
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA Long U.S. Treasury Principal STRIPS Index	(15.10%)	(7.88%)	(0.20%)

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,388,401
# of Portfolio Holdings	22
Portfolio Turnover Rate	22%
Total Net Management Fees Paid During the Reporting Period	$1,697

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.9%
Other Assets and Liabilities, Net	0.1%
Total	100.0%

Additional Information

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

Annual Shareholder Report |

June 30, 2024

ZROZ | Principal Listing Exchange: NYSE Arca

ETF4735ARTSR_063024

PIMCO Active Bond Exchange-Traded Fund

BOND | Principal Listing Exchange: NYSE

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Active Bond Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Active Bond Exchange-Traded Fund	$70	0.69%

How did the Fund perform during the reporting period and what affected its performance?

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

• Long exposure to securitized credit contributed to relative performance, as spreads tightened.

• Curve positioning in the U.S., primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as

yields rose.

• Overweight exposure to senior financials within investment grade corporate credit contributed to relative performance, as spreads

tightened.

• Underweight exposure to non-financial investment grade corporate credit detracted from relative performance, as spreads

tightened.

• There were no other material detractors for this Fund.

Fund Performance

Cumulative Returns Based on $10,000 Investment

	PIMCO Active Bond Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index
6/30/14	$10,000	$10,000
7/31/14	$9,993	$9,975
8/31/14	$10,104	$10,085
9/30/14	$10,052	$10,017
10/31/14	$10,139	$10,115
11/30/14	$10,254	$10,187
12/31/14	$10,248	$10,196
1/31/15	$10,547	$10,410
2/28/15	$10,495	$10,312
3/31/15	$10,527	$10,360
4/30/15	$10,452	$10,323
5/31/15	$10,416	$10,298
6/30/15	$10,301	$10,186
7/31/15	$10,406	$10,257
8/31/15	$10,326	$10,242
9/30/15	$10,322	$10,311
10/31/15	$10,379	$10,313
11/30/15	$10,359	$10,286
12/31/15	$10,323	$10,252
1/31/16	$10,420	$10,393
2/29/16	$10,379	$10,467
3/31/16	$10,530	$10,563
4/30/16	$10,575	$10,604
5/31/16	$10,592	$10,607
6/30/16	$10,738	$10,797
7/31/16	$10,837	$10,865
8/31/16	$10,835	$10,853
9/30/16	$10,879	$10,847
10/31/16	$10,823	$10,764
11/30/16	$10,560	$10,509
12/31/16	$10,645	$10,524
1/31/17	$10,723	$10,544
2/28/17	$10,799	$10,615
3/31/17	$10,817	$10,610
4/30/17	$10,894	$10,692
5/31/17	$10,954	$10,774
6/30/17	$10,952	$10,763
7/31/17	$11,022	$10,809
8/31/17	$11,135	$10,906
9/30/17	$11,094	$10,854
10/31/17	$11,107	$10,861
11/30/17	$11,100	$10,847
12/31/17	$11,151	$10,897
1/31/18	$11,053	$10,771
2/28/18	$10,951	$10,669
3/31/18	$11,008	$10,737
4/30/18	$10,926	$10,658
5/31/18	$10,991	$10,734
6/30/18	$10,997	$10,720
7/31/18	$11,007	$10,723
8/31/18	$11,082	$10,792
9/30/18	$11,029	$10,722
10/31/18	$10,938	$10,638
11/30/18	$10,989	$10,701
12/31/18	$11,169	$10,898
1/31/19	$11,323	$11,014
2/28/19	$11,347	$11,007
3/31/19	$11,544	$11,219
4/30/19	$11,565	$11,221
5/31/19	$11,735	$11,421
6/30/19	$11,876	$11,564
7/31/19	$11,924	$11,589
8/31/19	$12,161	$11,890
9/30/19	$12,113	$11,826
10/31/19	$12,144	$11,862
11/30/19	$12,153	$11,856
12/31/19	$12,139	$11,848
1/31/20	$12,381	$12,076
2/29/20	$12,571	$12,293
3/31/20	$12,159	$12,221
4/30/20	$12,423	$12,438
5/31/20	$12,520	$12,496
6/30/20	$12,698	$12,575
7/31/20	$12,912	$12,762
8/31/20	$12,871	$12,659
9/30/20	$12,878	$12,652
10/31/20	$12,822	$12,596
11/30/20	$12,992	$12,720
12/31/20	$13,066	$12,737
1/31/21	$13,040	$12,646
2/28/21	$12,888	$12,463
3/31/21	$12,723	$12,308
4/30/21	$12,851	$12,405
5/31/21	$12,874	$12,445
6/30/21	$12,978	$12,533
7/31/21	$13,125	$12,673
8/31/21	$13,114	$12,649
9/30/21	$13,024	$12,539
10/31/21	$12,986	$12,536
11/30/21	$13,007	$12,573
12/31/21	$12,989	$12,541
1/31/22	$12,738	$12,271
2/28/22	$12,569	$12,134
3/31/22	$12,161	$11,797
4/30/22	$11,700	$11,349
5/31/22	$11,700	$11,422
6/30/22	$11,426	$11,243
7/31/22	$11,729	$11,518
8/31/22	$11,419	$11,192
9/30/22	$10,899	$10,709
10/31/22	$10,716	$10,570
11/30/22	$11,119	$10,959
12/31/22	$11,106	$10,909
1/31/23	$11,516	$11,245
2/28/23	$11,279	$10,954
3/31/23	$11,454	$11,232
4/30/23	$11,521	$11,300
5/31/23	$11,435	$11,177
6/30/23	$11,411	$11,137
7/31/23	$11,419	$11,130
8/31/23	$11,362	$11,059
9/30/23	$11,075	$10,778
10/31/23	$10,851	$10,607
11/30/23	$11,368	$11,088
12/31/23	$11,808	$11,512
1/31/24	$11,820	$11,481
2/29/24	$11,683	$11,318
3/31/24	$11,803	$11,423
4/30/24	$11,527	$11,134
5/31/24	$11,743	$11,323
6/30/24	$11,864	$11,430

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Active Bond Exchange-Traded Fund (at NAV)	3.98%	(0.02%)	1.72%
PIMCO Active Bond Exchange-Traded Fund (at Market Price)	4.03%	(0.01%)	1.71%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$4,326,761
# of Portfolio Holdings	1,217
Portfolio Turnover Rate	351%
Total Net Management Fees Paid During the Reporting Period	$21,011

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Government Agencies	56.9%
Corporate Bonds & Notes	23.7%
Asset-Backed Securities	15.6%
U.S. Treasury Obligations	12.6%
Non-Agency Mortgage-Backed Securities	7.6%
Affiliated Investments	1.9%
Municipal Bonds & Notes	0.7%
Preferred Securities	0.6%
Loan Participations and Assignments	0.5%
Sovereign Issues	0.3%
Short-Term Instruments	1.6%
Other Investments	0.0%
Other Assets and Liabilities, Net	(22.0%)
Total	100.0%

Material Fund Changes

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.11% as a result of higher expenses related to interest.

Additional Information

PIMCO Active Bond Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

BOND | Principal Listing Exchange: NYSE

ETF4700ARTSR_063024

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

TIPZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund	$20	0.20%

How did the Fund perform during the reporting period and what affected its performance?

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 ICE BofA U.S. Treasury Inflation-Protected

Securities Index, as U.S. real yields moved higher.

• Exposure to the inflation accrual component of Treasury Inflation-Protected Securities contributed to absolute performance for both

the Fund and the ICE BofA U.S. Treasury Inflation-Protected Securities Index, as U.S. inflation moved higher.

• There were no other material contributors or detractors for the Fund.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA U.S. Inflation-Linked Treasury Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,005	$9,975	$10,007
8/31/14	$10,076	$10,085	$10,067
9/30/14	$9,801	$10,017	$9,794
10/31/14	$9,889	$10,115	$9,890
11/30/14	$9,934	$10,187	$9,922
12/31/14	$9,822	$10,196	$9,822
1/31/15	$10,164	$10,410	$10,150
2/28/15	$10,012	$10,312	$10,014
3/31/15	$9,965	$10,360	$9,967
4/30/15	$10,022	$10,323	$10,030
5/31/15	$9,910	$10,298	$9,941
6/30/15	$9,798	$10,186	$9,836
7/31/15	$9,862	$10,257	$9,858
8/31/15	$9,756	$10,242	$9,782
9/30/15	$9,702	$10,311	$9,711
10/31/15	$9,735	$10,313	$9,743
11/30/15	$9,721	$10,286	$9,736
12/31/15	$9,614	$10,252	$9,654
1/31/16	$9,779	$10,393	$9,800
2/29/16	$9,893	$10,467	$9,926
3/31/16	$10,077	$10,563	$10,106
4/30/16	$10,098	$10,604	$10,139
5/31/16	$10,022	$10,607	$10,070
6/30/16	$10,261	$10,797	$10,292
7/31/16	$10,343	$10,865	$10,385
8/31/16	$10,301	$10,853	$10,340
9/30/16	$10,378	$10,847	$10,397
10/31/16	$10,312	$10,764	$10,343
11/30/16	$10,086	$10,509	$10,136
12/31/16	$10,083	$10,524	$10,122
1/31/17	$10,174	$10,544	$10,206
2/28/17	$10,218	$10,615	$10,264
3/31/17	$10,216	$10,610	$10,254
4/30/17	$10,269	$10,692	$10,316
5/31/17	$10,266	$10,774	$10,318
6/30/17	$10,172	$10,763	$10,215
7/31/17	$10,221	$10,809	$10,263
8/31/17	$10,332	$10,906	$10,382
9/30/17	$10,254	$10,854	$10,310
10/31/17	$10,281	$10,861	$10,334
11/30/17	$10,295	$10,847	$10,354
12/31/17	$10,408	$10,897	$10,459
1/31/18	$10,304	$10,771	$10,366
2/28/18	$10,192	$10,669	$10,256
3/31/18	$10,297	$10,737	$10,371
4/30/18	$10,285	$10,658	$10,364
5/31/18	$10,315	$10,734	$10,408
6/30/18	$10,382	$10,720	$10,452
7/31/18	$10,327	$10,723	$10,399
8/31/18	$10,392	$10,792	$10,477
9/30/18	$10,284	$10,722	$10,355
10/31/18	$10,123	$10,638	$10,197
11/30/18	$10,175	$10,701	$10,245
12/31/18	$10,228	$10,898	$10,302
1/31/19	$10,377	$11,014	$10,451
2/28/19	$10,357	$11,007	$10,445
3/31/19	$10,570	$11,219	$10,650
4/30/19	$10,593	$11,221	$10,686
5/31/19	$10,790	$11,421	$10,877
6/30/19	$10,869	$11,564	$10,965
7/31/19	$10,905	$11,589	$11,004
8/31/19	$11,181	$11,890	$11,294
9/30/19	$11,047	$11,826	$11,121
10/31/19	$11,037	$11,862	$11,154
11/30/19	$11,057	$11,856	$11,169
12/31/19	$11,094	$11,848	$11,206
1/31/20	$11,360	$12,076	$11,473
2/29/20	$11,476	$12,293	$11,592
3/31/20	$11,326	$12,221	$11,439
4/30/20	$11,626	$12,438	$11,745
5/31/20	$11,682	$12,496	$11,805
6/30/20	$11,804	$12,575	$11,931
7/31/20	$12,099	$12,762	$12,224
8/31/20	$12,199	$12,659	$12,335
9/30/20	$12,160	$12,652	$12,295
10/31/20	$12,073	$12,596	$12,206
11/30/20	$12,224	$12,720	$12,359
12/31/20	$12,357	$12,737	$12,497
1/31/21	$12,389	$12,646	$12,536
2/28/21	$12,155	$12,463	$12,302
3/31/21	$12,115	$12,308	$12,268
4/30/21	$12,297	$12,405	$12,453
5/31/21	$12,440	$12,445	$12,601
6/30/21	$12,549	$12,533	$12,702
7/31/21	$12,890	$12,673	$13,048
8/31/21	$12,866	$12,649	$13,031
9/30/21	$12,758	$12,539	$12,929
10/31/21	$12,892	$12,536	$13,072
11/30/21	$13,034	$12,573	$13,227
12/31/21	$13,062	$12,541	$13,248
1/31/22	$12,750	$12,271	$12,944
2/28/22	$12,869	$12,134	$13,066
3/31/22	$12,632	$11,797	$12,840
4/30/22	$12,318	$11,349	$12,526
5/31/22	$12,170	$11,422	$12,385
6/30/22	$11,765	$11,243	$11,980
7/31/22	$12,318	$11,518	$12,517
8/31/22	$11,980	$11,192	$12,176
9/30/22	$11,153	$10,709	$11,343
10/31/22	$11,307	$10,570	$11,480
11/30/22	$11,513	$10,959	$11,704
12/31/22	$11,397	$10,909	$11,583
1/31/23	$11,626	$11,245	$11,810
2/28/23	$11,482	$10,954	$11,643
3/31/23	$11,793	$11,232	$11,982
4/30/23	$11,797	$11,300	$11,998
5/31/23	$11,663	$11,177	$11,847
6/30/23	$11,641	$11,137	$11,811
7/31/23	$11,636	$11,130	$11,824
8/31/23	$11,529	$11,059	$11,711
9/30/23	$11,303	$10,778	$11,482
10/31/23	$11,206	$10,607	$11,394
11/30/23	$11,514	$11,088	$11,706
12/31/23	$11,804	$11,512	$11,999
1/31/24	$11,849	$11,481	$12,044
2/29/24	$11,730	$11,318	$11,916
3/31/24	$11,807	$11,423	$12,001
4/30/24	$11,617	$11,134	$11,809
5/31/24	$11,820	$11,323	$12,014
6/30/24	$11,903	$11,430	$12,109

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (at NAV)	2.26%	1.84%	1.76%
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (at Market Price)	2.31%	1.85%	1.76%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA U.S. Inflation-Linked Treasury Index	2.52%	2.01%	1.93%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$98,743
# of Portfolio Holdings	42
Portfolio Turnover Rate	125%
Total Net Management Fees Paid During the Reporting Period	$220

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.5%
Short-Term Instruments	0.1%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Additional Information

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

Annual Shareholder Report |

June 30, 2024

TIPZ | Principal Listing Exchange: NYSE Arca

ETF4795ARTSR_063024

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

LDUR | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Enhanced Low Duration Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Low Duration Active Exchange-Traded Fund	$51	0.50%

How did the Fund perform during the reporting period and what affected its performance?

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

• Overweight exposure to investment grade corporate credit during the first half of 2024, specifically financials, contributed to relative

performance, as corporate credit spreads tightened.

• Overweight exposure to commercial mortgage-backed securities ("CMBS") contributed to relative performance, as CMBS posted

positive return.

• U.S. duration positioning, specifically overweight exposure to the 2 year part of the curve and underweight exposure to the 10 year part

of the curve, contributed to relative performance, due to the curve steepening.

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

• There were no other material detractors for this Fund.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Enhanced Low Duration Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA 1-3 Year U.S. Treasury Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$9,999	$9,975	$9,992
8/31/14	$10,034	$10,085	$10,009
9/30/14	$10,033	$10,017	$10,003
10/31/14	$10,059	$10,115	$10,031
11/30/14	$10,068	$10,187	$10,045
12/31/14	$10,035	$10,196	$10,021
1/31/15	$10,092	$10,410	$10,071
2/28/15	$10,146	$10,312	$10,050
3/31/15	$10,174	$10,360	$10,073
4/30/15	$10,201	$10,323	$10,078
5/31/15	$10,247	$10,298	$10,085
6/30/15	$10,237	$10,186	$10,088
7/31/15	$10,254	$10,257	$10,093
8/31/15	$10,217	$10,242	$10,089
9/30/15	$10,178	$10,311	$10,119
10/31/15	$10,259	$10,313	$10,109
11/30/15	$10,263	$10,286	$10,084
12/31/15	$10,240	$10,252	$10,075
1/31/16	$10,212	$10,393	$10,136
2/29/16	$10,195	$10,467	$10,148
3/31/16	$10,296	$10,563	$10,166
4/30/16	$10,348	$10,604	$10,169
5/31/16	$10,400	$10,607	$10,158
6/30/16	$10,417	$10,797	$10,219
7/31/16	$10,486	$10,865	$10,213
8/31/16	$10,512	$10,853	$10,197
9/30/16	$10,534	$10,847	$10,208
10/31/16	$10,553	$10,764	$10,202
11/30/16	$10,508	$10,509	$10,161
12/31/16	$10,530	$10,524	$10,164
1/31/17	$10,550	$10,544	$10,177
2/28/17	$10,580	$10,615	$10,187
3/31/17	$10,598	$10,610	$10,191
4/30/17	$10,626	$10,692	$10,205
5/31/17	$10,654	$10,774	$10,217
6/30/17	$10,681	$10,763	$10,208
7/31/17	$10,689	$10,809	$10,230
8/31/17	$10,712	$10,906	$10,249
9/30/17	$10,740	$10,854	$10,233
10/31/17	$10,772	$10,861	$10,226
11/30/17	$10,765	$10,847	$10,206
12/31/17	$10,755	$10,897	$10,207
1/31/18	$10,739	$10,771	$10,178
2/28/18	$10,745	$10,669	$10,174
3/31/18	$10,740	$10,737	$10,194
4/30/18	$10,755	$10,658	$10,178
5/31/18	$10,781	$10,734	$10,215
6/30/18	$10,798	$10,720	$10,216
7/31/18	$10,824	$10,723	$10,216
8/31/18	$10,852	$10,792	$10,248
9/30/18	$10,875	$10,722	$10,236
10/31/18	$10,897	$10,638	$10,252
11/30/18	$10,894	$10,701	$10,287
12/31/18	$10,900	$10,898	$10,369
1/31/19	$10,958	$11,014	$10,396
2/28/19	$11,016	$11,007	$10,407
3/31/19	$11,064	$11,219	$10,471
4/30/19	$11,108	$11,221	$10,492
5/31/19	$11,144	$11,421	$10,566
6/30/19	$11,193	$11,564	$10,621
7/31/19	$11,242	$11,589	$10,609
8/31/19	$11,288	$11,890	$10,694
9/30/19	$11,298	$11,826	$10,682
10/31/19	$11,327	$11,862	$10,717
11/30/19	$11,335	$11,856	$10,714
12/31/19	$11,373	$11,848	$10,737
1/31/20	$11,478	$12,076	$10,795
2/29/20	$11,581	$12,293	$10,889
3/31/20	$11,258	$12,221	$11,038
4/30/20	$11,464	$12,438	$11,043
5/31/20	$11,575	$12,496	$11,050
6/30/20	$11,726	$12,575	$11,053
7/31/20	$11,769	$12,762	$11,064
8/31/20	$11,790	$12,659	$11,061
9/30/20	$11,818	$12,652	$11,064
10/31/20	$11,866	$12,596	$11,060
11/30/20	$11,848	$12,720	$11,065
12/31/20	$11,883	$12,737	$11,070
1/31/21	$11,915	$12,646	$11,072
2/28/21	$11,909	$12,463	$11,063
3/31/21	$11,902	$12,308	$11,065
4/30/21	$11,912	$12,405	$11,070
5/31/21	$11,921	$12,445	$11,078
6/30/21	$11,909	$12,533	$11,061
7/31/21	$11,921	$12,673	$11,079
8/31/21	$11,923	$12,649	$11,079
9/30/21	$11,931	$12,539	$11,068
10/31/21	$11,891	$12,536	$11,034
11/30/21	$11,863	$12,573	$11,036
12/31/21	$11,846	$12,541	$11,009
1/31/22	$11,766	$12,271	$10,936
2/28/22	$11,686	$12,134	$10,896
3/31/22	$11,495	$11,797	$10,751
4/30/22	$11,452	$11,349	$10,700
5/31/22	$11,499	$11,422	$10,759
6/30/22	$11,384	$11,243	$10,696
7/31/22	$11,420	$11,518	$10,732
8/31/22	$11,375	$11,192	$10,655
9/30/22	$11,268	$10,709	$10,530
10/31/22	$11,197	$10,570	$10,519
11/30/22	$11,266	$10,959	$10,585
12/31/22	$11,324	$10,909	$10,607
1/31/23	$11,407	$11,245	$10,680
2/28/23	$11,353	$10,954	$10,603
3/31/23	$11,463	$11,232	$10,772
4/30/23	$11,504	$11,300	$10,800
5/31/23	$11,486	$11,177	$10,762
6/30/23	$11,445	$11,137	$10,710
7/31/23	$11,512	$11,130	$10,748
8/31/23	$11,564	$11,059	$10,790
9/30/23	$11,578	$10,778	$10,789
10/31/23	$11,611	$10,607	$10,826
11/30/23	$11,731	$11,088	$10,936
12/31/23	$11,875	$11,512	$11,058
1/31/24	$11,952	$11,481	$11,101
2/29/24	$11,923	$11,318	$11,055
3/31/24	$11,981	$11,423	$11,091
4/30/24	$11,950	$11,134	$11,055
5/31/24	$12,041	$11,323	$11,131
6/30/24	$12,104	$11,430	$11,195

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Enhanced Low Duration Active Exchange-Traded Fund (at NAV)	5.76%	1.58%	1.93%
PIMCO Enhanced Low Duration Active Exchange-Traded Fund (at Market Price)	5.76%	1.55%	1.77%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA 1-3 Year U.S. Treasury Index	4.53%	1.06%	1.14%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$870,154
# of Portfolio Holdings	488
Portfolio Turnover Rate	183%
Total Net Management Fees Paid During the Reporting Period	$4,336

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	30.4%
Asset-Backed Securities	29.0%
U.S. Treasury Obligations	22.2%
Non-Agency Mortgage-Backed Securities	13.4%
U.S. Government Agencies	8.8%
Municipal Bonds & Notes	0.7%
Sovereign Issues	0.3%
Short-Term Instruments	0.5%
Other Investments	0.0%
Other Assets and Liabilities, Net	(5.3%)
Total	100.0%

Additional Information

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

LDUR | Principal Listing Exchange: NYSE Arca

ETF4756ARTSR_063024

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

EMNT | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund	$25	0.24%

How did the Fund perform during the reporting period and what affected its performance?

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

• Overweight exposure to investment grade corporate credit, particularly in the financial sector, contributed to relative performance, as

spreads tightened.

• Overweight exposure to U.S. duration, particularly in the 1 year part of the curve, contributed to relative performance, as

interest rates fell.

• Overweight exposure to select securitized credit, particularly asset-backed securities, contributed to relative performance, as spreads

tightened.

• There were no material detractors for this Fund.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	FTSE 3-Month Treasury Bill Index
12/10/19	$10,000	$10,000	$10,000
12/31/19	$10,023	$10,006	$10,010
1/31/20	$10,058	$10,198	$10,024
2/29/20	$10,084	$10,382	$10,036
3/31/20	$9,961	$10,321	$10,049
4/30/20	$10,043	$10,504	$10,057
5/31/20	$10,101	$10,553	$10,061
6/30/20	$10,153	$10,619	$10,062
7/31/20	$10,183	$10,778	$10,064
8/31/20	$10,196	$10,691	$10,065
9/30/20	$10,207	$10,685	$10,066
10/31/20	$10,210	$10,637	$10,067
11/30/20	$10,223	$10,742	$10,067
12/31/20	$10,232	$10,757	$10,068
1/31/21	$10,241	$10,679	$10,069
2/28/21	$10,239	$10,525	$10,070
3/31/21	$10,235	$10,394	$10,070
4/30/21	$10,246	$10,476	$10,070
5/31/21	$10,256	$10,510	$10,071
6/30/21	$10,255	$10,584	$10,071
7/31/21	$10,264	$10,702	$10,071
8/31/21	$10,265	$10,682	$10,071
9/30/21	$10,264	$10,589	$10,072
10/31/21	$10,256	$10,587	$10,072
11/30/21	$10,254	$10,618	$10,072
12/31/21	$10,252	$10,591	$10,073
1/31/22	$10,235	$10,363	$10,073
2/28/22	$10,216	$10,247	$10,074
3/31/22	$10,156	$9,962	$10,076
4/30/22	$10,137	$9,584	$10,079
5/31/22	$10,141	$9,646	$10,083
6/30/22	$10,108	$9,495	$10,090
7/31/22	$10,136	$9,727	$10,101
8/31/22	$10,144	$9,452	$10,116
9/30/22	$10,117	$9,043	$10,135
10/31/22	$10,109	$8,926	$10,161
11/30/22	$10,165	$9,255	$10,190
12/31/22	$10,205	$9,213	$10,224
1/31/23	$10,273	$9,496	$10,262
2/28/23	$10,301	$9,251	$10,298
3/31/23	$10,341	$9,486	$10,339
4/30/23	$10,389	$9,543	$10,380
5/31/23	$10,424	$9,439	$10,424
6/30/23	$10,467	$9,406	$10,468
7/31/23	$10,522	$9,399	$10,516
8/31/23	$10,570	$9,339	$10,565
9/30/23	$10,617	$9,102	$10,613
10/31/23	$10,663	$8,958	$10,663
11/30/23	$10,725	$9,364	$10,711
12/31/23	$10,787	$9,722	$10,762
1/31/24	$10,849	$9,696	$10,812
2/29/24	$10,903	$9,559	$10,859
3/31/24	$10,958	$9,647	$10,909
4/30/24	$11,007	$9,403	$10,958
5/31/24	$11,064	$9,563	$11,009
6/30/24	$11,112	$9,653	$11,059

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 12/10/19
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (at NAV)	6.16%	2.34%
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (at Market Price)	6.14%	2.33%
Bloomberg U.S. Aggregate Index	2.63%	(0.77%)
FTSE 3-Month Treasury Bill Index	5.64%	2.23%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$166,877
# of Portfolio Holdings	186
Portfolio Turnover Rate	73%
Total Net Management Fees Paid During the Reporting Period	$391

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	45.2%
Asset-Backed Securities	26.6%
Non-Agency Mortgage-Backed Securities	2.5%
U.S. Government Agencies	2.2%
U.S. Treasury Obligations	1.6%
Sovereign Issues	0.8%
Short-Term Instruments	33.5%
Other Investments	0.0%
Other Assets and Liabilities, Net	(12.4%)
Total	100.0%

Additional Information

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

EMNT | Principal Listing Exchange: NYSE Arca

ETF4757ARTSR_063024

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

MINT | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$36	0.35%

How did the Fund perform during the reporting period and what affected its performance?

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

• Overweight exposure to select securitized credit, particularly commercial mortgage-backed securities, collateralized loan obligations,

and asset-backed securities, contributed to relative performance, as spreads tightened.

• Overweight exposure to U.S. duration in the 1 year part of the curve contributed to relative performance, as interest rates fell.

• Overweight exposure to investment grade corporate credit, particularly in the financial sector, contributed to relative performance, as

spreads tightened.

• There were no material detractors for this Fund.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	FTSE 3-Month Treasury Bill Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,002	$9,975	$10,000
8/31/14	$10,013	$10,085	$10,001
9/30/14	$10,014	$10,017	$10,001
10/31/14	$10,014	$10,115	$10,001
11/30/14	$10,015	$10,187	$10,001
12/31/14	$10,004	$10,196	$10,001
1/31/15	$10,013	$10,410	$10,001
2/28/15	$10,026	$10,312	$10,002
3/31/15	$10,034	$10,360	$10,002
4/30/15	$10,042	$10,323	$10,002
5/31/15	$10,054	$10,298	$10,002
6/30/15	$10,053	$10,186	$10,002
7/31/15	$10,056	$10,257	$10,002
8/31/15	$10,053	$10,242	$10,003
9/30/15	$10,037	$10,311	$10,003
10/31/15	$10,052	$10,313	$10,003
11/30/15	$10,060	$10,286	$10,003
12/31/15	$10,056	$10,252	$10,004
1/31/16	$10,062	$10,393	$10,005
2/29/16	$10,057	$10,467	$10,007
3/31/16	$10,091	$10,563	$10,009
4/30/16	$10,124	$10,604	$10,012
5/31/16	$10,146	$10,607	$10,014
6/30/16	$10,156	$10,797	$10,016
7/31/16	$10,179	$10,865	$10,018
8/31/16	$10,205	$10,853	$10,021
9/30/16	$10,218	$10,847	$10,023
10/31/16	$10,235	$10,764	$10,025
11/30/16	$10,246	$10,509	$10,028
12/31/16	$10,257	$10,524	$10,031
1/31/17	$10,277	$10,544	$10,035
2/28/17	$10,300	$10,615	$10,039
3/31/17	$10,316	$10,610	$10,043
4/30/17	$10,331	$10,692	$10,048
5/31/17	$10,347	$10,774	$10,054
6/30/17	$10,364	$10,763	$10,062
7/31/17	$10,382	$10,809	$10,070
8/31/17	$10,398	$10,906	$10,079
9/30/17	$10,415	$10,854	$10,087
10/31/17	$10,433	$10,861	$10,096
11/30/17	$10,439	$10,847	$10,105
12/31/17	$10,451	$10,897	$10,116
1/31/18	$10,463	$10,771	$10,127
2/28/18	$10,472	$10,669	$10,138
3/31/18	$10,483	$10,737	$10,151
4/30/18	$10,502	$10,658	$10,164
5/31/18	$10,525	$10,734	$10,180
6/30/18	$10,540	$10,720	$10,195
7/31/18	$10,563	$10,723	$10,212
8/31/18	$10,589	$10,792	$10,229
9/30/18	$10,607	$10,722	$10,246
10/31/18	$10,623	$10,638	$10,265
11/30/18	$10,628	$10,701	$10,284
12/31/18	$10,631	$10,898	$10,304
1/31/19	$10,678	$11,014	$10,325
2/28/19	$10,712	$11,007	$10,344
3/31/19	$10,747	$11,219	$10,365
4/30/19	$10,782	$11,221	$10,386
5/31/19	$10,811	$11,421	$10,408
6/30/19	$10,839	$11,564	$10,429
7/31/19	$10,866	$11,589	$10,450
8/31/19	$10,890	$11,890	$10,470
9/30/19	$10,913	$11,826	$10,488
10/31/19	$10,940	$11,862	$10,505
11/30/19	$10,960	$11,856	$10,521
12/31/19	$10,982	$11,848	$10,536
1/31/20	$11,021	$12,076	$10,550
2/29/20	$11,039	$12,293	$10,564
3/31/20	$10,764	$12,221	$10,577
4/30/20	$10,929	$12,438	$10,586
5/31/20	$11,008	$12,496	$10,590
6/30/20	$11,079	$12,575	$10,591
7/31/20	$11,107	$12,762	$10,592
8/31/20	$11,125	$12,659	$10,594
9/30/20	$11,132	$12,652	$10,595
10/31/20	$11,140	$12,596	$10,596
11/30/20	$11,150	$12,720	$10,596
12/31/20	$11,161	$12,737	$10,597
1/31/21	$11,173	$12,646	$10,598
2/28/21	$11,170	$12,463	$10,599
3/31/21	$11,158	$12,308	$10,599
4/30/21	$11,168	$12,405	$10,600
5/31/21	$11,178	$12,445	$10,600
6/30/21	$11,177	$12,533	$10,600
7/31/21	$11,185	$12,673	$10,600
8/31/21	$11,187	$12,649	$10,600
9/30/21	$11,185	$12,539	$10,601
10/31/21	$11,172	$12,536	$10,601
11/30/21	$11,166	$12,573	$10,602
12/31/21	$11,161	$12,541	$10,602
1/31/22	$11,135	$12,271	$10,603
2/28/22	$11,108	$12,134	$10,603
3/31/22	$11,018	$11,797	$10,605
4/30/22	$10,984	$11,349	$10,608
5/31/22	$10,985	$11,422	$10,613
6/30/22	$10,932	$11,243	$10,620
7/31/22	$10,964	$11,518	$10,631
8/31/22	$10,982	$11,192	$10,647
9/30/22	$10,955	$10,709	$10,668
10/31/22	$10,936	$10,570	$10,694
11/30/22	$10,999	$10,959	$10,725
12/31/22	$11,054	$10,909	$10,761
1/31/23	$11,150	$11,245	$10,801
2/28/23	$11,174	$10,954	$10,839
3/31/23	$11,195	$11,232	$10,882
4/30/23	$11,252	$11,300	$10,925
5/31/23	$11,314	$11,177	$10,972
6/30/23	$11,379	$11,137	$11,018
7/31/23	$11,448	$11,130	$11,069
8/31/23	$11,509	$11,059	$11,120
9/30/23	$11,568	$10,778	$11,170
10/31/23	$11,621	$10,607	$11,223
11/30/23	$11,676	$11,088	$11,274
12/31/23	$11,739	$11,512	$11,327
1/31/24	$11,808	$11,481	$11,380
2/29/24	$11,865	$11,318	$11,430
3/31/24	$11,931	$11,423	$11,482
4/30/24	$11,986	$11,134	$11,534
5/31/24	$12,048	$11,323	$11,588
6/30/24	$12,099	$11,430	$11,640

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (at NAV)	6.33%	2.22%	1.92%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (at Market Price)	6.36%	2.23%	1.93%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
FTSE 3-Month Treasury Bill Index	5.64%	2.22%	1.53%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$12,049,316
# of Portfolio Holdings	829
Portfolio Turnover Rate	57%
Total Net Management Fees Paid During the Reporting Period	$36,569

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	53.5%
Asset-Backed Securities	26.4%
U.S. Government Agencies	4.8%
Non-Agency Mortgage-Backed Securities	3.4%
Sovereign Issues	2.0%
Short-Term Instruments	10.9%
Other Investments	0.0%
Other Assets and Liabilities, Net	(1.0%)
Total	100.0%

Additional Information

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

MINT | Principal Listing Exchange: NYSE Arca

ETF4750ARTSR_063024

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

MUNI | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund	$36	0.35%

How did the Fund perform during the reporting period and what affected its performance?

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

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

• Overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal

market.

• Security selection within the housing sector contributed to performance, as the Fund's holdings outperformed the broader municipal

market.

• Yield curve strategies detracted from performance, as rates broadly rose.

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

market.

• Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader

municipal market.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (at NAV)	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Bond Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,015	$10,018	$10,019
8/31/14	$10,105	$10,139	$10,113
9/30/14	$10,098	$10,149	$10,113
10/31/14	$10,137	$10,219	$10,166
11/30/14	$10,145	$10,236	$10,177
12/31/14	$10,178	$10,288	$10,204
1/31/15	$10,348	$10,470	$10,359
2/28/15	$10,226	$10,362	$10,268
3/31/15	$10,261	$10,392	$10,290
4/30/15	$10,205	$10,338	$10,252
5/31/15	$10,164	$10,309	$10,223
6/30/15	$10,145	$10,300	$10,222
7/31/15	$10,192	$10,375	$10,284
8/31/15	$10,211	$10,395	$10,303
9/30/15	$10,280	$10,470	$10,376
10/31/15	$10,340	$10,512	$10,416
11/30/15	$10,377	$10,554	$10,438
12/31/15	$10,441	$10,628	$10,492
1/31/16	$10,566	$10,755	$10,617
2/29/16	$10,575	$10,771	$10,636
3/31/16	$10,590	$10,806	$10,646
4/30/16	$10,659	$10,885	$10,710
5/31/16	$10,665	$10,915	$10,715
6/30/16	$10,806	$11,088	$10,847
7/31/16	$10,815	$11,095	$10,862
8/31/16	$10,839	$11,110	$10,866
9/30/16	$10,815	$11,054	$10,827
10/31/16	$10,719	$10,938	$10,739
11/30/16	$10,357	$10,531	$10,393
12/31/16	$10,421	$10,654	$10,494
1/31/17	$10,468	$10,724	$10,567
2/28/17	$10,525	$10,799	$10,638
3/31/17	$10,559	$10,822	$10,656
4/30/17	$10,638	$10,901	$10,732
5/31/17	$10,757	$11,074	$10,873
6/30/17	$10,732	$11,034	$10,831
7/31/17	$10,800	$11,123	$10,910
8/31/17	$10,886	$11,208	$10,983
9/30/17	$10,852	$11,151	$10,932
10/31/17	$10,878	$11,178	$10,947
11/30/17	$10,819	$11,118	$10,858
12/31/17	$10,894	$11,235	$10,948
1/31/18	$10,803	$11,102	$10,853
2/28/18	$10,766	$11,069	$10,825
3/31/18	$10,789	$11,110	$10,849
4/30/18	$10,758	$11,070	$10,820
5/31/18	$10,852	$11,197	$10,921
6/30/18	$10,867	$11,207	$10,940
7/31/18	$10,899	$11,234	$10,975
8/31/18	$10,920	$11,263	$10,995
9/30/18	$10,863	$11,190	$10,934
10/31/18	$10,801	$11,121	$10,889
11/30/18	$10,903	$11,244	$11,000
12/31/18	$11,015	$11,379	$11,121
1/31/19	$11,117	$11,465	$11,215
2/28/19	$11,185	$11,526	$11,270
3/31/19	$11,319	$11,708	$11,401
4/30/19	$11,354	$11,752	$11,424
5/31/19	$11,514	$11,914	$11,563
6/30/19	$11,563	$11,958	$11,610
7/31/19	$11,650	$12,055	$11,702
8/31/19	$11,796	$12,245	$11,838
9/30/19	$11,718	$12,147	$11,742
10/31/19	$11,730	$12,168	$11,772
11/30/19	$11,750	$12,199	$11,800
12/31/19	$11,790	$12,236	$11,837
1/31/20	$11,963	$12,456	$12,019
2/29/20	$12,076	$12,617	$12,132
3/31/20	$11,686	$12,159	$11,778
4/30/20	$11,581	$12,006	$11,694
5/31/20	$11,929	$12,388	$12,026
6/30/20	$12,033	$12,490	$12,096
7/31/20	$12,211	$12,701	$12,265
8/31/20	$12,185	$12,641	$12,224
9/30/20	$12,184	$12,644	$12,234
10/31/20	$12,162	$12,606	$12,203
11/30/20	$12,297	$12,796	$12,338
12/31/20	$12,374	$12,874	$12,397
1/31/21	$12,436	$12,956	$12,456
2/28/21	$12,265	$12,750	$12,299
3/31/21	$12,306	$12,829	$12,357
4/30/21	$12,400	$12,936	$12,434
5/31/21	$12,437	$12,975	$12,452
6/30/21	$12,462	$13,010	$12,468
7/31/21	$12,547	$13,118	$12,559
8/31/21	$12,512	$13,070	$12,534
9/30/21	$12,421	$12,976	$12,457
10/31/21	$12,391	$12,938	$12,420
11/30/21	$12,465	$13,048	$12,486
12/31/21	$12,472	$13,069	$12,504
1/31/22	$12,186	$12,711	$12,199
2/28/22	$12,131	$12,666	$12,161
3/31/22	$11,798	$12,255	$11,837
4/30/22	$11,521	$11,916	$11,589
5/31/22	$11,651	$12,093	$11,752
6/30/22	$11,511	$11,895	$11,654
7/31/22	$11,768	$12,210	$11,914
8/31/22	$11,575	$11,942	$11,708
9/30/22	$11,254	$11,484	$11,353
10/31/22	$11,179	$11,388	$11,309
11/30/22	$11,582	$11,921	$11,705
12/31/22	$11,626	$11,955	$11,761
1/31/23	$11,889	$12,298	$12,025
2/28/23	$11,681	$12,020	$11,798
3/31/23	$11,886	$12,287	$12,028
4/30/23	$11,885	$12,259	$11,994
5/31/23	$11,805	$12,153	$11,888
6/30/23	$11,886	$12,274	$11,978
7/31/23	$11,914	$12,323	$12,025
8/31/23	$11,819	$12,146	$11,904
9/30/23	$11,567	$11,790	$11,637
10/31/23	$11,479	$11,689	$11,589
11/30/23	$12,037	$12,431	$12,149
12/31/23	$12,331	$12,720	$12,379
1/31/24	$12,317	$12,655	$12,331
2/29/24	$12,329	$12,671	$12,343
3/31/24	$12,338	$12,671	$12,343
4/30/24	$12,214	$12,514	$12,216
5/31/24	$12,205	$12,477	$12,143
6/30/24	$12,361	$12,669	$12,300

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (at NAV)	3.99%	1.34%	2.14%
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (at Market Price)	3.87%	1.29%	2.13%
Bloomberg Municipal Bond Index	3.21%	1.16%	2.39%
Bloomberg 1-15 Year Municipal Bond Index	2.69%	1.16%	2.09%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,505,332
# of Portfolio Holdings	432
Portfolio Turnover Rate	29%
Total Net Management Fees Paid During the Reporting Period	$4,346

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	16.5%
Ad Valorem Property Tax	9.6%
Local or Guaranteed Housing	7.5%
Short-Term Instruments	6.7%
Electric Power & Light Revenue	6.6%
Natural Gas Revenue	6.0%
Highway Revenue Tolls	5.9%
Income Tax Revenue	5.4%
Water Revenue	4.9%
Industrial Revenue	4.0%
Miscellaneous Revenue	4.0%
Sales Tax Revenue	3.5%
Tobacco Settlement Funded	3.2%
Sewer Revenue	2.7%
Other Investments	14.4%
Other Assets and Liabilities, Net	(0.9%)
Total	100.0%

Additional Information

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

MUNI | Principal Listing Exchange: NYSE Arca

ETF4754ARTSR_063024

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

CORP | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	$37	0.36%

How did the Fund perform during the reporting period and what affected its performance?

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

• Security selection within specialty finance, specifically overweight exposure to a large public alternative asset manager, contributed to

performance, as spreads tightened amid positive fee related earning results.

• Security selection within technology, specifically overweight exposure to a semiconductor production company, contributed to

performance, as spreads tightened amid positive earnings results driven by artificial intelligence-related demand.

• Security selection within healthcare, specifically overweight exposure to a branded pharmaceutical company, contributed to

performance, as spreads tightened amid growth in next-generation products.

• Duration positioning detracted from performance, as interest rates remained volatile.

• Security selection within chemicals, specifically overweight exposure to a corporation focused on pharmaceuticals, detracted from

performance, as spreads widened amid weak earnings results.

• Security selection within aerospace and defense, specifically overweight exposure to a commercial aircraft manufacturer and defense

contractor, detracted from performance, as spreads widened amid production slowdowns.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	ICE BofA US Corporate Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$9,982	$9,975	$9,988
8/31/14	$10,144	$10,085	$10,131
9/30/14	$9,991	$10,017	$10,005
10/31/14	$10,090	$10,115	$10,098
11/30/14	$10,177	$10,187	$10,162
12/31/14	$10,140	$10,196	$10,148
1/31/15	$10,427	$10,410	$10,426
2/28/15	$10,336	$10,312	$10,339
3/31/15	$10,372	$10,360	$10,377
4/30/15	$10,333	$10,323	$10,322
5/31/15	$10,241	$10,298	$10,270
6/30/15	$10,074	$10,186	$10,102
7/31/15	$10,155	$10,257	$10,156
8/31/15	$10,060	$10,242	$10,088
9/30/15	$10,131	$10,311	$10,141
10/31/15	$10,204	$10,313	$10,195
11/30/15	$10,185	$10,286	$10,172
12/31/15	$10,093	$10,252	$10,084
1/31/16	$10,134	$10,393	$10,128
2/29/16	$10,248	$10,467	$10,203
3/31/16	$10,538	$10,563	$10,480
4/30/16	$10,679	$10,604	$10,622
5/31/16	$10,659	$10,607	$10,615
6/30/16	$10,894	$10,797	$10,847
7/31/16	$11,057	$10,865	$11,004
8/31/16	$11,076	$10,853	$11,034
9/30/16	$11,057	$10,847	$11,002
10/31/16	$10,952	$10,764	$10,911
11/30/16	$10,640	$10,509	$10,619
12/31/16	$10,715	$10,524	$10,685
1/31/17	$10,751	$10,544	$10,729
2/28/17	$10,883	$10,615	$10,851
3/31/17	$10,859	$10,610	$10,837
4/30/17	$10,976	$10,692	$10,945
5/31/17	$11,091	$10,774	$11,073
6/30/17	$11,133	$10,763	$11,100
7/31/17	$11,221	$10,809	$11,183
8/31/17	$11,302	$10,906	$11,277
9/30/17	$11,280	$10,854	$11,252
10/31/17	$11,328	$10,861	$11,297
11/30/17	$11,304	$10,847	$11,281
12/31/17	$11,399	$10,897	$11,377
1/31/18	$11,300	$10,771	$11,272
2/28/18	$11,104	$10,669	$11,104
3/31/18	$11,117	$10,737	$11,128
4/30/18	$11,013	$10,658	$11,033
5/31/18	$11,049	$10,734	$11,082
6/30/18	$11,007	$10,720	$11,023
7/31/18	$11,107	$10,723	$11,104
8/31/18	$11,153	$10,792	$11,165
9/30/18	$11,125	$10,722	$11,128
10/31/18	$10,957	$10,638	$10,978
11/30/18	$10,932	$10,701	$10,957
12/31/18	$11,091	$10,898	$11,122
1/31/19	$11,350	$11,014	$11,354
2/28/19	$11,383	$11,007	$11,395
3/31/19	$11,683	$11,219	$11,679
4/30/19	$11,747	$11,221	$11,744
5/31/19	$11,899	$11,421	$11,912
6/30/19	$12,179	$11,564	$12,186
7/31/19	$12,259	$11,589	$12,266
8/31/19	$12,632	$11,890	$12,639
9/30/19	$12,561	$11,826	$12,560
10/31/19	$12,632	$11,862	$12,637
11/30/19	$12,661	$11,856	$12,665
12/31/19	$12,694	$11,848	$12,705
1/31/20	$13,004	$12,076	$13,029
2/29/20	$13,136	$12,293	$13,180
3/31/20	$12,236	$12,221	$12,241
4/30/20	$12,845	$12,438	$12,835
5/31/20	$13,087	$12,496	$13,069
6/30/20	$13,368	$12,575	$13,338
7/31/20	$13,779	$12,762	$13,758
8/31/20	$13,595	$12,659	$13,578
9/30/20	$13,551	$12,652	$13,552
10/31/20	$13,510	$12,596	$13,522
11/30/20	$13,893	$12,720	$13,898
12/31/20	$13,963	$12,737	$13,962
1/31/21	$13,798	$12,646	$13,816
2/28/21	$13,569	$12,463	$13,594
3/31/21	$13,336	$12,308	$13,357
4/30/21	$13,487	$12,405	$13,507
5/31/21	$13,568	$12,445	$13,586
6/30/21	$13,808	$12,533	$13,814
7/31/21	$13,987	$12,673	$13,996
8/31/21	$13,948	$12,649	$13,964
9/30/21	$13,800	$12,539	$13,825
10/31/21	$13,821	$12,536	$13,851
11/30/21	$13,826	$12,573	$13,853
12/31/21	$13,813	$12,541	$13,819
1/31/22	$13,385	$12,271	$13,398
2/28/22	$13,131	$12,134	$13,116
3/31/22	$12,803	$11,797	$12,760
4/30/22	$12,146	$11,349	$12,115
5/31/22	$12,233	$11,422	$12,190
6/30/22	$11,907	$11,243	$11,880
7/31/22	$12,290	$11,518	$12,232
8/31/22	$11,944	$11,192	$11,913
9/30/22	$11,359	$10,709	$11,303
10/31/22	$11,231	$10,570	$11,177
11/30/22	$11,786	$10,959	$11,727
12/31/22	$11,737	$10,909	$11,702
1/31/23	$12,210	$11,245	$12,157
2/28/23	$11,853	$10,954	$11,803
3/31/23	$12,192	$11,232	$12,105
4/30/23	$12,294	$11,300	$12,208
5/31/23	$12,134	$11,177	$12,046
6/30/23	$12,159	$11,137	$12,080
7/31/23	$12,209	$11,130	$12,133
8/31/23	$12,129	$11,059	$12,050
9/30/23	$11,831	$10,778	$11,754
10/31/23	$11,617	$10,607	$11,540
11/30/23	$12,270	$11,088	$12,191
12/31/23	$12,768	$11,512	$12,685
1/31/24	$12,782	$11,481	$12,703
2/29/24	$12,596	$11,318	$12,526
3/31/24	$12,739	$11,423	$12,674
4/30/24	$12,445	$11,134	$12,379
5/31/24	$12,676	$11,323	$12,609
6/30/24	$12,759	$11,430	$12,689

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (at NAV)	4.93%	0.93%	2.47%
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (at Market Price)	4.81%	0.91%	2.47%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
ICE BofA US Corporate Index	5.04%	0.81%	2.41%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,129,828
# of Portfolio Holdings	1,428
Portfolio Turnover Rate	23%
Total Net Management Fees Paid During the Reporting Period	$1,941

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Industrials	42.2%
Banking & Finance	39.7%
Utilities	12.9%
U.S. Treasury Obligations	8.2%
Short-Term Instruments	0.4%
Sovereign Issues	0.1%
Other Investments	0.4%
Other Assets and Liabilities, Net	(3.9%)
Total	100.0%

Material Fund Changes

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.13% as a result of higher expenses related to interest.

Additional Information

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

CORP | Principal Listing Exchange: NYSE Arca

ETF4760ARTSR_063024

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

MINO | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	$40	0.39%

How did the Fund perform during the reporting period and what affected its performance?

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

• Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader

municipal market.

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

market.

• Overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal

market.

• Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader

municipal market.

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

market.

• There are no other material detractors for this Fund.

Fund Performance

Cumulative Returns Based on $10,000 Investment

	PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (at NAV)	Bloomberg Municipal Bond Index
9/8/2021	$10,000	$10,000
9/30/2021	$9,918	$9,932
10/31/2021	$9,886	$9,903
11/30/2021	$9,998	$9,987
12/31/2021	$10,031	$10,003
1/31/2022	$9,714	$9,730
2/28/2022	$9,648	$9,695
3/31/2022	$9,322	$9,381
4/30/2022	$9,032	$9,121
5/31/2022	$9,143	$9,257
6/30/2022	$8,911	$9,105
7/31/2022	$9,192	$9,346
8/31/2022	$8,997	$9,141
9/30/2022	$8,669	$8,790
10/31/2022	$8,542	$8,717
11/30/2022	$8,974	$9,124
12/31/2022	$8,983	$9,151
1/31/2023	$9,274	$9,413
2/28/2023	$9,084	$9,201
3/31/2023	$9,218	$9,405
4/30/2023	$9,288	$9,383
5/31/2023	$9,238	$9,302
6/30/2023	$9,345	$9,395
7/31/2023	$9,381	$9,432
8/31/2023	$9,304	$9,296
9/30/2023	$9,065	$9,024
10/31/2023	$8,939	$8,947
11/30/2023	$9,501	$9,515
12/31/2023	$9,753	$9,736
1/31/2024	$9,771	$9,687
2/29/2024	$9,816	$9,699
3/31/2024	$9,841	$9,699
4/30/2024	$9,750	$9,579
5/31/2024	$9,769	$9,551
6/30/2024	$9,910	$9,697

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 9/8/21
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (at NAV)	6.05%	(0.32%)
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (at Market Price)	6.09%	(0.32%)
Bloomberg Municipal Bond Index	3.21%	(1.09%)

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$158,121
# of Portfolio Holdings	250
Portfolio Turnover Rate	39%
Total Net Management Fees Paid During the Reporting Period	$426

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	17.2%
Local or Guaranteed Housing	9.0%
Port, Airport & Marina Revenue	8.7%
Electric Power & Light Revenue	7.7%
Ad Valorem Property Tax	7.2%
Miscellaneous Revenue	5.5%
Industrial Revenue	4.1%
Short-Term Instruments	4.0%
Sales Tax Revenue	3.8%
Natural Gas Revenue	3.7%
Tobacco Settlement Funded	3.7%
Highway Revenue Tolls	3.7%
Water Revenue	3.6%
Income Tax Revenue	3.6%
Other Investments	16.4%
Other Assets and Liabilities, Net	(1.9%)
Total	100.0%

Additional Information

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

MINO | Principal Listing Exchange: NYSE Arca

ETF4764ARTSR_063024

PIMCO Senior Loan Active Exchange-Traded Fund

LONZ | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Senior Loan Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Senior Loan Active Exchange-Traded Fund	$64	0.61%

How did the Fund perform during the reporting period and what affected its performance?

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

• Duration positioning contributed to performance, as rates rose.

• Underweight exposure to the cable and satellite sector contributed to performance, as the sector underperformed the broader market.

• Security selection within the wirelines sector, particularly underweight exposure to a large telecommunication services provider,

contributed to performance, as prices fell.

• Security selection within the healthcare sector, particularly underweight exposure to a specialty pharmaceutical company, detracted

from performance, as prices rose.

• Security selection within the building materials sector, particularly overweight exposure to a specialty hardware company, detracted

from performance, as prices fell.

• Security selection within the cable and satellite sector, particularly overweight exposure to a French cable operator, detracted from

performance, as prices fell.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Senior Loan Active Exchange-Traded Fund (at NAV)	Bloomberg U.S. Aggregate Index	iBoxx USD Liquid Leveraged Loans Index
6/8/2022	$10,000	$10,000	$10,000
6/30/2022	$9,636	$9,915	$9,665
7/31/2022	$9,918	$10,157	$9,940
8/31/2022	$10,028	$9,870	$10,044
9/30/2022	$9,810	$9,444	$9,799
10/31/2022	$9,912	$9,321	$9,939
11/30/2022	$10,022	$9,664	$10,037
12/31/2022	$10,082	$9,621	$10,109
1/31/2023	$10,322	$9,917	$10,375
2/28/2023	$10,384	$9,660	$10,405
3/31/2023	$10,385	$9,906	$10,442
4/30/2023	$10,469	$9,966	$10,560
5/31/2023	$10,456	$9,857	$10,497
6/30/2023	$10,690	$9,822	$10,731
7/31/2023	$10,835	$9,815	$10,854
8/31/2023	$10,954	$9,752	$10,960
9/30/2023	$11,014	$9,505	$11,026
10/31/2023	$10,985	$9,355	$11,001
11/30/2023	$11,179	$9,778	$11,121
12/31/2023	$11,389	$10,153	$11,303
1/31/2024	$11,411	$10,125	$11,317
2/29/2024	$11,538	$9,982	$11,443
3/31/2024	$11,657	$10,074	$11,549
4/30/2024	$11,735	$9,819	$11,629
5/31/2024	$11,848	$9,986	$11,720
6/30/2024	$11,876	$10,080	$11,745

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	Since Inception 6/8/22
PIMCO Senior Loan Active Exchange-Traded Fund (at NAV)	11.09%	8.70%
PIMCO Senior Loan Active Exchange-Traded Fund (at Market Price)	11.15%	8.76%
Bloomberg U.S. Aggregate Index	2.63%	0.54%
iBoxx USD Liquid Leveraged Loans Index	9.45%	8.09%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$392,348
# of Portfolio Holdings	302
Portfolio Turnover Rate	65%
Total Net Management Fees Paid During the Reporting Period	$1,565

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Loan Participations and Assignments	85.6%
Corporate Bonds & Notes	2.8%
Short-Term Instruments	34.4%
Other Investments	0.4%
Other Assets and Liabilities, Net	(23.2%)
Total	100.0%

Additional Information

PIMCO Senior Loan Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

LONZ | Principal Listing Exchange: NYSE Arca

ETF4774ARTSR_063024

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

SMMU | Principal Listing Exchange: NYSE Arca

Annual Shareholder Report | June 30, 2024

Fund Performance

This annual shareholder report contains important information about the PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2023 to June 30, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund	$36	0.35%

How did the Fund perform during the reporting period and what affected its performance?

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

• Overweight exposure to the industrial revenue 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.

• Tactical allocation to taxable municipals contributed to performance, as taxable municipals outperformed the broader municipal

market.

• Overweight exposure to a select duration position detracted from performance, as rates broadly rose.

• Select exposure within the water and sewer sector detracted from performance, as the Fund's holdings underperformed the broader

municipal market.

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

market.

Fund Performance

In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (at NAV)	Bloomberg Municipal Bond Index	Bloomberg 1-Year Municipal Bond Index
6/30/14	$10,000	$10,000	$10,000
7/31/14	$10,004	$10,018	$10,000
8/31/14	$10,024	$10,139	$10,007
9/30/14	$10,020	$10,149	$10,007
10/31/14	$10,031	$10,219	$10,011
11/30/14	$10,032	$10,236	$10,017
12/31/14	$10,011	$10,288	$10,012
1/31/15	$10,062	$10,470	$10,031
2/28/15	$10,041	$10,362	$10,034
3/31/15	$10,041	$10,392	$10,034
4/30/15	$10,036	$10,338	$10,035
5/31/15	$10,023	$10,309	$10,034
6/30/15	$10,037	$10,300	$10,034
7/31/15	$10,059	$10,375	$10,048
8/31/15	$10,066	$10,395	$10,064
9/30/15	$10,087	$10,470	$10,077
10/31/15	$10,111	$10,512	$10,087
11/30/15	$10,096	$10,554	$10,074
12/31/15	$10,100	$10,628	$10,073
1/31/16	$10,142	$10,755	$10,104
2/29/16	$10,166	$10,771	$10,120
3/31/16	$10,151	$10,806	$10,105
4/30/16	$10,175	$10,885	$10,116
5/31/16	$10,169	$10,915	$10,122
6/30/16	$10,205	$11,088	$10,139
7/31/16	$10,222	$11,095	$10,157
8/31/16	$10,223	$11,110	$10,142
9/30/16	$10,199	$11,054	$10,120
10/31/16	$10,185	$10,938	$10,127
11/30/16	$10,066	$10,531	$10,083
12/31/16	$10,075	$10,654	$10,103
1/31/17	$10,127	$10,724	$10,140
2/28/17	$10,179	$10,799	$10,173
3/31/17	$10,188	$10,822	$10,173
4/30/17	$10,214	$10,901	$10,189
5/31/17	$10,260	$11,074	$10,208
6/30/17	$10,243	$11,034	$10,200
7/31/17	$10,285	$11,123	$10,224
8/31/17	$10,326	$11,208	$10,247
9/30/17	$10,305	$11,151	$10,235
10/31/17	$10,306	$11,178	$10,236
11/30/17	$10,257	$11,118	$10,190
12/31/17	$10,274	$11,235	$10,196
1/31/18	$10,277	$11,102	$10,225
2/28/18	$10,275	$11,069	$10,242
3/31/18	$10,273	$11,110	$10,235
4/30/18	$10,259	$11,070	$10,225
5/31/18	$10,304	$11,197	$10,259
6/30/18	$10,328	$11,207	$10,295
7/31/18	$10,349	$11,234	$10,317
8/31/18	$10,355	$11,263	$10,313
9/30/18	$10,335	$11,190	$10,293
10/31/18	$10,328	$11,121	$10,302
11/30/18	$10,370	$11,244	$10,335
12/31/18	$10,415	$11,379	$10,373
1/31/19	$10,464	$11,465	$10,406
2/28/19	$10,494	$11,526	$10,429
3/31/19	$10,548	$11,708	$10,458
4/30/19	$10,560	$11,752	$10,466
5/31/19	$10,622	$11,914	$10,505
6/30/19	$10,656	$11,958	$10,537
7/31/19	$10,702	$12,055	$10,572
8/31/19	$10,740	$12,245	$10,587
9/30/19	$10,713	$12,147	$10,564
10/31/19	$10,737	$12,168	$10,595
11/30/19	$10,754	$12,199	$10,613
12/31/19	$10,773	$12,236	$10,629
1/31/20	$10,833	$12,456	$10,666
2/29/20	$10,868	$12,617	$10,688
3/31/20	$10,754	$12,159	$10,635
4/30/20	$10,728	$12,006	$10,659
5/31/20	$10,880	$12,388	$10,765
6/30/20	$10,937	$12,490	$10,764
7/31/20	$10,993	$12,701	$10,791
8/31/20	$10,998	$12,641	$10,793
9/30/20	$11,007	$12,644	$10,801
10/31/20	$11,003	$12,606	$10,793
11/30/20	$11,046	$12,796	$10,806
12/31/20	$11,078	$12,874	$10,816
1/31/21	$11,108	$12,956	$10,834
2/28/21	$11,068	$12,750	$10,830
3/31/21	$11,083	$12,829	$10,838
4/30/21	$11,110	$12,936	$10,845
5/31/21	$11,115	$12,975	$10,850
6/30/21	$11,118	$13,010	$10,849
7/31/21	$11,144	$13,118	$10,863
8/31/21	$11,137	$13,070	$10,860
9/30/21	$11,108	$12,976	$10,849
10/31/21	$11,099	$12,938	$10,847
11/30/21	$11,111	$13,048	$10,850
12/31/21	$11,108	$13,069	$10,849
1/31/22	$10,998	$12,711	$10,777
2/28/22	$10,971	$12,666	$10,763
3/31/22	$10,840	$12,255	$10,674
4/30/22	$10,739	$11,916	$10,631
5/31/22	$10,813	$12,093	$10,712
6/30/22	$10,781	$11,895	$10,715
7/31/22	$10,879	$12,210	$10,773
8/31/22	$10,794	$11,942	$10,688
9/30/22	$10,665	$11,484	$10,595
10/31/22	$10,643	$11,388	$10,609
11/30/22	$10,809	$11,921	$10,731
12/31/22	$10,841	$11,955	$10,726
1/31/23	$10,966	$12,298	$10,816
2/28/23	$10,879	$12,020	$10,725
3/31/23	$10,989	$12,287	$10,840
4/30/23	$10,986	$12,259	$10,808
5/31/23	$10,964	$12,153	$10,797
6/30/23	$11,014	$12,274	$10,848
7/31/23	$11,042	$12,323	$10,871
8/31/23	$11,043	$12,146	$10,883
9/30/23	$10,973	$11,790	$10,838
10/31/23	$10,977	$11,689	$10,868
11/30/23	$11,200	$12,431	$11,026
12/31/23	$11,323	$12,720	$11,090
1/31/24	$11,327	$12,655	$11,086
2/29/24	$11,348	$12,671	$11,103
3/31/24	$11,359	$12,671	$11,103
4/30/24	$11,327	$12,514	$11,104
5/31/24	$11,336	$12,477	$11,131
6/30/24	$11,423	$12,669	$11,194

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Fund/Index Name	1 Year	5 Years	10 Years
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (at NAV)	3.71%	1.40%	1.34%
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (at Market Price)	3.79%	1.38%	1.34%
Bloomberg Municipal Bond Index	3.21%	1.16%	2.39%
Bloomberg 1-Year Municipal Bond Index	3.19%	1.22%	1.13%

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$586,508
# of Portfolio Holdings	252
Portfolio Turnover Rate	29%
Total Net Management Fees Paid During the Reporting Period	$1,921

Footnote	Description
Footnote^*	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Assets)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	17.3%
Electric Power & Light Revenue	11.7%
Ad Valorem Property Tax	10.3%
Short-Term Instruments	7.1%
Natural Gas Revenue	6.6%
General Fund	5.4%
Highway Revenue Tolls	4.7%
Sales Tax Revenue	4.2%
Industrial Revenue	4.1%
Water Revenue	4.1%
Income Tax Revenue	3.1%
College & University Revenue	3.1%
Economic Development Revenue	2.9%
Local or Guaranteed Housing	2.3%
Other Investments	16.3%
Other Assets and Liabilities, Net	(3.2%)
Total	100.0%

Additional Information

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Annual Shareholder Report |

June 30, 2024

SMMU | Principal Listing Exchange: NYSE Arca

ETF4753ARTSR_063024

Item 2.

Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board’s Audit Committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is “independent” as such term is interpreted under this Item 3.

Item 4.

Principal Accountant Fees and Services.


(a)	Fiscal Year Ended	Audit Fees
	June 30, 2024	$ 863,095
	June 30, 2023	$ 735,393

(b)	Fiscal Year Ended	Audit-Related Fees⁽¹⁾
	June 30, 2024	$ —
	June 30, 2023	$ —

(c)	Fiscal Year Ended	Tax Fees⁽²⁾
	June 30, 2024	$ —
	June 30, 2023	$ —

(d)	Fiscal Year Ended	All Other Fees⁽³⁾
	June 30, 2024	$ —
	June 30, 2023	$ —

“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO ETF Trust (the “Trust” or “Registrant”) annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.

“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

⁽¹⁾

There were no “Audit-Related Fees” for the last two fiscal years.

⁽²⁾

There were no “Tax Fees” for the last two fiscal years.

⁽³⁾

There were no “All Other Fees” for the last two fiscal years.

(e)

Pre-approval policies and procedures

(1) The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)


	Aggregate Non-Audit Fees Billed to Entity
Entity	June 30, 2024		June 30, 2023
PIMCO ETF Trust	$	—	$	—
Pacific Investment Management Company LLC (“PIMCO”)		12,040,579		37,330,351

Totals	$	12,040,579	$	37,330,351

(h)

The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

(i)

Not applicable.

(j)

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee (known as the Audit Oversight Committee) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Oversight Committee is comprised of:

George E. Borst

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Peter B. McCarthy (Chair)

Ronald C. Parker

Item 6.

Investments.

The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

The following is a copy of the report(s) of the Funds’ Financial Statements and Financial Highlights.

PIMCO ETF Trust

(b)

Not applicable.

LOGO

PIMCO ETF TRUST

Annual Financial and Other Information

June 30, 2024

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



	Page


Important Information About the Funds		2

Financial Highlights (N-CSR Item 7)		6

Statements of Assets and Liabilities (N-CSR Item 7)		10

Consolidated Statement of Assets and Liabilities (N-CSR Item 7)		12

Statements of Operations (N-CSR Item 7)		13

Consolidated Statement of Operations (N-CSR Item 7)		16

Statements of Changes in Net Assets (N-CSR Item 7)		17

Consolidated Statements of Changes in Net Assets (N-CSR Item 7)		21

Notes to Financial Statements (N-CSR Item 7)		143

Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)		169

Report of Independent Registered Public Accounting Firm (N-CSR Item 7)		178

Glossary		180

Federal Income Tax Information		181

Distribution Information		183


Fund	Schedule of Investments


PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		22

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		23

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		24

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		25

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		26

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		37

PIMCO Active Bond Exchange-Traded Fund		51

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		64

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		71

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		76

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		84

PIMCO Multisector Bond Active Exchange-Traded Fund		92

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		107

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		113

PIMCO Senior Loan Active Exchange-Traded Fund		119

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		126

PIMCO Ultra Short Government Active Exchange-Traded Fund		132

PIMCO Commodity Strategy Active Exchange-Traded Fund⁽¹⁾		134

⁽¹⁾

Consolidated Schedule of Investments

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


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 Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active 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, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy 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, are 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, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In the second half of 2023 and the beginning of 2024, however, the Fed paused the rate hikes, keeping interest rates steady. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may 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, among other things, 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 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,


2		PIMCO ETF TRUST

sector or geographical classifications. The Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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 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.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

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, 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 a Fund, or on certain instruments in which a

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 a 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 a 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 a 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, to the extent a fund engages in a responsible investment strategy, 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 have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, 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, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Important Information About the Funds		(Cont.)

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. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and 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.

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.

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 Funds’ website at www.pimcoetfs.com.


4		PIMCO ETF TRUST

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 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.

Paper copies of the Funds’ shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the “Names Rule”). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments (fund groups with net assets of less than $1 billion have 30 months to comply).

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

06/30/2024	$	91.83	$	3.22	$	(16.84	)	$	(13.62	)	$	(3.04	)	$	0.00		$	0.00		$	(3.04	)

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	)

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

06/30/2024	$	50.30	$	1.12	$	1.37		$	2.49		$	(1.14	)	$	0.00		$	0.00		$	(1.14	)

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	)

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

06/30/2024	$	60.01	$	2.34	$	(5.85	)	$	(3.51	)	$	(2.41	)	$	0.00		$	0.00		$	(2.41	)

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	)

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

06/30/2024	$	54.08	$	2.54	$	(1.39	)	$	1.15		$	(2.71	)	$	0.00		$	0.00		$	(2.71	)

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	)

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

06/30/2024	$	90.98	$	6.35	$	2.01		$	8.36		$	(6.48	)	$	0.00		$	0.00		$	(6.48	)

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	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

06/30/2024	$	94.77	$	4.27	$	0.27		$	4.54		$	(4.21	)	$	0.00		$	0.00		$	(4.21	)

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	)

PIMCO Active Bond Exchange-Traded Fund

06/30/2024	$	91.62	$	4.40	$	(0.88	)	$	3.52		$	(4.11	)	$	0.00		$	0.00		$	(4.11	)

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	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

06/30/2024	$	93.86	$	4.60	$	0.68		$	5.28		$	(4.15	)	$	0.00		$	(0.20	)	$	(4.35	)

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	)


6		PIMCO ETF TRUST			See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets^(f)
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)



$	75.17		(15.00	)%	$	1,388,401		0.15	%		0.15	%		0.15	%		0.15	%		4.19	%		22	%

	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



$	51.65		5.01	%	$	491,717		0.20	%		0.20	%		0.20	%		0.20	%		2.23	%		25	%

	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



$	54.09		(5.81	)%	$	706,924		0.20	%		0.20	%		0.20	%		0.20	%		4.30	%		4	%

	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



$	52.52		2.26	%	$	98,743		0.20	%		0.20	%		0.20	%		0.20	%		4.86	%		125	%

	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



$	92.86		9.54	%	$	1,230,384		0.57	%		0.57	%		0.55	%		0.55	%		6.96	%		49	%

	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



$	95.10		4.93	%	$	1,129,828		0.36	%		0.36	%		0.20	%		0.20	%		4.55	%		23	%

	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



$	91.03		3.98	%	$	4,326,761		0.69	%		0.70	%		0.54	%		0.55	%		4.90	%		351	%

	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



$	94.79		5.76	%	$	870,154		0.50	%		0.50	%		0.46	%		0.46	%		4.90	%		183	%

	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

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Financial Highlights		(Cont.)


			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 Enhanced Short Maturity Active ESG Exchange-Traded Fund

06/30/2024	$	97.94	$	5.10	$	0.77		$	5.87		$	(5.07	)	$	0.00		$	0.00	$	(5.07	)

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

06/30/2024	$	99.78	$	5.33	$	0.81		$	6.14		$	(5.28	)	$	0.00		$	0.00	$	(5.28	)

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	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

06/30/2024	$	51.82	$	1.78	$	0.25		$	2.03		$	(1.74	)	$	0.00		$	0.00	$	(1.74	)

06/30/2023		51.56		1.48		0.17			1.65			(1.39	)		0.00			0.00		(1.39	)

06/30/2022		56.72		0.92		(5.19	)		(4.27	)		(0.89	)		0.00			0.00		(0.89	)

06/30/2021		55.73		0.97		1.00			1.97			(0.98	)		0.00			0.00		(0.98	)

06/30/2020		54.77		1.24		0.96			2.20			(1.24	)		0.00			0.00		(1.24	)

PIMCO Multisector Bond Active Exchange-Traded Fund

06/30/2024	$	25.02	$	1.40	$	0.46		$	1.86		$	(1.30	)	$	0.00		$	0.00	$	(1.30	)

06/21/2023 - 06/30/2023		25.00		0.04		(0.02	)		0.02			0.00			0.00			0.00		0.00

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

06/30/2024	$	44.58	$	1.85	$	0.77		$	2.62		$	(1.76	)	$	0.00		$	0.00	$	(1.76	)

06/30/2023		44.06		1.69		0.40			2.09			(1.57	)		0.00			0.00		(1.57	)

09/08/2021 - 06/30/2022		50.00		0.66		(6.07	)		(5.41	)		(0.53	)		0.00			0.00		(0.53	)

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

06/30/2024	$	46.61	$	2.71	$	3.09		$	5.80		$	(2.79	)	$	0.00		$	0.00	$	(2.79	)

01/18/2023 - 06/30/2023		50.00		1.11		(3.69	)		(2.58	)		(0.81	)		0.00			0.00		(0.81	)

PIMCO Senior Loan Active Exchange-Traded Fund

06/30/2024	$	49.87	$	4.42	$	0.88		$	5.30		$	(4.08	)	$	0.00		$	0.00	$	(4.08	)

06/30/2023		48.18		3.93		1.18			5.11			(3.42	)		0.00			0.00		(3.42	)

06/08/2022 - 06/30/2022		50.00		0.06		(1.88	)		(1.82	)		0.00			0.00			0.00		0.00

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

06/30/2024	$	49.57	$	1.50	$	0.31		$	1.81		$	(1.51	)	$	0.00		$	0.00	$	(1.51	)

06/30/2023		49.56		1.12		(0.06	)		1.06			(1.05	)		0.00			0.00		(1.05	)

06/30/2022		51.41		0.34		(1.89	)		(1.55	)		(0.30	)		0.00			0.00		(0.30	)

06/30/2021		51.04		0.42		0.42			0.84			(0.47	)		0.00			0.00		(0.47	)

06/30/2020		50.53		0.81		0.51			1.32			(0.81	)		0.00			0.00		(0.81	)

PIMCO Ultra Short Government Active Exchange-Traded Fund

06/30/2024	$	100.15	$	5.28	$	0.04		$	5.32		$	(4.36	)	$	0.00		$	0.00	$	(4.36	)

06/21/2023 - 06/30/2023		100.00		0.18		(0.03	)		0.15			0.00			0.00			0.00		0.00

PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)

06/30/2024	$	25.23	$	1.21	$	1.78		$	2.99		$	(0.94	)	$	(0.03	)	$	0.00	$	(0.97	)

05/09/2023 - 06/30/2023		25.00		0.18		0.05			0.23			0.00			0.00			0.00		0.00

^	A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

*	Annualized, except for organizational expense, if any.

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

^(b)	Per share amounts based on average number of shares outstanding during the year or period.

^(c)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creation or redemptions.

^(f)	Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.


8		PIMCO ETF TRUST			See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets^(f)
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)



$	98.74		6.16	%	$	166,877		0.24	%		0.36	%		0.24	%		0.36	%		5.22	%		73	%

	97.94		3.56			150,823		0.24			0.36			0.24			0.36			3.20			53

	98.43		(1.43	)		184,071		0.25			0.37			0.24			0.36			0.67			75

	100.66		0.99			153,000		0.25			0.37			0.25			0.37			0.74			120

	100.64		1.54			87,553		0.27	*		0.51	*		0.24	*		0.48	*		1.87	*		102



$	100.64		6.33	%	$	12,049,316		0.35	%		0.35	%		0.35	%		0.35	%		5.35	%		57	%

	99.78		4.09			9,257,897		0.35			0.35			0.35			0.35			3.49			35

	99.13		(2.20	)		11,757,526		0.36			0.36			0.35			0.35			0.67			100

	101.99		0.89			14,024,433		0.35			0.35			0.35			0.35			0.51			71

	101.65		2.21			13,914,440		0.37			0.37			0.35			0.35			2.03			81



$	52.11		3.99	%	$	1,505,332		0.35	%		0.35	%		0.35	%		0.35	%		3.46	%		29	%

	51.82		3.26			981,032		0.35			0.35			0.35			0.35			2.86			47

	51.56		(7.63	)		847,128		0.35			0.35			0.35			0.35			1.68			50

	56.72		3.56			647,152		0.35			0.35			0.35			0.35			1.72			16

	55.73		4.06			468,662		0.35			0.35			0.35			0.35			2.25			34



$	25.58		7.66	%	$	1,005,834		0.69	%		0.79	%		0.55	%		0.65	%		5.57	%		398	%

	25.02		0.08			65,053		0.55	*		0.82	*		0.55	*		0.82	*		4.29	*		20



$	45.44		6.05	%	$	158,121		0.39	%		0.49	%		0.39	%		0.49	%		4.16	%		39	%

	44.58		4.87			74,899		0.39			0.49			0.39			0.49			3.80			84

	44.06		(10.89	)		42,296		0.40	*		0.68	*		0.40	*		0.68	*		1.71	*		238



$	49.62		12.91	%	$	116,116		0.74	%		0.89	%		0.69	%		0.84	%		5.73	%		64	%

	46.61		(5.18	)		93,214		0.74	*		1.04	*		0.69	*		0.99	*		5.18	*		22



$	51.09		11.09	%	$	392,348		0.61	%		0.74	%		0.58	%		0.71	%		8.78	%		65	%

	49.87		10.94			165,559		0.52			0.72			0.50			0.70			7.98			46

	48.18		(3.64	)		64,557		0.50	*		0.95	*		0.50	*		0.95	*		1.95	*		0



$	49.87		3.71	%	$	586,508		0.35	%		0.35	%		0.35	%		0.35	%		3.04	%		29	%

	49.57		2.16			525,450		0.35			0.35			0.35			0.35			2.26			64

	49.56		(3.03	)		562,994		0.35			0.35			0.35			0.35			0.67			64

	51.41		1.66			452,932		0.35			0.35			0.35			0.35			0.83			27

	51.04		2.64			176,581		0.35			0.35			0.35			0.35			1.60			55



$	101.11		5.43	%	$	362,970		0.14	%		0.15	%		0.14	%		0.15	%		5.27	%		0	%

	100.15		0.15			13,019		0.14	*		0.69	*		0.14	*		0.69	*		5.01	*		0



$	27.25		12.01	%	$	302,502		0.64	%		0.89	%		0.63	%		0.88	%		4.53	%		50	%

	25.23		0.92			198,722		0.64	*		1.13	*		0.63	*		1.12	*		4.10	*		7

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Assets and Liabilities


(Amounts in thousands^†, except per share amounts)	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			PIMCO Investment Grade Corporate Bond Index Exchange- Traded Fund			PIMCO Active Bond Exchange- Traded Fund

Assets:

Investments, at value
Investments in securities*^{^}	$	1,388,529		$	490,588		$	703,855		$	98,352		$	1,229,014		$	1,166,382		$	5,196,659
Investments in Affiliates		0			0			0			0			41,111			3,565			81,242
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			9			117			3,532
Over the counter		0			0			0			0			0			0			5
Cash		19			15			0			0			5,471			0			0
Deposits with counterparty		0			0			0			0			8,859			3,978			6,431
Foreign currency, at value		0			0			0			0			0			1			316
Receivable for investments sold		0			0			8,080			0			5,015			0			11,108
Receivable for TBA investments sold		0			0			0			0			0			0			1,799,811
Receivable for Fund shares sold		11,275			0			0			5,252			0			0			0
Interest and/or dividends receivable		0			1,190			3,216			396			21,214			13,516			36,691
Reimbursement receivable from PIMCO		0			0			0			0			0			0			34
Prepaid expenses		0			0			0			0			0			0			0
Total Assets		1,399,823			491,793			715,151			104,000			1,310,693			1,187,559			7,135,829

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	0		$	0		$	0		$	0		$	1,992		$	42,036		$	150,465
Payable for sale-buyback transactions		0			0			0			0			0			9,995			0
Payable for short sales		0			0			0			0			0			0			484,617
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			50			79			1,716
Over the counter		0			0			0			0			0			0			514
Payable for investments purchased		11,262			0			0			5,243			35,880			1,681			51,315
Payable for investments purchased on a delayed-delivery basis		0			0			0			0			490			0			0
Payable for TBA investments purchased		0			0			0			0			0			0			2,111,973
Payable for unfunded loan commitments		0			0			0			0			0			0			0
Payable upon return of securities loaned		0			0			0			0			41,384			3,565			0
Deposits from counterparty		0			0			0			0			0			201			6,658
Payable for Fund shares redeemed		0			0			8,113			0			0			0			0
Overdraft due to custodian		0			0			0			0			0			4			0
Accrued management fees		160			76			114			14			513			169			1,810
Accrued reimbursement to PIMCO		0			0			0			0			0			0			0
Foreign capital gains tax payable		0			0			0			0			0			1			0
Other liabilities		0			0			0			0			0			0			0
Total Liabilities		11,422			76			8,227			5,257			80,309			57,731			2,809,068

Commitments and Contingent Liabilities^{^^}

Net Assets	$	1,388,401		$	491,717		$	706,924		$	98,743		$	1,230,384		$	1,129,828		$	4,326,761

Net Assets Consist of:

Paid in capital	$	1,866,764		$	557,130		$	1,052,142		$	133,662		$	1,489,287		$	1,209,596		$	4,990,612
Distributable earnings (accumulated loss)		(478,363	)		(65,413	)		(345,218	)		(34,919	)		(258,903	)		(79,768	)		(663,851	)

Net Assets	$	1,388,401		$	491,717		$	706,924		$	98,743		$	1,230,384		$	1,129,828		$	4,326,761

Shares Issued and Outstanding		18,470			9,520			13,070			1,880			13,250			11,880			47,530

Net Asset Value Per Share Outstanding^(a):	$	75.17		$	51.65		$	54.09		$	52.52		$	92.86		$	95.10		$	91.03

Cost of investments in securities	$	1,655,565		$	516,689		$	991,818		$	101,743		$	1,247,844		$	1,212,763		$	5,260,154
Cost of investments in Affiliates	$	0		$	0		$	0		$	0		$	41,111		$	3,565		$	79,322
Cost of foreign currency held	$	0		$	0		$	0		$	0		$	0		$	1		$	412
Proceeds received on short sales	$	0		$	0		$	0		$	0		$	0		$	0		$	485,545
Cost or premiums of financial derivative instruments, net	$	0		$	0		$	0		$	0		$	860		$	4,015		$	1,114

* Includes repurchase agreements of:	$	893		$	116		$	845		$	102		$	58,302		$	1,092		$	68,862
^ Includes securities on loan of:	$	0		$	0		$	0		$	0		$	40,532		$	3,485		$	0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

^{^^}

See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.


10		PIMCO ETF TRUST			See Accompanying Notes


				June 30, 2024


PIMCO Enhanced Low Duration Active Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active 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			PIMCO Ultra Short Government Active Exchange- Traded Fund




$	916,286		$	187,608		$	12,167,231		$	1,520,402		$	1,447,826	$	161,384		$	114,697	$	481,943		$	605,070		$	400,015
	0			0			0			0			3,386		0			0		0			0			0

	825			6			877			155			57		90			65		14			0			0
	199			27			0			0			2,071		0			14		1,190			0			0
	802			1			5,102			0			0		1			6		0			10			44
	4,125			240			18,018			1,101			9,062		516			1,413		386			0			0
	113			28			3			0			1,011		0			18		0			0			0
	101,220			0			53,942			0			273		411			1		8,203			0			0
	45,435			0			0			0			252,323		0			0		0			0			0
	0			0			14,090			0			6,139		0			0		0			0			0
	7,455			905			81,914			13,085			7,895		1,511			1,397		3,051			5,031			0
	0			15			0			0			72		12			12		29			0			0
	0			0			0			0			0		0			0		3			0			0
	1,076,460			188,830			12,341,177			1,534,743			1,730,115		163,925			117,623		494,819			610,111			400,059




$	7,551		$	0		$	0		$	0		$	2,857	$	0		$	0	$	0		$	0		$	0
	0			0			0			0			0		0			0		0			0			0
	30,341			0			0			0			76,345		0			0		0			0			0

	62			0			0			0			288		0			254		4			0			0
	48			7			0			0			980		0			1		5			0			0
	82,227			21,900			288,661			29,009			42,206		5,745			1,182		100,795			23,447			37,049
	0			0			0			0			0		0			0		0			0			0
	84,755			0			0			0			598,655		0			0		0			0			0
	0			0			0			0			116		0			0		74			0			0
	0			0			0			0			0		0			0		0			0			0
	1,013			0			0			0			2,360		0			0		552			0			0
	0			0			0			0			0		0			0		0			0			0
	0			0			0			0			3		0			0		830			0			0
	309			46			3,200			402			471		59			70		207			156			39
	0			0			0			0			0		0			0		0			0			1
	0			0			0			0			0		0			0		0			0			0
	0			0			0			0			0		0			0		4			0			0
	206,306			21,953			291,861			29,411			724,281		5,804			1,507		102,471			23,603			37,089



$	870,154		$	166,877		$	12,049,316		$	1,505,332		$	1,005,834	$	158,121		$	116,116	$	392,348		$	586,508		$	362,970



$	957,452		$	169,901		$	12,259,794		$	1,523,782		$	995,991	$	159,860		$	114,454	$	385,521		$	599,606		$	361,463
	(87,298	)		(3,024	)		(210,478	)		(18,450	)		9,843		(1,739	)		1,662		6,827			(13,098	)		1,507

$	870,154		$	166,877		$	12,049,316		$	1,505,332		$	1,005,834	$	158,121		$	116,116	$	392,348		$	586,508		$	362,970

	9,180			1,690			119,730			28,890			39,320		3,480			2,340		7,680			11,760			3,590

$	94.79		$	98.74		$	100.64		$	52.11		$	25.58	$	45.44		$	49.62	$	51.09		$	49.87		$	101.11

$	923,298		$	188,645		$	12,193,586		$	1,500,916		$	1,443,152	$	158,395		$	111,914	$	478,887		$	605,877		$	399,996
$	0		$	0		$	0		$	0		$	3,366	$	0		$	0	$	0		$	0		$	0
$	122		$	29		$	4		$	0		$	1,015	$	0		$	18	$	0		$	0		$	0
$	30,207		$	0		$	0		$	0		$	76,233	$	0		$	0	$	0		$	0		$	0
$	76		$	0		$	0		$	0		$	15,890	$	0		$	503	$	(787	)	$	0		$	0

$	0		$	44,195		$	147,005		$	639		$	16,812	$	6,425		$	1,519	$	135,200		$	790		$	225
$	0		$	0		$	0		$	0		$	0	$	0		$	0	$	0		$	0		$	0

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Consolidated Statement of Assets and Liabilities				June 30, 2024


(Amounts in thousands^†, except per share amounts)	PIMCO Commodity Strategy Active Exchange- Traded Fund

Assets:

Investments, at value
Investments in securities*	$	302,410
Investments in Affiliates		20,289
Financial Derivative Instruments
Exchange-traded or centrally cleared		757
Over the counter		690
Cash		1
Deposits with counterparty		18,938
Foreign currency, at value		23
Receivable for investments sold		6,000
Receivable for Fund shares sold		1,363
Interest and/or dividends receivable		1,791
Reimbursement receivable from PIMCO		62
Total Assets		352,324

Liabilities:

Financial Derivative Instruments
Exchange-traded or centrally cleared	$	3,712
Over the counter		142
Payable for investments purchased		45,703
Deposits from counterparty		70
Accrued management fees		195
Total Liabilities		49,822

Commitments and Contingent Liabilities^

Net Assets	$	302,502

Net Assets Consist of:

Paid in capital	$	286,487
Distributable earnings (accumulated loss)		16,015

Net Assets	$	302,502

Shares Issued and Outstanding		11,100

Net Asset Value Per Share Outstanding^(a):	$	27.25

Cost of investments in securities	$	300,587
Cost of investments in Affiliates	$	20,185
Cost of foreign currency held	$	23
Cost or premiums of financial derivative instruments, net	$	(167	)

* Includes repurchase agreements of:	$	64,067

†	A zero balance may reflect actual amounts rounding to less than one thousand.

^	See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.


12		PIMCO ETF TRUST			See Accompanying Notes


Statements of Operations


Year Ended June 30, 2024
(Amounts in thousands^†)	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

Investment Income:

Interest	$	49,078		$	14,426		$	31,563		$	5,562
Dividends		0			0			0			0
Dividends from Investments in Affiliates		0			0			0			0
Securities lending income		0			0			0			0
Miscellaneous income		0			0			0			0
Total Income		49,078			14,426			31,563			5,562

Expenses:

Management fees		1,697			1,189			1,400			220
Trustee fees		16			12			11			2
Interest expense		0			0			0			0
Organizational expense		0			0			0			0
Miscellaneous expense		0			0			0			0
Total Expenses		1,713			1,201			1,411			222
Waiver and/or Reimbursement by PIMCO		0			0			0			0
Net Expenses		1,713			1,201			1,411			222

Net Investment Income (Loss)		47,365			13,225			30,152			5,340

Net Realized Gain (Loss):

Investments in securities		(114,304	)		(7,352	)		(19,592	)		(7,569	)
In-kind redemptions		43,529			(23,867	)		7,113			(563	)
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Short sales		0			0			0			0
Foreign currency		0			0			0			0

Net Realized Gain (Loss)		(70,775	)		(31,219	)		(12,479	)		(8,132	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(86,070	)		45,835			(45,533	)		5,136

Investments in Affiliates		0			0			0			0
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Short sales		0			0			0			0
Foreign currency assets and liabilities		0			0			0			0

Net Change in Unrealized Appreciation (Depreciation)		(86,070	)		45,835			(45,533	)		5,136

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(109,480	)	$	27,841		$	(27,860	)	$	2,344

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Operations		(Cont.)


Year Ended June 30, 2024
(Amounts in thousands^†)	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund			PIMCO Investment Grade Corporate Bond Index Exchange- Traded Fund			PIMCO Active Bond Exchange- Traded Fund			PIMCO Enhanced Low Duration Active Exchange- Traded Fund

Investment Income:

Interest	$	89,309		$	47,680		$	213,030		$	51,201
Dividends		184			0			0			0
Dividends from Investments in Affiliates		0			0			3,587			0
Securities lending income		670			87			0			0
Miscellaneous income		85			0			56			0
Total Income		90,248			47,767			216,673			51,201

Expenses:

Management fees		6,595			1,941			21,298			4,353
Trustee fees		19			14			59			16
Interest expense		184			1,575			5,733			421
Organizational expense		0			0			0			0
Miscellaneous expense		0			0			19			47
Total Expenses		6,798			3,530			27,109			4,837
Waiver and/or Reimbursement by PIMCO		0			0			(287	)		(17	)
Net Expenses		6,798			3,530			26,822			4,820

Net Investment Income (Loss)		83,450			44,237			189,851			46,381

Net Realized Gain (Loss):

Investments in securities		(18,874	)		(9,326	)		(193,827	)		(2,636	)
In-kind redemptions		4,720			(389	)		0			0
Exchange-traded or centrally cleared financial derivative instruments		5,840			237			9,662			(6,699	)
Over the counter financial derivative instruments		3			0			3,871			(1,151	)
Short sales		0			0			0			(97	)
Foreign currency		0			0			9			286

Net Realized Gain (Loss)		(8,311	)		(9,478	)		(180,285	)		(10,297	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		34,191			13,972			144,493			11,443
Investments in Affiliates		0			0			1,663			0
Exchange-traded or centrally cleared financial derivative instruments		62			(178	)		1,310			4,775
Over the counter financial derivative instruments		0			0			267			915
Short sales		0			0			0			(2	)
Foreign currency assets and liabilities		0			0			(97	)		13

Net Change in Unrealized Appreciation (Depreciation)		34,253			13,794			147,636			17,144

Net Increase (Decrease) in Net Assets Resulting from Operations	$	109,392		$	48,553		$	157,202		$	53,228

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


14		PIMCO ETF TRUST			See Accompanying Notes



PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active 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			PIMCO Ultra Short Government Active Exchange- Traded Fund



$	8,964		$	596,872		$	47,319		$	22,679		$	4,991		$	5,664		$	24,791		$	18,634		$	8,617
	0			0			0			0			0			49			0			0			0
	0			0			0			112			0			0			0			0			0
	0			7			0			0			0			0			0			0			0
	0			0			0			7			0			0			778			0			0

	8,964			596,879			47,319			22,798			4,991			5,713			25,569			18,634			8,617



	590			36,569			4,346			2,346			537			740			1,908			1,921			222

	3			157			18			5			1			1			3			9			3

	0			122			0			522			0			42			87			0			6

	0			0			0			0			0			0			0			0			8

	8			0			0			18			5			10			36			0			8

	601			36,848			4,364			2,891			543			793			2,034			1,930			247

	(199	)		0			0			(370	)		(111	)		(134	)		(343	)		0			(11	)

	402			36,848			4,364			2,521			432			659			1,691			1,930			236

	8,562			560,031			42,955			20,277			4,559			5,054			23,878			16,704			8,381


	36			873			(6,754	)		(1,482	)		(143	)		241			(686	)		(2,237	)		40
	0			0			0			0			0			(584	)		0			0			2
	195			19,884			200			5,663			264			(814	)		504			0			0
	73			0			0			(888	)		0			78			(868	)		0			0
	0			3			0			0			0			0			0			0			0
	66			0			0			(71	)		0			(16	)		0			0			0

	370			20,760			(6,554	)		3,222			121			(1,095	)		(1,050	)		(2,237	)		42



	1,078			69,250			19,242			4,685			2,272			5,108			2,603			5,602			19

	0			0			0			20			0			0			0			0			0

	(79	)		(8,735	)		(810	)		(1,173	)		(261	)		49			(189	)		0			0

	(58	)		0			0			1,196			0			31			2,259			0			0

	0			0			0			0			0			0			0			0			0

	(5	)		0			0			(7	)		0			0			0			0			0

	936			60,515			18,432			4,721			2,011			5,188			4,673			5,602			19

$	9,868		$	641,306		$	54,833		$	28,220		$	6,691		$	9,147		$	27,501		$	20,069		$	8,442

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Consolidated Statement of Operations


(Amounts in thousands^†)	PIMCO Commodity Strategy Active Exchange- Traded Fund

Investment Income:

Interest	$	11,071
Dividends from Investments in Affiliates		447
Total Income		11,518

Expenses:

Management fees		1,960
Trustee fees		5
Interest expense		15
Miscellaneous expense		11
Total Expenses		1,991
Waiver and/or Reimbursement by PIMCO		(561	)
Net Expenses		1,430

Net Investment Income (Loss)		10,088

Net Realized Gain (Loss):

Investments in securities		1,625
Exchange-traded or centrally cleared financial derivative instruments		11,615
Over the counter financial derivative instruments		1,149
Foreign currency		(14	)

Net Realized Gain (Loss)		14,375

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		1,859
Investments in Affiliates		103
Exchange-traded or centrally cleared financial derivative instruments		(3,507	)
Over the counter financial derivative instruments		650
Foreign currency assets and liabilities		1

Net Change in Unrealized Appreciation (Depreciation)		(894	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,569

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


16		PIMCO ETF TRUST			See Accompanying Notes


Statements of Changes in Net Assets


	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

(Amounts in thousands^†)	Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	47,365		$	23,539		$	13,225		$	38,492		$	30,152		$	33,329		$	5,340		$	11,267
Net realized gain (loss)		(70,775	)		(65,687	)		(31,219	)		(55,574	)		(12,479	)		(14,974	)		(8,132	)		(28,375	)
Net change in unrealized appreciation (depreciation)		(86,070	)		(23,073	)		45,835			6,387			(45,533	)		(35,660	)		5,136			10,856

Net Increase (Decrease) in Net Assets Resulting from Operations		(109,480	)		(65,221	)		27,841			(10,695	)		(27,860	)		(17,305	)		2,344			(6,252	)

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(41,421	)		(17,750	)		(13,367	)		(43,653	)		(30,656	)		(33,083	)		(5,707	)		(11,385	)

Total Distributions^(a)		(41,421	)		(17,750	)		(13,367	)		(43,653	)		(30,656	)		(33,083	)		(5,707	)		(11,385	)

Fund Share Transactions:

Receipts for shares sold		1,174,759			975,442			136,149			197,650			373,436			310,521			18,186			170,980
Cost of shares redeemed		(583,183	)		(379,989	)		(492,323	)		(885,394	)		(278,352	)		(210,383	)		(47,500	)		(216,694	)
Net increase (decrease) resulting from Fund share transactions		591,576			595,453			(356,174	)		(687,744	)		95,084			100,138			(29,314	)		(45,714	)

Total Increase (Decrease) in Net Assets		440,675			512,482			(341,700	)		(742,092	)		36,568			49,750			(32,677	)		(63,351	)

Net Assets:

Beginning of year		947,726			435,244			833,417			1,575,509			670,356			620,606			131,420			194,771
End of year	$	1,388,401		$	947,726		$	491,717		$	833,417		$	706,924		$	670,356		$	98,743		$	131,420

Shares of Beneficial Interest:

Shares sold		15,600			10,450			2,650			3,900			6,900			5,100			350			2,950
Shares redeemed		(7,450	)		(4,150	)		(9,700	)		(17,450	)		(5,000	)		(3,450	)		(900	)		(3,900	)
Net increase (decrease) in shares outstanding		8,150			6,300			(7,050	)		(13,550	)		1,900			1,650			(550	)		(950	)

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Changes in Net Assets		(Cont.)


	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund						PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund						PIMCO Active Bond Exchange-Traded Fund						PIMCO Enhanced Low Duration Active Exchange-Traded Fund

(Amounts in thousands^†)	Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	83,450		$	72,686		$	44,237		$	27,816		$	189,851		$	127,910		$	46,381		$	47,058
Net realized gain (loss)		(8,311	)		(46,065	)		(9,478	)		(14,539	)		(180,285	)		(191,923	)		(10,297	)		(65,320	)
Net change in unrealized appreciation (depreciation)		34,253			76,273			13,794			13,248			147,636			58,999			17,144			25,434

Net Increase (Decrease) in Net Assets Resulting from Operations		109,392			102,894			48,553			26,525			157,202			(5,014	)		53,228			7,172

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(84,984	)		(74,597	)		(43,066	)		(26,827	)		(176,461	)		(118,150	)		(42,143	)		(39,335	)

Tax Basis Return of Capital		0			0			0			0			0			0			(2,039	)		0

Total Distributions^(a)		(84,984	)		(74,597	)		(43,066	)		(26,827	)		(176,461	)		(118,150	)		(44,182	)		(39,335	)

Fund Share Transactions:

Receipts for shares sold		417,462			924,963			433,128			466,947			876,140			571,460			79,286			106,412
Cost of shares redeemed		(312,324	)		(968,228	)		(50,846	)		(305,469	)		(8,969	)		(194,362	)		(260,010	)		(476,758	)
Net increase (decrease) resulting from Fund share transactions		105,138			(43,265	)		382,282			161,478			867,171			377,098			(180,724	)		(370,346	)

Total Increase (Decrease) in Net Assets		129,546			(14,968	)		387,769			161,176			847,912			253,934			(171,678	)		(402,509	)

Net Assets:

Beginning of year		1,100,838			1,115,806			742,059			580,883			3,478,849			3,224,915			1,041,832			1,444,341
End of year	$	1,230,384		$	1,100,838		$	1,129,828		$	742,059		$	4,326,761		$	3,478,849		$	870,154		$	1,041,832

Shares of Beneficial Interest:

Shares sold		4,550			10,250			4,600			5,000			9,660			6,200			840			1,120
Shares redeemed		(3,400	)		(10,750	)		(550	)		(3,200	)		(100	)		(2,120	)		(2,760	)		(5,040	)
Net increase (decrease) in shares outstanding		1,150			(500	)		4,050			1,800			9,560			4,080			(1,920	)		(3,920	)

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(b)	Inception date of the Fund was January 18, 2023.

^(c)	Inception date of the Fund was June 21, 2023.


18		PIMCO ETF TRUST			See Accompanying Notes


PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund						PIMCO Enhanced Short Maturity Active 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

Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Inception date through June 30, 2023^(c)			Year Ended June 30, 2024			Year Ended June 30, 2023





$	8,562		$	5,318		$	560,031		$	337,248		$	42,955		$	26,111		$	20,277		$	78		$	4,559		$	2,091
	370			(965	)		20,760			(136,411	)		(6,554	)		(14,961	)		3,222			(28	)		121			(1,248	)
	936			1,101			60,515			155,516			18,432			22,905			4,721			(20	)		2,011			1,841

	9,868			5,454			641,306			356,353			54,833			34,055			28,220			30			6,691			2,684



	(8,508	)		(6,454	)		(549,101	)		(312,603	)		(41,621	)		(24,441	)		(18,406	)		0			(4,242	)		(1,943	)

	0			0			0			0			0			0			0			0			0			0

	(8,508	)		(6,454	)		(549,101	)		(312,603	)		(41,621	)		(24,441	)		(18,406	)		0			(4,242	)		(1,943	)



	29,427			24,464			4,771,200			2,822,438			595,181			421,766			930,967			65,023			100,364			55,524
	(14,733	)		(56,712	)		(2,071,986	)		(5,365,817	)		(84,093	)		(297,476	)		0			0			(19,591	)		(23,662	)
	14,694			(32,248	)		2,699,214			(2,543,379	)		511,088			124,290			930,967			65,023			80,773			31,862

	16,054			(33,248	)		2,791,419			(2,499,629	)		524,300			133,904			940,781			65,053			83,222			32,603



	150,823			184,071			9,257,897			11,757,526			981,032			847,128			65,053			0			74,899			42,296
$	166,877		$	150,823		$	12,049,316		$	9,257,897		$	1,505,332		$	981,032		$	1,005,834		$	65,053		$	158,121		$	74,899



	300			250			47,670			28,420			11,580			8,220			36,720			2,600			2,240			1,260
	(150	)		(580	)		(20,720	)		(54,250	)		(1,620	)		(5,720	)		0			0			(440	)		(540	)
	150			(330	)		26,950			(25,830	)		9,960			2,500			36,720			2,600			1,800			720

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Changes in Net Assets		(Cont.)


	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						PIMCO Ultra Short Government Active Exchange-Traded Fund

(Amounts in thousands^†)	Year Ended June 30, 2024			Inception date through June 30, 2023^(b)			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Year Ended June 30, 2023			Year Ended June 30, 2024			Inception date through June 30, 2023^(c)

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	5,054		$	1,358		$	23,878		$	9,534		$	16,704		$	12,559		$	8,381		$	12
Net realized gain (loss)		(1,095	)		(1,166	)		(1,050	)		(1,264	)		(2,237	)		(4,077	)		42			1
Net change in unrealized appreciation (depreciation)		5,188			(2,240	)		4,673			3,251			5,602			3,177			19			(1	)

Net Increase (Decrease) in Net Assets Resulting from Operations		9,147			(2,048	)		27,501			11,521			20,069			11,659			8,442			12

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(5,098	)		(928	)		(21,266	)		(8,533	)		(16,689	)		(11,652	)		(6,945	)		0

Total Distributions^(a)		(5,098	)		(928	)		(21,266	)		(8,533	)		(16,689	)		(11,652	)		(6,945	)		0

Fund Share Transactions:

Receipts for shares sold		53,491			96,190			224,596			122,579			102,236			73,279			439,232			13,007
Cost of shares redeemed		(34,638	)		0			(4,042	)		(24,565	)		(44,558	)		(110,830	)		(90,778	)		0
Net increase (decrease) resulting from Fund share transactions		18,853			96,190			220,554			98,014			57,678			(37,551	)		348,454			13,007

Total Increase (Decrease) in Net Assets		22,902			93,214			226,789			101,002			61,058			(37,544	)		349,951			13,019

Net Assets:

Beginning of year		93,214			0			165,559			64,557			525,450			562,994			13,019			0
End of year	$	116,116		$	93,214		$	392,348		$	165,559		$	586,508		$	525,450		$	362,970		$	13,019

Shares of Beneficial Interest:

Shares sold		1,100			2,000			4,440			2,480			2,060			1,480			4,360			130
Shares redeemed		(760	)		0			(80	)		(500	)		(900	)		(2,240	)		(900	)		0
Net increase (decrease) in shares outstanding		340			2,000			4,360			1,980			1,160			(760	)		3,460			130

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(b)	Inception date of the Fund was January 18, 2023.

^(c)	Inception date of the Fund was June 21, 2023.


20		PIMCO ETF TRUST			See Accompanying Notes


Consolidated Statements of Changes in Net Assets


	PIMCO Commodity Strategy Active Exchange- Traded Fund

(Amounts in thousands^†)	Year Ended June 30, 2024			Inception date through June 30, 2023^(b)

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	10,088		$	267
Net realized gain (loss)		14,375			(169	)
Net change in unrealized appreciation (depreciation)		(894	)		(909	)

Net Increase (Decrease) in Net Assets Resulting from Operations		23,569			(811	)

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(7,599	)		0

Total Distributions^(a)		(7,599	)		0

Fund Share Transactions:

Receipts for shares sold		116,372			205,797
Cost of shares redeemed		(28,562	)		(6,264	)
Net increase (decrease) resulting from Fund share transactions		87,810			199,533

Total Increase (Decrease) in Net Assets		103,780			198,722

Net Assets:

Beginning of year		198,722			0
End of year	$	302,502		$	198,722

Shares of Beneficial Interest:

Shares sold		4,275			8,125
Shares redeemed		(1,050	)		(250	)
Net increase (decrease) in shares outstanding		3,225			7,875

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(b)	Inception date of the Fund was May 09, 2023.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%

U.S. TREASURY OBLIGATIONS 99.9%

U.S. Treasury STRIPS (a)
0.000% due 02/15/2049	$		641	$		207
0.000% due 05/15/2049			180,290			57,654
0.000% due 08/15/2049			232,962			73,873
0.000% due 11/15/2049			235,415			74,046
0.000% due 02/15/2050			225,365			70,237
0.000% due 05/15/2050			236,945			73,489
0.000% due 08/15/2050			210,299			64,470
0.000% due 11/15/2050			210,592			63,967
0.000% due 02/15/2051			240,534			72,475
0.000% due 05/15/2051			225,098			67,254
0.000% due 08/15/2051			215,434			63,807


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 11/15/2051	$		225,002	$		66,122
0.000% due 02/15/2052			238,763			69,544
0.000% due 05/15/2052			235,106			67,897
0.000% due 08/15/2052			262,083			75,158
0.000% due 11/15/2052			260,893			74,896
0.000% due 02/15/2053			268,242			75,875
0.000% due 05/15/2053			286,505			80,406
0.000% due 08/15/2053			287,471			80,275
0.000% due 11/15/2053			243,361			68,031
0.000% due 02/15/2054			174,538			47,953

Total U.S. Treasury Obligations (Cost $1,654,672)						1,387,636


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.1%

REPURCHASE AGREEMENTS (b) 0.1%
	$		893

Total Short-Term Instruments (Cost $893)			893



Total Investments in Securities (Cost $1,655,565)			1,388,529


Total Investments 100.0% (Cost $1,655,565)	$		1,388,529

Other Assets and Liabilities, net 0.0%			(128	)

Net Assets 100.0%	$		1,388,401

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	893	U.S. Treasury Notes 4.500% due 03/31/2026	$	(911	)	$	893	$	893

Total Repurchase Agreements											$	(911	)	$	893	$	893

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	893	$	0	$	0	$	0	$	893	$	(911	)	$	(18	)

Total Borrowings and Other Financing Transactions	$	893	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	1,387,636	$	0	$	1,387,636
Short-Term Instruments
Repurchase Agreements		0		893		0		893


Total Investments	$	0	$	1,388,529	$	0	$	1,388,529

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


22		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%

U.S. TREASURY OBLIGATIONS 99.8%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 04/15/2025	$		24,659	$		23,989
0.125% due 10/15/2025			6,962			6,734
0.125% due 04/15/2026			59,306			56,664
0.125% due 07/15/2026			15,817			15,122
0.125% due 10/15/2026			18,243			17,368
0.125% due 04/15/2027			6,024			5,669
0.125% due 01/15/2030			42,539			38,299
0.125% due 07/15/2030			14,013			12,543
0.125% due 01/15/2032			4,962			4,298
0.250% due 07/15/2029			5,979			5,492
0.375% due 07/15/2025			38,893			37,919


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.375% due 01/15/2027	$		36,939	$		35,119
0.375% due 07/15/2027			16,447			15,611
0.500% due 01/15/2028			38,441			36,231
0.625% due 01/15/2026			61,326			59,339
0.750% due 07/15/2028			18,361			17,452
0.875% due 01/15/2029			22,809			21,615
1.250% due 04/15/2028			13,811			13,342
1.625% due 10/15/2027			19,443			19,130
1.750% due 01/15/2028			21,540			21,203
2.125% due 04/15/2029			4,183			4,189
2.375% due 10/15/2028			4,701			4,764
2.500% due 01/15/2029			18,058			18,380

Total U.S. Treasury Obligations (Cost $516,573)						490,472


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.0%

REPURCHASE AGREEMENTS (b) 0.0%
	$	116

Total Short-Term Instruments (Cost $116)		116



Total Investments in Securities (Cost $516,689)		490,588


Total Investments 99.8% (Cost $516,689)	$	490,588

Other Assets and Liabilities, net 0.2%		1,129

Net Assets 100.0%	$	491,717

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	116	U.S. Treasury Notes 4.500% due 03/31/2026	$	(119	)	$	116	$	116

Total Repurchase Agreements											$	(119	)	$	116	$	116

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	116	$	0	$	0	$	0	$	116	$	(119	)	$	(3	)

Total Borrowings and Other Financing Transactions	$	116	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	490,472	$	0	$	490,472
Short-Term Instruments
Repurchase Agreements		0		116		0		116


Total Investments	$	0	$	490,588	$	0	$	490,588

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%

U.S. TREASURY OBLIGATIONS 99.5%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 02/15/2051	$		35,180	$		20,371
0.125% due 02/15/2052			31,978			18,184
0.250% due 02/15/2050			50,968			31,158
0.625% due 02/15/2043			94,815			71,273
0.750% due 02/15/2042			89,401			69,916
0.750% due 02/15/2045			98,883			74,152
0.875% due 02/15/2047			87,303			65,628
1.000% due 02/15/2046			88,118			68,835
1.000% due 02/15/2048			81,984			62,839
1.000% due 02/15/2049			55,597			42,278
1.375% due 02/15/2044			102,528			87,959
1.500% due 02/15/2053			14,951			12,574
2.125% due 02/15/2040			11,302			11,197
2.125% due 02/15/2041			63,514			63,032
2.125% due 02/15/2054			3,713			3,614

Total U.S. Treasury Obligations (Cost $990,973)						703,010


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.1%

REPURCHASE AGREEMENTS (b) 0.1%
	$		845

Total Short-Term Instruments (Cost $845)			845



Total Investments in Securities (Cost $991,818)			703,855


Total Investments 99.6% (Cost $991,818)	$		703,855

Other Assets and Liabilities, net 0.4%			3,069

Net Assets 100.0%	$		706,924

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	845	U.S. Treasury Notes 4.500% due 03/31/2026	$	(862	)	$	845	$	845

Total Repurchase Agreements											$	(862	)	$	845	$	845

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	845	$	0	$	0	$	0	$	845	$	(862	)	$	(17	)

Total Borrowings and Other Financing Transactions	$	845	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	703,010	$	0	$	703,010
Short-Term Instruments
Repurchase Agreements		0		845		0		845


Total Investments	$	0	$	703,855	$	0	$	703,855

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


24		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Broad U.S. TIPS Index Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%

U.S. TREASURY OBLIGATIONS 99.5%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 10/15/2025	$		4,669	$		4,516
0.125% due 04/15/2026			4,422			4,225
0.125% due 07/15/2026			2,982			2,851
0.125% due 10/15/2026			4,697			4,472
0.125% due 04/15/2027			472			444
0.125% due 01/15/2030			975			878
0.125% due 07/15/2030			993			889
0.125% due 01/15/2031			3,850			3,400
0.125% due 07/15/2031			1,109			974
0.125% due 01/15/2032			4,138			3,584
0.250% due 07/15/2029			788			724
0.375% due 07/15/2025			5,004			4,879
0.375% due 01/15/2027			950			903
0.375% due 07/15/2027			707			672
0.500% due 01/15/2028			916			864
0.625% due 01/15/2026			5,548			5,368
0.625% due 07/15/2032			1,353			1,214


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.625% due 02/15/2043	$		46	$		35
0.750% due 07/15/2028			658			626
0.750% due 02/15/2042			774			605
0.750% due 02/15/2045			2,534			1,900
0.875% due 01/15/2029			4,397			4,166
0.875% due 02/15/2047			4,098			3,080
1.000% due 02/15/2046			4,151			3,242
1.000% due 02/15/2048			4,103			3,145
1.125% due 01/15/2033			5,406			5,004
1.250% due 04/15/2028			430			415
1.375% due 07/15/2033			5,115			4,832
1.375% due 02/15/2044			4,193			3,597
1.500% due 02/15/2053			33			27
1.625% due 10/15/2027			4,664			4,589
1.750% due 01/15/2034			4,887			4,745
2.000% due 01/15/2026			3,895			3,848
2.125% due 04/15/2029			109			110
2.125% due 02/15/2041			136			135
2.125% due 02/15/2054			2,398			2,334
2.375% due 01/15/2027			3,411			3,410
2.375% due 10/15/2028			4,565			4,626
3.375% due 04/15/2032			2,155			2,353


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.625% due 04/15/2028	$		107	$		112
3.875% due 04/15/2029			423			457

Total U.S. Treasury Obligations (Cost $101,641)						98,250


SHORT-TERM INSTRUMENTS 0.1%

REPURCHASE AGREEMENTS (b) 0.1%
						102

Total Short-Term Instruments (Cost $102)						102



Total Investments in Securities (Cost $101,743)						98,352


Total Investments 99.6% (Cost $101,743)				$		98,352

Other Assets and Liabilities, net 0.4%						391

Net Assets 100.0%				$		98,743

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	102	U.S. Treasury Notes 4.500% due 03/31/2026	$	(104	)	$	102	$	102

Total Repurchase Agreements											$	(104	)	$	102	$	102

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	102	$	0	$	0	$	102	$	(104	)	$	(2	)

Total Borrowings and Other Financing Transactions	$	102	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	98,250	$	0	$	98,250
Short-Term Instruments
Repurchase Agreements		0		102		0		102


Total Investments	$	0	$	98,352	$	0	$	98,352

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

American Airlines, Inc.
10.336% due 04/20/2028	$		800	$		827

Cengage Learning, Inc.
9.538% due 03/22/2031			950			954

Envision Healthcare Corp.
11.186% due 11/03/2028 «			628			628
14.311% due 07/20/2026 «			2,339			2,339

Level 3 Financing, Inc.
11.904% due 04/15/2029			500			491
11.904% due 04/15/2030			500			488

LifePoint Health, Inc.
9.329% due 05/17/2031			600			602

MH SUB I, LLC
9.594% due 05/03/2028			990			990

Wesco Aircraft Holdings, Inc.
TBD% - 13.928% due 07/15/2024 «			376			404

Total Loan Participations and Assignments (Cost $7,610)						7,723


CORPORATE BONDS & NOTES 94.1%

BANKING & FINANCE 15.7%

Acrisure LLC
8.250% due 02/01/2029			1,450			1,458

AerCap Holdings NV
5.875% due 10/10/2079 •			474			472

AG TTMT Escrow Issuer LLC
8.625% due 09/30/2027			1,763			1,830

Alliant Holdings Intermediate LLC
4.250% due 10/15/2027			710			666
6.750% due 10/15/2027			3,325			3,283
6.750% due 04/15/2028			2,263			2,269

Allied Universal Holdco LLC
4.625% due 06/01/2028			2,642			2,411
9.750% due 07/15/2027			2,229			2,218

Ally Financial, Inc.
5.750% due 11/20/2025			2,248			2,235

AmWINS Group, Inc.
4.875% due 06/30/2029			760			708
6.375% due 02/15/2029			1,048			1,051

Apollo Commercial Real Estate Finance, Inc.
4.625% due 06/15/2029			2,950			2,476

Armor Holdco, Inc.
8.500% due 11/15/2029			600			572

AssuredPartners, Inc.
5.625% due 01/15/2029			1,125			1,053

Brandywine Operating Partnership LP
3.950% due 11/15/2027			386			350
8.050% due 03/15/2028			3,050			3,175
8.875% due 04/12/2029			1,812			1,889

Bread Financial Holdings, Inc.
9.750% due 03/15/2029			298			313

Brookfield Property REIT, Inc.
4.500% due 04/01/2027			2,358			2,197
5.750% due 05/15/2026			1,528			1,498

Burford Capital Global Finance LLC
6.250% due 04/15/2028			1,540			1,490

Castlelake Aviation Finance DAC
5.000% due 04/15/2027			1,047			1,014

Coinbase Global, Inc.
3.375% due 10/01/2028			1,556			1,336

Compass Group Diversified Holdings LLC
5.250% due 04/15/2029			1,012			961

Credit Acceptance Corp.
6.625% due 03/15/2026 (f)			1,490			1,489
9.250% due 12/15/2028			3,107			3,288

Cushman & Wakefield U.S. Borrower LLC
6.750% due 05/15/2028			2,195			2,181
8.875% due 09/01/2031			106			112


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Diversified Healthcare Trust
0.000% due 01/15/2026 (d)	$		852	$		744
4.750% due 02/15/2028 (f)			498			411
9.750% due 06/15/2025			1,804			1,803

Encore Capital Group, Inc.
8.500% due 05/15/2030			925			943

Enova International, Inc.
8.500% due 09/15/2025			935			937

Five Point Operating Co. LP
10.500% due 01/15/2028 þ			1,151			1,181

Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			2,259			2,192
9.750% due 08/01/2027			1,157			1,189

Freedom Mortgage Corp.
6.625% due 01/15/2027			1,220			1,179
7.625% due 05/01/2026			1,095			1,088
12.000% due 10/01/2028			3,339			3,589

Freedom Mortgage Holdings LLC
9.250% due 02/01/2029			2,460			2,460

GGAM Finance Ltd.
6.875% due 04/15/2029			1,386			1,414
7.750% due 05/15/2026			837			855
8.000% due 02/15/2027			2,918			3,016
8.000% due 06/15/2028			354			373

Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)
6.500% due 09/15/2024 (a)			161			155

Global Atlantic Fin Co.
4.700% due 10/15/2051 •			2,714			2,521

GTCR AP Finance, Inc.
8.000% due 05/15/2027			1,154			1,157

HAT Holdings LLC
3.375% due 06/15/2026			3,139			2,963
6.000% due 04/15/2025			853			853
8.000% due 06/15/2027			797			830

Howard Hughes Corp.
5.375% due 08/01/2028			1,818			1,730

Hudson Pacific Properties LP
5.950% due 02/15/2028 (f)			2,242			1,908

Icahn Enterprises LP
5.250% due 05/15/2027			3,367			3,163
6.250% due 05/15/2026			3,273			3,250
9.000% due 06/15/2030			1,750			1,743

Intesa Sanpaolo SpA
5.710% due 01/15/2026			3,448			3,417

Iron Mountain, Inc.
4.875% due 09/15/2027			3,624			3,517
5.000% due 07/15/2028			356			341
5.250% due 03/15/2028			642			622

Jefferies Finance LLC
5.000% due 08/15/2028			2,691			2,485

Jefferson Capital Holdings LLC
6.000% due 08/15/2026			1,754			1,731
9.500% due 02/15/2029			1,352			1,395

Kennedy-Wilson, Inc.
4.750% due 03/01/2029			1,222			1,047

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			3,681			3,490
5.250% due 10/01/2025			1,154			1,145

LD Holdings Group LLC
6.125% due 04/01/2028			618			464
8.750% due 11/01/2027			273			242

LFS Topco LLC
5.875% due 10/15/2026			1,533			1,416

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			3,312			3,103

Macquarie Airfinance Holdings Ltd.
6.400% due 03/26/2029			1,417			1,442

Midcap Financial Issuer Trust
6.500% due 05/01/2028			4,705			4,455

MPT Operating Partnership LP
5.250% due 08/01/2026 (f)			900			819

Nationstar Mortgage Holdings, Inc.
5.000% due 02/01/2026			1,078			1,056
6.000% due 01/15/2027			2,911			2,883


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Navient Corp.
5.000% due 03/15/2027	$		1,727	$		1,650
5.875% due 10/25/2024			534			534
6.750% due 06/25/2025			1,167			1,167
6.750% due 06/15/2026			2,334			2,350

NCL Finance Ltd.
6.125% due 03/15/2028			909			898

Necessity Retail REIT, Inc.
4.500% due 09/30/2028			668			588

Newmark Group, Inc.
7.500% due 01/12/2029			1,522			1,566

Office Properties Income Trust
4.500% due 02/01/2025			328			264
9.000% due 09/30/2029			152			120

OneMain Finance Corp.
3.500% due 01/15/2027			2,483			2,329
6.625% due 01/15/2028			1,564			1,571
7.125% due 03/15/2026			4,298			4,371

Osaic Holdings, Inc.
10.750% due 08/01/2027			356			367

Oxford Finance LLC
6.375% due 02/01/2027			1,654			1,595

Park Intermediate Holdings LLC
5.875% due 10/01/2028			20			20
7.000% due 02/01/2030			1,425			1,443

PennyMac Financial Services, Inc.
4.250% due 02/15/2029			260			237
5.375% due 10/15/2025			1,940			1,924

Popular, Inc.
7.250% due 03/13/2028			1,633			1,678

PRA Group, Inc.
7.375% due 09/01/2025			1,423			1,426
8.375% due 02/01/2028			1,923			1,918

Provident Funding Associates LP
6.375% due 06/15/2025			1,406			1,367

Radian Group, Inc.
6.200% due 05/15/2029			24			24

RHP Hotel Properties LP
4.750% due 10/15/2027			1,175			1,133
7.250% due 07/15/2028			1,473			1,524

Rithm Capital Corp.
8.000% due 04/01/2029			500			486

RLJ Lodging Trust LP
3.750% due 07/01/2026			1,927			1,834

Rocket Mortgage LLC
2.875% due 10/15/2026			4,808			4,494
3.625% due 03/01/2029			797			724

SBA Communications Corp.
3.125% due 02/01/2029			1,332			1,189
3.875% due 02/15/2027			2,162			2,062

Service Properties Trust
4.750% due 10/01/2026			1,732			1,624
5.500% due 12/15/2027			1,785			1,660
8.375% due 06/15/2029			2,700			2,656

SLM Corp.
3.125% due 11/02/2026			2,372			2,212
4.200% due 10/29/2025			1,243			1,211

Starwood Property Trust, Inc.
3.625% due 07/15/2026			1,291			1,216
3.750% due 12/31/2024			1,448			1,430
4.375% due 01/15/2027			2,068			1,960
4.750% due 03/15/2025			353			349

UniCredit SpA
5.861% due 06/19/2032 •			1,806			1,764

United Wholesale Mortgage LLC
5.500% due 11/15/2025			760			755
5.750% due 06/15/2027			931			910

Uniti Group LP
10.500% due 02/15/2028			5,157			5,056

Vornado Realty LP
2.150% due 06/01/2026			2,110			1,947
3.500% due 01/15/2025			1,044			1,028

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(b)			612			70


26		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

XHR LP
4.875% due 06/01/2029	$		600	$		563
6.375% due 08/15/2025			1,085			1,085

						193,061


INDUSTRIALS 74.2%

Acadia Healthcare Co., Inc.
5.500% due 07/01/2028			1,113			1,090

ACCO Brands Corp.
4.250% due 03/15/2029			130			116

ACI Worldwide, Inc.
5.750% due 08/15/2026			250			249

Acushnet Co.
7.375% due 10/15/2028			381			395

AdaptHealth LLC
6.125% due 08/01/2028			1,178			1,126

Adient Global Holdings Ltd.
4.875% due 08/15/2026			2,018			1,964
7.000% due 04/15/2028			374			383

Advance Auto Parts, Inc.
1.750% due 10/01/2027			200			175

Advantage Sales & Marketing, Inc.
6.500% due 11/15/2028			2,189			1,983

AECOM
5.125% due 03/15/2027			966			950

AerCap Global Aviation Trust
6.500% due 06/15/2045 •			110			110

Ahead DB Holdings LLC
6.625% due 05/01/2028			1,396			1,323

Ahlstrom Holding Oy
4.875% due 02/04/2028			997			934

Air Canada
3.875% due 08/15/2026			1,371			1,306

Albertsons Cos., Inc.
3.250% due 03/15/2026			1,247			1,199
3.500% due 03/15/2029			1,270			1,143
4.625% due 01/15/2027			1,481			1,432
5.875% due 02/15/2028			2,549			2,521
6.500% due 02/15/2028			868			873
7.500% due 03/15/2026			1,089			1,105

Albion Financing SARL
6.125% due 10/15/2026			2,182			2,156
8.750% due 04/15/2027			1,928			1,945

Alcoa Nederland Holding BV
5.500% due 12/15/2027			250			246
6.125% due 05/15/2028			876			873

Allegiant Travel Co.
7.250% due 08/15/2027 (f)			2,855			2,720

Allen Media LLC
10.500% due 02/15/2028			468			206

Alta Equipment Group, Inc.
9.000% due 06/01/2029			2,500			2,322

Alteryx, Inc.
8.750% due 03/15/2028 (f)			1,166			1,195

Altice Financing SA
5.000% due 01/15/2028			3,739			2,848

Altice France Holding SA
6.000% due 02/15/2028			738			241
10.500% due 05/15/2027			7,710			3,086

Altice France SA
5.125% due 01/15/2029			600			392
5.125% due 07/15/2029			1,356			894
5.500% due 01/15/2028			2,324			1,594
8.125% due 02/01/2027			3,311			2,486

AMC Entertainment Holdings, Inc.
7.500% due 02/15/2029			1,400			950

AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK)
10.000% due 06/15/2026 (a)(f)			2,685			2,330

AMC Networks, Inc.
10.250% due 01/15/2029			1,964			1,937

Amer Sports Co.
6.750% due 02/16/2031			420			419


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

American Airlines, Inc.
5.500% due 04/20/2026	$		4,244	$		4,210
5.750% due 04/20/2029			3,200			3,116
7.250% due 02/15/2028			871			873
8.500% due 05/15/2029			779			810

American Axle & Manufacturing, Inc.
6.500% due 04/01/2027			547			547
6.875% due 07/01/2028			1,248			1,247

American Builders & Contractors Supply Co., Inc.
3.875% due 11/15/2029			778			697
4.000% due 01/15/2028			1,486			1,389

Amkor Technology, Inc.
6.625% due 09/15/2027			250			251

AMN Healthcare, Inc.
4.625% due 10/01/2027			250			238

ams-OSRAM AG
12.250% due 03/30/2029			1,806			1,872

ANGI Group LLC
3.875% due 08/15/2028			568			489

APX Group, Inc.
6.750% due 02/15/2027			385			384

Aramark Services, Inc.
5.000% due 04/01/2025			450			447
5.000% due 02/01/2028			2,237			2,166

Arches Buyer, Inc.
4.250% due 06/01/2028			1,613			1,442

ARD Finance SA (6.500% Cash or 7.250% PIK)
6.500% due 06/30/2027 (a)			3,265			831

Ardagh Metal Packaging Finance USA LLC
6.000% due 06/15/2027			1,790			1,761

Ardagh Packaging Finance PLC
4.125% due 08/15/2026 (f)			2,743			2,384
5.250% due 08/15/2027 (f)			2,551			1,592

Artera Services LLC
8.500% due 02/15/2031			818			843

Ascent Resources Utica Holdings LLC
5.875% due 06/30/2029			876			857
7.000% due 11/01/2026			1,547			1,550

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029			2,708			2,671

ATP Tower Holdings LLC
4.050% due 04/27/2026			1,310			1,242

Avantor Funding, Inc.
4.625% due 07/15/2028			1,613			1,536

Avient Corp.
5.750% due 05/15/2025			1,285			1,283

Avis Budget Car Rental LLC
4.750% due 04/01/2028 (f)			1,303			1,197

Axalta Coating Systems LLC
3.375% due 02/15/2029			628			563
4.750% due 06/15/2027			1,240			1,207

B&G Foods, Inc.
5.250% due 04/01/2025			333			332
5.250% due 09/15/2027 (f)			3,625			3,362
8.000% due 09/15/2028			1,647			1,676

B.C. Unlimited Liability Co.
3.875% due 01/15/2028			200			188
4.375% due 01/15/2028			4,474			4,223
5.750% due 04/15/2025			317			316
6.125% due 06/15/2029			1,850			1,858

Ball Corp.
2.875% due 08/15/2030			900			765

Bath & Body Works, Inc.
6.694% due 01/15/2027			635			644
7.500% due 06/15/2029			700			724
9.375% due 07/01/2025			881			912

Bausch & Lomb Escrow Corp.
8.375% due 10/01/2028			3,384			3,469

Bausch Health Americas, Inc.
9.250% due 04/01/2026 (f)			824			747

Bausch Health Cos., Inc.
4.875% due 06/01/2028			2,580			1,934
5.000% due 01/30/2028			794			418
5.500% due 11/01/2025			2,356			2,197


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.750% due 08/15/2027	$		704	$		562
6.125% due 02/01/2027 (f)			1,897			1,581
9.000% due 12/15/2025 (f)			1,173			1,064
11.000% due 09/30/2028			2,613			2,332

BC Ltd.
9.000% due 01/30/2028			281			271

BCPE Empire Holdings, Inc.
7.625% due 05/01/2027			3,322			3,222

BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)
7.750% due 04/01/2027 (a)			1,300			1,269

Beacon Roofing Supply, Inc.
4.500% due 11/15/2026 (f)			1,457			1,418

Beazer Homes USA, Inc.
7.500% due 03/15/2031			884			883

Benteler International AG
10.500% due 05/15/2028			250			269

Berry Global, Inc.
4.500% due 02/15/2026			470			460
5.625% due 07/15/2027			125			123

Blackstone Mortgage Trust, Inc.
3.750% due 01/15/2027			510			460

Block Communications, Inc.
4.875% due 03/01/2028			385			345

Block, Inc.
2.750% due 06/01/2026			1,635			1,546

Bombardier, Inc.
6.000% due 02/15/2028			1,750			1,732
7.875% due 04/15/2027			1,237			1,241

Borr IHC Ltd.
10.000% due 11/15/2028			1,250			1,310

Boxer Parent Co., Inc.
7.125% due 10/02/2025			1,723			1,729
9.125% due 03/01/2026			620			623

Boyd Gaming Corp.
4.750% due 12/01/2027			1,974			1,904

Brink’s Co.
5.500% due 07/15/2025			500			500
6.500% due 06/15/2029			375			379
6.750% due 06/15/2032			150			151

Buckeye Partners LP
3.950% due 12/01/2026			898			853
4.125% due 03/01/2025			363			359
4.350% due 10/15/2024			87			87
4.500% due 03/01/2028			1,472			1,384

Cablevision Lightpath LLC
3.875% due 09/15/2027			694			614
5.625% due 09/15/2028			694			560

Caesars Entertainment, Inc.
8.125% due 07/01/2027			2,420			2,471

Calderys Financing LLC
11.250% due 06/01/2028			330			350

California Resources Corp.
8.250% due 06/15/2029			550			562

Calumet Specialty Products Partners LP
8.125% due 01/15/2027			642			606
9.750% due 07/15/2028			572			542

Camelot Finance SA
4.500% due 11/01/2026			733			710

Camelot Return Merger Sub, Inc.
8.750% due 08/01/2028			961			943

Cargo Aircraft Management, Inc.
4.750% due 02/01/2028			3,429			3,185

Carnival Corp.
4.000% due 08/01/2028			4,022			3,780
5.750% due 03/01/2027			6,070			6,001
7.625% due 03/01/2026			2,647			2,675

Carnival Holdings Bermuda Ltd.
10.375% due 05/01/2028			2,621			2,839

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (a)			1,866			1,924

Cascades, Inc.
5.375% due 01/15/2028			843			813

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Catalent Pharma Solutions, Inc.
5.000% due 07/15/2027	$		1,275	$		1,251

CCO Holdings LLC
5.000% due 02/01/2028			4,976			4,656
5.125% due 05/01/2027			5,241			5,036
5.375% due 06/01/2029			2,692			2,452
5.500% due 05/01/2026			1,109			1,099

CD&R Smokey Buyer, Inc.
6.750% due 07/15/2025			2,525			2,511

CEC Entertainment LLC
6.750% due 05/01/2026			1,264			1,255

Cedar Fair LP
6.500% due 10/01/2028			412			414

Century Communities, Inc.
6.750% due 06/01/2027			246			248

Champions Financing, Inc.
8.750% due 02/15/2029			950			975

Charles River Laboratories International, Inc.
4.250% due 05/01/2028			200			189

Chemours Co.
5.375% due 05/15/2027			1,378			1,309

Cheplapharm Arzneimittel GmbH
5.500% due 01/15/2028			1,229			1,139

Chesapeake Energy Corp.
5.500% due 02/01/2026			1,058			1,049

Chobani LLC
4.625% due 11/15/2028			250			236
7.625% due 07/01/2029			399			411

Churchill Downs, Inc.
5.500% due 04/01/2027			2,464			2,426

Cimpress PLC
7.000% due 06/15/2026			804			804

Cinemark USA, Inc.
5.250% due 07/15/2028 (f)			3,168			3,031
5.875% due 03/15/2026			408			404

Citgo Petroleum Corp.
6.375% due 06/15/2026			827			823
7.000% due 06/15/2025			1,796			1,797
8.375% due 01/15/2029			1,510			1,558

Civitas Resources, Inc.
5.000% due 10/15/2026			512			499
8.375% due 07/01/2028			1,911			2,005

Clarios Global LP
6.250% due 05/15/2026			2,095			2,095
6.750% due 05/15/2025			899			900
8.500% due 05/15/2027			1,727			1,740

Clarivate Science Holdings Corp.
4.875% due 07/01/2029			1,400			1,301

Clean Harbors, Inc.
4.875% due 07/15/2027			43			42

Clear Channel Outdoor Holdings, Inc.
5.125% due 08/15/2027			1,881			1,798
7.500% due 06/01/2029			600			502
7.750% due 04/15/2028			2,522			2,210
9.000% due 09/15/2028 (f)			2,011			2,107

Cleveland-Cliffs, Inc.
5.875% due 06/01/2027			420			417

Cloud Software Group, Inc.
6.500% due 03/31/2029			5,413			5,202
9.000% due 09/30/2029			500			486

Clydesdale Acquisition Holdings, Inc.
8.750% due 04/15/2030			800			784

CMG Media Corp.
8.875% due 12/15/2027			797			457

CNX Midstream Partners LP
4.750% due 04/15/2030			700			631

CNX Resources Corp.
6.000% due 01/15/2029			780			764

Cogent Communications Group, Inc.
7.000% due 06/15/2027			3,109			3,083

CommScope Technologies LLC
6.000% due 06/15/2025 (f)			3,000			2,448


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

CommScope, Inc.
6.000% due 03/01/2026	$		3,509	$		3,084
7.125% due 07/01/2028			668			278
8.250% due 03/01/2027			1,902			905

Community Health Systems, Inc.
5.625% due 03/15/2027			4,854			4,524
6.000% due 01/15/2029			3,469			3,065
8.000% due 12/15/2027			1,644			1,632

Compass Minerals International, Inc.
6.750% due 12/01/2027			360			344

Comstock Resources, Inc.
6.750% due 03/01/2029			3,213			3,116

Connect Finco SARL
6.750% due 10/01/2026			5,548			5,359

Consensus Cloud Solutions, Inc.
6.500% due 10/15/2028			286			267

Consolidated Communications, Inc.
6.500% due 10/01/2028			2,179			1,868

Consolidated Energy Finance SA
5.625% due 10/15/2028			800			681

Constellium SE
3.750% due 04/15/2029			400			363

Cooper-Standard Automotive, Inc.
5.625% due 11/15/2026			297			262

CoreLogic, Inc.
4.500% due 05/01/2028			2,518			2,288

Coty, Inc.
4.750% due 01/15/2029			1,822			1,733
5.000% due 04/15/2026			725			716

Cougar JV Subsidiary LLC
8.000% due 05/15/2032			150			155

CPI CG, Inc.
8.625% due 03/15/2026			265			271

CQP Holdco LP
5.500% due 06/15/2031			402			381

Crescent Energy Finance LLC
9.250% due 02/15/2028			1,450			1,533

Crown Americas LLC
4.250% due 09/30/2026			682			658
4.750% due 02/01/2026			1,000			984

Crown Cork & Seal Co., Inc.
7.375% due 12/15/2026			1,383			1,431

CSC Holdings LLC
5.375% due 02/01/2028			2,071			1,576
5.500% due 04/15/2027			3,738			3,036
6.500% due 02/01/2029			2,304			1,684
7.500% due 04/01/2028			1,910			1,016
11.250% due 05/15/2028			1,639			1,429
11.750% due 01/31/2029			2,816			2,403

CVR Energy, Inc.
8.500% due 01/15/2029			674			677

CVR Partners LP
6.125% due 06/15/2028			1,589			1,528

Dana, Inc.
5.375% due 11/15/2027			1,068			1,045

Dave & Buster’s, Inc.
7.625% due 11/01/2025			238			239

Dealer Tire LLC
8.000% due 02/01/2028			287			277

Delek Logistics Partners LP
7.125% due 06/01/2028			1,459			1,442
8.625% due 03/15/2029			1,684			1,734

Delta Air Lines, Inc.
2.900% due 10/28/2024			1,151			1,140
7.375% due 01/15/2026			1,580			1,613

Deluxe Corp.
8.000% due 06/01/2029			700			658

Directv Financing LLC
5.875% due 08/15/2027			7,207			6,785
8.875% due 02/01/2030			387			379

DISH DBS Corp.
5.250% due 12/01/2026			4,530			3,582
5.750% due 12/01/2028			3,690			2,565
5.875% due 11/15/2024			4,155			3,949
7.750% due 07/01/2026			3,521			2,189


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

DISH Network Corp.
11.750% due 11/15/2027	$		7,276	$		7,141

Domtar Corp.
6.750% due 10/01/2028			1,060			946

DT Midstream, Inc.
4.125% due 06/15/2029			700			647

Dye & Durham Ltd.
8.625% due 04/15/2029			1,878			1,907

Eco Material Technologies, Inc.
7.875% due 01/31/2027			763			766

Edgewell Personal Care Co.
5.500% due 06/01/2028			1,875			1,831

eG Global Finance PLC
12.000% due 11/30/2028			1,840			1,961

Elanco Animal Health, Inc.
6.650% due 08/28/2028			1,007			1,023

Element Solutions, Inc.
3.875% due 09/01/2028			1,686			1,551

Encino Acquisition Partners Holdings LLC
8.500% due 05/01/2028			472			481

Encompass Health Corp.
4.500% due 02/01/2028			1,114			1,061

Enerflex Ltd.
9.000% due 10/15/2027			1,882			1,912

Energean PLC
6.500% due 04/30/2027			1,540			1,519

Energizer Holdings, Inc.
4.750% due 06/15/2028			456			427
6.500% due 12/31/2027			739			739

EnLink Midstream Partners LP
4.150% due 06/01/2025			199			196
4.850% due 07/15/2026			249			245

EnQuest PLC
11.625% due 11/01/2027			162			165

Entegris, Inc.
4.375% due 04/15/2028			1,200			1,133
4.750% due 04/15/2029			700			670

Enviri Corp.
5.750% due 07/31/2027			513			488

EQM Midstream Partners LP
4.000% due 08/01/2024			639			637
4.125% due 12/01/2026			930			897
4.500% due 01/15/2029			770			727
6.000% due 07/01/2025			1,809			1,811
6.375% due 04/01/2029			600			606
7.500% due 06/01/2027			2,185			2,233

EquipmentShare.com, Inc.
9.000% due 05/15/2028			1,074			1,110

ESAB Corp.
6.250% due 04/15/2029			788			794

FAGE International SA
5.625% due 08/15/2026 (f)			432			428

Fair Isaac Corp.
4.000% due 06/15/2028			140			131
5.250% due 05/15/2026			309			306

Ferrellgas LP
5.375% due 04/01/2026			500			490

Fertitta Entertainment LLC
4.625% due 01/15/2029			1,904			1,735
6.750% due 01/15/2030			608			534

First Quantum Minerals Ltd.
9.375% due 03/01/2029			30			31

Fluor Corp.
4.250% due 09/15/2028			284			270

Flutter Treasury Designated Activity Co.
6.375% due 04/29/2029			700			705

FMG Resources Pty. Ltd.
4.500% due 09/15/2027			645			617

Foundation Building Materials, Inc.
6.000% due 03/01/2029			1,204			1,070

Frontier Communications Holdings LLC
5.000% due 05/01/2028			2,504			2,362
5.875% due 10/15/2027			2,938			2,871
6.750% due 05/01/2029			620			569


28		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

FTAI Infra Escrow Holdings LLC
10.500% due 06/01/2027	$		645	$		684

Full House Resorts, Inc.
8.250% due 02/15/2028			846			813

FXI Holdings, Inc.
12.250% due 11/15/2026			838			832

Gannett Holdings LLC
6.000% due 11/01/2026			928			889

Garda World Security Corp.
4.625% due 02/15/2027			1,555			1,488
9.500% due 11/01/2027			3,753			3,774

Gates Corp.
6.875% due 07/01/2029			1,400			1,426

GCI LLC
4.750% due 10/15/2028			250			228

Gen Digital, Inc.
5.000% due 04/15/2025			931			926
6.750% due 09/30/2027			1,241			1,258

GFL Environmental, Inc.
3.500% due 09/01/2028			1,467			1,354
3.750% due 08/01/2025			1,394			1,383
4.000% due 08/01/2028			1,354			1,259
5.125% due 12/15/2026			515			511

Global Medical Response, Inc.
10.000% due 10/31/2028			757			739

Global Partners LP
7.000% due 08/01/2027			946			951
8.250% due 01/15/2032			386			397

GN Bondco LLC
9.500% due 10/15/2031 (f)			778			726

Go Daddy Operating Co. LLC
3.500% due 03/01/2029			568			513
5.250% due 12/01/2027			747			732

goeasy Ltd.
4.375% due 05/01/2026			749			727
7.625% due 07/01/2029			310			316
9.250% due 12/01/2028			2,541			2,700

Goodyear Tire & Rubber Co.
4.875% due 03/15/2027			1,547			1,496
5.000% due 05/31/2026			1,527			1,502
5.000% due 07/15/2029			210			196
9.500% due 05/31/2025			234			234

GrafTech Finance, Inc.
4.625% due 12/15/2028 (f)			718			456

Graham Holdings Co.
5.750% due 06/01/2026			250			248

Graham Packaging Co., Inc.
7.125% due 08/15/2028			1,730			1,636

Gran Tierra Energy, Inc.
9.500% due 10/15/2029			950			906

Graphic Packaging International LLC
3.500% due 03/15/2028			260			240
4.750% due 07/15/2027			639			625

Gray Television, Inc.
7.000% due 05/15/2027 (k)			2,539			2,340
10.500% due 07/15/2029			2,300			2,315

Griffon Corp.
5.750% due 03/01/2028			1,759			1,699

Grifols SA
4.750% due 10/15/2028 (f)			1,061			917

Group 1 Automotive, Inc.
4.000% due 08/15/2028			792			732

GrubHub Holdings, Inc.
5.500% due 07/01/2027			705			640

Gulfport Energy Corp.
8.000% due 05/17/2026			330			334

H&E Equipment Services, Inc
3.875% due 12/15/2028			1,973			1,782

Hanesbrands, Inc.
4.875% due 05/15/2026			1,414			1,384

Harbour Energy PLC
5.500% due 10/15/2026			1,410			1,383

Harvest Midstream LP
7.500% due 09/01/2028			2,064			2,099


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Hawaiian Brand Intellectual Property Ltd.
5.750% due 01/20/2026	$		2,569	$		2,447

Heartland Dental LLC
10.500% due 04/30/2028			1,477			1,570

Herc Holdings, Inc.
5.500% due 07/15/2027			1,192			1,174
6.625% due 06/15/2029			425			431

Hertz Corp.
4.625% due 12/01/2026 (f)			759			551

Hess Midstream Operations LP
5.625% due 02/15/2026			1,125			1,117

Hillenbrand, Inc.
5.000% due 09/15/2026			726			714

Hilton Domestic Operating Co., Inc.
5.375% due 05/01/2025			739			738

Hilton Worldwide Finance LLC
4.875% due 04/01/2027			1,060			1,044

Hologic, Inc.
3.250% due 02/15/2029			270			242
4.625% due 02/01/2028			620			594

Howard Midstream Energy Partners LLC
7.375% due 07/15/2032			450			457
8.875% due 07/15/2028			538			570

Hudbay Minerals, Inc.
4.500% due 04/01/2026			1,861			1,822

Hughes Satellite Systems Corp.
5.250% due 08/01/2026			1,546			1,198
6.625% due 08/01/2026 (f)			2,386			1,112

Husky Injection Molding Systems Ltd.
9.000% due 02/15/2029			1,917			1,987

iHeartCommunications, Inc.
4.750% due 01/15/2028			108			55
5.250% due 08/15/2027 (f)			1,427			759
6.375% due 05/01/2026 (f)			1,429			1,112
8.375% due 05/01/2027 (f)			1,958			726

IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)
4.750% due 09/15/2026 (a)			963			934

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (a)			967			953

Illuminate Buyer LLC
9.000% due 07/01/2028			680			686

INEOS Finance PLC
6.750% due 05/15/2028			468			469
7.500% due 04/15/2029			412			417

INEOS Quattro Finance 2 PLC
9.625% due 03/15/2029			350			372

Ingevity Corp.
3.875% due 11/01/2028			1,502			1,365

Installed Building Products, Inc.
5.750% due 02/01/2028			684			670

Intelligent Packaging Ltd. Finco, Inc.
6.000% due 09/15/2028			1,944			1,884

Intelsat Jackson Holdings SA
6.500% due 03/15/2030			1,901			1,773

International Game Technology PLC
4.125% due 04/15/2026			1,680			1,637
5.250% due 01/15/2029			732			709
6.250% due 01/15/2027			1,122			1,126
6.500% due 02/15/2025			457			458

IQVIA, Inc.
5.000% due 10/15/2026			1,714			1,683
5.000% due 05/15/2027			2,149			2,099

IRB Holding Corp.
7.000% due 06/15/2025			1,105			1,106

Ithaca Energy North Sea PLC
9.000% due 07/15/2026			904			916

Jaguar Land Rover Automotive PLC
4.500% due 10/01/2027			765			726
5.875% due 01/15/2028			989			971
7.750% due 10/15/2025			1,145			1,152

Jazz Securities DAC
4.375% due 01/15/2029			2,674			2,485

JELD-WEN, Inc.
4.875% due 12/15/2027			1,801			1,703


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Kaiser Aluminum Corp.
4.625% due 03/01/2028	$		1,345	$		1,260

KeHE Distributors LLC
9.000% due 02/15/2029			438			449

Kinetik Holdings LP
6.625% due 12/15/2028			1,147			1,166

Kodiak Gas Services LLC
7.250% due 02/15/2029			1,000			1,026

Kronos Acquisition Holdings, Inc.
5.000% due 12/31/2026			268			274
7.000% due 12/31/2027			402			416

LABL, Inc.
5.875% due 11/01/2028			200			183
6.750% due 07/15/2026			1,247			1,233
10.500% due 07/15/2027			3,350			3,282

LBM Acquisition LLC
6.250% due 01/15/2029			814			720

LCPR Senior Secured Financing DAC
6.750% due 10/15/2027			3,188			2,989

Legacy LifePoint Health LLC
4.375% due 02/15/2027			1,923			1,839

Legends Hospitality Holding Co. LLC
5.000% due 02/01/2026			742			736

Level 3 Financing, Inc.
10.500% due 04/15/2029			1,872			1,877
11.000% due 11/15/2029			1,636			1,676

Life Time, Inc.
5.750% due 01/15/2026			1,752			1,745
8.000% due 04/15/2026			1,830			1,853

LifePoint Health, Inc.
5.375% due 01/15/2029			3,013			2,651
10.000% due 06/01/2032			1,750			1,791

Light & Wonder International, Inc.
7.000% due 05/15/2028			1,013			1,019

Lindblad Expeditions Holdings, Inc.
9.000% due 05/15/2028			680			700

Lindblad Expeditions LLC
6.750% due 02/15/2027			1,441			1,424

Live Nation Entertainment, Inc.
3.750% due 01/15/2028			1,661			1,547
4.750% due 10/15/2027			1,873			1,796
4.875% due 11/01/2024			1,246			1,243
5.625% due 03/15/2026			531			524
6.500% due 05/15/2027			2,723			2,741

LSB Industries, Inc.
6.250% due 10/15/2028			250			241

Madison IAQ LLC
4.125% due 06/30/2028			1,138			1,062

Magnolia Oil & Gas Operating LLC
6.000% due 08/01/2026			386			383

MajorDrive Holdings LLC
6.375% due 06/01/2029			2,100			1,979

Manitowoc Co., Inc.
9.000% due 04/01/2026			1,365			1,366

Marriott Ownership Resorts, Inc.
4.750% due 01/15/2028			2,097			1,981

Matador Resources Co.
6.875% due 04/15/2028			642			652

Match Group Holdings LLC
5.000% due 12/15/2027			1,982			1,902

Matthews International Corp.
5.250% due 12/01/2025			328			320

Mauser Packaging Solutions Holding Co.
7.875% due 04/15/2027			4,502			4,598
9.250% due 04/15/2027			3,833			3,840

Maxim Crane Works Holdings Capital LLC
11.500% due 09/01/2028			2,348			2,424

McGraw-Hill Education, Inc.
5.750% due 08/01/2028			2,984			2,880

Mclaren Finance PLC
7.500% due 08/01/2026			1,557			1,362

Medline Borrower LP
3.875% due 04/01/2029			5,628			5,187
6.250% due 04/01/2029			1,150			1,164

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

MEG Energy Corp.
7.125% due 02/01/2027	$		252	$		256

Melco Resorts Finance Ltd.
5.250% due 04/26/2026			1,422			1,375

Mercer International, Inc.
5.125% due 02/01/2029			630			555
5.500% due 01/15/2026			40			39

Merlin Entertainments Ltd.
5.750% due 06/15/2026			630			621

Methanex Corp.
5.125% due 10/15/2027			440			425

MGM China Holdings Ltd.
7.125% due 06/26/2031			150			151

MGM Resorts International
4.625% due 09/01/2026			1,636			1,598
5.500% due 04/15/2027			2,468			2,437
5.750% due 06/15/2025			384			383

Michaels Cos., Inc.
5.250% due 05/01/2028			1,929			1,545
7.875% due 05/01/2029			1,884			1,211

MicroStrategy, Inc.
6.125% due 06/15/2028			200			194

Millennium Escrow Corp.
6.625% due 08/01/2026 (f)			641			337

Mineral Resources Ltd.
8.000% due 11/01/2027			1,007			1,031
8.125% due 05/01/2027			2,300			2,320
9.250% due 10/01/2028			1,844			1,938

Mohegan Tribal Gaming Authority
8.000% due 02/01/2026			1,201			1,140

Molina Healthcare, Inc.
4.375% due 06/15/2028			1,248			1,176

Moog, Inc.
4.250% due 12/15/2027			658			624

Moss Creek Resources Holdings, Inc.
7.500% due 01/15/2026			476			477
10.500% due 05/15/2027			386			396

Motion Bondco DAC
6.625% due 11/15/2027			902			875

MPH Acquisition Holdings LLC
5.500% due 09/01/2028			3,490			2,639
5.750% due 11/01/2028 (f)			1,597			861

Murphy Oil Corp.
5.875% due 12/01/2027			662			662

Murphy Oil USA, Inc.
5.625% due 05/01/2027			259			257

Nabors Industries Ltd.
7.250% due 01/15/2026			1,400			1,421
7.500% due 01/15/2028 (f)			651			622

Nabors Industries, Inc.
7.375% due 05/15/2027			2,256			2,297

NCL Corp. Ltd.
3.625% due 12/15/2024			1,208			1,197
5.875% due 03/15/2026			4,900			4,848
5.875% due 02/15/2027			2,210			2,183
7.750% due 02/15/2029 (f)			520			541
8.375% due 02/01/2028			402			420

NCR Atleos Corp.
9.500% due 04/01/2029			1,150			1,244

NCR Corp.
5.000% due 10/01/2028			3,077			2,908
5.125% due 04/15/2029			1,700			1,603

Neptune Bidco U.S., Inc.
9.290% due 04/15/2029			6,532			6,275

Nesco Holdings, Inc.
5.500% due 04/15/2029			2,382			2,209

New Enterprise Stone & Lime Co., Inc.
5.250% due 07/15/2028			536			507

New Fortress Energy, Inc.
6.500% due 09/30/2026			3,894			3,586
6.750% due 09/15/2025			2,147			2,086
8.750% due 03/15/2029 (f)			1,896			1,732


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Newell Brands, Inc.
4.875% due 06/01/2025	$		1,300	$		1,282
5.700% due 04/01/2026			3,391			3,352
6.375% due 09/15/2027 (f)			1,248			1,235

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029			2,095			1,514
11.750% due 10/15/2028			2,022			2,098

Nexstar Media, Inc.
4.750% due 11/01/2028			2,430			2,163
5.625% due 07/15/2027			3,311			3,148

NextEra Energy Operating Partners LP
3.875% due 10/15/2026			2,295			2,185
4.250% due 07/15/2024			1,032			1,031
4.500% due 09/15/2027			1,273			1,206
7.250% due 01/15/2029			1,488			1,527

Nordstrom, Inc.
4.000% due 03/15/2027			250			238

Northern Oil & Gas, Inc.
8.125% due 03/01/2028			1,146			1,160

NOVA Chemicals Corp.
5.250% due 06/01/2027			1,788			1,712

Novelis Corp.
3.250% due 11/15/2026			2,423			2,282

NuStar Logistics LP
5.625% due 04/28/2027			1,507			1,495
5.750% due 10/01/2025			1,156			1,150
6.000% due 06/01/2026			521			521

Odeon Finco PLC
12.750% due 11/01/2027			1,251			1,313

Olympus Water U.S. Holding Corp.
7.125% due 10/01/2027			2,206			2,217
9.750% due 11/15/2028			2,838			3,006

ON Semiconductor Corp.
3.875% due 09/01/2028			1,255			1,159

Open Text Corp.
3.875% due 02/15/2028			2,302			2,133

Organon & Co.
4.125% due 04/30/2028			4,783			4,446

Oriflame Investment Holding PLC
5.125% due 05/04/2026			724			193

Outfront Media Capital LLC
5.000% due 08/15/2027			1,644			1,593

Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			1,947			1,825

Paramount Global
3.375% due 02/15/2028			100			89
3.700% due 06/01/2028			876			790
4.200% due 05/19/2032			886			724
4.950% due 01/15/2031			100			88
6.875% due 04/30/2036			271			254

Park-Ohio Industries, Inc.
6.625% due 04/15/2027			500			482

Parkland Corp.
5.875% due 07/15/2027			1,017			1,005

Penn Entertainment, Inc.
5.625% due 01/15/2027			600			580

Penske Automotive Group, Inc.
3.500% due 09/01/2025			287			280

Perenti Finance Pty. Ltd.
6.500% due 10/07/2025 (f)			402			402
7.500% due 04/26/2029			100			102

Performance Food Group, Inc.
5.500% due 10/15/2027			1,672			1,637

Permian Resources Operating LLC
5.375% due 01/15/2026			872			864
7.750% due 02/15/2026			945			954
8.000% due 04/15/2027			1,219			1,248

Perrigo Finance Unlimited Co.
3.900% due 12/15/2024			1,232			1,217
4.375% due 03/15/2026			1,106			1,071

PetSmart, Inc.
4.750% due 02/15/2028			1,818			1,691
7.750% due 02/15/2029			2,319			2,261


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Phinia, Inc.
6.750% due 04/15/2029	$		100	$		102

Pike Corp.
5.500% due 09/01/2028			2,632			2,529

Playtika Holding Corp.
4.250% due 03/15/2029			428			376

PM General Purchaser LLC
9.500% due 10/01/2028			412			421

Post Holdings, Inc.
5.625% due 01/15/2028			1,471			1,449

Prime Healthcare Services, Inc.
7.250% due 11/01/2025			3,778			3,775

Prime Security Services Borrower LLC
5.750% due 04/15/2026			4,192			4,164
6.250% due 01/15/2028			2,448			2,415

PTC, Inc.
3.625% due 02/15/2025			744			736

QVC, Inc.
4.450% due 02/15/2025			849			836
4.750% due 02/15/2027			386			326

Rackspace Finance LLC
3.500% due 05/15/2028 (f)			408			176

Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			571			617

Rakuten Group, Inc.
9.750% due 04/15/2029			1,257			1,298
11.250% due 02/15/2027			4,020			4,301

Rand Parent LLC
8.500% due 02/15/2030 (f)			385			390

Range Resources Corp.
4.875% due 05/15/2025			900			895

Rayonier AM Products, Inc.
7.625% due 01/15/2026			712			668

Real Hero Merger Sub 2, Inc.
6.250% due 02/01/2029			1,036			889

Resorts World Las Vegas LLC
4.625% due 04/16/2029			260			233
8.450% due 07/27/2030			508			538

Ritchie Bros Holdings, Inc.
6.750% due 03/15/2028			1,117			1,139

Rivian Holdings LLC
11.310% due 10/15/2026 •			1,020			1,034

Rocket Software, Inc.
6.500% due 02/15/2029			438			382

Rockies Express Pipeline LLC
3.600% due 05/15/2025			608			594

Royal Caribbean Cruises Ltd.
3.700% due 03/15/2028			1,708			1,597
4.250% due 07/01/2026			1,611			1,560
5.375% due 07/15/2027			3,189			3,142
5.500% due 08/31/2026			1,817			1,798
7.500% due 10/15/2027			926			977
9.250% due 01/15/2029			620			662

RXO, Inc.
7.500% due 11/15/2027			474			487

Sabre Global, Inc.
8.625% due 06/01/2027			3,666			3,381
11.250% due 12/15/2027 (f)			1,420			1,381

Saturn Oil & Gas, Inc.
9.625% due 06/15/2029			925			934

SCIH Salt Holdings, Inc.
4.875% due 05/01/2028			1,512			1,408

SCIL LLC
5.375% due 11/01/2026			2,664			2,579

Scripps Escrow, Inc.
3.875% due 01/15/2029			1,108			773
5.875% due 07/15/2027			2,817			1,705

Seagate HDD Cayman
4.750% due 01/01/2025			1,246			1,238

Sealed Air Corp.
6.125% due 02/01/2028			2,256			2,253

Select Medical Corp.
6.250% due 08/15/2026			1,527			1,536


30		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Sensata Technologies BV
5.000% due 10/01/2025	$		736	$		743

Shelf Drilling Holdings Ltd.
9.625% due 04/15/2029			688			659

Shift4 Payments LLC
4.625% due 11/01/2026			2,436			2,361

Shutterfly Finance LLC
9.750% due 10/01/2027			247			249

Shutterfly Finance LLC (4.250% Cash and 4.250% PIK)
8.500% due 10/01/2027 (a)			1,655			1,444

Sigma Holdco BV
7.875% due 05/15/2026			761			754

Silgan Holdings, Inc.
4.125% due 02/01/2028			100			95

Simmons Foods, Inc.
4.625% due 03/01/2029			2,718			2,393

Sinclair Television Group, Inc.
4.125% due 12/01/2030			860			577

Sirius XM Radio, Inc.
3.125% due 09/01/2026			2,611			2,459
4.000% due 07/15/2028			2,132			1,928
5.000% due 08/01/2027			2,241			2,147
5.500% due 07/01/2029			600			564

Sitio Royalties Operating Partnership LP
7.875% due 11/01/2028			2,127			2,201

Six Flags Entertainment Corp.
5.500% due 04/15/2027			330			327

Six Flags Theme Parks, Inc.
7.000% due 07/01/2025			390			392

SM Energy Co.
5.625% due 06/01/2025			645			643
6.500% due 07/15/2028			258			256
6.625% due 01/15/2027			545			543
6.750% due 09/15/2026			798			799

Smyrna Ready Mix Concrete LLC
6.000% due 11/01/2028			1,020			998

Solaris Midstream Holdings LLC
7.625% due 04/01/2026			770			773

Sotera Health Holdings LLC
7.375% due 06/01/2031			1,150			1,153

Sotheby’s
7.375% due 10/15/2027			1,996			1,669

Southwestern Energy Co.
5.700% due 01/23/2025			735			734

Specialty Building Products Holdings LLC
6.375% due 09/30/2026			1,183			1,163

Speedway Motorsports LLC
4.875% due 11/01/2027			597			571

Spirit AeroSystems, Inc.
3.850% due 06/15/2026			382			368
4.600% due 06/15/2028 (f)			3,679			3,449

Spirit Airlines Pass-Through Trust
4.100% due 10/01/2029			54			51

Spirit Loyalty Cayman Ltd.
8.000% due 09/20/2025			4,048			2,958

SS&C Technologies, Inc.
5.500% due 09/30/2027			3,710			3,656

Standard Industries, Inc.
4.750% due 01/15/2028			1,401			1,334
5.000% due 02/15/2027			2,120			2,063

Staples, Inc.
10.750% due 09/01/2029			1,450			1,380
12.750% due 01/15/2030			1,274			992

Station Casinos LLC
4.500% due 02/15/2028			2,758			2,598

Strathcona Resources Ltd.
6.875% due 08/01/2026			2,617			2,592

Studio City Finance Ltd.
5.000% due 01/15/2029			1,105			974

Sugarhouse HSP Gaming Prop Mezz LP
5.875% due 05/15/2025			1,306			1,299

Summer BC Bidco B LLC
5.500% due 10/31/2026			707			691


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Summit Materials LLC
5.250% due 01/15/2029	$		420	$		405

Sunnova Energy Corp.
5.875% due 09/01/2026			481			374

Sunoco LP
4.500% due 04/30/2030			1,200			1,111
5.875% due 03/15/2028			386			385
7.000% due 09/15/2028			1,299			1,332
7.000% due 05/01/2029			600			615

Sunrise HoldCo BV
5.500% due 01/15/2028			1,234			1,195

Talos Production, Inc.
9.000% due 02/01/2029			420			441

Taseko Mines Ltd.
8.250% due 05/01/2030			992			1,016

Taylor Morrison Communities, Inc.
5.750% due 01/15/2028			468			464

TEGNA, Inc.
4.625% due 03/15/2028			2,802			2,535
4.750% due 03/15/2026			806			789

Teleflex, Inc.
4.250% due 06/01/2028			478			451
4.625% due 11/15/2027			1,018			984

Telesat Canada
5.625% due 12/06/2026			1,156			546

Tempo Acquisition LLC
5.750% due 06/01/2025			371			371

Tenet Healthcare Corp.
5.125% due 11/01/2027			1,587			1,554
6.125% due 10/01/2028			2,367			2,357
6.250% due 02/01/2027			3,367			3,368

Tenneco, Inc.
8.000% due 11/17/2028			2,898			2,641

Titan International, Inc.
7.000% due 04/30/2028			553			532

TK Elevator Holdco GmbH
7.625% due 07/15/2028			640			636

TK Elevator U.S. Newco, Inc.
5.250% due 07/15/2027			3,056			2,966

TopBuild Corp.
3.625% due 03/15/2029			760			683

Townsquare Media, Inc.
6.875% due 02/01/2026			200			197

TransDigm, Inc.
5.500% due 11/15/2027			4,987			4,901
6.375% due 03/01/2029			4,479			4,507
6.750% due 08/15/2028			3,617			3,666

Transocean Aquila Ltd.
8.000% due 09/30/2028			392			399

Transocean Titan Financing Ltd.
8.375% due 02/01/2028			1,155			1,193

Transocean, Inc.
8.000% due 02/01/2027			1,650			1,646
8.250% due 05/15/2029			1,263			1,267

Travel & Leisure Co.
6.600% due 10/01/2025			252			254
6.625% due 07/31/2026			1,934			1,950

TreeHouse Foods, Inc.
4.000% due 09/01/2028			1,217			1,094

Trident TPI Holdings, Inc.
12.750% due 12/31/2028			1,540			1,684

TriNet Group, Inc.
3.500% due 03/01/2029			452			403

Trinity Industries, Inc.
7.750% due 07/15/2028			385			399

TripAdvisor, Inc.
7.000% due 07/15/2025			1,130			1,134

Triton Water Holdings, Inc.
6.250% due 04/01/2029			500			483

Triumph Group, Inc.
9.000% due 03/15/2028			2,722			2,857

Trivium Packaging Finance BV
5.500% due 08/15/2026			1,855			1,820
8.500% due 08/15/2027			843			838


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Tronox, Inc.
4.625% due 03/15/2029	$		438	$		396

Tutor Perini Corp.
11.875% due 04/30/2029			992			1,068

Twilio, Inc.
3.625% due 03/15/2029			400			360

U.S. Acute Care Solutions LLC
9.750% due 05/15/2029			2,600			2,564

U.S. Foods, Inc.
6.875% due 09/15/2028			1,900			1,945

U.S. Renal Care, Inc.
10.625% due 06/28/2028			326			286

Uber Technologies, Inc.
7.500% due 09/15/2027			2,467			2,517

Under Armour, Inc.
3.250% due 06/15/2026			1,347			1,280

Unisys Corp.
6.875% due 11/01/2027			385			338

United Airlines, Inc.
4.375% due 04/15/2026			4,708			4,553

United Natural Foods, Inc.
6.750% due 10/15/2028			465			420

United Rentals North America, Inc.
3.875% due 11/15/2027			393			372
4.875% due 01/15/2028			2,494			2,419
5.500% due 05/15/2027			870			864

Univision Communications, Inc.
4.500% due 05/01/2029			400			337
6.625% due 06/01/2027			4,000			3,833
8.000% due 08/15/2028			2,646			2,583
8.500% due 07/31/2031			250			243

Urban One, Inc.
7.375% due 02/01/2028			1,396			1,074

USA Compression Partners LP
6.875% due 09/01/2027			1,147			1,150
7.125% due 03/15/2029			2,658			2,680

Velocity Vehicle Group LLC
8.000% due 06/01/2029			2,000			2,059

Venture Global LNG, Inc.
8.125% due 06/01/2028			5,559			5,731
9.500% due 02/01/2029			5,229			5,730

Vericast Corp.
11.000% due 09/15/2026			1,669			1,790

Veritas U.S., Inc.
7.500% due 09/01/2025			1,142			989

Vertiv Group Corp.
4.125% due 11/15/2028			570			533

Viasat, Inc.
5.625% due 09/15/2025			1,126			1,093
5.625% due 04/15/2027			300			269
6.500% due 07/15/2028 (f)			1,359			1,030

Victoria’s Secret & Co.
4.625% due 07/15/2029			2,200			1,831

Victra Holdings LLC
7.750% due 02/15/2026			1,661			1,653

Viking Cruises Ltd.
5.875% due 09/15/2027			1,911			1,892
6.250% due 05/15/2025			463			463
7.000% due 02/15/2029			520			523

Viper Energy Partners LP
5.375% due 11/01/2027			100			98

Viridien
8.750% due 04/01/2027 (f)			2,802			2,673

VistaJet Malta Finance PLC
7.875% due 05/01/2027			385			341
9.500% due 06/01/2028 (f)			1,164			1,022

Vmed O2 U.K. Financing PLC
7.750% due 04/15/2032			1,404			1,371

VOC Escrow Ltd.
5.000% due 02/15/2028			1,896			1,839

Walgreens Boots Alliance, Inc.
3.450% due 06/01/2026			1,100			1,036
3.800% due 11/18/2024			1,100			1,088

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

WASH Multifamily Acquisition, Inc.
5.750% due 04/15/2026	$		728	$		712

Waste Pro USA, Inc.
5.500% due 02/15/2026			1,232			1,216

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^«(a)(b)			1,533			1,395

WESCO Distribution, Inc.
6.375% due 03/15/2029			1,774			1,783
7.250% due 06/15/2028			1,157			1,179

Western Digital Corp.
4.750% due 02/15/2026			4,540			4,448

White Cap Buyer LLC
6.875% due 10/15/2028			1,791			1,730

White Cap Parent LLC (8.250% Cash or 9.000% PIK)
8.250% due 03/15/2026 (a)(f)			2,000			2,002

William Carter Co.
5.625% due 03/15/2027			271			268

Williams Scotsman, Inc.
6.125% due 06/15/2025			1,391			1,390
6.625% due 06/15/2029			975			984

Windstream Escrow LLC
7.750% due 08/15/2028			1,280			1,207

Winnebago Industries, Inc.
6.250% due 07/15/2028			249			245

WR Grace Holdings LLC
4.875% due 06/15/2027			1,188			1,147

Wynn Las Vegas LLC
5.250% due 05/15/2027			1,969			1,922

Wynn Macau Ltd.
5.500% due 10/01/2027			1,112			1,061

Xerox Holdings Corp.
5.000% due 08/15/2025			630			619
5.500% due 08/15/2028			450			388

Zayo Group Holdings, Inc.
4.000% due 03/01/2027 (f)			2,751			2,204
6.125% due 03/01/2028 (f)			2,341			1,570

ZF North America Capital, Inc.
4.750% due 04/29/2025			2,336			2,308
6.875% due 04/14/2028			1,282			1,308

Ziggo Bond Co. BV
6.000% due 01/15/2027			325			319

						913,448


UTILITIES 4.2%

Aethon United BR LP
8.250% due 02/15/2026			707			715

AmeriGas Partners LP
5.500% due 05/20/2025			346			345
5.875% due 08/20/2026			1,212			1,175
9.375% due 06/01/2028			244			251

Antero Midstream Partners LP
5.375% due 06/15/2029			1,100			1,067
5.750% due 03/01/2027			793			787

Archrock Partners LP
6.250% due 04/01/2028			546			541
6.875% due 04/01/2027			913			917

Atlantica Sustainable Infrastructure PLC
4.125% due 06/15/2028			120			118

Blue Racer Midstream LLC
6.625% due 07/15/2026			1,379			1,381

Calpine Corp.
4.500% due 02/15/2028			1,604			1,525
5.125% due 03/15/2028			3,482			3,351
5.250% due 06/01/2026			704			697


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Clearway Energy Operating LLC
4.750% due 03/15/2028	$		1,695	$		1,621

CrownRock LP
5.625% due 10/15/2025			1,179			1,177

DPL, Inc.
4.125% due 07/01/2025			263			258

Endeavor Energy Resources LP
5.750% due 01/30/2028			1,979			1,999

Genesis Energy LP
7.750% due 02/01/2028			1,300			1,315
8.000% due 01/15/2027			2,999			3,069
8.250% due 01/15/2029			878			907

Hilcorp Energy LP
6.250% due 11/01/2028			1,139			1,126

Iliad Holding SASU
6.500% due 10/15/2026			1,263			1,259
7.000% due 10/15/2028			896			889

Lumen Technologies, Inc.
4.125% due 04/15/2029			397			260
4.125% due 04/15/2030			417			263

Millicom International Cellular SA
5.125% due 01/15/2028			596			563

NGL Energy Operating LLC
8.125% due 02/15/2029			1,156			1,179

NRG Energy, Inc.
5.250% due 06/15/2029			500			480
5.750% due 01/15/2028			901			895

Pattern Energy Operations LP
4.500% due 08/15/2028			1,901			1,761

PBF Holding Co. LLC
6.000% due 02/15/2028			1,894			1,848

PG&E Corp.
5.000% due 07/01/2028			1,120			1,079

Qwest Corp.
7.250% due 09/15/2025			709			692

Summit Midstream Holdings LLC
10.000% due 10/15/2026 þ			860			885

Tallgrass Energy Partners LP
5.500% due 01/15/2028			3,551			3,400
6.000% due 03/01/2027			882			870
7.375% due 02/15/2029			920			925

TerraForm Power Operating LLC
5.000% due 01/31/2028			2,015			1,927

Transocean Poseidon Ltd.
6.875% due 02/01/2027			1,418			1,417

Vistra Operations Co. LLC
4.375% due 05/01/2029			500			466
5.000% due 07/31/2027			210			203
5.500% due 09/01/2026			1,736			1,713
5.625% due 02/15/2027			4,310			4,241

						51,557

Total Corporate Bonds & Notes (Cost $1,167,941)						1,158,066


		SHARES
COMMON STOCKS 0.4%

FINANCIALS 0.3%

Bruin Blocker LLC «(c)(h)			182,994			0

Intelsat Emergence SA «(h)			90,881			3,380

Jerset Newco «(c)			5,855			419

						3,799


	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%

Amsurg Equity «(c)(h)		21,155	$		1,047


INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC «(c)		530			0


INFORMATION TECHNOLOGY 0.0%

Riverbed Technology, Inc. «(c)(h)		22,812			6

Total Common Stocks (Cost $9,654)					4,852


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		28,334			71

Total Warrants (Cost $3,296)					71


PREFERRED SECURITIES 0.0%

INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «		3,178			0

Total Preferred Securities (Cost $1,041)					0


SHORT-TERM INSTRUMENTS 4.7%

REPURCHASE AGREEMENTS (i) 4.7%
					58,302

Total Short-Term Instruments (Cost $58,302)					58,302



Total Investments in Securities (Cost $1,247,844)					1,229,014


INVESTMENTS IN AFFILIATES 3.4%

SHORT-TERM INSTRUMENTS 3.4%

MUTUAL FUNDS 3.4%

PIMCO Government Money Market Fund
5.470% (e)(f)(g)		41,110,803			41,111

Total Short-Term Instruments (Cost $41,111)					41,111



Total Investments in Affiliates (Cost $41,111)					41,111


Total Investments 103.2% (Cost $1,288,955)			$		1,270,125

Financial Derivative Instruments (k) (0.0)% (Cost or Premiums, net $860)					(41	)

Other Assets and Liabilities, net (3.2)%					(39,700	)

Net Assets 100.0%			$		1,230,384

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).


32		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Payment in-kind security.

(b)	Security is not accruing income as of the date of this report.

(c)	Security did not produce income within the last twelve months.

(d)	Zero coupon security.

(e)	Institutional Class Shares of each Fund.

(f)	Securities with an aggregate market value of $40,532 were out on loan in exchange for $41,384 of cash collateral as of June 30, 2024. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(g)	Coupon represents a 7-Day Yield.

(h) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Amsurg Equity		11/02/2023 - 11/06/2023	$	884	$	1,047		0.09	%
Bruin Blocker LLC		04/20/2021		0		0		0.00
Intelsat Emergence SA		10/02/2018 - 07/03/2023		6,884		3,380		0.27
Riverbed Technology, Inc.		04/24/2018 - 12/07/2021		1,634		6		0.00

			$	9,402	$	4,433		0.36	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BPS		5.340	%		06/28/2024		07/01/2024	$	30,100	U.S. Treasury Notes 0.625% due 07/31/2026	$	(30,691	)	$	30,100	$	30,113
		5.400			07/01/2024		07/02/2024		100	U.S. Treasury Notes 1.375% due 11/15/2031		(102	)		100		100
DEU		5.410			07/01/2024		07/02/2024		26,700	U.S. Treasury Notes 1.875% due 02/28/2029		(27,255	)		26,700		26,700
FICC		2.600			06/28/2024		07/01/2024		1,402	U.S. Treasury Notes 4.500% due 03/31/2026		(1,431	)		1,402		1,403

Total Repurchase Agreements											$	(59,479	)	$	58,302	$	58,316

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BRC		4.500	%		06/18/2024		TBD	⁽³⁾	$	(1,989	)	$	(1,992	)

Total Reverse Repurchase Agreements												$	(1,992	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
BPS	$	30,213	$	0		$	0	$	0	$	30,213		$	(30,793	)	$	(580	)
BRC		0		(1,992	)		0		0		(1,992	)		2,340			348
DEU		26,700		0			0		0		26,700			(27,255	)		(555	)
FICC		1,403		0			0		0		1,403			(1,431	)		(28	)

Master Securities Lending Agreement
BCY		0		0			0		14,702		14,702			(15,000	)		(298	)
BMO		0		0			0		1,626		1,626			(1,658	)		(32	)
BOS		0		0			0		4,127		4,127			(4,208	)		(81	)
BPG		0		0			0		1,016		1,016			(1,037	)		(21	)
BSN		0		0			0		858		858			(875	)		(17	)
GSC		0		0			0		9,580		9,580			(9,772	)		(192	)
RDR		0		0			0		8,623		8,623			(8,834	)		(211	)

Total Borrowings and Other Financing Transactions	$	58,316	$	(1,992	)	$	0	$	40,532

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		(Cont.)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days			Total
Securities Lending Transactions⁽⁵⁾
Corporate Bonds & Notes	$	41,384	$	0	$	0	$	0		$	41,384

Total	$	41,384	$	0	$	0	$	0		$	41,384

Reverse Repurchase Agreements
Corporate Bonds & Notes		0		0		0		(1,992	)		(1,992	)

Total	$	0	$	0	$	0	$	(1,992	)	$	(1,992	)

Total Borrowings	$	41,384	$	0	$	0	$	(1,992	)	$	39,392

Payable for reverse repurchase agreements and securities on loan - cash collateral										$	39,392

(j)	Securities with an aggregate market value of $2,340 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(952) at a weighted average interest rate of 3.593%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Open maturity reverse repurchase agreement.

⁽⁴⁾

⁽⁵⁾	Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		136	$	27,774	$	47	$	0	$	(3	)
U.S. Treasury 5-Year Note September Futures		09/2024		304		32,400		100		0		(25	)

Total Futures Contracts							$	147	$	0	$	(28	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾


Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Asset		Liability
Calpine Corp.		5.000	%		Quarterly		06/20/2028		1.547	%	$	2,500	$	100		$	209	$	309		$	1	$	0
Carnival Corp.		1.000			Quarterly		12/20/2027		1.509			1,000		(100	)		84		(16	)		0		0
Dish DBS Copr.		5.000			Quarterly		12/20/2024		20.815			3,000		(218	)		11		(207	)		7		0
Transocean, Inc.		1.000			Quarterly		12/20/2028		3.538			600		(89	)		31		(58	)		1		0

													$	(307	)	$	335	$	28		$	9	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Asset		Liability
CDX.HY-36 5-Year Index		5.000	%		Quarterly		06/20/2026	$	4,850	$	182	$	113		$	295	$	0	$	(4	)
CDX.HY-40 5-Year Index		5.000			Quarterly		06/20/2028		594		14		24			38		0		0
CDX.HY-41 5-Year Index		5.000			Quarterly		12/20/2028		14,454		34		906			940		0		(9	)
CDX.HY-42 5-Year Index		5.000			Quarterly		06/20/2029		14,200		937		(29	)		908		0		(9	)

										$	1,167	$	1,014		$	2,181	$	0	$	(22	)

Total Swap Agreements										$	860	$	1,349		$	2,209	$	9	$	(22	)


34		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability						Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	9	$	9	$	0	$	(28	)	$	(22	)	$	(50	)

Cash of $8,859 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	9	$	0	$	0	$	0		$	9


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	28		$	28
Swap Agreements		0		22		0		0		0			22

	$	0	$	22	$	0	$	0	$	28		$	50


The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:
	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	39		$	39
Swap Agreements		0		5,809		0		0		(8	)		5,801

	$	0	$	5,809	$	0	$	0	$	31		$	5,840

Over the counter
Swap Agreements	$	0	$	3	$	0	$	0	$	0		$	3

	$	0	$	5,812	$	0	$	0	$	31		$	5,843

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		(Cont.)		June 30, 2024


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	419	$	419
Swap Agreements		0		(357	)		0		0		0		(357	)

	$	0	$	(357	)	$	0	$	0	$	419	$	62

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	4,352	$	3,371	$	7,723
Corporate Bonds & Notes
Banking & Finance		0		192,991		70		193,061
Industrials		0		912,053		1,395		913,448
Utilities		0		51,557		0		51,557
Common Stocks
Financials		0		0		3,799		3,799
Health Care		0		0		1,047		1,047
Information Technology		0		0		6		6
Warrants
Financials		0		0		71		71
Short-Term Instruments
Repurchase Agreements		0		58,302		0		58,302

	$	0	$	1,219,255	$	9,759	$	1,229,014


Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		41,111		0		0		41,111


Total Investments	$	41,111	$	1,219,255	$	9,759	$	1,270,125


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	9		$	0	$	9


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(50	)	$	0	$	(50	)


Total Financial Derivative Instruments	$	0	$	(41	)	$	0	$	(41	)


Totals	$	41,111	$	1,219,214		$	9,759	$	1,270,084

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


36		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 103.3%

CORPORATE BONDS & NOTES 94.8%

BANKING & FINANCE 39.6%

ABN AMRO Bank NV
6.339% due 09/18/2027 •	$		742	$		752

AerCap Ireland Capital DAC
2.450% due 10/29/2026			3,744			3,494
3.000% due 10/29/2028			210			191
3.300% due 01/30/2032			2,674			2,298
3.400% due 10/29/2033			146			123
3.850% due 10/29/2041			63			49
4.450% due 10/01/2025			766			756

Aflac, Inc.
4.750% due 01/15/2049			51			45

AIA Group Ltd.
4.950% due 04/04/2033			2,301			2,259

AIB Group PLC
7.583% due 10/14/2026 •			303			310

Aircastle Ltd.
4.250% due 06/15/2026			872			850
6.500% due 07/18/2028			120			122

Alexandria Real Estate Equities, Inc.
1.875% due 02/01/2033			1,957			1,473

Alleghany Corp.
3.250% due 08/15/2051			1,585			1,071

Ally Financial, Inc.
2.200% due 11/02/2028			1,695			1,468
4.750% due 06/09/2027			110			107
5.800% due 05/01/2025			130			130

American Express Co.
3.950% due 08/01/2025			839			825
4.050% due 12/03/2042			123			103
4.420% due 08/03/2033 •			1,356			1,280
6.489% due 10/30/2031 •			140			149

American Homes 4 Rent LP
4.250% due 02/15/2028			125			120

American Tower Corp.
2.750% due 01/15/2027			646			606
2.900% due 01/15/2030			2,312			2,039
2.950% due 01/15/2051			2,325			1,456
3.125% due 01/15/2027			333			316
3.600% due 01/15/2028			1,073			1,013
5.900% due 11/15/2033			120			123

ANZ New Zealand International Ltd.
1.250% due 06/22/2026			136			126

Aon Corp.
2.800% due 05/15/2030			2,042			1,791
2.900% due 08/23/2051			1,506			920
3.900% due 02/28/2052			70			52

Arch Capital Group Ltd.
3.635% due 06/30/2050			242			174

Ares Capital Corp.
2.875% due 06/15/2027			729			668
2.875% due 06/15/2028			90			80

Ares Management Corp.
6.375% due 11/10/2028			972			1,013

Arthur J Gallagher & Co.
3.500% due 05/20/2051			20			14
5.750% due 07/15/2054			2,278			2,216

ASB Bank Ltd.
2.375% due 10/22/2031			125			103

Assured Guaranty U.S. Holdings, Inc.
3.150% due 06/15/2031			181			157

Athene Global Funding
0.914% due 08/19/2024			479			476
1.450% due 01/08/2026			586			550
1.608% due 06/29/2026			1,426			1,321
1.716% due 01/07/2025			41			40
2.673% due 06/07/2031			10			8

Australia & New Zealand Banking Group Ltd.
2.570% due 11/25/2035 •(g)			704			578
2.950% due 07/22/2030 •			234			227
4.400% due 05/19/2026 (g)			490			480


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

AvalonBay Communities, Inc.
5.350% due 06/01/2034	$		1,735	$		1,737

Aviation Capital Group LLC
1.950% due 01/30/2026			168			158
6.250% due 04/15/2028			2,583			2,637

Avolon Holdings Funding Ltd.
2.125% due 02/21/2026			45			42
2.528% due 11/18/2027			1,814			1,632
2.875% due 02/15/2025			1,520			1,489
5.500% due 01/15/2026			2,072			2,056

AXIS Specialty Finance PLC
4.000% due 12/06/2027			120			115

Banco Bilbao Vizcaya Argentaria SA
5.862% due 09/14/2026 •			117			117
6.138% due 09/14/2028 •			606			618
7.883% due 11/15/2034 •			1,980			2,159

Banco de Credito e Inversiones SA
3.500% due 10/12/2027			826			780

Banco Santander Chile
2.700% due 01/10/2025			125			123

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.375% due 04/17/2025			147			146

Banco Santander SA
1.849% due 03/25/2026			86			81
4.379% due 04/12/2028			120			116
5.147% due 08/18/2025			823			817
5.294% due 08/18/2027			120			119

Bank of America Corp.
1.530% due 12/06/2025 •			1,011			992
2.572% due 10/20/2032 •			3,935			3,263
2.592% due 04/29/2031 •			170			147
2.687% due 04/22/2032 •			645			545
2.884% due 10/22/2030 •			130			116
2.972% due 02/04/2033 •			180			152
3.384% due 04/02/2026 •			1,327			1,303
3.419% due 12/20/2028 •			2,933			2,759
3.970% due 03/05/2029 •			100			96
4.271% due 07/23/2029 •			2,430			2,342
4.827% due 07/22/2026 •			867			859
4.948% due 07/22/2028 •			956			949
5.015% due 07/22/2033 •			3,168			3,098
5.080% due 01/20/2027 •			1,310			1,303
5.288% due 04/25/2034 •			1,902			1,883
5.468% due 01/23/2035 •			3,270			3,268
5.872% due 09/15/2034 •			140			144

Bank of Ireland Group PLC
2.029% due 09/30/2027 •			913			842
6.253% due 09/16/2026 •			120			121

Bank of New York Mellon Corp.
4.706% due 02/01/2034 •			120			115
5.802% due 10/25/2028 •			46			47
5.834% due 10/25/2033 •			1,855			1,921

Bank of New Zealand
1.000% due 03/03/2026			110			102

Bank of Nova Scotia
1.050% due 03/02/2026			53			49
5.250% due 06/12/2028			407			409

Barclays PLC
2.852% due 05/07/2026 •			243			237
4.375% due 01/12/2026			3,835			3,772
5.304% due 08/09/2026 •			546			543
5.829% due 05/09/2027 •			120			120
6.496% due 09/13/2027 •			546			555
7.325% due 11/02/2026 •			120			122
7.385% due 11/02/2028 •			140			148
7.437% due 11/02/2033 •			44			48

Berkshire Hathaway Finance Corp.
2.850% due 10/15/2050			1,133			729
3.850% due 03/15/2052			1,934			1,496
4.200% due 08/15/2048			372			313
4.250% due 01/15/2049			531			454
5.750% due 01/15/2040			700			744

Berkshire Hathaway, Inc.
4.500% due 02/11/2043			633			587

BGC Group, Inc.
6.600% due 06/10/2029			2,000			1,991


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Blackstone Holdings Finance Co. LLC
2.800% due 09/30/2050	$		75	$		45
2.850% due 08/05/2051			1,698			1,040
3.500% due 09/10/2049			560			394

Blackstone Secured Lending Fund
2.750% due 09/16/2026			1,113			1,031
3.625% due 01/15/2026			251			241

Block Financial LLC
3.875% due 08/15/2030			1,130			1,036

Blue Owl Capital Corp.
2.875% due 06/11/2028			157			139
3.400% due 07/15/2026			126			119
4.250% due 01/15/2026			10			10

Blue Owl Finance LLC
3.125% due 06/10/2031			606			505
4.125% due 10/07/2051			466			335

BNP Paribas SA
1.323% due 01/13/2027 •			1,423			1,329
2.219% due 06/09/2026 •			936			905
4.400% due 08/14/2028			2,756			2,648

BPCE SA
1.000% due 01/20/2026			325			304
1.652% due 10/06/2026 •			2,437			2,307
3.500% due 10/23/2027			369			345
5.281% due 05/30/2029			682			680
5.975% due 01/18/2027 •			847			848
6.612% due 10/19/2027 •			318			323

Brandywine Operating Partnership LP
3.950% due 11/15/2027			386			350

Brighthouse Financial Global Funding
1.550% due 05/24/2026			468			433

Brookfield Finance, Inc.
3.625% due 02/15/2052			696			485
3.900% due 01/25/2028			1,058			1,010
4.850% due 03/29/2029			2,215			2,177

Brown & Brown, Inc.
2.375% due 03/15/2031			146			121
4.950% due 03/17/2052			2,674			2,278

CaixaBank SA
6.684% due 09/13/2027 •			1,226			1,250

Cantor Fitzgerald LP
7.200% due 12/12/2028			972			1,000

Capital One Financial Corp.
1.878% due 11/02/2027 •			1,889			1,733
2.636% due 03/03/2026 •			2,319			2,270
4.985% due 07/24/2026 •			240			238
5.247% due 07/26/2030 •			178			175
5.268% due 05/10/2033 •			145			140
5.468% due 02/01/2029 •			120			119
5.700% due 02/01/2030 •			1,692			1,700

CBRE Services, Inc.
5.950% due 08/15/2034			5,590			5,662

Charles Schwab Corp.
1.650% due 03/11/2031			4,008			3,221
1.950% due 12/01/2031			164			131
2.000% due 03/20/2028			1,177			1,057
2.300% due 05/13/2031			10			8
2.900% due 03/03/2032			100			86
5.875% due 08/24/2026			1,450			1,467

Chubb INA Holdings, Inc.
1.375% due 09/15/2030			150			122
3.050% due 12/15/2061			50			32

CI Financial Corp.
7.500% due 05/30/2029			1,584			1,570

Citibank NA
5.570% due 04/30/2034			4,804			4,883

Citigroup, Inc.
2.561% due 05/01/2032 •			1,590			1,326
2.572% due 06/03/2031 •			500			429
3.057% due 01/25/2033 •			2,652			2,253
3.070% due 02/24/2028 •			130			123
3.668% due 07/24/2028 •			509			485
3.980% due 03/20/2030 •			1,107			1,045
4.075% due 04/23/2029 •			411			394
4.412% due 03/31/2031 •			80			76
4.910% due 05/24/2033 •			150			144
6.270% due 11/17/2033 •			1,071			1,122

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Citizens Bank NA
3.750% due 02/18/2026	$		659	$		637
4.575% due 08/09/2028 •			485			468

Citizens Financial Group, Inc.
2.850% due 07/27/2026			897			847
3.250% due 04/30/2030			10			9

CNO Global Funding
5.875% due 06/04/2027			298			299

Commonwealth Bank of Australia
2.688% due 03/11/2031 (g)			1,437			1,193
5.316% due 03/13/2026			974			978

Cooperatieve Rabobank UA
1.980% due 12/15/2027 •			110			101
3.750% due 07/21/2026			935			900
5.800% due 09/30/2110			3			3

Corebridge Financial, Inc.
3.500% due 04/04/2025			1,067			1,049
3.650% due 04/05/2027			1,289			1,234
3.850% due 04/05/2029			1,309			1,228
3.900% due 04/05/2032			196			176
4.400% due 04/05/2052			100			79

Credit Agricole SA
1.247% due 01/26/2027 •			1,028			959
1.907% due 06/16/2026 •			51			49
5.301% due 07/12/2028			51			51
6.316% due 10/03/2029 •			699			718

Crown Castle, Inc.
1.350% due 07/15/2025			23			22
2.100% due 04/01/2031			20			16
2.250% due 01/15/2031			1,016			836
2.500% due 07/15/2031			10			8
2.900% due 03/15/2027			629			591
2.900% due 04/01/2041			172			119
3.100% due 11/15/2029			1,662			1,485
3.250% due 01/15/2051			27			18
3.300% due 07/01/2030			100			89
4.300% due 02/15/2029			692			661
4.450% due 02/15/2026			1,068			1,050

CubeSmart LP
3.000% due 02/15/2030			56			50

DAE Sukuk Difc Ltd.
3.750% due 02/15/2026			1,371			1,323

Danske Bank AS
3.244% due 12/20/2025 •			1,523			1,503
4.375% due 06/12/2028			522			503

Deutsche Bank AG
2.129% due 11/24/2026 •			1,871			1,776
3.961% due 11/26/2025 •			457			453
5.414% due 05/10/2029			992			991
6.720% due 01/18/2029 •			140			145
7.079% due 02/10/2034 •			884			900

Digital Realty Trust LP
3.600% due 07/01/2029			865			803
3.700% due 08/15/2027			51			49
5.550% due 01/15/2028			299			302

Discover Bank
4.650% due 09/13/2028			2,247			2,159

Discover Financial Services
4.100% due 02/09/2027			110			106

DNB Bank ASA
1.535% due 05/25/2027 •			2,001			1,856

DOC DR LLC
3.950% due 01/15/2028			257			246

Empower Finance LP
1.776% due 03/17/2031			61			48
3.075% due 09/17/2051			2,873			1,837

Enstar Group Ltd.
3.100% due 09/01/2031			414			343

EPR Properties
3.750% due 08/15/2029			2,676			2,387
4.950% due 04/15/2028			60			57

Equinix, Inc.
1.450% due 05/15/2026			10			9
2.150% due 07/15/2030			549			461
2.625% due 11/18/2024			50			49


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% due 07/15/2050	$		784	$		497
3.200% due 11/18/2029			1,383			1,247

Equitable Financial Life Global Funding
1.300% due 07/12/2026			642			590

Essex Portfolio LP
2.650% due 03/15/2032			3,170			2,629
3.500% due 04/01/2025			50			49

Extra Space Storage LP
2.350% due 03/15/2032			1,933			1,541

F&G Global Funding
1.750% due 06/30/2026			135			124
2.300% due 04/11/2027			489			443

Fairfax Financial Holdings Ltd.
5.625% due 08/16/2032			1,358			1,340

Fidelity National Financial, Inc.
3.200% due 09/17/2051			313			193

Fifth Third Bacorp
4.055% due 04/25/2028 •			2,289			2,196

Fifth Third Bancorp
6.361% due 10/27/2028 •			433			443

First American Financial Corp.
4.000% due 05/15/2030			53			48

First-Citizens Bank & Trust Co.
2.969% due 09/27/2025 •			50			49

Ford Motor Credit Co. LLC
2.900% due 02/16/2028			972			880
3.815% due 11/02/2027			615			577
4.125% due 08/17/2027			944			897
4.389% due 01/08/2026			1,895			1,856
4.542% due 08/01/2026			980			954
5.850% due 05/17/2027			1,190			1,190
6.050% due 03/05/2031			3,336			3,342
6.798% due 11/07/2028			980			1,013
6.800% due 05/12/2028			120			124
6.950% due 03/06/2026			822			836

FS KKR Capital Corp.
1.650% due 10/12/2024			254			251
3.125% due 10/12/2028			183			159
3.400% due 01/15/2026			266			253

GA Global Funding Trust
0.800% due 09/13/2024			134			133
1.950% due 09/15/2028			181			159
2.250% due 01/06/2027			662			612

GAIF Bond Issuer Pty. Ltd.
3.400% due 09/30/2026			396			379

GATX Corp.
3.500% due 06/01/2032			50			43
4.700% due 04/01/2029			1,715			1,679

General Motors Financial Co., Inc.
1.250% due 01/08/2026			2,305			2,159
1.500% due 06/10/2026			1,506			1,395
2.350% due 01/08/2031			150			123
2.750% due 06/20/2025			10			10
4.300% due 04/06/2029			132			125
5.850% due 04/06/2030			100			101

Global Atlantic Fin Co.
3.125% due 06/15/2031			100			83

Globe Life, Inc.
4.800% due 06/15/2032			100			92

GLP Capital LP
3.250% due 01/15/2032			100			84
4.000% due 01/15/2030			1,537			1,409
4.000% due 01/15/2031			497			446
5.300% due 01/15/2029			1,779			1,754

Goldman Sachs Group, Inc.
1.431% due 03/09/2027 •			2,072			1,934
1.948% due 10/21/2027 •			2,617			2,417
1.992% due 01/27/2032 •			5,154			4,185
2.600% due 02/07/2030			10			9
2.615% due 04/22/2032 •			2,966			2,495
2.640% due 02/24/2028 •			1,289			1,203
3.102% due 02/24/2033 •			1,951			1,667
3.615% due 03/15/2028 •			51			49
4.482% due 08/23/2028 •			1,726			1,687
5.851% due 04/25/2035 •			546			560
6.484% due 10/24/2029 •			70			73


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.561% due 10/24/2034 •	$		496	$		533

Goodman U.S. Finance Five LLC
4.625% due 05/04/2032			2,378			2,205

Guardian Life Global Funding
1.625% due 09/16/2028			630			552

Guardian Life Insurance Co. of America
4.850% due 01/24/2077			1,463			1,227

HAT Holdings LLC
8.000% due 06/15/2027			594			618

Highwoods Realty LP
3.050% due 02/15/2030			2,024			1,718

Host Hotels & Resorts LP
4.500% due 02/01/2026			498			489
5.700% due 07/01/2034			1,882			1,851

HSBC Holdings PLC
2.206% due 08/17/2029 •			230			202
2.357% due 08/18/2031 •			1,279			1,069
2.871% due 11/22/2032 •			61			51
3.973% due 05/22/2030 •			1,582			1,479
4.041% due 03/13/2028 •			210			202
4.292% due 09/12/2026 •			170			167
4.583% due 06/19/2029 •			1,114			1,077
4.755% due 06/09/2028 •			110			108
6.254% due 03/09/2034 •			1,966			2,048

Hudson Pacific Properties LP
5.950% due 02/15/2028			520			443

Huntington National Bank
5.699% due 11/18/2025 •			393			392

ING Groep NV
4.017% due 03/28/2028 •			140			135
6.114% due 09/11/2034 •			1,103			1,138

Intercontinental Exchange, Inc.
5.200% due 06/15/2062			100			93
5.250% due 06/15/2031			892			898

Intesa Sanpaolo SpA
6.625% due 06/20/2033			968			999
7.000% due 11/21/2025			100			102
7.778% due 06/20/2054 •			1,100			1,150
8.248% due 11/21/2033 •			585			646

Invitation Homes Operating Partnership LP
2.000% due 08/15/2031			2,294			1,822

Jackson National Life Global Funding
1.750% due 01/12/2025			200			196

Jefferies Financial Group, Inc.
5.875% due 07/21/2028			120			121

JPMorgan Chase & Co.
1.045% due 11/19/2026 •			100			94
1.470% due 09/22/2027 •			1,392			1,279
1.561% due 12/10/2025 •			424			416
2.005% due 03/13/2026 •			2,288			2,229
2.522% due 04/22/2031 •			90			78
2.580% due 04/22/2032 •			4,432			3,745
2.947% due 02/24/2028 •			1,411			1,329
2.963% due 01/25/2033 •			334			285
3.509% due 01/23/2029 •			784			742
4.005% due 04/23/2029 •			50			48
4.080% due 04/26/2026 •			371			366
4.323% due 04/26/2028 •			931			908
4.565% due 06/14/2030 •			1,020			990
4.586% due 04/26/2033 •			423			404
4.851% due 07/25/2028 •			639			633
4.912% due 07/25/2033 •			3,278			3,185
5.336% due 01/23/2035 •			1,458			1,450
5.571% due 04/22/2028 •			390			393
5.766% due 04/22/2035 •			1,584			1,626

Key Corp.
6.619% (SOFRINDX + 1.250%) due 05/23/2025 ~			76			76

Kilroy Realty LP
4.375% due 10/01/2025			348			341

KKR Group Finance Co. LLC
3.250% due 12/15/2051			2,287			1,501

Liberty Mutual Group, Inc.
3.951% due 10/15/2050			1,509			1,099
5.500% due 06/15/2052			654			609


38		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Lloyds Banking Group PLC
3.574% due 11/07/2028 •	$		180	$		169
3.750% due 03/18/2028 •			51			49
3.870% due 07/09/2025 •			726			726
5.871% due 03/06/2029 •			253			257
7.953% due 11/15/2033 •			1,980			2,223

LPL Holdings, Inc.
6.750% due 11/17/2028			1,469			1,543

Lseg U.S. Fin Corp.
4.875% due 03/28/2027			200			198

LSEGA Financing PLC
2.000% due 04/06/2028			1,750			1,569
3.200% due 04/06/2041			1,354			1,017

Macquarie Group Ltd.
1.935% due 04/14/2028 •			1,081			980
3.763% due 11/28/2028 •			60			57

Manulife Financial Corp.
4.150% due 03/04/2026			850			832

Marsh & McLennan Cos., Inc.
2.375% due 12/15/2031			190			158
4.350% due 01/30/2047			1,583			1,337
6.250% due 11/01/2052			110			119

MassMutual Global Funding
4.150% due 08/26/2025			385			380
5.150% due 05/30/2029			1,090			1,092

Meiji Yasuda Life Insurance Co.
5.200% due 10/20/2045 •			49			49

MET Tower Global Funding
1.250% due 09/14/2026			111			102

MetLife, Inc.
4.125% due 08/13/2042			130			108
5.000% due 07/15/2052			100			91
5.300% due 12/15/2034			100			100
9.250% due 04/08/2068			163			189

Metropolitan Life Global Funding
1.875% due 01/11/2027			2,841			2,623
5.150% due 03/28/2033			2,327			2,300

Mitsubishi HC Capital, Inc.
5.080% due 09/15/2027			1,272			1,266

Mitsubishi UFJ Financial Group, Inc.
2.309% due 07/20/2032 •			164			135
2.341% due 01/19/2028 •			1,731			1,609
3.195% due 07/18/2029			1,202			1,097
3.751% due 07/18/2039			120			100
4.788% due 07/18/2025 •			1,123			1,122
5.017% due 07/20/2028 •			755			751
5.719% due 02/20/2026 •			966			966

Mizuho Financial Group, Inc.
1.979% due 09/08/2031 •			80			65
3.170% due 09/11/2027			60			56
5.414% due 09/13/2028 •			1,416			1,420
5.748% due 07/06/2034 •			50			51

Morgan Stanley
1.928% due 04/28/2032 •			2,798			2,249
2.511% due 10/20/2032 •			119			98
2.630% due 02/18/2026 •			300			294
3.622% due 04/01/2031 •			3,741			3,434
4.210% due 04/20/2028 •			1,532			1,489
4.679% due 07/17/2026 •			1,923			1,905
4.889% due 07/20/2033 •			2,376			2,291
5.050% due 01/28/2027 •			599			596
5.123% due 02/01/2029 •			1,824			1,817
5.164% due 04/20/2029 •			130			130
5.652% due 04/13/2028 •			892			901
5.831% due 04/19/2035 •			1,090			1,118
6.296% due 10/18/2028 •			46			47
6.627% due 11/01/2034 •			972			1,050

Nasdaq, Inc.
5.550% due 02/15/2034			681			682

National Australia Bank Ltd.
2.990% due 05/21/2031 (g)			100			84
3.347% due 01/12/2037 •(g)			110			93

Nationwide Building Society
2.972% due 02/16/2028 •			50			47
3.960% due 07/18/2030 •			3,033			2,808


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nationwide Mutual Insurance Co.
4.350% due 04/30/2050	$		1,620	$		1,247
4.950% due 04/22/2044			54			46

New York Life Global Funding
2.350% due 07/14/2026			100			95

New York Life Insurance Co.
3.750% due 05/15/2050			135			101
4.450% due 05/15/2069			169			136
6.750% due 11/15/2039			684			760

Nippon Life Insurance Co.
5.100% due 10/16/2044 •			318			318

Nissan Motor Acceptance Co. LLC
1.125% due 09/16/2024			100			99
1.850% due 09/16/2026			125			114
2.000% due 03/09/2026			2,709			2,537
2.450% due 09/15/2028			100			87

NMI Holdings, Inc.
6.000% due 08/15/2029			2,278			2,260

Nomura Holdings, Inc.
2.172% due 07/14/2028			57			50
2.329% due 01/22/2027			2,788			2,578
2.648% due 01/16/2025			1,550			1,524

NongHyup Bank
1.250% due 07/20/2025			37			35

Nordea Bank Abp
1.500% due 09/30/2026			55			51
5.375% due 09/22/2027			1,753			1,763

Norinchukin Bank
4.867% due 09/14/2027 (f)			702			682
5.071% due 09/14/2032			47			45
5.430% due 03/09/2028 (f)			1,178			1,166

Northwestern Mutual Global Funding
0.800% due 01/14/2026			325			304
4.000% due 07/01/2025			20			20

Nuveen Finance LLC
4.125% due 11/01/2024			833			828

Oaktree Strategic Credit Fund
8.400% due 11/14/2028			972			1,028

Old Republic International Corp.
3.875% due 08/26/2026			739			715

Omega Healthcare Investors, Inc.
3.375% due 02/01/2031			2,576			2,201

Pacific Life Global Funding
1.600% due 09/21/2028			3,135			2,716

Pacific LifeCorp
5.400% due 09/15/2052			1,086			1,039

Phillips Edison Grocery Center Operating Partnership I LP
5.750% due 07/15/2034			1,486			1,468

PNC Financial Services Group, Inc.
2.307% due 04/23/2032 •			260			215
5.068% due 01/24/2034 •			3,058			2,957
5.354% due 12/02/2028 •			47			47
5.492% due 05/14/2030 •			1,570			1,579
6.875% due 10/20/2034 •			208			227

Popular, Inc.
7.250% due 03/13/2028			1,663			1,709

Pricoa Global Funding
0.800% due 09/01/2025			1,272			1,206

Principal Life Global Funding
3.000% due 04/18/2026			820			787

Progressive Corp.
3.000% due 03/15/2032			821			713
3.700% due 03/15/2052			100			75

Prologis LP
4.000% due 09/15/2028			1,602			1,542

Protective Life Global Funding
1.303% due 09/20/2026			701			643
1.646% due 01/13/2025			556			544

Prudential Financial, Inc.
3.000% due 03/10/2040			172			127
3.905% due 12/07/2047			135			104
5.375% due 05/15/2045 •			426			423


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Prudential Funding Asia PLC
3.125% due 04/14/2030	$		324	$		290

Raymond James Financial, Inc.
3.750% due 04/01/2051			60			44

Realty Income Corp.
3.250% due 01/15/2031			132			117
3.400% due 01/15/2028			571			538
4.450% due 09/15/2026			474			463
4.700% due 12/15/2028			1,486			1,460

Reinsurance Group of America, Inc.
3.950% due 09/15/2026			1,050			1,021

Reliance Standard Life Global Funding
1.512% due 09/28/2026			157			142

Rexford Industrial Realty LP
2.150% due 09/01/2031			1,146			914

RGA Global Funding
2.000% due 11/30/2026			53			49
6.000% due 11/21/2028			892			919

Royal Bank of Canada
3.625% due 05/04/2027			120			115

Sabra Health Care LP
3.200% due 12/01/2031			290			241

Santander Holdings USA, Inc.
2.490% due 01/06/2028 •			2,165			1,996
4.500% due 07/17/2025			1,013			999
6.499% due 03/09/2029 •			1,831			1,866

Santander U.K. Group Holdings PLC
1.673% due 06/14/2027 •			3,065			2,835

Scentre Group Trust
3.500% due 02/12/2025			50			49

SMBC Aviation Capital Finance DAC
1.900% due 10/15/2026			1,528			1,408

Societe Generale SA
1.792% due 06/09/2027 •			105			97
3.337% due 01/21/2033 •			665			552
4.250% due 04/14/2025			710			698
6.691% due 01/10/2034 •			564			582

Standard Chartered PLC
2.678% due 06/29/2032 •			84			69
2.819% due 01/30/2026 •			3,275			3,217

State Street Corp.
5.820% due 11/04/2028 •			1,115			1,138

Sumitomo Mitsui Financial Group, Inc.
2.222% due 09/17/2031			3,023			2,460
2.472% due 01/14/2029			538			479
2.750% due 01/15/2030			3,256			2,858
4.306% due 10/16/2028			50			49
5.766% due 01/13/2033			47			48

Sumitomo Mitsui Trust Bank Ltd.
4.950% due 09/15/2027			1,897			1,885

Sun Communities Operating LP
2.300% due 11/01/2028			56			49

SVB Financial Group
1.800% due 02/02/2031 ^(b)			1			1

Synchrony Financial
2.875% due 10/28/2031			2,556			2,051
5.150% due 03/19/2029			122			117

Teachers Insurance & Annuity Association of America
6.850% due 12/16/2039			1			1

Toronto-Dominion Bank
3.200% due 03/10/2032			3,028			2,622
4.108% due 06/08/2027			49			48

Travelers Cos., Inc.
3.050% due 06/08/2051			125			84

Truist Financial Corp.
1.125% due 08/03/2027			15			13
4.260% due 07/28/2026 •			393			387
4.873% due 01/26/2029 •			473			464
5.122% due 01/26/2034 •			120			115
5.867% due 06/08/2034 •			343			346
7.161% due 10/30/2029 •			1,702			1,808

U.S. Bancorp
1.375% due 07/22/2030			70			56
3.900% due 04/26/2028			659			632

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.548% due 07/22/2028 •	$		844	$		825
4.653% due 02/01/2029 •			313			306
5.727% due 10/21/2026 •			788			790
5.775% due 06/12/2029 •			293			298
5.836% due 06/12/2034 •			190			193

UBS AG
1.250% due 06/01/2026			562			520
1.250% due 08/07/2026			343			315

UBS Group AG
1.305% due 02/02/2027 •			1,024			956
2.193% due 06/05/2026 •			2,603			2,516
3.126% due 08/13/2030 •			1,106			993
4.125% due 09/24/2025			1,802			1,768
4.194% due 04/01/2031 •			2,937			2,743
4.751% due 05/12/2028 •			1,302			1,276
5.617% due 09/13/2030 •			992			997
6.373% due 07/15/2026 •			662			665
6.442% due 08/11/2028 •			332			341
6.537% due 08/12/2033 •			808			848

UDR, Inc.
2.100% due 08/01/2032			1,792			1,405

UniCredit SpA
1.982% due 06/03/2027 •			1,012			944
2.569% due 09/22/2026 •			1,257			1,206
3.127% due 06/03/2032 •			145			123

USAA Capital Corp.
2.125% due 05/01/2030			57			49

VICI Properties LP
4.625% due 12/01/2029			4,110			3,893
5.125% due 05/15/2032			51			49
5.625% due 05/15/2052			1,204			1,085

Wells Fargo & Co.
2.879% due 10/30/2030 •			1,286			1,141
3.068% due 04/30/2041 •			282			207
3.350% due 03/02/2033 •			90			78
3.526% due 03/24/2028 •			1,470			1,402
3.908% due 04/25/2026 •			1,722			1,696
4.150% due 01/24/2029			929			893
4.478% due 04/04/2031 •			150			144
4.611% due 04/25/2053 •			568			486
4.808% due 07/25/2028 •			1,705			1,682
4.897% due 07/25/2033 •			6,292			6,054
5.389% due 04/24/2034 •			120			119
6.303% due 10/23/2029 •			70			73

Welltower OP LLC
4.250% due 04/15/2028			1,069			1,034

Westpac Banking Corp.
2.150% due 06/03/2031			110			92
2.700% due 08/19/2026			180			171
2.894% due 02/04/2030 •(g)			10			10
2.963% due 11/16/2040 (g)			158			111
3.020% due 11/18/2036 •(g)			60			49
5.405% due 08/10/2033 •(g)			51			50
5.457% due 11/18/2027			64			65

Weyerhaeuser Co.
6.875% due 12/15/2033			345			378
7.375% due 03/15/2032			2,226			2,490

Willis North America, Inc.
4.650% due 06/15/2027			2,388			2,347

						447,637


INDUSTRIALS 42.1%

7-Eleven, Inc.
0.950% due 02/10/2026			1,719			1,601

AbbVie, Inc.
2.950% due 11/21/2026			1,697			1,618
3.200% due 05/14/2026			25			24
3.800% due 03/15/2025			210			207
4.400% due 11/06/2042			52			46
4.550% due 03/15/2035			925			878

Adobe, Inc.
4.800% due 04/04/2029			585			586

Aetna, Inc.
3.875% due 08/15/2047			1,699			1,235


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Aker BP ASA
2.000% due 07/15/2026	$		1,761	$		1,639
3.100% due 07/15/2031			80			68

Alcon Finance Corp.
2.600% due 05/27/2030			2,147			1,871

Algonquin Power & Utilities Corp.
5.365% due 06/15/2026 þ			2,050			2,041

Alibaba Group Holding Ltd.
3.400% due 12/06/2027			1,079			1,020
3.600% due 11/28/2024			914			907

Alimentation Couche-Tard, Inc.
2.950% due 01/25/2030			20			18

Allegion PLC
3.500% due 10/01/2029			54			50

Amazon.com, Inc.
2.100% due 05/12/2031			4,333			3,652
2.700% due 06/03/2060			1,546			911
3.100% due 05/12/2051			140			96
3.250% due 05/12/2061			143			95
3.875% due 08/22/2037			1,752			1,548
4.100% due 04/13/2062			246			197

Amcor Flexibles North America, Inc.
2.690% due 05/25/2031			40			34

America Movil SAB de CV
3.625% due 04/22/2029			92			86

Amgen, Inc.
3.000% due 02/22/2029			100			92
3.200% due 11/02/2027			336			317
4.200% due 02/22/2052			100			79
4.400% due 05/01/2045			2,060			1,735
4.400% due 02/22/2062			172			137
4.663% due 06/15/2051			991			848
5.150% due 03/02/2028			880			880
5.250% due 03/02/2025			410			409
5.750% due 03/02/2063			68			67

Amphenol Corp.
2.800% due 02/15/2030			160			142

Anglo American Capital
3.875% due 03/16/2029			366			344

AngloGold Ashanti Holdings PLC
3.750% due 10/01/2030			998			872

Anheuser-Busch Cos. LLC
4.700% due 02/01/2036			1,548			1,476

Anheuser-Busch InBev Finance, Inc.
4.900% due 02/01/2046			1,043			955

Anheuser-Busch InBev Worldwide, Inc.
4.900% due 01/23/2031			140			141
4.950% due 01/15/2042			14			13

Apache Corp.
5.100% due 09/01/2040			77			66

Apple, Inc.
1.200% due 02/08/2028			10			9
1.650% due 05/11/2030			1,694			1,428
2.200% due 09/11/2029			10			9
2.375% due 02/08/2041			120			83
2.800% due 02/08/2061			73			45
2.850% due 08/05/2061			172			106
3.350% due 08/08/2032			892			810
3.850% due 08/04/2046			1,596			1,303
3.950% due 08/08/2052			985			801
4.650% due 02/23/2046			1,143			1,054

Aptiv PLC
2.396% due 02/18/2025			128			125

Ashtead Capital, Inc.
4.250% due 11/01/2029			102			96
5.500% due 08/11/2032			1,353			1,321

Astrazeneca Finance LLC
1.750% due 05/28/2028			55			49
2.250% due 05/28/2031			10			8

AstraZeneca PLC
1.375% due 08/06/2030			967			791
4.000% due 01/17/2029			1,172			1,130

Atlassian Corp.
5.250% due 05/15/2029			2,180			2,181

Autodesk, Inc.
2.850% due 01/15/2030			55			49


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

AutoNation, Inc.
3.800% due 11/15/2027	$		130	$		122

Bacardi Ltd.
2.750% due 07/15/2026			100			95
4.450% due 05/15/2025			10			10
4.700% due 05/15/2028			130			126
5.300% due 05/15/2048			40			36

BAE Systems Holdings, Inc.
3.850% due 12/15/2025			387			378

BAE Systems PLC
1.900% due 02/15/2031			1,348			1,096
3.400% due 04/15/2030			1,274			1,154

Baidu, Inc.
1.720% due 04/09/2026			53			50
4.125% due 06/30/2025			46			45

BAT Capital Corp.
3.222% due 08/15/2024			250			249
4.540% due 08/15/2047			555			428

Bayer U.S. Finance LLC
4.250% due 12/15/2025			1,982			1,940
4.375% due 12/15/2028			3,535			3,358
4.875% due 06/25/2048			1,388			1,117
6.250% due 01/21/2029			396			404
6.500% due 11/21/2033			396			405

Becton Dickinson & Co.
1.957% due 02/11/2031			60			49
2.823% due 05/20/2030			3,433			3,037
4.298% due 08/22/2032			49			46
4.669% due 06/06/2047			550			480

BMW U.S. Capital LLC
2.550% due 04/01/2031			55			47
3.300% due 04/06/2027			50			48
3.900% due 04/09/2025			10			10
4.150% due 04/09/2030			1,010			968

Boardwalk Pipelines LP
3.400% due 02/15/2031			2,162			1,898

Boeing Co.
2.196% due 02/04/2026			4,269			4,014
2.750% due 02/01/2026			10			10
3.100% due 05/01/2026			10			10
3.250% due 02/01/2028			1,755			1,608
3.600% due 05/01/2034			90			72
3.625% due 02/01/2031			1,761			1,542
3.950% due 08/01/2059			3,055			1,948
5.705% due 05/01/2040			1,275			1,176

Booz Allen Hamilton, Inc.
5.950% due 08/04/2033			51			53

Boston Scientific Corp.
1.900% due 06/01/2025			10			10
6.500% due 11/15/2035			93			103

BP Capital Markets America, Inc.
2.772% due 11/10/2050			249			153
3.119% due 05/04/2026			243			234
3.379% due 02/08/2061			3,300			2,169
3.937% due 09/21/2028			300			288

Bristol-Myers Squibb Co.
3.700% due 03/15/2052			130			95
3.900% due 02/20/2028			2,201			2,126
4.350% due 11/15/2047			3,865			3,222
5.875% due 11/15/2036			138			145

Broadcom, Inc.
1.950% due 02/15/2028			997			893
2.600% due 02/15/2033			984			798
3.137% due 11/15/2035			958			768
3.187% due 11/15/2036			1,584			1,254
3.419% due 04/15/2033			847			731
3.469% due 04/15/2034			1,143			975
4.000% due 04/15/2029			810			772
4.150% due 04/15/2032			450			415
4.926% due 05/15/2037			1,990			1,873

Broadridge Financial Solutions, Inc.
2.900% due 12/01/2029			1,527			1,361

Cameron LNG LLC
3.701% due 01/15/2039			1,997			1,619

Canadian Natural Resources Ltd.
3.900% due 02/01/2025			1,056			1,044
6.450% due 06/30/2033			45			47


40		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Canadian Pacific Railway Co.
2.050% due 03/05/2030	$		975	$		832
3.500% due 05/01/2050			2,118			1,527

Carlisle Cos., Inc.
2.750% due 03/01/2030			125			110

Carrier Global Corp.
2.242% due 02/15/2025			2			2
2.722% due 02/15/2030			2,559			2,262
3.377% due 04/05/2040			130			101

Caterpillar, Inc.
5.300% due 09/15/2035			30			31

CDW LLC
2.670% due 12/01/2026			930			871
3.250% due 02/15/2029			125			113
3.276% due 12/01/2028			50			45
4.125% due 05/01/2025			96			95

Cencosud SA
5.950% due 05/28/2031			992			997

Cenovus Energy, Inc.
6.750% due 11/15/2039			112			121

Centene Corp.
2.500% due 03/01/2031			80			66
2.625% due 08/01/2031			220			181
3.000% due 10/15/2030			176			151
4.250% due 12/15/2027			51			49
4.625% due 12/15/2029			2,802			2,652

CenterPoint Energy Resources Corp.
1.750% due 10/01/2030			149			122

CF Industries, Inc.
5.150% due 03/15/2034			5,910			5,671

Charter Communications Operating LLC
2.250% due 01/15/2029			227			194
2.300% due 02/01/2032			1,367			1,055
3.750% due 02/15/2028			729			678
3.850% due 04/01/2061			1,544			903
3.950% due 06/30/2062			1,226			727
4.200% due 03/15/2028			190			180
4.800% due 03/01/2050			2,521			1,851
5.375% due 04/01/2038			380			331
6.100% due 06/01/2029			2,576			2,585

Cheniere Corpus Christi Holdings LLC
3.700% due 11/15/2029			129			119

Cheniere Energy Partners LP
5.750% due 08/15/2034			3,611			3,628

Choice Hotels International, Inc.
3.700% due 01/15/2031			50			44

Cigna Group
3.400% due 03/01/2027			3,523			3,369
4.800% due 08/15/2038			100			92

Coca-Cola Co.
1.375% due 03/15/2031			56			45
2.125% due 09/06/2029			139			122
2.500% due 06/01/2040			496			349
3.450% due 03/25/2030			249			233
5.000% due 05/13/2034			637			639

Comcast Corp.
2.887% due 11/01/2051			1,800			1,124
2.937% due 11/01/2056			150			91
2.987% due 11/01/2063			2,687			1,578
3.200% due 07/15/2036			1,121			906
3.250% due 11/01/2039			230			177
3.400% due 07/15/2046			119			86
3.950% due 10/15/2025			121			119
3.969% due 11/01/2047			210			164
5.500% due 11/15/2032			1,353			1,384

ConocoPhillips Co.
3.758% due 03/15/2042			11			9
3.800% due 03/15/2052			1,383			1,033
4.300% due 11/15/2044			125			106

Constellation Brands, Inc.
2.875% due 05/01/2030			1,242			1,097
3.150% due 08/01/2029			1,800			1,633
4.100% due 02/15/2048			179			141
5.250% due 11/15/2048			2,537			2,364

Continental Resources, Inc.
2.268% due 11/15/2026			965			896


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.375% due 01/15/2028	$		100	$		96
5.750% due 01/15/2031			1,864			1,834

Corning, Inc.
4.375% due 11/15/2057			1,410			1,111
5.450% due 11/15/2079			856			788

Corp. Nacional del Cobre de Chile
3.150% due 01/14/2030			210			187
4.500% due 09/16/2025			12			12
5.950% due 01/08/2034			1,296			1,299

Cox Communications, Inc.
1.800% due 10/01/2030			3,206			2,579

CRH America Finance, Inc.
3.400% due 05/09/2027			772			737

CRH SMW Finance DAC
5.200% due 05/21/2029			2,080			2,079

CSL Finanace PLC Co.
4.050% due 04/27/2029			130			124

CSX Corp.
4.100% due 03/15/2044			1,060			872
6.220% due 04/30/2040			1,739			1,863

CVS Health Corp.
1.750% due 08/21/2030			10			8
3.000% due 08/15/2026			20			19
3.250% due 08/15/2029			1,303			1,182
3.375% due 08/12/2024			1,000			997
3.625% due 04/01/2027			589			565
3.750% due 04/01/2030			887			817
4.125% due 04/01/2040			164			133
5.050% due 03/25/2048			2,524			2,176
5.125% due 07/20/2045			2,131			1,877

Darden Restaurants, Inc.
6.300% due 10/10/2033			1,494			1,543

DCP Midstream Operating LP
5.125% due 05/15/2029			847			843
5.375% due 07/15/2025			31			31

Dell International LLC
8.100% due 07/15/2036			491			586

Delta Air Lines, Inc.
4.750% due 10/20/2028			10			10
7.000% due 05/01/2025			2,798			2,820

Devon Energy Corp.
5.000% due 06/15/2045			90			77

Diageo Capital PLC
5.300% due 10/24/2027			623			629

Diamondback Energy, Inc.
5.200% due 04/18/2027			863			863
5.900% due 04/18/2064			2,180			2,106
6.250% due 03/15/2033			91			95

Discovery Communications LLC
4.000% due 09/15/2055			1,170			757
4.650% due 05/15/2050			269			196

Eastern Energy Gas Holdings LLC
3.600% due 12/15/2024			336			333

eBay, Inc.
5.900% due 11/22/2025			507			510

Electronic Arts, Inc.
1.850% due 02/15/2031			922			754

Elevance Health, Inc.
2.250% due 05/15/2030			1,967			1,686
2.550% due 03/15/2031			50			43
3.700% due 09/15/2049			10			7
4.100% due 05/15/2032			51			47
4.550% due 03/01/2048			1,464			1,246
4.850% due 08/15/2054			844			704
5.350% due 10/15/2025			171			171
5.950% due 12/15/2034			22			23

Eli Lilly & Co.
4.150% due 03/15/2059			905			740
4.700% due 02/27/2033			71			70
5.950% due 11/15/2037			342			368

Empresa Nacional de Telecomunicaciones SA
4.750% due 08/01/2026			869			853

Enbridge, Inc.
2.500% due 01/15/2025			1,831			1,799
3.125% due 11/15/2029			40			36


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.250% due 12/01/2026	$		47	$		46

Energy Transfer LP
4.050% due 03/15/2025			152			150
4.200% due 04/15/2027			257			249
4.950% due 05/15/2028			1,717			1,692
5.000% due 05/15/2050			1,882			1,599
5.250% due 04/15/2029			120			120
5.300% due 04/15/2047			831			735
5.500% due 06/01/2027			731			733
5.600% due 09/01/2034			2,600			2,584
6.250% due 04/15/2049			1,434			1,428
6.550% due 12/01/2033			120			127
7.375% due 02/01/2031			120			125

Entergy Louisiana LLC
4.200% due 09/01/2048			3,946			3,122

Enterprise Products Operating LLC
3.200% due 02/15/2052			1,386			922
3.950% due 01/31/2060			1,578			1,154
4.200% due 01/31/2050			3,056			2,452
4.250% due 02/15/2048			100			82
4.850% due 08/15/2042			130			118

EQT Corp.
3.900% due 10/01/2027			50			48
5.000% due 01/15/2029			1,825			1,792
5.700% due 04/01/2028			817			826

Equifax, Inc.
5.100% due 12/15/2027			1,688			1,681
7.000% due 07/01/2037			375			418

Equinor ASA
2.375% due 05/22/2030			3,021			2,639
3.625% due 04/06/2040			15			12
3.700% due 04/06/2050			744			565
7.150% due 11/15/2025			26			27

ERAC USA Finance LLC
3.300% due 12/01/2026			152			145
7.000% due 10/15/2037			303			343

Essential Utilities, Inc.
2.704% due 04/15/2030			56			49
3.566% due 05/01/2029			246			229

Estee Lauder Cos., Inc.
4.375% due 05/15/2028			1,604			1,572

Expedia Group, Inc.
6.250% due 05/01/2025			10			10

FedEx Corp.
4.100% due 02/01/2045			160			126
4.550% due 04/01/2046			4			3
4.750% due 11/15/2045			39			34

Fidelity National Information Services, Inc.
1.150% due 03/01/2026			134			125

Fiserv, Inc.
2.250% due 06/01/2027			10			9
3.200% due 07/01/2026			983			944

Flutter Treasury Designated Activity Co.
6.375% due 04/29/2029			1,090			1,098

Fortune Brands Innovations, Inc.
4.000% due 03/25/2032			168			153

Foundry JV Holdco LLC
5.900% due 01/25/2030			200			203

Fox Corp.
5.476% due 01/25/2039			100			95
5.576% due 01/25/2049			1,516			1,393

Freeport Indonesia PT
4.763% due 04/14/2027			243			239

Freeport-McMoRan, Inc.
4.125% due 03/01/2028			2,516			2,414
4.625% due 08/01/2030			101			97

Fresenius Medical Care U.S. Finance, Inc.
2.375% due 02/16/2031			50			40

Gartner, Inc.
4.500% due 07/01/2028			120			116

GE Capital Funding LLC
3.450% due 05/15/2025			217			213

General Motors Co.
5.400% due 04/01/2048			1,541			1,380
6.600% due 04/01/2036			10			10

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.750% due 04/01/2046	$		46	$		48
6.800% due 10/01/2027			1,671			1,735

Gilead Sciences, Inc.
2.800% due 10/01/2050			181			113

Glencore Funding LLC
1.625% due 09/01/2025			10			10
2.850% due 04/27/2031			430			362
3.875% due 10/27/2027			100			95
3.875% due 04/27/2051			10			7
5.400% due 05/08/2028			2,548			2,549
6.414% (SOFRINDX + 1.060%) due 04/04/2027 ~			3,225			3,226

Global Payments, Inc.
2.900% due 05/15/2030			2,412			2,101
3.200% due 08/15/2029			170			153
4.150% due 08/15/2049			172			130
4.950% due 08/15/2027			1,104			1,093
5.300% due 08/15/2029			659			655
5.950% due 08/15/2052			100			96

Graphic Packaging International LLC
1.512% due 04/15/2026			230			213

Haleon U.S. Capital LLC
3.375% due 03/24/2027			2,704			2,581

Harley-Davidson Financial Services, Inc.
6.500% due 03/10/2028			904			924

Hasbro, Inc.
3.900% due 11/19/2029			1,365			1,260

HCA, Inc.
3.125% due 03/15/2027			163			154
3.500% due 09/01/2030			88			79
3.500% due 07/15/2051			200			134
3.625% due 03/15/2032			1,115			982
4.125% due 06/15/2029			1,172			1,110
4.375% due 03/15/2042			2,459			2,023
5.250% due 06/15/2049			2,624			2,341
5.875% due 02/01/2029			60			61

Health Care Service Corp.
5.200% due 06/15/2029			200			199

Hess Corp.
5.800% due 04/01/2047			1,555			1,576

Home Depot, Inc.
2.375% due 03/15/2051			2,872			1,651
3.125% due 12/15/2049			2,613			1,784
4.250% due 04/01/2046			7			6
4.500% due 12/06/2048			70			61
4.950% due 09/15/2052			1,269			1,173

Howmet Aerospace, Inc.
6.750% due 01/15/2028			130			136

Humana, Inc.
5.750% due 03/01/2028			573			583
5.875% due 03/01/2033			1,169			1,190
8.150% due 06/15/2038			334			400

Huntington Ingalls Industries, Inc.
2.043% due 08/16/2028			1,340			1,180

Hyatt Hotels Corp.
1.800% due 10/01/2024			100			99
5.250% due 06/30/2029			2,000			1,984
5.375% due 04/23/2025			108			108

Hyundai Capital America
1.000% due 09/17/2024			810			802
1.500% due 06/15/2026			809			750
1.650% due 09/17/2026			1,492			1,374
1.800% due 10/15/2025			133			127
2.000% due 06/15/2028			824			727
2.100% due 09/15/2028			247			217
5.600% due 03/30/2028			253			255

Illumina, Inc.
2.550% due 03/23/2031			1,110			919

Imperial Brands Finance PLC
3.500% due 07/26/2026			1,023			983
6.125% due 07/27/2027			381			388

Infor, Inc.
1.750% due 07/15/2025			15			14

Intel Corp.
3.100% due 02/15/2060			1,555			942
4.875% due 02/10/2028			901			898


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

International Business Machines Corp.
4.400% due 07/27/2032	$		607	$		578
4.900% due 07/27/2052			1,217			1,087
5.600% due 11/30/2039			29			30

International Flavors & Fragrances, Inc.
4.450% due 09/26/2028			1,099			1,060

International Paper Co.
4.350% due 08/15/2048			68			55

IQVIA, Inc.
5.700% due 05/15/2028			470			476

JDE Peet’s NV
0.800% due 09/24/2024			1,117			1,102
2.250% due 09/24/2031			165			133

KazMunayGas National Co. JSC
5.750% due 04/19/2047			486			424

Kenvue, Inc.
5.050% due 03/22/2028			1,748			1,758

Keurig Dr Pepper, Inc.
4.050% due 04/15/2032			1,914			1,777
4.417% due 05/25/2025			34			34
4.500% due 04/15/2052			1,638			1,368

Kinder Morgan, Inc.
5.300% due 12/01/2034			125			121
5.450% due 08/01/2052			1,179			1,085
5.550% due 06/01/2045			1,919			1,791

Kraft Heinz Foods Co.
4.875% due 10/01/2049			132			115
5.200% due 07/15/2045			150			138
6.875% due 01/26/2039			1,666			1,852
7.125% due 08/01/2039			721			813

L3Harris Technologies, Inc.
3.850% due 12/15/2026			2,653			2,565
4.400% due 06/15/2028			85			83

Lafarge SA
7.125% due 07/15/2036			135			150

Las Vegas Sands Corp.
6.000% due 08/15/2029			2,402			2,415

Leidos, Inc.
2.300% due 02/15/2031			1,201			990
4.375% due 05/15/2030			885			837

Lennar Corp.
5.250% due 06/01/2026			48			48

LKQ Corp.
5.750% due 06/15/2028			507			512

Lockheed Martin Corp.
5.250% due 01/15/2033			69			70
5.900% due 11/15/2063			130			137

LYB International Finance LLC
1.250% due 10/01/2025			114			108

Marathon Oil Corp.
5.300% due 04/01/2029			1,808			1,816

Marathon Petroleum Corp.
3.800% due 04/01/2028			2,110			2,012

Marriott International, Inc.
2.750% due 10/15/2033			160			129
2.850% due 04/15/2031			230			197
4.625% due 06/15/2030			2,546			2,472

Marvell Technology, Inc.
2.450% due 04/15/2028			79			71
4.875% due 06/22/2028			200			197
5.950% due 09/15/2033			410			424

Masco Corp.
1.500% due 02/15/2028			57			50

Massachusetts Institute of Technology
3.885% due 07/01/2116			172			127

Mattel, Inc.
3.375% due 04/01/2026			1,515			1,457

McDonald’s Corp.
3.500% due 07/01/2027			1,902			1,823
4.875% due 12/09/2045			2,141			1,926
5.700% due 02/01/2039			50			51

Mead Johnson Nutrition Co.
4.125% due 11/15/2025			156			153


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Medtronic Global Holdings SCA
4.250% due 03/30/2028	$		2,124	$		2,076

Mercedes-Benz Finance North America LLC
1.450% due 03/02/2026			660			621
4.950% due 03/30/2025			1,584			1,577

Merck & Co., Inc.
1.700% due 06/10/2027			1,711			1,571
2.900% due 12/10/2061			4,454			2,671
5.150% due 05/17/2063			243			231

Meta Platforms, Inc.
3.850% due 08/15/2032			1,035			963
4.450% due 08/15/2052			1,455			1,255
4.650% due 08/15/2062			2,012			1,736

Micron Technology, Inc.
4.185% due 02/15/2027			1,161			1,129
5.327% due 02/06/2029			100			101

Microsoft Corp.
1.350% due 09/15/2030			10			8
2.525% due 06/01/2050			3,900			2,465
2.675% due 06/01/2060			973			595
2.921% due 03/17/2052			60			41

Mondelez International Holdings Netherlands BV
1.250% due 09/24/2026			1,204			1,102
2.250% due 09/19/2024			26			26
4.250% due 09/15/2025			48			47

Mondelez International, Inc.
6.500% due 11/01/2031			957			1,028

Moody’s Corp.
3.100% due 11/29/2061			1,464			899

Motorola Solutions, Inc.
2.300% due 11/15/2030			669			563
2.750% due 05/24/2031			146			124
5.500% due 09/01/2044			877			854

MPLX LP
1.750% due 03/01/2026			52			49
4.125% due 03/01/2027			2,012			1,954
4.700% due 04/15/2048			40			33
4.950% due 03/14/2052			1,017			863
5.200% due 03/01/2047			983			879
5.500% due 02/15/2049			122			113

MSCI, Inc.
3.875% due 02/15/2031			55			50
4.000% due 11/15/2029			2,478			2,317

National Fuel Gas Co.
5.500% due 01/15/2026			226			225
5.500% due 10/01/2026			200			200

Nestle Capital Corp.
4.750% due 03/12/2031			3,406			3,367

Nestle Holdings, Inc.
5.000% due 03/14/2028			992			996

Netflix, Inc.
3.625% due 06/15/2025			999			981
4.375% due 11/15/2026			28			28
4.875% due 04/15/2028			1,866			1,857
5.375% due 11/15/2029			1,033			1,043
6.375% due 05/15/2029			45			47

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			128			124

Norfolk Southern Corp.
4.100% due 05/15/2121			67			47
5.950% due 03/15/2064			1,788			1,824

Northrop Grumman Corp.
3.850% due 04/15/2045			200			156
4.750% due 06/01/2043			100			90
4.950% due 03/15/2053			120			108

NTT Finance Corp.
1.162% due 04/03/2026			120			112
5.104% due 07/02/2027 (a)			300			300
5.110% due 07/02/2029 (a)			1,200			1,196

NXP BV
2.500% due 05/11/2031			2,627			2,202
3.150% due 05/01/2027			132			125
4.300% due 06/18/2029			132			127
4.400% due 06/01/2027			100			98
5.000% due 01/15/2033			170			166


42		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Occidental Petroleum Corp.
6.125% due 01/01/2031	$		130	$		133
6.450% due 09/15/2036			2,025			2,116
6.625% due 09/01/2030			130			136

OCI NV
6.700% due 03/16/2033			1,586			1,566

Open Text Corp.
6.900% due 12/01/2027			693			720

Oracle Corp.
1.650% due 03/25/2026			527			494
2.300% due 03/25/2028			1,832			1,657
3.950% due 03/25/2051			3,607			2,669
4.125% due 05/15/2045			1,838			1,441
4.900% due 02/06/2033			787			764
5.375% due 07/15/2040			60			57
5.800% due 11/10/2025			70			70

Otis Worldwide Corp.
2.056% due 04/05/2025			35			34
2.565% due 02/15/2030			10			9

Ovintiv, Inc.
5.650% due 05/15/2028			850			860

Owens Corning
3.400% due 08/15/2026			100			96

Paramount Global
2.900% due 01/15/2027			108			100
3.700% due 06/01/2028			100			90
4.200% due 05/19/2032			60			49
4.900% due 08/15/2044			810			565
4.950% due 05/19/2050			65			45

Penske Truck Leasing Co. LP
1.200% due 11/15/2025			488			460
1.700% due 06/15/2026			2			2
3.400% due 11/15/2026			1,644			1,571
5.875% due 11/15/2027			394			400

PepsiCo, Inc.
3.500% due 03/19/2040			56			45
4.600% due 07/17/2045			701			627

Pertamina Persero PT
1.400% due 02/09/2026			325			304

Pfizer Investment Enterprises Pte. Ltd.
4.650% due 05/19/2030			474			467

Philip Morris International, Inc.
1.750% due 11/01/2030			192			156
2.750% due 02/25/2026			158			151
3.875% due 08/21/2042			465			362
5.000% due 11/17/2025			334			332
5.625% due 11/17/2029			334			341
5.750% due 11/17/2032			334			341
6.375% due 05/16/2038			453			487

Phillips 66 Co.
2.450% due 12/15/2024			1,461			1,440

Pioneer Natural Resources Co.
1.125% due 01/15/2026			135			127
5.100% due 03/29/2026			1,596			1,593

PRA Health Sciences, Inc.
2.875% due 07/15/2026			579			551

Prosus NV
3.680% due 01/21/2030			1,584			1,408
4.027% due 08/03/2050			116			79
4.193% due 01/19/2032			180			159

Qorvo, Inc.
1.750% due 12/15/2024			52			51
4.375% due 10/15/2029			447			422

Quanta Services, Inc.
2.350% due 01/15/2032			1,376			1,118
2.900% due 10/01/2030			56			49

Ras Laffan Liquefied Natural Gas Co. Ltd.
5.838% due 09/30/2027			210			212

Regeneron Pharmaceuticals, Inc.
2.800% due 09/15/2050			3,564			2,186

Reliance Industries Ltd.
3.625% due 01/12/2052			1,735			1,217
4.125% due 01/28/2025			199			197

Reliance Steel & Aluminum Co.
1.300% due 08/15/2025			178			170


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

RELX Capital, Inc.
3.000% due 05/22/2030	$		345	$		310
4.000% due 03/18/2029			1,418			1,364

Renesas Electronics Corp.
1.543% due 11/26/2024			462			454
2.170% due 11/25/2026			1,096			1,015

Republic Services, Inc.
3.375% due 11/15/2027			897			851

Reynolds American, Inc.
4.450% due 06/12/2025			793			784

Roche Holdings, Inc.
4.790% due 03/08/2029			1,029			1,027
5.338% due 11/13/2028			351			357

Rogers Communications, Inc.
3.200% due 03/15/2027			763			724

Royalty Pharma PLC
3.350% due 09/02/2051			224			144
3.550% due 09/02/2050			1,745			1,172
5.150% due 09/02/2029			400			397

RTX Corp.
1.900% due 09/01/2031			59			47
4.050% due 05/04/2047			1,004			791
4.125% due 11/16/2028			50			48
4.150% due 05/15/2045			120			97
4.350% due 04/15/2047			145			120
4.500% due 06/01/2042			1,453			1,259
4.800% due 12/15/2043			1,708			1,523
5.375% due 02/27/2053			1,337			1,271
5.750% due 11/08/2026			860			869

S&P Global, Inc.
4.250% due 05/01/2029			1,570			1,525

Sabine Pass Liquefaction LLC
4.200% due 03/15/2028			629			607
4.500% due 05/15/2030			202			194
5.900% due 09/15/2037			46			47

Santos Finance Ltd.
3.649% due 04/29/2031			1,114			975

Saudi Arabian Oil Co.
3.500% due 04/16/2029			8			7
3.500% due 11/24/2070			3,426			2,224

Schlumberger Holdings Corp.
5.000% due 05/29/2027			1,486			1,482

Schlumberger Investment SA
5.000% due 06/01/2034			200			197

Seagate HDD Cayman
4.091% due 06/01/2029			703			653

Sealed Air Corp.
1.573% due 10/15/2026			1,271			1,158

Sherwin-Williams Co.
4.250% due 08/08/2025			998			985
4.550% due 08/01/2045			53			45

Silgan Holdings, Inc.
1.400% due 04/01/2026			372			345

Sitios Latinoamerica SAB de CV
5.375% due 04/04/2032			296			276

SK Hynix, Inc.
1.500% due 01/19/2026			54			51
5.500% due 01/16/2027			5			5
6.375% due 01/17/2028			386			397

Skyworks Solutions, Inc.
1.800% due 06/01/2026			589			548

Smith & Nephew PLC
2.032% due 10/14/2030			105			87

Smurfit Kappa Treasury ULC
5.200% due 01/15/2030			785			781

South32 Treasury Ltd.
4.350% due 04/14/2032			1,090			987

Southern Co.
3.750% due 09/15/2051 •			210			198
4.400% due 07/01/2046			1,101			920

Southern Copper Corp.
3.875% due 04/23/2025			149			147

Southwest Airlines Co.
5.125% due 06/15/2027			118			117


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Stanley Black & Decker, Inc.
4.000% due 03/15/2060 •	$		131	$		119

Starbucks Corp.
2.000% due 03/12/2027			129			119
2.550% due 11/15/2030			10			9
3.000% due 02/14/2032 (f)			3,204			2,779

Steel Dynamics, Inc.
2.800% due 12/15/2024			115			113
3.250% due 01/15/2031			50			44

Stryker Corp.
1.150% due 06/15/2025			266			255
3.500% due 03/15/2026			1,490			1,447

Sydney Airport Finance Co. Pty. Ltd.
3.625% due 04/28/2026			50			48

Sysco Corp.
2.400% due 02/15/2030			120			104
5.950% due 04/01/2030			45			47
6.000% due 01/17/2034			1,024			1,075

T-Mobile USA, Inc.
1.500% due 02/15/2026			609			572
2.250% due 11/15/2031			35			29
2.400% due 03/15/2029			165			146
2.625% due 04/15/2026			51			49
2.700% due 03/15/2032			1,478			1,237
3.000% due 02/15/2041			1,413			1,012
3.400% due 10/15/2052			1,125			769
3.500% due 04/15/2025			110			108
3.600% due 11/15/2060			2,355			1,593
3.750% due 04/15/2027			2,192			2,107
3.875% due 04/15/2030			51			48
4.375% due 04/15/2040			1,141			989
5.650% due 01/15/2053			170			168
5.750% due 01/15/2034			1,282			1,318

Take-Two Interactive Software, Inc.
3.700% due 04/14/2027			1,039			999

Takeda Pharmaceutical Co. Ltd.
3.375% due 07/09/2060			1,864			1,196

Tapestry, Inc.
7.000% due 11/27/2026			1,183			1,216
7.350% due 11/27/2028			200			208

Targa Resources Corp.
5.200% due 07/01/2027			1,840			1,837
6.250% due 07/01/2052			100			101

TC PipeLines LP
4.375% due 03/13/2025			343			340

TCI Communications, Inc.
7.875% due 02/15/2026			1,683			1,753

TD SYNNEX Corp.
1.750% due 08/09/2026			1,048			968

Teck Resources Ltd.
6.000% due 08/15/2040			413			407

Telefonica Emisiones SA
4.103% due 03/08/2027			1,239			1,203
4.665% due 03/06/2038			1,814			1,601

Tencent Holdings Ltd.
3.290% due 06/03/2060			752			466
3.925% due 01/19/2038			59			50
3.975% due 04/11/2029			577			549
4.525% due 04/11/2049			212			178

Tennessee Gas Pipeline Co. LLC
7.625% due 04/01/2037			1,261			1,444

Textron, Inc.
3.900% due 09/17/2029			52			49

Thermo Fisher Scientific, Inc.
1.215% due 10/18/2024			500			494

Tosco Corp.
8.125% due 02/15/2030			176			204

TotalEnergies Capital SA
3.883% due 10/11/2028			147			141

Toyota Industries Corp.
3.566% due 03/16/2028			478			453

TransCanada PipeLines Ltd.
4.100% due 04/15/2030			10			9
4.250% due 05/15/2028			120			116
4.625% due 03/01/2034			430			403

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.625% due 01/15/2039	$		1,475	$		1,721

TSMC Global Ltd.
0.750% due 09/28/2025			456			431

TWDC Enterprises 18 Corp.
2.950% due 06/15/2027			76			72
7.000% due 03/01/2032			128			142

Tyson Foods, Inc.
4.000% due 03/01/2026			300			293

U.S. Airways Pass-Through Trust
4.625% due 12/03/2026			245			242

Union Pacific Corp.
2.800% due 02/14/2032			1,195			1,032
3.375% due 02/01/2035			120			103

United Airlines Pass-Through Trust
5.800% due 07/15/2037			1,702			1,734

United Rentals North America, Inc.
3.875% due 11/15/2027			336			318
6.000% due 12/15/2029			47			47

UnitedHealth Group, Inc.
1.150% due 05/15/2026			79			73
2.000% due 05/15/2030			34			29
2.900% due 05/15/2050			146			95
3.050% due 05/15/2041			879			649
3.125% due 05/15/2060			50			32
3.375% due 04/15/2027			156			150
3.700% due 08/15/2049			1,054			793
4.250% due 01/15/2029			2,054			2,001
4.750% due 07/15/2045			1,369			1,241
5.050% due 04/15/2053			848			786
5.350% due 02/15/2033			46			47
5.500% due 04/15/2064			31			30
6.625% due 11/15/2037			41			45
6.875% due 02/15/2038			572			656

Vale Overseas Ltd.
6.875% due 11/21/2036			1,364			1,465

Valero Energy Corp.
4.350% due 06/01/2028			1,853			1,794

Var Energi ASA
8.000% due 11/15/2032			1,980			2,220

VeriSign, Inc.
5.250% due 04/01/2025			339			338

Verisk Analytics, Inc.
4.125% due 03/15/2029			1,218			1,172

VF Corp.
6.000% due 10/15/2033			35			33

Viatris, Inc.
1.650% due 06/22/2025			250			240

VMware, Inc.
1.000% due 08/15/2024			51			51
1.400% due 08/15/2026			773			712
1.800% due 08/15/2028			35			31
2.200% due 08/15/2031			80			65
4.500% due 05/15/2025			10			10

Volkswagen Group of America Finance LLC
1.250% due 11/24/2025			1,060			1,000
6.200% due 11/16/2028			2,651			2,737

Walgreens Boots Alliance, Inc.
3.450% due 06/01/2026			728			685

Walmart, Inc.
4.500% due 04/15/2053			1,399			1,239

Walt Disney Co.
2.200% due 01/13/2028			78			71
3.500% due 05/13/2040			116			93
6.400% due 12/15/2035			147			161

Warnermedia Holdings, Inc.
5.050% due 03/15/2042			331			269
5.141% due 03/15/2052			1,742			1,357
5.391% due 03/15/2062			1,990			1,554

Waste Connections, Inc.
2.600% due 02/01/2030			1,644			1,449
2.950% due 01/15/2052			481			307

Weir Group PLC
2.200% due 05/13/2026			897			842

Western Digital Corp.
2.850% due 02/01/2029			100			87


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Western Midstream Operating LP
6.150% due 04/01/2033	$		1,736	$		1,781

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			2,105			2,064

Westlake Corp.
0.875% due 08/15/2024			51			51

Williams Cos., Inc.
3.750% due 06/15/2027			50			48
5.300% due 08/15/2052			100			93
5.400% due 03/04/2044			1,795			1,699

Woodside Finance Ltd.
3.650% due 03/05/2025			1,152			1,136
3.700% due 09/15/2026			1,307			1,258

Workday, Inc.
3.700% due 04/01/2029			700			657
3.800% due 04/01/2032			441			396

WRKCo, Inc.
3.900% due 06/01/2028			120			114

Wyeth LLC
5.950% due 04/01/2037			959			1,011

Zimmer Biomet Holdings, Inc.
3.550% due 03/20/2030			55			50

Zoetis, Inc.
2.000% due 05/15/2030			144			121
4.700% due 02/01/2043			1,811			1,619

						475,908


UTILITIES 13.1%

AEP Texas, Inc.
3.450% due 01/15/2050			935			622
4.700% due 05/15/2032			100			94
5.250% due 05/15/2052			100			89
5.450% due 05/15/2029			1,613			1,622

AES Corp.
2.450% due 01/15/2031			3,881			3,197
5.450% due 06/01/2028			120			120

Alabama Power Co.
3.940% due 09/01/2032			1,027			944

Ameren Illinois Co.
4.800% due 12/15/2043			51			45

American Electric Power Co., Inc.
2.300% due 03/01/2030			100			85
5.625% due 03/01/2033			140			140

American Water Capital Corp.
2.800% due 05/01/2030			3,166			2,789
3.000% due 12/01/2026			51			48
4.200% due 09/01/2048			56			46

Appalachian Power Co.
7.000% due 04/01/2038			1,555			1,710

Arizona Public Service Co.
2.200% due 12/15/2031			61			49
4.500% due 04/01/2042			56			48
5.700% due 08/15/2034			1,965			1,964

AT&T, Inc.
1.650% due 02/01/2028			10			9
3.500% due 09/15/2053			3,123			2,122
3.650% due 06/01/2051			100			71
3.650% due 09/15/2059			3,692			2,478
4.100% due 02/15/2028			1,446			1,396
4.300% due 02/15/2030			2,981			2,857
4.350% due 03/01/2029			1,209			1,172
4.500% due 03/09/2048			1,666			1,375
4.750% due 05/15/2046			50			43
4.850% due 03/01/2039			374			343
5.400% due 02/15/2034			120			120

Atmos Energy Corp.
1.500% due 01/15/2031			50			40
4.150% due 01/15/2043			1,586			1,332

Avangrid, Inc.
3.800% due 06/01/2029			508			473

Bell Telephone Co. of Canada
2.150% due 02/15/2032			10			8

Berkshire Hathaway Energy Co.
1.650% due 05/15/2031			1,793			1,428


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.700% due 07/15/2030	$		5	$		5
4.050% due 04/15/2025			242			239
6.125% due 04/01/2036			637			667

BG Energy Capital PLC
5.125% due 10/15/2041			110			102

Bharti Airtel Ltd.
4.375% due 06/10/2025			156			154

Black Hills Corp.
3.150% due 01/15/2027			1,360			1,290
4.200% due 09/15/2046			100			76
6.000% due 01/15/2035			883			889

BP Capital Markets PLC
4.875% due 03/22/2030 •(d)			51			48

British Telecommunications PLC
9.625% due 12/15/2030			1,047			1,279

Brooklyn Union Gas Co.
3.407% due 03/10/2026			1,251			1,203
4.487% due 03/04/2049			58			45

CenterPoint Energy Houston Electric LLC
4.950% due 04/01/2033			2,440			2,377

CenterPoint Energy, Inc.
1.450% due 06/01/2026			613			570

Cleveland Electric Illuminating Co.
4.550% due 11/15/2030			120			113

CMS Energy Corp.
4.750% due 06/01/2050 •			967			887

Columbia Pipelines Holding Co. LLC
6.042% due 08/15/2028			967			989

Commonwealth Edison Co.
4.000% due 03/01/2048			3,212			2,498
5.650% due 06/01/2054			934			929

Consolidated Edison Co. of New York, Inc.
3.000% due 12/01/2060			283			168
3.600% due 06/15/2061			823			562
3.850% due 06/15/2046			3,068			2,361
6.150% due 11/15/2052			1,488			1,580

Constellation Energy Generation LLC
5.600% due 06/15/2042			1,135			1,095

Consumers Energy Co.
4.600% due 05/30/2029			289			285

Dominion Energy, Inc.
1.450% due 04/15/2026			965			899
3.071% due 08/15/2024 þ			561			559
3.375% due 04/01/2030			90			81
6.875% due 02/01/2055 •			1,980			2,022
7.000% due 06/01/2054 •			794			828

DTE Electric Co.
3.000% due 03/01/2032			55			48

DTE Energy Co.
1.050% due 06/01/2025			249			239
3.400% due 06/15/2029			2,039			1,869

Duke Energy Carolinas LLC
2.550% due 04/15/2031			219			187
2.850% due 03/15/2032			100			86
3.550% due 03/15/2052			100			71
3.875% due 03/15/2046			60			46
6.000% due 12/01/2028			651			671

Duke Energy Corp.
2.450% due 06/01/2030			552			474
2.550% due 06/15/2031			10			8
3.400% due 06/15/2029			10			9
3.500% due 06/15/2051			146			99
3.750% due 09/01/2046			100			73
4.300% due 03/15/2028			293			284
4.500% due 08/15/2032			2,589			2,422
5.000% due 08/15/2052			178			155

Duke Energy Florida LLC
2.400% due 12/15/2031			1,030			856
3.400% due 10/01/2046			100			70
5.650% due 04/01/2040			11			11
5.950% due 11/15/2052			100			102

Duke Energy Progress LLC
3.400% due 04/01/2032			100			88
3.450% due 03/15/2029			10			9


44		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.600% due 09/15/2047	$		100	$		73
4.000% due 04/01/2052			100			76
5.250% due 03/15/2033			1,289			1,287

Duquesne Light Holdings, Inc.
3.616% due 08/01/2027			53			50

East Ohio Gas Co.
1.300% due 06/15/2025			10			10

Edison International
3.550% due 11/15/2024			60			59
5.750% due 06/15/2027			476			480

Electricite de France SA
4.875% due 01/22/2044			849			743
6.900% due 05/23/2053			1,977			2,102

Emera U.S. Finance LP
4.750% due 06/15/2046			220			181

Enel Finance International NV
1.375% due 07/12/2026			138			128
4.500% due 06/15/2025			491			485
4.625% due 06/15/2027			1,248			1,224
5.000% due 06/15/2032			1,729			1,644
6.000% due 10/07/2039			1,376			1,359

Entergy Corp.
0.900% due 09/15/2025			10			9
1.900% due 06/15/2028			10			9
2.400% due 06/15/2031			75			62

Evergy, Inc.
2.450% due 09/15/2024			155			154
2.900% due 09/15/2029			1,006			899

Eversource Energy
0.800% due 08/15/2025			9			9
5.125% due 05/15/2033			80			77

Exelon Corp.
4.450% due 04/15/2046			210			173

Fells Point Funding Trust
3.046% due 01/31/2027			1,908			1,797

FirstEnergy Pennsylvania Electric Co.
3.600% due 06/01/2029			669			623
4.300% due 01/15/2029			125			120
5.150% due 03/30/2026			100			99

Florida Power & Light Co.
3.150% due 10/01/2049			3,461			2,358
4.125% due 02/01/2042			100			84

Fortis, Inc.
3.055% due 10/04/2026			28			27

Galaxy Pipeline Assets Bidco Ltd.
1.750% due 09/30/2027			2			2

Idaho Power Co.
4.200% due 03/01/2048			21			17

Indiana Michigan Power Co.
4.250% due 08/15/2048			1,490			1,186

Interstate Power & Light Co.
3.100% due 11/30/2051			28			18
3.700% due 09/15/2046			25			18
6.250% due 07/15/2039			8			8

Jersey Central Power & Light Co.
2.750% due 03/01/2032			145			120

Kentucky Utilities Co.
5.125% due 11/01/2040			100			94
5.450% due 04/15/2033			2,171			2,186

KeySpan Gas East Corp.
2.742% due 08/15/2026			1,679			1,584

LLPL Capital Pte. Ltd.
6.875% due 02/04/2039			207			209

MidAmerican Energy Co.
4.250% due 07/15/2049			2,148			1,767

National Rural Utilities Cooperative Finance Corp.
4.400% due 11/01/2048			1,260			1,057

New York State Electric & Gas Corp.
2.150% due 10/01/2031			100			80
3.250% due 12/01/2026			1,032			974

NextEra Energy Capital Holdings, Inc.
1.900% due 06/15/2028			60			53
2.250% due 06/01/2030			58			49
2.750% due 11/01/2029			4,693			4,176


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.800% due 12/01/2077 •	$		380	$		352

NGPL PipeCo LLC
4.875% due 08/15/2027			227			222

NiSource, Inc.
0.950% due 08/15/2025			10			9
2.950% due 09/01/2029			499			449
5.400% due 06/30/2033			125			124

Northern States Power Co.
2.900% due 03/01/2050			849			541

NRG Energy, Inc.
2.000% due 12/02/2025			503			476
7.000% due 03/15/2033			2,080			2,198

NSTAR Electric Co.
4.400% due 03/01/2044			43			36

Oklahoma Gas & Electric Co.
4.150% due 04/01/2047			10			8
4.550% due 03/15/2044			30			26

Oncor Electric Delivery Co. LLC
3.100% due 09/15/2049			172			115

ONEOK, Inc.
3.400% due 09/01/2029			1,401			1,286
4.550% due 07/15/2028			573			559
5.200% due 07/15/2048			1,493			1,322
6.100% due 11/15/2032			774			800

Pacific Gas & Electric Co.
2.500% due 02/01/2031			20			16
3.250% due 06/01/2031			1,413			1,216
3.300% due 08/01/2040			150			107
3.450% due 07/01/2025			128			124
3.750% due 07/01/2028			1,773			1,665
3.950% due 12/01/2047			898			644
4.550% due 07/01/2030			103			97
4.650% due 08/01/2028			52			50
4.950% due 07/01/2050			103			85
5.450% due 06/15/2027			569			570
5.900% due 06/15/2032			100			100
6.100% due 01/15/2029			1,821			1,865

PacifiCorp
4.150% due 02/15/2050			70			54
5.450% due 02/15/2034			2,210			2,184

PECO Energy Co.
3.000% due 09/15/2049			68			45

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.125% due 05/15/2027			294			284

Piedmont Natural Gas Co., Inc.
2.500% due 03/15/2031			58			49

Pinnacle West Capital Corp.
1.300% due 06/15/2025			50			48
6.191% (SOFRRATE + 0.820%) due 06/10/2026 ~			298			298

Plains All American Pipeline LP
3.550% due 12/15/2029			198			181
5.150% due 06/01/2042			1,776			1,575

Public Service Co. of Colorado
1.900% due 01/15/2031			230			187
3.550% due 06/15/2046			52			36

Public Service Electric & Gas Co.
4.650% due 03/15/2033			2,054			1,982

Public Service Enterprise Group, Inc.
0.800% due 08/15/2025			986			936

Puget Energy, Inc.
4.100% due 06/15/2030			226			208
4.224% due 03/15/2032			594			533

Puget Sound Energy, Inc.
5.795% due 03/15/2040			30			30

San Diego Gas & Electric Co.
1.700% due 10/01/2030			100			82

Sempra
3.300% due 04/01/2025			1,465			1,439
3.700% due 04/01/2029			1,473			1,380

Shell International Finance BV
2.750% due 04/06/2030			116			103
3.250% due 04/06/2050			230			160
4.125% due 05/11/2035			43			39


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Sinopec Group Overseas Development Ltd.
2.150% due 05/13/2025	$		243	$		236
4.125% due 09/12/2025			206			203

Southern California Edison Co.
2.850% due 08/01/2029			1,227			1,103
3.650% due 02/01/2050			1,678			1,194
4.125% due 03/01/2048			2,157			1,677
5.450% due 06/01/2031			2,674			2,694
5.850% due 11/01/2027			796			812
5.950% due 11/01/2032			100			103

Southern California Gas Co.
4.125% due 06/01/2048			1,629			1,263
4.450% due 03/15/2044			52			44

Southern Power Co.
5.150% due 09/15/2041			602			558

Southwest Gas Corp.
4.050% due 03/15/2032			459			416
5.450% due 03/23/2028			1,213			1,223

Southwestern Electric Power Co.
4.100% due 09/15/2028			642			613

Southwestern Public Service Co.
3.150% due 05/01/2050			500			320
3.700% due 08/15/2047			9			6
6.000% due 10/01/2036			980			972

Tampa Electric Co.
4.350% due 05/15/2044			30			25
5.000% due 07/15/2052			100			90

Union Electric Co.
3.900% due 04/01/2052			100			77

Verizon Communications, Inc.
2.355% due 03/15/2032			3,718			3,041
2.550% due 03/21/2031			1,199			1,019
3.150% due 03/22/2030			54			49
4.125% due 03/16/2027			1,502			1,465
4.812% due 03/15/2039			1,757			1,630

Virginia Electric & Power Co.
3.750% due 05/15/2027			209			201
4.625% due 05/15/2052			100			84
6.000% due 01/15/2036			60			62
8.875% due 11/15/2038			1,920			2,481

Vistra Operations Co. LLC
4.300% due 07/15/2029			2,203			2,083

Vodafone Group PLC
5.750% due 02/10/2063			750			713
6.150% due 02/27/2037			243			258

WEC Energy Group, Inc.
2.200% due 12/15/2028			1,182			1,043

Wisconsin Power & Light Co.
3.950% due 09/01/2032			1,291			1,181

Wisconsin Public Service Corp.
3.671% due 12/01/2042			3			2

Xcel Energy, Inc.
4.600% due 06/01/2032			50			47

						147,438

Total Corporate Bonds & Notes (Cost $1,114,935)						1,070,983


U.S. TREASURY OBLIGATIONS 8.2%

U.S. Treasury Bonds
3.000% due 08/15/2052			5,646			4,249
3.375% due 08/15/2042			2,402			2,029
3.875% due 05/15/2043			1,500			1,354
4.000% due 11/15/2042			3,186			2,937
4.000% due 11/15/2052			434			395
4.500% due 02/15/2044 (k)			15,700			15,406

U.S. Treasury Inflation Protected Securities (c)
1.750% due 01/15/2034 (k)(m)			18,970			18,417

U.S. Treasury Notes
2.750% due 08/15/2032 (k)(m)			6,387			5,685
3.375% due 05/15/2033 (k)			14,300			13,256
3.875% due 08/15/2033			4,100			3,945
4.000% due 02/15/2034 (k)			14,200			13,786
4.375% due 05/15/2034 (k)			11,000			11,004

Total U.S. Treasury Obligations (Cost $94,886)						92,463

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 0.2%

Korea National Oil Corp.
4.875% due 04/03/2029	$		1,365	$		1,350

Province of British Columbia
4.750% due 06/12/2034			496			494

Total Sovereign Issues (Cost $1,850)						1,844


SHORT-TERM INSTRUMENTS 0.1%

REPURCHASE AGREEMENTS (j) 0.1%
						1,092

Total Short-Term Instruments (Cost $1,092)						1,092



Total Investments in Securities (Cost $1,212,763)						1,166,382


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.3%

SHORT-TERM INSTRUMENTS 0.3%

MUTUAL FUNDS 0.3%

PIMCO Government Money Market Fund
5.470% (e)(f)(h)		3,565,228	$		3,565

Total Short-Term Instruments (Cost $3,565)					3,565



Total Investments in Affiliates (Cost $3,565)					3,565


Total Investments 103.6% (Cost $1,216,328)			$		1,169,947

Financial Derivative Instruments (l) 0.0% (Cost or Premiums, net $4,015)					38

Other Assets and Liabilities, net (3.6)%					(40,157	)

Net Assets 100.0%			$		1,129,828

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	When-issued security.

(b)	Security is not accruing income as of the date of this report.

(c)	Principal amount of security is adjusted for inflation.

(d)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e)	Institutional Class Shares of each Fund.

(f)	Securities with an aggregate market value of $3,485 were out on loan in exchange for $3,565 of cash collateral as of June 30, 2024. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(g)	Contingent convertible security.

(h)	Coupon represents a 7-Day Yield.

(i)	Restricted Securities.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	1,092	U.S. Treasury Notes 4.500% due 03/31/2026	$	(1,114	)	$	1,092	$	1,092

Total Repurchase Agreements											$	(1,114	)	$	1,092	$	1,092

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
DEU		5.460	%		06/18/2024		07/02/2024	$	(12,556	)	$	(12,581	)
		5.470			06/21/2024		07/02/2024		(752	)		(753	)
		5.480			06/20/2024		07/02/2024		(12,315	)		(12,336	)
		5.500			06/25/2024		07/02/2024		(5,393	)		(5,398	)
		5.500			06/26/2024		07/03/2024		(10,960	)		(10,968	)

Total Reverse Repurchase Agreements											$	(42,036	)


46		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽²⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Sale-Buyback Transactions⁽³⁾
UBS		5.390	%		05/22/2024		07/08/2024	$	(5,142	)	$	(5,173	)
		5.410			04/18/2024		07/10/2024		(4,769	)		(4,822	)

Total Sale-Buyback Transactions											$	(9,995	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions⁽³⁾			Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
DEU	$	0	$	(42,036	)	$	0		$	0	$	(42,036	)	$	41,428		$	(608	)
FICC		1,092		0			0			0		1,092			(1,114	)		(22	)

Master Securities Forward Transaction Agreement
UBS		0		0			(9,995	)		0		(9,995	)		9,741			(254	)

Master Securities Lending Agreement
BCY		0		0			0			807		807			(832	)		(25	)
BMO		0		0			0			2,648		2,648			(2,703	)		(55	)
GSC		0		0			0			30		30			(30	)		0

Total Borrowings and Other Financing Transactions	$	1,092	$	(42,036	)	$	(9,995	)	$	3,485

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days		Total
Securities Lending Transactions⁽⁵⁾
Corporate Bonds & Notes	$	3,565	$	0		$	0	$	0	$	3,565

Total	$	3,565	$	0		$	0	$	0	$	3,565

Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(42,036	)	$	0	$	0	$	(42,036	)

Total	$	0	$	(42,036	)	$	0	$	0	$	(42,036	)


Sale-Buyback Transactions
U.S. Treasury Obligations		0		(9,995	)		0		0		(9,995	)

Total	$	0	$	(9,995	)	$	0	$	0	$	(9,995	)

Total Borrowings	$	3,565	$	(52,031	)	$	0	$	0	$	(48,466	)

Payable for reverse repurchase agreements, sale-buyback financing transactions and securities on loan - cash collateral										$	(48,466	)

(k)	Securities with an aggregate market value of $51,368 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(27,881) at a weighted average interest rate of 5.297%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Payable for sale-buyback transactions includes $(12) of deferred price drop.

⁽⁴⁾

⁽⁵⁾	Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)

(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		87	$	17,767	$	30	$	0	$	(2	)
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		128		14,532		97		0		(62	)

							$	127	$	0	$	(64	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 5-Year Note September Futures		09/2024		67	$	(7,141	)	$	(31	)	$	7	$	0

Total Futures Contracts								$	96		$	7	$	(64	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
June 30, 2024⁽²⁾

Notional
Amount⁽³⁾

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Market
Value⁽⁴⁾

Variation Margin

Asset

Liability

National Rural Utilities Cooperative Finance Corp.

1.000%

Quarterly

12/20/2026

0.122

$ 100

)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Asset		Liability
CDX.IG-41 5-Year Index		1.000	%	Quarterly		12/20/2028	$	39,400	$	772	$	71		$	843	$	0	$	(3	)
CDX.IG-42 5-Year Index		1.000		Quarterly		06/20/2029		136,100		3,056		(229	)		2,827		0		(12	)

									$	3,828	$	(158	)	$	3,670	$	0	$	(15	)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value		Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.500	%	Annual		06/20/2054	$	6,300	$	184	$	93		$	277	$	110	$	0

Total Swap Agreements										$	4,015	$	(66	)	$	3,949	$	110	$	(15	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability						Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	7	$	110	$	117	$	0	$	(64	)	$	(15	)	$	(79	)

(m)	Securities with an aggregate market value of $1,928 and cash of $3,978 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾


48		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

⁽²⁾

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	7	$	7
Swap Agreements		0		0		0		0		110		110

	$	0	$	0	$	0	$	0	$	117	$	117


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	64	$	64
Swap Agreements		0		15		0		0		0		15

	$	0	$	15	$	0	$	0	$	64	$	79

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(809	)	$	(809	)
Swap Agreements		0		1,049			0		0		(3	)		1,046

	$	0	$	1,049		$	0	$	0	$	(812	)	$	237


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	104		$	104
Swap Agreements		0		(375	)		0		0		93			(282	)

	$	0	$	(375	)	$	0	$	0	$	197		$	(178	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		(Cont.)		June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	447,637	$	0	$	447,637
Industrials		0		475,908		0		475,908
Utilities		0		147,438		0		147,438
U.S. Treasury Obligations		0		92,463		0		92,463
Sovereign Issues		0		1,844		0		1,844
Short-Term Instruments
Repurchase Agreements		0		1,092		0		1,092

	$	0	$	1,166,382	$	0	$	1,166,382


Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		3,565		0		0		3,565


Total Investments	$	3,565	$	1,166,382	$	0	$	1,169,947


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	117		$	0	$	117


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(79	)	$	0	$	(79	)


Total Financial Derivative Instruments	$	0	$	38		$	0	$	38


Totals	$	3,565	$	1,166,420		$	0	$	1,169,985

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


50		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 120.1%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%

American Airlines, Inc.
10.336% due 04/20/2028	$		2,960	$		3,062

Avolon TLB Borrower 1 U.S. LLC
7.339% due 06/22/2028			1,264			1,267

Broadcom Inc.
TBD% due 08/14/2026 «			8,700			8,657

Castlelake LP
8.534% (LIBOR03M + 2.950%) due 05/13/2031 «~			5,111			4,760

SkyMiles IP Ltd.
9.075% due 10/20/2027			2,103			2,157

Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			830			757

Total Loan Participations and Assignments (Cost $20,958)						20,660


CORPORATE BONDS & NOTES 23.7%

BANKING & FINANCE 16.9%

AerCap Ireland Capital DAC
2.450% due 10/29/2026			7,934			7,404
3.000% due 10/29/2028			2,684			2,440
3.875% due 01/23/2028			2,100			1,991
5.100% due 01/19/2029 (l)			2,700			2,675

Aircastle Ltd.
4.250% due 06/15/2026			800			780
5.950% due 02/15/2029			5,000			5,001

Ally Financial, Inc.
6.848% due 01/03/2030 •			3,100			3,187

American Assets Trust LP
3.375% due 02/01/2031			2,800			2,296

American Express Co.
6.338% due 10/30/2026 •			1,400			1,414

American Homes 4 Rent LP
4.250% due 02/15/2028			2,900			2,780

American Tower Corp.
3.650% due 03/15/2027			3,000			2,874
5.800% due 11/15/2028			1,600			1,632

Antares Holdings LP
3.750% due 07/15/2027			3,700			3,387
3.950% due 07/15/2026			1,000			946
6.500% due 02/08/2029			1,000			985

Ares Capital Corp.
3.250% due 07/15/2025			1,800			1,749
5.875% due 03/01/2029			3,000			2,958

Ares Management Corp.
6.375% due 11/10/2028			6,000			6,255

Athene Global Funding
5.516% due 03/25/2027			2,000			2,006
5.684% due 02/23/2026			7,800			7,822

Aviation Capital Group LLC
6.750% due 10/25/2028			5,000			5,213

Avolon Holdings Funding Ltd.
4.250% due 04/15/2026			1,800			1,749
5.750% due 03/01/2029			3,000			2,984

Banco Bilbao Vizcaya Argentaria SA
5.381% due 03/13/2029			6,000			6,022
6.138% due 09/14/2028 •			800			816

Banco Santander SA
2.958% due 03/25/2031			2,200			1,882

Bank of America Corp.
4.948% due 07/22/2028 •			4,000			3,969
5.202% due 04/25/2029 •			8,400			8,389
5.288% due 04/25/2034 •			7,000			6,931
5.872% due 09/15/2034 •			15,000			15,436
6.204% due 11/10/2028 •			1,800			1,854

Barclays PLC
5.690% due 03/12/2030 •			7,500			7,522
7.385% due 11/02/2028 •			7,000			7,378
7.437% due 11/02/2033 •			5,000			5,502


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BGC Group, Inc.
3.750% due 10/01/2024	$		3,300	$		3,275
6.600% due 06/10/2029			2,800			2,787

Blackstone Holdings Finance Co. LLC
1.625% due 08/05/2028			3,000			2,623

Blue Owl Capital Corp.
4.000% due 03/30/2025			1,700			1,672
5.950% due 03/15/2029			2,000			1,969

Blue Owl Finance LLC
3.125% due 06/10/2031			1,300			1,084
4.375% due 02/15/2032			2,000			1,781

Blue Ridge Re Ltd.
10.605% (T-BILL 3MO + 5.250%) due 01/08/2031 ~			2,000			1,975
13.355% (T-BILL 1MO + 8.000%) due 01/08/2031 ~			2,000			1,971

BNP Paribas SA
1.904% due 09/30/2028 •			3,200			2,859
2.159% due 09/15/2029 •			800			698
2.591% due 01/20/2028 •			7,500			6,974
4.500% due 02/25/2030 •(g)(i)			200			159
4.625% due 02/25/2031 •(g)(i)			2,000			1,607

BPCE SA
5.716% due 01/18/2030 •			5,000			4,991
5.975% due 01/18/2027 •			4,000			4,004

Brandywine Operating Partnership LP
3.950% due 11/15/2027			300			272
8.050% due 03/15/2028			100			104

Brixmor Operating Partnership LP
4.050% due 07/01/2030			2,000			1,857

Brookfield Finance, Inc.
6.350% due 01/05/2034 (l)			5,500			5,769

CaixaBank SA
5.673% due 03/15/2030 •			4,800			4,782
6.037% due 06/15/2035 •			800			802

Cantor Fitzgerald LP
7.200% due 12/12/2028			6,500			6,688

Cape Lookout Re Ltd.
13.355% (T-BILL 1MO + 8.000%) due 04/05/2027 ~			2,100			2,079

Capital One Financial Corp.
7.149% due 10/29/2027 •			2,000			2,067

Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			1,500			1,387

CI Financial Corp.
3.200% due 12/17/2030			1,000			789

Citigroup, Inc.
2.572% due 06/03/2031 •			10,000			8,587
2.976% due 11/05/2030 •			4,700			4,188
3.785% due 03/17/2033 •			4,500			4,011
4.075% due 04/23/2029 •			3,000			2,877
6.270% due 11/17/2033 •			7,000			7,335

Constellation Insurance, Inc.
6.800% due 01/24/2030			3,300			3,229

Corebridge Financial, Inc.
5.750% due 01/15/2034			2,000			2,014

Credit Suisse AG AT1 Claim
1.000% due 12/31/2060			8,900			1,068

Crown Castle, Inc.
3.100% due 11/15/2029			2,200			1,965

Deutsche Bank AG
2.311% due 11/16/2027 •			4,500			4,156
2.552% due 01/07/2028 •			6,500			6,012
3.961% due 11/26/2025 •			2,300			2,281
5.706% due 02/08/2028 •			1,500			1,498
6.720% due 01/18/2029 •			2,500			2,581
6.819% due 11/20/2029 •			1,500			1,560

Discover Financial Services
7.964% due 11/02/2034 •			2,000			2,251

DOC DR LLC
4.300% due 03/15/2027			2,000			1,958

Doctors Co. An Interinsurance Exchange
4.500% due 01/18/2032			7,800			6,188


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Equitable Holdings, Inc.
5.594% due 01/11/2033	$		1,000	$		1,014

Essex Portfolio LP
5.500% due 04/01/2034			1,500			1,487

Extra Space Storage LP
5.400% due 02/01/2034			1,500			1,469
5.900% due 01/15/2031			2,100			2,146

Fairfax Financial Holdings Ltd.
5.625% due 08/16/2032			2,000			1,974
6.350% due 03/22/2054			2,000			2,004

Farmers Insurance Exchange
4.747% due 11/01/2057 •			2,000			1,495

Fidelity National Financial, Inc.
3.400% due 06/15/2030			1,800			1,598

First American Financial Corp.
2.400% due 08/15/2031			1,500			1,199
4.000% due 05/15/2030			1,000			899

Ford Motor Credit Co. LLC
4.950% due 05/28/2027			5,000			4,883
5.800% due 03/08/2029			4,400			4,387
6.050% due 03/05/2031			5,000			5,008
6.798% due 11/07/2028			10,000			10,337
6.950% due 03/06/2026			1,500			1,525

FS KKR Capital Corp.
1.650% due 10/12/2024			1,000			987
3.400% due 01/15/2026			1,900			1,808
6.875% due 08/15/2029			3,800			3,769
7.875% due 01/15/2029			1,500			1,549

GA Global Funding Trust
2.250% due 01/06/2027			4,500			4,163
3.850% due 04/11/2025			1,000			984
5.500% due 01/08/2029			3,000			3,002

Global Atlantic Fin Co.
4.400% due 10/15/2029			3,000			2,796

GLP Capital LP
3.250% due 01/15/2032			1,500			1,262
4.000% due 01/15/2030			2,100			1,926
5.300% due 01/15/2029			600			592
5.375% due 04/15/2026			600			596
5.750% due 06/01/2028			3,000			3,004
6.750% due 12/01/2033			1,500			1,578

Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			10,600			8,816
3.102% due 02/24/2033 •			10,000			8,544
4.482% due 08/23/2028 •			10,000			9,776
7.222% (SOFRRATE + 1.850%) due 03/15/2028 ~			3,000			3,070

Golub Capital BDC, Inc.
6.000% due 07/15/2029			6,000			5,888

Goodman U.S. Finance Five LLC
4.625% due 05/04/2032			1,500			1,391

Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			2,000			1,875

Hannon Armstrong Sustainable Infrastructure Capital, Inc.
6.375% due 07/01/2034 (c)			2,500			2,450

Healthcare Realty Holdings LP
3.750% due 07/01/2027			4,600			4,357

Host Hotels & Resorts LP
2.900% due 12/15/2031			2,000			1,673

HSBC Holdings PLC
2.848% due 06/04/2031 •			7,000			6,053
4.755% due 06/09/2028 •			2,500			2,458
5.402% due 08/11/2033 •			4,200			4,157
5.546% due 03/04/2030 •			4,000			4,008
5.719% due 03/04/2035 •			4,000			4,023
6.254% due 03/09/2034 •(l)			7,000			7,292

ING Groep NV
3.875% due 05/16/2027 •(g)(i)			600			510
4.250% due 05/16/2031 •(g)(i)			600			469
5.335% due 03/19/2030 •			10,000			9,964

Integrity Re Ltd.
22.355% (T-BILL 1MO + 17.000%) due 06/06/2026 ~			2,000			1,955

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Invitation Homes Operating Partnership LP
5.450% due 08/15/2030	$		5,000	$		5,011

Jane Street Group
7.125% due 04/30/2031			1,500			1,539

Jones Lang LaSalle, Inc.
6.875% due 12/01/2028			3,600			3,793

JPMorgan Chase & Co.
2.963% due 01/25/2033 •			2,500			2,132
4.323% due 04/26/2028 •			9,500			9,270
4.565% due 06/14/2030 •			12,000			11,651
5.350% due 06/01/2034 •			17,500			17,432

Kilroy Realty LP
3.050% due 02/15/2030			2,000			1,688

Kizuna RE Pte Ltd.
8.105% (T-BILL 3MO + 2.750%) due 04/09/2029 ~			603			608

KKR Financial Holdings LLC
5.400% due 05/23/2033			6,000			5,718

KKR Group Finance Co. LLC
4.850% due 05/17/2032			1,500			1,442

Lazard Group LLC
6.000% due 03/15/2031			1,500			1,518

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			4,000			3,748
4.300% due 02/01/2061			4,800			2,992

Lloyds Banking Group PLC
4.976% due 08/11/2033 •(l)			8,500			8,126
5.871% due 03/06/2029 •			5,000			5,073
7.500% due 09/27/2025 •(g)(i)			5,000			5,011

Low Income Investment Fund
3.711% due 07/01/2029			2,500			2,280

LPL Holdings, Inc.
6.750% due 11/17/2028			5,000			5,253

Lseg U.S. Fin Corp.
4.875% due 03/28/2027			1,500			1,485
5.297% due 03/28/2034			1,500			1,497

LXP Industrial Trust
2.375% due 10/01/2031			3,500			2,797

Main Street Capital Corp.
6.950% due 03/01/2029			3,100			3,136

Maple Grove Funding Trust
4.161% due 08/15/2051			5,500			3,730

Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			3,250			2,859

Mitsubishi UFJ Financial Group, Inc.
3.195% due 07/18/2029			1,500			1,368
5.354% due 09/13/2028 •			2,500			2,509

MMcapS Funding Ltd.
5.892% (US0003M + 0.290%) due 12/26/2039 ~			521			503

Morgan Stanley
0.000% due 04/02/2032 þ(j)			9,000			5,710
2.511% due 10/20/2032 •			1,700			1,406
3.622% due 04/01/2031 •			3,000			2,754
5.164% due 04/20/2029 •			2,000			1,994
5.173% due 01/16/2030 •			3,000			2,993
6.296% due 10/18/2028 •			19,500			20,126

Nationstar Mortgage Holdings, Inc.
7.125% due 02/01/2032			1,500			1,510

NatWest Group PLC
4.600% due 06/28/2031 •(g)(i)			200			158

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			4,500			4,122

NMI Holdings, Inc.
6.000% due 08/15/2029			4,500			4,465

Nomura Holdings, Inc.
1.653% due 07/14/2026			3,000			2,774
5.842% due 01/18/2028			1,500			1,522
6.070% due 07/12/2028			3,100			3,173

Nordea Bank Abp
3.750% due 03/01/2029 •(g)(i)			5,000			4,181
6.125% due 09/23/2024 •(g)(i)			550			548
6.625% due 03/26/2026 •(g)(i)			5,600			5,571


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Omega Healthcare Investors, Inc.
4.750% due 01/15/2028	$		3,350	$		3,243

Pacific Life Insurance Co.
9.250% due 06/15/2039			5,000			6,605

Polestar Re Ltd.
18.605% (T-BILL 3MO + 13.250%) due 01/07/2027 ~			2,300			2,340

Preferred Term Securities Ltd.
5.908% (US0003M + 0.300%) due 03/22/2037 ~			1,703			1,533

Prologis Targeted U.S. Logistics Fund LP
5.250% due 04/01/2029			4,400			4,405

Prudential Financial, Inc.
6.500% due 03/15/2054 •			2,800			2,834

Realty Income Corp.
3.250% due 01/15/2031			2,100			1,859
4.450% due 09/15/2026			700			683

Sammons Financial Group, Inc.
6.875% due 04/15/2034			6,500			6,669

Santander Holdings USA, Inc.
6.499% due 03/09/2029 •			1,700			1,732
6.565% due 06/12/2029 •			3,000			3,071

Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			2,000			1,891
6.534% due 01/10/2029 •			8,000			8,223
6.833% due 11/21/2026 •			3,000			3,041

Societe Generale SA
6.446% due 01/10/2029 •			3,300			3,354

Sumitomo Mitsui Financial Group, Inc.
5.520% due 01/13/2028			4,000			4,045
5.766% due 01/13/2033			3,000			3,083

Torrey Pines Re Ltd.
11.355% (T-BILL 1MO + 6.000%) due 06/07/2032 ~			600			603
12.605% (T-BILL 1MO + 7.250%) due 06/07/2032 ~			300			301
14.355% (T-BILL 1MO + 9.000%) due 06/05/2031 ~			250			251

Trust Fibra Uno
4.869% due 01/15/2030			4,900			4,304
6.950% due 01/30/2044			300			263

UBS AG
5.000% due 07/09/2027			3,500			3,472

UBS Group AG
5.125% due 07/29/2026 •(g)(i)			800			764
6.301% due 09/22/2034 •			13,000			13,526
6.373% due 07/15/2026 •			1,600			1,608
7.000% due 02/19/2025 •(g)(i)			200			200

VICI Properties LP
3.750% due 02/15/2027			100			95
4.125% due 08/15/2030			500			455
5.750% due 02/01/2027			280			280
5.750% due 04/01/2034			1,000			991
6.125% due 04/01/2054			1,000			961

Wells Fargo & Co.
2.879% due 10/30/2030 •			1,000			887
4.897% due 07/25/2033 •			21,000			20,206
5.557% due 07/25/2034 •			17,000			16,994

Windmill Re DAC
0.000% due 07/05/2028 «~	EUR		250			268

Winston RE Ltd.
17.105% (T-BILL 3MO + 11.750%) due 02/26/2031 ~	$		4,000			3,943

						731,342


INDUSTRIALS 5.0%

Air Canada
3.875% due 08/15/2026			1,000			952

Air Canada Pass-Through Trust
3.300% due 07/15/2031			647			592
5.250% due 10/01/2030			1,718			1,697

American Airlines Pass-Through Trust
3.375% due 11/01/2028			7,452			7,044
3.700% due 04/01/2028			1,566			1,497


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.000% due 01/15/2027	$		2,082	$		2,037

American Airlines, Inc.
5.500% due 04/20/2026			600			595
5.750% due 04/20/2029			1,400			1,363

Ashtead Capital, Inc.
4.250% due 11/01/2029			2,000			1,877
5.800% due 04/15/2034			3,000			2,979

Bacardi Ltd.
5.150% due 05/15/2038			1,200			1,110

BAT International Finance PLC
5.931% due 02/02/2029			1,000			1,024

Bayer U.S. Finance LLC
6.375% due 11/21/2030			1,000			1,025

Boeing Co.
3.625% due 02/01/2031			3,000			2,627
6.259% due 05/01/2027			1,300			1,309
6.298% due 05/01/2029			1,700			1,724
6.388% due 05/01/2031			1,300			1,324
6.528% due 05/01/2034			1,100			1,127
6.858% due 05/01/2054			1,800			1,849
7.008% due 05/01/2064			1,000			1,025

Bowdoin College
4.693% due 07/01/2112			3,400			2,819

Broadcom, Inc.
2.450% due 02/15/2031			10,000			8,425
3.469% due 04/15/2034			500			426
4.000% due 04/15/2029			2,000			1,906
4.150% due 04/15/2032			2,000			1,846
4.926% due 05/15/2037			2,000			1,882

California Institute of Technology
4.283% due 09/01/2116			3,000			2,309

Centene Corp.
3.000% due 10/15/2030			1,500			1,284

Charter Communications Operating LLC
2.800% due 04/01/2031			2,100			1,717
5.050% due 03/30/2029			2,000			1,924

Cheniere Energy Partners LP
3.250% due 01/31/2032			2,000			1,708

Cheniere Energy, Inc.
5.650% due 04/15/2034			3,000			3,004

Choice Hotels International, Inc.
3.700% due 12/01/2029			3,700			3,323
3.700% due 01/15/2031			2,000			1,765

Claremont Mckenna College
3.775% due 01/01/2122			3,000			1,915

Dell International LLC
5.250% due 02/01/2028			1,500			1,511
5.300% due 10/01/2029			4,400			4,426
5.750% due 02/01/2033			1,500			1,543

Delta Air Lines Pass-Through Trust
2.000% due 12/10/2029			1,065			969

Delta Air Lines, Inc.
3.750% due 10/28/2029			3,400			3,136
4.500% due 10/20/2025			1,500			1,482
4.750% due 10/20/2028			2,000			1,949

Discovery Communications LLC
4.000% due 09/15/2055			300			194

El Paso Natural Gas Co. LLC
3.500% due 02/15/2032			1,500			1,280

Enbridge, Inc.
6.200% due 11/15/2030			2,150			2,258

Energy Transfer LP
5.250% due 07/01/2029			11,500			11,436
5.550% due 02/15/2028			2,500			2,522
6.000% due 06/15/2048			5,000			4,823

Essent Group Ltd.
6.250% due 07/01/2029 (c)			2,200			2,200

Expedia Group, Inc.
3.250% due 02/15/2030 (l)			2,200			1,984

Ferguson Finance PLC
3.250% due 06/02/2030			2,000			1,805

Flex Intermediate Holdco LLC
4.317% due 12/30/2039			2,700			1,965


52		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Flex Ltd.
4.875% due 06/15/2029	$		2,000	$		1,938

GE Capital Funding LLC
4.550% due 05/15/2032			1,500			1,435

GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035			1,500			1,385

General Electric Co.
4.250% due 05/01/2040			3,000			2,586

Georgetown University
5.215% due 10/01/2118			6,560			6,006

Global Payments, Inc.
5.400% due 08/15/2032			5,100			5,000

HCA, Inc.
3.625% due 03/15/2032			3,000			2,643

Imperial Brands Finance PLC
3.500% due 07/26/2026			2,000			1,921
6.125% due 07/27/2027			3,000			3,054

Infor, Inc.
1.750% due 07/15/2025			2,600			2,494

Las Vegas Sands Corp.
3.500% due 08/18/2026			1,100			1,050

Micron Technology, Inc.
5.375% due 04/15/2028			1,900			1,909

Mileage Plus Holdings LLC
6.500% due 06/20/2027			1,260			1,264

MPLX LP
4.250% due 12/01/2027			2,000			1,936

MSCI, Inc.
3.875% due 02/15/2031			100			90

National Fuel Gas Co.
5.500% due 10/01/2026			1,500			1,498

New York & Presbyterian Hospital
4.763% due 08/01/2116			3,000			2,532

Nissan Motor Co. Ltd.
4.345% due 09/17/2027			2,500			2,388

NXP BV
5.000% due 01/15/2033			900			878

Occidental Petroleum Corp.
6.125% due 01/01/2031			5,000			5,121

Oracle Corp.
4.900% due 02/06/2033			1,000			970

Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			4,300			4,104

Petroleos Mexicanos
6.490% due 01/23/2027			311			299
6.700% due 02/16/2032			4,600			3,854

Quanta Services, Inc.
2.900% due 10/01/2030			2,000			1,763

Spirit Airlines Pass-Through Trust
3.375% due 08/15/2031			538			475
4.100% due 10/01/2029			485			455

T-Mobile USA, Inc.
2.700% due 03/15/2032			2,500			2,092

Targa Resources Corp.
6.125% due 03/15/2033			3,000			3,083

Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			2,000			1,749

Time Warner Cable LLC
6.550% due 05/01/2037			600			569
7.300% due 07/01/2038			2,500			2,532

Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028			2,143			2,034

U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			2,160			2,111

United Airlines Pass-Through Trust
2.700% due 11/01/2033			323			280
3.100% due 01/07/2030			920			855
3.450% due 01/07/2030			2,760			2,534
4.550% due 02/25/2033			1,903			1,761
5.875% due 04/15/2029			1,543			1,549

United Airlines, Inc.
4.375% due 04/15/2026			3,400			3,288
4.625% due 04/15/2029			2,500			2,330


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Vmed O2 U.K. Financing PLC
4.750% due 07/15/2031	$		3,900	$		3,295

VMware, Inc.
2.200% due 08/15/2031			2,000			1,626

Wesleyan University
4.781% due 07/01/2116			3,248			2,666

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			3,130			3,070
5.611% due 03/11/2034			2,000			2,012

						214,997


UTILITIES 1.8%

Electricite de France SA
5.950% due 04/22/2034			4,000			4,026
6.000% due 04/22/2064			4,000			3,722

Enel Finance International NV
7.500% due 10/14/2032			2,000			2,214

Eversource Energy
5.950% due 02/01/2029			4,400			4,498

FirstEnergy Pennsylvania Electric Co.
3.250% due 03/15/2028			1,100			1,030
3.600% due 06/01/2029			2,000			1,861
4.300% due 01/15/2029			600			578
5.150% due 03/30/2026			900			894

NGPL PipeCo LLC
3.250% due 07/15/2031			1,500			1,283

NiSource, Inc.
1.700% due 02/15/2031			6,100			4,854

Pacific Gas & Electric Co.
2.500% due 02/01/2031			2,400			1,979
4.950% due 07/01/2050			6,700			5,541
5.550% due 05/15/2029			3,000			3,008
5.800% due 05/15/2034			3,000			2,982
5.900% due 06/15/2032			1,500			1,502
6.150% due 01/15/2033			2,200			2,236
6.950% due 03/15/2034			2,000			2,155

Puget Energy, Inc.
4.224% due 03/15/2032			3,000			2,694

Texas Electric Market Stabilization Funding N LLC
5.057% due 08/01/2048			15,500			14,794

Toledo Edison Co.
2.650% due 05/01/2028			2,918			2,632

Verizon Communications, Inc.
2.355% due 03/15/2032			7,000			5,725
5.050% due 05/09/2033			3,000			2,959

Vistra Operations Co. LLC
6.950% due 10/15/2033			5,000			5,355

						78,522

Total Corporate Bonds & Notes (Cost $1,042,970)						1,024,861


MUNICIPAL BONDS & NOTES 0.7%

CALIFORNIA 0.2%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.487% due 06/01/2036			3,300			2,692
3.714% due 06/01/2041			7,000			5,361

						8,053


ILLINOIS 0.1%

Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			5,829			6,259


MINNESOTA 0.2%

Minnesota Housing Finance Agency Revenue Notes, Series 2024
5.301% due 01/01/2029			6,945			7,022


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 0.0%

New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006
6.027% due 01/01/2046	$		500	$		511


TEXAS 0.1%

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019
3.922% due 12/31/2049			4,200			3,452


WEST VIRGINIA 0.1%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049			4,225			4,040

Total Municipal Bonds & Notes (Cost $30,295)						29,337


U.S. GOVERNMENT AGENCIES 56.9%

Fannie Mae
0.000% due 07/25/2031 - 02/25/2040 (b)(e)			70			58
0.000% due 05/25/2042 •			134			94
0.550% due 09/25/2042 •(a)			19,562			2,396
0.970% due 04/25/2040 •(a)			31			2
1.750% due 05/25/2036 •(a)			634			55
3.000% due 03/25/2033 - 02/25/2043			1			1
3.348% due 01/25/2036 •			69			62
3.500% due 06/25/2042			468			431
4.000% due 10/01/2026 - 07/01/2044			683			653
4.500% due 09/01/2024 - 06/01/2051			905			855
5.000% due 05/01/2026 - 11/01/2039			852			841
5.500% due 12/01/2031 - 04/01/2039			489			484
6.000% due 05/25/2031 - 09/01/2037			443			446
6.030% due 11/01/2035 •			2			2
6.218% due 09/01/2034 •			19			19
6.500% due 01/01/2036 - 05/01/2038			43			45
6.800% due 12/01/2028 •			115			115
7.000% due 04/01/2037 - 03/01/2038			39			39
7.195% due 04/01/2036 •			4			4
7.500% due 10/01/2037			56			59

Freddie Mac
0.000% due 01/15/2033 - 07/15/2039 (b)(e)			300			270
0.000% due 12/15/2040 - 11/15/2048 •(a)			18,684			678
0.000% due 05/15/2041 - 06/15/2042 •			716			554
0.419% due 06/15/2040 ~(a)			6,475			415
3.000% due 01/01/2043 - 04/01/2043			4			3
3.500% due 12/15/2028 (a)			261			5
3.500% due 10/01/2033 - 03/01/2042			98			94
4.000% due 09/01/2033 - 06/01/2049			6,657			6,253
4.500% due 02/01/2034 - 11/01/2044			3,030			2,930
4.682% due 05/15/2033 •			22			22
5.000% due 05/15/2033 - 07/15/2041			306			299
5.250% due 04/15/2033			20			20
5.500% due 08/01/2025 - 10/01/2037			620			616
6.000% due 12/01/2034 - 08/01/2037			79			79
6.105% due 07/01/2036 •			2			2
6.500% due 01/01/2037 - 07/01/2037			18			18
6.936% due 12/01/2031 •			35			35

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.500% due 01/01/2025	$		1	$		1

Ginnie Mae
3.500% due 12/20/2040 - 03/20/2047			7,950			7,215
4.000% due 09/20/2040 - 06/15/2047			12,285			11,529
4.500% due 08/20/2038 - 02/20/2047			1,350			1,295
4.750% due 01/20/2035			50			49
5.000% due 03/20/2034 - 04/20/2040			273			267
5.500% due 04/16/2034 - 11/20/2038			28			28
6.000% due 08/20/2038 - 02/20/2039			51			51
6.500% due 12/20/2038			24			24

Ginnie Mae, TBA
2.500% due 07/01/2054 - 08/01/2054			95,000			79,906
3.000% due 07/01/2054 - 08/01/2054			132,000			115,031
3.500% due 08/01/2054			102,800			92,367

Tennessee Valley Authority
4.250% due 09/15/2065			10,000			8,585

Tennessee Valley Authority STRIPS
0.000% due 06/15/2038 (e)			2,500			1,208

Uniform Mortgage-Backed Security
3.500% due 06/01/2045 - 07/01/2049			35,166			31,839
4.000% due 08/01/2024 - 05/01/2054			162,431			149,094
4.500% due 06/01/2039 - 11/01/2053			296,878			280,186
5.000% due 09/01/2052 - 10/01/2053			354,188			342,810
5.500% due 07/01/2053 - 03/01/2054			246,241			243,004
6.000% due 11/01/2053 - 02/01/2054			124,372			124,784
6.500% due 10/01/2053 - 04/01/2054			436,818			445,056

Uniform Mortgage-Backed Security, TBA
2.500% due 07/01/2054 - 08/01/2054			148,678			121,550
3.000% due 07/01/2054 - 08/01/2054			214,066			182,290
3.500% due 08/01/2054			132,200			117,038
4.000% due 08/01/2054			93,400			85,516
4.500% due 08/01/2054			4,900			4,621

Total U.S. Government Agencies (Cost $2,471,751)						2,464,298


U.S. TREASURY OBLIGATIONS 12.6%

U.S. Treasury Bonds
2.375% due 02/15/2042 (n)(p)			150,000			109,242
3.875% due 02/15/2043 (l)(n)			318,300			287,813

U.S. Treasury Inflation Protected Securities (f)
1.750% due 01/15/2034 (l)			154,209			149,711

Total U.S. Treasury Obligations (Cost $528,075)						546,766


NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6%

Ajax Mortgage Loan Trust
1.698% due 05/25/2059 þ			893			807

American Home Mortgage Investment Trust
5.820% due 12/25/2046 •			2,898			2,301

BAMLL Commercial Mortgage Securities Trust
2.847% due 04/20/2042 «			12,600			9,285

Banc of America Funding Trust
4.981% due 08/27/2036 ~			6,521			6,114

BANK5
5.769% due 06/15/2057			2,200			2,233
5.788% due 06/15/2057			4,300			4,364

Barclays Commercial Mortgage Securities Trust
4.314% due 12/15/2051			1,000			960


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BCAP LLC Trust
5.760% due 05/25/2047 •	$		1,455	$		1,346

Bear Stearns ALT-A Trust
6.100% due 04/25/2034 «•			8			7

Benchmark Mortgage Trust
6.841% due 11/15/2056 ~			6,700			7,038

BWAY Mortgage Trust
6.693% due 09/15/2036 •			5,000			4,777

BX Trust
6.173% due 10/15/2036 •			1,485			1,465
6.342% due 02/15/2039 •			6,247			6,182

Chase Home Lending Mortgage Trust
3.250% due 03/25/2063 ~			3,922			3,468
3.250% due 09/25/2063 ~			2,857			2,540

Chase Mortgage Finance Trust
6.000% due 05/25/2036			3,451			1,477

ChaseFlex Trust
6.500% due 02/25/2037			3,863			1,359

CIM Trust
5.500% due 08/25/2064 ~			12,077			12,093

Citigroup Commercial Mortgage Trust
3.778% due 09/10/2058			8,100			7,849

Citigroup Mortgage Loan Trust
5.500% due 08/25/2034			994			951
5.780% due 09/25/2036 •			457			406
6.260% due 08/25/2035 •			234			220

COLT Mortgage Loan Trust
6.467% due 08/25/2067 þ			1,629			1,628

Commercial Mortgage Trust
3.140% due 10/10/2036			1,840			1,626
6.743% due 12/15/2038 •			5,261			5,010

Countrywide Alternative Loan Trust
5.500% due 07/25/2035			1,010			708
5.500% due 08/25/2035			283			237
5.500% due 12/25/2035			680			462
5.500% due 02/25/2036			1,296			1,017
5.710% due 06/25/2037 •			496			392
5.750% due 05/25/2036			358			133
5.820% due 05/25/2047 •			137			124
6.000% due 04/25/2037			2,746			2,252
6.093% due 12/20/2035 •			2,889			2,577
6.250% due 08/25/2036			314			177

Countrywide Home Loan Mortgage Pass-Through Trust
4.530% due 11/25/2037 ~			2,117			1,916
4.574% due 02/20/2036 ~			461			402
4.780% due 03/20/2036 ~			478			423
6.000% due 03/25/2035 •			56			51

Countrywide Home Loan Reperforming REMIC Trust
5.800% due 01/25/2036 •			962			890

Credit Suisse First Boston Mortgage Securities Corp.
5.396% due 11/25/2034 «~			17			16
6.110% due 11/25/2031 «•			25			14

Credit Suisse Mortgage Capital Certificates
2.436% due 02/25/2061 ~			1,596			1,587

Credit Suisse Mortgage Capital Mortgage-Backed Trust
1.926% due 07/27/2061 ~			2,928			2,829
4.052% due 12/27/2060 ~			1,956			1,920
4.080% due 03/25/2060 ~			4,187			4,172
4.713% due 08/25/2060 ~			3,019			3,008
5.500% due 03/25/2037			696			328
6.000% due 07/25/2037			324			269
6.421% due 10/25/2037 ~			2,860			1,682
6.843% due 07/15/2038 •			1,000			911

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.940% due 01/25/2047 •			3,571			2,947

Deutsche ALT-B Securities, Inc. Mortgage Loan Trust
5.431% due 02/25/2036 ~			123			106
5.665% due 02/25/2036 ~			1,143			985

EQUS Mortgage Trust
6.198% due 10/15/2038 •			4,700			4,660

Great Hall Mortgages PLC
5.763% due 06/18/2039 •			322			321

GS Mortgage Securities Corp. Trust
6.576% due 07/15/2035 •			1,298			978
8.729% due 08/15/2039 •			2,300			2,305


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

GSMPS Mortgage Loan Trust
5.810% due 01/25/2036 •	$		1,774	$		1,417

GSR Mortgage Loan Trust
4.375% due 11/25/2035 ~			6			5
4.619% due 01/25/2036 ~			862			768
5.970% due 09/25/2034 ~			94			93
6.000% due 03/25/2036			4,132			1,397
6.500% due 05/25/2036			589			206

HarborView Mortgage Loan Trust
5.833% due 01/19/2038 •			2,700			2,327
5.863% due 12/19/2036 •			2,094			1,610
5.993% due 03/19/2035 •			753			742

IndyMac INDX Mortgage Loan Trust
3.969% due 09/25/2036 ~			1,445			915

JP Morgan Alternative Loan Trust
5.574% due 12/25/2035 ~			444			314

JP Morgan Chase Commercial Mortgage Securities Trust
2.287% due 03/05/2042			2,210			1,876
2.812% due 01/16/2037			100			89
3.648% due 12/15/2049 ~			3,700			3,498
5.925% due 04/15/2037 •			976			933
6.517% due 07/05/2033 •			1,777			1,699
7.235% due 10/05/2040			2,000			2,105

JP Morgan Mortgage Trust
4.625% due 07/25/2063 ~			5,308			5,070
5.156% due 02/25/2036 ~			654			455
5.266% due 07/25/2035 ~			11			10
6.000% due 08/25/2037			786			362
6.500% due 01/25/2036			4,913			2,506

Key Commercial Mortgage Securities Trust
2.233% due 09/16/2052			10,000			8,424

Legacy Mortgage Asset Trust
1.875% due 10/25/2068 þ			2,623			2,605
2.250% due 07/25/2067 þ			1,852			1,805
4.750% due 07/25/2061 þ			1,115			1,086
4.892% due 10/25/2066 þ			1,436			1,412
4.991% due 09/25/2060 ~			221			221

Lehman XS Trust
5.820% due 12/25/2036 •			2,204			2,079
5.840% due 11/25/2046 •			2,619			2,218
6.153% due 11/25/2035 «•			8			7

Lux Trust
8.019% due 08/15/2040 •			3,200			3,223

MASTR Adjustable Rate Mortgages Trust
4.115% due 04/25/2034 «~			149			122
7.693% due 12/25/2035 •			2,956			2,834

Merrill Lynch Mortgage Investors Trust
6.020% due 07/25/2029 «•			35			32
6.085% due 05/25/2029 «~			8			7

MFA Trust
1.014% due 01/26/2065 ~			1,592			1,454
1.324% due 01/26/2065 ~			434			397
1.381% due 04/25/2065 ~			2,531			2,348
1.632% due 01/26/2065 ~			833			766
1.638% due 04/25/2065 ~			1,046			969
6.775% due 10/25/2058 þ			1,147			1,153

MHC Commercial Mortgage Trust
6.244% due 04/15/2038 •			4,928			4,891

Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			2,080			1,989
2.750% due 08/25/2059 ~			583			552

MKT Mortgage Trust
2.694% due 02/12/2040			5,000			4,042

Morgan Stanley Capital Trust
3.912% due 09/09/2032			2,100			1,841

Morgan Stanley Mortgage Loan Trust
6.965% due 06/25/2036 ~			2,119			2,034

Natixis Commercial Mortgage Securities Trust
6.393% due 08/15/2038 •			900			850

New Residential Mortgage Loan Trust
6.864% due 10/25/2063 þ			7,882			7,978

New York Mortgage Trust
1.670% due 08/25/2061 þ			2,899			2,833

NLT Trust
3.200% due 10/25/2062 ~			3,126			2,770


54		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.960% due 06/25/2037 •	$		5,261	$		4,199

Nomura Resecuritization Trust
6.500% due 10/26/2037			1,780			750

OBX Trust
6.120% due 11/25/2062 ~			5,212			5,213
6.129% due 12/25/2063 þ			6,991			7,009
6.567% due 06/25/2063 þ			3,182			3,207
7.159% due 10/25/2063 þ			3,325			3,392

One New York Plaza Trust
6.393% due 01/15/2036 •			6,100			5,941

OPEN Trust
8.418% due 10/15/2028 •			7,223			7,323

PRET LLC
7.021% due 02/25/2054 þ			8,444			8,427

PRPM LLC
6.959% due 02/25/2029 þ			2,468			2,479

RBSGC Mortgage Pass-Through Loan Trust
5.840% due 12/25/2034 •			1,209			1,074

RCKT Mortgage Trust
6.147% due 06/25/2044 þ			4,370			4,401

Residential Accredit Loans, Inc. Trust
6.000% due 06/25/2036			1,208			909
6.000% due 12/25/2036			966			764
6.500% due 07/25/2037			2,046			1,608

Residential Asset Securitization Trust
5.500% due 08/25/2034			1,284			1,219
6.010% due 08/25/2033 «•			19			17

Residential Funding Mortgage Securities, Inc. Trust
6.000% due 06/25/2036			419			341

Sequoia Mortgage Trust
6.092% due 02/20/2035 «•			276			248
6.153% due 07/20/2033 •			11			11

SMRT Commercial Mortgage Trust
6.329% due 01/15/2039 •			2,350			2,323

Starwood Mortgage Residential Trust
0.943% due 05/25/2065 ~			840			766
1.439% due 11/25/2055 ~			442			412
1.593% due 11/25/2055 ~			571			532

Thornburg Mortgage Securities Trust
5.404% due 10/25/2046 •			751			689
7.017% due 06/25/2037 •			176			150

Towd Point Mortgage Trust
3.250% due 07/25/2058 ~			3,375			3,288

Verus Securitization Trust
1.824% due 11/25/2066 ~			2,726			2,393
4.035% due 03/25/2060 ~			85			85
4.889% due 03/25/2060 ~			300			293
6.443% due 08/25/2068 þ			3,966			3,971
6.665% due 09/25/2068 þ			6,293			6,346
6.876% due 11/25/2068 ~			2,725			2,771

WaMu Mortgage Pass-Through Certificates Trust
3.767% due 01/25/2037 ~			2,262			1,886
4.387% due 07/25/2037 ~			1,963			1,724
6.653% due 10/25/2046 •			933			829

Washington Mutual Mortgage Pass-Through Certificates Trust
4.141% due 10/25/2036 þ			7,283			2,467
5.980% due 12/25/2035 •			6,214			5,169
6.123% due 05/25/2046 •			349			290

Wells Fargo Commercial Mortgage Trust
3.451% due 02/15/2048			3,500			3,438

Wells Fargo Mortgage-Backed Securities Trust
6.036% due 12/28/2037 ~			1,329			1,159
6.589% due 08/25/2036 «~			238			203

Worldwide Plaza Trust
3.526% due 11/10/2036			8,900			6,562

WSTN Trust
6.518% due 07/05/2037 ~			3,500			3,513

Total Non-Agency Mortgage-Backed Securities (Cost $351,765)						327,435


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 15.6%

510 Asset-Backed Trust
5.240% due 06/25/2061 þ	$		1,483	$		1,462

522 Funding CLO Ltd.
6.626% due 10/20/2031 •			3,467			3,469

AASET Trust
2.798% due 01/15/2047			2,346			2,102
3.844% due 01/16/2038			1,360			982

ABFC Trust
5.740% due 10/25/2036 •			1,067			975
5.780% due 01/25/2037 •			1,792			994
5.940% due 09/25/2036 •			3,913			3,802

ACE Securities Corp. Home Equity Loan Trust
5.960% due 10/25/2036 •			4,373			1,634

ACHV ABS Trust
5.900% due 04/25/2031			296			296

ACREC Ltd.
6.596% due 10/16/2036 •			1,383			1,374

Aegis Asset-Backed Securities Trust
6.180% due 08/25/2035 •			113			109

AGL CLO Ltd.
6.786% due 07/20/2034 •			4,500			4,511

ALESCO Preferred Funding Ltd.
5.939% due 12/23/2036 •			293			288
6.359% due 09/23/2038 •			2,092			1,971

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
3.238% due 06/25/2033 •			3,707			3,358

Anchorage Capital CLO Ltd.
6.985% due 04/20/2037 •			9,100			9,134

Apex Credit CLO Ltd.
7.122% due 04/20/2036 •			4,900			4,908

Apidos CLO
6.670% due 04/15/2031 •			3,045			3,046
6.689% due 07/16/2031 •			3,558			3,559

APL Finance DAC
7.000% due 07/21/2031			7,841			7,830

Ares CLO Ltd.
6.637% due 04/17/2033 •			6,700			6,718

Argent Securities Trust
5.840% due 03/25/2036 •			3,245			2,864

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.920% due 01/25/2036 •			4,796			4,499

Ascent Education Funding Trust
6.140% due 10/25/2050			660			665

Asset-Backed Securities Corp. Home Equity Loan Trust
6.165% due 11/25/2035 •			1,632			1,605
6.270% due 06/25/2034 •			2,330			2,361
6.285% due 04/25/2034 •			662			650
8.668% due 08/15/2032 •			312			294

Atlas Senior Loan Fund Ltd.
6.739% due 01/16/2030 •			1,803			1,806
6.765% due 10/24/2031 •			3,734			3,738

Avis Budget Rental Car Funding AESOP LLC
5.440% due 02/22/2028			5,000			5,002
6.020% due 02/20/2030			7,500			7,700

Ballyrock CLO Ltd.
6.716% due 07/20/2034 •			6,000			6,007

Bear Stearns Asset-Backed Securities Trust
5.850% due 03/25/2034 •			1,858			1,848
5.920% due 11/25/2036 •			3,200			3,008
6.318% due 12/25/2034 •			1,603			1,610
6.585% due 03/25/2035 •			231			228

Benefit Street Partners CLO Ltd.
6.671% due 04/20/2034 •			6,400			6,423

Birch Grove CLO Ltd.
6.912% due 07/17/2037 •			8,300			8,329

BlueMountain CLO Ltd.
6.514% due 10/25/2030 •			3,789			3,795

BSPRT Issuer Ltd.
6.763% due 12/15/2038 •			4,296			4,278
7.625% due 07/15/2039 •			4,000			4,015


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BXMT Ltd.
6.843% due 11/15/2037 •	$		5,795	$		5,688

Capital Automotive LLC
5.750% due 09/15/2053			4,850			4,805

Carlyle Global Market Strategies CLO Ltd.
6.534% due 08/14/2030 •			3,032			3,034

Carlyle U.S. CLO Ltd.
6.479% due 10/15/2031 •			3,695			3,704

Carrington Mortgage Loan Trust
5.620% due 10/25/2036 •			2,342			1,837
5.720% due 02/25/2037 •			3,850			3,557
6.510% due 05/25/2035 •			3,741			3,542

Carvana Auto Receivables Trust
5.900% due 08/10/2027			2,000			2,002
6.360% due 04/12/2027			1,591			1,594

Castlelake Aircraft Securitization Trust
4.125% due 06/15/2043			303			283

CBAM Ltd.
6.599% due 04/17/2031 •			2,686			2,689

Cedar Funding CLO Ltd.
6.566% due 04/20/2031 •			6,026			6,031
6.586% due 01/20/2031 •			967			968

Chesapeake Funding LLC
6.103% due 05/15/2036 •			4,845			4,852

CIT Mortgage Loan Trust
6.960% due 10/25/2037 •			4,439			4,444

Citigroup Mortgage Loan Trust
5.720% due 03/25/2037 •			213			185
5.780% due 09/25/2036 •			1,072			803
6.135% due 10/25/2035 •			363			353
6.360% due 01/25/2036 •			1,780			1,728
6.664% due 05/25/2036 þ			4,141			1,522

Countrywide Asset-Backed Certificates Trust
5.660% due 06/25/2047 •			7,113			6,063
5.680% due 09/25/2037 •			1,390			1,423
5.740% due 06/25/2035 •			2,724			2,410
5.740% due 05/25/2037 •			2,664			2,457
5.920% due 04/25/2047 •			6,371			5,741

Daimler Trucks Retail Trust
5.390% due 01/15/2030			2,500			2,490

Diameter Capital CLO Ltd.
6.936% due 04/15/2037 •			8,900			8,934

Diamond Infrastructure Funding LLC
1.760% due 04/15/2049			600			542

Diamond Issuer
2.305% due 11/20/2051			1,800			1,625

Dryden Senior Loan Fund
6.477% due 10/19/2029 •			4,106			4,111
6.479% due 07/15/2030 •			4,591			4,593
6.570% due 04/15/2028 •			1,999			2,001
6.610% due 04/15/2029 •			4,632			4,636

ECMC Group Student Loan Trust
6.450% due 01/27/2070 •			2,795			2,791

Elmwood CLO Ltd.
6.947% due 01/17/2034 •			3,300			3,308

EMC Mortgage Loan Trust
6.560% due 08/25/2040 •			939			926

FHF Trust
6.570% due 06/15/2028			594			598

First Franklin Mortgage Loan Asset-Backed Certificates
6.285% due 05/25/2034 •			1,293			1,246

First Franklin Mortgage Loan Trust
5.680% due 12/25/2037 •			2,244			2,116
5.780% due 10/25/2036 •			3,071			1,990
6.060% due 11/25/2035 «•			199			185
6.645% due 12/25/2034 •			1,475			1,442
6.885% due 10/25/2034 •			861			854

Fremont Home Loan Trust
6.330% due 11/25/2034 •			5,419			4,780
6.510% due 11/25/2034 •			360			334

Galaxy CLO Ltd.
6.560% due 10/15/2030 •			413			413

GLS Auto Receivables Issuer Trust
5.770% due 11/15/2028			3,000			3,007

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

GM Financial Revolving Receivables Trust
5.770% due 08/11/2036	$		3,600	$		3,701

GoldenTree Loan Management U.S. CLO Ltd.
6.473% due 04/24/2031 •			7,400			7,416

GSAA Home Equity Trust
5.900% due 03/25/2047 •			2,800			965

GSAMP Trust
6.210% due 01/25/2034 •			802			775
6.240% due 07/25/2045 •			1,681			1,634
7.335% due 08/25/2034 •			4,885			4,467

Hertz Vehicle Financing LLC
1.990% due 06/25/2026			2,300			2,235

Home Equity Mortgage Loan Asset-Backed Trust
5.650% due 07/25/2037 •			7,686			3,080
5.700% due 11/25/2036 •			6,129			4,745

Home Partners of America Trust
2.200% due 01/17/2041			1,759			1,544

Horizon Aircraft Finance Ltd.
3.721% due 07/15/2039			2,968			2,717

ICG U.S. CLO Ltd.
6.725% due 01/24/2032 •			2,720			2,722

JP Morgan Mortgage Acquisition Corp.
6.045% due 05/25/2035 •			1,508			1,483

JP Morgan Mortgage Acquisition Trust
4.456% due 07/25/2036 •			1,510			1,385
6.030% due 07/25/2036 •			1,100			1,063

KDAC Aviation Finance Ltd.
4.212% due 12/15/2042			2,288			2,072

KKR CLO Ltd.
6.540% due 07/15/2030 •			4,925			4,932
6.757% due 02/09/2035 •			6,200			6,188

KREF Ltd.
6.789% due 02/17/2039 •			1,400			1,399

LAD Auto Receivables Trust
6.100% due 12/15/2027			5,000			5,023
6.240% due 06/15/2028			5,000			5,063

LCCM Trust
6.643% due 12/13/2038 •			2,251			2,206
6.893% due 11/15/2038 •			2,680			2,643

LCM LP
6.586% due 07/20/2030 •			3,370			3,373

LCM Ltd.
6.425% due 07/20/2030 •			2,035			2,035

Lehman XS Trust
4.857% due 06/25/2036 þ			1,735			1,614
6.260% due 11/25/2035 þ			3,099			1,326

LoanCore Issuer Ltd.
6.743% due 11/15/2038 •			2,126			2,115

Lockwood Grove CLO Ltd.
6.755% due 01/25/2030 •			715			715

Long Beach Mortgage Loan Trust
6.510% due 06/25/2035 •			3,726			3,576
6.610% due 09/25/2034 •			705			709

Lunar Aircraft Ltd.
3.376% due 02/15/2045			1,578			1,501

Magnetite Ltd.
6.874% due 10/25/2033 •			8,400			8,418

Marble Point CLO Ltd.
6.525% due 01/20/2032 •			493			493
6.630% due 10/15/2030 •			1,541			1,542

Merrill Lynch Mortgage Investors Trust
4.568% due 02/25/2037 þ			12,092			1,501

METAL LLC
4.581% due 10/15/2042			2,494			1,640

MF1 LLC
7.076% due 03/19/2039 •			2,500			2,498

MF1 Ltd.
6.689% due 02/19/2037 •			11,236			11,166
7.143% due 11/15/2035 •			2,630			2,629

MKS CLO Ltd.
6.586% due 07/20/2030 •			1,510			1,510
6.778% due 01/20/2031 •			1,665			1,665


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Morgan Stanley ABS Capital, Inc. Trust
5.530% due 10/25/2036 •	$		70	$		31
5.590% due 01/25/2037 •			1,692			772
5.600% due 05/25/2037 •			106			93
5.610% due 10/25/2036 •			280			149
5.680% due 11/25/2036 •			2,753			1,290
5.960% due 07/25/2036 •			1,451			535
5.960% due 08/25/2036 •			12,943			6,451
6.120% due 11/25/2035 •			4,513			4,277
6.240% due 01/25/2035 •			85			83
6.375% due 07/25/2034 •			616			630
6.710% due 07/25/2037 •			6,420			5,432

Morgan Stanley Mortgage Loan Trust
6.465% due 09/25/2046 þ			2,705			882

Mountain View CLO LLC
6.679% due 10/16/2029 •			866			866

Nassau Ltd.
6.840% due 01/15/2030 •			1,555			1,557

Navient Private Education Loan Trust
6.893% due 07/16/2040 •			783			787

Navient Private Education Refi Loan Trust
1.310% due 01/15/2069			843			777
1.330% due 04/15/2069			2,675			2,422

Navient Student Loan Trust
7.230% due 03/15/2072			1,600			1,658

Nelnet Student Loan Trust
6.640% due 02/20/2041			3,701			3,705

Neuberger Berman Loan Advisers CLO Ltd.
6.626% due 04/20/2031 •			3,200			3,204

New Century Home Equity Loan Trust
6.345% due 08/25/2034 •			636			633

Nomura Home Equity Loan, Inc. Home Equity Loan Trust
6.225% due 05/25/2035 •			940			923

Octagon Investment Partners Ltd.
6.475% due 10/20/2030 •			3,120			3,125

Octane Receivables Trust
1.210% due 09/20/2028			1,304			1,280
6.440% due 03/20/2029			1,671			1,681

OneMain Financial Issuance Trust
5.840% due 09/15/2036			10,200			10,337

Oportun Issuance Trust
6.334% due 04/08/2031			331			331

Option One Mortgage Loan Trust
5.640% due 04/25/2037 •			2,185			1,048
5.740% due 07/25/2036 •			1,936			1,105

Pagaya AI Debt Selection Trust
6.060% due 03/15/2030			2,008			2,007
6.093% due 11/15/2031			700			700
6.258% due 10/15/2031			2,620			2,622
6.319% due 08/15/2031			1,052			1,053
6.660% due 07/15/2031			362			363
6.811% due 05/15/2030			1,700			1,701
7.228% due 07/15/2031			258			259
7.600% due 12/16/2030			1,723			1,732
8.388% due 07/15/2030 ~			273			277

Palmer Square CLO Ltd.
6.875% due 10/20/2033 •			8,000			8,019

Palmer Square Loan Funding Ltd.
6.390% due 10/15/2029 •			2,682			2,683
6.486% due 04/20/2029 •			676			676

Park Avenue Institutional Advisers CLO Ltd.
6.791% due 08/23/2031 •			3,342			3,346

PRET LLC
1.744% due 07/25/2051 þ			1,011			986
1.868% due 07/25/2051 þ			3,036			2,982
2.487% due 10/25/2051 ~			957			945
4.992% due 02/25/2061 þ			1,117			1,108

PRPM LLC
3.720% due 02/25/2027 þ			3,456			3,399

Raptor Aircraft Finance LLC
4.213% due 08/23/2044			1,908			1,612

RCKT Mortgage Trust
6.025% due 02/25/2044 ~			943			945


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Reach ABS Trust
6.300% due 02/18/2031	$		563	$		564

Ready Capital Mortgage Financing LLC
7.897% due 10/25/2039 •			4,469			4,491

Renaissance Home Equity Loan Trust
5.586% due 11/25/2036 þ			662			216
5.608% due 05/25/2036 þ			13,820			5,829
5.812% due 11/25/2036 þ			12,195			4,136
5.840% due 11/25/2035 •			797			694
5.893% due 06/25/2037 þ			2,722			698
6.115% due 08/25/2036 þ			8,664			3,448
6.120% due 11/25/2036 þ			1,166			416

Research-Driven Pagaya Motor Asset Trust
7.090% due 06/25/2032			496			499

Residential Asset Mortgage Products Trust
5.337% due 03/25/2032 •			853			732
5.970% due 03/25/2036 •			1,140			1,105

Residential Asset Securities Corp. Trust
5.680% due 02/25/2037 •			4,009			3,832

Santander Drive Auto Receivables Trust
5.930% due 07/17/2028			1,700			1,712
5.980% due 04/16/2029			1,700			1,720
6.400% due 03/17/2031			1,700			1,746

Santander Revolving Auto Lease Trust
2.510% due 01/26/2032			3,500			3,453

Sapphire Aviation Finance Ltd.
4.250% due 03/15/2040			946			903

Saranac CLO Ltd.
6.748% due 08/13/2031 •			6,284			6,305

Saxon Asset Securities Trust
1.979% due 05/25/2035 •			595			450
2.349% due 03/25/2035 •			245			219
7.185% due 12/26/2034 •			1,773			1,361
7.210% due 12/25/2037 •			487			455

SCCU Auto Receivables Trust
5.700% due 10/16/2028			1,300			1,308
5.700% due 08/15/2029			600			602

Securitized Asset-Backed Receivables LLC Trust
6.040% due 12/25/2035 •			1,341			1,291
6.240% due 02/25/2034 •			2,028			2,011

Shackleton CLO Ltd.
6.476% due 04/20/2029 •			854			854

SLM Private Credit Student Loan Trust
5.871% due 12/15/2039 •			1,898			1,850
5.911% due 12/15/2038 •			293			289

SLM Private Education Loan Trust
10.193% due 10/15/2041 •			2,733			2,860

SLM Student Loan Trust
6.359% due 04/25/2049			337			336
6.509% due 07/25/2049			2,348			2,329

SMB Private Education Loan Trust
5.380% due 01/15/2053			588			587
6.310% due 09/15/2054 •			2,056			2,053

Sound Point CLO Ltd.
6.565% due 07/25/2030 •			3,937			3,940
6.760% due 07/15/2034 •			5,700			5,701
6.796% due 07/20/2032 •			13,000			13,034

Soundview Home Loan Trust
5.710% due 07/25/2037 •			3,466			2,645

Specialty Underwriting & Residential Finance Trust
5.760% due 09/25/2037 •			6,028			4,036

Starwood Commercial Mortgage Trust
6.646% due 04/18/2038 •			8,846			8,680

Stonepeak ABS
2.301% due 02/28/2033			515			478

Structured Asset Investment Loan Trust
5.632% due 07/25/2036 •			4,609			2,655
6.090% due 11/25/2035 •			1,950			1,877
6.165% due 03/25/2034 •			1,714			1,701
6.960% due 11/25/2034 •			2,940			3,036

Structured Asset Securities Corp. Mortgage Loan Trust
6.330% due 07/25/2035 •			1,479			1,513
6.495% due 07/25/2035 •			2,915			2,881


56		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Symphony CLO Ltd.
6.526% due 01/23/2032 •	$		949	$		952
6.914% due 04/25/2034 •			9,500			9,546

Towd Point Mortgage Trust
6.125% due 02/25/2064 ~			946			946

TPG Real Estate Finance Issuer Ltd.
6.643% due 03/15/2038 •			5,437			5,403
6.979% due 02/15/2039 •			4,946			4,925

Tricolor Auto Securitization Trust
6.610% due 10/15/2027			7,674			7,691

Trinitas CLO Ltd.
6.694% due 04/25/2033 •			6,300			6,320

United Auto Credit Securitization Trust
6.170% due 08/10/2026			407			407

Venture CLO Ltd.
6.470% due 04/15/2027 •			27			27
6.486% due 10/20/2028 •			1,245			1,245
6.574% due 09/07/2030 •			7,630			7,632
6.576% due 07/20/2030 •			3,378			3,383
6.636% due 07/20/2030 •			2,876			2,880
6.650% due 07/15/2031 •			4,356			4,360

Verizon Master Trust
5.350% due 09/22/2031			7,000			7,106

Vertical Bridge Holdings LLC
3.706% due 02/15/2057			2,400			2,086

Vibrant CLO Ltd.
6.626% due 09/15/2030 •			2,795			2,797

Voya CLO Ltd.
6.590% due 10/15/2030 •			1,696			1,699

WaMu Asset-Backed Certificates WaMu Trust
5.685% due 05/25/2037 •			1,781			1,647

WAVE LLC
3.597% due 09/15/2044			3,309			2,999

Wellfleet CLO Ltd.
6.476% due 07/20/2029 •			11			11

Wells Fargo Home Equity Asset-Backed Securities Trust
6.210% due 12/25/2035 •			2,814			2,773
8.010% due 04/25/2035 •			131			135


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
6.060% due 04/25/2034 •	$		60	$		58

Whitehorse Ltd.
6.840% due 10/15/2031 •			6,582			6,589

Wind River CLO Ltd.
6.670% due 07/15/2031 •			9,000			9,005

Total Asset-Backed Securities (Cost $703,799)						677,000


SOVEREIGN ISSUES 0.3%

Brazil Government International Bond
6.125% due 03/15/2034			8,500			8,184

Mexico Government International Bond
5.750% due 10/12/2110			4,000			3,312

Total Sovereign Issues (Cost $12,573)						11,496


		SHARES
PREFERRED SECURITIES 0.6%

BANKING & FINANCE 0.5%

American AgCredit Corp.
5.250% due 06/15/2026 •(g)			4,000,000			3,805

Capital Farm Credit ACA
5.000% due 03/15/2026 •(g)			3,300,000			3,277

CoBank ACB
4.250% due 01/01/2027 •(g)			1,700,000			1,472
7.250% due 07/01/2029 •(g)			10,000,000			10,169

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(g)			4,250,000			4,210

SVB Financial Group
4.100% due 02/15/2031 ^(d)(g)			2,800,000			22

						22,955


	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%

Energy Transfer LP
6.750% due 05/15/2025 •(g)		3,000,000	$		2,989

Total Preferred Securities (Cost $29,106)					25,944


SHORT-TERM INSTRUMENTS 1.6%

REPURCHASE AGREEMENTS (k) 1.6%
					68,862

Total Short-Term Instruments (Cost $68,862)					68,862



Total Investments in Securities (Cost $5,260,154)					5,196,659


INVESTMENTS IN AFFILIATES 1.9%

MUTUAL FUNDS (h) 1.9%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		250,000			25,162

PIMCO Preferred And Capital Securities Active Exchange-Traded Fund		402,800			19,995

PIMCO Senior Loan Active Exchange-Traded Fund		705,400			36,085

Total Mutual Funds (Cost $79,322)					81,242



Total Investments in Affiliates (Cost $79,322)					81,242


Total Investments 122.0% (Cost $5,339,476)			$		5,277,901

Financial Derivative Instruments (m)(o) 0.0% (Cost or Premiums, net $1,114)					1,307

Other Assets and Liabilities, net (22.0)%					(952,447	)

Net Assets 100.0%			$		4,326,761

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	Principal only security.

(c)	When-issued security.

(d)	Security is not accruing income as of the date of this report.

(e)	Zero coupon security.

(f)	Principal amount of security is adjusted for inflation.

(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h)	Institutional Class Shares of each Fund.

(i)	Contingent convertible security.

(j) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Morgan Stanley

0.000%

04/02/2032

02/11/2020

7,963

5,710

0.13%

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BPS		5.400	%		07/01/2024		07/02/2024	$	29,100	U.S. Treasury Note/Bond 1.375% due 11/15/2031	$	(29,735	)	$	29,100	$	29,100
FICC		2.600			06/28/2024		07/01/2024		1,762	U.S. Treasury Notes 4.500% due 03/31/2026		(1,798	)		1,762		1,762
MBC		5.400			06/28/2024		07/01/2024		38,000	U.S. Treasury Notes 3.750% due 06/30/2030		(39,057	)		38,000		38,017

Total Repurchase Agreements											$	(70,590	)	$	68,862	$	68,879

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BOO		5.480	%		06/24/2024		07/01/2024		$	(2,506	)	$	(2,509	)
BOS		5.250			06/14/2024		07/11/2024			(863	)		(865	)
		5.270			06/14/2024		07/11/2024			(908	)		(910	)
BRC		5.250			02/26/2024		TBD	⁽³⁾		(7,125	)		(7,256	)
CIB		5.420			05/23/2024		07/09/2024			(20,896	)		(21,019	)
DEU		5.420			05/30/2024		07/10/2024			(3,094	)		(3,109	)
		5.460			06/21/2024		07/02/2024			(105,632	)		(105,792	)
JPS		5.250			06/14/2024		08/02/2024			(8,983	)		(9,005	)

Total Reverse Repurchase Agreements												$	(150,465	)

SHORT SALES:


Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (11.2)%
Uniform Mortgage-Backed Security, TBA		2.500	%		07/15/2054	$	95,000	$	(78,033	)	$	(77,584	)
Uniform Mortgage-Backed Security, TBA		6.500			07/01/2054		202,000		(205,459	)		(205,614	)
Uniform Mortgage-Backed Security, TBA		6.500			08/01/2054		198,000		(202,053	)		(201,419	)

Total Short Sales (11.2)%								$	(485,545	)	$	(484,617	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
BOO	$	0	$	(2,509	)	$	0	$	0	$	(2,509	)	$	2,475		$	(34	)
BOS		0		(1,775	)		0		0		(1,775	)		1,814			39
BPS		29,100		0			0		0		29,100			(29,735	)		(635	)
BRC		0		(7,256	)		0		0		(7,256	)		7,661			405
CIB		0		(21,019	)		0		0		(21,019	)		20,307			(712	)
DEU		0		(108,901	)		0		0		(108,901	)		107,535			(1,366	)
FICC		1,762		0			0		0		1,762			(1,798	)		(36	)
JPS		0		(9,005	)		0		0		(9,005	)		9,339			334
MBC		38,017		0			0		0		38,017			(39,057	)		(1,040	)

Total Borrowings and Other Financing Transactions	$	68,879	$	(150,465	)	$	0	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous			Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0		$	(1,775	)	$	(9,005	)	$	(7,256	)	$	(18,036	)
U.S. Treasury Obligations		(2,509	)		(129,920	)		0			0			(132,429	)

Total Borrowings	$	(2,509	)	$	(131,695	)	$	(9,005	)	$	(7,256	)	$	(150,465	)

Payable for reverse repurchase agreements													$	(150,465	)

(l)	Securities with an aggregate market value of $149,812 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.


58		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(120,536) at a weighted average interest rate of 4.317%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Open maturity reverse repurchase agreement.

⁽⁴⁾

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note August 2024 Futures	$	109.000		07/26/2024		13	$	13	$	(3	)	$	(5	)
Call - CBOT U.S. Treasury 10-Year Note August 2024 Futures		112.000		07/26/2024		13		13		(4	)		(2	)

Total Written Options									$	(7	)	$	(7	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		803	$	163,988	$	408	$	0	$	(16	)
U.S. Treasury 5-Year Note September Futures		09/2024		1,060		112,973		601		0		(178	)
U.S. Treasury 10-Year Note September Futures		09/2024		1,828		201,051		1,730		0		(728	)

							$	2,739	$	0	$	(922	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		1,217	$	(138,168	)	$	1,011		$	884	$	0
U.S. Treasury Long-Term Bond September Futures		09/2024		37		(4,378	)		24			54		0
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		1,040		(130,358	)		(1,389	)		2,551		0

								$	(354	)	$	3,489	$	0

Total Futures Contracts								$	2,385		$	3,489	$	(922	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾


Reference Entity	Fixed Receive Rate	Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate	Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
AES Corp.	5.000%		Quarterly		06/20/2026		0.503	%		$	3,400	$	335		$	(41	)	$	294		$	1	$	0
Boeing Co.	1.000		Quarterly		06/20/2026		0.830				1,500		15			(10	)		5			1		0
Boeing Co.	1.000		Quarterly		12/20/2026		0.946				5,300		57			(49	)		8			1		0
British Telecommunications PLC	1.000%		Quarterly		12/20/2027		0.483	%		EUR	200	$	4		$	0		$	4		$	0	$	0
Devon Energy Corp.	1.000		Quarterly		12/20/2026		0.430			$	2,000		20			7			27			0		0
Devon Energy Corp.	1.000		Quarterly		06/20/2027		0.483				1,000		8			7			15			0		0
Energy Transfer Operating LP	1.000		Quarterly		12/20/2025		0.312				1,100		12			(1	)		11			0		0
Ford Motor Credit Co. LLC	5.000		Quarterly		06/20/2027		0.915				300		33			1			34			0		0
General Motors Co.	5.000		Quarterly		06/20/2028		0.844				7,735		1,140			35			1,175			4		0
Valeo SA	1.000		Quarterly		06/20/2026		0.680			EUR	1,800		(11	)		24			13			0		0
Valeo SA	1.000		Quarterly		06/20/2028		1.565				2,500		(125	)		70			(55	)		0		(2	)
Verizon Communications, Inc.	1.000		Quarterly		12/20/2024		0.236			$	4,300		23			(6	)		17			0		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2026		0.355				900		10			1			11			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2026		0.404				5,600		68			12			80			1		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2028		0.523				1,200		16			5			21			1		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2028		0.580				300		4			1			5			0		0
Williams Cos., Inc.	1.000		Quarterly		12/20/2026		0.314				2,600		42			1			43			0		(1	)

												$	1,651		$	57		$	1,708		$	9	$	(3	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		3.940	%		Annual		02/22/2029	$	13,900	$	(33	)	$	(135	)	$	(168	)	$	0	$	(23	)
Pay	1-Day USD-SOFR Compounded-OIS		3.970			Annual		02/27/2029		4,700		(11	)		(38	)		(49	)		0		(8	)
Pay	1-Day USD-SOFR Compounded-OIS		4.170			Annual		10/03/2033		7,500		248			(200	)		48			0		(42	)
Pay	1-Day USD-SOFR Compounded-OIS		4.030			Annual		10/04/2033		10,400		226			(281	)		(55	)		0		(58	)
Pay	1-Day USD-SOFR Compounded-OIS		3.655			Annual		01/24/2034		2,300		(9	)		(64	)		(73	)		0		(13	)
Pay	1-Day USD-SOFR Compounded-OIS		3.665			Annual		01/24/2034		4,700		(19	)		(126	)		(145	)		0		(27	)
Pay	1-Day USD-SOFR Compounded-OIS		3.685			Annual		01/24/2034		4,700		(19	)		(119	)		(138	)		0		(27	)
Pay	1-Day USD-SOFR Compounded-OIS		3.620			Annual		01/31/2034		2,300		(10	)		(69	)		(79	)		0		(14	)
Pay	1-Day USD-SOFR Compounded-OIS		3.725			Annual		02/07/2034		2,300		(12	)		(46	)		(58	)		0		(14	)
Pay	1-Day USD-SOFR Compounded-OIS		3.783			Annual		02/07/2034		1,900		(10	)		(29	)		(39	)		0		(11	)
Pay	1-Day USD-SOFR Compounded-OIS		3.860			Annual		02/21/2034		9,400		(42	)		(85	)		(127	)		0		(56	)
Pay	1-Day USD-SOFR Compounded-OIS		3.650			Annual		03/05/2034		4,700		(20	)		(123	)		(143	)		0		(28	)
Pay	1-Day USD-SOFR Compounded-OIS		3.700			Annual		03/05/2034		2,400		(9	)		(54	)		(63	)		0		(14	)
Pay	1-Day USD-SOFR Compounded-OIS		3.710			Annual		03/05/2034		4,700		(18	)		(101	)		(119	)		0		(28	)
Pay	1-Day USD-SOFR Compounded-OIS		3.900			Annual		04/10/2034		4,600		(17	)		(20	)		(37	)		0		(28	)
Pay	1-Day USD-SOFR Compounded-OIS		3.900			Annual		04/15/2034		1,000		(4	)		(4	)		(8	)		0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		4.080			Annual		04/17/2034		4,500		(15	)		47			32			0		(27	)
Pay	1-Day USD-SOFR Compounded-OIS		4.085			Annual		04/22/2034		4,500		(18	)		52			34			0		(28	)
Pay	1-Day USD-SOFR Compounded-OIS		4.150			Annual		04/22/2034		4,600		(16	)		76			60			0		(28	)
Pay	1-Day USD-SOFR Compounded-OIS		4.105			Annual		04/24/2034		16,100		(54	)		206			152			0		(98	)
Pay	1-Day USD-SOFR Compounded-OIS		4.078			Annual		04/29/2034		4,400		(13	)		46			33			0		(27	)
Pay	1-Day USD-SOFR Compounded-OIS		4.200			Annual		05/06/2034		10,400		(34	)		219			185			0		(64	)
Receive	1-Day USD-SOFR Compounded-OIS		4.080			Annual		06/05/2034		5,500		(22	)		(28	)		(50	)		34		0
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.994			Annual		07/02/2034		2,200		(7	)		0			(7	)		0		(7	)
Pay	1-Day USD-SOFR Compounded-OIS		3.830			Annual		10/12/2053		1,400		42			(42	)		0			0		(25	)
Pay	1-Day USD-SOFR Compounded-OIS		3.880			Annual		10/16/2053		1,400		54			(41	)		13			0		(25	)
Pay	1-Day USD-SOFR Compounded-OIS		3.870			Annual		10/17/2053		1,400		52			(41	)		11			0		(25	)
Pay	1-Day USD-SOFR Compounded-OIS		3.555			Annual		03/05/2054		1,900		(16	)		(61	)		(77	)		0		(33	)

											$	194		$	(1,061	)	$	(867	)	$	34	$	(784	)

Total Swap Agreements											$	1,845		$	(1,004	)	$	841		$	43	$	(787	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	3,489	$	43	$	3,532	$	(7)	$	(922)	$	(787)	$	(1,716)

(n)	Securities with an aggregate market value of $22,208 and cash of $6,431 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

⁽⁵⁾	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.


60		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability

BPS		07/2024	CAD	1,055	$	773	$	2	$	0

CBK		07/2024	GBP	454		577		3		0

Total Forward Foreign Currency Contracts							$	5	$	0

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
CBK	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710	%		07/26/2024		3,100		$ (12	)	$	(9	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.060			07/26/2024		3,100		(12	)		(15	)

FAR	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.885			07/10/2024		10,400		(35	)		(40	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.235			07/10/2024		10,400		(35	)		(5	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.586			07/15/2024		10,200		(38	)		(6	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.986			07/15/2024		10,200		(38	)		(57	)

GLM	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.689			07/15/2024		20,400		(42	)		(9	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.139			07/15/2024		20,400		(42	)		(48	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.844			07/03/2024		6,700		(23	)		(11	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.194			07/03/2024		6,700		(23	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.880			07/08/2024		20,500		(63	)		(58	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.230			07/08/2024		20,500		(63	)		(5	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.628			07/18/2024		8,800		(34	)		(10	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.978			07/18/2024		8,800		(34	)		(57	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.680			07/22/2024		4,400		(17	)		(8	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.030			07/22/2024		4,400		(17	)		(23	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710			07/29/2024		4,400		(14	)		(12	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.110			07/29/2024		4,400		(14	)		(15	)

JPM	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.850			07/05/2024		9,500		(23	)		(3	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.250			07/05/2024		9,500		(23	)		(3	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.800			07/05/2024		2,100		(8	)		(2	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.150			07/05/2024		2,100		(8	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.675			07/22/2024		4,400		(17	)		(8	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.025			07/22/2024		4,400		(17	)		(23	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.640			07/23/2024		2,200		(9	)		(4	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.990			07/23/2024		2,200		(9	)		(15	)

MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.630			07/29/2024		4,400		(11	)		(9	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.690			07/29/2024		4,400		(16	)		(12	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.040			07/29/2024		4,400		(16	)		(25	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.090			07/29/2024		4,400		(11	)		(19	)

Total Written Options											$	(724	)	$	(514	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure⁽²⁾
BPS	$	2	$	0	$	0	$	2	$	0	$	0		$	0	$	0		$	2		$	0	$	2
CBK		3		0		0		3		0		(24	)		0		(24	)		(21	)		0		(21	)
FAR		0		0		0		0		0		(108	)		0		(108	)		(108	)		0		(108	)
GLM		0		0		0		0		0		(258	)		0		(258	)		(258	)		293		35
JPM		0		0		0		0		0		(59	)		0		(59	)		(59	)		0		(59	)
MYC		0		0		0		0		0		(65	)		0		(65	)		(65	)		0		(65	)

Total Over the Counter	$	5	$	0	$	0	$	5	$	0	$	(514	)	$	0	$	(514	)

(p)	Securities with an aggregate market value of $293 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Active Bond Exchange-Traded Fund		(Cont.)

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	3,489	$	3,489
Swap Agreements		0		9		0		0		34		43

	$	0	$	9	$	0	$	0	$	3,523	$	3,532

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5	$	0	$	5

	$	0	$	9	$	0	$	5	$	3,523	$	3,537

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	7	$	7
Futures		0		0		0		0		922		922
Swap Agreements		0		3		0		0		784		787

	$	0	$	3	$	0	$	0	$	1,713	$	1,716

Over the counter
Written Options	$	0	$	0	$	0	$	0	$	514	$	514

	$	0	$	3	$	0	$	0	$	2,227	$	2,230

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	663		$	663
Futures		0		0			0		0		4,182			4,182
Swap Agreements		0		2,423			0		0		2,394			4,817

	$	0	$	2,423		$	0	$	0	$	7,239		$	9,662

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	28	$	0		$	28
Purchased Options		0		0			0		0		779			779
Written Options		0		0			0		0		3,063			3,063
Swap Agreements		0		1			0		0		0			1

	$	0	$	1		$	0	$	28	$	3,842		$	3,871

	$	0	$	2,424		$	0	$	28	$	11,081		$	13,533


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	1		$	1
Futures		0		0			0		0		2,385			2,385
Swap Agreements		0		(15	)		0		0		(1,061	)		(1,076	)

	$	0	$	(15	)	$	0	$	0	$	1,325		$	1,310

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	57	$	0		$	57
Written Options		0		0			0		0		210			210

	$	0	$	0		$	0	$	57	$	210		$	267

	$	0	$	(15	)	$	0	$	57	$	1,535		$	1,577


62		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	7,243	$	13,417	$	20,660
Corporate Bonds & Notes
Banking & Finance		0		731,074		268		731,342
Industrials		0		214,997		0		214,997
Utilities		0		78,522		0		78,522
Municipal Bonds & Notes
California		0		8,053		0		8,053
Illinois		0		6,259		0		6,259
Minnesota		0		7,022		0		7,022
New York		0		511		0		511
Texas		0		3,452		0		3,452
West Virginia		0		4,040		0		4,040
U.S. Government Agencies		0		2,464,298		0		2,464,298
U.S. Treasury Obligations		0		546,766		0		546,766
Non-Agency Mortgage-Backed Securities		0		317,477		9,958		327,435
Asset-Backed Securities		0		676,815		185		677,000
Sovereign Issues		0		11,496		0		11,496
Preferred Securities
Banking & Finance		0		22,955		0		22,955
Industrials		0		2,989		0		2,989
Short-Term Instruments
Repurchase Agreements		0		68,862		0		68,862

	$	0	$	5,172,831	$	23,828	$	5,196,659


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024

Investments in Affiliates, at Value
Mutual Funds	$	81,242	$	0		$	0	$	81,242


Total Investments	$	81,242	$	5,172,831		$	23,828	$	5,277,901


Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0	$	(484,617	)	$	0	$	(484,617	)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		3,532			0		3,532
Over the counter		0		5			0		5

	$	0	$	3,537		$	0	$	3,537


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,716	)		0		(1,716	)
Over the counter		0		(514	)		0		(514	)

	$	0	$	(2,230	)	$	0	$	(2,230	)


Total Financial Derivative Instruments	$	0	$	1,307		$	0	$	1,307


Totals	$	81,242	$	4,689,521		$	23,828	$	4,794,591

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Low Duration Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 105.3%

CORPORATE BONDS & NOTES 30.4%

BANKING & FINANCE 22.0%

ABN AMRO Bank NV
6.575% due 10/13/2026 •	$		2,200	$		2,223

Athene Global Funding
5.516% due 03/25/2027			2,000			2,006
5.684% due 02/23/2026			3,900			3,911
5.927% (SOFRINDX + 0.560%) due 08/19/2024 ~			1,255			1,256
6.585% (SOFRINDX + 1.210%) due 03/25/2027 ~			1,500			1,509

Bank of America Corp.
4.827% due 07/22/2026 •			5,000			4,953
6.684% (SOFRRATE + 1.330%) due 04/02/2026 ~			3,000			3,020

Barclays PLC
2.852% due 05/07/2026 •			800			780
4.375% due 01/12/2026			400			393
5.304% due 08/09/2026 •			7,700			7,651

BNP Paribas SA
3.375% due 01/09/2025			4,000			3,948

BPCE SA
2.375% due 01/14/2025			582			571
6.612% due 10/19/2027 •			2,400			2,438

Corebridge Financial, Inc.
3.500% due 04/04/2025			7,700			7,573

Danske Bank AS
6.466% due 01/09/2026 •			3,878			3,889

Deutsche Bank AG
3.961% due 11/26/2025 •			9,000			8,924

Ford Motor Credit Co. LLC
4.134% due 08/04/2025			10,625			10,430
5.125% due 06/16/2025			1,839			1,826

FS KKR Capital Corp.
1.650% due 10/12/2024			5,000			4,937

GA Global Funding Trust
0.800% due 09/13/2024			2,153			2,129
5.872% (SOFRRATE + 0.500%) due 09/13/2024 ~			1,110			1,110
6.715% (SOFRRATE + 1.360%) due 04/11/2025 ~			3,000			3,018

Goldman Sachs Group, Inc.
3.272% due 09/29/2025 •			500			497

HSBC Holdings PLC
6.985% (US0003M + 1.380%) due 09/12/2026 ~			4,850			4,904

ING Groep NV
3.869% due 03/28/2026 •			1,500			1,478

JPMorgan Chase & Co.
2.005% due 03/13/2026 •			3,000			2,923
2.595% due 02/24/2026 •			1,000			980
5.040% due 01/23/2028 •			5,000			4,974

KKR Financial Holdings LLC
5.400% due 05/23/2033			5,500			5,241

Lloyds Banking Group PLC
3.511% due 03/18/2026 •			2,500			2,459
3.870% due 07/09/2025 •			672			672
4.716% due 08/11/2026 •			6,369			6,297

Mitsubishi UFJ Financial Group, Inc.
5.541% due 04/17/2026 •			6,800			6,795
6.306% (SOFRRATE + 0.940%) due 02/20/2026 ~			3,500			3,512

Morgan Stanley
4.679% due 07/17/2026 •			5,000			4,952

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			4,745			4,346

Nomura Holdings, Inc.
5.594% due 07/02/2027 (a)			2,300			2,301

Pacific Life Global Funding
5.991% (SOFRRATE + 0.620%) due 06/04/2026 ~			1,496			1,499


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Santander U.K. Group Holdings PLC
6.833% due 11/21/2026 •	$		5,000	$		5,068

Societe Generale SA
2.226% due 01/21/2026 •			2,000			1,957
2.625% due 01/22/2025			6,824			6,692

Standard Chartered PLC
3.971% due 03/30/2026 •			2,300			2,268
6.266% due 11/23/2025			2,000			2,002
7.116% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,000			5,033

Synchrony Bank
5.400% due 08/22/2025			7,200			7,148

UBS Group AG
4.488% due 05/12/2026 •			12,000			11,861
6.373% due 07/15/2026 •			1,900			1,910

VICI Properties LP
4.375% due 05/15/2025			1,700			1,679

Wells Fargo & Co.
2.406% due 10/30/2025 •			7,000			6,921
5.707% due 04/22/2028 •			6,400			6,457

						191,321


INDUSTRIALS 6.3%

American Airlines Pass-Through Trust
4.000% due 01/15/2027			368			360

Bayer U.S. Finance LLC
4.375% due 12/15/2028			1,500			1,425
6.125% due 11/21/2026			2,200			2,224
6.250% due 01/21/2029			2,000			2,043

Berry Global, Inc.
4.875% due 07/15/2026			931			915

Boeing Co.
2.196% due 02/04/2026			2,400			2,257
2.750% due 02/01/2026			300			285
6.259% due 05/01/2027			600			604

Canadian Pacific Railway Co.
3.125% due 06/01/2026			700			671

Daimler Truck Finance North America LLC
6.121% (SOFRRATE + 0.750%) due 12/13/2024 ~			750			752

Dell International LLC
4.900% due 10/01/2026			1,700			1,684

Illumina, Inc.
5.800% due 12/12/2025			1,700			1,702

Imperial Brands Finance PLC
3.125% due 07/26/2024			8,100			8,085
4.250% due 07/21/2025			1,841			1,814

Las Vegas Sands Corp.
5.900% due 06/01/2027			3,000			3,017

Renesas Electronics Corp.
1.543% due 11/26/2024			9,700			9,526

Rolls-Royce PLC
3.625% due 10/14/2025			8,642			8,409

Sands China Ltd.
5.125% due 08/08/2025			2,800			2,778

SK Hynix, Inc.
1.500% due 01/19/2026			3,100			2,911

Warnermedia Holdings, Inc.
3.788% due 03/15/2025			3,300			3,252

						54,714


UTILITIES 2.1%

Chugoku Electric Power Co., Inc.
2.401% due 08/27/2024			1,000			995

Enel Finance International NV
5.125% due 06/26/2029			1,000			984
6.800% due 10/14/2025			2,500			2,540

FirstEnergy Corp.
4.150% due 07/15/2027			901			865

Israel Electric Corp. Ltd.
5.000% due 11/12/2024			9,600			9,537


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pacific Gas & Electric Co.
4.950% due 06/08/2025	$		3,500	$		3,470

						18,391

Total Corporate Bonds & Notes (Cost $265,099)						264,426


MUNICIPAL BONDS & NOTES 0.7%

LOUISIANA 0.7%

Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007
5.884% (US0003M + 0.300%) due 02/15/2036 ~			6,500			5,984

Total Municipal Bonds & Notes (Cost $5,983)						5,984


U.S. GOVERNMENT AGENCIES 8.8%

Fannie Mae
4.000% due 06/01/2042 - 03/01/2047			423			397
5.000% due 07/01/2033 - 07/01/2044			1,224			1,184
5.150% due 05/01/2035			36			35
5.350% due 02/01/2035 - 01/01/2038			274			271
5.450% due 04/01/2036			81			80
5.500% due 12/01/2031 - 03/01/2050			944			935
6.000% due 09/01/2028 - 04/01/2048			598			600
6.500% due 07/01/2036 - 09/01/2048			297			301

Freddie Mac
2.000% due 02/01/2028 - 04/01/2028			3			2
2.500% due 10/25/2048			138			122
5.000% due 10/01/2033 - 02/01/2038			267			264
5.400% due 09/01/2037 - 11/01/2038			313			313
5.500% due 08/01/2033 - 06/01/2047			1,023			1,023
5.520% due 05/28/2025			15,700			15,698
5.550% due 06/01/2037 - 07/01/2037			85			86
6.000% due 09/01/2031 - 05/01/2033			26			26
6.500% due 11/01/2036 - 10/17/2038			289			290
7.000% due 05/01/2029			11			11

Ginnie Mae
2.500% due 10/20/2049			117			100
3.000% due 11/20/2046			80			70
3.500% due 05/20/2042			59			53
3.700% due 04/15/2042			106			99
3.740% due 03/20/2042 - 07/20/2042			72			66
3.750% due 04/15/2042 - 03/20/2044			127			118
4.000% due 04/20/2040 - 06/20/2043			536			497
4.500% due 08/20/2038 - 11/20/2048			468			451
5.350% due 12/15/2036 - 01/15/2038			297			299
5.400% due 06/20/2039			81			81
5.500% due 03/20/2034 - 08/20/2041			327			324
6.000% due 09/20/2038			38			38
6.083% due 10/20/2072 •			1,139			1,135
6.233% due 01/20/2074 •			2,628			2,638
6.313% due 09/20/2073 •			7,876			7,930
6.443% due 08/16/2039 •			3			3
6.500% due 09/20/2025 - 07/20/2039			30			31
7.000% due 05/15/2026 - 06/20/2039			558			562


64		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Uniform Mortgage-Backed Security
4.250% due 01/01/2036	$		78	$		75
4.750% due 09/01/2034 - 04/01/2036			298			291
5.340% due 09/01/2029			42			43
6.000% due 06/01/2031			1			1

Uniform Mortgage-Backed Security, TBA
5.000% due 07/01/2054			41,300			39,919

Total U.S. Government Agencies (Cost $76,857)						76,462


U.S. TREASURY OBLIGATIONS 22.2%

U.S. Treasury Inflation Protected Securities (b)
2.125% due 04/15/2029 (c)			29,394			29,437

U.S. Treasury Notes
5.000% due 08/31/2025			163,700			163,594

Total U.S. Treasury Obligations (Cost $193,383)						193,031


NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4%

Angel Oak Mortgage Trust
1.469% due 06/25/2065 ~			428			399

Bear Stearns ALT-A Trust
5.310% due 05/25/2035 ~			24			23
5.780% due 02/25/2034 •			625			571

Beneria Cowen & Pritzer Collateral Funding Corp.
6.242% due 06/15/2038 •			5,600			5,260

BFLD Trust
6.593% due 10/15/2035 •			2,000			1,631

BWAY Mortgage Trust
6.693% due 09/15/2036 •			3,000			2,866

BX Trust
6.143% due 01/15/2034 •			2,912			2,887

Chase Mortgage Finance Trust
5.779% due 02/25/2037 «~			294			275

Chevy Chase Funding LLC Mortgage-Backed Certificates
5.660% due 01/25/2036 •			24			22
5.690% due 10/25/2035 •			153			141
5.760% due 08/25/2035 «•			16			15

Citigroup Commercial Mortgage Trust
6.623% due 10/15/2036 •			1,950			1,936

Citigroup Mortgage Loan Trust
5.000% due 05/25/2051 •			3,658			3,388

Countrywide Alternative Loan Trust
5.740% due 06/25/2037 •			52			45

Credit Suisse Mortgage Capital Mortgage-Backed Trust
3.180% due 12/26/2059 ~			916			930

DROP Mortgage Trust
6.593% due 10/15/2043 •			6,000			5,725

Extended Stay America Trust
6.523% due 07/15/2038 •			5,084			5,068

First Horizon Alternative Mortgage Securities Trust
6.824% due 02/25/2035 ~			159			147

GCAT Trust
1.348% due 05/25/2066 ~			2,433			2,029
1.503% due 05/25/2066 ~			2,198			1,841
2.650% due 10/25/2068 ~			300			284
2.885% due 12/27/2066 ~			1,784			1,621

GCT Commercial Mortgage Trust
6.243% due 02/15/2038 •			800			660

Ginnie Mae
6.333% due 05/20/2073 •			11,120			11,216

GS Mortgage Securities Corp. Trust
8.729% due 08/15/2039 •			7,300			7,316

GS Mortgage-Backed Securities Trust
5.000% due 12/25/2051 •			2,424			2,245
5.000% due 02/25/2052 •			3,994			3,699

GSR Mortgage Loan Trust
6.455% due 09/25/2035 «~			2			2
7.693% due 08/25/2033 «•			53			48

Impac CMB Trust
6.100% due 03/25/2035 •			69			64


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

InTown Mortgage Trust
7.818% due 08/15/2039 •	$		2,900	$		2,910

JP Morgan Chase Commercial Mortgage Securities Trust
3.379% due 09/15/2050			199			196
6.493% due 04/15/2038 •			945			945
6.826% due 12/15/2031 •			572			516

JP Morgan Mortgage Trust
5.266% due 07/25/2035 ~			167			154

JPMBB Commercial Mortgage Securities Trust
3.801% due 09/15/2047			3,217			3,208

Legacy Mortgage Asset Trust
4.991% due 09/25/2060 ~			349			349

MASTR Adjustable Rate Mortgages Trust
6.415% due 04/21/2034 «~			14			13

Merrill Lynch Mortgage Investors Trust
5.920% due 04/25/2029 •			93			86
5.925% due 12/25/2035 ~			155			144

MFA Trust
1.131% due 07/25/2060 ~			2,214			1,958
6.105% due 12/25/2068 þ			955			958

Morgan Stanley Mortgage Loan Trust
6.540% due 11/25/2035 •			755			749

Morgan Stanley Residential Mortgage Loan Trust
5.000% due 09/25/2051 •			800			740

New Residential Mortgage Loan Trust
0.941% due 10/25/2058 ~			1,103			1,012
2.464% due 01/26/2060 ~			4,400			4,044
3.500% due 12/25/2057 ~			954			905
3.500% due 10/25/2059 ~			379			348
4.500% due 05/25/2058 ~			91			88

NYO Commercial Mortgage Trust
6.538% due 11/15/2038 •			6,000			5,773

OBX Trust
1.957% due 10/25/2061 ~			218			179
6.520% due 07/25/2063 þ			2,252			2,262

One New York Plaza Trust
6.393% due 01/15/2036 •			3,700			3,604

ONE Park Mortgage Trust
6.143% due 03/15/2036 •			3,914			3,806

PRKCM Trust
6.333% due 03/25/2059 þ			376			377

PRPM Trust
6.221% due 11/25/2068 þ			641			641

RESIMAC Premier
6.094% due 02/03/2053 •			1,151			1,149

Sequoia Mortgage Trust
5.853% due 07/20/2036 •			455			389
6.113% due 06/20/2033 «•			1			1

Starwood Mortgage Residential Trust
1.486% due 04/25/2065 ~			284			271

Starwood Mortgage Trust
6.543% due 04/15/2034 •			1,656			1,643

Structured Asset Mortgage Investments Trust
6.033% due 07/19/2034 «•			2			2
6.113% due 09/19/2032 •			3			3

Thornburg Mortgage Securities Trust
5.589% due 04/25/2045 «~			33			30

Towd Point Mortgage Trust
2.250% due 11/25/2061 ~			687			628
2.250% due 12/25/2061 ~			2,388			2,274
3.750% due 05/25/2058 ~			1,837			1,777
6.060% due 02/25/2057 •			40			41
6.460% due 05/25/2058 •			682			698
6.460% due 10/25/2059 •			455			463

Verus Securitization Trust
5.712% due 01/25/2069 þ			1,862			1,851
6.259% due 12/25/2068 þ			4,535			4,552
6.476% due 06/25/2068 þ			2,394			2,399

WaMu Mortgage Pass-Through Certificates Trust
3.973% due 07/25/2037 ~			354			295
6.080% due 01/25/2045 •			6			6
6.133% due 06/25/2046 •			22			19
6.260% due 06/25/2044 •			357			326


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.292% due 06/25/2033 «~	$		1	$		1
6.320% due 10/25/2045 •			54			51

Total Non-Agency Mortgage-Backed Securities (Cost $121,537)						117,188


ASSET-BACKED SECURITIES 29.0%

Anchorage Capital CLO Ltd.
6.432% due 10/15/2031 (a)			2,500			2,500
6.765% due 04/22/2034 •			1,700			1,703

AREIT LLC
7.571% due 06/17/2039 •			7,200			7,229

Ascent Education Funding Trust
6.140% due 10/25/2050			2,261			2,281

Asset-Backed Securities Corp. Home Equity Loan Trust
6.270% due 06/25/2034 •			62			63

Atlas Static Senior Loan Fund Ltd.
7.079% due 07/15/2030 •			4,193			4,213

Avis Budget Rental Car Funding AESOP LLC
5.900% due 08/21/2028			8,100			8,205

Bank of America Auto Trust
5.530% due 02/15/2028			3,600			3,609

Bear Stearns Asset-Backed Securities Trust
6.195% due 09/25/2035 •			714			710
6.260% due 10/27/2032 «•			10			10
6.360% due 08/25/2034 •			433			417

Benefit Street Partners CLO Ltd.
6.540% due 10/15/2030 •			832			833
6.609% due 01/17/2032 •			388			389

BXMT Ltd.
6.843% due 11/15/2037 •			3,013			2,958

Carlyle U.S. CLO Ltd.
6.586% due 04/20/2031 •			3,550			3,553

CarMax Auto Owner Trust
6.080% due 12/15/2026			5,933			5,952

Carvana Auto Receivables Trust
5.380% due 03/12/2029			2,500			2,505
5.820% due 08/10/2028			2,700			2,717

Chase Funding Trust
6.060% due 07/25/2033 «•			210			200

Citizens Auto Receivables Trust
5.830% due 02/15/2028			5,000			5,033

Countrywide Asset-Backed Certificates Trust
3.645% due 03/25/2036 •			126			123
5.760% due 09/25/2046 •			73			72

CQS U.S. CLO Ltd.
7.175% due 07/20/2031 •			1,128			1,131

DLLAD LLC
5.190% due 04/20/2026			3,112			3,107

Dryden CLO Ltd.
6.640% due 07/15/2031 •			7,011			7,021

Dryden Senior Loan Fund
6.570% due 04/15/2028 •			854			855
6.610% due 04/15/2029 •			1,895			1,896

Elevation CLO Ltd.
6.535% due 10/25/2030 •			3,258			3,261

ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			4,148			3,572

Enterprise Fleet Financing LLC
5.510% due 01/22/2029			5,191			5,183
5.760% due 10/22/2029			4,680			4,684

Finance America Mortgage Loan Trust
6.285% due 08/25/2034 •			113			106

First Franklin Mortgage Loan Trust
5.780% due 04/25/2036 •			983			947
6.210% due 11/25/2034 •			85			83

Ford Credit Auto Owner Trust
4.850% due 08/15/2035			6,100			6,056

GECU Auto Receivables Trust
5.630% due 08/15/2028			2,400			2,404

GM Financial Automobile Leasing Trust
5.090% due 03/22/2027			2,500			2,489
5.270% due 06/20/2025			263			263

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Low Duration Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

GM Financial Consumer Automobile Receivables Trust
5.953% due 03/16/2026 •	$		1,783	$		1,784

Golden Credit Card Trust
4.310% due 09/15/2027			10,000			9,862

Greenwood Park CLO Ltd.
6.600% due 04/15/2031 •			2,738			2,741

Greystone Commercial Real Estate Notes Ltd.
6.623% due 09/15/2037 •			76			76

GSAA Home Equity Trust
6.000% due 07/25/2037 «•			100			91

GSAMP Trust
5.980% due 06/25/2036 •			484			460

HERA Commercial Mortgage Ltd.
6.496% due 02/18/2038 •			2,386			2,360

Home Equity Asset Trust
6.510% due 11/25/2034 •			871			859

Huntington Auto Trust
5.230% due 01/16/2029			3,000			2,994

Hyundai Auto Lease Securitization Trust
5.200% due 04/15/2025			219			219

Hyundai Auto Receivables Trust
5.350% due 11/17/2025			443			443

KKR CLO Ltd.
6.529% due 07/18/2030 •			319			320
6.540% due 07/15/2030 •			1,182			1,184

LAD Auto Receivables Trust
5.610% due 08/15/2028			2,700			2,704
6.210% due 10/15/2026			3,171			3,176

LCCM Trust
6.643% due 12/13/2038 •			3,105			3,043

LCM LP
6.586% due 07/20/2030 •			1,651			1,653

LCM Ltd.
6.666% due 04/20/2031 •			1,100			1,101

MF1 Ltd.
7.143% due 11/15/2035 •			711			710

MF1 Multifamily Housing Mortgage Loan Trust
6.293% due 07/15/2036 •			789			787

MidOcean Credit CLO
6.616% due 01/29/2030 •			40			40

MKS CLO Ltd.
6.586% due 07/20/2030 •			1,827			1,828

Mountain View CLO LLC
6.679% due 10/16/2029 •			67			67

Navient Private Education Loan Trust
2.460% due 11/15/2068			615			579
6.893% due 07/16/2040 •			1,424			1,430

Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			1,007			890
1.170% due 09/16/2069			1,366			1,236
1.310% due 01/15/2069			504			464
1.690% due 05/15/2069			1,839			1,684
2.230% due 07/15/2070			4,247			3,751
6.443% due 04/15/2069 •			1,486			1,488

Navient Student Loan Trust
6.480% due 03/15/2072			6,740			6,838

New Century Home Equity Loan Trust
6.390% due 11/25/2034 •			317			312

NovaStar Mortgage Funding Trust
6.120% due 01/25/2036 •			146			144


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Oaktree CLO Ltd.
6.696% due 04/22/2030 •	$		1,600	$		1,602

Palmer Square Loan Funding Ltd.
6.390% due 10/15/2029 •			92			93

PFP Ltd.
6.444% due 08/09/2037 •			305			302
7.605% due 08/19/2035 •			6,000			6,009

PFS Financing Corp.
5.520% due 10/15/2028			5,000			5,029

PRET LLC
2.487% due 07/25/2051 þ			1,459			1,436
4.992% due 02/25/2061 þ			1,251			1,241

RAAC Trust
6.010% due 01/25/2046 •			323			320

Ready Capital Mortgage Financing LLC
7.719% due 10/25/2039 •			1,661			1,671

Renaissance Home Equity Loan Trust
4.284% due 08/25/2033 •			681			612

Residential Asset Securities Corp. Trust
6.160% due 06/25/2035 «•			156			151
6.555% due 03/25/2035 •			233			230

Saranac CLO Ltd.
6.748% due 08/13/2031 •			3,844			3,857

Saxon Asset Securities Trust
1.979% due 05/25/2035 •			120			112

SBA Tower Trust
3.869% due 10/15/2049 þ			1,000			994

Securitized Asset-Backed Receivables LLC Trust
6.135% due 01/25/2035 •			97			84

SLM Student Loan Trust
6.359% due 04/25/2049			46			45

SMB Private Education Loan Trust
1.600% due 09/15/2054			799			729
2.230% due 09/15/2037			1,324			1,245
4.480% due 05/16/2050			2,462			2,397
5.380% due 07/05/2053			2,500			2,502
5.670% due 11/15/2052			4,322			4,367
6.043% due 03/17/2053 •			362			357
6.310% due 09/15/2054 •			3,176			3,169

SoFi Consumer Loan Program Trust
5.810% due 05/15/2031			768			768

SoFi Professional Loan Program LLC
3.020% due 02/25/2040			45			43

SoFi Professional Loan Program Trust
1.950% due 02/15/2046			490			448

Sound Point CLO Ltd.
6.565% due 07/25/2030 •			781			781

Soundview Home Loan Trust
6.135% due 06/25/2035 •			159			155

Structured Asset Investment Loan Trust
6.010% due 09/25/2034 •			1,513			1,419
6.165% due 03/25/2034 •			351			348

Structured Asset Securities Corp. Mortgage Loan Trust
5.730% due 07/25/2036 •			99			98

Synchrony Card Funding LLC
5.540% due 07/15/2029			8,000			8,059

Tesla Auto Lease Trust
6.130% due 09/21/2026			4,200			4,224

TIAA CLO Ltd.
0.000% due 01/20/2032 •(a)			2,600			2,600


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Towd Point Asset Trust
6.153% due 11/20/2061 •	$		957	$		951

Toyota Auto Receivables Owner Trust
5.160% due 04/17/2028			3,000			2,993
5.270% due 01/15/2026			1,283			1,282
5.280% due 05/15/2026			3,367			3,363

Trillium Credit Card Trust
6.196% due 08/26/2028 •			10,000			10,045

Venture CLO Ltd.
6.636% due 07/20/2030 •			6,584			6,593
6.686% due 01/20/2029 •			339			340
6.716% due 04/20/2032 •			1,100			1,101

Verdelite Static CLO Ltd.
0.000% due 07/20/2032 •(a)			4,000			4,000

Vibrant CLO Ltd.
6.706% due 07/20/2032 •			300			300

VMC Finance LLC
6.546% due 06/16/2036 •			241			240

Voya CLO Ltd.
6.529% due 04/17/2030 •			2,188			2,191
6.590% due 10/15/2030 •			1,979			1,982

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
6.060% due 04/25/2034 •			849			824

World Omni Auto Receivables Trust
5.510% due 03/16/2026			609			609

World Omni Automobile Lease Securitization Trust
5.470% due 11/17/2025			2,307			2,306

Total Asset-Backed Securities (Cost $253,577)						252,268


SOVEREIGN ISSUES 0.3%

Cassa Depositi e Prestiti SpA
5.875% due 04/30/2029			2,800			2,844

Total Sovereign Issues (Cost $2,777)						2,844


SHORT-TERM INSTRUMENTS 0.5%

COMMERCIAL PAPER 0.5%

Crown Castle, Inc.
5.840% due 07/30/2024			1,150			1,144
5.840% due 08/01/2024			1,950			1,939

Huntington Ingalls Industries, Inc.
5.880% due 07/02/2024			1,000			1,000

						4,083

Total Short-Term Instruments (Cost $4,085)						4,083



Total Investments in Securities (Cost $923,298)						916,286


Total Investments 105.3% (Cost $923,298)				$		916,286

Financial Derivative Instruments (d)(e) 0.1% (Cost or Premiums, net $76)						914

Other Assets and Liabilities, net (5.4)%						(47,046	)

Net Assets 100.0%				$		870,154

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

«	Security valued using significant unobservable inputs (Level 3).

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.


66		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	When-issued security.

(b)	Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽¹⁾			Settlement Date		Maturity Date		Amount Borrowed⁽¹⁾			Payable for Reverse Repurchase Agreements
JPS		5.460	%		06/28/2024		07/01/2024	$	(7,548	)	$	(7,551	)

Total Reverse Repurchase Agreements											$	(7,551	)

SHORT SALES:


Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales⁽²⁾
U.S. Treasury Obligations (3.5)%
U.S. Treasury Notes		4.500%		05/31/2029	$	30,000	$	(30,207	)	$	(30,341	)

Total Short Sales (3.5)%							$	(30,207	)	$	(30,341	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Short Sales⁽²⁾			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)		Net Exposure⁽³⁾
Global/Master Repurchase Agreement
JPS	$	0	$	(7,551	)	$	0	$	0		$	(7,551	)	$	7,512	$	(39	)

Master Securities Forward Transaction Agreement
BPG		0		0			0		(30,341	)		(30,341	)		0		(30,341	)

Total Borrowings and Other Financing Transactions	$	0	$	(7,551	)	$	0	$	(30,341	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous			Up to 30 days		31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	(7,551	)	$	0	$	0	$	0	$	(7,551	)

Total Borrowings	$	(7,551	)	$	0	$	0	$	0	$	(7,551	)

Payable for reverse repurchase agreements										$	(7,551	)

(c)	Securities with an aggregate market value of $7,512 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(9,696) at a weighted average interest rate of 4.143%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾	Payable for short sales includes $133 of accrued interest expense.

⁽³⁾

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Low Duration Active Exchange-Traded Fund		(Cont.)

(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description

Expiration
Month

# of
Contracts

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Variation Margin

Asset

Liability

U.S. Treasury 2-Year Note September Futures

09/2024

3,173

647,986

983

(62

)


SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 5-Year Note September Futures		09/2024		591	$	(62,988	)	$	(70	)	$	99	$	0
U.S. Treasury 10-Year Note September Futures		09/2024		84		(9,239	)		(70	)		34		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		514		(58,355	)		(764	)		373		0
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		130		(16,295	)		(80	)		319		0

								$	(984	)	$	825	$	0

Total Futures Contracts								$	(1	)	$	825	$	(62	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	825	$	0	$	825	$	0	$	(62)	$	0	$	(62)

Cash of $4,125 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BPS		07/2024	AUD	10,037	$	6,688	$	0	$	(8	)
		07/2024	CAD	6,388		4,680		11		0
		07/2024	EUR	4,037		4,370		47		0
		08/2024	$	6,693	AUD	10,037		8		0

BRC		07/2024		1,759		2,658		14		0

CBK		07/2024	CHF	174	$	191		0		(3	)
		07/2024	$	22	SEK	230		0		0

FAR		07/2024		4,916	AUD	7,379		6		0

JPM		07/2024		4,475	CHF	4,016		0		(5	)
		08/2024	CHF	4,001	$	4,475		5		0

MBC		07/2024	$	4,669	CAD	6,392		4		0
		08/2024	CAD	6,388	$	4,669		0		(4	)

MYI		07/2024	CHF	2,005		2,219		0		(12	)
		07/2024	SEK	230		22		0		0
		08/2024	$	22	SEK	229		0		0

SCX		07/2024	EUR	4,181	$	4,492		14		0
		07/2024	$	8,805	EUR	8,218		0		(4	)
		08/2024	EUR	8,218	$	8,818		4		0

UAG		07/2024	CHF	1,839		2,035		0		(12	)

Total Forward Foreign Currency Contracts							$	113	$	(48	)


68		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount⁽¹⁾	Cost		Market Value
FAR	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		4.900%		09/09/2024	84,700	$	76	$	86

Total Purchased Options									$	76	$	86

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure⁽²⁾
BPS	$	66	$	0	$	0	$	66	$	(8	)	$	0	$	0	$	(8	)	$	58		$	0		$	58
BRC		14		0		0		14		0			0		0		0			14			0			14
CBK		0		0		0		0		(3	)		0		0		(3	)		(3	)		0			(3	)
FAR		6		86		0		92		0			0		0		0			92			(290	)		(198	)
JPM		5		0		0		5		(5	)		0		0		(5	)		0			0			0
MBC		4		0		0		4		(4	)		0		0		(4	)		0			0			0
MYI		0		0		0		0		(12	)		0		0		(12	)		(12	)		0			(12	)
SCX		18		0		0		18		(4	)		0		0		(4	)		14			0			14
UAG		0		0		0		0		(12	)		0		0		(12	)		(12	)		0			(12	)

Total Over the Counter	$	113	$	86	$	0	$	199	$	(48	)	$	0	$	0	$	(48	)

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	825	$	825

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	113	$	0	$	113
Purchased Options		0		0		0		0		86		86

	$	0	$	0	$	0	$	113	$	86	$	199

	$	0	$	0	$	0	$	113	$	911	$	1,024


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	62	$	62

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	48	$	0	$	48

	$	0	$	0	$	0	$	48	$	62	$	110

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Low Duration Active Exchange-Traded Fund		(Cont.)		June 30, 2024

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(4,302	)	$	(4,302	)
Swap Agreements		0		(2,385	)		0		0			(12	)		(2,397	)

	$	0	$	(2,385	)	$	0	$	0		$	(4,314	)	$	(6,699	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(1,820	)	$	0		$	(1,820	)
Purchased Options		0		0			0		0			395			395
Written Options		0		0			0		0			274			274

	$	0	$	0		$	0	$	(1,820	)	$	669		$	(1,151	)

	$	0	$	(2,385	)	$	0	$	(1,820	)	$	(3,645	)	$	(7,850	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	3,265		$	3,265
Swap Agreements		0		1,510			0		0			0			1,510

	$	0	$	1,510		$	0	$	0		$	3,265		$	4,775

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	905		$	0		$	905
Purchased Options		0		0			0		0			10			10

	$	0	$	0		$	0	$	905		$	10		$	915

	$	0	$	1,510		$	0	$	905		$	3,275		$	5,690

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	191,321	$	0	$	191,321
Industrials		0		54,714		0		54,714
Utilities		0		18,391		0		18,391
Municipal Bonds & Notes
Louisiana		0		5,984		0		5,984
U.S. Government Agencies		0		76,462		0		76,462
U.S. Treasury Obligations		0		193,031		0		193,031
Non-Agency Mortgage-Backed Securities		0		116,801		387		117,188
Asset-Backed Securities		2,600		249,216		452		252,268
Sovereign Issues		0		2,844		0		2,844
Short-Term Instruments
Commercial Paper		0		4,083		0		4,083


Total Investments	$	2,600	$	912,847	$	839	$	916,286


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024
Short Sales, at Value - Liabilities
U.S. Treasury Obligations	$	0	$	(30,341	)	$	0	$	(30,341	)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		825			0		825
Over the counter		0		199			0		199

	$	0	$	1,024		$	0	$	1,024


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(62	)		0		(62	)
Over the counter		0		(48	)		0		(48	)

	$	0	$	(110	)	$	0	$	(110	)


Total Financial Derivative Instruments	$	0	$	914		$	0	$	914


Totals	$	2,600	$	883,420		$	839	$	886,859

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


70		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 112.4%

CORPORATE BONDS & NOTES 45.2%

BANKING & FINANCE 19.9%

AerCap Ireland Capital DAC
1.650% due 10/29/2024	$		700	$		691
2.875% due 08/14/2024			1,200			1,195

Ally Financial, Inc.
4.625% due 03/30/2025			1,500			1,486

American Tower Corp.
2.400% due 03/15/2025			1,500			1,465

Bank of America Corp.
0.981% due 09/25/2025 •			1,000			989
2.456% due 10/22/2025 •			1,500			1,485

Bank of Nova Scotia
0.650% due 07/31/2024			1,577			1,571

Barclays PLC
2.852% due 05/07/2026 •			1,000			975

Citigroup, Inc.
6.048% (SOFRRATE + 0.686%) due 10/30/2024 ~			1,500			1,501

Cooperatieve Rabobank UA
1.106% due 02/24/2027 •			500			465
2.625% due 07/22/2024			810			809

Crown Castle, Inc.
3.200% due 09/01/2024			2,000			1,990

DBS Group Holdings Ltd.
5.981% (SOFRRATE + 0.610%) due 09/12/2025 ~			1,000			1,003

Deutsche Bank AG
3.961% due 11/26/2025 •			1,300			1,289

DNB Bank ASA
0.856% due 09/30/2025 •			500			494

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			800			782
6.950% due 03/06/2026			1,000			1,017

GA Global Funding Trust
0.800% due 09/13/2024			500			494

HAT Holdings LLC
6.000% due 04/15/2025			1,300			1,300

HSBC Holdings PLC
2.099% due 06/04/2026 •			500			483

LeasePlan Corp. NV
2.875% due 10/24/2024			1,700			1,685

Lloyds Banking Group PLC
3.870% due 07/09/2025 •			1,500			1,499

Mizuho Financial Group, Inc.
2.839% due 07/16/2025 •			500			499

Nomura Holdings, Inc.
2.648% due 01/16/2025			1,700			1,671

Nuveen Finance LLC
4.125% due 11/01/2024			1,500			1,491

Royal Bank of Canada
3.970% due 07/26/2024			1,500			1,498

SBA Tower Trust
2.836% due 01/15/2050			400			393

UBS Group AG
2.593% due 09/11/2025 •			1,500			1,490

Weyerhaeuser Co.
4.750% due 05/15/2026			500			494
7.950% due 03/15/2025			977			990

						33,194


INDUSTRIALS 22.3%

American Honda Finance Corp.
5.822% due 06/13/2025 ~			2,000			2,001

Analog Devices, Inc.
2.950% due 04/01/2025			36			35

Aptiv PLC
2.396% due 02/18/2025			1,500			1,468


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Arrow Electronics, Inc.
3.250% due 09/08/2024	$		1,500	$		1,491
4.000% due 04/01/2025			400			395

Berry Global, Inc.
4.875% due 07/15/2026			893			877

Carrier Global Corp.
2.242% due 02/15/2025			1,000			979

Central Japan Railway Co.
2.200% due 10/02/2024			1,529			1,514

CommonSpirit Health
2.760% due 10/01/2024			1,000			992

Cox Communications, Inc.
3.150% due 08/15/2024			2,127			2,119

Dell International LLC
4.000% due 07/15/2024			1,500			1,499

Fiserv, Inc.
2.750% due 07/01/2024			1,500			1,500

HCA, Inc.
5.375% due 02/01/2025			1,500			1,495

Honda Motor Co. Ltd.
2.271% due 03/10/2025			200			196

Hyundai Capital America
5.800% due 06/26/2025			2,000			2,002

JDE Peet’s NV
0.800% due 09/24/2024			2,000			1,973

John Lewis PLC
6.125% due 01/21/2025	GBP		1,300			1,646

Microchip Technology, Inc.
0.983% due 09/01/2024	$		1,700			1,686

NetApp, Inc.
3.300% due 09/29/2024			1,213			1,205

Panasonic Holdings Corp.
2.679% due 07/19/2024			1,509			1,507

Quanta Services, Inc.
0.950% due 10/01/2024			1,500			1,481

Renesas Electronics Corp.
1.543% due 11/26/2024			2,117			2,079

Revvity, Inc.
0.850% due 09/15/2024			1,700			1,681

Rogers Communications, Inc.
2.950% due 03/15/2025			1,000			980

Take-Two Interactive Software, Inc.
3.550% due 04/14/2025			1,402			1,379

VMware, Inc.
1.000% due 08/15/2024			1,500			1,491

Walgreens Boots Alliance, Inc.
3.800% due 11/18/2024			1,200			1,187

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			305			298

						37,156


UTILITIES 3.0%

Avangrid, Inc.
3.150% due 12/01/2024			2,100			2,077

Electricite de France SA
3.625% due 10/13/2025			1,500			1,463

Enel Finance International NV
2.650% due 09/10/2024			1,500			1,490

						5,030

Total Corporate Bonds & Notes (Cost $75,476)						75,380


U.S. GOVERNMENT AGENCIES 2.2%

Fannie Mae
2.680% due 05/01/2025			1,440			1,405
5.793% due 08/25/2044 •			712			702
5.950% due 05/25/2046 •			215			211

Freddie Mac
6.048% due 01/15/2054 •			429			425


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Ginnie Mae
3.000% due 06/20/2051 •	$		1,090	$		922

Total U.S. Government Agencies (Cost $3,846)						3,665


U.S. TREASURY OBLIGATIONS 1.6%

U.S. Treasury Inflation Protected Securities (a)
0.375% due 07/15/2025			2,776			2,707

Total U.S. Treasury Obligations (Cost $2,733)						2,707


NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5%

280 Park Avenue Mortgage Trust
6.507% due 09/15/2034 •			500			485

Beast Mortgage Trust
6.629% due 02/15/2037 •			500			443

GCAT Trust
2.885% due 12/27/2066 ~			223			202

Gemgarto PLC
5.823% due 12/16/2067 •	GBP		137			173

Hilton USA Trust
2.828% due 11/05/2035	$		800			698

OBX Trust
2.305% due 11/25/2061 ~			593			516
2.783% due 01/25/2062 þ			451			419

One Market Plaza Trust
3.614% due 02/10/2032			438			393

RESIMAC Premier
6.142% due 07/10/2052 •			72			72

Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			129			119

Towd Point Mortgage Trust
3.750% due 05/25/2058 ~			262			254

VASA Trust
6.343% due 07/15/2039 •			500			463

Total Non-Agency Mortgage-Backed Securities (Cost $4,672)						4,237


ASSET-BACKED SECURITIES 26.6%

ACAS CLO Ltd.
6.479% due 10/18/2028 •			216			216

Allegro CLO Ltd.
6.577% due 01/19/2033 •			600			599

Ares CLO Ltd.
6.460% due 01/15/2029 •			244			244

ARI Fleet Lease Trust
5.540% due 04/15/2033			1,000			1,001

Avis Budget Rental Car Funding AESOP LLC
3.350% due 09/22/2025			250			249

Barings CLO Ltd.
6.576% due 01/20/2031 •			213			213

Benefit Street Partners CLO Ltd.
6.540% due 10/15/2030 •			388			389

BMW Canada Auto Trust
4.844% due 07/20/2027	CAD		600			446
5.025% due 04/20/2026			500			368
5.430% due 01/20/2026			391			286

BMW Vehicle Lease Trust
5.950% due 08/25/2025	$		582			583

BofA Auto Trust
5.570% due 12/15/2026			400			400

Capital One Multi-Asset Execution Trust
1.040% due 11/15/2026			300			295

Carlyle Global Market Strategies CLO Ltd.
6.545% due 07/20/2032 •			800			803

CarMax Auto Owner Trust
3.490% due 02/16/2027			681			672

Carvana Auto Receivables Trust
5.770% due 04/12/2027			666			666

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Citizens Auto Receivables Trust
6.063% due 10/15/2026 •	$		445	$		445
6.130% due 07/15/2026			478			479

College Avenue Student Loans LLC
6.660% due 12/26/2047 •			494			493

Commonbond Student Loan Trust
1.980% due 08/25/2050			1,115			974
3.560% due 09/25/2045			495			460

Crown Point CLO Ltd.
6.556% due 10/20/2031 •			800			801

Dryden Senior Loan Fund
6.570% due 04/15/2028 •			137			137

Ent Auto Receivables Trust
6.220% due 08/16/2027			334			334

Enterprise Fleet Financing LLC
5.740% due 12/20/2026			800			802

Ford Auto Securitization Trust
5.410% due 04/15/2026	CAD		829			607
5.889% due 05/15/2026			491			365

GMF Canada Leasing Trust Asset-Backed Notes
4.883% due 12/21/2026			1,000			748

Golub Capital Partners Static Ltd.
6.557% due 04/20/2033 •	$		600			600

Halseypoint CLO Ltd.
6.686% due 07/20/2031 •			595			595

Harley Davidson Motorcycle Trust
5.650% due 02/16/2027			800			801

Kubota Credit Owner Trust
5.450% due 04/15/2027			600			601

LAD Auto Receivables Trust
5.680% due 10/15/2026			324			324
5.700% due 03/15/2027			400			400

M&T Equipment Notes
6.090% due 07/15/2030			583			583

Madison Park Funding Ltd.
6.340% due 04/15/2029 •			588			589
6.507% due 10/18/2030 •			832			833

Marble Point CLO Ltd.
6.630% due 10/15/2030 •			367			367

Master Credit Card Trust
6.083% due 01/21/2028 •			1,500			1,507
6.183% due 01/21/2027 •			1,000			1,004

MBarc Credit Canada, Inc.
5.445% due 10/15/2025	CAD		887			649

Nassau Ltd.
6.840% due 01/15/2030 •	$		146			146

Navient Private Education Refi Loan Trust
1.060% due 10/15/2069			883			778
1.310% due 01/15/2069			117			108
2.400% due 10/15/2068			110			103
2.600% due 08/15/2068			715			670
3.130% due 02/15/2068			610			590
6.443% due 04/15/2069 •			212			213


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Neuberger Berman CLO Ltd.
6.616% due 01/28/2030 •	$		289	$		289

Northwoods Capital Ltd.
6.574% due 11/13/2031 •			1,000			1,003

OCP CLO Ltd.
6.706% due 07/20/2029 •			252			253

Oscar U.S. Funding LLC
5.480% due 02/10/2027			1,570			1,569

OSD CLO Ltd.
6.449% due 04/17/2031 •			709			710

Palmer Square Loan Funding Ltd.
6.390% due 10/15/2029 •			832			833

PRET LLC
1.868% due 07/25/2051 þ			337			331

Regatta Funding Ltd.
6.523% due 10/25/2031 •			900			901

SBNA Auto Lease Trust
5.670% due 11/20/2026			400			400

SFS Auto Receivables Securitization Trust
5.710% due 10/20/2027			500			500

SMB Private Education Loan Trust
5.380% due 01/15/2053			628			627
6.243% due 01/15/2053 •			685			682

Symphony Static CLO Ltd.
6.415% due 10/25/2029 •			1,032			1,033

Tesla Auto Lease Trust
5.834% due 06/22/2026 •			2,000			2,000
5.860% due 08/20/2025			1,058			1,059
6.020% due 09/22/2025			1,208			1,210

Tesla Electric Vehicle Trust
5.853% due 12/21/2026 •			1,000			1,001

Towd Point HE Trust
0.918% due 02/25/2063 ~			64			62

Toyota Auto Receivables Owner Trust
6.019% due 01/15/2026 •			231			231

Trillium Credit Card Trust
6.096% due 12/26/2028 •			1,000			1,003
6.196% due 08/26/2028 •			1,500			1,507

Venture CLO Ltd.
6.636% due 07/20/2030 •			303			303

Voya CLO Ltd.
6.525% due 07/20/2032 •			800			802

Wellfleet CLO Ltd.
6.476% due 07/20/2029 •			2			2

World Omni Auto Receivables Trust
5.913% due 02/16/2027 •			636			637

Total Asset-Backed Securities (Cost $44,774)						44,484


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 0.8%

Development Bank of Japan, Inc.
1.750% due 02/18/2025	$		1,300	$		1,270

Total Sovereign Issues (Cost $1,273)						1,270


SHORT-TERM INSTRUMENTS 33.5%

COMMERCIAL PAPER 7.0%

Campbell Soup Co.
5.550% due 07/01/2024			250			250
5.550% due 08/01/2024			400			398
5.550% due 08/05/2024			400			398
5.550% due 08/07/2024			300			298
5.550% due 08/08/2024			250			248

Crown Castle, Inc.
5.840% due 07/09/2024			1,000			998

Global Payments, Inc.
5.970% due 07/01/2024			1,700			1,699
6.030% due 07/18/2024			800			797

Intel Corp.
5.520% due 07/08/2024			1,200			1,198
5.520% due 07/09/2024			1,300			1,298

Intercontinental Exchange, Inc.
5.510% due 07/08/2024			300			300
5.510% due 07/15/2024			300			299
5.510% due 07/16/2024			500			499
5.510% due 07/19/2024			250			249
5.510% due 07/22/2024			250			249

Keurig Dr Pepper, Inc.
5.510% due 07/19/2024			2,500			2,492

						11,670


REPURCHASE AGREEMENTS (b) 26.5%
						44,195

Total Short-Term Instruments (Cost $55,871)						55,865



Total Investments in Securities (Cost $188,645)						187,608


Total Investments 112.4% (Cost $188,645)				$		187,608

Financial Derivative Instruments (c)(d) 0.0% (Cost or Premiums, net $0)						26

Other Assets and Liabilities, net (12.4)%						(20,757	)

Net Assets 100.0%				$		166,877

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Principal amount of security is adjusted for inflation.


72		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BPS		5.340	%		06/28/2024		07/01/2024	$	22,100	U.S. Treasury Notes 0.625% due 07/31/2026	$	(22,534	)	$	22,100	$	22,110
FICC		2.600			06/28/2024		07/01/2024		195	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026		(199	)		195		195
JPS		5.440			07/01/2024		07/02/2024		21,900	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2025		(22,339	)		21,900		21,900

Total Repurchase Agreements											$	(45,072	)	$	44,195	$	44,205

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BPS	$	22,110	$	0	$	0	$	0	$	22,110	$	(22,534	)	$	(424	)
FICC		195		0		0		0		195		(199	)		(4	)
JPS		21,900		0		0		0		21,900		(22,339	)		(439	)

Total Borrowings and Other Financing Transactions	$	44,205	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FUTURES CONTRACTS:


SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		31	$	(6,331	)	$	(19	)	$	1	$	0
U.S. Treasury 5-Year Note September Futures		09/2024		44		(4,689	)		(20	)		5		0

Total Futures Contracts								$	(39	)	$	6	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	6	$	0	$	6	$	0	$	0	$	0	$	0

Cash of $240 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		(Cont.)

(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BRC		07/2024	$	289	CAD	396	$	0	$	0

CBK		07/2024	CAD	1,017	$	740		0		(3	)
		07/2024	GBP	1,140		1,450		9		0

GLM		07/2024	CAD	1,000		732		2		0

MBC		07/2024		2,978		2,187		10		0
		07/2024	$	3,361	CAD	4,602		3		0
		07/2024		1,443	GBP	1,140		0		(1	)
		08/2024	CAD	4,599	$	3,361		0		(3	)
		08/2024	GBP	1,140		1,443		1		0
		01/2025		306		390		2		0

Total Forward Foreign Currency Contracts							$	27	$	(7	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives		Collateral Pledged/ (Received)		Net Exposure⁽¹⁾
CBK	$	9	$	0	$	0	$	9	$	(3	)	$	0	$	0	$	(3	)	$	6	$	0	$	6
GLM		2		0		0		2		0			0		0		0			2		0		2
MBC		16		0		0		16		(4	)		0		0		(4	)		12		0		12

Total Over the Counter	$	27	$	0	$	0	$	27	$	(7	)	$	0	$	0	$	(7	)

⁽¹⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	6	$	6

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	27	$	0	$	27

	$	0	$	0	$	0	$	27	$	6	$	33


Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	7	$	0	$	7


74		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0		$	195		$	195

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	73		$	0		$	73

	$	0	$	0	$	0	$	73		$	195		$	268


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0		$	(79	)	$	(79	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(58	)	$	0		$	(58	)

	$	0	$	0	$	0	$	(58	)	$	(79	)	$	(137	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	33,194	$	0	$	33,194
Industrials		0		37,156		0		37,156
Utilities		0		5,030		0		5,030
U.S. Government Agencies		0		3,665		0		3,665
U.S. Treasury Obligations		0		2,707		0		2,707
Non-Agency Mortgage-Backed Securities		0		4,237		0		4,237
Asset-Backed Securities		0		44,484		0		44,484
Sovereign Issues		0		1,270		0		1,270
Short-Term Instruments
Commercial Paper		0		11,670		0		11,670
Repurchase Agreements		0		44,195		0		44,195


Total Investments	$	0	$	187,608	$	0	$	187,608


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		6			0		6
Over the counter		0		27			0		27

	$	0	$	33		$	0	$	33


Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(7	)	$	0	$	(7	)


Total Financial Derivative Instruments	$	0	$	26		$	0	$	26


Totals	$	0	$	187,634		$	0	$	187,634

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 101.0%

CORPORATE BONDS & NOTES 53.6%

BANKING & FINANCE 32.5%

AerCap Ireland Capital DAC
1.650% due 10/29/2024	$		27,315	$		26,947
1.750% due 10/29/2024			6,400			6,315
2.875% due 08/14/2024			27,800			27,690
3.500% due 01/15/2025			15,479			15,288
4.450% due 10/01/2025			100			99
6.500% due 07/15/2025			9,562			9,638

Ally Financial, Inc.
4.625% due 03/30/2025			56,792			56,278
5.125% due 09/30/2024			27,934			27,865
5.800% due 05/01/2025			4,803			4,800

American Express Co.
6.125% (SOFRRATE + 0.760%) due 02/13/2026 ~			2,816			2,830
6.301% (SOFRINDX + 0.930%) due 03/04/2025 ~			3,219			3,227

American Honda Finance Corp.
5.914% due 02/12/2025 •			73,250			73,356
5.966% (SOFRRATE + 0.600%) due 08/14/2025 ~			6,673			6,685
6.025% due 01/10/2025 •			15,500			15,530
6.069% (SOFRINDX + 0.700%) due 11/22/2024 ~			2,800			2,806
6.139% (SOFRINDX + 0.780%) due 04/23/2025 ~			20,694			20,758
6.144% (SOFRINDX + 0.790%) due 10/03/2025 ~			7,900			7,933

American Tower Corp.
1.300% due 09/15/2025			1,400			1,331
2.400% due 03/15/2025			6,805			6,644
2.950% due 01/15/2025			53,700			52,868
4.000% due 06/01/2025			30,969			30,483

Aozora Bank Ltd.
1.050% due 09/09/2024			54,755			54,191

Athene Global Funding
0.914% due 08/19/2024			687			682
1.450% due 01/08/2026			9,300			8,735
1.716% due 01/07/2025			10,934			10,701
2.500% due 01/14/2025			2,385			2,343
2.550% due 06/29/2025			1,390			1,348
5.927% (SOFRINDX + 0.560%) due 08/19/2024 ~			11,980			11,985
6.214% (SOFRINDX + 0.850%) due 05/08/2026 ~			61,326			61,347

Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			7,349			7,201

Bank of America Corp.
2.015% due 02/13/2026 •			1,000			977
2.456% due 10/22/2025 •			18,656			18,464
3.093% due 10/01/2025 •			27,380			27,191
3.366% due 01/23/2026 •			15,283			15,074
3.384% due 04/02/2026 •			46,300			45,479
6.359% (US0003M + 0.770%) due 02/05/2026 ~			3,600			3,611
6.684% (SOFRRATE + 1.330%) due 04/02/2026 ~			1,702			1,713

Bank of America NA
6.148% (SOFRRATE + 0.780%) due 08/18/2025 ~			1,275			1,281

Bank of Montreal
6.082% (SOFRINDX + 0.710%) due 12/12/2024 ~			9,175			9,191

Bank of Nova Scotia
5.815% (SOFRRATE + 0.460%) due 01/10/2025 ~			159			159

Banque Federative du Credit Mutuel SA
0.998% due 02/04/2025			2,000			1,944
2.375% due 11/21/2024			1,650			1,628
5.772% (SOFRINDX + 0.410%) due 02/04/2025 ~			23,250			23,254
6.756% (SOFRINDX + 1.400%) due 07/13/2026 ~			10,730			10,883
6.756% due 07/13/2026 ~			4,200			4,260


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Barclays PLC
2.852% due 05/07/2026 •	$		33,736	$		32,897
3.650% due 03/16/2025			23,600			23,244
7.325% due 11/02/2026 •			1,390			1,415

BNP Paribas SA
2.219% due 06/09/2026 •			1,100			1,063
2.819% due 11/19/2025 •			91,006			89,883
3.375% due 01/09/2025			29,393			29,013

BPCE SA
5.926% (SOFRRATE + 0.570%) due 01/14/2025 ~			6,292			6,299
6.334% (SOFRRATE + 0.960%) due 09/25/2025 ~			22,700			22,856

Caterpillar Financial Services Corp.
5.642% (SOFRRATE + 0.270%) due 09/13/2024 ~			125			125

Citibank NA
5.951% (SOFRINDX + 0.590%) due 04/30/2026 ~			14,500			14,519
6.181% (SOFRRATE + 0.805%) due 09/29/2025 ~			2,310			2,321

Citigroup, Inc.
3.106% due 04/08/2026 •			34,000			33,317
6.048% (SOFRRATE + 0.686%) due 10/30/2024 ~			86,771			86,854

Cooperatieve Rabobank UA
6.057% (SOFRINDX + 0.700%) due 07/18/2025 ~			10,000			10,039
6.064% (SOFRINDX + 0.710%) due 01/09/2026 ~			41,000			41,160
6.081% (SOFRINDX + 0.710%) due 03/05/2027 ~			70,100			70,323

Credit Agricole SA
3.250% due 10/04/2024			61,000			60,613

Danske Bank AS
3.244% due 12/20/2025 •			17,500			17,271

DBS Group Holdings Ltd.
5.981% (SOFRRATE + 0.610%) due 09/12/2025 ~			50,000			50,168

Deutsche Bank AG
3.961% due 11/26/2025 •			51,016			50,587
4.162% due 05/13/2025			1,075			1,062
6.119% due 07/14/2026 •			53,816			53,876

DNB Bank ASA
0.856% due 09/30/2025 •			19,300			19,059

F&G Global Funding
0.900% due 09/20/2024			2,988			2,954

Federation des Caisses Desjardins du Quebec
2.050% due 02/10/2025			2,530			2,475
5.278% due 01/23/2026 •			901			898

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			38,008			37,168
3.375% due 11/13/2025			10,445			10,113
4.063% due 11/01/2024			20,684			20,562
4.134% due 08/04/2025			25,065			24,605
4.389% due 01/08/2026			27,552			26,981
4.687% due 06/09/2025			9,540			9,433
5.125% due 06/16/2025			16,768			16,647
6.950% due 03/06/2026			11,200			11,386
8.321% (SOFRRATE + 2.950%) due 03/06/2026 ~			2,424			2,511

GA Global Funding Trust
3.850% due 04/11/2025			14,614			14,384
5.872% (SOFRRATE + 0.500%) due 09/13/2024 ~			63,540			63,523
6.715% (SOFRRATE + 1.360%) due 04/11/2025 ~			17,100			17,204

General Motors Financial Co., Inc.
1.200% due 10/15/2024			7,945			7,842
2.750% due 06/20/2025			12,200			11,862
2.900% due 02/26/2025			21,005			20,614
3.500% due 11/07/2024			22,223			22,039
3.800% due 04/07/2025			5,800			5,714
4.000% due 01/15/2025			7,098			7,030
4.350% due 04/09/2025			30,300			29,981
5.976% (SOFRRATE + 0.620%) due 10/15/2024 ~			12,495			12,500


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.653% (SOFRINDX + 1.300%) due 04/07/2025 ~	$		25,318	$		25,452

Goldman Sachs Group, Inc.
3.272% due 09/29/2025 •			6,161			6,122
5.700% due 11/01/2024			2,400			2,401
5.844% (SOFRRATE + 0.486%) due 10/21/2024 ~			24,490			24,494
5.848% (SOFRRATE + 0.490%) due 10/21/2024 ~			32,640			32,648
5.871% (SOFRRATE + 0.500%) due 09/10/2024 ~			16,024			16,028
5.876% (SOFRRATE + 0.505%) due 09/10/2024 ~			45,209			45,210
6.430% (SOFRRATE + 1.065%) due 08/10/2026 ~			10,700			10,751

HSBC Holdings PLC
1.645% due 04/18/2026 •			15,305			14,816
2.099% due 06/04/2026 •			20,552			19,873
4.292% due 09/12/2026 •			1,500			1,474
6.801% (SOFRRATE + 1.430%) due 03/10/2026 ~			10,107			10,172
6.985% (US0003M + 1.380%) due 09/12/2026 ~			7,074			7,153

ING Groep NV
3.869% due 03/28/2026 •			58,847			58,002
6.385% (SOFRRATE + 1.010%) due 04/01/2027 ~			16,716			16,770
7.016% (SOFRINDX + 1.640%) due 03/28/2026 ~			14,491			14,614

Jackson National Life Global Funding
1.750% due 01/12/2025			13,340			13,045

John Deere Capital Corp.
5.837% due 10/22/2025 •			16,500			16,537

JPMorgan Chase & Co.
2.005% due 03/13/2026 •			2,000			1,949
2.301% due 10/15/2025 •			33,100			32,770
5.546% due 12/15/2025 •			15,000			14,987
5.971% (SOFRRATE + 0.600%) due 12/10/2025 ~			5,525			5,534
6.289% (SOFRRATE + 0.920%) due 02/24/2026 ~			25,987			26,100

LeasePlan Corp. NV
2.875% due 10/24/2024			61,904			61,328

Lloyds Banking Group PLC
2.438% due 02/05/2026 •			30,073			29,470
3.511% due 03/18/2026 •			14,060			13,830
3.870% due 07/09/2025 •			118,595			118,542
4.450% due 05/08/2025			1,300			1,287

Mitsubishi UFJ Financial Group, Inc.
4.788% due 07/18/2025 •			21,986			21,973
5.063% due 09/12/2025 •			42,044			41,972
5.541% due 04/17/2026 •			12,781			12,771
5.719% due 02/20/2026 •			3,972			3,971
6.306% (SOFRRATE + 0.940%) due 02/20/2026 ~			24,011			24,095
6.756% (SOFRRATE + 1.385%) due 09/12/2025 ~			26,830			26,891
6.796% (SOFRRATE + 1.440%) due 04/17/2026 ~			11,366			11,456
7.007% (SOFRRATE + 1.650%) due 07/18/2025 ~			2,363			2,364

Mizuho Financial Group, Inc.
2.226% due 05/25/2026 •			17,084			16,559
2.555% due 09/13/2025 •			2,500			2,483
2.839% due 07/16/2025 •			12,723			12,706
6.327% (SOFRRATE + 0.960%) due 05/22/2026 ~			44,470			44,664

Morgan Stanley
2.188% due 04/28/2026 •			40,857			39,685
2.720% due 07/22/2025 •			13,300			13,275
5.869% (SOFRRATE + 0.509%) due 01/22/2025 ~			12,117			12,124
6.318% (SOFRRATE + 0.950%) due 02/18/2026 ~			66,700			66,955

National Bank of Canada
5.853% (SOFRRATE + 0.490%) due 08/06/2024 ~			7,112			7,113


76		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

NatWest Markets PLC
0.800% due 08/12/2024	$		8,540	$		8,490
3.479% due 03/22/2025			6,805			6,703
5.894% due 08/12/2024 ~			1,680			1,681
6.136% (SOFRRATE + 0.760%) due 09/29/2026 ~			1,995			1,988
6.824% due 03/22/2025 ~			40,633			40,917
6.824% (SOFRRATE + 1.450%) due 03/22/2025 ~			3,880			3,907

Nissan Motor Acceptance Co. LLC
1.125% due 09/16/2024			8,600			8,508

Nomura Holdings, Inc.
1.851% due 07/16/2025			594			571
2.648% due 01/16/2025			126,905			124,750

Nordea Bank Abp
6.331% (SOFRRATE + 0.960%) due 06/06/2025 ~			43,340			43,579

Nuveen Finance LLC
4.125% due 11/01/2024			9,496			9,438

ORIX Corp.
3.250% due 12/04/2024			902			893

Protective Life Global Funding
6.422% due 12/11/2024 •			1,130			1,133

Royal Bank of Canada
5.883% (SOFRRATE + 0.525%) due 01/20/2026 ~			31,476			31,520

Skandinaviska Enskilda Banken AB
6.331% (SOFRRATE + 0.960%) due 06/09/2025 ~			43,850			44,076
6.331% due 06/09/2025 ~			500			503

Societe Generale SA
2.625% due 10/16/2024			43,951			43,545
2.625% due 01/22/2025			5,930			5,816

Standard Chartered PLC
1.822% due 11/23/2025 •			17,531			17,249
2.819% due 01/30/2026 •			21,060			20,689
3.971% due 03/30/2026 •			32,751			32,291
3.971% due 03/30/2026			1,200			1,183
6.266% due 11/23/2025			900			901
6.299% (SOFRRATE + 0.930%) due 11/23/2025 ~			51,615			51,666
7.094% due 03/30/2026			7,500			7,550
7.116% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,400			5,436
7.776% due 11/16/2025 •			14,876			14,978
7.776% due 11/16/2025			8,358			8,415

Sumitomo Mitsui Financial Group, Inc.
2.696% due 07/16/2024			4,000			3,995
6.655% (SOFRRATE + 1.300%) due 07/13/2026 ~			2,500			2,535
6.785% (SOFRRATE + 1.430%) due 01/13/2026 ~			520			528

Sumitomo Mitsui Trust Bank Ltd.
5.762% due 09/16/2024			4,100			4,102
5.811% (SOFRRATE + 0.440%) due 09/16/2024 ~			3,000			3,002
6.475% due 09/14/2026			2,850			2,885
6.522% (SOFRRATE + 1.150%) due 09/14/2026 ~			2,237			2,264

Swedbank AB
6.264% (SOFRINDX + 0.910%) due 04/04/2025 ~			5,300			5,320
6.264% due 04/04/2025 ~			935			938
6.752% due 06/15/2026 •			8,700			8,848

Toyota Motor Credit Corp.
5.816% (SOFRRATE + 0.450%) due 05/15/2026 ~			13,261			13,278
5.860% due 08/22/2024 •			94,200			94,247
6.003% (SOFRRATE + 0.650%) due 01/05/2026 ~			8,000			8,032

UBS AG
3.625% due 09/09/2024			19,234			19,143
3.700% due 02/21/2025			30,000			29,615
4.750% due 08/09/2024			33,667			33,626
6.302% (SOFRRATE + 0.930%) due 09/11/2025 ~			4,308			4,337


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

UBS Group AG
2.593% due 09/11/2025 •	$		24,170	$		24,011
2.593% due 09/11/2025			6,940			6,894
4.490% due 08/05/2025 •			37,800			37,741
6.944% (SOFRRATE + 1.580%) due 05/12/2026 ~			21,200			21,379

Ventas Realty LP
3.500% due 02/01/2025			1,074			1,059

VICI Properties LP
4.375% due 05/15/2025			42,717			42,185
4.625% due 06/15/2025			8,369			8,267

Wells Fargo & Co.
2.164% due 02/11/2026 •			3,717			3,637
2.188% due 04/30/2026 •			11,600			11,266
2.406% due 10/30/2025 •			121,776			120,405
3.908% due 04/25/2026 •			15,300			15,073

Wells Fargo Bank NA
6.066% (SOFRRATE + 0.710%) due 01/15/2026 ~			16,800			16,870
6.162% (SOFRRATE + 0.800%) due 08/01/2025 ~			9,875			9,922

						3,915,599


INDUSTRIALS 17.0%

American Honda Finance Corp.
5.822% due 06/13/2025 ~			35,700			35,716

APA Infrastructure Ltd.
4.200% due 03/23/2025			14,493			14,329

Aptiv PLC
2.396% due 02/18/2025			652			638

Arrow Electronics, Inc.
3.250% due 09/08/2024			2,228			2,215
4.000% due 04/01/2025			4,878			4,813

Bacardi Ltd.
4.450% due 05/15/2025			24,258			23,972

BAT Capital Corp.
2.789% due 09/06/2024			13,400			13,315
3.222% due 08/15/2024			108,873			108,469

Baxter International, Inc.
1.322% due 11/29/2024			31,304			30,741
5.811% (SOFRINDX + 0.440%) due 11/29/2024 ~			62,095			62,060

Bayer U.S. Finance LLC
3.375% due 07/15/2024			8,031			8,022
3.375% due 10/08/2024			65,986			65,516
4.250% due 12/15/2025			34,723			33,986
5.500% due 08/15/2025			2,145			2,133
6.125% due 11/21/2026			400			404

Berry Global, Inc.
1.570% due 01/15/2026			4,670			4,390

Boeing Co.
2.196% due 02/04/2026			11,067			10,407
2.600% due 10/30/2025			3,010			2,880
2.850% due 10/30/2024			150			148

Broadcom, Inc.
3.625% due 10/15/2024			38,883			38,636

Carrier Global Corp.
2.242% due 02/15/2025			12,000			11,747

CommonSpirit Health
2.760% due 10/01/2024			47,551			47,171

Cox Communications, Inc.
3.150% due 08/15/2024			21,565			21,484
3.850% due 02/01/2025			1,595			1,576

Daimler Truck Finance North America LLC
6.121% (SOFRRATE + 0.750%) due 12/13/2024 ~			5,155			5,167

Dell International LLC
4.000% due 07/15/2024			382			382

Discovery Communications LLC
3.450% due 03/15/2025			12,626			12,418
3.950% due 06/15/2025			505			496

Energy Transfer LP
2.900% due 05/15/2025			51,646			50,396
4.050% due 03/15/2025			25,447			25,173


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.750% due 04/01/2025	$		39,264	$		39,174

Fiserv, Inc.
2.750% due 07/01/2024			22,904			22,904

Flex Ltd.
4.750% due 06/15/2025			10,283			10,190

Fox Corp.
3.050% due 04/07/2025			12,296			12,051

General Motors Co.
4.000% due 04/01/2025			14,782			14,588
6.125% due 10/01/2025			9,245			9,296

Global Payments, Inc.
1.500% due 11/15/2024			2,920			2,876
2.650% due 02/15/2025			15,393			15,097

Haleon U.K. Capital PLC
3.125% due 03/24/2025			84,723			83,200

HCA, Inc.
5.250% due 04/15/2025			53,729			53,491
5.375% due 02/01/2025			84,158			83,890

Home Depot, Inc.
5.704% (SOFRRATE + 0.330%) due 12/24/2025 ~			6,800			6,810

Huntington Ingalls Industries, Inc.
3.844% due 05/01/2025			91,470			90,029

Hyatt Hotels Corp.
1.800% due 10/01/2024			3,148			3,115

Hyundai Capital America
1.000% due 09/17/2024			48,129			47,633
1.800% due 10/15/2025			1,993			1,899
5.800% due 06/26/2025			14,500			14,515
6.250% due 11/03/2025			9,562			9,638
6.414% (SOFRRATE + 1.040%) due 03/19/2027 ~			1,365			1,370
6.512% due 08/04/2025 •			45,655			45,851
6.682% (SOFRRATE + 1.320%) due 11/03/2025 ~			480			483

Imperial Brands Finance PLC
3.125% due 07/26/2024			65,947			65,823
4.250% due 07/21/2025			17,733			17,470

JDE Peet’s NV
0.800% due 09/24/2024			7,675			7,570

Leidos, Inc.
3.625% due 05/15/2025			19,688			19,343

Mercedes-Benz Finance North America LLC
5.931% due 08/01/2025 ~			5,000			5,010
6.023% (SOFRRATE + 0.670%) due 01/09/2026 ~			64,200			64,516

Microchip Technology, Inc.
0.983% due 09/01/2024			1,242			1,232

Mitsubishi Corp.
2.500% due 07/09/2024			5,000			4,997

NetApp, Inc.
3.300% due 09/29/2024			7,300			7,255

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			1,160			1,126

Oracle Corp.
2.950% due 05/15/2025			24,292			23,743

Panasonic Holdings Corp.
2.679% due 07/19/2024			16,835			16,810

Penske Truck Leasing Co. LP
2.700% due 11/01/2024			1,625			1,607
3.450% due 07/01/2024			32,222			32,222
3.950% due 03/10/2025			3,525			3,483

Quanta Services, Inc.
0.950% due 10/01/2024			21,803			21,524

Revvity, Inc.
0.850% due 09/15/2024			12,694			12,551

Reynolds American, Inc.
4.450% due 06/12/2025			28,200			27,878

Rogers Communications, Inc.
2.950% due 03/15/2025			62,025			60,821

Rolls-Royce PLC
3.625% due 10/14/2025			450			438

Sabine Pass Liquefaction LLC
5.625% due 03/01/2025			22,389			22,348

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Southwest Airlines Co.
5.250% due 05/04/2025	$		3,500	$		3,485

Sydney Airport Finance Co. Pty. Ltd.
3.625% due 04/28/2026			12,300			11,910

T-Mobile USA, Inc.
3.500% due 04/15/2025			121,742			119,717

Take-Two Interactive Software, Inc.
3.550% due 04/14/2025			17,005			16,730

Tyson Foods, Inc.
3.950% due 08/15/2024			32,282			32,200

VMware, Inc.
1.000% due 08/15/2024			37,470			37,242
4.500% due 05/15/2025			27,574			27,315

Volkswagen Group of America Finance LLC
2.850% due 09/26/2024			2,100			2,085
6.204% (SOFRRATE + 0.830%) due 03/20/2026 ~			7,400			7,427
6.204% due 03/20/2026 ~			10,672			10,711
6.302% (SOFRRATE + 0.930%) due 09/12/2025 ~			27,659			27,835

Warnermedia Holdings, Inc.
3.638% due 03/15/2025			102,434			100,865
3.788% due 03/15/2025			3,525			3,474

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			10,129			9,886

Woodside Finance Ltd.
3.650% due 03/05/2025			2,262			2,230

Zimmer Biomet Holdings, Inc.
1.450% due 11/22/2024			4,625			4,549
3.550% due 04/01/2025			6,350			6,246

						2,048,574


UTILITIES 4.1%

AES Corp.
3.300% due 07/15/2025			200			195

Avangrid, Inc.
3.150% due 12/01/2024			3,100			3,066
3.200% due 04/15/2025			39,723			38,902

Black Hills Corp.
1.037% due 08/23/2024			35,348			35,094

Dominion Energy, Inc.
3.071% due 08/15/2024 þ			29,904			29,787

DTE Energy Co.
4.220% due 11/01/2024 þ			2,234			2,221

Edison International
3.550% due 11/15/2024			3,627			3,594

Electricite de France SA
3.625% due 10/13/2025			2,175			2,121

Enel Finance International NV
2.650% due 09/10/2024			59,380			58,987
4.500% due 06/15/2025			7,215			7,121
6.800% due 10/14/2025			9,352			9,502

Eversource Energy
2.900% due 10/01/2024			11,803			11,717
3.150% due 01/15/2025			2,000			1,973

Georgia Power Co.
6.114% (SOFRINDX + 0.750%) due 05/08/2025 ~			92,481			92,908

Jersey Central Power & Light Co.
4.300% due 01/15/2026			1,075			1,056

NextEra Energy Capital Holdings, Inc.
4.255% due 09/01/2024			1,300			1,296
6.121% (SOFRINDX + 0.760%) due 01/29/2026 ~			60,550			60,712

Pacific Gas & Electric Co.
3.400% due 08/15/2024			11,881			11,842
4.950% due 06/08/2025			3,900			3,866

Pinnacle West Capital Corp.
1.300% due 06/15/2025			23,367			22,373
6.191% (SOFRRATE + 0.820%) due 06/10/2026 ~			17,400			17,403

Sempra
3.300% due 04/01/2025			63,822			62,696


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Spire Missouri, Inc.
5.871% (SOFRRATE + 0.500%) due 12/02/2024 ~	$		10,000	$		10,001

						488,433

Total Corporate Bonds & Notes (Cost $6,445,104)						6,452,606


U.S. GOVERNMENT AGENCIES 4.8%

Fannie Mae
2.000% due 12/25/2044			807			696
5.700% due 05/25/2037 •			9			8
5.738% due 01/25/2037 •			195			192
5.743% due 06/25/2048 •			6,324			6,249
5.750% due 12/25/2045 •			1,451			1,399
5.763% due 08/25/2044 •			2,246			2,184
5.780% due 02/25/2037 •			15			15
5.793% due 08/25/2044 - 10/25/2044 •			7,177			7,070
5.800% due 11/25/2036 •			33			33
5.843% due 07/25/2044 - 03/25/2060 •			17,288			17,184
5.848% due 04/18/2028 - 09/18/2031 •			104			104
5.850% due 06/25/2026 •			27			27
5.860% due 09/25/2035 •			183			181
5.870% due 03/25/2037 •			129			127
5.893% due 07/25/2046 •			4,387			4,347
5.900% due 02/25/2038 - 06/25/2059 •			4,896			4,744
5.943% due 07/25/2046 •			2,695			2,637
5.948% due 05/18/2032 •			36			37
5.950% due 06/25/2031 •			39			39
5.998% due 03/18/2032 •			54			54
6.130% due 12/25/2037 •			215			215
6.150% due 05/25/2037 •			45			45
6.200% due 03/25/2037 - 02/25/2040 •			43			43
6.230% due 02/25/2038 •			556			559
6.300% due 07/25/2038 •			11			11
6.336% due 05/01/2038 •			172			177
6.350% due 03/25/2032 •			7			7
6.618% due 01/01/2036 •			1,312			1,352

Federal Home Loan Bank
5.500% due 02/20/2026			73,500			73,471

Freddie Mac
1.000% due 08/15/2044			4,068			3,253
5.500% due 02/13/2026			99,500			99,416
5.520% due 05/28/2025			11,800			11,798
5.550% due 02/20/2026			60,000			59,982
5.650% due 03/06/2026			82,500			82,492
5.698% due 11/15/2036 - 01/15/2040 •			7			7
5.763% due 05/15/2038 •			1,470			1,490
5.768% due 02/15/2037 •			495			487
5.773% due 05/15/2041 •			1,514			1,486
5.793% due 03/15/2037 - 03/15/2043 •			25,741			25,453
5.843% due 12/15/2042 - 11/15/2044 •			3,817			3,823
5.863% due 06/15/2044 •			4,946			5,062
5.868% due 04/15/2041 •			140			139
5.893% due 12/15/2037 •			812			790
5.898% due 09/15/2048 - 04/15/2049 •			3,516			3,451
5.929% due 02/25/2026 •			2,260			2,264
5.948% due 07/15/2039 •			20			19
6.427% due 09/01/2037 •			956			983

Ginnie Mae
2.500% due 01/20/2049 - 10/20/2049			2,508			2,161
3.000% due 07/20/2046			239			229
5.630% due 05/20/2063 •			115			114
5.633% due 01/20/2068 •			1,052			1,028
5.837% due 11/20/2070 •			2,530			2,486
5.903% due 03/20/2049 - 06/20/2049 •			12,127			11,918
5.907% due 06/20/2067 •			644			640


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.937% due 03/20/2061 - 07/20/2067 •	$		1,444	$		1,441
6.000% due 12/15/2033			8			8
6.000% due 09/20/2040 - 05/20/2041 •			14,770			14,267
6.037% due 05/20/2065 - 05/20/2069 •			5,997			5,978
6.084% due 12/20/2068 •			4,737			4,690
6.087% due 12/20/2064 - 10/20/2065 •			10,672			10,644
6.137% due 04/20/2070 •			32,598			32,399
6.143% due 01/16/2040 •			2,020			2,018
6.187% due 11/20/2065 - 02/20/2067 •			2,378			2,375
6.193% due 02/20/2040 •			1,728			1,728
6.217% due 09/20/2066 •			822			821
6.223% due 04/20/2040 •			3,605			3,609
6.237% due 07/20/2066 •			1,869			1,868
6.253% due 03/20/2040 •			3,771			3,780
6.263% due 01/20/2074 •			14,851			14,956
6.267% due 08/20/2066 •			585			585
6.283% due 09/20/2073 •			10,184			10,250
6.337% due 09/20/2069 •			671			671
6.357% due 07/20/2065 •			2,508			2,511
6.437% due 01/20/2066 - 12/20/2066 •			3,972			3,983
6.487% due 02/20/2066 •			6,709			6,727
6.500% due 11/15/2033 - 09/15/2034			13			13
6.522% due 04/20/2067 •			1,059			1,075
6.723% due 06/20/2067 •			4,148			4,182
7.000% due 08/15/2024 - 07/15/2032			7			7
7.500% due 09/15/2027 - 06/15/2028			10			9

Total U.S. Government Agencies (Cost $577,947)						574,773


NON-AGENCY MORTGAGE-BACKED SECURITIES 3.4%

Arroyo Mortgage Trust
1.175% due 10/25/2048 ~			11,483			9,888

Ashford Hospitality Trust
6.401% due 04/15/2035 •			1,484			1,473
6.626% due 06/15/2035 •			1,741			1,730

Bear Stearns Adjustable Rate Mortgage Trust
5.455% due 08/25/2033 «~			258			236

Beast Mortgage Trust
6.493% due 03/15/2036 •			600			555
6.629% due 02/15/2037 •			8,000			7,085

Beneria Cowen & Pritzer Collateral Funding Corp.
6.242% due 06/15/2038 •			5,500			5,166

COLT Mortgage Loan Trust
1.397% due 10/25/2066 ~			23,865			19,621

Commercial Mortgage Trust
6.743% due 12/15/2038 •			8,221			7,827

Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.194% due 07/15/2032 •			3,095			3,026
7.043% due 10/15/2037 •			8,700			8,491

CRSNT Commercial Mortgage Trust
6.264% due 04/15/2036 •			52,400			51,194

DBCG Mortgage Trust
8.500% due 06/15/2034 •			76,639			76,634

Extended Stay America Trust
6.523% due 07/15/2038 •			2,179			2,172

GCAT Trust
2.650% due 10/25/2068 ~			1,427			1,351
2.885% due 12/27/2066 ~			21,038			19,108

Hilton USA Trust
2.828% due 11/05/2035			11,600			10,119

JP Morgan Chase Commercial Mortgage Securities Trust
6.943% due 09/15/2029 •			23,237			21,886

Legacy Mortgage Asset Trust
4.892% due 10/25/2066 þ			4,718			4,641

MAD Mortgage Trust
3.294% due 08/15/2034 ~			3,528			3,279


78		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
6.143% due 11/15/2031 •	$		184	$		173

MF1 Ltd.
6.399% due 12/15/2034 •			2,700			2,679

Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			421			403

Morgan Stanley Capital Trust
6.476% due 11/15/2034 •			4,332			4,314
6.528% due 07/15/2035 •			2,300			2,299
6.613% due 12/15/2038 •			47,200			44,739

Natixis Commercial Mortgage Securities Trust
6.393% due 08/15/2038 •			3,000			2,832

OBX Trust
2.783% due 01/25/2062 þ			40,289			37,423

RESIMAC Premier
6.094% due 02/03/2053 •			8,390			8,377
6.142% due 07/10/2052 •			1,795			1,794

Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			3,070			2,846

Starwood Mortgage Trust
6.301% due 11/15/2036 •			17,200			16,994

Towd Point Mortgage Trust
2.900% due 10/25/2059 ~			12,415			11,619
3.750% due 03/25/2058 ~			8,334			7,947
6.060% due 02/25/2057 •			299			306
6.460% due 10/25/2059 •			1,138			1,157

Verus Securitization Trust
0.820% due 10/25/2063 ~			4,442			4,098

Total Non-Agency Mortgage-Backed Securities (Cost $428,363)						405,482


ASSET-BACKED SECURITIES 26.4%

ACAS CLO Ltd.
6.479% due 10/18/2028 •			7,177			7,183

AGL CLO Ltd.
6.786% due 07/20/2034 •			400			401

Allegro CLO Ltd.
6.557% due 10/16/2031 •			908			908
6.577% due 01/19/2033 •			3,700			3,696

Anchorage Capital CLO Ltd.
6.765% due 04/22/2034 •			2,600			2,604

Apidos CLO
6.489% due 07/18/2029 •			12,378			12,390
6.509% due 07/17/2030 •			8,633			8,644
6.596% due 04/20/2031 •			7,228			7,233
6.689% due 07/16/2031 •			847			847

AREIT Trust
6.523% due 11/17/2038 •			11,251			11,207
6.583% due 01/20/2037 •			32,062			31,822

Ares CLO Ltd.
6.460% due 01/15/2029 •			2,355			2,357
6.637% due 04/17/2033 •			24,800			24,867

ARI Fleet Lease Trust
5.540% due 04/15/2033			12,800			12,815
5.568% due 03/14/2025			20,211			20,214
5.924% due 10/15/2024			2,229			2,230

Atlas Senior Loan Fund Ltd.
6.666% due 04/22/2031 •			1,418			1,419

Avis Budget Rental Car Funding AESOP LLC
3.350% due 09/22/2025			7,855			7,829

Bank of America Auto Trust
5.830% due 05/15/2026			11,462			11,471
5.850% due 08/17/2026			18,444			18,460

Barings CLO Ltd.
6.536% due 07/20/2029 •			706			706
6.656% due 01/20/2032 •			3,785			3,792

Benefit Street Partners CLO Ltd.
6.540% due 10/15/2030 •			12,779			12,797
6.609% due 01/17/2032 •			16,097			16,128

BlueMountain CLO Ltd.
6.514% due 10/25/2030 •			9,283			9,298
6.522% due 11/15/2030 •			5,836			5,846


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.766% due 10/22/2030 •	$		2,044	$		2,046

BMW Vehicle Lease Trust
5.950% due 08/25/2025			29,102			29,135

BXMT Ltd.
6.843% due 11/15/2037 •			44,736			43,909

Capital One Multi-Asset Execution Trust
1.040% due 11/15/2026			4,700			4,620
2.800% due 03/15/2027			13,000			12,757
6.023% due 07/15/2027 •			38,600			38,640

Capital One Prime Auto Receivables Trust
5.923% due 10/15/2026 •			26,623			26,669
5.983% due 09/15/2025 •			856			857

CARDS Trust
6.187% due 07/15/2028 •			12,600			12,637

Carlyle Global Market Strategies CLO Ltd.
6.534% due 08/14/2030 •			12,539			12,549
6.636% due 07/27/2031 •			3,366			3,366

Carlyle U.S. CLO Ltd.
6.586% due 04/20/2031 •			6,339			6,345

CarMax Auto Owner Trust
3.490% due 02/16/2027			7,033			6,934
4.750% due 10/15/2027			1,600			1,588
5.300% due 03/15/2027			6,700			6,687
5.650% due 05/17/2027			13,100			13,118
5.720% due 11/16/2026			10,212			10,212
5.913% due 05/17/2027 •			4,400			4,402
5.933% due 11/16/2026 •			19,231			19,249
5.953% due 03/15/2027 •			25,000			25,039
6.033% due 01/15/2026 •			4,431			4,433
6.133% due 12/15/2026 •			24,918			24,994
6.183% due 06/15/2026 •			8,065			8,078
6.233% due 12/15/2025 •			2,504			2,505

Carvana Auto Receivables Trust
3.210% due 12/11/2028			1,700			1,639
5.620% due 01/10/2029			1,000			1,002
5.630% due 11/10/2027			12,350			12,358
5.634% due 04/10/2025			1,890			1,890
5.770% due 04/12/2027			833			832
5.980% due 12/10/2027			13,308			13,342
6.090% due 11/10/2026			3,431			3,435
6.160% due 10/10/2028			1,900			1,919
6.230% due 01/11/2027			10,804			10,823

Catamaran CLO Ltd.
6.686% due 04/22/2030 •			9,747			9,762

CBAM Ltd.
6.836% due 07/20/2030 •			3,248			3,249

Chase Auto Owner Trust
5.480% due 04/26/2027			10,500			10,493
5.530% due 09/27/2027			11,300			11,304
5.660% due 05/26/2027			21,600			21,613
5.900% due 03/25/2027			34,634			34,682

Chesapeake Funding LLC
6.103% due 05/15/2036 •			10,271			10,287
6.583% due 05/15/2035 •			9,244			9,308

CIFC Funding Ltd.
6.535% due 10/24/2030 •			27,886			27,926

Citibank Credit Card Issuance Trust
5.230% due 12/08/2027			11,600			11,594
5.969% due 12/08/2027 •			35,000			35,148
6.052% due 08/07/2027 •			34,100			34,264
6.215% due 05/14/2029 •			5,550			5,618

Citizens Auto Receivables Trust
5.840% due 01/18/2028			8,000			8,038
5.873% due 11/16/2026 •			19,400			19,408
6.063% due 10/15/2026 •			28,831			28,875
6.283% due 07/15/2026 •			7,969			7,983

CNH Equipment Trust
5.900% due 02/16/2027			28,832			28,870

Commonbond Student Loan Trust
6.310% due 05/25/2041 •			209			207

Crestline Denali CLO Ltd.
6.616% due 04/20/2030 •			9,649			9,657

Daimler Trucks Retail Trust
6.030% due 09/15/2025			15,656			15,673

Dell Equipment Finance Trust
5.840% due 01/22/2029			15,340			15,348
6.100% due 04/23/2029			19,716			19,749


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Discover Card Execution Note Trust
4.930% due 06/15/2028	$		1,000	$		996

DLLAD LLC
5.190% due 04/20/2026			9,078			9,062

DLLMT LLC
1.000% due 07/21/2025			787			779

DLLST LLC
5.330% due 01/20/2026			18,600			18,559

Dryden CLO Ltd.
6.567% due 01/17/2033 •			3,400			3,402

Dryden Senior Loan Fund
6.477% due 10/19/2029 •			12,127			12,142
6.479% due 07/15/2030 •			1,836			1,837
6.570% due 04/15/2028 •			1,640			1,641

Elevation CLO Ltd.
6.535% due 10/25/2030 •			6,516			6,522

ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			5,925			5,102

Enterprise Fleet Financing LLC
3.030% due 01/20/2028			7,283			7,210
5.548% due 02/20/2025			16,186			16,189
5.613% due 05/20/2025			13,858			13,866
5.740% due 12/20/2026			25,660			25,739

FCCU Auto Receivables Trust
5.760% due 11/15/2027			6,700			6,702

Fifth Third Auto Trust
5.863% due 11/16/2026 •			35,611			35,630

Ford Credit Auto Lease Trust
5.506% due 02/15/2025			5,966			5,967
5.923% due 02/15/2026 •			43,657			43,701

Ford Credit Auto Owner Trust
0.000% due 04/15/2027 •			32,500			32,513
6.053% due 03/15/2026 •			14,375			14,387

Galaxy CLO Ltd.
6.560% due 10/15/2030 •			4,072			4,075

Gallatin CLO Ltd.
6.680% due 07/15/2031 •			5,680			5,683

GECU Auto Receivables Trust
5.950% due 03/15/2027			7,420			7,423

GM Financial Automobile Leasing Trust
5.783% due 06/22/2026 •			46,450			46,511
6.153% due 10/20/2025 •			6,789			6,798

GM Financial Consumer Automobile Receivables Trust
5.733% due 02/16/2027 •			8,250			8,251
5.803% due 09/16/2026 •			8,809			8,814
5.863% due 11/16/2026 •			15,220			15,235
5.953% due 03/16/2026 •			6,807			6,811
5.983% due 11/17/2025 •			1,285			1,285
6.083% due 05/18/2026 •			10,619			10,630

Golden Credit Card Trust
4.310% due 09/15/2027			14,760			14,557

GoldenTree Loan Management U.S. CLO Ltd.
6.473% due 04/24/2031 •			17,500			17,537

Golub Capital Partners CLO Ltd.
6.641% due 10/25/2034 •			6,600			6,600

Golub Capital Partners Static Ltd.
6.557% due 04/20/2033 •			7,000			6,995

GPMT Ltd.
6.696% due 07/16/2035 •			20,029			19,818

GreenState Auto Receivables Trust
5.530% due 08/16/2027			8,500			8,487

Halseypoint CLO Ltd.
6.686% due 07/20/2031 •			7,886			7,886

Harley Davidson Motorcycle Trust
5.320% due 06/15/2026			1,128			1,128
5.863% due 06/15/2026 •			973			974

Hertz Vehicle Financing LLC
1.210% due 12/26/2025			16,500			16,284
1.990% due 06/25/2026			11,500			11,175

Honda Auto Receivables Owner Trust
5.410% due 04/15/2026			5,638			5,632
5.710% due 03/18/2026			48,206			48,229
5.870% due 06/22/2026			31,067			31,123

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Huntington Auto Trust
5.500% due 03/15/2027	$		7,300	$		7,294

Hyundai Auto Lease Securitization Trust
5.833% due 06/15/2026 •			28,689			28,714
5.933% due 03/16/2026 •			23,565			23,594

Hyundai Auto Receivables Trust
5.753% due 04/15/2027 •			24,500			24,513
5.813% due 05/15/2026 •			9,169			9,177
5.963% due 01/15/2027 •			42,507			42,579
6.083% due 12/15/2025 •			8,920			8,929

ICG U.S. CLO Ltd.
6.615% due 04/25/2031 •			1,282			1,283

KKR CLO Ltd.
6.529% due 07/18/2030 •			2,129			2,132

Kubota Credit Owner Trust
5.400% due 02/17/2026			5,454			5,450
5.450% due 04/15/2027			23,080			23,102
5.610% due 07/15/2026			29,754			29,752

LAD Auto Receivables Trust
5.210% due 06/15/2027			1,435			1,430
5.680% due 10/15/2026			389			389
5.700% due 03/15/2027			1,500			1,501
5.930% due 06/15/2027			7,243			7,251

LCM Loan Income Fund Ltd.
6.616% due 04/20/2031 •			5,557			5,562

LCM LP
6.586% due 07/20/2030 •			270			270

LCM Ltd.
6.656% due 01/20/2031 •			8,404			8,413
6.660% due 04/15/2031 •			1,000			1,000
6.746% due 10/20/2028 •			955			956

Lockwood Grove CLO Ltd.
6.755% due 01/25/2030 •			315			316

M&T Equipment Notes
6.090% due 07/15/2030			18,216			18,228

Madison Park Funding Ltd.
6.507% due 10/18/2030 •			17,965			17,985
6.556% due 07/27/2031 •			7,090			7,093
6.576% due 04/20/2032 •			4,500			4,509
6.586% due 07/21/2030 •			3,285			3,288
6.705% due 04/25/2032 •			6,800			6,811

Magnetite Ltd.
6.479% due 10/15/2031 •			12,746			12,759

Marathon CLO Ltd.
6.534% due 04/15/2032 •			11,700			11,712
6.705% due 01/20/2033 •			13,700			13,722

Marathon Static CLO Ltd.
6.475% due 07/20/2030 •			8,046			8,038

Marble Point CLO Ltd.
6.630% due 10/15/2030 •			990			991
6.769% due 12/18/2030 •			2,920			2,923

Master Credit Card Trust
6.083% due 01/21/2028 •			50,700			50,919
6.183% due 01/21/2027 •			77,200			77,531

Mercedes-Benz Auto Receivables Trust
5.090% due 01/15/2026			2,161			2,159
5.920% due 11/16/2026			29,698			29,745

MMAF Equipment Finance LLC
5.200% due 09/13/2027			9,000			8,962
5.790% due 11/13/2026			12,824			12,835

Mountain View CLO LLC
6.629% due 01/16/2031 •			11,384			11,387
6.679% due 10/16/2029 •			2,220			2,221

Nassau Ltd.
6.840% due 01/15/2030 •			2,114			2,116

Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			4,004			3,541
1.310% due 01/15/2069			10,330			9,518
1.580% due 04/15/2070			28,788			25,166
1.690% due 05/15/2069			6,002			5,515
2.230% due 07/15/2070			22,961			20,279
3.130% due 02/15/2068			1,749			1,692
4.000% due 12/15/2059			473			460
6.443% due 04/15/2069 •			7,219			7,226


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Navient Student Loan Trust
6.250% due 07/26/2066 •	$		4,448	$		4,452
6.500% due 12/27/2066 •			12,059			12,110

Nelnet Student Loan Trust
1.420% due 04/20/2062			607			554
5.735% due 12/24/2035 •			1,261			1,248
6.250% due 09/25/2065 •			6,486			6,469
6.260% due 08/25/2067 •			10,846			10,816
6.300% due 02/25/2066 •			5,796			5,780

Neuberger Berman CLO Ltd.
6.510% due 10/15/2029 •			812			813
6.616% due 01/28/2030 •			6,700			6,710

Neuberger Berman Loan Advisers CLO Ltd.
6.608% due 04/19/2030 •			1,143			1,143
6.626% due 04/20/2031 •			850			851

Newark BSL CLO Ltd.
6.555% due 07/25/2030 •			3,077			3,079

Nissan Auto Lease Trust
5.953% due 08/15/2025 •			15,655			15,665

Nissan Auto Receivables Owner Trust
5.893% due 05/15/2026 •			33,750			33,788
5.983% due 02/17/2026 •			5,590			5,595

Octagon Investment Partners Ltd.
6.475% due 10/20/2030 •			13,031			13,050
6.584% due 02/14/2031 •			3,728			3,730

Oscar U.S. Funding LLC
5.480% due 02/10/2027			8,300			8,296
5.627% due 03/10/2025			4,676			4,675

OZLM Ltd.
6.475% due 07/20/2030 •			5,900			5,904
6.525% due 10/20/2031 •			1,399			1,400
6.559% due 10/17/2029 •			11,287			11,295

Palmer Square Loan Funding Ltd.
6.486% due 04/20/2029 •			563			563

PHEAA Student Loan Trust
6.400% due 11/25/2065 •			3,171			3,165

PRET LLC
1.868% due 07/25/2051 þ			3,778			3,711

Race Point CLO Ltd.
6.530% due 10/15/2030 •			4,454			4,458

Rad CLO Ltd.
0.000% due 04/25/2032 •			13,250			13,275

Ready Capital Mortgage Financing LLC
6.985% due 01/25/2037 •			20,322			20,288

Romark CLO Ltd.
6.618% due 10/23/2030 •			25,706			25,742

Saranac CLO Ltd.
6.748% due 08/13/2031 •			12,124			12,165

SBNA Auto Lease Trust
5.450% due 01/20/2026			20,757			20,737
5.670% due 11/20/2026			3,700			3,704
6.270% due 04/20/2026			22,679			22,755

SFS Auto Receivables Securitization Trust
5.890% due 03/22/2027			539			539
6.133% due 03/22/2027 •			2,587			2,592

SLM Private Credit Student Loan Trust
5.911% due 12/15/2038 •			3,435			3,384

SLM Student Loan Trust
6.100% due 12/27/2038 •			1,510			1,494
6.150% due 01/25/2029 •			1,773			1,734

SMB Private Education Loan Trust
1.290% due 07/15/2053			11,510			10,553
2.340% due 09/15/2034			724			713
6.043% due 03/17/2053 •			4,703			4,644
6.343% due 09/15/2034 •			2,058			2,060
6.543% due 09/15/2034 •			565			566
6.543% due 07/15/2053 •			1,451			1,452

SoFi Consumer Loan Program Trust
5.810% due 05/15/2031			1,240			1,240

SoFi Professional Loan Program LLC
2.650% due 09/25/2040			612			593
6.760% due 02/25/2040 •			54			54

SoFi Professional Loan Program Trust
1.950% due 02/15/2046			9,795			8,957


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Sound Point CLO Ltd.
6.565% due 07/25/2030 •	$		9,549	$		9,556
6.566% due 10/20/2030 •			2,271			2,273
6.670% due 04/15/2030 •			879			880
6.686% due 07/26/2031 •			541			542
6.706% due 01/21/2031 •			7,357			7,361
6.739% due 04/18/2031 •			885			886

Starwood Mortgage Trust
6.683% due 11/15/2038 •			23,200			22,800

Steele Creek CLO Ltd.
6.656% due 04/21/2031 •			709			710

Symphony Static CLO Ltd.
6.415% due 10/25/2029 •			2,436			2,439

TCW CLO Ltd.
6.555% due 04/25/2031 •			11,114			11,130

Tesla Auto Lease Trust
5.834% due 06/22/2026 •			14,000			14,000
6.020% due 09/22/2025			23,521			23,553

Tesla Electric Vehicle Trust
5.853% due 12/21/2026 •			11,800			11,806

TIAA CLO Ltd.
6.739% due 01/16/2031 •			1,193			1,194

Towd Point HE Trust
0.918% due 02/25/2063 ~			4,326			4,156

Toyota Auto Receivables Owner Trust
3.760% due 04/15/2027			8,100			7,985
5.733% (SOFR30A + 0.400%) due 08/17/2026 ~			24,864			24,871
5.903% due 08/15/2025 •			411			411

Toyota Lease Owner Trust
5.884% due 04/20/2026 •			31,140			31,174

Trestles CLO Ltd.
6.756% due 10/20/2034 •			7,700			7,718

Trillium Credit Card Trust
6.096% due 12/26/2028 •			67,700			67,927
6.196% due 08/26/2028 •			95,000			95,430

USAA Auto Owner Trust
5.830% due 07/15/2026			13,182			13,191

Venture CLO Ltd.
6.576% due 07/20/2030 •			23,241			23,252
6.636% due 07/20/2030 •			6,432			6,442

Verizon Master Trust
6.013% due 09/08/2028 •			26,000			26,215

VMC Finance LLC
6.546% due 06/16/2036 •			1,219			1,217

Volkswagen Auto Lease Trust
5.804% due 12/21/2026 •			31,300			31,342
5.904% due 01/20/2026 •			23,049			23,073

Volkswagen Auto Loan Enhanced Trust
5.854% due 12/21/2026 •			26,463			26,484
5.963% due 03/22/2027 •			36,730			36,805

Voya CLO Ltd.
6.529% due 04/17/2030 •			13,348			13,366
6.570% due 06/07/2030 •			4,481			4,486
6.590% due 10/15/2030 •			8,198			8,210

Wellfleet CLO Ltd.
6.476% due 07/20/2029 •			224			224

Wellman Park CLO Ltd.
6.690% due 07/15/2034 •			15,000			15,025

Wind River CLO Ltd.
6.670% due 07/15/2031 •			4,200			4,202

World Omni Auto Receivables Trust
5.743% due 12/15/2026 •			25,492			25,501
5.763% due 07/15/2026 •			7,669			7,671
5.910% due 02/16/2027			11,363			11,385
5.913% due 02/16/2027 •			14,818			14,837
6.043% due 11/16/2026 •			10,728			10,737

World Omni Automobile Lease Securitization Trust
5.763% due 02/16/2027 •			26,000			26,021

Total Asset-Backed Securities (Cost $3,191,679)						3,184,103


80		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 2.0%

CDP Financial, Inc.
5.766% (SOFRINDX + 0.400%) due 05/19/2025 ~	$		9,250	$		9,263
5.766% due 05/19/2025 ~			24,000			24,033

CPPIB Capital, Inc.
6.604% (SOFRINDX + 1.250%) due 04/04/2025 ~			98,750			99,502
6.621% (SOFRRATE + 1.250%) due 03/11/2026 ~			36,000			36,606

PSP Capital, Inc.
5.611% (SOFRINDX + 0.240%) due 03/03/2025 ~			71,847			71,847

Total Sovereign Issues (Cost $241,003)						241,251


SHORT-TERM INSTRUMENTS 10.8%

COMMERCIAL PAPER 9.2%

AES Corp.
5.900% due 07/23/2024			54,950			54,720

Alimentation Couche-Tard, Inc.
5.510% due 07/12/2024			14,650			14,618

Bacardi-Martini BV
5.830% due 08/08/2024			15,850			15,744
5.830% due 08/15/2024			7,450			7,392
5.850% due 07/10/2024			14,850			14,822

Campbell Soup Co.
5.550% due 08/01/2024			4,550			4,525
5.550% due 08/05/2024			4,700			4,672

Canadian Natural Resources Ltd.
5.850% due 07/25/2024 (a)			120,700			120,249

Conagra Brands, Inc.
5.800% due 07/09/2024			23,950			23,908

Constellation Brands, Inc.
5.610% due 07/09/2024			4,600			4,592
5.610% due 07/23/2024			6,450			6,424
5.640% due 07/01/2024			5,000			4,998
5.640% due 07/15/2024			24,200			24,134
5.650% due 07/16/2024			250			249
5.650% due 07/26/2024			1,500			1,493
5.650% due 07/30/2024			12,950			12,883
5.660% due 07/19/2024			13,550			13,504
5.670% due 07/16/2024			500			499
5.680% due 07/22/2024			13,750			13,697
5.680% due 07/29/2024 (a)			2,300			2,288


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Crown Castle, Inc.
5.840% due 07/09/2024	$		79,850	$		79,710
5.840% due 07/11/2024			13,850			13,821
5.840% due 07/30/2024			7,400			7,362
5.840% due 08/01/2024			13,900			13,823

Discovery Communications LLC
6.000% due 07/15/2024 (a)			32,000			31,911

Dominion Resources Services, Inc.
5.580% due 07/17/2024			18,500			18,447

Entergy Corp.
5.550% due 07/25/2024			20,300			20,216
5.600% due 07/02/2024			18,700			18,689

Global Payments, Inc.
5.970% due 07/01/2024			40,550			40,530
6.030% due 07/18/2024			14,450			14,401

Huntington Ingalls Industries, Inc.
5.880% due 07/02/2024			17,400			17,389

Keurig Dr Pepper, Inc.
5.510% due 07/19/2024			80,250			79,993
5.520% due 08/01/2024			7,050			7,013

L3Harris Technologies, Inc.
5.520% due 07/24/2024			23,450			23,357
5.550% due 07/29/2024			14,050			13,983

Marathon Oil Corp.
5.830% due 07/05/2024			31,750			31,715

Marriott International, Inc.
5.530% due 08/13/2024			13,850			13,751

NextEra Energy Capital Holdings, Inc.
5.570% due 07/08/2024			2,700			2,696
5.570% due 08/12/2024			13,300			13,207
5.570% due 08/13/2024 (a)			19,750			19,610
5.580% due 08/12/2024			22,150			21,996

Penske Truck Leasing Co. LP
5.540% due 08/20/2024			14,400			14,280

Southern California Edison Co.
5.600% due 07/02/2024			22,500			22,486
5.600% due 07/08/2024			42,350			42,284
5.600% due 07/12/2024 (a)			34,650			34,574
5.600% due 07/18/2024 (a)			17,400			17,345

Targa Resources Corp.
6.000% due 07/08/2024			750			749
6.000% due 07/19/2024			24,050			23,967
6.000% due 07/22/2024			69,100			68,827
6.000% due 07/26/2024			27,100			26,974


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

VW Credit, Inc.
5.570% due 08/21/2024	$		8,800	$		8,726
5.570% due 08/26/2024			5,300			5,252

						1,114,495


REPURCHASE AGREEMENTS (c) 1.2%
						147,005


SHORT-TERM NOTES 0.4%
CarMax Auto Owner Trust
5.511% due 01/15/2025			2,450			2,450

Citizens Auto Receivables Trust
5.616% due 01/15/2025			1,701			1,701
DLLST LLC
5.562% due 01/21/2025			5,083			5,084

GM Financial Consumer Automobile Receivables Trust
5.529% due 01/16/2025			691			691

Huntington Auto Trust
5.625% due 02/18/2025			2,724			2,725

Kubota Credit Owner Trust
5.531% due 02/18/2025			15,386			15,389

M&T Bank Auto Receivables Trust
5.643% due 03/17/2025			2,033			2,033

Volkswagen Auto Lease Trust
5.516% due 03/20/2025			17,440			17,443

						47,516

Total Short-Term Instruments (Cost $1,309,490)						1,309,016



Total Investments in Securities (Cost $12,193,586)						12,167,231


Total Investments 101.0% (Cost $12,193,586)				$		12,167,231

Financial Derivative Instruments (d) 0.0% (Cost or Premiums, net $0)						877

Other Assets and Liabilities, net (1.0)%						(118,792	)

Net Assets 100.0%				$		12,049,316

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

«	Security valued using significant unobservable inputs (Level 3).

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	When-issued security.

(b)	Restricted Securities.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		(Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	605	U.S. Treasury Notes 4.500% due 03/31/2026	$	(618	)	$	605	$	605
SAL		5.270			06/28/2024		07/01/2024		4,000	U.S. Treasury Notes 4.875% due 11/30/2025		(4,096	)		4,000		4,002
		5.340			06/28/2024		07/01/2024		112,600	U.S. Treasury Notes 5.000% due 09/30/2025		(116,256	)		112,600		112,650
		5.370			06/28/2024		07/01/2024		29,800	U.S. Treasury Notes 0.750% due 04/30/2026		(30,421	)		29,800		29,813

Total Repurchase Agreements											$	(151,391	)	$	147,005	$	147,070

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	605	$	0	$	0	$	605	$	(618	)	$	(13	)
SAL		146,465		0		0		146,465		(150,773	)		(4,308	)

Total Borrowings and Other Financing Transactions	$	147,070	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended June 30, 2024 was $(2,234) at a weighted average interest rate of 5.383%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		438	$	(89,448	)	$	(279	)	$	10	$	0
U.S. Treasury 5-Year Note September Futures		09/2024		7,922		(844,312	)		(989	)		867		0

Total Futures Contracts								$	(1,268	)	$	877	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	877	$	0	$	877	$	0	$	0	$	0	$	0

Cash of $18,018 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


82		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	877	$	877

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	19,884		$	19,884


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(8,735	)	$	(8,735	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	3,915,599	$	0	$	3,915,599
Industrials		0		2,048,574		0		2,048,574
Utilities		0		488,433		0		488,433
U.S. Government Agencies		0		574,773		0		574,773
Non-Agency Mortgage-Backed Securities		0		405,246		236		405,482
Asset-Backed Securities		0		3,184,103		0		3,184,103
Sovereign Issues		0		241,251		0		241,251
Short-Term Instruments
Commercial Paper		120,249		994,246		0		1,114,495
Repurchase Agreements		0		147,005		0		147,005
Short-Term Notes		0		47,516		0		47,516


Total Investments	$	120,249	$	12,046,746	$	236	$	12,167,231


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	877	$	0	$	877


Total Financial Derivative Instruments	$	0	$	877	$	0	$	877


Totals	$	120,249	$	12,047,623	$	236	$	12,168,108

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 101.0%

MUNICIPAL BONDS & NOTES 93.6%

ALABAMA 3.1%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
4.230% (MUNIPSA) due 10/01/2052 ~	$		2,000	$		1,973

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			5,000			5,279

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			2,800			2,973
5.500% due 10/01/2054			5,000			5,479

Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020
5.000% due 08/01/2027			1,000			1,040

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,500			1,649

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024
5.250% due 07/01/2054			4,700			5,031

Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023
5.000% due 11/15/2035			1,500			1,605
5.000% due 11/15/2036			1,220			1,301
5.000% due 11/15/2037			875			929

Jefferson County, Alabama Sewer Revenue Notes, Series 2024
5.000% due 10/01/2031			3,500			3,856

Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019
2.000% due 11/01/2033			1,350			1,340

Southeast Alabama Gas Supply District Revenue Bonds, Series 2024
5.000% due 06/01/2049			4,400			4,641

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			5,950			6,285

West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998
3.650% due 06/01/2028			3,600			3,581

						46,962


ALASKA 0.4%

Alaska Housing Finance Corp. Revenue Bonds, Series 2022
5.000% due 12/01/2033			1,905			2,090

Alaska Municipal Bond Bank, Revenue Bonds, Series 2023
5.000% due 12/01/2042			1,000			1,077

Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021
5.000% due 06/01/2033			2,890			3,127

						6,294


ARIZONA 0.4%

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			2,000			2,108

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014
4.750% due 07/01/2044			2,200			2,200

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017
3.125% due 07/01/2034			425			409

Phoenix, Arizona General Obligation Refunding Notes, Series 2022
5.000% due 07/01/2026			1,500			1,553

						6,270


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CALIFORNIA 5.5%

Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.330% (MUNIPSA) due 04/01/2056 ~	$		2,000	$		1,990

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			4,700			4,984
5.250% due 01/01/2054			2,000			2,109
5.250% due 11/01/2054			7,750			8,284
5.500% due 10/01/2054			1,900			2,079

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 05/01/2054			2,600			2,779

California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2036			1,000			992

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2040			3,250			3,184

California Health Facilities Financing Authority Revenue Bonds, Series 2024
5.250% due 12/01/2040			2,500			2,793

California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024
4.450% due 12/01/2042			1,100			1,112

California State General Obligation Bonds, Series 2016
4.000% due 09/01/2037			4,495			4,510

California State General Obligation Bonds, Series 2019
5.000% due 11/01/2036			5,000			5,377

California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			3,100			3,154

California State General Obligation Notes, Series 2022
5.000% due 11/01/2026			6,400			6,669

California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.500% due 11/01/2033			3,500			3,706

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2041 (c)			1,500			728

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021
4.000% due 01/15/2033			1,111			1,142

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
2.746% due 06/01/2034			3,000			2,508

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021
2.687% due 06/01/2030			6,000			5,228

Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022
5.000% due 06/01/2038			1,000			1,135

Los Angeles Community College District, California General Obligation Notes, Series 2024
5.000% due 08/01/2032			7,500			8,654

Los Angeles, California Wastewater System Revenue Bonds, Series 2015
5.000% due 06/01/2029			1,350			1,369

Riverside Unified School District, California Special Tax Bonds, Series 2024
5.000% due 09/01/2039			500			531
5.000% due 09/01/2044			690			717

San Francisco, California City & County Certificates of Participation Bonds, Series 2017
4.000% due 04/01/2036			6,320			6,332

						82,066


COLORADO 2.7%

Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2042			1,000			1,105
5.000% due 12/01/2043			1,000			1,099
5.000% due 12/01/2044			1,000			1,095


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Colorado Health Facilities Authority Revenue Bonds, Series 2018
5.000% due 11/15/2048	$		2,500	$		2,542

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 11/15/2043			7,000			6,857
5.000% due 11/15/2049			1,360			1,403

Colorado Health Facilities Authority Revenue Bonds, Series 2022
5.250% due 11/01/2035			1,200			1,365
5.250% due 11/01/2037			1,450			1,632

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 12/01/2034			6,500			7,413
5.000% due 11/15/2059			5,800			6,255

Colorado Health Facilities Authority Revenue Notes, Series 2024
5.000% due 05/15/2033			4,500			5,075

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,300			1,424

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024
4.328% (SOFRRATE) due 09/01/2039 ~			3,400			3,401

						40,666


CONNECTICUT 1.6%

Bridgeport, Connecticut General Obligation Notes, Series 2017
5.000% due 08/15/2027			2,690			2,819

Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 10/01/2033			1,020			1,085
5.000% due 01/01/2035			4,290			4,515

Connecticut Special Tax State Revenue Bonds, Series 2022
5.000% due 07/01/2039			5,000			5,606

Connecticut State General Obligation Bonds, Series 2018
5.000% due 09/15/2030			3,640			3,882

Connecticut State General Obligation Notes, Series 2022
5.000% due 09/15/2028			2,725			2,933

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 07/01/2029			1,200			1,263

Metropolitan District, Connecticut General Obligation Bonds, Series 2018
5.000% due 07/15/2029			1,845			1,982

						24,085


DELAWARE 0.1%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			2,000			1,898


DISTRICT OF COLUMBIA 0.5%

Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017
5.000% due 07/01/2031			2,075			2,158
5.000% due 07/01/2033			5,000			5,198

						7,356


FLORIDA 2.9%

Florida’s Turnpike Enterprise Revenue Bonds, Series 2018
4.000% due 07/01/2048			4,500			4,359

Jacksonville Housing Authority, Florida Revenue Notes, Series 2024
5.000% due 02/01/2034			1,500			1,591


84		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

JEA Water & Sewer System, Florida Revenue Bonds, Series 2020
4.000% due 10/01/2039	$		1,000	$		1,005

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020
5.000% due 10/01/2032			1,000			1,092

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017
4.000% due 07/01/2033			3,000			3,009

Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2024
5.000% due 10/01/2032			2,750			3,122
5.000% due 10/01/2033			9,000			10,337

Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023
5.000% due 10/01/2028			1,450			1,546

Orange County, Florida School Board Certificates of Participation Notes, Series 2024
5.000% due 08/01/2033			6,340			7,300
5.000% due 08/01/2034			3,960			4,617

Orlando Utilities Commission, Florida Revenue Bonds, Series 2021
1.250% due 10/01/2046			3,500			3,071

Osceola County, Florida Transportation Revenue Bonds, Series 2020
0.000% due 10/01/2034 (c)			1,850			1,208

Osceola County, Florida Transportation Revenue Notes, Series 2020
0.000% due 10/01/2027 (c)			350			307
0.000% due 10/01/2029 (c)			700			565

Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2033 (c)			200			136

						43,265


GEORGIA 3.8%

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			2,000			1,703

Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019
5.000% due 07/01/2038			1,800			1,928

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
3.250% due 11/01/2045			3,750			3,719

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			600			619

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023
5.000% due 04/01/2042			2,875			3,075
5.000% due 04/01/2043			3,375			3,597

Development Authority of Burke County, Georgia Revenue Bonds, Series 2008
3.375% due 11/01/2048			4,500			4,469

Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013
1.500% due 01/01/2039			1,250			1,221

Fulton County, Georgia Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2030			1,000			1,084

LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			700			723

Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2024
5.000% due 12/01/2054			6,500			6,892

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			700			703

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052			1,915			1,922
5.000% due 12/01/2052			3,000			3,146


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053	$		1,000	$		1,058
5.000% due 12/01/2053			7,600			8,129

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024
5.000% due 05/01/2054			6,000			6,375

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			2,400			2,410

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2031			1,200			1,265

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
4.500% due 07/01/2063			2,000			1,976

Municipal Electric Authority of Georgia Revenue Notes, Series 2019
5.000% due 01/01/2026			400			409
5.000% due 01/01/2029			1,000			1,052

Municipal Electric Authority of Georgia Revenue Notes, Series 2021
5.000% due 01/01/2027			200			204
5.000% due 01/01/2029			165			172

						57,851


HAWAII 0.7%

City & County Honolulu, Hawaii General Obligation Bonds, Series 2015
5.000% due 10/01/2030			2,000			2,037

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015
4.000% due 07/01/2034			8,475			8,478

						10,515


IDAHO 0.2%

Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.450% due 01/01/2044			2,500			2,521


ILLINOIS 4.6%

Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2014
5.000% due 12/01/2044			2,500			2,505

Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			3,620			3,706

Illinois Finance Authority Revenue Bonds, Series 2020
4.700% due 08/15/2049			7,600			7,600

Illinois Sales Tax State Revenue Bonds, Series 2024
5.000% due 06/15/2040			1,195			1,303

Illinois State General Obligation Bonds, Series 2021
5.000% due 03/01/2037			5,860			6,327

Illinois State General Obligation Bonds, Series 2023
5.000% due 12/01/2043			6,100			6,547

Illinois State General Obligation Bonds, Series 2024
5.000% due 05/01/2036			8,000			8,923

Illinois State General Obligation Notes, Series 2020
5.500% due 05/01/2030			7,000			7,454

Illinois State General Obligation Notes, Series 2024
5.000% due 05/01/2032			5,000			5,494

Illinois State Revenue Bonds, Series 2013
5.000% due 06/15/2026			1,500			1,502

Illinois State Toll Highway Authority Revenue Bonds, Series 2015
5.000% due 01/01/2040			2,100			2,115

Illinois State Toll Highway Authority Revenue Bonds, Series 2019
5.000% due 01/01/2030			2,500			2,688

Illinois State Toll Highway Authority Revenue Bonds, Series 2024
5.000% due 01/01/2035			2,600			3,022
5.000% due 01/01/2036			5,000			5,790


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)	$		500	$		303
0.000% due 06/15/2037 (c)			1,500			865

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,350			1,413

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2023
5.000% due 01/01/2037			1,000			1,082

						68,639


INDIANA 1.5%

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			1,500			1,508

Indiana Finance Authority Revenue Bonds, Series 2010
2.500% due 11/01/2030			3,825			3,421

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			2,100			1,970

Indiana Finance Authority Revenue Bonds, Series 2018
5.000% due 02/01/2030			1,500			1,596

Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2036			1,000			1,136
5.000% due 10/01/2037			800			905

Indiana University Revenue Notes, Series 2024
5.000% due 06/01/2034			4,600			5,378

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
6.000% due 02/01/2048			4,000			4,633

Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			1,500			1,486

						22,033


IOWA 0.8%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012
4.750% due 08/01/2042			8,000			7,961

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			3,000			3,146
5.000% due 12/01/2050			800			846

						11,953


KENTUCKY 0.2%

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			1,650			1,655

Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			1,000			1,004

						2,659


LOUISIANA 1.6%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			13,100			12,899

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022
5.000% due 08/15/2027			1,200			1,245
5.000% due 08/15/2028			1,200			1,245

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,980			1,919

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2036			1,000			1,120

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			2,900			2,900

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021
4.000% due 02/01/2037	$		2,000	$		1,968

						23,296


MARYLAND 1.0%

Maryland Department of Transportation State Revenue Bonds, Series 2019
4.000% due 10/01/2032			1,450			1,471

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 06/01/2037			225			216
5.000% due 06/01/2033			445			466

Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021
5.000% due 06/01/2031			350			368

Maryland State General Obligation Bonds, Series 2022
5.000% due 06/01/2036			8,000			9,117
5.000% due 06/01/2037			3,490			3,966

						15,604


MASSACHUSETTS 1.2%

Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.000% due 10/01/2037			3,400			3,850

Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			8,900			9,722

Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023
5.000% due 07/01/2033			1,500			1,720

Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2030			1,500			1,566

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.480% (MUNIPSA) due 07/01/2049 ~			1,000			997

						17,855


MICHIGAN 2.7%

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			3,290			3,505

Detroit Downtown Development Authority, Michigan Tax Allocation Bonds, Series 2024
5.000% due 07/01/2048			3,000			3,145

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
4.328% (TSFR3M) due 07/01/2032 ~			3,000			2,866

Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021
5.000% due 07/01/2029			1,175			1,248
5.000% due 07/01/2030			1,715			1,841

Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.000% due 07/01/2037			5,000			5,709

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.630% (MUNIPSA) due 04/15/2047 ~			3,500			3,501

Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022
5.000% due 04/15/2030			2,000			2,176

Michigan Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2030			1,200			1,215

Michigan Finance Authority Revenue Bonds, Series 2020
5.000% due 06/01/2040			5,000			5,214


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Michigan Finance Authority Revenue Bonds, Series 2024
5.000% due 02/28/2039	$		1,290	$		1,412

Michigan Finance Authority Revenue Notes, Series 2024
5.000% due 08/31/2034			1,930			2,158

Michigan State Building Authority Revenue Bonds, Series 2015
5.000% due 04/15/2034			2,000			2,030

Michigan State Building Authority Revenue Bonds, Series 2023
5.000% due 10/15/2037			1,000			1,140

Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
5.000% due 11/15/2047			1,500			1,562

Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2038			1,800			2,062

						40,784


MINNESOTA 0.2%

Minneapolis, Minnesota Revenue Bonds, Series 2023
5.000% due 11/15/2052			3,060			3,230


MISSISSIPPI 0.1%

Mississippi Business Finance Corp. Revenue Bonds, Series 2002
3.200% due 09/01/2028			1,500			1,467


MISSOURI 0.3%

Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023
5.000% due 05/01/2033			4,000			4,555


MULTI-STATE 2.2%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.033% due 12/25/2036			8,530			8,369
4.141% due 01/25/2040			10,896			10,678
4.549% due 08/25/2040			13,260			13,372

						32,419


NEBRASKA 0.5%

Douglas County, Nebraska Revenue Bonds, Series 2021
4.410% (MUNIPSA) due 07/01/2035 ~			1,960			1,936

Omaha Public Power District, Nebraska Revenue Bonds, Series 2024
5.000% due 02/01/2042 (a)			3,625			4,035

Public Power Generation Agency, Nebraska Revenue Notes, Series 2015
5.000% due 01/01/2025			1,905			1,916

						7,887


NEVADA 2.2%

Clark County, Nevada Revenue Bonds, Series 2010
2.100% due 06/01/2031			5,000			4,314

Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020
5.000% due 06/15/2028			1,000			1,067
5.000% due 06/15/2029			2,030			2,204

Humboldt County, Nevada Revenue Bonds, Series 2016
3.550% due 10/01/2029			5,000			4,973

Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016
5.000% due 06/15/2031			1,465			1,486

Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015
5.000% due 06/01/2034			1,500			1,510


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nevada State General Obligation Bonds, Series 2023
5.000% due 05/01/2040	$		10,000	$		11,321

Washoe County School District, Nevada General Obligation Bonds, Series 2023
4.125% due 06/01/2041			4,235			4,276

Washoe County, Nevada Revenue Bonds, Series 2016
3.625% due 03/01/2036			2,500			2,488

						33,639


NEW HAMPSHIRE 0.7%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			4,949			4,667

New Hampshire Business Finance Authority Revenue Notes, Series 2021
4.000% due 01/01/2025			285			284

New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 07/01/2055 (a)			5,325			6,011

						10,962


NEW JERSEY 4.0%

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (d)			12,616			11,427

New Jersey Economic Development Authority Revenue Bonds, Series 2015
5.250% due 06/15/2027			2,100			2,135

New Jersey Economic Development Authority Revenue Bonds, Series 2021
4.000% due 06/15/2034			500			512

New Jersey Economic Development Authority Revenue Bonds, Series 2022
5.000% due 11/01/2036			2,500			2,780

New Jersey State General Obligation Notes, Series 2020
5.000% due 06/01/2026			2,000			2,067

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009
0.000% due 12/15/2034 (c)			1,500			1,011

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,380			1,453

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2036			6,500			7,315
5.000% due 06/15/2037			10,985			12,325

New Jersey Turnpike Authority Revenue Bonds, Series 2017
4.000% due 01/01/2034			7,500			7,626
5.000% due 01/01/2030			2,250			2,335

South Jersey Transportation Authority LLC, New Jersey Revenue Bonds, Series 2014
5.000% due 11/01/2039			1,300			1,302

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2031			7,870			8,302

						60,590


NEW MEXICO 1.3%

Farmington, New Mexico Revenue Bonds, Series 2005
1.800% due 04/01/2029			5,000			4,442

Farmington, New Mexico Revenue Bonds, Series 2010
3.875% due 06/01/2040			7,000			7,050

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039			7,950			7,809

						19,301


86		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 15.7%

Battery Park City Authority, New York Revenue Bonds, Series 2019
5.000% due 11/01/2040	$		2,500	$		2,711

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.563% due 04/25/2042 ~			5,000			5,237
4.617% due 08/25/2041 ~			6,696			6,854

Freddie Mac Structured Pass-Through Certificates, Revenue Bonds, Series 2024
4.683% due 10/25/2040			6,497			6,702

Long Island Power Authority, New York Revenue Bonds, Series 2023
5.000% due 09/01/2042			2,375			2,645

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2029			3,000			3,017

Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023
4.720% due 01/01/2044			1,800			1,822

Nassau County, New York General Obligation Notes, Series 2016
5.000% due 04/01/2026			1,360			1,403

New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021
5.000% due 01/01/2030			2,005			2,162

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.000% due 07/15/2031			1,520			1,616

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2022
5.000% due 07/15/2035			5,000			5,688

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014
4.900% due 11/01/2042			20,000			20,000
5.000% due 08/01/2031			5,000			5,005

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.900% due 11/01/2044			8,000			8,000

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022
5.000% due 08/01/2035			2,000			2,275
5.250% due 08/01/2040			4,890			5,517

New York City, New York General Obligation Bonds, Series 2015
4.900% due 06/01/2044			5,000			5,000

New York City, New York General Obligation Bonds, Series 2018
4.900% due 12/01/2047			10,000			10,000

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
4.650% due 06/15/2048			20,000			20,000

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021
5.000% due 06/15/2032			5,000			5,663

New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022
5.000% due 06/15/2028			2,000			2,154

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.000% due 02/01/2040			2,450			2,701

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023
5.000% due 02/01/2039			3,000			3,367

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023
5.000% due 05/01/2037			2,000			2,295

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 11/01/2036			5,000			5,780
5.000% due 11/01/2037			4,500			5,178


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044	$		9,525	$		9,535

New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2036			1,000			1,164
5.000% due 11/15/2037			1,000			1,156

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
4.000% due 05/01/2045			4,740			4,563

New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024
5.000% due 10/01/2035			12,025			13,680

New York State Dormitory Authority Revenue Bonds, Series 2015
5.000% due 03/15/2030			3,500			3,551

New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2031			3,000			3,219

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 03/15/2034			4,705			4,821
4.000% due 02/15/2047			5,000			4,899

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2051			8,000			7,701

New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			3,000			2,921

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (d)			6,500			6,111

New York State Urban Development Corp. Revenue Bonds, Series 2015
5.000% due 03/15/2035			2,500			2,535

New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2037			4,900			5,636
5.000% due 03/15/2046			2,500			2,742

New York Transportation Development Corp. Revenue Notes, Series 2020
5.000% due 12/01/2026			1,070			1,104

Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041			3,000			3,039

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
5.250% due 05/15/2062			5,000			5,431

Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022
5.000% due 11/15/2032			4,200			4,763

TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2026			1,270			1,302
5.000% due 06/01/2027			2,800			2,911

						235,576


NORTH CAROLINA 1.6%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
4.650% due 01/15/2037			17,765			17,765

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021
5.000% due 01/15/2049			2,000			2,200

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022
5.000% due 01/15/2028			1,000			1,059

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 06/01/2041			3,000			3,003

						24,027


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NORTH DAKOTA 0.1%

Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2036	$		1,050	$		1,145


OHIO 1.9%

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
5.000% due 06/01/2035			1,000			1,071
5.000% due 06/01/2036			2,065			2,205

Butler County, Ohio Revenue Bonds, Series 2017
5.000% due 11/15/2030			1,235			1,251

Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2025			3,000			3,002

Kent State University, Ohio Revenue Bonds, Series 2022
5.000% due 05/01/2033			510			575

Northeast Ohio Medical University Revenue Notes, Series 2021
5.000% due 12/01/2029			115			120

Ohio Air Quality Development Authority Revenue Bonds, Series 2014
2.400% due 12/01/2038			3,200			2,829

Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008
4.850% due 01/01/2043			8,000			8,000

Ohio Water Development Authority Revenue Bonds, Series 2023
5.000% due 12/01/2038			1,250			1,433

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023
5.000% due 12/01/2037			4,985			5,711

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2036			380			421
5.000% due 12/01/2039			430			469
5.000% due 12/01/2040			410			445
5.000% due 12/01/2041			460			496

Worthington City School District, Ohio General Obligation Notes, Series 2023
0.000% due 12/01/2031 (c)			845			640
0.000% due 12/01/2032 (c)			880			639

						29,307


OKLAHOMA 0.5%

Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023
5.000% due 06/01/2036			1,850			2,106
5.000% due 06/01/2037			1,100			1,246

Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024
5.000% due 06/01/2036 (a)			4,000			4,603

						7,955


OREGON 0.6%

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
5.000% due 08/15/2035			1,500			1,614
5.000% due 08/15/2036			1,500			1,611
5.000% due 08/15/2037			1,600			1,713
5.000% due 08/15/2038			1,000			1,066

Oregon Department of Transportation State Revenue Bonds, Series 2024
5.000% due 05/15/2037 (a)			1,000			1,153
5.000% due 05/15/2038 (a)			2,250			2,583

						9,740

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PENNSYLVANIA 4.5%

Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.580% (MUNIPSA) due 11/15/2047 ~	$		10,000	$		9,977

Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018
4.000% due 06/01/2039			2,250			2,265

Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018
5.000% due 06/01/2025			1,500			1,518

Commonwealth of Pennsylvania General Obligation Notes, Series 2016
5.000% due 01/15/2027			2,000			2,089

Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022
5.000% due 10/01/2033			5,000			5,717

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007
4.508% (TSFR3M) due 06/01/2037 ~			4,000			3,731

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023
4.000% due 03/01/2035			1,100			1,116

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023
4.000% due 03/01/2033			600			619

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,250			1,181
5.000% due 04/01/2043			4,500			4,631

Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016
3.000% due 09/01/2029			3,500			3,336

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042			4,060			3,944

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			5,500			5,645

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 08/15/2029			340			346
5.000% due 08/15/2031			300			305
5.000% due 08/15/2033			1,000			1,017

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 08/15/2029			1,250			1,306

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2036			8,170			9,053

Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
5.000% due 02/01/2031			2,500			2,683

School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
4.000% due 09/01/2038			2,200			2,212

Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022
5.250% due 06/01/2042			3,750			4,187

Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022
5.000% due 06/01/2031			1,000			1,121

						67,999


PUERTO RICO 1.7%

Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
4.245% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,280			1,252

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)			26,355			6,201
4.500% due 07/01/2034			8,671			8,686
5.000% due 07/01/2058			3,000			3,001


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.329% due 07/01/2040	$		7,000	$		6,930

						26,070


RHODE ISLAND 1.4%

Rhode Island Health and Educational Building Corp. Revenue Bonds, Series 2024
5.000% due 05/15/2037			1,000			1,100

Rhode Island Health and Educational Building Corp. Revenue Notes, Series 2024
5.000% due 05/15/2034			6,500			7,202

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2035			11,000			11,105
5.000% due 06/01/2040			2,000			2,011

						21,418


SOUTH CAROLINA 0.2%

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			2,800			3,033


SOUTH DAKOTA 0.1%

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 11/01/2027			925			928

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 11/01/2028			900			919

						1,847


TENNESSEE 1.8%

Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022
3.950% due 12/01/2027			3,500			3,502

Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023
5.000% due 07/01/2036			760			856
5.000% due 07/01/2038			500			555

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023
4.875% due 10/01/2038			3,295			3,403

Tennergy Corp., Tennessee Revenue Bonds, Series 2019
5.000% due 02/01/2050			1,500			1,505

Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			2,000			2,002

Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053			6,000			6,414

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			3,000			3,047
5.250% due 09/01/2026			1,745			1,787

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052			3,400			3,610

						26,681


TEXAS 11.2%

Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002
0.000% due 08/15/2026 (c)			3,000			2,776

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2037 (c)			5,000			2,762

Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016
5.000% due 08/15/2025			2,115			2,154


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037	$		1,350	$		1,528

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2034			3,000			3,388

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2036			2,550			2,929

EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023
4.000% due 12/01/2033			5,000			4,852

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			5,000			5,258

Greenwood Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2049			3,000			3,233

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014
5.000% due 12/01/2025			500			503

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2054			6,000			6,430

Harris County, Texas Municipal Utility District No 383, Revenue Bonds, (BAM Insured), Series 2023
5.000% due 08/15/2035			2,960			3,391

Harris County, Texas Toll Road Revenue Bonds, Series 2024
5.000% due 08/15/2037			5,000			5,752
5.000% due 08/15/2038			6,000			6,880

Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2036			1,540			1,722

Houston, Texas Airport System Revenue Bonds, Series 2018
5.000% due 07/01/2030			3,300			3,517

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018
5.000% due 02/15/2029			1,435			1,526

Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037			1,500			1,699
5.000% due 02/15/2038			2,000			2,254
5.000% due 02/15/2039			5,000			5,592

Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022
5.000% due 02/01/2030			2,290			2,506

Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024
5.000% due 05/15/2040			1,250			1,398

Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024
4.000% due 05/15/2042			1,335			1,304
4.000% due 05/15/2044			720			693
5.000% due 05/15/2037			950			1,067
5.000% due 05/15/2039			1,000			1,112

Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2050			2,000			2,072

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2040			2,000			1,952

North Texas Tollway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2028			2,875			2,925

North Texas Tollway Authority Revenue Notes, Series 2023
5.000% due 01/01/2031			4,300			4,739

Permanent University Fund - University of Texas System Revenue Bonds, Series 2023
5.000% due 07/01/2040			1,090			1,228

San Antonio Education Facilities Corp., Texas Revenue Notes, Series 2024
5.000% due 06/01/2034			11,000			12,616


88		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045	$		2,500	$		2,277

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024
5.000% due 02/01/2036			3,500			4,036
5.000% due 02/01/2040			4,380			4,914
5.000% due 02/01/2041			3,000			3,342

Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.000% due 02/01/2043			2,500			2,511

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 07/01/2053			5,000			5,544

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024
5.000% due 07/01/2032			7,000			7,734

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.203% (TSFR3M) due 12/15/2026 ~			2,500			2,500

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			4,200			4,501

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 06/30/2037			2,950			2,970

Texas State University System Revenue Bonds, Series 2024
5.000% due 03/15/2040			2,000			2,250
5.000% due 03/15/2041			2,000			2,240

Texas Transportation Commission Revenue Bonds, Series 2019
0.000% due 08/01/2046 (c)			2,950			1,004

Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052			8,400			8,740
5.000% due 10/15/2047			5,860			6,363

Texas Water Development Board Revenue Bonds, Series 2023
4.600% due 10/15/2039			2,045			2,208

Texas Water Development Board Revenue Notes, Series 2022
5.000% due 10/15/2029			1,200			1,314
5.000% due 10/15/2030			1,775			1,972

						168,178


UTAH 0.2%

Intermountain Power Agency, Utah Power Supply Revenue Bonds, Series 2023
5.000% due 07/01/2036			2,500			2,823


VIRGINIA 1.0%

Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			3,000			3,216

Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023
5.000% due 07/01/2036			925			1,013
5.000% due 07/01/2038			600			650


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020
5.000% due 07/01/2053	$		6,700	$		7,132

Virginia Public Building Authority Revenue Bonds, Series 2015
4.000% due 08/01/2030			3,300			3,298

						15,309


WASHINGTON 1.9%

Energy Northwest, Washington Revenue Bonds, Series 2022
5.000% due 07/01/2035			3,000			3,418

Energy Northwest, Washington Revenue Bonds, Series 2023
5.000% due 07/01/2039			5,000			5,645

Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023
5.000% due 01/01/2036			1,265			1,436

Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020
4.000% due 12/01/2037			2,135			2,173

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017
4.000% due 09/01/2037			5,000			5,053

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			2,000			1,849

Washington Health Care Facilities Authority Revenue Bonds, Series 2020
5.000% due 09/01/2032			450			485

Washington State General Obligation Bonds, Series 2016
5.000% due 07/01/2033			5,000			5,108

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			4,180			3,747

						28,914


WEST VIRGINIA 0.2%

West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
5.750% due 09/01/2041			2,400			2,741


WISCONSIN 2.0%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2041			2,250			2,259

Public Finance Authority, Wisconsin Revenue Notes, Series 2021
4.000% due 10/01/2030			265			268

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
4.850% due 04/01/2048			9,370			9,370

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046			4,440			4,222

Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020
0.000% due 12/15/2028 (c)			1,075			907


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046	$		4,000	$		3,790

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 08/15/2040			2,000			1,974

Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018
5.000% due 04/01/2029			1,925			2,025

Wisconsin State General Obligation Notes, Series 2022
4.300% (MUNIPSA) due 05/01/2025 ~			4,520			4,502

						29,317

Total Municipal Bonds & Notes (Cost $1,389,123)						1,408,702


U.S. GOVERNMENT AGENCIES 0.6%

Freddie Mac
3.800% due 01/01/2040			9,976			9,480

Total U.S. Government Agencies (Cost $9,575)						9,480


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%

Multifamily Tax-Exempt Mortgage-backed Securities
4.500% due 08/01/2041 (a)			1,000			1,004

Total Non-Agency Mortgage-Backed Securities (Cost $1,000)						1,004


SHORT-TERM INSTRUMENTS 6.7%

REPURCHASE AGREEMENTS (e) 0.0%
						639


U.S. TREASURY BILLS 6.0%
5.382% due 07/05/2024 - 09/05/2024 (b)(c)(g)			91,400			90,919


MUNICIPAL BONDS & NOTES 0.7%

Los Angeles County, California Revenue Notes, Series 2024
5.000% due 06/30/2025 (a)			9,500			9,658

Total Municipal Bonds & Notes (Cost $9,660)						9,658

Total Short-Term Instruments (Cost $101,218)						101,216



Total Investments in Securities (Cost $1,500,916)						1,520,402


Total Investments 101.0% (Cost $1,500,916)				$		1,520,402

Financial Derivative Instruments (f) 0.0% (Cost or Premiums, net $0)						155

Other Assets and Liabilities, net (1.0)%						(15,225	)

Net Assets 100.0%				$		1,505,332

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	When-issued security.

(b)	Coupon represents a weighted average yield to maturity.

(c)	Zero coupon security.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		(Cont.)

(d) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019		3.870	%		11/15/2035		11/28/2023	$	11,054	$	11,427		0.76	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/28/2023		5,822		6,111		0.41

								$	16,876	$	17,538		1.17	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	639	U.S. Treasury Notes 4.500% due 03/31/2026	$	(652	)	$	639	$	639

Total Repurchase Agreements											$	(652	)	$	639	$	639

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	639	$	0	$	0	$	0	$	639	$	(652	)	$	(13	)

Total Borrowings and Other Financing Transactions	$	639	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2024		585	$	(64,341	)	$	(810	)	$	155	$	0

Total Futures Contracts								$	(810	)	$	155	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	155	$	0	$	155	$	0	$	0	$	0	$	0

(g)	Securities with an aggregate market value of $1,256 and cash of $1,101 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


90		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	155	$	155

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	200		$	200


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(810	)	$	(810	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	46,962	$	0	$	46,962
Alaska		0		6,294		0		6,294
Arizona		0		6,270		0		6,270
California		0		82,066		0		82,066
Colorado		0		40,666		0		40,666
Connecticut		0		24,085		0		24,085
Delaware		0		1,898		0		1,898
District of Columbia		0		7,356		0		7,356
Florida		0		43,265		0		43,265
Georgia		0		57,851		0		57,851
Hawaii		0		10,515		0		10,515
Idaho		0		2,521		0		2,521
Illinois		0		68,639		0		68,639
Indiana		0		22,033		0		22,033
Iowa		0		11,953		0		11,953
Kentucky		0		2,659		0		2,659
Louisiana		0		23,296		0		23,296
Maryland		0		15,604		0		15,604
Massachusetts		0		17,855		0		17,855
Michigan		0		40,784		0		40,784
Minnesota		0		3,230		0		3,230
Mississippi		0		1,467		0		1,467
Missouri		0		4,555		0		4,555
Multi-State		0		32,419		0		32,419
Nebraska		0		7,887		0		7,887
Nevada		0		33,639		0		33,639
New Hampshire		0		10,962		0		10,962
New Jersey		0		60,590		0		60,590
New Mexico		0		19,301		0		19,301
New York		0		235,576		0		235,576
North Carolina		0		24,027		0		24,027


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
North Dakota	$	0	$	1,145	$	0	$	1,145
Ohio		0		29,307		0		29,307
Oklahoma		0		7,955		0		7,955
Oregon		0		9,740		0		9,740
Pennsylvania		0		67,999		0		67,999
Puerto Rico		0		26,070		0		26,070
Rhode Island		0		21,418		0		21,418
South Carolina		0		3,033		0		3,033
South Dakota		0		1,847		0		1,847
Tennessee		0		26,681		0		26,681
Texas		0		168,178		0		168,178
Utah		0		2,823		0		2,823
Virginia		0		15,309		0		15,309
Washington		0		28,914		0		28,914
West Virginia		0		2,741		0		2,741
Wisconsin		0		29,317		0		29,317
U.S. Government Agencies		0		9,480		0		9,480
Non-Agency Mortgage-Backed Securities		0		1,004		0		1,004
Short-Term Instruments
Repurchase Agreements		0		639		0		639
U.S. Treasury Bills		0		90,919		0		90,919
Municipal Bonds & Notes		0		9,658		0		9,658


Total Investments	$	0	$	1,520,402	$	0	$	1,520,402


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	155	$	0	$	155


Total Financial Derivative Instruments	$	0	$	155	$	0	$	155


Totals	$	0	$	1,520,557	$	0	$	1,520,557

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 143.9%

LOAN PARTICIPATIONS AND ASSIGNMENTS 1.7%

Altice France SA
10.829% due 08/15/2028	$		1,000	$		738

Asurion LLC
9.694% due 08/19/2028			149			148

B.C. Unlimited Liability Co.
7.094% due 09/20/2030			1,100			1,099

Broadcom Inc.
TBD% due 08/14/2026 «			1,500			1,493

Caesars Entertainment Corp.
8.097% due 02/06/2031			500			501

Carnival Corp.
8.094% due 10/18/2028			192			193

Cohesity
TBD% due 03/08/2031 «µ			116			116
TBD% due 03/08/2031 «			1,100			1,100

Concentra Health Services Inc.
TBD% due 06/26/2031 «			1,000			1,005

Cotiviti, Inc.
8.579% due 05/01/2031			998			995

FinCo LLC
8.330% due 06/27/2029			99			100

Global Medical Response, Inc.
TBD% due 10/31/2028			200			194

LifePoint Health, Inc.
9.329% due 05/17/2031			800			802

Medline Borrower LP
TBD% due 10/23/2028			1,000			1,001

Modena Buyer LLC
TBD% due 04/18/2031			2,000			1,955

SLM Student Loan Trust
TBD% due 07/25/2039 •	EUR		1,409			1,412

Station Casinos LLC
7.594% due 03/14/2031	$		998			998

TransDigm, Inc.
7.843% due 02/28/2031			1,097			1,101

Triton Water Holdings, Inc.
9.335% due 03/31/2028			998			1,002

Truist Insurance Holdings LLC
8.585% due 05/06/2031			1,000			1,003

UKG, Inc.
8.576% due 02/10/2031			900			905

Total Loan Participations and Assignments (Cost $17,850)						17,861


CORPORATE BONDS & NOTES 24.9%

BANKING & FINANCE 9.4%

AerCap Ireland Capital DAC
2.875% due 08/14/2024			305			304
3.000% due 10/29/2028			1,350			1,227

Ally Financial, Inc.
5.800% due 05/01/2025			300			300
6.992% due 06/13/2029 •			900			934

American Tower Corp.
2.750% due 01/15/2027			575			540
3.650% due 03/15/2027			200			192
3.800% due 08/15/2029			1,000			930
3.900% due 05/16/2030	EUR		1,500			1,603
5.550% due 07/15/2033	$		400			400

Athene Global Funding
5.339% due 01/15/2027			500			500

Banco Santander SA
3.490% due 05/28/2030			365			327

Bank of America Corp.
3.705% due 04/24/2028 •			500			479
5.202% due 04/25/2029 •			750			749
5.288% due 04/25/2034 •			1,150			1,139
5.468% due 01/23/2035 •			1,250			1,249
5.819% due 09/15/2029 •			500			511


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Barclays PLC
5.690% due 03/12/2030 •	$		625	$		627
6.496% due 09/13/2027 •			300			305
7.385% due 11/02/2028 •			590			622

BGC Group, Inc.
6.600% due 06/10/2029			1,000			995

Boost Newco Borrower LLC
7.500% due 01/15/2031			900			939

BPCE SA
6.612% due 10/19/2027 •			250			254

Brandywine Operating Partnership LP
8.875% due 04/12/2029			600			626

Brookfield Finance, Inc.
4.350% due 04/15/2030			90			85

Brookfield Property REIT, Inc.
4.500% due 04/01/2027			245			228

Burford Capital Global Finance LLC
9.250% due 07/01/2031			1,120			1,180

CaixaBank SA
5.673% due 03/15/2030 •			1,250			1,245

Cantor Fitzgerald LP
7.200% due 12/12/2028			850			875

Charles Schwab Corp.
5.853% due 05/19/2034 •			430			439

CI Financial Corp.
7.500% due 05/30/2029			1,000			991

Citibank NA
5.803% due 09/29/2028			1,800			1,850

Credicorp Capital Sociedad Titulizadora SA
10.100% due 12/15/2043	PEN		2,500			667

Credit Acceptance Corp.
6.625% due 03/15/2026	$		60			60
9.250% due 12/15/2028			500			529

Credit Suisse USA, Inc.
7.125% due 07/15/2032			1,615			1,777

Crown Castle, Inc.
1.050% due 07/15/2026			475			435
5.600% due 06/01/2029			625			631

Encore Capital Group, Inc.
8.500% due 05/15/2030			800			815
9.250% due 04/01/2029			1,250			1,304

Equinix, Inc.
2.625% due 11/18/2024			245			242

Equitable Holdings, Inc.
4.350% due 04/20/2028			60			58

Everglades Re II Ltd.
16.855% (T-BILL 1MO + 11.500%) due 05/13/2031 ~			400			398

Ford Motor Credit Co. LLC
5.800% due 03/05/2027			1,125			1,125

Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			1,380			1,339
7.000% due 05/01/2031			1,925			1,969

Freedom Mortgage Corp.
6.625% due 01/15/2027			60			58
12.000% due 10/01/2028			250			269

Freedom Mortgage Holdings LLC
9.125% due 05/15/2031			1,000			974
9.250% due 02/01/2029			300			300

GLP Capital LP
5.300% due 01/15/2029			130			128
5.375% due 04/15/2026			780			774

Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			3,790			3,152
4.482% due 08/23/2028 •			300			293
5.727% due 04/25/2030 •			1,600			1,629
6.484% due 10/24/2029 •			300			313

Hannon Armstrong Sustainable Infrastructure Capital, Inc.
6.375% due 07/01/2034 (a)			1,700			1,666

HAT Holdings LLC
3.375% due 06/15/2026			60			57
8.000% due 06/15/2027			650			677


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Host Hotels & Resorts LP
3.500% due 09/15/2030	$		100	$		88

HSBC Holdings PLC
4.755% due 06/09/2028 •			1,625			1,598
5.546% due 03/04/2030 •			1,300			1,303

Hudson Pacific Properties LP
5.950% due 02/15/2028			675			575

Intesa Sanpaolo SpA
4.198% due 06/01/2032 •			300			254

Jane Street Group
7.125% due 04/30/2031			1,100			1,129

JPMorgan Chase & Co.
5.040% due 01/23/2028 •			1,000			995
5.336% due 01/23/2035 •			1,250			1,243
5.350% due 06/01/2034 •			1,800			1,793
5.581% due 04/22/2030 •			2,000			2,032
6.070% due 10/22/2027 •			500			509

KBC Group NV
5.796% due 01/19/2029 •			350			353

Kilroy Realty LP
6.250% due 01/15/2036			400			380

Ladder Capital Finance Holdings LLLP
7.000% due 07/15/2031 (a)			1,200			1,211

Lazard Group LLC
6.000% due 03/15/2031			1,000			1,012

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			90			84

Lloyds Banking Group PLC
5.679% due 01/05/2035 •			1,600			1,595

Mitsubishi UFJ Financial Group, Inc.
5.406% due 04/19/2034 •			465			468

Morgan Stanley
3.125% due 07/27/2026			250			239
3.955% due 03/21/2035 •	EUR		1,000			1,065
5.164% due 04/20/2029 •	$		718			716
5.173% due 01/16/2030 •			1,250			1,247
5.250% due 04/21/2034 •			950			936
5.831% due 04/19/2035 •			1,500			1,538
6.407% due 11/01/2029 •			500			522

Nationstar Mortgage Holdings, Inc.
5.750% due 11/15/2031			245			230
7.125% due 02/01/2032			1,600			1,611

Nationwide Building Society
6.557% due 10/18/2027 •			250			255

NatWest Group PLC
5.778% due 03/01/2035 •			1,300			1,305
5.808% due 09/13/2029 •			685			694
6.016% due 03/02/2034 •			300			307

Newmark Group, Inc.
7.500% due 01/12/2029			725			746

Nomura Holdings, Inc.
5.783% due 07/03/2034 (a)			2,200			2,194

OneMain Finance Corp.
3.500% due 01/15/2027			975			914
7.500% due 05/15/2031			1,000			1,013
9.000% due 01/15/2029			335			354

Panama Infrastructure Receivable Purchaser PLC
0.000% due 04/05/2032 (b)			1,300			850

PennyMac Financial Services, Inc.
5.750% due 09/15/2031			155			145
7.125% due 11/15/2030			1,000			998
7.875% due 12/15/2029			350			361

Piedmont Operating Partnership LP
6.875% due 07/15/2029			1,000			988

Realty Income Corp.
3.250% due 01/15/2031			360			319

Sammons Financial Group, Inc.
6.875% due 04/15/2034			600			616

Santander Holdings USA, Inc.
6.174% due 01/09/2030 •			500			504

Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			800			756
6.534% due 01/10/2029 •			700			720


92		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

SLM Corp.
3.125% due 11/02/2026	$		850	$		793

Synchrony Bank
5.400% due 08/22/2025			185			184

Ter Finance Jersey Ltd.
0.000% due 01/02/2025 «			1,000			964

UBS Group AG
4.988% due 08/05/2033 •			200			191
5.699% due 02/08/2035 •			1,325			1,324
6.442% due 08/11/2028 •			550			564
6.537% due 08/12/2033 •			60			63

UniCredit SpA
7.296% due 04/02/2034 •			300			306

VFH Parent LLC
7.500% due 06/15/2031			1,000			1,006

VICI Properties LP
4.950% due 02/15/2030			600			579
5.750% due 04/01/2034			1,325			1,313

Wells Fargo & Co.
5.198% due 01/23/2030 •			1,250			1,245
5.389% due 04/24/2034 •			1,020			1,009
5.574% due 07/25/2029 •			1,200			1,211

Weyerhaeuser Co.
7.375% due 03/15/2032			190			212

Willis North America, Inc.
4.650% due 06/15/2027			60			59

						94,072


INDUSTRIALS 14.0%

AAR Escrow Issuer LLC
6.750% due 03/15/2029			850			867

AbbVie, Inc.
3.200% due 11/21/2029			1,675			1,537

Acadia Healthcare Co., Inc.
5.000% due 04/15/2029			365			347

Air Canada Pass-Through Trust
3.300% due 07/15/2031			1,236			1,132
3.600% due 09/15/2028			359			341

Altice France SA
5.500% due 10/15/2029			1,360			898

Amer Sports Co.
6.750% due 02/16/2031			775			774

American Airlines Pass-Through Trust
3.200% due 12/15/2029			150			139
3.600% due 03/22/2029			311			295
3.650% due 08/15/2030			861			814

American Airlines, Inc.
5.500% due 04/20/2026			183			182

Amgen, Inc.
5.150% due 03/02/2028			1,000			1,000

Ashtead Capital, Inc.
5.800% due 04/15/2034			800			794

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029			750			740

Axalta Coating Systems LLC
3.375% due 02/15/2029			685			614

B.C. Unlimited Liability Co.
3.500% due 02/15/2029			1,120			1,018
4.000% due 10/15/2030			790			696

Bausch & Lomb Escrow Corp.
8.375% due 10/01/2028			250			256

Becton Dickinson & Co.
1.957% due 02/11/2031			60			49
5.110% due 02/08/2034			950			936

Berry Global, Inc.
5.650% due 01/15/2034			400			391

Block, Inc.
6.500% due 05/15/2032			2,000			2,029

Boeing Co.
2.196% due 02/04/2026			400			376
3.250% due 02/01/2028			675			618
3.625% due 02/01/2031			300			263
5.150% due 05/01/2030			900			865


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.930% due 05/01/2060	$		800	$		716
6.528% due 05/01/2034			800			820
6.858% due 05/01/2054			600			616

Boston Scientific Corp.
2.650% due 06/01/2030			60			53

British Airways Pass-Through Trust
3.300% due 06/15/2034			141			127
4.250% due 05/15/2034			1,445			1,358

Broadcom Corp.
3.500% due 01/15/2028			100			95

Broadcom, Inc.
2.450% due 02/15/2031			300			253
3.187% due 11/15/2036			620			491
4.926% due 05/15/2037			520			489

Camelot Finance SA
4.500% due 11/01/2026			120			116

Capstone Borrower, Inc.
8.000% due 06/15/2030			600			620

Cargo Aircraft Management, Inc.
4.750% due 02/01/2028			1,100			1,022

Carnival Corp.
4.000% due 08/01/2028			2,200			2,067

CDW LLC
3.569% due 12/01/2031			1,605			1,403

Centene Corp.
3.000% due 10/15/2030			3,425			2,931

CGI, Inc.
1.450% due 09/14/2026			400			366

Charter Communications Operating LLC
2.250% due 01/15/2029			1,000			855
2.800% due 04/01/2031			100			82
3.850% due 04/01/2061			1,660			970
3.950% due 06/30/2062			350			208

Chobani LLC
7.625% due 07/01/2029			500			516

Churchill Downs, Inc.
5.500% due 04/01/2027			60			59

Cloud Software Group, Inc.
6.500% due 03/31/2029			650			625

CMA CGM SA
5.500% due 07/15/2029 (a)	EUR		1,000			1,071

Cogent Communications Group, Inc.
7.000% due 06/15/2027	$		90			89

Concentra Escrow Issuer Corp.
6.875% due 07/15/2032 (a)			1,000			1,014

Constellation Brands, Inc.
2.250% due 08/01/2031			475			390
3.150% due 08/01/2029			450			408
3.600% due 02/15/2028			200			190

Coty, Inc.
5.000% due 04/15/2026			152			150

Cougar JV Subsidiary LLC
8.000% due 05/15/2032			500			517

CQP Holdco LP
5.500% due 06/15/2031			1,500			1,423

Crowdstrike Holdings, Inc.
3.000% due 02/15/2029			1,110			1,002

CVS Health Corp.
4.300% due 03/25/2028			630			608

Delta Air Lines Pass-Through Trust
2.000% due 12/10/2029			647			588

Directv Financing LLC
8.875% due 02/01/2030			400			392

Elevance Health, Inc.
1.500% due 03/15/2026			725			680

Emrld Borrower LP
6.750% due 07/15/2031 (a)			1,000			1,013

Enbridge, Inc.
5.700% due 03/08/2033			590			595

Energy Transfer LP
3.750% due 05/15/2030			675			621
6.550% due 12/01/2033			1,000			1,060


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Eni SpA
5.500% due 05/15/2034	$		1,000	$		991

EnLink Midstream LLC
6.500% due 09/01/2030			300			307

Entergy Louisiana LLC
4.000% due 03/15/2033			495			446
5.350% due 03/15/2034			625			621

Enterprise Products Operating LLC
2.800% due 01/31/2030			400			357

EQM Midstream Partners LP
4.500% due 01/15/2029			172			162

ESAB Corp.
6.250% due 04/15/2029			500			504

Essent Group Ltd.
6.250% due 07/01/2029 (a)			2,000			2,000

First Student Bidco, Inc.
4.000% due 07/31/2029			350			316

Fiserv, Inc.
5.450% due 03/15/2034			800			795

Flutter Treasury Designated Activity Co.
5.000% due 04/29/2029	EUR		1,000			1,089

Ford Motor Co.
3.250% due 02/12/2032	$		185			153
5.291% due 12/08/2046			200			175

Fortress Intermediate 3, Inc.
7.500% due 06/01/2031			1,000			1,026

Garda World Security Corp.
4.625% due 02/15/2027			90			86

Gartner, Inc.
3.750% due 10/01/2030			1,035			929

GFL Environmental, Inc.
4.000% due 08/01/2028			60			56

Global Payments, Inc.
1.200% due 03/01/2026			300			279
2.650% due 02/15/2025			90			88
5.400% due 08/15/2032			1,375			1,348

goeasy Ltd.
7.625% due 07/01/2029			550			561
9.250% due 12/01/2028			250			266

Graphic Packaging International LLC
3.750% due 02/01/2030			1,100			984

GXO Logistics, Inc.
6.250% due 05/06/2029			1,000			1,018

HCA, Inc.
3.625% due 03/15/2032			1,325			1,168

HEICO Corp.
5.250% due 08/01/2028			250			250

Hilton Domestic Operating Co., Inc.
3.625% due 02/15/2032			114			99

Hologic, Inc.
3.250% due 02/15/2029			700			629

Howard Midstream Energy Partners LLC
7.375% due 07/15/2032			600			610
8.875% due 07/15/2028			150			159

Howmet Aerospace, Inc.
5.950% due 02/01/2037			425			438
6.750% due 01/15/2028			60			63

Imola Merger Corp.
4.750% due 05/15/2029			1,300			1,216

IPD 3 BV
7.085% due 06/15/2031 •	EUR		1,000			1,071

IQVIA, Inc.
5.000% due 05/15/2027	$		280			273
5.700% due 05/15/2028			60			61
6.250% due 02/01/2029			850			874

Jazz Securities DAC
4.375% due 01/15/2029			260			242

JetBlue Pass-Through Trust
2.750% due 11/15/2033			1,585			1,372
4.000% due 05/15/2034			742			696

Kodiak Gas Services LLC
7.250% due 02/15/2029			750			769

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

LABL, Inc.
6.750% due 07/15/2026	$		625	$		618

Las Vegas Sands Corp.
3.500% due 08/18/2026			2,800			2,673
3.900% due 08/08/2029			2,175			1,991

Legacy LifePoint Health LLC
4.375% due 02/15/2027			120			115

LifePoint Health, Inc.
11.000% due 10/15/2030			775			855

Live Nation Entertainment, Inc.
3.750% due 01/15/2028			1,000			931

Marvell Technology, Inc.
5.750% due 02/15/2029			1,100			1,124

Masterbrand, Inc.
7.000% due 07/15/2032			1,000			1,012

Matador Resources Co.
6.500% due 04/15/2032			1,000			1,001

Mauser Packaging Solutions Holding Co.
7.875% due 04/15/2027			425			434

Medline Borrower LP
6.250% due 04/01/2029			1,850			1,873

MGM China Holdings Ltd.
7.125% due 06/26/2031			1,100			1,107

Molina Healthcare, Inc.
3.875% due 05/15/2032			1,200			1,041

Mondelez International, Inc.
2.625% due 03/17/2027			60			56

MPH Acquisition Holdings LLC
5.500% due 09/01/2028			240			181

MPLX LP
1.750% due 03/01/2026			460			432

National Football League
5.480% due 10/05/2028 «(f)			1,600			1,598

NCL Corp. Ltd.
5.875% due 02/15/2027			60			59
8.125% due 01/15/2029			200			210

Neptune Bidco U.S., Inc.
9.290% due 04/15/2029			185			178

Netflix, Inc.
4.375% due 11/15/2026			465			457

New Fortress Energy, Inc.
8.750% due 03/15/2029			750			685

Newfold Digital Holdings Group, Inc.
11.750% due 10/15/2028			200			207

NextEra Energy Operating Partners LP
4.500% due 09/15/2027			800			758
7.250% due 01/15/2029			650			667

Noble Finance LLC
8.000% due 04/15/2030			300			312

NXP BV
2.500% due 05/11/2031			1,350			1,132
3.875% due 06/18/2026			245			238

Occidental Petroleum Corp.
6.450% due 09/15/2036			1,000			1,045
8.875% due 07/15/2030			625			720

Olympus Water U.S. Holding Corp.
4.250% due 10/01/2028			290			264
7.250% due 06/15/2031			1,000			995
9.750% due 11/15/2028			100			106

Oracle Corp.
2.300% due 03/25/2028			700			633

Organon & Co.
4.125% due 04/30/2028			1,000			930
6.750% due 05/15/2034			500			500
7.875% due 05/15/2034			750			772

Perenti Finance Pty. Ltd.
7.500% due 04/26/2029			600			612

PetSmart, Inc.
4.750% due 02/15/2028			550			512

Post Holdings, Inc.
4.625% due 04/15/2030			200			184

Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			400			433


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Rand Parent LLC
8.500% due 02/15/2030	$		260	$		263

Resorts World Las Vegas LLC
4.625% due 04/16/2029			200			180

Rivian Holdings LLC
11.310% due 10/15/2026 •			1,300			1,318

Rogers Communications, Inc.
2.950% due 03/15/2025			60			59

Rolls-Royce PLC
5.750% due 10/15/2027			1,325			1,332

Royal Caribbean Cruises Ltd.
5.500% due 04/01/2028			850			840
9.250% due 01/15/2029			675			721

Royalty Pharma PLC
1.200% due 09/02/2025			155			147

RTX Corp.
3.500% due 03/15/2027			60			58

Sabine Pass Liquefaction LLC
4.500% due 05/15/2030			600			576

Santos Finance Ltd.
6.875% due 09/19/2033			300			318

Seadrill Finance Ltd.
8.375% due 08/01/2030			1,000			1,046

Seagate HDD Cayman
8.250% due 12/15/2029			60			64
9.625% due 12/01/2032			500			571

Sensata Technologies BV
4.000% due 04/15/2029			220			202

Sensata Technologies, Inc.
4.375% due 02/15/2030			475			437

Sirius XM Radio, Inc.
3.875% due 09/01/2031			155			127
5.000% due 08/01/2027			100			96

Sitio Royalties Operating Partnership LP
7.875% due 11/01/2028			300			310

Southern Co.
3.250% due 07/01/2026			200			192

Spirit AeroSystems, Inc.
9.375% due 11/30/2029			250			269
9.750% due 11/15/2030			300			331

Spirit Airlines Pass-Through Trust
3.375% due 08/15/2031			673			594
4.100% due 10/01/2029			485			455

SS&C Technologies, Inc.
6.500% due 06/01/2032			1,500			1,514

Stagwell Global LLC
5.625% due 08/15/2029			200			185

Standard Industries, Inc.
4.375% due 07/15/2030			1,025			927

Star Parent, Inc.
9.000% due 10/01/2030			250			263

Stryker Corp.
1.950% due 06/15/2030			60			51

Sysco Corp.
3.300% due 07/15/2026			60			58

T-Mobile USA, Inc.
3.750% due 04/15/2027			555			534
3.875% due 04/15/2030			1,425			1,332

Tapestry, Inc.
7.700% due 11/27/2030			600			627

Time Warner Cable LLC
4.500% due 09/15/2042			300			220

TopBuild Corp.
4.125% due 02/15/2032			335			295

TransDigm, Inc.
7.125% due 12/01/2031			325			335

Transocean Aquila Ltd.
8.000% due 09/30/2028			250			254

Transocean Titan Financing Ltd.
8.375% due 02/01/2028			185			191

U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			662			647
4.625% due 12/03/2026			1,204			1,191


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

U.S. Foods, Inc.
4.750% due 02/15/2029	$		215	$		204

UKG, Inc.
6.875% due 02/01/2031			500			507

United Airlines Pass-Through Trust
2.700% due 11/01/2033			1,939			1,682
3.500% due 09/01/2031			882			816
5.875% due 04/15/2029			160			160

United Airlines, Inc.
4.625% due 04/15/2029			300			280

Valaris Ltd.
8.375% due 04/30/2030			490			508

Vale Overseas Ltd.
3.750% due 07/08/2030			1,260			1,134
6.400% due 06/28/2054			1,000			990

Vallourec SACA
7.500% due 04/15/2032			600			622

Venture Global Calcasieu Pass LLC
3.875% due 11/01/2033			1,075			917

Venture Global LNG, Inc.
8.375% due 06/01/2031			2,050			2,128

Viking Cruises Ltd.
9.125% due 07/15/2031			75			81

Vmed O2 U.K. Financing PLC
4.250% due 01/31/2031			830			690
5.625% due 04/15/2032	EUR		1,000			1,043

VMware, Inc.
1.400% due 08/15/2026	$		60			55
2.200% due 08/15/2031			4,000			3,252

VOC Escrow Ltd.
5.000% due 02/15/2028			155			150

Wand NewCo 3, Inc.
7.625% due 01/30/2032			1,000			1,034

Western Digital Corp.
2.850% due 02/01/2029			219			190
4.750% due 02/15/2026			147			144

Western Midstream Operating LP
3.100% due 02/01/2025			60			59

Westinghouse Air Brake Technologies Corp.
3.450% due 11/15/2026			60			57

WMG Acquisition Corp.
3.000% due 02/15/2031			735			634

Wynn Las Vegas LLC
5.250% due 05/15/2027			345			337

Wynn Resorts Finance LLC
7.125% due 02/15/2031			500			519

Yinson Boronia Production BV
8.947% due 07/31/2042			1,000			1,011

ZF North America Capital, Inc.
6.750% due 04/23/2030			750			765
6.875% due 04/23/2032			750			776
7.125% due 04/14/2030			90			93

Zoetis, Inc.
5.600% due 11/16/2032			500			512

						141,318


UTILITIES 1.5%

AES Corp.
5.450% due 06/01/2028			310			309

Antero Midstream Partners LP
5.750% due 03/01/2027			260			258
6.625% due 02/01/2032			400			404

AT&T, Inc.
1.650% due 02/01/2028			1,380			1,226

Berkshire Hathaway Energy Co.
3.700% due 07/15/2030			200			186

Calpine Corp.
4.500% due 02/15/2028			300			285

Clearway Energy Operating LLC
3.750% due 02/15/2031			185			162

Constellation Energy Generation LLC
3.250% due 06/01/2025			120			117


94		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Electricite de France SA
4.875% due 09/21/2038	$		100	$		90
6.000% due 04/22/2064			1,000			931
9.125% due 03/15/2033 •(d)			120			131

Exelon Corp.
3.400% due 04/15/2026			305			295

FirstEnergy Corp.
2.250% due 09/01/2030			90			75
3.400% due 03/01/2050			650			435

Georgia Power Co.
4.950% due 05/17/2033			90			88
5.250% due 03/15/2034			500			499

MidAmerican Energy Co.
3.650% due 04/15/2029			335			317

ONEOK, Inc.
5.200% due 07/15/2048			100			89

Pacific Gas & Electric Co.
3.300% due 12/01/2027			600			560
4.550% due 07/01/2030			365			346
5.800% due 05/15/2034			2,025			2,013
6.950% due 03/15/2034			250			269

PacifiCorp
5.300% due 02/15/2031			500			499
5.500% due 05/15/2054			390			363

Southern California Edison Co.
5.200% due 06/01/2034			925			904
5.875% due 12/01/2053			585			584

Sprint Capital Corp.
6.875% due 11/15/2028			600			636
8.750% due 03/15/2032			500			602

Tallgrass Energy Partners LP
6.000% due 12/31/2030			545			508
7.375% due 02/15/2029			500			503

Targa Resources Partners LP
5.000% due 01/15/2028			60			59

Yinson Production Financial Services Pte Ltd.
9.625% due 05/03/2029			1,000			997

						14,740

Total Corporate Bonds & Notes (Cost $247,544)						250,130


MUNICIPAL BONDS & NOTES 0.3%

CALIFORNIA 0.0%

California State General Obligation Bonds, Series 2023
5.125% due 03/01/2038			155			154

California State University Revenue Bonds, Series 2020
2.975% due 11/01/2051			215			147

						301


IOWA 0.3%

Iowa Finance Authority Revenue Notes, Series 2024
5.000% due 08/01/2034			2,200			2,571

Total Municipal Bonds & Notes (Cost $2,863)						2,872


U.S. GOVERNMENT AGENCIES 42.1%

Uniform Mortgage-Backed Security
6.000% due 10/01/2053			169			170

Uniform Mortgage-Backed Security, TBA
4.500% due 07/01/2054 - 08/01/2054			67,800			63,926
5.000% due 07/01/2054 - 09/01/2054			76,350			73,798
5.500% due 07/01/2054 - 08/01/2054			169,230			166,909
6.000% due 08/01/2054			118,190			118,481

Total U.S. Government Agencies (Cost $423,449)						423,284


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 9.8%

U.S. Treasury Bonds
4.375% due 08/15/2043	$		1,041	$		1,005

U.S. Treasury Inflation Protected Securities (c)
1.125% due 01/15/2033			1,368			1,267
1.250% due 04/15/2028			2,927			2,828
1.750% due 01/15/2034			29,883			29,011
2.125% due 04/15/2029 (h)			52,098			52,175

U.S. Treasury Notes
3.625% due 05/31/2028 (j)(l)			12,388			12,036

Total U.S. Treasury Obligations (Cost $98,142)						98,322


NON-AGENCY MORTGAGE-BACKED SECURITIES 23.9%

American Home Mortgage Assets Trust
6.073% due 11/25/2046 •			502			125

Angel Oak Mortgage Trust
4.800% due 11/25/2067 þ			2,325			2,255
5.985% due 01/25/2069 þ			1,899			1,892
6.197% due 01/25/2069 þ			3,847			3,852
6.500% due 12/25/2067 þ			859			863

Avon Finance PLC
6.134% due 12/28/2049 •	GBP		867			1,096

BAMLL Commercial Mortgage Securities Trust
2.847% due 04/20/2042 «	$		2,790			2,055

Banc of America Alternative Loan Trust
5.707% due 10/25/2036 ~			4,051			1,175
6.359% due 10/25/2036 þ			5,316			1,544

Benchmark Mortgage Trust
2.732% due 02/15/2053			1,400			1,227
3.944% due 07/15/2051			1,300			1,232

BINOM Securitization Trust
4.441% due 08/25/2057 ~			6,263			5,941

BX Trust
6.342% due 02/15/2039 •			237			235

Chase Home Lending Mortgage Trust
3.250% due 03/25/2063 ~			1,052			930
3.250% due 03/25/2064 ~			3,893			3,401
3.250% due 08/25/2064 ~			4,965			4,325
3.250% due 09/25/2064 ~			8,700			7,623

CIM Trust
3.250% due 10/25/2058 ~			1,189			1,054
6.639% due 12/25/2067 þ			433			433

COLT Mortgage Loan Trust
5.162% due 04/25/2067 þ			754			742
6.393% due 06/25/2069 þ			4,590			4,622
6.421% due 05/25/2069 þ			1,976			1,991

Credit Suisse Mortgage Capital Mortgage-Backed Trust
2.000% due 01/25/2060 ~			10,974			9,590
3.650% due 07/25/2058 ~			727			701

Cross Mortgage Trust
6.093% due 04/25/2069 þ			978			977
6.147% due 07/25/2069 þ			4,300			4,312
6.272% due 06/25/2069 þ			5,540			5,558
6.615% due 03/25/2068 þ			422			425

DC Commercial Mortgage Trust
6.314% due 09/12/2040			500			513

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.940% due 12/25/2036 •			19,563			4,057

GCAT Trust
4.250% due 05/25/2067 ~			3,033			2,807
6.007% due 01/25/2059 þ			915			914
6.085% due 06/25/2059 þ			2,907			2,912

HarborView Mortgage Loan Trust
6.073% due 11/19/2035 •			1,569			1,028
6.133% due 06/20/2035 •			3,977			3,628

ILPT Commercial Mortgage Trust
7.574% due 10/15/2039 •			1,878			1,870

Independence Plaza Trust
3.763% due 07/10/2035			1,000			956

JP Morgan Chase Commercial Mortgage Securities Trust
6.426% due 02/15/2035 •			848			844


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

JP Morgan Mortgage Trust
4.625% due 07/25/2063 ~	$		1,799	$		1,719
5.250% due 11/25/2063 ~			453			445
5.990% due 07/25/2064 ~			982			982

MFA Trust
6.105% due 12/25/2068 þ			2,456			2,463
6.775% due 10/25/2058 þ			1,147			1,153

New York Mortgage Trust
3.750% due 02/25/2068 ~			965			890

NLT Trust
3.200% due 10/25/2062 ~			3,600			3,190

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.978% due 08/25/2036 ~			9,547			2,721

OBX Trust
3.564% due 03/25/2053 ~			1,410			1,368
3.601% due 04/25/2053 ~			1,886			1,812
5.878% due 12/25/2063 þ			9,269			9,260
6.233% due 05/25/2064 þ			3,472			3,490
6.465% due 10/25/2063 þ			921			926
6.520% due 07/25/2063 þ			409			411
6.567% due 06/25/2063 þ			408			411
6.844% due 04/25/2063 þ			1,056			1,070
7.159% due 10/25/2063 þ			1,750			1,785

OPEN Trust
8.418% due 10/15/2028 •			632			641

Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
6.225% due 11/25/2035 •			3,184			2,950

PRKCM Trust
6.431% due 05/25/2059 þ			2,466			2,477
6.584% due 09/25/2058 þ			854			858
7.225% due 11/25/2058 þ			914			931

PRPM LLC
3.750% due 03/25/2054 þ			962			919
4.000% due 11/25/2053 þ			1,072			1,033
4.000% due 01/25/2054 þ			1,905			1,829
4.000% due 05/25/2054 þ			1,000			961
4.200% due 12/25/2064 þ			2,815			2,707
6.265% due 12/25/2068 þ			3,862			3,866
6.327% due 06/25/2069 þ			3,300			3,310
6.959% due 02/25/2029 þ			1,898			1,907

PRPM Trust
6.221% due 11/25/2068 þ			1,923			1,922
6.250% due 08/25/2068 þ			929			925

RCKT Mortgage Trust
6.141% due 04/25/2044 ~			4,795			4,794
6.147% due 06/25/2044 þ			9,932			10,002

Residential Accredit Loans, Inc. Trust
6.500% due 09/25/2037			5,817			4,586

SMRT Commercial Mortgage Trust
6.329% due 01/15/2039 •			1,500			1,482

Starwood Mortgage Trust
6.543% due 04/15/2034 •			855			848

Towd Point Mortgage Funding
0.000% due 07/20/2053 •	GBP		4,000			5,064

Towd Point Mortgage Trust
2.750% due 07/25/2057 ~	$		318			314
3.750% due 04/25/2057 ~			1,500			1,443
6.460% due 10/25/2048 •			873			887

Tower Bridge Funding PLC
0.000% due 05/20/2066 •	GBP		3,900			4,949

Trinity Square PLC
0.000% due 07/15/2059 ~			1,000			1,263

Verus Securitization Trust
3.417% due 01/25/2060 þ	$		376			361
5.811% due 05/25/2068 þ			1,779			1,770
5.999% due 02/25/2068 þ			948			943
6.116% due 03/25/2069 þ			11,466			11,471
6.192% due 06/25/2069 þ			5,800			5,820
6.193% due 03/25/2068 þ			384			384
6.218% due 06/25/2069 þ			5,712			5,737
6.259% due 12/25/2068 þ			8,758			8,791
6.338% due 04/25/2069 þ			4,023			4,045
6.443% due 08/25/2068 þ			1,035			1,036
6.665% due 09/25/2068 þ			1,079			1,088

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.876% due 11/25/2068 ~	$		1,409	$		1,433
7.070% due 10/25/2068 þ			882			897

Visio Trust
6.598% due 10/25/2058 þ			939			941

WaMu Mortgage Pass-Through Certificates Trust
5.014% due 01/25/2036 ~			5,706			5,308
6.320% due 10/25/2045 •			2,210			2,093

Wells Fargo Commercial Mortgage Trust
2.892% due 08/15/2052			1,400			1,241
3.640% due 12/15/2059			500			477

WSTN Trust
6.518% due 07/05/2037 ~			400			402

Total Non-Agency Mortgage-Backed Securities (Cost $239,418)						240,907


ASSET-BACKED SECURITIES 37.9%

37 Capital CLO Ltd.
7.167% due 01/15/2034 •			1,700			1,707

522 Funding CLO Ltd.
6.666% due 04/20/2030 •			567			568

ACE Securities Corp. Home Equity Loan Trust
5.820% due 07/25/2037 •			30,378			7,810
7.710% due 08/25/2045 •			7,700			6,557

ACHV ABS Trust
5.900% due 04/25/2031			946			948

Allegro CLO Ltd.
6.557% due 10/16/2031 •			1,000			1,000

Ally Bank Auto Credit-Linked Notes Trust
5.827% due 05/17/2032			1,100			1,100
6.022% due 05/17/2032			1,100			1,101
6.315% due 05/17/2032			500			501

American Money Management Corp. CLO Ltd.
6.537% due 11/10/2030 •			788			789

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.405% due 07/25/2035 •			280			277
6.510% due 08/25/2035 •			1,922			1,877

Anchorage Capital CLO Ltd.
6.985% due 04/20/2037 •			1,500			1,506

AREIT LLC
7.441% due 08/17/2041 •			493			495

AREIT Trust
6.523% due 11/17/2038 •			1,080			1,075

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.920% due 01/25/2036 •			384			360

Ascent Education Funding Trust
6.140% due 10/25/2050			2,167			2,186

Asset-Backed Securities Corp. Home Equity Loan Trust
7.485% due 05/25/2035 •			2,778			2,288

Avis Budget Rental Car Funding AESOP LLC
5.200% due 10/20/2027			500			498
5.360% due 06/20/2030			2,000			1,995
5.900% due 08/21/2028			1,200			1,216

Barings CLO Ltd.
6.576% due 01/20/2031 •			1,773			1,775

Barings Euro CLO DAC
4.862% due 07/25/2035 •	EUR		2,000			2,139

Bear Stearns Asset-Backed Securities Trust
6.037% due 03/25/2035 •	$		1,559			1,551

Benefit Street Partners CLO Ltd.
6.540% due 10/15/2030 •			277			278

BlueMountain CLO Ltd.
6.522% due 11/15/2030 •			1,853			1,856

BlueMountain Fuji EUR CLO DAC
4.816% due 01/15/2033 •	EUR		6,000			6,400

Carlyle Global Market Strategies Euro CLO DAC
4.883% due 01/16/2033 •			500			535

Carlyle U.S. CLO Ltd.
6.750% due 10/15/2035 •	$		1,200			1,203


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Carvana Auto Receivables Trust
5.670% due 09/10/2030	$		6,250	$		6,267
5.820% due 09/10/2030			3,750			3,762

Chase Funding Trust
5.920% due 12/25/2033 •			1,082			1,049

CIFC Funding Ltd.
6.535% due 10/24/2030 •			190			190
6.696% due 01/22/2031 •			943			945

Citicorp Residential Mortgage Trust
4.583% due 07/25/2036 þ			7,347			6,875

Citigroup Mortgage Loan Trust
5.860% due 11/25/2046 •			503			485

College Avenue Student Loans LLC
6.560% due 07/25/2051 •			2,697			2,683
6.860% due 12/28/2048 •			1,559			1,560

Contego CLO DAC
4.726% due 01/15/2031	EUR		9,015			9,652

Countrywide Asset-Backed Certificates Trust
5.456% due 07/25/2035 ~	$		1,059			1,042
7.635% due 12/25/2034 •			3,471			3,082

CPS Auto Receivables Trust
5.650% due 05/15/2028			1,650			1,648
5.740% due 04/15/2030			1,500			1,499

CRB Securitization Trust
6.960% due 10/20/2033			338			340

Cumulus Static CLO DAC
5.025% due 11/15/2033 •	EUR		1,000			1,070
5.499% due 04/25/2033 •			1,400			1,500

Drive Auto Receivables Trust
5.310% due 01/16/2029	$		3,000			2,988

Dryden Euro CLO DAC
4.904% due 10/18/2034 •	EUR		7,000			7,485
5.104% due 04/18/2035 •			6,000			6,401

ECMC Group Student Loan Trust
6.600% due 11/25/2069 •	$		975			977

Elevation CLO Ltd.
6.870% due 07/15/2029 •			20			20

Equifirst Loan Securitization Trust
5.720% due 04/25/2037 •			5,000			3,702

Exeter Automobile Receivables Trust
5.410% due 05/15/2030			1,500			1,493

FCCU Auto Receivables Trust
5.460% due 04/15/2030			1,000			1,003
5.540% due 04/16/2029			2,800			2,806

FHF Issuer Trust
5.690% due 02/15/2030			3,000			2,998
5.890% due 06/15/2030			3,500			3,509

Ford Auto Securitization Trust
4.972% due 03/15/2030	CAD		3,000			2,213
5.053% due 07/15/2028			3,000			2,202

Foursight Capital Automobile Receivables Trust
5.490% due 01/16/2029	$		1,988			1,982
5.550% due 05/15/2029			1,000			995

Galaxy CLO Ltd.
6.608% due 05/16/2031 •			507			508

GLS Auto Receivables Issuer Trust
5.240% due 03/15/2030			2,456			2,446
5.490% due 07/17/2028			3,000			2,993
5.770% due 11/15/2028			7,000			7,017

GLS Auto Select Receivables Trust
5.640% due 06/17/2030			3,250			3,265
5.640% due 08/15/2030 (a)			800			801
5.920% due 08/15/2030 (a)			1,000			1,002

GoldenTree Loan Management U.S. CLO Ltd.
6.995% due 01/20/2034 •			1,000			1,007

Golub Capital Partners Static Ltd.
6.557% due 04/20/2033 •			2,000			1,998

GSAA Home Equity Trust
5.560% due 05/25/2037 •			8,199			2,883

GSAMP Trust
5.640% due 06/25/2036 •			865			472
6.195% due 09/25/2035 •			1,662			1,613


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Harvest CLO DAC
4.846% due 01/15/2034 •	EUR		10,000	$		10,724

Hayfin Emerald CLO
4.946% due 10/15/2034 •			5,000			5,347

HSI Asset Securitization Corp. Trust
5.720% due 12/25/2036 •	$		5,226			2,042

Invesco Euro CLO DAC
4.976% due 01/15/2034 •	EUR		10,000			10,649

IXIS Real Estate Capital Trust
6.060% due 03/25/2036 •	$		156			81

JP Morgan Mortgage Acquisition Trust
4.609% due 11/25/2036 •			1,290			1,128

KKR CLO Ltd.
6.757% due 02/09/2035 •			2,000			1,996

KREF Ltd.
6.789% due 02/17/2039 •			1,000			999

LCM LP
6.720% due 10/15/2031 •			804			805

Lendmark Funding Trust
5.530% due 06/21/2032			3,100			3,112

LoanCore Issuer Ltd.
6.743% due 07/15/2036 •			1,217			1,215
6.883% due 01/17/2037 •			997			998

Long Beach Mortgage Loan Trust
6.210% due 02/25/2034 •			1,295			1,267

Madison Park Funding Ltd.
6.507% due 10/18/2030 •			3,916			3,920
6.526% due 10/21/2030 •			479			480

Magnetite Ltd.
6.479% due 10/15/2031 •			2,712			2,715

Marathon CLO Ltd.
6.534% due 04/15/2032 •			4,000			4,004

Merrill Lynch First Franklin Mortgage Loan Trust
5.720% due 06/25/2037 •			1,611			1,566
5.960% due 06/25/2037 «•			296			282

MF1 LLC
7.076% due 03/19/2039 •			2,000			1,998

MidOcean Credit CLO
6.706% due 04/21/2031 •			706			707

Morgan Stanley ABS Capital, Inc. Trust
6.080% due 12/25/2035 •			369			358
6.360% due 05/25/2034 •			6,897			6,628

Nassau Ltd.
6.840% due 01/15/2030 •			389			389

Navient Student Loan Trust
6.350% due 08/26/2069 •			964			964

Nelnet Student Loan Trust
6.640% due 02/20/2041			378			378
7.533% due 02/20/2041 •			378			378

Neuberger Berman CLO Ltd.
6.510% due 10/15/2029 •			812			814

OCP CLO Ltd.
6.706% due 07/20/2029 •			168			168

OneMain Direct Auto Receivables Trust
5.410% due 11/14/2029			4,000			3,998

Oportun Issuance Trust
6.334% due 04/08/2031			1,323			1,324

OZLM Ltd.
6.475% due 07/20/2030 •			1,000			1,001

Pagaya AI Debt Selection Trust
6.093% due 11/15/2031			2,200			2,201
6.258% due 10/15/2031			3,742			3,745
6.278% due 10/15/2031			2,700			2,703
6.660% due 07/15/2031			2,531			2,543
7.037% due 03/15/2030 ~			1,079			1,083
7.128% due 06/16/2031			288			289
7.228% due 07/15/2031			362			363
7.299% due 06/16/2031			998			1,010
7.625% due 04/15/2031			1,100			1,107
7.656% due 05/15/2030			1,000			1,006
8.121% due 12/16/2030 ~			886			894
8.388% due 07/15/2030 ~			1,094			1,108
9.099% due 04/15/2031			1,000			1,023


96		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.435% due 07/15/2030	$		2,200	$		2,246
9.570% due 12/16/2030			2,699			2,769

PRET LLC
7.143% due 03/25/2054 þ			4,744			4,737

Race Point CLO Ltd.
6.627% due 02/20/2030 •			943			944

Rad CLO Ltd.
0.000% due 04/25/2032 •			4,000			4,008

Reach ABS Trust
6.290% due 02/18/2031			950			950
6.300% due 02/18/2031			2,006			2,011

Regatta Funding Ltd.
6.523% due 10/25/2031 •			4,000			4,006

Regional Management Issuance Trust
5.830% due 07/15/2036			1,500			1,508

Research-Driven Pagaya Motor Asset Trust
7.090% due 06/25/2032			2,480			2,493
7.130% due 01/26/2032			990			996

Residential Asset Securities Corp. Trust
7.485% due 03/25/2035 •			669			605

Rockford Tower Europe CLO DAC
5.220% due 04/24/2037 •	EUR		4,700			5,038

Santander Drive Auto Receivables Trust
5.450% due 03/15/2030	$		1,295			1,293
5.470% due 12/16/2030			7,000			6,998
6.400% due 03/17/2031			500			514
6.430% due 02/18/2031			500			515

Saxon Asset Securities Trust
5.560% due 05/25/2047 •			186			130
5.860% due 09/25/2047 •			639			592
5.955% due 03/25/2036 •			6,050			4,390

SCCU Auto Receivables Trust
5.700% due 10/16/2028			2,600			2,617

Securitized Asset-Backed Receivables LLC Trust
5.720% due 01/25/2037 •			828			778
5.880% due 12/25/2036 •			3,711			1,752

SLM Student Loan Trust
4.282% due 10/25/2039 •	EUR		1,371			1,384

SMB Private Education Loan Trust
0.000% due 07/05/2053 •	$		5,000			4,977
5.380% due 01/15/2053			1,177			1,175
5.380% due 07/05/2053			5,000			5,004
5.500% due 06/17/2052			4,930			4,976
6.433% due 06/17/2052 •			1,577			1,581
7.133% due 10/16/2056 •			4,449			4,550

Sound Point CLO Ltd.
6.604% due 01/25/2032 •			4,000			4,000
6.760% due 07/15/2034 •			1,000			1,000

Soundview Home Loan Trust
5.720% due 02/25/2037 •			11,479			3,248

St Paul’s CLO DAC
4.712% due 04/25/2030 •	EUR		5,905			6,309

Steele Creek CLO Ltd.
6.656% due 04/21/2031 •	$		1,229			1,230


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Stream Innovations Trust
6.270% due 07/15/2044 «(a)	$		2,300	$		2,300

Structured Asset Investment Loan Trust
6.410% due 10/25/2033 •			1,856			1,854

Structured Asset Securities Corp.
4.991% due 02/25/2035 •			825			770
6.120% due 02/25/2035 «•			18			18

Symphony CLO Ltd.
6.847% due 04/15/2037 •			2,000			2,007
7.125% due 01/20/2037 •			1,000			1,006

TCW CLO Ltd.
6.926% due 01/16/2037 •			2,000			2,006

TIAA CLO Ltd.
0.000% due 01/20/2032 •(a)			1,700			1,700
6.739% due 01/16/2031 •			659			660
6.816% due 01/20/2032 •			1,702			1,705

Toro European CLO DAC
4.832% due 01/12/2032 •	EUR		500			535

Towd Point Mortgage Trust
6.125% due 02/25/2064 ~	$		2,981			2,979

Tricolor Auto Securitization Trust
6.360% due 12/15/2027			1,630			1,631
6.610% due 10/15/2027			1,535			1,538

Trinitas CLO Ltd.
6.686% due 07/20/2031 •			1,413			1,415
6.694% due 04/25/2033 •			2,000			2,006

Trysail CLO Ltd.
6.625% due 07/20/2032 •			4,000			4,005

United Auto Credit Securitization Trust
6.170% due 08/10/2026			814			815

Upstart Pass-Through Trust
7.900% due 10/20/2028			1,481			1,492

Venture CLO Ltd.
6.716% due 04/20/2032 •			500			500

Veros Auto Receivables Trust
6.280% due 11/15/2027			2,065			2,066

Voya CLO Ltd.
6.525% due 07/20/2032 •			1,000			1,002
6.590% due 10/15/2030 •			283			283
6.599% due 04/17/2030 •			1,349			1,350

Wells Fargo Home Equity Asset-Backed Securities Trust
6.450% due 04/25/2035 •			557			555

Total Asset-Backed Securities (Cost $380,373)						381,051


SOVEREIGN ISSUES 1.6%

Brazil Government International Bond
7.125% due 05/13/2054			500			484

Mexico Government International Bond
2.750% due 11/27/2031 (c)	MXN		2,438			112
4.000% due 11/30/2028 (c)			56,897			2,910


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Panama Government International Bond
3.750% due 03/16/2025	$		400	$		394
7.500% due 03/01/2031			300			314
8.000% due 03/01/2038			500			528

Peru Government International Bond
6.150% due 08/12/2032	PEN		9,400			2,361
6.900% due 08/12/2037			6,800			1,701

Romania Government International Bond
5.250% due 05/30/2032	EUR		1,000			1,043
5.375% due 03/22/2031			500			532
5.625% due 02/22/2036			750			785
5.625% due 05/30/2037			1,000			1,034
6.375% due 09/18/2033			150			167

South Africa Government International Bond
8.000% due 01/31/2030	ZAR		83,750			4,222

Total Sovereign Issues (Cost $16,701)						16,587


SHORT-TERM INSTRUMENTS 1.7%

REPURCHASE AGREEMENTS (g) 1.7%
						16,812

Total Short-Term Instruments (Cost $16,812)						16,812



Total Investments in Securities (Cost $1,443,152)						1,447,826


		SHARES
INVESTMENTS IN AFFILIATES 0.3%

MUTUAL FUNDS (e) 0.3%

PIMCO Senior Loan Active Exchange-Traded Fund			66,200			3,386

Total Mutual Funds (Cost $3,366)						3,386



Total Investments in Affiliates (Cost $3,366)						3,386


Total Investments 144.2% (Cost $1,446,518)				$		1,451,212

Financial Derivative Instruments (i)(k) 0.1% (Cost or Premiums, net $15,890)						860

Other Assets and Liabilities, net (44.3)%						(446,238	)

Net Assets 100.0%				$		1,005,834

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	When-issued security.

(b)	Zero coupon security.

(c)	Principal amount of security is adjusted for inflation.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)

(d)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e)	Institutional Class Shares of each Fund.

(f) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

National Football League

5.480%

10/05/2028

03/14/2024

$ 1,600

1,598

0.16

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BOS		5.390	%		06/28/2024		07/01/2024	$	4,800	U.S. Treasury Notes 3.750% due 05/31/2030	$	(4,880	)	$	4,800	$	4,802
DEU		5.230			06/28/2024		07/01/2024		6,600	U.S. Treasury Notes 1.125% due 08/31/2028		(6,735	)		6,600		6,603
		5.410			07/01/2024		07/02/2024		4,900	U.S. Treasury Bonds 5.375% due 02/15/2031		(5,010	)		4,900		4,900
FICC		2.600			06/28/2024		07/01/2024		512	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026		(522	)		512		512

Total Repurchase Agreements											$	(17,147	)	$	16,812	$	16,817

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
DEU		5.460	%		06/28/2024		07/01/2024	$	(2,856	)	$	(2,857	)

Total Reverse Repurchase Agreements											$	(2,857	)

SHORT SALES:


Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (7.6)%
Uniform Mortgage-Backed Security, TBA		5.500	%		07/15/2054	$	77,400	$	(76,233	)	$	(76,345	)

Total Short Sales (7.6)%								$	(76,233	)	$	(76,345	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽³⁾
Global/Master Repurchase Agreement
BOS	$	4,802	$	0		$	0	$	0	$	4,802	$	(4,880	)	$	(78	)
DEU		11,503		(2,857	)		0		0		8,646		(8,903	)		(257	)
FICC		512		0			0				512		(522	)		(10	)

Total Borrowings and Other Financing Transactions	$	16,817	$	(2,857	)	$	0	$	0


98		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous			Up to 30 days		31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	(2,857	)	$	0	$	0	$	0	$	(2,857	)

Total Borrowings	$	(2,857	)	$	0	$	0	$	0	$	(2,857	)

Payable for reverse repurchase agreements										$	(2,857	)

(h)	Securities with an aggregate market value of $2,842 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(3,248) at a weighted average interest rate of 5.411%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note August 2024 Futures		$ 109.000		07/26/2024		2		$ 2	$	0		$	(1	)
Call - CBOT U.S. Treasury 10-Year Note August 2024 Futures		112.000		07/26/2024		2		2		(1	)		0

Total Written Options									$	(1	)	$	(1	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-BTP Future September Futures		09/2024		48	$	5,927	$	(68	)	$	0	$	(33	)
U.S. Treasury 5-Year Note September Futures		09/2024		124		13,216		(31	)		0		(14	)
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		91		10,331		(18	)		0		(44	)

							$	(117	)	$	0	$	(91	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-Bund September Futures		09/2024		38	$	(5,356	)	$	50		$	17	$	(1	)
U.S. Treasury 10-Year Note September Futures		09/2024		10		(1,100	)		(1	)		3		0
U.S. Treasury Long-Term Bond September Futures		09/2024		4		(473	)		1			4		0

								$	50		$	24	$	(1	)

Total Futures Contracts								$	(67	)	$	24	$	(92	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾


Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾		Notional Amount⁽³⁾		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Variation Margin
Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾		Notional Amount⁽³⁾		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Asset		Liability
AT&T, Inc.		1.000%		Quarterly		06/20/2028		0.564%	$	500	$	3	$	5	$	8	$	1	$	0
Bombardier, Inc.		5.000		Quarterly		06/20/2028		1.474		100		4		9		13		0		0
Calpine Corp.		5.000		Quarterly		06/20/2028		1.547		425		25		28		53		0		0
CALPINE Corp.		5.000		Quarterly		06/20/2029		1.801		1,100		151		1		152		1		0
Ford Motor Credit Co. LLC		5.000		Quarterly		06/20/2028		1.217		200		21		6		27		0		0
Verizon Communications, Inc.		1.000		Quarterly		12/20/2028		0.580		100		1		1		2		0		0

											$	205	$	50	$	255	$	2	$	0

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
CDX.EM-40 5-Year Index		1.000	%		Quarterly		12/20/2028	$	300	$	(14	)	$	7		$	(7	)	$	0	$	0
CDX.EM-41 5-Year Index		1.000			Quarterly		06/20/2029		200		(7	)		0			(7	)		0		0
CDX.HY-40 5-Year Index		5.000			Quarterly		06/20/2028		297		10			9			19			0		0
CDX.HY-41 5-Year Index		5.000			Quarterly		12/20/2028		20,988		1,404			(39	)		1,365			0		(13	)
CDX.HY-42 5-Year Index		5.000			Quarterly		06/20/2029		91,500		6,092			(240	)		5,852			0		(56	)
CDX.IG-42 5-Year Index		1.00 0			Quarterly		06/20/2029		376,000		8,209			(399	)		7,810			0		(33	)

										$	15,694		$	(662	)	$	15,032		$	0	$	(102	)

INTEREST RATE SWAPS


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay⁽⁵⁾	1-Day GBP-SONIO Compounded-OIS		4.000	%	Annual		09/18/2029		GBP	8,600	$	84		$	(42	)	$	42		$	0	$	(11	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.850		Annual		09/20/2033		JPY	1,420,000		57			(9	)		48			27		0
Receive	1-Day USD-SOFR Compounded-OIS		4.060		Annual		07/02/2034		$	500		(2	)		(2	)		(4	)		0		(4	)
Pay	1-Year BRL-CDI		11.456		Maturity		01/02/2026		BRL	59,780		117			(185	)		(68	)		0		(29	)
Pay	1-Year BRL-CDI		9.815		Maturity		01/04/2027			8,600		0			(60	)		(60	)		0		(6	)
Pay	1-Year BRL-CDI		9.832		Maturity		01/04/2027			49,600		(131	)		(210	)		(341	)		0		(33	)
Pay⁽⁵⁾	6-Month AUD-BBR-BBSW		4.750		Semi-Annual		12/20/2033		AUD	11,300		(39	)		80			41			0		(5	)
Pay	6-Month CZK-PRIBOR		4.270		Annual		08/01/2028		CZK	48,900		22			35			57			2		0
Pay⁽⁵⁾	6-Month EUR-EURIBOR		2.750		Annual		09/18/2034		EUR	2,400		40			(50	)		(10	)		0		(5	)
Receive⁽⁵⁾	6-Month EUR-EURIBOR		2.500		Annual		09/18/2054			1,000		(52	)		53			1			2		0

											$	96		$	(390	)	$	(294	)	$	31	$	(93	)

Total Swap Agreements											$	15,995		$	(1,002	)	$	14,993		$	33	$	(195	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	24	$	33	$	57	$	(1)	$	(92)	$	(195)	$	(288)

(j)	Securities with an aggregate market value of $9,402 and cash of $9,062 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

⁽⁵⁾	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.


100		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		07/2024	CHF	21	$	24	$	0	$	0
		07/2024	EUR	1,398		1,504		7		0
		07/2024	KRW	2,118,637		1,548		11		0
		07/2024	SGD	55		40		0		0
		07/2024	$	513	PLN	2,034		0		(8	)
		07/2024		41	SGD	55		0		0
		08/2024	SGD	55	$	41		0		0
		08/2024	$	13	TRY	452		0		0
		10/2024	CNH	1,163	$	163		2		0

BPS		07/2024	EUR	4,535		4,903		46		0
		07/2024	GBP	7,172		9,162		96		0
		07/2024	JPY	32,300		207		6		0
		07/2024	KRW	2,102,202		1,532		7		0
		07/2024	$	4,427	AUD	6,644		5		0
		07/2024		152	ILS	562		0		(3	)
		07/2024		1,772	NZD	2,885		0		(15	)
		07/2024		1,090	PLN	4,376		3		(5	)
		07/2024		3,133	SGD	4,249		1		0
		08/2024	AUD	6,644	$	4,431		0		(5	)
		08/2024	SGD	4,243		3,133		0		(1	)
		08/2024	$	9	TRY	312		0		0
		09/2024	CNH	14,378	$	2,006		25		0
		09/2024	TWD	61,665		1,916		15		0
		09/2024	$	5,638	INR	472,478		14		0
		10/2024	CNH	3,885	$	543		6		0
		10/2024	$	970	CNH	6,943		0		(11	)

BRC		07/2024	KRW	123,657	$	91		1		0
		07/2024	MXN	11,001		596		0		(5	)
		07/2024	NOK	3,402		323		5		0
		07/2024	PLN	10		3		0		0
		07/2024	SGD	610		452		2		0
		07/2024	$	3,747	PLN	14,787		0		(74	)
		07/2024		426	TRY	14,499		9		0
		08/2024		929		32,108		11		0
		09/2024	MXN	19,136	$	1,014		0		(20	)
		09/2024	$	1,091	TRY	39,929		43		0
		10/2024	CNH	37,671	$	5,256		52		0

CBK		07/2024	AUD	303		201		0		(2	)
		07/2024	CHF	820		901		0		(12	)
		07/2024	EUR	12,222		13,123		34		0
		07/2024	JPY	24,000		152		3		0
		07/2024	$	755	PLN	2,985		0		(13	)
		08/2024	GBP	138	$	174		0		0
		09/2024	PEN	4,387		1,180		39		0
		09/2024	TWD	23,467		728		4		0
		09/2024	$	2,552	INR	213,334		2		(1	)

FAR		07/2024	AUD	6,341	$	4,225		0		(5	)
		07/2024	EUR	58,455		63,666		1,064		0
		07/2024	NZD	5,166		3,155		8		0
		07/2024	$	353	JPY	56,252		0		(3	)
		08/2024	JPY	55,988	$	353		3		0
		08/2024	$	2,758	NZD	4,523		0		(4	)
		09/2024	PEN	13,831	$	3,693		95		0

GLM		07/2024	IDR	164,100		10		0		0
		07/2024	MXN	10,036		540		0		(7	)
		07/2024	$	50	KRW	68,698		0		0
		07/2024		1,032	PLN	4,087		0		(17	)
		07/2024	ZAR	6,986	$	382		0		(2	)
		08/2024	$	4,421	BRL	22,744		0		(368	)
		08/2024		491	TRY	16,950		4		0
		09/2024		548		20,830		44		0
		03/2025		154		7,355		20		0

JPM		07/2024	BRL	1,141	$	205		1		0
		07/2024	CHF	502		555		0		(4	)
		07/2024	CNY	102		14		0		0

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

101


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Receive d		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Receive d		Asset		Liability
		07/2024	KRW	8,674,806	$	6,296		5		(1	)
		07/2024	SGD	3,639		2,704		20		0
		07/2024	$	226	BRL	1,141		0		(22	)
		07/2024		6,843	CHF	6,141		0		(8	)
		07/2024		778	CNY	5,548		0		(8	)
		07/2024		1,154	IDR	18,800,166		1		(6	)
		07/2024		349	ILS	1,292		0		(7	)
		07/2024		1,400	NZD	2,281		0		(10	)
		07/2024		724	PLN	2,841		0		(18	)
		07/2024		127	TRY	4,311		2		0
		07/2024	ZAR	13,233	$	719		0		(7	)
		08/2024	CHF	6,118		6,843		8		0
		08/2024	CNY	5,552		778		0		0
		08/2024	$	544	TRY	19,807		29		0
		09/2024	TWD	39,925	$	1,240		9		0
		09/2024	$	302	INR	25,325		1		0
		09/2024		4,895	MXN	88,586		0		(111	)
		10/2024	CNH	23,792	$	3,325		38		0
		10/2024	$	457	CNH	3,260		0		(6	)
		03/2025		38	TRY	1,817		6		0

MBC		07/2024	CAD	15,627	$	11,477		54		0
		07/2024	CZK	3,137		136		2		0
		07/2024	$	11,421	CAD	15,636		9		0
		07/2024		248	NOK	2,647		0		(1	)
		07/2024		101	ZAR	1,863		1		0
		08/2024	CAD	15,626	$	11,420		0		(10	)
		08/2024	NOK	2,645		248		1		0
		09/2024	TWD	136		4		0		0

MYI		07/2024	KRW	68,835		50		0		0
		07/2024	$	71	NOK	756		0		0
		07/2024		26	PLN	103		0		0
		07/2024		114	ZAR	2,135		3		0
		07/2024	ZAR	2,129	$	117		0		0
		08/2024	NOK	755		71		0		0
		08/2024	$	117	ZAR	2,134		0		0
		09/2024	TWD	15,883	$	495		5		0
		09/2024	$	202	INR	16,904		0		0

RBC		07/2024		9,095	GBP	7,172		0		(29	)
		08/2024	GBP	7,172	$	9,096		29		0

SCX		07/2024	CNY	5,443		765		10		0
		07/2024	KRW	917,377		673		7		0
		07/2024	$	82,080	EUR	76,610		0		(34	)
		07/2024		3,643	ZAR	67,137		42		0
		08/2024	EUR	76,610	$	82,200		35		0
		09/2024	CNH	6,793		947		11		0
		09/2024	TWD	190,211		5,904		38		0
		09/2024	$	2,183	INR	182,728		3		0

UAG		07/2024	CHF	4,801	$	5,312		0		(31	)
		07/2024	ILS	1,261		340		6		0

Total Forward Foreign Currency Contracts							$	2,063	$	(894	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount⁽¹⁾		Cost		Market Value
GLM	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.749%		11/13/2024		15,600	$	0	$	8

Total Purchased Options										$	0	$	8


102		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
BOA	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.800%		07/08/2024		2,000	$	(9	)	$	(3	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.350		07/08/2024		2,000		(9	)		0

CBK	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710		07/26/2024		400		(1	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.060		07/26/2024		400		(2	)		(2	)

FAR	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.586		07/15/2024		1,400		(5	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.986		07/15/2024		1,400		(5	)		(8	)

GLM	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.689		07/15/2024		2,000		(4	)		(1	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.139		07/15/2024		2,000		(4	)		(5	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.844		07/03/2024		900		(3	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.194		07/03/2024		900		(3	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.628		07/18/2024		1,100		(4	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.978		07/18/2024		1,100		(4	)		(7	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.680		07/22/2024		500		(2	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.030		07/22/2024		500		(2	)		(3	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.540		07/24/2024		1,100		(5	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.648		07/24/2024		1,100		(4	)		(2	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.998		07/24/2024		1,100		(4	)		(7	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.000		07/24/2024		1,100		(5	)		(7	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710		07/29/2024		700		(2	)		(2	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.110		07/29/2024		700		(2	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310		11/13/2024		1,800		0			(9	)

JPM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.800		07/05/2024		600		(2	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.150		07/05/2024		600		(2	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.675		07/22/2024		500		(2	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.025		07/22/2024		500		(2	)		(3	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.640		07/23/2024		300		(1	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.990		07/23/2024		300		(1	)		(2	)

MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.630		07/29/2024		700		(2	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.690		07/29/2024		700		(3	)		(2	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.040		07/29/2024		700		(3	)		(4	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.090		07/29/2024		700		(2	)		(3	)

Total Written Options										$	(99	)	$	(81	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽²⁾


Counterparty	Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2024⁽³⁾		Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁵⁾
Counterparty	Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2024⁽³⁾		Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
CBK	Israel Government International Bond		1.000%	Quarterly		06/20/2027		1.168%	$	1,000	$	(5	)	$	0	$	0	$	(5	)

Total Swap Agreements											$	(5	)	$	0	$	0	$	(5	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure⁽⁶⁾
BOA	$	20	$	0	$	0	$	20	$	(8	)	$	(3	)	$	0		$	(11	)	$	9		$	0		$	9
BPS		224		0		0		224		(40	)		0			0			(40	)		184			0			184
BRC		123		0		0		123		(99	)		0			0			(99	)		24			0			24
CBK		82		0		0		82		(28	)		(3	)		(5	)		(36	)		46			0			46
FAR		1,170		0		0		1,170		(12	)		(9	)		0			(21	)		1,149			(1,190	)		(41	)
GLM		68		8		0		76		(394	)		(49	)		0			(443	)		(367	)		264			(103	)
JPM		120		0		0		120		(208	)		(7	)		0			(215	)		(95	)		0			(95	)
MBC		67		0		0		67		(11	)		0			0			(11	)		56			0			56
MYC		0		0		0		0		0			(10	)		0			(10	)		(10	)		0			(10	)
MYI		8		0		0		8		0			0			0			0			8			0			8
RBC		29		0		0		29		(29	)		0			0			(29	)		0			0			0
SCX		146		0		0		146		(34	)		0			0			(34	)		112			0			112
UAG		6		0		0		6		(31	)		0			0			(31	)		(25	)		0			(25	)

Total Over the Counter	$	2,063	$	8	$	0	$	2,071	$	(894	)	$	(81	)	$	(5	)	$	(980	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

103


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)

(l)	Securities with an aggregate market value of $264 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2024.

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

⁽³⁾

⁽⁴⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁵⁾

⁽⁶⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	24	$	24
Swap Agreements		0		2		0		0		31		33

	$	0	$	2	$	0	$	0	$	55	$	57

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,063	$	0	$	2,063
Purchased Options		0		0		0		0		8		8

	$	0	$	0	$	0	$	2,063	$	8	$	2,071

	$	0	$	2	$	0	$	2,063	$	63	$	2,128


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	1	$	1
Futures		0		0		0		0		92		92
Swap Agreements		0		102		0		0		93		195

	$	0	$	102	$	0	$	0	$	186	$	288

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	894	$	0	$	894
Written Options		0		0		0		0		81		81
Swap Agreements		0		5		0		0		0		5

	$	0	$	5	$	0	$	894	$	81	$	980

	$	0	$	107	$	0	$	894	$	267	$	1,268


104		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0		$	24		$	24
Futures		0		0			0		0			150			150
Swap Agreements		0		5,539			0		0			(50	)		5,489

	$	0	$	5,539		$	0	$	0		$	124		$	5,663

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(945	)	$	0		$	(945	)
Written Options		0		0			0		20			34			54
Swap Agreements		0		3			0		0			0			3

	$	0	$	3		$	0	$	(925	)	$	34		$	(888	)

	$	0	$	5,542		$	0	$	(925	)	$	158		$	4,775


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(67	)	$	(67	)
Swap Agreements		0		(716	)		0		0			(390	)		(1,106	)

	$	0	$	(716	)	$	0	$	0		$	(457	)	$	(1,173	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,169		$	0		$	1,169
Purchased Options		0		0			0		0			8			8
Written Options		0		0			0		0			18			18
Swap Agreements		0		1			0		0			0			1

	$	0	$	1		$	0	$	1,169		$	26		$	1,196

	$	0	$	(715	)	$	0	$	1,169		$	(431	)	$	23

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	14,147	$	3,714	$	17,861
Corporate Bonds & Notes
Banking & Finance		0		93,108		964		94,072
Industrials		0		139,720		1,598		141,318
Utilities		0		14,740		0		14,740
Municipal Bonds & Notes
California		0		301		0		301
Iowa		0		2,571		0		2,571
U.S. Government Agencies		0		423,284		0		423,284
U.S. Treasury Obligations		0		98,322		0		98,322
Non-Agency Mortgage-Backed Securities		0		238,852		2,055		240,907
Asset-Backed Securities		11,352		367,099		2,600		381,051
Sovereign Issues		0		16,587		0		16,587
Short-Term Instruments
Repurchase Agreements		0		16,812		0		16,812

	$	11,352	$	1,425,543	$	10,931	$	1,447,826


Investments in Affiliates, at Value
Mutual Funds		3,386		0		0		3,386


Total Investments	$	14,738	$	1,425,543	$	10,931	$	1,451,212


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024

Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0		$	(76,345	)	$	0	$	(76,345	)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		17			40			0		57
Over the counter		0			2,071			0		2,071

	$	17		$	2,111		$	0	$	2,128


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(34	)		(254	)		0		(288	)
Over the counter		0			(980	)		0		(980	)

	$	(34	)	$	(1,234	)	$	0	$	(1,268	)


Total Financial Derivative Instruments	$	(17	)	$	877		$	0	$	860


Totals	$	14,721		$	1,350,075		$	10,931	$	1,375,727

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

105


Schedule of Investments		PIMCO Multisector Bond Active Exchange-Traded Fund		(Cont.)		June 30, 2024

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2024:


Category and Subcategory	Beginning Balance at 12/31/2023		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 06/30/2024		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2024⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	3,711	$	0		$	0	$	0	$	3		$	0	$	0	$	3,714	$	3
Corporate Bonds & Notes
Banking & Finance		0		943		0			23		0		(2	)		0		0		964		(2	)
Industrials		0		1,601		0			0		0		(3	)		0		0		1,598		(3	)
Non-Agency Mortgage-Backed Securities		0		2,000		0			5		0		50			0		0		2,055		50
Asset-Backed Securities		0		2,646		(41	)		0		0		(5	)		0		0		2,600		(5	)


Totals	$	0	$	10,901	$	(41	)	$	28	$	0	$	43		$	0	$	0	$	10,931	$	43

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 06/30/2024		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 06/30/2024		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	1,217	Recent Transaction	Purchase Price		100.000		—
		2,497	Third Party Vendor	Broker Quote		99.500-100.500		99.902
Corporate Bonds & Note
Banking & Finance		964	Discounted Cash Flow	Discount Rate		7.304		—
Industrials		1,598	Indicative Market Quotation	Broker Quote		98.143-99.815		98.979
Non-Agency Mortgage-Backed Securities		2,055	Discounted Cash Flow	Discount Rate		6.775-9.055		7.331
Asset-Backed Securities		300	Fair Valuation of Odd Lot Positions	Adjustment Factor		2.500		—
		2,300	Proxy Pricing	Base Price		99.982		—

Total	$	10,931

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.


106		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Municipal Income Opportunities Active Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 102.1%

CORPORATE BONDS & NOTES 0.3%

INDUSTRIALS 0.3%

Toledo Hospital
5.325% due 11/15/2028	$		250	$		240
6.015% due 11/15/2048			200			171

Total Corporate Bonds & Notes (Cost $352)						411


MUNICIPAL BONDS & NOTES 97.0%

ALABAMA 1.8%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			1,400			1,486
5.500% due 10/01/2054			400			438

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024
5.250% due 07/01/2054			500			535

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			400			423

						2,882


ALASKA 0.2%

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			250			266


ARIZONA 1.5%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.250% due 01/01/2040			480			301

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019
4.000% due 06/01/2049			1,000			1,007

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023
5.000% due 07/01/2042			1,000			1,117

						2,425


ARKANSAS 0.7%

Arkansas Development Finance Authority Revenue Bonds, Series 2023
7.375% due 07/01/2048			500			549

County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023
4.250% due 03/01/2048			500			487

						1,036


CALIFORNIA 8.7%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
0.000% due 10/01/2047 (d)			500			287

Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024
4.125% due 07/01/2041			1,000			985

California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,000			1,002

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			400			424
5.250% due 01/01/2054			250			264
5.250% due 11/01/2054			700			748
5.500% due 10/01/2054			200			219

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			100			87


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 06/01/2050	$		500	$		484

California Health Facilities Financing Authority Revenue Bonds, Series 2024
5.250% due 12/01/2040			500			559

California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 12/01/2042			100			101

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			250			238

California Municipal Finance Authority Revenue Bonds, Series 2024
6.000% due 01/01/2039			1,000			1,052

California Pollution Control Financing Authority Revenue Bonds, Series 2019
7.500% due 12/01/2040 ^(b)			250			19

California State General Obligation Bonds, Series 2015
3.875% due 12/01/2030			600			583

California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			400			407

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			250			270

California Statewide Communities Development Authority Revenue Bonds, Series 2016
5.250% due 12/01/2056			250			252

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			500			421

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.500% due 10/01/2046			500			412

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (d)			200			111

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			8,000			893
3.850% due 06/01/2050			735			690

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			250			259

Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023
4.000% due 09/01/2058			500			494

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			150			154

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023
5.250% due 07/01/2058			900			957

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2038			650			681

San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993
0.000% due 01/01/2025 (c)			500			492

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)			1,000			164

						13,709


COLORADO 4.1%

Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024
5.250% due 12/01/2049			300			332

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 11/15/2043			500			490


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.430% (MUNIPSA) due 05/15/2061 ~	$		500	$		497
5.000% due 05/15/2062			1,500			1,544

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 11/15/2059			500			550

Colorado School of Mines Revenue Bonds, Series 2024
5.000% due 12/01/2054			500			535

Denver, Colorado Airport System City & County Revenue Bonds, Series 2018
5.000% due 12/01/2031			440			459

Denver, Colorado Airport System City & County Revenue Bonds, Series 2022
5.000% due 11/15/2053			1,000			1,035

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			1,000			1,009

						6,451


DELAWARE 0.2%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			250			237


DISTRICT OF COLUMBIA 1.4%

Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024
5.500% due 10/01/2054 (a)			1,000			1,096

Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023
5.000% due 07/15/2037			500			569
5.000% due 07/15/2048			500			544

						2,209


FLORIDA 4.4%

Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024
5.000% due 10/01/2049			1,000			1,066

Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024
4.000% due 07/01/2051			500			482

Florida Development Finance Corp. Revenue Bonds, Series 2024
5.250% due 08/01/2049			1,000			1,049

Florida Development Finance Corp. Revenue Notes, Series 2023
5.000% due 09/01/2026			500			510

Hernando County, Florida Revenue Bonds, Series 2022
5.250% due 06/01/2052			400			428

Jacksonville, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2043			510			559

Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014
5.000% due 05/01/2029			500			500

Orange County, Florida School Board Certificates of Participation Notes, Series 2024
5.000% due 08/01/2033			1,100			1,267

Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022
5.000% due 11/01/2029			375			389

Village Community Development District No 13, Florida Special Assessment Bonds, Series 2020
3.500% due 05/01/2051			500			404

Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023
4.250% due 05/01/2028			250			252

						6,906

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

107


Schedule of Investments		PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GEORGIA 2.6%

Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023
5.000% due 07/01/2053	$		1,000	$		1,046

Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023
5.750% due 04/01/2053			500			559

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			1,000			1,004

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 12/01/2053			400			428

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			500			502

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.500% due 07/01/2063			500			528

						4,067


IDAHO 0.8%

Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.650% due 01/01/2054			1,000			1,000

Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021
3.750% due 09/01/2051			250			230

						1,230


ILLINOIS 6.6%

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055			500			515
5.500% due 01/01/2055			1,000			1,072

DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023
5.000% due 01/01/2041			500			532

Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			500			512

Illinois Sales Tax State Revenue Notes, Series 2021
5.000% due 06/15/2031			1,000			1,095

Illinois State General Obligation Bonds, Series 2016
4.000% due 06/01/2033			1,000			994

Illinois State General Obligation Bonds, Series 2024
5.250% due 05/01/2045			3,000			3,280

Illinois State Toll Highway Authority Revenue Bonds, Series 2020
5.000% due 01/01/2045			1,250			1,330

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,000			1,047

						10,377


INDIANA 2.6%

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			1,750			1,759

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			250			234

Indiana University Revenue Notes, Series 2024
5.000% due 06/01/2034			500			584

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
5.750% due 03/01/2043			300			332

Mount Vernon, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100			100

Warrick County, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100			100


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Whiting, Indiana Revenue Bonds, Series 2016
4.400% due 03/01/2046	$		1,000	$		1,002

						4,111


IOWA 0.3%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			500			524


KENTUCKY 0.8%

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			500			501

Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023
5.000% due 10/01/2038			700			768

						1,269


LOUISIANA 0.5%

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022
5.000% due 08/15/2026			475			487

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 07/01/2040			250			275

						762


MASSACHUSETTS 1.8%

Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.250% due 10/01/2047			1,000			1,105

Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			700			765

Massachusetts Development Finance Agency Revenue Bonds, Series 2024
4.000% due 03/01/2054			1,000			972

						2,842


MICHIGAN 3.4%

Detroit Downtown Development Authority, Michigan Tax Allocation Bonds, Series 2024
5.000% due 07/01/2048			500			524

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			250			197

Detroit, Michigan General Obligation Bonds, Series 2023
6.000% due 05/01/2039			300			349

Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001
5.500% due 07/01/2029			490			506

Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.250% due 07/01/2053			750			826

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			2,500			268
5.000% due 06/01/2040			750			782

Michigan Finance Authority Revenue Bonds, Series 2024
5.500% due 02/28/2049			500			551

Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2046			500			551

Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023
5.000% due 12/01/2031			750			811

						5,365


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MINNESOTA 1.0%

Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024
5.250% due 01/01/2054	$		1,000	$		1,079

Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 01/01/2055 (a)			500			564

						1,643


MULTI-STATE 1.3%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.033% due 12/25/2036			694			681
4.141% due 01/25/2040			396			388
4.549% due 08/25/2040			997			1,006

						2,075


NEVADA 1.0%

Las Vegas, Nevada Revenue Bonds, Series 2016
4.375% due 06/15/2035			500			484

Nevada Department of Business & Industry State Revenue Bonds, Series 2020
8.125% due 01/01/2050			400			416

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			1,000			135

Washoe County, Nevada Revenue Bonds, Series 2016
4.125% due 03/01/2036			500			501

						1,536


NEW HAMPSHIRE 1.4%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			495			467

New Hampshire Business Finance Authority Revenue Notes, Series 2022
4.000% due 12/01/2028			1,000			992

New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 07/01/2055 (a)			600			677

						2,136


NEW JERSEY 2.4%

Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023
5.000% due 08/15/2053			500			539

New Jersey Educational Facilities Authority Revenue Bonds, Series 2023
4.625% due 09/01/2048			250			260

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,000			1,053

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2037			500			563

New Jersey Turnpike Authority Revenue Bonds, Series 2024
5.250% due 01/01/2054			1,000			1,103

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046			220			222

						3,740


NEW MEXICO 0.5%

Farmington, New Mexico Revenue Bonds, Series 2010
3.875% due 06/01/2040			500			503

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039			350			344

						847


108		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 15.0%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.563% due 04/25/2042 ~	$		1,000	$		1,048
4.617% due 08/25/2041 ~			700			716

Freddie Mac Structured Pass-Through Certificates, Revenue Bonds, Series 2024
4.683% due 10/25/2040			700			722

New York City Water & Sewer System, New York Revenue Bonds, Series 2013
4.700% due 06/15/2050			1,500			1,500

New York City, New York General Obligation Bonds, Series 2022
5.250% due 10/01/2041			250			281

New York City, New York General Obligation Bonds, Series 2024
5.250% due 04/01/2054			500			552

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2048			200			222
5.250% due 06/15/2053			300			331

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024
5.250% due 06/15/2054			390			432

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			500			568

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 05/01/2046			1,000			1,098
5.250% due 02/01/2053			1,000			1,107

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			350			350
5.150% due 11/15/2034			235			236

New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2038			1,000			1,147

New York State Dormitory Authority Revenue Bonds, Series 2020
5.000% due 07/01/2050			500			533

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2051			1,500			1,444
5.000% due 03/15/2041			500			552

New York State Dormitory Authority Revenue Bonds, Series 2024
5.000% due 03/15/2046			1,000			1,100

New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2053			500			544
5.000% due 03/15/2063			1,000			1,074

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023
5.500% due 06/30/2044			500			541

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024
5.000% due 06/30/2054			250			258

New York Transportation Development Corp. Revenue Bonds, Series 2023
5.625% due 04/01/2040			500			544
6.000% due 04/01/2035			250			283

New York Transportation Development Corp. Revenue Bonds, Series 2024
5.000% due 06/30/2060			1,000			1,011

New York Transportation Development Corp. Revenue Notes, Series 2018
5.000% due 01/01/2027			250			257

New York Transportation Development Corp. Revenue Notes, Series 2020
4.000% due 10/01/2030			550			552

Port Authority of New York & New Jersey Revenue Bonds, Series 2019
4.000% due 11/01/2041			1,765			1,710


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041	$		1,000	$		1,013

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			1,500			149
4.000% due 06/01/2050			300			268

Town of Hempstead, New York General Obligation Bonds, Series 2024
4.000% due 05/01/2047			500			498

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024
5.250% due 05/15/2054			500			555

Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023
5.000% due 12/15/2041			500			575

						23,771


NORTH CAROLINA 0.6%

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 06/01/2041			1,000			1,001


NORTH DAKOTA 0.4%

Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2041			525			559


OHIO 3.7%

Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017
5.000% due 08/01/2042			500			514

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			7,400			694
4.000% due 06/01/2048			500			461

Cuyahoga County, Ohio Revenue Bonds, Series 2017
5.000% due 02/15/2057			500			500

Hamilton County, Ohio Revenue Bonds, Series 2021
4.750% due 08/15/2051			2,000			2,000

Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022
4.250% due 11/01/2039			500			503

Ohio Air Quality Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2049			400			374

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.250% due 12/01/2048			750			807

						5,853


OKLAHOMA 1.1%

Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024
5.000% due 06/01/2040 (a)			1,000			1,126

Oklahoma Turnpike Authority Revenue Bonds, Series 2023
5.500% due 01/01/2053			600			663

						1,789


OREGON 0.7%

Oregon State General Obligation Bonds, Series 2022
4.700% due 06/01/2045			1,100			1,100


PENNSYLVANIA 3.9%

Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022
5.250% due 05/01/2042			500			499


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Commonwealth of Pennsylvania General Obligation Bonds, Series 2016
4.000% due 09/15/2034	$		500	$		505

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,000			945

Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.980% (MUNIPSA) due 08/15/2038 ~(e)			970			963

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			500			513

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.000% due 12/31/2057			300			310

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015
5.000% due 12/31/2030			250			253
5.000% due 12/31/2038			500			505

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
5.500% due 06/30/2039			500			550

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/15/2049			1,000			962

Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024
6.000% due 10/01/2054			200			217

						6,222


PUERTO RICO 2.6%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			256			157
0.000% due 11/01/2051			2,077			1,240

GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018
7.500% due 08/20/2040			363			353

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			500			162
0.000% due 07/01/2051 (c)			5,400			1,271
5.000% due 07/01/2058			750			750

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.550% due 07/01/2040			250			251

						4,184


RHODE ISLAND 0.6%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040			750			754
5.000% due 06/01/2050			200			201

						955


SOUTH CAROLINA 1.1%

Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022
4.250% due 02/01/2041			625			647

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			200			217

South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013
4.000% due 12/01/2049			1,000			939

						1,803


TENNESSEE 0.6%

Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			1,000			1,001

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

109


Schedule of Investments		PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 12.8%

Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2048	$		100	$		107

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
5.250% due 12/01/2045			250			250

Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024
5.250% due 02/15/2054 (a)			300			329

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2037 (c)			250			138

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2048			700			763

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			500			526

Greenwood Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2054			1,000			943
5.000% due 02/15/2049			300			323

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
4.600% due 10/01/2041			2,500			2,500

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2054			500			536

Harris County, Texas Toll Road Revenue Bonds, Series 2024
4.000% due 08/15/2041			1,000			998

Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023
5.000% due 07/01/2038			100			108

Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/01/2048			500			541

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049 (a)			500			483

Lower Colorado River Authority, Texas Revenue Bonds, Series 2021
5.000% due 05/15/2051			1,500			1,590

Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2054 (a)			500			472

Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			250			231

Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.500% due 02/15/2047			500			514

Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024
5.250% due 05/15/2054			1,000			1,091

Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2050			500			518


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Mission Economic Development Corp., Texas Revenue Bonds, Series 2024
4.000% due 06/01/2054	$		1,000	$		1,010

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019
4.000% due 12/01/2054			250			192

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024
5.000% due 02/01/2042			1,000			1,109

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			400			429

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 12/31/2037			250			251

Texas State University System Revenue Bonds, Series 2024
5.000% due 03/15/2042			1,000			1,113

Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052			600			624
5.000% due 10/15/2057			250			267

Texas Water Development Board Revenue Bonds, Series 2023
4.875% due 10/15/2048			500			529
5.000% due 10/15/2058			300			322

Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049			1,500			1,448

						20,255


UTAH 0.2%

City of Salt Lake, Utah Revenue Bonds, Series 2023
5.250% due 07/01/2037			300			338


VIRGINIA 0.3%

Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021
3.750% due 03/01/2036			450			425


WASHINGTON 1.3%

Washington State General Obligation Bonds, Series 2023
5.000% due 06/01/2040			1,000			1,121

Washington State General Obligation Bonds, Series 2024
5.000% due 02/01/2043			500			555

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			498			446

						2,122


WEST VIRGINIA 0.2%

West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
6.000% due 09/01/2053			300			339


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WISCONSIN 1.9%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2041	$		250	$		251
4.000% due 03/31/2056			250			208

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
4.000% due 10/01/2052			400			377

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046			750			713

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			1,000			359

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
4.950% due 04/01/2035			900			900

Wisconsin State General Obligation Notes, Series 2022
4.300% (MUNIPSA) due 05/01/2025 ~			215			214

						3,022

Total Municipal Bonds & Notes (Cost $150,460)						153,384


U.S. GOVERNMENT AGENCIES 0.1%

Freddie Mac
3.083% due 04/25/2043 ~			199			161

Total U.S. Government Agencies (Cost $158)						161


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6%

Multifamily Tax-Exempt Mortgage-backed Securities
4.500% due 08/01/2041 (a)			1,000			1,003

Total Non-Agency Mortgage-Backed Securities (Cost $1,000)						1,003


SHORT-TERM INSTRUMENTS 4.1%

REPURCHASE AGREEMENTS (f) 4.1%
						6,425

Total Short-Term Instruments (Cost $6,425)						6,425



Total Investments in Securities (Cost $158,395)						161,384


Total Investments 102.1% (Cost $158,395)				$		161,384

Financial Derivative Instruments (g) 0.0% (Cost or Premiums, net $0)						90

Other Assets and Liabilities, net (2.1)%						(3,353	)

Net Assets 100.0%				$		158,121

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

(a)	When-issued security.

(b)	Security is not accruing income as of the date of this report.

(c)	Zero coupon security.

(d)	Security becomes interest bearing at a future date.


110		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

4.980%

08/15/2038

09/14/2021

987

963

0.61%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BPS		5.340	%		06/28/2024		07/01/2024	$	6,200	U.S. Treasury Notes 0.625% due 07/31/2026	$	(6,322	)	$	6,200	$	6,202
FICC		2.600			06/28/2024		07/01/2024		225	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026		(230	)		225		225

Total Repurchase Agreements											$	(6,552	)	$	6,425	$	6,427

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BPS	$	6,202	$	0	$	0	$	0	$	6,202	$	(6,322	)	$	(120	)
FICC		225		0		0		0		225		(230	)		(5	)

Total Borrowings and Other Financing Transactions	$	6,427	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2024		225	$	(24,746	)	$	(195	)	$	90	$	0

Total Futures Contracts								$	(195	)	$	90	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	90	$	0	$	90	$	0	$	0	$	0	$	0

Cash of $516 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

111


Schedule of Investments		PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		(Cont.)		June 30, 2024

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	90	$	90

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	264		$	264


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(261	)	$	(261	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Industrials	$	0	$	411	$	0	$	411
Municipal Bonds & Notes
Alabama		0		2,882		0		2,882
Alaska		0		266		0		266
Arizona		0		2,425		0		2,425
Arkansas		0		1,036		0		1,036
California		0		13,709		0		13,709
Colorado		0		6,451		0		6,451
Delaware		0		237		0		237
District of Columbia		0		2,209		0		2,209
Florida		0		6,906		0		6,906
Georgia		0		4,067		0		4,067
Idaho		0		1,230		0		1,230
Illinois		0		10,377		0		10,377
Indiana		0		4,111		0		4,111
Iowa		0		524		0		524
Kentucky		0		1,269		0		1,269
Louisiana		0		762		0		762
Massachusetts		0		2,842		0		2,842
Michigan		0		5,365		0		5,365
Minnesota		0		1,643		0		1,643
Multi-State		0		2,075		0		2,075
Nevada		0		1,536		0		1,536
New Hampshire		0		2,136		0		2,136
New Jersey		0		3,740		0		3,740
New Mexico		0		847		0		847
New York		0		23,771		0		23,771
North Carolina		0		1,001		0		1,001


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
North Dakota	$	0	$	559	$	0	$	559
Ohio		0		5,853		0		5,853
Oklahoma		0		1,789		0		1,789
Oregon		0		1,100		0		1,100
Pennsylvania		0		6,222		0		6,222
Puerto Rico		0		4,184		0		4,184
Rhode Island		0		955		0		955
South Carolina		0		1,803		0		1,803
Tennessee		0		1,001		0		1,001
Texas		0		20,255		0		20,255
Utah		0		338		0		338
Virginia		0		425		0		425
Washington		0		2,122		0		2,122
West Virginia		0		339		0		339
Wisconsin		0		3,022		0		3,022
U.S. Government Agencies		0		161		0		161
Non-Agency Mortgage-Backed Securities		0		1,003		0		1,003
Short-Term Instruments
Repurchase Agreements		0		6,425		0		6,425


Total Investments	$	0	$	161,384	$	0	$	161,384


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	90	$	0	$	90


Total Financial Derivative Instruments	$	0	$	90	$	0	$	90


Totals	$	0	$	161,474	$	0	$	161,474

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


112		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Preferred and Capital Securities Active Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.8%

CORPORATE BONDS & NOTES 59.3%

BANKING & FINANCE 41.9%

Allstate Corp.
8.522% (TSFR3M + 3.200%) due 08/15/2053 ~	$		1,146	$		1,147

American International Group, Inc.
5.750% due 04/01/2048 •			400			393

Banco Bilbao Vizcaya Argentaria SA
9.375% due 03/19/2029 •(e)(f)			1,061			1,132

Banco Santander SA
9.625% due 11/21/2028 •(e)(f)			200			215
9.625% due 05/21/2033 •(e)(f)			1,400			1,555

Bank of Nova Scotia
3.625% due 10/27/2081 •(f)			979			832
8.000% due 01/27/2084 •(f)			200			207
8.625% due 10/27/2082 •(f)			200			210

Barclays PLC
8.000% due 03/15/2029 •(e)(f)			1,042			1,061
9.625% due 12/15/2029 •(e)(f)			1,200			1,304

BBVA Bancomer SA
8.125% due 01/08/2039 •(f)			500			507

BNP Paribas SA
8.000% due 08/22/2031 •(e)(f)			1,600			1,610
8.500% due 08/14/2028 •(e)(f)			699			718
9.250% due 11/17/2027 •(e)(f)			969			1,030

BPCE SA
6.508% due 01/18/2035 •			700			701

Burford Capital Global Finance LLC
9.250% due 07/01/2031			695			732

Commerzbank AG
7.000% due 04/09/2025 •(e)(f)			200			199

Cooperatieve Rabobank UA
4.875% due 06/29/2029 •(e)(f)	EUR		800			804

Corebridge Financial, Inc.
6.875% due 12/15/2052 •	$		1,043			1,053

Credit Agricole SA
8.125% due 12/23/2025 •(e)(f)			1,000			1,016

Credit Suisse AG AT1 Claim			800			96

Danske Bank AS
7.000% due 06/26/2025 •(e)(f)			700			700

Deutsche Bank AG
4.789% due 04/30/2025 •(e)(f)			600			570
7.500% due 04/30/2025 •(e)(f)			600			592

Global Atlantic Fin Co.
4.400% due 10/15/2029			586			546
4.700% due 10/15/2051 •			200			186
7.950% due 10/15/2054 •			350			353

HSBC Holdings PLC
6.375% due 03/30/2025 •(e)(f)			1,600			1,597
6.500% due 03/23/2028 •(e)(f)			500			493

ING Groep NV
8.000% due 05/16/2030 •(e)(f)			2,100			2,144

Intesa Sanpaolo SpA
7.700% due 09/17/2025 •(e)(f)			1,300			1,300
8.248% due 11/21/2033 •			1,074			1,185

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(e)(f)			1,100			1,102
8.000% due 09/27/2029 •(e)(f)			2,133			2,186

Mitsubishi UFJ Financial Group, Inc.
8.200% due 01/15/2029 •(e)(f)			800			861

NatWest Group PLC
6.000% due 12/29/2025 •(e)(f)			300			294
8.000% due 08/10/2025 •(e)(f)			772			778
8.125% due 11/10/2033 •(e)(f)			1,900			1,924

Nippon Life Insurance Co.
6.250% due 09/13/2053 •			400			412

Prudential Financial, Inc.
5.125% due 03/01/2052 •			1,200			1,117
6.000% due 09/01/2052 •			1,418			1,402
6.500% due 03/15/2054 •			1,200			1,214


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Royal Bank of Canada
7.500% due 05/02/2084 •(f)	$		2,200	$		2,274

Societe Generale SA
9.375% due 11/22/2027 •(e)(f)			484			491
10.000% due 11/14/2028 •(e)(f)			200			208

Sumitomo Mitsui Financial Group, Inc.
6.600% due 06/05/2034 •(e)(f)			900			896

Svenska Handelsbanken AB
4.750% due 03/01/2031 •(e)(f)			1,200			1,033

Swiss RE Subordinated Finance PLC
5.698% due 04/05/2035 •			300			298

Toronto-Dominion Bank
7.250% due 07/31/2084 •(a)(f)			300			300
8.125% due 10/31/2082 •(f)			1,728			1,795

UBS Group AG
7.750% due 04/12/2031 •(e)(f)			1,300			1,329
9.250% due 11/13/2028 •(e)(f)			300			324
9.250% due 11/13/2033 •(e)(f)			1,100			1,235

Voya Financial, Inc.
4.700% due 01/23/2048 •			1,136			990

						48,651


INDUSTRIALS 3.3%

Enbridge, Inc.
5.750% due 07/15/2080 •			1,215			1,149
7.375% due 03/15/2055 •			300			301
7.625% due 01/15/2083 •			500			512

Enterprise Products Operating LLC
5.375% due 02/15/2078 •			735			688
8.574% (TSFR3M + 3.248%) due 08/16/2077 ~			489			487

Plains All American Pipeline LP
9.694% (TSFR3M + 4.372%) due 07/29/2024 ~(e)			698			699

						3,836


UTILITIES 14.1%

AES Andes SA
8.150% due 06/10/2055 •			200			200

AES Corp.
7.600% due 01/15/2055 •			1,100			1,114

American Electric Power Co., Inc.
3.875% due 02/15/2062 •			368			339
6.950% due 12/15/2054 •			300			299
7.050% due 12/15/2054 •			300			299

BP Capital Markets PLC
6.450% due 12/01/2033 •(e)			1,500			1,545

British Telecommunications PLC
4.250% due 11/23/2081			500			474
4.250% due 11/23/2081 •			500			474

CMS Energy Corp.
3.750% due 12/01/2050 •			700			586
4.750% due 06/01/2050 •			300			275

Dominion Energy, Inc.
6.875% due 02/01/2055 •			300			306
7.000% due 06/01/2054 •			1,400			1,460

Duke Energy Corp.
3.250% due 01/15/2082 •			277			250

Edison International
7.875% due 06/15/2054 •			500			517
8.125% due 06/15/2053 •			200			208

Electricite de France SA
9.125% due 03/15/2033 •(e)			1,215			1,325

NextEra Energy Capital Holdings, Inc.
6.700% due 09/01/2054 •			1,300			1,303
6.750% due 06/15/2054 •			1,300			1,311

Sempra
4.125% due 04/01/2052 •			720			666
6.875% due 10/01/2054 •			700			697

Transcanada Trust
5.500% due 09/15/2079 •			600			553
5.600% due 03/07/2082 •			1,036			941


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Vodafone Group PLC
5.125% due 06/04/2081 •	$		300	$		221
7.000% due 04/04/2079 •			1,000			1,032

						16,395

Total Corporate Bonds & Notes (Cost $66,871)						68,882


		SHARES
PREFERRED SECURITIES 34.2%

BANKING & FINANCE 29.8%

Aircastle Ltd.
5.250% due 06/15/2026 •(e)			1,071,000			1,031

Ally Financial, Inc.
4.700% due 05/15/2028 •(e)			1,116,000			896

American Express Co.
3.550% due 09/15/2026 •(e)			400,000			373

Bank of America Corp.
4.375% due 01/27/2027 •(e)			1,533,000			1,452
5.875% due 03/15/2028 •(e)			2,818,000			2,807

Bank of New York Mellon Corp.
4.625% due 09/20/2026 •(e)			700,000			675

Charles Schwab Corp.
4.000% due 12/01/2030 •(e)			1,636,000			1,399
5.375% due 06/01/2025 •(e)			600,000			594

Citigroup, Inc.
7.125% due 08/15/2029 •(e)			1,300,000			1,300
7.200% due 05/15/2029 •(e)			1,200,000			1,231
7.375% due 05/15/2028 •(e)			1,031,000			1,060
7.625% due 11/15/2028 •(e)			610,000			636

Citizens Financial Group, Inc.
8.567% (TSFR3M + 3.265%) due 10/06/2024 ~(e)			200,000			197

CoBank ACB
6.450% due 10/01/2027 •(e)			400,000			398

Discover Financial Services
5.500% due 10/30/2027 •(e)			1,401,000			1,210

Dresdner Funding Trust
8.151% due 06/30/2031			600,000			651

Farm Credit Bank
7.750% due 06/15/2029 •(e)			500,000			507

Goldman Sachs Group, Inc.
4.400% due 02/10/2025 •(e)			650,000			639
7.500% due 05/10/2029 •(e)			2,100,000			2,163

HSBC Capital Funding Dollar LP
10.176% due 06/30/2030 •(e)			417,000			506

JPMorgan Chase & Co.
4.600% due 02/01/2025 •(e)			1,082,000			1,069
6.875% due 06/01/2029 •(e)			1,400,000			1,450
8.168% (TSFR3M + 2.842%) due 08/01/2024 ~(e)			700,000			706

MetLife Capital Trust
7.875% due 12/15/2067			1,400,000			1,503

Morgan Stanley
5.875% due 09/15/2026 ~(e)			400,000			394
8.761% (TSFR3M + 3.422%) due 12/15/2025 ~(e)			400,000			415

PNC Financial Services Group, Inc.
6.000% due 05/15/2027 •(e)			700,000			693
6.200% due 09/15/2027 •(e)			200,000			200
6.250% due 03/15/2030 •(e)			2,339,000			2,280
8.648% (TSFR3M + 3.302%) due 09/01/2024 ~(e)			200,000			201

State Street Corp.
6.700% due 03/15/2029 •(e)			600,000			603

SVB Financial Group
4.100% due 02/15/2031 ^(b)(e)			1,200,000			9

Synchrony Financial
8.250% (H15T5Y + 4.044%) due 05/15/2029 ~(e)			26,100			666

Truist Financial Corp.
5.100% due 03/01/2030 •(e)			1,296,000			1,218

U.S. Bancorp
5.300% due 04/15/2027 •(e)			688,000			668

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

113


Schedule of Investments		PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		(Cont.)


	SHARES			MARKET VALUE (000S)

Voya Financial, Inc.
7.688% due 09/15/2028 •(e)		425,000	$		443

Wells Fargo & Co.
3.900% due 03/15/2026 •(e)		500,000			479
7.625% due 09/15/2028 •(e)		1,733,000			1,849

					34,571


INDUSTRIALS 0.8%

General Motors Financial Co., Inc.
5.700% due 09/30/2030 •(e)		1,020,000			962


UTILITIES 3.6%

AT&T, Inc.
4.750% due 02/18/2025 (e)		30,700			619

Edison International
5.000% due 12/15/2026 •(e)		719,000			687

Energy Transfer LP
6.625% due 02/15/2028 •(e)		1,346,000			1,312
7.125% due 05/15/2030 •(e)		1,200,000			1,190

SCE Trust
7.500% due 11/22/2028 (e)		12,000			314

					4,122

Total Preferred Securities (Cost $38,883)					39,655


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.3%

REPURCHASE AGREEMENTS (h) 1.3%
				$		1,519


U.S. TREASURY BILLS 4.0%
5.372% due 09/19/2024 - 10/08/2024 (c)(d)	$		4,700			4,641

Total Short-Term Instruments (Cost $6,160)						6,160



Total Investments in Securities (Cost $111,914)						114,697


Total Investments 98.8% (Cost $111,914)				$		114,697

Financial Derivative Instruments (i)(j) (0.2)% (Cost or Premiums, net $503)						(176	)

Other Assets and Liabilities, net 1.4%						1,595

Net Assets 100.0%				$		116,116

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a)	When-issued security.

(b)	Security is not accruing income as of the date of this report.

(c)	Coupon represents a weighted average yield to maturity.

(d)	Zero coupon security.

(e)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f)	Contingent convertible security.

(g)	Restricted Securities.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	1,519	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(1,549	)	$	1,519	$	1,519

Total Repurchase Agreements											$	(1,549	)	$	1,519	$	1,519


114		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	1,519	$	0	$	0	$	0	$	1,519	$	(1,549	)	$	(30	)

Total Borrowings and Other Financing Transactions	$	1,519	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended June 30, 2024 was $(627) at a weighted average interest rate of 5.419%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		74	$	15,112	$	24		$	0	$	(2	)
U.S. Treasury Long-Term Bond September Futures		09/2024		19		2,248		(2	)		0		(22	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		91		11,406		36			0		(223	)

							$	58		$	0	$	(247	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-BOBL Future September Futures		09/2024		2	$	(249	)	$	(2	)	$	0	$	0
Euro-Bund September Futures		09/2024		2		(282	)		(4	)		1		0
U.S. Treasury 5-Year Note September Futures		09/2024		58		(6,182	)		(6	)		11		0
U.S. Treasury 10-Year Note September Futures		09/2024		28		(3,080	)		(2	)		11		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		39		(4,428	)		(15	)		28		0

								$	(29	)	$	51	$	0

Total Futures Contracts								$	29		$	51	$	(247	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾		Asset		Liability
CDX.HY-42 5-Year Index		5.000	%	Quarterly		06/20/2029	$	8,400	$	505	$	32	$	537	$	0	$	(5	)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.750	%		Annual		06/20/2029	$	5,600	$	4		$	80		$	84		$	11	$	0
Receive	1-Day USD-SOFR Compounded-OIS		3.750			Annual		06/20/2031		700		(6	)		16			10			2		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750			Annual		06/20/2034		100		1			(3	)		(2	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500			Annual		06/20/2054		100		(1	)		(3	)		(4	)		0		(1	)

											$	(2	)	$	90		$	88		$	13	$	(2	)

Total Swap Agreements											$	503		$	122		$	625		$	13	$	(7	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

115


Schedule of Investments		PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		(Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset⁽⁴⁾						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	52	$	13	$	65	$	0	$	(247	)	$	(7)	$	(254)

Cash of $1,413 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

⁽⁴⁾	Unsettled variation margin asset of $1 for closed futures is outstanding at period end.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BRC		08/2024	EUR	914	$	979	$	0	$	(1	)
JPM		07/2024		914		993		14		0

Total Forward Foreign Currency Contracts							$	14	$	(1	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure⁽¹⁾
BRC	$	0	$	0	$	0	$	0	$	(1	)	$	0	$	0	$	(1	)	$	(1	)	$	0	$	(1	)
JPM		14		0		0		14		0			0		0		0			14			0		14

Total Over the Counter	$	14	$	0	$	0	$	14	$	(1	)	$	0	$	0	$	(1	)

⁽¹⁾


116		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	52	$	52
Swap Agreements		0		0		0		0		13		13

	$	0	$	0	$	0	$	0	$	65	$	65

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	14	$	0	$	14

	$	0	$	0	$	0	$	14	$	65	$	79


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	247	$	247
Swap Agreements		0		5		0		0		2		7

	$	0	$	5	$	0	$	0	$	249	$	254

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1	$	0	$	1

	$	0	$	5	$	0	$	1	$	249	$	255

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(875	)	$	(875	)
Swap Agreements		0		24		0		0		37			61

	$	0	$	24	$	0	$	0	$	(838	)	$	(814	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	78	$	0		$	78

	$	0	$	24	$	0	$	78	$	(838	)	$	(736	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(73	)	$	(73	)
Swap Agreements		0		32		0		0		90			122

	$	0	$	32	$	0	$	0	$	17		$	49

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	31	$	0		$	31

	$	0	$	32	$	0	$	31	$	17		$	80

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

117


Schedule of Investments		PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		(Cont.)		June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	48,651	$	0	$	48,651
Industrials		0		3,836		0		3,836
Utilities		0		16,395		0		16,395
Preferred Securities
Banking & Finance		666		33,905		0		34,571
Industrials		0		962		0		962
Utilities		933		3,189		0		4,122
Short-Term Instruments
Repurchase Agreements		0		1,519		0		1,519
U.S. Treasury Bills		0		4,641		0		4,641


Total Investments	$	1,599	$	113,098	$	0	$	114,697


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	1	$	63		$	0	$	64
Over the counter		0		14			0		14

	$	1	$	77		$	0	$	78


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(254	)		0		(254	)
Over the counter		0		(1	)		0		(1	)

	$	0	$	(255	)	$	0	$	(255	)


Total Financial Derivative Instruments	$	1	$	(178	)	$	0	$	(177	)


Totals	$	1,600	$	112,920		$	0	$	114,520

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


118		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Senior Loan Active Exchange-Traded Fund				June 30, 2024

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 122.8%

LOAN PARTICIPATIONS AND ASSIGNMENTS 85.5%

ABG Intermediate Holdings 2 LLC
8.094% due 12/21/2028	$		2,283	$		2,287

Acrisure LLC
8.594% due 11/06/2030			535			535

Action Nederland BV
TBD% due 06/20/2031			600			601

Advantage Sales & Marketing, Inc.
9.818% due 10/28/2027			597			583

Al Aqua Merger Sub, Inc.
TBD% - 9.595% due 07/31/2028 µ			550			551
TBD% - 9.595% due 07/31/2028			4,155			4,167

Albion Financing 3 SARL
10.831% due 08/17/2026			988			992

Alliance Laundry Systems LLC
8.899% due 10/08/2027			1,290			1,296

Alliant Holdings Intermediate LLC
8.830% due 11/06/2030			1,955			1,962

Allied Universal Holdco LLC
9.194% due 05/12/2028			2,049			2,043

Altar Bidco, Inc.
7.947% due 02/01/2029			1,745			1,744

Amer Sports Co.
8.577% due 02/17/2031 «			600			604

American Airlines, Inc.
10.336% due 04/20/2028			2,267			2,345

AmWINS Group, Inc.
7.594% due 02/19/2028			1,047			1,048

Amynta Agency Borrower Inc.
9.597% due 02/28/2028			794			797

AP Core Holdings LLC
10.958% due 09/01/2027			550			482

Applied Systems, Inc.
8.835% due 02/24/2031			1,893			1,909

AppLovin Corp.
7.844% due 08/16/2030			748			750

Arches Buyer, Inc.
8.694% due 12/06/2027			691			663

Armor Holding LLC
10.014% due 12/11/2028 «			245			246

Artera Services LLC
9.835% due 02/15/2031			748			753

Ascend Learning LLC
8.944% due 12/11/2028			3,275			3,276

Assetmark Financial Holdings Inc.
TBD% due 06/03/2031			1,100			1,102

AssuredPartners, Inc.
8.844% due 02/14/2031			1,945			1,952

Asurion LLC
8.708% due 12/23/2026			3,279			3,256
9.694% due 08/19/2028			4,874			4,844

Athenahealth Group, Inc.
8.594% due 02/15/2029			5,382			5,371

AVSC Holding Corp. (9.944% Cash and 1.000% PIK)
10.944% due 10/15/2026 (a)			300			301

B+G FOODS, Inc.
TBD% due 10/10/2029			706			699

B.C. Unlimited Liability Co.
7.094% due 09/20/2030			1,500			1,498

Bally’s Corp.
8.836% due 10/02/2028			683			650

Banff Merger Sub Inc.
9.344% due 12/29/2028			2,440			2,448

Barracuda Networks, Inc.
9.814% due 08/15/2029			497			497

Bausch & Lomb Corp.
8.689% due 05/10/2027			3,739			3,704
9.344% due 09/29/2028			844			843

Bausch Health Cos., Inc.
TBD% due 02/01/2027			3,016			2,760


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BCPE Empire Holdings, Inc.
9.344% due 12/11/2028	$		1,137	$		1,139

Berlin Packaging LLC
9.059% - 9.321% due 06/09/2031			499			500

BIP PipeCo Holdings LLC
TBD% due 12/06/2030			675			678

Birkenstock GmbH & Co. KG
8.840% due 04/28/2028			98			98

Blackhawk Network Holdings, Inc.
10.344% due 03/12/2029			700			702

Broadstreet Partners Inc.
TBD% due 06/14/2031			375			374

Caesars Entertainment Corp.
8.097% due 02/06/2030			1,135			1,138
8.097% due 02/06/2031			1,500			1,503

Carnival Corp.
8.094% due 08/08/2027			1,009			1,015
8.094% due 10/18/2028			2,000			2,008

Cast & Crew LLC
9.094% due 12/29/2028			700			701

Castlelake Aviation Ltd.
8.089% due 10/22/2027			443			445

Cengage Learning, Inc.
9.538% due 03/22/2031			1,798			1,805

Central Parent, Inc.
8.585% due 07/06/2029			3,981			3,935

Chamberlain Group, Inc.
8.694% due 11/03/2028			1,510			1,510

CHARLOTTE BUYER, Inc.
10.578% due 02/11/2028			499			501

Charter NEX US, Inc.
8.844% due 12/01/2027			1,982			1,988

Chobani, LLC
9.080% due 10/25/2027			995			1,001

Clarios Global LP
8.344% due 05/06/2030			798			801

Cloud Software Group, Inc.
9.335% - 9.345% due 03/30/2029			6,212			6,215
9.835% due 03/21/2031			1,500			1,506

Clydesdale Acquisition Holdings, Inc.
9.119% due 04/13/2029			4,066			4,080

CNT Holdings I Corp.
8.830% due 11/08/2027			1,393			1,398

Cohesity
TBD% due 03/08/2031 «µ			74			74
TBD% due 03/08/2031 «			700			700

Cornerstone Building Brands, Inc.
9.829% due 05/02/2031			700			697

Cornerstone OnDemand, Inc.
9.208% due 10/16/2028			245			232

Cotiviti, Inc.
8.579% due 05/01/2031			2,394			2,388

CP Atlas Buyer, Inc.
9.194% due 11/23/2027			2,294			2,243

CPI Holdco B LLC
7.344% due 05/17/2031			103			103

CQP Holdco LP
TBD% due 12/31/2030			1,325			1,327

Creative Artists Agency LLC
8.594% due 11/27/2028			2,159			2,172

Crown Subsea Communications Holding, Inc.
10.080% due 01/30/2031			575			577

Cushman & Wakefield U.S. Borrower LLC
9.094% due 01/31/2030 «			200			201

Da Vinci Purchaser Corp.
8.844% due 01/08/2027			2,624			2,629

Deerfield Dakota Holding LLC
9.085% due 04/09/2027			2,335			2,336

Delta Topco, Inc.
8.846% due 11/30/2029			700			701

DexKo Global, Inc.
9.346% due 10/04/2028			997			993


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

DirecTV Financing LLC
10.458% due 08/02/2027	$		185	$		185
10.708% due 08/02/2029			2,274			2,267

Dotdash Meredith, Inc.
9.429% due 12/01/2028			246			246

Drake Software LLC
TBD% due 06/17/2031«			1,100			1,090

Dun & Bradstreet Corp.
8.096% due 01/18/2029			615			616

Edelman Financial Center, LLC
8.594% due 04/07/2028			2,829			2,837

Embecta Corp.
8.344% due 03/30/2029			1,694			1,592

Emerald Borrower LP
TBD% due 06/18/2031			525			526

Endo Luxembourg Finance Co. SARL
9.826% due 04/23/2031			950			950

Endure Digital, Inc.
8.944% due 02/10/2028			990			922

Ensono LP
9.444% - 9.458% due 05/26/2028			338			336

EPIC Y-Grade Services LP
11.058% due 06/29/2029			1,125			1,126

eResearchTechnology, Inc.
TBD% due 02/04/2027			2,732			2,749

Fertitta Entertainment LLC
9.081% due 01/27/2029			3,861			3,870

Fiesta Purchaser, Inc.
9.344% due 02/12/2031			875			882

First Brands Group, LLC
10.591% due 03/30/2027			796			792

First Student Bidco, Inc.
8.596% due 07/21/2028			2,432			2,436

Focus Financial Partners, LLC
8.094% due 06/30/2028			844			845

Fortrea Holdings, Inc.
9.094% due 06/30/2030			93			93

Fortress Intermediate 3, Inc.
TBD% due 06/27/2031 «			1,425			1,429

Forward Air Corp.
9.830% due 12/19/2030			581			543

Foundation Building Materials Holding Co. LLC
8.694% - 8.841% due 01/31/2028			1,332			1,319

Freeport LNG Investments LLLP
9.086% due 12/21/2028			997			998

Frontier Communications Corp.
TBD% due 06/20/2031 «			825			825

Garda World Security Corp.
9.594% due 02/01/2029			249			251

Global Medical Response, Inc.
TBD% due 10/31/2028			701			680

Graham Packaging Co., Inc.
8.458% due 08/04/2027			1,823			1,828

Gray Television, Inc.
8.444% due 12/01/2028			495			448
10.580% due 06/04/2029			350			333

Great Outdoors Group LLC
9.208% due 03/06/2028			792			792

Grinding Media, Inc.
9.555% due 10/12/2028 «			246			245

GTCR W Merger Sub LLC
8.335% due 01/31/2031			815			817

Gulfside Supply, Inc.
TBD% due 05/29/2031 «			875			877

GVC HOLDINGS (GIBRALTAR) LTD
8.014% due 10/31/2029			99			100

Hilton Grand Vacations Borrower LLC
8.094% due 01/17/2031			698			699

HUB International Ltd.
8.567% - 8.595% due 06/20/2030			1,891			1,897

Hudson River Trading LLC
8.458% due 03/20/2028			497			498

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

119


Schedule of Investments		PIMCO Senior Loan Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

INEOS Enterprises Holdings U.S. Finco LLC
9.197% due 07/08/2030	$		395	$		396

INEOS U.S. Finance LLC
9.094% due 02/07/2031			750			753

Ingram Micro, Inc.
8.596% due 06/30/2028			626			629

IRB Holding Corp.
8.194% due 12/15/2027			895			896

IRIS Holdings, Inc.
10.180% due 06/28/2028			698			660

Isolved, Inc.
8.844% due 10/15/2030			748			751

Jane Street Group, LLC
7.958% due 01/26/2028			792			792

Janus International Group LLC
7.844% due 08/03/2030			336			338

Jazz Financing Lux SARL
8.458% due 05/05/2028			887			889

Johnstone Supply LLC
8.328% due 06/07/2031			700			702

Kestrel Bidco, Inc.
8.444% due 12/11/2026			114			114

Kohler Energy Co. LLC
10.085% due 05/01/2031			850			855

LABL, Inc.
10.444% due 10/29/2028			2,960			2,928

LBM Acquisition LLC
9.178% due 05/30/2031			4,498			4,429

LC Ahab U.S. Bidco LLC
8.844% due 05/01/2031			1,275			1,279

Learning Care Group U.S. No. 2 Inc.
9.336% - 9.345% due 08/11/2028			498			502

LifePoint Health, Inc.
9.329% due 05/17/2031			1,175			1,178
10.056% due 11/16/2028			970			977

LSF11 A5 Holdco LLC
TBD% due 10/15/2028			742			743

Madison IAQ LLC
8.094% due 06/21/2028			4,799			4,809

MasOrange
TBD% due 03/25/2031			700			703

Mauser Packaging Solutions Holding Co.
8.829% due 04/15/2027			745			747

Mavis Tire Express Services Corp.
9.094% due 05/04/2028			1,984			1,991

McAfee LLC
8.579% due 03/01/2029			2,084			2,085

McGraw-Hill Global Education Holdings LLC
10.346% due 07/28/2028			3,080			3,089

Medline Borrower LP
TBD% due 10/23/2028			5,240			5,254

MH SUB I, LLC
9.594% due 05/03/2028			5,287			5,288

MI Windows and Doors LLC
8.844% due 03/28/2031			650			655

MKS Instruments, Inc.
7.828% due 08/17/2029			1,040			1,043

Modena Buyer LLC
TBD% due 04/18/2031			1,100			1,075

Mosel Bidco SE
9.835% due 09/16/2030 «			350			352

Motion Finco SARL
8.835% due 11/12/2029			1,097			1,099

MPH Acquisition Holdings LLC
9.859% due 09/01/2028			684			571

NCR Atleos LLC
10.180% due 03/27/2029			794			804

Neptune Bidco U.S., Inc.
10.406% due 04/11/2029			5,044			4,760

NGL Energy Partners LP
9.844% due 02/02/2031			399			401


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nielsen Consumer LLC
TBD% due 03/06/2028	$		825	$		827

Nielsen Consumer, Inc.
11.594% due 03/06/2028			497			499

Nouryon Finance BV
TBD% due 04/03/2028			995			999

Nuvei Technologies Corp.
8.444% due 12/19/2030			498			499

Olympus Water U.S. Holding Corp.
8.847% due 06/20/2031			690			693

Omnia Partners LLC
8.574% due 07/25/2030			599			600

Ontario Gaming GTA LP
9.585% due 08/01/2030			995			1,001

Organon & Co.
7.829% due 05/19/2031			1,866			1,869

Oryx Midstream Services Permian Basin LLC
8.441% due 10/05/2028			995			997

Oscar AcquisitionCo LLC
9.585% due 04/29/2029			2,328			2,329

Packaging Coordinators Midco, Inc.
TBD% due 11/30/2027			499			501

Padagis LLC
10.313% due 07/06/2028 «			275			269

Park River Holdings, Inc.
8.814% due 12/28/2027			2,082			2,039

Particle Investments SARL
9.323% - 9.344% due 03/28/2031 «			698			705

Pegasus BidCo BV
9.072% due 07/12/2029			470			473

PENN Entertainment, Inc.
8.194% due 05/03/2029			696			698

Peraton Corp.
9.194% due 02/01/2028			1,492			1,494

PetSmart, Inc.
9.194% due 02/11/2028			792			791

PG Investment Company 59 SARL
8.835% due 03/26/2031			775			781

Phoenix Guarantor, Inc.
8.594% due 02/21/2031			2,622			2,619

PMHC II, Inc.
9.706% due 04/23/2029			1,188			1,162

Polaris Newco LLC
9.591% due 06/02/2028			4,915			4,919

Press Ganey Holdings, Inc.
8.844% due 04/30/2031			100			100

Prime Security Services LLC
TBD% due 10/13/2030			975			976

Project Alpha Intermediate Holding, Inc.
9.072% due 10/28/2030			2,768			2,780

Proofpoint, Inc.
8.344% due 08/31/2028			3,247			3,253

PUG LLC
10.094% due 03/15/2030			637			638

Quartz Acquireco LLC
TBD% due 06/28/2030 «			273			273

Quest Software U.S. Holdings, Inc.
9.730% due 02/01/2029			2,600			1,938

Rand Parent LLC
TBD% due 03/18/2030			1,000			1,000
9.585% due 03/17/2030			422			424

RealPage, Inc.
8.458% due 04/24/2028			4,664			4,542

Red Ventures, LLC
8.344% due 03/03/2030			249			246

Renaissance Holdings Corp.
9.597% due 04/05/2030			1,590			1,591

Resideo Funding Inc.
7.339% due 05/21/2031			375			375

Restoration Hardware, Inc.
7.958% due 10/20/2028			3,600			3,470


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Reynolds Group Holdings, Inc.
7.845% due 09/24/2028	$		1,200	$		1,203

Rocket Software, Inc.
10.094% due 11/28/2028			1,297			1,304

Scientific Games Holdings LP
8.306% due 04/04/2029			644			643

SCIH Salt Holdings, Inc.
8.830% due 03/16/2027			2,005			2,009

Sedgwick Claims Management Services, Inc.
9.094% due 02/24/2028			2,079			2,084

Select Medical Corp.
8.344% due 03/06/2027			574			575

Simon & Schuster, Inc.
9.330% due 10/30/2030			200			200

Solis IV BV
8.836% due 02/26/2029			4,426			4,403

Sophia, L.P.
8.944% due 10/09/2029			695			699

SOTERA HEALTH HOLDINGS LLC
8.594% due 05/30/2031			975			975

Specialty Building Products Holdings LLC
9.194% due 10/15/2028			593			591

Spirit AeroSystems, Inc.
9.580% due 01/15/2027			295			297

Spring Education Group, Inc.
9.335% due 10/04/2030			299			300

Star Parent, Inc.
9.085% due 09/27/2030			4,693			4,695

Station Casinos LLC
7.594% due 03/14/2031			399			399

SURGERY CENTER HOLDINGS, Inc.
8.089% due 12/19/2030			1,447			1,453

Syniverse Holdings, Inc.
12.335% due 05/13/2027			2,344			2,297

Taboola.com Ltd.
9.458% due 09/01/2028 «			339			340

Tacala, LLC
9.344% due 01/31/2031			499			502

Tempo Acquisition LLC
7.594% due 08/31/2028			495			497

Teneo Holdings LLC
10.094% due 03/13/2031			698			701

Tenneco, Inc.
10.426% - 10.435% due 11/17/2028			1,675			1,611

TGP Holdings III LLC
8.694% due 06/29/2028			600			570

TK Elevator U.S. Newco, Inc.
8.791% due 04/30/2030			3,040			3,059

Topgolf Callaway Brands Corp.
8.344% due 03/15/2030			1,169			1,174

Trans Union LLC
TBD% due 11/16/2026			398			398
TBD% due 06/24/2031			377			377

TransDigm, Inc.
7.843% due 02/28/2031			4,000			4,013

Travel + Leisure Co.
8.692% due 12/14/2029			798			801

Trident TPI Holdings, Inc.
9.302% - 9.344% due 09/15/2028			1,591			1,595

Triton Water Holdings, Inc.
8.846% due 03/31/2028			4,469			4,476
9.335% due 03/31/2028			299			301

Truist Insurance Holdings LLC
8.585% due 05/06/2031			3,100			3,111

UFC Holdings LLC
8.336% due 04/29/2026			1,049			1,053

UGI Energy Services LLC
7.844% due 02/22/2030			566			568

UKG, Inc.
8.576% due 02/10/2031			3,161			3,176

United Talent Agency, LLC
9.078% due 07/07/2028 «			1,000			1,006


120		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

UPC Financing Partnership
8.443% due 01/31/2029	$		1,275	$		1,270

USI INC.
8.085% due 11/22/2029			763			764
8.085% due 09/27/2030			496			497

Virgin Media Bristol LLC
7.943% due 01/31/2028			2,900			2,778
8.693% due 01/31/2029			3,450			3,305

VS Buyer, LLC
8.581% due 04/14/2031			1,600			1,606

Wand NewCo 3, Inc.
9.094% due 01/30/2031			800			806

WaterBridge Midstream Operating LLC
TBD% due 06/21/2029			500			497
9.826% due 05/10/2029			1,000			1,007

WEC U.S. Holdings Ltd.
8.094% due 01/27/2031			2,872			2,878

Whatabrands LLC
8.094% due 08/03/2028			3,211			3,216

WHITE CAP BUYER LLC
8.594% due 10/19/2029			1,735			1,740

Windsor Holdings III, LLC
9.339% due 08/01/2030			697			702

Windstream Services LLC
11.694% due 09/21/2027			490			491

Wood Mackenzie Ltd.
8.823% due 02/07/2031			625			630

Worldwide Express Operations LLC
9.846% due 07/26/2028			839			843

Wrench Group, LLC
9.596% due 10/30/2028			1,796			1,799

WS Audiology
9.992% due 02/28/2029			575			577

Xplor Technologies LLC
TBD% due 06/24/2031 «			975			975

Zayo Group Holdings, Inc.
8.458% due 03/09/2027			2,300			2,009

Total Loan Participations and Assignments (Cost $332,947)						335,665


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 2.8%

BANKING & FINANCE 0.6%

Alliant Holdings Intermediate LLC
7.000% due 01/15/2031	$		500	$		505

Freedom Mortgage Corp.
12.000% due 10/01/2028			450			484

Panther Escrow Issuer LLC
7.125% due 06/01/2031			400			405

PRA Group, Inc.
8.375% due 02/01/2028			500			499

Starwood Property Trust, Inc.
3.750% due 12/31/2024			400			395

						2,288


INDUSTRIALS 2.2%

American Airlines Pass-Through Trust
3.375% due 11/01/2028			165			156

Community Health Systems, Inc.
5.250% due 05/15/2030			400			330

Foundation Building Materials, Inc.
6.000% due 03/01/2029			250			222

Global Partners LP
8.250% due 01/15/2032			100			103

GYP Holdings Corp.
4.625% due 05/01/2029			500			463

Lindblad Expeditions Holdings, Inc.
9.000% due 05/15/2028			800			823

Manitowoc Co., Inc.
9.000% due 04/01/2026			500			501

NCL Corp. Ltd.
8.125% due 01/15/2029			400			419

Olympus Water U.S. Holding Corp.
7.125% due 10/01/2027			50			50

Option Care Health, Inc.
4.375% due 10/31/2029			900			827

Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			850			797

Rand Parent LLC
8.500% due 02/15/2030			100			101

Spirit AeroSystems, Inc.
9.750% due 11/15/2030			250			276


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Star Parent, Inc.
9.000% due 10/01/2030	$		200	$		210

Station Casinos LLC
6.625% due 03/15/2032			400			398

Surgery Center Holdings, Inc.
7.250% due 04/15/2032			600			607

TransDigm, Inc.
7.125% due 12/01/2031			400			413

Triumph Group, Inc.
9.000% due 03/15/2028			480			504

Wand NewCo 3, Inc.
7.625% due 01/30/2032			200			207

White Cap Buyer LLC
6.875% due 10/15/2028			900			869

XPO, Inc.
7.125% due 02/01/2032			200			205

ZF North America Capital, Inc.
6.875% due 04/14/2028			150			153
7.125% due 04/14/2030			150			156

						8,790

Total Corporate Bonds & Notes (Cost $10,740)						11,078


SHORT-TERM INSTRUMENTS 34.5%

REPURCHASE AGREEMENTS (b) 34.5%
						135,200

Total Short-Term Instruments (Cost $135,200)						135,200



Total Investments in Securities (Cost $478,887)						481,943



Total Investments 122.8% (Cost $478,887)				$		481,943

Financial Derivative Instruments (c)(d) 0.3% (Cost or Premiums, net $(787))						1,195

Other Assets and Liabilities, net (23.1)%						(90,790	)

Net Assets 100.0%				$		392,348

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

(a)	Payment in-kind security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BOS		5.430	%		06/28/2024		07/01/2024	$	62,100	U.S. Treasury Bonds 2.375% due 11/15/2049	$	(62,148	)	$	62,100	$	62,128
BPS		5.340			06/28/2024		07/01/2024		10,800	U.S. Treasury Notes 0.625% due 07/31/2026		(11,012	)		10,800		10,805
		5.400			07/01/2024		07/02/2024		62,300	U.S. Treasury Notes 1.875% due 02/15/2032		(63,648	)		62,300		62,300

Total Repurchase Agreements											$	(136,808	)	$	135,200	$	135,233

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

121


Schedule of Investments		PIMCO Senior Loan Active Exchange-Traded Fund		(Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BOS	$	62,128	$	0	$	0	$	0	$	62,128	$	(62,148	)	$	(20	)
BPS		73,105		0		0		0		73,105		(74,660	)		(1,555	)

Total Borrowings and Other Financing Transactions	$	135,233	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended June 30, 2024 was $(5) at a weighted average interest rate of 5.350%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2024		14	$	1,540	$	8	$	0	$	(4	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		8	$	(1,634	)	$	(1	)	$	0	$	0
U.S. Treasury 5-Year Note September Futures		09/2024		33		(3,517	)		(15	)		4		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		11		(1,249	)		(6	)		5		0

								$	(22	)	$	9	$	0

Total Futures Contracts								$	(14	)	$	9	$	(4	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		1.750	%		Annual		06/15/2027	$	6,000	$	287	$	148	$	435	$	5	$	0

Total Swap Agreements											$	287	$	148	$	435	$	5	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	9	$	5	$	14	$	0	$	(4)	$	0	$	(4)

Cash of $386 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


122		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON INTEREST RATE INDICES


Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BPS	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.148% (1-Month USD-LIBOR plus a specified spread)	Maturity	09/20/2024	$	28,900	$	(361	)	$	917	$	556	$	0

JPM	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.144% (1-Month USD-LIBOR plus a specified spread)	Maturity	09/20/2024		47,800		(412	)		605		198		(5	)
	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.148% (1-Month USD-LIBOR plus a specified spread)	Maturity	09/20/2024		14,600		(156	)		554		398		0
	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.144% (1-Month USD-LIBOR plus a specified spread)	Maturity	03/20/2025		20,000		(145	)		183		38		0

Total Swap Agreements										$	(1,074	)	$	2,259	$	1,190	$	(5	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives		Collateral Pledged/ (Received)			Net Exposure⁽²⁾
BPS	$	0	$	0	$	556	$	556	$	0	$	0	$	0		$	0		$	556	$	(550	)	$	6
JPM		0		0		634		634		0		0		(5	)		(5	)		629		0			629

Total Over the Counter	$	0	$	0	$	1,190	$	1,190	$	0	$	0	$	(5	)	$	(5	)

⁽¹⁾

Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	9	$	9
Swap Agreements		0		0		0		0		5		5

	$	0	$	0	$	0	$	0	$	14	$	14

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	1,190	$	1,190

	$	0	$	0	$	0	$	0	$	1,204	$	1,204

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

123


Schedule of Investments		PIMCO Senior Loan Active Exchange-Traded Fund		(Cont.)


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	4	$	4

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	5	$	5

	$	0	$	0	$	0	$	0	$	9	$	9

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	157		$	157
Swap Agreements		0		123			0		0		224			347

	$	0	$	123		$	0	$	0	$	381		$	504

Over the counter
Swap Agreements	$	0	$	0		$	0	$	0	$	(868	)	$	(868	)

	$	0	$	123		$	0	$	0	$	(487	)	$	(364	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(98	)	$	(98	)
Swap Agreements		0		(17	)		0		0		(74	)		(91	)

	$	0	$	(17	)	$	0	$	0	$	(172	)	$	(189	)

Over the counter
Swap Agreements	$	0	$	0		$	0	$	0	$	2,259		$	2,259

	$	0	$	(17	)	$	0	$	0	$	2,087		$	2,070

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	1,000	$	324,454	$	10,211	$	335,665
Corporate Bonds & Notes
Banking & Finance		0		2,288		0		2,288
Industrials		0		8,790		0		8,790
Short-Term Instruments
Repurchase Agreements		0		135,200		0		135,200


Total Investments	$	1,000	$	470,732	$	10,211	$	481,943


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		14		0		14
Over the counter		0		1,190		0		1,190

	$	0	$	1,204	$	0	$	1,204


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2024

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(4	)	$	0	$	(4	)
Over the counter		0		(5	)		0		(5	)

	$	0	$	(9	)	$	0	$	(9	)


Total Financial Derivative Instruments	$	0	$	1,195		$	0	$	1,195


Totals	$	1,000	$	471,927		$	10,211	$	483,138


124		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2024:


Category and Subcategory	Beginning Balance at 12/31/2023		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 06/30/2024		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2024⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	2,861	$	9,251	$	(1,111	)	$	22	$	7	$	(1	)	$	1,100	$	(1,917	)	$	10,211	$	58

Totals	$	2,861	$	9,251	$	(1,111	)	$	22	$	7	$	(1	)	$	1,100	$	(1,917	)	$	10,211	$	58

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category and Subcategory

Ending
Balance
at 06/30/2024

Valuation
Technique

Unobservable
Inputs

(% Unless Noted Otherwise)

Input Value(s)

Weighted
Average

Investments in Securities, at Value

Loan Participations and Assignments

773

Recent Transaction

Purchase Price

100.000

—

9,438

Third-Party Vendor

Broker Quote

98.000-100.938

100.140

Total

10,211

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

125


Schedule of Investments		PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 103.2%

MUNICIPAL BONDS & NOTES 95.9%

ALABAMA 3.8%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
4.230% (MUNIPSA) due 10/01/2052 ~	$		1,500	$		1,479

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			680			718

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.250% due 12/01/2053			2,000			2,163
5.500% due 06/01/2049			1,470			1,561
5.500% due 10/01/2054			2,400			2,630

Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020
5.000% due 08/01/2025			1,000			1,012

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,000			1,099

Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023
5.000% due 11/15/2025			1,000			1,015

Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007
1.000% due 06/01/2034			4,625			4,489

Jefferson County, Alabama Sewer Revenue Notes, Series 2024
5.000% due 10/01/2031			3,000			3,306

Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019
2.000% due 11/01/2033			450			447

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			2,400			2,535

						22,454


ARIZONA 2.0%

Arizona Health Facilities Authority Revenue Bonds, Series 2015
4.130% (MUNIPSA) due 01/01/2046 ~			1,125			1,116

Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017
3.750% due 03/01/2039			1,000			992

Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2024			200			200

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			1,500			1,537

Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003
3.875% due 01/01/2038			3,000			3,021

Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018
5.000% due 07/01/2024			350			350

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014
4.750% due 07/01/2044			1,410			1,410

Tempe, Arizona Certificates of Participation Notes, Series 2021
0.623% due 07/01/2024			1,350			1,350

Town of Gilbert, Arizona General Obligation Notes, Series 2022
5.000% due 07/15/2028			1,425			1,534

						11,510


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CALIFORNIA 8.0%

Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.290% (MUNIPSA) due 04/01/2056 ~	$		2,000	$		1,962
4.330% (MUNIPSA) due 04/01/2056 ~			1,500			1,493

California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,250			1,253

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			2,500			2,651
5.250% due 01/01/2054			2,000			2,109
5.250% due 11/01/2054			3,900			4,169

California Health Facilities Financing Authority Revenue Bonds, Series 2021
3.000% due 08/15/2054			3,000			2,971

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021
4.580% (MUNIPSA) due 12/01/2050 ~			1,000			996

California Infrastructure & Economic Development Bank Revenue Notes, Series 2018
5.000% due 10/01/2025			2,250			2,303

California State General Obligation Bonds, (AGM Insured), Series 2007
5.250% due 08/01/2032			1,000			1,145

California State General Obligation Notes, Series 2020
5.000% due 11/01/2027			1,250			1,327

California State General Obligation Notes, Series 2023
5.000% due 09/01/2025			5,000			5,111

California State Public Works Board Revenue Notes, Series 2021
5.000% due 11/01/2029			1,500			1,646

California Statewide Communities Development Authority Revenue Notes, Series 2021
1.462% due 02/01/2028			3,680			3,272

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.850% due 06/01/2050			2,080			1,952

Los Angeles Unified School District, California General Obligation Bonds, Series 2014
5.000% due 07/01/2025			2,220			2,222

Los Angeles Unified School District, California General Obligation Notes, Series 2024
5.000% due 07/01/2026			2,300			2,386

Pasadena Unified School District, California General Obligation Notes, Series 2021
2.000% due 08/01/2025			2,110			2,070

San Bernardino County, California Certificates of Participation Bonds, Series 1992
6.875% due 08/01/2024			1,535			1,539

Silicon Valley Clean Water, California Revenue Notes, Series 2021
0.500% due 03/01/2026			2,500			2,321

Southern California Public Power Authority Revenue Bonds, Series 2020
0.650% due 07/01/2040			1,000			963

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019
5.000% due 06/01/2030			1,000			1,076

						46,937


COLORADO 4.4%

Colorado Health Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/01/2049			1,700			1,733

Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.430% (MUNIPSA) due 05/15/2061 ~			5,000			4,976


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Colorado Health Facilities Authority Revenue Bonds, Series 2023
5.000% due 11/15/2058	$		1,000	$		1,062

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 12/01/2034			2,500			2,851
5.000% due 11/15/2059			2,200			2,373

Colorado Health Facilities Authority Revenue Notes, Series 2020
2.800% due 12/01/2026			330			311

Colorado Health Facilities Authority Revenue Notes, Series 2022
5.000% due 11/01/2026			500			516

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021
3.928% (SOFRRATE) due 09/01/2039 ~			3,000			2,999

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024
4.328% (SOFRRATE) due 09/01/2039 ~			2,900			2,901

Regional Transportation District, Colorado Revenue Notes, Series 2020
5.000% due 07/15/2024			325			325

University of Colorado Revenue Bonds, Series 2019
2.000% due 06/01/2054			5,500			5,472

						25,519


CONNECTICUT 2.9%

Connecticut Special Tax State Revenue Notes, Series 2018
5.000% due 10/01/2025			1,000			1,022

Connecticut Special Tax State Revenue Notes, Series 2022
5.000% due 07/01/2027			1,000			1,054
5.000% due 07/01/2029			3,000			3,270

Connecticut State General Obligation Notes, Series 2022
5.000% due 11/15/2028			1,500			1,620

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013
4.450% due 07/01/2042			10,000			10,000

						16,966


DELAWARE 0.4%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.050% due 01/01/2031			750			729
1.250% due 10/01/2045			2,000			1,898

						2,627


DISTRICT OF COLUMBIA 0.2%

Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Notes, Series 2023
5.000% due 07/15/2025			1,000			1,018


FLORIDA 2.3%

Florida Development Finance Corp. Revenue Notes, Series 2023
5.000% due 09/01/2025			3,800			3,834
5.000% due 09/01/2026			1,550			1,582

Lee Memorial Health System, Florida Revenue Bonds, Series 2019
5.000% due 04/01/2033			1,000			1,015

Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015
5.000% due 10/01/2024			710			713

Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015
5.000% due 10/01/2035			2,000			2,027


126		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Orange County, Florida School Board Certificates of Participation Notes, Series 2024
5.000% due 08/01/2033	$		4,000	$		4,605

						13,776


GEORGIA 4.0%

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			3,000			2,555

Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023
5.000% due 04/01/2029			1,625			1,741
5.000% due 04/01/2030			1,500			1,628

Development Authority of Burke County, Georgia Revenue Bonds, Series 2013
3.375% due 11/01/2053			4,350			4,320

Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2024
5.000% due 12/01/2054			2,600			2,757

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052			1,000			1,004
5.000% due 12/01/2052			3,000			3,147

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053			750			793

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024
5.000% due 05/01/2054			2,600			2,762

Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021
4.000% due 12/01/2024			750			748

Municipal Electric Authority of Georgia Revenue Bonds, Series 2012
5.000% due 01/01/2039			1,500			1,500

Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021
5.000% due 01/01/2025			200			201
5.000% due 01/01/2026			385			395

						23,551


HAWAII 0.5%

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015
4.000% due 07/01/2034			3,000			3,001


ILLINOIS 5.0%

Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023
5.000% due 01/01/2028			1,465			1,554
5.000% due 01/01/2029			2,000			2,158

Chicago, Illinois General Obligation Notes, Series 2021
5.000% due 01/01/2030			3,000			3,194

Cook County, Illinois General Obligation Notes, Series 2021
5.000% due 11/15/2024			1,750			1,758

Illinois Finance Authority Revenue Bonds, Series 2021
4.580% (MUNIPSA) due 05/01/2042 ~			1,000			985

Illinois State General Obligation Notes, Series 2020
5.000% due 10/01/2028			3,200			3,386
5.500% due 05/01/2030			7,750			8,253

Illinois State General Obligation Notes, Series 2024
5.000% due 05/01/2029			3,000			3,196

Illinois State Toll Highway Authority Revenue Notes, Series 2024
5.000% due 01/01/2030			1,000			1,089
5.000% due 01/01/2031			1,250			1,381

Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022
3.000% due 06/15/2025			1,125			1,112


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
2.325% due 01/01/2025	$		1,000	$		985

						29,051


INDIANA 1.7%

Indiana Finance Authority Revenue Bonds, Series 2010
3.000% due 11/01/2030			2,500			2,345

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			1,000			938

Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2062			2,000			2,112

Indiana Finance Authority Revenue Notes, Series 2021
0.650% due 08/01/2025			4,500			4,317

						9,712


IOWA 1.0%

Iowa Finance Authority Revenue Bonds, Series 2018
4.500% due 02/15/2041			6,000			6,000


KANSAS 1.4%

Burlington, Kansas Revenue Bonds, Series 2023
4.300% due 03/01/2045			5,500			5,500

Kansas Department of Transportation State Revenue Bonds, Series 2004
4.311% (0.7*US0001M + 0.500%) due 09/01/2024 ~			2,500			2,501

						8,001


KENTUCKY 2.0%

Kentucky Asset Liability Commission Revenue Notes, Series 2024
5.000% due 09/01/2026			5,000			5,183

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
4.250% due 07/01/2035			1,000			985

Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			500			502

Kentucky Public Energy Authority Revenue Notes, Series 2018
4.000% due 06/01/2025			2,505			2,505

Kentucky State Property & Building Commission Revenue Bonds, Series 2016
5.000% due 11/01/2028			1,810			1,871

Kentucky State Property & Building Commission Revenue Notes, Series 2022
5.000% due 06/01/2031			500			550

						11,596


LOUISIANA 1.2%

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020
0.875% due 02/01/2046			1,700			1,670

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			2,925			2,925
2.375% due 06/01/2037			2,810			2,722

						7,317


MARYLAND 0.8%

Howard County, Maryland General Obligation Notes, Series 2018
5.000% due 02/15/2027			3,000			3,146

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
5.000% due 07/01/2045			1,500			1,509

						4,655


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MASSACHUSETTS 1.5%

Commonwealth of Massachusetts Revenue Bonds,(BAM,NPFGC Insured), Series 2005
5.500% due 01/01/2034	$		5,000	$		5,779

Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023
5.000% due 07/01/2029			1,300			1,416

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.480% (MUNIPSA) due 07/01/2049 ~			1,750			1,745

						8,940


MICHIGAN 2.1%

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
4.328% (TSFR3M) due 07/01/2032 ~			2,000			1,910

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.630% (MUNIPSA) due 04/15/2047 ~			3,000			3,001

Michigan Finance Authority Revenue Bonds, Series 2015
1.200% due 10/15/2030			2,000			1,773

Michigan Finance Authority Revenue Notes, Series 2020
2.326% due 06/01/2030			77			76

Michigan Finance Authority Revenue Notes, Series 2024
5.000% due 02/28/2029			900			955
5.000% due 02/28/2030			1,170			1,257

Michigan State Building Authority Revenue Bonds, Series 2020
3.980% due 10/15/2042			1,000			1,000

Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
4.000% due 11/15/2047			500			500

Michigan Trunk Line State Revenue Notes, Series 2023
5.000% due 11/15/2026			1,500			1,564

						12,036


MINNESOTA 0.3%

Minneapolis, Minnesota Revenue Bonds, Series 2018
4.650% due 11/15/2048			1,900			1,900


MISSOURI 0.7%

Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023
5.000% due 05/01/2033			2,650			3,017

St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023
5.000% due 04/01/2034			1,000			1,134

						4,151


MULTI-STATE 0.8%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.549% due 08/25/2040			4,486			4,524


NEBRASKA 0.7%

Douglas County, Nebraska Revenue Bonds, Series 2021
4.410% (MUNIPSA) due 07/01/2035 ~			2,450			2,420

Nebraska Public Power District Revenue Notes, Series 2023
5.000% due 07/01/2028			1,750			1,854

						4,274


NEVADA 0.7%

Clark County, Nevada General Obligation Bonds, Series 2019
5.000% due 07/01/2031			2,150			2,334

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

127


Schedule of Investments		PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Washoe County, Nevada Revenue Bonds, Series 2016
3.625% due 03/01/2036	$		2,000	$		1,991

						4,325


NEW HAMPSHIRE 0.1%

New Hampshire Business Finance Authority Revenue Notes, Series 2021
4.000% due 01/01/2026			265			263
4.000% due 01/01/2027			250			248

						511


NEW JERSEY 4.4%

New Jersey Economic Development Authority Revenue Notes, Series 2019
5.250% due 09/01/2024			7,000			7,016

New Jersey Economic Development Authority Revenue Notes, Series 2022
5.000% due 11/01/2024			825			828

New Jersey Economic Development Authority Revenue Notes, Series 2023
5.000% due 03/01/2028			2,200			2,324

New Jersey State General Obligation Notes, Series 2020
5.000% due 06/01/2025			3,000			3,045
5.000% due 06/01/2028			2,000			2,136

New Jersey Turnpike Authority Revenue Notes, Series 2020
5.000% due 01/01/2028			5,000			5,122

Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007
5.250% due 01/01/2025			600			602

Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018
5.000% due 06/01/2026			4,750			4,863

						25,936


NEW YORK 13.6%

Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020
4.250% due 04/01/2042			2,000			2,012

Long Island Power Authority, New York Revenue Bonds, Series 2022
4.330% (MUNIPSA) due 09/01/2038 ~			2,000			1,992

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002
4.378% (SOFRRATE) due 11/01/2032 ~			1,500			1,499

New York City Water & Sewer System, New York Revenue Bonds, Series 2013
4.700% due 06/15/2050			5,400			5,400

New York City Water & Sewer System, New York Revenue Bonds, Series 2014
4.900% due 06/15/2050			4,000			4,000

New York City, New York General Obligation Bonds, Series 2012
4.900% due 04/01/2042			6,300			6,300

New York City, New York General Obligation Bonds, Series 2015
4.900% due 06/01/2044			2,000			2,000

New York City, New York General Obligation Bonds, Series 2018
4.900% due 12/01/2047			5,000			5,000

New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021
0.600% due 05/01/2061			1,965			1,897

New York City, New York Industrial Development Agency Revenue Bonds, Series 2007
4.900% due 10/01/2042			17,100			17,100


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
4.650% due 06/15/2048	$		4,700	$		4,700

New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022
5.000% due 06/15/2027			1,250			1,279

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012
4.700% due 11/01/2036			3,800			3,800

New York City, New York Transitional Finance Authority Revenue Notes, Series 2023
5.000% due 05/01/2027			1,250			1,313

New York Power Authority Revenue Notes, (AGM Insured), Series 2023
5.000% due 11/15/2027			1,700			1,810

New York State Dormitory Authority Revenue Bonds, Series 2016
5.000% due 02/15/2028			4,565			4,752
5.000% due 03/15/2035			4,500			4,633
5.000% due 03/15/2036			1,500			1,543

New York State Urban Development Corp. Revenue Bonds, Series 2015
5.000% due 03/15/2035			5,000			5,070

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.000% due 11/15/2029			1,110			1,169

Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015
5.000% due 12/15/2032			2,500			2,549

						79,818


NORTH CAROLINA 1.0%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
4.650% due 01/15/2037			6,000			6,000


OHIO 2.4%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021
1.000% due 02/15/2048			2,000			1,991

Franklin County, Ohio Revenue Bonds, Series 2022
4.700% due 11/01/2042			6,000			6,000

Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Notes, Series 2022
4.000% due 09/01/2030			2,900			2,906

Ohio Air Quality Development Authority Revenue Bonds, Series 2009
1.500% due 02/01/2026			2,200			2,088

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2034			415			466

Worthington City School District, Ohio General Obligation Notes, Series 2023
0.000% due 12/01/2029 (c)			500			410

						13,861


OREGON 0.5%

Multnomah County School District 40, Oregon General Obligation Notes, Series 2023
0.000% due 06/15/2027 (c)			325			292

Oregon Department of Transportation State Revenue Notes, Series 2024
5.000% due 05/15/2026 (a)			1,000			1,033

Oregon State Facilities Authority Revenue Notes, Series 2020
5.000% due 10/01/2026			145			148

Oregon State General Obligation Notes, Series 2023
5.000% due 05/01/2026			1,625			1,678

						3,151


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PENNSYLVANIA 3.6%

Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.580% (MUNIPSA) due 11/15/2047 ~	$		5,000	$		4,989

Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021
3.928% (SOFRRATE) due 07/01/2031 ~			3,525			3,484

Commonwealth of Pennsylvania General Obligation Notes, Series 2019
5.000% due 07/15/2024			2,500			2,501

Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.980% (MUNIPSA) due 08/15/2038 ~(d)			2,430			2,413

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			4,500			4,619

Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020
3.000% due 01/01/2025			1,020			1,012

Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020
4.000% due 07/01/2024			900			900
4.000% due 07/01/2026			1,250			1,242

						21,160


PUERTO RICO 0.9%

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
4.500% due 07/01/2034			4,750			4,758

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018
0.000% due 07/01/2024 (c)			437			437

						5,195


SOUTH CAROLINA 0.5%

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			1,400			1,517

South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020
5.000% due 12/01/2048			1,250			1,269

						2,786


TENNESSEE 1.3%

Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023
5.000% due 07/01/2029			1,000			1,084

Tennergy Corp., Tennessee Revenue Bonds, Series 2019
5.000% due 02/01/2050			1,500			1,505

Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053			1,250			1,336

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052			3,220			3,419

Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021
5.000% due 11/01/2024			250			251

						7,595


TEXAS 12.2%

Austin, Texas Electric Utility Revenue Notes, Series 2023
5.000% due 11/15/2024			850			855
5.000% due 11/15/2025			1,200			1,227


128		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Central Texas Regional Mobility Authority Revenue Notes, Series 2018
5.000% due 01/01/2027	$		1,100	$		1,137

County of Williamson, Texas General Obligation Notes, Series 2023
5.000% due 02/15/2025			2,500			2,526

Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023
5.000% due 11/01/2028			2,000			2,146

Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020
5.000% due 08/15/2028			2,000			2,036

Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023
5.000% due 08/15/2025			1,500			1,528

El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020
5.000% due 08/15/2024			400			401

EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023
4.000% due 12/01/2033			2,500			2,426

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			2,500			2,629

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019
5.000% due 07/01/2049			2,500			2,591

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
4.600% due 10/01/2041			10,090			10,090

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2054			2,000			2,143

Harris County, Texas General Obligation Bonds, Series 2015
5.000% due 10/01/2026			2,920			2,974

Harris County, Texas Toll Road Revenue Notes, Series 2024
5.000% due 08/15/2027			2,250			2,373

Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022
5.000% due 02/01/2027			2,000			2,088

Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			1,500			1,384

North Texas Tollway Authority Revenue Notes, Series 2023
5.000% due 01/01/2027			2,750			2,867

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019
1.600% due 08/01/2049			730			729

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020
0.700% due 06/01/2050			1,500			1,461

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
2.000% due 06/01/2052			1,300			1,232

Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015
1.500% due 02/15/2044			750			747

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045			2,500			2,277

San Antonio, Texas General Obligation Notes, Series 2023
5.000% due 02/01/2025			5,000			5,049

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2052			1,900			1,947

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022
5.000% due 10/01/2026			225			233


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024
5.000% due 07/01/2032	$		2,500	$		2,762

Tarrant Regional Water District, Texas Revenue Notes, Series 2021
1.050% due 09/01/2027			5,000			4,468

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.203% (TSFR3M) due 12/15/2026 ~			1,000			1,000

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			1,800			1,929

Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021
5.000% due 12/15/2026			1,750			1,783

Texas Water Development Board Revenue Notes, Series 2022
5.000% due 10/15/2025			1,250			1,279

Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022
4.125% due 06/01/2045			1,000			996

Waco Educational Finance Corp., Texas Revenue Notes, Series 2021
4.000% due 03/01/2026			525			530

						71,843


UTAH 0.1%

City of Salt Lake, Utah Revenue Notes, Series 2021
5.000% due 07/01/2024			350			350
5.000% due 07/01/2025			450			457

						807


VIRGINIA 1.4%

Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			1,600			1,715

Richmond Redevelopment & Housing Authority, Virginia Revenue Notes, Series 2023
4.250% due 03/01/2026			1,500			1,503

Virginia Public Building Authority Revenue Bonds, Series 2015
4.000% due 08/01/2030			1,300			1,300

Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009
0.750% due 10/01/2040			3,800			3,591

						8,109


WASHINGTON 3.1%

Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015
4.080% (MUNIPSA) due 11/01/2045 ~			4,500			4,458

Energy Northwest, Washington Revenue Notes, Series 2024
5.000% due 07/01/2027			5,000			5,267

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021
4.130% (MUNIPSA) due 05/01/2045 ~			3,000			2,933

State of Washington General Obligation Refunding Notes, Series 2022
4.000% due 07/01/2026			1,000			1,015

Washington State General Obligation Bonds, Series 2016
5.000% due 07/01/2033			3,000			3,065


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037	$		1,344	$		1,204

						17,942


WEST VIRGINIA 0.5%

West Virginia Economic Development Authority Revenue Bonds, Series 2015
3.375% due 03/01/2040			3,000			2,952


WISCONSIN 1.9%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
3.700% due 10/01/2046			2,500			2,464

Public Finance Authority, Wisconsin Revenue Notes, Series 2021
4.000% due 10/01/2026			305			304

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
4.850% due 04/01/2048			5,000			5,000

Wisconsin Department of Transportation Revenue Notes, Series 2023
5.000% due 07/01/2025			750			763

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
4.060% (MUNIPSA) due 08/15/2054 ~			2,500			2,472

						11,003

Total Municipal Bonds & Notes (Cost $563,300)						562,510


U.S. TREASURY OBLIGATIONS 0.2%

U.S. Treasury Notes
1.500% due 11/30/2024			1,100			1,083

Total U.S. Treasury Obligations (Cost $1,100)						1,083


SHORT-TERM INSTRUMENTS 7.1%

REPURCHASE AGREEMENTS (e) 0.1%
						790


U.S. TREASURY BILLS 5.4%
5.375% due 08/08/2024 - 10/08/2024 (b)(c)			32,000			31,573


MUNICIPAL BONDS & NOTES 1.6%

Los Angeles, California Revenue Notes, Series 2024
5.000% due 06/26/2025 (a)			5,800			5,885

Mansfield Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2024
5.000% due 02/15/2025 (a)			3,200			3,229

Total Municipal Bonds & Notes (Cost $9,115)						9,114

Total Short-Term Instruments (Cost $41,477)						41,477



Total Investments in Securities (Cost $605,877)						605,070


Total Investments 103.2% (Cost $605,877)				$		605,070

Other Assets and Liabilities, net (3.2)%						(18,562	)

Net Assets 100.0%				$		586,508

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

129


Schedule of Investments		PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		(Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	When-issued security.

(b)	Coupon represents a weighted average yield to maturity.

(c)	Zero coupon security.

(d) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

4.980%

08/15/2038

09/14/2021

$ 2,473

2,413

0.41%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	790	U.S. Treasury Notes 4.500% due 03/31/2026	$	(805	)	$	790	$	790

Total Repurchase Agreements											$	(805	)	$	790	$	790

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	790	$	0	$	0	$	790	$	(805	)	$	(15	)

Total Borrowings and Other Financing Transactions	$	790	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾


130		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	22,454	$	0	$	22,454
Arizona		0		11,510		0		11,510
California		0		46,937		0		46,937
Colorado		0		25,519		0		25,519
Connecticut		0		16,966		0		16,966
Delaware		0		2,627		0		2,627
District of Columbia		0		1,018		0		1,018
Florida		0		13,776		0		13,776
Georgia		0		23,551		0		23,551
Hawaii		0		3,001		0		3,001
Illinois		0		29,051		0		29,051
Indiana		0		9,712		0		9,712
Iowa		0		6,000		0		6,000
Kansas		0		8,001		0		8,001
Kentucky		0		11,596		0		11,596
Louisiana		0		7,317		0		7,317
Maryland		0		4,655		0		4,655
Massachusetts		0		8,940		0		8,940
Michigan		0		12,036		0		12,036
Minnesota		0		1,900		0		1,900
Missouri		0		4,151		0		4,151
Multi-State		0		4,524		0		4,524
Nebraska		0		4,274		0		4,274


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Nevada	$	0	$	4,325	$	0	$	4,325
New Hampshire		0		511		0		511
New Jersey		0		25,936		0		25,936
New York		0		79,818		0		79,818
North Carolina		0		6,000		0		6,000
Ohio		0		13,861		0		13,861
Oregon		0		3,151		0		3,151
Pennsylvania		0		21,160		0		21,160
Puerto Rico		0		5,195		0		5,195
South Carolina		0		2,786		0		2,786
Tennessee		0		7,595		0		7,595
Texas		0		71,843		0		71,843
Utah		0		807		0		807
Virginia		0		8,109		0		8,109
Washington		0		17,942		0		17,942
West Virginia		0		2,952		0		2,952
Wisconsin		0		11,003		0		11,003
U.S. Treasury Obligations		0		1,083		0		1,083
Short-Term Instruments
Repurchase Agreements		0		790		0		790
U.S. Treasury Bills		0		31,573		0		31,573
Municipal Bonds & Notes		0		9,114		0		9,114


Total Investments	$	0	$	605,070	$	0	$	605,070

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

131


Schedule of Investments		PIMCO Ultra Short Government Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 110.2%

SHORT-TERM INSTRUMENTS 110.2%

REPURCHASE AGREEMENTS (c) 0.1%
				$		225


U.S. TREASURY BILLS 110.1%
5.384% due 07/02/2024 - 10/29/2024 (a)(b)	$		404,514			399,790

Total Short-Term Instruments (Cost $399,996)						400,015



Total Investments in Securities (Cost $399,996)						400,015


Total Investments 110.2% (Cost $399,996)				$		400,015

Other Assets and Liabilities, net (10.2)%						(37,045	)

Net Assets 100.0%				$		362,970

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)	Coupon represents a weighted average yield to maturity.

(b)	Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	225	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(230	)	$	225	$	225

Total Repurchase Agreements											$	(230	)	$	225	$	225

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)		Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	225	$	0	$	0	$	225	$	(230)	$	(5)

Total Borrowings and Other Financing Transactions	$	225	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾


132		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	225	$	0	$	225
U.S. Treasury Bills		0		399,790		0		399,790


Total Investments	$	0	$	400,015	$	0	$	400,015

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

133


Consolidated Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%

CORPORATE BONDS & NOTES 51.5%

BANKING & FINANCE 30.8%

AerCap Ireland Capital DAC
1.650% due 10/29/2024	$		500	$		493
3.500% due 01/15/2025			2,000			1,975

Ally Financial, Inc.
5.125% due 09/30/2024			2,000			1,995

American Honda Finance Corp.
6.025% due 01/10/2025 •			800			802
6.069% (SOFRINDX + 0.700%) due 11/22/2024 ~			100			100

American Tower Corp.
2.950% due 01/15/2025			2,000			1,969

Aozora Bank Ltd.
1.050% due 09/09/2024			1,000			990

Athene Global Funding
2.500% due 01/14/2025			500			491

Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			1,500			1,470

Bank of America Corp.
3.093% due 10/01/2025 •			1,900			1,887
6.684% (SOFRRATE + 1.330%) due 04/02/2026 ~			500			503

Bank of Nova Scotia
5.743% (SOFRRATE + 0.380%) due 07/31/2024 ~			3,429			3,429

Bank of Queensland Ltd.
5.241% due 12/18/2024 ~	AUD		500			334
5.440% due 05/14/2025 ~			4,000			2,681

Banque Federative du Credit Mutuel SA
0.998% due 02/04/2025	$		100			97
5.772% (SOFRINDX + 0.410%) due 02/04/2025 ~			1,500			1,500

Barclays PLC
2.852% due 05/07/2026 •			1,700			1,658
3.650% due 03/16/2025			1,000			985

BNP Paribas SA
2.819% due 11/19/2025 •			500			494
3.375% due 01/09/2025			2,100			2,073

Cooperatieve Rabobank UA
1.980% due 12/15/2027 •			1,500			1,376

Credit Agricole SA
3.250% due 10/04/2024			2,800			2,782

Danske Bank AS
0.976% due 09/10/2025 •			600			594

DBS Group Holdings Ltd.
5.981% (SOFRRATE + 0.610%) due 09/12/2025 ~			1,000			1,003

Deutsche Bank AG
3.961% due 11/26/2025 •			500			496

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			200			196
3.375% due 11/13/2025			2,000			1,936
8.321% (SOFRRATE + 2.950%) due 03/06/2026 ~			800			829

GA Global Funding Trust
5.872% (SOFRRATE + 0.500%) due 09/13/2024 ~			1,900			1,900

General Motors Financial Co., Inc.
3.500% due 11/07/2024			1,900			1,884
6.653% (SOFRINDX + 1.300%) due 04/07/2025 ~			800			804

Goldman Sachs Group, Inc.
3.272% due 09/29/2025 •			1,000			994
5.844% (SOFRRATE + 0.486%) due 10/21/2024 ~			2,000			2,000

HSBC Holdings PLC
4.292% due 09/12/2026 •			3,000			2,948

ING Groep NV
3.869% due 03/28/2026 •			600			591
6.385% (SOFRRATE + 1.010%) due 04/01/2027 ~			500			502


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.016% (SOFRINDX + 1.640%) due 03/28/2026 ~	$		2,000	$		2,017

John Deere Capital Corp.
5.941% (SOFRRATE + 0.570%) due 03/03/2026 ~			45			45

JPMorgan Chase & Co.
2.301% due 10/15/2025 •			500			495
5.971% (SOFRRATE + 0.600%) due 12/10/2025 ~			1,000			1,002
6.289% (SOFRRATE + 0.920%) due 02/24/2026 ~			700			703

Lloyds Banking Group PLC
3.511% due 03/18/2026 •			500			492
3.870% due 07/09/2025 •			2,000			1,999

Mitsubishi UFJ Financial Group, Inc.
4.788% due 07/18/2025 •			1,000			1,000
5.063% due 09/12/2025 •			1,000			998
5.541% due 04/17/2026 •			500			500

Mizuho Bank Ltd.
5.195% due 02/23/2026 ~	AUD		2,000			1,340

Mizuho Financial Group, Inc.
2.226% due 05/25/2026 •	$		1,320			1,279

Morgan Stanley
2.188% due 04/28/2026 •			3,000			2,914

MUFG Bank Ltd.
5.215% due 02/17/2026 ~	AUD		1,000			670

National Bank of Canada
5.853% (SOFRRATE + 0.490%) due 08/06/2024 ~	$		100			100

NatWest Markets PLC
3.479% due 03/22/2025			2,000			1,970

Nissan Motor Acceptance Co. LLC
1.125% due 09/16/2024			1,000			989
1.850% due 09/16/2026			1,500			1,374

Nomura Holdings, Inc.
1.851% due 07/16/2025			1,450			1,394
2.648% due 01/16/2025			400			393

Nykredit Realkredit AS
2.000% due 01/01/2025	DKK		14,550			2,075

Realkredit Danmark AS
1.000% due 01/01/2025			14,550			2,063

Skandinaviska Enskilda Banken AB
6.331% (SOFRRATE + 0.960%) due 06/09/2025 ~	$		1,500			1,508

Standard Chartered PLC
3.971% due 03/30/2026 •			1,125			1,109
6.266% due 11/23/2025			1,000			1,001
6.536% (SOFRRATE + 1.170%) due 05/14/2028 ~			1,000			1,004

Sumitomo Mitsui Financial Group, Inc.
6.655% (SOFRRATE + 1.300%) due 07/13/2026 ~			3,500			3,550

Svenska Handelsbanken AB
6.031% (SOFRRATE + 0.660%) due 05/28/2027 ~			2,500			2,503
6.281% (SOFRRATE + 0.910%) due 06/10/2025 ~			250			251

Swedbank AB
5.337% due 09/20/2027			2,500			2,492

UBS AG
4.750% due 08/09/2024			2,000			1,998

UBS Group AG
3.750% due 03/26/2025			500			493
4.490% due 08/05/2025 •			1,200			1,198

Wells Fargo & Co.
2.188% due 04/30/2026 •			400			389
2.406% due 10/30/2025 •			2,600			2,571
3.908% due 04/25/2026 •			600			591

						93,231


INDUSTRIALS 14.9%

Amgen, Inc.
5.250% due 03/02/2025			1,500			1,497


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Aptiv PLC
2.396% due 02/18/2025	$		2,000	$		1,957

Arrow Electronics, Inc.
4.000% due 04/01/2025			900			888

BAT Capital Corp.
3.222% due 08/15/2024			2,160			2,152

Baxter International, Inc.
1.322% due 11/29/2024			1,000			982
5.811% (SOFRINDX + 0.440%) due 11/29/2024 ~			500			500

Bayer U.S. Finance LLC
3.375% due 10/08/2024			500			496
4.250% due 12/15/2025			2,000			1,958

Berry Global, Inc.
1.570% due 01/15/2026			2,500			2,350
4.875% due 07/15/2026			466			458

Carrier Global Corp.
2.242% due 02/15/2025			2,000			1,958

Dell International LLC
4.000% due 07/15/2024			700			699
5.850% due 07/15/2025			2,000			2,005

Energy Transfer LP
5.950% due 12/01/2025			1,585			1,591

Expedia Group, Inc.
6.250% due 05/01/2025			437			438

Fidelity National Information Services, Inc.
4.500% due 07/15/2025			1,000			989

HCA, Inc.
5.375% due 02/01/2025			2,200			2,193

Hyundai Capital America
1.000% due 09/17/2024			700			693
6.250% due 11/03/2025			1,500			1,512

Imperial Brands Finance PLC
3.125% due 07/26/2024			1,500			1,497

Mitsubishi Corp.
3.375% due 07/23/2024			1,000			999

Penske Truck Leasing Co. LP
3.450% due 07/01/2024			2,000			2,000

Southwest Airlines Co.
5.250% due 05/04/2025			2,800			2,788

T-Mobile USA, Inc.
3.500% due 04/15/2025			800			787

TD SYNNEX Corp.
1.250% due 08/09/2024			1,500			1,492

Tyson Foods, Inc.
3.950% due 08/15/2024			2,000			1,995

VMware, Inc.
1.000% due 08/15/2024			2,000			1,988

Volkswagen Group of America Finance LLC
2.850% due 09/26/2024			965			958
6.302% (SOFRRATE + 0.930%) due 09/12/2025 ~			1,500			1,509

Warnermedia Holdings, Inc.
3.638% due 03/15/2025			1,900			1,871

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			900			878

Zimmer Biomet Holdings, Inc.
1.450% due 11/22/2024			1,000			983

						45,061


UTILITIES 5.8%

Black Hills Corp.
1.037% due 08/23/2024			2,000			1,986

DTE Energy Co.
4.220% due 11/01/2024 þ			2,000			1,989

Edison International
3.550% due 11/15/2024			2,000			1,981

Electricite de France SA
3.625% due 10/13/2025			1,700			1,658

Enel Finance International NV
2.650% due 09/10/2024			1,400			1,391
6.800% due 10/14/2025			1,000			1,016


134		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Georgia Power Co.
6.114% (SOFRINDX + 0.750%) due 05/08/2025 ~	$		1,400	$		1,406

KT Corp.
4.000% due 08/08/2025			1,000			985

National Rural Utilities Cooperative Finance Corp.
5.687% (SOFRRATE + 0.330%) due 10/18/2024 ~			15			15

Network Finance Co. Pty. Ltd.
3.500% due 12/06/2024	AUD		4,000			2,651

NextEra Energy Capital Holdings, Inc.
6.051% due 03/01/2025	$		500			501
6.121% (SOFRINDX + 0.760%) due 01/29/2026 ~			2,000			2,005

						17,584

Total Corporate Bonds & Notes (Cost $155,657)						155,876


U.S. GOVERNMENT AGENCIES 0.5%

Freddie Mac
5.520% due 05/28/2025			200			200

Ginnie Mae
5.610% due 04/20/2069 •			290			290
6.283% due 10/20/2073 •			1,013			1,020

Total U.S. Government Agencies (Cost $1,502)						1,510


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%

OBX Trust
5.988% due 12/01/2064 þ			1,432			1,433

Total Non-Agency Mortgage-Backed Securities (Cost $1,432)						1,433


ASSET-BACKED SECURITIES 10.8%

Allegro CLO Ltd.
6.577% due 01/19/2033 •			1,000			999

American Express Credit Account Master Trust
5.230% due 09/15/2028			2,000			2,008

Bank of America Auto Trust
5.830% due 05/15/2026			671			671

CarMax Auto Owner Trust
5.300% due 03/15/2027			2,000			1,996
5.933% due 11/16/2026 •			1,419			1,421

CarVal CLO Ltd.
6.554% due 07/16/2031 •			1,000			1,001

Citibank Credit Card Issuance Trust
5.230% due 12/08/2027			2,000			1,999

Citizens Auto Receivables Trust
6.063% due 10/15/2026 •			593			594
6.283% due 07/15/2026 •			531			532

Cumulus Static CLO DAC
5.025% due 11/15/2033 •	EUR		700			749


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Evergreen Credit Card Trust
0.900% due 10/15/2026	$		1,900	$		1,870

Ford Credit Auto Lease Trust
5.923% due 02/15/2026 •			961			962

Honda Auto Receivables Owner Trust
5.870% due 06/22/2026			1,973			1,976

Hyundai Auto Lease Securitization Trust
6.083% due 09/15/2025 •			95			95

Kubota Credit Owner Trust
5.610% due 07/15/2026			1,583			1,583

LCM Loan Income Fund Ltd.
6.616% due 04/20/2031 •			695			695

Master Credit Card Trust
6.183% due 01/21/2027 •			1,600			1,607

MMAF Equipment Finance LLC
5.790% due 11/13/2026			827			828

Mountain View CLO Ltd.
6.789% due 04/15/2034 •			1,000			1,001

Nassau Ltd.
6.840% due 01/15/2030 •			608			608

Neuberger Berman CLO Ltd.
6.616% due 01/28/2030 •			866			868

OZLM Ltd.
6.475% due 07/20/2030 •			1,000			1,001

Rad CLO Ltd.
0.000% due 04/25/2032 •			600			601

SCCU Auto Receivables Trust
5.850% due 05/17/2027			415			415

SFS Auto Receivables Securitization Trust
6.133% due 03/22/2027 •			269			270

Tesla Auto Lease Trust
5.860% due 08/20/2025			1,411			1,412

Toyota Auto Receivables Owner Trust
5.733% (SOFR30A + 0.400%) due 08/17/2026 ~			704			705

Trillium Credit Card Trust
6.196% due 08/26/2028 •			2,000			2,009

Verizon Master Trust
6.013% due 09/08/2028 •			2,000			2,017

World Omni Automobile Lease Securitization Trust
6.093% due 11/17/2025 •			92			92

Total Asset-Backed Securities (Cost $32,532)						32,585


SOVEREIGN ISSUES 3.1%

Brazil Letras do Tesouro Nacional
0.000% due 04/01/2025 (c)	BRL		28,900			4,786

CPPIB Capital, Inc.
6.604% (SOFRINDX + 1.250%) due 04/04/2025 ~	$		1,000			1,008
6.621% (SOFRRATE + 1.250%) due 03/11/2026 ~			1,450			1,474


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

PSP Capital, Inc.
5.611% (SOFRINDX + 0.240%) due 03/03/2025 ~	$		2,100	$		2,100

Total Sovereign Issues (Cost $9,549)						9,368


		SHARES
COMMODITIES 11.8%

Gold Warehouse Receipts			11,855			27,468

Silver Warehouse Receipts (a)			279,050			8,159

Total Commodities (Cost $33,903)						35,627


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 21.8%

REPURCHASE AGREEMENTS (e) 21.2%
				$		64,067


U.S. TREASURY BILLS 0.6%
5.374% due 07/16/2024 - 08/29/2024 (b)(c)(g)	$		1,949			1,944

Total Short-Term Instruments (Cost $66,012)						66,011



Total Investments in Securities (Cost $300,587)						302,410


		SHARES
INVESTMENTS IN AFFILIATES 6.7%

MUTUAL FUNDS (d) 6.7%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund			201,575			20,289

Total Mutual Funds (Cost $20,185)						20,289



Total Investments in Affiliates (Cost $20,185)						20,289


Total Investments 106.7% (Cost $320,772)				$		322,699

Financial Derivative Instruments (f)(h) (0.8)% (Cost or Premiums, net $(167))						(2,407	)

Other Assets and Liabilities, net (5.9)%						(17,790	)

Net Assets 100.0%				$		302,502

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security did not produce income within the last twelve months.

(b)	Coupon represents a weighted average yield to maturity.

(c)	Zero coupon security.

(d)	Institutional Class Shares of each Fund.

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

135


Consolidated Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund		(Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BOS		5.220	%		06/28/2024		07/01/2024	$	8,400	U.S. Treasury Bonds 2.000% due 11/15/2041	$	(8,552	)	$	8,400	$	8,404
BPS		5.340			06/28/2024		07/01/2024		27,900	U.S. Treasury Notes 0.625% due 07/31/2026		(28,448	)		27,900		27,912
		5.400			07/01/2024		07/02/2024		27,200	U.S. Treasury Notes 1.375% due 11/15/2031		(27,794	)		27,200		27,200
		5.440			07/01/2024		07/02/2024		100	U.S. Treasury Notes 0.500% due 05/31/2027		(102	)		100		100
FICC		2.600			06/28/2024		07/01/2024		467	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026		(476	)		467		467

Total Repurchase Agreements											$	(65,372	)	$	64,067	$	64,083

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BOS	$	8,404	$	0	$	0	$	0	$	8,404	$	(8,552	)	$	(148	)
BPS		55,212		0		0		0		55,212		(56,344	)		(1,132	)
FICC		467		0		0		0		467		(476	)		(9	)

Total Borrowings and Other Financing Transactions	$	64,083	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended June 30, 2024 was $(162) at a weighted average interest rate of 5.389%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

COMMODITY OPTIONS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Call - CBOT Corn September 2024 Futures	$	450.000		08/23/2024		27		135	$	14	$	7

Total Purchased Options									$	14	$	7

WRITTEN OPTIONS:

COMMODITY OPTIONS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT Corn December 2024 Futures	$	400.000		11/22/2024		83		415	$	(31	)	$	(59	)
Put - NYMEX Natural Gas September 2024 Futures		2.800		08/27/2024		78		780		(150	)		(277	)

Total Written Options									$	(181	)	$	(336	)


136		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Aluminum January Futures		01/2025		186	$	11,964		$	(83	)	$	57	$	(137	)
Aluminum July Futures		07/2024		5		311			16			0		0
Aluminum November Futures		11/2024		190		12,117			(258	)		0		0
Aluminum September Futures		09/2024		58		3,659			50			0		0
Arabica Coffee December Futures		12/2024		162		13,638			503			18		0
Brent Crude March Futures		01/2025		518		42,144			1,109			0		(155	)
Brent Crude October Futures		08/2024		38		3,199			(8	)		0		(10	)
California Carbon Allowance December Futures		12/2024		224		8,478			(179	)		22		0
California Carbon Allowance December Futures		12/2025		73		2,950			105			9		0
Cocoa December Futures		12/2024		21		1,384			112			75		0
Copper August Futures		08/2024		24		5,728			8			8		0
Copper December Futures		12/2024		74		8,160			(348	)		75		0
Copper July Futures		07/2024		105		24,910			(1,087	)		0		(680	)
Copper Septmeber Futures		09/2024		39		9,352			(219	)		29		(149	)
Corn December Futures		12/2024		137		2,882			(275	)		0		(88	)
Cotton No. 2 December Futures		12/2024		344		12,503			(99	)		0		(320	)
European Climate Exchange December Futures		12/2024		36		2,601			160			31		(10	)
Gas Oil December Futures		12/2024		157		12,132			(137	)		0		(75	)
Gold 100 oz. December Futures		12/2024		62		14,791			(61	)		20		0
Hard Red Winter Wheat December Futures		12/2024		56		1,689			(343	)		0		(23	)
Iron Ore September Futures		09/2024		430		4,559			(370	)		39		0
Lean Hogs December Futures		12/2024		209		5,839			(464	)		68		0
Live Cattle October Futures		10/2024		59		4,363			66			0		(21	)
Natural Gas January Futures		12/2024		92		3,518			(161	)		0		(35	)
Natural Gas September Futures		08/2024		117		3,040			(309	)		0		(90	)
New York Harbor December Futures		11/2024		82		8,788			(61	)		0		(68	)
Nickel January Futures		01/2025		77		8,141			(145	)		18		(157	)
Nickel July Futures		07/2024		27		2,769			(88	)		0		0
Nickel November Futures		11/2024		78		8,169			(767	)		0		0
Nickel September Futures		09/2024		60		6,218			(537	)		1		(336	)
RBOB Gasoline December Futures		11/2024		261		23,960			(412	)		0		(165	)
Silver December Futures		12/2024		38		5,698			223			58		0
Silver July Futures		07/2024		31		4,532			44			49		0
Soybean January Futures		01/2025		133		7,435			(246	)		2		0
Soybean Meal December Futures		12/2024		212		7,113			(723	)		0		(63	)
Soybean November Futures		11/2024		157		8,666			(754	)		0		(6	)
Sugar No. 11 March Futures		02/2025		291		6,711			494			46		0
Sugar No. 11 October Futures		09/2024		86		1,955			15			9		0
WTI Crude December Futures		11/2024		358		28,046			(42	)		0		(93	)
Zinc January Futures		01/2025		22		1,632			23			22		0
Zinc July Futures		07/2024		6		434			43			0		0
Zinc November Futures		11/2024		65		4,804			91			0		0
Zinc September Futures		09/2024		15		1,101			101			0		0

								$	(5,013	)	$	656	$	(2,681	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Aluminum January Futures		01/2025		1	$	(64	)	$	(1	)	$	0	$	0
Aluminum July Futures		07/2024		5		(311	)		(29	)		0		0
Aluminum November Futures		11/2024		190		(12,117	)		127			0		0
Aluminum September Futures		09/2024		58		(3,659	)		116			0		0
Cocoa September Futures		09/2024		21		(1,624	)		6			0		(96	)
Copper July Futures		07/2024		38		(9,015	)		(37	)		0		0
Copper September Futures		09/2024		213		(23,385	)		60			0		(229	)
Copper Septmeber Futures		09/2024		10		(2,398	)		127			0		0
Gold 100 oz. August Futures		08/2024		105		(24,566	)		46			0		(31	)
Natural Gas August Futures		07/2024		30		(780	)		77			25		0
Nickel January Futures		01/2025		1		(106	)		2			0		0
Nickel July Futures		07/2024		27		(2,769	)		437			0		0
Nickel November Futures		11/2024		78		(8,169	)		265			0		0
Nickel September Futures		09/2024		32		(3,316	)		236			0		0
RBOB Gasoline October Futures		09/2024		38		(3,645	)		27			30		0
Silver September Futures		09/2024		82		(12,120	)		(112	)		0		(125	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

137


Consolidated Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund		(Cont.)


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		10	$	(2,042	)	$	(6	)	$	0	$	0
U.S. Treasury 5-Year Note September Futures		09/2024		95		(10,125	)		(43	)		10		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		18		(2,044	)		(20	)		9		0
Wheat December Futures		12/2024		56		(1,672	)		(33	)		13		0
Zinc January Futures		01/2025		11		(816	)		(46	)		0		0
Zinc July Futures		07/2024		6		(434	)		(50	)		0		0
Zinc November Futures		11/2024		65		(4,804	)		(177	)		0		0
Zinc September Futures		09/2024		15		(1,101	)		(78	)		0		0

								$	894		$	87	$	(481	)

Total Futures Contracts								$	(4,119	)	$	743	$	(3,162	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset⁽¹⁾						Market Value		Variation Margin Liability⁽¹⁾
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	7	$	750	$	0	$	757	$	(336)	$	(3,376)	$	0	$	(3,712)

(g)	Securities with an aggregate market value of $996 and cash of $18,938 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾	Unsettled variation margin asset of $7 and liability of $(214) for closed futures is outstanding at period end.

(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		04/2025	BRL	15,000	$	2,717	$	116	$	0

BPS		07/2024	EUR	134		145		2		0
		07/2024	$	5,593	AUD	8,394		7		0
		07/2024		2,048	EUR	1,915		3		0
		08/2024	AUD	8,394	$	5,598		0		(7	)
		08/2024	EUR	1,915		2,051		0		(2	)

BRC		07/2024	$	2,097	AUD	3,168		17		0
		08/2024	EUR	386	$	414		0		0

CBK		07/2024	AUD	3,999		2,661		0		(7	)
		07/2024	BRL	2,201		396		2		0
		07/2024	$	404	BRL	2,201		0		(10	)
		08/2024	BRL	2,208	$	404		10		0

FAR		07/2024	AUD	6,049		4,030		0		(5	)

GLM		07/2024		1,008		671		0		(2	)
		07/2024	BRL	12,800		2,481		191		0
		07/2024	EUR	74		79		0		0
		07/2024	$	2,369	BRL	12,800		0		(79	)
		07/2024		20	EUR	18		0		0
		04/2025	BRL	13,700	$	2,459		83		0

JPM		07/2024		6,896		1,354		120		0
		07/2024	EUR	139		151		2		0
		07/2024	$	1,241	BRL	6,896		0		(8	)
		07/2024		1,444	CHF	1,296		0		(2	)
		08/2024	CHF	1,291	$	1,444		2		0
		09/2024	$	368	BRL	2,009		0		(11	)
		04/2025	BRL	200	$	36		1		0

MBC		07/2024	AUD	506		337		0		(1	)
		07/2024	EUR	1,915		2,084		33		0


138		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability

MYI		07/2024	CHF	1,297	$	1,436	$	0	$	(8	)
		07/2024	EUR	118		126		0		0
		07/2024	$	65	EUR	61		0		0

RYL		01/2025	DKK	29,100	$	4,265		40		0

Total Forward Foreign Currency Contracts							$	629	$	(142	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES


Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Asset		Liability
CIB	Receive	PIMCODB Index⁽³⁾		22,397	0.000%	Monthly		02/18/2025	$	4,493	$	0	$	21	$	21	$	0
GST	Receive	PIMCODB Index⁽⁴⁾		58,549	0.000%	Monthly		02/18/2025		6,108		0		29		29		0
JPM	Receive	JMABNIC5 Index⁽⁵⁾		29,696	0.000%	Monthly		02/18/2025		5,505		0		11		11		0

Total Swap Agreements											$	0	$	61	$	61	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure⁽²⁾
BOA	$	116	$	0	$	0	$	116	$	0		$	0	$	0	$	0		$	116		$	0		$	116
BPS		12		0		0		12		(9	)		0		0		(9	)		3			0			3
BRC		17		0		0		17		0			0		0		0			17			0			17
CBK		12		0		0		12		(17	)		0		0		(17	)		(5	)		0			(5	)
CIB		0		0		21		21		0			0		0		0			21			0			21
FAR		0		0		0		0		(5	)		0		0		(5	)		(5	)		0			(5	)
GLM		274		0		0		274		(81	)		0		0		(81	)		193			0			193
GST		0		0		29		29		0			0		0		0			29			(70	)		(41	)
JPM		125		0		11		136		(21	)		0		0		(21	)		115			0			115
MBC		33		0		0		33		(1	)		0		0		(1	)		32			0			32
MYI		0		0		0		0		(8	)		0		0		(8	)		(8	)		0			(8	)
RYL		40		0		0		40		0			0		0		0			40			0			40

Total Over the Counter	$	629	$	0	$	61	$	690	$	(142	)	$	0	$	0	$	(142	)

⁽¹⁾

⁽²⁾

⁽³⁾	The following table represents the individual positions within the total return swap as of June 30, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Aluminum November 2024 Futures		5.7	%	$	255
Arabica Coffee December 2024 Futures		6.4			289
Brent Crude January 2025 Futures		13.8			620
Copper December 2024 Futures		3.9			175
Corn December 2024 Futures		1.4			61
Cotton No. 02 December 2024 Futures		5.5			245
Gas Oil November 2024 Futures		4.8			216
Gold 100 oz. December 2024 Futures		1.3			58
Lean Hogs December 2024 Futures		2.8			126
New York Harbor ULSD November 2024 Futures		2.8			126
Nickel November 2024 Futures		3.9			174
NYMEX — Natural Gas November 2024 Futures		1.6			71
RBOB Gasoline November 2024 Futures		9.9			447
Silver December 2024 Futures		2.7			123
Soybeans November 2024 Futures		3.5			158

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

139


Consolidated Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund		(Cont.)


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Sugar No. 11 March 2025 Futures		3.3	%		149
WTI Crude November 2024 Futures		13.5			606
Zinc November 2024 Futures		0.4			18

Total Long Futures Contracts				$	3,917

Cash		12.8	%	$	576

Total Notional Amount				$	4,493

*	The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

⁽⁴⁾	The following table represents the individual positions within the total return swap as of June 30, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Aluminum November 2024 Futures		5.7	%	$	348
Arabica Coffee December 2024 Futures		6.3			384
Brent Crude December 2024 Futures		13.8			843
Copper December 2024 Futures		3.9			236
Corn December 2024 Futures		1.3			81
Cotton No. 02 December 2024 Futures		5.5			343
Gas Oil November 2024 Futures		4.9			297
Gold 100 oz. December 2024 Futures		1.3			79
Lean Hogs December 2024 Futures		2.8			171
New York Harbor ULSD November 2024 Futures		2.8			171
Nickel November 2024 Futures		3.9			236
NYMEX — Natural Gas November 2024 Futures		1.6			96
RBOB Gasoline November 2024 Futures		10.0			610
Silver December 2024 Futures		2.7			164
Soybeans November 2024 Futures		3.5			213
Sugar No. 11 March 2025 Futures		3.3			202
WTI Crude November 2024 Futures		13.5			823
Zinc November 2024 Futures		0.4			25

Total Long Futures Contracts				$	5,322

Cash		12.8	%	$	786

Total Notional Amount				$	6,108

*	The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

⁽⁵⁾	The following table represents the individual positions within the total return swap as of June 30, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Brent Crude December 2024 Futures		19.3	%	$	1,065
Cotton No. 02 December 2024 Futures		1.5			84
Gas Oil November 2024 Futures		3.1			170
Gold 100 oz. August 2024 Futures		17.5			961
Live Cattle August 2024 Futures		6.4			351
LME — Copper August 2024 Futures		7.8			430
New York Harbor ULSD November 2024 Futures		4.3			237
Nickel August 2024 Futures		4.2			232
RBOB Gasoline November 2024 Futures		4.7			261
Silver September 2024 Futures		6.1			333
Soybean Meal December 2024 Futures		10.0			552
Soybeans November 2024 Futures		12.2			671
Sugar No. 11 October 2024 Futures		2.9			158

Total Long Futures Contracts				$	5,505

Total Notional Amount				$	5,505

*	The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.


140		PIMCO ETF TRUST			See Accompanying Notes


						June 30, 2024

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	7	$	0	$	0	$	0	$	0	$	7
Futures		731		0		0		0		19		750

	$	738	$	0	$	0	$	0	$	19	$	757

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	629	$	0	$	629
Swap Agreements		61		0		0		0		0		61

	$	61	$	0	$	0	$	629	$	0	$	690

	$	799	$	0	$	0	$	629	$	19	$	1,447


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	336	$	0	$	0	$	0	$	0	$	336
Futures		3,372		0		0		0		4		3,376

	$	3,708	$	0	$	0	$	0	$	4	$	3,712

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	142	$	0	$	142

	$	3,708	$	0	$	0	$	142	$	4	$	3,854

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	(180	)	$	0	$	0	$	0		$	0		$	(180	)
Written Options		731			0		0		0			0			731
Futures		10,930			0		0		0			134			11,064

	$	11,481		$	0	$	0	$	0		$	134		$	11,615

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	(111	)	$	0		$	(111	)
Swap Agreements		1,260			0		0		0			0			1,260

	$	1,260		$	0	$	0	$	(111	)	$	0		$	1,149

	$	12,741		$	0	$	0	$	(111	)	$	134		$	12,764


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	(7	)	$	0	$	0	$	0		$	0		$	(7	)
Written Options		(163	)		0		0		0			0			(163	)
Futures		(3,268	)		0		0		0			(69	)		(3,337	)

	$	(3,438	)	$	0	$	0	$	0		$	(69	)	$	(3,507	)

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	489		$	0		$	489
Swap Agreements		161			0		0		0			0			161

	$	161		$	0	$	0	$	489		$	0		$	650

	$	(3,277	)	$	0	$	0	$	489		$	(69	)	$	(2,857	)

See Accompanying Notes

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

141


Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund		(Cont.)		June 30, 2024

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	93,231	$	0	$	93,231
Industrials		0		45,061		0		45,061
Utilities		0		17,584		0		17,584
U.S. Government Agencies		0		1,510		0		1,510
Non-Agency Mortgage-Backed Securities		0		1,433		0		1,433
Asset-Backed Securities		0		32,585		0		32,585
Sovereign Issues		0		9,368		0		9,368
Commodities		0		35,627		0		35,627
Short-Term Instruments
Repurchase Agreements		0		64,067		0		64,067
U.S. Treasury Bills		0		1,944		0		1,944

	$	0	$	302,410	$	0	$	302,410


Investments in Affiliates, at Value
Mutual Funds		20,289		0		0		20,289


Total Investments	$	20,289	$	302,410	$	0	$	322,699


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	731		$	19		$	0	$	750
Over the counter		0			690			0		690

	$	731		$	709		$	0	$	1,440


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(3,498	)		0			0		(3,498	)
Over the counter		0			(142	)		0		(142	)

	$	(3,498	)	$	(142	)	$	0	$	(3,640	)


Total Financial Derivative Instruments	$	(2,767	)	$	567		$	0	$	(2,200	)


Totals	$	17,522		$	302,977		$	0	$	320,499

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


142		PIMCO ETF TRUST			See Accompanying Notes


Notes to Financial Statements				June 30, 2024

1. ORGANIZATION

PIMCO ETF Trust (the “Trust”) was established as a Delaware statutory trust on November 14, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each, a “Fund” and collectively, the “Funds”) offered by the Trust. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds.

The PIMCO Commodity Strategy Active Exchange-Traded Fund has established a Cayman Islands exempted company, the “Commodity Subsidiary”, which is wholly-owned and controlled by the Fund. See Note 16, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by a member or participant of a clearing agency registered with the Securities and Exchange Commission, which has a written agreement with the Fund’s Distributor that allows such member or participant to place orders for the purchase and redemption of Creation Units (“Authorized Participant“). Also, unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock

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dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

Distribution Frequency

Fund Name

Declared

Distributed

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

Monthly

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

Monthly

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

Monthly

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

Monthly

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Monthly

PIMCO Active Bond Exchange-Traded Fund

Monthly

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Monthly

Distribution Frequency

Fund Name

Declared

Distributed

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

Monthly

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Monthly

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO Multisector Bond Active Exchange-Traded Fund

Monthly

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

Monthly

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

Monthly

PIMCO Senior Loan Active Exchange-Traded Fund

Monthly

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO Ultra Short Government Active Exchange-Traded Fund

Monthly

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

Quarterly

PIMCO Commodity Strategy Active Exchange-Traded Fund

Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a


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Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered

in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds’ financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds’ annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds’ financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds’ financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the “Names Rule”). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments (fund groups with net assets of less than $1 billion have

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Notes to Financial Statements		(Cont.)

30 months to comply). At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund’s shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, each Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market

participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include


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changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Source. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund’s next calculated NAV.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in any written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

^∎

Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

^∎

Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎

Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if

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material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details,

interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively


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quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a thirdparty vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities that are smaller in size than institutional-sized or round lot positions of the particular security/instrument type may apply an adjustment factor to the daily vendor-provided price for the corresponding round lot position to arrive at a fair value for the applicable odd lot positions. The adjustment factor is determined by comparing the prices of internal trades with vendor prices, calculating the weighted average differences, and using that difference as an adjustment factor to vendor prices. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Physical commodities are valued using spot prices from established commodity exchanges as published by a third-party pricing service as of the reporting date.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete

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Notes to Financial Statements		(Cont.)

schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated fund for the period ended June 30, 2024 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund


Fund Name	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	25,063	$	142,724	$	(126,676	)	$	0	$	0	$	41,111	$	1,686	$	0

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		2,928		28,861		(28,224	)		0		0		3,565		273		0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		149		26,061		(26,210	)		0		0		0		13		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾

The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

The tables below show the Funds’ transactions in and earnings from investments in the affiliated fund for the period ended June 30, 2024 (amounts in thousands^†):

PIMCO Active Bond Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund	$	0	$	19,257	$	0	$	0	$	738	$	19,995	$	496	$	0

PIMCO Senior Loan Active Exchange-Traded Fund		18,827		16,451		0		0		807		36,085		2,541		0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0		25,044		0		0		118		25,162		550		0

PIMCO Commodity Strategy Active Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$	0	$	20,186	$	0	$	0	$	103	$	20,289	$	447	$	0

PIMCO Multisector Bond Active Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Senior Loan Active Exchange-Traded Fund	$	0	$	3,366	$	0	$	0	$	20	$	3,386	$	112	$	0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with

payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed- delivery basis, a Fund assumes the


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rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, a Fund would bear a pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses a Fund bears directly in connection with its own operations. Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF’s performance may not track the performance of the index the ETF is designed to track.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers

for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is

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Notes to Financial Statements		(Cont.)

guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO’s manager may perform poorly.

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an


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acceptable price may be difficult to achieve. Restricted investments held by the Funds as of June 30, 2024, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability,

respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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Notes to Financial Statements		(Cont.)

c) The funds may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Line of Credit The PIMCO Senior Loan Active Exchange-Traded Fund entered into a 360-day liquidity loan facility agreement with State Street Bank & Trust Company. State Street Bank & Trust Company serves as both a bank and as an agent for the other banks that are parties to the agreement. The Fund pays financing charges based on a combination of an overnight bank funding rate based on variable rate plus a credit spread. The Fund also pays a fee of 0.15% per annum on the unused commitment amounts. As of June 30, 2024, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest on outstanding borrowings and commitment and upfront fees, if any, paid by the Fund are disclosed as part of the interest expense on the Statements of Operations. Commitment and Upfront Fees incurred by the Fund in connection with its line of credit agreement was recorded as a prepaid expense and disclosed on the Statements of Assets and Liabilities. Such fees are amortized through the expiration date of the agreement and included as part of the interest expense on the Statements of Operations. Legal costs related to the annual renewal of the line of credit are included in Miscellaneous Expenses on the Statements of Operations.

As of June 30, 2024, the maximum available commitment and related fees for the revolving credit agreement are:


Maximum Available Commitment*		Expiration Date		Commitment and Upfront Fees
$	10,000,000		08/27/2024	$	22,512

*	Maximum available commitment prior to renewal on August 29, 2023, for the Fund was $5,000,000.

(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A


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Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under sale-buyback transactions.

(e) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

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

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

PIMCO Senior Loan Active Exchange-Traded Fund

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or a Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, a Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(f) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(g) Interfund Lending In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A

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Notes to Financial Statements		(Cont.)

borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2024, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in

excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of


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an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts (“Commodity Option”). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

157


Notes to Financial Statements		(Cont.)

For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a

Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference


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credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received

from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

159


Notes to Financial Statements		(Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

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

PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund

PIMCO
Active Bond
Exchange-
Traded
Fund

PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund

PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund

PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund

PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund

PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund

PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund

PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund

New Fund

—

Small Fund

—

Senior Loan

—

Market Trading

Interest Rate

Call

Inflation-Indexed Security

—

Credit

Collateralized Loan Obligations

—

High Yield

—

Market

Municipal Bond

—

Issuer

—

Liquidity

Derivatives

—

Equity

—

Mortgage-Related and Other Asset Backed Securities

—

Foreign (Non-U.S.) Investment

—

Emerging Markets

—

Sovereign Debt

—

Environmental, Social and Governance

—

AMT Bonds

—

Currency

—

Leveraging

Management and Tracking Error

—

Indexing

—

Management

—

Asset-Backed Securities

—

California State-Specific

—

New York State-Specific

—

Puerto Rico-Specific

—

Municipal Project-Specific

—

Short Exposure

—

Convertible Securities

—

Tax-Efficient Investing

—

Distribution Rate

—

LIBOR Transition

—

Futures Contract

—

Capital Securities

—

Preferred Securities

—

Concentration in Banking Industries

—


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Risks

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

PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund

PIMCO
Active Bond
Exchange-
Traded
Fund

PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund

PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund

PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund

PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund

PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund

PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund

PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund

Contingent Convertible Securities

—

Commodity

—

Issuer Non-Diversification

—

Model

—

Tax

—

Subsidiary

—

Oil-Related

—

Risks

PIMCO
Multisector
Bond Active
Exchange-
Traded
Fund

PIMCO
Preferred
and Capital
Securities
Active
Exchange-
Traded
Fund

PIMCO

Ultra Short
Government
Active
Exchange-
Traded

Fund

PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund

New Fund

Small Fund

—

Senior Loan

—

Market Trading

Interest Rate

Call

Inflation-Indexed Security

—

Credit

Collateralized Loan Obligations

—

High Yield

—

Market

Municipal Bond

—

Issuer

—

Liquidity

—

Derivatives

—

Equity

—

Mortgage-Related and Other Asset Backed Securities

—

Foreign (Non-U.S.) Investment

—

Emerging Markets

—

Sovereign Debt

—

Environmental, Social and Governance

—

AMT Bonds

—

Currency

—

Leveraging

—

Management and Tracking Error

—

Indexing

—

Management

Asset-Backed Securities

—

California State-Specific

—

New York State-Specific

—

Puerto Rico-Specific

—

Municipal Project-Specific

—

Short Exposure

—

Convertible Securities

—

Tax-Efficient Investing

—

Distribution Rate

—

LIBOR Transition

—

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

161


Notes to Financial Statements		(Cont.)

Risks

PIMCO
Multisector
Bond Active
Exchange-
Traded
Fund

PIMCO
Preferred
and Capital
Securities
Active
Exchange-
Traded
Fund

PIMCO

Ultra Short
Government
Active
Exchange-
Traded

Fund

PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund

Futures Contract

—

Capital Securities

—

Preferred Securities

—

Concentration in Banking Industries

—

Contingent Convertible Securities

—

Commodity

—

Issuer Non-Diversification

—

Model

—

Tax

—

Subsidiary

—

Oil-Related

—

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New Fund Risk is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions of fund shares.

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in

traditional loans.

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than a Fund’s net asset value, and are subject to trading costs, which may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer

average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

Credit Risk is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.


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Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO’s manager may perform poorly.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Municipal Bond Risk is the risk that by investing in municipal bonds a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the

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extent consistent with other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the underlying index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of a Fund and the underlying index may vary due to asset valuation differences and differences between a Fund’s portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the underlying index may vary may be heightened during periods of increased market volatility or

other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the underlying index than if a Fund held all of the securities in the underlying index.

Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the underlying index.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Environmental, Social and Governance Risk is the risk that, because the Fund’s ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund’s performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor.

California State-Specific Risk is the risk that by concentrating its investments in California municipal bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by concentrating its investments in New York municipal bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the


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actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Tax-Efficient Investing Risk is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.

Distribution Rate Risk is the risk that a Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

LIBOR Transition Risk is the risk related to the discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

AMT Bonds Risk is the risk that “AMT Bonds,” which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than,

the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements, may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Subordinated and hybrid securities in particular are also subject to the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, and equity investments, any of which could result in losses to the Fund. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount (including potentially zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence

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than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Model Risk is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Oil-Related Risk is the risk that investments in or tied to the price of oil may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other things,

national and international political changes, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact


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of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

The Funds lend their securities through Securities Finance Trust Company (“Securities Lending Agent”), an unaffiliated securities lending agent, and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day, and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the PIMCO

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Notes to Financial Statements		(Cont.)

Government Money Market Fund or another cash sweep vehicle agreed by the Fund. The Securities Lending Agent administers the Funds’ securities lending program, providing services that include marketing the Funds’ available securities, soliciting bids from potential borrowers, monitoring the daily value of the loaned securities, and investing cash collateral in accordance with specific instructions provided by the Funds.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized

appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management


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fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.


Fund Name	Management Fee

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		0.15%

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0.55%

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0.20%

PIMCO Active Bond Exchange-Traded Fund⁽¹⁾		0.55%

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0.46%

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund⁽²⁾		0.36%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0.35%

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0.35%

PIMCO Multisector Bond Active Exchange-Traded Fund⁽³⁾		0.65%

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund⁽⁴⁾		0.49%

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund⁽⁵⁾		0.84%

PIMCO Senior Loan Active Exchange-Traded Fund⁽⁶⁾		0.70%

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0.35%

PIMCO Ultra Short Government Active Exchange-Traded Fund		0.14%

PIMCO Commodity Strategy Active Exchange-Traded Fund⁽⁵⁾		0.79%

⁽¹⁾

PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee in an amount equivalent to the Fund’s expenses or costs attributable to the SEC’s investigation and related settlement proceedings identified in Investment Advisers Act of 1940 Release No. 4577, dated December 1, 2016.

⁽²⁾	PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.12% of the average daily net assets attributable to the Fund.

⁽³⁾	PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its management fee by 0.10% of the average daily net assets attributable to the Fund.

⁽⁴⁾	PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.10% of the average daily net assets attributable to the Fund.

⁽⁵⁾	PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.15% of the average daily net assets attributable to the Fund.

⁽⁶⁾

PIMCO has contractually agreed, through October 31, 2025, to reduce its management fee by 0.10% of the average daily net assets attributable to the Fund. Prior to November 1, 2023, PIMCO contractually agreed to reduce its management fee by 0.20% of the average daily net assets attributable to the Fund.

(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended June 30, 2024, each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize

payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses, which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2024 (October 31, 2025 for the PIMCO Multisector Bond Active Exchange-Traded Fund), to waive a portion of each Fund’s Management Fee or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the “Expense Limit”) (calculated as a percentage of each Fund’s average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Commodity Strategy Active Exchange-Traded Fund.

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169


Notes to Financial Statements		(Cont.)

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee for the PIMCO Multisector Bond Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed pursuant to the Expense Limitation Agreement (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO as of June 30, 2024, were as follows (amounts in thousands^†):


	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total

PIMCO Enhanced Low Duration Active Exchange-Traded Fund	$	0	$	10	$	17	$	27

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		210		203		199		612

PIMCO Multisector Bond Active Exchange-Traded Fund		0		71		361		437

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		103		56		111		270

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		126		134		260

PIMCO Senior Loan Active Exchange-Traded Fund		148		250		343		741

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		31		11		42

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		105		339		444

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

(e) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2024, for the PIMCO Active Bond 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 Commodity Strategy Active Exchange-Traded Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees of other series of the Trust indirectly incurred by the Fund’s investments in other series of the Trust. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the of the then current term. The waiver amounts for the AFFE Fees and Expense are shown below.


Fund Name	Waived Amount

PIMCO Active Bond Exchange-Traded Fund	$	287

PIMCO Multisector Active Exchange-Traded Fund		9

PIMCO Commodity Strategy Active Exchange-Traded Fund		21

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary’s portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. PIMCO may not seek reimbursement from the Fund with respect to the management fees


170		PIMCO ETF TRUST


				June 30, 2024

waived. The waiver, if any, is reflected on the Consolidated Statements of Operations as a component of Waiver and/ or Reimbursement by

PIMCO. See Note 16, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended June 30, 2024, were as follows (amounts in thousands^†):


Fund Name	Purchases		Sales		Realized Gain/(Loss)

PIMCO Active Bond Exchange-Traded Fund	$	5,614	$	28,757	$	(7,233	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		82,529		31,698		(2,346	)

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		1,247		70		(28	)

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		401		437		(18	)

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a

Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2024, were as follows (amounts in thousands^†):


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	247,334	$	286,181	$	0	$	0

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		147,908		158,278		0		0

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		27,628		51,460		0		0

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		138,214		141,997		0		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		35,606		45,359		575,506		517,558

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		72,205		9,303		185,296		218,947

PIMCO Active Bond Exchange-Traded Fund		16,316,291		15,210,506		1,040,852		422,764

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,566,282		1,697,230		257,365		155,196

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		7,452		9,689		86,502		49,295

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

171


Notes to Financial Statements		(Cont.)


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$	1,145,047	$	1,148,458	$	6,930,845	$	3,022,921

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		57,927		0		770,740		340,234

PIMCO Multisector Bond Active Exchange - Traded Fund		2,413,688		1,920,169		1,004,147		102,913

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		3,590		0		125,120		39,609

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		1,895		3,008		90,809		52,306

PIMCO Senior Loan Active Exchange-Traded Fund		0		0		391,757		168,820

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		4,344		0		236,569		150,469

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0		0		0

PIMCO Commodity Strategy Active Exchange-Traded Fund		10,486		8,600		249,923		52,774

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

13. SHARES OF BENEFICIAL INTEREST

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2024. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

Shareholders that own 10% or more

of outstanding shares

Total percentage of portfolio held by

shareholders that own 10% or more
of outstanding shares

Fund Name

Non-Related Parties

Related Parties

Non-Related Parties

Related Parties

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

15%

14. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the custodian of the Funds. These standard transaction fees are not payable to the Funds, and therefore, generally do not impact the Funds’ financial statements. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below. To the extent a variable transaction fee is not charged, certain costs may be borne by a Fund.


Standard Creation/ Redemption Transaction Fee*		Maximum Variable Charge for Cash Creations**			Maximum Variable Charge for Cash Redemptions**
$	500		3.00	%		2.00	%

*	Applicable to in-kind contributions or redemptions only.

**	As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).


172		PIMCO ETF TRUST


				June 30, 2024

15. INVESTMENT TRANSACTIONS

For the period ended June 30, 2024, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):


Fund Name	Contributions		Redemptions

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	1,172,400	$	582,266

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		136,069		491,516

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		371,154		276,357

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		18,149		47,319

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		414,037		301,887

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		430,847		49,885

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		4,376		26,976

PIMCO Ultra Short Government Active Exchange-Traded Fund		19,643		67,434

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

16. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, PIMCO Cayman Commodity Fund CMDT, Ltd., a Cayman Islands exempted company, was incorporated on January 19, 2023, as a wholly owned subsidiary acting as an investment vehicle for the PIMCO Commodity Strategy Active Exchange-Traded Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 16.2% of the Fund’s consolidated net assets.

17. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

18. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2024, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds’ ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

173


Notes to Financial Statements		(Cont.)

from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

PIMCO Commodity Strategy Active Exchange-Traded Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary’s subpart F income, whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income and realized gains and mark-to-market gains will be subpart F income. PIMCO Commodity Strategy Active Exchange-Traded Fund’s recognition of its Subsidiary’s subpart F income will increase the Fund’s tax basis in its Subsidiary. Distributions by the Subsidiary to PIMCO Commodity Strategy Active Exchange-Traded Fund will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce PIMCO Commodity Strategy Active Exchange-Traded Fund’s tax basis in its Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as ordinary income, regardless of the character of the Subsidiary’s underlying income or gains.

If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary’s parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds’ income from in the subsidiary is derived with respect to the Funds’ business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund’s commodity-linked investments, there would likely be a significant adverse impact on PIMCO Commodity Strategy Active Exchange-Traded Fund, including the possibility of failing to qualify as a regulated investment company.

If PIMCO Commodity Strategy Active Exchange-Traded Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund’s taxable income or any distributions made by PIMCO Commodity Strategy Active Exchange-Traded Fund or result in the inability of PIMCO Commodity Strategy Active Exchange-Traded Fund to operate as described in the Fund’s Prospectus.

As of June 30, 2024, the components of distributable taxable earnings are as follows (amounts in thousands^†):


	Undistributed Tax Exempt Income		Undistributed Ordinary Income⁽¹⁾		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)⁽²⁾			Other Book-to-Tax Accounting Differences⁽³⁾			Accumulated Capital Losses⁽⁴⁾			Qualified Late-Year Loss Deferral - Capital⁽⁵⁾		Qualified Late-Year Loss Deferral - Ordinary⁽⁶⁾		Total Components of Distributable Earnings

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	0	$	14,177	$	0	$	(267,035	)	$	(1	)	$	(225,504	)	$	0	$	0	$	(478,363	)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0		1,577		0		(26,102	)		0			(40,888	)		0		0		(65,413	)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0		3,557		0		(289,006	)		(1	)		(59,768	)		0		0		(345,218	)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0		501		0		(3,707	)		(1	)		(31,712	)		0		0		(34,919	)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0		7,730		0		(28,026	)		(9	)		(238,598	)		0		0		(258,903	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0		4,305		0		(46,708	)		(6	)		(37,359	)		0		0		(79,768	)

PIMCO Active Bond Exchange-Traded Fund		0		3,732		0		(66,087	)		(18	)		(601,478	)		0		0		(663,851	)


174		PIMCO ETF TRUST


				June 30, 2024


	Undistributed Tax Exempt Income		Undistributed Ordinary Income⁽¹⁾		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)⁽²⁾			Other Book-to-Tax Accounting Differences⁽³⁾			Accumulated Capital Losses⁽⁴⁾			Qualified Late-Year Loss Deferral - Capital⁽⁵⁾			Qualified Late-Year Loss Deferral - Ordinary⁽⁶⁾		Total Components of Distributable Earnings

PIMCO Enhanced Low Duration Active Exchange-Traded Fund	$	0	$	0	$	0	$	(6,921	)	$	(7	)	$	(80,370	)	$	0		$	0	$	(87,298	)

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		0		757		0		(1,038	)		0			(2,743	)		0			0		(3,024	)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0		49,124		0		(26,364	)		(2	)		(233,236	)		0			0		(210,478	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		4,388		0		0		19,485			(2	)		(42,321	)		0			0		(18,450	)

PIMCO Multisector Bond Active Exchange-Traded Fund		0		6,016		0		3,827			0			0			0			0		9,843

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		588		0		0		2,972			0			(5,299	)		0			0		(1,739	)

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		660		0		2,680			0			(1,678	)		0			0		1,662

PIMCO Senior Loan Active Exchange-Traded Fund		0		5,249		0		3,042			0			(1,464	)		0			0		6,827

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		1,468		0		0		(808	)		(3	)		(13,755	)		0			0		(13,098	)

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		1,488		0		19			0			0			0			0		1,507

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		17,552		0		(242	)		0			0			(1,295	)		0		16,015

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾	Includes undistributed short-term capital gains, if any.

⁽²⁾

Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, controlled foreign corporation (CFC) transactions, and short positions.

⁽³⁾	Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly due to organizational expenditures.

⁽⁴⁾	Capital losses available to offset future net capital gains as shown below.

⁽⁵⁾	Capital losses realized during the period November 1, 2023 through June 30, 2024 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾	Specified losses realized during the period November 1, 2023 through June 30, 2024 and Ordinary losses realized during the period January 1, 2024 through June 30, 2024 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of June 30, 2024, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):


	Short-Term		Long-Term

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	43,769	$	181,735

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		9,877		31,011

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		19,518		40,250

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		22,929		8,783

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		48,328		190,270

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		13,070		24,289

PIMCO Active Bond Exchange-Traded Fund		391,856		209,622

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		55,048		25,322

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		1,302		1,441

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		74,209		159,027

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		25,355		16,966

PIMCO Multisector Bond Active Exchange-Traded Fund		0		0

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		5,207		92

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

175


Notes to Financial Statements		(Cont.)


	Short-Term		Long-Term

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		1,394		284

PIMCO Senior Loan Active Exchange-Traded Fund		980		484

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		5,694		8,061

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

As of June 30, 2024, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)⁽⁷⁾

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	1,655,565	$	1,095	$	(268,131	)	$	(267,036	)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		516,689		328		(26,430	)		(26,102	)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		992,861		0		(289,007	)		(289,007	)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		102,059		90		(3,797	)		(3,707	)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,300,504		18,957		(46,981	)		(28,024	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		1,220,701		4,355		(51,063	)		(46,708	)

PIMCO Active Bond Exchange-Traded Fund		4,861,982		69,112		(135,099	)		(65,987	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		894,041		3,782		(10,828	)		(7,046	)

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		188,626		255		(1,292	)		(1,037	)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		12,192,327		17,563		(43,926	)		(26,363	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		1,500,107		28,883		(9,397	)		19,486

PIMCO Multisector Bond Active Exchange-Traded Fund		1,387,049		8,790		(4,955	)		3,835

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		158,218		4,134		(1,163	)		2,971

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		112,685		3,549		(869	)		2,680

PIMCO Senior Loan Active Exchange-Traded Fund		480,507		3,816		(774	)		3,042

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		605,877		3,003		(3,811	)		(808	)

PIMCO Ultra Short Government Active Exchange-Traded Fund		399,996		19		0			19

PIMCO Commodity Strategy Active Exchange-Traded Fund		319,044		7,570		(7,814	)		(244	)

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽⁷⁾

For the fiscal years ended June 30, 2024 and June 30, 2023, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):


	June 30, 2024								June 30, 2023

	Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁸⁾		Long-Term Capital Gain Distributions		Return of Capital⁽⁹⁾		Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁸⁾		Long-Term Capital Gain Distributions		Return of Capital⁽⁹⁾

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	0	$	41,421	$	0	$	0	$	0	$	17,750	$	0	$	0

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0		13,367		0		0		0		43,653		0		0

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0		30,656		0		0		0		33,083		0		0

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0		5,707		0		0		0		11,385		0		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0		84,984		0		0		0		74,597		0		0

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0		43,066		0		0		0		26,827		0		0

PIMCO Active Bond Exchange-Traded Fund		0		176,461		0		0		0		118,150		0		0

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0		42,143		0		2,039		0		39,335		0		0


176		PIMCO ETF TRUST


				June 30, 2024


	June 30, 2024								June 30, 2023

	Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁸⁾		Long-Term Capital Gain Distributions		Return of Capital⁽⁹⁾		Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁸⁾		Long-Term Capital Gain Distributions		Return of Capital⁽⁹⁾

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund	$	0	$	8,508	$	0	$	0	$	0	$	6,454	$	0	$	0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0		549,101		0		0		0		312,603		0		0

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		35,326		6,295		0		0		21,270		3,171		0		0

PIMCO Multisector Bond Active Exchange-Traded Fund		0		18,406		0		0		0		0		0		0

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		3,467		775		0		0		1,616		327		0		0

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		5,098		0		0		0		928		0		0

PIMCO Senior Loan Active Exchange-Traded Fund		0		21,266		0		0		0		8,533		0		0

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		14,269		2,420		0		0		9,832		1,820		0		0

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		6,945		0		0		0		0		0		0

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		7,460		139		0		0		0		0		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽⁸⁾	Includes short-term capital gains distributed, if any.

⁽⁹⁾	A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

177


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO ETF Trust and Shareholders of 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, PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active 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, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting PIMCO ETF Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of June 30, 2024, the results of each of their operations and the changes in each of their net assets, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund⁽¹⁾

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

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund⁽¹⁾

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund⁽¹⁾

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund⁽¹⁾

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund⁽¹⁾

PIMCO Active Bond Exchange-Traded Fund⁽¹⁾

PIMCO Enhanced Low Duration Active Exchange-Traded Fund⁽¹⁾

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund⁽¹⁾

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund⁽¹⁾

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund⁽¹⁾

PIMCO Multisector Bond Active Exchange-Traded Fund⁽²⁾

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund⁽¹⁾

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund⁽³⁾

PIMCO Senior Loan Active Exchange-Traded Fund⁽¹⁾

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund⁽¹⁾

PIMCO Ultra Short Government Active Exchange-Traded Fund⁽²⁾

PIMCO Commodity Strategy Active Exchange-Traded Fund^(4)*

⁽¹⁾	Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the years ended June 30, 2024 and 2023

⁽²⁾	Statement of operations for the year ended June 30, 2024, and statement of changes in net assets for the year ended June 30, 2024 and the period June 21, 2023 (inception date) through June 30, 2023

⁽³⁾	Statement of operations for the year ended June 30, 2024, and statement of changes in net assets for the year ended June 30, 2024 and the period January 18, 2023 (inception date) through June 30, 2023

⁽⁴⁾	Statement of operations for the year ended June 30, 2024, and statement of changes in net assets for the year ended June 30, 2024 and the period May 9, 2023 (inception date) through June 30, 2023

^*	The financial statements for PIMCO Commodity Strategy Active Exchange-Traded Fund are presented on a consolidated basis


178		PIMCO ETF TRUST

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 27, 2024

We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

179


Glossary:		(abbreviations that may be used in the preceding statements)				(Unaudited)



Counterparty Abbreviations:

BCY	Barclays Capital, Inc.	CIB	Canadian Imperial Bank of Commerce	MYC	Morgan Stanley Capital Services LLC

BMO	BMO Capital Markets Corporation	DEU	Deutsche Bank Securities, Inc.	MYI	Morgan Stanley & Co. International PLC

BOA	Bank of America N.A.	FAR	Wells Fargo Bank National Association	RBC	Royal Bank of Canada

BOO	BoA Securities, Inc (Repo Only)	FICC	Fixed Income Clearing Corporation	RDR	RBC Capital Markets LLC

BOS	BofA Securities, Inc.	GLM	Goldman Sachs Bank USA	RYL	NatWest Markets Plc

BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.

BPS	BNP Paribas S.A.	GST	Goldman Sachs International	SCX	Standard Chartered Bank, London

BRC	Barclays Bank PLC	JPM	JP Morgan Chase Bank N.A.	UAG	UBS AG Stamford

BSN	The Bank of Nova Scotia - Toronto	JPS	J.P. Morgan Securities LLC	UBS	UBS Securities LLC

CBK	Citibank N.A.	MBC	HSBC Bank Plc

Currency Abbreviations:

AUD	Australian Dollar	GBP	British Pound	PEN	Peruvian New Sol

BRL	Brazilian Real	IDR	Indonesian Rupiah	PLN	Polish Zloty

CAD	Canadian Dollar	ILS	Israeli Shekel	SEK	Swedish Krona

CHF	Swiss Franc	INR	Indian Rupee	SGD	Singapore Dollar

CNH	Chinese Renminbi (Offshore)	JPY	Japanese Yen	TRY	Turkish New Lira

CNY	Chinese Renminbi (Mainland)	KRW	South Korean Won	TWD	Taiwanese Dollar

CZK	Czech Koruna	MXN	Mexican Peso	USD (or $)	United States Dollar

DKK	Danish Krone	NOK	Norwegian Krone	ZAR	South African Rand

EUR	Euro	NZD	New Zealand Dollar

Exchange Abbreviations:

CBOT	Chicago Board of Trade	NYMEX	New York Mercantile Exchange	OTC	Over the Counter

Index/Spread Abbreviations:

BRENT	Brent Crude	JMABNIC5	J.P. Morgan Custom Commodity Index	SOFRINDX	Secured Overnight Financing Rate Index

CDX.EM	Credit Derivatives Index - Emerging Markets	LIBOR03M	3 Month USD-LIBOR	SOFR30A	Secured Overnight Financing Rate 30-Day Average

CDX.HY	Credit Derivatives Index - High Yield	MUNIPSA	Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index	SONIO	Sterling Overnight Interbank Average Rate

CDX.IG	Credit Derivatives Index - Investment Grade	MUTKCALM	Tokyo Overnight Average Rate	TSFR3M	Term SOFR 3-Month

H15T5Y	5 Year US Treasury Yield Curve Constant Maturity Rate	PIMCODB	PIMCO Custom Commodity Basket	US0003M	ICE 3-Month USD LIBOR

JMABNIC	J.P. Morgan Nic Custom Index	SOFR	Secured Overnight Financing Rate

Municipal Bond or Agency Abbreviations:

ACA	American Capital Access Holding Ltd.	CR	Custodial Receipts	GNMA	Government National Mortgage Association

AGM	Assured Guaranty Municipal	FHA	Federal Housing Administration	NPFGC	National Public Finance Guarantee Corp.

AMBAC	American Municipal Bond Assurance Corp.	FHLMC	Federal Home Loan Mortgage Corp.	PSF	Public School Fund

BAM	Build America Mutual Assurance	FNMA	Federal National Mortgage Association	Q-SBLF	Qualified School Bond Loan Fund

BHAC	Berkshire Hathaway Assurance Corporation

Other Abbreviations:

ABS	Asset-Backed Security	DAC	Designated Activity Company	RBOB	Reformulated Blendstock for Oxygenate Blending

ALT	Alternate Loan Trust	EURIBOR	Euro Interbank Offered Rate	REIT	Real Estate Investment Trust

BABs	Build America Bonds	JSC	Joint Stock Company	REMIC	Real Estate Mortgage Investment Conduit

BBR	Bank Bill Rate	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

BBSW	Bank Bill Swap Reference Rate	OIS	Overnight Index Swap	TBD	To-Be-Determined

BRL-CDI	Brazil Interbank Deposit Rate	oz.	Ounce	TBD%	Interest rate to be determined when loan settles or at the time of funding

BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	PIK	Payment-in-Kind	WTI	West Texas Intermediate

CLO	Collateralized Loan Obligation	PRIBOR	Prague Interbank Offered Rate


180		PIMCO ETF TRUST


Federal Income Tax Information						(Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2024 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2024 was designated as ‘‘qualified dividend income’’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2024.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2024 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2024 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) amount of ordinary income distributions are as follows:


	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s)^†		Qualified Short-Term Capital Gains (000s)^†		163(j) Interest Dividends (000s)^†

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		0.00%		0.00%	$	41,421	$	0	$	30,745

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0.00%		0.00%		13,367		0		13,528

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0.00%		0.00%		30,656		0		23,939

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0.00%		0.00%		5,707		0		5,354

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0.00%		0.00%		84,134		0		64,163

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0.00%		0.00%		41,344		0		29,364

PIMCO Active Bond Exchange-Traded Fund		0.00%		1.04%		172,932		0		125,148

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0.00%		0.00%		37,929		0		40,676

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		0.00%		0.00%		6,806		0		6,217

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0.00%		0.00%		494,191		0		392,996

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0.00%		0.00%		41,621		0		1,599

PIMCO Multisector Bond Active Exchange-Traded Fund		0.00%		0.00%		18,406		0		2,730

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		0.00%		0.00%		4,242		0		254

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		31.66%		53.35%		1,886		0		3,360

PIMCO Senior Loan Active Exchange-Traded Fund		0.00%		0.00%		21,053		0		13,239

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0.00%		0.00%		16,689		0		1,118

PIMCO Ultra Short Government Active Exchange-Traded Fund		0.00%		0.00%		6,945		0		868

PIMCO Commodity Strategy Active Exchange-Traded Fund		0.00%		0.00%		7,276		104		4,240

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2025, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2024.

Section 199A Dividends. Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:


	199A Dividends

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		0%

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0%

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

181


Federal Income Tax Information		(Cont.)				(Unaudited)


	199A Dividends

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0%

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0%

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

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0%

PIMCO Active Bond Exchange-Traded Fund		0%

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0%

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		0%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0%

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0%

PIMCO Multisector Bond Active Exchange-Traded Fund		0%

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		0%

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0%

PIMCO Senior Loan Active Exchange-Traded Fund		0%

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0%

PIMCO Ultra Short Government Active Exchange-Traded Fund		0%

PIMCO Commodity Strategy Active Exchange-Traded Fund		0%


182		PIMCO ETF TRUST


Distribution Information				(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2024 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.


PIMCO Multisector Bond Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2024	$	0.0000	$	0.0000	$	0.0000	$	0.0000

February 2024	$	0.1096	$	0.0000	$	0.0004	$	0.1100

March 2024	$	0.1170	$	0.0000	$	0.0000	$	0.1170

April 2024	$	0.1164	$	0.0000	$	0.0006	$	0.1170

May 2024	$	0.1180	$	0.0000	$	0.0000	$	0.1180

June 2024	$	0.1350	$	0.0000	$	0.0000	$	0.1350

PIMCO Ultra Short Government Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2024	$	0.0000	$	0.0000	$	0.0000	$	0.0000

February 2024	$	0.4060	$	0.0000	$	0.0000	$	0.4060

March 2024	$	0.3970	$	0.0000	$	0.0000	$	0.3970

April 2024	$	0.4312	$	0.0000	$	0.0028	$	0.4340

May 2024	$	0.4524	$	0.0000	$	0.0036	$	0.4560

June 2024	$	0.4283	$	0.0000	$	0.0017	$	0.4300

The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

^**	Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a funds net income, yield, earnings or investment performance.

ANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024

183

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank and Trust Company

1776 Heritage Drive

North Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO ETF Trust.

LOGO

ETF3001FSAR_063024

Item 8.

Changes in and Disagreements with Accountant for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 16.

Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1) Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

(a)(2) Not applicable.

(a)(3) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(4) Not applicable for open-end investment companies.

(a)(5) There was no change in the Registrant’s independent public accountant for the period covered by the report.

(b) Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PIMCO ETF Trust

By:		/s/ Joshua D. Ratner
		Joshua D. Ratner
		President (Principal Executive Officer)

Date: September 4, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Joshua D. Ratner
		Joshua D. Ratner
		President (Principal Executive Officer)

Date: September 4, 2024


By:		/s/ Bijal Y. Parikh
		Bijal Y. Parikh
		Treasurer (Principal Financial & Accounting Officer)

Date: September 4, 2024

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDT | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Material Fund Changes

Additional Information

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDT | Principal Listing Exchange: NYSE Arca

PIMCO Multisector Bond Active Exchange-Traded Fund

PYLD | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Material Fund Changes

Additional Information

PIMCO Multisector Bond Active Exchange-Traded Fund

PYLD | Principal Listing Exchange: NYSE Arca

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

PRFD | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

PRFD | Principal Listing Exchange: NYSE Arca

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZ | Principal Listing Exchange: NYSE Arca

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

HYS | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

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

HYS | Principal Listing Exchange: NYSE Arca

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

STPZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last year?

How did the Fund perform during the reporting period and what affected its performance?

Fund Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}