TUZ

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

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US Treasury
sector
1.97%
distribution yield
As of 10/31/2019
1.49%
30-day sec yield
As of 12/05/2019
3.18%
nav ytd return
As of 12/06/2019
3.18%
MARKET PRICE YTD RETURN
As of 12/06/2019
Morningstar Rating

The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 1-3 Year US Treasury IndexSM

why invest in this fund

Portfolio Information

28
NUMBER OF HOLDINGS
As of 12/05/2019
1.82 Years
Effective Maturity
As of 12/05/2019
1.77 Years
Effective Duration
As of 12/05/2019
1.62%
est. yield to maturity
As of 12/05/2019

Fund Facts

NAV PRICE
$50.82
1 DAY RETURN
$-0.01 -0.02%
As of 12/05/2019
MARKET PRICE
$50.81
1 DAY RETURN
$-0.02 -0.04%
As of 12/05/2019

Price

Fund Information

As of 12/05/2019
Data point name Data point value
TYPE Index
DURATION CATEGORY Low
CUSIP 72201R106
Inception Date 06/01/2009
Shares Outstanding 1,002,000
Total Net Assets $50,922,862.71
Daily Trading Volume (in shares) 2,602
Premium/Discount Average (since inception) 0.00%
Premium/Discount Average as of market close -0.02%
Tracking Error
Trailing 3 years as of 11/30/2019
0.08%
Closing Price
As of 12/05/2019
$50.81

INDEX INFORMATION

ICE BofAML 1-3 Year U.S. Treasury Index

The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

INDEX INFORMATION
Data point name Data point value
Index Ticker G102
Inception Date 12/31/1975
Rebalancing Frequency Monthly, last calendar day of the month
Annualized Volatility
As of 10/31/2019
0.86%

quarterly trading characteristics

As of 09/30/2019

average volume

in shares 2,598
in $ $132,175.02

bid / ask spread

in % 0.12%
in $ $0.06

Top Ten Exposure

As of 12/05/2019

Top Ten Exposure table

Description % of Assets Sector Coupon Maturity
U S TREASURY NOTE 5.68 Government 2.38 04/15/2021
U S TREASURY NOTE 5.49 Government 2.13 08/15/2021
U S TREASURY NOTE 5.32 Government 3.13 05/15/2021
U S TREASURY NOTE 5.07 Government 3.63 02/15/2021
U S TREASURY NOTE 4.68 Government 1.88 12/15/2020
U S TREASURY NOTE 4.64 Government 2.00 01/15/2021
U S TREASURY NOTE 4.54 Government 2.63 07/15/2021
U S TREASURY NOTE 4.49 Government 2.00 11/15/2021
U S TREASURY NOTE 4.44 Government 1.75 05/15/2022
U S TREASURY NOTE 4.30 Government 2.00 02/15/2022

Fund Managers

fund manager Matt Dorsten
Matt Dorsten
Portfolio Manager, Quantitative Strategy
fund manager Graham A. Rennison
Graham A. Rennison
Quantitative Portfolio Manager

Current holdings are subject to risk. Holdings are subject to change at any time.

The Fund uses an indexing approach and may be affected by a general decline in market segments or asset classes relating to its Underlying Index. The Fund invests in securities and instruments included in, or representative of, its Underlying Index regardless of the investment merits of the Underlying Index.

Effective as of 10/31/2019

Fees and Expenses

Name Value
Gross Expense Ratio 0.15%
Name Value


Yields

1.97%
distribution yield
As of 10/31/2019
1.49%
30-DAY SEC YIELD
As of 12/05/2019
1.62%
est. yield to maturity
As of 12/05/2019

Dividends & Capital Gains Distribution

As of 12/05/2019
distribution date dist. nav long term cap. gain short term cap. gain dividend income dist total
12/02/2019 50.80 - - 0.090000 0.090000
11/01/2019 50.89 - - 0.085000 0.085000
10/01/2019 50.91 - - 0.085000 0.085000
09/03/2019 51.03 - - 0.085000 0.085000
08/01/2019 50.82 - - 0.085000 0.085000
07/01/2019 50.79 - - 0.085000 0.085000
06/03/2019 50.76 - - 0.085000 0.085000
05/01/2019 50.35 - - 0.080000 0.080000
04/01/2019 50.32 - - 0.085000 0.085000
03/01/2019 50.11 - - 0.080000 0.080000
02/01/2019 50.14 - - 0.090000 0.090000
12/28/2018 50.12 - - 0.080000 0.080000
12/12/2018 49.91 0.000000 0.000000 - 0.000000
12/03/2018 49.84 - - 0.095000 0.095000
11/01/2018 49.80 - - 0.110000 0.110000
10/01/2018 49.81 - - 0.073000 0.073000
09/04/2018 49.94 - - 0.070000 0.070000
08/01/2018 49.86 - - 0.068000 0.068000
07/02/2018 49.93 - - 0.067000 0.067000
06/01/2018 49.96 - - 0.063000 0.063000
05/01/2018 49.88 - - 0.059000 0.059000
04/02/2018 50.06 - - 0.059000 0.059000
03/01/2018 50.05 - - 0.056000 0.056000
02/01/2018 50.07 - - 0.057000 0.057000
12/28/2017 50.28 - - 0.055000 0.055000
12/13/2017 50.39 0.000000 0.000000 - 0.000000
12/01/2017 50.37 - - 0.050000 0.050000
11/01/2017 50.50 - - 0.047000 0.047000
10/02/2017 50.59 - - 0.043000 0.043000
09/01/2017 50.72 - - 0.043000 0.043000
08/01/2017 50.69 - - 0.042000 0.042000
07/03/2017 50.61 - - 0.042000 0.042000
06/01/2017 50.70 - - 0.040000 0.040000
05/01/2017 50.70 - - 0.037000 0.037000
04/03/2017 50.71 - - 0.037000 0.037000
03/01/2017 50.64 - - 0.035000 0.035000
02/01/2017 50.68 - - 0.035000 0.035000
12/28/2016 50.61 - - 0.035000 0.035000
12/14/2016 50.57 0.010670 0.025530 0.000000 0.036200
12/01/2016 50.70 - - 0.035000 0.035000
11/01/2016 50.99 - - 0.040000 0.040000
10/03/2016 51.03 - - 0.032000 0.032000
09/01/2016 51.04 - - 0.032000 0.032000
08/01/2016 51.14 - - 0.031000 0.031000
07/01/2016 51.23 - - 0.031000 0.031000
06/01/2016 50.93 - - 0.032000 0.032000
05/02/2016 51.03 - - 0.031000 0.031000
04/01/2016 51.05 - - 0.029000 0.029000
03/01/2016 50.96 - - 0.028000 0.028000
02/01/2016 50.97 - - 0.029000 0.029000
12/29/2015 50.69 - - 0.028000 0.028000
12/09/2015 50.80 0.016660 0.007680 - 0.024340
12/01/2015 50.86 - - 0.028000 0.028000
11/02/2015 50.96 - - 0.029000 0.029000
09/30/2015 51.07 - - 0.025000 0.025000
08/31/2015 50.95 - - 0.025000 0.025000
07/31/2015 51.01 - - 0.024000 0.024000
06/30/2015 50.99 - - 0.025000 0.025000
05/29/2015 51.02 - - 0.023000 0.023000
04/30/2015 51.02 - - 0.021000 0.021000
03/31/2015 51.02 - - 0.020000 0.020000
02/27/2015 50.93 - - 0.019700 0.019700
01/30/2015 51.08 - - 0.021000 0.021000
12/29/2014 50.81 - - 0.021000 0.021000
12/10/2014 50.92 0.048770 0.009396 - 0.058166
11/28/2014 51.07 - - 0.023000 0.023000
10/31/2014 51.01 - - 0.023000 0.023000
09/30/2014 50.89 - - 0.018400 0.018400
08/29/2014 50.94 - - 0.016700 0.016700
07/31/2014 50.88 - - 0.015600 0.015600
06/30/2014 50.94 - - 0.014700 0.014700
05/30/2014 50.98 - - 0.014800 0.014800
04/30/2014 50.91 - - 0.014000 0.014000
03/31/2014 50.86 - - 0.013700 0.013700
02/28/2014 50.94 - - 0.013300 0.013300
01/31/2014 50.91 - - 0.015000 0.015000
12/27/2013 50.83 - - 0.015500 0.015500
12/11/2013 50.90 0.027196 0.000593 - 0.027789
11/29/2013 50.96 - - 0.012500 0.012500
10/31/2013 50.93 - - 0.012000 0.012000
09/30/2013 50.90 0.000000 0.000000 0.011000 0.011000
08/30/2013 50.78 - - 0.010600 0.010600
07/31/2013 50.85 - - 0.010500 0.010500
06/28/2013 50.78 - - 0.010700 0.010700
05/31/2013 50.84 - - 0.011500 0.011500
04/30/2013 50.93 - - 0.013300 0.013300
03/28/2013 50.89 - - 0.013300 0.013300
02/28/2013 50.90 - - 0.013100 0.013100
01/31/2013 50.88 - - 0.013500 0.013500
12/27/2012 50.88 - - 0.013700 0.013700
12/12/2012 50.90 0.143791 0.000000 - 0.143791
11/30/2012 51.04 - - 0.013600 0.013600
10/31/2012 51.00 - - 0.013500 0.013500
09/28/2012 51.05 - - 0.013500 0.013500
08/31/2012 51.07 - - 0.014000 0.014000
07/31/2012 51.07 - - 0.015000 0.015000
06/29/2012 50.98 - - 0.016600 0.016600
05/31/2012 51.03 - - 0.019000 0.019000
04/30/2012 51.03 - - 0.020000 0.020000
03/30/2012 50.95 - - 0.020000 0.020000
02/29/2012 51.00 - - 0.020000 0.020000
01/31/2012 51.09 - - 0.023000 0.023000
12/28/2011 51.04 - - 0.022620 0.022620
12/07/2011 51.08 0.044186 0.056885 - 0.101071
11/30/2011 51.16 - - 0.026770 0.026770
10/31/2011 51.17 - - 0.029280 0.029280
09/30/2011 51.17 - - 0.030620 0.030620
08/31/2011 51.25 - - 0.036620 0.036620
07/29/2011 51.12 - - 0.030360 0.030360
06/30/2011 51.00 - - 0.033130 0.033130
05/31/2011 51.02 - - 0.036120 0.036120
04/29/2011 50.88 - - 0.032810 0.032810
03/31/2011 50.66 - - 0.033960 0.033960
02/28/2011 50.75 - - 0.030330 0.030330
01/31/2011 50.83 - - 0.039410 0.039410
12/29/2010 50.76 - - 0.026890 0.026890
12/08/2010 50.78 0.000000 0.000000 - 0.000000
11/30/2010 50.91 - - 0.033470 0.033470
10/29/2010 51.04 - - 0.030550 0.030550
09/30/2010 50.96 - - 0.032300 0.032300
08/31/2010 50.91 - - 0.033500 0.033500
07/30/2010 50.85 - - 0.034340 0.034340
06/30/2010 50.76 - - 0.040110 0.040110
05/28/2010 50.58 - - 0.033920 0.033920
04/30/2010 50.40 - - 0.035270 0.035270
03/31/2010 50.30 - - 0.037420 0.037420
02/26/2010 50.45 - - 0.031440 0.031440
01/29/2010 50.40 - - 0.034340 0.034340
12/29/2009 50.11 - - 0.032290 0.032290
12/16/2009 50.31 0.000000 0.018127 - 0.018127
11/30/2009 50.50 - - 0.032400 0.032400
10/30/2009 50.25 - - 0.036650 0.036650
09/30/2009 50.19 - - 0.041160 0.041160
08/31/2009 50.11 - - 0.040890 0.040890
07/31/2009 49.97 - - 0.037930 0.037930
06/30/2009 49.94 - - 0.029030 0.029030

Yield to Maturity (YTM) is the estimated total return of a bond if held to maturity. YTM accounts for the present value of a bond's future coupon payments.

PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a Fund.

The 30 day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days.

The Subsidized yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30 Day SEC yield excludes contractual expense reimbursements.

The distribution yield is calculated by annualizing actual dividends distributed for the monthly period ended on the most recent monthly distribution date and dividing by the net asset value for the same date. The yield does not include long- or short-term capital gains distributions.

As of 11/30/2019
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 3.96 1.63 1.13 1.00 1.09
Market Price Returns 3.96 1.62 1.13 1.00 1.09
ICE BofAML 1-3 Year U.S. Treasury Index 4.15 1.78 1.30 1.12 1.22
Performance Difference (Fund NAV vs. Index) -0.19 -0.15 -0.17 -0.12 -0.13
Performance Difference (Fund Market Price vs. Index) -0.19 -0.16 -0.17 -0.12 -0.13
Standard Deviation - 0.93 0.94 0.84 0.84
After Tax Pre-Liquidation 3.11 0.99 0.63 0.64 0.73
After Tax Post-Liquidation 2.34 0.96 0.65 0.62 0.69
As of 09/30/2019
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 4.18 1.36 1.17 1.05 1.08
Market Price Returns 4.22 1.38 1.17 1.05 1.08
ICE BofAML 1-3 Year U.S. Treasury Index 4.36 1.52 1.32 1.18 1.21
Performance Difference (Fund NAV vs. Index) -0.18 -0.16 -0.15 -0.13 -0.13
Performance Difference (Fund Market Price vs. Index) -0.14 -0.14 -0.15 -0.13 -0.13
Standard Deviation - 0.98 0.93 0.85 0.85
After Tax Pre-Liquidation 3.31 0.75 0.69 0.70 0.73
After Tax Post-Liquidation 2.46 0.77 0.68 0.66 0.69
As of 11/30/2019
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.18 -0.05 0.13 1.29
Market Price Returns 3.16 -0.07 0.13 1.31
ICE BofAML 1-3 Year U.S. Treasury Index 3.33 -0.03 0.19 1.40
Performance Difference (Fund NAV vs. Index) -0.15 -0.02 -0.06 -0.11
Performance Difference (Fund Market Price vs. Index) -0.17 -0.04 -0.06 -0.09
Standard Deviation - - - -
After Tax Pre-Liquidation 2.48 -0.12 -0.08 0.87
After Tax Post-Liquidation 1.88 -0.03 0.08 0.76
As of 09/30/2019
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 2.90 -0.15 0.56 1.92
Market Price Returns 2.92 -0.11 0.60 1.92
ICE BofAML 1-3 Year U.S. Treasury Index 3.03 -0.11 0.58 2.02
Performance Difference (Fund NAV vs. Index) -0.13 -0.04 -0.02 -0.10
Performance Difference (Fund Market Price vs. Index) -0.11 0.00 0.02 -0.10
Standard Deviation - - - -
After Tax Pre-Liquidation 2.34 -0.21 0.36 1.51
After Tax Post-Liquidation 1.71 -0.09 0.33 1.14

Morningstar Rating

As of 11/30/2019
Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
1-3 Year U.S. Treasury Index Exchange-Traded Fund Short Government
(96 funds)
(96 funds)
(93 funds)
(71 funds)

Overall Morningstar Rating for 1-3 Year U.S. Treasury Index Exchange-Traded Fund, as of 11/30/2019 rated against 96 funds based on risk-adjusted returns. Category: Short Government.

Premium / Discount

As of 09/30/2019
market price above or equal to nav market price below nav
percent of difference NUMBER OF DAYS PERCENT OF TOTAL DAYS NUMBER OF DAYS PERCENT OF TOTAL DAYS
0 - 0.49% 54 84.38% 10 15.63%
0.5% - 0.99% 0 0.00% 0 0.00%
1.0% - 1.49% 0 0.00% 0 0.00%
1.5% - 1.99% 0 0.00% 0 0.00%
2.0% - 2.49% 0 0.00% 0 0.00%
2.5% - 2.99% 0 0.00% 0 0.00%
3.0% - 3.49% 0 0.00% 0 0.00%
3.5% - 3.99% 0 0.00% 0 0.00%
4.0% - 4.49% 0 0.00% 0 0.00%
4.5% - 4.99% 0 0.00% 0 0.00%
> = 5.00% 0 0.00% 0 0.00%
Total 54 84.38% 10 15.63%

Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

A rating is not a recommendation to buy, sell or hold a fund. © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Past performance is not a guarantee or a reliable indicator of future results.

Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar, Inc.® 2019. All rights reserved. The information contained herein: (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

As of 10/31/2019
Portfolio Composition - Sector Allocation: Market Value
Sector Fund Fund ratio ICE BofAML 1-3 Year U.S. Treasury Index Index ratio
US Government Related 92.73 100.00
Securitized 0.00 0.00
Invest. Grade Credit 0.00 0.00
High Yield Credit 0.00 0.00
Non-USD Developed 0.00 0.00
Emerging Markets 0.00 0.00
Other 0.00 0.00
Net Other Short Duration Instruments 7.27 0.00
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio ICE BofAML 1-3 Year U.S. Treasury Index Index ratio
US Government Related 95.50 100.00
Securitized 0.00 0.00
Invest. Grade Credit 0.00 0.00
High Yield Credit 0.00 0.00
Non-USD Developed 0.00 0.00
Emerging Markets 0.00 0.00
Other 0.00 0.00
Net Other Short Duration Instruments 4.50 0.00
As of 10/31/2019
Portfolio Composition - Maturity Distribution
Years % of Fund % of ICE BofAML 1-3 Year U.S. Treasury Index
0-1 3.00 0.00
1-3 97.00 97.00
3-5 0.00 3.00
5-10 0.00 0.00
10-20 0.00 0.00
20+ 0.00 0.00
Effective Maturity (yrs) 1.90 -
As of 12/05/2019
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 99.68
As of 12/05/2019
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 99.68
As of 12/05/2019
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 99.68

interest rate exposures

As of 11/30/2019
exposure fund index
Effective Duration 1.78 1.89
Bull Market Duration 1.79 1.88
Bear Market Duration 1.78 1.88
Total Curve Duration -0.05 N/A

sector exposures

As of 11/30/2019
exposure fund index
Mortgage Spread Duration 0.00 0.00
Corporate Spread Duration 0.00 0.00
Emerging Markets Spread Duration 0.00 0.00
DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest.
Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.
Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. The after-tax return calculation assumes a 35% tax rate.
ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETF shares will develop or be maintained, or that their listing will continue or remain unchanged.
The SEC yield is an annualized yield based on the most recent 30 day period.
PIMCO calculates a Portfolio’s Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in the PIMCO's Portfolio Analytics database, PIMCO pulls the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data. In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a Fund.
Hypothetical Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and current interest rate environments increase this risk.   Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Certain U.S. Government securities are backed by the full faith of the government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss.

ETFs are subject to secondary market trading risks. Shares of an ETF will be listed for trading on an exchange, however, there can be no guarantee that an active trading market for such shares will develop or continue. There can be no guarantee that an ETF's exchange listing or ability to trade its shares will continue or remain unchanged. Shares of an ETF may trade on an exchange at prices at, above or below their most recent NAV. The per share NAV of an ETF is calculated at the end of each business day, and fluctuates with changes in the market value of the Fund’s holdings. The trading prices of an ETF's shares fluctuate continuously throughout the trading day based on market supply and demand, which may not correlate to NAV. The trading prices of an ETF's shares may differ significantly from NAV during periods of market volatility, which may, among other factors, lead to the Fund’s shares trading at a premium or discount to NAV.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.
Exchange Traded Funds (“ETFs”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with an ETF are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF are bought and sold at market price (not net asset value (“NAV”)). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus.
Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading.
Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market
Credit quality ratings for each issue are obtained using ratings from Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. In the fund holdings, the credit rating for other net assets (liabilities) appears as “NL“, not rated securities are indicated as “NR” and U.S. Treasury, U.S. Agency, U.S. Agency mortgage-backed securities and other Sovereign (foreign or domestic) securities appear under “GOVT”. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc. or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated Indicative NAV (“iNAV”) for the Fund as calculated by an information provider or market data vendor. The Fund is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2019, PIMCO.

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