CMDT

Commodity Strategy Active Exchange-Traded Fund

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Commodities
Sector
-
distribution yield
As of -
4.91%
30-day sec yield
As of 09/26/2023
-
nav ytd return
As of 09/26/2023
-
MARKET PRICE YTD RETURN
As of 09/26/2023

The Fund seeks total return which exceeds that of its benchmark, consistent with prudent investment management.

why invest in this fund

A sophisticated approach to portfolio construction

PIMCO takes a holistic approach to management of our active ETF, incorporating multiple factors with the aim of creating a more resilient strategy that benefits from diverse sources of return. The strategy includes active management of both commodities and collateral, offering two sources of potential alpha.

tab 1 graph

Portfolio Information

239
Number of Holdings
As of 09/25/2023
0.61 Years
Effective Maturity
As of 09/25/2023
0.08 Years
Effective Duration
As of 09/25/2023
5.90%
est. yield to maturity
As of 09/26/2023

Fund Facts

NAV PRICE
$27.58
1 DAY RETURN
$-0.03 -0.11%
As of 09/26/2023
MARKET PRICE
$27.60
1 DAY RETURN
$-0.03 -0.11%
As of 09/26/2023
PREMIUM / DISCOUNT
0.07%
As of 09/26/2023
MEDIAN BID/ASK SPREAD
0.22%
As of 09/26/2023

Price

Fund Information

As of 09/25/2023
Data point name Data point value
TYPE Active
CUSIP 72201R593
Inception Date 05/09/2023
Shares Outstanding 7,475,000
Total Net Assets $206,388,339.24
Daily Trading Volume (dollar notional) $168,598.26
Annualized Volatility 0.00%

INDEX INFORMATION

Bloomberg Commodity Index Total Return

Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills. It is not possible to invest directly in an unmanaged index.

INDEX INFORMATION
Data point name Data point value
Index Ticker BCOMTR
Inception Date 01/02/1991
Rebalancing Frequency Monthly
Annualized Volatility
As of 08/31/2023
14.21%

Top Ten Exposure

As of 09/25/2023

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
CCRDRXUS9 FUTURES COC USD RBC CM COLLATERAL 5.49 SHORT TERM INSTRUMENT 5.13 12/31/2030
GLOBAL PMTS INC 1.50 SHORT TERM INSTRUMENT 6.03 10/16/2023
MORGAN STANLEY SR UNSECURED 01/24 VAR 1.45 CORPORATE BONDS 5.77 01/25/2024
WTI CRUDE FUTURE MAR24 XNYM 20240220 1.11 FUTURE - COMMODITY 0.00 02/20/2024
BOEING CO SR UNSECURED 02/24 1.433 1.06 CORPORATE BONDS 1.43 02/04/2024
BAT CAPITAL CORP COMPANY GUAR 08/24 3.222 1.02 CORPORATE BONDS 3.22 08/15/2024
ENTERGY CORPORATION 1.02 SHORT TERM INSTRUMENT 5.53 10/02/2023
GEN DYNAMICS CORP 1.02 SHORT TERM INSTRUMENT 5.60 09/27/2023
LSEGA FING PLC DISC COML PAPER 09/23 ZCP 1.02 SHORT TERM INSTRUMENT 5.50 09/29/2023
L3HARRIS TECHNOLOGIES INC 10/23 ZCP 1.02 SHORT TERM INSTRUMENT 5.63 10/10/2023

Fund Managers

fund manager Greg E. Sharenow
Greg E. Sharenow
Portfolio Manager, Commodities and Real Assets
fund manager Lewis Hagedorn
Lewis Hagedorn
Portfolio Manager, Commodities
fund manager Andrew DeWitt
Andrew DeWitt
Portfolio Manager, Commodities
fund manager Jerome M. Schneider
Jerome M. Schneider
Portfolio Manager
fund manager Andrew T. Wittkop
Andrew T. Wittkop
Portfolio Manager, Treasuries, Agencies, Rates
Effective as of 05/09/2023

Fees and Expenses

Name Value
Gross Expense Ratio 1.16%

Fees and Expenses

Name Value
Net Expense Ratio 0.64%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2024 and the expense limitation agreement renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund’s prospectus for more information. The Net Expense Ratio reflects a contractual fee waiver related to the Fund's subsidiary that will not terminate so long as PIMCO's advisory contract with the Fund's subsidiary is in place.

Yields

-
distribution yield
As of -
4.91%
30-DAY SEC YIELD
As of 09/26/2023
5.06%
30-DAY SEC SUBSIDIZED YIELD
As of 09/26/2023
5.90%
est. yield to maturity
As of 09/26/2023

Dividends & Capital Gains Distribution

As of 09/26/2023
Distribution Date Dist. Nav Long Term Cap. Gain Short Term Cap. Gain Dividend Income Special Dist. Dist. Total
07/03/2023 25.10 - - 0.034000 - 0.034000
As of 08/31/2023
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
Bloomberg Commodity Index Total Return - - - -
Performance Difference (Fund NAV vs. Index) - - - -
Performance Difference (Fund Market Price vs. Index) - - - -
Standard Deviation - - - -
After Tax Pre-Liquidation - - - -
After Tax Post-Liquidation - - - -
As of 06/30/2023
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR
NAV Total Returns (After Fees) - - - -
Market Price Returns - - - -
Bloomberg Commodity Index Total Return - - - -
Performance Difference (Fund NAV vs. Index) - - - -
Performance Difference (Fund Market Price vs. Index) - - - -
Standard Deviation - - - -
After Tax Pre-Liquidation - - - -
After Tax Post-Liquidation - - - -
As of 08/31/2023
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - 0.44 13.06 - 8.99
Market Price Returns - 0.48 13.07 - 8.99
Bloomberg Commodity Index Total Return - -0.77 9.70 - -
Performance Difference (Fund NAV vs. Index) - 1.21 3.36 - -
Performance Difference (Fund Market Price vs. Index) - 1.25 3.37 - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - 0.44 13.00 - 8.93
After Tax Post-Liquidation - 0.26 7.73 - 5.32
As of 06/30/2023
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO Inception
NAV Total Returns (After Fees) - 4.69 - - 0.92
Market Price Returns - 4.69 - - 0.92
Bloomberg Commodity Index Total Return - 4.04 - - -
Performance Difference (Fund NAV vs. Index) - 0.65 - - -
Performance Difference (Fund Market Price vs. Index) - 0.65 - - -
Standard Deviation - - - - -
After Tax Pre-Liquidation - 4.69 - - 0.92
After Tax Post-Liquidation - 2.78 - - 0.54

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Commodity Strategy Active Exchange-Traded Fund Commodities Broad Basket - - - -

Premium / Discount

Premium / Discount

Premium / Discount Life of Fund
Days Traded At Premium 14
Days Traded At NAV 3
Days Traded At Discount 19
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
As of 08/31/2023
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 26.73
1-3 73.27
3-5 0.00
5-10 0.00
10-20 0.00
20+ 0.00
Effective Maturity (yrs) 0.95
As of 09/25/2023
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 3.23
AAA 7.00
AA+ 0.88
AA- 0.12
A+ 6.20
A 3.11
A- 7.99
BBB+ 12.83
BBB 8.45
BBB- 4.04
A1+ (Short Term) 0.67
A1 (Short Term) 2.92
A2 (Short Term) 22.49
A3 (Short Term) 4.20
Not Rated Corporates 0.47
Not Rated Others 15.25
As of 09/25/2023
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 3.23
Aaa 10.86
Aa2 1.37
Aa3 0.87
A1 11.12
A2 3.28
A3 3.50
Baa1 6.23
Baa2 12.41
Baa3 3.98
P1 (Short Term) 0.72
P2 (Short Term) 22.31
P3 (Short Term) 8.24
Not Rated Corporates 0.45
Not Rated Others 11.28
As of 09/25/2023
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 3.23
AAA 8.48
AA+ 0.83
AA- 5.02
A+ 9.27
A 4.73
A- 3.21
BBB+ 2.78
BBB 8.87
BBB- 2.25
F1 (Short Term) 1.93
F2 (Short Term) 7.80
F3 (Short Term) 3.35
Not Rated Corporates 7.08
Not Rated Others 31.02

interest rate exposures

As of 08/31/2023
exposure FUND index
Effective Duration 0.05 0.24
Bull Market Duration 0.07 0.24
Bear Market Duration 0.08 0.24
Total Curve Duration -0.07 N/A

sector exposures

As of 08/31/2023
exposure FUND index
Mortgage Spread Duration 0.09 0.00
Corporate Spread Duration 0.31 0.00
Emerging Markets Spread Duration 0.01 0.00
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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 on the New York Stock Exchange (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.


The Fund’s Net Asset Value, shares outstanding and total net assets are calculated as of the close of regular trading on each day that the New York Stock Exchange is open, and do not reflect security transactions or Fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following 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.
A word about risk: Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. The fund will seek exposure to commodities through commodity-linked derivatives and through the PIMCO Cayman Commodity Fund CMDT Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by PIMCO, and has the same investment objective as the Fund. The Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Derivatives and commodity-linked 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. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.
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.
Exchange Traded Funds (“ETF”) 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 ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not 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 fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). 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 conditions. Investments may be worth more or less than the original cost when redeemed.
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 daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. For purposes of the premium/discount information, market price is determined using NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time. Market price for purposes of other information is calculated as follows: (i) for time periods preceding December 17, 2020, 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 and (ii) for the time periods starting December 17, 2020, the NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or, if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc., New York Stock Exchange 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.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. 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 LLC in the United States and throughout the world. ©2023, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2023, PIMCO.

CMR2023-0504-28588310