why invest in this fund
|Data point name||Data point value|
|DURATION CATEGORY||Ultra Low|
|Total Net Assets||$140,629,866.71|
|Daily Trading Volume (dollar notional)||$512,985.60|
|Trailing 3 years as of 02/28/2023||1.20%|
FTSE 3-Month Treasury Bill Index
FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.
|Data point name||Data point value|
As of 02/28/2023
Quarterly Trading Volume Characteristics
Top Ten Exposure
|Description||% of Assets||Security Type||Coupon||Maturity|
|REPO BANK AMERICA REPO||7.47||SHORT TERM INSTRUMENT||4.87||03/30/2023|
|JAPAN TREASURY DISC BILL BILLS 05/23 0.00000||2.25||GOVERNMENT||0.00||05/08/2023|
|FEDERAL HOME LOAN BANK BONDS 05/23 VAR||2.20||GOVERNMENT||4.84||05/10/2023|
|FEDERAL HOME LOAN BANK BONDS 05/23 VAR||2.13||GOVERNMENT||4.84||05/05/2023|
|JAPAN TREASURY DISC BILL BILLS 04/23 0.00000||2.09||GOVERNMENT||0.00||04/17/2023|
|MIZUHO FINANCIAL GROUP SR UNSECURED 05/24 VAR||1.56||CORPORATE BONDS||5.59||05/25/2024|
|NATWEST GROUP PLC SR UNSECURED 05/24 VAR||1.41||CORPORATE BONDS||2.36||05/22/2024|
|CENTRAL JAPAN RAILWAY CO SR UNSECURED REGS 09/23 3.4||1.41||CORPORATE BONDS||3.40||09/06/2023|
|GOLDMAN SACHS GROUP INC SR UNSECURED 11/23 VAR||1.28||CORPORATE BONDS||6.55||11/29/2023|
|DELL INT LLC / EMC CORP SR UNSECURED 06/23 5.45||1.25||CORPORATE BONDS||5.45||06/15/2023|
Current holdings are subject to risk. Holdings are subject to change at any time.
Fees & Expenses
|Gross Expense Ratio||0.37%|
|Net Expense Ratio||0.25%|
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2023 and 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..
|Adjusted Expense Ratio||0.24%|
The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.
Yields & Distributions
Dividends & Capital Gains Distribution
|Distribution Date||Dist. Nav||Long Term Cap. Gain||Short Term Cap. Gain||Dividend Income||Special Dist.||Dist. Total|
Distribution Total does not reflect or include other supplemental distributions. Please refer to the Tax Center for supplemental distribution information.
The Fund will make a supplemental distribution in addition to its regularly scheduled monthly distribution for December. view here
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 YTM by averaging the YTM of each security held in the Fund on a market-weighted basis. PIMCO pulls each security's YTM 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 measure does not reflect the deduction of fees and expenses and is not necessarily indicative of the Fund's actual performance. A portfolio’s actual yield or distribution rate may be significantly lower than its estimated YTM in practice. Also, estimated YTM is not intended to indicate that a portfolio will actually hold any or all of its portfolio securities to maturity in practice, and various securities may be sold or otherwise disposed of prior to maturity. Estimated YTM is not a projection or prediction of the actual yield or return that a portfolio may achieve or any other future performance results. There can be no assurance that a portfolio will achieve any particular level of yield or return and actual results may vary significantly from estimated YTM.
The SEC yield is an annualized yield based on the most recent 30 day period.
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 for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly 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.
No dividend reinvestment service is provided by the Trust. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.
Price & Performance
|NAV Total Returns (After Fees)||0.83||0.71||-||-||0.92|
|Market Price Returns||0.89||0.15||-||-||0.93|
|FTSE 3-Month Treasury Bill Index||2.22||0.86||-||-||0.91|
|Performance Difference (Fund NAV vs. Index)||-1.39||-0.15||-||-||0.01|
|Performance Difference (Fund Market Price vs. Index)||-1.33||-0.71||-||-||0.02|
|After Tax Pre-Liquidation||-0.39||0.02||-||-||0.25|
|After Tax Post-Liquidation||0.48||0.25||-||-||0.42|
|NAV Total Returns (After Fees)||-0.46||0.60||-||-||0.67|
|Market Price Returns||-0.58||0.55||-||-||0.62|
|FTSE 3-Month Treasury Bill Index||1.50||0.71||-||-||0.73|
|Performance Difference (Fund NAV vs. Index)||-1.96||-0.11||-||-||-0.06|
|Performance Difference (Fund Market Price vs. Index)||-2.08||-0.16||-||-||-0.11|
|After Tax Pre-Liquidation||-1.57||-0.07||-||-||-0.01|
|After Tax Post-Liquidation||-0.27||0.18||-||-||0.23|
|NAV Total Returns (After Fees)||0.94||0.27||1.34||1.54|
|Market Price Returns||1.09||0.30||1.42||1.59|
|FTSE 3-Month Treasury Bill Index||0.72||0.35||1.06||1.80|
|Performance Difference (Fund NAV vs. Index)||0.22||-0.08||0.28||-0.26|
|Performance Difference (Fund Market Price vs. Index)||0.37||-0.05||0.36||-0.21|
|After Tax Pre-Liquidation||0.82||0.15||0.65||0.54|
|After Tax Post-Liquidation||0.56||0.16||0.79||0.91|
|NAV Total Returns (After Fees)||-0.46||0.40||0.86||0.97|
|Market Price Returns||-0.58||0.32||0.64||0.78|
|FTSE 3-Month Treasury Bill Index||1.50||0.34||0.87||1.33|
|Performance Difference (Fund NAV vs. Index)||-1.96||0.06||-0.01||-0.36|
|Performance Difference (Fund Market Price vs. Index)||-2.08||-0.02||-0.23||-0.55|
|After Tax Pre-Liquidation||-1.57||-0.17||0.06||-0.02|
|After Tax Post-Liquidation||-0.27||0.24||0.51||0.57|
Premium / Discount
|Premium / Discount||Calendar Year 2022|
|Days Traded At Premium||78|
|Days Traded At NAV||32|
|Days Traded At Discount||141|
The performance figures presented reflect the total return performance, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. Periods less than one year are cumulative.
Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund's performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
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.
© 2023 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.
A monthly rating is not a recommendation to buy, sell or hold a fund. © 2023 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. The Morningstar RatingTM 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.
|US Government Related||6.72|
|Invest. Grade Credit||45.80|
|High Yield Credit||0.00|
|Net Other Short Duration Instruments||20.77|
|US Government Related||2.95|
|Invest. Grade Credit||42.06|
|High Yield Credit||0.00|
|Net Other Short Duration Instruments||12.68|
|Years||% of Fund|
|Effective Maturity (yrs)||0.91|
|A2 (Short Term)||11.13|
|A3 (Short Term)||4.17|
|P2 (Short Term)||7.42|
|P3 (Short Term)||7.88|
|F1 (Short Term)||0.99|
|F2 (Short Term)||4.17|
|F3 (Short Term)||2.19|
interest rate exposures
|Bull Market Duration||0.43||0.23|
|Bear Market Duration||0.45||0.23|
|Total Curve Duration||0.13||N/A|
|Mortgage Spread Duration||0.54||0.00|
|Corporate Spread Duration||0.32||0.00|
|Emerging Markets Spread Duration||0.02||0.00|
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.
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (EMNT) is an actively managed exchange-traded fund (ETF) that seeks maximum current income, consistent with preservation of capital and daily liquidity, while incorporating PIMCO s environmental-, social- and governance-oriented (ESG) investment strategy. EMNT will primarily invest in short duration investment grade debt securities, and will disclose all portfolio holdings on a daily basis. The average portfolio duration of EMNT will vary based on PIMCO s economic forecasts and active investment process decisions, and will not normally exceed one year. Please see the Fund’s prospectus for more detailed information related to its investment objectives, investment strategies and approach to ESG.
 The Fund considers ESG factors to choose securities that comprise the fund and to proactively engage with issuers to realize ESG-objectives. Environmental (“E”) factors can include matters such as climate change, pollution, waste, and how an issuer protects and/or conserves natural resources. Social (“S”) factors can include how an issuer manages its relationships with individuals, such as its employees, shareholders, customers and its community. Governance (“G”) factors can include how an issuer operates, such as its leadership, pay and incentive structures, internal controls, and the rights of equity and debt holders.
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. 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. 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. Diversification does not ensure against loss. A Fund’s ESG investing strategy may select or exclude securities of certain issuers for reasons other than financial performance. Such strategy carries the risk that the Fund’s performance will differ from similar funds that do not utilize an ESG investing strategy. For example, the application of this strategy could affect the Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. 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, and the factors utilized by PIMCO may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices. In evaluating an issuer, PIMCO is dependent upon information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause PIMCO to incorrectly assess an issuer’s business practices with respect to its ESG practices. Socially responsible norms differ by region, and an issuer’s ESG practices or PIMCO’s assessment of an issuer’s ESG practices may change over time. There is no standardized industry definition or certification for certain ESG categories, for example “green bonds”; as such, the inclusion of securities in these statistics involves PIMCO’s subjectivity and discretion. There is no assurance that the ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or reliable indicator of future results. For risks related to a specific fund, please refer to the Fund's prospectus or summary prospectus if available.
PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2023, PIMCO.