PRFD

Preferred and Capital Securities Active Exchange-Traded Fund

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Preferred
Sector
5.52%
distribution yield
As of 03/31/2024
5.55%
30-day sec yield
As of 04/19/2024
1.44%
nav ytd return
As of 04/19/2024
1.48%
MARKET PRICE YTD RETURN
As of 04/19/2024

The Fund seeks total return, consistent with prudent investment management, with a secondary objective of income generation.

why invest in this fund

Portfolio Information

135
Number of Holdings
As of 04/18/2024
7.05 Years
Effective Maturity
As of 04/19/2024
4.97 Years
Effective Duration
As of 04/19/2024
7.63%
est. yield to maturity
As of 04/19/2024

Fund Facts

NAV PRICE
$48.36
1 DAY RETURN
$0.03 0.06%
As of 04/19/2024
MARKET PRICE
$48.37
1 DAY RETURN
$0.01 0.06%
As of 04/18/2024
PREMIUM / DISCOUNT
0.00%
As of 04/19/2024
MEDIAN BID/ASK SPREAD
0.34%
As of 04/19/2024

Price

Fund Information

As of 04/19/2024
Data point name Data point value
TYPE Active
DURATION CATEGORY Intermediate
CUSIP 72201R619
Inception Date 01/18/2023
Shares Outstanding 1,740,000
Total Net Assets $84,144,800.24
Daily Trading Volume (dollar notional) -
Annualized Volatility 0.00%

INDEX INFORMATION

ICE BofA US All Capital Securities Index

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

INDEX INFORMATION
Data point name Data point value
Index Ticker I0CS
Inception Date 07/18/2014
Rebalancing Frequency Monthly
Annualized Volatility
As of 03/31/2024
0.00%

Quarterly Trading Volume Characteristics

As of 03/31/2024

Average Volume

in shares 14,735
in $ $712,242.99

Top Ten Exposure

As of 04/18/2024

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR 2.26 CORPORATE BONDS 8.00 12/31/2099
CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR 2.21 CORPORATE BONDS 4.00 12/31/2099
US TREASURY N/B 11/42 4 2.08 GOVERNMENT 4.00 11/15/2042
JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR 2.05 CORPORATE BONDS 6.88 12/31/2099
US BANCORP JR SUBORDINA 12/99 VAR 1.87 CORPORATE BONDS 5.30 12/31/2099
BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR 1.85 CORPORATE BONDS 5.88 12/31/2099
WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR 1.84 CORPORATE BONDS 3.90 12/31/2099
METLIFE CAPITAL TRUST IV JR SUBORDINA 144A 12/67 7.875 1.76 CORPORATE BONDS 7.88 12/15/2067
PRUDENTIAL FINANCIAL INC JR SUBORDINA 09/52 VAR 1.65 CORPORATE BONDS 6.00 09/01/2052
ELECTRICITE DE FRANCE SA JR SUBORDINA 144A 12/99 VAR 1.56 CORPORATE BONDS 9.13 12/31/2099

Fund Managers

fund manager Philippe Bodereau
Philippe Bodereau
Portfolio Manager, Head, Credit Research Europe
fund manager Amit Arora
Amit Arora
Portfolio Manager, Investment Grade
fund manager Matthieu Loriferne
Matthieu Loriferne
Portfolio Manager, Capital Securities and Financials
fund manager Tanuj Dora
Tanuj Dora
Portfolio Manager
Effective as of 10/30/2023

Fees and Expenses

Name Value
Gross Expense Ratio 0.89%

Fees and Expenses

Name Value
Net Expense Ratio 0.74%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction. The contractual fee waiver is in place through October 31, 2024. The expense reduction is in place through October 31, 2024 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the relevant agreement.

Fees and Expenses

Name Value
Adjusted Expense Ratio 0.69%

Yields

5.52%
distribution yield
As of 03/31/2024
5.55%
30-DAY SEC YIELD
As of 04/19/2024
5.71%
30-DAY SEC SUBSIDIZED YIELD
As of 04/19/2024
7.63%
est. yield to maturity
As of 04/19/2024

Dividends & Capital Gains Distribution

As of 04/19/2024
Distribution Date Dist. Nav Long Term Cap. Gain Short Term Cap. Gain Dividend Income Special Dist. Dist. Total
04/01/2024 49.24 - - 0.230000 - 0.230000
03/01/2024 48.77 - - 0.230000 - 0.230000
02/01/2024 48.77 - - 0.220000 - 0.220000
12/28/2023 48.32 - - 0.270000 - 0.270000
12/11/2023 47.12 0.000000 0.000000 - - 0.000000
12/01/2023 46.66 - - 0.250000 - 0.250000
11/01/2023 44.30 - - 0.250000 - 0.250000
10/02/2023 45.26 - - 0.223000 - 0.223000
09/01/2023 46.46 - - 0.220000 - 0.220000
08/01/2023 47.28 - - 0.200000 - 0.200000
07/03/2023 46.38 - - 0.220000 - 0.220000
06/01/2023 46.30 - - 0.125000 - 0.125000
05/01/2023 46.53 - - 0.210000 - 0.210000
04/03/2023 46.52 - - 0.250000 - 0.250000
03/01/2023 49.54 - - 0.220000 - 0.220000
As of 03/31/2024
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 12.67 - - - 4.50
Market Price Returns 12.66 - - - 4.58
ICE BofA US All Capital Securities Index 12.57 - - - 5.91
Performance Difference (Fund NAV vs. Index) 0.10 - - - -1.41
Performance Difference (Fund Market Price vs. Index) 0.09 - - - -1.33
Standard Deviation - - - - -
After Tax Pre-Liquidation 10.09 - - - 2.34
After Tax Post-Liquidation 7.38 - - - 2.47
As of 03/31/2024
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 12.67 - - - 4.50
Market Price Returns 12.66 - - - 4.58
ICE BofA US All Capital Securities Index 12.57 - - - 5.91
Performance Difference (Fund NAV vs. Index) 0.10 - - - -1.41
Performance Difference (Fund Market Price vs. Index) 0.09 - - - -1.33
Standard Deviation - - - - -
After Tax Pre-Liquidation 10.09 - - - 2.34
After Tax Post-Liquidation 7.38 - - - 2.47
As of 03/31/2024
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.49 1.74 3.49 11.94
Market Price Returns 3.55 1.78 3.55 11.98
ICE BofA US All Capital Securities Index 4.54 1.02 4.54 11.30
Performance Difference (Fund NAV vs. Index) -1.05 0.72 -1.05 0.64
Performance Difference (Fund Market Price vs. Index) -0.99 0.76 -0.99 0.68
Standard Deviation - - - -
After Tax Pre-Liquidation 3.11 1.55 3.11 10.55
After Tax Post-Liquidation 2.06 1.03 2.06 7.02
As of 03/31/2024
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.49 1.74 3.49 11.94
Market Price Returns 3.55 1.78 3.55 11.98
ICE BofA US All Capital Securities Index 4.54 1.02 4.54 11.30
Performance Difference (Fund NAV vs. Index) -1.05 0.72 -1.05 0.64
Performance Difference (Fund Market Price vs. Index) -0.99 0.76 -0.99 0.68
Standard Deviation - - - -
After Tax Pre-Liquidation 3.11 1.55 3.11 10.55
After Tax Post-Liquidation 2.06 1.03 2.06 7.02

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Preferred and Capital Securities Active Exchange-Traded Fund Preferred Stock - - - -

Premium / Discount

Premium / Discount

Premium / Discount First Quarter 2023 * Second Quarter 2023 Third Quarter 2023 Fourth Quarter 2023 First Quarter 2024
Days Traded At Premium 30 49 51 14 56
Days Traded At NAV 1 1 2 8 0
Days Traded At Discount 20 12 10 41 5
As of 03/29/2024
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
Senior 3.34
Tier 2 10.48
Tier 2 CoCo 0.58
Tier 1 & Preferred 40.30
Additional Tier 1 27.83
Equity 0.00
Bank Loans 0.00
Non-Financials 23.07
Net Short Duration Instruments -5.60
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
Senior 3.22
Tier 2 11.32
Tier 2 CoCo 0.79
Tier 1 & Preferred 24.11
Additional Tier 1 19.82
Equity 0.00
Bank Loans 0.00
Non-Financials 40.74
Net Short Duration Instruments 0.00
As of 03/29/2024
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 0.00
1-3 31.85
3-5 28.46
5-10 19.16
10-20 3.88
20+ 9.29
Effective Maturity (yrs) 6.55
As of 04/18/2024
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
Government 2.74
A 0.42
A- 0.43
BBB+ 3.80
BBB 12.70
BBB- 30.30
BB+ 15.53
BB 4.90
BB- 9.75
B+ 1.39
Not Rated Corporates 5.77
Not Rated Others 11.62
As of 04/18/2024
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Government 2.74
A2 0.42
A3 1.92
Baa1 7.35
Baa2 27.84
Baa3 21.11
Ba1 14.56
Ba2 10.11
Ba3 0.42
Not Rated Corporates 0.84
Not Rated Others 12.04
As of 04/18/2024
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
Government 2.74
A- 1.53
BBB+ 11.95
BBB 25.52
BBB- 21.94
BB+ 10.96
BB 2.96
BB- 0.74
B+ 1.14
Not Rated Corporates 7.15
Not Rated Others 12.72

interest rate exposures

As of 03/31/2024
exposure FUND
Effective Duration 4.90
Bull Market Duration 4.92
Bear Market Duration 4.89
Total Curve Duration 0.03

sector exposures

As of 03/31/2024
exposure FUND
Mortgage Spread Duration 0.00
Corporate Spread Duration 5.97
Emerging Markets Spread Duration 0.05
Fund Literature
Report Types
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: Contingent Convertible (“Coco”) Bonds are bonds that are converted into equity of the issuing company if a pre-specified trigger occurs. Co-cos are subject to a different type of risk from traditional bonds and may result in a partial or total loss of value or may be converted into shares of the issuing company which may also have suffered a loss in value. 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. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. 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. Investments in illiquid securities may reduce the returns of a portfolio because it may be not be able to sell the securities at an advantageous time or price. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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.
PIMCO Smart beta ETFs and index ETFs use 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.
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. ©2024, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2024, PIMCO.

CMR2023-0613-2951631