SMMU

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

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Municipal
sector
1.68%
distribution yield
As of 12/31/2019
1.06%
30-day sec yield
As of 01/17/2020
0.36%
nav ytd return
As of 01/17/2020
0.30%
MARKET PRICE YTD RETURN
As of 01/17/2020
Morningstar Rating

The Fund seeks attractive tax-exempt income, consistent with preservation of capital.

why invest in this fund

Seeks to provide attractive after tax income

The fund seeks to provide attractive after tax income from a nationally diversified portfolio of primarily short duration, high credit quality bonds, which are exempt from federal tax and in some cases state tax.

tab 1 graph

Portfolio Information

155
NUMBER OF HOLDINGS
As of 01/17/2020
1.83 Years
Effective Maturity
As of 01/17/2020
1.72 Years
Effective Duration
As of 01/17/2020
1.27%
est. yield to maturity
As of 01/17/2020

Fund Facts

NAV PRICE
$50.76
1 DAY RETURN
$0.01 0.02%
As of 01/17/2020
MARKET PRICE
$50.83
1 DAY RETURN
$-0.03 -0.06%
As of 01/17/2020

Price

Fund Information

As of 01/16/2020
Data point name Data point value
TYPE Active
DURATION CATEGORY Low
CUSIP 72201R874
Inception Date 02/01/2010
Shares Outstanding 2,360,000
Total Net Assets $119,760,379.67
Daily Trading Volume (in shares) 6,629
Premium/Discount Average (since inception) -0.02%
Premium/Discount Average as of market close 0.16%
Tracking Error
Trailing 3 years as of 12/31/2019
0.43%
Closing Price
As of 01/16/2020
$50.81

INDEX INFORMATION

Bloomberg Barclays 1-Year Municipal Bond Index

The Bloomberg Barclays 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. It is not possible to invest directly in an index.

INDEX INFORMATION
Data point name Data point value
Index Ticker
Inception Date 03/01/2004
Rebalancing Frequency Monthly
Annualized Volatility
As of 12/31/2019
0.50%

quarterly trading characteristics

As of 12/31/2019

average volume

in shares 8,516
in $ $430,785.54

bid / ask spread

in % 0.12%
in $ $0.06

Top Ten Exposure

As of 01/17/2020

Top Ten Exposure table

Description % of Assets Sector Coupon Maturity
FED HOME LN BK DISC NT 1.96 Commercial Paper 0.00 01/27/2020
FED HOME LN BK DISC NT 1.87 Commercial Paper 0.00 04/03/2020
FED HOME LN BK DISC NT 1.87 Commercial Paper 0.00 04/17/2020
NYC TRANS FIN AUTH-C4 1.70 Municipal Bond 0.50 11/01/2044
WEBER HOSP VAR-A-IHC 1.64 Municipal Bond 0.46 02/15/2031
SESTRN TRN AUTH-REF 1.58 Municipal Bond 5.00 03/01/2020
CURATORS UNIV-RF-B-VA 1.35 Municipal Bond 0.78 11/01/2031
PUBLIC PWR GENERATION 1.13 Municipal Bond 5.00 01/01/2021
CONNECTICUT SPL TAX-B 0.99 Municipal Bond 5.00 10/01/2025
JEA ELEC-VAR-3C-2 0.98 Municipal Bond 0.83 10/01/2034

Fund Managers

fund manager David Hammer
David Hammer
Head of Municipal Bond Portfolio Management
fund manager Rachel Betton
Rachel Betton
Portfolio Manager, Municipal Bonds
fund manager Julie P. Callahan
Julie P. Callahan
Portfolio Manager, Municipal Bonds
Effective as of 10/31/2019

Fees and Expenses

Name Value
Gross Expense Ratio 0.35%
Name Value


Yields

1.68%
distribution yield
As of 12/31/2019
1.06%
30-DAY SEC YIELD
As of 01/17/2020
1.27%
est. yield to maturity
As of 01/17/2020

Dividends & Capital Gains Distribution

As of 01/17/2020
distribution date dist. nav long term cap. gain short term cap. gain dividend income dist total
12/30/2019 50.57 - - 0.065000 0.065000
12/11/2019 50.62 0.000000 0.000000 - 0.000000
12/02/2019 50.54 - - 0.070000 0.070000
11/01/2019 50.55 - - 0.070000 0.070000
10/01/2019 50.51 - - 0.075000 0.075000
09/03/2019 50.70 - - 0.070000 0.070000
08/01/2019 50.62 - - 0.075000 0.075000
07/01/2019 50.45 - - 0.080000 0.080000
06/03/2019 50.38 - - 0.080000 0.080000
05/01/2019 50.16 - - 0.080000 0.080000
04/01/2019 50.17 - - 0.080000 0.080000
03/01/2019 50.00 - - 0.085000 0.085000
02/01/2019 49.95 - - 0.090000 0.090000
12/28/2018 49.79 - - 0.080000 0.080000
12/12/2018 49.75 0.000000 0.000000 - 0.000000
12/03/2018 49.66 - - 0.085000 0.085000
11/01/2018 49.54 - - 0.078000 0.078000
10/01/2018 49.65 - - 0.070000 0.070000
09/04/2018 49.81 - - 0.074000 0.074000
08/01/2018 49.85 - - 0.070000 0.070000
07/02/2018 49.84 - - 0.072000 0.072000
06/01/2018 49.79 - - 0.074000 0.074000
05/01/2018 49.65 - - 0.068000 0.068000
04/02/2018 49.79 - - 0.064000 0.064000
03/01/2018 49.87 - - 0.064000 0.064000
02/01/2018 49.92 - - 0.062000 0.062000
12/28/2017 49.97 - - 0.060000 0.060000
12/13/2017 50.08 0.000000 0.000000 - 0.000000
12/01/2017 50.01 - - 0.061000 0.061000
11/01/2017 50.25 - - 0.058000 0.058000
10/02/2017 50.31 - - 0.066000 0.066000
09/01/2017 50.49 - - 0.062000 0.062000
08/01/2017 50.34 - - 0.058000 0.058000
07/03/2017 50.20 - - 0.058000 0.058000
06/01/2017 50.34 - - 0.057000 0.057000
05/01/2017 50.17 - - 0.057000 0.057000
04/03/2017 50.09 - - 0.057000 0.057000
03/01/2017 50.08 - - 0.057000 0.057000
02/01/2017 49.91 - - 0.054000 0.054000
12/28/2016 49.68 - - 0.050000 0.050000
12/14/2016 49.77 0.000000 0.000000 - 0.000000
12/01/2016 49.64 - - 0.043000 0.043000
11/01/2016 50.35 - - 0.041000 0.041000
10/03/2016 50.45 - - 0.042000 0.042000
09/01/2016 50.59 - - 0.042000 0.042000
08/01/2016 50.65 - - 0.043000 0.043000
07/01/2016 50.62 - - 0.043000 0.043000
06/01/2016 50.47 - - 0.040000 0.040000
05/02/2016 50.54 - - 0.042000 0.042000
04/01/2016 50.48 - - 0.039000 0.039000
03/01/2016 50.56 - - 0.042000 0.042000
02/01/2016 50.51 - - 0.040000 0.040000
12/29/2015 50.31 - - 0.039000 0.039000
12/09/2015 50.34 0.000000 0.000000 - 0.000000
12/01/2015 50.36 - - 0.039000 0.039000
11/02/2015 50.46 - - 0.037000 0.037000
09/30/2015 50.38 - - 0.035000 0.035000
08/31/2015 50.31 - - 0.035000 0.035000
07/31/2015 50.31 - - 0.039000 0.039000
06/30/2015 50.24 - - 0.040000 0.040000
05/29/2015 50.21 - - 0.036000 0.036000
04/30/2015 50.31 - - 0.037000 0.037000
03/31/2015 50.37 - - 0.036000 0.036000
02/27/2015 50.41 - - 0.037000 0.037000
01/30/2015 50.55 - - 0.035000 0.035000
12/29/2014 50.32 - - 0.036000 0.036000
12/10/2014 50.45 0.000000 0.000000 - 0.000000
11/28/2014 50.47 - - 0.035000 0.035000
10/31/2014 50.50 - - 0.033000 0.033000
09/30/2014 50.48 - - 0.034000 0.034000
08/29/2014 50.53 - - 0.030000 0.030000
07/31/2014 50.46 - - 0.029000 0.029000
06/30/2014 50.47 - - 0.027000 0.027000
05/30/2014 50.48 - - 0.025000 0.025000
04/30/2014 50.36 - - 0.025000 0.025000
03/31/2014 50.31 - - 0.024000 0.024000
02/28/2014 50.47 - - 0.020000 0.020000
01/31/2014 50.37 - - 0.016000 0.016000
12/27/2013 50.25 - - 0.015000 0.015000
12/11/2013 50.27 0.000000 0.000000 - 0.000000
11/29/2013 50.28 - - 0.014000 0.014000
10/31/2013 50.25 - - 0.012600 0.012600
09/30/2013 50.17 0.000000 0.000000 0.012600 0.012600
08/30/2013 50.10 - - 0.012500 0.012500
07/31/2013 50.15 - - 0.015000 0.015000
06/28/2013 50.14 - - 0.024500 0.024500
05/31/2013 50.40 - - 0.027000 0.027000
04/30/2013 50.48 - - 0.035000 0.035000
03/28/2013 50.46 - - 0.038000 0.038000
02/28/2013 50.49 - - 0.040000 0.040000
01/31/2013 50.43 - - 0.040000 0.040000
12/27/2012 50.36 - - 0.041000 0.041000
12/12/2012 50.50 0.004385 0.000000 - 0.004385
11/30/2012 50.53 - - 0.043000 0.043000
10/31/2012 50.53 - - 0.045000 0.045000
09/28/2012 50.57 - - 0.045000 0.045000
08/31/2012 50.58 - - 0.046000 0.046000
07/31/2012 50.60 - - 0.045000 0.045000
06/29/2012 50.54 - - 0.037000 0.037000
05/31/2012 50.57 - - 0.035000 0.035000
04/30/2012 50.55 - - 0.040000 0.040000
03/30/2012 50.49 - - 0.040000 0.040000
02/29/2012 50.55 - - 0.054410 0.054410
01/31/2012 50.51 - - 0.055000 0.055000
12/28/2011 50.42 - - 0.000000 0.000000
12/07/2011 50.39 0.016162 0.016053 - 0.032215
11/30/2011 50.37 - - 0.043510 0.043510
10/31/2011 50.36 - - 0.040950 0.040950
09/30/2011 50.48 - - 0.040550 0.040550
08/31/2011 50.53 - - 0.051690 0.051690
07/29/2011 50.44 - - 0.033850 0.033850
06/30/2011 50.36 - - 0.053590 0.053590
05/31/2011 50.28 - - 0.047340 0.047340
04/29/2011 50.15 - - 0.041610 0.041610
03/31/2011 50.02 - - 0.050620 0.050620
02/28/2011 49.95 - - 0.060370 0.060370
01/31/2011 49.96 - - 0.046550 0.046550
12/29/2010 49.97 - - 0.066530 0.066530
12/08/2010 50.09 0.000000 0.000000 - 0.000000
11/30/2010 50.18 - - 0.055780 0.055780
10/29/2010 50.44 - - 0.039690 0.039690
09/30/2010 50.45 - - 0.050750 0.050750
08/31/2010 50.62 - - 0.046950 0.046950
07/30/2010 50.44 - - 0.043930 0.043930
06/30/2010 50.13 - - 0.053460 0.053460
05/28/2010 50.08 - - 0.042440 0.042440
04/30/2010 49.95 - - 0.042710 0.042710
03/31/2010 49.81 - - 0.050140 0.050140
02/26/2010 50.06 - - 0.030340 0.030340
As of 12/31/2019
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 3.44 2.26 1.48 - 1.26
Market Price Returns 3.52 2.39 1.54 - 1.27
Bloomberg Barclays 1-Year Municipal Bond Index 2.46 1.71 1.20 1.10 1.09
Performance Difference (Fund NAV vs. Index) 0.98 0.55 0.28 - 0.17
Performance Difference (Fund Market Price vs. Index) 1.06 0.68 0.34 - 0.18
Standard Deviation - 0.90 1.02 - 0.90
After Tax Pre-Liquidation 3.41 2.24 1.46 - 1.18
After Tax Post-Liquidation 2.77 2.10 1.44 - 1.15
As of 12/31/2019
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 3.44 2.26 1.48 - 1.26
Market Price Returns 3.52 2.39 1.54 - 1.27
Bloomberg Barclays 1-Year Municipal Bond Index 2.46 1.71 1.20 1.10 1.09
Performance Difference (Fund NAV vs. Index) 0.98 0.55 0.28 - 0.17
Performance Difference (Fund Market Price vs. Index) 1.06 0.68 0.34 - 0.18
Standard Deviation - 0.90 1.02 - 0.90
After Tax Pre-Liquidation 3.41 2.24 1.46 - 1.18
After Tax Post-Liquidation 2.77 2.10 1.44 - 1.15
As of 12/31/2019
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.44 0.19 0.58 1.10
Market Price Returns 3.52 0.23 0.57 1.14
Bloomberg Barclays 1-Year Municipal Bond Index 2.46 0.15 0.61 0.87
Performance Difference (Fund NAV vs. Index) 0.98 0.04 -0.03 0.23
Performance Difference (Fund Market Price vs. Index) 1.06 0.08 -0.04 0.27
Standard Deviation - - - -
After Tax Pre-Liquidation 3.41 0.18 0.57 1.09
After Tax Post-Liquidation 2.77 0.22 0.56 1.05
As of 12/31/2019
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 3.44 0.19 0.58 1.10
Market Price Returns 3.52 0.23 0.57 1.14
Bloomberg Barclays 1-Year Municipal Bond Index 2.46 0.15 0.61 0.87
Performance Difference (Fund NAV vs. Index) 0.98 0.04 -0.03 0.23
Performance Difference (Fund Market Price vs. Index) 1.06 0.08 -0.04 0.27
Standard Deviation - - - -
After Tax Pre-Liquidation 3.41 0.18 0.57 1.09
After Tax Post-Liquidation 2.77 0.22 0.56 1.05

Morningstar Rating

As of 12/31/2019
Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Short Term Municipal Bond Active Exchange-Traded Fund Muni National Short
(176 funds)
(176 funds)
(158 funds)
-

Overall Morningstar Rating for Short Term Municipal Bond Active Exchange-Traded Fund, as of 12/31/2019 rated against 176 funds based on risk-adjusted returns. Category: Muni National Short.

Premium / Discount

As of 12/31/2019
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% 64 100.00% 0 0.00%
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 64 100.00% 0 0.00%
As of 12/31/2019
Portfolio Composition - Sector Allocation: Market Value
Sector Fund Fund ratio Bloomberg Barclays 1-Year Municipal Bond Index Index ratio
State/Local GO 10.91 31.00
Pre-Refunded 0.00 12.00
Education Rev. 3.88 6.00
Hospital Rev. 17.49 6.00
Housing Rev. 1.89 1.00
Ind Dev/Pollution Ctrl 16.68 2.00
Lease Rev. 0.43 6.00
Power Rev. 10.59 5.00
Resource Recovery 0.00 0.00
Special Tax 8.12 9.00
Transportation 13.82 12.00
Water & Sewer 2.89 8.00
Tobacco 0.95 1.00
Net Other Short Duration Instruments Muni 0.00 0.00
Other Muni 8.27 0.00
US Government Related 0.00 0.00
Mortgage 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 ex-Muni 4.07 0.00
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio Bloomberg Barclays 1-Year Municipal Bond Index Index ratio
State/Local GO 15.16 31.00
Pre-Refunded 0.00 12.00
Education Rev. 1.23 6.00
Hospital Rev. 15.72 6.00
Housing Rev. 2.85 0.00
Ind Dev/Pollution Ctrl 22.49 2.00
Lease Rev. 0.11 7.00
Power Rev. 12.93 5.00
Resource Recovery 0.00 0.00
Special Tax 6.03 9.00
Transportation 16.13 12.00
Water & Sewer 3.23 8.00
Tobacco 0.23 1.00
Net Other Short Duration Instruments Muni 0.00 0.00
Other Muni 3.79 0.00
US Government Related 0.00 0.00
Mortgage 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 ex-Muni 0.09 0.00
As of 12/31/2019
Portfolio Composition - Maturity Distribution
Years % of Fund % of Bloomberg Barclays 1-Year Municipal Bond Index
0-1 47.00 0.00
1-3 22.00 64.00
3-5 23.00 3.00
5-10 7.00 7.00
10-20 0.00 13.00
20+ 0.00 13.00
Effective Maturity (yrs) 1.89 -
As of 01/17/2020
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
AAA 8.45
AA+ 7.87
AA 9.07
AA- 10.11
A+ 14.29
A 11.68
A- 8.59
BBB+ 3.76
BBB 1.28
BBB- 0.66
B+ 0.93
A1+ (Short Term) 7.41
A1 (Short Term) 1.33
Not Rated 14.14
As of 01/17/2020
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Aaa 6.10
Aa1 7.35
Aa2 11.80
Aa3 7.03
A1 13.82
A2 13.73
A3 8.07
Baa1 4.94
Baa2 1.86
Baa3 1.10
Ba1 1.80
P1 (Short Term) 2.46
Not Rated 19.51
As of 01/17/2020
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
AAA 7.19
AA+ 3.34
AA 6.32
AA- 7.62
A+ 6.74
A 6.09
A- 3.75
BBB+ 3.32
BBB 0.91
BBB- 0.87
F1+ (Short Term) 7.95
Not Rated 45.47

interest rate exposures

As of 12/31/2019
exposure fund index
Effective Duration 1.78 1.39
Bull Market Duration 1.77 1.37
Bear Market Duration 1.78 1.39
Total Curve Duration 0.15 N/A

sector exposures

As of 12/31/2019
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 low 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. 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. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. 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. 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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