PIMCO Enhanced Short Maturity Active ESG Exchange-Traded
Fund
Summary Prospectus
October 31, 2025 (as supplemented March 6, 2026)
| Ticker |
EMNT |
NYSE Arca |
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at
http://investments.pimco.com/prospectuses. You can also get this information at no cost by calling 888.400.4ETF (888.400.4383) or by sending an email request to
pimcoregdocgroup@pimco.com. The Fund’s prospectus and Statement of Additional Information, both dated October 31, 2025, as supplemented, are incorporated by
reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum current income, consistent with preservation of
capital and daily liquidity, while incorporating PIMCO's ESG investment strategy.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund.You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are
not reflected in the table and example below.
| Shareholder Fees (fees paid directly from your investment): |
N/A |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| Management Fees |
0.36% |
| Total Annual Fund Operating Expenses |
0.36% |
| Fee Waiver and/or Expense Reimbursement(1) |
(0.12%) |
| Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
0.24% |
1
Pacific Investment Management Company LLC (“PIMCO”) has contractually
agreed, through October 31, 2026, to reduce its management fee by 0.12% of the average daily net assets of the Fund. This waiver will
automatically renew for one-year terms unless PIMCO provides written notice to PIMCO ETF Trust at least 30 days prior to the end of the then current term. In any month in which the investment management agreement is in effect, PIMCO is
entitled to reimbursement by the Fund of any portion of the management fee waived as set forth above (the “Fee Waiver Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will
not: 1) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees pursuant to the Expense Limitation Agreement, exceed 0.0049% (the
“Expense Limit”) (calculated as a percentage of average daily net assets) (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); 2) exceed the total Fee Waiver Reimbursement
Amount; or 3) include any amounts previously reimbursed to PIMCO.
Example. The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other exchange-traded funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated, and then hold or sell all of your
shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would
be:
| 1 Year |
3 Years |
5 Years |
10 Years |
| $25 |
$104 |
$190 |
$444 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund
Operating Expenses or in the Example tables, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 86% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of
varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector
entities. The average portfolio duration of this Fund will vary based on PIMCO’s market forecasts and will normally not exceed one year. Duration is a measure used to determine the sensitivity of a security’s
price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three
years.
The Fund may avoid investment in the securities of
issuers whose business practices with respect to the environment, social responsibility, and
governance (“ESG practices”) do not meet criteria determined by PIMCO. In determining the efficacy of an issuer’s ESG practices, PIMCO will use its own proprietary assessments of material ESG issues and may also reference standards as set forth
by recognized global organizations such as entities sponsored by the United Nations, among others, and augment its assessments based on engagements with issuers regarding their ESG practices that have the
potential to enhance risk-adjusted returns. PIMCO’s activities in this respect may include, but are not limited to, direct dialogue with company management, such as through in-person meetings, phone calls,
electronic communications, and letters. The Fund may invest in securities of issuers whose ESG practices are weaker relative to certain peers or industry benchmarks, with the expectation that these practices may improve
over time. It may also exclude those issuers that are not receptive to PIMCO’s engagement
efforts, as determined in PIMCO’s sole discretion.
The Fund will not invest in the securities of any corporate issuer determined by PIMCO to be engaged
principally in the (1) manufacture of alcoholic beverages, tobacco products or military equipment, (2) operation of gambling casinos, (3) production or distribution of adult entertainment materials, (4) oil
industry, including extraction, production, and refining or (5) production, distribution of coal and coal fired generation. Notwithstanding the restrictions set forth above, the
PIMCO ETF Trust | Summary Prospectus
PIMCO Enhanced Short
Maturity Active ESG Exchange-Traded Fund
Fund can invest in the securities of any
issuer determined by PIMCO to be engaged principally in biofuel production, natural gas generation and sales and trading activities. The Fund may also invest in labeled green, sustainability, social and
sustainability-linked bonds from issuers involved in fossil fuel-related sectors. Labeled bonds are those issues with proceeds specifically earmarked to be used for climate (often referred to as “green bonds”),
environmental sustainability and/or social projects and, in the case of sustainability-linked bonds, bonds that include sustainability-linked covenants, as explained by the issuer through use of a framework and/or legal
documentation. Labeled bonds are often verified by a third party, which certifies that the bond will or has been used to fund projects that include eligible benefits or, in the case of a sustainability-linked bond,
that the bond includes sustainability-linked covenants. To the extent possible on the basis of
information available to PIMCO, an issuer will be deemed to be principally engaged in an activity
if it derives more than 10% of its gross revenues from such activities (or such more restrictive threshold or exclusionary screen (i.e., a lower gross revenue threshold), as may be determined by PIMCO from time to
time).
In analyzing whether an issuer meets any of the criteria described above, PIMCO may rely upon, among other
things, information provided by an independent third party.
The Fund primarily invests in U.S. dollar-denominated investment grade debt
securities, rated Baa or higher by Moody’s Ratings (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch
Ratings, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable
quality. In the event that ratings services assign different ratings to the same security, PIMCO
will use the highest rating as the credit rating for that security. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers. The Fund may invest up to 10% of its
total assets in securities denominated in foreign currencies. The Fund seeks to eliminate foreign
(non-U.S.) currency exposure (from non-U.S. dollar-denominated securities or currencies) through
hedging techniques, although the Fund may have limited amounts of foreign (non-U.S.) currency exposure due to the difficulty in perfectly hedging such exposures.
The Fund may invest, without limitation, in futures contracts, subject to applicable law and any other
restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may invest in mortgage or asset-backed securities (issuers of which will not be treated as subject to the corporate
issuer screens described herein), including to-be-announced transactions which may include exposure to issuers that the Fund is not permitted to invest in directly. The Fund may purchase and sell securities on a
when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase
and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).
Principal
Risks
It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.
Market Trading Risk: the risk that an active secondary trading market for Fund shares does not continue once developed, that the
Fund may not continue to meet a listing exchange’s trading or listing requirements, that
trading in Fund shares may be halted or become less liquid, or that Fund shares trade at prices other than the Fund’s net asset value and are subject to trading costs. These risks may be exacerbated if the creation/redemption
process becomes less effective, particularly during times of market stress or volatility
Interest Rate Risk: the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a
longer average portfolio duration will be more sensitive to changes in interest rates than a fund
with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields
Call Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a
call). Issuers may call outstanding securities prior to their maturity for a number of reasons
including declining interest rates, changes in credit spreads and improvements in the
issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be
forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features
Credit Risk: the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the
counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or
unwilling, to meet its financial obligations
Market Risk: the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due
to a variety of factors affecting securities markets generally or particular industries or
sectors
Issuer Risk: the risk that the value of a security may decline for reasons related to the issuer, such as management
performance, changes in financial condition or credit rating, financial leverage, reputation or
reduced demand for the issuer’s goods or services
Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to
sell investments at an advantageous time or price or achieve its desired level of exposure to a
certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or
other circumstances where investor
2 Summary Prospectus | PIMCO ETF Trust
Summary
Prospectus
redemptions from fixed income funds may be
higher than normal, causing increased supply in the market due to selling activity. The liquidity
of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings
Mortgage-Related and Other Asset-Backed Securities Risk: the risks
of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks
Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due
to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates
of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including
nationalization, expropriation or confiscatory taxation, currency blockage, political changes,
diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S.
issuers
Currency Risk: the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund’s investments in
foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies
Leveraging Risk: the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio
securities, and the use of when-issued, delayed delivery or forward commitment transactions, and
derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of
leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of
interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and
may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved
Environmental, Social and Governance Risk: the risk that, because the Fund’s ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund’s performance may differ
from funds that do not utilize an ESG investing strategy. 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. The Fund also faces the risk that reliance on third-party data and ratings, which may
be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives
Futures Contract Risk: the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset
that it represents, differences between the futures market and the market for the underlying
asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract
may result in losses in excess of the amount invested in the futures contract. In addition, futures
contracts may expose the Fund to leverage risk, liquidity risk, market volatility, and margin
requirements
Short Exposure Risk: the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the
risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured
investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk,
market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that
distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the
securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully
understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform
poorly
Please see “Description of Principal Risks” in
the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
Performance Information
The performance information shows summary performance information for the
Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average
annual returns compare with the returns of certain indexes. Absent any applicable fee waivers
and/or
October 31, 2025 (as supplemented March 6, 2026) |
SUMMARY
PROSPECTUS 3
PIMCO Enhanced Short
Maturity Active ESG Exchange-Traded Fund
expense limitations, performance would have
been lower. The Fund’s past performance, before and
after taxes, is not necessarily an indication of how the Fund will perform in the future.
In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a
supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the Bloomberg U.S. Aggregate Index. The Fund’s regulatory index is shown in connection with certain
regulatory requirements to provide a broad measure of market performance. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the
U.S. investment grade fixed rate bond market, with index components for government and corporate
securities, mortgage pass-through securities, and asset-backed securities. These major sectors
are subdivided into more specific indices that are calculated and reported on a regular basis.
The FTSE 3-Month Treasury Bill Index is a supplemental index of the Fund. The 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.
Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly
updates on the net asset value and performance page at
https://www.pimco.com/us/en/product-finder?filters=products=etf.
| Best Quarter |
June 30, 2020 |
1.92% |
| Worst Quarter |
March 31, 2022 |
-0.93% |
| Year-to-Date |
September 30, 2025 |
3.61% |
Average Annual Total Returns (for periods ended 12/31/24)
| |
1 Year |
5 Years |
Since
Inception |
Inception Date |
| Return Before Taxes |
5.81% |
2.63% |
2.65% |
12/10/2019 |
| Return After Taxes on Distributions(1) |
3.62% |
1.41% |
1.43% |
|
| Return After Taxes on Distributions and
Sales of Fund Shares(1) |
3.41% |
1.49% |
1.50% |
|
| Bloomberg U.S. Aggregate
Index (reflects no deductions for fees,
expenses or taxes) |
1.25% |
-0.33% |
-0.31% |
|
| FTSE 3-Month Treasury Bill
Index (reflects no deductions for fees,
expenses or taxes) |
5.45% |
2.54% |
2.53% |
|
1
After-tax returns are calculated using the highest historical individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax
returns depend on an investor’s tax situation and may differ from those shown, and the
after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement
period.
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly and primarily managed by Jerome Schneider, Jelle Brons, CFA and Nathan Chiaverini. Mr. Schneider is a Managing
Director of PIMCO. Mr. Brons is an Executive Vice President of PIMCO. Mr. Chiaverini is a Senior
Vice President of PIMCO. Messrs. Schneider, Brons and Chiaverini have managed the Fund since its inception in December 2019.
Purchase and Sale of Fund Shares
The Fund is an exchange-traded fund (“ETF”). Individual Fund shares may only be purchased and sold
on a national securities exchange through a broker-dealer and may not be purchased or redeemed directly with the Fund. The price of Fund shares is based on market price, and because ETF shares trade at market
prices rather than net asset value (“NAV”), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable 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 (“ask”) when buying or selling shares in the secondary market (the
“bid-ask spread”). Recent information, including information about the Fund’s NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund’s website at
https://www.pimco.com/en-us/investments/etf.
4 Summary Prospectus | PIMCO ETF Trust
Summary
Prospectus
Tax
Information
The Fund’s distributions are generally taxable to you
as ordinary income, capital gains, or a combination of the two, unless you are investing through
a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case distributions may be taxable upon withdrawal.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary, PIMCO or other related
companies may pay the intermediary for the sale of Fund shares or related services. These
payments may create a conflict of interest by influencing the broker-dealer or other intermediary
and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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