PIMCO Inflation PLUS Active Exchange-Traded Fund
Summary Prospectus
February 21, 2026 (as supplemented March 31, 2026)
| Ticker |
PCPI |
Nasdaq |
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 February 21, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks real return, consistent with prudent investment
management.
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):
1
“Other Expenses” reflect estimated expenses for the Fund's first fiscal
year.
2
Pacific Investment Management Company LLC (“PIMCO”) has contractually agreed, through October 31, 2027, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal
Entity Identifier and pro rata Trustees’ fees exceed 0.0049% of the Fund’s average net assets (the “Expense Limit”). Under the Expense Limitation
Agreement, which renews annually for a full year unless terminated by PIMCO upon at least 30
days’ notice prior to the end of the contract term, PIMCO may recoup these waivers and reimbursements in future periods, not exceeding three years, provided that
organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal
Entity Identifier and pro rata Trustees’ fees, plus recoupment, do not exceed the Expense Limit (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).
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 |
| $26 |
$98 |
Portfolio Turnover
The Fund pays transaction costs 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. The Fund had not yet commenced operations as of the most recent fiscal year end. Thus, no portfolio turnover rate is provided for the
Fund.
Principal Investment
Strategies
The Fund seeks to achieve its investment objective
by, investing under normal circumstances, at least 80% of its net assets in inflation-indexed
bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or
instrumentalities, and corporations, which may be represented by forwards or derivatives such as
options, futures contracts or swap agreements. Inflation-linked bonds are fixed income securities that are structured to provide protection against inflation. The Fund intends to complement this exposure with investments in inflation-related
derivatives and/or other inflation-related transactions, such as those tied to inflation-linked bonds (which may include swaps on inflation-indexed bonds) or the Consumer Price Index (CPI) (which may include swaps and
options), the inflation measure for U.S. Treasury Inflation-Protected Securities (“TIPS”), in an effort to seek to mitigate the effects of inflation and to benefit from inflation surprises (when realized inflation exceeds
expected inflation). The Fund intends to use these instruments and/or transactions to allow the Fund to pursue a more capital efficient inflation hedge relative to a portfolio of only direct investments in inflation-indexed
bonds (subject to transaction, derivative and Fund operating expenses). “Capital efficient” refers to the Fund’s ability to obtain inflation exposure on a notional basis through inflation-related
derivatives and/or other inflation related transactions rather than fully funding such exposure through direct investments of inflation-indexed bonds. Such investments will be actively managed by PIMCO, which will also
adjust the level of exposure to these trades based on its market expectations. The Fund’s notional exposure to inflation-related derivatives and/or other inflation-related transactions may, and generally is
expected to, equal or exceed the Fund’s net assets. As used in the investment objective, “real return” equals total return less the estimated cost of inflation, which is typically measured by the change in an
official inflation measure.
The Fund may also invest in other securities issued by the U.S. Government, its agencies or
government-sponsored entities, derivatives and repurchase agreements related thereto (such as
U.S. Treasury futures and interest rate swaps), and/or interest rate futures. The Fund may also
engage in financing transactions, such as reverse repurchase agreements and/or total return swaps.
The Fund will normally limit its net foreign currency exposure (from non-U.S. currencies) to 20% of its total
assets. The average portfolio duration of this Fund normally varies within (negative) 2 years to
PIMCO ETF Trust | Summary Prospectus
PIMCO Inflation PLUS
Active Exchange-Traded Fund
positive 2 years of the portfolio duration
of the securities comprising the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index as calculated by PIMCO, which, as of January 30, 2026, was 0.61 years. 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 Fund may invest only in investment grade securities of issuers that are rated at least Baa by Moody’s Ratings (“Moody’s”), or equivalently rated by
Standard & Poor’s Ratings Services (“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 derivative
instruments, such as options, futures contracts or swap agreements, subject to applicable law and
any other restrictions described in the Fund’s prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. 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:
Inflation Hedging Strategy Risk: the risk that an inflation-hedging strategy may be unsuccessful and may not protect against inflation as
intended. If realized inflation is lower than expected or market-implied inflation at the time
positions are established, the Fund may incur losses. The Fund may also underperform other inflation-linked strategies or indices during certain interest rate environments, including during periods of declining yields. Inflation
hedging strategies also involve costs, including premiums, financing, transaction, roll costs, and other derivative-related expenses that may negatively impact performance
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in
market interest rates caused by factors other than inflation (real interest rates). In general,
the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are
unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the
prices of goods and services. Any increase in the principal amount of an inflation-indexed debt
security will be considered taxable ordinary income, even though the Fund will not receive the
principal until maturity
New Fund Risk: the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term.
In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading
efficiencies
Small Fund Risk: the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment
opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large
purchases or redemptions by investors
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
2 Summary Prospectus | PIMCO ETF Trust
Summary
Prospectus
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 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
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured
securities) and other similar investments, including leverage, liquidity, interest rate, market,
counterparty (including credit), operational, legal and management risks, and valuation
complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than
the initial amount invested. Changes in the value of a derivative or other similar instrument may
also create margin delivery or settlement payment obligations for the Fund. The Fund’s use
of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar
investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative
transactions might not be available for non-centrally cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a
central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially
limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar
investments and the Fund’s performance
Exchange-Traded Fund Risk: the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because
of regulatory restrictions, including, for example, exchange rules, market prices of shares of an
exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded
fund
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
Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a
result of default or other adverse credit events resulting from an issuer’s inability or
unwillingness to make principal or interest payments in a timely fashion
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
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
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.
February 21, 2026 (as supplemented March 31, 2026) | SUMMARY PROSPECTUS 3
PIMCO Inflation PLUS
Active Exchange-Traded Fund
Investment
Adviser/Portfolio Managers
PIMCO serves as the investment manager for the Fund. The Fund’s portfolio is jointly and primarily managed by Mike Cudzil, Daniel He and Tanuj Dora. Mr. Cudzil is a Managing Director of PIMCO. Mr. He is
an Executive Vice President of PIMCO. Mr. Dora is a Senior Vice President of PIMCO. Messrs.
Cudzil, He and Dora have managed the Fund since its inception.
Performance Information
The Fund does not have a full calendar year of performance. Thus, no bar
chart or Average Annual Total Returns table is included for the Fund. Once the Fund commences operations, performance for the Fund will be 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.
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.
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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