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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum income, consistent with preservation of capital.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 105% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in taxable municipal debt securities publicly issued under the Build America Bond program. The Build America Bond program was created as part of the American Recovery and Reinvestment Act of 2009 (the "Act") and provided for the issuance of taxable municipal securities on which the issuer receives U.S. Government subsidies for the interest paid ("Build America Bonds"). Because the U.S. Congress did not extend the Build America Bond program, issuance of Build America Bonds ceased on December 31, 2010. The Build America Bonds outstanding as of December 31, 2010 will continue to be eligible for U.S. Government subsidies for the interest paid for the life of the Build America Bonds. There can be no assurance when or if the Build America Bond program will be reinstated in any form.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests in U.S. dollar-denominated Fixed Income Instruments that are primarily investment grade, but may invest up to 20% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality. "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 the Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Barclays Build America Bond Index, as calculated by PIMCO, which as of September 30, 2013, was 10.87 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Municipal bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instru- mentalities. Unlike most municipal bonds, interest received on Build America Bonds is subject to federal and state income tax. The Fund may invest 25% or more of its total assets in bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities. The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices. 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 con- tracts or by using other investment techniques (such as buy backs).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Limited Issuance Risk:</b> the risk that Build America Bonds will not be actively traded, that the Fund may experience difficulty in locating suitable Build America Bonds for purchase, that the non-extension of the program will negatively affect the value of existing Build America Bonds and that Build America Bonds may experience greater illiquidity as compared to other municipal obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Municipal Project-Specific Risk:</b> the risk that the Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Barclays Build America Bond Index is a subset of the Barclays Taxable Municipal Bond Index. The sub-Index consists of all direct pay Build America Bonds that satisfy the rules of the Barclays Taxable Municipal Bond Index. The Barclays Taxable Municipal Bond Index represents securities that are SEC-registered, taxable, dollar denominated, and have at least one year to final maturity, at least $250 million par amount outstanding and are determined to be investment-grade by Barclays. The Fund began operations on 09/20/10. Index comparisons began on 09/30/10.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>. </p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -7.29%. For the periods shown in the bar chart, the highest quarterly return was 13.94% in the Q3 2011, and the lowest quarterly return was 0.09% in the Q4 2011.
</p>
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0.0045
0.0045
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46
144
252
567
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0.2365
0.1088
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0.1088
0.121
0.1226
0.1249
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 has not yet commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total 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. In selecting individual Fixed Income Instruments, or in making broader sector allocations for the Fund, PIMCO develops an outlook for interest rates, currency exchange rates and the economy, analyzes credit and call risks and uses other investment selection techniques. The proportion of the Fund's assets committed to an individual investment, or investments with particular characteristics (such as quality, sector, interest rate or maturity), varies based on PIMCO's outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors. PIMCO attempts to identify areas of the bond market that are undervalued relative to the rest of the market. PIMCO may identify these areas by grouping Fixed Income Instruments into sectors such as money markets, governments, corporates, mortgages, asset-backed and international. Once investment opportunities are identified, PIMCO will shift assets among individual Fixed Income Instruments, or among sectors, depending upon changes in relative valuations, credit spreads and other factors.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In managing the Fund, PIMCO may employ both a bottom-up and top-down approach to investment selection. PIMCO's bottom-up value investment style attempts to identify Fixed Income Instruments or sectors that are undervalued by the market in comparison to PIMCO's own determination of value. Using a top-down value investment style, PIMCO also considers various qualitative and quantitative factors relating to the U.S. and non-U.S. economies and financial markets. These factors may include the outlook and projected growth of various sectors, projected growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), relative valuation levels in the financial markets and various segments within those markets, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances, and labor information. PIMCO has the flexibility to reallocate the Fund's assets among individual investments or sectors based on its ongoing analyses.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The average portfolio duration of this Fund normally varies from three to eight years, based on PIMCO's forecast for interest rates. 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 in both investment-grade securities and high yield securities ("junk bonds") subject to a maximum of 10% of its total assets in securities rated below B by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and in U.S. dollar-denominated securities or instruments of foreign issuers. The Fund may also invest up to 10% of its total assets in preferred stock, convertible securities and other equity-related securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest, without limitation, in mortgage- or asset-backed securities 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlements of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Short Sale Risk:</b> the risk of entering into short sales, 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 may fail to honor its contract terms, causing a loss to the Fund</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's primary benchmark is the Barclays Global Credit Hedged USD Index. The Fund's secondary benchmark is an equally weighted blend of the following three indices: Barclays Global Aggregate Credit Component, Hedged USD; BofA Merrill Lynch Global High Yield BB-B Rated Constrained Index, Hedged USD; and JPMorgan EMBI Global, Hedged USD. The Fund believes this self-blended index reflects the Fund's investment strategy more accurately than the Barclays Global Credit Hedged USD Index.</p>
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0.0085
0.0002
0.0087
-0.0002
0.0085
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87
271
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum current income, consistent with preservation of capital and daily liquidity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 100% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total 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 Pacific Investment Management Company LLC's ("PIMCO") forecast for interest rates 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest, without limitation, in mortgage or asset-backed securities, including to-be-announced transactions. 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).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlements of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. The Fund began operations on 11/16/09. Index comparisons began on 11/30/09.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is 0.52%. For the periods shown in the bar chart, the highest quarterly return was 1.24% in the Q1 2012, and the lowest quarterly return was -0.57% in the Q3 2011.
</p>
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0.0035
0.0035
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36
113
197
443
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0.0172
0.0042
0.0248
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0.0248
0.0007
0.0148
0.0009
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum total return, consistent with prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal period from February 11, 2013 to June 30, 2013, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests under normal circumstances at least 80% of its assets in currencies of, or Fixed Income Instruments denominated in the currencies of, foreign (non-U.S.) countries, including, but not limited to, a combination of short-term Fixed Income Instruments, money market securities and currency forwards backed by high-quality, low duration securities. "Foreign Currency Strategy" in the Fund's name refers to the Fund's proprietary investment strategy of seeking exposure to foreign (non-U.S.) currencies likely to outperform the U.S. dollar over the long-term. Assets not invested in currencies, currency forwards or Fixed Income Instruments denominated in currencies of non-U.S. countries may be invested in other types of Fixed Income Instruments. "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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may seek exposure to the currencies and Fixed Income Instruments of emerging market countries. PIMCO will select the Fund's country and currency composition based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, legal and political developments and other specific factors PIMCO believes to be relevant. The Fund will normally limit its exposure to a single non-U.S. currency (from currency holdings or investments in securities denominated in that currency) to 20% of its total assets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The average portfolio duration of this Fund varies based on PIMCO's forecast for interest rates and, under normal market conditions, will vary from zero to three 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in both investment grade securities and high yield securities ("junk bonds") rated Ba or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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). The "total return" sought by the Fund consists of income and capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities or currencies owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities or currency markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security or currency may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities or currencies at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities or currencies, primarily increased foreign (non-U.S.) investment risk and currency risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Short Sale Risk:</b> the risk of entering into short sales, 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 may fail to honor its contract terms, causing a loss to the Fund</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's benchmark index is the BofA Merrill Lynch 1-3 Year Trade-Weighted Global Government Index which tracks the performance of a fixed-weighted blend of select short-dated sovereign indices whose securities are publicly issued and denominated in the issuer's own domestic market and currency. The weights of constituent markets are re-set on each calendar month-end rebalancing date with the following fixed weights: Canada (9.1%); Euro member countries (57.6%); Japan (13.6%); Sweden (4.2%); Switzerland (3.6%); and the U.K. (11.9%).</p>
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0.0065
0.0065
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66
208
362
810
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return which exceeds that of its benchmark indexes, consistent with prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 216% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in inflation-linked bonds that are economically tied to at least three developed and emerging market countries (one of which may be the United States). Inflation-linked bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The effective portfolio duration of this Fund normally varies within two years (plus or minus) of the effective portfolio duration of the securities comprising the PIMCO Global Advantage Inflation-Linked Bond Index®, as calculated by PIMCO, which as of September 30, 2013, as converted was 7.48 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. Effective duration takes into account that for certain bonds expected cash flows will fluctuate as interest rates change and is defined in nominal yield terms, which is market convention for most bond investors and managers. Because market convention for bonds is to use nominal yields to measure duration, duration for inflation-linked bonds, which are based on real yields, are converted to nominal durations through a conversion factor. The resulting nominal duration typically can range from 20% and 90% of the respective real duration. All security holdings will be measured in effective (nominal) duration terms. Similarly, the effective duration of the PIMCO Global Advantage Inflation-Linked Bond Index® will be calculated using the same conversion factors.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund primarily invests in debt securities rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may obtain foreign currency exposure (from non-U.S. dollar denominated securities or currencies) without limitation. The Fund may invest, without limitation, in securities and instruments of foreign (non-U.S.) issuers, including securities and instruments economically tied to emerging market countries. The Fund may enter into foreign currency transactions (such as currency forwards). 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). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's primary benchmark index is the Barclays Universal Government Inflation-Linked Bond Index. The Fund's secondary benchmark index is the PIMCO Global Advantage Inflation-Linked Bond Index® (USD Unhedged)(NY Close). The Fund believes that the secondary benchmark reflects the Fund's investment strategy more accurately than the primary benchmark.</p>
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0.006
0.0003
0.0063
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64
202
351
786
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum current income, consistent with preservation of capital and daily liquidity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises ("U.S. Government Securities"). Assets not invested in U.S. Government Securities may be invested in other types of Fixed Income Instruments. "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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated Aa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The average portfolio duration of this Fund will vary based on PIMCO's forecast for interest rates 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 Fund may only invest in securities that mature within three years from the date of purchase.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0025
0.0025
0.005
-0.0025
0.0025
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26
80
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks attractive tax-exempt income, consistent with preservation of capital.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds"). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. The average portfolio duration of this Fund normally varies from three to eight years, based on PIMCO's forecast for interest rates. 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 portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Municipal Bond Risk:</b> the risk that by investing in Municipal Bonds the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of Municipal Bonds to pay interest or repay principal</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Barclays 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -2.31%. For the periods shown in the bar chart, the highest quarterly return was 3.49% in the Q3 2010, and the lowest quarterly return was -2.54% in the Q4 2010.
</p>
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0.0035
0.0035
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0.0378
0.0785
0.0477
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026755Member ~</div>
0.0477
0.0474
0.0517
0.053
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 has not yet commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total 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 normally varies from one to three years based on PIMCO's forecast for interest rates. 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest, without limitation, in mortgage- or asset-backed securities, 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred stock, convertible securities and other equity-related securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlements of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Short Sale Risk:</b> the risk of entering into short sales, 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 may fail to honor its contract terms, causing a loss to the Fund</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0055
0.0002
0.0057
-0.0002
0.0055
<div style="display:none">~ http://pimcoetf-20131031/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000037977Member ~</div>
56
176
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum current income, consistent with preservation of capital and daily liquidity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income securities of varying maturities. The Fund may only invest in U.S. dollar denominated securities that mature within 18 months from the date of purchase or floating rate U.S. government agency securities that mature within two years from the date of purchase. The average portfolio duration of this Fund will vary based on PIMCO's forecast for interest rates and will normally not exceed 90 days. 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated A or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0025
0.002
0.0045
-0.002
0.0025
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26
80
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum real return, consistent with preservation of capital and prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 has not yet commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks 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. Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments. "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. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. "Real return" equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. Effective duration takes into account that for certain bonds expected cash flows will fluctuate as interest rates change and is defined in nominal yield terms, which is market convention for most bond investors and managers. Because market convention for bonds is to use nominal yields to measure duration, duration for real return bonds, which are based on real yields, are converted to nominal durations through a conversion factor. The resulting nominal duration typically can range from 20% and 90% of the respective real duration. All security holdings will be measured in effective (nominal) duration terms. Similarly, the effective duration of the Barclays U.S. TIPS Index will be calculated using the same conversion factors. The effective duration of this Fund normally varies within three years (plus or minus) of the effective portfolio duration of the securities comprising the Barclays U.S. TIPS Index, as calculated by PIMCO, which as of September 30, 2013, as converted, was 6.95 years.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest, without limitation, in mortgage- or asset-backed securities, 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). The Fund may also invest up to 10% of its total assets in preferred stock, convertible securities and other equity-related securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlements of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Short Sale Risk:</b> the risk of entering into short sales, 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 may fail to honor its contract terms, causing a loss to the Fund</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0055
0.0002
0.0057
-0.0002
0.0055
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56
176
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks attractive tax-exempt income, consistent with preservation of capital.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds"). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by Pacific Investment Management Company LLC ('PIMCO") to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. The average portfolio duration of this Fund varies based on PIMCO's forecast for interest rates and under normal market conditions is not expected to exceed three 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 dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three years. The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Municipal Bond Risk:</b> the risk that by investing in Municipal Bonds the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of Municipal Bonds to pay interest or repay principal</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Effective June 3, 2013, the Fund's broad-based securities market index is the Barclays 1 Year Municipal Bond Index. The Barclays 1 Year Municipal Bond Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years. The Fund's new broad-based securities market index was selected as its use is more closely aligned with the Fund's investment philosophy and the universe of securities in which PIMCO invests for purposes of the Fund. Prior to June 3, 2013, the Fund's primary benchmark was the Barclays 1-3 Year Municipal Bond Index. The Barclays 1-3 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to four years. It is an unmanaged index representative of the tax exempt bond market.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is 0.07%. For the periods shown in the bar chart, the highest quarterly return was 0.97% in the Q2 2011, and the lowest quarterly return was -0.11% in the Q4 2012.
</p>
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0.0035
0.0035
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36
113
197
443
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0.02
0.0094
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0.0094
0.0084
0.0146
0.0136
0.0117
0.0189
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 redeem 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 449% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities. "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 normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Barclays U.S. Aggregate Index, as calculated by PIMCO, which as of September 30, 2013 was 5.11 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest, without limitation, in mortgage- or asset-backed securities, 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 invest up to 10% of its total assets in preferred stock, convertible securities and other equity related securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a forward commitment transaction, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Equity Risk:</b> the risk that the value of equity or equity-related securities may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.) currencies</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO and each portfolio manager will not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Short Sale Risk:</b> the risk of entering into short sales, 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 may fail to honor its contract terms, causing a loss to the Fund</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Convertible Securities Risk:</b> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0055
0.0055
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56
176
307
689
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Diversified Australia Bond Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch Diversified Australia Bond Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 4.20 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index tracks the performance of large, Australian dollar ("AUD")-denominated investment grade debt instruments publicly issued in the Australian domestic market, including sovereign, quasi-government, corporate, securitized and collateralized securities. As of September 30, 2013, there were 210 issues in the Underlying Index. Qualifying constituents must have an investment grade rating (based on an average of Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch, Inc. ("Fitch")), an investment grade country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings), at least one year remaining term to final maturity and a fixed coupon schedule. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Qualifying Australian sovereign securities must have a minimum amount outstanding of AUD 1 billion. Both nominal and inflation linked local currency Australia sovereign debt are included in the Underlying Index. Original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Qualifying non-sovereign securities must have a minimum amount outstanding of AUD 500 million. Original issue zero coupon bonds, "global" securities (debt issued simultaneously in the eurobond and Australian domestic bond markets) and corporate pay-in-kind securities, including toggle notes, qualify for inclusion in the Underlying Index. Defaulted securities are excluded from the Underlying Index. The Underlying Index is rebalanced on the last calendar day of the month. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Australian Securities Risk:</b> the Australian economy is heavily dependent upon trade and any reduction in trading with its key partners may cause an adverse impact on the Australian economy and the securities in which the Fund invests. The Fund is therefore exposed to the risks that could affect the economies of its Asian, Australasian, European and American trading partners, such as fluctuations in commodities markets, exchange rates, high unemployment, trade regulations and deficits, among others. Additionally, Australia is prone to natural disasters, which could further impact the Australian economy</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch Diversified Australia Bond Index℠ tracks the performance of large, Australian dollar ("AUD")-denominated investment grade debt instruments publicly issued in the Australian domestic market, including sovereign, quasi-government, corporate, securitized and collateralized securities. All qualifying securities must have at least one year remaining term to final maturity and a fixed coupon schedule. Qualifying Australian sovereign securities must have a minimum amount outstanding of AUD 1 billion. Qualifying non-sovereign securities must have a minimum amount outstanding of AUD 500 million and must be rated investment grade. Index constituents are capitalization-weighted adjusted, as necessary, to meet issuer concentration limits. The Underlying Index is rebalanced on the last calendar day of the month. Performance is updated daily and quarterly and may be obtained <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -8.71%. For the periods shown in the bar chart, the highest quarterly return was 3.58% in the Q3 2012, and the lowest quarterly return was 0.60% in the Q4 2012.
</p>
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0.0045
0.0045
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0.0982
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0.0982
0.1043
0.0727
0.0761
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Liquid US Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch Liquid US Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 7.17 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury. As of September 30, 2013, there were 18 issues in the Underlying Index. The securities in the Underlying Index have a minimum $1 billion of outstanding face value, are fixed-rate and are non-convertible. Bills, inflation-linked debt and strips are excluded from the Underlying Index; however, original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch Liquid US Treasury Index℠ is an unmanaged index that tracks the performance of the three most recently issued 2-year, 3-year, 5-year, 7-year, 10-year and 30-year U.S. Treasury notes and bonds. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -3.56%. For the periods shown in the bar chart, the highest quarterly return was 9.46% in the Q3 2011, and the lowest quarterly return was -2.06% in the Q1 2012.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.0015
0.0015
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0.1285
0.0217
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0.0217
0.0238
0.0521
0.0542
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch US Inflation-Linked Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch US Inflation-Linked Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 dollar-weighted average portfolio maturity of this Fund will closely correspond to the average maturity of its Underlying Index, which as of September 30, 2013 was 9.34 years.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities). TIPS are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to official inflation (as measured by the Consumer Price Index, or CPI). Their payments are supported by the full faith and credit of the United States. The TIPS in the Underlying Index have a minimum $1 billion of outstanding face value, have at least 1 year remaining to maturity and have interest and principal payments tied to inflation. Original issue zero coupon bonds can be included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. As of September 30, 2013, there were 34 TIPS issues in the Underlying Index. The Underlying Index is capitalization-weighted and the composition of TIPS is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in real interest rates and in the case of inflation-linked bonds, increased inflation.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Inflation-Indexed Security Risk:</b> the risk that the value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase and increase when real interest rates decrease and interest payments on inflation-indexed securities will vary along with changes in the CPI</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch US Inflation-Linked Treasury Index℠ is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities). Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -7.21%. For the periods shown in the bar chart, the highest quarterly return was 5.08% in the Q3 2011, and the lowest quarterly return was -0.88% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.002
0.002
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0.0616
0.138
0.069
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0.069
0.0733
0.0908
0.0934
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Diversified Canada Government Bond Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch Diversified Canada Government Bond Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 8.92 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index tracks the performance of large, Canadian dollar ("CAD")-denominated investment grade debt instruments publicly issued in the Canadian domestic market, Canadian sovereign and quasi-government. As of September 30, 2013, there were 346 issues in the Underlying Index. Qualifying constituents must have an investment-grade rating (based on an average of the ratings of Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch, Inc. ("Fitch")), an investment grade country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings), at least one year remaining term to final maturity and a fixed coupon schedule.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Qualifying Canadian sovereign securities must have a minimum amount outstanding of CAD 1 billion. Both nominal and inflation linked local currency Canada sovereign debt are included in the Underlying Index. Original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Qualifying quasi-government securities must have a minimum amount outstanding of CAD 200 million. Original issue zero coupon bonds and "global" securities (debt issued simultaneously in the eurobond and Canadian domestic bond markets) qualify for inclusion in the Underlying Index. The Underlying Index is rebalanced on the last calendar day of the month. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Canadian Securities Risk:</b> the Canadian economy may be significantly affected by the U.S. economy because the U.S. is Canada's largest trading partner and foreign investor. Canada's largest exports are its natural resources, so the Canadian economy is dependent on the demand for, and supply and price of, natural resources, and any market developments that reduce the price of such goods could disproportionately affect the Canadian economy</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security or currency may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch Diversified Canada Government Bond Index℠ tracks the performance of large, Canadian dollar ("CAD")-denominated investment grade debt instruments publicly issued in the Canadian domestic market including Canadian sovereign and quasi-government securities. All Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of CAD 1 billion for Canadian sovereign securities and a minimum amount outstanding of CAD 200 million for Canadian quasi-government-securities. Index constituents are capitalization-weighted adjusted, as necessary, to meet issuer concentration limits. The Underlying Index is rebalanced on the last calendar day of the month. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -6.63%. For the periods shown in the bar chart, the highest quarterly return was 4.85% in the Q3 2012, and the lowest quarterly return was -1.10% in the Q4 2012.
</p>
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0.0045
0.0045
<div style="display:none">~ http://pimcoetf-20131031/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000034261Member ~</div>
0.0554
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000034261Member ~</div>
0.0554
0.0548
0.07
0.0657
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Diversified Germany Bond Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch Diversified Germany Bond Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 4.53 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index tracks the performance of large, Euro ("EUR")-denominated investment grade debt instruments of German issuers publicly issued in the eurobond or Euro member domestic markets, including sovereign, quasi-government, corporate, securitized and collateralized securities. As of September 30, 2013, there were 631 issues in the Underlying Index. Qualifying constituents must be an obligation of a German entity with an investment-grade rating (based on an average of the ratings of Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch, Inc. ("Fitch")), at least one year remaining term to final maturity and a fixed coupon schedule. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Qualifying German sovereign securities must have a minimum amount outstanding of EUR 1 billion. Both nominal and inflation linked local currency German sovereign debt are included in the Underlying Index. Original issue zero coupon bonds and corporate pay-in-kind securities, including toggle notes, are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Qualifying non-sovereign securities must have a minimum amount outstanding of EUR 500 million. Original issue zero coupon securities qualify for inclusion in the Underlying Index. The Underlying Index is rebalanced on the last calendar day of the month.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>German Securities Risk:</b> the German economy is dependent on trade, with exports accounting for more than one-third of Germany's output. Therefore, a reduction in spending by Germany's trade partners on German products and services or negative changes in any of these countries may cause an adverse impact on the German economy. Internal factors, such as high unemployment and government regulation of labor markets, may also affect the performance of the German economy. The European financial markets have recently experienced volatility due to concerns about rising government debt levels of several European countries</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency Risk:</b> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch Diversified Germany Bond Index℠ tracks the performance of large, Euro ("EUR")-denominated investment grade debt instruments of German issuers publicly issued in the eurobond or Euro member domestic markets, including sovereign, quasi-government, corporate, securitized and collateralized securities. All Qualifying securities must be an obligation of a German entity with at least one year remaining term to final maturity and a fixed coupon schedule. Qualifying German sovereign securities must have a minimum amount outstanding of EUR 1 billion. Qualifying non-sovereign securities must have a minimum amount outstanding of EUR 500 million and must be rated investment grade. Index constituents are capitalization-weighted adjusted, as necessary, to meet issuer concentration limits. The Underlying Index is rebalanced on the last calendar day of the month. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is 2.00%. For the periods shown in the bar chart, the highest quarterly return was 4.89% in the Q1 2012, and the lowest quarterly return was -3.68% in the Q2 2012.
</p>
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0.0045
0.0045
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0.0839
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0.0839
0.084
0.0327
0.0338
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch US High Yield Constrained Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 has not yet commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch US High Yield Constrained Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, which as of September 30, 2013 was 4.41 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated below investment grade corporate debt securities publicly issued in the U.S. domestic market with remaining maturities of at least 1 year. Underlying Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. As of September 30, 2013, there were 2208 issues in the Underlying Index. The securities comprising the Underlying Index have a below investment grade rating (based on an average of the ratings Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch, Inc. ("Fitch")) and an investment grade rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings). In addition, qualifying securities must have a minimum $100 million of outstanding face value and a fixed coupon schedule. Original issue zero coupon bonds, debt issued simultaneously in the Eurobond and U.S. domestic bond markets, 144A securities and pay-in-kind securities qualify for inclusion in the Underlying Index. Callable perpetual securities qualify for inclusion in the Underlying Index provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from last call prior to the date the bond transitions from a fixed to a floating rate security. The Underlying Index is capitalization-weighted, provided the total allocation to an individual issuer does not exceed 2%, and the composition of Component Securities is updated monthly. Cash flows from bond payments that are received during the month are retained in the Underlying Index, without earning reinvestment income, until removal at the end of the month as part of the rebalancing. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements, and may invest in mortgage-related and other asset-backed securities. The Fund may invest in U.S. dollar-denominated securities of foreign issuers, including securities and instruments economically tied to emerging market countries. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 operation, performance will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0055
0.0013
0.0068
-0.0013
0.0055
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch US Corporate Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch US Corporate Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 Fund may invest in securities rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The average portfolio duration of this Fund will closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 6.33 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity. As of September 30, 2013, there were 5840 issues in the Underlying Index. The securities comprising the Underlying Index have an investment grade rating (based on an average of the ratings of Moody's, S&P and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings). In addition, qualifying securities must have a minimum $250 million of outstanding face value and a fixed coupon schedule. Original issue zero coupon bonds, debt issued simultaneously in the Eurobond and U.S. domestic bond markets, 144A securities and corporate pay-in-kind securities qualify for inclusion in the Underlying Index. Callable perpetual securities qualify for inclusion in the Underlying Index provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from last call prior to the date the bond transitions from a fixed to a floating rate security. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. Cash flows from bond payments that are received during the month are retained in the Underlying Index, without earning reinvestment income, until removal at the end of the month as part of the rebalancing. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements, and may invest in mortgage related and other asset-backed securities. The Fund may invest in U.S. dollar-denominated securities of foreign issuers, including securities and instruments economically tied to emerging market countries. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch US Corporate Index℠ is an unmanaged index comprised of U.S. dollar denominated investment grade, fixed rate corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity and at least $250 million outstanding. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -2.54%. For the periods shown in the bar chart, the highest quarterly return was 3.76% in the Q3 2012, and the lowest quarterly return was 0.40% in the Q1 2011.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.002
0.002
<div style="display:none">~ http://pimcoetf-20131031/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000028999Member ~</div>
0.0667
0.1016
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000028999Member ~</div>
0.1016
0.1037
0.0721
0.0756
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 0-1 Year US Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 0-1 Year US Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, which as of September 30, 2013, was 0.51 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury with maturities of less than 1 year. As of September 30, 2013, there were 37 issues in the Underlying Index. The securities in the Underlying Index have a minimum $1 billion of outstanding face value, have at least one month and less than one year remaining to maturity, are fixed-rate and are non-convertible. Bills, inflation-linked debt and strips are excluded from the Underlying Index; however, original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 will be updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
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0.0015
0.0012
0.0027
-0.0012
0.0015
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 0-5 Year US High Yield Constrained Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 0-5 Year US High Yield Constrained Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 2.03 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated below investment grade corporate debt securities publicly issued in the U.S. domestic market with remaining maturities of less than 5 years. Underlying Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. As of September 30, 2013, there were 819 issues in the Underlying Index. The securities comprising the Underlying Index have a below investment grade rating (based on an average of the ratings of Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch, Inc. ("Fitch")) and a country of risk exposure to investment grade countries that are members of the FXG10, Western Europe or territories of the U.S. and Western Europe. Country ratings are based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings. For each issuer, the country of risk is the principal place of business derived from management location, country of primary listing, location of sales and reporting currency. In addition, qualifying securities must have a minimum $100 million of outstanding face value and a fixed coupon schedule. Original issue zero coupon bonds, debt issued simultaneously in the Eurobond and U.S. domestic bond markets, 144A securities and pay-in-kind securities qualify for inclusion in the Underlying Index. Callable perpetual securities qualify for inclusion in the Underlying Index provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from last call prior to the date the bond transitions from a fixed to a floating rate security. The Underlying Index is capitalization-weighted, provided the total allocation to an individual issuer does not exceed 2%, and the composition of Component Securities is updated monthly. Cash flows from bond payments that are received during the month are retained in the Underlying Index, without earning reinvestment income, until removal at the end of the month as part of the rebalancing. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements, and may invest in mortgage-related and other asset-backed securities. The Fund may invest in U.S. dollar-denominated securities of foreign issuers, including securities and instruments economically tied to emerging market countries. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk:</b> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign (Non-U.S.) Investment Risk:</b> 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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Non-Diversification Risk:</b> the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 0-5 Year US High Yield Constrained Index℠ tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt issued in the U.S. domestic market with less than five years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million, issued publicly. Allocations to an individual issuer will not exceed 2%. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is 5.13%. For the periods shown in the bar chart, the highest quarterly return was 4.44% in the Q1 2012, and the lowest quarterly return was 1.24% in the Q2 2012.
</p>
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0.0055
0.0055
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0.1222
0.1361
0.077
0.0835
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 1-3 Year US Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 1-3 Year US Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 1.90 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury having a maturity of at least 1 year and less than 3 years. As of September 30, 2013, there were 81 issues in the Underlying Index. The securities in the Underlying Index have a minimum $1 billion of outstanding face value, have one to three years remaining to maturity, are fixed-rate and are non-convertible. Bills, inflation-indexed debt and strips are excluded from the Underlying Index; however, original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. It is not possible to invest directly in the Underlying Index. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 1-3 Year US Treasury Index℠ is an unmanaged index that tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. Government having a maturity of at least 1 year and less than 3 years. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is 0.23%. For the periods shown in the bar chart, the highest quarterly return was 1.13% in the Q2 2010, and the lowest quarterly return was -0.14% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.0015
0.0015
-0.0006
0.0009
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9
29
51
115
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0.0227
0.0149
0.0033
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0.0033
0.0043
0.0133
0.0142
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 1-5 Year US Inflation-Linked Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 1-5 Year US Inflation-Linked Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 dollar-weighted average portfolio maturity of this Fund will closely correspond to the average maturity of its Underlying Index, which as of September 30, 2013 was 3.05 years.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 1 year and less than 5 years. TIPS are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to official inflation (as measured by the Consumer Price Index, or CPI). Their payments are supported by the full faith and credit of the United States. The TIPS in the Underlying Index have a minimum $1 billion of outstanding face value, have 1 to 5 years remaining to maturity and have interest and principal payments tied to inflation. Original issue zero coupon bonds can be included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. As of September 30, 2013, there were 12 TIPS issues in the Underlying Index. The Underlying Index is capitalization-weighted and the composition of TIPS is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in real interest rates and in the case of inflation-linked bonds, increased inflation.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Inflation-Indexed Security Risk:</b> the risk that the value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase and increase when real interest rates decrease and interest payments on inflation-indexed securities will vary along with changes in the CPI</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 1-5 Year US Inflation-Linked Treasury Index℠ is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 1 year and less than 5 years. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -1.81%. For the periods shown in the bar chart, the highest quarterly return was 2.28% in the Q1 2011, and the lowest quarterly return was -0.41% in the Q2 2012.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
<div style="display:none">~ http://pimcoetf-20131031/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026342Member ~</div>
0.002
0.002
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0.0354
0.0475
0.0239
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026342Member ~</div>
0.0239
0.0267
0.0415
0.044
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 15+ Year US Inflation-Linked Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 15+ Year US Inflation-Linked Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 dollar-weighted average portfolio maturity of this Fund will closely correspond to the average maturity of its Underlying Index, which as of September 30, 2013 was 22.35 years.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years. TIPS are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to official inflation (as measured by the Consumer Price Index, or CPI). Their payments are supported by the full faith and credit of the United States. The TIPS in the Underlying Index have a minimum $1 billion of outstanding face value, have at least 15 years remaining to maturity and have interest and principal payments tied to inflation. Original issue zero coupon bonds can be included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. As of September 30, 2013, there were 7 TIPS issues in the Underlying Index. The Underlying Index is capitalization-weighted and the composition of TIPS is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in real interest rates and in the case of inflation-linked bonds, increased inflation.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Inflation-Indexed Security Risk:</b> the risk that the value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase and increase when real interest rates decrease and interest payments on inflation-indexed securities will vary along with changes in the CPI</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 15+ Year US Inflation-Linked Treasury Index℠ is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -15.41%. For the periods shown in the bar chart, the highest quarterly return was 12.67% in the Q3 2011, and the lowest quarterly return was -2.75% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.002
0.002
<div style="display:none">~ http://pimcoetf-20131031/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026343Member ~</div>
0.0846
0.2536
0.1181
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026343Member ~</div>
0.1181
0.1226
0.1459
0.1486
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Long US Treasury Principal STRIPS Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch Long US Treasury Principal STRIPS Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 29.91 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of long maturity Separate Trading of Registered Interest and Principal of Securities ("STRIPS") representing the final principal payment of U.S. Treasury bonds. The principal STRIPS comprising the Underlying Index must have 25 years or more remaining term to final maturity and must be stripped from U.S. Treasury bonds having at least $1 billion in outstanding face value. As of September 30, 2013, there were 19 issues in the Underlying Index. Index constituents are capitalization-weighted based on the security prices times an assumed face value of $1 billion per constituent security. The Underlying Index is rebalanced quarterly on March 31, June 30, September 30 and December 31, based on information available up to and including the third business day before the last business day of the rebalancing month. Securities that no longer meet the qualifying criteria during the course of the quarter remain in the Underlying Index until the next quarterly rebalancing date at which point they are dropped from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch Long US Treasury Principal STRIPS Index℠ is an unmanaged index comprised of long maturity Separate Trading of Registered Interest and Principal of Securities ("STRIPS") representing the final principal payment of U.S. Treasury bonds. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -17.67%. For the periods shown in the bar chart, the highest quarterly return was 58.47% in the Q3 2011, and the lowest quarterly return was -15.23% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
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0.0015
0.0015
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0.1006
0.5977
0.0181
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026750Member ~</div>
0.0181
0.0245
0.1615
0.1628
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 3-7 Year US Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 3-7 Year US Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 4.56 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury having a maturity of at least 3 years and less than 7 years. As of September 30, 2013, there were 97 issues in the Underlying Index. The securities in the Underlying Index have a minimum $1 billion of outstanding face value, have 3 to 7 years remaining to maturity, are fixed-rate and are non-convertible. Bills, inflation-linked debt and strips are excluded from the Underlying Index; however, original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 3-7 Year US Treasury Index℠ is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury having a maturity of at least 3 years and less than 7 years. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -1.28%. For the periods shown in the bar chart, the highest quarterly return was 4.33% in the Q2 2010, and the lowest quarterly return was -2.31% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
<div style="display:none">~ http://pimcoetf-20131031/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026338Member ~</div>
0.0015
0.0015
<div style="display:none">~ http://pimcoetf-20131031/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026338Member ~</div>
0.0646
0.0812
0.0214
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026338Member ~</div>
0.0214
0.022
0.0496
0.0505
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 7-15 Year US Treasury Index℠.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses of the Fund
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>Shareholder Fees (fees paid directly from your investment):</b> None
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
</b>
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Example.</b>
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 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. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of The BofA Merrill Lynch 7-15 Year US Treasury Index℠ (the "Underlying Index"). The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which Pacific Investment Management Company LLC ("PIMCO") believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. "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 closely correspond to the portfolio duration of the securities comprising its Underlying Index, as calculated by PIMCO, which as of September 30, 2013 was 7.99 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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Underlying Index is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury having a maturity of at least 7 years and less than 15 years. As of September 30, 2013, there were 30 issues in the Underlying Index. The securities in the Underlying Index have a minimum $1 billion of outstanding face value, have 7 to 15 years remaining to maturity, are fixed-rate and are non-convertible. Bills, inflation-linked debt and strips are excluded from the Underlying Index; however, original issue zero coupon bonds are included in the Underlying Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. The Underlying Index is capitalization-weighted and the composition of Component Securities is updated monthly. Intra-month cash flows are reinvested daily, at the beginning-of-month 1-month LIBID rate, until the end of the month at which point all cash is removed from the Underlying Index. It is not possible to invest directly in the Underlying Index. The Underlying Index does not reflect deductions for fees, expenses or taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">PIMCO uses an indexing approach in managing the Fund's investments. The Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of Component Securities and other instruments such that the combination effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the Fund may not track its Underlying Index with the same degree of accuracy as a fund that replicates the composition of the Underlying Index. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements. 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). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Trading Risk:</b> 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, or that Fund shares trade at prices other than the Fund's net asset value</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase 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</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular sectors</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk:</b> the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leveraging Risk:</b> 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, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management and Tracking Error Risk:</b> the risk that the portfolio manager's investment decisions may not produce the desired results or that the Fund's portfolio may not closely track the Underlying Index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. In addition, the Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Indexing Risk:</b> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The BofA Merrill Lynch 7-15 Year US Treasury Index℠ is an unmanaged index comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury having a maturity of at least 7 years and less than 15 years. Performance is updated daily and quarterly and may be obtained at <u>www.pimcoetfs.com/fundinfo</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
*The year-to-date return as of September 30, 2013 is -4.13%. For the periods shown in the bar chart, the highest quarterly return was 10.52% in the Q3 2011, and the lowest quarterly return was -4.63% in the Q4 2010.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
<b>
Average Annual Total Returns (for periods ended 12/31/12)
</b>
</b></p>
<div style="display:none">~ http://pimcoetf-20131031/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026339Member ~</div>
0.0015
0.0015
<div style="display:none">~ http://pimcoetf-20131031/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026339Member ~</div>
0.0903
0.1559
0.038
<div style="display:none">~ http://pimcoetf-20131031/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026339Member ~</div>
0.038
0.0414
0.079
0.0809
20
20
15
15
15
46
15
64
64
48
48
48
144
48
113
113
85
85
85
252
85
255
255
192
192
192
567
192
20
46
46
56
20
56
64
144
144
176
64
176
113
252
252
113
307
255
567
567
255
689
1.05
1.00
0.37
2.16
0.42
4.49
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
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.
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.
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.
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.
Prior to June 3, 2013, the Fund's primary benchmark was the Barclays 1-3 Year Municipal Bond Index. The Barclays 1-3 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to four years. It is an unmanaged index representative of the tax exempt bond market.
2014-10-31
2014-10-31
2014-10-31
2014-10-31
The year-to-date return as of September 30, 2013 is -7.29%.
-0.0729
2013-09-30
highest quarterly return was 13.94% in the Q3 2011
0.1394
2011-09-30
lowest quarterly return was 0.09% in the Q4 2011
0.0009
2011-12-31
The year-to-date return as of September 30, 2013 is 0.52%.
0.0052
2013-09-30
highest quarterly return was 1.24% in the Q1 2012
0.0124
2012-03-31
lowest quarterly return was -0.57% in the Q3 2011
-0.0057
2011-09-30
The year-to-date return as of September 30, 2013 is -2.31%.
-0.0231
2013-09-30
highest quarterly return was 3.49% in the Q3 2010
0.0349
2010-09-30
lowest quarterly return was -2.54% in the Q4 2010
-0.0254
2010-12-31
The year-to-date return as of September 30, 2013 is 0.07%.
0.0007
2013-09-30
highest quarterly return was 0.97% in the Q2 2011
0.0097
2011-06-30
lowest quarterly return was -0.11% in the Q4 2012
-0.0011
2012-12-31
0.35
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.
It is possible to lose money on an investment 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.
It is possible to lose money on an investment 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.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment in the Fund.
It is possible to lose money on an investment 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Once the Fund commences operations, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Once the Fund commences operation, performance will be updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
Performance is updated daily and quarterly and may be obtained at www.pimcoetfs.com/fundinfo.
0.15
0.04
0.26
0.08
0.38
0.11
0.16
0.11
0.33
0.34
0.49
0.07
0.33
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
Issuer Non-Diversification Risk: the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
2014-10-31
2014-10-31
2014-10-31
2014-10-31
The year-to-date return as of September 30, 2013 is 0.23%.
0.0023
2013-09-30
highest quarterly return was 1.13% in the Q2 2010
0.0113
2010-06-30
lowest quarterly return was -0.14% in the Q4 2010
-0.0014
2010-12-31
The year-to-date return as of September 30, 2013 is -1.28%.
-0.0128
2013-09-30
highest quarterly return was 4.33% in the Q2 2010
0.0433
2010-06-30
lowest quarterly return was -2.31% in the Q4 2010
-0.0231
2010-12-31
The year-to-date return as of September 30, 2013 is -4.13%.
-0.0413
2013-09-30
highest quarterly return was 10.52% in the Q3 2011
0.1052
2011-09-30
lowest quarterly return was -4.63% in the Q4 2010
-0.0463
2010-12-31
The year-to-date return as of September 30, 2013 is -17.67%.
-0.1767
2013-09-30
highest quarterly return was 58.47% in the Q3 2011
0.5847
2011-09-30
lowest quarterly return was -15.23% in the Q4 2010
-0.1523
2010-12-31
The year-to-date return as of September 30, 2013 is -3.56%.
-0.0356
2013-09-30
highest quarterly return was 9.46% in the Q3 2011
0.0946
2011-09-30
lowest quarterly return was -2.06% in the Q1 2012
-0.0206
2012-03-31
The year-to-date return as of September 30, 2013 is -1.81%.
-0.0181
2013-09-30
highest quarterly return was 2.28% in the Q1 2011
0.0228
2011-03-31
lowest quarterly return was -0.41% in the Q2 2012
-0.0041
2012-06-30
The year-to-date return as of September 30, 2013 is -15.41%.
-0.1541
2013-09-30
highest quarterly return was 12.67% in the Q3 2011
0.1267
2011-09-30
lowest quarterly return was -2.75% in the Q4 2010
-0.0275
2010-12-31
The year-to-date return as of September 30, 2013 is -7.21%.
-0.0721
2013-09-30
highest quarterly return was 5.08% in the Q3 2011
0.0508
2011-09-30
lowest quarterly return was -0.88% in the Q4 2010
-0.0088
2010-12-31
The year-to-date return as of September 30, 2013 is 5.13%.
0.0513
2013-09-30
highest quarterly return was 4.44% in the Q1 2012
0.0444
2012-03-31
lowest quarterly return was 1.24% in the Q2 2012
0.0124
2012-06-30
0.1222
The year-to-date return as of September 30, 2013 is -2.54%.
-0.0254
2013-09-30
highest quarterly return was 3.76% in the Q3 2012
0.0376
2012-09-30
lowest quarterly return was 0.40% in the Q1 2011
0.0040
2011-03-31
The year-to-date return as of September 30, 2013 is -8.71%.
-0.0871
2013-09-30
highest quarterly return was 3.58% in the Q3 2012
0.0358
2012-09-30
lowest quarterly return was 0.60% in the Q4 2012
0.0060
2012-12-31
The year-to-date return as of September 30, 2013 is -6.63%.
-0.0663
2013-09-30
highest quarterly return was 4.85% in the Q3 2012
0.0485
2012-09-30
lowest quarterly return was -1.10% in the Q4 2012
-0.0110
2012-12-31
The year-to-date return as of September 30, 2013 is 2.00%.
0.0200
2013-09-30
highest quarterly return was 4.89% in the Q1 2012
0.0489
2012-03-31
lowest quarterly return was -3.68% in the Q2 2012
-0.0368
2012-06-30
2010-09-20
2010-09-20
2010-09-20
2010-09-20
2009-11-16
2009-11-16
2009-11-16
2009-11-16
2009-11-30
2009-11-30
2009-11-30
2009-11-30
2010-02-01
2010-02-01
2010-02-01
2010-02-01
2010-02-01
2009-06-01
2009-06-01
2009-06-01
2009-06-01
2009-10-30
2009-10-30
2009-10-30
2009-10-30
2009-09-10
2009-09-10
2009-09-10
2009-09-10
2009-10-30
2009-10-30
2009-10-30
2009-10-30
2010-10-29
2010-10-29
2010-10-29
2010-10-29
2009-08-20
2009-08-20
2009-08-20
2009-08-20
2009-09-03
2009-09-03
2009-09-03
2009-09-03
2009-09-03
2009-09-03
2009-09-03
2009-09-03
2011-06-16
2011-06-16
2011-06-16
2011-06-16
2010-09-20
2010-09-20
2010-09-20
2010-09-20
2011-10-31
2011-10-31
2011-10-31
2011-10-31
2011-11-09
2011-11-09
2011-11-09
2011-11-09
2011-11-09
2011-11-09
2011-11-09
2011-11-09
36
113
197
443
<div style="display:none">~ http://pimcoetf-20131031/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoetf-20131031_S000026755Member ~</div>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance Information
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Calendar Year Total Returns*
</b></p>
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15
48
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns (for periods ended 12/31/12)</b></p>
"Other Expenses" reflect organizational expenses for the Fund's first fiscal year.
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.
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.
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.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
To maintain certain net yields for the Fund, PIMCO or its affiliates may temporarily and voluntarily waive, reduce or reimburse all or any portion of the Fund's fees and expenses. Such waivers, if any, are not reflected in this table. See "Management of the Funds—Temporary Fee Waivers, Reductions and Reimbursements" in the Fund's prospectus for additional information.
"Other Expenses" reflect organizational expenses for the Fund's first fiscal year.
"Other Expenses" reflect estimated organizational expenses for the Fund's first fiscal year.
Total Annual Fund Operating Expenses excluding interest expense is 0.60%.
To maintain certain net yields for the Fund, PIMCO or its affiliates may temporarily and voluntarily waive, reduce or reimburse all or any portion of the Fund's fees and expenses. Such waivers, if any, are not reflected in this table. See "Management of the Funds—Temporary Fee Waivers, Reductions and Reimbursements" in the Fund's prospectus for additional information.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
"Other Expenses" reflect organizational expenses for the Fund's first fiscal year.
"Other Expenses" reflect estimated organizational expenses for the Fund's first fiscal year.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
"Other Expenses" reflect interest expense. Interest expense results from the Fund's use of certain investments such as reverse repurchase agreements. Such expense is required to be treated as a Fund expense for accounting purposes and is not payable to PIMCO. Any interest expense amount will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, until October 31, 2014, to waive a portion of its management fee equal to 0.06% of average daily net assets. Under the Fee Waiver Agreement, PIMCO is entitled to reimbursement by the Fund of any portion of the management fees waived, reduced or reimbursed pursuant to the Fee Waiver Agreement (the "Reimbursement Amount") during the previous three years, provided that such amount paid to PIMCO will not: 1) together with any recoupment of organizational expenses and pro rata Trustees' fees pursuant to the Expense Limitation Agreement, exceed 0.0049% of the Fund's average net assets; 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. The Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.
"Other Expenses" reflect estimated organizational expenses for the Fund's first fiscal year.
"Other Expenses" reflect estimated organizational expenses for the Fund's first fiscal year.
Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2014, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses 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 and pro rata Trustees' fees, plus recoupment, do not exceed the Expense Limit.