N-CSRS

N-CSRS 1 d666222dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22250

PIMCO ETF Trust

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Trent W. Walker

Treasurer (Principal Financial & Accounting Officer)

PIMCO ETF Trust

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Shareholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

•

PIMCO ETF Trust

LOGO

PIMCO ETF TRUST

Semiannual Report

December 31, 2018

Index Exchange-Traded Funds

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund | TUZ | NYSE Arca

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | ZROZ | NYSE Arca

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | STPZ | NYSE Arca

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | LTPZ | NYSE Arca

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | TIPZ | NYSE Arca

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | HYS | NYSE Arca

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | CORP | NYSE Arca

Actively-Managed Exchange-Traded Funds

PIMCO Active Bond Exchange-Traded Fund | BOND | NYSE Arca

PIMCO Enhanced Low Duration Active Exchange-Traded Fund | LDUR | NYSE Arca

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | MINT | NYSE Arca

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | MUNI | NYSE Arca

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the financial intermediary, such as a broker-dealer or bank, which offers the Fund unless you specifically request paper copies from the financial intermediary. Instead, the shareholder reports will be made available on a website, and the financial intermediary will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the financial intermediary electronically by following the instructions provided by the financial intermediary.

You may elect to receive all future reports in paper free of charge from the financial intermediary. You should contact the financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account at the financial intermediary.

Table of Contents



			Page


Chairman’s Letter				2

Important Information About the Funds				4

Expense Examples				19

Financial Highlights				20

Statements of Assets and Liabilities				24

Statements of Operations				26

Statements of Changes in Net Assets				28

Statements of Cash Flows				32

Notes to Financial Statements				86

Glossary				108

Approval of Investment Advisory Contract and Other Agreements				109


Fund	Fund Summary		Schedule of Investments


PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund		7		33

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		8		34

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		9		35

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		10		36

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		11		37

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		12		38

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		13		46

PIMCO Active Bond Exchange-Traded Fund		14		53

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		15		62

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		16		71

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		17		79

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		18		83

This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust prospectus.

Chairman’s Letter

Dear Shareholder,

Following this letter is the PIMCO ETF Trust Semiannual Report, which covers the six-month reporting period ended December 31, 2018. On the subsequent pages you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (“GDP”) grew at an annual pace of 4.2% during the second quarter of 2018, the strongest since the third quarter of 2014. GDP then expanded at an annual pace of 3.4% during the third quarter of the year. Finally, the Commerce Department’s initial reading for fourth-quarter 2018 GDP has been delayed due to the partial government shutdown.

The Federal Reserve (the “Fed”) continued to normalize monetary policy during the reporting period. After raising rates in March and June, the Fed again moved rates higher at its September and December 2018 meetings. The Fed’s December rate hike pushed the federal funds rate to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet during the reporting period.

Economic activity outside the U.S. initially accelerated during the reporting period, but moderated as it progressed. Against this backdrop, the European Central Bank (the “ECB”) and the Bank of Japan largely maintained their highly accommodative monetary policies, while other central banks took a more hawkish stance. The Bank of England raised rates at its meeting in August 2018 and the Bank of Canada raised rates twice during the reporting period. Meanwhile, the ECB ended its quantitative easing program in December 2018, but indicated that it does not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period as longer-term rates fell more than short-term rates. The yield on the benchmark 10-year U.S. Treasury note was 2.69% at the end of the reporting period, down from 2.85% on June 30, 2018. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned 1.96% over the six months ended December 31, 2018. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned 1.65% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index returned -2.34% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned 0.65% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 0.25% over the period.

Global equities produced poor results during the reporting period. U.S. equities moved sharply higher over the first half of the period. We believe this rally was driven by a number of factors, including corporate profits that often exceeded expectations. However, U.S. equities fell sharply during the fourth quarter of 2018. We believe this was triggered by a number of factors, including signs of moderating global growth, concerns over future Fed rate hikes, the ongoing trade dispute between the U.S. and China and the partial U.S. government shutdown. All told, U.S. equities, as represented by the S&P 500 Index, returned -6.85% during the reporting period. Elsewhere, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -8.49% during the reporting period, whereas global equities, as represented by the MSCI World Index, returned -9.10%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -9.45% during the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -10.14%.

Commodity prices fluctuated and generally declined during the reporting period. When the reporting period began, West Texas crude oil was approximately $70 a barrel, but by the end it was roughly $45 a barrel. This was driven in part by increased supply and declining global demand. Elsewhere, gold prices rose, whereas copper prices declined during the reporting period.


2		PIMCO ETF TRUST

Finally, during the reporting period the foreign exchange markets experienced periods of volatility, due in part to signs of decoupling economic growth and central bank policies, along with a number of geopolitical events. The U.S. dollar produced mixed results against other major currencies during the reporting period. For example, the U.S. dollar appreciated 1.92% and 3.53% versus the euro and the British pound, respectively, whereas the U.S. dollar depreciated 0.97% versus the yen during the reporting period.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the PIMCO ETF Trust, please contact your financial adviser, or call one of our shareholder associates at (888) 400-4ETF. We also invite you to visit our website at pimcoetfs.com to learn more about PIMCO ETFs.

Sincerely,

LOGO

Brent R. Harris

Chairman of the Board
PIMCO ETF Trust

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		3

Important Information About the Funds

PIMCO ETF Trust (the “Trust”) is an open-end management investment company that includes the PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund, PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (collectively, the “Index Funds”). Each Index 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 instruments such that the portfolio effectively provides exposure to the underlying index. An Index Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. The PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund and PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the “Active Funds” and together with the Index Funds, a “Fund” or the “Funds”). Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Funds are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the U.S. and many parts of the world, including certain European countries, are at or near historically low levels. Thus, the Funds currently face a heightened level of interest rate risk, especially since the Fed has ended its quantitative easing program and has begun, and may continue, to raise interest rates. To the extent the Fed continues to raise interest rates, there is a risk that rates across the financial system may rise. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses. As a result, there could be increased sales of shares which could further reduce the market price for a Fund’s shares.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

The geographical classification of foreign (non-U.S.) securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

The United Kingdom’s decision to leave the European Union may impact Fund returns. This decision may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index

(“benchmark index”). A Fund’s past performance, before and after


4		PIMCO ETF TRUST

taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s

total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:

Fund Name

Fund
Inception

Diversification
Status

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

06/01/09

Diversified

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

10/30/09

Diversified

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

08/20/09

Diversified

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

09/03/09

Diversified

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

09/03/09

Diversified

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

06/16/11

Diversified

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

09/20/10

Diversified

PIMCO Active Bond Exchange-Traded Fund

02/29/12

Diversified

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

01/22/14

Diversified

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

11/16/09

Diversified

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

11/30/09

Diversified

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

02/01/10

Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in the Funds.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions

and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

The Index Funds may make available a complete schedule of portfolio holdings and the percentages they represent of the Index Fund’s net assets. On each business day, before commencement of trading on NYSE Arca, each Active Fund will disclose on www.pimcoetfs.com the identities and quantities of the Active Fund’s portfolio holdings that will form the basis for the Active Fund’s calculation of NAV at the end of the business day. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and


		SEMIANNUAL REPORT		DECEMBER 31, 2018		5

Important Information About the Funds (Cont.)

procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds’ website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at www.sec.gov. A copy of the Funds’ Form N-Q is also available without charge, upon request, by calling the Trust at (888) 400-4ETF and on the Funds’ website at www.pimcoetfs.com.

The SEC adopted a rule that, beginning in 2021, generally will allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

The SEC adopted amendments to certain disclosure requirements relating to open-end investment companies’ liquidity risk management programs. Effective December 1, 2019, large fund complexes will be required to include in their shareholder reports a discussion of their liquidity risk management programs’ operations over the past year.


6		PIMCO ETF TRUST

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund


Ticker Symbol - TUZ

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of 12/31/2018^†^§


U.S. Treasury Obligations			99.5%

Short-Term Instruments			0.5%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (06/01/2009)
	PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value)		1.41%		1.42%		0.66%		0.87%
	PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund (At Market Price)⁽¹⁾		1.46%		1.47%		0.65%		0.87%
	ICE BofAML 1-3 Year U.S. Treasury Index^±		1.49%		1.58%		0.81%		0.99%

All Fund returns are net of fees and expenses.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 1-3 Year US Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.16%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML 1-3 Year US Treasury Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Yields in the two- to three-year segment of the U.S. Treasury yield curve fell, positively impacting the price return of both the Fund and the Underlying Index. Income return also contributed to positive performance for both the Fund and the Underlying Index.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		7

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund


Ticker Symbol - ZROZ

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


U.S. Treasury Obligations			100.0%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (10/30/2009)
	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value)		(0.45)%		(4.29)%		9.47%		7.69%
	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)⁽¹⁾		(0.25)%		(4.40)%		9.31%		7.69%
	ICE BofAML Long U.S. Treasury Principal STRIPS Index^±		(0.87)%		(4.40)%		9.52%		7.77%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 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.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.15%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML Long US Treasury Principal STRIPS Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Yields in the 25+ year segment of the U.S. Treasury STRIPS (zero-coupon) curve rose, negatively impacting the return of both the Fund and the Underlying Index.


8		PIMCO ETF TRUST

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund


Ticker Symbol - STPZ

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


U.S. Treasury Obligations			99.8%

Short-Term Instruments			0.2%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (08/20/2009)
	PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		(0.30)%		0.19%		0.40%		1.45%
	PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)⁽¹⁾		(0.28)%		0.22%		0.39%		1.45%
	ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index^±		(0.21)%		0.40%		0.62%		1.68%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 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.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.20%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML 1-5 Year US Inflation-Linked Treasury Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Real yields, or the rates of return in excess of expected future inflation, rose across the one- to five-year segment of the U.S. Treasury Inflation-Protected Securities (“TIPS”) yield curve, detracted from the performance of both the Fund and the Underlying Index.

A positive inflation accrual, or change in the Consumer Price Index (“CPI”), applied to the principal of the underlying TIPS, contributed to the performance of both the Fund and the Underlying Index. The net result, inclusive of coupon payments, was negative absolute performance for both the Fund and the Underlying Index.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		9

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund


Ticker Symbol - LTPZ

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†§


U.S. Treasury Obligations			99.9%

Short-Term Instruments			0.1%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (09/03/2009)
	PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		(5.94)%		(7.40)%		3.86%		4.66%
	PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)⁽¹⁾		(6.12)%		(7.35)%		3.82%		4.65%
	ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index^±		(5.99)%		(7.21)%		4.02%		4.86%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 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.

It is not possible to invest directly in an unmanaged index.

Investment Objective and Strategy Overview

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML 15+ Year US Inflation-Linked Treasury Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Real yields, or the rates of return in excess of expected future inflation, rose across the 15+ year segment of the U.S. Treasury Inflation-Protected Securities (“TIPS”) yield curve, detracted from the performance of both the Fund and the Underlying Index.


10		PIMCO ETF TRUST

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund


Ticker Symbol - TIPZ

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†§


U.S. Treasury Obligations			100.0%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (09/03/2009)
	PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		(1.49)%		(1.73)%		1.68%		2.98%
	PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)⁽¹⁾		(1.39)%		(1.59)%		1.71%		2.99%
	ICE BofAML U.S. Inflation-Linked Treasury Index^±		(1.43)%		(1.50)%		1.85%		3.16%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML US Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities).

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.21%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML US Inflation-Linked Treasury Index (the “Underlying Index”), 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 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. PIMCO uses an indexing approach in managing the Fund’s investments. “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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Real yields, or the rates of return in excess of expected future inflation, rose across the U.S. Treasury Inflation-Protected Securities (“TIPS”) yield curve, detracted from the performance of both the Fund and the Underlying Index.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		11

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund


Ticker Symbol - HYS

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


Corporate Bonds & Notes			91.0%

Short-Term Instruments			9.0%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (06/16/2011)
	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)		(1.87)%		(0.54)%		2.92%		4.58%
	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)⁽¹⁾		(1.67)%		(0.74)%		2.83%		4.53%
	ICE BofAML 0-5 Year US High Yield Constrained Index^±		(1.76)%		0.10%		3.52%		5.14%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 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%.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.56%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML 0-5 Year US High Yield Constrained Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Security selection in the automotive sector contributed to performance, as the Fund’s automotive positions outperformed the broader sector.

Security selection in the support services sector contributed to performance, as the Fund’s support services positions outperformed the broader sector.

Security selection in the metals and mining sectors contributed to performance, as the Fund’s metals and mining positions outperformed the broader sector.

Security selection in the media, entertainment and publishing sector detracted from performance, as the Fund’s media, entertainment and publishing positions underperformed the broader sector.

Security selection in the energy sector detracted from performance, as the Fund’s energy positions underperformed the broader sector.

Security selection in the retail sector detracted from performance, as the Fund’s retail positions underperformed the broader sector.


12		PIMCO ETF TRUST

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund


Ticker Symbol - CORP

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


Industrials			47.0%

Banking & Finance			40.1%

Utilities			11.4%

Short-Term Instruments			1.1%

Other			0.4%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (09/20/2010)
	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)		0.76%		(2.71)%		3.28%		3.73%
	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)⁽¹⁾		0.79%		(2.99)%		3.23%		3.72%
	ICE BofAML US Corporate Index^±		0.90%		(2.25)%		3.34%		3.88%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± ICE BofAML 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.

It is not possible to invest directly in an unmanaged index.

Investment Objective and Strategy Overview

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofAML US Corporate Index (the “Underlying Index”), 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Underweight exposure to the consumer products sector contributed to performance, as the sector underperformed the benchmark.

Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the benchmark.

Underweight exposure to real estate investment trusts detracted from performance, as the sector outperformed the index.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		13

PIMCO Active Bond Exchange-Traded Fund


Ticker Symbol - BOND

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


U.S. Government Agencies			45.4%

Corporate Bonds & Notes			27.1%

Asset-Backed Securities			12.9%

U.S. Treasury Obligations			7.7%

Non-Agency Mortgage-Backed Securities			3.8%

Municipal Bonds & Notes			1.8%

Other			1.3%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (02/29/2012)
	PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value)		1.56%		0.16%		3.10%		3.75%
	PIMCO Active Bond Exchange-Traded Fund (At Market Price)⁽¹⁾		1.72%		0.28%		3.11%		3.76%
	Bloomberg Barclays U.S. Aggregate Index^±		1.65%		0.01%		2.52%		2.02%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± Bloomberg Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.76%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO Active Bond Exchange-Traded Fund seeks current income and long-term capital appreciation, consistent with prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

U.S. interest rate strategies, particularly a combination of yield advantage and underweight exposure to overall duration, contributed to relative performance, as rates fell.

Selection in specific high yield credits contributed to performance, as their spreads fell.

Positions in non-agency mortgage-backed securities and other securitized instruments contributed to relative performance, as total returns in these securities were positive.

Positions in agency mortgage-backed securities detracted from relative performance, as excess returns in these securities were negative.

Long exposure to the Brazilian real, particularly in the beginning of the period, detracted from performance, as the currency depreciated relative to the U.S. dollar.

Investment-grade corporate credit exposure, particularly financials, detracted from performance, as spreads widened.


14		PIMCO ETF TRUST

PIMCO Enhanced Low Duration Active Exchange-Traded Fund


Ticker Symbol - LDUR

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


U.S. Treasury Obligations			42.4%

Corporate Bonds & Notes			36.6%

U.S. Government Agencies			8.6%

Asset-Backed Securities			7.1%

Non-Agency Mortgage-Backed Securities			2.5%

Short-Term Instruments			1.6%

Other			1.2%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		Fund Inception (01/22/2014)
	PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value)		0.94%		1.34%		2.07%
	PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)⁽¹⁾		0.97%		1.44%		2.10%
	ICE BofAML 1-3 Year U.S. Treasury Index^±		1.49%		1.58%		0.82%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 1.09%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO Enhanced Low Duration Active Exchange-Traded Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Holdings of investment grade corporate credit detracted from performance, as spreads widened.

Overweight exposure to Treasury Inflation-Protected Securities detracted from performance, as the securities generally posted negative total returns.

Underweight exposure to the 7-year portion of the U.S. Treasury curve detracted from performance because the 7-year portion of the curve fell.

Short exposure to the euro versus the U.S. dollar contributed to performance, as the euro depreciated against the U.S. dollar.

Short exposure to the Japanese yen versus the U.S. dollar contributed to performance, as the Japanese yen generally depreciated against the U.S. dollar.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		15

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund


Ticker Symbol - MINT

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


Corporate Bonds & Notes			66.4%

Asset-Backed Securities			12.3%

Short-Term Instruments			10.2%

Sovereign Issues			4.6%

Non-Agency Mortgage-Backed Securities			3.1%

U.S. Government Agencies			3.1%

Municipal Bonds & Notes			0.3%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (11/16/2009)
	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value)		0.86%		1.72%		1.33%		1.31%
	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)⁽¹⁾		0.90%		1.73%		1.33%		1.31%
	FTSE 3-Month Treasury Bill Index^±		1.07%		1.86%		0.60%		0.37%^¨

All Fund returns are net of fees and expenses.

* Cumulative return.

^¨ Average annual total return since 11/30/2009.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.42%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Holdings of investment grade corporate credit detracted from performance, as spreads widened.

Holdings of non-agency mortgage-backed securities detracted from performance, as spreads widened.

Underweight exposure to the 3-month portion of the U.S. Treasury curve contributed to performance, as the 3-month portion of the curve rose.

Holdings of U.S. dollar denominated emerging market debt contributed to performance, as security selection benefited the performance.


16		PIMCO ETF TRUST

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund


Ticker Symbol - MUNI

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			14.6%

Ad Valorem Property Tax			10.3%

Electric Power & Light Revenue			7.4%

Highway Revenue Tolls			7.2%

Port, Airport & Marina Revenue			5.6%

Tobacco Settlement Funded			5.5%

Miscellaneous Revenue			5.4%

Natural Gas Revenue			5.2%

College & University Revenue			4.5%

Income Tax Revenue			3.2%

Miscellaneous Taxes			2.7%

Appropriations			2.6%

Industrial Revenue			2.6%

Fuel Sales Tax Revenue			2.2%

Lease (Appropriation)			2.1%

Water Revenue			1.9%

General Fund			1.5%

Hotel Occupancy Tax			1.5%

Transit Revenue			1.3%

Nuclear Revenue			1.2%

Lease (Renewal)			1.1%

Sewer Revenue			1.1%

Government Fund/Grant Revenue			1.0%

Other			2.0%

Short-Term Instruments			6.3%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (11/30/2009)
	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)		1.36%		1.11%		2.65%		2.93%
	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)⁽¹⁾		1.49%		0.97%		2.69%		2.95%
	Bloomberg Barclays 1-15 Year Municipal Bond Index^±		1.65%		1.58%		3.00%		3.32%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± Bloomberg 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.

It is not possible to invest directly in an unmanaged index.

The Fund’s total annual operating expense ratio in effect as of period end was 0.35%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

Investment Objective and Strategy Overview

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, 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”). 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Select exposure within the industrial revenue sector contributed to performance.

Select exposure within the healthcare sector contributed to performance.

Underweight exposure to pre-refunded debt contributed to performance, as the sector underperformed the general municipal market.

Underweight exposure to the general obligation sector detracted from performance, as the sector outperformed the general municipal market.

Underweight exposure to the water and sewer sector detracted from performance, as the sector outperformed the general municipal market.

Select exposure within the education sector detracted from performance.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		17

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund


Ticker Symbol - SMMU

Cumulative Returns Through December 31, 2018

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of 12/31/2018^†^§


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			16.2%

Electric Power & Light Revenue			12.1%

Ad Valorem Property Tax			9.8%

Highway Revenue Tolls			9.3%

Natural Gas Revenue			7.7%

Industrial Revenue			4.4%

College & University Revenue			4.4%

Tobacco Settlement Funded			4.2%

Miscellaneous Revenue			4.1%

Port, Airport & Marina Revenue			4.0%

Miscellaneous Taxes			2.6%

Sewer Revenue			2.3%

Water Revenue			2.3%

Resource Recovery Revenue			2.2%

Sales Tax Revenue			2.2%

Local or Guaranteed Housing			2.0%

Fuel Sales Tax Revenue			1.4%

Other			1.3%

Short-Term Instruments			7.5%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return for the period ended December 31, 2018

		6 Months*		1 Year		5 Year		Fund Inception (02/01/2010)
	PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)		0.84%		1.38%		0.96%		1.02%
	PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)⁽¹⁾		1.03%		1.76%		0.98%		1.02%
	Bloomberg Barclays 1 Year Municipal Bond Index^±		0.76%		1.74%		0.83%		0.94%

All Fund returns are net of fees and expenses.

* Cumulative return.

⁽¹⁾	The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The Bloomberg Barclays 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.

It is not possible to invest directly in an unmanaged index.

Investment Objective and Strategy Overview

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, 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”). 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 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

The following affected performance during the reporting period:

Duration positioning contributed to performance, as yields rose over the 1-4 year portion of the municipal curve, and fell over the 5-10 year portion.

Select exposure within the revenue segment contributed to performance.

Select exposure within the industrial revenue sector contributed to performance.

Select exposure within the pre-refunded debt sector detracted from performance.

Underweight exposure to the lease-backed sector detracted from performance, as the sector outperformed the general municipal market.

Select exposure to the education sector detracted from performance.


18		PIMCO ETF TRUST

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds is from July 1, 2018 to December 31, 2018 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other exchange-traded funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of shares of the Funds. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different exchange-traded funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fee (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).


	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	1,000.00	$	1,014.10	$	0.81	$	1,000.00	$	1,024.40	$	0.82		0.16	%
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		1,000.00		995.50		0.75		1,000.00		1,024.45		0.77		0.15
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		1,000.00		997.00		1.01		1,000.00		1,024.20		1.02		0.20
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		1,000.00		940.60		0.98		1,000.00		1,024.20		1.02		0.20
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		1,000.00		985.10		1.05		1,000.00		1,024.15		1.07		0.21
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,000.00		981.30		2.80		1,000.00		1,022.38		2.85		0.56
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		1,000.00		1,007.60		1.01		1,000.00		1,024.20		1.02		0.20
PIMCO Active Bond Exchange-Traded Fund		1,000.00		1,015.60		4.17		1,000.00		1,021.07		4.18		0.82
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,000.00		1,009.40		5.72		1,000.00		1,019.51		5.75		1.13
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		1,000.00		1,008.60		1.82		1,000.00		1,023.39		1.84		0.36
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		1,000.00		1,013.60		1.78		1,000.00		1,023.44		1.79		0.35
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		1,000.00		1,008.40		1.77		1,000.00		1,023.44		1.79		0.35

* Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		19

Financial Highlights


			Investment Operations									Less Distributions^(b)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	50.01	$	0.45		$	0.25		$	0.70		$	(0.56	)	$	0.00		$	0.00		$	(0.56	)

06/30/2018		50.67		0.61			(0.65	)		(0.04	)		(0.62	)		0.00			0.00			(0.62	)

06/30/2017		51.26		0.42			(0.55	)		(0.13	)		(0.42	)		(0.04	)		0.00			(0.46	)

06/30/2016		50.99		0.35			0.25			0.60			(0.31	)		(0.02	)		0.00			(0.33	)

06/30/2015		50.94		0.25			0.11			0.36			(0.25	)		(0.06	)		0.00			(0.31	)

06/30/2014		50.78		0.16			0.19			0.35			(0.16	)		(0.03	)		0.00			(0.19	)

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	115.51	$	1.58		$	(2.15	)	$	(0.57	)	$	(2.49	)	$	0.00		$	0.00		$	(2.49	)

06/30/2018		117.38		3.11			(1.85	)		1.26			(3.13	)		0.00			0.00			(3.13	)

06/30/2017		135.43		3.10			(17.80	)		(14.70	)		(3.35	)		0.00			0.00			(3.35	)

06/30/2016		105.39		3.16			29.17			32.33			(2.29	)		0.00			0.00			(2.29	)

06/30/2015		99.87		3.18			5.62			8.80			(3.28	)		0.00			0.00			(3.28	)

06/30/2014		94.57		3.26			5.46			8.72			(3.42	)		0.00			0.00			(3.42	)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	51.76	$	0.46		$	(0.62	)	$	(0.16	)	$	(0.75	)	$	0.00		$	0.00		$	(0.75	)

06/30/2018		52.18		1.04			(0.51	)		0.53			(0.95	)		0.00			0.00			(0.95	)

06/30/2017		52.83		0.87			(0.87	)		0.00			(0.65	)		0.00			0.00			(0.65	)

06/30/2016		52.18		0.19			0.71			0.90			0.00			0.00			(0.25	)		(0.25	)

06/30/2015		53.58		(0.67	)		(0.54	)		(1.21	)		(0.02	)		0.00			(0.17	)		(0.19	)

06/30/2014		52.69		0.34			0.86			1.20			(0.31	)		0.00			0.00			(0.31	)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	67.57	$	0.83		$	(4.81	)	$	(3.98	)	$	(1.26	)	$	0.00		$	0.00		$	(1.26	)

06/30/2018		65.64		2.03			1.79			3.82			(1.89	)		0.00			0.00			(1.89	)

06/30/2017		69.55		1.80			(3.74	)		(1.94	)		(1.97	)		0.00			0.00			(1.97	)

06/30/2016		62.95		1.01			6.02			7.03			(0.43	)		0.00			0.00			(0.43	)

06/30/2015		65.02		0.21			(1.83	)		(1.62	)		(0.45	)		0.00			0.00			(0.45	)

06/30/2014		61.05		1.09			4.23			5.32			(1.35	)		0.00			0.00			(1.35	)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	57.61	$	0.51		$	(1.36	)	$	(0.85	)	$	(0.80	)	$	0.00		$	0.00		$	(0.80	)

06/30/2018		57.61		1.25			(0.07	)		1.18			(1.18	)		0.00			0.00			(1.18	)

06/30/2017		59.09		1.10			(1.61	)		(0.51	)		(0.97	)		0.00			0.00			(0.97	)

06/30/2016		56.73		0.54			2.13			2.67			(0.31	)		0.00			0.00			(0.31	)

06/30/2015		58.14		0.00			(1.17	)		(1.17	)		(0.09	)		0.00			(0.15	)		(0.24	)

06/30/2014		56.40		0.71			1.81			2.52			(0.78	)		0.00			0.00			(0.78	)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	100.07	$	2.24		$	(4.05	)	$	(1.81	)	$	(2.82	)	$	0.00		$	0.00		$	(2.82	)

06/30/2018		101.62		4.44			(1.28	)		3.16			(4.71	)		0.00			0.00			(4.71	)

06/30/2017		96.65		4.60			5.66			10.26			(5.29	)		0.00			0.00			(5.29	)

06/30/2016		100.37		4.52			(3.69	)		0.83			(4.55	)		0.00			0.00			(4.55	)

06/30/2015		106.76		4.06			(4.96	)		(0.90	)		(4.53	)		(0.96	)		0.00			(5.49	)

06/30/2014		102.54		4.23			4.83			9.06			(4.59	)		(0.25	)		0.00			(4.84	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	100.41	$	1.70		$	(0.95	)	$	0.75		$	(2.05	)	$	0.00		$	0.00		$	(2.05	)

06/30/2018		104.90		3.31			(4.43	)		(1.12	)		(3.31	)		(0.06	)		0.00			(3.37	)

06/30/2017		105.72		3.11			(0.86	)		2.25			(3.07	)		0.00			0.00			(3.07	)

06/30/2016		100.50		3.10			4.91			8.01			(2.75	)		(0.04	)		0.00			(2.79	)

06/30/2015		103.21		3.14			(2.35	)		0.79			(3.17	)		(0.33	)		0.00			(3.50	)

06/30/2014		102.11		3.42			4.64			8.06			(3.28	)		(3.68	)		0.00			(6.96	)


20		PIMCO ETF TRUST					See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate^(c)



$	50.15		1.41	%	$	55,262		0.16	%*		0.16	%*		0.16	%*		0.16	%*		1.78	%*		27	%

	50.01		(0.09	)		87,616		0.16			0.16			0.16			0.16			1.21			54

	50.67		(0.26	)		119,187		0.15			0.15			0.15			0.15			0.82			56

	51.26		1.19			151,316		0.15			0.15			0.15			0.15			0.68			66

	50.99		0.70			107,175		0.14			0.16			0.14			0.16			0.49			60

	50.94		0.68			127,442		0.10			0.16			0.10			0.16			0.32			61



$	112.45		(0.45	)%	$	142,815		0.15	%*		0.15	%*		0.15	%*		0.15	%*		2.87	%*		9	%

	115.51		1.08			164,028		0.15			0.15			0.15			0.15			2.71			19

	117.38		(10.88	)		166,683		0.15			0.15			0.15			0.15			2.53			14

	135.43		31.09			442,851		0.15			0.15			0.15			0.15			2.67			23

	105.39		8.64			96,960		0.16			0.16			0.16			0.16			2.75			18

	99.87		9.70			76,902		0.16			0.16			0.16			0.16			3.61			18



$	50.85		(0.30	)%	$	794,350		0.20	%*		0.20	%*		0.20	%*		0.20	%*		1.77	%*		14	%

	51.76		1.02			826,530		0.20			0.20			0.20			0.20			2.01			32

	52.18		0.00			1,136,011		0.20			0.20			0.20			0.20			1.64			38

	52.83		1.74			1,065,611		0.20			0.20			0.20			0.20			0.36			41

	52.18		(2.27	)		1,182,866		0.20			0.20			0.20			0.20			(1.28	)		31

	53.58		2.28			1,337,875		0.20			0.20			0.20			0.20			0.63			33



$	62.33		(5.94	)%	$	194,453		0.20	%*		0.20	%*		0.20	%*		0.20	%*		2.54	%*		2	%

	67.57		5.88			254,745		0.20			0.20			0.20			0.20			3.05			10

	65.64		(2.82	)		148,992		0.20			0.20			0.20			0.20			2.66			16

	69.55		11.25			109,197		0.20			0.20			0.20			0.20			1.59			12

	62.95		(2.52	)		92,539		0.21			0.21			0.21			0.21			0.31			14

	65.02		8.83			69,570		0.21			0.21			0.21			0.21			1.81			47



$	55.96		(1.49	)%	$	54,837		0.21	%*		0.21	%*		0.21	%*		0.21	%*		1.78	%*		2	%

	57.61		2.07			50,695		0.21			0.21			0.21			0.21			2.18			8

	57.61		(0.87	)		70,864		0.20			0.20			0.20			0.20			1.88			8

	59.09		4.73			90,404		0.20			0.20			0.20			0.20			0.96			10

	56.73		(2.02	)		92,473		0.21			0.21			0.21			0.21			(0.01	)		23

	58.14		4.50			106,402		0.21			0.21			0.21			0.21			1.26			19



$	95.44		(1.87	)%	$	1,221,671		0.56	%*		0.56	%*		0.55	%*		0.55	%*		4.46	%*		12	%

	100.07		3.18			1,666,164		0.56			0.56			0.55			0.55			4.41			42

	101.62		10.88			1,824,151		0.55			0.55			0.55			0.55			4.58			43

	96.65		1.04			2,044,168		0.55			0.55			0.55			0.55			4.75			34

	100.37		(0.82	)		2,805,241		0.55			0.55			0.55			0.55			3.92			28

	106.76		8.98			5,119,202		0.55			0.55			0.55			0.55			3.98			28



$	99.11		0.76	%	$	627,367		0.20	%*		0.20	%*		0.20	%*		0.20	%*		3.37	%*		12	%

	100.41		(1.12	)		756,084		0.20			0.20			0.20			0.20			3.20			10

	104.90		2.19			737,459		0.20			0.20			0.20			0.20			2.97			7

	105.72		8.14			447,211		0.20			0.20			0.20			0.20			3.05			13

	100.50		0.74			244,203		0.20			0.20			0.20			0.20			3.04			12

	103.21		8.24			199,196		0.20			0.20			0.20			0.20			3.36			17


		SEMIANNUAL REPORT		DECEMBER 31, 2018		21

Financial Highlights (Cont.)


			Investment Operations								Less Distributions^(b)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total

PIMCO Active Bond Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	103.19	$	1.77	$	(0.18	)	$	1.59		$	(2.13	)	$	0.00		$	0.00		$	(2.13	)

06/30/2018		106.07		3.17		(2.73	)		0.44			(3.06	)		0.00			(0.26	)		(3.32	)

06/30/2017		107.31		2.88		(0.80	)		2.08			(2.48	)		0.00			(0.84	)		(3.32	)

06/30/2016		106.69		3.09		1.31			4.40			(3.78	)		0.00			0.00			(3.78	)

06/30/2015		108.85		2.83		0.42			3.25			(5.41	)		0.00			0.00			(5.41	)

06/30/2014		105.66		2.38		2.94			5.32			(1.69	)		(0.44	)		0.00			(2.13	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	99.61	$	1.45	$	(0.51	)	$	0.94		$	(1.90	)	$	0.00		$	0.00		$	(1.90	)

06/30/2018		101.02		2.51		(1.42	)		1.09			(2.50	)		0.00			0.00			(2.50	)

06/30/2017		100.23		2.17		0.35			2.52			(1.73	)		0.00			0.00			(1.73	)

06/30/2016		101.62		1.97		(0.24	)		1.73			(2.30	)		(0.82	)		0.00			(3.12	)

06/30/2015		101.27		1.32		1.05			2.37			(1.77	)		(0.25	)		0.00			(2.02	)

01/22/2014 - 06/30/2014		100.00		0.30		1.22			1.52			(0.25	)		0.00			0.00			(0.25	)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	101.58	$	1.30	$	(0.43	)	$	0.87		$	(1.49	)	$	0.00		$	0.00		$	(1.49	)

06/30/2018		101.74		1.95		(0.23	)		1.72			(1.85	)		(0.03	)		0.00			(1.88	)

06/30/2017		101.14		1.45		0.61			2.06			(1.46	)		0.00			0.00			(1.46	)

06/30/2016		101.15		1.05		(0.02	)		1.03			(1.02	)		(0.02	)		0.00			(1.04	)

06/30/2015		101.45		0.62		(0.09	)		0.53			(0.74	)		(0.09	)		0.00			(0.83	)

06/30/2014		101.26		0.67		0.36			1.03			(0.69	)		(0.15	)		0.00			(0.84	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	52.84	$	0.70	$	0.02		$	0.72		$	(0.80	)	$	0.00		$	0.00		$	(0.80	)

06/30/2018		53.48		1.30		(0.64	)		0.66			(1.30	)		0.00			0.00			(1.30	)

06/30/2017		55.11		1.25		(1.64	)		(0.39	)		(1.24	)		0.00			0.00			(1.24	)

06/30/2016		52.84		1.25		2.15			3.40			(1.13	)		0.00			0.00			(1.13	)

06/30/2015		53.17		1.12		(0.34	)		0.78			(1.11	)		0.00			0.00			(1.11	)

06/30/2014		52.06		1.05		1.13			2.18			(1.07	)		0.00			0.00			(1.07	)

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

07/01/2018 - 12/31/2018+	$	49.91	$	0.46	$	(0.04	)	$	0.42		$	(0.53	)	$	0.00		$	0.00		$	(0.53	)

06/30/2018		50.25		0.77		(0.35	)		0.42			(0.76	)		0.00			0.00			(0.76	)

06/30/2017		50.65		0.60		(0.41	)		0.19			(0.59	)		0.00			0.00			(0.59	)

06/30/2016		50.24		0.48		0.36			0.84			(0.43	)		0.00			0.00			(0.43	)

06/30/2015		50.47		0.38		(0.19	)		0.19			(0.42	)		0.00			0.00			(0.42	)

06/30/2014		50.14		0.26		0.29			0.55			(0.22	)		0.00			0.00			(0.22	)

^	A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

Unaudited

*	Annualized

^(a)	Per share amounts based on average number of shares outstanding during the year or period.

^(b)

The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(c)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creation or redemptions.

^(d)	Effective May 8, 2017, the Fund’s Management fees was decreased by 0.09% to an annual rate of 0.46%.


22		PIMCO ETF TRUST					See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate^(c)



$	102.65		1.56	%	$	1,989,278		0.82	%*		0.82	%*		0.55	%*		0.55	%*		3.43	%*		83	%

	103.19		0.41			2,072,132		0.76			0.76			0.55			0.55			3.03			142

	106.07		2.00			2,039,657		0.61			0.61			0.55			0.55			2.70			569

	107.31		4.25			2,594,821		0.56			0.58			0.55			0.57			2.92			475

	106.69		3.01			2,489,072		0.57			0.63			0.55			0.61			2.60			180

	108.85		5.10			3,431,844		0.56			0.57			0.55			0.56			2.24			577



$	98.65		0.94	%	$	220,974		1.13	%*		1.20	%*		0.40	%*		0.47	%*		2.90	%*		524	%

	99.61		1.09			157,382		1.02			1.09			0.39			0.46			2.51			326

	101.02		2.54			93,947		0.67	^(d)		0.74	^(d)		0.47	^(d)		0.54	^(d)		2.15			651

	100.23		1.75			58,134		0.57			0.64			0.55			0.56			1.96			2,288

	101.62		2.37			175,808		0.52			0.57			0.50			0.55			1.30			1,591

	101.27		1.52			139,750		0.56	*		0.69	*		0.56	*		0.69	*		0.69	*		4,098



$	100.96		0.86	%	$	12,193,710		0.36	%*		0.36	%*		0.35	%*		0.35	%*		2.54	%*		48	%

	101.58		1.70			9,410,140		0.42			0.42			0.35			0.35			1.92			86

	101.74		2.05			7,195,945		0.35			0.35			0.35			0.35			1.43			82

	101.14		1.03			4,647,542		0.36			0.36			0.35			0.35			1.04			208

	101.15		0.53			3,536,050		0.36			0.36			0.35			0.35			0.61			193

	101.45		1.02			3,773,896		0.35			0.35			0.35			0.35			0.66			188



$	52.76		1.36	%	$	314,425		0.35	%*		0.35	%*		0.35	%*		0.35	%*		2.63	%*		17	%

	52.84		1.25			275,309		0.35			0.35			0.35			0.35			2.44			27

	53.48		(0.69	)		259,917		0.35			0.35			0.35			0.35			2.33			30

	55.11		6.52			254,045		0.35			0.35			0.35			0.35			2.32			23

	52.84		1.45			227,728		0.35			0.35			0.35			0.35			2.09			13

	53.17		4.23			210,548		0.35			0.35			0.35			0.35			2.01			15



$	49.80		0.84	%	$	80,173		0.35	%*		0.35	%*		0.35	%*		0.35	%*		1.85	%*		30	%

	49.91		0.83			67,874		0.35			0.35			0.35			0.35			1.55			87

	50.25		0.37			65,826		0.35			0.35			0.35			0.35			1.20			80

	50.65		1.67			68,881		0.35			0.35			0.35			0.35			0.95			36

	50.24		0.37			55,765		0.35			0.35			0.35			0.35			0.76			20

	50.47		1.10			76,211		0.35			0.35			0.35			0.35			0.51			44


		SEMIANNUAL REPORT		DECEMBER 31, 2018		23

Statements of Assets and Liabilities


(Amounts in thousands^†, except per share amounts)	PIMCO 1-3 Year U.S. Treasury Index Exchange- Traded Fund			PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange- Traded Fund			PIMCO 1-5 Year U.S. TIPS Index Exchange- Traded Fund			PIMCO 15+ Year U.S. TIPS Index Exchange- Traded Fund

Assets:

Investments, at value
Investments in securities*	$	55,001		$	142,803		$	793,721		$	193,637
Investments in Affiliates		0			0			0			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0
Over the counter		0			0			0			0
Cash		0			5			0			0
Deposits with counterparty		0			0			0			0
Foreign currency, at value		0			0			0			0
Receivable for investments sold		2,018			7,808			21,637			434
Receivable for TBA investments sold		0			0			0			0
Receivable for Fund shares sold		0			0			0			0
Interest and/or dividends receivable		333			0			1,462			874
Reimbursement receivable from PIMCO		1			0			0			0
Other assets		0			0			0			0
Total Assets		57,353			150,616			816,820			194,945

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	0		$	0		$	0		$	0
Payable for sale-buyback transactions		0			0			0			0
Payable for short sales		0			0			0			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0
Over the counter		0			0			0			0
Payable for investments purchased		1,996			6,575			21,069			0
Payable for TBA investments purchased		0			0			0			0
Payable upon return of securities loaned		0			0			0			0
Deposits from counterparty		0			0			0			0
Payable for Fund shares redeemed		0			0			0			0
Distributions payable		88			1,207			1,250			459
Overdraft due to custodian		0			0			19			0
Accrued management fees		7			19			132			33
Other liabilities		0			0			0			0
Total Liabilities		2,091			7,801			22,470			492

Net Assets	$	55,262		$	142,815		$	794,350		$	194,453

Net Assets Consist of:

Paid in capital	$	56,592		$	185,362		$	834,706		$	223,727
Distributable earnings (accumulated loss)		(1,330	)		(42,547	)		(40,356	)		(29,274	)

Net Assets	$	55,262		$	142,815		$	794,350		$	194,453

Shares Issued and Outstanding		1,102			1,270			15,620			3,120

Net Asset Value Per Share Outstanding:	$	50.15		$	112.45		$	50.85		$	62.33

Cost of investments in securities	$	55,278		$	155,750		$	813,897		$	206,772
Cost of investments in Affiliates	$	0		$	0		$	0		$	0
Cost of foreign currency held	$	0		$	0		$	0		$	0
Proceeds received on short sales	$	0		$	0		$	0		$	0
Cost or premiums of financial derivative instruments, net	$	0		$	0		$	0		$	0

* Includes repurchase agreements of:	$	264		$	0		$	1,863		$	124
^{^} Includes securities on loan of:	$	0		$	0		$	0		$	0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


24		PIMCO ETF TRUST					See Accompanying Notes

(Unaudited)


PIMCO Broad U.S. TIPS Index Exchange- Traded Fund			PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund			PIMCO Investment Grade Corporate Bond Index Exchange- Traded Fund			PIMCO Active Bond Exchange- Traded Fund			PIMCO Enhanced Low Duration Active Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active Exchange- Traded Fund			PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund		PIMCO Short Term Municipal Bond Active Exchange- Traded Fund




$	54,426		$	1,204,714		$	620,738		$	2,219,863		$	381,253		$	12,153,531		$	314,037	$	80,320
	0			32,683			651			0			0			0			0		0

	0			253			111			8			96			0			0		0
	0			0			0			26			364			0			0		0
	91			0			623			1,884			0			1,770			0		385
	0			6,952			1,834			15,259			1,465			0			0		0
	0			0			0			290			23			0			0		0
	169			21,142			0			99,302			62			2,380			3,391		0
	0			0			0			77,420			1,018			0			0		0
	0			38,128			0			0			0			7,066			0		0
	257			18,935			6,824			13,011			2,386			62,069			3,313		638
	1			0			1			0			15			0			1		0
	0			2,146			0			10			0			0			0		0
	54,944			1,324,953			630,782			2,427,073			386,682			12,226,816			320,742		81,343




$	0		$	0		$	0		$	143,520		$	106,417		$	0		$	0	$	0
	0			0			0			139,810			0			0			0		0
	0			0			0			15,614			0			0			0		0

	0			55			66			64			362			0			0		0
	0			2,553			0			684			536			0			0		0
	0			38,302			622			567			55,904			1,786			2,931		1,018
	0			0			0			129,021			1,516			0			0		0
	0			34,829			651			0			0			0			0		0
	0			0			0			1,812			60			0			0		0
	0			19,089			0			0			0			0			0		0
	98			4,032			1,962			5,814			829			27,747			596		129
	0			3,811			0			0			0			0			2,709		0
	9			611			111			889			84			3,491			81		23
	0			0			3			0			0			82			0		0
	107			103,282			3,415			437,795			165,708			33,106			6,317		1,170

$	54,837		$	1,221,671		$	627,367		$	1,989,278		$	220,974		$	12,193,710		$	314,425	$	80,173


$	58,717		$	1,450,732		$	664,244		$	2,077,797		$	226,545		$	12,242,841		$	314,076	$	80,935

	(3,880	)		(229,061	)		(36,877	)		(88,519	)		(5,571	)		(49,131	)		349		(762	)

$	54,837		$	1,221,671		$	627,367		$	1,989,278		$	220,974		$	12,193,710		$	314,425	$	80,173

	980			12,800			6,330			19,380			2,240			120,780			5,960		1,610

$	55.96		$	95.44		$	99.11		$	102.65		$	98.65		$	100.96		$	52.76	$	49.80

$	57,208		$	1,276,648		$	646,162		$	2,239,243		$	382,850		$	12,190,294		$	309,065	$	80,136
$	0		$	32,683		$	651		$	0		$	0		$	0		$	0	$	0
$	0		$	0		$	0		$	297		$	26		$	0		$	0	$	0
$	0		$	0		$	0		$	15,263		$	0		$	0		$	0	$	0
$	0		$	5,424		$	769		$	(2,990	)	$	(717	)	$	0		$	0	$	0

$	0		$	74,112		$	6,143		$	0		$	4,565		$	155,444		$	0	$	0
$	0		$	33,030		$	637		$	0		$	0		$	0		$	0	$	0


		SEMIANNUAL REPORT		DECEMBER 31, 2018		25

Statements of Operations


Six Months Ended December 31, 2018 (Unaudited)
(Amounts in thousands^†)	PIMCO 1-3 Year U.S. Treasury Index Exchange- Traded Fund			PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange- Traded Fund			PIMCO 1-5 Year U.S. TIPS Index Exchange- Traded Fund			PIMCO 15+ Year U.S. TIPS Index Exchange- Traded Fund

Investment Income:

Interest, net of foreign taxes*	$	729		$	2,390		$	8,151		$	3,158
Dividends		0			0			0			0
Dividends from Investments in Affiliates		0			0			0			0
Securities lending income		0			0			0			0
Total Income		729			2,390			8,151			3,158

Expenses:

Management fees		57			119			827			230
Trustee fees		1			2			12			3
Interest expense		0			0			0			0
Miscellaneous expense		2			0			0			0
Total Expenses		60			121			839			233
Waiver and/or Reimbursement by PIMCO		(1	)		0			0			0
Net Expenses		59			121			839			233

Net Investment Income (Loss)		670			2,269			7,312			2,925

Net Realized Gain (Loss):

Investments in securities		(229	)		(2,935	)		(2,737	)		(812	)
In-kind redemptions		(310	)		(879	)		(451	)		(1,708	)
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Short sales		0			0			0			0
Foreign currency		0			0			0			0

Net Realized Gain (Loss)		(539	)		(3,814	)		(3,188	)		(2,520	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		734			609			(6,631	)		(15,766	)
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Short sales		0			0			0			0
Foreign currency assets and liabilities		0			0			0			0

Net Change in Unrealized Appreciation (Depreciation)		734			609			(6,631	)		(15,766	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	865		$	(936	)	$	(2,507	)	$	(15,361	)

* Foreign tax withholdings	$	0		$	0		$	0		$	0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


26		PIMCO ETF TRUST					See Accompanying Notes



PIMCO Broad U.S. TIPS Index Exchange- Traded Fund			PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund			PIMCO Investment Grade Corporate Bond Index Exchange- Traded Fund			PIMCO Active Bond Exchange- Traded Fund			PIMCO Enhanced Low Duration Active Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active Exchange- Traded Fund			PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund			PIMCO Short Term Municipal Bond Active Exchange- Traded Fund



$	526		$	39,162		$	13,777		$	42,368		$	3,837		$	157,971		$	4,164		$	820
	0			0			0			1			10			0			0			0
	0			484			3			0			0			0			0			0
	0			(13	)		(2	)		0			0			0			0			0
	526			39,633			13,778			42,369			3,847			157,971			4,164			820



	53			4,340			769			5,470			438			18,989			488			131
	1			23			11			29			3			150			4			1
	0			94			17			2,716			701			660			0			0
	1			0			0			3			5			0			0			0
	55			4,457			797			8,218			1,147			19,799			492			132
	(1	)		0			0			0			(69	)		0			0			0
	54			4,457			797			8,218			1,078			19,799			492			132

	472			35,176			12,981			34,151			2,769			138,172			3,672			688



	(58	)		(9,780	)		(5,511	)		(4,832	)		148			(880	)		(68	)		(88	)
	0			(9,709	)		(4,574	)		0			0			0			0			0
	0			2,217			(9	)		(204	)		(339	)		0			0			0
	0			(1,134	)		0			221			564			0			0			0
	0			0			0			(46	)		56			0			0			0
	0			0			0			(6	)		107			0			0			0

	(58	)		(18,406	)		(10,094	)		(4,867	)		536			(880	)		(68	)		(88	)



	(1,163	)		(37,848	)		1,193			2,013			(183	)		(49,369	)		90			61
	0			(1,803	)		143			(92	)		(1,211	)		0			0			0
	0			(2,135	)		0			(183	)		(232	)		0			0			0
	0			0			0			(351	)		(8	)		0			0			0
	0			0			(2	)		0			0			0			0			0

	(1,163	)		(41,786	)		1,334			1,387			(1,634	)		(49,369	)		90			61

$	(749	)	$	(25,016	)	$	4,221		$	30,671		$	1,671		$	87,923		$	3,694		$	661

$	0		$	0		$	2		$	0		$	0		$	0		$	0		$	0


		SEMIANNUAL REPORT		DECEMBER 31, 2018		27

Statements of Changes in Net Assets


	PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund						PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

(Amounts in thousands^†)	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	670		$	1,151		$	2,269		$	4,584
Net realized gain (loss)		(539	)		(670	)		(3,814	)		(4,308	)
Net change in unrealized appreciation (depreciation)		734			(520	)		609			522

Net Increase (Decrease) in Net Assets Resulting from Operations		865			(39	)		(936	)		798

Distributions to Shareholders:

From net investment income and/or net realized capital gains*		(801	)		(1,134	)		(3,432	)		(4,645	)
Tax basis return of capital		0			0			0			0

Total Distributions^(a)		(801	)		(1,134	)		(3,432	)		(4,645	)

Fund Share Transactions:

Receipts for shares sold		0			30,158			5,453			51,744
Cost of shares redeemed		(32,418	)		(60,556	)		(22,298	)		(50,552	)
Net increase (decrease) resulting from Fund share transactions		(32,418	)		(30,398	)		(16,845	)		1,192

Total Increase (Decrease) in Net Assets		(32,354	)		(31,571	)		(21,213	)		(2,655	)

Net Assets:

Beginning of period		87,616			119,187			164,028			166,683
End of period	$	55,262		$	87,616		$	142,815		$	164,028

Shares of Beneficial Interest:

Shares sold		0			600			50			450
Shares redeemed		(650	)		(1,200	)		(200	)		(450	)
Net increase (decrease) in shares outstanding		(650	)		(600	)		(150	)		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

*	See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

^(a)


28		PIMCO ETF TRUST					See Accompanying Notes


PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund						PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund						PIMCO Broad U.S. TIPS Index Exchange-Traded Fund						PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund						PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018





$	7,312		$	19,948		$	2,925		$	7,066		$	472		$	1,291		$	35,176		$	74,891		$	12,981		$	26,676
	(3,188	)		(4,235	)		(2,520	)		(982	)		(58	)		(239	)		(18,406	)		20,566			(10,094	)		(513	)
	(6,631	)		(5,959	)		(15,766	)		7,342			(1,163	)		287			(41,786	)		(45,229	)		1,334			(38,683	)

	(2,507	)		9,754			(15,361	)		13,426			(749	)		1,339			(25,016	)		50,228			4,221			(12,520	)



	(11,921	)		(17,826	)		(4,419	)		(6,527	)		(738	)		(1,240	)		(43,493	)		(80,322	)		(15,506	)		(27,152	)
	0			0			0			0			0			0			0			0			0			0

	(11,921	)		(17,826	)		(4,419	)		(6,527	)		(738	)		(1,240	)		(43,493	)		(80,322	)		(15,506	)		(27,152	)



	46,098			41,665			3,291			128,633			5,629			20,046			745,998			1,314,803			50,324			229,491
	(63,850	)		(343,074	)		(43,803	)		(29,779	)		0			(40,314	)		(1,121,982	)		(1,442,696	)		(167,756	)		(171,194	)
	(17,752	)		(301,409	)		(40,512	)		98,854			5,629			(20,268	)		(375,984	)		(127,893	)		(117,432	)		58,297

	(32,180	)		(309,481	)		(60,292	)		105,753			4,142			(20,169	)		(444,493	)		(157,987	)		(128,717	)		18,625



	826,530			1,136,011			254,745			148,992			50,695			70,864			1,666,164			1,824,151			756,084			737,459
$	794,350		$	826,530		$	194,453		$	254,745		$	54,837		$	50,695		$	1,221,671		$	1,666,164		$	627,367		$	756,084



	900			800			50			1,950			100			350			7,600			13,050			500			2,200
	(1,250	)		(6,600	)		(700	)		(450	)		0			(700	)		(11,450	)		(14,350	)		(1,700	)		(1,700	)
	(350	)		(5,800	)		(650	)		1,500			100			(350	)		(3,850	)		(1,300	)		(1,200	)		500


		SEMIANNUAL REPORT		DECEMBER 31, 2018		29

Statements of Changes in Net Assets (Cont.)


	PIMCO Active Bond Exchange-Traded Fund						PIMCO Enhanced Low Duration Active Exchange-Traded Fund

(Amounts in thousands^†)	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	34,151		$	64,089		$	2,769		$	3,412
Net realized gain (loss)		(4,867	)		(35,474	)		536			(113	)
Net change in unrealized appreciation (depreciation)		1,387			(21,676	)		(1,634	)		(1,939	)

Net Increase (Decrease) in Net Assets Resulting from Operations		30,671			6,939			1,671			1,360

Distributions to Shareholders:

From net investment income and/or net realized capital gains*		(41,203	)		(61,891	)		(3,708	)		(3,376	)
Tax basis return of capital		0			(5,271	)		0			0

Total Distributions^(a)		(41,203	)		(67,162	)		(3,708	)		(3,376	)

Fund Share Transactions:

Receipts for shares sold		107,011			201,594			65,629			73,439
Cost of shares redeemed		(179,333	)		(108,896	)		0			(7,988	)
Net increase (decrease) resulting from Fund share transactions		(72,322	)		92,698			65,629			65,451

Total Increase (Decrease) in Net Assets		(82,854	)		32,475			63,592			63,435

Net Assets:

Beginning of period		2,072,132			2,039,657			157,382			93,947
End of period	$	1,989,278		$	2,072,132		$	220,974		$	157,382

Shares of Beneficial Interest:

Shares sold		1,050			1,900			660			730
Shares redeemed		(1,750	)		(1,050	)		0			(80	)
Net increase (decrease) in shares outstanding		(700	)		850			660			650

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

*	See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

^(a)


30		PIMCO ETF TRUST					See Accompanying Notes


PIMCO Enhanced Short Maturity Active Exchange-Traded Fund						PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund						PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018





$	138,172		$	155,560		$	3,672		$	6,579		$	688		$	1,031
	(880	)		(4,843	)		(68	)		(445	)		(88	)		(221	)
	(49,369	)		(13,066	)		90			(2,970	)		61			(268	)

	87,923			137,651			3,694			3,164			661			542



	(159,698	)		(149,394	)		(4,263	)		(6,575	)		(787	)		(1,009	)
	0			0			0			0			0			0

	(159,698	)		(149,394	)		(4,263	)		(6,575	)		(787	)		(1,009	)



	4,062,381			2,993,841			52,778			24,103			12,425			7,535
	(1,207,036	)		(767,903	)		(13,093	)		(5,300	)		0			(5,020	)
	2,855,345			2,225,938			39,685			18,803			12,425			2,515

	2,783,570			2,214,195			39,116			15,392			12,299			2,048



	9,410,140			7,195,945			275,309			259,917			67,874			65,826
$	12,193,710		$	9,410,140		$	314,425		$	275,309		$	80,173		$	67,874



	40,040			29,470			1,000			450			250			150
	(11,900	)		(7,560	)		(250	)		(100	)		0			(100	)
	28,140			21,910			750			350			250			50


		SEMIANNUAL REPORT		DECEMBER 31, 2018		31

Statement of Cash Flows


Six Months Ended December 31, 2018 (Unaudited)
(Amounts in thousands^†)	PIMCO Enhanced Low Duration Active Exchange- Traded Fund

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	1,671

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(1,487,711	)
Proceeds from sales of long-term securities		1,355,634
(Purchases) Proceeds from sales of short-term portfolio investments, net		(15,993	)
(Increase) decrease in deposits with counterparty		(957	)
(Increase) decrease in receivable for investments sold		23,569
(Increase) decrease in interest and/or dividends receivable		(891	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(1,273	)
Proceeds from (Payments on) over the counter financial derivative instruments		580
(Increase) decrease in reimbursement receivable from PIMCO		(5	)
Increase (decrease) in payable for investments purchased		54,230
Increase (decrease) in deposits from counterparty		60
Increase (decrease) in accrued management fees		25
Proceeds from (Payments on) short sales transactions, net		(7,656	)
Proceeds from (Payments on) foreign currency transactions		107
Net Realized (Gain) Loss
Investments in securities		(148	)
Exchange-traded or centrally cleared financial derivative instruments		339
Over the counter financial derivative instruments		(564	)
Short sales		(56	)
Foreign currency		(107	)
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		183
Exchange-traded or centrally cleared financial derivative instruments		1,211
Over the counter financial derivative instruments		232
Short sales		8
Net amortization (accretion) on investments		65

Net Cash Provided by (Used for) Operating Activities		(77,447	)

Cash Flows Received from (Used for) Financing Activities:

Proceeds from shares sold		67,621
Increase (decrease) in overdraft due to custodian		(17,883	)
Cash distributions paid		(2,879	)
Proceeds from reverse repurchase agreements		121,640
Payments on reverse repurchase agreements		(15,223	)
Proceeds from sale-buyback transactions		2,593,248
Payments on sale-buyback transactions		(2,669,072	)

Net Cash Received from (Used for) Financing Activities		77,452

Net Increase (Decrease) in Cash and Foreign Currency		5

Cash and Foreign Currency:

Beginning of period		18
End of period	$	23

Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	574

†	A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.


32		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%

U.S. TREASURY OBLIGATIONS 99.0%

U.S. Treasury Notes
1.375% due 01/15/2020	$		2,380	$		2,350
1.375% due 09/15/2020			1,875			1,840
1.500% due 04/15/2020			2,270			2,240
1.500% due 06/15/2020			1,805			1,779
1.500% due 07/15/2020			2,215			2,181
1.500% due 08/15/2020			1,875			1,844
1.625% due 03/15/2020			2,160			2,136
1.625% due 10/15/2020			2,075			2,043
1.750% due 11/30/2021			500			490
1.875% due 12/15/2020			2,120			2,095
2.000% due 01/15/2021			2,015			1,995


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.000% due 11/15/2021	$		2,500	$		2,468
2.125% due 08/15/2021			2,395			2,373
2.375% due 03/15/2021			1,970			1,965
2.375% due 04/15/2021			2,565			2,559
2.625% due 08/15/2020			2,160			2,163
2.625% due 11/15/2020			3,160			3,166
2.625% due 06/15/2021			2,200			2,208
2.625% due 07/15/2021			1,405			1,410
2.750% due 09/15/2021			1,785			1,797
2.875% due 10/15/2021			2,000			2,021
3.125% due 05/15/2021			3,120			3,167
3.500% due 05/15/2020			2,715			2,749
3.625% due 02/15/2020			3,410			3,447
3.625% due 02/15/2021			2,200			2,251

Total U.S. Treasury Obligations (Cost $55,014)						54,737

MARKET
VALUE
(000S)

SHORT-TERM INSTRUMENTS 0.5%

REPURCHASE AGREEMENTS (a) 0.5%

264

Total Short-Term Instruments
(Cost $264)

264

Total Investments in Securities
(Cost $55,278)

55,001

Total Investments 99.5%
(Cost $55,278)

55,001

Other Assets and Liabilities, net 0.5%

261

Net Assets 100.0%

55,262

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(a) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.000	%		12/31/2018		01/02/2019	$	264	U.S. Treasury Notes 2.875% due 07/31/2025	$	(272	)	$	264	$	264

Total Repurchase Agreements											$	(272	)	$	264	$	264

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	264	$	0	$	0	$	0	$	264	$	(272	)	$	(8	)

Total Borrowings and Other Financing Transactions	$	264	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	54,737	$	0	$	54,737
Short-Term Instruments
Repurchase Agreements		0		264		0		264


Total Investments	$	0	$	55,001	$	0	$	55,001

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		33

Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%

U.S. TREASURY OBLIGATIONS 100.0%

U.S. Treasury STRIPS (a)
0.000% due 02/15/2044	$		16,489	$		7,692
0.000% due 05/15/2044			16,429			7,626
0.000% due 08/15/2044			16,259			7,493
0.000% due 11/15/2044			16,560			7,575
0.000% due 02/15/2045			16,461			7,460
0.000% due 05/15/2045			16,331			7,356
0.000% due 08/15/2045			16,352			7,299
0.000% due 11/15/2045			16,533			7,337
0.000% due 02/15/2046			16,478			7,229
0.000% due 05/15/2046			16,227			7,066
0.000% due 08/15/2046			16,563			7,164
0.000% due 11/15/2046			16,226			6,967
0.000% due 02/15/2047			16,504			7,051
0.000% due 05/15/2047			16,612			7,026


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 08/15/2047	$		16,295	$		6,830
0.000% due 11/15/2047			16,384			6,809
0.000% due 02/15/2048			16,547			6,827
0.000% due 05/15/2048			16,447			6,733
0.000% due 08/15/2048			16,400			6,675
0.000% due 11/15/2048			16,300			6,588

Total U.S. Treasury Obligations (Cost $155,750)						142,803



Total Investments in Securities (Cost $155,750)						142,803


Total Investments 100.0% (Cost $155,750)				$		142,803

Other Assets and Liabilities, net 0.0%						12

Net Assets 100.0%				$		142,815

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	142,803	$	0	$	142,803

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


34		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%

U.S. TREASURY OBLIGATIONS 99.7%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 04/15/2020	$		91,591	$		89,562
0.125% due 04/15/2021			70,966			69,044
0.125% due 01/15/2022			68,469			66,475
0.125% due 04/15/2022			73,252			70,890
0.125% due 07/15/2022			67,647			65,720
0.125% due 01/15/2023			74,675			72,143
0.375% due 07/15/2023			74,768			73,129
0.625% due 07/15/2021			65,543			64,839
0.625% due 04/15/2023			69,172			68,053
1.125% due 01/15/2021			71,547			71,233
1.250% due 07/15/2020			52,187			52,088
1.375% due 01/15/2020			28,858			28,682

Total U.S. Treasury Obligations (Cost $812,034)						791,858

MARKET
VALUE
(000S)

SHORT-TERM INSTRUMENTS 0.2%

REPURCHASE AGREEMENTS (b) 0.2%

1,863

Total Short-Term Instruments
(Cost $1,863)

1,863

Total Investments in Securities
(Cost $813,897)

793,721

Total Investments 99.9%
(Cost $813,897)

793,721

Other Assets and Liabilities, net 0.1%

629

Net Assets 100.0%

794,350

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.000	%		12/31/2018		01/02/2019	$	1,863	U.S. Treasury Notes 2.875% due 07/31/2025	$	(1,903	)	$	1,863	$	1,863

Total Repurchase Agreements											$	(1,903	)	$	1,863	$	1,863

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	1,863	$	0	$	0	$	0	$	1,863	$	(1,903	)	$	(40	)

Total Borrowings and Other Financing Transactions	$	1,863	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	791,858	$	0	$	791,858
Short-Term Instruments
Repurchase Agreements		0		1,863		0		1,863


Total Investments	$	0	$	793,721	$	0	$	793,721

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		35

Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%

U.S. TREASURY OBLIGATIONS 99.5%

U.S. Treasury Inflation Protected Securities (a)
0.625% due 02/15/2043	$		24,549	$		21,575
0.750% due 02/15/2042			23,955			21,792
0.750% due 02/15/2045			24,051			21,564
0.875% due 02/15/2047			18,918			17,408
1.000% due 02/15/2046			20,181			19,180
1.000% due 02/15/2048			17,955			17,055
1.375% due 02/15/2044			22,926			23,727
2.125% due 02/15/2040			16,468			19,401
2.125% due 02/15/2041			26,875			31,811

Total U.S. Treasury Obligations (Cost $206,648)						193,513

MARKET
VALUE
(000S)

SHORT-TERM INSTRUMENTS 0.1%

REPURCHASE AGREEMENTS (b) 0.1%

124

Total Short-Term Instruments
(Cost $124)

124

Total Investments in Securities
(Cost $206,772)

193,637

Total Investments 99.6%
(Cost $206,772)

193,637

Other Assets and Liabilities, net 0.4%

816

Net Assets 100.0%

194,453

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.000	%		12/31/2018		01/02/2019	$	124	U.S. Treasury Notes 2.875% due 07/31/2025	$	(128	)	$	124	$	124

Total Repurchase Agreements											$	(128	)	$	124	$	124

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	124	$	0	$	0	$	0	$	124	$	(128	)	$	(4	)

Total Borrowings and Other Financing Transactions	$	124	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	193,513	$	0	$	193,513
Short-Term Instruments
Repurchase Agreements		0		124		0		124


Total Investments	$	0	$	193,637	$	0	$	193,637

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


36		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.3%

U.S. TREASURY OBLIGATIONS 99.3%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 01/15/2022	$		4,107	$		3,988
0.125% due 07/15/2022			3,211			3,120
0.125% due 01/15/2023			2,709			2,618
0.125% due 07/15/2026			1,374			1,291
0.375% due 07/15/2025			3,457			3,335
0.375% due 01/15/2027			1,676			1,593
0.500% due 01/15/2028			457			437
0.625% due 01/15/2024			4,986			4,909
0.750% due 07/15/2028			729			714
0.750% due 02/15/2042			2,900			2,638
0.875% due 02/15/2047			776			714
1.000% due 02/15/2046			848			806
1.000% due 02/15/2048			550			522
1.125% due 01/15/2021			5,677			5,652
1.375% due 01/15/2020			2,793			2,776


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.375% due 02/15/2044	$		2,814	$		2,912
1.750% due 01/15/2028			3,851			4,092
2.000% due 01/15/2026			3,350			3,576
2.125% due 02/15/2040			717			845
2.375% due 01/15/2025			3,696			3,998
2.500% due 01/15/2029			2,803			3,194
3.375% due 04/15/2032			541			696

Total U.S. Treasury Obligations (Cost $57,208)						54,426



Total Investments in Securities (Cost $57,208)						54,426


Total Investments 99.3% (Cost $57,208)				$		54,426

Other Assets and Liabilities, net 0.7%						411

Net Assets 100.0%				$		54,837

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

Principal amount of security is adjusted for inflation.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	54,426	$	0	$	54,426

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		37

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.6%

CORPORATE BONDS & NOTES 92.2%

BANKING & FINANCE 11.4%

Abe Investment Holdings, Inc.
10.500% due 10/16/2020	$		1,200	$		1,221

AGFC Capital Trust
4.186% (US0003M + 1.750%) due 01/15/2067 ~			1,440			648

Aircastle Ltd.
5.125% due 03/15/2021			1,231			1,252
5.500% due 02/15/2022			2,245			2,299

Alliant Holdings Intermediate LLC
8.250% due 08/01/2023			2,512			2,504

Ally Financial, Inc.
3.500% due 01/27/2019			3,241			3,241
3.750% due 11/18/2019			4,020			4,015
4.125% due 03/30/2020			3,479			3,451
4.125% due 02/13/2022			6,066			5,907
4.250% due 04/15/2021			3,194			3,147
8.000% due 03/15/2020			1,640			1,702

Ardonagh Midco PLC
8.625% due 07/15/2023			1,618			1,383

Avolon Holdings Funding Ltd.
5.125% due 10/01/2023			1,640			1,570
5.500% due 01/15/2023			300			292

CIT Group, Inc.
5.000% due 08/15/2022			10,104			9,990

CoreCivic, Inc.
5.000% due 10/15/2022			4,596			4,418

Equinix, Inc.
5.375% due 01/01/2022			3,383			3,417

Genworth Holdings, Inc.
7.625% due 09/24/2021			3,456			3,430

GLP Capital LP
4.375% due 04/15/2021			300			300
4.875% due 11/01/2020			3,251			3,287

Icahn Enterprises LP
6.250% due 02/01/2022			2,980			2,950

International Lease Finance Corp.
6.250% due 05/15/2019			1,569			1,583

Iron Mountain, Inc.
4.375% due 06/01/2021			2,893			2,864

iStar, Inc.
5.000% due 07/01/2019			1,315			1,312
5.250% due 09/15/2022			3,216			3,015
6.000% due 04/01/2022			2,778			2,695

Jefferies Finance LLC
6.875% due 04/15/2022			1,730			1,691
7.375% due 04/01/2020			4,503			4,509
7.500% due 04/15/2021			4,977			4,989

KCA Deutag UK Finance PLC
9.875% due 04/01/2022			4,018			3,315

LoanCore Capital Markets LLC
6.875% due 06/01/2020			1,720			1,721

MGIC Investment Corp.
5.750% due 08/15/2023			3,749			3,744

Navient Corp.
4.875% due 06/17/2019			1,903			1,897
5.000% due 10/26/2020			3,057			2,935
5.500% due 01/25/2023			4,940			4,341
6.500% due 06/15/2022			2,896			2,702
6.625% due 07/26/2021			3,528			3,413
7.250% due 01/25/2022			500			484
8.000% due 03/25/2020			1,717			1,749

Radian Group, Inc.
5.250% due 06/15/2020			1,285			1,298
7.000% due 03/15/2021			1,118			1,167

Realogy Group LLC
4.500% due 04/15/2019			1,705			1,703

Royal Bank of Scotland Group PLC
7.648% due 09/30/2031 •(e)			233			288

SBA Communications Corp.
4.000% due 10/01/2022			7,111			6,809


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Springleaf Finance Corp.
5.625% due 03/15/2023	$		500	$		462
6.125% due 05/15/2022			6,427			6,264
7.750% due 10/01/2021			4,427			4,460
8.250% due 12/15/2020			1,902			1,973

Starwood Property Trust, Inc.
5.000% due 12/15/2021			3,653			3,598

Stearns Holdings LLC
9.375% due 08/15/2020			1,977			1,868

VEREIT Operating Partnership LP
4.125% due 06/01/2021			100			101

						139,374


INDUSTRIALS 74.8%

24 Hour Fitness Worldwide, Inc.
8.000% due 06/01/2022 (g)			5,101			4,833

Acadia Healthcare Co., Inc.
5.625% due 02/15/2023			750			714

Actuant Corp.
5.625% due 06/15/2022			1,000			992

ADT Security Corp.
3.500% due 07/15/2022			5,679			5,274
5.250% due 03/15/2020			3,672			3,700
6.250% due 10/15/2021			4,317			4,398

Aleris International, Inc.
10.750% due 07/15/2023			2,557			2,619

Algeco Global Finance PLC
8.000% due 02/15/2023			5,619			5,268

Allegheny Technologies, Inc.
5.950% due 01/15/2021			3,539			3,486

Altice Financing S.A.
6.625% due 02/15/2023			5,840			5,621

Altice Luxembourg S.A.
7.750% due 05/15/2022			8,670			7,922

American Airlines Group, Inc.
5.500% due 10/01/2019			5,485			5,526

Anixter, Inc.
5.125% due 10/01/2021			4,431			4,442

Antero Resources Corp.
5.125% due 12/01/2022			1,000			944
5.375% due 11/01/2021			4,050			3,923

APX Group, Inc.
8.750% due 12/01/2020			1,710			1,633

ArcelorMittal
5.125% due 06/01/2020			1,692			1,721
5.250% due 08/05/2020			2,584			2,629
5.500% due 03/01/2021			2,221			2,285
6.250% due 02/25/2022			2,843			3,011

Arconic, Inc.
5.400% due 04/15/2021			4,921			4,987
6.150% due 08/15/2020			5,916			6,057

ARD Finance S.A. (7.125% Cash or 7.875% PIK)
7.125% due 09/15/2023 (a)			1,480			1,336

Ardagh Packaging Finance PLC
4.250% due 09/15/2022			4,401			4,203
4.625% due 05/15/2023			1,895			1,800

Ascent Resources Utica Holdings LLC
10.000% due 04/01/2022			5,106			5,248

Ashland LLC
4.750% due 08/15/2022			1,000			989

Avon International Operations, Inc.
7.875% due 08/15/2022			250			248

Avon Products, Inc.
6.600% due 03/15/2020			5,429			5,429
7.000% due 03/15/2023			5,647			4,814

B&G Foods, Inc.
4.625% due 06/01/2021			3,090			3,024

Ball Corp.
4.375% due 12/15/2020			4,223			4,249

Barminco Finance Pty. Ltd.
6.625% due 05/15/2022			4,114			4,034

Bausch Health Cos., Inc.
5.500% due 03/01/2023			5,656			5,178


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.625% due 12/01/2021	$		3,550	$		3,499
5.875% due 05/15/2023			1,846			1,714
6.500% due 03/15/2022			600			605

Baytex Energy Corp.
5.125% due 06/01/2021			4,728			4,551

BC Unlimited Liability Co.
4.625% due 01/15/2022			6,472			6,278
14.000% due 02/13/2020 ^(a)(b)			672			4

Bombardier, Inc.
6.125% due 01/15/2023			1,480			1,391
7.750% due 03/15/2020			5,125			5,221
8.750% due 12/01/2021			9,078			9,384

Bristow Group, Inc.
6.250% due 10/15/2022			4,449			1,579

Brookfield Residential Properties, Inc.
6.500% due 12/15/2020			1,710			1,712

Bruin E&P Partners LLC
8.875% due 08/01/2023			3,240			2,896

Cablevision Systems Corp.
5.875% due 09/15/2022			1,600			1,576
8.000% due 04/15/2020			3,938			3,997

California Resources Corp.
8.000% due 12/15/2022 (g)			6,024			4,096

Calumet Specialty Products Partners LP
6.500% due 04/15/2021			6,116			5,122

Carrizo Oil & Gas, Inc.
6.250% due 04/15/2023			3,749			3,487

CCO Holdings LLC
5.250% due 03/15/2021			1,671			1,673

Centene Corp.
4.750% due 05/15/2022			4,664			4,623
5.625% due 02/15/2021			2,699			2,712

CF Industries, Inc.
7.125% due 05/01/2020			4,162			4,297

Chesapeake Energy Corp.
4.875% due 04/15/2022			5,551			4,871
5.375% due 06/15/2021			1,000			920
6.625% due 08/15/2020			4,532			4,407

CITGO Holding, Inc.
10.750% due 02/15/2020			3,529			3,608

Clean Harbors, Inc.
5.125% due 06/01/2021			4,230			4,230

Clear Channel Worldwide Holdings, Inc.
6.500% due 11/15/2022			1,000			1,005
7.625% due 03/15/2020			10,234			10,017

Clearwater Paper Corp.
4.500% due 02/01/2023			1,480			1,339

CNX Resources Corp.
5.875% due 04/15/2022			6,110			5,881

Cogent Communications Group, Inc.
5.375% due 03/01/2022			4,356			4,345

CommScope, Inc.
5.000% due 06/15/2021			3,687			3,664

Community Health Systems, Inc.
6.250% due 03/31/2023			6,139			5,602
6.875% due 02/01/2022			5,751			2,645
11.000% due 06/30/2023 Ø(g)			5,047			3,911

Consolidated Communications, Inc.
6.500% due 10/01/2022			3,383			2,994

Continental Resources, Inc.
5.000% due 09/15/2022			800			795

CPG Merger Sub LLC
8.000% due 10/01/2021			5,146			5,017

Crown Americas LLC
4.500% due 01/15/2023			2,974			2,911

CSC Holdings LLC
6.750% due 11/15/2021			5,232			5,376
8.625% due 02/15/2019			1,325			1,332

DAE Funding LLC
4.000% due 08/01/2020			200			196
4.500% due 08/01/2022			200			193

Darling Ingredients, Inc.
5.375% due 01/15/2022			2,770			2,760


38		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

DCP Midstream Operating LP
5.350% due 03/15/2020	$		2,750	$		2,767

Dell International LLC
5.875% due 06/15/2021			5,502			5,510

Dell, Inc.
4.625% due 04/01/2021			3,723			3,676

Denbury Resources, Inc.
9.000% due 05/15/2021			5,179			4,868

Diamond Resorts International, Inc.
7.750% due 09/01/2023			200			193

DISH DBS Corp.
5.125% due 05/01/2020			6,599			6,533
5.875% due 07/15/2022			6,458			5,966
6.750% due 06/01/2021			5,210			5,169
7.875% due 09/01/2019			2,861			2,926

DJO Finance LLC
8.125% due 06/15/2021			3,995			4,125
10.750% due 04/15/2020			1,265			1,268

DKT Finance ApS
9.375% due 06/17/2023			1,100			1,130

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021			1,710			1,719

DynCorp International, Inc. (10.375% Cash and 1.500% PIK)
11.875% due 11/30/2020 (a)			926			958

Edgewell Personal Care Co.
4.700% due 05/19/2021			3,225			3,189

Eldorado Resorts, Inc.
7.000% due 08/01/2023			3,849			3,964

EMC Corp.
2.650% due 06/01/2020			3,368			3,235

Endo Dac
6.000% due 07/15/2023			3,858			2,961

Endo Finance LLC
5.750% due 01/15/2022			7,345			6,151

Energy Transfer LP
7.500% due 10/15/2020			2,650			2,763

Ferrellgas LP
6.750% due 01/15/2022			4,887			4,007

Fiat Chrysler Automobiles NV
4.500% due 04/15/2020			6,663			6,696
5.250% due 04/15/2023			3,586			3,534

FMG Resources Pty. Ltd.
4.750% due 05/15/2022			4,641			4,426

Freeport-McMoRan, Inc.
3.100% due 03/15/2020			3,466			3,397
3.550% due 03/01/2022			4,841			4,593
3.875% due 03/15/2023			3,424			3,176
4.000% due 11/14/2021			1,000			976

Fresenius Medical Care U.S. Finance, Inc.
5.625% due 07/31/2019			10			10

GameStop Corp.
6.750% due 03/15/2021 (g)			1,897			1,897

Gates Global LLC
6.000% due 07/15/2022			4,568			4,494

GFL Environmental, Inc.
5.625% due 05/01/2022			4,158			3,857

Global Partners LP
6.250% due 07/15/2022			3,033			2,881

Global Ship Lease, Inc.
9.875% due 11/15/2022			1,036			998

goeasy Ltd.
7.875% due 11/01/2022			1,730			1,756

Gogo Intermediate Holdings LLC
12.500% due 07/01/2022			2,200			2,361

Griffon Corp.
5.250% due 03/01/2022			6,393			5,810

Harland Clarke Holdings Corp.
8.375% due 08/15/2022			3,917			3,589

Harvest Operations Corp.
2.330% due 04/14/2021			10			10

HCA Healthcare, Inc.
6.250% due 02/15/2021			3,303			3,386


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

HCA, Inc.
4.250% due 10/15/2019	$		50	$		50
5.875% due 03/15/2022			7,271			7,471
6.500% due 02/15/2020			5,738			5,896
7.500% due 02/15/2022			2,864			3,050

Herc Rentals, Inc.
7.500% due 06/01/2022			1,380			1,449

Hertz Corp.
5.875% due 10/15/2020			4,329			4,215
7.625% due 06/01/2022			3,257			3,078

Hexion, Inc.
6.625% due 04/15/2020			5,342			4,274

Hillman Group, Inc.
6.375% due 07/15/2022			1,950			1,599

Hughes Satellite Systems Corp.
7.625% due 06/15/2021			3,364			3,499

Huntsman International LLC
4.875% due 11/15/2020			5,487			5,528

iHeartCommunications, Inc.
9.000% due 12/15/2019 ^(b)			6,870			4,637
9.000% due 03/01/2021 ^(b)			13,050			8,809
11.250% due 03/01/2021 ^(b)			6,950			4,517

IHO Verwaltungs GmbH (4.125% Cash or 4.875% PIK)
4.125% due 09/15/2021 (a)			2,565			2,450

Imperial Metals Corp.
7.000% due 03/15/2019			400			270

Infor Software Parent LLC (7.125% Cash or 7.875% PIK)
7.125% due 05/01/2021 (a)			5,052			4,938

Infor U.S., Inc.
6.500% due 05/15/2022			6,574			6,383

Informatica LLC
7.125% due 07/15/2023			1,100			1,077

Inmarsat Finance PLC
4.875% due 05/15/2022			4,363			4,128

Intelsat Connect Finance S.A.
9.500% due 02/15/2023			3,051			2,639

Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023			3,100			2,712
9.500% due 09/30/2022			4,915			5,628

International Game Technology PLC
6.250% due 02/15/2022			7,566			7,623

INVISTA Finance LLC
4.250% due 10/15/2019			1,750			1,746

IQVIA, Inc.
4.875% due 05/15/2023			4,586			4,517

Jack Ohio Finance LLC
6.750% due 11/15/2021			2,871			2,907

Jaguar Holding Co.
6.375% due 08/01/2023			4,760			4,561

Jaguar Land Rover Automotive PLC
3.500% due 03/15/2020			2,965			2,843

JC Penney Corp., Inc.
5.650% due 06/01/2020			24			18

Jurassic Holdings, Inc.
6.875% due 02/15/2021 (g)			3,338			2,837

KB Home
4.750% due 05/15/2019			3,388			3,388
7.000% due 12/15/2021			3,714			3,793
7.500% due 09/15/2022			2,021			2,087
8.000% due 03/15/2020			1,422			1,472

KGA Escrow LLC
7.500% due 08/15/2023			1,680			1,661

Kinetic Concepts, Inc.
7.875% due 02/15/2021			1,734			1,758
12.500% due 11/01/2021			1,000			1,075

Kronos Acquisition Holdings, Inc.
9.000% due 08/15/2023			250			193

L Brands, Inc.
5.625% due 02/15/2022			4,874			4,874
6.625% due 04/01/2021			9,727			10,019

Lennar Corp.
4.125% due 01/15/2022			800			771
4.500% due 11/15/2019			2,679			2,666
4.750% due 04/01/2021			3,827			3,803


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.750% due 11/15/2022	$		1,789	$		1,742
6.250% due 12/15/2021			1,710			1,746
6.625% due 05/01/2020			250			258

Lightstream Resources Ltd.
8.625% due 02/01/2020 ^«(b)			3,575			984

LKQ Corp.
4.750% due 05/15/2023			2,403			2,295

Mallinckrodt International Finance S.A.
4.875% due 04/15/2020			3,293			3,194
5.750% due 08/01/2022 (g)			4,164			3,602

Masonite International Corp.
5.625% due 03/15/2023			1,680			1,636

MEG Energy Corp.
6.375% due 01/30/2023			3,405			3,230

Men’s Wearhouse, Inc.
7.000% due 07/01/2022			449			453

MGM Resorts International
5.250% due 03/31/2020			1,730			1,739
6.625% due 12/15/2021			4,576			4,702
6.750% due 10/01/2020			3,947			4,065
7.750% due 03/15/2022			2,601			2,773
8.625% due 02/01/2019			5,259			5,292

Momentive Performance Materials, Inc.
3.880% due 10/24/2021			2,655			2,824

Murphy Oil Corp.
4.000% due 06/01/2022			1,000			939
4.450% due 12/01/2022			4,327			4,085

Murphy Oil USA, Inc.
6.000% due 08/15/2023			1,680			1,695

Murray Energy Corp.
11.250% due 04/15/2021			3,024			1,901

Nabors Industries, Inc.
4.625% due 09/15/2021			4,199			3,786
5.000% due 09/15/2020			1,869			1,807

National CineMedia LLC
6.000% due 04/15/2022			3,337			3,358

Navios Maritime Holdings, Inc.
7.375% due 01/15/2022			4,425			2,832

NCL Corp. Ltd.
4.750% due 12/15/2021			1,688			1,680

NCR Corp.
5.000% due 07/15/2022			3,647			3,456
5.875% due 12/15/2021			1,100			1,077

Neiman Marcus Group Ltd. LLC
8.000% due 10/15/2021			4,980			2,079

Netflix, Inc.
5.500% due 02/15/2022			7,383			7,464

Newfield Exploration Co.
5.750% due 01/30/2022			2,714			2,748

Nielsen Finance LLC
5.000% due 04/15/2022			7,022			6,741

Nine Energy Service, Inc.
8.750% due 11/01/2023			1,480			1,413

Nokia Oyj
3.375% due 06/12/2022			3,532			3,347
5.375% due 05/15/2019			2,039			2,049

Northwest Acquisitions ULC
7.125% due 11/01/2022			1,580			1,566

Nuance Communications, Inc.
5.375% due 08/15/2020			949			948

NuStar Logistics LP
4.800% due 09/01/2020			1,933			1,904

NXP BV
3.875% due 09/01/2022			1,040			1,001
4.125% due 06/15/2020			1,440			1,437
4.125% due 06/01/2021			1,086			1,075

Oasis Petroleum, Inc.
6.875% due 03/15/2022			2,842			2,686

Open Text Corp.
5.625% due 01/15/2023			5,249			5,249

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			9,722			8,798

Owens-Brockway Glass Container, Inc.
5.000% due 01/15/2022			2,137			2,124


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		39

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Park Aerospace Holdings Ltd.
3.625% due 03/15/2021	$		1,200	$		1,158
4.500% due 03/15/2023			3,348			3,139
5.250% due 08/15/2022			5,524			5,365

Party City Holdings, Inc.
6.125% due 08/15/2023 (g)			1,431			1,410

Perstorp Holding AB
11.000% due 09/30/2021			1,000			1,066

PetSmart, Inc.
7.125% due 03/15/2023			1,480			870

Platform Specialty Products Corp.
6.500% due 02/01/2022			6,494			6,518

PolyOne Corp.
5.250% due 03/15/2023			3,950			3,831

Precision Drilling Corp.
6.500% due 12/15/2021			1,219			1,140
7.750% due 12/15/2023			250			232

Prestige Brands, Inc.
5.375% due 12/15/2021			3,090			3,032

QEP Resources, Inc.
5.375% due 10/01/2022			3,093			2,826

Radiate Holdco LLC
6.875% due 02/15/2023			1,735			1,583

Range Resources Corp.
5.000% due 08/15/2022			6,048			5,436

Resolute Energy Corp.
8.500% due 05/01/2020			1,280			1,262

Revlon Consumer Products Corp.
5.750% due 02/15/2021 (g)			3,348			2,536

Reynolds Group Issuer, Inc.
5.125% due 07/15/2023			3,637			3,469
5.750% due 10/15/2020			8,894			8,882

Riverbed Technology, Inc.
8.875% due 03/01/2023 (g)			1,730			1,285

Rivers Pittsburgh Borrower LP
6.125% due 08/15/2021			3,730			3,627

Rockies Express Pipeline LLC
5.625% due 04/15/2020			8,179			8,220
6.000% due 01/15/2019			2,600			2,602

Rowan Cos., Inc.
4.875% due 06/01/2022			4,108			3,405
7.875% due 08/01/2019			2,433			2,415

RR Donnelley & Sons Co.
7.875% due 03/15/2021			1,123			1,129

Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			10			10

Sable Permian Resources Land LLC
7.125% due 11/01/2020 (g)			3,617			832
13.000% due 11/30/2020			3,045			3,197

Sabre GLBL, Inc.
5.375% due 04/15/2023			5,775			5,775

Sanchez Energy Corp.
7.250% due 02/15/2023 (g)			1,480			1,214
7.750% due 06/15/2021			5,688			1,365

Sanmina Corp.
4.375% due 06/01/2019			1,568			1,568

Scientific Games International, Inc.
10.000% due 12/01/2022			5,260			5,345

Select Medical Corp.
6.375% due 06/01/2021			2,624			2,627

SESI LLC
7.125% due 12/15/2021			1,609			1,376

Sinclair Television Group, Inc.
5.375% due 04/01/2021			1,710			1,710
6.125% due 10/01/2022			1,710			1,727

Sirius XM Radio, Inc.
3.875% due 08/01/2022			4,021			3,869

Sotera Health Topco, Inc. (8.125% Cash or 8.875% PIK)
8.125% due 11/01/2021 (a)			3,730			3,516

Southwestern Energy Co.
4.100% due 03/15/2022			60			55

Spectrum Brands Holdings, Inc.
7.750% due 01/15/2022			6,939			7,043


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Standard Industries, Inc.
5.500% due 02/15/2023	$		2,783	$		2,734

Sunoco LP
4.875% due 01/15/2023			3,170			3,099

Syniverse Holdings, Inc.
9.125% due 01/15/2019			281			279

T-Mobile USA, Inc.
4.000% due 04/15/2022			3,718			3,634

Taylor Morrison Communities, Inc.
5.250% due 04/15/2021			1,660			1,650

Teekay Corp.
8.500% due 01/15/2020 (g)			1,963			1,882

TEGNA, Inc.
5.125% due 10/15/2019			1,259			1,260

Teine Energy Ltd.
6.875% due 09/30/2022			3,287			3,205

Tenet Healthcare Corp.
4.375% due 10/01/2021			3,885			3,778
4.500% due 04/01/2021			2,723			2,662
4.750% due 06/01/2020			2,749			2,753
5.500% due 03/01/2019			2,211			2,219
6.000% due 10/01/2020			7,145			7,261
7.500% due 01/01/2022			600			610
8.125% due 04/01/2022			5,628			5,663

Toll Brothers Finance Corp.
5.875% due 02/15/2022			2,164			2,183

TPC Group, Inc.
8.750% due 12/15/2020			3,981			3,802

TransDigm, Inc.
5.500% due 10/15/2020			2,914			2,896
6.000% due 07/15/2022			3,074			3,009

Transocean, Inc.
5.800% due 10/15/2022			5,968			5,282
9.000% due 07/15/2023			700			699

TRI Pointe Group, Inc.
4.875% due 07/01/2021			1,300			1,245

Triumph Group, Inc.
4.875% due 04/01/2021			3,784			3,415

TRU Taj LLC
12.000% due 08/15/2021 ^			2,000			980

Unisys Corp.
10.750% due 04/15/2022			1,725			1,895

Unit Corp.
6.625% due 05/15/2021			3,141			2,874

United Continental Holdings, Inc.
4.250% due 10/01/2022			1,690			1,633

United Rentals North America, Inc.
4.625% due 07/15/2023			2,281			2,247

Univision Communications, Inc.
5.125% due 05/15/2023			500			450

VeriSign, Inc.
4.625% due 05/01/2023			3,624			3,579

Vertiv Intermediate Holding Corp. (12.000% Cash or 13.000% PIK)
12.000% due 02/15/2022 (a)			1,200			1,108

Videotron Ltd.
5.000% due 07/15/2022			1,680			1,678

Virgin Australia Holdings Ltd.
7.875% due 10/15/2021			1,100			1,075

Virgin Media Secured Finance PLC
5.250% due 01/15/2021			3,699			3,691

Watco Cos. LLC
6.375% due 04/01/2023			2,043			2,058

Weatherford International Ltd.
4.500% due 04/15/2022 (g)			2,875			1,696
7.750% due 06/15/2021 (g)			3,172			2,395

WEX, Inc.
4.750% due 02/01/2023			2,003			1,958

Whiting Petroleum Corp.
5.750% due 03/15/2021			3,321			3,172
6.250% due 04/01/2023			1,000			915

Williams Scotsman International, Inc.
6.875% due 08/15/2023			500			481


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

WPX Energy, Inc.
6.000% due 01/15/2022	$		4,196	$		4,102

WR Grace & Co-Conn
5.125% due 10/01/2021			4,357			4,324

Wyndham Destinations, Inc.
4.250% due 03/01/2022			500			479

XPO Logistics, Inc.
6.500% due 06/15/2022			5,227			5,201

Yum! Brands, Inc.
3.875% due 11/01/2020			6,309			6,214

ZF North America Capital, Inc.
4.000% due 04/29/2020			2,731			2,719

						914,398


UTILITIES 6.0%

AES Corp.
4.000% due 03/15/2021			1,571			1,547

American Midstream Partners LP
9.500% due 12/15/2021			2,356			2,226

Blue Racer Midstream LLC
6.125% due 11/15/2022			3,215			3,119

CenturyLink, Inc.
5.625% due 04/01/2020			5,068			5,062
5.800% due 03/15/2022			8,305			8,035
6.450% due 06/15/2021			5,173			5,179

Frontier Communications Corp.
10.500% due 09/15/2022			4,282			2,997

Genesis Energy LP
6.750% due 08/01/2022			5,595			5,483

Great Western Petroleum LLC
9.000% due 09/30/2021			3,641			3,332

NGPL PipeCo LLC
4.375% due 08/15/2022			4,682			4,612

SemGroup Corp.
5.625% due 07/15/2022			3,233			3,063

Sprint Capital Corp.
6.900% due 05/01/2019			1,525			1,538

Sprint Communications, Inc.
6.000% due 11/15/2022			4,395			4,324
7.000% due 03/01/2020			2,353			2,418
7.000% due 08/15/2020			4,699			4,823

Sprint Corp.
7.250% due 09/15/2021			4,753			4,877
7.875% due 09/15/2023			4,329			4,453

Talen Energy Supply LLC
4.600% due 12/15/2021			300			271
9.500% due 07/15/2022			2,589			2,615

Targa Resources Partners LP
4.125% due 11/15/2019			2,799			2,782

						72,756

Total Corporate Bonds & Notes (Cost $1,198,461)						1,126,528


SHORT-TERM INSTRUMENTS 6.4%

REPURCHASE AGREEMENTS (h) 6.1%
						74,112


U.S. TREASURY BILLS 0.3%
2.361% due 01/03/2019 - 03/14/2019 (c)(d)(k)			4,087			4,074

Total Short-Term Instruments (Cost $78,187)						78,186



Total Investments in Securities (Cost $1,276,648)						1,204,714


40		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

SHARES

MARKET
VALUE
(000S)

INVESTMENTS IN AFFILIATES 2.7%

SHORT-TERM INSTRUMENTS 2.7%

MUTUAL FUNDS 2.7%

PIMCO Government Money Market Fund (f)(g)

32,683,467

32,683

Total Short-Term Instruments (Cost $32,683)

32,683

Total Investments in Affiliates (Cost $32,683)

32,683

Total Investments 101.3% (Cost $1,309,331)

1,237,397

Financial Derivative
Instruments (i)(j) (0.2)%

(Cost or Premiums, net $5,424)

(2,355

)

Other Assets and Liabilities, net (1.1)%

(13,371

)

Net Assets 100.0%

1,221,671

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

Ø	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

Payment in-kind security.

(b)

Security is not accruing income as of the date of this report.

(c)

Coupon represents a weighted average yield to maturity.

(d)

Zero coupon security.

(e)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f)

Institutional Class Shares of each Fund.

(g)

Securities with an aggregate market value of $33,030 were out on loan in exchange for $34,829 of cash collateral as of December 31, 2018. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BCY		2.920	%		12/31/2018		01/02/2019	$	50,000	U.S. Treasury Notes 1.875% due 01/31/2022	$	(51,078	)	$	50,000	$	50,008
FICC		2.000			12/31/2018		01/02/2019		6,412	U.S. Treasury Notes 2.875% due 07/31/2025		(6,541	)		6,412		6,413
MBC		3.200			12/31/2018		01/02/2019		17,700	U.S. Treasury Notes 2.875% due 04/30/2025		(18,326	)		17,700		17,703

Total Repurchase Agreements											$	(75,945	)	$	74,112	$	74,124


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		41

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BCY	$	50,008	$	0	$	0	$	0	$	50,008	$	(51,078	)	$	(1,070	)
FICC		6,413		0		0		0		6,413		(6,541	)		(128	)
MBC		17,703		0		0		0		17,703		(18,326	)		(623	)

Master Securities Lending Agreement
BCY		0		0		0		16,460		16,460		(16,782	)		(322	)
BMO		0		0		0		1,009		1,009		(1,029	)		(20	)
FOB		0		0		0		1,467		1,467		(1,497	)		(30	)
GSC		0		0		0		6,983		6,983		(8,181	)		(1,198	)
JPM		0		0		0		2,483		2,483		(2,532	)		(49	)
RDR		0		0		0		3,546		3,546		(3,625	)		(79	)
SAL		0		0		0		1,082		1,082		(1,183	)		(101	)

Total Borrowings and Other Financing Transactions	$	74,124	$	0	$	0	$	33,030

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions⁽³⁾
Corporate Bonds & Notes	$	33,030	$	0	$	0	$	0	$	33,030

Total Borrowings	$	33,030	$	0	$	0	$	0	$	33,030

Gross amount of recognized liabilities for reverse repurchase agreements and securities lending transactions									$	33,030

⁽¹⁾	Includes accrued interest.

⁽²⁾

⁽³⁾	Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description

Expiration
Month

# of
Contracts

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Variation Margin

Asset

Liability

U.S. Treasury 5-Year Note March Futures

03/2019

436

50,004

819

109


SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2019		137	$	(29,087	)	$	(29	)	$	0	$	(19	)
U.S. Treasury 10-Year Note March Futures		03/2019		91		(11,103	)		(50	)		0		(36	)

								$	(79	)	$	0	$	(55	)

Total Futures Contracts								$	740		$	109	$	(55	)


42		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾		Asset		Liability
CDX.HY-30 5-Year Index		5.000	%	Quarterly		06/20/2023	$	65,775	$	4,402	$	(2,263	)	$	2,139	$	96	$	0
CDX.HY-31 5-Year Index		5.000		Quarterly		12/20/2023		29,200		1,441		(796	)		645		48		0

Total Swap Agreements									$	5,843	$	(3,059	)	$	2,784	$	144	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

109

144

253

(55)

Cash of $6,952 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON INTEREST RATE INDICES


Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BNP	Receive	iBoxx USD Liquid High Yield Index		N/A	3-Month USD LIBOR	Maturity	03/20/2019	$	26,000	$	(99	)	$	(542	)	$	0	$	(641	)

BPS	Receive	iBoxx USD Liquid High Yield Index		N/A	3-Month USD LIBOR	Maturity	06/20/2019		6,100		(17	)		(121	)		0		(138	)

GST	Receive	iBoxx USD Liquid High Yield Index		N/A	3-Month USD LIBOR	Maturity	03/20/2019		17,200		(71	)		(413	)		0		(484	)
	Receive	iBoxx USD Liquid High Yield Index		N/A	3-Month USD LIBOR	Maturity	06/20/2019		16,400		(77	)		(242	)		0		(319	)

JPM	Receive	iBoxx USD Liquid High Yield Index		N/A	3-Month USD LIBOR	Maturity	03/20/2019		41,500		(155	)		(816	)		0		(971	)

Total Swap Agreements										$	(419	)	$	(2,134	)	$	0	$	(2,553	)


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		43

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2018:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure⁽²⁾
BNP	$	0	$	0	$	0	$	0	$	0	$	0	$	(641	)	$	(641	)	$	(641	)	$	0	$	(641	)
BPS		0		0		0		0		0		0		(138	)		(138	)		(138	)		1,070		932
GST		0		0		0		0		0		0		(803	)		(803	)		(803	)		958		155
JPM		0		0		0		0		0		0		(971	)		(971	)		(971	)		1,157		186

Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(2,553	)	$	(2,553	)

(k)

Securities with an aggregate market value of $3,186 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾

Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	109	$	109
Swap Agreements		0		144		0		0		0		144

	$	0	$	144	$	0	$	0	$	109	$	253


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	55	$	55

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	2,553	$	2,553

	$	0	$	0	$	0	$	0	$	2,608	$	2,608

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(23	)	$	(23	)
Swap Agreements		0		2,182		0		0		58			2,240

	$	0	$	2,182	$	0	$	0	$	35		$	2,217

Over the counter
Swap Agreements	$	0	$	3	$	0	$	0	$	(1,137	)	$	(1,134	)

	$	0	$	2,185	$	0	$	0	$	(1,102	)	$	1,083


44		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	712		$	712
Swap Agreements		0		(2,515	)		0		0		0			(2,515	)

	$	0	$	(2,515	)	$	0	$	0	$	712		$	(1,803	)

Over the counter
Swap Agreements	$	0	$	0		$	0	$	0	$	(2,135	)	$	(2,135	)

	$	0	$	(2,515	)	$	0	$	0	$	(1,423	)	$	(3,938	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	139,374	$	0	$	139,374
Industrials		0		913,414		984		914,398
Utilities		0		72,756		0		72,756
Short-Term Instruments
Repurchase Agreements		0		74,112		0		74,112
U.S. Treasury Bills		0		4,074		0		4,074

	$	0	$	1,203,730	$	984	$	1,204,714

Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		32,683		0		0		32,683


Total Investments	$	32,683	$	1,203,730	$	984	$	1,237,397


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2018

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	109		$	144		$	0	$	253


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(55	)		0			0		(55	)
Over the counter		0			(2,553	)		0		(2,553	)

	$	(55	)	$	(2,553	)	$	0	$	(2,608	)


Total Financial Derivative Instruments	$	54		$	(2,409	)	$	0	$	(2,355	)


Totals	$	32,737		$	1,201,321		$	984	$	1,235,042

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		45

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.9%

CORPORATE BONDS & NOTES 97.5%

BANKING & FINANCE 39.7%

AerCap Ireland Capital DAC
4.500% due 05/15/2021	$		1,615	$		1,621
4.625% due 10/30/2020			3,585			3,611

Aflac, Inc.
3.625% due 11/15/2024			2,490			2,490

AIG Global Funding
3.277% (US0003M + 0.480%) due 07/02/2020 ~			1,460			1,459

American Express Co.
2.650% due 12/02/2022			300			290
4.050% due 12/03/2042			337			321

American Honda Finance Corp.
2.450% due 09/24/2020			1,723			1,702

American International Group, Inc.
3.750% due 07/10/2025			4,012			3,849
3.900% due 04/01/2026			600			579

American Tower Corp.
3.125% due 01/15/2027			2,700			2,450
3.375% due 10/15/2026			1,110			1,035
3.500% due 01/31/2023			800			787
3.600% due 01/15/2028			800			749

Athene Global Funding
3.000% due 07/01/2022			1,270			1,241

Athene Holding Ltd.
4.125% due 01/12/2028			1,840			1,675

Aviation Capital Group LLC
6.750% due 04/06/2021			100			106
7.125% due 10/15/2020			100			105

AXA Equitable Holdings, Inc.
4.350% due 04/20/2028			960			909
5.000% due 04/20/2048			800			705

B3 S.A. - Brasil Bolsa Balcao
5.500% due 07/16/2020			860			878

Banco do Brasil S.A.
6.000% due 01/22/2020			275			282

Banco Santander Mexico S.A.
4.125% due 11/09/2022			325			321

Bank of America Corp.
2.369% due 07/21/2021 •			1,803			1,771
2.650% due 04/01/2019			1,085			1,084
3.419% due 12/20/2028 •			2,337			2,187
3.500% due 04/19/2026			3,640			3,509
4.000% due 04/01/2024			2,026			2,039
4.271% due 07/23/2029 •			1,920			1,914
7.750% due 05/14/2038			300			389

Bank of New York Mellon Corp.
3.000% due 02/24/2025			3,281			3,172

Barclays PLC
4.375% due 01/12/2026			4,090			3,893

BB&T Corp.
2.450% due 01/15/2020			3,466			3,443

Berkshire Hathaway Finance Corp.
5.750% due 01/15/2040			277			331

BNP Paribas S.A.
5.000% due 01/15/2021			4,746			4,917

Boston Properties LP
3.800% due 02/01/2024			615			613

BPCE S.A.
4.500% due 03/15/2025			440			427
5.150% due 07/21/2024			195			196

Brighthouse Financial, Inc.
4.700% due 06/22/2047			1,040			778

Capital One Financial Corp.
4.750% due 07/15/2021			3,049			3,130

Cboe Global Markets, Inc.
3.650% due 01/12/2027			300			292

Charles Schwab Corp.
3.000% due 03/10/2025			250			242


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

China Cinda Finance Ltd.
4.250% due 04/23/2025	$		620	$		604

Chubb INA Holdings, Inc.
3.350% due 05/03/2026			3,043			2,981
4.350% due 11/03/2045			591			611

Citigroup, Inc.
2.700% due 03/30/2021			2,192			2,159
2.876% due 07/24/2023 •			1,250			1,210
3.400% due 05/01/2026			3,054			2,879
3.700% due 01/12/2026			3,500			3,372
4.000% due 08/05/2024			2,557			2,529
8.125% due 07/15/2039			84			117

Citizens Financial Group, Inc.
2.375% due 07/28/2021			100			97

CME Group, Inc.
3.000% due 09/15/2022			2,147			2,141
3.000% due 03/15/2025			300			292
3.750% due 06/15/2028			500			508
4.150% due 06/15/2048			800			814

Commonwealth Bank of Australia
2.750% due 03/10/2022			600			587

Cooperatieve Rabobank UA
3.875% due 02/08/2022			275			278
5.250% due 05/24/2041			3,116			3,443

Credit Suisse AG
3.000% due 10/29/2021			730			721

Credit Suisse Group Funding Guernsey Ltd.
3.800% due 06/09/2023			2,952			2,900
4.875% due 05/15/2045			600			596

Crown Castle International Corp.
4.450% due 02/15/2026			2,826			2,819
5.250% due 01/15/2023			1,110			1,154

Deutsche Bank AG
3.406% (US0003M + 0.970%) due 07/13/2020 ~			1,540			1,500
4.100% due 01/13/2026			3,512			3,227

Duke Realty LP
3.875% due 10/15/2022			200			202
4.000% due 09/15/2028			800			796

EPR Properties
4.950% due 04/15/2028			1,040			1,032

Essex Portfolio LP
3.250% due 05/01/2023			2,230			2,184

Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			600			578

First Republic Bank
4.375% due 08/01/2046			200			186

Ford Motor Credit Co. LLC
2.375% due 03/12/2019			3,988			3,982
3.336% due 03/18/2021			600			582
5.875% due 08/02/2021			2,812			2,886

GE Capital International Funding Co. Unlimited Co.
2.342% due 11/15/2020			4,275			4,127
4.418% due 11/15/2035			3,177			2,680

General Motors Financial Co., Inc.
3.700% due 11/24/2020			600			598
5.250% due 03/01/2026			800			784

GLP Capital LP
4.375% due 04/15/2021			1,040			1,038
4.875% due 11/01/2020			2,670			2,699
5.300% due 01/15/2029			800			785

Goldman Sachs Group, Inc.
2.550% due 10/23/2019			4,236			4,210
3.487% (US0003M + 1.000%) due 07/24/2023 ~			1,540			1,497
3.500% due 01/23/2025			300			285
4.750% due 10/21/2045			475			455
6.750% due 10/01/2037			2,742			3,105

Guardian Life Insurance Co. of America
4.850% due 01/24/2077			200			198

Harley-Davidson Financial Services, Inc.
2.550% due 06/09/2022			1,270			1,213

Healthcare Trust of America Holdings LP
2.950% due 07/01/2022			1,140			1,109


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Hospitality Properties Trust
5.000% due 08/15/2022	$		559	$		571

HSBC Holdings PLC
2.650% due 01/05/2022			1,590			1,543
3.900% due 05/25/2026			600			576
4.300% due 03/08/2026			3,446			3,404

HSBC USA, Inc.
2.375% due 11/13/2019			4,185			4,159

Hutchison Whampoa International Ltd.
7.450% due 11/24/2033			450			614

ING Bank NV
2.500% due 10/01/2019			3,145			3,131

Intesa Sanpaolo SpA
4.375% due 01/12/2048			200			151

John Deere Capital Corp.
2.800% due 03/06/2023			2,141			2,094
3.900% due 07/12/2021			225			229

JPMorgan Chase & Co.
2.550% due 03/01/2021			3,335			3,289
2.950% due 10/01/2026			3,379			3,125
3.625% due 05/13/2024			3,608			3,586
4.850% due 02/01/2044			2,081			2,127
5.400% due 01/06/2042			250			275

KeyCorp
2.900% due 09/15/2020			2,254			2,240

Kilroy Realty LP
3.800% due 01/15/2023			575			573

Kimco Realty Corp.
4.450% due 09/01/2047			600			547

Lazard Group LLC
3.750% due 02/13/2025			2,410			2,342

Liberty Mutual Group, Inc.
4.850% due 08/01/2044			600			585

Lloyds Bank PLC
5.800% due 01/13/2020			300			307

Lloyds Banking Group PLC
3.750% due 01/11/2027			3,815			3,513

Macquarie Bank Ltd.
6.625% due 04/07/2021			49			52

Marsh & McLennan Cos., Inc.
3.750% due 03/14/2026			333			330
4.350% due 01/30/2047			150			141

MetLife, Inc.
5.700% due 06/15/2035			600			677
5.875% due 02/06/2041			85			100
9.250% due 04/08/2038			575			727

Metropolitan Life Global Funding
2.650% due 04/08/2022			1,145			1,116

Mitsubishi UFJ Financial Group, Inc.
2.665% due 07/25/2022			2,360			2,295
3.850% due 03/01/2026			1,738			1,732

Mizuho Financial Group, Inc.
2.273% due 09/13/2021			1,590			1,540
2.632% due 04/12/2021			2,865			2,811

Morgan Stanley
3.875% due 01/27/2026			3,177			3,103
4.350% due 09/08/2026			3,320			3,233
7.300% due 05/13/2019			2,907			2,951

Nasdaq, Inc.
3.850% due 06/30/2026			100			96

National Australia Bank Ltd.
2.800% due 01/10/2022			600			588

National Rural Utilities Cooperative Finance Corp.
4.400% due 11/01/2048			250			261

New York Life Global Funding
2.350% due 07/14/2026			100			92

New York Life Insurance Co.
6.750% due 11/15/2039			590			776

Nippon Life Insurance Co.
4.700% due 01/20/2046 •			600			584
5.100% due 10/16/2044 •			600			603

Nissan Motor Acceptance Corp.
2.826% (US0003M + 0.390%) due 07/13/2020 ~			1,540			1,529


46		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nuveen Finance LLC
4.125% due 11/01/2024	$		600	$		612

ORIX Corp.
2.900% due 07/18/2022			1,250			1,222

PNC Bank N.A.
3.800% due 07/25/2023			300			301

Principal Life Global Funding
3.000% due 04/18/2026			817			785

Progressive Corp.
2.450% due 01/15/2027			150			137

Prudential Financial, Inc.
3.500% due 05/15/2024			3,601			3,625

Raymond James Financial, Inc.
3.625% due 09/15/2026			100			94

Royal Bank of Scotland Group PLC
4.892% due 05/18/2029 •			800			765

Santander Holdings USA, Inc.
4.500% due 07/17/2025			4,151			4,118

Societe Generale S.A.
4.250% due 04/14/2025			600			575

Spirit Realty LP
4.450% due 09/15/2026			1,450			1,396

Standard Chartered PLC
3.050% due 01/15/2021			870			858

State Street Corp.
3.540% (US0003M + 0.900%) due 08/18/2020 ~			740			744

Sumitomo Life Insurance Co.
6.500% due 09/20/2073 •(b)			450			479

Sumitomo Mitsui Banking Corp.
3.200% due 07/18/2022			2,234			2,210

Sumitomo Mitsui Financial Group, Inc.
2.058% due 07/14/2021			600			581
3.205% (US0003M + 0.780%) due 07/12/2022 ~			1,190			1,184

Synchrony Financial
2.700% due 02/03/2020			200			197

Tanger Properties LP
3.750% due 12/01/2024			1,460			1,418

Toyota Motor Credit Corp.
1.900% due 04/08/2021			600			586

U.S. Bancorp
2.950% due 07/15/2022			3,428			3,383

UBS AG
3.347% due 06/08/2020 •			1,150			1,150

UBS Group Funding Switzerland AG
4.125% due 09/24/2025			3,315			3,297

Ventas Realty LP
4.400% due 01/15/2029			400			399

Visa, Inc.
4.300% due 12/14/2045			2,346			2,447

Washington Prime Group LP
5.950% due 08/15/2024			800			703

WEA Finance LLC
3.750% due 09/17/2024			2,475			2,460

Wells Fargo & Co.
2.625% due 07/22/2022			1,600			1,544
3.300% due 09/09/2024			4,765			4,613
3.500% due 03/08/2022			1,590			1,585
3.900% due 05/01/2045			800			737
4.125% due 08/15/2023			75			76
4.400% due 06/14/2046			600			556
4.750% due 12/07/2046			400			387

Welltower, Inc.
4.250% due 04/15/2028			600			595

Westpac Banking Corp.
2.850% due 05/13/2026			600			558

Weyerhaeuser Co.
7.375% due 03/15/2032			1,424			1,746

WR Berkley Corp.
4.625% due 03/15/2022			300			309

						248,992


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 46.5%

21st Century Fox America, Inc.
4.950% due 10/15/2045	$		1,515	$		1,670
6.400% due 12/15/2035			100			125

Abbott Laboratories
2.550% due 03/15/2022			300			293
4.750% due 11/30/2036			1,490			1,560

AbbVie, Inc.
2.900% due 11/06/2022			4,092			3,985
3.200% due 05/14/2026			2,966			2,755
4.300% due 05/14/2036			400			358
4.450% due 05/14/2046			600			528

Activision Blizzard, Inc.
2.300% due 09/15/2021			328			320
3.400% due 09/15/2026			3,072			2,892

AEP Transmission Co. LLC
4.250% due 09/15/2048			840			850

Aetna, Inc.
3.875% due 08/15/2047			600			511

Alibaba Group Holding Ltd.
3.600% due 11/28/2024			1,415			1,385

Allergan Funding SCS
3.450% due 03/15/2022			1,040			1,025

Altria Group, Inc.
2.950% due 05/02/2023			3,238			3,083

Amazon.com, Inc.
3.150% due 08/22/2027			1,295			1,252
3.875% due 08/22/2037			2,220			2,162

Amgen, Inc.
3.200% due 11/02/2027			800			753
3.450% due 10/01/2020			1,109			1,114
3.625% due 05/22/2024			4,600			4,591
4.400% due 05/01/2045			100			94

Andeavor Logistics LP
5.500% due 10/15/2019			2,337			2,357

Anheuser-Busch Cos. LLC
3.650% due 02/01/2026			1,710			1,618
4.900% due 02/01/2046			2,002			1,863

Anheuser-Busch InBev Worldwide, Inc.
3.750% due 01/15/2022			3,863			3,868

Anthem, Inc.
3.500% due 08/15/2024			734			721
3.650% due 12/01/2027			800			766
4.550% due 03/01/2048			600			578

Apache Corp.
4.750% due 04/15/2043			428			369
5.100% due 09/01/2040			77			69

Apple, Inc.
2.500% due 02/09/2025			2,375			2,246
3.250% due 02/23/2026			4,260			4,164
3.450% due 05/06/2024			325			327
3.850% due 08/04/2046			600			567

AstraZeneca PLC
4.000% due 01/17/2029			800			790

AutoNation, Inc.
3.800% due 11/15/2027			600			536

Bacardi Ltd.
2.750% due 07/15/2026			100			86

Baidu, Inc.
3.625% due 07/06/2027			980			915

Barrick PD Australia Finance Pty. Ltd.
4.950% due 01/15/2020			100			102

BAT Capital Corp.
2.297% due 08/14/2020			1,000			977
2.764% due 08/15/2022			1,050			993
3.222% due 08/15/2024			1,200			1,107
4.540% due 08/15/2047			500			400

Baxalta, Inc.
5.250% due 06/23/2045			252			257

Bayer U.S. Finance LLC
4.375% due 12/15/2028			800			766
4.875% due 06/25/2048			400			361

Becton Dickinson and Co.
2.675% due 12/15/2019			2,987			2,959


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BHP Billiton Finance USA Ltd.
5.000% due 09/30/2043	$		622	$		679

Booking Holdings, Inc.
3.550% due 03/15/2028			1,000			939

BorgWarner, Inc.
3.375% due 03/15/2025			150			147

Broadcom Corp.
2.375% due 01/15/2020			400			395
3.000% due 01/15/2022			400			385
3.625% due 01/15/2024			400			379
3.875% due 01/15/2027			400			360

Burlington Northern Santa Fe LLC
5.400% due 06/01/2041			2,345			2,662

Cardinal Health, Inc.
2.616% due 06/15/2022			1,350			1,302

Caterpillar, Inc.
3.803% due 08/15/2042			1,488			1,389

CBS Corp.
2.500% due 02/15/2023			1,276			1,203
2.900% due 01/15/2027			150			133

Celgene Corp.
4.350% due 11/15/2047			950			804

Cenovus Energy, Inc.
5.400% due 06/15/2047			1,092			947
6.750% due 11/15/2039			218			214

Charter Communications Operating LLC
4.908% due 07/23/2025			4,665			4,643
5.750% due 04/01/2048			400			376

Chevron Corp.
2.100% due 05/16/2021			2,256			2,213

China Resources Gas Group Ltd.
4.500% due 04/05/2022			600			614

Cimarex Energy Co.
4.375% due 06/01/2024			779			776

Comcast Corp.
3.125% due 07/15/2022			3,017			3,010
3.150% due 03/01/2026			2,373			2,274
3.200% due 07/15/2036			600			518
3.600% due 03/01/2024			743			745
4.250% due 10/15/2030			800			811

Conagra Brands, Inc.
4.850% due 11/01/2028			800			789
5.300% due 11/01/2038			1,040			987
5.400% due 11/01/2048			500			463

Concho Resources, Inc.
4.300% due 08/15/2028			800			785
4.875% due 10/01/2047			1,669			1,595

Constellation Brands, Inc.
4.100% due 02/15/2048			400			339

Continental Resources, Inc.
4.500% due 04/15/2023			250			246

Corning, Inc.
5.750% due 08/15/2040			235			256

Cox Communications, Inc.
3.350% due 09/15/2026			100			92

CRH America Finance, Inc.
3.400% due 05/09/2027			300			276

CSX Corp.
3.800% due 11/01/2046			780			691
6.220% due 04/30/2040			125			149

CVS Health Corp.
3.125% due 03/09/2020			2,680			2,675
3.375% due 08/12/2024			2,700			2,622
5.050% due 03/25/2048			1,875			1,833
5.125% due 07/20/2045			569			557

D.R. Horton, Inc.
4.000% due 02/15/2020			600			601

Dell International LLC
5.450% due 06/15/2023			400			407
6.020% due 06/15/2026			1,811			1,823
8.100% due 07/15/2036			400			433
8.350% due 07/15/2046			600			652

Delta Air Lines, Inc.
4.375% due 04/19/2028			800			769


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		47

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Deutsche Telekom International Finance BV
3.600% due 01/19/2027	$		2,850	$		2,694

Dolphin Energy Ltd. LLC
5.500% due 12/15/2021			600			626

Dominion Energy Gas Holdings LLC
3.600% due 12/15/2024			1,362			1,355

Dow Chemical Co.
3.000% due 11/15/2022			1,714			1,664
5.250% due 11/15/2041			491			492

Eaton Corp.
2.750% due 11/02/2022			618			602

eBay, Inc.
4.000% due 07/15/2042			1,419			1,061

Ecopetrol S.A.
5.375% due 06/26/2026			1,525			1,538

Eli Lilly & Co.
2.750% due 06/01/2025			2,569			2,478

Empresa Nacional de Telecomunicaciones S.A.
4.875% due 10/30/2024			600			585

Enbridge, Inc.
2.900% due 07/15/2022			1,351			1,308
3.488% (US0003M + 0.700%) due 06/15/2020 ~			1,150			1,146

Encana Corp.
5.150% due 11/15/2041			30			30

Energy Transfer Operating LP
3.600% due 02/01/2023			3,648			3,518
4.200% due 04/15/2027			400			374
4.650% due 06/01/2021			100			102
4.750% due 01/15/2026			1,040			1,013
5.300% due 04/15/2047			400			354

Eni SpA
4.000% due 09/12/2023			1,040			1,025
4.750% due 09/12/2028			1,010			990

Entergy Louisiana LLC
4.200% due 09/01/2048			1,200			1,189

Enterprise Products Operating LLC
3.750% due 02/15/2025			2,635			2,612
3.950% due 02/15/2027			1,281			1,278
4.850% due 03/15/2044			640			624

Equifax, Inc.
2.300% due 06/01/2021			250			243
7.000% due 07/01/2037			780			896

ERAC USA Finance LLC
3.300% due 12/01/2026			600			565
4.200% due 11/01/2046			600			538

Exxon Mobil Corp.
3.176% due 03/15/2024			963			965

FedEx Corp.
4.550% due 04/01/2046			575			525

Fomento Economico Mexicano S.A.B. de C.V.
2.875% due 05/10/2023			1,390			1,328

Freeport-McMoRan, Inc.
3.550% due 03/01/2022			75			71

General Electric Co.
3.100% due 01/09/2023			75			70
5.500% due 01/08/2020			2,369			2,397
6.875% due 01/10/2039			316			332

General Motors Co.
4.875% due 10/02/2023			1,976			1,982
5.400% due 04/01/2048			600			513

Georgia-Pacific LLC
3.163% due 11/15/2021			2,095			2,077

GlaxoSmithKline Capital, Inc.
2.800% due 03/18/2023			175			172
6.375% due 05/15/2038			1,065			1,342

Glencore Finance Canada Ltd.
4.250% due 10/25/2022			3,157			3,150

Grupo Televisa S.A.B.
5.000% due 05/13/2045			400			352
6.625% due 01/15/2040			600			647

GTL Trade Finance, Inc.
5.893% due 04/29/2024			1,009			1,054


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Halliburton Co.
5.000% due 11/15/2045	$		2,390	$		2,375

Hess Corp.
5.800% due 04/01/2047			1,430			1,290

Home Depot, Inc.
3.000% due 04/01/2026			1,932			1,870
3.500% due 09/15/2056			100			85
4.250% due 04/01/2046			7			7

IHS Markit Ltd.
4.125% due 08/01/2023			1,040			1,031
4.750% due 08/01/2028			400			391

Intel Corp.
3.700% due 07/29/2025			2,469			2,494

International Business Machines Corp.
4.000% due 06/20/2042			92			84
5.600% due 11/30/2039			29			32

International Flavors & Fragrances, Inc.
4.450% due 09/26/2028			800			814

Kinder Morgan Energy Partners LP
3.950% due 09/01/2022			2,405			2,406
5.300% due 09/15/2020			385			396

Kinder Morgan, Inc.
3.050% due 12/01/2019			150			149
5.550% due 06/01/2045			1,706			1,697

KLA-Tencor Corp.
4.650% due 11/01/2024			1,049			1,076

Kraft Heinz Foods Co.
4.375% due 06/01/2046			3,473			2,875
5.200% due 07/15/2045			800			734
6.500% due 02/09/2040			400			427

Kroger Co.
6.150% due 01/15/2020			225			231

Lockheed Martin Corp.
4.090% due 09/15/2052			1,923			1,811

Lowe’s Cos., Inc.
4.650% due 04/15/2042			1,493			1,416

LyondellBasell Industries NV
4.625% due 02/26/2055			400			339

McDonald’s Corp.
4.875% due 12/09/2045			3,854			3,911

Medtronic, Inc.
3.150% due 03/15/2022			3,134			3,127
3.500% due 03/15/2025			2,971			2,963
4.625% due 03/15/2045			1,365			1,436

Merck & Co., Inc.
3.700% due 02/10/2045			1,713			1,652

Microsoft Corp.
2.700% due 02/12/2025			3,008			2,921
4.250% due 02/06/2047			600			632
4.450% due 11/03/2045			2,339			2,490

Moody’s Corp.
2.625% due 01/15/2023			1,230			1,175
4.875% due 02/15/2024			2,202			2,319
5.500% due 09/01/2020			250			259

MPLX LP
4.700% due 04/15/2048			400			348
5.200% due 03/01/2047			400			370

Mylan NV
5.250% due 06/15/2046			450			381

Mylan, Inc.
3.125% due 01/15/2023			100			94
4.550% due 04/15/2028			800			747

Nexen Energy ULC
6.400% due 05/15/2037			600			733

Norfolk Southern Corp.
4.650% due 01/15/2046			2,365			2,423

Northrop Grumman Corp.
3.850% due 04/15/2045			465			413

NXP BV
4.125% due 06/15/2020			1,000			998

ONEOK Partners LP
4.900% due 03/15/2025			997			1,012
5.000% due 09/15/2023			200			206


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Oracle Corp.
2.800% due 07/08/2021	$		2,829	$		2,816
4.125% due 05/15/2045			1,721			1,641

Owens Corning
3.400% due 08/15/2026			100			92

Penske Truck Leasing Co. LP
3.400% due 11/15/2026			150			141

PepsiCo, Inc.
2.850% due 02/24/2026			600			574

Pertamina Persero PT
4.300% due 05/20/2023			600			592
6.000% due 05/03/2042			600			600

Petroleos Mexicanos
4.250% due 01/15/2025			465			408
4.875% due 01/24/2022			275			268
6.375% due 01/23/2045			2,335			1,888
6.750% due 09/21/2047			1,350			1,120
6.875% due 08/04/2026			790			770

Pfizer, Inc.
4.400% due 05/15/2044			300			314

Philip Morris International, Inc.
2.750% due 02/25/2026			600			555
3.375% due 08/11/2025			325			316
3.600% due 11/15/2023			555			557

QUALCOMM, Inc.
3.000% due 05/20/2022			575			566
3.450% due 05/20/2025			193			186

Ras Laffan Liquefied Natural Gas Co. Ltd.
5.838% due 09/30/2027			600			653

Reliance Industries Ltd.
4.125% due 01/28/2025			600			587

Republic Services, Inc.
3.375% due 11/15/2027			1,190			1,143
5.250% due 11/15/2021			245			260

Reynolds American, Inc.
4.450% due 06/12/2025			3,198			3,089

Rio Tinto Finance USA Ltd.
3.750% due 06/15/2025			1,965			1,972

Roche Holdings, Inc.
2.625% due 05/15/2026			1,420			1,345

Rockwell Collins, Inc.
4.800% due 12/15/2043			1,560			1,544

Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			4,422			4,557

SASOL Financing USA LLC
6.500% due 09/27/2028			1,500			1,504

Seagate HDD Cayman
4.750% due 06/01/2023			1,040			973
4.750% due 01/01/2025			1,010			897

Shire Acquisitions Investments Ireland DAC
1.900% due 09/23/2019			600			592

Sky Ltd.
3.750% due 09/16/2024			256			255

Southern Co.
3.503% (US0003M + 0.700%) due 09/30/2020 ~			1,460			1,456
4.400% due 07/01/2046			600			555

Southern Copper Corp.
6.750% due 04/16/2040			2,600			2,882

Spectra Energy Partners LP
3.451% (US0003M + 0.700%) due 06/05/2020 ~			980			974

Sprint Spectrum Co. LLC
3.360% due 03/20/2023			206			204

Stryker Corp.
2.625% due 03/15/2021			150			148
3.500% due 03/15/2026			600			578
4.375% due 01/15/2020			100			102
4.625% due 03/15/2046			730			737

Target Corp.
3.875% due 07/15/2020			200			203

Tech Data Corp.
3.700% due 02/15/2022			400			393


48		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Telefonica Emisiones S.A.
5.462% due 02/16/2021	$		125	$		130
7.045% due 06/20/2036			1,465			1,675

Thermo Fisher Scientific, Inc.
2.950% due 09/19/2026			3,129			2,894
3.150% due 01/15/2023			100			98

Time Warner Cable LLC
5.000% due 02/01/2020			2,141			2,171

Toyota Industries Corp.
3.566% due 03/16/2028			1,190			1,188

TransCanada PipeLines Ltd.
3.800% due 10/01/2020			165			166

Tyson Foods, Inc.
4.500% due 06/15/2022			4,224			4,317
4.875% due 08/15/2034			1,262			1,226

Union Pacific Corp.
3.799% due 10/01/2051			1,355			1,156

United Technologies Corp.
3.100% due 06/01/2022			4,233			4,148

UnitedHealth Group, Inc.
4.750% due 07/15/2045			3,569			3,790
6.875% due 02/15/2038			315			413

Vale Overseas Ltd.
6.875% due 11/21/2036			1,927			2,213

Valero Energy Corp.
4.350% due 06/01/2028			800			795

Viacom, Inc.
4.250% due 09/01/2023			745			743

Volkswagen Group of America Finance LLC
4.750% due 11/13/2028			1,500			1,456

Walmart, Inc.
3.250% due 10/25/2020			1,400			1,414
3.700% due 06/26/2028			500			508

Walt Disney Co.
4.125% due 06/01/2044			1,636			1,627

Warner Media LLC
3.400% due 06/15/2022			450			444
3.550% due 06/01/2024			3,300			3,192

Western Gas Partners LP
4.650% due 07/01/2026			250			242

Whirlpool Corp.
3.700% due 03/01/2023			200			196
5.150% due 03/01/2043			250			235

Williams Cos., Inc.
5.400% due 03/04/2044			1,254			1,201

Woodside Finance Ltd.
3.700% due 09/15/2026			300			277

Wyeth LLC
5.950% due 04/01/2037			600			724

Yara International ASA
4.750% due 06/01/2028			800			799

Zoetis, Inc.
3.900% due 08/20/2028			800			786

						291,774


UTILITIES 11.3%

Acwa Power Management And Investments One Ltd.
5.950% due 12/15/2039			600			566

American Water Capital Corp.
3.850% due 03/01/2024			623			637

Appalachian Power Co.
7.000% due 04/01/2038			455			574

AT&T, Inc.
3.800% due 03/01/2024			600			595
4.100% due 02/15/2028			1,291			1,244
4.125% due 02/17/2026			2,840			2,779
4.300% due 02/15/2030			630			597
4.450% due 04/01/2024			800			814
4.800% due 06/15/2044			3,480			3,133
5.150% due 02/15/2050			450			419
5.650% due 02/15/2047			325			326

Atmos Energy Corp.
4.150% due 01/15/2043			580			558


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Berkshire Hathaway Energy Co.
6.125% due 04/01/2036	$		321	$		384

BG Energy Capital PLC
5.125% due 10/15/2041			115			119

Black Hills Corp.
3.150% due 01/15/2027			250			235
4.200% due 09/15/2046			100			93

BP Capital Markets America, Inc.
3.937% due 09/21/2028			600			603
4.234% due 11/06/2028			800			825

CNOOC Finance Ltd.
3.000% due 05/09/2023			2,445			2,363
3.875% due 05/02/2022			450			454

Commonwealth Edison Co.
4.000% due 03/01/2048			800			775

Consolidated Edison Co. of New York, Inc.
3.850% due 06/15/2046			640			588

Consumers Energy Co.
3.125% due 08/31/2024			1,585			1,566

Delmarva Power & Light Co.
3.500% due 11/15/2023			1,722			1,732

DTE Electric Co.
3.650% due 03/15/2024			2,080			2,124

Duke Energy Corp.
3.750% due 09/01/2046			100			87
3.950% due 10/15/2023			300			303

Duke Energy Ohio, Inc.
3.800% due 09/01/2023			3,665			3,755

E.ON International Finance BV
6.650% due 04/30/2038			1,490			1,751

Electricite de France S.A.
4.600% due 01/27/2020			325			330
4.875% due 01/22/2044			1,655			1,500

Enable Midstream Partners LP
4.950% due 05/15/2028			800			759

Enel Finance International NV
6.000% due 10/07/2039			2,435			2,424

Entergy Corp.
4.000% due 07/15/2022			1,180			1,191
5.125% due 09/15/2020			250			255

Exelon Corp.
3.950% due 06/15/2025			575			569
4.450% due 04/15/2046			600			574

Exelon Generation Co. LLC
5.600% due 06/15/2042			600			590

FirstEnergy Corp.
2.850% due 07/15/2022			1,140			1,112
7.375% due 11/15/2031			2,377			3,012

Florida Power & Light Co.
4.125% due 02/01/2042			100			101

Gazprom OAO Via Gaz Capital S.A.
6.510% due 03/07/2022			1,420			1,486

Indiana Michigan Power Co.
4.250% due 08/15/2048			800			791

Kentucky Utilities Co.
5.125% due 11/01/2040			100			113

KeySpan Gas East Corp.
2.742% due 08/15/2026			600			560

MidAmerican Energy Co.
3.500% due 10/15/2024			3,397			3,456

ONEOK, Inc.
4.550% due 07/15/2028			800			794

Pacific Gas & Electric Co.
3.500% due 10/01/2020			255			244
4.750% due 02/15/2044			2,212			1,831
5.800% due 03/01/2037			205			191

Pennsylvania Electric Co.
5.200% due 04/01/2020			70			72

Petronas Global Sukuk Ltd.
2.707% due 03/18/2020			620			617

Plains All American Pipeline LP
4.500% due 12/15/2026			600			579
5.150% due 06/01/2042			575			519


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Shell International Finance BV
3.875% due 11/13/2028	$		1,500	$		1,544
4.000% due 05/10/2046			600			582
4.375% due 03/25/2020			180			183
6.375% due 12/15/2038			405			515

Sinopec Group Overseas Development Ltd.
2.500% due 04/28/2020			1,090			1,077

Southern California Edison Co.
4.125% due 03/01/2048			1,200			1,141

Southern California Gas Co.
3.150% due 09/15/2024			2,255			2,240

Southern Power Co.
5.150% due 09/15/2041			2,395			2,391

Southwestern Public Service Co.
6.000% due 10/01/2036			1,743			2,067

Verizon Communications, Inc.
3.376% due 02/15/2025			520			505
4.125% due 08/15/2046			400			355
4.400% due 11/01/2034			2,484			2,403
4.522% due 09/15/2048			64			60
4.672% due 03/15/2055			550			508
4.862% due 08/21/2046			1,217			1,202
5.012% due 08/21/2054			702			683

						71,125

Total Corporate Bonds & Notes (Cost $637,270)						611,891


U.S. TREASURY OBLIGATIONS 0.1%

U.S. Treasury Bonds
3.000% due 08/15/2048			212			211
3.125% due 05/15/2048			591			604

Total U.S. Treasury Obligations (Cost $797)						815


SOVEREIGN ISSUES 0.3%

Korea Hydro & Nuclear Power Co. Ltd.
3.000% due 09/19/2022			550			541
3.125% due 07/25/2027			1,420			1,348

Total Sovereign Issues (Cost $1,952)						1,889


SHORT-TERM INSTRUMENTS 1.0%

REPURCHASE AGREEMENTS (c) 1.0%
						6,143

Total Short-Term Instruments (Cost $6,143)						6,143



Total Investments in Securities (Cost $646,162)						620,738


		SHARES
INVESTMENTS IN AFFILIATES 0.1%

SHORT-TERM INSTRUMENTS 0.1%

MUTUAL FUNDS 0.1%

PIMCO Government Money Market Fund (a)(b)			651,242			651

Total Short-Term Instruments (Cost $651)						651



Total Investments in Affiliates (Cost $651)						651


Total Investments 99.0% (Cost $646,813)				$		621,389

Financial Derivative Instruments (d) 0.0% (Cost or Premiums, net $769)						45

Other Assets and Liabilities, net 1.0%						5,933

Net Assets 100.0%				$		627,367


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		49

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a)

Institutional Class Shares of each Fund.

(b)

Securities with an aggregate market value of $637 were out on loan in exchange for $651 of cash collateral as of December 31, 2018. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BSN		3.100	%		12/31/2018		01/02/2019	$	5,400	U.S. Treasury Notes 2.500% due 05/15/2024	$	(5,524	)	$	5,400	$	5,401
FICC		2.000			12/31/2018		01/02/2019		743	U.S. Treasury Notes 2.875% due 07/31/2025		(759	)		743		743

Total Repurchase Agreements											$	(6,283	)	$	6,143	$	6,144

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
BSN	$	5,401	$	0	$	0	$	0	$	5,401	$	(5,524	)	$	(123	)
FICC		743		0		0		0		743		(759	)		(16	)

Master Securities Lending Agreement
GSC		0		0		0		637		637		(651	)		(14	)

Total Borrowings and Other Financing Transactions	$	6,144	$	0	$	0	$	637

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions⁽³⁾
Corporate Bonds & Notes	$	637	$	0	$	0	$	0	$	637

Total Borrowings	$	637	$	0	$	0	$	0	$	637

Payable for securities lending transactions									$	637

⁽¹⁾	Includes accrued interest.

⁽²⁾

⁽³⁾	Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

The average amount of borrowings outstanding during ended December 31, 2018 was $(412) at a weighted average interest rate of 1.098%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.


50		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS



Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2019		87		$	18,471	$	125	$	12	$	0
U.S. Treasury 5-Year Note March Futures		03/2019		43			4,932		79		11		0
U.S. Treasury 30-Year Bond March Futures		03/2019		123			17,958		825		58		0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2019		24			3,856		175		12		(1	)

								$	1,204	$	93	$	(1	)


SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 10-Year Note March Futures		03/2019		167		$	(20,377	)	$	(484	)	$	0	$	(65	)

Total Futures Contracts									$	720		$	93	$	(66	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾		Asset		Liability
CDX.IG-31 5-Year Index		1.000	%	Quarterly		12/20/2023	$	50,100	$	769	$	(469	)	$	300	$	18	$	0

Total Swap Agreements									$	769	$	(469	)	$	300	$	18	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

111

(66)

Cash of $1,834 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		51

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	93	$	93
Swap Agreements		0		18		0		0		0		18

	$	0	$	18	$	0	$	0	$	93	$	111


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	66	$	66

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(188	)	$	(188	)
Swap Agreements		0		169			0		0		10			179

	$	0	$	169		$	0	$	0	$	(178	)	$	(9	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	546		$	546
Swap Agreements		0		(403	)		0		0		0			(403	)

	$	0	$	(403	)	$	0	$	0	$	546		$	143

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	248,992	$	0	$	248,992
Industrials		0		291,774		0		291,774
Utilities		0		71,125		0		71,125
U.S. Treasury Obligations		0		815		0		815
Sovereign Issues		0		1,889		0		1,889
Short-Term Instruments
Repurchase Agreements		0		6,143		0		6,143

	$	0	$	620,738	$	0	$	620,738


Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		651		0		0		651


Total Investments	$	651	$	620,738	$	0	$	621,389


Category and Subcategory	Level 1			Level 2		Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	93		$	18	$	0	$	111


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(66	)	$	0	$	0	$	(66	)


Total Financial Derivative Instruments	$	27		$	18	$	0	$	45


Totals	$	678		$	620,756	$	0	$	621,434

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


52		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 111.6%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

Castlelake Aircraft Securitization Trust
3.967% due 07/15/2042	$		4,963	$		4,930

State of Rio de Janeiro
6.024% (LIBOR03M + 3.250%) due 12/20/2020 «~			2,400			2,318

Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			4,095			4,076

Total Loan Participations and Assignments (Cost $11,398)						11,324


CORPORATE BONDS & NOTES 30.3%

BANKING & FINANCE 21.9%

AerCap Ireland Capital DAC
3.875% due 01/23/2028			2,100			1,837

American Homes 4 Rent LP
4.250% due 02/15/2028			2,900			2,809

American Tower Corp.
3.375% due 10/15/2026			3,300			3,077

Banco Santander Mexico S.A.
4.125% due 11/09/2022			4,300			4,246

Bank of America Corp.
3.093% due 10/01/2025 •			4,400			4,175
3.419% due 12/20/2028 •			20,118			18,826
3.593% due 07/21/2028 •			9,000			8,549
5.875% due 03/15/2028 •(e)			5,300			4,832

Barclays Bank PLC
7.625% due 11/21/2022 (f)			16,900			17,544

BBVA Bancomer S.A.
6.500% due 03/10/2021			6,000			6,240

BGC Partners, Inc.
5.375% due 07/24/2023			5,000			5,078

Blackstone CQP Holdco LP
6.000% due 08/18/2021			7,800			7,850

BNP Paribas S.A.
4.400% due 08/14/2028			700			685

BPCE S.A.
5.700% due 10/22/2023			6,600			6,846

Brixmor Operating Partnership LP
3.650% due 06/15/2024			7,000			6,806

Charles Schwab Corp.
5.000% due 12/01/2027 •(e)			5,500			4,628

CIT Group, Inc.
4.750% due 02/16/2024			4,000			3,855

Citicorp Lease Pass-Through Trust
8.040% due 12/15/2019			3,871			4,043

Citigroup, Inc.
3.668% due 07/24/2028 •			5,000			4,731
3.887% due 01/10/2028 •			10,000			9,629
5.500% due 09/13/2025			4,000			4,205

Cooperatieve Rabobank UA
3.875% due 09/26/2023			6,150			6,175

Credit Suisse AG
6.500% due 08/08/2023 (f)			15,400			16,103

Credit Suisse Group Funding Guernsey Ltd.
3.750% due 03/26/2025			10,000			9,580

Crown Castle International Corp.
4.450% due 02/15/2026			5,200			5,187

Deutsche Bank AG
3.375% due 05/12/2021			13,100			12,649
4.250% due 10/14/2021			3,000			2,935

EPR Properties
4.500% due 06/01/2027			4,300			4,154

Farmers Insurance Exchange
4.747% due 11/01/2057 •			2,000			1,774

Ford Motor Credit Co. LLC
5.875% due 08/02/2021			3,900			4,002

Goldman Sachs Group, Inc.
3.691% due 06/05/2028 •			7,100			6,609
3.850% due 01/26/2027			13,000			12,247


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Goodman U.S. Finance Three LLC
3.700% due 03/15/2028	$		5,000	$		4,771

Hampton Roads PPV LLC
6.621% due 06/15/2053			35,651			36,532

Healthcare Trust of America Holdings LP
3.750% due 07/01/2027			4,600			4,390

Hospitality Properties Trust
3.950% due 01/15/2028			3,000			2,710
4.250% due 02/15/2021			2,200			2,207
4.375% due 02/15/2030			1,300			1,194

HSBC Holdings PLC
4.250% due 03/14/2024			6,000			5,961
4.250% due 08/18/2025			7,200			7,001
4.583% due 06/19/2029 •			5,300			5,263

Hudson Pacific Properties LP
3.950% due 11/01/2027			900			839

JPMorgan Chase & Co.
3.782% due 02/01/2028 •			19,000			18,473
6.100% due 10/01/2024 •(e)			7,000			6,965

Lloyds Bank PLC
12.000% due 12/16/2024 •(e)			6,600			7,752

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(e)(f)			5,000			4,839

Mid-America Apartments LP
4.000% due 11/15/2025			7,500			7,487

MMcapS Funding Ltd.
3.112% (US0003M + 0.290%) due 12/26/2039 ~			826			771

Morgan Stanley
4.000% due 07/23/2025			27,500			27,165

Nordea Bank Abp
6.125% due 09/23/2024 •(e)(f)			550			518

Omega Healthcare Investors, Inc.
4.750% due 01/15/2028 (g)			3,350			3,290

Pacific Life Insurance Co.
9.250% due 06/15/2039			5,000			7,701

Physicians Realty LP
4.300% due 03/15/2027			2,000			1,946

Preferred Term Securities Ltd.
3.088% (US0003M + 0.300%) due 03/22/2037 ~			3,080			2,832

Royal Bank of Scotland Group PLC
4.519% due 06/25/2024 •			5,000			4,911
8.625% due 08/15/2021 •(e)(f)			3,000			3,113

Santander UK Group Holdings PLC
3.373% due 01/05/2024 •			2,900			2,754
3.823% due 11/03/2028 •			5,000			4,529

Springleaf Finance Corp.
6.125% due 05/15/2022			4,500			4,386
8.250% due 12/15/2020			5,500			5,706

State Street Corp.
5.625% due 12/15/2023 •(e)			5,000			4,731

UBS AG
7.625% due 08/17/2022 (f)			13,950			14,892

UDR, Inc.
3.500% due 07/01/2027			2,400			2,289

Washington Prime Group LP
3.850% due 04/01/2020			1,900			1,872

Wells Fargo & Co.
3.584% due 05/22/2028 •			15,000			14,425

						436,121


INDUSTRIALS 7.1%

Andeavor Logistics LP
4.250% due 12/01/2027			4,200			3,974

AP Moller - Maersk A/S
3.750% due 09/22/2024			2,500			2,431

Arrow Electronics, Inc.
3.250% due 09/08/2024			5,000			4,664
3.875% due 01/12/2028			2,500			2,283

Bacardi Ltd.
4.450% due 05/15/2025			5,000			4,942


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Campbell Soup Co.
3.650% due 03/15/2023	$		3,400	$		3,319

Charter Communications Operating LLC
4.908% due 07/23/2025			4,600			4,578

Corp. Nacional del Cobre de Chile
3.625% due 08/01/2027			4,000			3,819
4.500% due 09/16/2025			3,500			3,553

CVS Health Corp.
4.100% due 03/25/2025			10,000			9,926

Dell International LLC
5.450% due 06/15/2023			4,000			4,074

Ecopetrol S.A.
5.875% due 09/18/2023			5,000			5,225

Energy Transfer Operating LP
5.200% due 02/01/2022			2,275			2,338

Energy Transfer Partners LP
4.500% due 11/01/2023			5,000			5,007
5.000% due 10/01/2022			2,500			2,553

ERAC USA Finance LLC
3.800% due 11/01/2025			900			884

General Electric Co.
5.000% due 01/21/2021 •(e)			6,000			4,598

Kinder Morgan Energy Partners LP
4.300% due 05/01/2024 (g)			850			851
6.850% due 02/15/2020			1,100			1,139

Kinder Morgan, Inc.
5.625% due 11/15/2023			2,000			2,118

Kraft Heinz Foods Co.
3.950% due 07/15/2025			5,000			4,848

Magellan Health, Inc.
4.400% due 09/22/2024			5,500			5,182

Marvell Technology Group Ltd.
4.200% due 06/22/2023			3,000			2,994

New York and Presbyterian Hospital
4.763% due 08/01/2116			3,000			2,975

Norwegian Air Shuttle ASA Pass-Through Trust
4.875% due 11/10/2029			5,114			5,025

QVC, Inc.
4.450% due 02/15/2025			1,250			1,154

Sabine Pass Liquefaction LLC
5.625% due 03/01/2025			2,000			2,080

Sands China Ltd.
4.600% due 08/08/2023			6,600			6,573

Sprint Spectrum Co. LLC
4.738% due 09/20/2029			6,500			6,394

Sunoco Logistics Partners Operations LP
5.950% due 12/01/2025			2,300			2,403

Syngenta Finance NV
4.441% due 04/24/2023			5,400			5,209

Tech Data Corp.
4.950% due 02/15/2027			2,420			2,276

Teva Pharmaceutical Finance Netherlands BV
2.800% due 07/21/2023			5,500			4,742

Wabtec Corp.
4.700% due 09/15/2028			4,600			4,325

Wesleyan University
4.781% due 07/01/2116			3,248			3,336

Western Gas Partners LP
3.950% due 06/01/2025			7,547			7,123

ZF North America Capital, Inc.
4.500% due 04/29/2022			2,800			2,737

						141,652


UTILITIES 1.3%

AT&T, Inc.
4.300% due 02/15/2030			4,163			3,945

Enable Midstream Partners LP
3.900% due 05/15/2024			2,750			2,641

FirstEnergy Corp.
3.900% due 07/15/2027			6,000			5,825

IPALCO Enterprises, Inc.
3.700% due 09/01/2024			4,450			4,336


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		53

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021	$		1,426	$		1,377

Plains All American Pipeline LP
3.600% due 11/01/2024			6,762			6,443

						24,567

Total Corporate Bonds & Notes (Cost $612,440)						602,340


MUNICIPAL BONDS & NOTES 2.0%

CALIFORNIA 0.4%

California State General Obligation Bonds, (BABs), Series 2010
7.600% due 11/01/2040			2,000			2,920

University of California Revenue Bonds, Series 2012
4.858% due 05/15/2112			2,000			2,109

University of California Revenue Bonds, Series 2015
4.767% due 05/15/2115			2,100			2,168

						7,197


FLORIDA 0.4%

Palm Beach County, Florida Revenue Bonds, Series 2013
5.250% due 11/01/2043			7,520			8,017


ILLINOIS 0.4%

Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			6,800			7,548


NEW JERSEY 0.1%

New Jersey Economic Development Authority Revenue Notes, Series 2017
3.520% due 07/01/2020			500			502
3.650% due 07/01/2021			500			503
3.800% due 07/01/2022			1,000			1,008

						2,013


SOUTH DAKOTA 0.4%

Educational Enhancement Funding Corp., South Dakota Revenue Notes, Series 2013
3.539% due 06/01/2022			8,000			8,029


TEXAS 0.1%

Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			2,700			2,745


WEST VIRGINIA 0.2%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			3,605			3,540

Total Municipal Bonds & Notes (Cost $38,095)						39,089


U.S. GOVERNMENT AGENCIES 50.6%

Fannie Mae
0.000% due 07/25/2031 - 02/25/2040 (b)(d)			230			198
0.564% due 08/25/2022 ~(a)			15,610			259
2.500% due 03/25/2033			2			2
3.000% due 03/25/2033 - 04/25/2043			10			8
3.491% due 05/25/2042 •			206			192
3.494% due 09/25/2042 •(a)			69,013			11,958
3.500% due 04/01/2032 - 05/01/2047			32,368			32,507
3.500% due 12/01/2047 (g)			55,739			55,778
3.700% due 12/01/2028 •			230			231


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.914% due 04/25/2040 •(a)	$		88	$		11
4.000% due 12/01/2020 - 10/01/2048			167,057			170,930
4.110% due 01/01/2037 •			17			17
4.190% due 04/01/2036 •			18			19
4.498% due 09/01/2034 •			47			50
4.500% due 03/01/2019 - 06/01/2051			30,812			32,156
4.585% due 10/01/2035 •			4			4
4.694% due 05/25/2036 •(a)			1,908			324
4.750% due 09/01/2033			146			152
4.780% due 11/01/2035 •			11			11
5.000% due 02/01/2019 - 11/01/2039			2,534			2,599
5.500% due 09/01/2027 - 04/01/2039			1,633			1,692
6.000% due 05/25/2031 - 09/01/2037			2,616			2,787
6.500% due 01/01/2036 - 05/01/2038			129			139
7.000% due 10/01/2020 - 11/01/2038			1,060			1,098
7.500% due 10/01/2021 - 10/01/2037			347			368
12.915% due 01/25/2036 •			335			395
21.948% due 07/25/2023 •			10			12

Fannie Mae, TBA
3.500% due 02/01/2049			47,000			46,979

Freddie Mac
0.000% due 01/15/2033 - 07/15/2039 (b)(d)			948			848
1.689% due 06/15/2040 ~(a)			23,791			1,185
2.575% due 05/15/2041 •			2,789			2,535
2.949% due 06/15/2042 •			2,040			1,824
3.000% due 01/01/2043 - 04/01/2043			21			19
3.500% due 12/15/2028 (a)			3,519			263
3.500% due 10/01/2041 - 11/01/2047			185,346			185,588
4.000% due 09/01/2033 - 09/01/2048			154,929			158,146
4.000% due 09/01/2047 (g)			132,698			135,371
4.375% due 10/01/2036 •			2			2
4.465% due 12/01/2031 •			120			126
4.467% due 07/01/2036 •			26			27
4.500% due 02/01/2034 - 02/01/2045			9,991			10,424
4.740% due 11/01/2023 •			1			1
4.990% due 01/15/2041 •			5,689			6,006
5.000% due 03/01/2033 - 07/15/2041			770			821
5.000% due 08/15/2039 (a)			154			9
5.250% due 04/15/2033			44			48
5.500% due 01/01/2023 - 10/01/2037			2,211			2,339
6.000% due 02/01/2033 - 08/01/2037			234			248
6.500% due 01/01/2037 - 07/01/2037			30			32
8.500% due 12/01/2022 - 03/01/2023			34			34
9.000% due 12/01/2025 - 11/01/2030			18			20
9.500% due 01/01/2025			11			11
10.000% due 02/01/2019 - 04/01/2025			21			21
12.883% due 10/15/2023 •			133			152
12.911% due 05/15/2033 •			72			95

Freddie Mac, TBA
3.500% due 01/01/2049			6,000			5,999

Ginnie Mae
3.114% due 05/20/2066 •			5,725			5,800
3.464% due 03/20/2066 •			3,819			3,923
3.500% due 12/20/2040 - 03/20/2047			27,150			27,330
4.000% due 09/20/2040 - 06/15/2047			60,465			62,494
4.500% due 08/20/2038 - 02/20/2047			4,279			4,415
4.750% due 01/20/2035			39			43


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.000% due 03/20/2034 - 05/20/2047	$		1,233	$		1,275
5.500% due 04/16/2034 - 11/20/2038			91			99
6.000% due 08/20/2038 - 02/20/2039			103			107
6.500% due 12/20/2038			28			29
10.000% due 12/15/2019			3			3

Ginnie Mae, TBA
3.000% due 02/01/2049			16,000			15,736

Tennessee Valley Authority
4.250% due 09/15/2065			10,000			11,437

Tennessee Valley Authority STRIPS
0.000% due 06/15/2038 (d)			2,500			1,232

Total U.S. Government Agencies (Cost $1,030,290)						1,006,993


U.S. TREASURY OBLIGATIONS 8.5%

U.S. Treasury Bonds
3.375% due 11/15/2048 (g)			35,000			37,500

U.S. Treasury Notes
3.000% due 10/31/2025 (g)			88,000			90,332
3.125% due 11/15/2028 (g)			40,800			42,356

Total U.S. Treasury Obligations (Cost $162,441)						170,188


NON-AGENCY MORTGAGE-BACKED SECURITIES 4.3%

American Home Mortgage Investment Trust
4.385% due 09/25/2045 •			18			17

Banc of America Funding Trust
2.455% due 08/27/2036 ~			8,335			7,238

Banc of America Mortgage Trust
4.746% due 10/25/2034 ~			387			388

BCAP LLC Trust
2.656% due 05/25/2047 ^•			4,249			3,938

Bear Stearns ALT-A Trust
3.146% due 04/25/2034 •			39			39

Civic Mortgage LLC
3.892% due 06/25/2022 Ø			2,746			2,742

Countrywide Alternative Loan Trust
5.500% due 08/25/2035			714			685
5.500% due 12/25/2035			1,426			1,321

Countrywide Home Loan Mortgage Pass-Through Trust
3.046% due 03/25/2035 •			147			141
3.879% due 03/20/2036 ~			1,336			1,245

Countrywide Home Loan Reperforming REMIC Trust
2.846% due 01/25/2036 •			3,216			3,159

Credit Suisse First Boston Mortgage Securities Corp.
3.156% due 11/25/2031 •			40			36
4.356% due 11/25/2034 ~			45			46

Credit Suisse Mortgage Capital Certificates
6.000% due 05/27/2036			7			7
6.000% due 07/25/2037 ^			1,243			1,111

Great Hall Mortgages PLC
2.931% due 06/18/2039 •			3,193			3,077

GSMPS Mortgage Loan Trust
2.856% due 01/25/2036 •			3,279			2,912

GSR Mortgage Loan Trust
4.354% due 01/25/2036 ~			3,105			3,086
4.464% due 11/25/2035 ~			25			25
4.680% due 09/25/2034 ~			322			330

HarborView Mortgage Loan Trust
3.010% due 03/19/2035 •			2,404			2,326

HomeBanc Mortgage Trust
2.836% due 10/25/2035 •			1,812			1,814

Impac Secured Assets Trust
2.676% due 01/25/2037 •			2,137			2,065

JPMorgan Alternative Loan Trust
4.330% due 12/25/2035 ^~			981			857

JPMorgan Mortgage Trust
4.101% due 07/25/2035 ~			43			44
6.000% due 08/25/2037 ^			1,334			1,054
6.500% due 01/25/2036 ^			7,698			6,048


54		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

JPMorgan Resecuritization Trust
4.008% due 07/27/2037 ~	$		27	$		27

Lehman XS Trust
2.696% due 11/25/2046 •			5,260			4,927
3.157% due 11/25/2035 •			98			99

MASTR Adjustable Rate Mortgages Trust
2.199% due 04/25/2034 ~			1,516			1,455
4.002% due 03/25/2035 ~			1,940			1,918

Merrill Lynch Mortgage Investors Trust
3.066% due 07/25/2029 •			599			575
4.068% due 05/25/2029 ~			25			25

Morgan Stanley Capital Trust
3.402% due 07/13/2029 ~			5,030			5,032

Morgan Stanley Mortgage Loan Trust
4.293% due 06/25/2036 ~			6,717			6,873

RBSGC Mortgage Loan Trust
2.886% due 12/25/2034 •			2,264			1,996

Residential Asset Securitization Trust
3.056% due 08/25/2033 •			44			41
5.500% due 08/25/2034			2,309			2,351

Sequoia Mortgage Trust
2.820% due 07/20/2033 •			44			42
3.027% due 02/20/2035 •			1,222			1,212

Thornburg Mortgage Securities Trust
2.636% due 06/25/2037 •			428			412
4.270% due 10/25/2046 •			3,570			3,556

WaMu Mortgage Pass-Through Certificates Trust
2.579% due 10/25/2046 •			2,387			2,285

Wells Fargo Mortgage-Backed Securities Trust
4.844% due 12/28/2037 ~			4,608			4,487
5.750% due 02/25/2037			2,520			2,362

Total Non-Agency Mortgage-Backed Securities (Cost $84,503)						85,426


ASSET-BACKED SECURITIES 14.4%

AASET Trust
3.967% due 05/16/2042			4,320			4,315

AASET U.S. Ltd.
3.844% due 01/16/2038			4,553			4,571

Adams Mill CLO Ltd.
3.536% due 07/15/2026 •			1,310			1,308

ALESCO Preferred Funding Ltd.
3.154% due 12/23/2036 •			2,559			2,378
3.574% due 09/23/2038 •			3,289			3,090

Allegro CLO Ltd.
3.740% due 01/30/2026 •			2,728			2,729

Apidos CLO
3.430% due 01/19/2025 •			3,532			3,525

Argent Securities Trust
2.696% due 03/25/2036 •			5,058			4,526

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
2.736% due 01/25/2036 •			2,143			1,987

Asset-Backed Funding Certificates Trust
2.746% due 09/25/2036 •			3,913			3,598

Asset-Backed Securities Corp. Home Equity Loan Trust
5.680% due 08/15/2032 •			605			586

Avery Point CLO Ltd.
3.565% due 01/18/2025 •			4,342			4,338

Bayview Koitere Fund Trust
3.623% due 03/28/2033 Ø			2,049			2,052

Bayview Opportunity Master Fund Trust
3.352% due 11/28/2032 Ø			1,319			1,317
3.672% due 03/28/2033 Ø			429			430
3.721% due 02/28/2033 Ø			2,572			2,562
3.844% due 04/28/2033 Ø			2,663			2,674
4.090% due 05/28/2033 Ø			3,140			3,145

Black Diamond CLO Ltd.
3.499% due 02/06/2026 •			3,274			3,270

BlueMountain CLO Ltd.
3.945% due 07/18/2027 •			1,700			1,666

BSPRT Issuer Ltd.
3.805% due 06/15/2027 •			869			870


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Business Jet Securities LLC
4.335% due 02/15/2033	$		3,990	$		4,015
4.447% due 06/15/2033			5,425			5,487

Carrington Mortgage Loan Trust
2.666% due 10/25/2036 •			4,054			3,010
3.556% due 05/25/2035 •			5,100			4,979

Castlelake Aircraft Securitization Trust
4.125% due 06/15/2043			1,929			1,960

Cent CLO Ltd.
4.086% due 10/15/2026 •			2,000			1,962

CIT Mortgage Loan Trust
3.856% due 10/25/2037 •			3,420			3,465

Citigroup Mortgage Loan Trust
6.164% due 05/25/2036 Ø			5,687			3,233

Citigroup Mortgage Loan Trust, Inc.
2.766% due 03/25/2037 •			421			380

Countrywide Asset-Backed Certificates
2.726% due 09/25/2037 ^•			3,870			3,265
3.781% due 10/25/2034 •			361			357

EFS Volunteer LLC
3.386% due 07/26/2027 •			69			69

EMC Mortgage Loan Trust
3.606% due 08/25/2040 •			1,859			1,805

First Franklin Mortgage Loan Asset-Backed Certificates
3.331% due 05/25/2034 •			3,407			3,357

Flagship CLO Ltd.
3.286% due 01/16/2026 •			7,000			6,974

GSAA Trust
2.726% (US0001M + 0.220%) due 03/25/2047 ~			4,324			2,463

Halcyon Loan Advisors Funding Ltd.
3.569% due 10/22/2025 •			7,000			6,987

Home Equity Mortgage Loan Asset-Backed Trust
2.746% due 11/25/2036 •			7,515			5,885

ICG U.S. CLO Ltd.
3.286% due 01/16/2028 •			7,600			7,555

JPMorgan Mortgage Acquisition Corp.
2.896% due 05/25/2035 •			6,000			5,946

JPMorgan Mortgage Acquisition Trust
2.806% due 07/25/2036 •			1,510			1,421

KDAC Aviation Finance Ltd.
4.212% due 12/15/2042			4,813			4,821

Lehman XS Trust
2.676% due 12/25/2036 •			2,453			2,349

Long Beach Mortgage Loan Trust
3.406% due 06/25/2035 •			6,225			6,242

Loomis Sayles CLO Ltd.
3.336% due 04/15/2028 •			5,500			5,427

M360 Advisors LLC
4.395% due 07/24/2028			6,200			6,226

Merrill Lynch Mortgage Investors Trust
4.190% due 02/25/2037 ^Ø			13,708			2,776

METAL LLC
4.581% due 10/15/2042			4,879			4,924

Mid-State Capital Corp. Trust
6.005% due 08/15/2037			33			36

Mid-State Trust
6.340% due 12/15/2036			4,918			5,234

Morgan Stanley ABS Capital, Inc. Trust
2.646% due 05/25/2037 •			199			176
2.756% due 07/25/2036 •			1,969			1,023
3.756% due 07/25/2037 •			3,420			3,179

Morgan Stanley Mortgage Loan Trust
5.965% due 09/25/2046 ^Ø			3,681			2,012

Mountain View CLO Ltd.
3.236% due 10/15/2026 •			6,200			6,189

OHA Loan Funding Ltd.
3.827% due 01/23/2027 •			9,050			9,052

Renaissance Home Equity Loan Trust
5.586% due 11/25/2036 Ø			692			377
6.120% due 11/25/2036 Ø			1,219			723

Residential Asset Mortgage Products Trust
4.531% due 03/25/2032 •			1,274			1,253


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Residential Asset Securities Corp. Trust
4.620% due 10/25/2034 ~	$		78	$		76

S-Jets Ltd.
3.967% due 08/15/2042			5,922			5,982

Sapphire Aviation Finance Ltd.
4.250% due 03/15/2040			4,688			4,699

Saxon Asset Securities Trust
3.110% due 03/25/2035 ^•			1,754			1,713
4.256% due 12/25/2037 •			1,348			1,345

Securitized Asset-Backed Receivables LLC Trust
2.796% due 12/25/2035 •			4,997			4,885

SLM Student Loan Trust
3.240% due 04/25/2023 •			3,920			3,887
3.390% due 07/25/2023 •			6,182			6,194
3.990% due 04/25/2023 •			7,577			7,685
4.190% due 07/25/2023 •			5,250			5,338

Sprite Ltd.
4.250% due 12/15/2037			6,456			6,414

Structured Asset Investment Loan Trust
3.211% due 03/25/2034 •			4,861			4,799

TICP CLO Ltd.
3.309% due 04/20/2028 •			8,700			8,589

Tralee CLO Ltd.
3.499% due 10/20/2027 •			8,000			7,967

Venture CLO Ltd.
3.316% due 04/15/2027 •			9,000			8,906

Vericrest Opportunity Loan Transferee LLC
3.125% due 09/25/2047 Ø			5,375			5,339
3.250% due 06/25/2047 Ø			4,203			4,193

WaMu Asset-Backed Certificates WaMu Trust
2.731% due 05/25/2037 •			3,827			3,613

Whitehorse Ltd.
3.609% due 07/17/2026 •			3,389			3,384

Total Asset-Backed Securities (Cost $281,768)						286,539


SOVEREIGN ISSUES 0.9%

Mexico Government International Bond
5.750% due 10/12/2110			4,000			3,775

Qatar Government International Bond
3.875% due 04/23/2023			4,000			4,052

Saudi Government International Bond
4.000% due 04/17/2025			9,500			9,436

Total Sovereign Issues (Cost $17,608)						17,263


SHORT-TERM INSTRUMENTS 0.0%

U.S. TREASURY BILLS 0.0%
2.353% due 01/03/2019 - 03/14/2019 (c)(d)(g)(j)			702			701

Total Short-Term Instruments (Cost $700)						701



Total Investments in Securities (Cost $2,239,243)						2,219,863


Total Investments 111.6% (Cost $2,239,243)				$		2,219,863

Financial Derivative Instruments (h)(i) (0.0)% (Cost or Premiums, net $(2,990))						(714	)

Other Assets and Liabilities, net (11.6)%						(229,871	)

Net Assets 100.0%				$		1,989,278


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		55

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

Ø	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

Interest only security.

(b)

Principal only security.

(c)

Coupon represents a weighted average yield to maturity.

(d)

Zero coupon security.

(e)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f)

Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽¹⁾			Settlement Date		Maturity Date			Amount Borrowed⁽¹⁾			Payable for Reverse Repurchase Agreements
BCY		1.750	%		12/24/2018		TBD	⁽²⁾	$	(2,346	)	$	(2,347	)
BOS		2.750			12/14/2018		01/14/2019			(4,175	)		(4,181	)
JPS		3.050			12/28/2018		01/04/2019			(27,820	)		(27,832	)
RCY		2.500			11/27/2018		01/09/2019			(87,033	)		(87,251	)
		2.750			12/13/2018		01/14/2019			(21,876	)		(21,909	)

Total Reverse Repurchase Agreements												$	(143,520	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽¹⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽¹⁾			Payable for Sale-Buyback Transactions⁽³⁾
GSC		2.750	%		12/18/2018		01/02/2019	$	(69,724	)	$	(69,803	)
UBS		2.420			10/17/2018		01/17/2019		(69,646	)		(70,007	)

Total Sale-Buyback Transactions											$	(139,810	)

SHORT SALES:


Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (0.8)%
Fannie Mae, TBA		3.000%		01/01/2049	$	16,000	$	(15,263	)	$	(15,614	)

Total Short Sales (0.8)%							$	(15,263	)	$	(15,614	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions⁽³⁾		Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)		Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
BCY	$	0	$	(2,347	)	$	0	$	0	$	(2,347	)	$	2,584	$	237
BOS		0		(4,181	)		0		0		(4,181	)		4,381		200
JPS		0		(27,832	)		0		0		(27,832	)		27,857		25
RCY		0		(109,160	)		0		0		(109,160	)		110,212		1,052


56		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions⁽³⁾			Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)		Net Exposure⁽⁴⁾
Master Securities Forward Transaction Agreement
GSC	$	0	$	0		$	(69,803	)	$	0	$	(69,803	)	$	69,903	$	100
UBS		0		0			(70,007	)		0		(70,007	)		71,529		1,522

Total Borrowings and Other Financing Transactions	$	0	$	(143,520	)	$	(139,810	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	0		$	0	$	(2,347	)	$	(2,347	)
U.S. Government Agencies		0		(26,090	)		0		0			(26,090	)
U.S. Treasury Obligations		0		(115,083	)		0		0			(115,083	)

Total	$	0	$	(141,173	)	$	0	$	(2,347	)	$	(143,520	)


Sale-Buyback Transactions
U.S. Treasury Obligations		0		(139,810	)		0		0			(139,810	)

Total	$	0	$	(139,810	)	$	0	$	0		$	(139,810	)

Total Borrowings	$	0	$	(280,983	)	$	0	$	(2,347	)	$	(283,330	)

Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(283,330	)

(g)

Securities with an aggregate market value of $289,080 have been pledged as collateral under the terms of the above master agreements as of December 31, 2018.

⁽¹⁾	The average amount of borrowings outstanding during the period ended December 31, 2018 was $(236,067) at a weighted average interest rate of 2.231%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽²⁾	Open maturity reverse repurchase agreement.

⁽³⁾	Payable for sale-buyback transactions includes $(70) of deferred price drop.

⁽⁴⁾

(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾


Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date	Implied Credit Spread at December 31, 2018⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date	Implied Credit Spread at December 31, 2018⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Ford Motor Credit Co. LLC		5.000	%		Quarterly	06/20/2022		1.689	%	$	10,100	$	1,710	$	(617	)	$	1,093		$	0	$	(19	)
General Electric Co.		1.000			Quarterly	06/20/2023		1.989			15,000		14		(601	)		(587	)		0		0
General Motors Co.		5.000			Quarterly	06/20/2022		1.343			6,000		988		(260	)		728			0		(12	)
Navient Corp.		5.000			Quarterly	06/20/2022		4.648			6,000		392		(317	)		75			0		(23	)

												$	3,104	$	(1,795	)	$	1,309		$	0	$	(54	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Asset		Liability
CDX.EM-29 5-Year Index		1.000	%	Quarterly		06/20/2023	$	1,500	$	(69	)	$	14	$	(55	)	$	1	$	0
CDX.EM-30 5-Year Index		1.000		Quarterly		12/20/2023		9,100		(428	)		3		(425	)		7		0

									$	(497	)	$	17	$	(480	)	$	8	$	0


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		57

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	3-Month USD-LIBOR		1.750	%	Semi-Annual		06/20/2020	$	273,000	$	(5,078	)	$	1,149		$	(3,929	)	$	0	$	(10	)

Total Swap Agreements										$	(2,471	)	$	(629	)	$	(3,100	)	$	8	$	(64	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	8	$	8	$	0	$	0	$	(64)	$	(64)

Cash of $15,259 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability

CBK		01/2019	EUR	354	$	403	$	0	$	(3	)

Total Forward Foreign Currency Contracts							$	0	$	(3	)

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES


Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200	%		03/20/2019	$	29,500	$	(33	)	$	(50	)
CBK	Put - OTC CDX.IG-31 5-Year Index	Sell		1.050			02/20/2019		28,000		(48	)		(47	)
GST	Put - OTC CDX.IG-31 5-Year Index	Sell		2.400			09/18/2019		4,000		(7	)		(8	)
JPM	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			02/20/2019		35,000		(63	)		(95	)
MYC	Put - OTC CDX.IG-31 5-Year Index	Sell		1.400			04/17/2019		10,000		(19	)		(16	)

Total Written Options										$	(170	)	$	(216	)


58		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION⁽¹⁾


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2018⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value⁽⁴⁾
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2018⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
CBK	Colombia Government International Bond		1.000	%		Quarterly		12/20/2022		1.307	%	$	4,400	$	(57	)	$	8		$	0	$	(49	)
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			200		(1	)		(4	)		0		(5	)
	Petroleos Mexicanos		1.000			Quarterly		06/20/2022		2.817			5,000		(252	)		(34	)		0		(286	)

FBF	Mexico Government International Bond		1.000			Quarterly		06/20/2022		1.208			1,200		(3	)		(5	)		0		(8	)

GST	Colombia Government International Bond		1.000			Quarterly		12/20/2022		1.307			4,700		(48	)		(4	)		0		(52	)
	Mexico Government International Bond		1.000			Quarterly		06/20/2023		1.434			1,000		(9	)		(9	)		0		(18	)
	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		3.391			500		43			(17	)		26		0

HUS	Mexico Government International Bond		1.000			Quarterly		06/20/2023		1.434			1,600		(12	)		(16	)		0		(28	)
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			700		(9	)		(8	)		0		(17	)

JPM	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			100		(1	)		(1	)		0		(2	)

Total Swap Agreements														$	(349	)	$	(90	)	$	26	$	(465	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure⁽⁵⁾
BOA	$	0	$	0	$	0	$	0	$	0		$	(50	)	$	0		$	(50	)	$	(50	)	$	0		$	(50	)
CBK		0		0		0		0		(3	)		(47	)		(340	)		(390	)		(390	)		276			(114	)
DUB		0		0		0		0		0			0			0			0			0			(50	)		(50	)
FBF		0		0		0		0		0			0			(8	)		(8	)		(8	)		0			(8	)
GST		0		0		26		26		0			(8	)		(70	)		(78	)		(52	)		0			(52	)
HUS		0		0		0		0		0			0			(45	)		(45	)		(45	)		0			(45	)
JPM		0		0		0		0		0			(95	)		(2	)		(97	)		(97	)		0			(97	)
MYC		0		0		0		0		0			(16	)		0			(16	)		(16	)		0			(16	)

Total Over the Counter	$	0	$	0	$	26	$	26	$	(3	)	$	(216	)	$	(465	)	$	(684	)

(j)

Securities with an aggregate market value of $276 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾

⁽²⁾

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

⁽⁵⁾


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		59

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	8	$	0	$	0	$	0	$	8

Over the counter
Swap Agreements	$	0	$	26	$	0	$	0	$	0	$	26

	$	0	$	34	$	0	$	0	$	0	$	34


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	54	$	0	$	0	$	10	$	64

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3	$	0	$	3
Written Options		0		216		0		0		0		216
Swap Agreements		0		465		0		0		0		465

	$	0	$	681	$	0	$	3	$	0	$	684

	$	0	$	735	$	0	$	3	$	10	$	748

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(57	)	$	(57	)
Swap Agreements		0		1,144			0		0			(1,291	)		(147	)

	$	0	$	1,144		$	0	$	0		$	(1,348	)	$	(204	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(30	)	$	0		$	(30	)
Written Options		0		26			0		0			97			123
Swap Agreements		0		128			0		0			0			128

	$	0	$	154		$	0	$	(30	)	$	97		$	221

	$	0	$	1,298		$	0	$	(30	)	$	(1,251	)	$	17


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(1,942	)	$	0	$	0		$	1,850		$	(92	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	50		$	0		$	50
Written Options		0		(46	)		0		0			36			(10	)
Swap Agreements		0		(223	)		0		0			0			(223	)

	$	0	$	(269	)	$	0	$	50		$	36		$	(183	)

	$	0	$	(2,211	)	$	0	$	50		$	1,886		$	(275	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	9,006	$	2,318	$	11,324
Corporate Bonds & Notes
Banking & Finance		0		436,121		0		436,121


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Industrials	$	0	$	141,652	$	0	$	141,652
Utilities		0		24,567		0		24,567
Municipal Bonds & Notes
California		0		7,197		0		7,197


60		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Florida	$	0	$	8,017		$	0	$	8,017
Illinois		0		7,548			0		7,548
New Jersey		0		2,013			0		2,013
South Dakota		0		8,029			0		8,029
Texas		0		2,745			0		2,745
West Virginia		0		3,540			0		3,540
U.S. Government Agencies		0		1,006,993			0		1,006,993
U.S. Treasury Obligations		0		170,188			0		170,188
Non-Agency Mortgage-Backed Securities		0		85,426			0		85,426
Asset-Backed Securities		0		286,539			0		286,539
Sovereign Issues		0		17,263			0		17,263
Short-Term Instruments
U.S. Treasury Bills		0		701			0		701


Total Investments	$	0	$	2,217,545		$	2,318	$	2,219,863


Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0	$	(15,614	)	$	0	$	(15,614	)


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	8		$	0	$	8
Over the counter		0		26			0		26

	$	0	$	34		$	0	$	34


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(64	)		0		(64	)
Over the counter		0		(684	)		0		(684	)

	$	0	$	(748	)	$	0	$	(748	)


Total Financial Derivative Instruments	$	0	$	(714	)	$	0	$	(714	)


Totals	$	0	$	2,201,217		$	2,318	$	2,203,535

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		61

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 172.5%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%

Qatar National Bank SAQ
3.516% (LIBOR03M + 0.900%) due 12/22/2020 ~	$		1,000	$		992

Total Loan Participations and Assignments (Cost $993)						992


CORPORATE BONDS & NOTES 63.1%

BANKING & FINANCE 28.3%

ADCB Finance Cayman Ltd.
2.625% due 03/10/2020			2,000			1,969

AerCap Ireland Capital DAC
4.625% due 10/30/2020			1,300			1,309

Air Lease Corp.
2.500% due 03/01/2021			600			585
2.750% due 01/15/2023			1,300			1,231

Aircastle Ltd.
5.500% due 02/15/2022			1,200			1,229

Ally Financial, Inc.
3.500% due 01/27/2019			1,300			1,300
3.750% due 11/18/2019			100			100
7.500% due 09/15/2020			200			208
8.000% due 03/15/2020			400			415

American International Group, Inc.
2.300% due 07/16/2019			1,000			996

American Tower Corp.
2.250% due 01/15/2022			600			575
2.800% due 06/01/2020			500			496
3.300% due 02/15/2021			400			398
3.450% due 09/15/2021			400			400

Assurant, Inc.
4.072% (US0003M + 1.250%) due 03/26/2021 ~			400			400

Aviation Capital Group LLC
2.875% due 01/20/2022			620			600
4.125% due 08/01/2025			400			389

Axis Bank Ltd.
3.250% due 05/21/2020			700			692

Barclays PLC
2.750% due 11/08/2019			1,500			1,490

BGC Partners, Inc.
5.125% due 05/27/2021			250			252

BOC Aviation Ltd.
2.375% due 09/15/2021			200			193
3.000% due 03/30/2020			450			448
3.000% due 05/23/2022			500			487
3.609% (US0003M + 1.050%) due 05/02/2021 ~			500			502
3.875% due 05/09/2019			400			401

Cantor Fitzgerald LP
6.500% due 06/17/2022			400			424
7.875% due 10/15/2019			1,500			1,544

Citigroup, Inc.
3.437% (US0003M + 0.950%) due 07/24/2023 ~			200			195

CNH Industrial Capital LLC
3.375% due 07/15/2019			1,800			1,787

Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022			250			248
4.735% (US0003M + 2.290%) due 04/16/2021 ~			500			514

Danske Bank A/S
3.836% (US0003M + 1.060%) due 09/12/2023 ~			1,400			1,348

Five Corners Funding Trust
4.419% due 11/15/2023			400			412

Ford Motor Credit Co. LLC
2.681% due 01/09/2020 (d)			2,000			1,967
5.750% due 02/01/2021			500			510

General Motors Financial Co., Inc.
3.150% due 01/15/2020			1,000			994
3.500% due 07/10/2019			1,500			1,500


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Goldman Sachs Group, Inc.
3.618% (US0003M + 1.110%) due 04/26/2022 ~	$		1,000	$		989
4.036% (US0003M + 1.600%) due 07/15/2020 ~			1,000			1,004

Goodman HK Finance
4.375% due 06/19/2024			1,000			1,005

Hartford Financial Services Group, Inc.
5.500% due 03/30/2020			500			513

ICICI Bank Ltd.
3.125% due 08/12/2020			1,465			1,447

Industrial Bank of Korea
2.000% due 04/23/2020			1,000			987

International Lease Finance Corp.
8.250% due 12/15/2020			200			215
8.625% due 01/15/2022			500			556

JPMorgan Chase & Co.
5.990% (US0003M + 3.470%) due 01/30/2019 ~(b)			1,117			1,106

Lloyds Banking Group PLC
3.590% (US0003M + 0.800%) due 06/21/2021 ~			900			891

Mitsubishi UFJ Financial Group, Inc.
3.368% (US0003M + 0.860%) due 07/26/2023 ~(d)			2,000			1,979

Mitsubishi UFJ Lease & Finance Co. Ltd.
2.250% due 09/07/2021			200			192
3.252% (US0003M + 0.775%) due 07/23/2019 ~			500			501

Mizuho Financial Group, Inc.
3.651% (US0003M + 0.880%) due 09/11/2022 ~			500			497
3.905% (US0003M + 1.480%) due 04/12/2021 ~			400			405
3.919% (US0003M + 1.140%) due 09/13/2021 ~			700			703

Morgan Stanley
3.649% (US0003M + 1.180%) due 01/20/2022 ~			400			399

MUFG Bank Ltd.
2.300% due 03/05/2020			200			198

Nationwide Building Society
6.250% due 02/25/2020			150			155

Natwest Markets PLC
5.625% due 08/24/2020			500			516

Navient Corp.
4.875% due 06/17/2019			138			138
5.000% due 10/26/2020			200			192
5.875% due 03/25/2021			200			192
6.625% due 07/26/2021			200			194
8.000% due 03/25/2020			1,000			1,019

Nissan Motor Acceptance Corp.
2.150% due 09/28/2020			1,000			972

ORIX Corp.
2.650% due 04/13/2021			500			488
2.900% due 07/18/2022			500			489
3.200% due 01/19/2022			500			493

QNB Finance Ltd.
2.125% due 09/07/2021			200			191
4.068% (US0003M + 1.450%) due 08/11/2021 ~			600			599

Royal Bank of Scotland Group PLC
4.086% (US0003M + 1.470%) due 05/15/2023 ~			800			777
4.372% (US0003M + 1.550%) due 06/25/2024 ~			580			555

Santander Holdings USA, Inc.
2.650% due 04/17/2020			200			197

Santander UK Group Holdings PLC
2.875% due 08/05/2021			800			773

Santander UK PLC
3.400% due 06/01/2021			1,000			995

SBA Tower Trust
3.156% due 10/10/2045			1,500			1,486


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Sinochem Overseas Capital Co. Ltd.
4.500% due 11/12/2020	$		1,000	$		1,015

SL Green Operating Partnership LP
3.609% (US0003M + 0.980%) due 08/16/2021 ~			200			199

SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021			1,510			1,470
3.000% due 07/15/2022			200			194

Springleaf Finance Corp.
5.250% due 12/15/2019			100			101
8.250% due 12/15/2020			950			986

Starwood Property Trust, Inc.
3.625% due 02/01/2021			1,000			965

State Bank of India
3.622% due 04/17/2019			500			501

Synchrony Financial
3.000% due 08/15/2019 (d)			2,000			1,987

WEA Finance LLC
2.700% due 09/17/2019			1,525			1,518

Weyerhaeuser Co.
7.375% due 10/01/2019			950			976

						62,428


INDUSTRIALS 28.6%

Andeavor Logistics LP
5.500% due 10/15/2019			2,000			2,017

Aptiv PLC
3.150% due 11/19/2020			700			695

Arrow Electronics, Inc.
3.500% due 04/01/2022			900			889

BAT Capital Corp.
3.496% (US0003M + 0.880%) due 08/15/2022 ~			1,100			1,079

Bayer U.S. Finance LLC
2.375% due 10/08/2019			200			198
2.375% due 10/08/2019 (d)			1,835			1,821

Boral Finance Pty. Ltd.
3.000% due 11/01/2022			400			387

Broadcom Corp.
2.375% due 01/15/2020			2,000			1,975

Central Nippon Expressway Co. Ltd.
2.849% due 03/03/2022			1,000			985
3.548% (US0003M + 0.810%) due 03/03/2022 •			500			500
3.628% (US0003M + 0.850%) due 09/14/2021 ~			500			502

Charter Communications Operating LLC
3.579% due 07/23/2020			500			500
4.191% (US0003M + 1.650%) due 02/01/2024 ~			500			492
4.464% due 07/23/2022			1,000			1,010

Cigna Corp.
3.750% due 07/15/2023			1,000			998

CNPC General Capital Ltd.
2.750% due 05/14/2019			1,300			1,299

Conagra Brands, Inc.
4.600% due 11/01/2025			500			503

Continental Airlines Pass-Through Trust
7.250% due 05/10/2021			441			453

Cox Communications, Inc.
3.250% due 12/15/2022			300			293

Crown Castle Towers LLC
3.222% due 05/15/2042			800			788

CVS Health Corp.
3.350% due 03/09/2021			800			798

D.R. Horton, Inc.
3.750% due 03/01/2019			1,400			1,400

Daimler Finance North America LLC
2.250% due 03/02/2020 (d)			2,500			2,467

Dell International LLC
3.480% due 06/01/2019			1,500			1,496
4.420% due 06/15/2021			400			400
5.450% due 06/15/2023			500			509


62		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Delta Air Lines, Inc.
2.600% due 12/04/2020	$		800	$		787
3.625% due 03/15/2022			900			881

Deutsche Telekom International Finance BV
1.500% due 09/19/2019			1,375			1,357

DISH DBS Corp.
7.875% due 09/01/2019			1,300			1,330

Dominion Energy Gas Holdings LLC
3.388% (US0003M + 0.600%) due 06/15/2021 ~			300			299

Energy Transfer Operating LP
4.150% due 10/01/2020			500			503

Energy Transfer Partners LP
5.750% due 09/01/2020			200			205

EQT Corp.
8.125% due 06/01/2019			990			1,007

Equifax, Inc.
3.486% (US0003M + 0.870%) due 08/15/2021 ~			800			791
3.600% due 08/15/2021			1,200			1,199

Flex Ltd.
4.625% due 02/15/2020			500			503

Fresenius Medical Care U.S. Finance, Inc.
5.625% due 07/31/2019			1,400			1,416

GATX Corp.
3.302% (US0003M + 0.720%) due 11/05/2021 ~			500			495

General Electric Co.
2.700% due 10/09/2022			400			371
5.000% due 01/21/2021 •(b)			1,200			920
6.000% due 08/07/2019			500			505

General Mills, Inc.
6.610% due 10/15/2022			500			528

Georgia-Pacific LLC
2.539% due 11/15/2019			400			397

Humana, Inc.
2.625% due 10/01/2019			500			498

Hyundai Capital America
1.750% due 09/27/2019			800			790
3.348% (US0003M + 0.940%) due 07/08/2021 ~			700			698

Imperial Brands Finance PLC
2.950% due 07/21/2020			1,700			1,675

Kansas City Southern
3.000% due 05/15/2023			1,100			1,077

KLA-Tencor Corp.
3.375% due 11/01/2019			100			100

Latam Airlines Pass-Through Trust
4.200% due 08/15/2029			126			122

Masco Corp.
7.125% due 03/15/2020			39			41

MGM Resorts International
6.750% due 10/01/2020			1,000			1,030
8.625% due 02/01/2019			300			302

Mylan NV
2.500% due 06/07/2019			1,000			995
3.150% due 06/15/2021			1,000			980

Pacific National Finance Pty. Ltd.
4.625% due 09/23/2020			911			923
6.000% due 04/07/2023			1,000			1,065

Penske Truck Leasing Co. LP
3.300% due 04/01/2021			700			696

Petroleos Mexicanos
8.000% due 05/03/2019			1,500			1,520

Petronas Capital Ltd.
5.250% due 08/12/2019			300			304

QVC, Inc.
3.125% due 04/01/2019			1,100			1,098

Reynolds American, Inc.
4.000% due 06/12/2022			700			693

Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			500			515
6.250% due 03/15/2022			500			526


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Schaeffler Finance BV
4.750% due 05/15/2023	$		300	$		289

Shire Acquisitions Investments Ireland DAC
1.900% due 09/23/2019			1,700			1,677
2.875% due 09/23/2023			300			284

Sky Ltd.
2.625% due 09/16/2019			900			893

Southern Co.
3.104% (US0003M + 0.490%) due 02/14/2020 ~			400			399

Southwest Airlines Co.
2.750% due 11/06/2019			500			498

Syngenta Finance NV
3.933% due 04/23/2021			1,200			1,184

Takeda Pharmaceutical Co. Ltd.
2.450% due 01/18/2022			1,000			964

Teva Pharmaceutical Finance Netherlands BV
1.700% due 07/19/2019			700			691

Time Warner Cable LLC
5.000% due 02/01/2020			500			507

WestJet Airlines Ltd.
3.500% due 06/16/2021			1,050			1,041

Woodside Finance Ltd.
3.650% due 03/05/2025			100			95
3.700% due 09/15/2026			200			185
4.600% due 05/10/2021			200			202

Woolworths Group Ltd.
4.000% due 09/22/2020			300			302

ZF North America Capital, Inc.
4.000% due 04/29/2020			394			392

						63,199


UTILITIES 6.2%

AT&T, Inc.
3.504% (US0003M + 0.890%) due 02/15/2023 ~			1,100			1,081
3.956% (US0003M + 1.180%) due 06/12/2024 ~			300			291

Chugoku Electric Power Co., Inc.
2.701% due 03/16/2020			200			199

Duke Energy Corp.
3.114% (US0003M + 0.500%) due 05/14/2021 ~			600			597

Duquesne Light Holdings, Inc.
5.900% due 12/01/2021			500			529
6.400% due 09/15/2020			200			209

Enel Finance International NV
4.250% due 09/14/2023			200			196

FirstEnergy Corp.
2.850% due 07/15/2022			970			946

NextEra Energy Capital Holdings, Inc.
3.107% (US0003M + 0.400%) due 08/21/2020 ~			500			499
3.257% (US0003M + 0.550%) due 08/28/2021 ~			1,500			1,482

Pennsylvania Electric Co.
5.200% due 04/01/2020			1,000			1,025

Plains All American Pipeline LP
5.750% due 01/15/2020			1,500			1,528

Sinopec Group Overseas Development Ltd.
2.250% due 09/13/2020			500			491
2.500% due 04/28/2020			2,000			1,976

Sprint Capital Corp.
6.900% due 05/01/2019			300			303

Verizon Communications, Inc.
3.716% (US0003M + 1.100%) due 05/15/2025 ~			1,000			970

Vodafone Group PLC
3.426% (US0003M + 0.990%) due 01/16/2024 ~			1,500			1,464

						13,786

Total Corporate Bonds & Notes (Cost $140,996)						139,413


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 0.3%

CALIFORNIA 0.1%

California Earthquake Authority Revenue Notes, Series 2014
2.805% due 07/01/2019	$		210	$		210


KANSAS 0.2%

Kansas Development Finance Authority Revenue Notes, Series 2015
2.258% due 04/15/2019			500			499

Total Municipal Bonds & Notes (Cost $710)						709


U.S. GOVERNMENT AGENCIES 14.9%

Fannie Mae
3.500% due 08/01/2047 - 10/01/2047			7,880			7,890
4.000% due 09/01/2039 - 03/01/2047			2,834			2,908
4.000% due 10/01/2048 (d)			4,735			4,833
4.250% due 11/01/2035 - 01/01/2036			347			356
4.750% due 09/01/2034 - 04/01/2036			815			852
5.000% due 04/01/2019 - 09/01/2047			2,434			2,497
5.500% due 06/01/2019 - 09/01/2040			1,706			1,783
6.000% due 05/01/2029 - 01/01/2039			1,183			1,256
6.500% due 09/01/2021 - 12/01/2037			923			1,007

Fannie Mae, TBA
4.000% due 02/01/2049			500			510

Freddie Mac
2.000% due 02/01/2028 - 04/01/2028			12			12
4.500% due 12/01/2019 - 07/01/2021			36			37
5.000% due 07/01/2019 - 03/01/2033			41			43
5.500% due 11/01/2021 - 10/01/2037			283			294
6.000% due 02/01/2028 - 02/01/2033			50			51
6.500% due 07/01/2037 - 02/01/2038			548			590
7.000% due 10/01/2037			86			88
10.500% due 04/01/2019 - 12/01/2020			9			8
11.000% due 06/01/2019 - 10/01/2020			2			1

Ginnie Mae
3.000% due 11/20/2046			216			213
3.455% due 08/16/2039 •			9			10
3.500% due 05/20/2042 - 09/20/2044			741			743
3.700% due 04/15/2042			218			221
3.740% due 03/20/2042 - 07/20/2042			363			367
3.750% due 04/15/2042 - 03/20/2044			297			303
4.000% due 04/20/2040 - 06/20/2043			2,453			2,469
4.500% due 08/20/2038 - 01/20/2042			1,584			1,642
5.000% due 02/20/2039 - 10/20/2047			277			284
5.500% due 03/20/2034 - 08/20/2041			637			656
6.500% due 09/20/2025 - 07/20/2039			147			155
7.000% due 09/15/2024 - 06/20/2039			716			751

Total U.S. Government Agencies (Cost $33,170)						32,830


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		63

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 73.1%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 04/15/2022	$		6,551	$		6,340
0.625% due 04/15/2023			5,589			5,499
0.750% due 07/15/2028 (d)			7,455			7,303

U.S. Treasury Notes
2.875% due 10/31/2020 (d)			141,600			142,484

Total U.S. Treasury Obligations (Cost $161,369)						161,626


NON-AGENCY MORTGAGE-BACKED SECURITIES 4.3%

Bear Stearns Adjustable Rate Mortgage Trust
4.337% due 02/25/2033 ~			2			2

BX Trust
3.335% due 07/15/2034 •			626			623

Chevy Chase Funding LLC Mortgage-Backed Certificates
2.736% due 10/25/2035 •			510			503

GSR Mortgage Loan Trust
4.494% due 09/25/2035 ~			26			27
4.869% due 08/25/2033 •			216			217

Holmes Master Issuer PLC
2.856% due 10/15/2054 •			1,600			1,597

Impac CMB Trust
3.146% due 03/25/2035 •			233			227

JPMorgan Chase Commercial Mortgage Securities Trust
3.379% due 09/15/2050			300			298

MASTR Adjustable Rate Mortgages Trust
4.670% due 04/21/2034 ~			53			54

Merrill Lynch Mortgage Investors Trust
4.381% due 12/25/2035 ~			692			688

Nomura Resecuritization Trust
3.574% due 04/26/2037 ~			418			423

Sequoia Mortgage Trust
3.026% due 11/22/2024 •			5			5
3.130% due 06/20/2033 •			4			4

Structured Asset Mortgage Investments Trust
3.050% due 07/19/2034 •			10			10
3.130% due 09/19/2032 •			20			20

Thornburg Mortgage Securities Trust
3.718% due 04/25/2045 ~			148			149

VMC Finance LLC
3.390% due 10/15/2035 •			2,000			1,977

WaMu Mortgage Pass-Through Certificates Trust
2.816% due 01/25/2045 •			27			27
2.906% due 06/25/2044 •			1,112			1,107
4.079% due 06/25/2033 ~			3			3

Wells Fargo Mortgage-Backed Securities Trust
4.694% due 06/25/2035 ~			3			3

Wells Fargo-RBS Commercial Mortgage Trust
3.905% due 06/15/2044 •			1,500			1,521

Total Non-Agency Mortgage-Backed Securities (Cost $9,459)						9,485


ASSET-BACKED SECURITIES 12.3%

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
3.266% due 09/25/2033 •			40			40


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Apidos CLO
3.430% due 01/19/2025 •	$		224	$		224

Bayview Opportunity Master Fund Trust
4.213% due 10/29/2033 Ø			475			476

Bear Stearns Asset-Backed Securities Trust
3.306% due 10/27/2032 •			40			39

BlueMountain CLO Ltd.
3.766% due 04/13/2027 •			300			301

Cent CLO Ltd.
3.839% due 10/29/2025 •			236			237

Chase Funding Trust
3.106% due 07/25/2033 •			210			204

CIFC Funding Ltd.
3.350% due 10/25/2027 •			300			296

Credit Suisse Mortgage Capital Trust
4.500% due 03/25/2021			136			137

Crown Point CLO Ltd.
3.389% due 07/17/2028 •			700			698

Drug Royalty LP
5.286% due 07/15/2023 •			57			57

Dryden Senior Loan Fund
3.336% due 10/15/2027 •			300			298

First Franklin Mortgage Loan Trust
2.666% due 04/25/2036 •			2,065			2,006
3.256% due 11/25/2034 •			256			251
3.436% due 07/25/2034 •			1,414			1,413

LCM LP
3.379% due 10/20/2027 •			500			498

Navient Private Education Loan Trust
3.655% due 12/15/2028 •			674			680

New Century Home Equity Loan Trust
3.436% due 11/25/2034 •			601			601

NovaStar Mortgage Funding Trust
3.166% due 01/25/2036 •			1,000			991

RAAC Trust
3.056% due 01/25/2046 •			1,000			990

Residential Asset Mortgage Products Trust
3.186% due 05/25/2035 •			500			496

Saxon Asset Securities Trust
3.035% due 05/25/2035 •			195			177

Securitized Asset-Backed Receivables LLC Trust
3.181% due 01/25/2035 •			382			376

SLM Student Loan Trust
3.240% due 04/25/2023 •			530			525
3.990% due 04/25/2023 •			569			572
4.190% due 07/25/2023 •			500			508

SMB Private Education Loan Trust
2.980% due 07/15/2027			1,663			1,660

SoFi Professional Loan Program LLC
3.020% due 02/25/2040			292			290

Soundview Home Loan Trust
3.181% due 06/25/2035 •			1,178			1,171

Starwood Waypoint Homes Trust
3.405% due 01/17/2035 •			986			981

Structured Asset Investment Loan Trust
3.056% due 09/25/2034 •			1,980			1,953

Structured Asset Securities Corp. Mortgage Loan Trust
2.641% due 07/25/2036 •			1,722			1,678


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Towd Point Mortgage Trust
2.915% due 02/25/2057 •	$		687	$		685

Tralee CLO Ltd.
3.869% due 10/20/2028 •			1,000			983

Vericrest Opportunity Loan Transferee LLC
3.125% due 09/25/2047 Ø			799			794

Wellfleet CLO Ltd.
3.609% due 10/20/2027 •			1,000			1,000

WhiteHorse Ltd.
3.379% due 04/17/2027 •			1,000			995

Whitehorse Ltd.
3.609% due 07/17/2026 •			357			356

Zais CLO Ltd.
3.586% due 04/15/2028 •			1,500			1,497

Total Asset-Backed Securities (Cost $27,099)						27,134


SOVEREIGN ISSUES 1.3%

Export-Import Bank of India
2.750% due 04/01/2020			800			792

Export-Import Bank of Korea
3.389% (US0003M + 0.700%) due 05/26/2019 ~			2,000			2,011

Total Sovereign Issues (Cost $2,793)						2,803


SHORT-TERM INSTRUMENTS 2.8%

CERTIFICATES OF DEPOSIT 0.6%

Itau CorpBanca
2.570% due 01/11/2019			300			300

Lloyds Bank Corporate Markets PLC
2.908% (US0003M + 0.500%) due 10/26/2020 ~			1,100			1,100

						1,400


COMMERCIAL PAPER 0.1%

CNH Industrial Capital LLC
3.500% due 05/09/2019			300			296


REPURCHASE AGREEMENTS (c) 2.1%
						4,565

Total Short-Term Instruments (Cost $6,261)						6,261



Total Investments in Securities (Cost $382,850)						381,253


Total Investments 172.5% (Cost $382,850)				$		381,253

Financial Derivative Instruments (e)(f) (0.2)% (Cost or Premiums, net $(717))						(438	)

Other Assets and Liabilities, net (72.3)%						(159,841	)

Net Assets 100.0%				$		220,974

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

Ø	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

Principal amount of security is adjusted for inflation.

(b)

Perpetual maturity; date shown, if applicable, represents next contractual call date.


64		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.000	%		12/31/2018		01/02/2019	$	4,565	U.S. Treasury Notes 2.875% due 07/31/2025	$	(4,659	)	$	4,565	$	4,565

Total Repurchase Agreements											$	(4,659	)	$	4,565	$	4,565

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BOS		2.900	%		12/21/2018		01/04/2019	$	(2,136	)	$	(2,138	)
DEU		2.800			12/31/2018		01/02/2019		(87,163	)		(87,177	)
		4.000			12/31/2018		01/02/2019		(7,308	)		(7,309	)
RDR		2.710			12/31/2018		01/07/2019		(9,792	)		(9,793	)

Total Reverse Repurchase Agreements											$	(106,417	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽³⁾
Global/Master Repurchase Agreement
BOS	$	0	$	(2,138	)	$	0	$	0	$	(2,138	)	$	2,215		$	77
DEU		0		(94,486	)		0		0		(94,486	)		94,141			(345	)
FICC		4,565		0			0		0		4,565			(4,659	)		(94	)
RDR		0		(9,793	)		0		0		(9,793	)		10,220			427

Total Borrowings and Other Financing Transactions	$	4,565	$	(106,417	)	$	0	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(9,793	)	$	0	$	0	$	(9,793	)
U.S. Government Agencies		0		(2,138	)		0		0		(2,138	)
U.S. Treasury Obligations		0		(94,486	)		0		0		(94,486	)

Total Borrowings	$	0	$	(106,417	)	$	0	$	0	$	(106,417	)

Payable for reverse repurchase agreements										$	(106,417	)

(d)

Securities with an aggregate market value of $106,577 have been pledged as collateral under the terms of the above master agreements as of December 31, 2018.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended December 31, 2018 was $(62,141) at a weighted average interest rate of 2.109%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽³⁾


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		65

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Call - CBOT U.S. Treasury 10-Year Note March 2019 Futures	$	135.000		02/22/2019		124	$	124	$	1	$	1
Put - CBOT U.S. Treasury 2-Year Note March 2019 Futures		103.375		02/22/2019		730		1,460		6		1
Call - CBOT U.S. Treasury 5-Year Note March 2019 Futures		120.000		02/22/2019		425		425		4		6

Total Purchased Options									$	11	$	8

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
90-Day Eurodollar December Futures		12/2019		57	$	13,872	$	8	$	1	$	0
90-Day Eurodollar March Futures		03/2019		265		64,455		103		0		0
90-Day Eurodollar September Futures		09/2019		80		19,468		3		3		0
U.S. Treasury 2-Year Note March Futures		03/2019		561		119,107		815		79		0

							$	929	$	83	$	0

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
90-Day Eurodollar December Futures		12/2020		57	$	(13,898	)	$	(12	)	$	0	$	(5	)
90-Day Eurodollar March Futures		03/2020		119		(28,990	)		(174	)		0		(6	)
U.S. Treasury 5-Year Note March Futures		03/2019		722		(82,804	)		(1,208	)		0		(181	)
U.S. Treasury 10-Year Note March Futures		03/2019		332		(40,509	)		(963	)		0		(130	)
U.S. Treasury Ultra Long-Term Bond March Futures		03/2019		21		(3,374	)		(178	)		0		(12	)

								$	(2,535	)	$	0	$	(334	)

Total Futures Contracts								$	(1,606	)	$	83	$	(334	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽¹⁾


Index/Tranches	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾			Variation Margin
Index/Tranches	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount⁽²⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾			Asset		Liability
CDX.HY-31 5-Year Index		(5.000	)%	Quarterly		12/20/2023	$	14,500	$	(705	)	$	385	$	(320	)	$	0	$	(24	)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	3-Month USD-LIBOR		3.000	%	Semi-Annual		12/19/2028	$	1,200	$	20	$	(49	)	$	(29	)	$	0	$	(4	)

INTEREST RATE SWAPS - BASIS SWAPS


Pay Floating Rate Index	Receive Floating Rate Index	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay Floating Rate Index	Receive Floating Rate Index	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
3-Month USD-LIBOR	1-Month USD-LIBOR + 0.139%	Quarterly		05/10/2021	$	23,740	$	0		$	(2	)	$	(2	)	$	3	$	0
3-Month USD-LIBOR	1-Month USD-LIBOR + 0.136%	Quarterly		05/11/2021		11,900		0			0			0			1		0
3-Month USD-LIBOR	1-Month USD-LIBOR + 0.139%	Quarterly		05/14/2021		14,760		0			(2	)		(2	)		1		0

							$	0		$	(4	)	$	(4	)	$	5	$	0

Total Swap Agreements							$	(685	)	$	332		$	(353	)	$	5	$	(28	)


66		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

(334)

(28)

(362)

Cash of $1,465 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2019	EUR	5,681	$	6,486	$	0	$	(28	)

CBK		01/2019		2,081		2,372		0		(13	)

GLM		01/2019	$	1,233	JPY	139,000		36		0

IND		01/2019	JPY	617,500	$	5,447		0		(188	)

JPM		01/2019		143,800		1,272		0		(41	)

RYL		01/2019	$	4,530	JPY	504,300		72		0

SSB		01/2019		1,051		118,700		32		0

Total Forward Foreign Currency Contracts							$	140	$	(270	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS

Counterparty

Description

Floating Rate Index

Pay/Receive
Floating Rate

Exercise
Rate

Expiration
Date

Notional
Amount

Cost

Market
Value

CBK

Call - OTC 2-Year Interest Rate Swap

3-Month USD-LIBOR

Pay

3.000%

02/11/2019

31,000

224

Total Purchased Options

224

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES


Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-31 5-Year Index	Sell		0.850	%		01/16/2019	$	1,200	$	(2	)	$	(3	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019		3,200		(5	)		(5	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			02/20/2019		600		(1	)		(2	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.000			02/20/2019		1,600		(3	)		(3	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200			03/20/2019		3,000		(3	)		(5	)

BRC	Put - OTC CDX.IG-31 5-Year Index	Sell		1.000			01/16/2019		1,100		(1	)		(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.050			02/20/2019		1,200		(2	)		(2	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.100			03/20/2019		600		(1	)		(1	)


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		67

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)


Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
CBK	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950	%		01/16/2019	$	1,100	$	(1	)	$	(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.000			01/16/2019		6,100		(5	)		(4	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			02/20/2019		2,400		(5	)		(7	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.100			03/20/2019		600		(1	)		(1	)

GST	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019		1,600		(2	)		(3	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		2.400			09/18/2019		1,400		(2	)		(3	)

JPM	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			02/20/2019		1,000		(2	)		(3	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200			03/20/2019		800		(2	)		(1	)

MYC	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019		1,600		(2	)		(3	)

										$	(40	)	$	(48	)

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Market Value
CBK	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.030	%		02/11/2019		$	3,600	$	(10	)	$	(99	)

GLM	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.950			02/11/2019			6,700		(11	)		(119	)

												$	(21	)	$	(218	)

Total Written Options												$	(61	)	$	(266	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of December 31, 2018:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)			Net Exposure⁽¹⁾
BOA	$	0	$	0	$	0	$	0	$	(28	)	$	(18	)	$	0	$	(46	)	$	(46	)	$	0		$	(46	)
BRC		0		0		0		0		0			(4	)		0		(4	)		(4	)		0			(4	)
CBK		0		224		0		224		(13	)		(112	)		0		(125	)		99			0			99
GLM		36		0		0		36		0			(119	)		0		(119	)		(83	)		0			(83	)
GST		0		0		0		0		0			(6	)		0		(6	)		(6	)		0			(6	)
IND		0		0		0		0		(188	)		0			0		(188	)		(188	)		0			(188	)
JPM		0		0		0		0		(41	)		(4	)		0		(45	)		(45	)		0			(45	)
MYC		0		0		0		0		0			(3	)		0		(3	)		(3	)		0			(3	)
RYL		72		0		0		72		0			0			0		0			72			(60	)		12
SSB		32		0		0		32		0			0			0		0			32			0			32

Total Over the Counter	$	140	$	224	$	0	$	364	$	(270	)	$	(266	)	$	0	$	(536	)

⁽¹⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0	$	8	$	8
Futures		0		0		0		0		83		83
Swap Agreements		0		0		0		0		5		5

	$	0	$	0	$	0	$	0	$	96	$	96


68		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	140	$	0	$	140
Purchased Options		0		0		0		0		224		224

	$	0	$	0	$	0	$	140	$	224	$	364

	$	0	$	0	$	0	$	140	$	320	$	460


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	334	$	334
Swap Agreements		0		24		0		0		4		28

	$	0	$	24	$	0	$	0	$	338	$	362

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	270	$	0	$	270
Written Options		0		48		0		0		218		266

	$	0	$	48	$	0	$	270	$	218	$	536

	$	0	$	72	$	0	$	270	$	556	$	898

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	(10	)	$	(10	)
Futures		0		0			0		0			(124	)		(124	)
Swap Agreements		0		(224	)		0		0			19			(205	)

	$	0	$	(224	)	$	0	$	0		$	(115	)	$	(339	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	507		$	0		$	507
Purchased Options		0		0			0		0			(64	)		(64	)
Written Options		0		7			0		0			114			121

	$	0	$	7		$	0	$	507		$	50		$	564

	$	0	$	(217	)	$	0	$	507		$	(65	)	$	225


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	(3	)	$	(3	)
Futures		0		0			0		0			(1,465	)		(1,465	)
Swap Agreements		0		309			0		0			(52	)		257

	$	0	$	309		$	0	$	0		$	(1,520	)	$	(1,211	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(224	)	$	0		$	(224	)
Purchased Options		0		0			0		0			213			213
Written Options		0		(10	)		0		0			(211	)		(221	)

	$	0	$	(10	)	$	0	$	(224	)	$	2		$	(232	)

	$	0	$	299		$	0	$	(224	)	$	(1,518	)	$	(1,443	)


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		69

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	992	$	0	$	992
Corporate Bonds & Notes
Banking & Finance		0		62,428		0		62,428
Industrials		0		63,199		0		63,199
Utilities		0		13,786		0		13,786
Municipal Bonds & Notes
California		0		210		0		210
Kansas		0		499		0		499
U.S. Government Agencies		0		32,830		0		32,830
U.S. Treasury Obligations		0		161,626		0		161,626
Non-Agency Mortgage-Backed Securities		0		9,485		0		9,485
Asset-Backed Securities		0		27,134		0		27,134
Sovereign Issues		0		2,803		0		2,803
Short-Term Instruments
Certificates of Deposit		0		1,400		0		1,400
Commercial Paper		0		296		0		296
Repurchase Agreements		0		4,565		0		4,565


Total Investments	$	0	$	381,253	$	0	$	381,253


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	84		$	12		$	0	$	96
Over the counter		0			364			0		364

	$	84		$	376		$	0	$	460


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(334	)		(28	)		0		(362	)
Over the counter		0			(536	)		0		(536	)

	$	(334	)	$	(564	)	$	0	$	(898	)


Total Financial Derivative Instruments	$	(250	)	$	(188	)	$	0	$	(438	)


Totals	$	(250	)	$	381,065		$	0	$	380,815

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


70		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%

CORPORATE BONDS & NOTES 66.2%

BANKING & FINANCE 37.0%

ABN AMRO Bank NV
1.800% due 09/20/2019	$		8,000	$		7,928
2.100% due 01/18/2019			1,000			1,001
3.261% (US0003M + 0.570%) due 08/27/2021 ~			20,000			19,893

ADCB Finance Cayman Ltd.
2.625% due 03/10/2020			5,000			4,921
2.750% due 09/16/2019			7,500			7,455
3.000% due 03/04/2019			29,000			28,987

AerCap Ireland Capital DAC
3.750% due 05/15/2019			64,044			64,045
4.250% due 07/01/2020			1,500			1,504
4.625% due 10/30/2020			2,300			2,317

AIA Group Ltd.
2.250% due 03/11/2019			4,880			4,871
3.312% (US0003M + 0.520%) due 09/20/2021 ~			27,000			26,904

AIG Global Funding
3.282% (US0003M + 0.460%) due 06/25/2021 ~			8,900			8,835

Air Lease Corp.
2.125% due 01/15/2020			17,935			17,678
3.375% due 01/15/2019			35,564			35,561

American Express Co.
3.151% (US0003M + 0.610%) due 08/01/2022 ~			14,200			14,038

American Express Credit Corp.
3.828% (US0003M + 1.050%) due 09/14/2020 ~			8,900			8,962

American Honda Finance Corp.
2.954% (US0003M + 0.340%) due 02/14/2020 ~			1,114			1,112
3.057% (US0003M + 0.290%) due 12/10/2021 ~			33,000			32,635

American Tower Corp.
2.800% due 06/01/2020			5,000			4,963
3.400% due 02/15/2019			13,655			13,663

Athene Global Funding
2.750% due 04/20/2020			585			580
3.609% (US0003M + 1.140%) due 04/20/2020 ~			42,225			42,476
4.038% (US0003M + 1.230%) due 07/01/2022 ~			35,659			35,827

AvalonBay Communities, Inc.
2.866% (US0003M + 0.430%) due 01/15/2021 ~			7,200			7,150

Aviation Capital Group LLC
3.190% (US0003M + 0.670%) due 07/30/2021 ~			4,250			4,218
3.688% (US0003M + 0.950%) due 06/01/2021 ~			30,700			30,659

Axis Bank Ltd.
3.250% due 05/21/2020			3,000			2,965

Bank of America Corp.
2.600% due 01/15/2019			30,000			29,994
3.129% (US0003M + 0.660%) due 07/21/2021 ~			5,700			5,678
3.447% (US0003M + 0.650%) due 10/01/2021 ~			28,000			27,805
3.476% (US0003M + 1.040%) due 01/15/2019 ~			13,783			13,786

Bank of America N.A.
2.957% (US0003M + 0.250%) due 08/28/2020 ~			9,000			8,970

Banque Federative du Credit Mutuel S.A.
2.750% due 01/22/2019			2,500			2,499
2.932% (US0003M + 0.350%) due 08/05/2019 ~			10,000			9,995

Barclays PLC
2.750% due 11/08/2019			89,930			89,344
4.009% (US0003M + 1.380%) due 05/16/2024 ~			19,000			18,105


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

BNZ International Funding Ltd.
2.350% due 03/04/2019	$		22,563	$		22,538
2.400% due 02/21/2020			2,500			2,476
3.346% (US0003M + 0.700%) due 02/21/2020 ~			20,650			20,689

BOC Aviation Ltd.
3.000% due 03/30/2020			3,590			3,571
3.875% due 05/09/2019			28,495			28,555

Canadian Imperial Bank of Commerce
3.259% (US0003M + 0.520%) due 09/06/2019 ~			1,860			1,862

Caterpillar Financial Services Corp.
3.046% (US0003M + 0.280%) due 09/07/2021 ~			14,000			13,910
3.126% (US0003M + 0.510%) due 05/15/2023 ~			8,400			8,245

Chiba Bank Ltd.
2.550% due 10/30/2019			14,400			14,250

Citibank N.A.
3.061% (US0003M + 0.260%) due 09/18/2019 ~			4,500			4,494

Citigroup, Inc.
3.696% (US0003M + 0.930%) due 06/07/2019 ~			9,000			9,022
3.749% (US0003M + 1.190%) due 08/02/2021 ~			8,200			8,226
3.761% (US0003M + 1.023%) due 06/01/2024 ~			37,800			37,053
3.818% (US0003M + 1.310%) due 10/26/2020 ~			11,200			11,285
4.183% (US0003M + 1.380%) due 03/30/2021 ~			27,000			27,190

Cooperatieve Rabobank UA
3.244% (US0003M + 0.830%) due 01/10/2022 ~			45,000			44,808

Credit Suisse AG
2.300% due 05/28/2019			500			499

Credit Suisse Group AG
4.016% (US0003M + 1.240%) due 06/12/2024 ~			5,000			4,928

Credit Suisse Group Funding Guernsey Ltd.
4.735% (US0003M + 2.290%) due 04/16/2021 ~			16,900			17,385

Danske Bank A/S
1.650% due 09/06/2019			10,000			9,841
2.200% due 03/02/2020			3,900			3,816
3.248% (US0003M + 0.510%) due 03/02/2020 ~			22,100			22,059
3.319% (US0003M + 0.580%) due 09/06/2019 ~			4,850			4,847

DBS Group Holdings Ltd.
2.246% due 07/16/2019			4,328			4,314
2.936% (US0003M + 0.500%) due 07/16/2019 ~			12,900			12,909
3.110% (US0003M + 0.620%) due 07/25/2022 ~			33,530			33,574
3.257% (US0003M + 0.490%) due 06/08/2020 ~			18,384			18,380

Dexia Credit Local S.A.
1.875% due 03/28/2019			37,300			37,239
1.875% due 01/29/2020			1,700			1,685
2.250% due 01/30/2019			63,195			63,164
2.500% due 01/25/2021			10,150			10,097

DNB Bank ASA
3.167% (US0003M + 0.370%) due 10/02/2020 ~			10,000			9,938
3.808% (US0003M + 1.070%) due 06/02/2021 ~			5,000			5,046

Erste Abwicklungsanstalt
2.977% (US0003M + 0.210%) due 03/09/2020 ~			22,400			22,449

EXIM Sukuk Malaysia Bhd.
2.874% due 02/19/2019			9,400			9,391

First Abu Dhabi Bank PJSC
3.000% due 08/13/2019			5,734			5,718


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

First Gulf Bank PJSC
3.250% due 01/14/2019	$		7,700	$		7,703

First Republic Bank
2.375% due 06/17/2019			1,880			1,872

FMS Wertmanagement
2.918% (US0003M + 0.300%) due 02/11/2019 •			7,600			7,603

Ford Motor Credit Co. LLC
1.897% due 08/12/2019			5,745			5,689
2.021% due 05/03/2019			22,758			22,668
2.262% due 03/28/2019			2,500			2,493
2.375% due 03/12/2019			4,500			4,493
2.597% due 11/04/2019			1,500			1,484
2.943% due 01/08/2019			13,615			13,615
2.989% (US0003M + 0.430%) due 11/02/2020 ~			1,200			1,167
3.408% (US0003M + 1.000%) due 01/09/2020 ~			19,900			19,699
3.512% (US0003M + 0.930%) due 11/04/2019 ~			830			827
3.606% (US0003M + 0.830%) due 03/12/2019 ~			19,700			19,686
3.754% (US0003M + 0.930%) due 09/24/2020 ~			58,100			57,074
8.125% due 01/15/2020			8,677			9,010

General Motors Financial Co., Inc.
2.350% due 10/04/2019			9,600			9,518
3.150% due 01/15/2020			4,600			4,573
3.258% (US0003M + 0.850%) due 04/09/2021 ~			6,900			6,745
3.366% (US0003M + 0.930%) due 04/13/2020 ~			22,213			22,078
3.500% due 07/10/2019			13,042			13,042
3.678% (US0003M + 1.270%) due 10/04/2019 ~			12,867			12,921
3.692% (US0003M + 1.100%) due 11/06/2021 ~			35,000			34,080
3.996% (US0003M + 1.560%) due 01/15/2020 ~			34,832			35,000
4.051% (US0003M + 1.450%) due 05/09/2019 ~			2,194			2,197

Goldman Sachs Group, Inc.
2.550% due 10/23/2019			5,600			5,566
3.552% (US0003M + 0.730%) due 12/27/2020 ~			3,000			2,988
3.618% (US0003M + 1.110%) due 04/26/2022 ~			19,000			18,795
3.637% (US0003M + 1.160%) due 04/23/2020 ~			10,000			10,036
3.786% (US0003M + 1.170%) due 11/15/2021 ~			38,125			38,052
3.850% (US0003M + 1.360%) due 04/23/2021 ~			6,656			6,708

Harley-Davidson Financial Services, Inc.
2.150% due 02/26/2020			2,000			1,969
2.250% due 01/15/2019			850			850
2.400% due 09/15/2019			4,136			4,102
3.117% (US0003M + 0.350%) due 03/08/2019 ~			12,220			12,218
3.146% (US0003M + 0.500%) due 05/21/2020 ~			15,500			15,481
3.647% (US0003M + 0.940%) due 03/02/2021 ~			36,700			36,670

Hong Kong Sukuk Ltd.
2.005% due 09/18/2019			2,200			2,187

HSBC Holdings PLC
3.240% (US0003M + 0.600%) due 05/18/2021 ~			6,550			6,455
3.426% (US0003M + 0.650%) due 09/11/2021 ~			33,000			32,576
4.349% (US0003M + 1.660%) due 05/25/2021 ~			66,000			66,699
5.007% (US0003M + 2.240%) due 03/08/2021 ~			3,075			3,151

Hutchison Whampoa International Ltd.
5.750% due 09/11/2019			2,200			2,241
7.625% due 04/09/2019			18,164			18,388


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		71

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Hyundai Capital Services, Inc.
1.625% due 08/30/2019	$		17,969	$		17,786

ICICI Bank Ltd.
3.125% due 08/12/2020			500			494
3.500% due 03/18/2020			1,150			1,146
4.800% due 05/22/2019			71,888			72,186

Indian Railway Finance Corp. Ltd.
3.917% due 02/26/2019			9,204			9,210

Industrial Bank of Korea
2.000% due 04/23/2020			2,500			2,468

ING Bank NV
3.487% (US0003M + 0.690%) due 10/01/2019 ~			24,225			24,272
3.610% (US0003M + 0.970%) due 08/17/2020 ~			2,000			2,013
3.954% (US0003M + 1.130%) due 03/22/2019 ~			500			501

International Finance Facility for Immunisation Co.
2.801% (US0003M + 0.260%) due 11/01/2019 •			5,575			5,590

International Lease Finance Corp.
5.875% due 04/01/2019			25,282			25,387
6.250% due 05/15/2019			31,044			31,322
8.250% due 12/15/2020			2,301			2,476

Intesa Sanpaolo SpA
3.875% due 01/15/2019			21,550			21,546

Jackson National Life Global Funding
2.736% (US0003M + 0.300%) due 10/15/2020 ~			17,400			17,235
2.809% (US0003M + 0.300%) due 04/27/2020 ~			19,400			19,340
3.251% (US0003M + 0.480%) due 06/11/2021 ~			1,700			1,690
3.552% (US0003M + 0.730%) due 06/27/2022 ~			25,750			25,843

John Deere Capital Corp.
2.588% (US0003M + 0.180%) due 01/07/2020 ~			15,000			14,999

JPMorgan Chase & Co.
3.411% (US0003M + 0.610%) due 06/18/2022 ~			47,000			46,506
4.218% (US0003M + 1.480%) due 03/01/2021 ~			12,145			12,304

JPMorgan Chase Bank N.A.
2.831% (US0003M + 0.290%) due 02/01/2021 ~			19,000			18,870
2.868% (US0003M + 0.250%) due 02/13/2020 ~			15,000			14,983
2.968% (US0003M + 0.230%) due 09/01/2020 ~			13,100			13,052

LeasePlan Corp. NV
2.875% due 01/22/2019			38,705			38,691

Lloyds Bank PLC
3.079% (US0003M + 0.490%) due 05/07/2021 ~			24,000			23,766

Macquarie Bank Ltd.
2.600% due 06/24/2019			15,500			15,455
2.758% (US0003M + 0.350%) due 04/04/2019 ~			2,145			2,145
3.616% (US0003M + 1.180%) due 01/15/2019 ~			4,500			4,501
3.629% (US0003M + 1.120%) due 07/29/2020 ~			51,650			51,935

Macquarie Group Ltd.
3.727% (US0003M + 1.020%) due 11/28/2023 ~			2,750			2,697
7.625% due 08/13/2019			4,200			4,309

Metropolitan Life Global Funding
3.030% (SOFRRATE + 0.570%) due 09/07/2020 ~			42,500			42,223

Mitsubishi Corp. Finance PLC
3.000% (US0003M + 0.480%) due 04/30/2019 ~			6,000			5,999

Mitsubishi UFJ Financial Group, Inc.
3.280% (US0003M + 0.790%) due 07/25/2022 ~			38,516			38,093


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.478% (US0003M + 0.740%) due 03/02/2023 ~	$		16,000	$		15,744
3.609% (US0003M + 0.920%) due 02/22/2022 ~			24,249			24,103
3.839% (US0003M + 1.060%) due 09/13/2021 ~			30,912			30,977

Mitsubishi UFJ Lease & Finance Co. Ltd.
2.500% due 03/09/2020			4,800			4,750
3.252% (US0003M + 0.775%) due 07/23/2019 ~			33,422			33,473
3.570% (US0003M + 0.925%) due 02/20/2019 ~			4,150			4,153

Mizuho Bank Ltd.
2.450% due 04/16/2019			12,645			12,625
2.650% due 09/25/2019			1,564			1,559

Mizuho Financial Group, Inc.
3.647% (US0003M + 0.940%) due 02/28/2022 ~			9,000			9,000
3.651% (US0003M + 0.880%) due 09/11/2022 ~			42,600			42,330
3.905% (US0003M + 1.480%) due 04/12/2021 ~			23,600			23,886
3.919% (US0003M + 1.140%) due 09/13/2021 ~			18,255			18,332

Morgan Stanley
2.375% due 07/23/2019			36,000			35,849
2.500% due 01/24/2019			561			561
3.168% (US0003M + 0.550%) due 02/10/2021 ~			40,100			39,664
3.399% (US0003M + 0.930%) due 07/22/2022 ~			22,500			22,195
3.649% (US0003M + 1.140%) due 01/27/2020 ~			2,400			2,410
5.625% due 09/23/2019			10,632			10,791
7.300% due 05/13/2019			26,634			27,041

MUFG Bank Ltd.
2.350% due 09/08/2019			5,200			5,170

Nasdaq, Inc.
3.214% (US0003M + 0.390%) due 03/22/2019 ~			68,000			67,985

National Bank of Canada
3.049% (US0003M + 0.600%) due 01/17/2020 ~			18,000			18,028

National Rural Utilities Cooperative Finance Corp.
3.178% (US0003M + 0.375%) due 06/30/2021 ~			11,000			10,919

Nationwide Building Society
2.350% due 01/21/2020			1,000			990
6.250% due 02/25/2020			2,794			2,883

Nederlandse Waterschapsbank NV
2.808% (US0003M + 0.020%) due 03/15/2019 ~			4,000			4,001
2.808% (US0003M + 0.020%) due 03/15/2019 ~			25,000			25,006

Nissan Motor Acceptance Corp.
2.000% due 03/08/2019			10,900			10,871
2.150% due 07/13/2020			2,085			2,035
2.150% due 09/28/2020			9,500			9,232
2.826% (US0003M + 0.390%) due 07/13/2020 ~			21,000			20,844
3.016% (US0003M + 0.580%) due 01/13/2020 ~			9,786			9,767
3.086% (US0003M + 0.650%) due 07/13/2022 ~			9,550			9,274
3.203% (US0003M + 0.390%) due 09/28/2020 ~			7,650			7,567
3.203% due 09/28/2020 ~			3,200			3,165
3.299% due 09/13/2019 •			13,890			13,858
3.299% (US0003M + 0.520%) due 09/13/2019 •			1,925			1,921
3.308% (US0003M + 0.520%) due 03/15/2021 ~			4,200			4,137
3.326% (US0003M + 0.890%) due 01/13/2022 ~			43,745			43,003
3.420% (US0003M + 0.630%) due 09/21/2021 ~			24,117			23,651
3.503% due 09/28/2022 •			9,850			9,548


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nomura Holdings, Inc.
2.750% due 03/19/2019	$		51,330	$		51,289

Nordea Bank Abp
2.375% due 04/04/2019			9,500			9,486
3.176% (US0003M + 0.470%) due 05/29/2020 ~			9,000			8,993

NRW Bank
2.661% (US0003M + 0.120%) due 02/01/2022 ~			27,000			27,152
2.788% (US0003M + 0.170%) due 02/11/2019 ~			12,900			12,904
3.197% (US0003M + 0.430%) due 03/08/2019 ~			5,000			5,005

NTT Finance Corp.
3.333% (US0003M + 0.530%) due 06/29/2020 ~			84,128			84,328

Protective Life Global Funding
2.856% (US0003M + 0.420%) due 03/29/2019 ~			5,010			5,011
3.333% (US0003M + 0.520%) due 06/28/2021 ~			10,000			9,925

QNB Finance Ltd.
3.939% (US0003M + 1.350%) due 02/07/2020 ~			3,500			3,522
3.968% (US0003M + 1.350%) due 02/12/2020 ~			4,200			4,226
4.015% (US0003M + 1.570%) due 07/18/2021 ~			4,000			4,025
4.057% (US0003M + 1.350%) due 05/31/2021 ~			11,675			11,774

Reliance Standard Life Global Funding
2.500% due 04/24/2019			18,772			18,727
2.500% due 01/15/2020			5,000			4,952

Royal Bank of Scotland Group PLC
4.086% (US0003M + 1.470%) due 05/15/2023 ~			46,500			45,134
6.400% due 10/21/2019			46,456			47,436

Santander UK PLC
2.350% due 09/10/2019			42,100			41,786
2.500% due 03/14/2019			68,000			67,926
3.276% (US0003M + 0.660%) due 11/15/2021 ~			21,600			21,408
3.358% (US0003M + 0.620%) due 06/01/2021 ~			10,000			9,893

Siam Commercial Bank PCL
3.500% due 04/07/2019			12,840			12,854

Skandinaviska Enskilda Banken AB
3.070% (US0003M + 0.430%) due 05/17/2021 ~			15,000			14,906

SL Green Operating Partnership LP
3.609% (US0003M + 0.980%) due 08/16/2021 ~			13,800			13,721

Standard Chartered PLC
2.100% due 08/19/2019			31,274			31,025
2.400% due 09/08/2019			26,358			26,213
3.770% (US0003M + 1.130%) due 08/19/2019 ~			40,060			40,232

State Bank of India
3.358% (US0003M + 0.950%) due 04/06/2020 ~			53,000			53,067
3.622% due 04/17/2019			14,743			14,762

SumitG Guaranteed Secured Obligation Issuer DAC
2.251% due 11/02/2020			3,500			3,437

Sumitomo Mitsui Banking Corp.
2.755% (US0003M + 0.310%) due 10/18/2019 ~			39,400			39,372
2.806% (US0003M + 0.370%) due 10/16/2020 ~			38,000			37,757

Sumitomo Mitsui Financial Group, Inc.
3.185% (US0003M + 0.740%) due 10/18/2022 ~			4,500			4,462
3.205% (US0003M + 0.780%) due 07/12/2022 ~			40,065			39,852
3.390% (US0003M + 0.970%) due 01/11/2022 ~			12,000			12,005
3.546% (US0003M + 1.110%) due 07/14/2021 ~			11,500			11,590


72		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.447% (US0003M + 1.680%) due 03/09/2021 ~	$		6,000	$		6,117

Sumitomo Mitsui Trust Bank Ltd.
1.950% due 09/19/2019			790			783
2.050% due 03/06/2019			12,000			11,979
2.050% due 10/18/2019			5,735			5,686
3.244% (US0003M + 0.440%) due 09/19/2019 ~			3,000			3,002
3.249% (US0003M + 0.510%) due 03/06/2019 ~			75,508			75,530
3.355% (US0003M + 0.910%) due 10/18/2019 ~			11,400			11,448

Suncorp-Metway Ltd.
2.100% due 05/03/2019			2,000			1,993

Svenska Handelsbanken AB
3.159% (US0003M + 0.470%) due 05/24/2021 ~			9,700			9,615
3.229% (US0003M + 0.490%) due 09/06/2019 ~			14,950			14,962
3.278% (US0003M + 0.490%) due 06/17/2019 ~			3,900			3,904

Synchrony Financial
2.600% due 01/15/2019			70,692			70,669
3.000% due 08/15/2019			61,531			61,135

Toyota Motor Credit Corp.
3.040% due 05/17/2022 •			18,900			18,699
3.110% due 01/11/2022 •			21,500			21,472

UBS AG
3.027% (US0003M + 0.320%) due 05/28/2019 ~			8,500			8,499
3.218% (US0003M + 0.480%) due 12/01/2020 ~			11,500			11,449
3.347% due 06/08/2020 •			3,000			3,000
3.588% (US0003M + 0.850%) due 06/01/2020 ~			1,700			1,708

UBS Group Funding Switzerland AG
3.566% (US0003M + 0.950%) due 08/15/2023 ~			37,500			36,732
4.216% due 04/14/2021 •			28,300			28,763

United Overseas Bank Ltd.
2.957% (US0003M + 0.480%) due 04/23/2021 ~			8,500			8,481

VEREIT Operating Partnership LP
3.000% due 02/06/2019			29,379			29,362

WEA Finance LLC
2.700% due 09/17/2019			23,841			23,738

Wells Fargo & Co.
4.076% (US0003M + 1.340%) due 03/04/2021 ~			6,800			6,873

Wells Fargo Bank N.A.
2.940% (SOFRRATE + 0.480%) due 03/25/2020 ~			10,000			9,954
2.977% (US0003M + 0.500%) due 07/23/2021 ~			24,000			23,872
2.987% (US0003M + 0.510%) due 10/22/2021 ~			41,162			40,691

Weyerhaeuser Co.
7.375% due 10/01/2019			21,000			21,582

						4,509,332


INDUSTRIALS 23.7%

Alimentation Couche-Tard, Inc.
3.279% (US0003M + 0.500%) due 12/13/2019 ~			10,090			10,065

Allergan Funding SCS
3.000% due 03/12/2020			9,737			9,701
4.031% (US0003M + 1.255%) due 03/12/2020 ~			57,841			58,027

Amgen, Inc.
2.935% (US0003M + 0.320%) due 05/10/2019 ~			3,000			2,999
3.065% (US0003M + 0.450%) due 05/11/2020 ~			900			899

Anthem, Inc.
2.250% due 08/15/2019			11,725			11,664


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

AstraZeneca PLC
3.305% (US0003M + 0.665%) due 08/17/2023 ~	$		7,500	$		7,314

Baidu, Inc.
2.750% due 06/09/2019			51,482			51,397

BAT Capital Corp.
2.297% due 08/14/2020			12,700			12,402
3.204% due 08/14/2020 •			81,613			80,828
3.496% (US0003M + 0.880%) due 08/15/2022 ~			36,950			36,258

BAT International Finance PLC
1.625% due 09/09/2019			12,710			12,543
2.750% due 06/15/2020			4,000			3,931

Bayer U.S. Finance LLC
2.125% due 07/15/2019			12,125			12,032
2.375% due 10/08/2019			38,735			38,433
3.452% (US0003M + 0.630%) due 06/25/2021 ~			28,197			27,831

BMW U.S. Capital LLC
2.788% (US0003M + 0.380%) due 04/06/2020 ~			4,040			4,020
2.835% (US0003M + 0.410%) due 04/12/2021 ~			5,600			5,547
2.984% (US0003M + 0.370%) due 08/14/2020 ~			38,000			37,723
3.048% (US0003M + 0.640%) due 04/06/2022 ~			12,234			12,038

BP AMI Leasing, Inc.
5.523% due 05/08/2019			2,342			2,361

Broadcom Corp.
2.375% due 01/15/2020			72,567			71,671

Cardinal Health, Inc.
3.558% (US0003M + 0.770%) due 06/15/2022 ~			9,495			9,395

Central Nippon Expressway Co. Ltd.
2.079% due 11/05/2019			24,200			23,984
2.170% due 08/05/2019			62,906			62,615
2.381% due 09/17/2020			5,500			5,410
3.076% (US0003M + 0.460%) due 02/15/2022 ~			18,800			18,606
3.119% (US0003M + 0.560%) due 11/02/2021 ~			19,850			19,712
3.122% (US0003M + 0.540%) due 08/04/2020 ~			26,000			25,948
3.547% (US0003M + 1.070%) due 04/23/2021 ~			7,570			7,628
3.548% (US0003M + 0.810%) due 03/03/2022 •			69,660			69,646
3.599% (US0003M + 0.970%) due 02/16/2021 ~			1,000			1,005
3.628% (US0003M + 0.850%) due 09/14/2021 ~			21,050			21,114
3.707% (US0003M + 1.000%) due 05/28/2021 ~			29,200			29,374

Cigna Corp.
3.138% (US0003M + 0.350%) due 03/17/2020 ~			8,550			8,497
3.438% (US0003M + 0.650%) due 09/17/2021 ~			50,000			49,313

CNPC General Capital Ltd.
2.700% due 11/25/2019			3,687			3,671
2.750% due 05/14/2019			23,248			23,237

Comcast Corp.
3.127% (US0003M + 0.330%) due 10/01/2020 ~			37,690			37,526
5.700% due 07/01/2019			1,457			1,474

Conagra Brands, Inc.
2.908% (US0003M + 0.500%) due 10/09/2020 ~			4,000			3,956
3.219% (US0003M + 0.750%) due 10/22/2020 ~			3,755			3,745

Constellation Brands, Inc.
3.209% (US0003M + 0.700%) due 11/15/2021 ~			8,300			8,204

CVS Health Corp.
3.397% (US0003M + 0.630%) due 03/09/2020 ~			12,900			12,879
3.487% (US0003M + 0.720%) due 03/09/2021 ~			2,700			2,679


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

D.R. Horton, Inc.
3.750% due 03/01/2019	$		4,769	$		4,769

Daimler Finance North America LLC
1.500% due 07/05/2019			12,300			12,180
2.200% due 05/05/2020			2,283			2,246
2.250% due 09/03/2019			955			949
2.250% due 03/02/2020			2,685			2,649
2.972% (US0003M + 0.390%) due 05/04/2020 ~			10,000			9,946
3.048% (US0003M + 0.430%) due 02/12/2021 ~			7,275			7,201
3.048% (US0003M + 0.430%) due 02/12/2021 ~			3,500			3,464
3.112% (US0003M + 0.530%) due 05/05/2020 ~			10,250			10,216
3.132% (US0003M + 0.550%) due 05/04/2021 ~			42,938			42,570
3.252% (US0003M + 0.670%) due 11/05/2021 ~			47,000			46,718

Dell International LLC
3.480% due 06/01/2019			139,689			139,291
4.420% due 06/15/2021			2,259			2,258

Deutsche Telekom International Finance BV
1.500% due 09/19/2019			5,500			5,428
3.029% (US0003M + 0.580%) due 01/17/2020 ~			6,075			6,088
3.254% (US0003M + 0.450%) due 09/19/2019 ~			20,830			20,791
6.000% due 07/08/2019			5,000			5,069

Diageo Capital PLC
2.880% (US0003M + 0.240%) due 05/18/2020 ~			5,000			4,981

Dignity Health
2.637% due 11/01/2019			8,000			7,954

Discovery Communications LLC
2.200% due 09/20/2019			6,089			6,026
2.750% due 11/15/2019			4,700			4,653
3.502% (US0003M + 0.710%) due 09/20/2019 ~			14,158			14,148
5.050% due 06/01/2020			2,085			2,132
5.625% due 08/15/2019			21,825			22,113

Dominion Energy Gas Holdings LLC
3.388% (US0003M + 0.600%) due 06/15/2021 ~			43,400			43,294

DXC Technology Co.
3.688% (US0003M + 0.950%) due 03/01/2021 ~			3,843			3,840

eBay, Inc.
3.021% (US0003M + 0.480%) due 08/01/2019 ~			30,583			30,563

Enbridge, Inc.
3.488% (US0003M + 0.700%) due 06/15/2020 ~			11,400			11,363

Energy Transfer Operating LP
9.000% due 04/15/2019			11,760			11,959

Enterprise Products Operating LLC
2.550% due 10/15/2019			1,350			1,343
6.500% due 01/31/2019			8,600			8,619

EQT Corp.
2.500% due 10/01/2020			2,280			2,230
3.567% (US0003M + 0.770%) due 10/01/2020 ~			7,240			7,055
8.125% due 06/01/2019			21,842			22,215

ERAC USA Finance LLC
2.350% due 10/15/2019			4,650			4,619

Florida Gas Transmission Co. LLC
7.900% due 05/15/2019			4,940			5,015

Fresenius Medical Care U.S. Finance, Inc.
5.625% due 07/31/2019			13,098			13,248

GATX Corp.
2.500% due 07/30/2019			5,000			4,970
3.302% (US0003M + 0.720%) due 11/05/2021 ~			10,400			10,297

General Electric Co.
2.200% due 01/09/2020			2,000			1,971
6.000% due 08/07/2019			39,795			40,230


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		73

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

General Mills, Inc.
6.610% due 10/15/2022	$		10,800	$		11,412

General Motors Co.
3.389% (US0003M + 0.800%) due 08/07/2020 ~			3,000			2,970

GlaxoSmithKline Capital PLC
2.964% (US0003M + 0.350%) due 05/14/2021 ~			6,400			6,358

Harris Corp.
3.000% (US0003M + 0.480%) due 04/30/2020 ~			4,900			4,887
3.166% due 02/27/2019 ~			20,793			20,790

Hewlett Packard Enterprise Co.
2.100% due 10/04/2019			51,510			50,940
3.059% (US0003M + 0.720%) due 10/05/2021 ~			19,600			19,437

HP, Inc.
3.376% (US0003M + 0.940%) due 01/14/2019 ~			3,096			3,096

Hyundai Capital America
1.750% due 09/27/2019			10,115			9,988
2.000% due 07/01/2019			6,790			6,747
2.500% due 03/18/2019			21,014			20,980
2.550% due 02/06/2019			21,289			21,277
2.600% due 03/19/2020			4,400			4,345
3.601% due 09/18/2020 •			8,400			8,367
3.608% (US0003M + 0.800%) due 04/03/2020 ~			1,200			1,196
3.801% (US0003M + 1.000%) due 09/18/2020 ~			1,085			1,084

Imperial Brands Finance PLC
2.950% due 07/21/2020			6,500			6,404

Incitec Pivot Finance LLC
6.000% due 12/10/2019			275			281

Kinder Morgan Energy Partners LP
2.650% due 02/01/2019			13,044			13,037
9.000% due 02/01/2019			3,000			3,013

Kinder Morgan, Inc.
3.050% due 12/01/2019			2,300			2,287

KLA-Tencor Corp.
3.375% due 11/01/2019			2,905			2,902

Kraft Heinz Foods Co.
3.021% (US0003M + 0.420%) due 08/09/2019 ~			39,647			39,549
3.188% (US0003M + 0.570%) due 02/10/2021 ~			14,804			14,686

Kroger Co.
1.500% due 09/30/2019			2,560			2,525

LyondellBasell Industries NV
5.000% due 04/15/2019			13,160			13,175

Marriott International, Inc.
3.229% (US0003M + 0.600%) due 12/01/2020 ~			15,000			14,968

Martin Marietta Materials, Inc.
3.292% (US0003M + 0.500%) due 12/20/2019 ~			9,665			9,639
3.327% (US0003M + 0.650%) due 05/22/2020 ~			9,526			9,477

McDonald’s Corp.
2.939% (US0003M + 0.430%) due 10/28/2021 ~			20,600			20,466

Minera y Metalurgica del Boleo SAPI de C.V.
2.875% due 05/07/2019			18,699			18,681

Molson Coors Brewing Co.
1.450% due 07/15/2019			30,576			30,268
1.900% due 03/15/2019			14,533			14,492

Mondelez International Holdings Netherlands BV
1.625% due 10/28/2019			19,750			19,479
3.119% (US0003M + 0.610%) due 10/28/2019 ~			26,890			26,875

Mylan NV
2.500% due 06/07/2019			15,861			15,788

NBCUniversal Enterprise, Inc.
1.974% due 04/15/2019			10,150			10,118


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nexen Energy ULC
6.200% due 07/30/2019	$		6,870	$		6,990

Oil India Ltd.
3.875% due 04/17/2019			15,000			15,028

ONEOK Partners LP
8.625% due 03/01/2019			635			640

ONGC Videsh Ltd.
3.250% due 07/15/2019			7,046			7,044

Ooredoo International Finance Ltd.
7.875% due 06/10/2019			4,300			4,391

Petroleos Mexicanos
8.000% due 05/03/2019			20,740			21,020

Petronas Capital Ltd.
5.250% due 08/12/2019			35,039			35,495

Phillips 66
3.186% (US0003M + 0.750%) due 04/15/2020 ~			8,300			8,302
3.289% (US0003M + 0.600%) due 02/26/2021 ~			5,000			4,946

QUALCOMM, Inc.
3.195% (US0003M + 0.550%) due 05/20/2020 ~			37,684			37,684
3.250% (US0003M + 0.730%) due 01/30/2023 ~			30,383			30,229

QVC, Inc.
3.125% due 04/01/2019			3,112			3,105

Reckitt Benckiser Treasury Services PLC
3.384% (US0003M + 0.560%) due 06/24/2022 ~			31,700			31,162

Reynolds American, Inc.
8.125% due 06/23/2019			10,697			10,914

Rockwell Collins, Inc.
1.950% due 07/15/2019			3,114			3,092
5.250% due 07/15/2019			8,835			8,931

Shire Acquisitions Investments Ireland DAC
1.900% due 09/23/2019			140,797			138,851

Sky Ltd.
2.625% due 09/16/2019			10,524			10,447

Sky PLC
2.625% due 09/16/2019			4,050			4,020

Southern Co.
3.104% (US0003M + 0.490%) due 02/14/2020 ~			36,150			36,094
3.503% (US0003M + 0.700%) due 09/30/2020 ~			19,900			19,846

Takeda Pharmaceutical Co. Ltd.
3.800% due 11/26/2020			7,100			7,145

Telefonica Emisiones S.A.
5.877% due 07/15/2019			26,017			26,332

Tencent Holdings Ltd.
3.375% due 05/02/2019			41,555			41,603

Textron, Inc.
3.168% (US0003M + 0.550%) due 11/10/2020 ~			4,800			4,760

Time Warner Cable LLC
5.000% due 02/01/2020			8,908			9,034
8.250% due 04/01/2019			111,895			113,157
8.750% due 02/14/2019			15,170			15,255

Tyson Foods, Inc.
2.650% due 08/15/2019			7,000			6,965
3.096% (US0003M + 0.450%) due 08/21/2020 ~			1,245			1,229
3.157% (US0003M + 0.450%) due 05/30/2019 ~			6,830			6,822
3.288% (US0003M + 0.550%) due 06/02/2020 ~			27,516			27,371

United Technologies Corp.
3.279% (US0003M + 0.650%) due 08/16/2021 ~			20,000			19,932
8.875% due 11/15/2019			1,585			1,660

Volkswagen Group of America Finance LLC
2.125% due 05/23/2019			7,020			6,987
2.400% due 05/22/2020			700			689
2.450% due 11/20/2019			6,937			6,872


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.388% (US0003M + 0.770%) due 11/13/2020 ~	$		69,590	$		69,144
3.558% (US0003M + 0.940%) due 11/12/2021 ~			16,100			15,949

Vulcan Materials Co.
3.388% (US0003M + 0.600%) due 06/15/2020 ~			2,000			1,988

Wabtec Corp.
3.838% (US0003M + 1.050%) due 09/15/2021 ~			18,200			18,140

Xerox Corp.
2.750% due 03/15/2019			1,800			1,791

						2,889,013


UTILITIES 5.5%

AT&T, Inc.
3.386% (US0003M + 0.950%) due 07/15/2021 ~			16,700			16,651
3.488% (US0003M + 0.750%) due 06/01/2021 ~			26,300			26,141
3.504% (US0003M + 0.890%) due 02/15/2023 ~			33,485			32,906

BellSouth LLC
4.333% due 04/26/2021			32,200			32,301

British Telecommunications PLC
2.350% due 02/14/2019			14,806			14,787

Chugoku Electric Power Co., Inc.
2.701% due 03/16/2020			6,000			5,956

Commonwealth Edison Co.
2.150% due 01/15/2019			5,375			5,373

Consolidated Edison Co. of New York, Inc.
3.222% (US0003M + 0.400%) due 06/25/2021 ~			17,200			17,037

Dominion Energy, Inc.
3.288% (US0003M + 0.550%) due 06/01/2019 ~			20,548			20,536
5.200% due 08/15/2019			4,059			4,104

Duke Energy Corp.
5.050% due 09/15/2019			4,600			4,643

Emera U.S. Finance LP
2.150% due 06/15/2019			41,571			41,236

Enable Midstream Partners LP
2.400% due 05/15/2019			17,040			16,945

Entergy Texas, Inc.
7.125% due 02/01/2019			5,000			5,014

Exelon Generation Co. LLC
2.950% due 01/15/2020			2,955			2,942

Iberdrola Finance Ireland DAC
5.000% due 09/11/2019			11,407			11,517

Israel Electric Corp. Ltd.
7.250% due 01/15/2019			12,217			12,228
9.375% due 01/28/2020			5,000			5,311

Korea Midland Power Co. Ltd.
2.750% due 02/11/2019			4,765			4,764

KT Corp.
2.625% due 04/22/2019			16,014			15,998

Mississippi Power Co.
3.472% (US0003M + 0.650%) due 03/27/2020 ~			5,075			5,067

Nevada Power Co.
7.125% due 03/15/2019			1,300			1,311

NextEra Energy Capital Holdings, Inc.
3.053% (US0003M + 0.315%) due 09/03/2019 ~			18,401			18,382
3.107% (US0003M + 0.400%) due 08/21/2020 ~			30,000			29,970
3.342% due 09/01/2020			10,000			10,022

Oglethorpe Power Corp.
6.100% due 03/15/2019			6,038			6,072

Orange S.A.
2.750% due 02/06/2019			3,056			3,054
5.375% due 07/08/2019			7,744			7,829


74		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

PacifiCorp
5.500% due 01/15/2019	$		2,000	$		2,002

Plains All American Pipeline LP
5.750% due 01/15/2020			5,300			5,400

Progress Energy, Inc.
4.875% due 12/01/2019			7,000			7,090

Public Service Co. of Oklahoma
5.150% due 12/01/2019			6,080			6,193

Sempra Energy
2.686% (US0003M + 0.250%) due 07/15/2019 ~			13,546			13,507
3.238% (US0003M + 0.450%) due 03/15/2021 ~			7,498			7,348

Sinopec Group Overseas Development Ltd.
1.750% due 09/29/2019			28,700			28,415
2.125% due 05/03/2019			10,293			10,265
2.250% due 09/13/2020			1,950			1,915
2.375% due 04/12/2020			8,950			8,852
2.500% due 04/28/2020			27,515			27,181
2.750% due 04/10/2019			20,750			20,735
3.334% (US0003M + 0.920%) due 04/10/2019 ~			35,629			35,662

Southern Co. Gas Capital Corp.
5.250% due 08/15/2019			3,470			3,503

Southern Power Co.
3.342% (US0003M + 0.550%) due 12/20/2020 ~			31,454			31,075

State Grid Overseas Investment Ltd.
2.250% due 05/04/2020			4,062			4,009
2.750% due 05/07/2019			23,950			23,927

Verizon Communications, Inc.
3.716% (US0003M + 1.100%) due 05/15/2025 ~			24,300			23,582
3.788% (US0003M + 1.000%) due 03/16/2022 ~			33,300			33,351

						672,109

Total Corporate Bonds & Notes (Cost $8,104,482)						8,070,454


MUNICIPAL BONDS & NOTES 0.3%

ARKANSAS 0.0%

Arkansas Student Loan Authority Revenue Bonds, Series 2010
3.589% due 11/25/2043 •			619			621


CALIFORNIA 0.2%

California State General Obligation Bonds, Series 2017
3.127% (US0001M + 0.780%) due 04/01/2047 ~			27,950			28,108


TEXAS 0.0%

Texas State General Obligation Notes, Series 2014
2.749% (US0001M + 0.400%) due 06/01/2019 ~			475			475


WASHINGTON 0.1%

Washington Health Care Facilities Authority Revenue Bonds, Series 2017
2.779% (0.67*US0001M + 1.100%) due 01/01/2042 ~			7,350			7,420

Total Municipal Bonds & Notes (Cost $36,392)						36,624


U.S. GOVERNMENT AGENCIES 3.1%

Fannie Mae
2.619% due 08/25/2044 •			8,347			8,325
2.649% due 12/25/2044 •			17,554			17,559
2.660% due 12/25/2048 •			25,365			25,317
2.699% due 07/25/2044 •			6,628			6,619
2.749% due 07/25/2046 •			19,104			19,079
2.756% due 05/25/2037 •			40			40
2.806% due 01/25/2037 - 12/25/2045 •			5,067			5,070


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.836% due 02/25/2037 •	$		87	$		86
2.855% due 04/18/2028 - 09/18/2031 •			1,173			1,179
2.856% due 11/25/2036 •			124			125
2.906% due 06/25/2026 •			236			237
2.916% due 09/25/2035 •			550			552
2.926% due 03/25/2037 •			415			416
2.955% due 05/18/2032 •			204			206
2.956% due 02/25/2038 - 06/25/2042 •			1,139			1,143
3.005% due 03/18/2032 •			163			165
3.006% due 06/25/2031 •			118			119
3.021% due 04/25/2023 •			2,449			2,461
3.056% due 09/25/2041 •			636			643
3.186% due 12/25/2037 •			618			628
3.206% due 05/25/2037 •			125			126
3.256% due 03/25/2037 - 02/25/2040 •			160			165
3.286% due 02/25/2038 •			1,105			1,127
3.356% due 07/25/2038 •			108			111
3.406% due 03/25/2032 •			35			36
4.264% due 01/01/2036 •			5,073			5,344
4.293% due 05/01/2038 •			675			708

FDIC Structured Sale Guaranteed Notes
3.020% due 11/29/2037 •			165			165

Freddie Mac
2.619% due 05/15/2038 •			6,170			6,159
2.629% due 05/15/2041 •			6,510			6,503
2.647% due 11/25/2024 •			7,449			7,399
2.649% due 03/15/2037 - 08/15/2042 •			54,151			54,124
2.699% due 12/15/2042 - 11/15/2044 •			14,359			14,343
2.705% due 11/15/2036 - 01/15/2040 •			50			50
2.749% due 12/15/2037 •			3,947			3,953
2.775% due 02/15/2037 •			1,396			1,401
2.875% due 04/15/2041 •			360			360
2.955% due 07/15/2039 •			74			75
4.360% due 09/01/2037 •			3,885			4,091

Ginnie Mae
2.514% due 06/20/2066 •			18,157			18,135
2.684% due 06/20/2061 - 10/20/2066 •			1,864			1,864
2.714% due 10/20/2062 •			6,650			6,652
2.784% due 06/20/2067 •			2,039			2,044
2.814% due 03/20/2061 - 07/20/2067 •			10,983			11,014
2.864% due 04/20/2062 •			4,606			4,622
2.870% due 04/20/2040 •			11,909			12,005
2.914% due 05/20/2065 - 10/20/2065 •			15,938			16,018
2.964% due 12/20/2064 - 10/20/2065 •			26,294			26,470
3.014% due 02/20/2062 •			6,259			6,304
3.064% due 12/20/2065 - 08/20/2066 •			13,714			13,871
3.094% due 09/20/2066 •			2,336			2,365
3.110% due 05/20/2063 •			1,118			1,121
3.114% due 05/20/2066 - 07/20/2066 •			13,851			14,032
3.144% due 08/20/2066 •			1,347			1,367
3.234% due 07/20/2065 •			6,396			6,504
3.247% due 04/20/2067 •			2,372			2,434
3.314% due 01/20/2066 •			6,419			6,557
3.364% due 02/20/2066 •			16,011			16,362
3.527% due 06/20/2067 •			8,075			8,291
6.000% due 12/15/2033			23			26
6.500% due 11/15/2033 - 09/15/2034			24			26
7.000% due 01/15/2024 - 07/15/2032			107			107
7.500% due 07/15/2024 - 06/15/2028			104			107
10.000% due 03/15/2019 - 04/15/2025			1			0

NCUA Guaranteed Notes
2.737% due 12/07/2020 •			632			634
2.940% due 12/08/2020 •			1,951			1,960

Total U.S. Government Agencies (Cost $375,906)						377,101


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1%

AREIT Trust
3.290% due 02/14/2035 •	$		10,795	$		10,703

BAMLL Commercial Mortgage Securities Trust
3.707% due 12/15/2031 •			7,897			7,896

Banc of America Mortgage Trust
3.928% due 03/25/2034 ~			129			131

Bear Stearns Adjustable Rate Mortgage Trust
4.157% due 08/25/2033 ~			1,011			999

BSPRT Issuer Ltd.
3.275% due 10/15/2034 •			1,000			992

BX Commercial Mortgage Trust
3.205% due 11/15/2035 •			21,867			21,756

BX Trust
3.375% due 07/15/2034 •			14,420			14,295

Citigroup Commercial Mortgage Trust
3.305% due 07/15/2032 •			5,000			4,986
3.735% due 07/15/2027 •			4,100			4,082

Civic Mortgage LLC
3.892% due 06/25/2022 Ø			1,961			1,959

Core Industrial Trust
3.040% due 02/10/2034			11,384			11,352

Credit Suisse Mortgage Capital Trust
3.205% due 07/15/2032 •			13,000			12,929

Ginnie Mae
2.664% due 08/20/2065			30,000			29,897

Gosforth Funding PLC
3.139% due 08/25/2060 •			18,566			18,519
3.274% due 12/19/2059 •			9,385			9,363

GPMT Ltd.
3.379% due 11/21/2035 •			15,000			14,834

Great Wolf Trust
3.455% due 09/15/2034 •			5,000			4,917

GS Mortgage Securities Corp. Trust
3.155% due 07/15/2032 •			16,300			16,149

GS Mortgage Securities Trust
3.648% due 01/10/2047			10,000			10,110

IMT Trust
3.155% due 06/15/2034 •			3,000			2,991

JPMorgan Chase Commercial Mortgage Securities Corp.
3.255% due 06/15/2032 •			16,000			15,984

Ladder Capital Commercial Mortgage Mortgage Trust
3.335% due 09/15/2034 •			3,749			3,735

Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
3.155% due 11/15/2031 •			981			979

Morgan Stanley Capital Trust
3.305% due 11/15/2034 •			5,000			4,952

Motel 6 Trust
3.375% due 08/15/2034 •			43,826			43,152

Permanent Master Issuer PLC
2.816% due 07/15/2058 •			4,500			4,486

PFP Ltd.
3.335% due 07/14/2035 •			10,290			10,175
3.505% (LIBOR01M + 1.050%) due 01/14/2035 ~			232			232

RBSSP Resecuritization Trust
2.815% due 10/26/2036 •			27			27

Resource Capital Corp. Ltd.
3.255% (LIBOR01M + 0.800%) due 07/15/2034 ~			4,697			4,700

Rosslyn Portfolio Trust
3.405% due 06/15/2033 •			4,500			4,486

Shellpoint Co-Originator Trust
3.500% due 08/25/2045 ~			9,748			9,657

Stonemont Portfolio Trust
3.320% due 08/20/2030 •			12,738			12,730

UBS-Barclays Commercial Mortgage Trust
3.211% due 04/10/2046 •			14,981			15,163

VMC Finance LLC
3.275% (LIBOR01M + 0.820%) due 03/15/2035 ~			3,293			3,269
3.390% due 10/15/2035 •			10,000			9,886


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		75

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Wells Fargo Commercial Mortgage Trust
3.282% due 12/13/2031 •	$		5,400	$		5,381
3.505% due 07/15/2046 •			5,700			5,773

Wells Fargo-RBS Commercial Mortgage Trust
3.905% due 06/15/2044 •			29,300			29,703

Total Non-Agency Mortgage-Backed Securities (Cost $385,478)						383,330


ASSET-BACKED SECURITIES 12.2%

Allegro CLO Ltd.
3.740% due 01/30/2026 •	$		5,456	$		5,459

Ally Auto Receivables Trust
1.750% due 12/15/2021			425			421

Ally Master Owner Trust
2.775% due 07/15/2022 •			20,000			19,939

Apex Credit CLO Ltd.
3.611% due 10/27/2028 •			41,300			41,125

Atlas Senior Loan Fund Ltd.
3.296% due 02/17/2026 •			5,776			5,753

B&M CLO Ltd.
3.166% due 04/16/2026 •			3,485			3,471

Bank of The West Auto Trust
3.090% due 04/15/2021			26,300			26,320

Canadian Pacer Auto Receivables Trust
2.670% due 12/19/2019 •			1,856			1,856
2.700% due 08/19/2020			5,411			5,405
3.000% due 06/21/2021			10,000			10,007

Carmax Auto Owner Trust
1.390% due 05/17/2021			6,660			6,609

CarMax Auto Owner Trust
1.400% due 08/15/2021			13,967			13,807
1.800% due 03/15/2021			2,074			2,065
2.730% due 08/16/2021			10,572			10,550

Chesapeake Funding LLC
1.880% due 06/15/2028			19,851			19,766
1.910% due 08/15/2029			10,632			10,498
1.990% due 05/15/2029			1,839			1,820
2.110% due 03/15/2028			3,700			3,692
2.825% due 08/15/2030 •			35,000			34,920

Chrysler Capital Auto Receivables Trust
1.770% due 10/15/2020			231			231

CIFC Funding Ltd.
3.350% due 10/25/2027 •			8,800			8,686

Citibank Credit Card Issuance Trust
3.124% due 04/22/2026 •			6,000			6,038

Commonbond Student Loan Trust
3.165% due 05/25/2041 •			1,258			1,252

Crown Point CLO Ltd.
3.389% due 07/17/2028 •			21,000			20,927
3.975% due 10/20/2028 •			40,000			39,818

CVP Cascade CLO Ltd.
3.586% due 01/16/2026 •			12,399			12,389

Dell Equipment Finance Trust
3.160% due 02/22/2021			9,500			9,509

Denali Capital CLO LLC
3.558% due 10/26/2027 •			15,180			15,085

Drug Royalty LP
5.286% due 07/15/2023 •			622			626

Dryden Senior Loan Fund
3.336% due 10/15/2027 •			15,200			15,091

Edsouth Indenture LLC
3.236% due 04/25/2039 •			1,381			1,373
3.656% due 09/25/2040 •			325			327

Emerson Park CLO Ltd.
3.416% due 07/15/2025 •			1,837			1,834

Enterprise Fleet Financing LLC
2.550% due 08/20/2019			5,062			5,058
3.380% due 05/20/2024			16,800			16,873

Evergreen Credit Card Trust
2.715% due 10/15/2021 •			18,000			17,989
2.805% due 07/15/2022 •			25,000			24,996

Figueroa CLO Ltd.
3.336% due 01/15/2027 •			15,000			14,990
3.642% due 06/20/2027 •			5,000			4,968


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Flagship CLO Ltd.
3.286% due 01/16/2026 •	$		2,500	$		2,491

Ford Credit Auto Lease Trust
1.800% due 06/15/2020			3,211			3,202
2.030% due 12/15/2020			510			506

Gallatin CLO Ltd.
3.486% (US0003M + 1.050%) due 07/15/2027 ~			7,600			7,570

GM Financial Automobile Leasing Trust
2.060% due 05/20/2020			8,658			8,625
2.890% due 09/21/2020			26,000			25,975

GM Financial Consumer Automobile
1.510% due 03/16/2020			59			59

GM Financial Consumer Automobile Receivables Trust
2.080% due 01/19/2021			10,943			10,902

GMF Floorplan Owner Revolving Trust
1.960% due 05/17/2021			9,155			9,114
2.865% due 09/15/2023 •			28,400			28,447

Gracechurch Card Funding PLC
2.855% due 07/15/2022 •			21,200			21,240

Halcyon Loan Advisors Funding Ltd.
3.389% due 04/20/2027 •			5,000			4,972
4.116% due 08/15/2023 •			433			433

Hyundai Auto Lease Securitization Trust
1.650% due 07/15/2020			12,410			12,377
1.970% due 07/15/2020			4,000			3,979

LCM LP
3.379% due 10/20/2027 •			3,500			3,485

Master Credit Card Trust
2.969% due 07/21/2024 •			12,000			11,971

Mercedes-Benz Auto Lease Trust
2.200% due 04/15/2020			5,440			5,428

Mercedes-Benz Auto Receivables Trust
2.350% due 08/15/2019			3,006			3,006

MMAF Equipment Finance LLC
1.930% due 10/15/2020			4,878			4,857

Mountain Hawk CLO Ltd.
3.289% due 07/20/2024 •			4,425			4,416

Navient Private Education Refi Loan Trust
2.755% due 12/15/2059 •			8,844			8,847
3.010% due 06/16/2042			24,625			24,553

Navient Student Loan Trust
3.106% due 07/26/2066 •			11,500			11,520
3.256% due 07/26/2066 •			3,158			3,171
3.306% due 07/26/2066 •			9,829			9,856
3.556% due 12/27/2066 •			22,061			22,089

Nelnet Student Loan Trust
2.763% due 08/23/2027 •			14,016			13,976
2.944% due 12/24/2035 •			5,260			5,225
3.106% due 03/25/2030 •			4,691			4,706
3.306% due 09/25/2065 •			22,596			22,810
3.356% due 02/25/2066 •			14,767			14,922
3.477% due 11/25/2048 •			1,763			1,774

Nissan Auto Lease Trust
1.640% due 09/16/2019			1,633			1,630

Nissan Auto Receivables Owner Trust
1.590% due 07/15/2022			3,000			2,957

Northstar Education Finance, Inc.
3.206% due 12/26/2031 •			1,318			1,318

OFSI Fund Ltd.
3.086% due 03/20/2025 •			8,696			8,680

OneMain Financial Issuance Trust
2.370% due 09/14/2032			13,600			13,395

OSCAR U.S. Funding Trust LLC
2.857% due 08/10/2021 •			9,000			9,007

Palmer Square CLO Ltd.
3.466% due 08/15/2026 •			8,576			8,525

Palmer Square Loan Funding Ltd.
3.036% due 04/15/2026 •			52,201			51,886
3.150% due 11/15/2026 •			11,000			10,954

Panhandle-Plains Higher Education Authority, Inc.
3.927% due 10/01/2035 •			800			805

Penarth Master Issuer PLC
2.835% due 03/18/2022 •			17,000			16,976
2.905% due 09/18/2022 •			30,000			29,936


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

PHEAA Student Loan Trust
3.456% due 11/25/2065 •	$		10,234	$		10,294

Progress Residential Trust
3.855% due 01/17/2034 •			4,995			5,005

SBA Tower Trust
2.898% due 10/15/2044 Ø			2,000			1,989

Securitized Term Auto Receivables Trust
2.706% due 01/27/2020 •			3,954			3,954
2.716% due 02/25/2021 •			27,000			27,003

SLC Student Loan Trust
2.776% due 05/15/2023 •			4,323			4,321
2.888% due 09/15/2026 •			12,150			12,131
2.898% due 03/15/2027 •			12,205			12,164
2.908% due 06/15/2029 •			28,709			28,561

SLM Private Credit Student Loan Trust
3.338% due 12/16/2030 •			840			840

SLM Private Education Loan Trust
1.850% due 06/17/2030			1,183			1,176
2.940% due 10/15/2031			305			305
3.505% due 05/17/2027 •			641			641
3.555% due 06/17/2030 •			2,151			2,156
4.540% due 10/17/2044			1,450			1,460
4.705% due 06/16/2042 •			6,500			6,626
4.955% due 01/15/2043 •			10,913			11,064

SLM Student Loan Trust
2.580% due 01/26/2026 •			11,494			11,460
2.600% due 01/27/2025 •			3,905			3,890
2.600% due 10/27/2025 •			1,822			1,820
2.610% due 01/25/2027 •			21,818			21,720
2.630% due 10/25/2028 •			3,184			3,162
2.660% due 07/25/2023 •			1,399			1,399
2.990% due 04/25/2024 •			6,039			6,049
3.040% due 10/26/2026 •			1,254			1,254
3.040% due 01/25/2028 •			8,154			8,163
3.156% due 12/27/2038 •			3,408			3,407
3.206% due 01/25/2029 •			3,769			3,749
3.258% due 12/15/2027 •			37,236			37,274
3.338% due 12/15/2025 •			6,740			6,775
3.990% due 04/25/2023 •			569			572

SMB Private Education Loan Trust
2.490% due 06/15/2027			4,166			4,110
2.755% due 09/15/2025 •			12,400			12,383
2.805% due 03/16/2026 •			11,836			11,830
2.980% due 07/15/2027			7,782			7,770
3.050% due 05/15/2026			1,660			1,652
3.355% due 09/15/2034 •			19,000			19,022
3.555% due 09/15/2034 •			9,630			9,705
3.655% due 07/15/2027 •			8,814			8,905

SoFi Consumer Loan Program LLC
2.200% due 11/25/2026			2,845			2,831
2.500% due 05/26/2026			5,796			5,731
2.770% due 05/25/2026			5,327			5,282

SoFi Consumer Loan Program Trust
2.930% due 04/26/2027			2,272			2,267

SoFi Professional Loan Program LLC
1.750% due 07/25/2040			5,879			5,833
1.830% due 05/25/2040			1,903			1,894
2.390% due 02/25/2042			2,284			2,264
2.856% due 02/25/2042 •			2,672			2,674
3.106% due 07/25/2040 •			1,537			1,541
3.356% due 07/25/2039 •			5,530			5,558
3.606% due 10/27/2036 •			2,042			2,070
3.806% due 02/25/2040 •			2,160			2,196

SoFi Professional Loan Program Trust
2.640% due 08/25/2047			8,609			8,571
3.080% due 01/25/2048			20,854			20,812

Staniford Street CLO Ltd.
3.968% due 06/15/2025 •			6,543			6,551

Starwood Waypoint Homes Trust
3.405% due 01/17/2035 •			9,856			9,812

THL Credit Wind River CLO Ltd.
3.886% due 01/15/2026 •			5,200			5,203

Towd Point Mortgage Trust
2.915% due 02/25/2057 •			5,151			5,135

Trillium Credit Card Trust
2.756% due 02/27/2023 •			15,000			14,974
2.856% due 09/26/2023 •			53,000			52,973


76		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Utah State Board of Regents
3.256% due 09/25/2056 •	$		13,045	$		13,028
3.256% due 01/25/2057 •			8,231			8,223

Venture CLO Ltd.
3.650% due 10/22/2031 •			25,000			24,975

Volkswagen Auto Loan Enhanced Trust
3.050% due 08/20/2021			4,000			4,006

Voya CLO Ltd.
3.210% due 07/25/2026 •			8,241			8,231

WhiteHorse Ltd.
3.379% due 04/17/2027 •			10,000			9,950

Whitehorse Ltd.
3.609% due 07/17/2026 •			1,159			1,158

World Omni Auto Receivables Trust
1.300% due 02/15/2022			2,402			2,374

Zais CLO Ltd.
3.586% due 04/15/2028 •			24,100			24,053

Total Asset-Backed Securities (Cost $1,491,903)						1,490,047


SOVEREIGN ISSUES 4.6%

Agence Francaise de Developpement
2.670% (US0003M + 0.250%) due 07/11/2019 ~			14,400			14,417

Caisse des Depots et Consignations
2.867% (US0003M + 0.100%) due 09/09/2019 ~			20,200			20,204

CDP Financial, Inc.
4.400% due 11/25/2019			18,000			18,260

CPPIB Capital, Inc.
1.250% due 09/20/2019			13,417			13,292

Development Bank of Japan, Inc.
2.749% (US0003M + 0.240%) due 01/28/2020 ~			32,900			32,948
3.047% (US0003M + 0.570%) due 04/23/2021 ~			6,000			6,042
3.136% (US0003M + 0.700%) due 04/16/2019 ~			2,000			2,003

Export-Import Bank of India
2.750% due 04/01/2020			1,891			1,870
3.646% (US0003M + 1.000%) due 08/21/2022 ~			31,268			31,288
3.875% due 10/02/2019			10,980			11,016

Export-Import Bank of Korea
3.389% (US0003M + 0.700%) due 05/26/2019 ~			25,000			25,142

Japan Bank for International Cooperation
2.125% due 02/07/2019			6,000			5,997
2.859% (US0003M + 0.390%) due 07/21/2020 ~			66,700			66,964
3.259% (US0003M + 0.570%) due 02/24/2020 ~			49,900			50,171

Japan Finance Organization for Municipalities
2.000% due 09/08/2020			46,586			45,833
2.125% due 03/06/2019			68,300			68,229


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Japan International Cooperation Agency
1.875% due 11/13/2019	$		19,200	$		19,041

Korea Expressway Corp.
3.169% (US0003M + 0.700%) due 04/20/2020 ~			6,700			6,716
3.209% (US0003M + 0.700%) due 10/28/2019 ~			8,000			8,021

Korea National Oil Corp.
2.750% due 01/23/2019			15,700			15,697
3.422% (US0003M + 0.600%) due 03/27/2020 ~			3,155			3,158

Province of Quebec
2.749% (US0003M + 0.280%) due 07/21/2019 ~			3,800			3,805

State of North Rhine-Westphalia
2.679% (US0003M + 0.500%) due 08/16/2019 ~			5,500			5,500

Tokyo Metropolitan Government
2.125% due 05/20/2019			53,550			53,456
2.125% due 05/19/2020			27,800			27,463

Total Sovereign Issues (Cost $556,591)						556,533


SHORT-TERM INSTRUMENTS 10.2%

CERTIFICATES OF DEPOSIT 0.6%

Lloyds Bank Corporate Markets PLC
2.908% (US0003M + 0.500%) due 10/26/2020 ~			53,400			53,414
3.324% (US0003M + 0.500%) due 09/24/2020 ~			22,500			22,506

						75,920


COMMERCIAL PAPER 8.0%

AT&T, Inc.
3.000% due 05/28/2019			30,000			29,611

Autonation, Inc.
3.250% due 01/14/2019			55,000			54,937
3.250% due 01/15/2019			25,000			24,969
3.250% due 01/22/2019			50,000			49,908

Boston Scientific Corp.
3.000% due 01/07/2019			14,400			14,392
3.050% due 01/07/2019			46,700			46,676
3.050% due 01/14/2019			91,000			90,902

Campbell Soup Co.
2.900% due 01/15/2019			4,400			4,395
3.100% due 02/11/2019			11,900			11,860
3.100% due 02/13/2019			2,000			1,993
3.200% due 02/25/2019			49,000			48,774
3.210% due 02/07/2019			30,000			29,908

CNH Industrial Capital LLC
2.870% due 01/03/2019			5,000			4,999
3.500% due 05/09/2019			11,500			11,360

Constellation Brands, Inc.
3.050% due 01/23/2019			23,400			23,355

Electricite De France S.A.
2.525% due 01/30/2019			20,000			19,952


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Energy Transfer Partners LP
3.130% due 01/02/2019	$		55,000	$		54,991
3.200% due 01/07/2019			50,000			49,972
3.650% due 03/07/2019			12,400			12,327

Entergy Corp.
2.900% due 02/06/2019			16,000			15,952

Ford Motor Credit Co.
2.935% due 01/04/2019			17,600			17,594
3.190% due 04/15/2019			1,105			1,094

Hitachi Capital America Corp.
3.090% due 01/22/2019			40,000			39,931

Humana, Inc.
3.000% due 01/15/2019			3,350			3,346
3.000% due 01/16/2019			9,650			9,638
3.100% due 01/14/2019			6,450			6,443
3.100% due 01/15/2019			19,750			19,726

Mondelez International, Inc.
3.100% due 02/26/2019			50,000			49,761

NiSource, Inc.
2.780% due 01/07/2019			17,000			16,991
3.120% due 01/29/2019			22,800			22,747

Reckitt Benckister Treasury
2.600% due 02/06/2019			16,500			16,456

Spectra Energy Partners LP
3.080% due 01/08/2019			34,400			34,379

Spire, Inc.
2.900% due 01/04/2019			10,500			10,497

VW CR, Inc.
3.050% due 07/01/2019			50,000			49,197

WEC Energy Group, Inc.
3.000% due 01/09/2019			75,000			74,949

						973,982


REPURCHASE AGREEMENTS (a) 1.3%
						155,444


SHORT-TERM NOTES 0.3%

Holmes Master Issuer PLC
2.805% due 07/15/2019 •			27,600			27,604

Pepper Residential Securities Trust
2.955% due 03/16/2019 •			6,500			6,492

						34,096

Total Short-Term Instruments (Cost $1,239,542)						1,239,442



Total Investments in Securities (Cost $12,190,294)						12,153,531


Total Investments 99.7% (Cost $12,190,294)				$		12,153,531

Other Assets and Liabilities, net 0.3%						40,179

Net Assets 100.0%				$		12,193,710

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

Ø	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		77

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

December 31, 2018 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(a) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.000	%		12/31/2018		01/02/2019	$	644	U.S. Treasury Notes 2.875% due 07/31/2025	$	(657	)	$	644	$	644
SAL		3.150			12/31/2018		01/02/2019		137,700	U.S. Treasury Notes 2.625% due 12/31/2023		(140,908	)		137,700		137,724
TDM		3.500			12/31/2018		01/02/2019		17,100	U.S. Treasury Notes 1.875% due 12/31/2019		(17,460	)		17,100		17,103

Total Repurchase Agreements											$	(159,025	)	$	155,444	$	155,471

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽²⁾
Global/Master Repurchase Agreement
FICC	$	644	$	0	$	0	$	0	$	644	$	(657	)	$	(13	)
SAL		137,724		0		0		0		137,724		(140,908	)		(3,184	)
TDM		17,103		0		0		0		17,103		(17,460	)		(357	)

Total Borrowings and Other Financing Transactions	$	155,471	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended December 31, 2018 was $(68,184) at a weighted average interest rate of 2.029%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	4,509,332	$	0	$	4,509,332
Industrials		0		2,889,013		0		2,889,013
Utilities		0		672,109		0		672,109
Municipal Bonds & Notes
Arkansas		0		621		0		621
California		0		28,108		0		28,108
Texas		0		475		0		475
Washington		0		7,420		0		7,420
U.S. Government Agencies		0		377,101		0		377,101


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Non-Agency Mortgage-Backed Securities	$	0	$	383,330	$	0	$	383,330
Asset-Backed Securities		0		1,490,047		0		1,490,047
Sovereign Issues		0		556,533		0		556,533
Short-Term Instruments
Certificates of Deposit		0		75,920		0		75,920
Commercial Paper		0		973,982		0		973,982
Repurchase Agreements		0		155,444		0		155,444
Short-Term Notes		0		34,096		0		34,096


Total Investments	$	0	$	12,153,531	$	0	$	12,153,531

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


78		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%

MUNICIPAL BONDS & NOTES 93.6%

ALABAMA 1.2%

Southeast Alabama Gas Supply District Revenue Bonds, Series 2018
4.000% due 06/01/2049	$		3,500	$		3,663


ARIZONA 2.3%

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005
2.400% due 12/01/2035			2,750			2,774

Maricopa County, Arizona Special Health Care District General Obligation Bonds, Series 2018
5.000% due 07/01/2029			1,940			2,305

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017
3.125% due 07/01/2034			425			414
5.000% due 07/01/2029			1,500			1,775

						7,268


CALIFORNIA 3.4%

Bay Area Toll Authority, California Revenue Bonds, Series 2007
2.410% (MUNIPSA + 0.700%) due 04/01/2047 ~			1,000			1,001

California Health Facilities Financing Authority Revenue Bonds, Series 2009
6.000% due 07/01/2039			1,000			1,022

California State General Obligation Bonds, Series 2009
5.000% due 07/01/2020			500			509

California State General Obligation Notes, Series 2010
5.000% due 11/01/2019			500			514

California State General Obligation Notes, Series 2013
5.000% due 09/01/2021			3,000			3,255

Los Angeles, California Wastewater System Revenue Bonds, Series 2015
5.000% due 06/01/2029			1,350			1,575

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2029			1,000			1,133

Southern California Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020			575			604

University of California Revenue Bonds, Series 2009
5.000% due 05/15/2020			1,000			1,013

						10,626


COLORADO 1.5%

Board of Governors of Colorado State University System Revenue Bonds, Series 2015
5.000% due 03/01/2028			1,580			1,843

Colorado Health Facilities Authority Revenue Bonds, Series 2018
5.000% due 11/15/2048			2,500			2,912

						4,755


CONNECTICUT 5.6%

Bridgeport, Connecticut General Obligation Notes, Series 2017
5.000% due 08/15/2023			1,635			1,799
5.000% due 08/15/2027			3,000			3,444

Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 01/01/2030			3,000			3,439
5.000% due 10/01/2033			1,000			1,136

Connecticut State General Obligation Bonds, Series 2018
5.000% due 09/15/2030			3,640			4,118

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 07/01/2029			1,200			1,411


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan District, Connecticut General Obligation Bonds, Series 2018
5.000% due 07/15/2029	$		1,845	$		2,179

						17,526


DISTRICT OF COLUMBIA 1.1%

District of Columbia Revenue Bonds, Series 2010
5.000% due 12/01/2024			1,000			1,043

District of Columbia Revenue Bonds, Series 2015
5.000% due 07/15/2028			2,000			2,275

						3,318


FLORIDA 6.3%

Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2023			1,000			1,105

Central Florida Expressway Authority Revenue Bonds, Series 2018
5.000% due 07/01/2030			450			534
5.000% due 07/01/2031			900			1,061

Citizens Property Insurance Corp., Florida Revenue Notes, Series 2011
5.000% due 06/01/2019			1,000			1,013

Escambia County, Florida Revenue Bonds, Series 2009
1.790% due 04/01/2039			3,500			3,500

Florida Lottery State Revenue Notes, Series 2010
5.000% due 07/01/2019			2,910			2,957

Florida State General Obligation Bonds, Series 2018
5.000% due 06/01/2030			1,500			1,817

Jacksonville, Florida Revenue Notes, Series 2012
5.000% due 10/01/2021			1,000			1,076

JEA Water & Sewer System, Florida Revenue Bonds, Series 2012
5.000% due 10/01/2025			1,500			1,602

Lakeland, Florida Department of Electric Utilities Revenue Bonds, Series 2016
5.000% due 10/01/2026			505			594

Palm Beach County, Florida Revenue Bonds, Series 2012
5.000% due 06/01/2023			1,300			1,431

Palm Beach County, Florida School District Certificates of Participation Bonds, Series 2018
5.000% due 08/01/2029			2,500			3,003

						19,693


GEORGIA 2.1%

Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2012
5.000% due 01/01/2025			500			541

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
3.250% due 11/01/2045			3,750			3,740

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			600			694

Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2017
5.000% due 04/01/2027			400			469

LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			700			810

LaGrange-Troup County, Georgia Hospital Authority Revenue Notes, Series 2017
5.000% due 04/01/2027			200			234

Municipal Electric Authority of Georgia Revenue Notes, Series 2011
5.000% due 01/01/2020			250			257

						6,745


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GUAM 0.3%

Guam Government Waterworks Authority Revenue Notes, Series 2014
5.000% due 07/01/2023	$		770	$		841


HAWAII 0.7%

Honolulu, Hawaii City & County General Obligation Bonds, Series 2015
5.000% due 10/01/2030			2,000			2,305


ILLINOIS 8.1%

Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014
5.000% due 01/01/2035			6,500			7,099

Chicago, Illinois General Obligation Bonds, Series 2015
5.250% due 01/01/2027			4,000			4,253

Chicago, Illinois General Obligation Notes, Series 2015
5.000% due 01/01/2026			2,000			2,110

Illinois Development Finance Authority Revenue Bonds, Series 2001
1.700% due 05/01/2031			2,000			2,000

Illinois State General Obligation Bonds, Series 2012
4.000% due 01/01/2024			4,000			4,041

Illinois State Toll Highway Authority Revenue Bonds, Series 2019
5.000% due 01/01/2030 (a)			2,500			2,966

Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2010
5.125% due 06/01/2019			500			506

Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017
5.000% due 06/01/2023			1,100			1,213
5.000% due 06/01/2025			1,000			1,135

						25,323


INDIANA 1.0%

Indiana Finance Authority Revenue Bonds, Series 2018
5.000% due 02/01/2030			1,500			1,810

Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			1,500			1,502

						3,312


KENTUCKY 1.2%

Kentucky Public Energy Authority Revenue Bonds, Series 2018
4.000% due 01/01/2049			3,000			3,175

Kentucky Turnpike Authority Revenue Notes, Series 2017
5.000% due 07/01/2026			525			609

						3,784


LOUISIANA 2.3%

Louisiana Gasoline & Fuels Tax State Revenue Notes, Series 2017
5.000% due 05/01/2026			2,050			2,418

Louisiana Public Facilities Authority Revenue Bonds, Series 2016
3.375% due 09/01/2028			2,000			1,988

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2028			855			982

Louisiana State General Obligation Notes, Series 2014
5.000% due 02/01/2019			1,760			1,764

						7,152


MAINE 0.4%

Maine Municipal Bond Bank Revenue Bonds, Series 2017
5.000% due 11/01/2030			1,095			1,304


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		79

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MARYLAND 0.6%

Baltimore, Maryland Revenue Notes, Series 2011
5.000% due 07/01/2021	$		60	$		64

Baltimore, Maryland Revenue Notes, Series 2017
5.000% due 09/01/2027			1,750			1,984

						2,048


MASSACHUSETTS 1.6%

Massachusetts Development Finance Agency Revenue Bonds, Series 2017
2.210% (MUNIPSA + 0.500%) due 07/01/2038 ~			2,000			1,996

Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2030			1,500			1,713

Massachusetts School Building Authority Revenue Notes, Series 2012
5.000% due 08/15/2022			1,175			1,304

						5,013


MICHIGAN 0.7%

Michigan Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2030			1,200			1,344

Michigan Finance Authority Revenue Notes, Series 2015
5.000% due 12/01/2021			910			986

						2,330


MINNESOTA 0.4%

Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017
5.000% due 12/01/2029			1,000			1,175


NEBRASKA 0.7%

Public Power Generation Agency, Nebraska Revenue Notes, Series 2015
5.000% due 01/01/2025			1,905			2,172


NEVADA 0.5%

Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015
5.000% due 06/01/2034			1,500			1,700


NEW HAMPSHIRE 0.4%

Merrimack County, New Hampshire General Obligation Notes, Series 2012
5.000% due 12/01/2022			1,115			1,242


NEW JERSEY 4.7%

New Jersey Economic Development Authority Revenue Bonds, Series 2012
5.000% due 06/15/2023			1,000			1,075

New Jersey Economic Development Authority Revenue Bonds, Series 2013
3.260% (MUNIPSA + 1.550%) due 09/01/2027 ~			3,000			2,957

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2011
5.000% due 07/01/2023			1,000			1,101

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2011
5.250% due 06/15/2024			2,500			2,649

New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2015
5.000% due 06/15/2022			1,000			1,077

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2030			2,250			2,623


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018
5.000% due 06/01/2025	$		1,000	$		1,122
5.000% due 06/01/2028			2,000			2,277

						14,881


NEW MEXICO 0.6%

Farmington, New Mexico Revenue Bonds, Series 2010
2.125% due 06/01/2040			1,800			1,746


NEW YORK 10.9%

Erie County, New York Industrial Development Agency Revenue Notes, Series 2012
5.000% due 05/01/2022			1,000			1,100

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2005
5.000% due 11/15/2019			500			513

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2029			3,000			3,512

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017
5.000% due 12/01/2027			1,000			1,162

Nassau County, New York General Obligation Notes, Series 2016
5.000% due 04/01/2026			1,360			1,583

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014
5.000% due 08/01/2031			5,000			5,636

New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018
5.000% due 07/15/2031			1,500			1,778

New York Convention Center Development Corp. Revenue Bonds, Series 2015
5.000% due 11/15/2027			2,000			2,325

New York State Dormitory Authority Revenue Bonds, Series 2011
5.000% due 05/01/2022			2,000			2,147

New York State Dormitory Authority Revenue Bonds, Series 2012
5.000% due 12/15/2025			405			450

New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2031			3,000			3,585
5.000% due 01/15/2032			500			587

New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			3,000			3,027

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2025			2,000			2,219

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2027			2,075			2,341
5.000% due 11/15/2028			825			930

TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2026			1,250			1,423

						34,318


NORTH CAROLINA 2.1%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2018
1.700% due 01/15/2048			3,000			3,000

Mecklenburg County, North Carolina Certificates of Participation Notes, Series 2009
5.000% due 02/01/2019			300			301

North Carolina Medical Care Commission Revenue Bonds, Series 2012
5.000% due 06/01/2023			1,665			1,825
5.000% due 10/01/2027			1,100			1,211


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

University of North Carolina at Greensboro Revenue Bonds, Series 2014
5.000% due 04/01/2026	$		250	$		285

						6,622


OHIO 2.6%

American Municipal Power, Inc., Ohio Revenue Notes, Series 2012
5.000% due 02/15/2022			800			871

Butler County, Ohio Revenue Bonds, Series 2017
5.000% due 11/15/2030			1,235			1,422

Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2012
5.000% due 01/01/2026			1,000			1,091

Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2025			3,000			3,371

University of Cincinnati, Ohio Revenue Bonds, Series 2012
5.000% due 06/01/2024			1,250			1,369

						8,124


OREGON 0.7%

Oregon State Lottery Revenue Notes, Series 2015
5.000% due 04/01/2024			2,040			2,343


PENNSYLVANIA 6.7%

Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018
5.000% due 06/01/2025			1,500			1,711

Commonwealth of Pennsylvania General Obligation Notes, Series 2016
5.000% due 01/15/2027			2,000			2,352

Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 01/01/2023			900			988

Luzerne County, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2017
5.000% due 12/15/2029			750			853

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 1994
2.550% due 06/01/2029			1,500			1,496

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
2.800% due 12/01/2033			1,000			1,003

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2011
5.250% due 06/15/2023			2,500			2,688

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 08/15/2029			340			393
5.000% due 08/15/2031			300			344
5.000% due 08/15/2033			1,000			1,139

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 08/15/2029			1,250			1,487

Pennsylvania Turnpike Commission Revenue Notes, Series 2014
2.590% (MUNIPSA + 0.880%) due 12/01/2020 ~			4,500			4,526

Philadelphia Gas Works, Co., Pennsylvania Revenue Bonds, Series 2015
5.000% due 08/01/2027			750			854

Philadelphia Gas Works, Colorado, Pennsylvania Revenue Bonds, Series 2015
5.000% due 08/01/2026			1,000			1,142

						20,976


PUERTO RICO 0.4%

Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
2.125% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,280			1,187


80		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 2.5%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2035	$		7,500	$		7,894


SOUTH DAKOTA 0.7%

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 11/01/2027			925			1,042

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 11/01/2028			900			1,025

						2,067


TENNESSEE 2.0%

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2021			870			913
5.250% due 09/01/2026			1,715			1,950

Tennessee Energy Acquisition Corp., Revenue Bonds, Series 2006
5.000% due 02/01/2027			3,000			3,359

						6,222


TEXAS 10.6%

Austin Convention Enterprises, Inc., Texas Revenue Notes, Series 2017
5.000% due 01/01/2026			750			842

Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016
5.000% due 08/15/2025			2,115			2,478

Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012
5.000% due 10/01/2023			1,000			1,108

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2008
1.720% due 12/01/2024			2,500			2,500

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014
2.290% (MUNIPSA + 0.580%) due 12/01/2042 ~			4,500			4,503
5.000% due 12/01/2025			500			571

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
5.000% due 11/15/2029			510			603

Harris County, Texas Revenue Bonds, (AMBAC Insured), Series 2007
2.423% (0.67*US0003M + 0.670%) due 08/15/2035 ~			1,150			1,051


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Houston, Texas Airport System Revenue Bonds, Series 2018
5.000% due 07/01/2029	$		1,500	$		1,793
5.000% due 07/01/2030			3,250			3,854

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018
5.000% due 02/15/2029			1,435			1,726

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
5.000% due 01/01/2029			1,205			1,253

North Central Texas Health Facility Development Corp. Revenue Notes, Series 2012
5.000% due 08/15/2020			1,000			1,050

North Texas Tollway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2028			2,875			3,314

Pflugerville Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2012
5.000% due 02/15/2024			1,165			1,270

San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012
5.000% due 09/15/2025			1,000			1,098

Texas Water Development Board Revenue Bonds, Series 2018
5.000% due 04/15/2030			250			303
5.000% due 10/15/2030			3,000			3,624

University of Texas System Revenue Bonds, Series 2010
5.000% due 08/15/2022			500			554

						33,495


UTAH 0.8%

Murray, Utah Revenue Bonds, Series 2005
1.700% due 05/15/2037			2,500			2,500


WASHINGTON 4.2%

Energy Northwest, Washington Revenue Bonds, Series 2018
5.000% due 07/01/2031			3,000			3,594

Seattle, Washington Solid Waste Revenue Notes, Series 2014
5.000% due 05/01/2024			545			626

Washington Health Care Facilities Authority Revenue Bonds, Series 2017
2.760% (MUNIPSA + 1.050%) due 01/01/2042 ~			2,500			2,545

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
5.000% due 07/01/2030			750			879
5.000% due 07/01/2031			1,200			1,399

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

Washington State General Obligation Notes, Series 2017

5.000% due 08/01/2027

1,625

1,963

Washington State Revenue Bonds, Series 2012

5.000% due 09/01/2023

2,000

2,208

13,214

WEST VIRGINIA 1.0%

Mason County, West Virginia Revenue Bonds, Series 2003

2.750% due 10/01/2022

2,000

1,994

West Virginia Commissioner of Highways Revenue Bonds, Series 2017

5.000% due 09/01/2028

850

1,011

3,005

WISCONSIN 0.7%

Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018

5.000% due 04/01/2029

1,925

2,297

Total Municipal Bonds & Notes (Cost $289,214)

294,186

SHORT-TERM INSTRUMENTS 6.3%

SHORT-TERM NOTES 6.3%

Federal Home Loan Bank

2.129% due 01/02/2019 (b)(c)

16,300

Texas State Revenue Notes, Series 2018

4.000% due 08/29/2019

3,500

3,551

19,851

Total Short-Term Instruments
(Cost $19,851)

19,851

Total Investments in Securities (Cost $309,065)

314,037

Total Investments 99.9%
(Cost $309,065)

314,037

Other Assets and Liabilities, net 0.1%

388

Net Assets 100.0%

314,425

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

When-issued security.

(b)

Zero coupon security.

(c)

Coupon represents a yield to maturity.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		81

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	3,663	$	0	$	3,663
Arizona		0		7,268		0		7,268
California		0		10,626		0		10,626
Colorado		0		4,755		0		4,755
Connecticut		0		17,526		0		17,526
District of Columbia		0		3,318		0		3,318
Florida		0		19,693		0		19,693
Georgia		0		6,745		0		6,745
Guam		0		841		0		841
Hawaii		0		2,305		0		2,305
Illinois		0		25,323		0		25,323
Indiana		0		3,312		0		3,312
Kentucky		0		3,784		0		3,784
Louisiana		0		7,152		0		7,152
Maine		0		1,304		0		1,304
Maryland		0		2,048		0		2,048
Massachusetts		0		5,013		0		5,013
Michigan		0		2,330		0		2,330
Minnesota		0		1,175		0		1,175
Nebraska		0		2,172		0		2,172
Nevada		0		1,700		0		1,700


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
New Hampshire	$	0	$	1,242	$	0	$	1,242
New Jersey		0		14,881		0		14,881
New Mexico		0		1,746		0		1,746
New York		0		34,318		0		34,318
North Carolina		0		6,622		0		6,622
Ohio		0		8,124		0		8,124
Oregon		0		2,343		0		2,343
Pennsylvania		0		20,976		0		20,976
Puerto Rico		0		1,187		0		1,187
Rhode Island		0		7,894		0		7,894
South Dakota		0		2,067		0		2,067
Tennessee		0		6,222		0		6,222
Texas		0		33,495		0		33,495
Utah		0		2,500		0		2,500
Washington		0		13,214		0		13,214
West Virginia		0		3,005		0		3,005
Wisconsin		0		2,297		0		2,297
Short-Term Instruments
Short-Term Notes		0		19,851		0		19,851


Total Investments	$	0	$	314,037	$	0	$	314,037

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


82		PIMCO ETF TRUST					See Accompanying Notes

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

December 31, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.2%

MUNICIPAL BONDS & NOTES 92.6%

ALABAMA 2.6%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2018
4.000% due 12/01/2048	$		1,000	$		1,045

Southeast Alabama Gas Supply District Revenue Bonds, Series 2018
4.000% due 06/01/2049			1,000			1,046

						2,091


ARIZONA 3.0%

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005
2.400% due 12/01/2035			1,000			1,009

Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2024			200			220

Industrial Development Authority of the County, Arizona of Yavapai Revenue Bonds, Series 2010
2.100% due 04/01/2029			750			750

Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018
5.000% due 07/01/2024			350			400

						2,379


CALIFORNIA 2.2%

Bay Area Toll Authority, California Revenue Bonds, Series 2007
2.410% (MUNIPSA + 0.700%) due 04/01/2047 ~			1,000			1,001

Southern California Public Power Authority Revenue Bonds, Series 2018
1.960% (MUNIPSA + 0.250%) due 07/01/2040 ~			750			747

						1,748


COLORADO 2.3%

Denver, Colorado Airport System City & County Revenue Bonds, Series 2016
2.504% (0.7*US0001M + 0.860%) due 11/15/2031 ~			855			856

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2017
2.579% (0.67*US0001M + 0.900%) due 09/01/2039 ~			1,000			1,001

						1,857


CONNECTICUT 4.9%

Bridgeport, Connecticut General Obligation Notes, Series 2017
5.000% due 11/01/2021			650			706
5.000% due 08/15/2023			500			550

Connecticut Special Tax State Revenue Notes, Series 2018
5.000% due 10/01/2025			1,000			1,145

Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2015
2.547% (0.68*US0001M + 0.950%) due 07/01/2049 ~			1,000			1,003

Metropolitan District, Connecticut General Obligation Notes, Series 2018
5.000% due 07/15/2023			500			559

						3,963


DISTRICT OF COLUMBIA 0.7%

District of Columbia Revenue Notes, Series 2016
5.000% due 04/01/2022			500			544


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FLORIDA 5.0%

Central Florida Expressway Authority Revenue Notes, Series 2018
5.000% due 07/01/2023	$		700	$		790

Florida State General Obligation Notes, Series 2015
5.000% due 06/01/2022			750			827

Jacksonville, Florida Revenue Notes, Series 2012
5.000% due 10/01/2021			915			984

Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015
5.000% due 10/01/2024			710			820

Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013
5.000% due 10/01/2023			550			610

						4,031


GEORGIA 5.0%

Burke County, Georgia Development Authority Revenue Bonds, Series 1994
2.200% due 10/01/2032			1,000			1,000

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
3.000% due 11/01/2045			1,000			993

Monroe County, Georgia Development Authority Revenue Bonds, Series 2002
2.000% due 09/01/2037			1,000			994

Municipal Gas Authority of Georgia Revenue Notes, Series 2016
5.000% due 10/01/2019			1,000			1,023

						4,010


HAWAII 1.2%

Honolulu, Hawaii City & County General Obligation Notes, Series 2017
2.030% (MUNIPSA + 0.320%) due 09/01/2025 ~			1,000			1,000


ILLINOIS 4.9%

Chicago, Illinois General Obligation Bonds, Series 2012
5.000% due 01/01/2023			1,000			1,037

Illinois Finance Authority Revenue Notes, Series 2015
5.000% due 11/15/2020			540			569

Illinois State General Obligation Notes, Series 2016
5.000% due 06/01/2022			750			788

Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2010
5.250% due 06/01/2020			1,115			1,161

Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017
5.000% due 06/01/2023			350			386

						3,941


INDIANA 1.0%

Whiting, Indiana Revenue Bonds, Series 2009
5.250% due 01/01/2021			750			794


KENTUCKY 2.0%

Kentucky Public Energy Authority Revenue Bonds, Series 2018
4.000% due 01/01/2049			500			529

Louisville & Jefferson County, Kentucky Metropolitan Sewer District Revenue Notes, Series 2016
5.000% due 05/15/2021			1,000			1,073

						1,602


MASSACHUSETTS 2.0%

Massachusetts Development Finance Agency Revenue Bonds, Series 2017
2.210% (MUNIPSA + 0.500%) due 07/01/2038 ~			1,000			998


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Massachusetts Development Finance Agency Revenue Notes, Series 2018
5.000% due 07/01/2021	$		575	$		612

						1,610


MICHIGAN 4.3%

Michigan Finance Authority Revenue Notes, Series 2010
5.000% due 12/01/2020			780			826

Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
4.000% due 11/15/2047			1,500			1,617

University of Michigan Revenue Bonds, Series 2012
1.960% (MUNIPSA + 0.270%) due 04/01/2033 ~			1,000			998

						3,441


MINNESOTA 1.3%

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2016
4.000% due 01/01/2021			250			261

Northern Municipal Power Agency, Minnesota Revenue Notes, Series 2010
5.000% due 01/01/2019			750			750

						1,011


MISSISSIPPI 1.4%

Mississippi Hospital Equipment & Facilities Authority Revenue Bonds, Series 2004
2.125% due 09/01/2022			350			350

Warren County, Mississippi Revenue Bonds, Series 2018
2.900% due 09/01/2032			750			753

						1,103


MONTANA 1.2%

Montana Facility Finance Authority Revenue Bonds, Series 2018
2.260% (MUNIPSA + 0.550%) due 08/15/2037 ~			1,000			995


NEBRASKA 1.1%

Public Power Generation Agency, Nebraska Revenue Notes, Series 2015
5.000% due 01/01/2021			840			887


NEW HAMPSHIRE 1.2%

New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2005
1.720% due 07/01/2033			1,000			1,000


NEW JERSEY 3.5%

New Jersey Economic Development Authority Revenue Notes, Series 2016
5.000% due 06/15/2020			500			519

New Jersey Turnpike Authority Revenue Notes, Series 2012
5.000% due 01/01/2020			1,070			1,103

South Jersey Port Corp., New Jersey Revenue Notes, Series 2016
5.000% due 01/01/2020			350			358

Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018
5.000% due 06/01/2022			750			810

						2,790


NEW YORK 7.9%

Brooklyn Arena Local Development Corp., New York Revenue Notes, Series 2016
5.000% due 07/15/2020			500			521
5.000% due 07/15/2021			585			624


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		83

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nassau County, New York General Obligation Notes, Series 2010
5.000% due 10/01/2020	$		500	$		526

New York City, New York Housing Development Corp. Revenue Bonds, Series 2018
1.500% due 11/01/2048			665			665
2.750% due 05/01/2050			750			752

New York State Energy Research & Development Authority Revenue Bonds, Series 2004
2.625% due 04/01/2034			1,000			996

New York State Thruway Authority Revenue Notes, Series 2013
5.000% due 05/01/2019			1,365			1,380

TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2021			500			531

Yates County, New York General Obligation Notes, (AGM Insured), Series 2010
4.000% due 12/01/2019			295			301

						6,296


NORTH CAROLINA 2.5%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, (AGM Insured), Series 2007
1.760% due 01/15/2044			1,000			1,000

University of North Carolina at Chapel Hill Revenue Bonds, Series 2012
1.974% (0.67*US0001M + 0.400%) due 12/01/2041 ~			1,000			997

						1,997


OHIO 3.2%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2018
2.250% due 02/15/2048			500			500

Butler County, Ohio Revenue Notes, Series 2017
4.000% due 11/15/2023			500			539

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2016
1.680% due 12/01/2036			1,000			1,000

University of Cincinnati, Ohio Revenue Notes, Series 2018
2.019% (0.67*US0001M + 0.340%) due 06/01/2020 ~			500			500

						2,539


PENNSYLVANIA 9.8%

Bethlehem Area School District, Pennsylvania Revenue Bonds, Series 2017
2.244% (0.7*US0001M + 0.490%) due 01/01/2030 ~			750			749

Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018
5.000% due 06/01/2020			500			520

Luzerne County, Pennsylvania General Obligation Notes, (AGM Insured), Series 2017
5.000% due 12/15/2022			500			550

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2002
2.550% due 12/01/2029			1,000			997

Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018
2.430% (MUNIPSA + 0.720%) due 09/01/2051 ~			500			500

Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018
2.684% (0.7*US0001M + 1.040%) due 08/15/2048 ~			750			751


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
2.800% due 12/01/2033	$		1,000	$		1,003

Pennsylvania Turnpike Commission Revenue Notes, Series 2018
2.310% (MUNIPSA + 0.600%) due 12/01/2023 ~			1,000			996

Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2015
5.000% due 08/01/2020			500			523

Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2010
5.000% due 03/01/2020			1,215			1,258

						7,847


TENNESSEE 0.8%

Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018
5.000% due 07/01/2023			600			666


TEXAS 7.6%

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2008
1.720% due 12/01/2027			1,000			1,000

Houston Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2012
2.400% due 06/01/2030			1,000			1,006

North Texas Tollway Authority Revenue Notes, Series 2014
5.000% due 01/01/2022			720			781

North Texas Tollway Authority Revenue Notes, Series 2016
5.000% due 01/01/2021			385			408

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018
2.750% due 08/01/2048			750			766

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2018
2.750% due 02/01/2048			500			507

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2019			1,000			1,031

Texas Water Development Board Revenue Notes, Series 2018
5.000% due 10/15/2024			500			580

						6,079


UTAH 0.7%

Utah County, Utah Revenue Bonds, Series 2018
5.000% due 05/15/2057			500			561


VIRGINIA 1.2%

Louisa Industrial Development Authority, Virginia Revenue Bonds, Series 2008
2.150% due 11/01/2035			1,000			998


WASHINGTON 6.0%

Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015
2.160% (MUNIPSA + 0.450%) due 11/01/2045 ~			750			750


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

King County, Washington Sewer Revenue Bonds, Series 2012
2.600% due 01/01/2043	$		750	$		755

Port of Seattle, Washington Revenue Notes, Series 2015
5.000% due 03/01/2023			1,000			1,116

Port of Tacoma, Washington General Obligation Notes, Series 2016
4.000% due 12/01/2022			440			473

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018
2.200% (MUNIPSA + 0.490%) due 11/01/2046 ~			675			674

Washington Health Care Facilities Authority Revenue Bonds, Series 2017
2.760% (MUNIPSA + 1.050%) due 01/01/2042 ~			1,000			1,018

						4,786


WEST VIRGINIA 1.2%

West Virginia Economic Development Authority Revenue Bonds, Series 2009
2.625% due 12/01/2042			1,000			993


WISCONSIN 0.9%

Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018
5.000% due 04/01/2022			650			713

Total Municipal Bonds & Notes (Cost $74,087)						74,272


SHORT-TERM INSTRUMENTS 7.6%

COMMERCIAL PAPER 2.5%

JEA Electric System Revenue
2.100% due 01/03/2019			1,000			1,000

Private Colleges & Universities Authority
1.830% due 02/07/2019			1,000			1,000

						2,000


SHORT-TERM NOTES 5.1%

Commonwealth of Massachusetts General Obligation Notes, Series 2018
4.000% due 06/20/2019			1,000			1,010

County of Nassau NY
4.000% due 12/10/2019 (a)			1,000			1,019

County of Suffolk NY
5.000% due 07/24/2019			1,000			1,015

St Louis, Missouri Revenue Notes, Series 2018
3.000% due 05/30/2019			1,000			1,004

						4,048

Total Short-Term Instruments (Cost $6,049)						6,048



Total Investments in Securities (Cost $80,136)						80,320


Total Investments 100.2% (Cost $80,136)				$		80,320

Other Assets and Liabilities, net (0.2)%						(147	)

Net Assets 100.0%				$		80,173

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

(a)

When-issued security.


84		PIMCO ETF TRUST					See Accompanying Notes

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	2,091	$	0	$	2,091
Arizona		0		2,379		0		2,379
California		0		1,748		0		1,748
Colorado		0		1,857		0		1,857
Connecticut		0		3,963		0		3,963
District of Columbia		0		544		0		544
Florida		0		4,031		0		4,031
Georgia		0		4,010		0		4,010
Hawaii		0		1,000		0		1,000
Illinois		0		3,941		0		3,941
Indiana		0		794		0		794
Kentucky		0		1,602		0		1,602
Massachusetts		0		1,610		0		1,610
Michigan		0		3,441		0		3,441
Minnesota		0		1,011		0		1,011
Mississippi		0		1,103		0		1,103
Montana		0		995		0		995
Nebraska		0		887		0		887


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
New Hampshire	$	0	$	1,000	$	0	$	1,000
New Jersey		0		2,790		0		2,790
New York		0		6,296		0		6,296
North Carolina		0		1,997		0		1,997
Ohio		0		2,539		0		2,539
Pennsylvania		0		7,847		0		7,847
Tennessee		0		666		0		666
Texas		0		6,079		0		6,079
Utah		0		561		0		561
Virginia		0		998		0		998
Washington		0		4,786		0		4,786
West Virginia		0		993		0		993
Wisconsin		0		713		0		713
Short-Term Instruments
Commercial Paper		0		2,000		0		2,000
Short-Term Notes		0		4,048		0		4,048


Total Investments	$	0	$	80,320	$	0	$	80,320

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.


See Accompanying Notes		SEMIANNUAL REPORT		DECEMBER 31, 2018		85

Notes to Financial Statements

1. ORGANIZATION

PIMCO ETF Trust (the “Trust”) was established as a Delaware statutory trust on November 14, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) offered by the Trust. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds.

Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities


86		PIMCO ETF TRUST

December 31, 2018 (Unaudited)

held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

Distribution Frequency

Fund Name

Declared

Distributed

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

Monthly

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

Monthly

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

Monthly

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

Monthly

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

Monthly

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Monthly

PIMCO Active Bond Exchange-Traded Fund

Monthly

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Monthly

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Monthly

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

Quarterly

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year. The Trust does not provide an automatic dividend and/or distributions reinvestment service.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related

accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“ASC”) 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.


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Notes to Financial Statements (Cont.)

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2018, the FASB issued ASU 2018-13 which modifies certain disclosure requirements for fair value measurements in ASC 820. The

ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the amendments that allow for removal of certain disclosure requirements. Management plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management is currently evaluating the impact of these changes on the financial statements.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain rules and forms for the purpose of disclosure update and simplification. The compliance date for these amendments is 30 days after date of publication in the Federal Register, which was on October 4, 2018. Management has adopted these amendments and the changes are incorporated throughout all periods presented in the financial statements. Prior distributions for the period ended June 30, 2018, before these amendments became effective, were presented as follows (amounts in thousands^†):


	PIMCO 1-3 Year U.S. Treasury Index Exchange- Traded Fund			PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange- Traded Fund			PIMCO 1-5 Year U.S. TIPS Index Exchange- Traded Fund			PIMCO 15+ Year U.S. TIPS Index Exchange- Traded Fund			PIMCO Broad U.S. TIPS Index Exchange- Traded Fund			PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund			PIMCO Investment Grade Corporate Bond Exchange- Traded Fund			PIMCO Active Exchange- Traded Fund			PIMCO Enhanced Low Duration Active Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active Exchange- Traded Fund			PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund			PIMCO Short Term Municipal Bond Active Exchange- Traded Fund

Distributions to Shareholders:

From net investment income	$	(1,134	)	$	(4,645	)	$	(17,826	)	$	(6,527	)	$	(1,240	)	$	(80,322	)	$	(26,637	)	$	(61,891	)	$	(3,376	)	$	(147,351	)	$	(6,575	)	$	(1,009	)

From net realized capital gains		0			0			0			0			0			0			(515	)		0			0			(2,043	)		0			0

Total Distributions from Net Investment Income and/or Net Realized Capital Gains	$	(1,134	)	$	(4,645	)	$	(17,826	)	$	(6,527	)	$	(1,240	)	$	(80,322	)	$	(27,152	)	$	(61,891	)	$	(3,376	)	$	(149,394	)	$	(6,575	)	$	(1,009	)

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund’s shares is determined by dividing the total value of the Fund’s portfolio investments and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding.

On each day that the NYSE Arca is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market

value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Manager to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or


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Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the

creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Manager the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to


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Notes to Financial Statements (Cont.)

result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎

Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎

Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎

Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant

unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.


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Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by the Manager that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2018 (amounts in thousands^†):


Investments in PIMCO Government Money Market Fund
Fund Name	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2018		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	58,024	$	86,955	$	(112,296	)	$	0		$	0	$	32,683	$	484	$	0

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		4,016		1,610		(4,975	)		(0	)		0		651		3		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾

The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.


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Notes to Financial Statements (Cont.)

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to

supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and


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other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities (“PIKs”) may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities. Zero coupon securities do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation


		SEMIANNUAL REPORT		DECEMBER 31, 2018		93

Notes to Financial Statements (Cont.)

Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively.

Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open

maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms


94		PIMCO ETF TRUST

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between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under sale-buyback transactions.

(d) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services.

Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(e) Short Sales Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		95

Notes to Financial Statements (Cont.)

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium

received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market


96		PIMCO ETF TRUST

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movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be

valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a


		SEMIANNUAL REPORT		DECEMBER 31, 2018		97

Notes to Financial Statements (Cont.)

particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities

in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.


98		PIMCO ETF TRUST

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Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the

forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

PIMCO
1-3 Year
U.S.
Treasury
Index
Exchange-
Traded Fund

PIMCO
1-5 Year
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
15+ Year
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
Broad
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
0-5 Year
High Yield
Corporate
Bond Index
Exchange-
Traded Fund

PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded Fund

PIMCO
Active
Bond
Exchange-
Traded Fund

PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded Fund

PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded Fund

PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund

PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded Fund

PIMCO
25+ Year
Zero Coupon
U.S. Treasury
Index
Exchange-
Traded Fund

New/Small Fund

Market Trading

Interest Rate

Call

Inflation-Indexed Security

Credit

High Yield

Market

Municipal Bond

Issuer

Liquidity

Derivatives

Equity

Mortgage-Related and Other Asset Backed Securities

Foreign (Non-
U.S.) Investment

Emerging Markets

Sovereign Debt

Currency

Leveraging


		SEMIANNUAL REPORT		DECEMBER 31, 2018		99

Notes to Financial Statements (Cont.)

Risks

PIMCO
1-3 Year
U.S.
Treasury
Index
Exchange-
Traded Fund

PIMCO
1-5 Year
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
15+ Year
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
Broad
U.S. TIPS
Index
Exchange-
Traded Fund

PIMCO
0-5 Year
High Yield
Corporate
Bond Index
Exchange-
Traded Fund

PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded Fund

PIMCO
Active
Bond
Exchange-
Traded Fund

PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded Fund

PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded Fund

PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund

PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded Fund

PIMCO
25+ Year
Zero Coupon
U.S. Treasury
Index
Exchange-
Traded Fund

Management and
Tracking Error

Indexing

Management

California State-Specific

New York State-Specific

Municipal Project-Specific

Short Exposure

Convertible Securities

Tax-Efficient Investing

Distribution Rate

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New/Small Fund Risk is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value.

Interest Rate Risk is 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.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk is 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.

Credit Risk is the risk that a 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.

High Yield Risk is 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, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Municipal Bond Risk is the risk that by investing in Municipal Bonds a 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.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a 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. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.


100		PIMCO ETF TRUST

December 31, 2018 (Unaudited)

Derivatives Risk is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Equity Risk is 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.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a 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.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result

of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a 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, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Management Risk is 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 and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

California State-Specific Risk is the risk that by concentrating its investments in California Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		101

Notes to Financial Statements (Cont.)

New York State-Specific Risk is the risk that by concentrating its investments in New York Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that a 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.

Short Exposure Risk is 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 will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Tax-Efficient Investing Risk is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.

Distribution Rate Risk is the risk that a Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot


102		PIMCO ETF TRUST

December 31, 2018 (Unaudited)

have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management

fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.


Fund Name	Management Fee

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund		0.15%

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		0.15%

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0.20%

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0.55%

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0.20%

PIMCO Active Bond Exchange-Traded Fund		0.55%

PIMCO Enhanced Low Duration Active Exchange-Traded Fund⁽¹⁾		0.46%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0.35%

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0.35%

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0.35%

⁽¹⁾	PIMCO has contractually agreed, through October 31, 2019, to waive its management fee by 0.07% of the average daily net assets attributable to the Fund.

(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2018 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) costs of borrowing money, including interest expense; (iv) securities lending fees and expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary


		SEMIANNUAL REPORT		DECEMBER 31, 2018		103

Notes to Financial Statements (Cont.)

expense, including costs of litigation and indemnification expenses; and (vii) organizational expenses. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the Prospectus.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $41,200, plus $4,250 for each Board meeting attended in person, $850 for each committee meeting attended and $750 for each Board meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $8,000, the valuation oversight committee lead receives an additional annual retainer of $8,500 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional annual retainer of $4,250) and each other committee chair receives an additional annual retainer of $5,500. The Lead Independent Trustee receives an annual retainer of $7,000.

These expenses are allocated on a pro rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.

(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets). The Expense Limitation 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.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2019, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2019, to waive or reduce its Management Fee for the PIMCO Enhanced Low Duration Active Exchange-Traded Fund. The Fee Waiver Agreements 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.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Under certain conditions, PIMCO may be reimbursed for amounts waived pursuant to the Expense Limitation Agreement in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2018, were as follows (amounts in thousands^†):


	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	0	$	1	$	2	$	3

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0		0		1		1

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		46		72		124		242

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act.

Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to Rule 17a-7 under the Act for the period ended December 31, 2018, were as follows (amounts in thousands^†):


Fund Name	Purchases		Sales

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	31,712	$	3,171

PIMCO Active Bond Exchange-Traded Fund		13,255		42,147

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		9,721		2,650

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		544,100		434,767

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		809		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


104		PIMCO ETF TRUST

December 31, 2018 (Unaudited)

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held

by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2018, were as follows (amounts in thousands^†):


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	19,817	$	19,451	$	0	$	0

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		14,145		17,487		0		0

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		116,694		128,239		0		0

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		5,124		8,440		0		0

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		1,188		1,512		0		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0		0		162,654		227,552

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		6,641		6,719		90,328		82,424

PIMCO Active Bond Exchange-Traded Fund		1,678,064		1,592,578		236,551		251,746

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,411,693		1,321,016		75,986		30,286

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		1,864,853		3,098,959		3,119,991		800,661

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0		0		67,393		45,085

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0		0		28,865		20,809

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

13. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that the Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the sub-administrator of the Funds. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below.


Standard Creation/ Redemption Transaction Fee*		Maximum Variable Charge for Cash Creations**			Maximum Variable Charge for Cash Redemptions**
$	500		3.00	%		2.00	%

*	Applicable to in-kind contributions or redemptions only.

**	As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).


		SEMIANNUAL REPORT		DECEMBER 31, 2018		105

Notes to Financial Statements (Cont.)

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2018, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):


Fund Name	Contributions		Redemptions

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	0	$	32,020

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		5,454		22,274

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		45,991		63,700

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		3,267		43,617

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		5,592		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		732,841		1,018,845

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		48,321		162,403

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains

tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2018, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of their last fiscal year ended June 30, 2018, the Funds had accumulated capital losses expiring in the following years (amounts in thousands^†). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.


	Expiration of Accumulated Capital losses

	06/30/2019

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	0

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		363

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		0

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0

PIMCO Active Bond Exchange-Traded Fund		0

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0

^†	A zero balance may reflect actual amounts rounding to less than one thousand.


106		PIMCO ETF TRUST

December 31, 2018 (Unaudited)

Under the Regulated Investment Company Modernization Act of 2010, a Fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2018, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):


	Short-Term		Long-Term

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	88	$	395

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange- Traded Fund		16,129		9,256

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		5,414		11,692

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		4,166		9,367

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		165		851

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund		29,825		95,392

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		0		0

PIMCO Active Bond Exchange-Traded Fund		19,381		33,901

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,905		571

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0		0

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		4,040		493

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		672		149

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

As of December 31, 2018, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)⁽¹⁾

PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund	$	55,288	$	103	$	(390	)	$	(287	)

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		155,750		277		(13,224	)		(12,947	)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		813,897		0		(20,176	)		(20,176	)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		206,860		0		(13,223	)		(13,223	)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		57,208		1		(2,783	)		(2,782	)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,314,755		1,400		(77,787	)		(76,387	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		647,586		2,383		(27,560	)		(25,177	)

PIMCO Active Bond Exchange-Traded Fund		2,221,022		26,204		(46,735	)		(20,531	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		382,133		2,413		(5,416	)		(3,003	)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		12,190,296		7,846		(44,611	)		(36,765	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		309,065		5,241		(269	)		4,972

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		80,136		270		(86	)		184

^†	A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		107

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)



Counterparty Abbreviations:

BCY	Barclays Capital, Inc.	DUB	Deutsche Bank AG	JPS	JP Morgan Securities, Inc.

BMO	BMO Capital Markets Corp.	FBF	Credit Suisse International	MBC	HSBC Bank Plc

BNP	BNP Capital Markets Ltd.	FICC	Fixed Income Clearing Corporation	MYC	Morgan Stanley Capital Services, Inc.

BOA	Bank of America N.A.	FOB	Credit Suisse Securities (USA) LLC	RCY	Royal Bank of Canada

BOS	Banc of America Securities LLC	GLM	Goldman Sachs Bank USA	RDR	RBC Capital Markets LLC

BPS	BNP Paribas S.A.	GSC	Goldman Sachs & Co.	RYL	Royal Bank of Scotland Group PLC

BRC	Barclays Bank PLC	GST	Goldman Sachs International	SAL	Citigroup Global Markets, Inc.

BSN	Bank of Nova Scotia	HUS	HSBC Bank USA N.A.	SSB	State Street Bank and Trust Co.

CBK	Citibank N.A.	IND	Crédit Agricole Corporate and Investment Bank S.A.	TDM	TD Securities (USA) LLC

DEU	Deutsche Bank Securities, Inc.	JPM	JP Morgan Chase Bank N.A.	UBS	UBS Securities LLC

Currency Abbreviations:

EUR	Euro	JPY	Japanese Yen	USD (or $)	United States Dollar

Exchange Abbreviations:

CBOT	Chicago Board of Trade	OTC	Over the Counter

Index/Spread Abbreviations:

CDX.EM	Credit Derivatives Index - Emerging Markets	LIBOR01M	1 Month USD-LIBOR	US0001M	1 Month USD Swap Rate

CDX.HY	Credit Derivatives Index - High Yield	LIBOR03M	3 Month USD-LIBOR	US0003M	3 Month USD Swap Rate

CDX.IG	Credit Derivatives Index - Investment Grade	SOFRRATE	Secured Overnight Financing Rate

Municipal Bond or Agency Abbreviations:

AGM	Assured Guaranty Municipal	AMBAC	American Municipal Bond Assurance Corp.	PSF	Public School Fund

Other Abbreviations:

ABS	Asset-Backed Security	DAC	Designated Activity Company	PIK	Payment-in-Kind

ALT	Alternate Loan Trust	FDIC	Federal Deposit Insurance Corp.	REMIC	Real Estate Mortgage Investment Conduit

BABs	Build America Bonds	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

CLO	Collateralized Loan Obligation	NCUA	National Credit Union Administration	TBD	To-Be-Determined


108		PIMCO ETF TRUST

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

At a meeting held on August 20-21, 2018, the Board of Trustees (the “Board”) of PIMCO ETF Trust (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Agreement”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2019. Under the Agreement, PIMCO provides investment advisory services, as well as supervisory and administrative services, to each Fund for a single management fee (“unified fee”).

The information, material factors and conclusions that formed the basis for the Board’s approval are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreement.

(b) Review Process: In connection with considering the renewal of the Agreement, the Board reviewed written materials prepared by PIMCO in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company

performance information and fee and expense data. The Board received information on matters related to the Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 20-21, 2018 meeting. The Independent Trustees also conducted in-person meetings with counsel to the Trust and the Independent Trustees, including one on July 18, 2018, to discuss the Lipper Report, as defined below, and certain aspects of the 2018 15(c) materials presented and other matters deemed relevant to their consideration of the renewal of the Agreement. In addition, the Independent Trustees requested and received supplemental information.

The approval determination was made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, its Personnel, and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also


		SEMIANNUAL REPORT		DECEMBER 31, 2018		109

Approval of Investment Advisory Contract and Other Agreements (Cont.)

considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreement in 2017, including, but not limited to: upgrading the global network and infrastructure to support trading and risk management systems; enhancing and continuing to expand capabilities within the pre-trade compliance platform; enhancing flexible client reporting capabilities to support increased differentiation within local markets; developing new application and database frameworks to support new trading strategies; expanding proprietary applications suites to enrich capabilities across Compliance, Analytics, Risk Management, Client Reporting, Attribution and Customer Relationship management; continuing investment in its enterprise risk management function, including PIMCO’s cybersecurity program and global business continuity functions; oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; engaging a third party service provider to implement the SEC reporting modernization regime; expanding the Fund Treasurer’s Office; enhancing a proprietary application to provide portfolio managers with more timely and high quality income reporting; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; and continuing to expand the pricing portal and the proprietary performance reconciliation tool. In addition, the Board considered the investment in derivatives by certain active ETFs, and how PIMCO assesses and manages risk and regulatory compliance with respect to the use of derivatives by the Funds, as applicable.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreement are likely to continue to benefit the Funds and their shareholders.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Agreement. The Board considered the terms of the Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under the unified fee. In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement continue to increase. The Board considered PIMCO’s provision of these services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 and other performance data, as available, over short- and long-term periods ended June 30, 2018 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 (the “Lipper Report”).

The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including materials provided in advance of the August 20-21, 2018 meeting. The Trustees noted that, as of June 30, 2018, the Trust had accumulated $16 billion in assets under management since its launch, and that the PIMCO Enhanced Short Maturity Exchange-Traded Fund and the PIMCO Active Bond Exchange-Traded Fund were the largest and fifth-largest actively managed exchange-traded funds, respectively. The Board also noted that, on a gross basis, approximately half of the Funds outperformed their respective benchmarks while the remaining Funds either performed in line with their respective benchmarks or slightly underperformed their respective benchmarks, and that PIMCO did not expect certain Funds, for structural reasons, to outperform their benchmarks on an after-fee basis over longer time horizons. The Board


110		PIMCO ETF TRUST

(Unaudited)

discussed with PIMCO the reasons for the underperformance of certain Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreement, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreement.

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors.

The Board reviewed the management fee and total expenses of each Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fee, the Board reviewed data from Broadridge that compared the average and median management fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board noted that the total expense ratio for many of the Funds was equal to or less than the median expenses of comparable funds in the Peer Group. The Board considered that certain of the actively-managed Funds offered by PIMCO are unique strategies with no competitors in the marketplace and that the Lipper Report compares these Funds to a mix of active and index exchange-traded funds. The Board compared each Fund’s total expenses to other funds in the Broadridge Expense Group, and found each Fund’s total expenses to be reasonable.

The Board also reviewed data comparing the Funds’ management fees to the standard and negotiated fee rates PIMCO charges to separate accounts, collective investment trusts and to other investment companies (both as adviser and sub-adviser) with similar investment strategies. The Board noted that PIMCO, for a number of Funds in the Trust, does not currently manage separate accounts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual

arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, and printing costs. The Board considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund’s fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

Based on the information presented by PIMCO, members of the Board determined that, in the exercise of their business judgment, the management fee charged by PIMCO under the Agreement, as well as the total expenses of each Fund, are reasonable.


		SEMIANNUAL REPORT		DECEMBER 31, 2018		111

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits to PIMCO under both the adjusted asset profitability method and the profit and loss profitability method, which were each utilized to calculate profitability. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered the substantial investments PIMCO has made in order to support the operational and technological issues required to support exchange-traded funds as compared to traditional mutual funds, including enhancements related to the creation/redemption process, trade processing systems and iNAV process. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the management fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise.The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase.The

Trustees also considered that, unlike the Funds’ unified fee structure, funds with “pass through” fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets.The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above.The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds at scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third-party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Agreement. The Independent Trustees and the Board as a whole concluded that the Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreement, and that the renewal of the Agreement was in the best interests of the Funds and their shareholders.


112		PIMCO ETF TRUST

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

State Street Bank and Trust Company

1 Heritage Drive

Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the report cover.

LOGO

ETF4001SAR_123118

Item 2.

Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3.

Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5.

Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6.

Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11.

Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Exhibits.

(a)(1)

Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2)

Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)

Not applicable to open-end investment companies.

(a)(4)

There was no change in the registrant’s independent public accountant for the period covered by the report.

(b)

Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PIMCO ETF Trust

By:		/s/ Peter G. Strelow
		Peter G. Strelow
		President (Principal Executive Officer)

Date: February 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Peter G. Strelow
		Peter G. Strelow
		President (Principal Executive Officer)

Date: February 28, 2019

By:		/s/ Trent W. Walker
		Trent W. Walker
		Treasurer (Principal Financial & Accounting Officer)

Date: February 28, 2019