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)

Bijal Y. Parikh

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:

Adam T. Teufel

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, 2023

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.

a) 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 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 Bond Exchange-Traded Fund

● PIMCO Commodity Strategy Active Exchange-Traded Fund

● PIMCO Enhanced Low Duration Active Exchange-Traded Fund

● PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

● PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

● PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

● PIMCO Multisector Bond Active Exchange-Traded Fund

● PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

● PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

● PIMCO Senior Loan Active Exchange-Traded Fund

● PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

● PIMCO Ultra Short Government Active Exchange-Traded Fund

PIMCO ETF TRUST

Semiannual Report

December 31, 2023

Index Exchange-Traded Funds

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

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

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | EMNT | 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 Multisector Bond Active Exchange-Traded Fund | PYLD | NYSE Arca

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | MINO | NYSE Arca

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD | NYSE Arca

PIMCO Senior Loan Active Exchange-Traded Fund | LONZ | NYSE Arca

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

PIMCO Ultra Short Government Active Exchange-Traded Fund | BILZ | NYSE Arca

PIMCO Commodity Strategy Active Exchange-Traded Fund | CMDT | NYSE Arca

Table of Contents

			Page
Market Insights				2
Important Information About the Funds				3
Expense Examples				26
Financial Highlights				28
Statements of Assets and Liabilities				32
Consolidated Statement of Assets and Liabilities				34
Statements of Operations				35
Consolidated Statement of Operations				38
Statements of Changes in Net Assets				39
Consolidated Statements of Changes in Net Assets				43
Notes to Financial Statements				154
Glossary				185
Distribution Information				186
Approval of Investment Management Agreement				190
Fund	Fund Summary		Schedule of Investments
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		8		44
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		9		45
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		10		46
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		11		47
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		12		48
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		13		59
PIMCO Active Bond Exchange-Traded Fund		14		73
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		15		85
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		16		92
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		17		97
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		18		104
PIMCO Multisector Bond Active Exchange-Traded Fund		19		112
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		20		121
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		21		127
PIMCO Senior Loan Active Exchange-Traded Fund		22		133
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		23		139
PIMCO Ultra Short Government Active Exchange-Traded Fund		24		145
PIMCO Commodity Strategy Active Exchange-Traded Fund		25		146

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

Market Insights    

Dear Shareholder,

This semiannual report covers the six-month reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO ETF Trust

Total Returns of Certain Asset Classes for the Period Ended December 31, 2023
Asset Class (as measured by, currency)	Six-Month
U.S. large cap equities (S&P 500 Index, USD)	8.04%
Global equities (MSCI World Index, USD)	7.56%
European equities (MSCI Europe Index, EUR)	4.24%
Emerging market equities (MSCI Emerging Markets Index, EUR)	4.71%
Japanese equities (Nikkei 225 Index, JPY)	1.74%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.55%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.40%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	7.90%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.52%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO ETF TRUST  

Important Information About the Funds    

PIMCO ETF Trust (the “Trust”) is an open-end management investment company that includes the 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 Commodity Strategy Active Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, and PIMCO Ultra Short Government 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, except PIMCO Active Bond Exchange-Traded Fund, will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”), and the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange (“NYSE”), each a national securities exchange, 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 Fund 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 United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. 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 and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectuses, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 3

Important Information About the Funds (Cont.)

The geographical classification of foreign (non-U.S.) securities in this report, if any, 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference

rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential

4 PIMCO ETF TRUST  

legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each 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 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. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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 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 ESG Exchange-Traded Fund		12/10/19		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 Multisector Bond Active Exchange-Traded Fund		06/21/23		Diversified
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		09/08/21		Diversified
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		01/18/23		Diversified
PIMCO Senior Loan Active Exchange-Traded Fund		06/08/22		Diversified
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		02/01/10		Diversified
PIMCO Ultra Short Government Active Exchange-Traded Fund		06/21/23		Diversified
PIMCO Commodity Strategy Active Exchange-Traded Fund		05/09/23		Non-diversified

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 5

Important Information About the Funds (Cont.)

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.

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. 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 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 Funds file their portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available upon request by, calling PIMCO at (888) 400-4ETF.

SEC rules 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. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Investment Company Act of 1940, as amended, to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

On May 19, 2023, a supplement was filed to provide notification of a change to the definition of “Capital Securities” for purposes of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund’s

6 PIMCO ETF TRUST  

80% policy. As of July 31, 2023, the definition of “Capital Securities” will include “(1) securities issued by U.S. and non U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt.”

In September 2023, the SEC adopted amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

  SEMIANNUAL REPORT | DECEMBER 31, 2023 7

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

Ticker Symbol - ZROZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

U.S. Treasury Obligations	99.0%
Short-Term Instruments	1.0%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (10/30/2009)
	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value)		(4.95)%		0.80%		(3.28)%		2.90%		3.68%
	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)(1)		(4.68)%		1.23%		(3.19)%		2.87%		3.72%
	The ICE BofA Long U.S. Treasury Principal STRIPS Index±		(5.15)%		(0.37)%		(3.10)%		3.01%		3.80%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA Long U.S. 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.15%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection contributed to performance due to overweight exposure to the back end of the curve, as U.S. Treasury yields fell.

» There were no other material contributors or detractors for this Fund.

8 PIMCO ETF TRUST  

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

Ticker Symbol - STPZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

U.S. Treasury Obligations	100.0%
Short-Term Instruments	0.0%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (08/20/2009)
	PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		2.89%		4.28%		3.06%		1.72%		2.01%
	PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)		2.88%		4.28%		3.06%		1.72%		2.01%
	The ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index±		3.00%		4.32%		3.26%		1.93%		2.22%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA 1-5 Year U.S. 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» Exposure to U.S. real yields contributed to absolute performance for both the Fund and the ICE BofA 1-5 Year U.S. Treasury Inflation-Protected Securities Index, as 1-5 year real yields moved lower.

» There were no other material contributors or detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 9

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

Ticker Symbol - LTPZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

U.S. Treasury Obligations	100.0%
Short-Term Instruments	0.0%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (09/03/2009)
	PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		(3.64)%		0.51%		1.55%		2.70%		3.57%
	PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)		(3.35)%		0.97%		1.65%		2.73%		3.59%
	The ICE BofA 15+ Year U.S. Inflation-Linked Treasury Index±		(3.54)%		0.62%		1.73%		2.87%		3.76%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» Exposure to U.S. real yields detracted from absolute performance for both the Fund and the ICE BofA 15+ Year U.S. Treasury Inflation-Protected Securities Index, as 15+ year real yields moved higher.

» There were no other material contributors or detractors for this Fund.

10 PIMCO ETF TRUST  

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

Ticker Symbol - TIPZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (09/03/2009)
	PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)		1.40%		3.57%		2.91%		2.29%		2.95%
	PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)		1.44%		3.36%		2.89%		2.30%		2.96%
	The ICE BofA U.S. Inflation-Linked Treasury Index±		1.59%		3.59%		3.10%		2.47%		3.14%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA U.S. 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» Exposure to U.S. real yields contributed to absolute performance for both the Fund and the ICE BofA U.S. Treasury Inflation-Protected Securities Index, as 1-8 year real yields moved lower.

» There were no other material contributors or detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 11

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

Ticker Symbol - HYS

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Corporate Bonds & Notes	91.3%
Short-Term Instruments	7.2%
Other	1.5%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (06/16/2011)
	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)		6.62%		11.76%		4.63%		3.77%		4.59%
	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)		6.21%		11.38%		4.66%		3.74%		4.58%
	ICE BofA 0-5 Year US High Yield Constrained Index±		6.71%		12.09%		5.07%		4.29%		5.11%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA 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 $250 million, issued publicly. Allocations to an individual issuer will not exceed 2%.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.56%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» Duration positioning contributed to performance, as there was volatility in interest rates.

» Security selection within the finance and brokerage sector, specifically underweight exposure to a provider of physical and virtual co-working spaces, contributed to performance, as the issuer filed for Chapter 11 bankruptcy.

» Security selection within the consumer services sector, specifically underweight exposure to a U.S.-based travel management company, contributed to performance, as the issuer executed a distressed debt exchange transaction.

» Security selection within the retail sector, specifically overweight exposure to an online used vehicle retailer, detracted from performance, as spreads widened amid weak retail volumes.

» Security selection within the paper and packaging sector, specifically overweight exposure to a glass and metal packaging producer, detracted from performance, as performance was challenged by abnormally slow destocking.

» Security selection within the technology sector, specifically overweight exposure to a supplier of telecommunications equipment, detracted from performance, as performance was hampered by low order rates from customers.

12 PIMCO ETF TRUST  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Ticker Symbol - CORP

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Industrials	45.1%
Banking & Finance	37.5%
Utilities	13.3%
U.S. Treasury Obligations	3.4%
Short-Term Instruments	0.7%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (09/20/2010)
	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)		5.01%		8.79%		2.86%		3.07%		3.40%
	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)		5.17%		9.13%		2.94%		3.08%		3.42%
	ICE BofA U.S. Corporate Index±		5.00%		8.40%		2.66%		3.00%		3.42%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± ICE BofA 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.23%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 BofA 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 (on a gross basis) during the reporting period:

» Security selection within emerging markets, specifically underweight exposure to a producer of thermoplastic resins, contributed to performance, as performance remained challenged.

» Security selection within the technology sector, specifically overweight exposure to a semiconductor and software production company, contributed to performance, as spreads tightened amid positive earnings results driven by research investment.

» Security selection within the utilities sector, specifically overweight exposure to a large electricity company, contributed to performance, as spreads tightened amid positive earnings results driven by higher energy prices and cost pass through.

» Security selection within the banks and brokerage sector, specifically overweight exposure to a U.S. global systemically important financial institution, detracted from performance, as spreads widened amid weakness in merger and acquisition advisory.

» Security selection within the chemicals sector, specifically overweight exposure to a corporation focused on pharmaceuticals, crop science and consumer health, detracted from performance, as spreads widened amid weaker earning results.

» Security selection within the transportation sector, specifically overweight exposure to a global passenger airline, detracted from performance, as spreads widened amid geopolitical conflicts and rising fuel and labor costs.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 13

PIMCO Active Bond Exchange-Traded Fund

Ticker Symbol - BOND

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

U.S. Government Agencies	42.7%
Corporate Bonds & Notes	19.9%
Asset-Backed Securities	15.0%
U.S. Treasury Obligations	10.3%
Non-Agency Mortgage-Backed Securities	7.5%
Short-Term Instruments	1.7%
Municipal Bonds & Notes	1.1%
Other	1.8%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (02/29/2012)
	PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value)		3.48%		6.33%		1.12%		2.10%		2.63%
	PIMCO Active Bond Exchange-Traded Fund (At Market Price)(1)		3.50%		6.48%		1.10%		2.10%		2.63%
	Bloomberg U.S. Aggregate Index±		3.37%		5.53%		1.10%		1.81%		1.63%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

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

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.58%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 (on a gross basis) during the reporting period:

» Positions within securitized credit, particularly collateralized loan obligations and asset-backed securities, contributed to relative performance, as spreads tightened.

» Tactical U.S. duration curve positioning, including underweight exposure to the long end of the U.S. yield curve, contributed to relative performance, as U.S. yields rose.

» Long exposure to high-yield corporate credit contributed to relative performance, as spreads tightened.

» Overweight exposure to taxable municipal bonds contributed to relative performance, as spreads tightened.

» There were no material detractors for this Fund.

14 PIMCO ETF TRUST  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Ticker Symbol - LDUR

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Asset-Backed Securities	28.7%
Corporate Bonds & Notes	23.4%
U.S. Treasury Obligations	22.1%
U.S. Government Agencies	12.7%
Non-Agency Mortgage-Backed Securities	11.6%
Short-Term Instruments	1.5%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		Fund Inception (01/22/2014)
	PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value)		3.75%		4.86%		1.73%		1.90%
	PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)(1)		3.80%		4.78%		1.68%		1.89%
	ICE BofA 1-3 Year U.S. Treasury Index±		3.25%		4.26%		1.30%		1.06%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 BofA 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.51%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 (on a gross basis) during the reporting period:

» Holdings of investment grade corporate credit, specifically financials, contributed to relative performance, as spreads tightened.

» Overweight exposure to collateralized loan obligations contributed to relative performance, as spreads tightened.

» Underweight United States duration at the 1-3 year part of the curve, contributed to relative performance, as rates rose over the second and third quarters of the year.

» Overweight exposure to commercial mortgage-backed securities (“CMBS”) contributed to relative performance, as CMBS had positive returns.

» There were no material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 15

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

Ticker Symbol - EMNT

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Corporate Bonds & Notes	57.9%
Short-Term Instruments	17.8%
Asset-Backed Securities	17.2%
U.S. Government Agencies	4.3%
Non-Agency Mortgage-Backed Securities	2.7%
Sovereign Issues	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, 2023
		6 Months*		1 Year		Fund Inception (12/10/2019)
	PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value)		3.06%		5.71%		1.89%
	PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)(1)(2)		3.08%		5.85%		1.88%
	FTSE 3-Month Treasury Bill Index±		2.80%		5.26%		1.82%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

⁽²⁾  The Fund was seeded on December 10, 2019, but was not listed for trading until December 12, 2019. Accordingly, there is no Market Price information for December 10, 2019 through December 11, 2019.

^± 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.36%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

Investment Objective and Strategy Overview

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, while incorporating PIMCO’s ESG investment strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will not invest in the securities of any non-governmental issuer determined by PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, the production or trade of adult entertainment materials, or in the oil industry, including extraction, production, and refining or the production, distribution of coal and coal fired generation. To the extent possible on the basis of information available to PIMCO, an issuer will be deemed to be principally engaged in an activity if it derives more than 10% of its gross revenues from such activities. 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 (on a gross basis) during the reporting period:

» Overweight exposure to investment grade corporate credit, specifically financials, contributed to relative performance, as spreads tightened.

» Overweight exposure to United States duration contributed to relative performance, as interest rates fell.

» Overweight exposure to select securitized credit, particularly collateralized loan obligations, contributed to relative performance, as spreads tightened.

» There were no material detractors for this Fund.

16 PIMCO ETF TRUST  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Ticker Symbol - MINT

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Corporate Bonds & Notes	46.9%
Asset-Backed Securities	31.3%
Short-Term Instruments	12.2%
Non-Agency Mortgage-Backed Securities	4.2%
U.S. Government Agencies	3.2%
Sovereign Issues	2.0%
U.S. Treasury Obligations	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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (11/16/2009)
	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value)		3.16%		6.19%		2.00%		1.67%		1.56%
	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)(1)		3.16%		6.25%		2.00%		1.66%		1.56%
	FTSE 3-Month Treasury Bill Index±		2.80%		5.26%		1.91%		1.26%		0.91%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

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

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.

^± 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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 Ratings, 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 (on a gross basis) during the reporting period:

» Overweight exposure to select securitized credit, particularly collateralized loan obligations, contributed to relative performance, as spreads tightened.

» Overweight exposure to investment grade corporate credit, specifically financials, contributed to relative performance, as spreads tightened.

» Underweight exposure to U.S. duration contributed to relative performance, as the inverted U.S. yield curve provided a carry advantage versus the benchmark, the FTSE 3-Month Treasury Bill Index, as short term U.S. rates rose.

» There were no material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 17

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Ticker Symbol - MUNI

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Municipal Bonds & Notes
Health, Hospital & Nursing Home Revenue	14.3%
Ad Valorem Property Tax	11.1%
Highway Revenue Tolls	5.8%
Natural Gas Revenue	5.6%
Electric Power & Light Revenue	5.4%
Water Revenue	5.3%
Miscellaneous Revenue	5.3%
Local or Guaranteed Housing	4.8%
Income Tax Revenue	4.8%
Sales Tax Revenue	3.9%
General Fund	3.9%
Industrial Revenue	3.9%
Appropriations	3.4%
Tobacco Settlement Funded	3.4%
Sewer Revenue	2.3%
Fuel Sales Tax Revenue	2.0%
Lease (Appropriation)	1.8%
Nuclear Revenue	1.7%
Port, Airport & Marina Revenue	1.7%
College & University Revenue	1.0%
Other	2.4%
Short-Term Instruments	6.2%

^†  % 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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (11/30/2009)
	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)		3.75%		6.07%		2.28%		2.47%		2.70%
	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)		3.82%		6.07%		2.28%		2.49%		2.71%
	Bloomberg 1-15 Year Municipal Bond Index±		3.35%		5.26%		2.17%		2.58%		2.91%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± Bloomberg 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. 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 Ratings, 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 (on a gross basis) during the reporting period:

» Yield curve strategies contributed to performance, as municipal rates broadly fell.

» Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

» Security selection within the housing sector contributed to performance, as the Fund’s holdings outperformed the broader municipal market.

» Security selection within the education sector detracted from performance, as the Fund’s holdings underperformed the broader municipal market.

» Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

» Security selection within the pre-refunded segment detracted from performance, as the Fund’s holdings underperformed the broader municipal market.

18 PIMCO ETF TRUST  

PIMCO Multisector Bond Active Exchange-Traded Fund

Ticker Symbol - PYLD

Allocation Breakdown as of December 31, 2023^†§

U.S. Government Agencies	30.2%
Asset-Backed Securities	21.0%
Corporate Bonds & Notes	19.6%
Non-Agency Mortgage-Backed Securities	15.1%
U.S. Treasury Obligations	8.5%
Short-Term Instruments	4.5%
Other	1.1%

^†  % of Investments, at value.

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

Investment Objective and Strategy Overview

PIMCO Multisector Bond Active Exchange-Traded Fund seeks to maximize yield and long term capital appreciation consistent with prudent investment management, by investing, under normal circumstances, at least 80% of its assets in a multi-sector 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. The Fund will generally allocate its assets among several investment sectors, without limitation, which may include: (i) high yield securities (“junk bonds”) and investment grade corporate bonds of issuers located in the United States and non-U.S. countries, including emerging market countries; (ii) fixed income securities issued by U.S. and non-U.S. governments (including emerging market governments), their agencies and instrumentalities; (iii) mortgage-related and other asset backed securities; and (iv) foreign currencies, including those of emerging market countries. However, the Fund is not required to gain exposure to any one investment sector, and the Fund’s exposure to any one investment sector will vary over time. 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 (on a gross basis) during the reporting period:

» Exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate rose.

» Exposure to high yield credit contributed to performance, as the asset class posted positive returns.

» Exposure to investment grade credit contributed to performance, as the asset class posted positive returns.

» Exposure to agency mortgage-backed securities detracted from performance, as the sector underperformed during the third quarter and the beginning of the fourth quarter of 2023.

» Exposure to U.S. Treasury Inflation-Protected Securities detracted from performance, as breakeven inflation fell.

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 19

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

Ticker Symbol - MINO

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Municipal Bonds & Notes	92.2%
Short-Term Instruments	7.3%
Other	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, 2023
		6 Months*		1 Year		Fund Inception (09/08/2021)
	PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Based on Net Asset Value)		4.37%		8.57%		(1.07)%
	PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (At Market Price)(1)		4.30%		8.48%		(1.12)%
	Bloomberg Municipal Bond Index±		3.63%		6.40%		(1.15)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.49%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

Investment Objective and Strategy Overview

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund seeks current income exempt from federal income tax and long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. 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 (on a gross basis) during the reporting period:

» Yield curve strategies contributed to performance, as municipal yields broadly fell.

» Overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

» Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

» Security selection within the education sector detracted from performance, as holdings underperformed the broader municipal market.

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

» There were no other material detractors for this Fund.

20 PIMCO ETF TRUST  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

Ticker Symbol - PRFD

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Corporate Bonds & Notes	54.8%
Preferred Securities	37.9%
Short-Term Instruments	4.6%
U.S. Treasury Obligations	2.7%

^†  % 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, 2023
		6 Months*		Fund Inception (01/18/2023)*
	PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Based on Net Asset Value)		7.44%		1.85%
	PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (At Market Price)(1)		7.40%		1.89%
	ICE BofA US All Capital Securities Index±		6.26%		2.49%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± ICE BofA US All Capital Securities Index tracks the performance of fixed rate, US dollar denominated hybrid corporate and preferred securities publicly issued in the US domestic market. Qualifying securities must be rated by Moody’s, S&P or Fitch. Floating rate coupon or dividend securities are excluded, but zero, step and rating-dependent coupons are included.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.89%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

Investment Objective and Strategy Overview

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund seeks total return, with a secondary objective of income generation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. “Capital Securities” include (1) securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt. Preferred securities and Capital Securities may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in preferred securities or Capital Securities may be invested in other types of Fixed Income Instruments, including derivative Fixed Income Instruments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. 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 (on a gross basis) during the reporting period:

» Security selection within U.K. Additional Tier 1 securities, specifically overweight exposure to a leading U.K. commercial bank, contributed to performance, as spreads tightened amid strong earnings results.

» Security selection within French Additional Tier 1 securities, specifically overweight exposure to a large eurozone bank, contributed to performance, as spreads tightened amid strong earnings results.

» Security selection within U.S. non-financial retail preferreds, specifically underweight exposure to a large wireline telecommunication provider, contributed to performance, as the company disclosed a transaction support agreement that could result in a distressed debt exchange.

» Security selection within U.S. preferreds, specifically underweight exposure to a large global custody bank, detracted from performance, as spreads tightened alongside the global banking sector recovery.

» Underweight exposure to front-end U.S. duration detracted from performance, as U.S. interest rates rallied.

» Security selection within U.S. insurance capital, specifically underweight exposure to an annuity life insurance company, detracted from performance, as the company benefitted from the higher rate environment.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 21

PIMCO Senior Loan Active Exchange-Traded Fund

Ticker Symbol - LONZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Loan Participations and Assignments	80.3%
Short-Term Instruments	16.0%
Corporate Bonds & Notes	3.7%

^†  % 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, 2023
		6 Months*		1 Year		Fund Inception (06/08/2022)
	PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value)		6.49%		12.96%		8.67%
	PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)(1)		6.12%		12.56%		8.43%
	iBoxx USD Liquid Leveraged Loans Index±		5.34%		11.82%		8.11%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± iBoxx USD Liquid Leveraged Loans Index comprises approximately 100 of the most liquid, tradable USD leveraged loans. Index constituents are derived using selection criteria such as loan type, minimum size, liquidity, credit ratings, initial spreads and minimum time to maturity.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.72%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

Investment Objective and Strategy Overview

PIMCO Senior Loan Active Exchange-Traded Fund seeks to provide current income consistent with prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of Senior Loans, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Senior Loans” include senior secured floating rate bank loans, also referred to as leveraged loans, bank loans and floating rate loans, that are first or second lien loans. The Fund may also invest in collateralized loan obligations and high-yield corporate debt securities, which may also be represented by forwards or derivatives such as options, futures contracts or swap agreements. 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 (on a gross basis) during the reporting period:

» Security selection in the wirelines sector, particularly overweight exposure to a select position, contributed to performance, as prices of the position rose.

» Security selection in the retail sector, particularly underweight exposure to a select position, contributed to performance, as prices of the position fell.

» Security selection in the cable and satellite sector, particularly overweight exposure to a select position, contributed to performance, as prices of the position rose.

» Security selection in the building materials sector, particularly underweight exposure to a select position, detracted from performance, as prices of the position rose.

» Security selection in the chemicals sector, particularly underweight exposure to select position, detracted from performance, as prices of the position rose.

» Overweight exposure to the transportation sector detracted from performance, as the sector underperformed.

22 PIMCO ETF TRUST  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Ticker Symbol - SMMU

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Municipal Bonds & Notes
Health, Hospital & Nursing Home Revenue	13.8%
Ad Valorem Property Tax	11.5%
Electric Power & Light Revenue	10.9%
Natural Gas Revenue	7.0%
General Fund	6.4%
College & University Revenue	4.3%
Highway Revenue Tolls	4.1%
Economic Development Revenue	4.0%
Local or Guaranteed Housing	3.7%
Water Revenue	3.5%
Industrial Revenue	3.0%
Sales Tax Revenue	2.9%
Tobacco Settlement Funded	2.9%
Lease (Appropriation)	2.0%
Fuel Sales Tax Revenue	1.8%
Income Tax Revenue	1.5%
Port, Airport & Marina Revenue	1.4%
Miscellaneous Revenue	1.4%
Hotel Occupancy Tax	1.1%
Other	4.6%
Short-Term Instruments	8.0%
U.S. Treasury Obligations	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, 2023
		6 Months*		1 Year		5 Year		10 Years		Fund Inception (02/01/2010)
	PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)		2.80%		4.44%		1.68%		1.32%		1.26%
	PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)		2.80%		4.39%		1.65%		1.32%		1.25%
	Bloomberg 1-Year Municipal Bond Index±		2.23%		3.39%		1.34%		1.09%		1.08%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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 Bloomberg 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

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”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. 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 Ratings, 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 (on a gross basis) during the reporting period:

» Overweight exposure to a select duration position contributed to performance, as municipal rates broadly fell.

» Overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

» Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

» Security selection within the water and sewer sector detracted from performance, as holdings underperformed the broader municipal market.

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

» Security selection within the education sector detracted from performance, as holdings underperformed the broader municipal market.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 23

PIMCO Ultra Short Government Active Exchange-Traded Fund

Ticker Symbol - BILZ

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Short-Term Instruments	98.8%
U.S. Government Agencies	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, 2023
		6 Months*		Fund Inception (06/21/2023)*
	PIMCO Ultra Short Government Active Exchange-Traded Fund (Based on Net Asset Value)		2.72%		2.88%
	PIMCO Ultra Short Government Active Exchange-Traded Fund (At Market Price)(1)		2.74%		2.91%
	FTSE 3-Month Treasury Bill Index±		2.80%		2.93%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.14%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

Investment Objective and Strategy Overview

PIMCO Ultra Short Government Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity investing under normal circumstances at least 80% of its assets in U.S. government securities. The Fund invests 100% of its total assets in (i) cash, (ii) U.S. government securities, such as U.S. Treasury bills, notes, and other obligations issued by, or guaranteed as to principal and interest by, the U.S. government (including its agencies and instrumentalities), and (iii) repurchase agreements that are collateralized fully by such U.S. government securities or cash. 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 (on a gross basis) during the reporting period:

» Underweight exposure to duration in the United States contributed to relative performance, as interest rates rose.

» There we no material detractors for this Fund.

24 PIMCO ETF TRUST  

PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)

Ticker Symbol - CMDT

Cumulative Returns Through December 31, 2023

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

Allocation Breakdown as of December 31, 2023^†§

Corporate Bonds & Notes	45.7%
Short-Term Instruments	21.1%
Asset-Backed Securities	14.3%
Commodities	6.6%
Mutual Funds	6.4%
Sovereign Issues	3.8%
U.S. Government Agencies	2.1%

^†  % 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, 2023
		6 Months*		Fund Inception (05/09/2023)*
	PIMCO Commodity Strategy Active Exchange-Traded Fund (Based on Net Asset Value)		4.36%		5.32%
	PIMCO Commodity Strategy Active Exchange-Traded Fund (At Market Price)(1)		4.63%		5.51%
	Bloomberg Commodity Index Total Return±		(0.14)%		(1.39)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* 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.

^± Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.84%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

Investment Objective and Strategy Overview

PIMCO Commodity Strategy Active Exchange-Traded Fund seeks total return which exceeds that of the Bloomberg Commodity Index Total Return, consistent with prudent investment management, by investing, under normal circumstances, in commodity-linked derivative instruments backed by an actively managed and diversified portfolio of Fixed Income Instruments of varying maturities and may also invest directly in commodities. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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 (on a gross basis) during the reporting period:

» Underweight exposure to natural gas contributed to relative performance, as the commodity posted negative returns.

» Underweight exposure to corn contributed to relative performance, as the commodity posted negative returns.

» Underweight exposure to soybean oil contributed to relative performance, as the commodity posted negative returns.

» Overweight exposure to cocoa contributed to relative performance, as the commodity posted positive returns.

» Exposure to California Carbon Allowances contributed to relative performance, as the commodity posted positive returns.

» Tactical positioning to raw sugar contributed to relative performance, as the commodity posted positive returns from June to October and negative returns in November and December.

» Underweight exposure to coffee detracted from relative performance, as the commodity posted positive returns.

» Underweight exposure to gold detracted from relative performance, as the commodity posted positive returns.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 25

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, management fees and other Fund expenses. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. 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, 2023 to December 31, 2023 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 fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	1,000.00	$	950.50	$	0.73	$	1,000.00	$	1,024.25	$	0.76		0.15	%
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		1,000.00		1,028.90		1.01		1,000.00		1,024.00		1.01		0.20
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		1,000.00		963.60		0.98		1,000.00		1,024.00		1.01		0.20
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		1,000.00		1,014.00		1.01		1,000.00		1,024.00		1.01		0.20
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,000.00		1,066.20		2.89		1,000.00		1,022.20		2.83		0.56
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		1,000.00		1,050.10		1.59		1,000.00		1,023.45		1.57		0.31
PIMCO Active Bond Exchange-Traded Fund		1,000.00		1,034.80		3.46		1,000.00		1,021.60		3.44		0.68
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,000.00		1,037.50		2.70		1,000.00		1,022.35		2.68		0.53
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		1,000.00		1,030.60		1.27		1,000.00		1,023.75		1.26		0.25
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		1,000.00		1,031.60		1.78		1,000.00		1,023.25		1.77		0.35
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		1,000.00		1,037.50		1.78		1,000.00		1,023.25		1.77		0.35
PIMCO Multisector Bond Active Exchange-Traded Fund		1,000.00		1,050.80		3.33		1,000.00		1,021.75		3.29		0.65
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		1,000.00		1,043.70		2.04		1,000.00		1,023.00		2.02		0.40
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		1,000.00		1,074.40		3.89		1,000.00		1,021.25		3.79		0.75

26 PIMCO ETF TRUST  

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO Senior Loan Active Exchange-Traded Fund	$	1,000.00	$	1,064.90	$	3.10	$	1,000.00	$	1,022.00	$	3.03		0.60	%
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		1,000.00		1,028.00		1.77		1,000.00		1,023.25		1.77		0.35
PIMCO Ultra Short Government Active Exchange-Traded Fund		1,000.00		1,027.20		0.76		1,000.00		1,024.25		0.76		0.15
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)		1,000.00		1,043.60		3.37		1,000.00		1,021.70		3.34		0.66

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (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, 2023 27

Financial Highlights    

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	91.83	$	1.61	$	(6.24	)	$	(4.63	)	$	(2.27	)	$	0.00		$	0.00		$	(2.27	)
06/30/2023		108.27		3.12		(16.97	)		(13.85	)		(2.59	)		0.00			0.00			(2.59	)
06/30/2022		145.38		2.59		(37.32	)		(34.73	)		(2.38	)		0.00			0.00			(2.38	)
06/30/2021		173.14		2.49		(27.75	)		(25.26	)		(2.50	)		0.00			0.00			(2.50	)
06/30/2020		128.17		2.99		45.06			48.05			(3.08	)		0.00			0.00			(3.08	)
06/30/2019		115.51		3.15		12.73			15.88			(3.22	)		0.00			0.00			(3.22	)
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	50.30	$	0.42	$	1.02		$	1.44		$	(0.59	)	$	0.00		$	0.00		$	(0.59	)
06/30/2023		52.31		1.66		(2.01	)		(0.35	)		(1.66	)		0.00			0.00			(1.66	)
06/30/2022		55.05		2.97		(2.83	)		0.14			(2.88	)		0.00			0.00			(2.88	)
06/30/2021		53.21		1.85		1.35			3.20			(1.36	)		0.00			0.00			(1.36	)
06/30/2020		52.62		0.26		1.56			1.82			(1.07	)		0.00			(0.16	)		(1.23	)
06/30/2019		51.76		0.97		0.64			1.61			(0.75	)		0.00			0.00			(0.75	)
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	60.01	$	0.94	$	(3.16	)	$	(2.22	)	$	(1.30	)	$	0.00		$	0.00		$	(1.30	)
06/30/2023		65.19		3.08		(5.12	)		(2.04	)		(3.14	)		0.00			0.00			(3.14	)
06/30/2022		86.49		4.78		(21.26	)		(16.48	)		(4.82	)		0.00			0.00			(4.82	)
06/30/2021		83.31		2.10		2.85			4.95			(1.77	)		0.00			0.00			(1.77	)
06/30/2020		69.61		0.19		15.22			15.41			(1.71	)		0.00			0.00			(1.71	)
06/30/2019		67.57		1.58		1.72			3.30			(1.26	)		0.00			0.00			(1.26	)
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	54.08	$	1.14	$	(0.42	)	$	0.72		$	(1.50	)	$	0.00		$	0.00		$	(1.50	)
06/30/2023		57.62		3.34		(3.90	)		(0.56	)		(2.98	)		0.00			0.00			(2.98	)
06/30/2022		65.77		3.65		(7.47	)		(3.82	)		(3.79	)		(0.54	)		0.00			(4.33	)
06/30/2021		63.20		2.07		1.89			3.96			(1.39	)		0.00			0.00			(1.39	)
06/30/2020		59.46		0.22		4.82			5.04			(1.09	)		0.00			(0.21	)		(1.30	)
06/30/2019		57.61		1.08		1.57			2.65			(0.80	)		0.00			0.00			(0.80	)
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	90.98	$	3.01	$	2.85		$	5.86		$	(3.62	)	$	0.00		$	0.00		$	(3.62	)
06/30/2023		88.56		5.18		2.56			7.74			(5.32	)		0.00			0.00			(5.32	)
06/30/2022		99.99		3.33		(11.31	)		(7.98	)		(3.45	)		0.00			0.00			(3.45	)
06/30/2021		91.45		3.70		9.16			12.86			(4.32	)		0.00			0.00			(4.32	)
06/30/2020		100.71		4.08		(8.54	)		(4.46	)		(4.80	)		0.00			0.00			(4.80	)
06/30/2019		100.07		4.63		0.90			5.53			(4.89	)		0.00			0.00			(4.89	)
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	94.77	$	2.06	$	2.56		$	4.62		$	(2.37	)	$	0.00		$	0.00		$	(2.37	)
06/30/2023		96.33		3.67		(1.69	)		1.98			(3.54	)		0.00			0.00			(3.54	)
06/30/2022		114.60		2.64		(18.11	)		(15.47	)		(2.72	)		(0.08	)		0.00			(2.80	)
06/30/2021		114.04		2.92		0.79			3.71			(3.01	)		(0.14	)		0.00			(3.15	)
06/30/2020		107.27		3.40		6.88			10.28			(3.51	)		0.00			0.00			(3.51	)
06/30/2019		100.41		3.44		6.96			10.40			(3.54	)		0.00			0.00			(3.54	)
PIMCO Active Bond Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	91.62	$	2.11	$	0.99		$	3.10		$	(2.28	)	$	0.00		$	0.00		$	(2.28	)
06/30/2023		95.16		3.65		(3.80	)		(0.15	)		(3.39	)		0.00			0.00			(3.39	)
06/30/2022		111.01		2.52		(15.52	)		(13.00	)		(2.85	)		0.00			0.00			(2.85	)
06/30/2021		111.39		2.27		0.16			2.43			(2.81	)		0.00			0.00			(2.81	)
06/30/2020		107.54		2.88		4.42			7.30			(3.45	)		0.00			0.00			(3.45	)
06/30/2019		103.19		3.54		4.49			8.03			(3.68	)		0.00			0.00			(3.68	)
PIMCO Enhanced Low Duration Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	93.86	$	2.29	$	1.18		$	3.47		$	(2.49	)	$	0.00		$	0.00		$	(2.49	)
06/30/2023		96.16		3.30		(2.83	)		0.47			(2.77	)		0.00			0.00			(2.77	)
06/30/2022		101.78		1.43		(5.87	)		(4.44	)		(1.18	)		0.00			0.00			(1.18	)
06/30/2021		101.79		1.16		0.43			1.59			(1.60	)		0.00			0.00			(1.60	)
06/30/2020		100.15		2.61		2.06			4.67			(3.03	)		0.00			0.00			(3.03	)
06/30/2019		99.61		2.96		0.62			3.58			(3.04	)		0.00			0.00			(3.04	)

28 PIMCO ETF TRUST See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)		Total Return(d)			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(e)
$	84.93		(4.93	)%	$	1,288,450		0.15	%*		0.15	%*		0.15	%*		0.15	%*		4.12	%*		20	%
	91.83		(12.87	)		947,726		0.15			0.15			0.15			0.15			3.30			26
	108.27		(24.29	)		435,244		0.15			0.15			0.15			0.15			1.90			12
	145.38		(14.70	)		395,447		0.15			0.15			0.15			0.15			1.59			25
	173.14		37.97			375,713		0.15			0.15			0.15			0.15			1.98			14
	128.17		14.17			265,315		0.15			0.15			0.15			0.15			2.79			21
$	51.15		2.89	%	$	581,621		0.20	%*		0.20	%*		0.20	%*		0.20	%*		1.65	%*		12	%
	50.30		(0.71	)		833,417		0.20			0.20			0.20			0.20			3.26			25
	52.31		0.18			1,575,509		0.20			0.20			0.20			0.20			5.46			23
	55.05		6.07			972,716		0.20			0.20			0.20			0.20			3.40			26
	53.21		3.52			628,978		0.20			0.20			0.20			0.20			0.49			30
	52.62		3.17			748,304		0.20			0.20			0.20			0.20			1.89			36
$	56.49		(3.64	)%	$	769,335		0.20	%*		0.20	%*		0.20	%*		0.20	%*		3.44	%*		2	%
	60.01		(3.33	)		670,356		0.20			0.20			0.20			0.20			4.99			5
	65.19		(20.04	)		620,606		0.20			0.20			0.20			0.20			5.69			4
	86.49		6.00			602,828		0.20			0.20			0.20			0.20			2.46			4
	83.31		22.47			614,024		0.20			0.20			0.20			0.20			0.25			9
	69.61		5.06			178,903		0.20			0.20			0.20			0.20			2.45			6
$	53.30		1.40	%	$	113,528		0.20	%*		0.20	%*		0.20	%*		0.20	%*		4.34	%*		58	%
	54.08		(1.06	)		131,420		0.20			0.20			0.20			0.20			5.95			213
	57.62		(6.25	)		194,771		0.20			0.20			0.20			0.20			5.70			177
	65.77		6.31			176,261		0.20			0.20			0.20			0.20			3.19			5
	63.20		8.61			61,936		0.20			0.20			0.20			0.20			0.35			10
	59.46		4.69			52,327		0.20			0.20			0.20			0.20			1.89			9
$	93.22		6.62	%	$	1,249,137		0.56	%*		0.56	%*		0.55	%*		0.55	%*		6.63	%*		22	%
	90.98		8.98			1,100,838		0.56			0.56			0.55			0.55			5.71			42
	88.56		(8.24	)		1,115,806		0.55			0.55			0.55			0.55			3.43			45
	99.99		14.35			2,239,839		0.55			0.55			0.55			0.55			3.81			65
	91.45		(4.56	)		1,156,826		0.56			0.56			0.55			0.55			4.22			36
	100.71		5.71			1,460,224		0.56			0.56			0.55			0.55			4.66			27
$	97.02		5.01	%	$	1,031,376		0.31	%*		0.31	%*		0.20	%*		0.20	%*		4.43	%*		2	%
	94.77		2.12			742,059		0.23			0.23			0.20			0.20			3.85			17
	96.33		(13.77	)		580,883		0.20			0.20			0.20			0.20			2.42			41
	114.60		3.29			794,189		0.20			0.20			0.20			0.20			2.55			21
	114.04		9.76			659,123		0.20			0.20			0.20			0.20			3.10			18
	107.27		10.65			797,018		0.20			0.20			0.20			0.20			3.41			27
$	92.44		3.48	%	$	3,998,161		0.68	%*		0.68	%*		0.55	%*		0.55	%*		4.72	%*		206	%
	91.62		(0.13	)		3,478,849		0.58			0.58			0.55			0.55			3.93			352
	95.16		(11.96	)		3,224,915		0.56			0.56			0.55			0.55			2.37			368
	111.01		2.20			4,282,895		0.55			0.55			0.55			0.55			2.04			273
	111.39		6.92			3,400,704		0.57			0.57			0.55			0.55			2.65			146
	107.54		7.99			2,422,925		0.73			0.73			0.55			0.55			3.42			155
$	94.84		3.75	%	$	961,635		0.53	%*		0.53	%*		0.47	%*		0.47	%*		4.88	%*		96	%
	93.86		0.51			1,041,832		0.51			0.51			0.46			0.46			3.47			133
	96.16		(4.38	)		1,444,341		0.53			0.53			0.46			0.46			1.44			269
	101.78		1.57			1,129,706		0.47			0.49			0.44			0.46			1.13			73
	101.79		4.77			496,743		0.49			0.56			0.39			0.46			2.61			378
	100.15		3.66			352,514		0.79			0.86			0.39			0.46			2.98			1,613

  SEMIANNUAL REPORT | DECEMBER 31, 2023 29

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	97.94	$	2.52	$	0.43		$	2.95		$	(2.97	)	$	0.00		$	0.00	$	(2.97	)
06/30/2023		98.43		3.15		0.27			3.42			(3.91	)		0.00			0.00		(3.91	)
06/30/2022		100.66		0.67		(2.11	)		(1.44	)		(0.71	)		(0.08	)		0.00		(0.79	)
06/30/2021		100.64		0.74		0.26			1.00			(0.98	)		0.00			0.00		(0.98	)
12/10/2019 - 06/30/2020		100.00		1.04		0.49			1.53			(0.89	)		0.00			0.00		(0.89	)
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	99.78	$	2.65	$	0.46		$	3.11		$	(3.08	)	$	0.00		$	0.00	$	(3.08	)
06/30/2023		99.13		3.48		0.49			3.97			(3.32	)		0.00			0.00		(3.32	)
06/30/2022		101.99		0.67		(2.90	)		(2.23	)		(0.62	)		(0.01	)		0.00		(0.63	)
06/30/2021		101.65		0.52		0.39			0.91			(0.57	)		0.00			0.00		(0.57	)
06/30/2020		101.75		2.06		0.15			2.21			(2.31	)		0.00			0.00		(2.31	)
06/30/2019		101.58		2.73		0.11			2.84			(2.67	)		0.00			0.00		(2.67	)
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	51.82	$	0.84	$	1.07		$	1.91		$	(0.98	)	$	0.00		$	0.00	$	(0.98	)
06/30/2023		51.56		1.48		0.17			1.65			(1.39	)		0.00			0.00		(1.39	)
06/30/2022		56.72		0.92		(5.19	)		(4.27	)		(0.89	)		0.00			0.00		(0.89	)
06/30/2021		55.73		0.97		1.00			1.97			(0.98	)		0.00			0.00		(0.98	)
06/30/2020		54.77		1.24		0.96			2.20			(1.24	)		0.00			0.00		(1.24	)
06/30/2019		52.84		1.40		1.93			3.33			(1.40	)		0.00			0.00		(1.40	)
PIMCO Multisector Bond Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	25.02	$	0.66	$	0.58		$	1.24		$	(0.70	)	$	0.00		$	0.00	$	(0.70	)
06/21/2023 - 06/30/2023		25.00		0.04		(0.02	)		0.02			0.00			0.00			0.00		0.00
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	44.58	$	0.90	$	1.00		$	1.90		$	(1.01	)	$	0.00		$	0.00	$	(1.01	)
06/30/2023		44.06		1.69		0.40			2.09			(1.57	)		0.00			0.00		(1.57	)
09/08/2021 - 06/30/2022		50.00		0.66		(6.07	)		(5.41	)		(0.53	)		0.00			0.00		(0.53	)
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	46.61	$	1.30	$	2.06		$	3.36		$	(1.63	)	$	0.00		$	0.00	$	(1.63	)
01/18/2023 - 06/30/2023		50.00		1.11		(3.69	)		(2.58	)		(0.81	)		0.00			0.00		(0.81	)
PIMCO Senior Loan Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	49.87	$	2.26	$	0.91		$	3.17		$	(2.39	)	$	0.00		$	0.00	$	(2.39	)
06/30/2023		48.18		3.93		1.18			5.11			(3.42	)		0.00			0.00		(3.42	)
06/08/2022 - 06/30/2022		50.00		0.06		(1.88	)		(1.82	)		0.00			0.00			0.00		0.00
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	49.57	$	0.75	$	0.62		$	1.37		$	(0.88	)	$	0.00		$	0.00	$	(0.88	)
06/30/2023		49.56		1.12		(0.06	)		1.06			(1.05	)		0.00			0.00		(1.05	)
06/30/2022		51.41		0.34		(1.89	)		(1.55	)		(0.30	)		0.00			0.00		(0.30	)
06/30/2021		51.04		0.42		0.42			0.84			(0.47	)		0.00			0.00		(0.47	)
06/30/2020		50.53		0.81		0.51			1.32			(0.81	)		0.00			0.00		(0.81	)
06/30/2019		49.91		0.95		0.61			1.56			(0.94	)		0.00			0.00		(0.94	)
PIMCO Ultra Short Government Active Exchange-Traded Fund
07/01/2023 - 12/31/2023+	$	100.15	$	2.71	$	(0.01	)	$	2.70		$	(2.24	)	$	0.00		$	0.00	$	(2.24	)
06/21/2023 - 06/30/2023		100.00		0.18		(0.03	)		0.15			0.00			0.00			0.00		0.00
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)
07/01/2023 - 12/31/2023+	$	25.23	$	0.64	$	0.47		$	1.11		$	(0.67	)	$	(0.03	)	$	0.00	$	(0.70	)
05/09/2023 - 06/30/2023		25.00		0.18		0.05			0.23			0.00			0.00			0.00		0.00

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

+ Unaudited

* Annualized, except for organizational expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

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

^(c)  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.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

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

30 PIMCO ETF TRUST See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)		Total Return(d)			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(e)
$	97.92		3.06	%	$	170,380		0.25	%*		0.37	%*		0.25	%*		0.37	%*		5.16	%*		32	%
	97.94		3.56			150,823		0.24			0.36			0.24			0.36			3.20			53
	98.43		(1.43	)		184,071		0.25			0.37			0.24			0.36			0.67			75
	100.66		0.99			153,000		0.25			0.37			0.25			0.37			0.74			120
	100.64		1.54			87,553		0.27	*		0.51	*		0.24	*		0.48	*		1.87	*		102
$	99.81		3.16	%	$	10,300,886		0.35	%*		0.35	%*		0.35	%*		0.35	%*		5.31	%*		28	%
	99.78		4.09			9,257,897		0.35			0.35			0.35			0.35			3.49			35
	99.13		(2.20	)		11,757,526		0.36			0.36			0.35			0.35			0.67			100
	101.99		0.89			14,024,433		0.35			0.35			0.35			0.35			0.51			71
	101.65		2.21			13,914,440		0.37			0.37			0.35			0.35			2.03			81
	101.75		2.84			11,939,913		0.36			0.36			0.35			0.35			2.70			72
$	52.75		3.75	%	$	1,369,874		0.35	%*		0.35	%*		0.35	%*		0.35	%*		3.30	%*		10	%
	51.82		3.26			981,032		0.35			0.35			0.35			0.35			2.86			47
	51.56		(7.63	)		847,128		0.35			0.35			0.35			0.35			1.68			50
	56.72		3.56			647,152		0.35			0.35			0.35			0.35			1.72			16
	55.73		4.06			468,662		0.35			0.35			0.35			0.35			2.25			34
	54.77		6.41			304,515		0.35			0.35			0.35			0.35			2.63			39
$	25.56		5.08	%	$	288,296		0.65	%*		0.75	%*		0.57	%*		0.67	%*		5.31	%*		242	%
	25.02		0.08			65,053		0.55	*		0.82	*		0.55	*		0.82	*		4.29	*		20
$	45.47		4.37	%	$	106,401		0.40	%*		0.50	%*		0.40	%*		0.50	%*		4.09	%*		25	%
	44.58		4.87			74,899		0.39			0.49			0.39			0.49			3.80			84
	44.06		(10.89	)		42,296		0.40	*		0.68	*		0.40	*		0.68	*		1.71	*		238
$	48.34		7.42	%	$	78,309		0.75	%*		0.90	%*		0.71	%*		0.86	%*		5.62	%*		21	%
	46.61		(5.18	)		93,214		0.74	*		1.04	*		0.69	*		0.99	*		5.18	*		22
$	50.65		6.54	%	$	264,377		0.60	%*		0.76	%*		0.57	%*		0.73	%*		8.91	%*		35	%
	49.87		10.94			165,559		0.52			0.72			0.50			0.70			7.98			46
	48.18		(3.64	)		64,557		0.50	*		0.95	*		0.50	*		0.95	*		1.95	*		0
$	50.06		2.80	%	$	557,711		0.35	%*		0.35	%*		0.35	%*		0.35	%*		3.02	%*		13	%
	49.57		2.16			525,450		0.35			0.35			0.35			0.35			2.26			64
	49.56		(3.03	)		562,994		0.35			0.35			0.35			0.35			0.67			64
	51.41		1.66			452,932		0.35			0.35			0.35			0.35			0.83			27
	51.04		2.64			176,581		0.35			0.35			0.35			0.35			1.60			55
	50.53		3.17			96,505		0.35			0.35			0.35			0.35			1.91			49
$	100.61		2.72	%	$	178,086		0.15	%*		0.16	%*		0.15	%*		0.16	%*		5.38	%*		0	%
	100.15		0.15			13,019		0.14	*		0.69	*		0.14	*		0.69	*		5.01	*		0
$	25.64		4.36	%	$	198,083		0.66	%*		0.88	%*		0.65	%*		0.87	%*		4.81	%*		34	%
	25.23		0.92			198,722		0.64	*		1.13	*		0.63	*		1.12	*		4.10	*		7

  SEMIANNUAL REPORT | DECEMBER 31, 2023 31

Statements of Assets and Liabilities  

(Amounts in thousands†, except per share amounts)	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 Active Bond Exchange- Traded Fund
Assets:
Investments, at value
Investments in securities*^	$	1,300,472		$	579,957		$	766,073		$	113,073		$	1,254,420		$	1,043,403		$	4,308,413
Investments in Affiliates		0			0			0			0			31,984			6,847			40,754
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			37			0			14
Over the counter		0			0			0			0			0			0			0
Cash		248			2			7			11			371			539			2,507
Deposits with counterparty		0			0			0			0			10,319			1,929			20,145
Foreign currency, at value		0			0			0			0			0			1			335
Receivable for investments sold		64,797			0			0			181			187			0			1,156
Receivable for TBA investments sold		0			0			0			0			0			0			463,695
Receivable for Fund shares sold		0			0			5,649			0			0			0			25,895
Interest and/or dividends receivable		3			1,765			3,380			414			21,115			11,882			31,092
Dividends receivable from Affiliates		0			0			0			0			0			0			212
Reimbursement receivable from PIMCO		0			0			0			0			0			0			21
Prepaid expenses		0			0			0			0			0			0			0
Other assets		0			0			0			0			0			0			1
Total Assets		1,365,520			581,724			775,109			113,679			1,318,433			1,064,601			4,894,240
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	0		$	0		$	0		$	0		$	447		$	13,452		$	0
Payable for sale-buyback transactions		0			0			0			0			0			8,351			14,353
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			15			11			136
Over the counter		0			0			0			0			0			0			748
Payable for investments purchased		64,794			0			5,635			0			28,428			0			40,369
Payable for TBA investments purchased		0			0			0			0			0			0			802,048
Payable for unfunded loan commitments		0			0			0			0			0			0			0
Payable upon return of securities loaned		0			0			0			0			32,311			7,386			0
Deposits from counterparty		0			0			0			0			0			131			21,940
Payable for Fund shares redeemed		0			0			0			0			0			0			0
Distributions payable		12,106			0			0			131			7,504			3,721			14,610
Overdraft due to custodian		0			0			0			0			0			0			0
Accrued management fees		170			103			139			20			591			173			1,875
Other liabilities		0			0			0			0			0			0			0
Total Liabilities		77,070			103			5,774			151			69,296			33,225			896,079
Commitments and contingent liabilities^^
Net Assets	$	1,288,450		$	581,621		$	769,335		$	113,528		$	1,249,137		$	1,031,376		$	3,998,161
Net Assets Consist of:
Paid in capital	$	1,576,514		$	675,756		$	1,076,296		$	148,278		$	1,497,922		$	1,089,601		$	4,599,489
Distributable earnings (accumulated loss)		(288,064	)		(94,135	)		(306,961	)		(34,750	)		(248,785	)		(58,225	)		(601,328	)
Net Assets	$	1,288,450		$	581,621		$	769,335		$	113,528		$	1,249,137		$	1,031,376		$	3,998,161
Shares Issued and Outstanding		15,170			11,370			13,620			2,130			13,400			10,630			43,250
Net Asset Value Per Share Outstanding(a):	$	84.93		$	51.15		$	56.49		$	53.30		$	93.22		$	97.02		$	92.44
Cost of investments in securities	$	1,398,634		$	616,373		$	1,022,606		$	117,394		$	1,259,852		$	1,072,502		$	4,316,748
Cost of investments in Affiliates	$	0		$	0		$	0		$	0		$	31,984		$	6,847		$	40,033
Cost of foreign currency held	$	0		$	0		$	0		$	0		$	0		$	1		$	398
Cost or premiums of financial derivative instruments, net	$	0		$	0		$	0		$	0		$	447		$	513		$	783
* Includes repurchase agreements of:	$	12,437		$	136		$	128		$	0		$	60,090		$	756		$	69,624
^ Includes securities on loan of:	$	0		$	0		$	0		$	0		$	31,652		$	7,243		$	0

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

^^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

32 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

PIMCO Enhanced Low Duration Active Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active Exchange- Traded Fund			PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund			PIMCO Multisector Bond Active Exchange- Traded Fund		PIMCO Municipal Income Opportunities Active Exchange- Traded Fund			PIMCO Preferred and Capital Securities Active Exchange- Traded Fund			PIMCO Senior Loan Active Exchange- Traded Fund		PIMCO Short Term Municipal Bond Active Exchange- Traded Fund			PIMCO Ultra Short Government Active Exchange- Traded Fund
$	1,039,197		$	169,855		$	10,155,442		$	1,381,643		$	404,801	$	108,645		$	77,584		$	308,300	$	566,929		$	178,787
	0			0			0			0			0		0			0			0		0			0
	523			0			0			0			38		13			18			2		0			0
	462			0			0			0			49		0			0			1,330		0			0
	0			118			15,790			0			1,253		538			243			0		0			9
	4,663			164			12,604			0			2,664		215			744			2,539		0			0
	41			169			0			0			199		0			39			0		0			0
	18			0			921			0			35		35			0			8,457		0			0
	63,390			0			0			0			125,237		0			0			0		0			0
	0			0			104,745			0			4,091		0			0			0		0			0
	8,598			1,222			62,900			12,631			2,123		1,013			977			2,169		5,012			20
	0			0			0			0			0		0			0			0		0			0
	2			17			0			0			21		9			10			22		0			2
	0			0			0			0			0		0			0			8		0			0
	0			0			0			0			0		0			0			0		0			0
	1,116,894			171,545			10,352,402			1,394,274			540,511		110,468			79,615			322,827		571,941			178,818
$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0	$	0		$	0
	0			0			0			0			0		0			751			0		0			0
	54			9			692			0			80		0			62			3		0			0
	115			220			0			0			223		0			17			0		0			0
	0			0			187			20,046			3,068		3,677			0			55,605		2,571			0
	147,324			0			0			0			246,103		0			0			0		0			0
	0			0			0			0			0		0			0			43		0			0
	0			0			0			0			0		0			0			0		0			0
	3,576			0			0			0			1,311		0			1			1,212		0			0
	0			0			0			0			0		0			0			0		10,013			0
	3,752			884			47,504			3,895			1,290		346			421			1,357		1,474			713
	51			0			0			55			0		0			0			63		0			0
	387			52			3,132			404			140		44			54			159		172			19
	0			0			1			0			0		0			0			8		0			0
	155,259			1,165			51,516			24,400			252,215		4,067			1,306			58,450		14,230			732
$	961,635		$	170,380		$	10,300,886		$	1,369,874		$	288,296	$	106,401		$	78,309		$	264,377	$	557,711		$	178,086
$	1,050,265		$	174,783		$	10,602,316		$	1,371,399		$	281,452	$	108,036		$	79,755		$	260,097	$	568,716		$	178,042
	(88,630	)		(4,403	)		(301,430	)		(1,525	)		6,844		(1,635	)		(1,446	)		4,280		(11,005	)		44
$	961,635		$	170,380		$	10,300,886		$	1,369,874		$	288,296	$	106,401		$	78,309		$	264,377	$	557,711		$	178,086
	10,140			1,740			103,210			25,970			11,280		2,340			1,620			5,220		11,140			1,770
$	94.84		$	97.92		$	99.81		$	52.75		$	25.56	$	45.47		$	48.34		$	50.65	$	50.06		$	100.61
$	1,045,390		$	170,866		$	10,200,753		$	1,343,301		$	399,480	$	104,503		$	75,822		$	304,249	$	565,583		$	178,775
$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0	$	0		$	0
$	46		$	167		$	0		$	0		$	198	$	0		$	39		$	0	$	0		$	0
$	(980	)	$	0		$	0		$	0		$	4,223	$	0		$	237		$	210	$	0		$	0
$	1,544		$	15,100		$	141,563		$	616		$	10,400	$	6,800		$	3,100		$	49,400	$	551		$	0
$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0	$	0		$	0

  SEMIANNUAL REPORT | DECEMBER 31, 2023 33

Consolidated Statement of Assets and Liabilities   December 31, 2023 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO Commodity Strategy Active Exchange- Traded Fund
Assets:
Investments, at value
Investments in securities*	$	176,799
Investments in Affiliates		12,134
Financial Derivative Instruments
Exchange-traded or centrally cleared		316
Over the counter		67
Cash		1,621
Deposits with counterparty		10,136
Foreign currency, at value		49
Interest and/or dividends receivable		966
Dividends receivable from Affiliates		57
Reimbursement receivable from PIMCO		41
Total Assets		202,186
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	1,291
Over the counter		251
Payable for investments purchased		3
Deposits from counterparty		10
Distributions payable		2,395
Accrued management fees		153
Total Liabilities		4,103
Commitments and contingent liabilities^
Net Assets	$	198,083
Net Assets Consist of:
Paid in capital	$	194,660
Distributable earnings (accumulated loss)		3,423
Net Assets	$	198,083
Shares Issued and Outstanding:		7,725
Net Asset Value Per Share Outstanding(a):	$	25.64
Cost of investments in securities	$	176,354
Cost of investments in Affiliates	$	12,172
Cost of foreign currency held	$	49
Cost or premiums of financial derivative instruments, net	$	63
* Includes repurchase agreements of:	$	4,500

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

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

34 PIMCO ETF TRUST See Accompanying Notes

Statements of Operations    

Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands†)	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
Investment Income:
Interest	$	21,579		$	6,234		$	12,162		$	2,691
Dividends		0			0			0			0
Dividends from Investments in Affiliates		0			0			0			0
Securities lending income		0			0			0			0
Total Income		21,579			6,234			12,162			2,691
Expenses:
Management fees		758			673			668			119
Trustee fees		8			7			6			1
Interest expense		0			0			0			0
Organizational expense		0			0			0			0
Miscellaneous expense		0			0			0			0
Total Expenses		766			680			674			120
Waiver and/or Reimbursement by PIMCO		0			0			0			0
Net Expenses		766			680			674			120
Net Investment Income (Loss)		20,813			5,554			11,488			2,571
Net Realized Gain (Loss):
Investments in securities		(105,204	)		(4,808	)		(12,336	)		(4,714	)
In-kind redemptions		26,466			(18,644	)		3,064			(358	)
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Foreign currency		0			0			0			0
Net Realized Gain (Loss)		(78,738	)		(23,452	)		(9,272	)		(5,072	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		82,803			35,521			(14,103	)		4,206
Investments in Affiliates		0			0			0			0
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Foreign currency assets and liabilities		0			0			0			0
Net Change in Unrealized Appreciation (Depreciation)		82,803			35,521			(14,103	)		4,206
Net Increase (Decrease) in Net Assets Resulting from Operations	$	24,878		$	17,623		$	(11,887	)	$	1,705

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 35

Statements of Operations (Cont.)

Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands†)	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
Investment Income:
Interest	$	41,452		$	20,535		$	97,046		$	26,647
Dividends		13			0			0			0
Dividends from Investments in Affiliates		0			0			1,378			0
Securities lending income		336			51			0			0
Total Income		41,801			20,586			98,424			26,647
Expenses:
Management fees		3,197			868			10,038			2,266
Trustee fees		10			7			31			10
Interest expense		53			478			2,314			300
Organizational expense		0			0			0			0
Miscellaneous expense		0			0			16			24
Total Expenses		3,260			1,353			12,399			2,600
Waiver and/or Reimbursement by PIMCO		0			0			(77	)		(10	)
Net Expenses		3,260			1,353			12,322			2,590
Net Investment Income (Loss)		38,541			19,233			86,102			24,057
Net Realized Gain (Loss):
Investments in securities		(15,075	)		(623	)		(155,081	)		(1,777	)
In-kind redemptions		(55	)		(841	)		0			0
Exchange-traded or centrally cleared financial derivative instruments		2,782			220			2,526			(2,532	)
Over the counter financial derivative instruments		3			0			607			(1,655	)
Foreign currency		0			0			(7	)		244
Net Realized Gain (Loss)		(12,345	)		(1,244	)		(151,955	)		(5,720	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		47,589			31,255			198,725			12,262
Investments in Affiliates		0			0			464			0
Exchange-traded or centrally cleared financial derivative instruments		2,295			257			3,024			4,126
Over the counter financial derivative instruments		0			0			(58	)		1,187
Foreign currency assets and liabilities		0			0			(36	)		18
Net Change in Unrealized Appreciation (Depreciation)		49,884			31,512			202,119			17,593
Net Increase (Decrease) in Net Assets Resulting from Operations	$	76,080		$	49,501		$	136,266		$	35,930

36 PIMCO ETF TRUST See Accompanying Notes

PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund			PIMCO Enhanced Short Maturity Active Exchange- Traded Fund			PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund			PIMCO Multisector Bond Active Exchange- Traded Fund			PIMCO Municipal Income Opportunities Active Exchange- Traded Fund			PIMCO Preferred and Capital Securities Active Exchange- Traded Fund			PIMCO Senior Loan Active Exchange- Traded Fund			PIMCO Short Term Municipal Bond Active Exchange- Traded Fund			PIMCO Ultra Short Government Active Exchange- Traded Fund
$	4,355		$	279,505		$	19,852		$	4,146		$	1,920		$	2,736		$	10,641		$	9,096		$	1,611
	0			0			0			0			0			6			0			0			0
	0			0			0			0			0			0			0			0			0
	0			5			0			0			0			0			0			0			0
	4,355			279,510			19,852			4,146			1,920			2,742			10,641			9,096			1,611
	290			17,238			1,899			452			210			361			781			945			41
	1			83			9			3			1			1			2			5			2
	1			77			0			55			0			18			38			0			1
	0			0			0			0			0			0			0			0			8
	4			2			0			3			2			8			28			0			0
	296			17,400			1,908			513			213			388			849			950			52
	(98	)		0			0			(68	)		(44	)		(65	)		(180	)		0			(9	)
	198			17,400			1,908			445			169			323			669			950			43
	4,157			262,110			17,944			3,701			1,751			2,419			9,972			8,146			1,568
	(121	)		2,663			(4,815	)		(33	)		(459	)		(972	)		(610	)		(869	)		30
	0			0			0			0			0			(584	)		0			0			2
	84			6,713			0			983			51			(946	)		260			0			0
	163			0			0			0			0			18			(724	)		0			0
	5			0			0			(23	)		0			(1	)		0			0			0
	131			9,376			(4,815	)		927			(408	)		(2,485	)		(1,074	)		(869	)		32
	1,104			50,294			38,098			5,446			3,424			4,087			3,598			7,756			13
	0			0			0			0			0			0			0			0			0
	(235	)		(16,996	)		0			1,256			(228	)		482			(5	)		0			0
	(299	)		0			0			(154	)		0			1			1,624			0			0
	0			0			0			(9	)		0			1			0			0			0
	570			33,298			38,098			6,539			3,196			4,571			5,217			7,756			13
$	4,858		$	304,784		$	51,227		$	11,167		$	4,539		$	4,505		$	14,115		$	15,033		$	1,613

  SEMIANNUAL REPORT | DECEMBER 31, 2023 37

Consolidated Statement of Operations    

Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands†)	PIMCO Commodity Strategy Active Exchange- Traded Fund
Investment Income:
Interest	$	5,560
Dividends from Investments in Affiliates		57
Total Income		5,617
Expenses:
Investment advisory fees		879
Trustee fees		4
Interest expense		11
Miscellaneous expense		5
Total Expenses		899
Waiver and/or Reimbursement by PIMCO		(224	)
Net Expenses		675
Net Investment Income (Loss)		4,942
Net Realized Gain (Loss):
Investments in securities		100
Exchange-traded or centrally cleared financial derivative instruments		8,863
Over the counter financial derivative instruments		651
Foreign currency		1
Net Realized Gain (Loss)		9,615
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		478
Investments in Affiliates		(37	)
Exchange-traded or centrally cleared financial derivative instruments		(6,188	)
Over the counter financial derivative instruments		(82	)
Foreign currency assets and liabilities		1
Net Change in Unrealized Appreciation (Depreciation)		(5,828	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,729

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

38 PIMCO ETF TRUST See Accompanying Notes

Statements of Changes in Net Assets    

	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
(Amounts in thousands†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	20,813		$	23,539		$	5,554		$	38,492		$	11,488		$	33,329		$	2,571		$	11,267
Net realized gain (loss)		(78,738	)		(65,687	)		(23,452	)		(55,574	)		(9,272	)		(14,974	)		(5,072	)		(28,375	)
Net change in unrealized appreciation (depreciation)		82,803			(23,073	)		35,521			6,387			(14,103	)		(35,660	)		4,206			10,856
Net Increase (Decrease) in Net Assets Resulting from Operations		24,878			(65,221	)		17,623			(10,695	)		(11,887	)		(17,305	)		1,705			(6,252	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(29,009	)		(17,750	)		(8,001	)		(43,653	)		(15,485	)		(33,083	)		(3,439	)		(11,385	)
Total Distributions(a)		(29,009	)		(17,750	)		(8,001	)		(43,653	)		(15,485	)		(33,083	)		(3,439	)		(11,385	)
Fund Share Transactions:
Receipts for shares sold		678,102			975,442			0			197,650			239,979			310,521			7,675			170,980
Cost of shares redeemed		(333,247	)		(379,989	)		(261,418	)		(885,394	)		(113,628	)		(210,383	)		(23,833	)		(216,694	)
Net increase (decrease) resulting from Fund share transactions		344,855			595,453			(261,418	)		(687,744	)		126,351			100,138			(16,158	)		(45,714	)
Total Increase (Decrease) in Net Assets		340,724			512,482			(251,796	)		(742,092	)		98,979			49,750			(17,892	)		(63,351	)
Net Assets:
Beginning of period		947,726			435,244			833,417			1,575,509			670,356			620,606			131,420			194,771
End of period	$	1,288,450		$	947,726		$	581,621		$	833,417		$	769,335		$	670,356		$	113,528		$	131,420
Shares of Beneficial Interest:
Shares sold		9,050			10,450			0			3,900			4,450			5,100			150			2,950
Shares redeemed		(4,200	)		(4,150	)		(5,200	)		(17,450	)		(2,000	)		(3,450	)		(450	)		(3,900	)
Net increase (decrease) in shares outstanding		4,850			6,300			(5,200	)		(13,550	)		2,450			1,650			(300	)		(950	)

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

^(a)  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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 39

Statements of Changes in Net Assets (Cont.)

	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
(Amounts in thousands†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	38,541		$	72,686		$	19,233		$	27,816		$	86,102		$	127,910		$	24,057		$	47,058
Net realized gain (loss)		(12,345	)		(46,065	)		(1,244	)		(14,539	)		(151,955	)		(191,923	)		(5,720	)		(65,320	)
Net change in unrealized appreciation (depreciation)		49,884			76,273			31,512			13,248			202,119			58,999			17,593			25,434
Net Increase (Decrease) in Net Assets Resulting from Operations		76,080			102,894			49,501			26,525			136,266			(5,014	)		35,930			7,172
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(46,141	)		(74,597	)		(22,082	)		(26,827	)		(93,001	)		(118,150	)		(26,176	)		(39,335	)
Total Distributions(a)		(46,141	)		(74,597	)		(22,082	)		(26,827	)		(93,001	)		(118,150	)		(26,176	)		(39,335	)
Fund Share Transactions:
Receipts for shares sold		217,552			924,963			279,685			466,947			485,016			571,460			45,152			106,412
Cost of shares redeemed		(99,192	)		(968,228	)		(17,787	)		(305,469	)		(8,969	)		(194,362	)		(135,103	)		(476,758	)
Net increase (decrease) resulting from Fund share transactions		118,360			(43,265	)		261,898			161,478			476,047			377,098			(89,951	)		(370,346	)
Total Increase (Decrease) in Net Assets		148,299			(14,968	)		289,317			161,176			519,312			253,934			(80,197	)		(402,509	)
Net Assets:
Beginning of period		1,100,838			1,115,806			742,059			580,883			3,478,849			3,224,915			1,041,832			1,444,341
End of period	$	1,249,137		$	1,100,838		$	1,031,376		$	742,059		$	3,998,161		$	3,478,849		$	961,635		$	1,041,832
Shares of Beneficial Interest:
Shares sold		2,400			10,250			3,000			5,000			5,380			6,200			480			1,120
Shares redeemed		(1,100	)		(10,750	)		(200	)		(3,200	)		(100	)		(2,120	)		(1,440	)		(5,040	)
Net increase (decrease) in shares outstanding		1,300			(500	)		2,800			1,800			5,280			4,080			(960	)		(3,920	)

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

^(a)  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.

40 PIMCO ETF TRUST See Accompanying Notes

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund						PIMCO Enhanced Short Maturity Active Exchange-Traded Fund						PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund						PIMCO Multisector Bond Active Exchange-Traded Fund						PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Inception date through June 30, 2023(b)			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	4,157		$	5,318		$	262,110		$	337,248		$	17,944		$	26,111		$	3,701		$	78		$	1,751		$	2,091
	131			(965	)		9,376			(136,411	)		(4,815	)		(14,961	)		927			(28	)		(408	)		(1,248	)
	570			1,101			33,298			155,516			38,098			22,905			6,539			(20	)		3,196			1,841
	4,858			5,454			304,784			356,353			51,227			34,055			11,167			30			4,539			2,684
	(4,877	)		(6,454	)		(303,531	)		(312,603	)		(21,091	)		(24,441	)		(4,353	)		0			(1,987	)		(1,943	)
	(4,877	)		(6,454	)		(303,531	)		(312,603	)		(21,091	)		(24,441	)		(4,353	)		0			(1,987	)		(1,943	)
	19,576			24,464			2,643,141			2,822,438			386,289			421,766			216,429			65,023			37,664			55,524
	0			(56,712	)		(1,601,405	)		(5,365,817	)		(27,583	)		(297,476	)		0			0			(8,714	)		(23,662	)
	19,576			(32,248	)		1,041,736			(2,543,379	)		358,706			124,290			216,429			65,023			28,950			31,862
	19,557			(33,248	)		1,042,989			(2,499,629	)		388,842			133,904			223,243			65,053			31,502			32,603
	150,823			184,071			9,257,897			11,757,526			981,032			847,128			65,053			0			74,899			42,296
$	170,380		$	150,823		$	10,300,886		$	9,257,897		$	1,369,874		$	981,032		$	288,296		$	65,053		$	106,401		$	74,899
	200			250			26,460			28,420			7,580			8,220			8,680			2,600			860			1,260
	0			(580	)		(16,030	)		(54,250	)		(540	)		(5,720	)		0			0			(200	)		(540	)
	200			(330	)		10,430			(25,830	)		7,040			2,500			8,680			2,600			660			720

  SEMIANNUAL REPORT | DECEMBER 31, 2023 41

Statements of Changes in Net Assets (Cont.)

	PIMCO Preferred and Capital Securities Active Exchange-Traded Fund						PIMCO Senior Loan Active Exchange-Traded Fund						PIMCO Short Term Municipal Bond Active Exchange-Traded Fund						PIMCO Ultra Short Government Active Exchange-Traded Fund
(Amounts in thousands†)	Six Months Ended December 31, 2023 (Unaudited)			Inception date through June 30, 2023(c)			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Inception date through June 30, 2023(b)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,419		$	1,358		$	9,972		$	9,534		$	8,146		$	12,559		$	1,568		$	12
Net realized gain (loss)		(2,485	)		(1,166	)		(1,074	)		(1,264	)		(869	)		(4,077	)		32			1
Net change in unrealized appreciation (depreciation)		4,571			(2,240	)		5,217			3,251			7,756			3,177			13			(1	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,505			(2,048	)		14,115			11,521			15,033			11,659			1,613			12
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(2,975	)		(928	)		(10,427	)		(8,533	)		(9,560	)		(11,652	)		(1,581	)		0
Total Distributions(a)		(2,975	)		(928	)		(10,427	)		(8,533	)		(9,560	)		(11,652	)		(1,581	)		0
Fund Share Transactions:
Receipts for shares sold		12,305			96,190			99,172			122,579			58,334			73,279			203,284			13,007
Cost of shares redeemed		(28,740	)		0			(4,042	)		(24,565	)		(31,546	)		(110,830	)		(38,249	)		0
Net increase (decrease) resulting from Fund share transactions		(16,435	)		96,190			95,130			98,014			26,788			(37,551	)		165,035			13,007
Total Increase (Decrease) in Net Assets		(14,905	)		93,214			98,818			101,002			32,261			(37,544	)		165,067			13,019
Net Assets:
Beginning of period		93,214			0			165,559			64,557			525,450			562,994			13,019			0
End of period	$	78,309		$	93,214		$	264,377		$	165,559		$	557,711		$	525,450		$	178,086		$	13,019
Shares of Beneficial Interest:
Shares sold		260			2,000			1,980			2,480			1,180			1,480			2,020			130
Shares redeemed		(640	)		0			(80	)		(500	)		(640	)		(2,240	)		(380	)		0
Net increase (decrease) in shares outstanding		(380	)		2,000			1,900			1,980			540			(760	)		1,640			130

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

^(a)  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.

^(b)  Inception date of the Fund was June 21, 2023.

^(c)  Inception date of the Fund was January 18, 2023.

42 PIMCO ETF TRUST See Accompanying Notes

Consolidated Statements of Changes in Net Assets    

	PIMCO Commodity Strategy Active Exchange- Traded Fund
(Amounts in thousands†)	Six Months Ended December 31, 2023 (Unaudited)			Inception date through June 30, 2023(b)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	4,942		$	267
Net realized gain (loss)		9,615			(169	)
Net change in unrealized appreciation (depreciation)		(5,828	)		(909	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,729			(811	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(5,351	)		0
Total Distributions(a)		(5,351	)		0
Fund Share Transactions:
Receipts for shares sold		20,472			205,797
Cost of shares redeemed		(24,489	)		(6,264	)
Net increase (decrease) resulting from Fund share transactions		(4,017	)		199,533
Total Increase (Decrease) in Net Assets		(639	)		198,722
Net Assets:
Beginning of period		198,722			0
End of period	$	198,083		$	198,722
Shares of Beneficial Interest:
Shares sold		750			8,125
Shares redeemed		(900	)		(250	)
Net increase (decrease) in shares outstanding		(150	)		7,875

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

^(a)  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.

^(b)  Inception date of the Fund was May 09, 2023.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 43

Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded  Fund December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.9%
U.S. TREASURY OBLIGATIONS 99.9%
U.S. Treasury STRIPS (a)
0.000% due 02/15/2049	$		149,605	$		52,912
0.000% due 05/15/2049			148,062			52,036
0.000% due 08/15/2049			191,350			66,906
0.000% due 11/15/2049			193,345			67,192
0.000% due 02/15/2050			185,078			63,786
0.000% due 05/15/2050			194,611			66,678
0.000% due 08/15/2050			172,719			58,707
0.000% due 11/15/2050			172,946			58,374
0.000% due 02/15/2051			197,540			66,081
0.000% due 05/15/2051			184,877			61,321
0.000% due 08/15/2051			176,930			58,391

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 11/15/2051	$		184,781	$		60,657
0.000% due 02/15/2052			196,099			64,010
0.000% due 05/15/2052			193,102			62,725
0.000% due 08/15/2052			215,255			69,625
0.000% due 11/15/2052			214,264			69,386
0.000% due 02/15/2053			234,920			75,163
0.000% due 05/15/2053			235,319			74,886
0.000% due 08/15/2053			236,088			74,937
0.000% due 11/15/2053			199,900			64,262
Total U.S. Treasury Obligations (Cost $1,386,197)						1,288,035

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.0%
REPURCHASE AGREEMENTS (b) 1.0%
	$		12,437
Total Short-Term Instruments (Cost $12,437)			12,437
Total Investments in Securities (Cost $1,398,634)			1,300,472
Total Investments 100.9% (Cost $1,398,634)	$		1,300,472
Other Assets and Liabilities, net (0.9)%			(12,022	)
Net Assets 100.0%	$		1,288,450

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

(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		2.600	%		12/29/2023		01/02/2024	$	12,437	U.S. Treasury Notes 3.875% due 01/15/2026	$	(12,685	)	$	12,437	$	12,439
Total Repurchase Agreements											$	(12,685	)	$	12,437	$	12,439

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, 2023:

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	$	12,439	$	0	$	0	$	0	$	12,439	$	(12,685	)	$	(246	)
Total Borrowings and Other Financing Transactions	$	12,439	$	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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	1,288,035	$	0	$	1,288,035
Short-Term Instruments
Repurchase Agreements		0		12,437		0		12,437
Total Investments	$	0	$	1,300,472	$	0	$	1,300,472

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

44 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded  Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
U.S. TREASURY OBLIGATIONS 99.7%
U.S. Treasury Inflation Protected Securities (a)
0.125% due 10/15/2024	$		47	$		46
0.125% due 04/15/2025			46,746			45,082
0.125% due 10/15/2025			8,146			7,834
0.125% due 04/15/2026			69,498			66,163
0.125% due 07/15/2026			18,535			17,664
0.125% due 10/15/2026			21,379			20,306
0.125% due 04/15/2027			7,082			6,656
0.125% due 01/15/2032			5,814			5,109
0.250% due 01/15/2025			20,398			19,801
0.250% due 07/15/2029			7,024			6,495

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.375% due 07/15/2025	$		45,582	$		44,167
0.375% due 01/15/2027			43,300			41,158
0.375% due 07/15/2027			19,254			18,300
0.500% due 01/15/2028			45,056			42,648
0.625% due 01/15/2026			71,862			69,347
0.750% due 07/15/2028			21,506			20,589
0.875% due 01/15/2029			26,739			25,599
1.250% due 04/15/2028			16,169			15,753
1.625% due 10/15/2027			22,792			22,626
1.750% due 01/15/2028			25,266			25,118
2.375% due 01/15/2025			37,765			37,472
2.500% due 01/15/2029			21,166			21,888
Total U.S. Treasury Obligations (Cost $616,237)						579,821

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.0%
REPURCHASE AGREEMENTS (b) 0.0%
	$		136
Total Short-Term Instruments (Cost $136)			136
Total Investments in Securities (Cost $616,373)			579,957
Total Investments 99.7% (Cost $616,373)	$		579,957
Other Assets and Liabilities, net 0.3%			1,664
Net Assets 100.0%	$		581,621

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		2.600	%		12/29/2023		01/02/2024	$	136	U.S. Treasury Notes 3.875% due 01/15/2026	$	(139	)	$	136	$	136
Total Repurchase Agreements											$	(139	)	$	136	$	136

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, 2023:

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	$	136	$	0	$	0	$	0	$	136	$	(139	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	136	$	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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	579,821	$	0	$	579,821
Short-Term Instruments
Repurchase Agreements		0		136		0		136
Total Investments	$	0	$	579,957	$	0	$	579,957

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 45

Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
U.S. TREASURY OBLIGATIONS 99.6%
U.S. Treasury Inflation Protected Securities (a)
0.125% due 02/15/2051	$		35,968	$		22,298
0.125% due 02/15/2052			32,695			20,074
0.250% due 02/15/2050			55,491			36,225
0.625% due 02/15/2043			103,606			81,021
0.750% due 02/15/2042			91,421			74,178
0.750% due 02/15/2045			101,124			79,155
0.875% due 02/15/2047			89,281			70,445
1.000% due 02/15/2046			90,105			73,795
1.000% due 02/15/2048			83,833			67,726
1.000% due 02/15/2049			56,849			45,818
1.375% due 02/15/2044			104,845			93,813
1.500% due 02/15/2053			15,288			13,875
2.125% due 02/15/2040			15,647			16,085
2.125% due 02/15/2041			69,496			71,437
Total U.S. Treasury Obligations (Cost $1,022,478)						765,945

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.0%
REPURCHASE AGREEMENTS (b) 0.0%
	$		128
Total Short-Term Instruments (Cost $128)			128
Total Investments in Securities (Cost $1,022,606)			766,073
Total Investments 99.6% (Cost $1,022,606)	$		766,073
Other Assets and Liabilities, net 0.4%			3,262
Net Assets 100.0%	$		769,335

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		2.600	%		12/29/2023		01/02/2024	$	128	U.S. Treasury Notes 3.875% due 01/15/2026	$	(130	)	$	128	$	128
Total Repurchase Agreements											$	(130	)	$	128	$	128

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, 2023:

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	$	128	$	0	$	0	$	0	$	128	$	(130	)	$	(2	)
Total Borrowings and Other Financing Transactions	$	128	$	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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	765,945	$	0	$	765,945
Short-Term Instruments
Repurchase Agreements		0		128		0		128
Total Investments	$	0	$	766,073	$	0	$	766,073

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

46 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
U.S. TREASURY OBLIGATIONS 99.6%
U.S. Treasury Inflation Protected Securities (a)
0.125% due 10/15/2024	$		453	$		443
0.125% due 04/15/2025			5,174			4,990
0.125% due 10/15/2025			5,192			4,994
0.125% due 04/15/2026			774			737
0.125% due 07/15/2026			760			724
0.125% due 10/15/2026			5,223			4,961
0.125% due 04/15/2027			523			492
0.125% due 01/15/2030			5,362			4,862
0.125% due 07/15/2030			1,106			1,000
0.125% due 01/15/2031			959			856
0.125% due 07/15/2031			4,584			4,077
0.125% due 01/15/2032			6,180			5,431
0.250% due 01/15/2025			5,743			5,575
0.250% due 07/15/2029			1,093			1,011
0.375% due 07/15/2025			5,860			5,679
0.375% due 01/15/2027			971			923

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.375% due 07/15/2027	$		789	$		750
0.500% due 04/15/2024			240			237
0.500% due 01/15/2028			914			865
0.625% due 01/15/2026			2,116			2,042
0.625% due 07/15/2032			6,075			5,554
0.625% due 02/15/2043			4,953			3,873
0.750% due 07/15/2028			732			701
0.750% due 02/15/2042			558			453
0.750% due 02/15/2045			4,982			3,900
0.875% due 01/15/2029			610			584
0.875% due 02/15/2047			1,475			1,164
1.000% due 02/15/2046			4,708			3,856
1.000% due 02/15/2049			79			64
1.125% due 01/15/2033			5,860			5,547
1.250% due 04/15/2028			478			466
1.375% due 07/15/2033			1,326			1,287
1.375% due 02/15/2044			4,800			4,295
1.500% due 02/15/2053			3,474			3,153
1.625% due 10/15/2027			5,185			5,147
1.750% due 01/15/2028			3,365			3,345

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.000% due 01/15/2026	$		4,334	$		4,301
2.125% due 02/15/2040			148			152
2.125% due 02/15/2041			18			19
2.375% due 01/15/2025			5,316			5,275
2.375% due 10/15/2028			3,694			3,805
2.500% due 01/15/2029			1,874			1,938
3.375% due 04/15/2032			2,586			2,895
3.625% due 04/15/2028			122			130
3.875% due 04/15/2029			472			520
Total U.S. Treasury Obligations (Cost $117,394)						113,073
Total Investments in Securities (Cost $117,394)						113,073
Total Investments 99.6% (Cost $117,394)				$		113,073
Other Assets and Liabilities, net 0.4%						455
Net Assets 100.0%				$		113,528

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, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	113,073	$	0	$	113,073

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 47

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

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.4%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%
Acrisure LLC
TBD% (LIBOR03M + 3.750%) due 02/15/2027 ~	$		647	$		647
American Airlines, Inc.
TBD% due 04/20/2028			900			926
Amsurg
TBD% due 11/03/2026 «			628			628
TBD% due 09/15/2028 «			2,256			2,256
Incora
TBD% - 13.988% due 03/01/2024 «			376			398
MH Sub LLC
9.606% due 05/03/2028			995			980
Total Loan Participations and Assignments (Cost $5,732)						5,835
CORPORATE BONDS & NOTES 94.0%
BANKING & FINANCE 17.0%
Acrisure LLC
7.000% due 11/15/2025			627			626
10.125% due 08/01/2026			415			434
AerCap Holdings NV
5.875% due 10/10/2079 •			566			559
AG TTMT Escrow Issuer LLC
8.625% due 09/30/2027			1,051			1,106
Alliant Holdings Intermediate LLC
4.250% due 10/15/2027			552			531
6.750% due 10/15/2027			3,657			3,648
6.750% due 04/15/2028			1,515			1,551
Allied Universal Holdco LLC
4.625% due 06/01/2028			2,234			2,044
6.625% due 07/15/2026			2,576			2,565
9.750% due 07/15/2027			2,193			2,151
Ally Financial, Inc.
5.750% due 11/20/2025			4,786			4,760
AssuredPartners, Inc.
7.000% due 08/15/2025			775			777
Brandywine Operating Partnership LP
3.950% due 11/15/2027			100			89
7.800% due 03/15/2028			3,180			3,220
Brookfield Property REIT, Inc.
4.500% due 04/01/2027			2,328			2,098
5.750% due 05/15/2026			2,344			2,278
Burford Capital Global Finance LLC
6.250% due 04/15/2028			1,744			1,676
Cantor Fitzgerald LP
7.200% due 12/12/2028			544			558
Castlelake Aviation Finance DAC
5.000% due 04/15/2027			1,239			1,165
Citizens Bank NA
2.250% due 04/28/2025			1,366			1,307
Credit Acceptance Corp.
6.625% due 03/15/2026 (f)			1,814			1,812
9.250% due 12/15/2028			2,200			2,348
Cushman & Wakefield U.S. Borrower LLC
6.750% due 05/15/2028			2,242			2,233
8.875% due 09/01/2031			692			734
Diversified Healthcare Trust
0.000% due 01/15/2026 (d)			1,000			822
9.750% due 06/15/2025			1,500			1,474
Enova International, Inc.
8.500% due 09/01/2024			382			382
8.500% due 09/15/2025			1,123			1,105
Five Point Operating Co. LP
7.875% due 11/15/2025			1,597			1,583
Ford Motor Credit Co. LLC
2.300% due 02/10/2025			1,624			1,563
3.375% due 11/13/2025			1,001			958
3.664% due 09/08/2024			1,000			985
3.810% due 01/09/2024			346			346

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.063% due 11/01/2024	$		874	$		859
4.125% due 08/17/2027			1,519			1,439
4.134% due 08/04/2025			1,394			1,356
4.389% due 01/08/2026			2,028			1,973
4.542% due 08/01/2026			1,879			1,820
4.687% due 06/09/2025			874			859
4.950% due 05/28/2027			1,206			1,177
5.125% due 06/16/2025			1,513			1,495
6.800% due 05/12/2028			920			962
6.950% due 06/10/2026			1,001			1,027
7.350% due 11/04/2027			1,223			1,291
Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			2,187			2,105
6.500% due 10/01/2025			1,561			1,557
9.750% due 08/01/2027			1,359			1,415
Freedom Mortgage Corp.
6.625% due 01/15/2027			828			791
7.625% due 05/01/2026			1,291			1,275
12.000% due 10/01/2028			3,715			4,060
Getty Images, Inc.
9.750% due 03/01/2027			2,225			2,248
GGAM Finance Ltd.
7.750% due 05/15/2026			985			1,001
8.000% due 02/15/2027			3,038			3,118
Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)
6.500% due 09/15/2024 (a)			155			146
Global Atlantic Fin Co.
4.700% due 10/15/2051 •			2,714			2,329
GTCR AP Finance, Inc.
8.000% due 05/15/2027			1,370			1,386
HAT Holdings LLC
3.375% due 06/15/2026			3,139			2,952
6.000% due 04/15/2025			1,001			999
8.000% due 06/15/2027			935			975
Howard Hughes Corp.
5.375% due 08/01/2028			2,170			2,089
HUB International Ltd.
7.000% due 05/01/2026			3,070			3,085
Icahn Enterprises LP
4.750% due 09/15/2024			2,077			2,066
5.250% due 05/15/2027			2,733			2,457
6.250% due 05/15/2026			3,264			3,117
6.375% due 12/15/2025			1,192			1,171
Intesa Sanpaolo SpA
5.017% due 06/26/2024			5,954			5,894
5.710% due 01/15/2026			2,413			2,403
Iron Mountain, Inc.
4.875% due 09/15/2027			1,562			1,525
5.000% due 07/15/2028			404			389
5.250% due 03/15/2028			748			728
Jefferies Finance LLC
5.000% due 08/15/2028			1,865			1,671
Jefferson Capital Holdings LLC
6.000% due 08/15/2026			2,034			1,949
Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			2,994			2,824
5.250% due 10/01/2025			1,380			1,363
LD Holdings Group LLC
6.125% due 04/01/2028			464			396
6.500% due 11/01/2025			456			423
LFS Topco LLC
5.875% due 10/15/2026			1,861			1,714
Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			3,312			2,782
Midcap Financial Issuer Trust
6.500% due 05/01/2028			2,810			2,632
MPT Operating Partnership LP
5.000% due 10/15/2027			2,364			1,933
Nationstar Mortgage Holdings, Inc.
5.000% due 02/01/2026			1,274			1,247
6.000% due 01/15/2027			4,144			4,117
Navient Corp.
5.000% due 03/15/2027			1,573			1,520
5.875% due 10/25/2024			626			626

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.750% due 06/25/2025	$		1,115	$		1,129
6.750% due 06/15/2026			3,026			3,078
NCL Finance Ltd.
6.125% due 03/15/2028			1,117			1,070
NFP Corp.
6.875% due 08/15/2028			2,877			2,927
NMI Holdings, Inc.
7.375% due 06/01/2025			105			105
Office Properties Income Trust
2.400% due 02/01/2027			250			140
4.250% due 05/15/2024			641			608
4.500% due 02/01/2025			374			294
OneMain Finance Corp.
3.500% due 01/15/2027			1,937			1,794
6.625% due 01/15/2028			1,600			1,616
6.875% due 03/15/2025			2,214			2,243
7.125% due 03/15/2026			5,090			5,189
Osaic Holdings, Inc.
10.750% due 08/01/2027			404			410
Oxford Finance LLC
6.375% due 02/01/2027			1,991			1,884
Park Intermediate Holdings LLC
7.500% due 06/01/2025			2,162			2,176
PennyMac Financial Services, Inc.
5.375% due 10/15/2025			3,119			3,086
Popular, Inc.
7.250% due 03/13/2028			1,740			1,792
PRA Group, Inc.
7.375% due 09/01/2025			1,747			1,738
8.375% due 02/01/2028			1,545			1,488
Provident Funding Associates LP
6.375% due 06/15/2025			1,724			1,591
RHP Hotel Properties LP
4.750% due 10/15/2027			1,369			1,323
7.250% due 07/15/2028			1,485			1,545
RLJ Lodging Trust LP
3.750% due 07/01/2026			2,057			1,951
Rocket Mortgage LLC
2.875% due 10/15/2026			4,094			3,780
SBA Communications Corp.
3.875% due 02/15/2027			2,451			2,355
Service Properties Trust
4.500% due 03/15/2025			1,112			1,087
4.750% due 10/01/2026			2,032			1,899
5.500% due 12/15/2027			2,109			1,933
7.500% due 09/15/2025			2,278			2,305
SLM Corp.
3.125% due 11/02/2026			2,172			2,027
4.200% due 10/29/2025			1,317			1,279
Starwood Property Trust, Inc.
3.625% due 07/15/2026			789			748
3.750% due 12/31/2024			1,772			1,740
4.375% due 01/15/2027			2,068			1,951
4.750% due 03/15/2025			399			394
UniCredit SpA
5.861% due 06/19/2032 •			704			690
United Wholesale Mortgage LLC
5.500% due 11/15/2025			898			893
5.750% due 06/15/2027			377			370
Uniti Group LP
10.500% due 02/15/2028			6,202			6,293
USI, Inc.
7.500% due 01/15/2032			1,722			1,765
Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(b)			1,147			624
XHR LP
6.375% due 08/15/2025			1,281			1,279
						212,813
INDUSTRIALS 70.8%
Acadia Healthcare Co., Inc.
5.500% due 07/01/2028			991			977

48 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ACI Worldwide, Inc.
5.750% due 08/15/2026	$		250	$		249
Acushnet Co.
7.375% due 10/15/2028			225			235
AdaptHealth LLC
6.125% due 08/01/2028			792			684
Adient Global Holdings Ltd.
4.875% due 08/15/2026			2,236			2,188
7.000% due 04/15/2028			426			441
Advantage Sales & Marketing, Inc.
6.500% due 11/15/2028			1,918			1,770
AECOM
5.125% due 03/15/2027			574			570
AerCap Global Aviation Trust
6.500% due 06/15/2045 •			110			110
Ahead DB Holdings LLC
6.625% due 05/01/2028			1,292			1,127
Ahlstrom Holding Oy
4.875% due 02/04/2028			1,185			1,040
Air Canada
3.875% due 08/15/2026			2,711			2,592
Albertsons Cos., Inc.
3.250% due 03/15/2026			1,523			1,438
4.625% due 01/15/2027			1,805			1,756
5.875% due 02/15/2028			1,403			1,405
6.500% due 02/15/2028			746			755
7.500% due 03/15/2026			1,285			1,310
Albion Financing SARL
6.125% due 10/15/2026			1,484			1,472
8.750% due 04/15/2027			1,330			1,303
Allegiant Travel Co.
7.250% due 08/15/2027			3,199			3,134
Allen Media LLC
10.500% due 02/15/2028			472			253
Alteryx, Inc.
8.750% due 03/15/2028 (f)			1,340			1,427
Altice Financing SA
5.000% due 01/15/2028			2,898			2,629
Altice France Holding SA
6.000% due 02/15/2028			2,216			1,066
10.500% due 05/15/2027			4,225			2,741
Altice France SA
5.500% due 01/15/2028			778			641
8.125% due 02/01/2027			3,663			3,380
AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK)
10.000% due 06/15/2026 (a)(f)			2,421			2,103
AMC Networks, Inc.
4.750% due 08/01/2025			3,458			3,370
American Airlines Pass-Through Trust
3.375% due 11/01/2028			965			885
3.700% due 04/01/2028			279			260
American Airlines, Inc.
5.500% due 04/20/2026			6,230			6,189
7.250% due 02/15/2028			1,055			1,068
8.500% due 05/15/2029			2,229			2,355
American Axle & Manufacturing, Inc.
6.500% due 04/01/2027			639			642
6.875% due 07/01/2028			1,524			1,499
American Builders & Contractors Supply Co., Inc.
3.875% due 11/15/2029			916			818
4.000% due 01/15/2028			826			783
Amkor Technology, Inc.
6.625% due 09/15/2027			250			253
AMN Healthcare, Inc.
4.625% due 10/01/2027			250			237
APX Group, Inc.
6.750% due 02/15/2027			460			460
Aramark Services, Inc.
5.000% due 04/01/2025			450			447
5.000% due 02/01/2028			2,377			2,307
Arches Buyer, Inc.
4.250% due 06/01/2028			1,586			1,438

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ARD Finance SA (6.500% Cash or 7.250% PIK)
6.500% due 06/30/2027 (a)(f)	$		3,927	$		1,839
Ardagh Metal Packaging Finance USA LLC
6.000% due 06/15/2027			1,380			1,376
Ardagh Packaging Finance PLC
4.125% due 08/15/2026			3,245			2,964
5.250% due 04/30/2025			873			850
5.250% due 08/15/2027			1,348			1,048
Artera Services LLC
9.033% due 12/04/2025			2,227			2,109
Ascent Resources Utica Holdings LLC
7.000% due 11/01/2026			2,483			2,502
Aston Martin Capital Holdings Ltd.
10.500% due 11/30/2025			1,726			1,744
ATP Tower Holdings LLC
4.050% due 04/27/2026 (f)			1,596			1,451
Audacy Capital Corp.
6.500% due 05/01/2027 ^			700			13
Avantor Funding, Inc.
4.625% due 07/15/2028			1,195			1,156
Avient Corp.
5.750% due 05/15/2025			1,565			1,567
Avis Budget Car Rental LLC
4.750% due 04/01/2028			1,152			1,062
Axalta Coating Systems LLC
4.750% due 06/15/2027			1,516			1,475
B&G Foods, Inc.
5.250% due 04/01/2025			379			374
5.250% due 09/15/2027			2,652			2,412
8.000% due 09/15/2028			916			963
B.C. Unlimited Liability Co.
3.875% due 01/15/2028			200			189
4.375% due 01/15/2028			4,818			4,606
5.750% due 04/15/2025			363			362
Ball Corp.
4.875% due 03/15/2026			1,558			1,553
5.250% due 07/01/2025			1,657			1,656
Bath & Body Works, Inc.
6.694% due 01/15/2027			737			754
9.375% due 07/01/2025			1,033			1,092
Bausch & Lomb Escrow Corp.
8.375% due 10/01/2028			2,866			3,027
Bausch Health Americas, Inc.
9.250% due 04/01/2026 (f)			964			883
Bausch Health Cos., Inc.
4.875% due 06/01/2028			2,016			1,217
5.500% due 11/01/2025			2,828			2,590
5.750% due 08/15/2027			842			544
6.125% due 02/01/2027			1,141			771
9.000% due 12/15/2025 (f)			1,447			1,354
11.000% due 09/30/2028			1,801			1,314
Baytex Energy Corp.
8.750% due 04/01/2027			675			698
BC Ltd.
9.000% due 01/30/2028			327			319
BCPE Empire Holdings, Inc.
7.625% due 05/01/2027			2,946			2,844
BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)
7.750% due 04/01/2027 (a)			500			467
Beacon Roofing Supply, Inc.
4.500% due 11/15/2026 (f)			1,781			1,737
Berry Global, Inc.
4.500% due 02/15/2026			562			548
5.625% due 07/15/2027			125			124
Blackstone Mortgage Trust, Inc.
3.750% due 01/15/2027			10			9
Block Communications, Inc.
4.875% due 03/01/2028			460			405
Block, Inc.
2.750% due 06/01/2026			2,980			2,812
Bombardier, Inc.
6.000% due 02/15/2028			1,663			1,622

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.125% due 06/15/2026	$		4,359	$		4,343
7.875% due 04/15/2027			2,270			2,273
Borr IHC Ltd.
10.000% due 11/15/2028			1,300			1,359
Boxer Parent Co., Inc.
7.125% due 10/02/2025			1,726			1,737
9.125% due 03/01/2026			722			725
Boyd Gaming Corp.
4.750% due 12/01/2027			1,880			1,812
Brink’s Co.
5.500% due 07/15/2025			500			498
Buckeye Partners LP
3.950% due 12/01/2026			848			802
4.125% due 03/01/2025			633			614
4.350% due 10/15/2024			263			258
4.500% due 03/01/2028			1,448			1,366
Caesars Entertainment, Inc.
6.250% due 07/01/2025			5,554			5,573
8.125% due 07/01/2027			2,897			2,972
Calderys Financing LLC
11.250% due 06/01/2028			376			394
Callon Petroleum Co.
8.000% due 08/01/2028			1,325			1,355
Calumet Specialty Products Partners LP
8.125% due 01/15/2027			748			736
9.750% due 07/15/2028			908			903
Camelot Finance SA
4.500% due 11/01/2026			2,543			2,485
Camelot Return Merger Sub, Inc.
8.750% due 08/01/2028			645			656
Cargo Aircraft Management, Inc.
4.750% due 02/01/2028			2,087			1,912
Carnival Corp.
4.000% due 08/01/2028			3,070			2,856
5.750% due 03/01/2027			7,643			7,461
7.625% due 03/01/2026 (f)			4,890			4,981
9.875% due 08/01/2027			962			1,011
Carnival Holdings Bermuda Ltd.
10.375% due 05/01/2028			3,139			3,419
Cascades, Inc.
5.375% due 01/15/2028			379			367
Catalent Pharma Solutions, Inc.
5.000% due 07/15/2027			1,555			1,504
CCO Holdings LLC
5.000% due 02/01/2028			3,980			3,811
5.125% due 05/01/2027			4,640			4,486
5.500% due 05/01/2026			2,079			2,066
CD&R Smokey Buyer, Inc.
6.750% due 07/15/2025			2,883			2,855
CEC Entertainment LLC
6.750% due 05/01/2026			1,264			1,235
Cedar Fair LP
5.500% due 05/01/2025			1,680			1,673
Century Communities, Inc.
6.750% due 06/01/2027			246			249
CGG SA
8.750% due 04/01/2027 (f)			1,569			1,431
Charles River Laboratories International, Inc.
4.250% due 05/01/2028			200			191
Chemours Co.
5.375% due 05/15/2027			1,669			1,633
Cheplapharm Arzneimittel GmbH
5.500% due 01/15/2028			1,333			1,262
Chesapeake Energy Corp.
5.500% due 02/01/2026			1,250			1,240
Chobani LLC
4.625% due 11/15/2028			250			234
7.500% due 04/15/2025			1,708			1,701
Churchill Downs, Inc.
5.500% due 04/01/2027			2,976			2,947
Cimpress PLC
7.000% due 06/15/2026			2,279			2,229

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 49

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Cinemark USA, Inc.
5.250% due 07/15/2028 (f)	$		2,218	$		2,037
5.875% due 03/15/2026 (f)			974			954
Citgo Petroleum Corp.
6.375% due 06/15/2026			967			965
7.000% due 06/15/2025			1,972			1,970
8.375% due 01/15/2029			1,858			1,912
Civitas Resources, Inc.
8.375% due 07/01/2028			2,234			2,335
Clarios Global LP
6.250% due 05/15/2026			2,519			2,524
6.750% due 05/15/2025			1,060			1,070
8.500% due 05/15/2027			2,101			2,112
Clean Harbors, Inc.
4.875% due 07/15/2027			43			42
Clear Channel International BV
6.625% due 08/01/2025			1,185			1,192
Clear Channel Outdoor Holdings, Inc.
5.125% due 08/15/2027			2,315			2,211
7.750% due 04/15/2028 (f)			1,954			1,687
9.000% due 09/15/2028 (f)			1,669			1,743
Cleveland-Cliffs, Inc.
5.875% due 06/01/2027			512			511
6.750% due 03/15/2026			1,352			1,359
Cloud Software Group, Inc.
6.500% due 03/31/2029			991			945
CMG Media Corp.
8.875% due 12/15/2027			935			742
CNX Resources Corp.
7.250% due 03/14/2027			755			763
Cogent Communications Group, Inc.
7.000% due 06/15/2027			2,624			2,640
CommScope Technologies LLC
6.000% due 06/15/2025			2,200			1,795
CommScope, Inc.
6.000% due 03/01/2026			3,746			3,342
7.125% due 07/01/2028			800			381
8.250% due 03/01/2027 (f)			2,287			1,210
Community Health Systems, Inc.
5.625% due 03/15/2027			5,372			4,998
8.000% due 03/15/2026			2,261			2,256
8.000% due 12/15/2027			671			648
Connect Finco SARL
6.750% due 10/01/2026			4,990			4,964
Consensus Cloud Solutions, Inc.
6.500% due 10/15/2028			250			227
Consolidated Communications, Inc.
6.500% due 10/01/2028			2,239			1,942
Cooper-Standard Automotive, Inc.
5.625% due 11/15/2026			297			250
CoreCivic, Inc.
8.250% due 04/15/2026			494			503
CoreLogic, Inc.
4.500% due 05/01/2028 (f)			2,234			1,959
Coty, Inc.
5.000% due 04/15/2026			863			850
6.500% due 04/15/2026			256			256
CPI CG, Inc.
8.625% due 03/15/2026			275			267
CQP Holdco LP
5.500% due 06/15/2031			494			469
Crescent Energy Finance LLC
7.250% due 05/01/2026			800			806
9.250% due 02/15/2028			550			571
Crown Americas LLC
4.250% due 09/30/2026			820			796
4.750% due 02/01/2026			1,188			1,177
Crown Cork & Seal Co., Inc.
7.375% due 12/15/2026			1,674			1,759
CSC Holdings LLC
5.250% due 06/01/2024			1,900			1,861
5.375% due 02/01/2028			2,899			2,564
5.500% due 04/15/2027			3,726			3,446

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.500% due 04/01/2028	$		1,198	$		897
11.250% due 05/15/2028			1,381			1,424
CVR Energy, Inc.
5.250% due 02/15/2025			497			497
8.500% due 01/15/2029			400			398
CVR Partners LP
6.125% due 06/15/2028			916			856
Dana, Inc.
5.375% due 11/15/2027			1,264			1,256
Dave & Buster’s, Inc.
7.625% due 11/01/2025			238			241
Dealer Tire LLC
8.000% due 02/01/2028			333			330
Delek Logistics Partners LP
7.125% due 06/01/2028			293			277
Delta Air Lines, Inc.
2.900% due 10/28/2024			1,363			1,328
7.375% due 01/15/2026			1,812			1,874
Directv Financing LLC
5.875% due 08/15/2027			7,748			7,286
DISH DBS Corp.
5.250% due 12/01/2026			4,783			4,107
5.750% due 12/01/2028			500			400
5.875% due 11/15/2024			6,082			5,708
7.375% due 07/01/2028			1,210			725
7.750% due 07/01/2026			3,718			2,593
DISH Network Corp.
11.750% due 11/15/2027			6,109			6,382
Domtar Corp.
6.750% due 10/01/2028			454			411
Eco Material Technologies, Inc.
7.875% due 01/31/2027			901			902
Edgewell Personal Care Co.
5.500% due 06/01/2028			1,936			1,902
eG Global Finance PLC
12.000% due 11/30/2028			500			533
Elanco Animal Health, Inc.
6.650% due 08/28/2028 (f)			645			670
Element Solutions, Inc.
3.875% due 09/01/2028			1,242			1,145
Empire Communities Corp.
7.000% due 12/15/2025			250			249
Encino Acquisition Partners Holdings LLC
8.500% due 05/01/2028			564			556
Encompass Health Corp.
4.500% due 02/01/2028			742			711
Enerflex Ltd.
9.000% due 10/15/2027			1,698			1,640
Energean PLC
6.500% due 04/30/2027			1,868			1,708
Energizer Holdings, Inc.
4.750% due 06/15/2028			586			542
6.500% due 12/31/2027			877			878
Energy Transfer LP
5.625% due 05/01/2027			491			490
5.750% due 04/01/2025			537			538
EnLink Midstream Partners LP
4.150% due 06/01/2025			866			847
4.850% due 07/15/2026			1,129			1,107
EnQuest PLC
11.625% due 11/01/2027			162			155
Enviri Corp.
5.750% due 07/31/2027			605			565
EQM Midstream Partners LP
4.000% due 08/01/2024			1,341			1,329
4.125% due 12/01/2026			1,118			1,081
6.000% due 07/01/2025			2,187			2,187
7.500% due 06/01/2027			1,796			1,852
EquipmentShare.com, Inc.
9.000% due 05/15/2028			714			736
FAGE International SA
5.625% due 08/15/2026 (f)			520			509

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Fair Isaac Corp.
5.250% due 05/15/2026	$		355	$		353
Fluor Corp.
4.250% due 09/15/2028			330			312
FMG Resources Pty. Ltd.
4.500% due 09/15/2027			413			397
Foundation Building Materials, Inc.
6.000% due 03/01/2029			687			618
Frontier Communications Holdings LLC
5.000% due 05/01/2028			1,880			1,739
5.875% due 10/15/2027			3,818			3,692
FTAI Infra Escrow Holdings LLC
10.500% due 06/01/2027			783			813
Full House Resorts, Inc.
8.250% due 02/15/2028			704			662
FXI Holdings, Inc.
12.250% due 11/15/2026			250			223
Gannett Holdings LLC
6.000% due 11/01/2026			1,116			988
Garda World Security Corp.
4.625% due 02/15/2027			1,249			1,205
7.750% due 02/15/2028			614			636
9.500% due 11/01/2027			3,621			3,655
Gates Global LLC
6.250% due 01/15/2026			1,169			1,164
GCI LLC
4.750% due 10/15/2028			250			230
Gen Digital, Inc.
5.000% due 04/15/2025			1,119			1,109
6.750% due 09/30/2027			1,465			1,491
GFL Environmental, Inc.
3.500% due 09/01/2028			1,313			1,215
3.750% due 08/01/2025			1,685			1,647
4.000% due 08/01/2028			600			555
4.250% due 06/01/2025			390			385
5.125% due 12/15/2026			1,207			1,195
Global Partners LP
7.000% due 08/01/2027			1,134			1,110
GN Bondco LLC
9.500% due 10/15/2031			916			896
goeasy Ltd.
4.375% due 05/01/2026			1,615			1,557
9.250% due 12/01/2028			2,422			2,589
Goodyear Tire & Rubber Co.
4.875% due 03/15/2027			1,057			1,024
5.000% due 05/31/2026			1,135			1,118
5.000% due 07/15/2029			898			850
9.500% due 05/31/2025			234			238
GoTo Group, Inc.
5.500% due 09/01/2027			1,407			682
GrafTech Finance, Inc.
4.625% due 12/15/2028			250			166
Graham Holdings Co.
5.750% due 06/01/2026			250			249
Graham Packaging Co., Inc.
7.125% due 08/15/2028			1,537			1,385
Gran Tierra Energy, Inc.
9.500% due 10/15/2029 (f)			950			835
Graphic Packaging International LLC
4.750% due 07/15/2027			753			731
Gray Television, Inc.
5.875% due 07/15/2026			300			292
7.000% due 05/15/2027			2,813			2,676
Griffon Corp.
5.750% due 03/01/2028			531			522
Grifols SA
4.750% due 10/15/2028			1,555			1,412
Group 1 Automotive, Inc.
4.000% due 08/15/2028			614			570
GrubHub Holdings, Inc.
5.500% due 07/01/2027			843			710
Gulfport Energy Corp.
8.000% due 05/17/2026			376			381

50 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Hanesbrands, Inc.
4.875% due 05/15/2026	$		1,384	$		1,336
Harbour Energy PLC
5.500% due 10/15/2026			1,625			1,590
Harvest Midstream LP
7.500% due 09/01/2028			775			771
Hawaiian Brand Intellectual Property Ltd.
5.750% due 01/20/2026			1,530			1,443
Heartland Dental LLC
8.500% due 05/01/2026 (f)			402			398
10.500% due 04/30/2028			1,801			1,871
Herc Holdings, Inc.
5.500% due 07/15/2027			1,466			1,449
Hertz Corp.
4.625% due 12/01/2026			2,786			2,500
Hess Midstream Operations LP
5.625% due 02/15/2026			1,327			1,318
HF Sinclair Corp.
6.375% due 04/15/2027			401			404
Hillenbrand, Inc.
5.000% due 09/15/2026			864			855
5.750% due 06/15/2025			208			208
Hilton Domestic Operating Co., Inc.
5.375% due 05/01/2025			877			877
Hilton Worldwide Finance LLC
4.875% due 04/01/2027			1,252			1,234
Howard Midstream Energy Partners LLC
6.750% due 01/15/2027			2,517			2,492
8.875% due 07/15/2028			580			609
Hudbay Minerals, Inc.
4.500% due 04/01/2026			1,018			987
Hughes Satellite Systems Corp.
5.250% due 08/01/2026			1,878			1,655
6.625% due 08/01/2026			2,204			1,740
Husky Holding Ltd. (13.000% Cash or 13.750% PIK)
13.000% due 02/15/2025 (a)			377			376
iHeartCommunications, Inc.
4.750% due 01/15/2028			1,484			1,143
5.250% due 08/15/2027			1,751			1,393
6.375% due 05/01/2026			1,753			1,497
8.375% due 05/01/2027 (f)			1,672			1,087
IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)
4.750% due 09/15/2026 (a)			1,151			1,103
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (a)			1,155			1,127
INEOS Finance PLC
6.750% due 05/15/2028			560			551
Ingevity Corp.
3.875% due 11/01/2028			564			506
Innophos Holdings, Inc.
9.375% due 02/15/2028			379			345
Installed Building Products, Inc.
5.750% due 02/01/2028			822			802
Intelligent Packaging Ltd. Finco, Inc.
6.000% due 09/15/2028			1,220			1,140
Intelsat Jackson Holdings SA
6.500% due 03/15/2030			1,278			1,221
International Game Technology PLC
4.125% due 04/15/2026			1,954			1,900
6.250% due 01/15/2027			874			888
6.500% due 02/15/2025			549			550
IQVIA, Inc.
5.000% due 10/15/2026			2,084			2,066
5.000% due 05/15/2027			2,478			2,434
IRB Holding Corp.
7.000% due 06/15/2025			1,103			1,104
Ithaca Energy North Sea PLC
9.000% due 07/15/2026			782			774
Jaguar Land Rover Automotive PLC
4.500% due 10/01/2027 (f)			903			853
5.875% due 01/15/2028			1,177			1,163
7.750% due 10/15/2025			1,387			1,404

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JELD-WEN, Inc.
4.875% due 12/15/2027	$		1,387	$		1,312
Kaiser Aluminum Corp.
4.625% due 03/01/2028			2,363			2,188
Kinetik Holdings LP
6.625% due 12/15/2028			494			504
Kronos Acquisition Holdings, Inc.
5.000% due 12/31/2026			274			267
7.000% due 12/31/2027			494			472
LABL, Inc.
6.750% due 07/15/2026			1,197			1,165
10.500% due 07/15/2027			2,983			2,864
Las Vegas Sands Corp.
2.900% due 06/25/2025			1,266			1,217
3.200% due 08/08/2024			2,716			2,665
3.500% due 08/18/2026			3,510			3,348
LCPR Senior Secured Financing DAC
6.750% due 10/15/2027			2,484			2,435
Legacy LifePoint Health LLC
4.375% due 02/15/2027			868			802
Legends Hospitality Holding Co. LLC
5.000% due 02/01/2026			874			873
Level 3 Financing, Inc.
3.400% due 03/01/2027			1,401			1,366
4.625% due 09/15/2027			3,933			2,419
Life Time, Inc.
5.750% due 01/15/2026			1,622			1,611
8.000% due 04/15/2026			2,058			2,078
Light & Wonder International, Inc.
7.000% due 05/15/2028			1,201			1,214
Lindblad Expeditions Holdings, Inc.
9.000% due 05/15/2028			818			849
Lindblad Expeditions LLC
6.750% due 02/15/2027			1,765			1,758
Live Nation Entertainment, Inc.
3.750% due 01/15/2028			895			837
4.750% due 10/15/2027			163			156
4.875% due 11/01/2024			1,522			1,510
5.625% due 03/15/2026			623			618
6.500% due 05/15/2027			3,285			3,345
LSB Industries, Inc.
6.250% due 10/15/2028			250			237
LSF9 Atlantis Holdings LLC
7.750% due 02/15/2026			2,973			2,854
Madison IAQ LLC
4.125% due 06/30/2028			614			559
Magnolia Oil & Gas Operating LLC
6.000% due 08/01/2026			446			435
Manitowoc Co., Inc.
9.000% due 04/01/2026			1,651			1,663
Marriott Ownership Resorts, Inc.
4.750% due 01/15/2028			2,175			2,000
Masonite International Corp.
5.375% due 02/01/2028			891			857
Matador Resources Co.
5.875% due 09/15/2026			2,092			2,076
6.875% due 04/15/2028			1,469			1,491
Match Group Holdings LLC
5.000% due 12/15/2027			916			895
Matthews International Corp.
5.250% due 12/01/2025			374			365
Mauser Packaging Solutions Holding Co.
7.875% due 08/15/2026			5,156			5,252
9.250% due 04/15/2027			4,245			4,171
Maxim Crane Works Holdings Capital LLC
11.500% due 09/01/2028			1,574			1,633
McGraw-Hill Education, Inc.
5.750% due 08/01/2028			1,573			1,518
Mclaren Finance PLC
7.500% due 08/01/2026			1,889			1,638
MEG Energy Corp.
7.125% due 02/01/2027			754			767

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Melco Resorts Finance Ltd.
5.250% due 04/26/2026	$		736	$		710
Mercer International, Inc.
5.500% due 01/15/2026			40			38
Merlin Entertainments Ltd.
5.750% due 06/15/2026			732			725
MGM Resorts International
4.625% due 09/01/2026			1,798			1,756
5.500% due 04/15/2027			2,262			2,246
5.750% due 06/15/2025			457			456
6.750% due 05/01/2025			1,690			1,696
Michaels Cos., Inc.
5.250% due 05/01/2028			2,299			1,819
MicroStrategy, Inc.
6.125% due 06/15/2028			200			194
Millennium Escrow Corp.
6.625% due 08/01/2026 (f)			760			540
Mineral Resources Ltd.
8.000% due 11/01/2027			1,125			1,155
8.125% due 05/01/2027			3,038			3,090
9.250% due 10/01/2028			1,873			1,995
ModivCare, Inc.
5.875% due 11/15/2025			404			399
Mohegan Tribal Gaming Authority
8.000% due 02/01/2026			537			507
Molina Healthcare, Inc.
4.375% due 06/15/2028			906			858
Moog, Inc.
4.250% due 12/15/2027			250			236
Moss Creek Resources Holdings, Inc.
7.500% due 01/15/2026			362			362
10.500% due 05/15/2027			464			478
Motion Bondco DAC
6.625% due 11/15/2027 (f)			1,011			936
MPH Acquisition Holdings LLC
5.500% due 09/01/2028			3,198			2,867
5.750% due 11/01/2028 (f)			791			644
Murphy Oil Corp.
5.875% due 12/01/2027			800			797
Murphy Oil USA, Inc.
5.625% due 05/01/2027			263			261
Nabors Industries Ltd.
7.250% due 01/15/2026			2,200			2,117
7.500% due 01/15/2028			775			671
Nabors Industries, Inc.
5.750% due 02/01/2025			100			100
7.375% due 05/15/2027			1,532			1,503
9.125% due 01/31/2030			1,208			1,214
NCL Corp. Ltd.
3.625% due 12/15/2024			1,484			1,443
5.875% due 03/15/2026			5,836			5,707
5.875% due 02/15/2027			1,878			1,863
8.375% due 02/01/2028			494			523
NCR Corp.
5.000% due 10/01/2028			1,332			1,260
Neptune Energy Bondco PLC
6.625% due 05/15/2025			725			719
New Enterprise Stone & Lime Co., Inc.
5.250% due 07/15/2028			628			600
New Fortress Energy, Inc.
6.500% due 09/30/2026			2,950			2,836
6.750% due 09/15/2025			3,623			3,597
Newell Brands, Inc.
5.200% due 04/01/2026			3,903			3,852
6.375% due 09/15/2027			1,794			1,787
Newfold Digital Holdings Group, Inc.
11.750% due 10/15/2028			1,856			1,998
Nexstar Media, Inc.
4.750% due 11/01/2028			586			540
5.625% due 07/15/2027			2,893			2,800
NextEra Energy Operating Partners LP
3.875% due 10/15/2026			1,260			1,201
4.250% due 07/15/2024			1,070			1,059

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 51

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.500% due 09/15/2027	$		1,791	$		1,725
7.250% due 01/15/2029			1,650			1,728
Nordstrom, Inc.
4.000% due 03/15/2027			250			233
Northern Oil & Gas, Inc.
8.125% due 03/01/2028			404			409
Northriver Midstream Finance LP
5.625% due 02/15/2026			2,225			2,160
NOVA Chemicals Corp.
4.875% due 06/01/2024			1,101			1,092
5.250% due 06/01/2027			728			683
Novelis Corp.
3.250% due 11/15/2026			2,383			2,245
NuStar Logistics LP
5.625% due 04/28/2027			1,447			1,442
5.750% due 10/01/2025			1,426			1,418
6.000% due 06/01/2026			613			612
Odeon Finco PLC
12.750% due 11/01/2027			1,225			1,245
Olympus Water U.S. Holding Corp.
7.125% due 10/01/2027			3,217			3,223
9.750% due 11/15/2028			2,970			3,156
ON Semiconductor Corp.
3.875% due 09/01/2028			1,548			1,437
Open Text Corp.
3.875% due 02/15/2028			2,914			2,710
Organon & Co.
4.125% due 04/30/2028			4,479			4,127
Oriflame Investment Holding PLC
5.125% due 05/04/2026			724			215
Outfront Media Capital LLC
5.000% due 08/15/2027			1,500			1,451
Owens-Brockway Glass Container, Inc.
6.375% due 08/15/2025			562			566
Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			1,277			1,195
Pactiv LLC
7.950% due 12/15/2025 (f)			871			885
Paramount Global
6.375% due 03/30/2062 •			1,123			1,012
Parkland Corp.
5.875% due 07/15/2027			1,205			1,201
Penske Automotive Group, Inc.
3.500% due 09/01/2025			333			323
Perenti Finance Pty. Ltd.
6.500% due 10/07/2025 (f)			1,006			988
Performance Food Group, Inc.
5.500% due 10/15/2027			2,042			2,014
6.875% due 05/01/2025			1,214			1,218
Permian Resources Operating LLC
5.375% due 01/15/2026			1,024			1,011
6.875% due 04/01/2027			354			354
7.750% due 02/15/2026			1,133			1,154
8.000% due 04/15/2027			989			1,026
Perrigo Finance Unlimited Co.
3.900% due 12/15/2024			1,508			1,465
4.375% due 03/15/2026			2,470			2,390
PetSmart, Inc.
4.750% due 02/15/2028			2,066			1,949
Pike Corp.
5.500% due 09/01/2028			1,906			1,818
PM General Purchaser LLC
9.500% due 10/01/2028			250			254
Post Holdings, Inc.
5.625% due 01/15/2028			1,795			1,780
5.750% due 03/01/2027			973			966
PRA Health Sciences, Inc.
2.875% due 07/15/2026			1,277			1,194
Presidio Holdings, Inc.
4.875% due 02/01/2027			734			720
8.250% due 02/01/2028			2,949			2,982
Prime Healthcare Services, Inc.
7.250% due 11/01/2025			3,970			3,875

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Prime Security Services Borrower LLC
5.250% due 04/15/2024	$		210	$		209
5.750% due 04/15/2026			2,992			3,010
6.250% due 01/15/2028			2,960			2,945
PTC, Inc.
3.625% due 02/15/2025			882			863
QVC, Inc.
4.450% due 02/15/2025			997			937
4.750% due 02/15/2027			444			352
4.850% due 04/01/2024			965			956
Rackspace Technology Global, Inc.
3.500% due 02/15/2028 (f)			583			235
Radiate Holdco LLC
4.500% due 09/15/2026			3,105			2,370
6.500% due 09/15/2028			791			388
Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			663			708
Rakuten Group, Inc.
10.250% due 11/30/2024			1,803			1,853
Rand Parent LLC
8.500% due 02/15/2030 (f)			460			440
Range Resources Corp.
4.875% due 05/15/2025			1,086			1,073
Rayonier AM Products, Inc.
7.625% due 01/15/2026			224			206
RegionalCare Hospital Partners Holdings, Inc.
9.750% due 12/01/2026			3,906			3,879
Resorts World Las Vegas LLC
8.450% due 07/27/2030			600			619
Ritchie Bros Holdings, Inc.
6.750% due 03/15/2028			1,319			1,360
Rockies Express Pipeline LLC
3.600% due 05/15/2025			706			684
Rolls-Royce PLC
3.625% due 10/14/2025			2,369			2,284
5.750% due 10/15/2027			2,218			2,223
Royal Caribbean Cruises Ltd.
3.700% due 03/15/2028			1,100			1,015
4.250% due 07/01/2026			1,706			1,649
5.375% due 07/15/2027			3,356			3,324
5.500% due 08/31/2026			2,901			2,874
7.500% due 10/15/2027			3,578			3,766
11.625% due 08/15/2027			916			997
RP Escrow Issuer LLC
5.250% due 12/15/2025 (j)			727			582
RXO, Inc.
7.500% due 11/15/2027			566			585
Sabre Global, Inc.
8.625% due 06/01/2027			3,666			3,339
11.250% due 12/15/2027 (f)			1,420			1,396
SCIH Salt Holdings, Inc.
4.875% due 05/01/2028			1,840			1,723
SCIL LLC
5.375% due 11/01/2026			2,207			2,121
Scripps Escrow, Inc.
5.875% due 07/15/2027			1,751			1,557
Seagate HDD Cayman
4.750% due 01/01/2025			814			808
Sealed Air Corp.
5.500% due 09/15/2025			459			459
6.125% due 02/01/2028			2,316			2,337
Select Medical Corp.
6.250% due 08/15/2026			1,855			1,865
Sensata Technologies BV
5.000% due 10/01/2025			874			876
Shift4 Payments LLC
4.625% due 11/01/2026			2,037			1,982
Shutterfly Finance LLC
9.750% due 10/01/2027			251			250
Shutterfly Finance LLC (4.250% Cash and 4.250% PIK)
8.500% due 10/01/2027 (a)			1,621			1,168
Sigma Holdco BV
7.875% due 05/15/2026			899			810

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Silgan Holdings, Inc.
4.125% due 02/01/2028	$		100	$		96
Sirius XM Radio, Inc.
3.125% due 09/01/2026			3,129			2,943
4.000% due 07/15/2028			1,783			1,650
5.000% due 08/01/2027			3,579			3,460
Sitio Royalties Operating Partnership LP
7.875% due 11/01/2028			2,043			2,119
Six Flags Entertainment Corp.
5.500% due 04/15/2027			376			368
Six Flags Theme Parks, Inc.
7.000% due 07/01/2025			482			485
SM Energy Co.
5.625% due 06/01/2025			756			748
6.500% due 07/15/2028			280			280
6.625% due 01/15/2027			637			634
6.750% due 09/15/2026			936			934
Solaris Midstream Holdings LLC
7.625% due 04/01/2026			908			921
Sotheby’s
7.375% due 10/15/2027			800			773
Southwestern Energy Co.
5.700% due 01/23/2025			873			870
Specialty Building Products Holdings LLC
6.375% due 09/30/2026			1,125			1,104
Speedway Motorsports LLC
4.875% due 11/01/2027			691			651
Spirit AeroSystems, Inc.
3.850% due 06/15/2026			438			421
4.600% due 06/15/2028 (f)			2,930			2,595
9.375% due 11/30/2029			551			604
Spirit Airlines Pass-Through Trust
4.100% due 10/01/2029			56			52
Spirit Loyalty Cayman Ltd.
8.000% due 09/20/2025			3,109			2,240
SRS Distribution, Inc.
4.625% due 07/01/2028			935			888
SS&C Technologies, Inc.
5.500% due 09/30/2027			4,061			4,006
Standard Industries, Inc.
4.750% due 01/15/2028			1,607			1,548
5.000% due 02/15/2027			2,062			2,012
Staples, Inc.
7.500% due 04/15/2026			1,929			1,796
10.750% due 04/15/2027			600			438
Station Casinos LLC
4.500% due 02/15/2028			2,810			2,652
Stena AB
7.000% due 02/01/2024			748			747
Strathcona Resources Ltd.
6.875% due 08/01/2026			2,317			2,214
Studio City Finance Ltd.
5.000% due 01/15/2029			1,307			1,100
Sugarhouse HSP Gaming Prop Mezz LP
5.875% due 05/15/2025			1,592			1,583
Summer BC Bidco B LLC
5.500% due 10/31/2026			2,077			1,947
Sunnova Energy Corp.
5.875% due 09/01/2026			573			488
Sunoco LP
5.875% due 03/15/2028			464			464
7.000% due 09/15/2028			1,377			1,422
Surgery Center Holdings, Inc.
10.000% due 04/15/2027			487			493
Talos Production, Inc.
12.000% due 01/15/2026			246			253
Tapestry, Inc.
7.350% due 11/27/2028			1,358			1,425
Taylor Morrison Communities, Inc.
5.750% due 01/15/2028			560			563
TEGNA, Inc.
4.625% due 03/15/2028			1,628			1,523
4.750% due 03/15/2026			543			529

52 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Teleflex, Inc.
4.625% due 11/15/2027	$		594	$		578
Telesat Canada
5.625% due 12/06/2026 (f)			1,368			840
Tempo Acquisition LLC
5.750% due 06/01/2025			419			420
Tenet Healthcare Corp.
4.875% due 01/01/2026			4,500			4,452
5.125% due 11/01/2027			1,587			1,553
6.125% due 10/01/2028			2,839			2,833
6.250% due 02/01/2027			4,533			4,558
Titan Acquisition Ltd.
7.750% due 04/15/2026			626			631
Titan International, Inc.
7.000% due 04/30/2028			645			646
TK Elevator Holdco GmbH
7.625% due 07/15/2028 (f)			464			456
TK Elevator U.S. Newco, Inc.
5.250% due 07/15/2027			3,398			3,340
Townsquare Media, Inc.
6.875% due 02/01/2026			250			245
TransDigm, Inc.
5.500% due 11/15/2027			3,917			3,841
6.250% due 03/15/2026			7,334			7,329
6.750% due 08/15/2028			4,611			4,723
7.500% due 03/15/2027			642			646
Transocean Aquila Ltd.
8.000% due 09/30/2028			484			492
Transocean Titan Financing Ltd.
8.375% due 02/01/2028			1,367			1,419
Transocean, Inc.
7.250% due 11/01/2025			586			578
7.500% due 01/15/2026			1,650			1,623
8.000% due 02/01/2027			678			662
8.750% due 02/15/2030			321			336
Travel & Leisure Co.
5.650% due 04/01/2024			687			687
6.600% due 10/01/2025			252			253
6.625% due 07/31/2026			2,290			2,312
TreeHouse Foods, Inc.
4.000% due 09/01/2028			836			741
Trinity Industries, Inc.
4.550% due 10/01/2024			847			835
7.750% due 07/15/2028			460			476
TripAdvisor, Inc.
7.000% due 07/15/2025			1,286			1,290
Triumph Group, Inc.
7.750% due 08/15/2025 (f)			1,785			1,781
9.000% due 03/15/2028			3,789			4,034
Trivium Packaging Finance BV
5.500% due 08/15/2026			2,969			2,916
8.500% due 08/15/2027			991			973
Tutor Perini Corp.
6.875% due 05/01/2025			795			777
U.S. Acute Care Solutions LLC
6.375% due 03/01/2026			3,238			2,709
U.S. Foods, Inc.
6.875% due 09/15/2028			1,480			1,525
U.S. Renal Care, Inc.
10.625% due 06/28/2028			326			250
Uber Technologies, Inc.
7.500% due 09/15/2027			2,979			3,087
Under Armour, Inc.
3.250% due 06/15/2026			1,633			1,542
Unisys Corp.
6.875% due 11/01/2027			460			415
United Airlines, Inc.
4.375% due 04/15/2026			5,630			5,490
United Rentals North America, Inc.
3.875% due 11/15/2027			485			463
4.875% due 01/15/2028			2,522			2,464
5.500% due 05/15/2027			1,022			1,025

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Univision Communications, Inc.
5.125% due 02/15/2025	$		284	$		283
6.625% due 06/01/2027			4,049			4,041
8.000% due 08/15/2028			2,698			2,785
UPC Holding BV
5.500% due 01/15/2028			822			776
Urban One, Inc.
7.375% due 02/01/2028			642			546
USA Compression Partners LP
6.875% due 04/01/2026			3,205			3,195
6.875% due 09/01/2027			1,121			1,109
Vail Resorts, Inc.
6.250% due 05/15/2025			899			895
Venture Global LNG, Inc.
8.125% due 06/01/2028			5,971			6,036
Vericast Corp.
11.000% due 09/15/2026			1,669			1,776
Veritas U.S., Inc.
7.500% due 09/01/2025			3,004			2,482
Verscend Escrow Corp.
9.750% due 08/15/2026			436			439
Viasat, Inc.
5.625% due 09/15/2025			1,902			1,856
5.625% due 04/15/2027			1,747			1,692
6.500% due 07/15/2028			1,645			1,353
Videotron Ltd.
5.375% due 06/15/2024			704			701
Viking Cruises Ltd.
5.875% due 09/15/2027			1,152			1,113
6.250% due 05/15/2025			1,429			1,426
Viper Energy Partners LP
5.375% due 11/01/2027			100			98
VistaJet Malta Finance PLC
7.875% due 05/01/2027			460			396
9.500% due 06/01/2028 (f)			586			497
Vital Energy, Inc.
9.500% due 01/15/2025			991			992
10.125% due 01/15/2028			1,496			1,538
VOC Escrow Ltd.
5.000% due 02/15/2028			1,733			1,661
WASH Multifamily Acquisition, Inc.
5.750% due 04/15/2026			571			550
Waste Pro USA, Inc.
5.500% due 02/15/2026			1,508			1,453
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(a)(b)			1,533			1,395
WESCO Distribution, Inc.
7.125% due 06/15/2025			1,642			1,655
7.250% due 06/15/2028			1,427			1,468
Western Digital Corp.
4.750% due 02/15/2026			4,540			4,457
White Cap Buyer LLC
6.875% due 10/15/2028			1,583			1,534
White Cap Parent LLC (8.250% Cash or 9.000% PIK)
8.250% due 03/15/2026 (a)(f)			2,420			2,412
William Carter Co.
5.625% due 03/15/2027			293			290
Williams Scotsman, Inc.
6.125% due 06/15/2025			1,682			1,687
Windstream Escrow LLC
7.750% due 08/15/2028			1,560			1,368
Winnebago Industries, Inc.
6.250% due 07/15/2028			249			245
WR Grace Holdings LLC
4.875% due 06/15/2027			1,516			1,460
Wynn Las Vegas LLC
5.250% due 05/15/2027			2,515			2,449
5.500% due 03/01/2025			1,369			1,363
Wynn Macau Ltd.
5.500% due 10/01/2027			1,314			1,242
Xerox Corp.
3.800% due 05/15/2024			560			553

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Xerox Holdings Corp.
5.000% due 08/15/2025	$		995	$		976
Zayo Group Holdings, Inc.
4.000% due 03/01/2027			2,818			2,262
6.125% due 03/01/2028			2,005			1,475
ZF North America Capital, Inc.
4.750% due 04/29/2025			2,806			2,776
6.875% due 04/14/2028			1,308			1,356
Ziggo Bond Co. BV
6.000% due 01/15/2027			977			952
						884,614
UTILITIES 6.2%
Aethon United BR LP
8.250% due 02/15/2026			681			685
AmeriGas Partners LP
5.500% due 05/20/2025			1,212			1,196
5.875% due 08/20/2026			2,242			2,222
9.375% due 06/01/2028			246			254
Antero Midstream Partners LP
5.750% due 03/01/2027			2,543			2,525
7.875% due 05/15/2026			1,933			1,983
Archrock Partners LP
6.250% due 04/01/2028			382			377
6.875% due 04/01/2027			1,101			1,105
Atlantica Sustainable Infrastructure PLC
4.125% due 06/15/2028			120			113
Blue Racer Midstream LLC
6.625% due 07/15/2026			1,670			1,661
7.625% due 12/15/2025			951			964
C&W Senior Financing DAC
6.875% due 09/15/2027			3,855			3,596
Calpine Corp.
4.500% due 02/15/2028			200			190
5.125% due 03/15/2028			3,679			3,530
5.250% due 06/01/2026			842			831
Clearway Energy Operating LLC
4.750% due 03/15/2028			2,825			2,724
CrownRock LP
5.625% due 10/15/2025			1,453			1,452
DPL, Inc.
4.125% due 07/01/2025			267			261
Drax Finco PLC
6.625% due 11/01/2025			1,171			1,153
Endeavor Energy Resources LP
5.750% due 01/30/2028			2,029			2,032
Enviva Partners LP
6.500% due 01/15/2026 (f)			877			433
FirstEnergy Corp.
1.600% due 01/15/2026			782			728
2.050% due 03/01/2025			544			525
4.150% due 07/15/2027			3,896			3,750
Genesis Energy LP
6.250% due 05/15/2026			1,729			1,729
8.000% due 01/15/2027			4,206			4,279
8.250% due 01/15/2029			816			840
Hilcorp Energy LP
6.250% due 11/01/2028			1,085			1,082
Iliad Holding SASU
6.500% due 10/15/2026			3,062			3,058
7.000% due 10/15/2028			1,065			1,061
Lumen Technologies, Inc.
4.000% due 02/15/2027			3,107			2,008
Millicom International Cellular SA
5.125% due 01/15/2028			720			671
NGL Energy Operating LLC
7.500% due 02/01/2026			4,519			4,568
NGL Energy Partners LP
6.125% due 03/01/2025			548			547
NRG Energy, Inc.
5.750% due 01/15/2028			1,057			1,054
Pattern Energy Operations LP
4.500% due 08/15/2028			1,100			1,041

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 53

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PBF Holding Co. LLC
6.000% due 02/15/2028	$		2,019	$		1,968
Qwest Corp.
7.250% due 09/15/2025			847			831
Summit Midstream Holdings LLC
9.000% due 10/15/2026 þ			706			701
Tallgrass Energy Partners LP
5.500% due 01/15/2028			2,822			2,670
6.000% due 03/01/2027			1,034			1,012
7.500% due 10/01/2025			1,540			1,549
Telecom Italia SpA
5.303% due 05/30/2024			2,345			2,336
TerraForm Power Operating LLC
5.000% due 01/31/2028			1,366			1,328
Transocean Poseidon Ltd.
6.875% due 02/01/2027			1,575			1,571
Vistra Operations Co. LLC
5.500% due 09/01/2026			2,110			2,084
5.625% due 02/15/2027			4,836			4,773
						77,051
Total Corporate Bonds & Notes (Cost $1,169,768)						1,174,478
U.S. TREASURY OBLIGATIONS 0.8%
U.S. Treasury Notes
4.625% due 06/30/2025			9,820			9,845
Total U.S. Treasury Obligations (Cost $9,758)						9,845
		SHARES
COMMON STOCKS 0.3%
FINANCIALS 0.2%
Bruin Blocker LLC «(c)(h)			182,994			0
Intelsat Emergence SA «(c)(h)			90,881			2,589

	SHARES			MARKET VALUE (000S)
Newco, Inc. «(c)		5,855	$		419
					3,008
HEALTH CARE 0.1%
Amsurg Equity «(c)(h)		21,155			1,085
INDUSTRIALS 0.0%
Voyager Aviation Holdings LLC «(c)		530			0
INFORMATION TECHNOLOGY 0.0%
Riverbed Technology, Inc. «(c)(h)		22,812			6
REAL ESTATE 0.0%
Stearns Holding LLC ‘B’ «(c)		214,645			0
Total Common Stocks (Cost $10,031)					4,098
WARRANTS 0.0%
FINANCIALS 0.0%
Guaranteed Rate, Inc. - Exp. 12/31/2060 «		1,029			0
Intelsat Emergence SA - Exp. 02/17/2027 «		28,334			73
Total Warrants (Cost $3,431)					73
PREFERRED SECURITIES 0.0%
INDUSTRIALS 0.0%
Voyager Aviation Holdings LLC
9.500% «		3,178			0
Total Preferred Securities (Cost $1,042)					0

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.8%
REPURCHASE AGREEMENTS (i) 4.8%
			$		60,090
Total Short-Term Instruments (Cost $60,090)					60,090
Total Investments in Securities (Cost $1,259,852)					1,254,420
INVESTMENTS IN AFFILIATES 2.6%
SHORT-TERM INSTRUMENTS 2.6%
MUTUAL FUNDS 2.6%
PIMCO Government Money Market Fund
5.450% (e)(f)(g)		31,984,202			31,984
Total Short-Term Instruments (Cost $31,984)					31,984
Total Investments in Affiliates (Cost $31,984)					31,984
Total Investments 103.0% (Cost $1,291,836)			$		1,286,404
Financial Derivative Instruments (k) 0.0% (Cost or Premiums, net $447)					22
Other Assets and Liabilities, net (3.0)%					(37,289	)
Net Assets 100.0%			$		1,249,137

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.

þ 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) Security did not produce income within the last twelve months.

(d) Zero coupon security.

(e) Institutional Class Shares of each Fund.

(f) Securities with an aggregate market value of $31,652 were out on loan in exchange for $32,311 of cash collateral as of December 31, 2023. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(g) Coupon represents a 7-Day Yield.

(h) RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Amsurg Equity		11/02/2023 - 11/06/2023	$	884	$	1,085		0.09	%
Bruin Blocker LLC		04/20/2021		0		0		0.00
Intelsat Emergence SA		10/02/2018 - 07/03/2023		6,884		2,589		0.20
Riverbed Technology, Inc.		04/24/2018 - 12/07/2021		1,634		5		0.00
			$	9,402	$	3,679		0.29	%

54 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i) 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)
BPS		5.510	%		01/02/2024		01/03/2024	$	100	U.S. Treasury Notes 2.125% due 05/15/2025	$	(102	)	$	100	$	100
DEU		5.510			01/02/2024		01/03/2024		27,400	U.S. Treasury Inflation Protected Securities 1.375% due 07/15/2033		(27,953	)		27,400		27,400
FICC		2.600			12/29/2023		01/02/2024		4,090	U.S. Treasury Notes 3.875% due 01/15/2026		(4,172	)		4,090		4,091
JPS		5.450			12/29/2023		01/02/2024		28,500	U.S. Treasury Bonds 1.875% due 02/15/2041		(29,052	)		28,500		28,517
Total Repurchase Agreements											$	(61,279	)	$	60,090	$	60,108

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BRC		(0.500	)%		10/23/2023		TBD	(3)	$	(447	)	$	(447	)
Total Reverse Repurchase Agreements												$	(447	)

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, 2023:

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(4)
Global/Master Repurchase Agreement
BPS	$	100	$	0		$	0	$	0	$	100		$	(102	)	$	(2	)
BRC		0		(447	)		0		0		(447	)		561			114
DEU		27,400		0			0		0		27,400			(27,953	)		(553	)
FICC		4,091		0			0		0		4,091			(4,172	)		(81	)
JPS		28,517		0			0		0		28,517			(29,052	)		(535	)
Master Securities Lending Agreement
BCY		0		0			0		10,675		10,675			(10,888	)		(213	)
BMO		0		0			0		1,491		1,491			(1,520	)		(29	)
BOS		0		0			0		4,965		4,965			(5,064	)		(99	)
BPG		0		0			0		1,749		1,749			(1,785	)		(36	)
BSN		0		0			0		441		441			(450	)		(9	)
GSC		0		0			0		6,239		6,239			(6,364	)		(125	)
RDR		0		0			0		6,092		6,092			(6,240	)		(148	)
Total Borrowings and Other Financing Transactions	$	60,108	$	(447	)	$	0	$	31,652

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(5)
Corporate Bonds & Notes	$	32,311	$	0	$	0	$	0		$	32,311
Total	$	32,311	$	0	$	0	$	0		$	32,311
Reverse Repurchase Agreements
Corporate Bonds & Notes		0		0		0		(447	)		(447	)
Total	$	0	$	0	$	0	$	(447	)	$	(447	)
Total Borrowings	$	32,311	$	0	$	0	$	(447	)	$	31,864
Payable for reverse repurchase agreements and securities on loan - cash collateral										$	31,864

(j) Securities with an aggregate market value of $561 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

⁽¹⁾ Includes accrued interest.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 55

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

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2023 was $(264) at a weighted average interest rate of (0.662%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

⁽⁴⁾ 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.

⁽⁵⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

(k) 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 2-Year Note March Futures		03/2024		136	$	28,004	$	26	$	17	$	0
U.S. Treasury 5-Year Note March Futures		03/2024		213		23,169		576		18		0
Total Futures Contracts							$	602	$	35	$	0

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, 2023(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																			Asset		Liability
Calpine Corp.	5.000%		Quarterly		06/20/2028		2.674	%	$	2,500	$	100		$	127	$	227		$	0	$	(1	)
Ford Motor Credit Co. LLC	5.000		Quarterly		12/20/2028		1.885			1,500		170			35		205			0		0
Newell Brands, Inc.	1.000		Quarterly		06/20/2028		3.418			2,300		(353	)		144		(209	)		2		0
											$	(83	)	$	306	$	223		$	2	$	(1	)

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
																Asset		Liability
CDX.HY-36 5-Year Index		5.000	%		Quarterly		06/20/2026	$	4,850	$	183	$	134	$	317	$	0	$	0
CDX.HY-40 5-Year Index		5.000			Quarterly		06/20/2028		594		14		23		37		0		0
CDX.HY-41 5-Year Index		5.000			Quarterly		12/20/2028		49,797		333		2,663		2,996		0		(14	)
										$	530	$	2,820	$	3,350	$	0	$	(14	)
Total Swap Agreements										$	447	$	3,126	$	3,573	$	2	$	(15	)

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, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	35	$	2	$	37	$	0	$	0	$	(15)	$	(15)

Cash of $10,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

56 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

⁽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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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 and Other 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, 2023:

	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	$	35	$	35
Swap Agreements		0		2		0		0		0		2
	$	0	$	2	$	0	$	0	$	35	$	37
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	15	$	0	$	0	$	0	$	15

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	557		$	557
Swap Agreements		0		2,230		0		0		(5	)		2,225
	$	0	$	2,230	$	0	$	0	$	552		$	2,782
Over the counter
Swap Agreements	$	0	$	3	$	0	$	0	$	0		$	3
	$	0	$	2,233	$	0	$	0	$	552		$	2,785
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	875		$	875
Swap Agreements		0		1,420		0		0		0			1,420
	$	0	$	1,420	$	0	$	0	$	875		$	2,295

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 57

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	2,553	$	3,282	$	5,835
Corporate Bonds & Notes
Banking & Finance		0		212,189		624		212,813
Industrials		0		884,614		0		884,614
Utilities		0		77,051		0		77,051
U.S. Treasury Obligations		0		9,845		0		9,845
Common Stocks
Financials		0		0		3,008		3,008
Health Care		0		0		1,085		1,085
Information Technology		0		0		6		6
Warrants
Financials		0		0		73		73
Short-Term Instruments
Repurchase Agreements		0		60,090		0		60,090
	$	0	$	1,246,342	$	8,078	$	1,254,420

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds	$	31,984	$	0		$	0	$	31,984
Total Investments	$	31,984	$	1,246,342		$	8,078	$	1,286,404
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	37		$	0	$	37
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(15	)	$	0	$	(15	)
Total Financial Derivative Instruments	$	0	$	22		$	0	$	22
Totals	$	31,984	$	1,246,364		$	8,078	$	1,286,426

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

58 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 101.1%
CORPORATE BONDS & NOTES 97.6%
BANKING & FINANCE 38.2%
ABN AMRO Bank NV
6.339% due 09/18/2027	$		240	$		245
AerCap Ireland Capital DAC
2.450% due 10/29/2026			3,632			3,365
3.000% due 10/29/2028			130			119
3.300% due 01/30/2032			2,455			2,138
3.400% due 10/29/2033			146			125
3.850% due 10/29/2041			63			51
4.450% due 10/01/2025			787			773
Aflac, Inc.
4.750% due 01/15/2049			51			48
AIA Group Ltd.
4.950% due 04/04/2033			2,180			2,197
AIB Group PLC
7.583% due 10/14/2026 •			230			237
Aircastle Ltd.
4.250% due 06/15/2026			140			135
6.500% due 07/18/2028			120			123
Alexandria Real Estate Equities, Inc.
1.875% due 02/01/2033			2,007			1,564
4.900% due 12/15/2030			48			48
Alleghany Corp.
3.250% due 08/15/2051			1,571			1,191
Ally Financial, Inc.
2.200% due 11/02/2028			1,041			886
3.875% due 05/21/2024			40			40
4.750% due 06/09/2027			110			106
5.800% due 05/01/2025			130			130
American Express Co.
3.950% due 08/01/2025			867			853
4.050% due 12/03/2042			123			111
4.420% due 08/03/2033 •			1,355			1,305
6.489% due 10/30/2031			140			152
American Homes 4 Rent LP
4.250% due 02/15/2028			125			121
American Tower Corp.
2.750% due 01/15/2027			667			626
2.900% due 01/15/2030			2,187			1,948
2.950% due 01/15/2051			1,773			1,184
3.125% due 01/15/2027			342			324
3.600% due 01/15/2028			950			906
5.900% due 11/15/2033			120			127
ANZ New Zealand International Ltd.
1.250% due 06/22/2026			136			125
Aon Corp.
2.800% due 05/15/2030			1,441			1,279
2.900% due 08/23/2051			974			636
3.900% due 02/28/2052			70			56
Arch Capital Group Ltd.
3.635% due 06/30/2050			142			109
Ares Capital Corp.
2.875% due 06/15/2027 (d)			268			245
2.875% due 06/15/2028			10			9
Ares Management Corp.
6.375% due 11/10/2028			1,000			1,049
ASB Bank Ltd.
2.375% due 10/22/2031			125			102
Assured Guaranty U.S. Holdings, Inc.
3.150% due 06/15/2031			181			161
Athene Global Funding
0.914% due 08/19/2024			493			478
1.000% due 04/16/2024			10			10
1.450% due 01/08/2026			607			560
1.608% due 06/29/2026			1,475			1,336
1.716% due 01/07/2025			41			39
2.673% due 06/07/2031			10			8
Australia & New Zealand Banking Group Ltd.
2.570% due 11/25/2035 •(e)			725			586
2.950% due 07/22/2030 •			234			222
4.400% due 05/19/2026 (e)			455			444

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Aviation Capital Group LLC
1.950% due 01/30/2026	$		168	$		156
6.250% due 04/15/2028			2,217			2,263
Avolon Holdings Funding Ltd.
2.125% due 02/21/2026			45			42
2.528% due 11/18/2027			1,092			968
2.875% due 02/15/2025			1,576			1,521
5.500% due 01/15/2026			1,992			1,980
AXIS Specialty Finance PLC
4.000% due 12/06/2027			120			115
Banco Bilbao Vizcaya Argentaria SA
5.862% due 09/14/2026 •			47			47
6.138% due 09/14/2028			340			349
Banco de Credito e Inversiones SA
3.500% due 10/12/2027			854			808
Banco Santander Chile
2.700% due 01/10/2025			125			122
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.375% due 04/17/2025			147			147
Banco Santander SA
1.849% due 03/25/2026			86			80
4.379% due 04/12/2028			120			117
5.147% due 08/18/2025			801			797
5.294% due 08/18/2027			120			120
Bank of America Corp.
1.530% due 12/06/2025 •			1,043			1,003
2.572% due 10/20/2032 •			4,070			3,376
2.676% due 06/19/2041 •			498			356
2.687% due 04/22/2032 •			666			563
2.884% due 10/22/2030 •			130			115
3.384% due 04/02/2026 •			1,376			1,339
3.419% due 12/20/2028 •			2,719			2,563
3.458% due 03/15/2025 •			1,330			1,324
3.500% due 04/19/2026			960			934
3.970% due 03/05/2029 •			100			96
4.000% due 04/01/2024			417			415
4.083% due 03/20/2051 •			2,252			1,896
4.271% due 07/23/2029 •			1,704			1,647
4.827% due 07/22/2026 •			845			839
4.948% due 07/22/2028 •			984			984
5.015% due 07/22/2033 •			2,809			2,780
5.080% due 01/20/2027 •			1,309			1,307
5.875% due 02/07/2042			130			140
6.204% due 11/10/2028 •			823			859
Bank of Ireland Group PLC
6.253% due 09/16/2026 •			120			121
Bank of New York Mellon Corp.
4.706% due 02/01/2034			120			117
5.802% due 10/25/2028 •			46			48
5.834% due 10/25/2033 •			1,868			1,981
Bank of New Zealand
1.000% due 03/03/2026			110			101
Bank of Nova Scotia
1.050% due 03/02/2026			53			49
5.250% due 06/12/2028			372			378
Barclays PLC
2.852% due 05/07/2026 •			250			241
3.932% due 05/07/2025 •			128			127
4.337% due 01/10/2028			125			122
4.375% due 01/12/2026			3,968			3,915
5.304% due 08/09/2026 •			560			558
7.325% due 11/02/2026 •			120			124
7.437% due 11/02/2033 •			44			49
Berkshire Hathaway Finance Corp.
2.850% due 10/15/2050			1,170			821
3.850% due 03/15/2052			1,752			1,466
4.200% due 08/15/2048			386			356
4.250% due 01/15/2049			545			509
5.750% due 01/15/2040			721			816
Berkshire Hathaway, Inc.
4.500% due 02/11/2043			654			636
Blackstone Holdings Finance Co. LLC
2.800% due 09/30/2050			75			47
2.850% due 08/05/2051			1,756			1,114
3.500% due 09/10/2049			576			419

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Blackstone Secured Lending Fund
2.750% due 09/16/2026	$		942	$		862
3.625% due 01/15/2026			128			122
Block Financial LLC
3.875% due 08/15/2030			917			839
Blue Owl Capital Corp.
2.875% due 06/11/2028			157			138
3.400% due 07/15/2026			126			117
4.250% due 01/15/2026			10			10
Blue Owl Finance LLC
3.125% due 06/10/2031			274			226
4.125% due 10/07/2051			480			320
BNP Paribas SA
1.323% due 01/13/2027 •			1,272			1,174
2.219% due 06/09/2026 •			442			422
3.800% due 01/10/2024			10			10
4.400% due 08/14/2028			2,798			2,728
BPCE SA
1.000% due 01/20/2026			332			306
1.652% due 10/06/2026 •			1,764			1,643
3.500% due 10/23/2027			250			234
5.975% due 01/18/2027 •			825			832
Brandywine Operating Partnership LP
3.950% due 11/15/2027			400			358
Brighthouse Financial Global Funding
1.550% due 05/24/2026			482			441
Brookfield Finance, Inc.
3.625% due 02/15/2052			717			512
3.900% due 01/25/2028			1,095			1,056
4.850% due 03/29/2029			2,215			2,204
Brown & Brown, Inc.
2.375% due 03/15/2031			146			120
4.950% due 03/17/2052			100			89
CaixaBank SA
6.684% due 09/13/2027			363			372
Capital One Financial Corp.
1.878% due 11/02/2027			1,954			1,759
2.636% due 03/03/2026 •			1,598			1,532
4.985% due 07/24/2026 •			240			237
5.247% due 07/26/2030 •			178			175
5.268% due 05/10/2033 •			145			142
5.468% due 02/01/2029			120			120
CBRE Services, Inc.
5.950% due 08/15/2034			120			126
Charles Schwab Corp.
1.650% due 03/11/2031			3,754			3,032
1.950% due 12/01/2031			164			132
2.000% due 03/20/2028			688			613
2.300% due 05/13/2031			10			8
2.900% due 03/03/2032			100			86
5.875% due 08/24/2026			1,242			1,274
China Cinda Finance Ltd.
4.250% due 04/23/2025			208			205
Chubb INA Holdings, Inc.
1.375% due 09/15/2030			60			49
3.050% due 12/15/2061			50			36
Citigroup, Inc.
2.561% due 05/01/2032 •(g)			1,500			1,252
2.572% due 06/03/2031 •(g)			500			427
2.976% due 11/05/2030 •			340			303
3.057% due 01/25/2033 •(g)			1,980			1,690
3.070% due 02/24/2028 •			130			123
3.400% due 05/01/2026			500			483
3.668% due 07/24/2028 •			523			499
3.700% due 01/12/2026			100			98
3.887% due 01/10/2028 •			3,055			2,956
3.980% due 03/20/2030 •			240			228
4.075% due 04/23/2029 •			425			409
5.316% due 03/26/2041			130			131
6.270% due 11/17/2033 •(g)			908			972
Citizens Bank NA
3.750% due 02/18/2026			420			400
4.575% due 08/09/2028			230			218
Citizens Financial Group, Inc.
2.850% due 07/27/2026			125			117
3.250% due 04/30/2030			10			9

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 59

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Commonwealth Bank of Australia
2.688% due 03/11/2031 (e)	$		1,488	$		1,225
3.743% due 09/12/2039 (e)			1,338			1,056
5.316% due 03/13/2026			1,002			1,018
Cooperatieve Rabobank UA
1.980% due 12/15/2027 •			110			100
3.750% due 07/21/2026			963			923
5.800% due 09/30/2110			3			3
Corebridge Financial, Inc.
3.500% due 04/04/2025			1,104			1,077
3.650% due 04/05/2027			1,177			1,133
3.850% due 04/05/2029			838			790
3.900% due 04/05/2032			196			177
4.400% due 04/05/2052			100			84
Corporate Office Properties LP
2.250% due 03/15/2026			472			440
Credit Agricole SA
1.247% due 01/26/2027 •			1,006			927
1.907% due 06/16/2026 •			51			48
Credit Suisse AG
1.250% due 08/07/2026			352			319
Crown Castle, Inc.
1.350% due 07/15/2025			23			22
2.100% due 04/01/2031			20			16
2.250% due 01/15/2031			1,048			869
2.500% due 07/15/2031			10			8
2.900% due 03/15/2027			650			608
2.900% due 04/01/2041			172			123
3.100% due 11/15/2029			1,720			1,541
3.250% due 01/15/2051			27			19
3.300% due 07/01/2030			100			90
4.300% due 02/15/2029			713			687
4.450% due 02/15/2026			1,055			1,040
CubeSmart LP
3.000% due 02/15/2030			56			50
DAE Sukuk Difc Ltd.
3.750% due 02/15/2026			870			837
Danske Bank AS
3.244% due 12/20/2025 •			1,579			1,539
5.375% due 01/12/2024			830			830
Deutsche Bank AG
2.129% due 11/24/2026 •(g)			1,778			1,668
3.961% due 11/26/2025 •			471			463
4.100% due 01/13/2026			1,006			979
7.079% due 02/10/2034 •			912			938
Digital Realty Trust LP
3.600% due 07/01/2029			714			670
3.700% due 08/15/2027			51			49
Discover Bank
4.650% due 09/13/2028			2,074			1,976
Discover Financial Services
4.100% due 02/09/2027			110			106
DNB Bank ASA
1.535% due 05/25/2027 •			2,071			1,891
Empower Finance LP
1.776% due 03/17/2031			61			49
3.075% due 09/17/2051			2,480			1,714
Enstar Group Ltd.
3.100% due 09/01/2031			428			349
Equinix, Inc.
1.450% due 05/15/2026			10			9
2.150% due 07/15/2030			556			471
2.625% due 11/18/2024			50			49
3.000% due 07/15/2050			773			526
3.200% due 11/18/2029			1,416			1,302
Equitable Financial Life Global Funding
1.300% due 07/12/2026			250			226
Equitable Holdings, Inc.
5.000% due 04/20/2048			1,233			1,147
Essex Portfolio LP
2.650% due 03/15/2032			2,499			2,090
3.500% due 04/01/2025			50			49
Extra Space Storage LP
2.350% due 03/15/2032			1,974			1,611

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
F&G Global Funding
1.750% due 06/30/2026	$		135	$		122
2.300% due 04/11/2027			503			453
Fairfax Financial Holdings Ltd.
5.625% due 08/16/2032			1,248			1,248
Federation des Caisses Desjardins du Quebec
5.700% due 03/14/2028			2,393			2,464
Fidelity National Financial, Inc.
3.200% due 09/17/2051			313			199
Fifth Third Bacorp
4.055% due 04/25/2028 •			2,266			2,162
Fifth Third Bancorp
6.361% due 10/27/2028			250			260
First American Financial Corp.
4.000% due 05/15/2030			53			48
First-Citizens Bank & Trust Co.
2.969% due 09/27/2025 •			50			49
Ford Motor Credit Co. LLC
3.815% due 11/02/2027			100			93
4.389% due 01/08/2026			1,160			1,129
6.800% due 05/12/2028			120			125
6.950% due 03/06/2026			240			246
FS KKR Capital Corp.
1.650% due 10/12/2024			261			252
3.125% due 10/12/2028			183			160
3.400% due 01/15/2026			273			258
GA Global Funding Trust
0.800% due 09/13/2024			134			129
1.950% due 09/15/2028			181			155
2.250% due 01/06/2027			512			465
GAIF Bond Issuer Pty. Ltd.
3.400% due 09/30/2026			410			388
GATX Corp.
3.500% due 06/01/2032			50			44
4.700% due 04/01/2029			1,626			1,614
General Motors Financial Co., Inc.
1.050% due 03/08/2024			718			712
1.250% due 01/08/2026			2,382			2,205
1.500% due 06/10/2026			1,312			1,203
2.350% due 01/08/2031			150			124
2.750% due 06/20/2025			10			10
4.300% due 04/06/2029			52			50
5.100% due 01/17/2024			10			10
5.850% due 04/06/2030			100			103
Global Atlantic Fin Co.
3.125% due 06/15/2031			100			82
Globe Life, Inc.
4.800% due 06/15/2032			100			97
GLP Capital LP
3.250% due 01/15/2032			100			85
4.000% due 01/15/2030			1,543			1,410
4.000% due 01/15/2031			506			456
5.300% due 01/15/2029			1,311			1,304
Goldman Sachs Group, Inc.
1.431% due 03/09/2027 •			1,455			1,342
1.948% due 10/21/2027 •			2,656			2,431
1.992% due 01/27/2032 •			4,809			3,888
2.600% due 02/07/2030			10			9
2.615% due 04/22/2032 •			3,064			2,573
2.640% due 02/24/2028 •			1,225			1,136
3.102% due 02/24/2033 •			1,184			1,017
3.615% due 03/15/2028 •			51			49
3.800% due 03/15/2030			10			9
4.017% due 10/31/2038 •			55			48
4.482% due 08/23/2028 •			1,789			1,758
4.750% due 10/21/2045			130			123
Guardian Life Global Funding
1.625% due 09/16/2028			651			570
Guardian Life Insurance Co. of America
4.850% due 01/24/2077			1,514			1,297
Highwoods Realty LP
3.050% due 02/15/2030			1,244			1,030
Host Hotels & Resorts LP
3.875% due 04/01/2024			242			241
4.500% due 02/01/2026			512			503

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HSBC Holdings PLC
1.589% due 05/24/2027 •	$		1,846	$		1,694
2.206% due 08/17/2029 •			230			201
2.357% due 08/18/2031 •			832			690
2.871% due 11/22/2032 •			61			51
3.900% due 05/25/2026			1,177			1,146
3.973% due 05/22/2030 •			3,208			2,999
4.041% due 03/13/2028 •			130			125
4.300% due 03/08/2026			1,168			1,149
4.583% due 06/19/2029 •			2,301			2,233
4.755% due 06/09/2028 •			110			108
6.254% due 03/09/2034 •			2,085			2,217
Hudson Pacific Properties LP
5.950% due 02/15/2028 (d)			284			251
Huntington National Bank
5.699% due 11/18/2025			407			402
Hutchison Whampoa International Ltd.
7.450% due 11/24/2033			1,562			1,851
ING Groep NV
4.017% due 03/28/2028 •			60			58
6.114% due 09/11/2034			100			105
Intercontinental Exchange, Inc.
5.200% due 06/15/2062			100			103
Intesa Sanpaolo SpA
6.625% due 06/20/2033			996			1,022
7.000% due 11/21/2025			100			103
7.778% due 06/20/2054			110			114
8.248% due 11/21/2033 •			606			658
Invitation Homes Operating Partnership LP
2.000% due 08/15/2031			2,101			1,673
Jackson National Life Global Funding
1.750% due 01/12/2025			200			192
Jefferies Financial Group, Inc.
5.875% due 07/21/2028			120			123
JPMorgan Chase & Co.
1.045% due 11/19/2026 •			100			93
1.470% due 09/22/2027 •			1,441			1,306
1.561% due 12/10/2025 •			438			422
1.764% due 11/19/2031 •			1,214			984
2.005% due 03/13/2026 •			2,365			2,273
2.580% due 04/22/2032 •			4,104			3,473
2.947% due 02/24/2028 •			1,264			1,190
2.950% due 10/01/2026			908			865
2.963% due 01/25/2033 •			1,695			1,453
3.109% due 04/22/2041			119			92
3.509% due 01/23/2029 •			807			765
3.964% due 11/15/2048 •			80			67
4.005% due 04/23/2029 •			50			48
4.080% due 04/26/2026 •			385			379
4.323% due 04/26/2028 •			757			746
4.565% due 06/14/2030 •			802			785
4.586% due 04/26/2033 •			220			213
4.851% due 07/25/2028 •			660			661
4.912% due 07/25/2033 •			3,137			3,103
5.400% due 01/06/2042			656			680
Key Corp.
3.878% due 05/23/2025			76			74
Kilroy Realty LP
4.375% due 10/01/2025			362			352
Kimco Realty OP LLC
2.250% due 12/01/2031			582			476
KKR Group Finance Co. LLC
3.250% due 12/15/2051			2,028			1,401
Lazard Group LLC
3.750% due 02/13/2025			2,190			2,143
Liberty Mutual Group, Inc.
3.951% due 10/15/2050			1,518			1,151
5.500% due 06/15/2052			675			667
Lloyds Banking Group PLC
3.574% due 11/07/2028 •			100			94
3.750% due 01/11/2027			2,063			1,982
3.750% due 03/18/2028 •			51			49
3.870% due 07/09/2025 •			741			734
LPL Holdings, Inc.
6.750% due 11/17/2028			1,240			1,323

60 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LSEGA Financing PLC
2.000% due 04/06/2028	$		1,763	$		1,579
3.200% due 04/06/2041			538			417
Macquarie Group Ltd.
1.935% due 04/14/2028 •			1,118			997
3.763% due 11/28/2028 •			60			56
Manulife Financial Corp.
4.150% due 03/04/2026			878			868
Marsh & McLennan Cos., Inc.
2.375% due 12/15/2031			100			85
4.350% due 01/30/2047			478			430
4.900% due 03/15/2049			1,502			1,458
6.250% due 11/01/2052			110			127
MassMutual Global Funding
4.150% due 08/26/2025			399			395
Mastercard, Inc.
4.875% due 03/09/2028			932			961
Meiji Yasuda Life Insurance Co.
5.200% due 10/20/2045 •			49			48
MET Tower Global Funding
1.250% due 09/14/2026			111			101
MetLife, Inc.
4.125% due 08/13/2042			130			115
5.000% due 07/15/2052			100			99
9.250% due 04/08/2068			163			183
Metropolitan Life Global Funding
1.875% due 01/11/2027			2,934			2,682
5.150% due 03/28/2033			1,955			1,991
Mitsubishi HC Capital, Inc.
5.080% due 09/15/2027			1,321			1,322
Mitsubishi UFJ Financial Group, Inc.
2.048% due 07/17/2030			2,822			2,376
2.309% due 07/20/2032 •			164			136
2.341% due 01/19/2028 •			1,293			1,197
3.195% due 07/18/2029			1,239			1,139
3.751% due 07/18/2039			120			105
4.788% due 07/18/2025 •			1,150			1,145
5.017% due 07/20/2028 •			776			777
5.719% due 02/20/2026 •			994			998
Mizuho Financial Group, Inc.
1.979% due 09/08/2031 •			80			65
2.564% due 09/13/2031			249			203
3.170% due 09/11/2027			60			56
5.414% due 09/13/2028 •			1,394			1,414
Morgan Stanley
1.928% due 04/28/2032 •			2,739			2,204
2.511% due 10/20/2032 •			119			99
2.630% due 02/18/2026 •			300			290
3.620% due 04/17/2025 •			519			516
3.622% due 04/01/2031 •			3,019			2,782
3.971% due 07/22/2038			120			105
4.210% due 04/20/2028 •			1,538			1,504
4.300% due 01/27/2045			90			81
4.375% due 01/22/2047			130			117
4.679% due 07/17/2026 •			1,736			1,720
4.889% due 07/20/2033 •			2,155			2,102
5.050% due 01/28/2027 •			565			566
5.123% due 02/01/2029 •			1,495			1,503
5.164% due 04/20/2029			130			131
6.296% due 10/18/2028 •			46			48
Morgan Stanley Bank NA
5.882% due 10/30/2026			1,000			1,029
Nasdaq, Inc.
5.550% due 02/15/2034			250			260
National Australia Bank Ltd.
2.990% due 05/21/2031 (e)			100			84
3.347% due 01/12/2037 •(e)			110			91
Nationwide Building Society
2.972% due 02/16/2028 •			50			47
3.960% due 07/18/2030 •			2,024			1,892
Nationwide Mutual Insurance Co.
4.350% due 04/30/2050			1,676			1,346
4.950% due 04/22/2044			54			47
NatWest Group PLC
3.032% due 11/28/2035 •			202			168
4.269% due 03/22/2025 •			682			680
4.892% due 05/18/2029 •			4,845			4,762

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York Life Global Funding
2.350% due 07/14/2026	$		100	$		94
New York Life Insurance Co.
3.750% due 05/15/2050			135			108
4.450% due 05/15/2069			169			145
6.750% due 11/15/2039			503			580
Nippon Life Insurance Co.
2.900% due 09/16/2051 •			576			475
3.400% due 01/23/2050 •			679			601
5.100% due 10/16/2044 •			325			322
Nissan Motor Acceptance Co. LLC
1.125% due 09/16/2024			100			97
1.850% due 09/16/2026			125			112
2.000% due 03/09/2026			2,145			1,972
2.450% due 09/15/2028			100			86
Nomura Holdings, Inc.
2.172% due 07/14/2028			57			50
2.329% due 01/22/2027			2,194			2,013
2.648% due 01/16/2025			1,606			1,559
NongHyup Bank
1.250% due 07/20/2025			37			35
Nordea Bank Abp
1.500% due 09/30/2026			55			50
5.375% due 09/22/2027			1,688			1,717
Norinchukin Bank
4.867% due 09/14/2027 (d)			723			723
5.071% due 09/14/2032			47			47
5.430% due 03/09/2028 (d)			1,215			1,241
Northwestern Mutual Global Funding
0.800% due 01/14/2026			332			307
4.000% due 07/01/2025			20			20
Nuveen Finance LLC
4.125% due 11/01/2024			861			848
Oaktree Strategic Credit Fund
8.400% due 11/14/2028			1,000			1,054
Old Republic International Corp.
3.875% due 08/26/2026			630			606
Oversea-Chinese Banking Corp. Ltd.
1.832% due 09/10/2030 •(e)			328			309
Pacific Life Global Funding
1.600% due 09/21/2028			3,051			2,619
Pacific LifeCorp
5.400% due 09/15/2052			703			701
PNC Financial Services Group, Inc.
2.307% due 04/23/2032			260			218
5.068% due 01/24/2034			2,314			2,265
5.354% due 12/02/2028 •			47			48
5.582% due 06/12/2029			485			496
6.875% due 10/20/2034			140			155
Popular, Inc.
7.250% due 03/13/2028			1,721			1,772
Pricoa Global Funding
0.800% due 09/01/2025			1,321			1,234
Principal Life Global Funding
3.000% due 04/18/2026			848			808
Progressive Corp.
3.000% due 03/15/2032			761			679
3.700% due 03/15/2052			100			81
Prologis LP
3.000% due 04/15/2050			68			49
4.000% due 09/15/2028			1,658			1,619
Protective Life Global Funding
1.303% due 09/20/2026			722			655
1.646% due 01/13/2025			572			550
Prudential Financial, Inc.
3.000% due 03/10/2040			172			134
3.905% due 12/07/2047			135			111
5.375% due 05/15/2045			440			435
Prudential Funding Asia PLC
3.125% due 04/14/2030			281			255
3.625% due 03/24/2032			577			522
Raymond James Financial, Inc.
3.750% due 04/01/2051			60			45
Realty Income Corp.
3.250% due 01/15/2031			132			120

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.400% due 01/15/2028	$		583	$		554
4.700% due 12/15/2028			1,514			1,527
Regency Centers LP
2.950% due 09/15/2029			803			721
Reinsurance Group of America, Inc.
3.950% due 09/15/2026			949			920
Reliance Standard Life Global Funding
1.512% due 09/28/2026			157			140
Rexford Industrial Realty LP
2.150% due 09/01/2031			1,183			948
RGA Global Funding
2.000% due 11/30/2026			53			49
6.000% due 11/21/2028			920			955
Royal Bank of Canada
3.625% due 05/04/2027			50			48
Sabra Health Care LP
3.200% due 12/01/2031			295			242
Santander Holdings USA, Inc.
2.490% due 01/06/2028 •			1,460			1,338
4.500% due 07/17/2025			1,045			1,033
6.499% due 03/09/2029 •			1,634			1,690
Santander U.K. Group Holdings PLC
1.673% due 06/14/2027 •			3,167			2,881
Scentre Group Trust
3.500% due 02/12/2025			50			49
SITE Centers Corp.
3.625% due 02/01/2025			254			247
SMBC Aviation Capital Finance DAC
1.900% due 10/15/2026			1,247			1,133
Societe Generale SA
1.488% due 12/14/2026 •			2,312			2,130
1.792% due 06/09/2027 •			105			96
2.797% due 01/19/2028 •			825			760
3.337% due 01/21/2033 •			686			578
4.250% due 04/14/2025			731			715
6.691% due 01/10/2034 •			580			613
Spirit Realty LP
4.450% due 09/15/2026			488			479
Standard Chartered PLC
2.678% due 06/29/2032 •			84			68
2.819% due 01/30/2026 •			3,384			3,273
4.644% due 04/01/2031 •			1,523			1,437
State Street Corp.
5.751% due 11/04/2026 •			1,046			1,063
5.820% due 11/04/2028 •			1,152			1,196
Stellantis Finance U.S., Inc.
1.711% due 01/29/2027			137			124
Sumitomo Mitsui Financial Group, Inc.
2.222% due 09/17/2031			2,450			2,021
2.472% due 01/14/2029			552			492
2.750% due 01/15/2030			3,034			2,685
4.306% due 10/16/2028			50			49
5.766% due 01/13/2033			47			50
Sumitomo Mitsui Trust Bank Ltd.
4.950% due 09/15/2027			1,962			1,968
Sun Communities Operating LP
2.300% due 11/01/2028			56			49
SVB Financial Group
1.800% due 02/02/2031 ^(a)			1			1
Synchrony Financial
2.875% due 10/28/2031			2,242			1,798
5.150% due 03/19/2029			122			119
Teachers Insurance & Annuity Association of America
6.850% due 12/16/2039			1			1
Toronto-Dominion Bank
3.200% due 03/10/2032			3,044			2,698
4.108% due 06/08/2027			49			48
Travelers Cos., Inc.
3.050% due 06/08/2051			125			92
Truist Financial Corp.
1.125% due 08/03/2027			15			13
4.260% due 07/28/2026			332			325
4.873% due 01/26/2029			227			224
5.122% due 01/26/2034 •			120			116
5.867% due 06/08/2034			130			133
7.161% due 10/30/2029			1,360			1,470

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 61

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. Bancorp
1.375% due 07/22/2030	$		70	$		56
3.900% due 04/26/2028			352			340
4.548% due 07/22/2028			872			860
4.653% due 02/01/2029			320			315
5.727% due 10/21/2026			598			602
5.836% due 06/12/2034			120			124
UBS AG
1.250% due 06/01/2026			578			531
4.500% due 06/26/2048			465			459
UBS Group AG
1.305% due 02/02/2027 •			805			739
2.193% due 06/05/2026 •			2,389			2,273
3.126% due 08/13/2030 •			663			592
4.125% due 09/24/2025			1,815			1,777
4.194% due 04/01/2031 •			2,465			2,297
4.751% due 05/12/2028 •			959			945
4.875% due 05/15/2045			916			873
6.373% due 07/15/2026 •			481			487
6.442% due 08/11/2028 •			339			352
6.537% due 08/12/2033 •			786			839
UDR, Inc.
2.100% due 08/01/2032			1,847			1,449
3.000% due 08/15/2031			100			88
UniCredit SpA
1.982% due 06/03/2027 •			678			620
2.569% due 09/22/2026 •			52			49
3.127% due 06/03/2032 •			145			123
USAA Capital Corp.
2.125% due 05/01/2030			57			48
VICI Properties LP
4.625% due 12/01/2029			4,094			3,862
5.125% due 05/15/2032			51			50
5.625% due 05/15/2052			991			951
Visa, Inc.
1.900% due 04/15/2027			243			226
2.700% due 04/15/2040			164			127
Wells Fargo & Co.
3.068% due 04/30/2041 •			182			138
3.526% due 03/24/2028 •			1,521			1,452
3.908% due 04/25/2026 •			1,785			1,751
4.150% due 01/24/2029			753			732
4.611% due 04/25/2053 •			910			819
4.808% due 07/25/2028 •			1,766			1,754
4.897% due 07/25/2033 •			5,695			5,551
5.013% due 04/04/2051			800			762
5.389% due 04/24/2034			120			121
Welltower OP LLC
4.250% due 04/15/2028			1,091			1,072
Westpac Banking Corp.
2.150% due 06/03/2031			110			93
2.700% due 08/19/2026			180			172
2.894% due 02/04/2030 •(e)			10			10
2.963% due 11/16/2040 (e)			158			110
3.020% due 11/18/2036 •(e)			60			49
5.405% due 08/10/2033 •(e)			51			51
Weyerhaeuser Co.
6.875% due 12/15/2033			359			396
7.375% due 03/15/2032			1,999			2,322
Willis North America, Inc.
4.650% due 06/15/2027			1,892			1,873
						394,154
INDUSTRIALS 45.8%
7-Eleven, Inc.
0.800% due 02/10/2024			10			10
0.950% due 02/10/2026			1,782			1,648
AbbVie, Inc.
2.950% due 11/21/2026			1,603			1,538
3.200% due 05/14/2026			25			24
3.800% due 03/15/2025			210			207
3.850% due 06/15/2024			152			151
4.050% due 11/21/2039			1,810			1,635
4.400% due 11/06/2042			52			48
4.450% due 05/14/2046			130			120
4.550% due 03/15/2035			953			935

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.700% due 05/14/2045	$		3,342	$		3,184
4.850% due 06/15/2044			27			26
Aetna, Inc.
3.875% due 08/15/2047			1,285			1,007
Agilent Technologies, Inc.
2.300% due 03/12/2031			10			9
Aker BP ASA
2.000% due 07/15/2026			1,540			1,420
3.100% due 07/15/2031			80			68
Alcon Finance Corp.
2.600% due 05/27/2030			2,067			1,793
Alibaba Group Holding Ltd.
3.400% due 12/06/2027			908			862
3.600% due 11/28/2024			942			925
4.400% due 12/06/2057			338			276
Allegion PLC
3.500% due 10/01/2029			54			50
Alphabet, Inc.
0.450% due 08/15/2025			279			262
Amazon.com, Inc.
2.100% due 05/12/2031			4,378			3,777
2.700% due 06/03/2060			1,602			1,061
3.100% due 05/12/2051			140			104
3.250% due 05/12/2061			143			105
3.875% due 08/22/2037			1,752			1,627
4.100% due 04/13/2062			246			218
Amcor Flexibles North America, Inc.
2.690% due 05/25/2031			40			34
America Movil SAB de CV
3.625% due 04/22/2029			890			841
Amgen, Inc.
3.000% due 02/22/2029			100			94
3.150% due 02/21/2040			3,865			3,010
3.200% due 11/02/2027			345			330
3.625% due 05/22/2024			598			593
4.200% due 02/22/2052			100			85
4.400% due 05/01/2045			2,130			1,893
4.400% due 02/22/2062			172			145
4.663% due 06/15/2051			919			837
4.950% due 10/01/2041			563			539
5.150% due 03/02/2028			908			930
5.250% due 03/02/2025			424			425
5.750% due 03/02/2063			68			71
Amphenol Corp.
2.800% due 02/15/2030			160			146
Anglo American Capital
3.875% due 03/16/2029			120			113
AngloGold Ashanti Holdings PLC
3.750% due 10/01/2030			855			744
Anheuser-Busch Cos. LLC
4.700% due 02/01/2036			1,107			1,104
4.900% due 02/01/2046			4,323			4,241
Anheuser-Busch InBev Finance, Inc.
4.900% due 02/01/2046			280			275
Anheuser-Busch InBev Worldwide, Inc.
4.000% due 04/13/2028			49			48
5.450% due 01/23/2039			625			660
5.800% due 01/23/2059			140			157
Apache Corp.
5.100% due 09/01/2040			77			66
Apple, Inc.
1.200% due 02/08/2028			10			9
1.650% due 05/11/2030			1,716			1,468
2.200% due 09/11/2029			10			9
2.375% due 02/08/2041			120			88
2.800% due 02/08/2061			73			50
2.850% due 08/05/2061			172			118
3.250% due 02/23/2026			2,300			2,245
3.350% due 08/08/2032 (d)			901			847
3.450% due 05/06/2024			149			148
3.850% due 08/04/2046			1,652			1,438
3.950% due 08/08/2052			1,013			887
4.650% due 02/23/2046			1,180			1,165
Aptiv PLC
2.396% due 02/18/2025			128			124

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ArcelorMittal SA
4.250% due 07/16/2029	$		52	$		51
Ashtead Capital, Inc.
4.250% due 11/01/2029			102			95
5.500% due 08/11/2032			1,331			1,316
Astrazeneca Finance LLC
1.750% due 05/28/2028			55			49
2.250% due 05/28/2031			10			9
AstraZeneca PLC
0.700% due 04/08/2026			81			75
1.375% due 08/06/2030			1,103			917
4.000% due 01/17/2029			631			623
6.450% due 09/15/2037			2,361			2,762
Autodesk, Inc.
2.850% due 01/15/2030			55			50
AutoNation, Inc.
3.800% due 11/15/2027			130			122
Bacardi Ltd.
2.750% due 07/15/2026			100			94
4.450% due 05/15/2025			10			10
4.700% due 05/15/2028			130			127
5.300% due 05/15/2048			40			38
BAE Systems Holdings, Inc.
3.850% due 12/15/2025			401			392
BAE Systems PLC
1.900% due 02/15/2031			1,397			1,149
3.400% due 04/15/2030			875			808
Baidu, Inc.
1.720% due 04/09/2026			53			49
4.125% due 06/30/2025			46			45
Barrick North America Finance LLC
5.700% due 05/30/2041			250			264
BAT Capital Corp.
3.222% due 08/15/2024			257			253
4.540% due 08/15/2047			858			660
Bayer U.S. Finance LLC
4.250% due 12/15/2025			2,052			2,000
4.375% due 12/15/2028			2,061			1,960
4.875% due 06/25/2048			1,437			1,214
Becton Dickinson & Co.
1.957% due 02/11/2031			60			50
2.823% due 05/20/2030			3,091			2,764
4.298% due 08/22/2032			49			47
4.669% due 06/06/2047			260			243
Berry Global, Inc.
4.875% due 07/15/2026			2,154			2,118
BMW U.S. Capital LLC
2.550% due 04/01/2031			55			48
3.300% due 04/06/2027			50			48
3.900% due 04/09/2025			10			10
4.150% due 04/09/2030			1,042			1,022
Boardwalk Pipelines LP
3.400% due 02/15/2031			1,487			1,330
Boeing Co.
2.196% due 02/04/2026			3,002			2,837
2.750% due 02/01/2026			10			10
3.100% due 05/01/2026			10			10
3.600% due 05/01/2034			90			80
3.625% due 02/01/2031			1,624			1,509
3.950% due 08/01/2059			2,623			2,009
5.705% due 05/01/2040			1,074			1,112
Boston Scientific Corp.
1.900% due 06/01/2025			10			10
4.550% due 03/01/2039			2,053			1,960
6.500% due 11/15/2035			93			105
BP Capital Markets America, Inc.
2.772% due 11/10/2050			249			167
2.939% due 06/04/2051			50			35
3.001% due 03/17/2052			125			88
3.060% due 06/17/2041			702			543
3.119% due 05/04/2026			250			242
3.937% due 09/21/2028			300			294
Braskem Netherlands Finance BV
4.500% due 01/10/2028			90			74
Bristol-Myers Squibb Co.
3.400% due 07/26/2029			500			474

62 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.700% due 03/15/2052	$		130	$		102
3.900% due 02/20/2028			1,976			1,943
4.250% due 10/26/2049			130			113
4.350% due 11/15/2047			3,225			2,847
4.550% due 02/20/2048			8			7
5.875% due 11/15/2036			138			149
Broadcom, Inc.
1.950% due 02/15/2028			1,029			924
2.600% due 02/15/2033			732			603
3.137% due 11/15/2035			986			810
3.187% due 11/15/2036			1,640			1,330
3.419% due 04/15/2033			875			769
3.469% due 04/15/2034			1,040			905
4.000% due 04/15/2029			838			809
4.150% due 04/15/2032			464			438
4.926% due 05/15/2037			1,310			1,269
Broadridge Financial Solutions, Inc.
2.900% due 12/01/2029			1,391			1,247
Cameron LNG LLC
3.701% due 01/15/2039			1,888			1,602
Campbell Soup Co.
2.375% due 04/24/2030			120			104
Canadian Natural Resources Ltd.
3.900% due 02/01/2025			1,093			1,076
6.450% due 06/30/2033			45			48
Canadian Pacific Railway Co.
2.050% due 03/05/2030			1,003			859
3.100% due 12/02/2051			1,848			1,337
3.500% due 05/01/2050			1,991			1,531
Carlisle Cos., Inc.
2.750% due 03/01/2030			125			111
Carrier Global Corp.
2.242% due 02/15/2025			2			2
2.700% due 02/15/2031			10			9
2.722% due 02/15/2030			2,645			2,368
3.377% due 04/05/2040			130			105
3.577% due 04/05/2050			445			349
Caterpillar, Inc.
5.300% due 09/15/2035			30			32
CDW LLC
2.670% due 12/01/2026			645			604
3.250% due 02/15/2029			125			114
3.276% due 12/01/2028			50			46
4.125% due 05/01/2025			96			94
Cenovus Energy, Inc.
6.750% due 11/15/2039			112			122
Centene Corp.
2.500% due 03/01/2031			80			67
2.625% due 08/01/2031			130			108
3.000% due 10/15/2030			176			153
4.250% due 12/15/2027			51			49
4.625% due 12/15/2029			2,481			2,382
CenterPoint Energy Resources Corp.
1.750% due 10/01/2030			149			124
CF Industries, Inc.
5.150% due 03/15/2034			130			129
CH Robinson Worldwide, Inc.
4.200% due 04/15/2028			50			49
Charter Communications Operating LLC
2.250% due 01/15/2029			227			197
2.300% due 02/01/2032			1,078			859
3.950% due 06/30/2062			1,265			797
4.200% due 03/15/2028			110			106
4.800% due 03/01/2050			2,505			1,942
4.908% due 07/23/2025			2,870			2,844
Cheniere Corpus Christi Holdings LLC
3.700% due 11/15/2029			129			122
Cheniere Energy Partners LP
3.250% due 01/31/2032			3,725			3,178
4.000% due 03/01/2031			950			865
Choice Hotels International, Inc.
3.700% due 01/15/2031			50			43
Cigna Group
3.400% due 03/01/2027			3,559			3,431
4.125% due 11/15/2025			10			10
4.500% due 02/25/2026			10			10
4.800% due 08/15/2038			100			97

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Clorox Co.
3.100% due 10/01/2027	$		788	$		747
Coca-Cola Co.
1.375% due 03/15/2031			56			46
2.125% due 09/06/2029			139			126
2.500% due 06/01/2040			510			386
3.450% due 03/25/2030			256			246
Comcast Corp.
2.887% due 11/01/2051			1,800			1,219
2.937% due 11/01/2056			150			99
2.987% due 11/01/2063			1,584			1,022
3.200% due 07/15/2036			672			565
3.400% due 07/15/2046			119			92
3.950% due 10/15/2025			121			119
3.969% due 11/01/2047			210			177
5.250% due 11/07/2025			100			101
5.350% due 11/15/2027			1,897			1,962
5.500% due 11/15/2032			1,251			1,333
Conagra Brands, Inc.
4.300% due 05/01/2024			1,340			1,333
ConocoPhillips Co.
3.800% due 03/15/2052			1,102			891
4.300% due 11/15/2044			125			112
Constellation Brands, Inc.
2.875% due 05/01/2030			1,086			973
3.150% due 08/01/2029			1,653			1,538
4.100% due 02/15/2048			179			153
5.250% due 11/15/2048			2,182			2,164
Continental Resources, Inc.
2.268% due 11/15/2026			993			914
3.800% due 06/01/2024			50			50
4.375% due 01/15/2028			100			97
5.750% due 01/15/2031			1,547			1,541
Corning, Inc.
5.450% due 11/15/2079			884			855
Corp. Nacional del Cobre de Chile
3.150% due 01/14/2030			210			188
4.500% due 09/16/2025			12			12
5.950% due 01/08/2034			976			992
Cox Communications, Inc.
1.800% due 10/01/2030			3,225			2,624
CRH America Finance, Inc.
3.400% due 05/09/2027			564			539
CSL Finanace PLC Co.
4.050% due 04/27/2029			50			49
CSX Corp.
2.400% due 02/15/2030			300			265
4.100% due 03/15/2044			260			228
6.220% due 04/30/2040			1,461			1,646
CVS Health Corp.
1.750% due 08/21/2030			10			8
3.000% due 08/15/2026			20			19
3.250% due 08/15/2029			1,302			1,214
3.375% due 08/12/2024			1,000			986
3.625% due 04/01/2027			555			538
3.750% due 04/01/2030			915			861
4.125% due 04/01/2040			164			141
5.050% due 03/25/2048			2,608			2,442
5.125% due 07/20/2045			1,769			1,676
Darden Restaurants, Inc.
6.300% due 10/10/2033			1,550			1,667
DCP Midstream Operating LP
5.125% due 05/15/2029			250			250
5.375% due 07/15/2025			48			48
Dell International LLC
4.000% due 07/15/2024			10			10
8.100% due 07/15/2036			495			609
Delta Air Lines, Inc.
4.750% due 10/20/2028			10			10
7.000% due 05/01/2025			2,891			2,944
Devon Energy Corp.
4.500% due 01/15/2030			265			255
5.000% due 06/15/2045			90			80
Diageo Capital PLC
5.300% due 10/24/2027			634			654
5.500% due 01/24/2033			45			48

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Diamondback Energy, Inc.
6.250% due 03/15/2033	$		91	$		97
Discovery Communications LLC
4.000% due 09/15/2055			724			516
4.650% due 05/15/2050			169			136
DT Midstream, Inc.
4.300% due 04/15/2032			142			128
Eastern Energy Gas Holdings LLC
3.600% due 12/15/2024			345			339
eBay, Inc.
2.700% due 03/11/2030			822			731
5.900% due 11/22/2025			521			530
6.300% due 11/22/2032			1,211			1,331
Electronic Arts, Inc.
1.850% due 02/15/2031			950			793
Elevance Health, Inc.
2.250% due 05/15/2030			1,987			1,721
2.550% due 03/15/2031			50			43
3.700% due 09/15/2049			10			8
4.100% due 05/15/2032			51			49
4.550% due 03/01/2048			1,431			1,306
4.850% due 08/15/2054			872			770
5.350% due 10/15/2025			171			172
5.950% due 12/15/2034			22			24
Eli Lilly & Co.
2.750% due 06/01/2025			603			587
4.150% due 03/15/2059			933			858
5.950% due 11/15/2037			354			394
Empresa Nacional de Telecomunicaciones SA
4.750% due 08/01/2026			347			341
Enbridge, Inc.
2.500% due 01/15/2025			1,894			1,839
2.500% due 08/01/2033			3,219			2,638
3.125% due 11/15/2029			40			37
Energy Transfer LP
4.050% due 03/15/2025			152			150
4.200% due 04/15/2027			264			257
4.950% due 05/15/2028			1,725			1,718
5.250% due 04/15/2029			120			121
5.300% due 04/15/2047			859			789
5.500% due 06/01/2027			360			365
5.875% due 01/15/2024			10			10
6.250% due 04/15/2049			1,153			1,195
6.550% due 12/01/2033			120			130
7.375% due 02/01/2031			120			126
Entergy Louisiana LLC
4.200% due 09/01/2048			2,848			2,372
Enterprise Products Operating LLC
3.200% due 02/15/2052			603			440
3.750% due 02/15/2025			1,700			1,679
4.200% due 01/31/2050			2,433			2,114
4.250% due 02/15/2048			100			88
4.850% due 08/15/2042			130			125
EQT Corp.
3.900% due 10/01/2027			50			48
5.000% due 01/15/2029			1,586			1,573
5.700% due 04/01/2028			739			751
Equifax, Inc.
5.100% due 12/15/2027			1,330			1,343
7.000% due 07/01/2037			389			436
Equinor ASA
2.375% due 05/22/2030			3,073			2,746
3.625% due 04/06/2040			15			13
3.700% due 04/06/2050			765			633
7.150% due 11/15/2025			26			27
ERAC USA Finance LLC
3.300% due 12/01/2026			152			146
4.200% due 11/01/2046			273			239
7.000% due 10/15/2037			310			363
Essential Utilities, Inc.
2.704% due 04/15/2030			56			49
3.566% due 05/01/2029			250			234
Estee Lauder Cos., Inc.
4.375% due 05/15/2028			1,660			1,655
Evernorth Health, Inc.
3.500% due 06/15/2024			170			168

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 63

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Expedia Group, Inc.
6.250% due 05/01/2025	$		10	$		10
Exxon Mobil Corp.
3.176% due 03/15/2024			13			13
FedEx Corp.
3.250% due 04/01/2026			796			770
4.250% due 05/15/2030			50			49
Fidelity National Information Services, Inc.
1.150% due 03/01/2026			134			124
2.250% due 03/01/2031			1,415			1,196
4.700% due 07/15/2027			346			346
5.100% due 07/15/2032			100			102
5.625% due 07/15/2052			100			102
Fiserv, Inc.
2.250% due 06/01/2027			10			9
2.650% due 06/01/2030			629			553
3.200% due 07/01/2026			1,011			974
3.500% due 07/01/2029			665			626
Fortune Brands Innovations, Inc.
4.000% due 03/25/2032			168			157
4.500% due 03/25/2052			100			84
Fox Corp.
4.709% due 01/25/2029			49			49
5.476% due 01/25/2039			100			97
5.576% due 01/25/2049			1,313			1,268
Freeport-McMoRan, Inc.
4.125% due 03/01/2028			2,449			2,346
4.625% due 08/01/2030			101			99
Fresenius Medical Care U.S. Finance, Inc.
2.375% due 02/16/2031			50			39
GE Capital Funding LLC
3.450% due 05/15/2025			217			212
General Mills, Inc.
2.875% due 04/15/2030			1,598			1,445
General Motors Co.
5.400% due 04/01/2048			1,597			1,461
6.600% due 04/01/2036			10			11
6.750% due 04/01/2046			46			50
6.800% due 10/01/2027 (g)			1,087			1,153
Genuine Parts Co.
6.500% due 11/01/2028			600			638
Gilead Sciences, Inc.
2.800% due 10/01/2050			181			125
3.650% due 03/01/2026			180			176
Glencore Funding LLC
1.625% due 09/01/2025			10			9
2.625% due 09/23/2031			100			85
2.850% due 04/27/2031			444			383
3.875% due 10/27/2027			100			97
3.875% due 04/27/2051			10			8
4.125% due 03/12/2024			120			120
5.400% due 05/08/2028			2,603			2,653
Global Payments, Inc.
2.900% due 05/15/2030			2,396			2,109
4.150% due 08/15/2049			172			136
4.950% due 08/15/2027			941			943
5.300% due 08/15/2029			680			685
5.950% due 08/15/2052			100			102
Graphic Packaging International LLC
0.821% due 04/15/2024			157			155
1.512% due 04/15/2026			230			209
GS Caltex Corp.
3.000% due 06/04/2024			290			287
Haleon U.S. Capital LLC
3.375% due 03/24/2027			2,795			2,691
4.000% due 03/24/2052			210			178
Halliburton Co.
7.450% due 09/15/2039			170			212
Harley-Davidson Financial Services, Inc.
6.500% due 03/10/2028			932			968
Hasbro, Inc.
3.550% due 11/19/2026			10			9
3.900% due 11/19/2029			1,414			1,316
HCA, Inc.
3.125% due 03/15/2027			163			155
3.500% due 09/01/2030			8			7

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.625% due 03/15/2032	$		692	$		619
4.125% due 06/15/2029			1,209			1,157
4.375% due 03/15/2042			2,194			1,856
5.000% due 03/15/2024			649			648
5.250% due 06/15/2049			2,633			2,451
5.875% due 02/01/2029			60			62
Hess Corp.
5.800% due 04/01/2047			1,100			1,188
Home Depot, Inc.
3.125% due 12/15/2049			2,469			1,838
4.250% due 04/01/2046			7			6
4.500% due 09/15/2032 (d)			1,841			1,879
4.500% due 12/06/2048			70			66
4.950% due 09/15/2052			1,318			1,333
Humana, Inc.
3.125% due 08/15/2029			75			69
3.700% due 03/23/2029			1,979			1,902
5.750% due 03/01/2028			518			539
5.875% due 03/01/2033			1,206			1,285
8.150% due 06/15/2038			341			418
Huntington Ingalls Industries, Inc.
2.043% due 08/16/2028			1,389			1,222
Hyatt Hotels Corp.
1.800% due 10/01/2024			100			97
4.850% due 03/15/2026			100			99
5.375% due 04/23/2025			108			108
5.750% due 01/30/2027			2,248			2,298
Hyundai Capital America
0.800% due 01/08/2024			129			129
0.875% due 06/14/2024			206			201
1.000% due 09/17/2024			838			812
1.500% due 06/15/2026			785			717
1.650% due 09/17/2026			1,216			1,106
1.800% due 10/15/2025			133			125
2.000% due 06/15/2028			750			656
2.100% due 09/15/2028			247			216
Illumina, Inc.
2.550% due 03/23/2031			1,147			970
Imperial Brands Finance PLC
3.125% due 07/26/2024			539			530
3.500% due 07/26/2026			1,055			1,007
6.125% due 07/27/2027			395			406
Infor, Inc.
1.750% due 07/15/2025			15			14
Intel Corp.
3.100% due 02/15/2060			1,564			1,079
4.600% due 03/25/2040			190			185
4.875% due 02/10/2028			894			909
International Business Machines Corp.
4.400% due 07/27/2032			628			617
4.900% due 07/27/2052			1,256			1,213
5.600% due 11/30/2039			29			31
International Flavors & Fragrances, Inc.
4.450% due 09/26/2028			882			861
IQVIA, Inc.
5.700% due 05/15/2028			130			133
J M Smucker Co.
2.375% due 03/15/2030			130			112
JDE Peet’s NV
0.800% due 09/24/2024			1,154			1,110
2.250% due 09/24/2031			165			132
Kenvue, Inc.
5.050% due 03/22/2028			1,634			1,675
Keurig Dr Pepper, Inc.
4.050% due 04/15/2032			1,979			1,906
4.417% due 05/25/2025			34			34
4.500% due 04/15/2052			997			913
Kia Corp.
1.000% due 04/16/2024			93			92
Kinder Morgan, Inc.
5.300% due 12/01/2034			125			124
5.450% due 08/01/2052			891			854
5.550% due 06/01/2045			1,484			1,430
KLA Corp.
4.650% due 07/15/2032			48			49

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Kraft Heinz Foods Co.
4.875% due 10/01/2049	$		52	$		49
6.875% due 01/26/2039			1,611			1,860
7.125% due 08/01/2039			442			524
L3Harris Technologies, Inc.
3.850% due 12/15/2026			2,236			2,192
4.400% due 06/15/2028			15			15
Lafarge SA
7.125% due 07/15/2036			135			155
Leidos, Inc.
2.300% due 02/15/2031			1,238			1,037
4.375% due 05/15/2030			738			707
Lennar Corp.
5.250% due 06/01/2026			48			48
Lockheed Martin Corp.
3.900% due 06/15/2032			227			219
5.900% due 11/15/2063			130			152
Lowe’s Cos., Inc.
2.500% due 04/15/2026			344			328
LYB International Finance LLC
1.250% due 10/01/2025			114			107
Marathon Oil Corp.
4.400% due 07/15/2027			115			112
Marathon Petroleum Corp.
3.800% due 04/01/2028			2,105			2,013
Marriott International, Inc.
2.750% due 10/15/2033			160			132
2.850% due 04/15/2031			230			199
4.625% due 06/15/2030			2,310			2,270
Marvell Technology, Inc.
2.450% due 04/15/2028			56			51
4.875% due 06/22/2028			130			130
Masco Corp.
1.500% due 02/15/2028			57			50
Massachusetts Institute of Technology
3.885% due 07/01/2116			172			135
Mattel, Inc.
3.375% due 04/01/2026			862			821
McCormick & Co., Inc.
0.900% due 02/15/2026			1,299			1,196
McDonald’s Corp.
3.500% due 07/01/2027			1,718			1,670
4.875% due 12/09/2045			1,854			1,823
5.700% due 02/01/2039			50			54
Mead Johnson Nutrition Co.
4.125% due 11/15/2025			156			154
Medtronic Global Holdings SCA
4.250% due 03/30/2028			2,124			2,116
Mercedes-Benz Finance North America LLC
1.450% due 03/02/2026			681			635
4.950% due 03/30/2025			1,640			1,642
Merck & Co., Inc.
1.700% due 06/10/2027			1,772			1,625
2.900% due 12/10/2061			3,204			2,144
3.400% due 03/07/2029			1,361			1,308
5.150% due 05/17/2063			250			261
Meta Platforms, Inc.
3.850% due 08/15/2032			1,072			1,020
4.450% due 08/15/2052			1,276			1,173
4.650% due 08/15/2062			1,298			1,210
Micron Technology, Inc.
4.185% due 02/15/2027			1,148			1,127
5.327% due 02/06/2029			100			102
Microsoft Corp.
1.350% due 09/15/2030			10			8
2.525% due 06/01/2050			4,035			2,758
2.675% due 06/01/2060			1,001			669
2.921% due 03/17/2052			60			44
Mondelez International Holdings Netherlands BV
1.250% due 09/24/2026			933			850
2.250% due 09/19/2024			26			25
4.250% due 09/15/2025			48			47
Mondelez International, Inc.
1.875% due 10/15/2032			85			69
6.500% due 11/01/2031			985			1,093

64 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Moody’s Corp.
3.100% due 11/29/2061	$		1,403	$		950
3.750% due 02/25/2052			172			141
Motorola Solutions, Inc.
2.300% due 11/15/2030			684			578
2.750% due 05/24/2031			146			125
5.500% due 09/01/2044			905			902
MPLX LP
1.750% due 03/01/2026			52			49
4.125% due 03/01/2027			1,525			1,494
4.700% due 04/15/2048			40			35
4.950% due 03/14/2052			763			680
5.200% due 03/01/2047			934			868
5.500% due 02/15/2049			122			118
MSCI, Inc.
3.875% due 02/15/2031			55			50
National Fuel Gas Co.
5.500% due 01/15/2026			226			226
5.500% due 10/01/2026			200			200
Nestle Holdings, Inc.
5.000% due 03/14/2028			768			790
Netflix, Inc.
3.625% due 06/15/2025			1,031			1,013
4.375% due 11/15/2026			28			28
4.875% due 04/15/2028			1,788			1,813
5.375% due 11/15/2029			966			999
5.875% due 02/15/2025			50			50
6.375% due 05/15/2029			45			49
NIKE, Inc.
3.250% due 03/27/2040			58			49
Nissan Motor Co. Ltd.
3.522% due 09/17/2025			128			123
Norfolk Southern Corp.
4.100% due 05/15/2121			67			51
4.150% due 02/28/2048			113			97
5.590% due 05/17/2025			796			802
Northrop Grumman Corp.
3.850% due 04/15/2045			200			168
4.750% due 06/01/2043			100			96
4.950% due 03/15/2053			120			119
Novartis Capital Corp.
2.000% due 02/14/2027			50			47
NTT Finance Corp.
1.162% due 04/03/2026			120			111
NXP BV
2.500% due 05/11/2031			2,541			2,160
3.150% due 05/01/2027			132			125
4.300% due 06/18/2029			132			128
4.400% due 06/01/2027			100			99
5.000% due 01/15/2033			100			100
Occidental Petroleum Corp.
6.125% due 01/01/2031 (g)			130			135
6.450% due 09/15/2036			1,728			1,831
6.625% due 09/01/2030			130			138
OCI NV
6.700% due 03/16/2033			1,642			1,678
Open Text Corp.
6.900% due 12/01/2027			708			737
Oracle Corp.
1.650% due 03/25/2026 (g)			541			505
2.300% due 03/25/2028 (g)			1,846			1,683
3.950% due 03/25/2051 (g)			3,237			2,540
4.125% due 05/15/2045			1,855			1,517
4.900% due 02/06/2033			792			789
5.375% due 07/15/2040			60			59
5.800% due 11/10/2025 (g)			70			71
Otis Worldwide Corp.
2.056% due 04/05/2025			35			34
2.565% due 02/15/2030			10			9
Ovintiv, Inc.
5.650% due 05/15/2028			588			600
Owens Corning
3.400% due 08/15/2026			100			96
Panasonic Holdings Corp.
2.679% due 07/19/2024			50			49

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Penske Truck Leasing Co. LP
1.200% due 11/15/2025	$		502	$		466
1.700% due 06/15/2026			2			2
3.400% due 11/15/2026			1,025			972
PepsiCo, Inc.
2.850% due 02/24/2026			126			122
3.500% due 03/19/2040			56			48
3.900% due 07/18/2032			2,217			2,170
4.600% due 07/17/2045			722			679
Pertamina Persero PT
1.400% due 02/09/2026			332			308
6.000% due 05/03/2042			638			673
Pfizer Investment Enterprises Pte. Ltd.
4.650% due 05/19/2030			488			492
Philip Morris International, Inc.
1.750% due 11/01/2030			192			158
2.750% due 02/25/2026			158			151
3.375% due 08/11/2025			155			151
3.875% due 08/21/2042			479			393
5.000% due 11/17/2025			341			343
5.625% due 11/17/2029			341			358
5.750% due 11/17/2032			341			358
6.375% due 05/16/2038			467			523
Phillips 66 Co.
2.450% due 12/15/2024			1,512			1,472
Pioneer Natural Resources Co.
1.125% due 01/15/2026			135			125
5.100% due 03/29/2026			1,652			1,665
Prosus NV
3.680% due 01/21/2030			1,226			1,074
4.027% due 08/03/2050			116			76
4.193% due 01/19/2032			180			155
4.987% due 01/19/2052			498			375
Qorvo, Inc.
1.750% due 12/15/2024			52			50
4.375% due 10/15/2029			50			47
QUALCOMM, Inc.
5.400% due 05/20/2033			823			889
6.000% due 05/20/2053			758			873
Quanta Services, Inc.
2.350% due 01/15/2032			1,425			1,180
2.900% due 10/01/2030			56			49
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.838% due 09/30/2027			236			241
Reliance Industries Ltd.
3.625% due 01/12/2052			1,543			1,134
4.125% due 01/28/2025			199			197
Reliance Steel & Aluminum Co.
1.300% due 08/15/2025			178			167
RELX Capital, Inc.
3.000% due 05/22/2030			357			329
4.000% due 03/18/2029			1,467			1,444
Renesas Electronics Corp.
1.543% due 11/26/2024			476			458
2.170% due 11/25/2026			1,133			1,035
Republic Services, Inc.
3.375% due 11/15/2027			925			889
Reynolds American, Inc.
4.450% due 06/12/2025			816			807
Rio Tinto Finance USA PLC
5.000% due 03/09/2033			1,614			1,677
Roche Holdings, Inc.
5.338% due 11/13/2028			600			623
Rogers Communications, Inc.
3.200% due 03/15/2027			784			749
5.000% due 03/15/2044			50			47
Royalty Pharma PLC
1.200% due 09/02/2025			26			24
3.300% due 09/02/2040			132			99
3.350% due 09/02/2051			184			125
3.550% due 09/02/2050			1,457			1,036
RTX Corp.
1.900% due 09/01/2031			59			48
4.050% due 05/04/2047			669			559
4.125% due 11/16/2028			50			49

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.150% due 05/15/2045	$		120	$		103
4.350% due 04/15/2047			145			126
4.500% due 06/01/2042			260			236
4.800% due 12/15/2043			1,769			1,648
5.375% due 02/27/2053			1,386			1,409
5.750% due 11/08/2026			600			617
S&P Global, Inc.
4.250% due 05/01/2029			1,472			1,467
4.750% due 08/01/2028			971			988
Sabine Pass Liquefaction LLC
4.200% due 03/15/2028			600			588
4.500% due 05/15/2030			122			119
5.900% due 09/15/2037			46			49
Sands China Ltd.
2.550% due 03/08/2027 (d)(i)			1,953			1,777
3.100% due 03/08/2029			2,083			1,818
4.300% due 01/08/2026			41			39
5.375% due 08/08/2025			13			13
Santos Finance Ltd.
3.649% due 04/29/2031			980			854
Saudi Arabian Oil Co.
2.250% due 11/24/2030			650			560
3.500% due 04/16/2029			8			8
3.500% due 11/24/2070			3,429			2,366
Seagate HDD Cayman
4.091% due 06/01/2029			724			670
Sealed Air Corp.
1.573% due 10/15/2026			1,320			1,190
Sherwin-Williams Co.
4.250% due 08/08/2025			1,030			1,020
4.550% due 08/01/2045			53			47
Silgan Holdings, Inc.
1.400% due 04/01/2026			266			243
Sitios Latinoamerica SAB de CV
5.375% due 04/04/2032			503			468
SK Hynix, Inc.
1.500% due 01/19/2026			54			50
Sky Ltd.
3.750% due 09/16/2024			184			182
Skyworks Solutions, Inc.
1.800% due 06/01/2026			558			518
Smith & Nephew PLC
2.032% due 10/14/2030			105			87
Snap-on, Inc.
4.100% due 03/01/2048			372			331
South32 Treasury Ltd.
4.350% due 04/14/2032			1,127			1,017
Southern Co.
3.700% due 04/30/2030			3,150			2,969
3.750% due 09/15/2051 •			210			192
4.400% due 07/01/2046			841			742
Southern Copper Corp.
3.875% due 04/23/2025			149			147
Southwest Airlines Co.
5.125% due 06/15/2027			118			119
Stanley Black & Decker, Inc.
4.000% due 03/15/2060 •			131			109
6.000% due 03/06/2028			932			979
Starbucks Corp.
2.000% due 03/12/2027			129			120
2.550% due 11/15/2030			10			9
3.000% due 02/14/2032 (d)			3,080			2,765
4.500% due 11/15/2048			130			119
Steel Dynamics, Inc.
2.800% due 12/15/2024			115			112
3.250% due 01/15/2031			50			45
Stryker Corp.
1.150% due 06/15/2025			273			258
3.500% due 03/15/2026			1,546			1,509
4.625% due 03/15/2046			976			935
Sydney Airport Finance Co. Pty. Ltd.
3.625% due 04/28/2026			50			48
Sysco Corp.
2.400% due 02/15/2030			120			106
5.950% due 04/01/2030			45			48
6.000% due 01/17/2034			800			866

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 65

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
T-Mobile USA, Inc.
1.500% due 02/15/2026	$		630	$		587
2.250% due 11/15/2031			35			29
2.400% due 03/15/2029			165			148
2.625% due 04/15/2026			51			49
2.700% due 03/15/2032			1,151			982
3.000% due 02/15/2041			905			678
3.400% due 10/15/2052			1,162			847
3.500% due 04/15/2025			110			108
3.600% due 11/15/2060			2,279			1,661
3.750% due 04/15/2027			2,269			2,201
3.875% due 04/15/2030			51			48
4.375% due 04/15/2040			928			838
5.650% due 01/15/2053			100			104
5.750% due 01/15/2034			1,331			1,412
Take-Two Interactive Software, Inc.
3.700% due 04/14/2027			970			941
Takeda Pharmaceutical Co. Ltd.
3.375% due 07/09/2060			1,175			824
Tapestry, Inc.
7.000% due 11/27/2026			370			384
7.350% due 11/27/2028			130			136
Targa Resources Corp.
5.200% due 07/01/2027			1,854			1,864
6.250% due 07/01/2052			100			103
TC PipeLines LP
4.375% due 03/13/2025			355			350
TCI Communications, Inc.
7.875% due 02/15/2026			1,741			1,850
TD SYNNEX Corp.
1.750% due 08/09/2026			250			227
Teck Resources Ltd.
6.000% due 08/15/2040			427			434
Telefonica Emisiones SA
4.103% due 03/08/2027			432			423
4.665% due 03/06/2038			1,168			1,070
Tencent Holdings Ltd.
3.280% due 04/11/2024			183			182
3.290% due 06/03/2060			773			490
3.925% due 01/19/2038			59			50
3.940% due 04/22/2061			1,772			1,296
3.975% due 04/11/2029			598			569
4.525% due 04/11/2049			212			180
Tennessee Gas Pipeline Co. LLC
7.625% due 04/01/2037			1,310			1,508
Textron, Inc.
3.900% due 09/17/2029			52			49
Thermo Fisher Scientific, Inc.
1.215% due 10/18/2024			500			484
4.100% due 08/15/2047			410			367
Tosco Corp.
8.125% due 02/15/2030			176			207
Toyota Industries Corp.
3.566% due 03/16/2028 (d)			492			469
TransCanada PipeLines Ltd.
4.100% due 04/15/2030			10			10
4.250% due 05/15/2028			50			49
4.625% due 03/01/2034			430			408
7.625% due 01/15/2039			1,267			1,521
TSMC Arizona Corp.
2.500% due 10/25/2031			57			49
TSMC Global Ltd.
0.750% due 09/28/2025			470			437
TWDC Enterprises 18 Corp.
7.000% due 03/01/2032			128			150
Tyson Foods, Inc.
4.000% due 03/01/2026			300			294
4.875% due 08/15/2034			1,991			1,932
Union Pacific Corp.
2.150% due 02/05/2027			355			332
2.800% due 02/14/2032			1,102			978
3.375% due 02/01/2035			120			106
4.500% due 01/20/2033			49			49
United Airlines Pass-Through Trust
5.800% due 07/15/2037			1,760			1,792

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
United Rentals North America, Inc.
3.875% due 11/15/2027	$		345	$		330
6.000% due 12/15/2029			47			48
UnitedHealth Group, Inc.
1.150% due 05/15/2026			79			73
2.000% due 05/15/2030			34			29
2.900% due 05/15/2050			146			102
3.050% due 05/15/2041			907			709
3.125% due 05/15/2060			50			36
3.375% due 04/15/2027			156			151
3.700% due 08/15/2049			401			327
4.250% due 01/15/2029			1,650			1,648
4.750% due 07/15/2045			1,418			1,379
5.050% due 04/15/2053			876			886
5.350% due 02/15/2033			46			49
6.625% due 11/15/2037			41			48
6.875% due 02/15/2038			591			714
Vale Overseas Ltd.
3.750% due 07/08/2030			941			867
6.875% due 11/21/2036			1,163			1,270
Valero Energy Corp.
4.350% due 06/01/2028			1,540			1,519
VeriSign, Inc.
5.250% due 04/01/2025			348			348
Verisk Analytics, Inc.
4.125% due 03/15/2029			1,155			1,128
VF Corp.
6.000% due 10/15/2033			35			34
Viatris, Inc.
1.650% due 06/22/2025			257			243
VMware, Inc.
1.000% due 08/15/2024			51			50
1.400% due 08/15/2026			794			726
1.800% due 08/15/2028			35			31
2.200% due 08/15/2031			80			66
4.500% due 05/15/2025			10			10
Volkswagen Group of America Finance LLC
1.250% due 11/24/2025			1,097			1,019
6.200% due 11/16/2028			2,030			2,131
Walgreens Boots Alliance, Inc.
3.450% due 06/01/2026			749			712
4.100% due 04/15/2050			100			73
4.800% due 11/18/2044			220			184
Walmart, Inc.
4.500% due 04/15/2053			1,448			1,409
Walt Disney Co.
2.750% due 09/01/2049			512			351
3.500% due 05/13/2040			116			98
4.950% due 10/15/2045			993			976
6.400% due 12/15/2035			77			88
7.750% due 12/01/2045			909			1,219
Warnermedia Holdings, Inc.
5.050% due 03/15/2042			336			296
5.141% due 03/15/2052			274			235
5.391% due 03/15/2062			2,060			1,766
Waste Connections, Inc.
2.600% due 02/01/2030			1,700			1,526
2.950% due 01/15/2052			371			261
Weir Group PLC
2.200% due 05/13/2026			925			860
Western Digital Corp.
2.850% due 02/01/2029			100			86
Western Midstream Operating LP
6.150% due 04/01/2033			1,650			1,716
Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			2,177			2,154
Westlake Corp.
0.875% due 08/15/2024			51			50
Whirlpool Corp.
4.500% due 06/01/2046			50			42
Williams Cos., Inc.
3.750% due 06/15/2027			50			48
4.300% due 03/04/2024			137			137
4.650% due 08/15/2032			2,509			2,447
5.300% due 08/15/2052			100			97
5.400% due 03/04/2044			1,733			1,684

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Woodside Finance Ltd.
3.650% due 03/05/2025	$		1,189	$		1,164
3.700% due 09/15/2026			1,281			1,232
Workday, Inc.
3.700% due 04/01/2029			700			672
3.800% due 04/01/2032			451			420
WRKCo, Inc.
3.900% due 06/01/2028			120			115
Wyeth LLC
5.950% due 04/01/2037			987			1,087
Zimmer Biomet Holdings, Inc.
3.550% due 03/20/2030			55			50
Zoetis, Inc.
2.000% due 05/15/2030			144			124
3.000% due 05/15/2050			419			301
4.700% due 02/01/2043			1,414			1,354
5.400% due 11/14/2025			431			435
						473,090
UTILITIES 13.6%
AEP Texas, Inc.
3.450% due 01/15/2050			654			473
4.700% due 05/15/2032			100			98
5.250% due 05/15/2052			100			97
AES Corp.
2.450% due 01/15/2031			3,307			2,780
5.450% due 06/01/2028			120			122
Alabama Power Co.
3.940% due 09/01/2032			666			636
Ameren Corp.
3.500% due 01/15/2031			2,430			2,219
Ameren Illinois Co.
4.800% due 12/15/2043			51			47
American Electric Power Co., Inc.
2.300% due 03/01/2030			100			85
American Water Capital Corp.
2.800% due 05/01/2030			2,756			2,469
3.000% due 12/01/2026			51			49
4.200% due 09/01/2048			56			49
Appalachian Power Co.
7.000% due 04/01/2038			1,521			1,760
Arizona Public Service Co.
2.200% due 12/15/2031			61			50
4.500% due 04/01/2042			56			49
AT&T, Inc.
1.650% due 02/01/2028			10			9
3.500% due 09/15/2053			2,840			2,063
3.650% due 06/01/2051			100			75
3.650% due 09/15/2059			2,180			1,564
4.100% due 02/15/2028			1,421			1,390
4.300% due 02/15/2030			3,083			3,022
4.350% due 03/01/2029			1,246			1,230
4.500% due 03/09/2048			1,121			979
4.750% due 05/15/2046			50			45
5.400% due 02/15/2034			120			124
Atmos Energy Corp.
1.500% due 01/15/2031			50			41
4.150% due 01/15/2043			1,490			1,352
Avangrid, Inc.
3.800% due 06/01/2029			445			420
Bell Telephone Co. of Canada
3.650% due 03/17/2051			339			261
3.650% due 08/15/2052			63			49
Berkshire Hathaway Energy Co.
1.650% due 05/15/2031			1,510			1,212
3.700% due 07/15/2030			5			5
4.050% due 04/15/2025			249			246
6.125% due 04/01/2036			2,864			3,109
BG Energy Capital PLC
5.125% due 10/15/2041			110			105
Bharti Airtel International Netherlands BV
5.350% due 05/20/2024			268			268
Bharti Airtel Ltd.
4.375% due 06/10/2025			156			154

66 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Black Hills Corp.
3.150% due 01/15/2027	$		1,409	$		1,330
4.200% due 09/15/2046			100			80
BP Capital Markets PLC
4.875% due 03/22/2030 •(b)			51			49
British Telecommunications PLC
5.125% due 12/04/2028			1,394			1,416
9.625% due 12/15/2030			759			940
Brooklyn Union Gas Co.
3.407% due 03/10/2026			780			745
4.487% due 03/04/2049			58			46
CenterPoint Energy Houston Electric LLC
4.950% due 04/01/2033			2,150			2,190
CenterPoint Energy, Inc.
1.450% due 06/01/2026			634			584
Cleveland Electric Illuminating Co.
4.550% due 11/15/2030			120			114
CMS Energy Corp.
4.750% due 06/01/2050 •			557			504
Columbia Pipelines Holding Co. LLC
6.042% due 08/15/2028			590			609
Commonwealth Edison Co.
4.000% due 03/01/2048			2,679			2,276
Consolidated Edison Co. of New York, Inc.
3.000% due 12/01/2060			283			185
3.600% due 06/15/2061			645			485
3.850% due 06/15/2046			2,124			1,733
6.150% due 11/15/2052			1,526			1,731
Constellation Energy Generation LLC
5.600% due 06/15/2042			1,001			1,002
Dominion Energy, Inc.
1.450% due 04/15/2026			993			921
3.071% due 08/15/2024 þ			577			568
3.375% due 04/01/2030			10			9
DTE Electric Co.
3.000% due 03/01/2032			55			49
3.650% due 03/01/2052			100			79
DTE Energy Co.
1.050% due 06/01/2025			256			241
3.400% due 06/15/2029			1,147			1,073
Duke Energy Carolinas LLC
2.550% due 04/15/2031			219			190
2.850% due 03/15/2032			100			87
3.550% due 03/15/2052			100			77
3.875% due 03/15/2046			60			49
6.000% due 12/01/2028			605			639
Duke Energy Corp.
2.450% due 06/01/2030			399			348
2.550% due 06/15/2031			10			9
3.400% due 06/15/2029			10			9
3.500% due 06/15/2051			146			107
3.750% due 09/01/2046			100			77
4.300% due 03/15/2028			256			253
4.500% due 08/15/2032			2,061			1,997
5.000% due 08/15/2052			178			167
Duke Energy Florida LLC
2.400% due 12/15/2031			971			820
3.400% due 10/01/2046			100			75
5.650% due 04/01/2040			11			11
5.950% due 11/15/2052			100			110
Duke Energy Progress LLC
3.400% due 04/01/2032			100			90
3.450% due 03/15/2029			10			10
3.600% due 09/15/2047			100			77
4.000% due 04/01/2052			100			82
5.250% due 03/15/2033			1,208			1,246
Duquesne Light Holdings, Inc.
3.616% due 08/01/2027			53			50
East Ohio Gas Co.
1.300% due 06/15/2025			10			9
Edison International
3.550% due 11/15/2024			60			59
5.750% due 06/15/2027			490			501
Electricite de France SA
4.875% due 01/22/2044			877			792
6.900% due 05/23/2053			1,322			1,498

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Emera U.S. Finance LP
4.750% due 06/15/2046	$		130	$		107
Enel Finance International NV
1.375% due 07/12/2026			138			126
4.250% due 06/15/2025			505			498
4.625% due 06/15/2027			1,186			1,174
5.000% due 06/15/2032			2,027			1,979
5.500% due 06/15/2052			390			369
6.000% due 10/07/2039			1,425			1,452
Entergy Corp.
0.900% due 09/15/2025			10			9
1.900% due 06/15/2028			10			9
2.400% due 06/15/2031			75			63
2.800% due 06/15/2030			2,715			2,391
Evergy, Inc.
2.450% due 09/15/2024			155			152
2.900% due 09/15/2029			545			494
Eversource Energy
0.800% due 08/15/2025			9			8
1.650% due 08/15/2030			990			804
4.600% due 07/01/2027			1,895			1,881
Exelon Corp.
4.050% due 04/15/2030			2,510			2,396
4.450% due 04/15/2046			210			183
Fells Point Funding Trust
3.046% due 01/31/2027			1,973			1,861
Florida Power & Light Co.
3.150% due 10/01/2049			2,374			1,746
4.125% due 02/01/2042			100			90
Fortis, Inc.
3.055% due 10/04/2026			28			27
Galaxy Pipeline Assets Bidco Ltd.
1.750% due 09/30/2027			3			2
Idaho Power Co.
4.200% due 03/01/2048			21			18
Indiana Michigan Power Co.
4.250% due 08/15/2048			1,444			1,217
Interstate Power & Light Co.
3.100% due 11/30/2051			28			19
3.700% due 09/15/2046			25			19
6.250% due 07/15/2039			8			9
Jersey Central Power & Light Co.
2.750% due 03/01/2032			145			123
Kentucky Utilities Co.
5.125% due 11/01/2040			100			97
5.450% due 04/15/2033			2,246			2,335
KeySpan Gas East Corp.
2.742% due 08/15/2026			1,737			1,621
LLPL Capital Pte. Ltd.
6.875% due 02/04/2039			216			208
Metropolitan Edison Co.
4.300% due 01/15/2029			125			121
MidAmerican Energy Co.
4.250% due 07/15/2049			1,741			1,520
National Rural Utilities Cooperative Finance Corp.
4.400% due 11/01/2048			1,309			1,133
New York State Electric & Gas Corp.
2.150% due 10/01/2031			100			80
3.250% due 12/01/2026			500			472
NextEra Energy Capital Holdings, Inc.
1.900% due 06/15/2028			60			53
2.250% due 06/01/2030			58			50
2.750% due 11/01/2029			4,769			4,278
4.800% due 12/01/2077 •			394			342
NGPL PipeCo LLC
4.875% due 08/15/2027			227			223
NiSource, Inc.
0.950% due 08/15/2025			10			9
5.400% due 06/30/2033			125			129
Northern States Power Co.
2.900% due 03/01/2050			291			204
NRG Energy, Inc.
2.000% due 12/02/2025			517			485
NSTAR Electric Co.
4.400% due 03/01/2044			43			39

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Oklahoma Gas & Electric Co.
4.150% due 04/01/2047	$		10	$		8
4.550% due 03/15/2044			30			26
Oncor Electric Delivery Co. LLC
3.100% due 09/15/2049			172			123
ONEOK, Inc.
3.400% due 09/01/2029			1,163			1,073
4.550% due 07/15/2028			573			566
5.200% due 07/15/2048			1,387			1,303
6.100% due 11/15/2032			797			847
Orange SA
5.375% due 01/13/2042			130			132
Pacific Gas & Electric Co.
2.500% due 02/01/2031			20			17
3.250% due 06/01/2031			1,412			1,224
3.300% due 08/01/2040			150			110
3.450% due 07/01/2025			128			123
3.750% due 07/01/2028			1,419			1,330
3.950% due 12/01/2047			724			531
4.550% due 07/01/2030			103			98
4.650% due 08/01/2028			52			50
4.950% due 07/01/2050			103			88
5.450% due 06/15/2027			513			517
5.900% due 06/15/2032			100			102
6.100% due 01/15/2029			1,884			1,951
PacifiCorp
4.150% due 02/15/2050			70			57
PECO Energy Co.
3.000% due 09/15/2049			68			49
Pennsylvania Electric Co.
3.600% due 06/01/2029			690			641
5.150% due 03/30/2026			100			100
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.000% due 06/30/2050			1,085			842
4.125% due 05/15/2027			226			220
Piedmont Natural Gas Co., Inc.
2.500% due 03/15/2031			58			50
3.500% due 06/01/2029			1,294			1,208
Pinnacle West Capital Corp.
1.300% due 06/15/2025			50			47
Plains All American Pipeline LP
3.550% due 12/15/2029			198			182
5.150% due 06/01/2042			1,011			916
Public Service Co. of Colorado
1.900% due 01/15/2031			230			191
3.550% due 06/15/2046			52			38
Public Service Electric & Gas Co.
4.650% due 03/15/2033			1,922			1,924
Public Service Enterprise Group, Inc.
0.800% due 08/15/2025			1,014			948
Puget Energy, Inc.
4.100% due 06/15/2030			226			207
4.224% due 03/15/2032 (g)			615			558
Puget Sound Energy, Inc.
5.795% due 03/15/2040			30			31
San Diego Gas & Electric Co.
1.700% due 10/01/2030			10			8
Saudi Electricity Global Sukuk Co.
5.500% due 04/08/2044			251			254
Sempra
3.300% due 04/01/2025			1,516			1,480
3.700% due 04/01/2029			1,303			1,242
Shell International Finance BV
2.875% due 05/10/2026			1,300			1,254
4.000% due 05/10/2046			495			430
Sinopec Group Overseas Development Ltd.
1.450% due 01/08/2026			79			74
2.150% due 05/13/2025			250			240
4.125% due 09/12/2025			206			203
Southern California Edison Co.
2.850% due 08/01/2029			1,266			1,155
3.650% due 02/01/2050			1,736			1,346
4.125% due 03/01/2048			1,891			1,592
5.850% due 11/01/2027			677			707
5.950% due 11/01/2032			100			108

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 67

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Southern California Gas Co.
4.125% due 06/01/2048	$		1,385	$		1,171
4.450% due 03/15/2044			52			45
Southern Power Co.
5.150% due 09/15/2041			623			592
Southwest Gas Corp.
4.050% due 03/15/2032			345			324
5.450% due 03/23/2028			1,252			1,281
Southwestern Electric Power Co.
4.100% due 09/15/2028			614			595
Southwestern Public Service Co.
3.150% due 05/01/2050			10			7
3.700% due 08/15/2047			9			7
6.000% due 10/01/2036			1,008			1,046
Tampa Electric Co.
4.350% due 05/15/2044			30			26
5.000% due 07/15/2052			100			96
Union Electric Co.
3.900% due 04/01/2052			100			82
Verizon Communications, Inc.
2.355% due 03/15/2032			3,758			3,127
2.550% due 03/21/2031			1,186			1,023
3.150% due 03/22/2030			54			49
3.400% due 03/22/2041			249			198
4.125% due 03/16/2027			1,558			1,536
4.125% due 08/15/2046			724			621
4.400% due 11/01/2034			446			429
4.500% due 08/10/2033			60			59
4.812% due 03/15/2039			628			608
4.862% due 08/21/2046			1,131			1,080
Virginia Electric & Power Co.
3.750% due 05/15/2027			209			204
4.625% due 05/15/2052			100			90
6.000% due 01/15/2036			60			65
8.875% due 11/15/2038			1,985			2,710

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Vistra Operations Co. LLC
4.300% due 07/15/2029	$		1,806	$		1,692
Vodafone Group PLC
4.125% due 05/30/2025			157			155
6.150% due 02/27/2037			250			271
7.875% due 02/15/2030			541			621
WEC Energy Group, Inc.
2.200% due 12/15/2028			1,169			1,041
Wisconsin Power & Light Co.
3.950% due 09/01/2032			905			858
Wisconsin Public Service Corp.
3.671% due 12/01/2042			3			2
Xcel Energy, Inc.
4.600% due 06/01/2032			50			49
						140,010
Total Corporate Bonds & Notes (Cost $1,035,600)						1,007,254
U.S. TREASURY OBLIGATIONS 3.4%
U.S. Treasury Bonds
3.000% due 08/15/2052 (i)			5,646			4,619
3.375% due 08/15/2042			2,402			2,143
4.000% due 11/15/2042			3,186			3,097
4.000% due 11/15/2052			434			428
U.S. Treasury Notes
3.875% due 05/15/2043 (i)			1,500			1,431
2.750% due 08/15/2032 (i)			6,387			5,851
3.375% due 05/15/2033 (i)			14,300			13,728
3.875% due 08/15/2033 (i)			4,100			4,096
Total U.S. Treasury Obligations (Cost $36,146)						35,393

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.1%
REPURCHASE AGREEMENTS (h) 0.1%
			$		756
Total Short-Term Instruments (Cost $756)					756
Total Investments in Securities (Cost $1,072,502)					1,043,403
INVESTMENTS IN AFFILIATES 0.7%
SHORT-TERM INSTRUMENTS 0.7%
MUTUAL FUNDS 0.7%
PIMCO Government Money Market Fund
5.450% (c)(d)(f)		6,847,362			6,847
Total Short-Term Instruments (Cost $6,847)					6,847
Total Investments in Affiliates (Cost $6,847)					6,847
Total Investments 101.8% (Cost $1,079,349)			$		1,050,250
Financial Derivative Instruments (j) (0.0)% (Cost or Premiums, net $513)					(11	)
Other Assets and Liabilities, net (1.8)%					(18,863	)
Net Assets 100.0%			$		1,031,376

NOTES TO SCHEDULE OF INVESTMENTS: 

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

^ Security is in default.

• 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.

þ 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) Security is not accruing income as of the date of this report.

(b) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $7,243 were out on loan in exchange for $7,386 of cash collateral as of December 31, 2023. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(e) Contingent convertible security.

(f) Coupon represents a 7-Day Yield. 

(g) RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Citigroup, Inc.		2.561	%		05/01/2032		06/21/2021	$	1,515	$	1,252		0.12	%
Citigroup, Inc.		2.572			06/03/2031		07/01/2021 - 07/29/2022		487		427		0.04
Citigroup, Inc.		3.057			01/25/2033		01/18/2022 - 12/21/2023		1,613		1,690		0.17
Citigroup, Inc.		6.270			11/17/2033		11/09/2022 - 11/30/2023		913		972		0.09
Deutsche Bank AG		2.129			11/24/2026		08/11/2021 - 10/12/2023		1,642		1,668		0.16
General Motors Co.		6.800			10/01/2027		11/04/2021 - 11/06/2023		1,142		1,153		0.11
Occidental Petroleum Corp.		6.125			01/01/2031		12/05/2023		133		135		0.01
Oracle Corp.		1.650			03/25/2026		03/06/2023 - 07/06/2023		502		505		0.05
Oracle Corp.		2.300			03/25/2028		09/23/2021 - 08/04/2023		1,728		1,683		0.16
Oracle Corp.		3.950			03/25/2051		04/09/2021 - 08/11/2023		3,130		2,540		0.25
Oracle Corp.		5.800			11/10/2025		05/09/2023		71		71		0.01
Puget Energy, Inc.		4.224			03/15/2032		10/12/2023 - 12/15/2023		528		558		0.06
								$	13,404	$	12,654		1.23	%

68 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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)
FICC		2.600	%		12/29/2023		01/02/2024	$	756	U.S. Treasury Notes 3.875% due 01/15/2026	$	(772	)	$	756	$	756
Total Repurchase Agreements											$	(772	)	$	756	$	756

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BPS		4.300	%		11/22/2023		TBD	(3)	$	(586	)	$	(589	)
DEU		5.490			12/07/2023		01/11/2024			(1,204	)		(1,209	)
		5.490			12/20/2023		01/11/2024			(11,631	)		(11,654	)
Total Reverse Repurchase Agreements												$	(13,452	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable  for Sale-Buyback Transactions(4)
UBS		5.470	%		11/14/2023		01/10/2024	$	(2,175	)	$	(2,191	)
		5.480			12/05/2023		02/07/2024		(4,032	)		(4,049	)
		5.500			12/19/2023		02/02/2024		(2,106	)		(2,111	)
Total Sale-Buyback Transactions											$	(8,351	)

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements			Payable  for Sale-Buyback Transactions(4)			Securities Out on Loan		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure(5)
Global/Master Repurchase Agreement
BPS	$	0	$	(589	)	$	0		$	0	$	(589	)	$	637		$	48
DEU		0		(12,863	)		0			0		(12,863	)		12,843			(20	)
FICC		756		0			0			0		756			(772	)		(16	)
Master Securities Forward Transaction Agreement
UBS		0		0			(8,351	)		0		(8,351	)		8,443			92
Master Securities Lending Agreement
BCY		0		0			0			1,195		1,195			(1,217	)		(22	)
BMO		0		0			0			3,255		3,255			(3,320	)		(65	)
BOS		0		0			0			1,090		1,090			(1,112	)		(22	)
GSC		0		0			0			1,703		1,703			(1,737	)		(34	)
Total Borrowings and Other Financing Transactions	$	756	$	(13,452	)	$	(8,351	)	$	7,243

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(6)
Corporate Bonds & Notes	$	7,386	$	0	$	0	$	0	$	7,386
Total	$	7,386	$	0	$	0	$	0	$	7,386

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 69

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.)

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	0		$	0		$	(589	)	$	(589	)
U.S. Treasury Obligations		0		(12,863	)		0			0			(12,863	)
Total	$	0	$	(12,863	)	$	0		$	(589	)	$	(13,452	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(2,191	)		(6,160	)		0			(8,351	)
Total	$	0	$	(2,191	)	$	(6,160	)	$	0		$	(8,351	)
Total Borrowings	$	7,386	$	(15,054	)	$	(6,160	)	$	(589	)	$	(14,417	)
Payable for reverse repurchase agreements, sale-buyback financing transactions and securities on loan - cash collateral												$	(14,417	)

(i) Securities with an aggregate market value of $22,053 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2023 was $(16,817) at a weighted average interest rate of 5.330%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

⁽⁴⁾ Payable for sale-buyback transactions includes $(35) of deferred price drop.

⁽⁵⁾ 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.

⁽⁶⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

(j) 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 10-Year Note March Futures		03/2024		4	$	452	$	14	$	0	$	0
Total Futures Contracts							$	14	$	0	$	0

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, 2023(2)			Notional Amount(3)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value(4)		Variation Margin
																			Asset		Liability
National Rural Utilities Cooperative Finance Corp.		1.000	%		Quarterly		12/20/2026		0.096	%	$	100	$	3	$	0	$	3	$	0	$	0

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
																Asset		Liability
CDX.IG-37 5-Year Index		1.000	%		Quarterly		12/20/2026	$	200	$	4	$	0	$	4	$	0	$	0
CDX.IG-38 5-Year Index		1.000			Quarterly		06/20/2027		1,200		5		18		23		0		0
CDX.IG-39 5-Year Index		1.000			Quarterly		12/20/2027		1,100		14		7		21		0		0
CDX.IG-40 5-Year Index		1.000			Quarterly		06/20/2028		44,700		487		426		913		0		(11	)
										$	510	$	451	$	961	$	0	$	(11	)
Total Swap Agreements										$	513	$	451	$	964	$	0	$	(11	)

70 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (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, 2023:

	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	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)

Cash of $1,929 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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 and Other 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, 2023:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	11	$	0	$	0	$	0	$	11

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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		244		0		0		(1	)		243
	$	0	$	244	$	0	$	0	$	(24	)	$	220
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	23		$	23
Swap Agreements		0		234		0		0		0			234
	$	0	$	234	$	0	$	0	$	23		$	257

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 71

Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	394,154	$	0	$	394,154
Industrials		0		473,090		0		473,090
Utilities		0		140,010		0		140,010
U.S. Treasury Obligations		0		35,393		0		35,393
Short-Term Instruments
Repurchase Agreements		0		756		0		756
	$	0	$	1,043,403	$	0	$	1,043,403
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		6,847		0		0		6,847
Total Investments	$	6,847	$	1,043,403	$	0	$	1,050,250

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(11	)	$	0	$	(11	)
Total Financial Derivative Instruments	$	0	$	(11	)	$	0	$	(11	)
Totals	$	6,847	$	1,043,392		$	0	$	1,050,239

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

72 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 107.8%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%
Air Canada
9.139% due 08/11/2028	$		2,568	$		2,579
American Airlines, Inc.
10.427% due 04/20/2028			3,330			3,426
Avolon TLB Borrower (U.S.) LLC
TBD% due 06/22/2028			1,271			1,275
Castlelake LP
2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~			5,438			4,894
SkyMiles IP Ltd.
9.166% due 10/20/2027			3,920			4,020
United Airlines, Inc.
9.220% due 04/21/2028			1,555			1,563
Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			1,260			1,121
Total Loan Participations and Assignments (Cost $19,346)						18,878
CORPORATE BONDS & NOTES 21.7%
BANKING & FINANCE 14.9%
AerCap Ireland Capital DAC
3.875% due 01/23/2028			2,100			2,003
Aircastle Ltd.
4.250% due 06/15/2026			3,800			3,674
Ally Financial, Inc.
6.848% due 01/03/2030			3,100			3,187
American Assets Trust LP
3.375% due 02/01/2031			2,800			2,285
American Express Co.
6.338% due 10/30/2026			1,400			1,428
American Homes 4 Rent LP
4.250% due 02/15/2028			2,900			2,818
American Tower Corp.
3.650% due 03/15/2027			3,000			2,887
5.800% due 11/15/2028			1,600			1,664
AmFam Holdings, Inc.
2.805% due 03/11/2031			700			537
Antares Holdings LP
2.750% due 01/15/2027			4,050			3,591
3.750% due 07/15/2027			3,700			3,336
3.950% due 07/15/2026			1,000			931
Arch Capital Group Ltd.
3.635% due 06/30/2050			6,900			5,276
Ares Capital Corp.
2.875% due 06/15/2027			6,000			5,487
2.875% due 06/15/2028			4,000			3,548
3.250% due 07/15/2025			1,800			1,725
Ares Finance Co. LLC
3.250% due 06/15/2030			3,500			3,096
Ares Management Corp.
6.375% due 11/10/2028			4,000			4,197
Aviation Capital Group LLC
3.500% due 11/01/2027			500			461
6.750% due 10/25/2028			5,000			5,226
Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			3,900			3,765
4.250% due 04/15/2026			1,800			1,740
Banco Santander SA
2.958% due 03/25/2031			2,200			1,891
3.490% due 05/28/2030			1,400			1,260
Bank of America Corp.
4.948% due 07/22/2028 •			4,000			4,001
5.202% due 04/25/2029			8,400			8,457
5.288% due 04/25/2034			7,000			7,020
5.872% due 09/15/2034			15,000			15,711
6.204% due 11/10/2028 •			1,800			1,879
Barclays PLC
2.667% due 03/10/2032 •			800			660
4.972% due 05/16/2029 •			1,000			983

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.385% due 11/02/2028 •	$		7,000	$		7,485
7.437% due 11/02/2033 •			5,000			5,602
Blackstone Holdings Finance Co. LLC
1.625% due 08/05/2028			3,000			2,612
Blue Owl Capital Corp.
2.875% due 06/11/2028			4,300			3,779
4.000% due 03/30/2025			1,700			1,653
Blue Owl Finance LLC
3.125% due 06/10/2031			4,300			3,548
Blue Ridge Re Ltd.
8.000% due 01/08/2031			2,000			2,001
10.582% due 01/08/2031			2,000			2,001
BNP Paribas SA
1.904% due 09/30/2028 •			3,200			2,845
2.159% due 09/15/2029 •			800			697
2.591% due 01/20/2028 •			7,500			6,943
4.500% due 02/25/2030 •(e)(g)			200			160
4.625% due 02/25/2031 •(e)(g)			2,000			1,616
BPCE SA
5.975% due 01/18/2027 •			4,000			4,034
Brandywine Operating Partnership LP
3.950% due 11/15/2027			200			179
Brixmor Operating Partnership LP
4.050% due 07/01/2030			2,000			1,871
4.125% due 05/15/2029			3,000			2,858
Brookfield Finance, Inc.
6.350% due 01/05/2034			5,500			5,858
Cantor Fitzgerald LP
7.200% due 12/12/2028			6,500			6,668
Capital One Financial Corp.
7.149% due 10/29/2027			2,000			2,077
Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,500			4,213
CI Financial Corp.
3.200% due 12/17/2030			4,000			3,163
Citigroup, Inc.
2.976% due 11/05/2030 •			4,700			4,188
3.785% due 03/17/2033 •(h)			4,500			4,049
4.075% due 04/23/2029 •			3,000			2,890
6.270% due 11/17/2033 •(h)			7,000			7,493
Constellation Insurance, Inc.
6.800% due 01/24/2030			3,300			3,131
Corebridge Financial, Inc.
3.850% due 04/05/2029			2,000			1,887
Credit Suisse AG
5.000% due 07/09/2027			3,500			3,503
Credit Suisse AG AT1 Claim			8,900			1,068
Crown Castle, Inc.
3.100% due 11/15/2029			2,200			1,971
Deutsche Bank AG
2.311% due 11/16/2027 •			4,500			4,117
2.552% due 01/07/2028 •			6,500			5,970
3.547% due 09/18/2031 •			600			527
3.742% due 01/07/2033 •			900			739
3.961% due 11/26/2025 •			5,300			5,214
6.720% due 01/18/2029 •			2,500			2,619
Discover Financial Services
7.964% due 11/02/2034			2,000			2,226
Doctors Co. An Interinsurance Exchange
4.500% due 01/18/2032			7,800			6,221
Equitable Holdings, Inc.
5.594% due 01/11/2033			1,000			1,028
Extra Space Storage LP
3.875% due 12/15/2027			2,100			2,007
5.900% due 01/15/2031			2,100			2,193
F&G Global Funding
2.000% due 09/20/2028			800			680
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			300			296
5.625% due 08/16/2032			2,000			2,000
Farmers Insurance Exchange
4.747% due 11/01/2057 •			2,000			1,543
Fidelity National Financial, Inc.
2.450% due 03/15/2031			1,050			871

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.400% due 06/15/2030	$		1,800	$		1,605
First American Financial Corp.
4.000% due 05/15/2030			4,000			3,603
Ford Motor Credit Co. LLC
6.950% due 03/06/2026			1,500			1,537
FS KKR Capital Corp.
1.650% due 10/12/2024			1,000			965
2.625% due 01/15/2027			4,000			3,595
3.125% due 10/12/2028			1,200			1,047
3.400% due 01/15/2026			1,900			1,799
GA Global Funding Trust
2.250% due 01/06/2027			7,500			6,816
3.850% due 04/11/2025			1,000			981
Global Atlantic Fin Co.
4.400% due 10/15/2029			6,000			5,530
GLP Capital LP
4.000% due 01/15/2030			5,100			4,659
5.300% due 01/15/2029			400			398
5.750% due 06/01/2028			3,000			3,029
Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			2,600			2,168
3.102% due 02/24/2033 •			10,000			8,587
4.482% due 08/23/2028 •			10,000			9,828
7.273% (SOFRRATE + 1.850%) due 03/15/2028 ~			3,000			3,028
Golub Capital BDC, Inc.
2.050% due 02/15/2027			1,500			1,318
2.500% due 08/24/2026			3,000			2,721
Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			5,000			4,659
Healthcare Realty Holdings LP
3.750% due 07/01/2027			4,600			4,355
HSBC Holdings PLC
2.251% due 11/22/2027 •			4,000			3,673
2.848% due 06/04/2031 •			7,000			6,025
4.755% due 06/09/2028 •			2,500			2,465
5.402% due 08/11/2033 •			4,200			4,221
6.254% due 03/09/2034 •			7,000			7,444
ING Groep NV
3.875% due 05/16/2027 •(e)(g)			600			488
4.250% due 05/16/2031 •(e)(g)			600			438
Invitation Homes Operating Partnership LP
5.450% due 08/15/2030			5,000			5,044
Jones Lang LaSalle, Inc.
6.875% due 12/01/2028			3,600			3,815
JPMorgan Chase & Co.
2.963% due 01/25/2033 •			5,500			4,715
4.323% due 04/26/2028 •			9,500			9,363
4.565% due 06/14/2030 •			12,000			11,751
5.350% due 06/01/2034			14,000			14,208
Kilroy Realty LP
3.050% due 02/15/2030			2,000			1,703
KKR Financial Holdings LLC
5.400% due 05/23/2033			6,000			5,800
KKR Group Finance Co. LLC
3.250% due 12/15/2051			1,000			691
3.750% due 07/01/2029			1,250			1,174
Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			4,000			3,359
4.300% due 02/01/2061			4,800			3,163
Lloyds Banking Group PLC
4.976% due 08/11/2033 •			8,500			8,285
5.871% due 03/06/2029			5,000			5,126
7.500% due 09/27/2025 •(e)(g)			5,000			4,909
Low Income Investment Fund
3.711% due 07/01/2029			2,500			2,243
LPL Holdings, Inc.
6.750% due 11/17/2028			5,000			5,333
LXP Industrial Trust
2.375% due 10/01/2031			3,500			2,815
Maple Grove Funding Trust
4.161% due 08/15/2051			5,500			3,875
Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			3,250			2,971

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 73

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mitsubishi UFJ Financial Group, Inc.
3.195% due 07/18/2029	$		1,500	$		1,379
5.354% due 09/13/2028 •			2,500			2,536
MMcapS Funding Ltd.
5.912% (US0003M + 0.290%) due 12/26/2039 ~			561			524
Morgan Stanley
0.000% due 04/02/2032 þ(h)			9,000			5,471
2.511% due 10/20/2032 •			4,700			3,894
5.164% due 04/20/2029			2,000			2,013
5.250% due 04/21/2034			2,400			2,401
6.296% due 10/18/2028 •			20,000			20,962
NatWest Group PLC
4.600% due 06/28/2031 •(e)(g)			200			151
New York Life Insurance Co.
4.450% due 05/15/2069			3,700			3,178
Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			4,500			4,049
Nomura Holdings, Inc.
1.653% due 07/14/2026			3,000			2,744
2.710% due 01/22/2029			950			842
5.842% due 01/18/2028			1,500			1,533
6.070% due 07/12/2028			3,100			3,203
Nordea Bank Abp
3.750% due 03/01/2029 •(e)(g)			5,000			3,962
6.125% due 09/23/2024 •(e)(g)			550			545
6.625% due 03/26/2026 •(e)(g)			5,600			5,565
Omega Healthcare Investors, Inc.
4.750% due 01/15/2028			3,350			3,225
Pacific Life Insurance Co.
9.250% due 06/15/2039			5,000			6,529
Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			699			698
Physicians Realty LP
4.300% due 03/15/2027			2,000			1,947
Preferred Term Securities Ltd.
5.946% (US0003M + 0.300%) due 03/22/2037 ~			1,754			1,597
Realty Income Corp.
3.250% due 01/15/2031			2,100			1,909
RGA Global Funding
2.700% due 01/18/2029			2,900			2,576
Santander Holdings USA, Inc.
6.499% due 03/09/2029 •			1,700			1,758
6.565% due 06/12/2029			3,000			3,098
Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			5,000			4,703
6.534% due 01/10/2029 •			5,000			5,179
6.833% due 11/21/2026 •			3,000			3,057
Societe Generale SA
6.446% due 01/10/2029 •			6,300			6,523
6.691% due 01/10/2034 •			2,500			2,643
Spirit Realty LP
4.450% due 09/15/2026			700			687
Sumitomo Mitsui Financial Group, Inc.
5.520% due 01/13/2028			4,000			4,096
5.766% due 01/13/2033			3,000			3,172
Trust Fibra Uno
4.869% due 01/15/2030			4,900			4,442
6.950% due 01/30/2044			300			259
UBS Group AG
5.125% due 07/29/2026 •(e)(g)			800			758
6.373% due 07/15/2026 •			1,600			1,619
7.000% due 02/19/2025 •(e)(g)			200			199
Wells Fargo & Co.
2.572% due 02/11/2031 •			9,500			8,214
2.879% due 10/30/2030 •			1,000			890
4.897% due 07/25/2033 •			10,000			9,747
5.557% due 07/25/2034			7,000			7,130
Willis North America, Inc.
2.950% due 09/15/2029			1,300			1,164
						595,114

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 5.5%
Air Canada
3.875% due 08/15/2026	$		1,000	$		956
Air Canada Pass-Through Trust
5.250% due 10/01/2030			1,620			1,590
American Airlines Pass-Through Trust
3.375% due 11/01/2028			7,795			7,150
3.700% due 04/01/2028			1,637			1,525
4.000% due 01/15/2027			2,206			2,115
American Airlines, Inc.
5.500% due 04/20/2026			3,250			3,229
5.750% due 04/20/2029			1,400			1,366
Ashtead Capital, Inc.
4.250% due 11/01/2029			5,000			4,674
Bacardi Ltd.
5.150% due 05/15/2038			1,200			1,145
BAT Capital Corp.
4.390% due 08/15/2037			3,200			2,684
BAT International Finance PLC
5.931% due 02/02/2029			4,000			4,159
Bayer U.S. Finance LLC
6.375% due 11/21/2030			1,000			1,030
Boeing Co.
5.150% due 05/01/2030			2,000			2,037
Bowdoin College
4.693% due 07/01/2112			3,400			2,834
Broadcom, Inc.
2.450% due 02/15/2031			10,000			8,557
3.187% due 11/15/2036			3,600			2,919
3.469% due 04/15/2034			500			435
4.000% due 04/15/2029			2,000			1,932
4.110% due 09/15/2028			1,000			977
California Institute of Technology
4.283% due 09/01/2116			3,000			2,380
CDW LLC
2.670% due 12/01/2026			3,000			2,810
Centene Corp.
3.000% due 10/15/2030			1,500			1,301
Charter Communications Operating LLC
2.800% due 04/01/2031			2,100			1,773
5.050% due 03/30/2029			2,000			1,980
Cheniere Energy Partners LP
3.250% due 01/31/2032			2,000			1,707
Choice Hotels International, Inc.
3.700% due 12/01/2029			6,700			5,943
Claremont Mckenna College
3.775% due 01/01/2122			3,000			2,049
CommonSpirit Health
4.187% due 10/01/2049			7,300			6,162
CVS Health Corp.
5.300% due 12/05/2043			2,000			1,939
Dell International LLC
5.300% due 10/01/2029			7,400			7,626
Delta Air Lines Pass-Through Trust
2.000% due 12/10/2029			395			351
Delta Air Lines, Inc.
3.750% due 10/28/2029			3,400			3,116
4.750% due 10/20/2028			5,000			4,920
Discovery Communications LLC
4.000% due 09/15/2055			300			214
Enbridge, Inc.
6.200% due 11/15/2030			2,150			2,302
Energy Transfer LP
5.550% due 02/15/2028			2,500			2,552
Expedia Group, Inc.
3.250% due 02/15/2030			2,200			2,018
Ferguson Finance PLC
3.250% due 06/02/2030			2,000			1,791
Flex Intermediate Holdco LLC
3.363% due 06/30/2031			2,700			2,212
4.317% due 12/30/2039			2,700			1,975

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Flex Ltd.
4.875% due 06/15/2029	$		2,000	$		1,968
General Electric Co.
4.250% due 05/01/2040			6,000			5,148
Georgetown University
5.215% due 10/01/2118			6,560			6,286
Global Payments, Inc.
3.200% due 08/15/2029			600			544
5.400% due 08/15/2032			5,100			5,153
HCA, Inc.
3.625% due 03/15/2032			3,000			2,684
Imperial Brands Finance PLC
3.500% due 07/26/2026			5,000			4,773
3.875% due 07/26/2029			3,000			2,801
Infor, Inc.
1.750% due 07/15/2025			2,600			2,453
Las Vegas Sands Corp.
3.500% due 08/18/2026			1,100			1,049
Massachusetts Institute of Technology
4.678% due 07/01/2114			1,360			1,294
Melco Resorts Finance Ltd.
5.750% due 07/21/2028			400			370
Micron Technology, Inc.
5.375% due 04/15/2028			1,900			1,935
Mileage Plus Holdings LLC
6.500% due 06/20/2027			3,570			3,583
MPLX LP
4.250% due 12/01/2027			2,000			1,958
MSCI, Inc.
3.875% due 02/15/2031			100			92
National Fuel Gas Co.
2.950% due 03/01/2031			3,900			3,271
New York & Presbyterian Hospital
4.763% due 08/01/2116			3,000			2,652
Nissan Motor Co. Ltd.
4.345% due 09/17/2027			2,500			2,394
NXP BV
5.000% due 01/15/2033			900			902
Oracle Corp.
4.900% due 02/06/2033			1,000			996
Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			4,300			4,032
Petroleos Mexicanos
6.490% due 01/23/2027			311			292
6.700% due 02/16/2032			4,600			3,822
Quanta Services, Inc.
2.900% due 10/01/2030			2,000			1,756
Reynolds American, Inc.
5.850% due 08/15/2045			710			666
Spirit Airlines Pass-Through Trust
4.100% due 10/01/2029			507			466
T-Mobile USA, Inc.
2.700% due 03/15/2032			2,500			2,132
Targa Resources Corp.
6.125% due 03/15/2033			3,000			3,160
Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			8,000			7,050
Time Warner Cable LLC
6.550% due 05/01/2037			600			592
7.300% due 07/01/2038			2,500			2,581
Trustees of the University of Pennsylvania
4.674% due 09/01/2112			1,180			1,103
Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028			2,444			2,315
U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			1,593			1,523
United Airlines Pass-Through Trust
3.100% due 01/07/2030			957			874
3.450% due 01/07/2030			2,870			2,565
4.550% due 08/25/2031			1,966			1,747
5.875% due 04/15/2029			1,812			1,836

74 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
United Airlines, Inc.
4.375% due 04/15/2026	$		3,400	$		3,316
4.625% due 04/15/2029			2,500			2,341
Vmed O2 U.K. Financing PLC
4.750% due 07/15/2031			3,900			3,486
VMware, Inc.
2.200% due 08/15/2031			2,000			1,658
Wesleyan University
4.781% due 07/01/2116			3,248			2,778
Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			6,130			6,066
						218,898
UTILITIES 1.3%
Enel Finance International NV
7.500% due 10/14/2032			2,000			2,285
Eversource Energy
5.950% due 02/01/2029			4,400			4,612
Metropolitan Edison Co.
4.300% due 01/15/2029			600			581
NGPL PipeCo LLC
4.875% due 08/15/2027			3,200			3,145
Pacific Gas & Electric Co.
2.500% due 02/01/2031			2,400			1,982
3.300% due 08/01/2040			2,200			1,614
3.500% due 08/01/2050			500			346
4.450% due 04/15/2042			2,000			1,619
4.500% due 07/01/2040			1,700			1,441
4.550% due 07/01/2030			5,200			4,957
4.950% due 07/01/2050			1,700			1,456
5.900% due 06/15/2032			1,500			1,527
6.150% due 01/15/2033			2,200			2,283
Pennsylvania Electric Co.
3.250% due 03/15/2028			1,100			1,026
3.600% due 06/01/2029			2,000			1,857
5.150% due 03/30/2026			900			899
Puget Energy, Inc.
4.224% due 03/15/2032 (h)			3,000			2,720
Texas Electric Market Stabilization Funding N LLC
5.057% due 08/01/2048			15,500			15,128
Toledo Edison Co.
2.650% due 05/01/2028			2,918			2,632
						52,110
Total Corporate Bonds & Notes (Cost $898,786)						866,122
MUNICIPAL BONDS & NOTES 1.2%
CALIFORNIA 0.6%
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.487% due 06/01/2036			3,300			2,691
3.850% due 06/01/2050			4,230			3,920
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021
2.587% due 06/01/2029			2,515			2,224
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020
3.706% due 05/15/2120			2,000			1,396
University of California Revenue Bonds, Series 2012
4.858% due 05/15/2112			10,501			9,924
University of California Revenue Bonds, Series 2015
4.767% due 05/15/2115			2,100			1,948
						22,103
GEORGIA 0.0%
Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010
6.637% due 04/01/2057			1,074			1,228

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ILLINOIS 0.2%
Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035	$		5,829	$		6,337
MICHIGAN 0.0%
University of Michigan Revenue Bonds, Series 2022
4.454% due 04/01/2122			2,000			1,800
NEW JERSEY 0.1%
Rutgers, The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119			5,400			4,011
NEW YORK 0.0%
New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006
6.027% due 01/01/2046			600			621
TEXAS 0.1%
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019
3.922% due 12/31/2049			4,200			3,414
VIRGINIA 0.1%
University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119			6,500			4,308
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049			4,890			4,619
Total Municipal Bonds & Notes (Cost $56,502)						48,441
U.S. GOVERNMENT AGENCIES 46.5%
Fannie Mae
0.000% due 07/25/2031 - 02/25/2040 (b)(d)			76			65
0.000% due 05/25/2042 ~			134			101
0.548% due 09/25/2042 ~(a)			20,564			2,892
0.968% due 04/25/2040 •(a)			32			2
1.748% due 05/25/2036 •(a)			692			66
3.000% due 03/25/2033 - 02/25/2043			1			1
3.341% due 01/25/2036 •			77			71
3.500% due 06/25/2042			480			452
4.000% due 10/01/2026 - 07/01/2044			771			743
4.500% due 09/01/2024 - 06/01/2051			923			891
5.000% due 05/01/2026 - 11/01/2039			906			909
5.195% due 04/01/2036 •			4			4
5.500% due 12/01/2031 - 04/01/2039			519			519
6.000% due 05/25/2031 - 09/01/2037			466			474
6.030% due 11/01/2035 •			2			2
6.218% due 09/01/2034 •			19			19
6.500% due 01/01/2036 - 05/01/2038			44			46
6.662% due 12/01/2028 •			126			126
7.000% due 04/01/2037 - 03/01/2038			39			41
7.500% due 10/01/2037			58			61
Freddie Mac
0.000% due 01/15/2033 - 07/15/2039 (b)(d)			322			290
0.000% due 06/15/2040 ~(a)			7,022			380
0.000% due 12/15/2040 - 11/15/2048 •(a)			19,617			808

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 01/15/2041 - 06/15/2042 •	$		4,215	$		3,719
3.000% due 01/01/2043 - 04/01/2043			4			3
3.500% due 12/15/2028 (a)			395			10
3.500% due 10/01/2033 - 03/01/2042			120			117
4.000% due 09/01/2033 - 06/01/2049			6,962			6,719
4.500% due 02/01/2034 - 11/01/2044			3,136			3,114
4.667% due 05/15/2033 •			24			25
5.000% due 03/01/2033 - 07/15/2041			312			312
5.250% due 04/15/2033			21			21
5.500% due 08/01/2025 - 10/01/2037			662			662
5.851% due 12/01/2031 •			39			39
6.000% due 12/01/2034 - 08/01/2037			81			83
6.105% due 07/01/2036 •			2			2
6.500% due 01/01/2037 - 07/01/2037			18			18
9.500% due 01/01/2025			2			2
Ginnie Mae
3.500% due 12/20/2040 - 03/20/2047			8,295			7,798
4.000% due 09/20/2040 - 06/15/2047			12,888			12,483
4.500% due 08/20/2038 - 02/20/2047			1,380			1,353
4.750% due 01/20/2035			49			49
5.000% due 03/20/2034 - 04/20/2040			282			280
5.500% due 04/16/2034 - 11/20/2038			30			31
6.000% due 08/20/2038 - 02/20/2039			52			53
6.500% due 12/20/2038			24			24
Ginnie Mae, TBA
3.500% due 01/01/2054			102,800			95,749
Tennessee Valley Authority
4.250% due 09/15/2065			10,000			9,213
Tennessee Valley Authority STRIPS
0.000% due 06/15/2038 (d)			2,500			1,253
Uniform Mortgage-Backed Security
3.000% due 02/01/2052 - 08/01/2052			193,222			170,976
3.500% due 06/01/2045 - 01/01/2053			124,607			115,071
4.000% due 08/01/2024 - 10/01/2053			255,209			241,714
4.500% due 06/01/2039 - 11/01/2053			308,464			299,306
5.000% due 09/01/2052 - 10/01/2053			263,058			260,671
5.500% due 07/01/2053 - 10/01/2053			232,916			233,928
6.000% due 11/01/2053 - 12/01/2053			59,746			60,678
6.500% due 10/01/2053 - 12/01/2053			59,768			61,269
Uniform Mortgage-Backed Security, TBA
2.500% due 01/01/2054 - 02/01/2054			148,678			126,617
3.000% due 02/01/2054 - 03/01/2054			153,366			135,868
Total U.S. Government Agencies (Cost $1,801,613)						1,858,193
U.S. TREASURY OBLIGATIONS 11.1%
U.S. Treasury Bonds
3.875% due 02/15/2043			318,300			303,604
U.S. Treasury Notes
4.125% due 07/31/2028 (j)(l)(n)			141,200			142,675
Total U.S. Treasury Obligations (Cost $409,599)						446,279

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 75

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2%
Ajax Mortgage Loan Trust
1.698% due 05/25/2059 þ	$		952	$		868
American Home Mortgage Investment Trust
5.830% due 12/25/2046 •			2,964			2,387
Arbor Multifamily Mortgage Securities Trust
2.756% due 05/15/2053			4,600			4,069
BAMLL Commercial Mortgage Securities Trust
6.609% due 03/15/2034 •			5,385			5,344
Banc of America Funding Trust
4.391% due 08/27/2036 ~			7,181			6,702
Barclays Commercial Mortgage Securities Trust
4.314% due 12/15/2051			1,000			968
BCAP LLC Trust
5.770% due 05/25/2047 •			1,496			1,384
Bear Stearns ALT-A Trust
6.110% due 04/25/2034 «•			9			8
BFLD Trust
6.566% due 10/15/2034 ~			2,320			2,312
BMARK Mortgage Trust
6.841% due 11/15/2056			6,700			7,173
BWAY Mortgage Trust
6.726% due 09/15/2036 •			5,000			4,671
BX Commercial Mortgage Trust
6.206% due 10/15/2036 •			1,485			1,457
6.375% due 02/15/2039			6,400			6,291
Chase Home Lending Mortgage Trust
3.250% due 03/25/2063			4,039			3,571
3.250% due 09/25/2063			2,965			2,611
Chase Mortgage Finance Trust
6.000% due 05/25/2036			3,451			1,545
ChaseFlex Trust
6.500% due 02/25/2037			3,866			1,351
CIM Trust
5.500% due 08/25/2064 ~			12,982			13,121
Citigroup Commercial Mortgage Trust
3.209% due 05/10/2049			7,800			7,383
3.778% due 09/10/2058			8,100			7,748
Citigroup Mortgage Loan Trust
5.500% due 08/25/2034			1,093			1,066
5.790% due 09/25/2036 •			514			467
6.270% due 08/25/2035 •			257			248
COLT Mortgage Loan Trust
6.467% due 08/25/2067 þ			1,731			1,745
Commercial Mortgage Trust
3.140% due 10/10/2036			1,840			1,618
6.776% due 12/15/2038 •			5,261			4,824
Countrywide Alternative Loan Trust
5.500% due 07/25/2035			1,029			746
5.500% due 08/25/2035			298			255
5.500% due 12/25/2035			692			484
5.500% due 02/25/2036			1,356			1,066
5.720% due 06/25/2037 •			502			402
5.750% due 05/25/2036			362			144
5.830% due 05/25/2047 ~			140			119
6.000% due 04/25/2037			2,816			2,372
6.112% due 12/20/2035 •			3,022			2,720
6.250% due 08/25/2036			321			191
Countrywide Home Loan Mortgage Pass-Through Trust
4.271% due 03/20/2036 ~			514			461
4.418% due 11/25/2037 ~			2,220			2,040
4.541% due 02/20/2036 ~			492			435
6.010% due 03/25/2035 •			63			57
Countrywide Home Loan Reperforming REMIC Trust
5.810% due 01/25/2036 •			1,057			980
Credit Suisse First Boston Mortgage Securities Corp.
4.793% due 11/25/2034 «~			19			17
6.120% due 11/25/2031 «•			26			15
Credit Suisse Mortgage Capital Certificates
2.436% due 02/25/2061 ~			1,694			1,631
6.000% due 07/25/2037			343			289
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.500% due 03/25/2037			733			372
6.421% due 10/25/2037 ~			2,887			1,768

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Mortgage Capital Trust
1.796% due 12/27/2060 ~	$		2,072	$		2,019
1.926% due 07/27/2061 ~			3,140			3,016
4.046% due 03/25/2060 ~			4,401			4,475
4.641% due 08/25/2060 ~			3,231			3,274
6.876% due 07/15/2038 •			1,000			885
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.950% due 01/25/2047 •			3,676			3,116
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust
5.431% due 02/25/2036 ~			129			113
5.665% due 02/25/2036 ~			1,200			1,051
EQUS Mortgage Trust
6.231% due 10/15/2038 ~			4,700			4,611
Great Hall Mortgages PLC
5.812% due 06/18/2039 •			546			542
GS Mortgage Securities Corp. Trust
8.762% due 08/15/2039 ~			2,300			2,319
GSMPS Mortgage Loan Trust
5.820% due 01/25/2036 ~			1,861			1,500
GSR Mortgage Loan Trust
4.511% due 11/25/2035 ~			6			6
4.630% due 01/25/2036 ~			936			853
5.976% due 09/25/2034 ~			97			96
6.000% due 03/25/2036			4,131			1,527
6.500% due 05/25/2036			604			213
HarborView Mortgage Loan Trust
5.850% due 01/19/2038 •			2,858			2,504
5.880% due 12/19/2036 •			2,131			1,703
6.010% due 03/19/2035 •			785			769
Impac Secured Assets Trust
5.870% due 11/25/2036 «•			106			103
IndyMac INDX Mortgage Loan Trust
3.927% due 09/25/2036 ~			1,496			1,011
JP Morgan Alternative Loan Trust
5.623% due 12/25/2035 ~			460			340
JP Morgan Chase Commercial Mortgage Securities Trust
3.648% due 12/15/2049 ~			3,700			3,483
5.958% due 04/15/2037 •			976			900
6.785% due 07/05/2033 ~			1,902			1,763
7.235% due 10/05/2040			2,000			2,053
JP Morgan Mortgage Trust
4.538% due 07/25/2035 ~			13			12
4.625% due 07/25/2063			5,571			5,261
4.658% due 02/25/2036 ~			707			517
6.000% due 08/25/2037			788			385
6.500% due 01/25/2036			4,925			2,615
JPMorgan Chase Commercial Mortgage Securities Trust
2.812% due 01/16/2037			100			85
Key Commercial Mortgage Securities Trust
2.233% due 09/16/2052			10,000			8,464
Legacy Mortgage Asset Trust
1.750% due 07/25/2061 þ			1,179			1,138
1.875% due 10/25/2068 þ			2,996			2,844
1.892% due 10/25/2066 þ			1,494			1,467
1.991% due 09/25/2060 ~			344			342
2.250% due 07/25/2067 þ			1,973			1,911
Lehman XS Trust
5.830% due 12/25/2036 •			2,308			2,211
5.850% due 11/25/2046 •			2,695			2,321
6.012% due 11/25/2035 «•			9			9
Lux Trust
8.052% due 08/15/2040			3,200			3,239
MASTR Adjustable Rate Mortgages Trust
4.156% due 04/25/2034 «~			154			127
4.454% due 03/25/2035 «~			26			25
7.678% due 12/25/2035 •			3,218			3,163
Merrill Lynch Mortgage Investors Trust
6.030% due 07/25/2029 «•			38			35
6.313% due 05/25/2029 «~			10			9
MFA Trust
1.014% due 01/26/2065 ~			1,750			1,575
1.324% due 01/26/2065 ~			477			431
1.381% due 04/25/2065 ~			2,918			2,702
1.632% due 01/26/2065 ~			916			832

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.638% due 04/25/2065 ~	$		1,206	$		1,115
6.775% due 10/25/2058 þ			1,186			1,201
MHC Commercial Mortgage Trust
6.277% due 04/15/2038 •			5,420			5,367
Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			2,437			2,330
2.750% due 08/25/2059 ~			671			636
Morgan Stanley Mortgage Loan Trust
7.035% due 06/25/2036 ~			2,297			2,265
Natixis Commercial Mortgage Securities Trust
6.426% due 08/15/2038 •			900			844
New Residential Mortgage Loan Trust
6.864% due 10/25/2063 þ			8,689			8,826
New York Mortgage Trust
1.670% due 08/25/2061 þ			3,094			2,942
NLT Trust
3.200% due 10/25/2062			3,300			2,944
Nomura Asset Acceptance Corp. Alternative Loan Trust
5.970% due 06/25/2037 ~			5,569			4,459
Nomura Resecuritization Trust
6.500% due 10/26/2037			1,780			771
OBX Trust
6.120% due 11/25/2062 ~			5,740			5,774
6.567% due 06/25/2063 þ			3,618			3,656
7.159% due 10/25/2063 þ			3,700			3,797
One New York Plaza Trust
6.426% due 01/15/2036 •			6,100			5,816
OPEN Trust
8.451% due 10/15/2028			7,900			7,940
RBSGC Mortgage Pass-Through Loan Trust
5.850% due 12/25/2034 •			1,286			1,144
Residential Accredit Loans, Inc. Trust
6.000% due 06/25/2036			1,244			957
6.000% due 12/25/2036			1,007			821
6.500% due 07/25/2037			2,117			1,655
Residential Asset Securitization Trust
5.500% due 08/25/2034			1,317			1,198
6.020% due 08/25/2033 «•			19			17
Residential Funding Mortgage Securities, Inc. Trust
6.000% due 06/25/2036			437			364
Sequoia Mortgage Trust
6.172% due 07/20/2033 ~			14			13
6.329% due 02/20/2035 «•			322			292
SMRT Commercial Mortgage Trust
6.362% due 01/15/2039 •			2,350			2,303
Starwood Mortgage Residential Trust
0.943% due 05/25/2065			929			842
1.439% due 11/25/2055 ~			544			494
1.593% due 11/25/2055 ~			703			639
Thornburg Mortgage Securities Trust
5.080% due 10/25/2046 •			805			751
6.815% due 06/25/2037 •			219			190
Towd Point Mortgage Trust
3.250% due 07/25/2058			4,041			3,922
Verus Securitization Trust
1.824% due 11/25/2066 ~			2,913			2,532
3.035% due 03/25/2060 ~			100			97
3.889% due 03/25/2060 ~			300			291
6.443% due 08/25/2068 þ			4,323			4,378
6.665% due 09/25/2068 þ			6,829			6,927
6.876% due 11/25/2068			2,888			2,945
WaMu Mortgage Pass-Through Certificates Trust
3.270% due 01/25/2037 ~			2,369			2,014
4.106% due 07/25/2037 ~			2,056			1,781
6.512% due 10/25/2046 ~			1,003			898
Washington Mutual Mortgage Pass-Through Certificates Trust
4.157% due 10/25/2036 þ			7,387			2,592
5.982% due 05/25/2046 •			373			268
5.990% due 12/25/2035 •			6,504			5,412
Wells Fargo Commercial Mortgage Trust
2.448% due 06/15/2053			13,900			11,807
3.451% due 02/15/2048			3,500			3,385

76 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wells Fargo Mortgage-Backed Securities Trust
5.742% due 08/25/2036 «~	$		257	$		236
6.035% due 12/28/2037 ~			1,361			1,199
Worldwide Plaza Trust
3.526% due 11/10/2036			8,900			6,790
WSTN Trust
6.297% due 07/05/2037			3,500			3,570
Total Non-Agency  Mortgage-Backed Securities (Cost $354,888)						326,868
ASSET-BACKED SECURITIES 16.3%
510 Asset-Backed Trust
2.240% due 06/25/2061 þ			1,736			1,655
522 Funding CLO Ltd.
6.717% due 10/20/2031 •			4,400			4,389
AASET Trust
2.798% due 01/15/2047			2,433			2,100
3.844% due 01/16/2038			1,368			923
3.967% due 05/16/2042			214			196
ABFC Trust
5.610% due 10/25/2036 •			1,151			1,065
5.630% due 01/25/2037 •			1,843			1,059
5.950% due 09/25/2036 •			3,913			3,796
ACE Securities Corp. Home Equity Loan Trust
5.970% due 10/25/2036 ~			4,521			1,673
ACREC Ltd.
6.623% due 10/16/2036 •			1,876			1,836
Aegis Asset-Backed Securities Trust
6.190% due 08/25/2035 •			137			132
AGL CLO Ltd.
6.877% due 07/20/2034			4,500			4,499
ALESCO Preferred Funding Ltd.
5.943% due 12/23/2036 ~			913			840
6.363% due 09/23/2038 •			2,233			2,032
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
3.110% due 06/25/2033 •			3,707			3,413
Apex Credit CLO Ltd.
6.622% due 09/20/2029 •			1,307			1,306
Apidos CLO
6.735% due 04/15/2031 •			3,481			3,480
6.755% due 07/16/2031			4,171			4,174
APL Finance DAC
7.000% due 07/21/2031 «			9,309			9,294
Ares CLO Ltd.
6.825% due 10/15/2030			7,549			7,556
Argent Securities Trust
5.850% due 03/25/2036 ~			3,305			2,946
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.930% due 01/25/2036 •			4,970			4,567
Asset-Backed Securities Corp. Home Equity Loan Trust
6.175% due 11/25/2035 ~			1,900			1,861
6.280% due 06/25/2034 •			2,420			2,373
6.295% due 04/25/2034 •			693			676
8.701% due 08/15/2032 •			330			316
Atlas Senior Loan Fund Ltd.
6.805% due 01/16/2030 •			3,366			3,362
6.840% due 10/24/2031			4,474			4,470
Avis Budget Rental Car Funding AESOP LLC
6.020% due 02/20/2030			7,500			7,741
Ballyrock CLO Ltd.
6.807% due 07/20/2034			6,000			5,994
Bear Stearns Asset-Backed Securities Trust
5.682% due 03/25/2034 •			1,962			1,951
5.930% due 11/25/2036 •			3,200			2,999
6.051% due 12/25/2034 •			1,698			1,708
6.595% due 03/25/2035 •			286			283
BSPRT Issuer Ltd.
7.658% due 07/15/2039 ~			4,000			3,971
BXMT Ltd.
6.876% due 11/15/2037 •			6,151			5,957

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Capital Automotive LLC
5.750% due 09/15/2053	$		4,950	$		4,982
Carlyle Global Market Strategies CLO Ltd.
6.589% due 08/14/2030 •			6,806			6,795
Carrington Mortgage Loan Trust
5.630% due 10/25/2036 •			2,398			1,860
5.730% due 02/25/2037 •			4,294			3,958
6.520% due 05/25/2035 ~			4,148			3,994
Castlelake Aircraft Securitization Trust
4.125% due 06/15/2043			585			534
Cathedral Lake Ltd.
1.929% due 10/20/2030			6,356			6,078
CBAM Ltd.
6.684% due 04/17/2031 ~			3,142			3,138
Cedar Funding CLO Ltd.
6.657% due 04/20/2031			7,176			7,178
6.677% due 01/20/2031 •			1,132			1,131
CIT Mortgage Loan Trust
6.970% due 10/25/2037 •			4,963			4,912
Citigroup Mortgage Loan Trust
5.730% due 03/25/2037 •			222			192
5.790% due 09/25/2036 •			1,105			802
6.664% due 05/25/2036 þ			4,198			1,609
Citigroup Mortgage Loan Trust, Inc.
6.145% due 10/25/2035 •			414			401
6.370% due 01/25/2036 •			1,780			1,721
CLNC Ltd.
6.720% due 08/20/2035 •			3			3
Countrywide Asset-Backed Certificates Trust
5.610% due 06/25/2035 •			2,860			2,503
5.670% due 06/25/2047 •			7,305			6,535
5.690% due 09/25/2037 •			1,624			1,655
5.750% due 05/25/2037 ~			2,838			2,619
5.930% due 04/25/2047 •			6,626			6,007
6.270% due 08/25/2047 •			187			186
6.520% due 09/25/2034 «•			87			84
Cutwater Ltd.
6.875% due 01/15/2029			2,480			2,484
Daimler Trucks Retail Trust
5.390% due 01/15/2030			2,500			2,500
Diamond Infrastructure Funding LLC
1.760% due 04/15/2049			600			533
Diamond Issuer
2.305% due 11/20/2051			1,800			1,589
Dryden Senior Loan Fund
6.675% due 04/15/2029 •			5,905			5,900
ECMC Group Student Loan Trust
6.452% due 01/27/2070 ~			3,203			3,180
Elmwood CLO Ltd.
7.054% due 01/17/2034			3,300			3,306
EMC Mortgage Loan Trust
6.570% due 08/25/2040 •			939			917
First Franklin Mortgage Loan Asset-Backed Certificates
6.295% due 05/25/2034 •			1,408			1,358
First Franklin Mortgage Loan Trust
5.690% due 12/25/2037 •			2,416			2,282
5.790% due 10/25/2036 ~			3,172			2,044
6.070% due 11/25/2035 «•			213			200
6.655% due 12/25/2034 •			1,475			1,437
6.895% due 10/25/2034 ~			901			901
Fremont Home Loan Trust
6.340% due 11/25/2034 •			5,756			5,069
6.520% due 11/25/2034 •			400			370
Galaxy CLO Ltd.
6.625% due 10/15/2030 •			609			609
GM Financial Revolving Receivables Trust
5.770% due 08/11/2036			3,600			3,757
GSAA Home Equity Trust
5.910% due 03/25/2047 •			2,870			1,008
GSAMP Trust
6.220% due 01/25/2034 •			872			835
6.250% due 07/25/2045 •			1,990			1,932
7.345% due 08/25/2034 •			4,885			4,368

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Hertz Vehicle Financing LLC
1.990% due 06/25/2026	$		2,300	$		2,199
2.330% due 06/26/2028			4,700			4,281
Home Equity Asset Trust
5.950% due 08/25/2037 ~			442			438
Home Equity Mortgage Loan Asset-Backed Trust
5.660% due 07/25/2037 •			7,811			3,150
5.710% due 11/25/2036 •			6,129			4,737
Horizon Aircraft Finance Ltd.
3.721% due 07/15/2039			3,440			3,068
ICG U.S. CLO Ltd.
6.800% due 01/24/2032			3,000			2,997
JP Morgan Mortgage Acquisition Corp.
6.055% due 05/25/2035 •			1,944			1,909
JP Morgan Mortgage Acquisition Trust
4.258% due 07/25/2036 •			1,510			1,374
6.040% due 07/25/2036 •			1,100			1,059
KDAC Aviation Finance Ltd.
4.212% due 12/15/2042			2,288			1,928
KKR CLO Ltd.
6.605% due 07/15/2030 •			6,785			6,775
LAD Auto Receivables Trust
6.100% due 12/15/2027			5,000			5,054
6.240% due 06/15/2028			5,000			5,082
LCCM Trust
6.676% due 12/13/2038 •			2,886			2,793
6.926% due 11/15/2038 ~			3,000			2,980
LCM LP
6.677% due 07/20/2030 •			5,821			5,811
Lehman XS Trust
4.719% due 06/25/2036 þ			1,927			1,815
6.260% due 11/25/2035 þ			3,196			1,420
LL ABS Trust
1.070% due 05/15/2029			134			133
LoanCore Issuer Ltd.
6.776% due 11/15/2038 •			3,300			3,230
Lockwood Grove CLO Ltd.
6.810% due 01/25/2030			2,999			3,002
Long Beach Mortgage Loan Trust
6.520% due 06/25/2035 ~			3,979			3,839
6.620% due 09/25/2034 •			705			707
Lunar Aircraft Ltd.
3.376% due 02/15/2045			1,816			1,611
Magnetite Ltd.
6.521% due 11/15/2028 •			1,844			1,845
6.935% due 10/25/2033			8,400			8,411
Marathon CLO Ltd.
6.805% due 04/15/2029 •			918			919
Marble Point CLO Ltd.
6.695% due 10/15/2030 •			2,916			2,922
Merrill Lynch Mortgage Investors Trust
4.297% due 02/25/2037 þ			12,136			1,594
METAL LLC
4.581% due 10/15/2042			2,556			1,585
MF1 Ltd.
6.706% due 02/19/2037 •			7,300			7,183
7.176% due 11/15/2035 •			3,784			3,780
MKS CLO Ltd.
6.677% due 07/20/2030 •			2,379			2,376
6.867% due 01/20/2031			2,268			2,270
Morgan Stanley ABS Capital, Inc. Trust
5.540% due 10/25/2036 •			71			30
5.600% due 01/25/2037 •			1,727			767
5.610% due 05/25/2037 •			111			94
5.620% due 10/25/2036 •			283			148
5.690% due 11/25/2036 •			2,804			1,308
5.970% due 07/25/2036 •			1,479			557
5.970% due 08/25/2036 ~			13,223			6,861
6.130% due 11/25/2035 ~			4,699			4,494
6.250% due 01/25/2035 •			95			93
6.385% due 07/25/2034 •			671			675
6.720% due 07/25/2037 •			6,420			5,409
Morgan Stanley Mortgage Loan Trust
6.465% due 09/25/2046 þ			2,719			905

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 77

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mountain View CLO LLC
6.745% due 10/16/2029 •	$		1,507	$		1,507
Nassau Ltd.
6.905% due 01/15/2030			2,797			2,801
Navient Private Education Loan Trust
6.926% due 07/16/2040 •			954			958
Navient Private Education Refi Loan Trust
1.310% due 01/15/2069			995			911
1.330% due 04/15/2069			2,990			2,684
Navient Student Loan Trust
7.230% due 03/15/2072			1,600			1,682
Nelnet Student Loan Trust
6.640% due 02/20/2041			4,324			4,389
Neuberger Berman CLO Ltd.
6.717% due 04/20/2031 •			3,200			3,198
New Century Home Equity Loan Trust
6.355% due 08/25/2034 ~			679			669
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
6.235% due 05/25/2035 ~			1,010			991
Octane Receivables Trust
1.210% due 09/20/2028			2,261			2,202
6.440% due 03/20/2029			2,000			2,022
OneMain Financial Issuance Trust
5.840% due 09/15/2036			10,200			10,420
Option One Mortgage Loan Trust
5.650% due 04/25/2037 •			2,222			1,061
5.750% due 07/25/2036 •			1,992			1,120
Pagaya AI Debt Selection Trust
6.060% due 03/15/2030			4,936			4,926
7.228% due 07/15/2031			500			502
7.600% due 12/16/2030			2,856			2,872
Palmer Square CLO Ltd.
6.963% due 10/20/2033			8,000			8,008
Palmer Square Loan Funding Ltd.
6.455% due 10/15/2029 •			3,829			3,805
Park Avenue Institutional Advisers CLO Ltd.
6.840% due 08/23/2031			4,880			4,887
PRET LLC
1.744% due 07/25/2051 þ			1,138			1,099
1.868% due 07/25/2051 þ			3,378			3,266
1.992% due 02/25/2061 þ			1,271			1,244
2.487% due 10/25/2051 ~			1,039			1,022
5.240% due 04/25/2052 þ			4,790			4,706
PRPM LLC
3.720% due 02/25/2027 þ			3,648			3,530
Raptor Aircraft Finance LLC
4.213% due 08/23/2044			1,932			1,557
Ready Capital Mortgage Financing LLC
7.908% due 10/25/2039 •			5,368			5,413
Renaissance Home Equity Loan Trust
5.586% due 11/25/2036 þ			662			231
5.608% due 05/25/2036 þ			13,820			6,593
5.812% due 11/25/2036 þ			12,195			4,427
5.850% due 11/25/2035 •			825			727
5.893% due 06/25/2037 þ			2,722			749
6.115% due 08/25/2036 þ			8,664			3,670
6.120% due 11/25/2036 þ			1,166			445
Residential Asset Mortgage Products Trust
5.042% due 03/25/2032 •			864			742
5.980% due 03/25/2036 •			1,276			1,237
Residential Asset Securities Corp. Trust
5.690% due 02/25/2037 •			4,196			4,024
Santander Drive Auto Receivables Trust
5.930% due 07/17/2028			1,700			1,732
5.980% due 04/16/2029			1,700			1,732
6.400% due 03/17/2031			1,700			1,748
Santander Revolving Auto Lease Trust
2.510% due 01/26/2032			3,500			3,399
Sapphire Aviation Finance Ltd.
4.250% due 03/15/2040			1,235			1,101
Saranac CLO Ltd.
6.781% due 08/13/2031 •			8,089			8,090
Saxon Asset Securities Trust
2.011% due 05/25/2035 •			595			431
2.164% due 03/25/2035 ~			293			279
7.195% due 12/26/2034 •			1,773			1,347
7.220% due 12/25/2037 •			517			486
SCCU Auto Receivables Trust
5.700% due 10/16/2028			1,300			1,309
5.700% due 08/15/2029			600			606

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Securitized Asset-Backed Receivables LLC Trust
6.050% due 12/25/2035 •	$		1,417	$		1,365
6.250% due 02/25/2034 •			2,180			2,151
Shackleton CLO Ltd.
6.567% due 04/20/2029			1,277			1,274
Signal Peak CLO Ltd.
6.750% due 04/25/2031 •			3,191			3,196
SLM Private Credit Student Loan Trust
5.916% due 12/15/2039 •			2,107			2,025
5.956% due 12/15/2038 •			337			327
SLM Private Education Loan Trust
10.226% due 10/15/2041 •			2,979			3,137
SLM Student Loan Trust
6.346% due 04/25/2049 •			506			502
6.496% due 07/25/2049 •			2,902			2,856
7.296% due 10/25/2024 •			1,168			1,168
SMB Private Education Loan Trust
5.380% due 01/15/2053			652			653
6.320% due 09/15/2054 •			2,336			2,302
Sound Point CLO Ltd.
6.574% due 01/23/2029 •			1,516			1,518
6.620% due 07/25/2030 ~			6,938			6,930
6.887% due 07/20/2032 •			13,000			12,847
Soundview Home Loan Trust
5.720% due 07/25/2037 •			3,672			2,817
Specialty Underwriting & Residential Finance Trust
5.770% due 09/25/2037 ~			6,302			4,332
Starwood Commercial Mortgage Trust
6.673% due 04/18/2038 •			10,082			9,843
Stonepeak ABS
2.301% due 02/28/2033			612			563
Structured Asset Investment Loan Trust
5.643% due 07/25/2036 •			4,722			2,826
6.100% due 11/25/2035 •			2,115			2,033
6.175% due 03/25/2034 •			1,940			1,901
6.970% due 11/25/2034 •			3,232			3,295
Structured Asset Securities Corp. Mortgage Loan Trust
6.340% due 07/25/2035 •			2,256			2,278
6.505% due 07/25/2035 •			2,915			2,872
Symphony CLO Ltd.
7.002% due 04/25/2034			9,500			9,512
Theorem Funding Trust
1.850% due 02/15/2028			31			31
TPG Real Estate Finance Issuer Ltd.
6.676% due 03/15/2038 •			6,088			5,945
6.988% due 02/15/2039 ~			5,000			4,899
Venture CLO Ltd.
6.535% due 04/15/2027 •			2,511			2,511
6.577% due 10/20/2028 •			2,780			2,777
6.631% due 09/07/2030 •			8,916			8,899
6.667% due 07/20/2030 •			4,366			4,357
6.678% due 08/28/2029 •			1,667			1,668
6.697% due 04/20/2029 •			2,009			2,010
6.715% due 07/15/2031 •			4,628			4,629
6.727% due 07/20/2030 •			3,419			3,417
Verizon Master Trust
5.350% due 09/22/2031			7,000			7,244
Vertical Bridge Holdings LLC
2.636% due 09/15/2050			8,000			7,505
3.706% due 02/15/2057			2,400			1,984
Vibrant CLO Ltd.
6.717% due 09/15/2030 •			5,291			5,281
Voya CLO Ltd.
6.655% due 10/15/2030 •			2,431			2,427
WaMu Asset-Backed Certificates WaMu Trust
5.695% due 05/25/2037 •			1,875			1,738
WAVE LLC
3.597% due 09/15/2044			3,543			2,976
Wellfleet CLO Ltd.
6.567% due 04/20/2029 •			262			263
6.567% due 07/20/2029 •			253			253
Wells Fargo Home Equity Asset-Backed Securities Trust
6.220% due 12/25/2035 •			3,100			3,053
8.020% due 04/25/2035 •			131			134
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
6.070% due 04/25/2034 •			64			62
Whitehorse Ltd.
6.905% due 10/15/2031			8,400			8,413

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wind River CLO Ltd.
6.735% due 07/15/2031 •	$		9,000	$		8,973
Total Asset-Backed Securities (Cost $679,862)						652,196
SOVEREIGN ISSUES 0.1%
Mexico Government International Bond
5.750% due 10/12/2110			4,000			3,595
Total Sovereign Issues (Cost $4,211)						3,595
		SHARES
PREFERRED SECURITIES 0.4%
FINANCIALS 0.3%
American AgCredit Corp.
5.250% due 06/15/2026 •(e)			4,000,000			3,673
Capital Farm Credit ACA
5.000% due 03/15/2026 •(e)			3,300,000			3,010
CoBank ACB
4.250% due 01/01/2027 •(e)			1,700,000			1,359
Farm Credit Bank of Texas
5.700% due 09/15/2025 •(e)			4,250,000			4,032
SVB Financial Group
4.100% due 02/15/2031 ^(c)(e)			2,800,000			31
						12,105
INDUSTRIALS 0.1%
Energy Transfer LP
6.750% due 05/15/2025 •(e)			3,000,000			2,885
Total Preferred Securities (Cost $19,109)						14,990
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 1.8%
REPURCHASE AGREEMENTS (i) 1.7%
						69,624
SHORT-TERM NOTES 0.1%
BGC Group, Inc.
3.750% due 10/01/2024	$		3,300			3,227
Total Short-Term Instruments (Cost $72,832)						72,851
Total Investments in Securities (Cost $4,316,748)						4,308,413
		SHARES
INVESTMENTS IN AFFILIATES 1.0%
MUTUAL FUNDS (f) 1.0%
PIMCO Preferred And Capital Securities Active Exchange-Traded Fund			106,400	5,145
PIMCO Senior Loan Active Exchange-Traded Fund			705,400	35,609
Total Mutual Funds (Cost $40,033)						40,754
Total Investments in Affiliates (Cost $40,033)						40,754
Total Investments 108.8% (Cost $4,356,781)				$		4,349,167
Financial Derivative Instruments (k)(m) (0.0)% (Cost or Premiums, net $783)						(870	)
Other Assets and Liabilities, net (8.8)%						(350,136	)
Net Assets 100.0%				$		3,998,161

78 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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.

þ 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) Security is an Interest Only (“IO”) or IO Strip.

(b) Principal only security.

(c) Security is not accruing income as of the date of this report.

(d) Zero coupon security.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Institutional Class Shares of each Fund.

(g) Contingent convertible security.

(h) RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Citigroup, Inc.		3.785	%		03/17/2033		06/07/2023	$	3,992	$	4,049		0.10	%
Citigroup, Inc.		6.270			11/17/2033		11/17/2033		7,227		7,493		0.19
Morgan Stanley		0.000			04/02/2032		02/11/2020		7,919		5,471		0.14
Puget Energy, Inc.		4.224			03/15/2032		03/14/2022		3,000		2,720		0.07
								$	22,138	$	19,733		0.50	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i) 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)
BPS		5.470	%		01/02/2024		01/03/2024	$	37,700	U.S. Treasury Notes 2.750% due 08/15/2032	$	(38,459	)	$	37,700	$	37,700
		5.510			01/02/2024		01/03/2024		100	U.S. Treasury Notes 2.125% due 05/15/2025		(102	)		100		100
DEU		5.420			12/29/2023		01/02/2024		31,400	U.S. Treasury Bonds 2.000% due 11/15/2041		(32,005	)		31,400		31,419
FICC		2.600			12/29/2023		01/02/2024		424	U.S. Treasury Notes 3.875% due 01/15/2026		(432	)		424		424
Total Repurchase Agreements											$	(70,998	)	$	69,624	$	69,643

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable  for Sale-Buyback Transactions(3)
UBS		5.470	%		11/14/2023		01/10/2024	$	(14,247	)	$	(14,353	)
Total Sale-Buyback Transactions											$	(14,353	)

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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
BPS	$	37,800	$	0	$	0		$	0	$	37,800		$	(38,561	)	$	(761	)
DEU		31,419		0		0			0		31,419			(32,008	)		(589	)
FICC		424		0		0			0		424			(432	)		(8	)
Master Securities Forward Transaction Agreement
UBS		0		0		(14,353	)		0		(14,353	)		14,253			(100	)
Total Borrowings and Other Financing Transactions	$	69,643	$	0	$	(14,353	)	$	0

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 79

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

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
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(14,353	)	$	0	$	0	$	(14,353	)
Total Borrowings	$	0	$	(14,353	)	$	0	$	0	$	(14,353	)
Payable for sale-buyback financing transactions										$	(14,353	)

(j) Securities with an aggregate market value of $14,563 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2023 was $(121,688) at a weighted average interest rate of 3.337%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Payable for sale-buyback transactions includes $(17) of deferred price drop.

⁽⁴⁾ 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.

(k) 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 10-Year Ultra Long-Term Bond March Futures		03/2024		429	$	50,629	$	(33	)	$	0	$	(40	)
Total Futures Contracts							$	(33	)	$	0	$	(40	)

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, 2023(2)			Notional Amount(3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																					Asset		Liability
AES Corp.	5.000%		Quarterly		06/20/2026		0.681	%		$	3,400	$	695		$	(344	)	$	351		$	0	$	0
American International Group, Inc.	1.000		Quarterly		12/20/2026		0.416				1,400		30			(7	)		23			0		0
AT&T, Inc.	1.000		Quarterly		06/20/2024		0.400				1,500		0			5			5			0		0
Boeing Co.	1.000		Quarterly		06/20/2026		0.410				1,500		(11	)		32			21			0		0
Boeing Co.	1.000		Quarterly		12/20/2026		0.444				5,300		(22	)		107			85			2		0
British Telecommunications PLC	1.000		Quarterly		12/20/2027		0.596			EUR	200		(1	)		4			3			0		0
British Telecommunications PLC	1.000		Quarterly		06/20/2028		0.686				8,200		(50	)		173			123			0		0
British Telecommunications PLC	1.000		Quarterly		12/20/2028		0.757				800		(10	)		20			10			1		0
Devon Energy Corp.	1.000		Quarterly		12/20/2026		0.645			$	2,000		(16	)		37			21			0		0
Devon Energy Corp.	1.000		Quarterly		06/20/2027		0.742				1,000		(26	)		35			9			0		0
Energy Transfer Operating LP	1.000		Quarterly		12/20/2025		0.446				1,100		(14	)		26			12			0		0
Ford Motor Credit Co. LLC	5.000		Quarterly		06/20/2027		1.460				300		16			18			34			0		0
General Electric Co.	1.000		Quarterly		12/20/2026		0.313				700		8			6			14			0		0
General Motors Co.	5.000		Quarterly		12/20/2026		0.919				2,130		417			(172	)		245			1		0
General Motors Co.	5.000		Quarterly		06/20/2028		1.345				5,605		707			123			830			1		0
Hess Corp.	1.000		Quarterly		06/20/2026		0.381				3,600		(86	)		140			54			0		(2	)
Telefonica Emisiones SAU	1.000		Quarterly		06/20/2028		0.616			EUR	300		0			5			5			0		0
Valeo SA	1.000		Quarterly		06/20/2026		1.131				1,800		(25	)		20			(5	)		0		(3	)
Valeo SA	1.000		Quarterly		06/20/2028		1.993				2,500		(106	)		(5	)		(111	)		0		(2	)
Verizon Communications, Inc.	1.000		Quarterly		12/20/2024		0.451			$	4,300		14			10			24			1		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2026		0.561				900		20			(10	)		10			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2026		0.580				5,600		132			(64	)		68			1		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2028		0.700				1,200		(3	)		18			15			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2028		0.739				300		(1	)		5			4			0		0
Williams Cos., Inc.	1.000		Quarterly		12/20/2026		0.435				2,600		19			23			42			0		0
												$	1,687		$	205		$	1,892		$	7	$	(7	)

80 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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
																				Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		4.155	%		Annual		10/02/2033	$	11,800	$	(46	)	$	676		$	630		$	0	$	(6	)
Pay	1-Day USD-SOFR Compounded-OIS		4.170			Annual		10/03/2033		7,500		(29	)		439			410			0		(4	)
Pay	1-Day USD-SOFR Compounded-OIS		4.030			Annual		10/04/2033		10,400		(36	)		482			446			0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		4.175			Annual		10/10/2033		4,600		(17	)		272			255			0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		4.150			Annual		10/12/2033		4,600		(18	)		264			246			0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		4.220			Annual		10/20/2033		4,500		(16	)		285			269			0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		4.450			Annual		11/01/2033		4,800		(20	)		403			383			0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		3.842			Annual		12/26/2033		2,300		(10	)		(62	)		(72	)		2		0
Receive	1-Day USD-SOFR Compounded-OIS		3.854			Annual		12/29/2033		4,700		(20	)		(132	)		(152	)		3		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.750			Annual		01/02/2034		2,400		(10	)		(47	)		(57	)		1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.810			Annual		01/02/2034		2,400		(10	)		(60	)		(70	)		1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.684			Annual		01/03/2034		2,400		(11	)		(33	)		(44	)		0		(44	)
Pay	1-Day USD-SOFR Compounded-OIS		3.830			Annual		10/12/2053		1,400		(8	)		138			130			0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		3.880			Annual		10/16/2053		1,400		(7	)		150			143			0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		3.870			Annual		10/17/2053		1,400		(7	)		148			141			0		(6	)
											$	(265	)	$	2,923		$	2,658		$	7	$	(89	)
Total Swap Agreements											$	1,422		$	3,128		$	4,550		$	14	$	(96	)

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, 2023:

	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	$	0	$	0	$	14	$	14	$	0	$	(40)	$	(96)	$	(136)

(l) Securities with an aggregate market value of $2,770 and cash of $20,145 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2024	EUR	286	$	312	$	0	$	(4	)
MBC		01/2024	CAD	1,054		779		0		(16	)
UAG		01/2024	GBP	454		575		0		(4	)
Total Forward Foreign Currency Contracts							$	0	$	(24	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 81

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.)

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.288	%		01/19/2024		1,400	$	(6	)	$	(6	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.738			01/19/2024		1,400		(6	)		(3	)
BPS	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.494			01/08/2024		1,600		(7	)		(12	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.994			01/08/2024		1,600		(7	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.545			01/16/2024		4,600		(21	)		(58	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.995			01/16/2024		4,600		(21	)		(1	)
CBK	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.235			01/22/2024		4,700		(19	)		(15	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.685			01/22/2024		4,700		(19	)		(14	)
FAR	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.489			01/08/2024		5,600		(26	)		(40	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.989			01/08/2024		5,600		(26	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.273			01/16/2024		5,400		(23	)		(15	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.550			01/16/2024		5,500		(24	)		(71	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.723			01/16/2024		5,400		(23	)		(9	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.000			01/16/2024		5,500		(24	)		(1	)
GLM	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.648			01/04/2024		4,700		(21	)		(76	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.560			01/05/2024		4,700		(24	)		(50	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.594			01/05/2024		4,700		(24	)		(60	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.010			01/05/2024		4,700		(24	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.044			01/05/2024		4,700		(24	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.285			01/19/2024		2,300		(10	)		(9	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.735			01/19/2024		2,300		(10	)		(5	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.215			01/22/2024		4,700		(19	)		(13	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.665			01/22/2024		4,700		(19	)		(15	)
JPM	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.600			01/12/2024		2,500		(12	)		(39	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.050			01/12/2024		2,500		(12	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.350			01/18/2024		2,300		(11	)		(12	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.750			01/18/2024		2,300		(11	)		(4	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.205			01/22/2024		2,300		(9	)		(6	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.655			01/22/2024		2,300		(9	)		(8	)
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.170			01/29/2024		2,300		(10	)		(7	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.620			01/29/2024		2,300		(10	)		(12	)
MYC	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.670			01/04/2024		4,700		(22	)		(84	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.120			01/04/2024		4,700		(22	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.455			01/08/2024		4,000		(19	)		(23	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.955			01/08/2024		4,000		(19	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.600			01/12/2024		2,500		(12	)		(39	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		4.050			01/12/2024		2,500		(12	)		0
UAG	Call - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Receive		3.344			01/18/2024		2,300		(11	)		(12	)
	Put - OTC 10-Year Interest Rate Swap	3-Month  USD-LIBOR	Pay		3.744			01/18/2024		2,300		(11	)		(4	)
Total Written Options											$	(639	)	$	(724	)

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, 2023:

	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)
BOA	$	0	$	0	$	0	$	0	$	0		$	(9	)	$	0	$	(9	)	$	(9	)	$	0	$	(9	)
BPS		0		0		0		0		(4	)		(71	)		0		(75	)		(75	)		0		(75	)
CBK		0		0		0		0		0			(29	)		0		(29	)		(29	)		0		(29	)
FAR		0		0		0		0		0			(136	)		0		(136	)		(136	)		0		(136	)
GLM		0		0		0		0		0			(228	)		0		(228	)		(228	)		286		58
JPM		0		0		0		0		0			(89	)		0		(89	)		(89	)		0		(89	)
MBC		0		0		0		0		(16	)		0			0		(16	)		(16	)		0		(16	)
MYC		0		0		0		0		0			(146	)		0		(146	)		(146	)		374		228
UAG		0		0		0		0		(4	)		(16	)		0		(20	)		(20	)		0		(20	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	(24	)	$	(724	)	$	0	$	(748	)

82 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

(n) Securities with an aggregate market value of $660 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽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.

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 and Other 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, 2023:

	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	$	7	$	0	$	0	$	7	$	14
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	40	$	40
Swap Agreements		0		7		0		0		89		96
	$	0	$	7	$	0	$	0	$	129	$	136
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	24	$	0	$	24
Written Options		0		0		0		0		724		724
	$	0	$	0	$	0	$	24	$	724	$	748
	$	0	$	7	$	0	$	24	$	853	$	884

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Written Options	$	0	$	0	$	0	$	0	$	14		$	14
Futures		0		0		0		0		335			335
Swap Agreements		0		1,765		0		0		412			2,177
	$	0	$	1,765	$	0	$	0	$	761		$	2,526
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	21	$	0		$	21
Written Options		0		0		0		0		585			585
Swap Agreements		0		1		0		0		0			1
	$	0	$	1	$	0	$	21	$	585		$	607
	$	0	$	1,766	$	0	$	21	$	1,346		$	3,133
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(32	)	$	(32	)
Swap Agreements		0		133		0		0		2,923			3,056
	$	0	$	133	$	0	$	0	$	2,891		$	3,024
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	27	$	0		$	27
Written Options		0		0		0		0		(85	)		(85	)
	$	0	$	0	$	0	$	27	$	(85	)	$	(58	)
	$	0	$	133	$	0	$	27	$	2,806		$	2,966

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 83

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	13,984	$	4,894	$	18,878
Corporate Bonds & Notes
Banking & Finance		0		595,114		0		595,114
Industrials		0		218,898		0		218,898
Utilities		0		52,110		0		52,110
Municipal Bonds & Notes
California		0		22,103		0		22,103
Georgia		0		1,228		0		1,228
Illinois		0		6,337		0		6,337
Michigan		0		1,800		0		1,800
New Jersey		0		4,011		0		4,011
New York		0		621		0		621
Texas		0		3,414		0		3,414
Virginia		0		4,308		0		4,308
West Virginia		0		4,619		0		4,619
U.S. Government Agencies		0		1,858,193		0		1,858,193
U.S. Treasury Obligations		0		446,279		0		446,279
Non-Agency Mortgage-Backed Securities		0		325,975		893		326,868
Asset-Backed Securities		0		642,618		9,578		652,196
Sovereign Issues		0		3,595		0		3,595
Preferred Securities
Financials		0		12,105		0		12,105
Industrials		0		2,885		0		2,885

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Short-Term Instruments
Repurchase Agreements	$	0	$	69,624		$	0	$	69,624
Short-Term Notes		0		3,227			0		3,227
	$	0	$	4,293,048		$	15,365	$	4,308,413
Investments in Affiliates, at Value
Mutual Funds		40,754		0			0		40,754
Total Investments	$	40,754	$	4,293,048		$	15,365	$	4,349,167
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	14		$	0	$	14
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(136	)		0		(136	)
Over the counter		0		(748	)		0		(748	)
	$	0	$	(884	)	$	0	$	(884	)
Total Financial Derivative Instruments	$	0	$	(870	)	$	0	$	(870	)
Totals	$	40,754	$	4,292,178		$	15,365	$	4,348,297

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

84 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 108.1%
CORPORATE BONDS & NOTES 25.2%
BANKING & FINANCE 20.0%
ABN AMRO Bank NV
6.575% due 10/13/2026	$		2,200	$		2,237
Athene Global Funding
0.950% due 01/08/2024			8,770			8,764
6.108% (SOFRINDX + 0.700%) due 05/24/2024 ~			2,000			1,998
Bank of America Corp.
3.458% due 03/15/2025 •			2,000			1,991
4.827% due 07/22/2026 •			5,000			4,964
Barclays PLC
2.852% due 05/07/2026 •			800			772
3.932% due 05/07/2025 •			2,000			1,986
4.375% due 01/12/2026			400			395
5.304% due 08/09/2026 •			7,700			7,673
BNP Paribas SA
3.375% due 01/09/2025			4,000			3,919
4.705% due 01/10/2025			200			200
4.705% due 01/10/2025 •			748			748
BPCE SA
2.375% due 01/14/2025			582			563
6.612% due 10/19/2027			2,400			2,472
Cantor Fitzgerald LP
4.875% due 05/01/2024			6,874			6,823
Citigroup, Inc.
4.140% due 05/24/2025			4,000			3,977
Corebridge Financial, Inc.
3.500% due 04/04/2025			7,700			7,512
Deutsche Bank AG
3.700% due 05/30/2024			593			587
3.961% due 11/26/2025 •			9,000			8,854
Ford Motor Credit Co. LLC
4.134% due 08/04/2025			2,500			2,431
FS KKR Capital Corp.
1.650% due 10/12/2024			5,000			4,826
GA Global Funding Trust
0.800% due 09/13/2024			2,153			2,070
1.000% due 04/08/2024			1,750			1,725
5.921% (SOFRRATE + 0.500%) due 09/13/2024 ~			1,110			1,103
6.727% (SOFRRATE + 1.360%) due 04/11/2025 ~			3,000			2,995
Goldman Sachs Group, Inc.
3.272% due 09/29/2025 •			500			491
HSBC Holdings PLC
6.863% (US0003M + 1.230%) due 03/11/2025 ~			10,107			10,124
7.008% (US0003M + 1.380%) due 09/12/2026 ~			4,850			4,897
ING Groep NV
3.869% due 03/28/2026 •			1,500			1,471
JPMorgan Chase & Co.
2.595% due 02/24/2026 •			1,000			969
KKR Financial Holdings LLC
5.400% due 05/23/2033			5,500			5,317
Lloyds Banking Group PLC
3.511% due 03/18/2026 •			2,500			2,443
3.870% due 07/09/2025 •			672			666
4.716% due 08/11/2026 •			3,000			2,962
Mitsubishi UFJ Financial Group, Inc.
6.339% (SOFRRATE + 0.940%) due 02/20/2026 ~			3,500			3,501
Morgan Stanley
4.679% due 07/17/2026 •			5,000			4,955
NatWest Group PLC
4.269% due 03/22/2025 •			7,200			7,176
Nissan Motor Acceptance Co. LLC
1.050% due 03/08/2024			1,200			1,189
Nomura Holdings, Inc.
2.648% due 01/16/2025			2,000			1,942

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Nordea Bank Abp
3.600% due 06/06/2025	$		2,000	$		1,962
Pacific Life Global Funding
6.035% (SOFRRATE + 0.620%) due 06/04/2026 ~			1,496			1,483
QNB Finance Ltd.
6.886% (US0003M + 1.250%) due 03/21/2024 ~			2,600			2,604
Santander U.K. Group Holdings PLC
6.833% due 11/21/2026 •			5,000			5,096
SMBC Aviation Capital Finance DAC
3.550% due 04/15/2024			1,500			1,490
Societe Generale SA
2.625% due 01/22/2025			6,824			6,616
3.875% due 03/28/2024			300			299
Standard Chartered PLC
0.991% due 01/12/2025			1,000			999
3.785% due 05/21/2025 •			2,000			1,983
3.971% due 03/30/2026 •			2,300			2,244
7.176% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,000			5,024
Synchrony Bank
5.400% due 08/22/2025			7,200			7,096
UBS Group AG
4.488% due 05/12/2026 •			12,000			11,826
6.373% due 07/15/2026 •			1,900			1,923
VICI Properties LP
4.375% due 05/15/2025			1,700			1,672
Wells Fargo & Co.
2.406% due 10/30/2025 •			10,400			10,119
						192,124
INDUSTRIALS 4.5%
American Airlines Pass-Through Trust
4.000% due 01/15/2027			391			374
Berry Global, Inc.
4.875% due 07/15/2026			2,000			1,967
Canadian Pacific Railway Co.
3.125% due 06/01/2026			700			671
Charter Communications Operating LLC
4.500% due 02/01/2024			840			839
7.289% (US0003M + 1.650%) due 02/01/2024 ~			10,500			10,500
Daimler Truck Finance North America LLC
6.167% (SOFRRATE + 0.750%) due 12/13/2024 ~			750			750
Dell International LLC
4.900% due 10/01/2026			1,700			1,703
Illumina, Inc.
5.800% due 12/12/2025			1,700			1,707
Imperial Brands Finance PLC
3.125% due 07/26/2024			8,100			7,968
4.250% due 07/21/2025			1,841			1,809
Renesas Electronics Corp.
1.543% due 11/26/2024			9,700			9,338
Sands China Ltd.
5.375% due 08/08/2025			2,800			2,763
Warnermedia Holdings, Inc.
3.788% due 03/15/2025			3,300			3,236
						43,625
UTILITIES 0.7%
Chugoku Electric Power Co., Inc.
2.401% due 08/27/2024			1,000			978
Enel Finance International NV
6.800% due 10/14/2025			2,500			2,564
Pacific Gas & Electric Co.
4.950% due 06/08/2025			3,500			3,480
						7,022
Total Corporate Bonds & Notes (Cost $244,187)						242,771

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. GOVERNMENT AGENCIES 13.7%
Fannie Mae
4.000% due 06/01/2042 - 03/01/2047	$		451	$		437
5.000% due 07/01/2033 - 07/01/2044			1,274			1,263
5.150% due 05/01/2035			37			37
5.350% due 02/01/2035 - 01/01/2038			321			318
5.450% due 04/01/2036			84			84
5.500% due 12/01/2031 - 03/01/2050			989			989
6.000% due 09/01/2028 - 04/01/2048			715			723
6.500% due 07/01/2036 - 09/01/2048			305			309
Freddie Mac
2.000% due 02/01/2028 - 04/01/2028			3			3
2.500% due 10/25/2048			145			129
5.000% due 01/01/2024 - 02/01/2038			289			291
5.400% due 09/01/2037 - 11/01/2038			321			331
5.500% due 08/01/2033 - 06/01/2047			1,067			1,085
5.520% due 05/28/2025			15,700			15,695
5.550% due 06/01/2037 - 07/01/2037			92			96
5.850% due 08/23/2027			10,000			10,004
6.000% due 09/01/2031 - 05/01/2033			34			33
6.500% due 11/01/2036 - 10/17/2038			311			317
7.000% due 05/01/2029			12			12
Ginnie Mae
2.500% due 10/20/2049			120			106
3.000% due 11/20/2046			84			77
3.500% due 05/20/2042			61			57
3.700% due 04/15/2042			112			107
3.740% due 03/20/2042 - 07/20/2042			74			70
3.750% due 04/15/2042 - 03/20/2044			131			125
4.000% due 04/20/2040 - 06/20/2043			554			527
4.500% due 08/20/2038 - 11/20/2048			489			481
5.350% due 12/15/2036 - 01/15/2038			318			321
5.400% due 06/20/2039			82			84
5.500% due 03/20/2034 - 08/20/2041			337			338
6.000% due 09/20/2038			38			39
6.088% due 10/20/2072 •			1,431			1,419
6.318% due 09/20/2073			7,992			7,994
6.473% due 08/16/2039 •			3			4
6.500% due 09/20/2025 - 07/20/2039			32			32
7.000% due 09/15/2024 - 06/20/2039			570			581
Uniform Mortgage-Backed Security
4.250% due 01/01/2036			80			79
4.750% due 09/01/2034 - 04/01/2036			308			310
5.340% due 09/01/2029			46			47
6.000% due 06/01/2031			1			1
Uniform Mortgage-Backed Security, TBA
5.000% due 01/01/2054 - 02/01/2054			88,100			87,196
Total U.S. Government Agencies (Cost $131,530)						132,151
U.S. TREASURY OBLIGATIONS 23.9%
U.S. Treasury Notes
5.000% due 08/31/2025			227,600			229,729
Total U.S. Treasury Obligations (Cost $228,014)						229,729

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 85

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 12.6%
Angel Oak Mortgage Trust
1.469% due 06/25/2065 ~	$		484	$		452
Bear Stearns Adjustable Rate Mortgage Trust
6.340% due 02/25/2033 «~			1			0
Bear Stearns ALT-A Trust
4.488% due 05/25/2035 ~			27			25
5.790% due 02/25/2034 •			774			719
Beneria Cowen & Pritzer Collateral Funding Corp.
6.275% due 06/15/2038 ~			5,600			5,040
BFLD Trust
6.626% due 10/15/2035 •			2,000			1,527
BWAY Mortgage Trust
6.726% due 09/15/2036 •			3,000			2,802
BX Trust
6.176% due 01/15/2034 ~			2,912			2,876
Chase Mortgage Finance Trust
5.813% due 02/25/2037 «~			321			302
Chevy Chase Funding LLC Mortgage-Backed Certificates
5.670% due 01/25/2036 •			30			27
5.700% due 10/25/2035 •			162			149
5.770% due 08/25/2035 «•			18			17
Citigroup Commercial Mortgage Trust
6.656% due 10/15/2036 •			1,950			1,919
Citigroup Mortgage Loan Trust
5.000% due 05/25/2051 •			3,747			3,469
Countrywide Alternative Loan Trust
5.750% due 06/25/2037 •			53			47
Credit Suisse Mortgage Capital Trust
3.090% due 12/26/2059 ~			959			960
DROP Mortgage Trust
6.626% due 10/15/2043 •			6,000			5,556
Extended Stay America Trust
6.556% due 07/15/2038 ~			5,227			5,183
First Horizon Alternative Mortgage Securities Trust
6.503% due 02/25/2035 ~			168			157
GCAT Trust
1.348% due 05/25/2066 ~			2,547			2,112
1.503% due 05/25/2066 ~			2,300			1,890
2.650% due 10/25/2068 ~			340			324
2.885% due 12/27/2066 ~			1,979			1,771
GCT Commercial Mortgage Trust
6.276% due 02/15/2038 •			800			602
Ginnie Mae
6.338% due 05/20/2073			11,321			11,337
GS Mortgage Securities Corp. Trust
8.762% due 08/15/2039 ~			7,300			7,360
GS Mortgage-Backed Securities Trust
5.000% due 12/25/2051 ~			2,482			2,297
5.000% due 02/25/2052 ~			4,118			3,812
GSR Mortgage Loan Trust
5.778% due 09/25/2035 «~			2			2
7.678% due 08/25/2033 «•			63			58
Impac CMB Trust
6.110% due 03/25/2035 •			73			65
InTown Mortgage Trust
7.851% due 08/15/2039 •			2,900			2,915
JP Morgan Chase Commercial Mortgage Securities Trust
3.379% due 09/15/2050			289			281
6.276% due 04/15/2038 •			945			937
6.859% due 12/15/2031 •			635			519
JP Morgan Mortgage Trust
4.538% due 07/25/2035 ~			189			177
JPMBB Commercial Mortgage Securities Trust
3.801% due 09/15/2047			4,410			4,334
Legacy Mortgage Asset Trust
1.991% due 09/25/2060 ~			543			541
MASTR Adjustable Rate Mortgages Trust
5.874% due 04/21/2034 «~			15			14
Merrill Lynch Mortgage Investors Trust
5.630% due 12/25/2035 ~			170			159
5.930% due 04/25/2029 •			102			95

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MFA Trust
1.131% due 07/25/2060 ~	$		2,438	$		2,164
6.105% due 12/25/2068 þ			1,050			1,056
Morgan Stanley Mortgage Loan Trust
6.550% due 11/25/2035 •			755			749
Morgan Stanley Residential Mortgage Loan Trust
5.000% due 09/25/2051 ~			826			765
New Residential Mortgage Loan Trust
0.941% due 10/25/2058 ~			1,239			1,133
2.464% due 01/26/2060 ~			4,604			4,208
3.500% due 12/25/2057 ~			1,023			979
3.500% due 10/25/2059 ~			404			379
4.500% due 05/25/2058 ~			99			96
NYO Commercial Mortgage Trust
6.571% due 11/15/2038 •			6,000			5,552
OBX Trust
1.957% due 10/25/2061 ~			228			188
6.520% due 07/25/2063 þ			2,577			2,603
One New York Plaza Trust
6.426% due 01/15/2036 •			3,700			3,528
ONE Park Mortgage Trust
6.176% due 03/15/2036 •			3,914			3,731
PRPM Trust
6.221% due 11/25/2068 þ			700			704
RESIMAC Bastille Trust
6.105% due 02/03/2053 •			1,541			1,535
Sequoia Mortgage Trust
5.872% due 07/20/2036 •			487			424
6.132% due 06/20/2033 «~			1			1
Starwood Mortgage Residential Trust
1.486% due 04/25/2065 ~			342			320
Starwood Mortgage Trust
6.526% due 04/15/2034 •			2,788			2,746
Structured Asset Mortgage Investments Trust
6.050% due 07/19/2034 «•			3			2
6.130% due 09/19/2032 •			4			4
Thornburg Mortgage Securities Trust
4.218% due 04/25/2045 «~			37			34
Towd Point Mortgage Trust
2.250% due 11/25/2061 ~			747			688
2.250% due 12/25/2061 ~			2,832			2,675
3.750% due 05/25/2058 ~			2,042			1,975
5.755% due 02/25/2057 ~			59			60
6.470% due 05/25/2058 •			775			788
6.470% due 10/25/2059 •			532			535
Verus Securitization Trust
6.259% due 12/25/2068 þ			5,100			5,141
6.476% due 06/25/2068 þ			2,735			2,764
WaMu Mortgage Pass-Through Certificates Trust
3.769% due 07/25/2037 ~			364			297
4.821% due 06/25/2033 «~			1			1
5.992% due 06/25/2046 •			22			20
6.090% due 01/25/2045 •			7			6
6.270% due 06/25/2044 •			372			341
6.330% due 10/25/2045 •			60			56
Total Non-Agency Mortgage-Backed Securities (Cost $126,926)						121,077
ASSET-BACKED SECURITIES 31.0%
Anchorage Capital CLO Ltd.
6.705% due 07/15/2030 •			1,871			1,870
Apex Credit CLO Ltd.
6.622% due 09/20/2029 •			436			435
AREIT LLC
7.600% due 06/17/2039 •			7,200			7,238
Ares CLO Ltd.
6.707% due 04/18/2031 ~			4,400			4,398
Asset-Backed Securities Corp. Home Equity Loan Trust
6.280% due 06/25/2034 •			65			63
Atlas Static Senior Loan Fund Ltd.
7.101% due 07/15/2030			5,499			5,500
Avis Budget Rental Car Funding AESOP LLC
5.900% due 08/21/2028			8,100			8,279

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bank of America Auto Trust
5.530% due 02/15/2028	$		3,600	$		3,644
Bear Stearns Asset-Backed Securities Trust
6.205% due 09/25/2035 ~			732			728
6.270% due 10/27/2032 «•			15			15
6.370% due 08/25/2034 •			438			423
Benefit Street Partners CLO Ltd.
6.605% due 10/15/2030 •			1,176			1,175
6.694% due 01/17/2032 •			400			400
BXMT Ltd.
6.876% due 11/15/2037 •			3,199			3,098
Carlyle U.S. CLO Ltd.
6.677% due 04/20/2031 •			5,094			5,095
Carmax Auto Owner Trust
6.080% due 12/15/2026			7,000			7,057
Carvana Auto Receivables Trust
5.380% due 03/12/2029			2,500			2,507
5.820% due 08/10/2028			2,700			2,736
CBAM Ltd.
6.797% due 10/20/2029 •			5,354			5,357
Chase Funding Trust
6.070% due 07/25/2033 «•			210			199
Citizens Auto Receivables Trust
5.830% due 02/15/2028			5,000			5,074
Countrywide Asset-Backed Certificates Trust
3.508% due 03/25/2036 •			154			149
5.770% due 09/25/2046 •			136			135
CQS U.S. CLO Ltd.
7.266% due 07/20/2031			1,288			1,291
DLLAD LLC
5.190% due 04/20/2026			5,009			4,994
Dryden CLO Ltd.
6.705% due 07/15/2031 •			7,296			7,298
Dryden Senior Loan Fund
6.635% due 04/15/2028 •			1,500			1,502
6.675% due 04/15/2029 •			2,416			2,414
Elevation CLO Ltd.
6.590% due 10/25/2030 •			5,646			5,637
ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			4,502			3,916
Enterprise Fleet Financing LLC
5.510% due 01/22/2029			6,874			6,884
5.760% due 10/22/2029			6,096			6,116
Finance America Mortgage Loan Trust
6.295% due 08/25/2034 •			117			111
First Franklin Mortgage Loan Trust
5.790% due 04/25/2036 •			1,076			1,036
6.220% due 11/25/2034 •			94			91
Ford Credit Auto Owner Trust
4.850% due 08/15/2035			6,100			6,126
GECU Auto Receivables Trust
5.630% due 08/15/2028			2,400			2,420
GM Financial Automobile Leasing Trust
5.270% due 06/20/2025			2,946			2,944
GM Financial Consumer Automobile Receivables Trust
5.958% due 03/16/2026 •			3,841			3,846
Golden Credit Card Trust
4.310% due 09/15/2027			10,000			9,887
Greenwood Park CLO Ltd.
6.665% due 04/15/2031 ~			4,041			4,044
Greystone Commercial Real Estate Notes Ltd.
6.656% due 09/15/2037 •			170			169
GSAA Home Equity Trust
6.010% due 07/25/2037 «•			118			106
GSAMP Trust
5.990% due 06/25/2036 •			535			512
HERA Commercial Mortgage Ltd.
6.523% due 02/18/2038 •			2,450			2,386
Home Equity Asset Trust
6.520% due 11/25/2034 •			871			856
Hyundai Auto Lease Securitization Trust
5.200% due 04/15/2025			4,315			4,310

86 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Hyundai Auto Receivables Trust
5.350% due 11/17/2025	$		1,584	$		1,583
KKR CLO Ltd.
6.597% due 07/18/2030 •			421			421
6.605% due 07/15/2030 •			1,628			1,626
LAD Auto Receivables Trust
6.210% due 10/15/2026			4,700			4,714
LCCM Trust
6.676% due 12/13/2038 •			3,980			3,852
LCM LP
6.528% due 07/19/2027 •			209			209
6.677% due 07/20/2030 •			2,852			2,848
LCM Ltd.
6.757% due 04/20/2031 •			1,100			1,097
MF1 Ltd.
7.176% due 11/15/2035 •			1,023			1,022
MF1 Multifamily Housing Mortgage Loan Trust
6.326% due 07/15/2036 •			861			858
MidOcean Credit CLO
6.682% due 01/29/2030 •			1,133			1,134
MKS CLO Ltd.
6.677% due 07/20/2030 •			2,880			2,877
Mountain View CLO LLC
6.745% due 10/16/2029 •			116			116
Nassau Ltd.
6.805% due 10/15/2029 •			333			333
Navient Private Education Loan Trust
2.460% due 11/15/2068			704			659
6.926% due 07/16/2040 •			1,735			1,742
Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			1,127			994
1.170% due 09/16/2069			1,553			1,391
1.310% due 01/15/2069			594			544
1.690% due 05/15/2069			2,100			1,903
2.230% due 07/15/2070			4,577			4,040
6.476% due 04/15/2069 •			1,661			1,647
Navient Student Loan Trust
6.480% due 03/15/2072			8,176			8,312
New Century Home Equity Loan Trust
6.400% due 11/25/2034 •			339			332
NovaStar Mortgage Funding Trust
2.907% due 01/25/2036 •			218			214
Oaktree CLO Ltd.
6.784% due 04/22/2030 •			1,600			1,597
Palmer Square Loan Funding Ltd.
6.455% due 10/15/2029 •			132			131
PFP Ltd.
6.476% due 08/09/2037 •			533			531
7.636% due 08/19/2035 •			6,000			6,031
PFS Financing Corp.
5.520% due 10/15/2028			5,000			5,062
PRET LLC
1.992% due 02/25/2061 þ			1,424			1,393

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.487% due 07/25/2051 þ	$		1,967	$		1,942
RAAC Trust
6.020% due 01/25/2046 •			375			371
Ready Capital Mortgage Financing LLC
7.730% due 10/25/2039 •			1,937			1,948
Renaissance Home Equity Loan Trust
4.156% due 08/25/2033 •			738			673
Residential Asset Securities Corp. Trust
6.170% due 06/25/2035 «•			306			297
6.565% due 03/25/2035 •			253			247
Saranac CLO Ltd.
6.781% due 08/13/2031 •			4,949			4,949
Saxon Asset Securities Trust
2.011% due 05/25/2035 •			135			127
SBA Tower Trust
3.869% due 10/15/2049 þ			1,000			983
Securitized Asset-Backed Receivables LLC Trust
6.145% due 01/25/2035 •			101			88
SLM Student Loan Trust
6.346% due 04/25/2049 •			68			68
7.296% due 10/25/2024 •			111			111
SMB Private Education Loan Trust
1.600% due 09/15/2054			903			813
2.230% due 09/15/2037			1,501			1,394
4.480% due 05/16/2050			2,689			2,611
5.670% due 11/15/2052			4,708			4,737
6.076% due 03/17/2053 •			404			396
6.320% due 09/15/2054 •			3,597			3,549
SoFi Consumer Loan Program Trust
5.810% due 05/15/2031			2,623			2,620
SoFi Professional Loan Program LLC
3.020% due 02/25/2040			52			49
SoFi Professional Loan Program Trust
1.950% due 02/15/2046			557			507
Sound Point CLO Ltd.
6.574% due 01/23/2029 •			758			759
6.620% due 07/25/2030 ~			1,376			1,375
Soundview Home Loan Trust
6.145% due 06/25/2035 •			207			202
Structured Asset Investment Loan Trust
6.020% due 09/25/2034 •			1,557			1,464
6.175% due 03/25/2034 •			397			389
Structured Asset Securities Corp. Mortgage Loan Trust
5.605% due 07/25/2036 •			175			174
Synchrony Card Funding LLC
5.540% due 07/15/2029			8,000			8,155
Tesla Auto Lease Trust
6.130% due 09/21/2026			4,200			4,244
Towd Point Asset Trust
6.172% due 11/20/2061 •			1,189			1,164
Towd Point Mortgage Trust
3.000% due 11/25/2058 ~			28			28

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Toyota Auto Receivables Owner Trust
5.160% due 04/17/2028	$		3,000	$		3,023
5.270% due 01/15/2026			3,008			3,005
5.280% due 05/15/2026			5,762			5,755
Trillium Credit Card Trust
6.241% due 08/26/2028			10,000			10,039
Venture CLO Ltd.
6.697% due 04/20/2029 •			446			447
6.727% due 07/20/2030 •			7,827			7,823
6.777% due 01/20/2029 ~			651			651
6.807% due 04/20/2032 •			1,100			1,097
Vibrant CLO Ltd.
6.797% due 07/20/2032 •			300			298
VMC Finance LLC
6.573% due 06/16/2036 •			2,075			2,057
Voya CLO Ltd.
6.614% due 04/17/2030 •			3,432			3,429
6.655% due 10/15/2030 •			2,837			2,831
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
6.070% due 04/25/2034 •			907			881
World Omni Auto Receivables Trust
5.510% due 03/16/2026			2,142			2,141
World Omni Automobile Lease Securitization Trust
5.470% due 11/17/2025			4,211			4,210
Total Asset-Backed Securities (Cost $299,063)						297,805
SHORT-TERM INSTRUMENTS 1.7%
COMMERCIAL PAPER 1.5%
AT&T, Inc.
5.700% due 03/19/2024			14,300			14,120
REPURCHASE AGREEMENTS (a) 0.2%
						1,544
Total Short-Term Instruments (Cost $15,670)						15,664
Total Investments in Securities (Cost $1,045,390)						1,039,197
Total Investments 108.1% (Cost $1,045,390)				$		1,039,197
Financial Derivative Instruments (b)(c) 0.1% (Cost or Premiums, net $(980))						816
Other Assets and Liabilities, net (8.2)%						(78,378	)
Net Assets 100.0%				$		961,635

NOTES TO SCHEDULE OF INVESTMENTS:

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

« 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.

þ 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, 2023 87

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

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		2.600	%		12/29/2023		01/02/2024	$	1,544	U.S. Treasury Notes 3.875% due 01/15/2026	$	(1,575	)	$	1,544	$	1,544
Total Repurchase Agreements											$	(1,575	)	$	1,544	$	1,544

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, 2023:

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	$	1,544	$	0	$	0	$	0	$	1,544	$	(1,575	)	$	(31	)
Total Borrowings and Other Financing Transactions	$	1,544	$	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.

The average amount of borrowings outstanding during the period ended December 31, 2023 was $(15,273) at a weighted average interest rate of 3.832%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(b) 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 2-Year Note March Futures		03/2024		1,731		$	356,437	$	2,875	$	216	$	(48	)

SHORT FUTURES CONTRACTS
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 5-Year Note March Futures		03/2024		72	$	(7,832	)	$	(163	)	$	7	$	(6	)
U.S. Treasury 10-Year Note March Futures		03/2024		84		(9,483	)		(283	)		14		0
U.S. Treasury 10-Year Ultra Long-Term Bond March Futures		03/2024		391		(46,144	)		(1,646	)		131		0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2024		129		(17,234	)		(862	)		135		0
								$	(2,954	)	$	287	$	(6	)
Total Futures Contracts								$	(79	)	$	503	$	(54	)

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
																		Asset		Liability
CDX.IG-41 5-Year Index		(1.000	)%	Quarterly		12/20/2028	$	78,500	$	(980	)	$	(571	)	$	(1,551	)	$	20	$	0
Total Swap Agreements									$	(980	)	$	(571	)	$	(1,551	)	$	20	$	0

88 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (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, 2023:

	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	$	0	$	503	$	20	$	523	$	0	$	(54)	$	0	$	(54)

Cash of $4,663 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
AZD		01/2024	$	2,424	AUD	3,660	$	71	$	0
BOA		01/2024	AUD	3,069	$	2,030		0		(62	)
		01/2024	$	3,686	JPY	544,006		174		0
MBC		01/2024		1,138	AUD	1,717		32		0
MYI		01/2024		1,402	JPY	206,649		65		0
SCX		01/2024	JPY	374,900	$	2,608		0		(53	)
TOR		01/2024	$	2,317	JPY	339,836		95		0
UAG		01/2024		921	AUD	1,388		25		0
Total Forward Foreign Currency Contracts							$	462	$	(115	)

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, 2023:

	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(1)
AZD	$	71	$	0	$	0	$	71	$	0		$	0	$	0	$	0		$	71		$	0	$	71
BOA		174		0		0		174		(62	)		0		0		(62	)		112			0		112
MBC		32		0		0		32		0			0		0		0			32			0		32
MYI		65		0		0		65		0			0		0		0			65			0		65
SCX		0		0		0		0		(53	)		0		0		(53	)		(53	)		0		(53	)
TOR		95		0		0		95		0			0		0		0			95			0		95
UAG		25		0		0		25		0			0		0		0			25			0		25
Total Over the Counter	$	462	$	0	$	0	$	462	$	(115	)	$	0	$	0	$	(115	)

⁽¹⁾ 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.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 89

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

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 and Other 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, 2023:

	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	$	503	$	503
Swap Agreements		0		20		0		0		0		20
	$	0	$	20	$	0	$	0	$	503	$	523
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	462	$	0	$	462
	$	0	$	20	$	0	$	462	$	503	$	985
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	54	$	54
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	115	$	0	$	115
	$	0	$	0	$	0	$	115	$	54	$	169

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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		$	(693	)	$	(693	)
Swap Agreements		0		(1,833	)		0		0			(6	)		(1,839	)
	$	0	$	(1,833	)	$	0	$	0		$	(699	)	$	(2,532	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(1,655	)	$	0		$	(1,655	)
	$	0	$	(1,833	)	$	0	$	(1,655	)	$	(699	)	$	(4,187	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	3,187		$	3,187
Swap Agreements		0		939			0		0			0			939
	$	0	$	939		$	0	$	0		$	3,187		$	4,126
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,187		$	0		$	1,187
	$	0	$	939		$	0	$	1,187		$	3,187		$	5,313

90 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	192,124	$	0	$	192,124
Industrials		0		43,625		0		43,625
Utilities		0		7,022		0		7,022
U.S. Government Agencies		0		132,151		0		132,151
U.S. Treasury Obligations		0		229,729		0		229,729
Non-Agency Mortgage-Backed Securities		0		120,646		431		121,077
Asset-Backed Securities		0		297,188		617		297,805
Short-Term Instruments
Commercial Paper		0		14,120		0		14,120
Repurchase Agreements		0		1,544		0		1,544
Total Investments	$	0	$	1,038,149	$	1,048	$	1,039,197

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	523		$	0	$	523
Over the counter		0		462			0		462
	$	0	$	985		$	0	$	985
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(54	)		0		(54	)
Over the counter		0		(115	)		0		(115	)
	$	0	$	(169	)	$	0	$	(169	)
Total Financial Derivative Instruments	$	0	$	816		$	0	$	816
Totals	$	0	$	1,038,965		$	1,048	$	1,040,013

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 91

Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund  

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
CORPORATE BONDS & NOTES 57.7%
BANKING & FINANCE 35.1%
AerCap Ireland Capital DAC
1.650% due 10/29/2024	$		464	$		448
2.875% due 08/14/2024			1,200			1,178
3.150% due 02/15/2024			400			398
American Honda Finance Corp.
6.106% due 11/22/2024			1,600			1,603
American Tower Corp.
0.600% due 01/15/2024			500			499
5.000% due 02/15/2024			1,500			1,498
Athene Global Funding
0.950% due 01/08/2024			1,500			1,499
Aviation Capital Group LLC
4.375% due 01/30/2024			1,425			1,423
Banco Santander SA
3.892% due 05/24/2024			1,300			1,291
Bank of America Corp.
2.456% due 10/22/2025 •			1,500			1,461
6.070% (SOFRRATE + 0.690%) due 04/22/2025 ~			200			200
Bank of Nova Scotia
0.650% due 07/31/2024			1,500			1,459
Barclays PLC
3.932% due 05/07/2025 •			800			795
BNP Paribas SA
3.800% due 01/10/2024			1,788			1,787
Citigroup, Inc.
3.352% due 04/24/2025			500			496
6.069% due 10/30/2024 •			1,500			1,501
CNH Industrial Capital LLC
4.200% due 01/15/2024			1,600			1,599
Cooperatieve Rabobank UA
2.625% due 07/22/2024			810			798
Credit Suisse AG
0.495% due 02/02/2024			1,500			1,493
Crown Castle, Inc.
3.200% due 09/01/2024			1,000			984
Danske Bank AS
5.375% due 01/12/2024			1,400			1,400
DBS Group Holdings Ltd.
6.026% due 09/12/2025			1,000			1,001
Deutsche Bank AG
0.898% due 05/28/2024 (a)			1,000			982
DNB Bank ASA
0.856% due 09/30/2025			500			483
Ford Motor Credit Co. LLC
5.584% due 03/18/2024			1,400			1,398
GA Global Funding Trust
1.000% due 04/08/2024			1,600			1,577
Goldman Sachs Group, Inc.
5.700% due 11/01/2024			500			501
5.861% due 10/21/2024 •			2,400			2,397
Hana Bank
3.500% due 01/30/2024			1,500			1,498
HAT Holdings LLC
6.000% due 04/15/2025			800			799
HSBC Holdings PLC
3.803% due 03/11/2025 •			500			498
Intesa Sanpaolo SpA
5.250% due 01/12/2024			1,400			1,400
JPMorgan Chase & Co.
2.301% due 10/15/2025 •			500			487
Lloyds Banking Group PLC
3.870% due 07/09/2025 •			1,500			1,486
Mizuho Financial Group, Inc.
2.839% due 07/16/2025 •			500			493
Morgan Stanley
3.000% due 02/07/2024 (a)	CAD		1,900			1,430

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
National Bank of Canada
5.880% (SOFRRATE + 0.490%) due 08/06/2024 ~	$		700	$		700
Nationwide Building Society
0.550% due 01/22/2024			870			868
NatWest Group PLC
4.269% due 03/22/2025 •			1,300			1,296
Nomura Holdings, Inc.
2.648% due 01/16/2025			1,400			1,359
ORIX Corp.
4.050% due 01/16/2024			1,400			1,399
Public Storage Operating Co.
5.846% (SOFRRATE + 0.470%) due 04/23/2024 ~			1,137			1,137
Royal Bank of Canada
5.743% (SOFRINDX + 0.360%) due 07/29/2024 ~			1,369			1,368
SBA Tower Trust
2.836% due 01/15/2050			400			386
Societe Generale SA
3.875% due 03/28/2024			850			846
6.425% (SOFRRATE + 1.050%) due 01/21/2026 ~			1,000			994
Standard Chartered PLC
1.214% due 03/23/2025 •			1,300			1,291
Sumitomo Mitsui Financial Group, Inc.
0.508% due 01/12/2024			3,000			2,996
Sumitomo Mitsui Trust Bank Ltd.
5.862% (SOFRRATE + 0.440%) due 09/16/2024 ~			500			500
Swedbank AB
0.850% due 03/18/2024			1,300			1,287
Toronto-Dominion Bank
5.770% (SOFRRATE + 0.355%) due 03/04/2024 ~			1,000			1,000
Toyota Motor Credit Corp.
5.920% due 08/22/2024			1,600			1,602
Weyerhaeuser Co.
4.750% due 05/15/2026			500			498
						59,767
INDUSTRIALS 20.6%
Arrow Electronics, Inc.
3.250% due 09/08/2024			1,500			1,474
Broadcom Corp.
3.625% due 01/15/2024			1,500			1,499
Central Japan Railway Co.
2.200% due 10/02/2024			1,529			1,494
CommonSpirit Health
2.760% due 10/01/2024			1,000			978
Conagra Brands, Inc.
4.300% due 05/01/2024			1,476			1,468
Cox Communications, Inc.
3.150% due 08/15/2024			1,818			1,788
Fiserv, Inc.
2.750% due 07/01/2024			1,500			1,478
General Mills, Inc.
3.650% due 02/15/2024			2,000			1,994
Haleon U.S. Capital LLC
3.024% due 03/24/2024			1,500			1,491
HCA, Inc.
5.000% due 03/15/2024			1,900			1,897
Hyundai Capital America
5.800% due 06/26/2025			1,500			1,509
JDE Peet’s NV
0.800% due 09/24/2024			2,000			1,924
John Lewis PLC
6.125% due 01/21/2025	GBP		1,000			1,272
Keurig Dr Pepper, Inc.
0.750% due 03/15/2024	$		1,891			1,872
Microchip Technology, Inc.
0.983% due 09/01/2024			1,000			969

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NetApp, Inc.
3.300% due 09/29/2024	$		1,213	$		1,193
NXP BV
4.875% due 03/01/2024			1,700			1,697
Panasonic Holdings Corp.
2.679% due 07/19/2024			1,509			1,485
Quanta Services, Inc.
0.950% due 10/01/2024			1,500			1,446
Renesas Electronics Corp.
1.543% due 11/26/2024			1,717			1,653
Revvity, Inc.
0.850% due 09/15/2024			1,700			1,642
Walgreens Boots Alliance, Inc.
3.800% due 11/18/2024			1,200			1,179
Westinghouse Air Brake Technologies Corp.
4.150% due 03/15/2024			1,700			1,693
						35,095
UTILITIES 2.0%
American Water Capital Corp.
3.850% due 03/01/2024			1,500			1,495
Avangrid, Inc.
3.150% due 12/01/2024			500			489
Enel Finance International NV
2.650% due 09/10/2024			1,500			1,465
						3,449
Total Corporate Bonds & Notes (Cost $98,349)						98,311
U.S. GOVERNMENT AGENCIES 4.3%
Fannie Mae
5.486% due 08/25/2044 ~			781			772
5.952% due 05/25/2046 •			228			223
Federal Home Loan Bank
5.280% due 05/06/2024			1,500			1,499
5.330% due 05/24/2024			1,400			1,400
5.350% due 05/17/2024			1,000			999
5.650% due 05/28/2025			1,000			1,000
Freddie Mac
6.053% due 01/15/2054 •			451			443
Ginnie Mae
3.000% due 06/20/2051 •			1,139			992
Total U.S. Government Agencies (Cost $7,493)						7,328
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.6%
280 Park Avenue Mortgage Trust
6.538% due 09/15/2034 •			500			481
BSST Mortgage Trust
6.662% due 02/15/2037 ~			500			437
GCAT Trust
2.885% due 12/27/2066 ~			247			221
Gemgarto PLC
5.810% due 12/16/2067 •	GBP		179			227
Hilton USA Trust
2.828% due 11/05/2035	$		800			643
OBX Trust
2.305% due 11/25/2061 ~			621			535
2.783% due 01/25/2062 þ			486			445
One Market Plaza Trust
3.614% due 02/10/2032			600			549
RESIMAC Premier
6.172% due 07/10/2052 •			110			110
Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			159			143
Towd Point Mortgage Trust
3.750% due 05/25/2058 ~			292			282
VASA Trust
6.376% due 07/15/2039 •			500			453
Total Non-Agency Mortgage-Backed Securities (Cost $5,076)						4,526

92 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 17.2%
ACAS CLO Ltd.
6.547% due 10/18/2028 •	$		455	$		454
Ares CLO Ltd.
6.525% due 01/15/2029 •			445			444
Avis Budget Rental Car Funding AESOP LLC
3.350% due 09/22/2025			500			494
Benefit Street Partners CLO Ltd.
6.605% due 10/15/2030 •			549			548
BMW Canada Auto Trust
5.430% due 01/20/2026	CAD		809			610
BMW Vehicle Lease Trust
5.950% due 08/25/2025	$		1,000			1,003
Citizens Auto Receivables Trust
6.068% due 10/15/2026			600			600
College Avenue Student Loans LLC
6.670% due 12/26/2047 •			552			548
Commonbond Student Loan Trust
1.980% due 08/25/2050			1,225			1,063
3.560% due 09/25/2045			541			511
Dryden Senior Loan Fund
6.635% due 04/15/2028 •			240			240
Ford Auto Securitization Trust
5.889% due 05/15/2026 «	CAD		872			663
Halseypoint CLO Ltd.
6.777% due 07/20/2031 •	$		891			890
LCM LP
6.528% due 07/19/2027 •			156			157
M&T Equipment Notes
6.090% due 07/15/2030			800			802
Madison Park Funding Ltd.
6.405% due 04/15/2029 •			744			741
Master Credit Card Trust
6.188% due 01/21/2027			1,000			1,004
Nassau Ltd.
6.805% due 10/15/2029 •			83			83
6.905% due 01/15/2030			262			263
Navient Private Education Refi Loan Trust
1.060% due 10/15/2069			974			845
1.310% due 01/15/2069			138			127
2.400% due 10/15/2068			128			120
2.600% due 08/15/2068			825			768
3.130% due 02/15/2068			739			710
6.476% due 04/15/2069 •			237			235
OCP CLO Ltd.
6.797% due 07/20/2029 •			377			378
OSD CLO Ltd.
6.534% due 04/17/2031 •			885			882
Palmer Square Loan Funding Ltd.
6.455% due 10/15/2029 •			1,188			1,181

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PRET LLC
1.868% due 07/25/2051 þ	$		375	$		363
Signal Peak CLO Ltd.
6.750% due 04/25/2031 •			596			597
SMB Private Education Loan Trust
5.380% due 01/15/2053			695			696
6.276% due 01/15/2053 •			753			741
6.976% due 04/15/2032			217			217
Stratus CLO Ltd.
6.577% due 12/28/2029 •			422			420
6.627% due 12/29/2029 •			552			549
Symphony Static CLO Ltd.
6.470% due 10/25/2029 •			1,305			1,297
Tesla Auto Lease Trust
0.630% due 09/22/2025			1,124			1,104
5.860% due 08/20/2025			1,500			1,503
6.020% due 09/22/2025			1,500			1,506
Tesla Electric Vehicle Trust
5.858% due 12/21/2026			1,000			1,000
Towd Point HE Trust
0.918% due 02/25/2063 ~			86			82
Toyota Auto Receivables Owner Trust
6.052% due 01/15/2026 •			541			542
Trillium Credit Card Trust
6.241% due 08/26/2028			1,500			1,506
Venture CLO Ltd.
6.678% due 08/28/2029 •			64			64
Wellfleet CLO Ltd.
6.567% due 07/20/2029 •			51			51
World Omni Auto Receivables Trust
5.918% due 02/16/2027			700			701
Total Asset-Backed Securities (Cost $29,699)						29,303
SOVEREIGN ISSUES 0.1%
Korea Development Bank
5.606% (SOFRINDX + 0.250%) due 03/09/2024 ~			185			186
Total Sovereign Issues (Cost $185)						186
SHORT-TERM INSTRUMENTS 17.8%
COMMERCIAL PAPER 8.9%
Arrow Electronics, Inc.
5.900% due 01/24/2024			250			249
AT&T, Inc.
5.500% due 03/19/2024			250			247
5.700% due 03/19/2024			400			395

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bank Of Nova Scotia
5.250% due 02/05/2024	CAD		200	$		150
5.251% due 02/05/2024			500			375
Cigna Corp.
5.650% due 01/16/2024	$		400			399
5.680% due 01/17/2024			700			698
Conagra Foods, Inc.
5.820% due 01/11/2024			1,000			998
Fidelity National Information Services, Inc.
5.650% due 01/05/2024			1,200			1,199
5.700% due 01/08/2024			600			599
5.700% due 01/16/2024			300			299
5.710% due 01/16/2024			300			299
Global Payments, Inc.
6.145% due 01/11/2024			1,800			1,796
Humana, Inc.
5.600% due 01/02/2024			1,000			999
5.600% due 01/03/2024			400			400
Nissan Motor Acceptance Co LLC
6.200% due 01/12/2024			1,000			998
Penske Truck Leasing Co. LP
5.700% due 01/11/2024			700			699
Quanta Storage, Inc.
5.850% due 01/04/2024			300			300
5.900% due 01/16/2024			300			299
5.900% due 01/17/2024			400			399
Royal Bank of Canada
5.250% due 02/07/2024	CAD		2,100			1,575
5.329% due 01/15/2024			1,000			753
5.342% due 01/31/2024			1,300			976
						15,101
REPURCHASE AGREEMENTS (b) 8.9%
						15,100
Total Short-Term Instruments (Cost $30,064)						30,201
Total Investments in Securities (Cost $170,866)						169,855
Total Investments 99.7% (Cost $170,866)				$		169,855
Financial Derivative Instruments (c)(d) (0.1)% (Cost or Premiums, net $0)						(229	)
Other Assets and Liabilities, net 0.4%						754
Net Assets 100.0%				$		170,380

NOTES TO SCHEDULE OF INVESTMENTS:

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

« 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.

þ 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) RESTRICTED SECURITIES:

Issuer Description	Coupon	Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Deutsche Bank AG	0.898%		05/28/2024		05/31/2023	$	978	$	982		0.58	%
Morgan Stanley	3.000		02/07/2024		06/01/2023		1,409		1,430		0.84
						$	2,387	$	2,412		1.42	%

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 93

Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.)

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)
DEU		5.420	%		12/29/2023		01/02/2024	$	15,100	U.S. Treasury Bonds 2.375% due 11/15/2049	$	(15,385	)	$	15,100	$	15,109
Total Repurchase Agreements											$	(15,385	)	$	15,100	$	15,109

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, 2023:

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
DEU	$	15,109	$	0	$	0	$	0	$	15,109	$	(15,385	)	$	(276	)
Total Borrowings and Other Financing Transactions	$	15,109	$	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.

(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2024		31	$	(6,383	)	$	(64	)	$	0	$	(4	)
U.S. Treasury 5-Year Note March Futures		03/2024		56		(6,091	)		(131	)		0		(5	)
Total Futures Contracts								$	(195	)	$	0	$	(9	)

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, 2023:

	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	$	0	$	0	$	0	$	0	$	0	$	(9)	$	0	$	(9)

Cash of $164 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

94 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2024	CAD	1,000	$	735	$	0	$	(19	)
		01/2024	GBP	190		241		0		(1	)
GLM		01/2024	CAD	4,235		3,117		0		(80	)
MYI		02/2024		2,300		1,670		0		(67	)
RBC		01/2024		1,300		938		0		(43	)
UAG		01/2024	GBP	1,085		1,373		0		(10	)
Total Forward Foreign Currency Contracts							$	0	$	(220	)

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, 2023:

	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(1)
BPS	$	0	$	0	$	0	$	0	$	(20	)	$	0	$	0	$	(20	)	$	(20	)	$	0	$	(20	)
GLM		0		0		0		0		(80	)		0		0		(80	)		(80	)		0		(80	)
MYI		0		0		0		0		(67	)		0		0		(67	)		(67	)		0		(67	)
RBC		0		0		0		0		(43	)		0		0		(43	)		(43	)		0		(43	)
UAG		0		0		0		0		(10	)		0		0		(10	)		(10	)		0		(10	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	(220	)	$	0	$	0	$	(220	)

⁽¹⁾ 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.

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 and Other 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, 2023:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	9	$	9
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	220	$	0	$	220
	$	0	$	0	$	0	$	220	$	9	$	229

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	84	$	84
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	163	$	0	$	163
	$	0	$	0	$	0	$	163	$	84	$	247

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 95

Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) December 31, 2023 (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		$	(235	)	$	(235	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(299	)	$	0		$	(299	)
	$	0	$	0	$	0	$	(299	)	$	(235	)	$	(534	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	59,767	$	0	$	59,767
Industrials		0		35,095		0		35,095
Utilities		0		3,449		0		3,449
U.S. Government Agencies		0		7,328		0		7,328
Non-Agency Mortgage-Backed Securities		0		4,526		0		4,526
Asset-Backed Securities		0		28,640		663		29,303
Sovereign Issues		0		186		0		186
Short-Term Instruments
Commercial Paper		0		15,101		0		15,101
Repurchase Agreements		0		15,100		0		15,100
Total Investments	$	0	$	169,192	$	663	$	169,855

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(9	)	$	0	$	(9	)
Over the counter		0		(220	)		0		(220	)
	$	0	$	(229	)	$	0	$	(229	)
Total Financial Derivative Instruments	$	0	$	(229	)	$	0	$	(229	)
Totals	$	0	$	168,963		$	663	$	169,626

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

96 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.6%
CORPORATE BONDS & NOTES 46.2%
BANKING & FINANCE 31.7%
AerCap Ireland Capital DAC
1.650% due 10/29/2024	$		5,140	$		4,964
1.750% due 10/29/2024			23,800			22,994
2.875% due 08/14/2024			27,800			27,280
3.150% due 02/15/2024			10,500			10,459
4.875% due 01/16/2024			31,390			31,371
Ally Financial, Inc.
5.125% due 09/30/2024			12,115			12,024
American Express Co.
6.109% (SOFRINDX + 0.720%) due 05/03/2024 ~			4,710			4,713
6.345% due 03/04/2025			2,000			2,005
American Honda Finance Corp.
6.036% due 01/10/2025			15,500			15,516
6.106% due 11/22/2024			9,500			9,516
6.227% due 10/03/2025			7,900			7,918
American Tower Corp.
0.600% due 01/15/2024			26,389			26,338
3.375% due 05/15/2024			14,544			14,411
5.000% due 02/15/2024			36,426			36,383
Aozora Bank Ltd.
1.050% due 09/09/2024			61,955			59,956
Athene Global Funding
0.950% due 01/08/2024			24,040			24,023
1.000% due 04/16/2024			6,865			6,759
2.514% due 03/08/2024			1,287			1,279
2.750% due 06/25/2024			4,450			4,379
5.962% due 08/19/2024			11,980			11,934
6.108% (SOFRINDX + 0.700%) due 05/24/2024 ~			48,439			48,404
6.108% due 05/24/2024			6,100			6,096
6.398% (US0003M + 0.730%) due 01/08/2024 ~			11,702			11,702
Banco Santander SA
3.892% due 05/24/2024			24,500			24,335
5.742% due 06/30/2024			49,200			49,195
6.643% due 05/24/2024			2,600			2,608
Bank of America Corp.
0.976% due 04/22/2025			5,000			4,921
1.843% due 02/04/2025 •			41,000			40,843
3.093% due 10/01/2025 •			1,000			981
3.458% due 03/15/2025 •			13,109			13,048
5.834% due 06/14/2024			20,045			20,018
6.053% due 02/04/2025			13,934			13,925
6.070% (SOFRRATE + 0.690%) due 04/22/2025 ~			40,315			40,316
6.481% due 04/25/2025			9,635			9,650
Bank of America NA
6.182% due 08/18/2025			1,275			1,278
Bank of Montreal
6.127% (SOFRINDX + 0.710%) due 03/08/2024 ~			8,279			8,284
6.129% (SOFRINDX + 0.710%) due 12/12/2024 ~			9,175			9,192
Bank of Nova Scotia
2.440% due 03/11/2024			4,647			4,619
5.813% (SOFRINDX + 0.445%) due 04/15/2024 ~			18,025			18,028
6.378% (SOFRINDX + 0.960%) due 03/11/2024 ~			27,100			27,123
Banque Federative du Credit Mutuel SA
0.650% due 02/27/2024			1,135			1,126
0.998% due 02/04/2025			2,000			1,909
2.375% due 11/21/2024			1,650			1,608
5.799% due 02/04/2025			13,290			13,225
Barclays Bank PLC
3.750% due 05/15/2024			1,494			1,482
Barclays PLC
3.650% due 03/16/2025			4,600			4,501
3.932% due 05/07/2025 •			68,873			68,408
BNP Paribas SA
2.819% due 11/19/2025 •			8,000			7,798

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.375% due 01/09/2025	$		26,131	$		25,600
3.800% due 01/10/2024			46,021			46,001
4.705% due 01/10/2025 •			13,830			13,829
4.705% due 01/10/2025			530			530
6.885% (US0003M + 1.230%) due 01/15/2024 ~			4,000			4,001
BPCE SA
5.938% due 01/14/2025			4,165			4,156
Caterpillar Financial Services Corp.
5.691% (SOFRRATE + 0.270%) due 09/13/2024 ~			125			125
Citigroup, Inc.
0.981% due 05/01/2025 (a)			3,987			3,920
3.352% due 04/24/2025			10,000			9,926
6.069% due 10/30/2024 •			66,156			66,201
CNH Industrial Capital LLC
4.200% due 01/15/2024			41,801			41,770
Cooperatieve Rabobank UA
5.667% due 01/12/2024			1,480			1,480
Credit Suisse AG
0.495% due 02/02/2024			4,978			4,956
3.625% due 09/09/2024			19,234			18,971
4.750% due 08/09/2024			33,667			33,473
5.779% (SOFRINDX + 0.390%) due 02/02/2024 ~			69,140			69,115
Danske Bank AS
5.375% due 01/12/2024			50,739			50,729
DBS Group Holdings Ltd.
6.026% due 09/12/2025			50,000			50,064
Deutsche Bank AG
0.898% due 05/28/2024 (a)			28,948			28,438
3.700% due 05/30/2024			51,349			50,818
DNB Bank ASA
0.856% due 09/30/2025			19,300			18,644
Federation des Caisses Desjardins du Quebec
0.700% due 05/21/2024			6,012			5,900
2.050% due 02/10/2025			2,530			2,442
5.833% due 05/21/2024			5,897			5,895
GA Global Funding Trust
1.000% due 04/08/2024			63,900			62,973
5.921% (SOFRRATE + 0.500%) due 09/13/2024 ~			50,720			50,388
6.727% (SOFRRATE + 1.360%) due 04/11/2025 ~			17,100			17,074
General Motors Financial Co., Inc.
1.050% due 03/08/2024			882			874
3.500% due 11/07/2024			22,223			21,827
3.950% due 04/13/2024			22,051			21,924
4.000% due 01/15/2025			5,768			5,677
5.100% due 01/17/2024			28,357			28,347
6.177% (SOFRRATE + 0.760%) due 03/08/2024 ~			6,281			6,281
6.661% due 04/07/2025			7,410			7,423
Goldman Sachs Group, Inc.
1.757% due 01/24/2025 •			14,644			14,594
5.700% due 11/01/2024			2,400			2,407
5.861% due 10/21/2024 •			15,954			15,936
5.865% (SOFRRATE + 0.490%) due 10/21/2024 ~			31,240			31,198
5.918% due 09/10/2024			2,237			2,234
5.923% due 09/10/2024			16,449			16,424
6.813% (SOFRRATE + 1.390%) due 03/15/2024 ~			16,600			16,627
Hana Bank
6.391% (TSFR3M + 1.012%) due 06/13/2024 ~			1,900			1,902
HSBC Holdings PLC
3.803% due 03/11/2025 •			51,731			51,526
6.863% (US0003M + 1.230%) due 03/11/2025 ~			10,251			10,269
ING Groep NV
3.550% due 04/09/2024			7,197			7,158
Jackson National Life Global Funding
3.250% due 01/30/2024			62,700			62,584
6.586% (SOFRRATE + 1.150%) due 06/28/2024 ~			44,000			44,091

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JPMorgan Chase & Co.
2.301% due 10/15/2025 •	$		30,000	$		29,239
5.546% due 12/15/2025 •			15,000			15,015
5.949% due 06/01/2025			10,249			10,217
6.011% due 06/23/2025			24,049			24,009
6.328% due 02/24/2026 •			12,682			12,692
6.392% due 06/14/2025			9,001			9,016
LeasePlan Corp. NV
2.875% due 10/24/2024			2,000			1,956
Lloyds Banking Group PLC
3.870% due 07/09/2025 •			63,293			62,708
4.450% due 05/08/2025			1,300			1,285
Mitsubishi HC Capital, Inc.
3.559% due 02/28/2024			7,515			7,484
Mitsubishi UFJ Financial Group, Inc.
4.788% due 07/18/2025 •			11,071			11,020
5.063% due 09/12/2025 •			18,692			18,626
6.339% (SOFRRATE + 0.940%) due 02/20/2026 ~			22,463			22,470
6.801% (SOFRRATE + 1.385%) due 09/12/2025 ~			6,110			6,130
6.806% due 04/17/2026			2,897			2,916
7.023% (SOFRRATE + 1.650%) due 07/18/2025 ~			4,863			4,883
Mizuho Financial Group, Inc.
2.839% due 07/16/2025 •			12,723			12,533
6.361% (SOFRRATE + 0.960%) due 05/22/2026 ~			36,640			36,629
Morgan Stanley
0.790% due 05/30/2025			15,000			14,668
6.007% (SOFRRATE + 0.625%) due 01/24/2025 ~			5,000			4,993
6.356% (SOFRRATE + 0.950%) due 02/18/2026 ~			66,700			66,733
National Bank of Canada
5.880% (SOFRRATE + 0.490%) due 08/06/2024 ~			7,112			7,112
Nationwide Building Society
0.550% due 01/22/2024			10,950			10,922
NatWest Group PLC
4.269% due 03/22/2025 •			46,794			46,636
NatWest Markets PLC
0.800% due 08/12/2024			8,540			8,292
3.479% due 03/22/2025			6,805			6,670
5.926% due 08/12/2024			1,680			1,680
6.880% (SOFRRATE + 1.450%) due 03/22/2025 ~			44,313			44,611
Nissan Motor Acceptance Co. LLC
1.050% due 03/08/2024			2,100			2,080
1.125% due 09/16/2024			8,600			8,299
6.282% (US0003M + 0.640%) due 03/08/2024 ~			39,530			39,514
Nomura Holdings, Inc.
2.648% due 01/16/2025			100,795			97,861
Nordea Bank Abp
6.376% (SOFRRATE + 0.960%) due 06/06/2025 ~			12,940			12,995
ORIX Corp.
3.250% due 12/04/2024			902			885
4.050% due 01/16/2024			7,292			7,288
Protective Life Global Funding
6.469% due 12/11/2024 •			1,130			1,135
QNB Finance Ltd.
3.500% due 03/28/2024			12,638			12,572
6.886% (US0003M + 1.250%) due 03/21/2024 ~			25,000			25,036
Royal Bank of Canada
5.900% (SOFRINDX + 0.525%) due 01/20/2026 ~			31,476			31,242
Santander Holdings USA, Inc.
3.500% due 06/07/2024			39,775			39,363
Skandinaviska Enskilda Banken AB
6.378% (SOFRRATE + 0.960%) due 06/09/2025 ~			43,850			43,946
Societe Generale SA
2.625% due 10/16/2024			43,951			42,933
3.875% due 03/28/2024			71,912			71,580

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 97

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Standard Chartered PLC
0.991% due 01/12/2025	$		10,000	$		9,988
0.991% due 01/12/2025 •			10,700			10,687
1.214% due 03/23/2025 (a)			5,000			4,966
1.822% due 11/23/2025 •			17,531			16,889
3.785% due 05/21/2025 •			9,307			9,227
6.337% (SOFRRATE + 0.930%) due 11/23/2025 ~			50,400			50,154
7.176% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,300			5,326
7.776% due 11/16/2025 •			9,115			9,293
Sumitomo Mitsui Financial Group, Inc.
2.696% due 07/16/2024			4,000			3,942
Sumitomo Mitsui Trust Bank Ltd.
2.550% due 03/10/2025			4,100			3,975
5.862% (SOFRRATE + 0.440%) due 09/16/2024 ~			6,100			6,096
Swedbank AB
6.270% due 04/04/2025			6,015			6,025
Toronto-Dominion Bank
6.327% (SOFRRATE + 0.910%) due 03/08/2024 ~			44,480			44,533
Toyota Motor Credit Corp.
5.684% (SOFRINDX + 0.260%) due 06/18/2024 ~			1,200			1,199
5.697% (SOFRINDX + 0.330%) due 01/11/2024 ~			515			515
5.920% due 08/22/2024			94,200			94,298
6.020% due 06/13/2024			78,158			78,233
UBS Group AG
6.976% (SOFRRATE + 1.580%) due 05/12/2026 ~			21,200			21,303
Wells Fargo & Co.
2.406% due 10/30/2025 •			97,927			95,285
Wells Fargo Bank NA
6.188% due 08/01/2025			9,300			9,328
						3,264,703
INDUSTRIALS 10.9%
7-Eleven, Inc.
0.800% due 02/10/2024			67,338			66,961
Anheuser-Busch InBev Worldwide, Inc.
6.427% (US0003M + 0.740%) due 01/12/2024 ~			2,150			2,150
Arrow Electronics, Inc.
3.250% due 09/08/2024			2,228			2,189
BAT Capital Corp.
2.789% due 09/06/2024			4,700			4,606
3.222% due 08/15/2024			51,746			50,923
Baxter International, Inc.
1.322% due 11/29/2024			16,951			16,332
5.853% due 11/29/2024			38,362			38,275
Bayer U.S. Finance LLC
3.375% due 07/15/2024			7,681			7,575
3.375% due 10/08/2024			10,350			10,145
BMW U.S. Capital LLC
5.966% due 04/01/2024			1,755			1,756
Boeing Co.
1.433% due 02/04/2024			105,173			104,732
1.950% due 02/01/2024			8,198			8,172
2.800% due 03/01/2024			7,796			7,753
Broadcom Corp.
3.625% due 01/15/2024			12,330			12,319
Broadcom, Inc.
3.625% due 10/15/2024			36,173			35,679
Charter Communications Operating LLC
4.500% due 02/01/2024			19,730			19,699
7.289% (US0003M + 1.650%) due 02/01/2024 ~			61,246			61,246
CommonSpirit Health
2.760% due 10/01/2024			47,551			46,514
Conagra Brands, Inc.
4.300% due 05/01/2024			30,480			30,324

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Daimler Truck Finance North America LLC
6.167% (SOFRRATE + 0.750%) due 12/13/2024 ~	$		3,655	$		3,654
6.361% (SOFRRATE + 1.000%) due 04/05/2024 ~			5,933			5,939
Energy Transfer LP
3.900% due 05/15/2024			11,669			11,584
4.250% due 04/01/2024			20,899			20,823
4.500% due 04/15/2024			36,982			36,851
5.875% due 01/15/2024			35,918			35,911
Fiserv, Inc.
2.750% due 07/01/2024			22,792			22,458
Haleon U.S. Capital LLC
3.024% due 03/24/2024			32,264			32,066
HCA, Inc.
5.000% due 03/15/2024			84,346			84,201
Hyatt Hotels Corp.
1.800% due 10/01/2024			3,148			3,056
Hyundai Capital America
0.800% due 01/08/2024			2,500			2,498
1.000% due 09/17/2024			23,729			22,979
3.400% due 06/20/2024			8,165			8,069
6.539% due 08/04/2025			45,400			45,390
Imperial Brands Finance PLC
3.125% due 07/26/2024			17,097			16,819
JDE Peet’s NV
0.800% due 09/24/2024			3,050			2,935
Keurig Dr Pepper, Inc.
0.750% due 03/15/2024			11,074			10,965
Marubeni Corp.
3.560% due 04/26/2024			15,025			14,919
Mercedes-Benz Finance North America LLC
5.958% due 08/01/2025			5,000			5,006
Microchip Technology, Inc.
0.972% due 02/15/2024			13,351			13,272
Mitsubishi Corp.
2.500% due 07/09/2024			5,000			4,922
NetApp, Inc.
3.300% due 09/29/2024			7,300			7,177
Panasonic Holdings Corp.
2.679% due 07/19/2024			13,125			12,915
Penske Truck Leasing Co. LP
3.450% due 07/01/2024			6,095			6,023
3.900% due 02/01/2024			25,250			25,201
Quanta Services, Inc.
0.950% due 10/01/2024			21,803			21,022
Revvity, Inc.
0.850% due 09/15/2024			6,384			6,165
Saudi Arabian Oil Co.
2.875% due 04/16/2024			4,809			4,768
SK Hynix, Inc.
1.000% due 01/19/2024			3,700			3,692
Tyson Foods, Inc.
3.950% due 08/15/2024			28,105			27,795
VMware, Inc.
1.000% due 08/15/2024			16,270			15,808
Volkswagen Group of America Finance LLC
2.850% due 09/26/2024			1,500			1,471
6.349% due 09/12/2025			20,100			20,149
6.366% (SOFRRATE + 0.950%) due 06/07/2024 ~			10,707			10,723
Westinghouse Air Brake Technologies Corp.
4.150% due 03/15/2024			23,463			23,367
Zimmer Biomet Holdings, Inc.
1.450% due 11/22/2024			4,625			4,461
						1,122,404
UTILITIES 3.6%
American Electric Power Co., Inc.
2.031% due 03/15/2024			7,533			7,472
AT&T, Inc.
6.808% (US0003M + 1.180%) due 06/12/2024 ~			23,507			23,590

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Black Hills Corp.
1.037% due 08/23/2024	$		35,348	$		34,320
CenterPoint Energy, Inc.
6.046% (SOFRINDX + 0.650%) due 05/13/2024 ~			7,081			7,081
Chugoku Electric Power Co., Inc.
2.401% due 08/27/2024			11,600			11,341
Dominion Energy, Inc.
3.071% due 08/15/2024 þ			25,000			24,596
Edison International
3.550% due 11/15/2024			1,150			1,129
Enel Finance International NV
2.650% due 09/10/2024			41,965			40,994
4.250% due 06/15/2025			1,275			1,258
6.800% due 10/14/2025			699			717
Florida Power & Light Co.
5.747% (SOFRINDX + 0.380%) due 01/12/2024 ~			8,064			8,064
Georgia Power Co.
6.144% due 05/08/2025			92,057			92,281
IPALCO Enterprises, Inc.
3.700% due 09/01/2024			6,156			6,061
Jersey Central Power & Light Co.
4.700% due 04/01/2024			1,482			1,477
Mississippi Power Co.
5.736% (SOFRRATE + 0.300%) due 06/28/2024 ~			18,190			18,178
NextEra Energy Capital Holdings, Inc.
6.449% (SOFRINDX + 1.020%) due 03/21/2024 ~			39,160			39,175
Pacific Gas & Electric Co.
3.400% due 08/15/2024			11,881			11,686
Southern California Edison Co.
1.100% due 04/01/2024			12,000			11,870
6.266% (SOFRINDX + 0.830%) due 04/01/2024 ~			30,175			30,185
						371,475
Total Corporate Bonds & Notes (Cost $4,757,386)						4,758,582
U.S. GOVERNMENT AGENCIES 3.2%
Fannie Mae
2.000% due 12/25/2044			887			783
4.917% due 08/25/2044 •			4,867			4,801
5.322% due 09/25/2049 •			6,057			5,898
5.336% due 03/25/2060 •			6,766			6,717
5.355% due 07/25/2044 •			1,948			1,913
5.372% due 07/25/2046 - 10/25/2059 •			8,663			8,601
5.406% due 07/25/2046 •			2,848			2,793
5.456% due 05/01/2038 •			191			197
5.478% due 07/25/2046 •			225			224
5.487% due 08/25/2044 •			2,466			2,405
5.498% due 01/01/2036 •			1,448			1,484
5.659% due 10/25/2044 •			3,194			3,159
5.672% due 06/25/2048 •			6,867			6,809
5.702% due 05/25/2037 •			9			9
5.743% due 01/25/2037 •			201			198
5.752% due 12/25/2045 •			1,573			1,527
5.782% due 02/25/2037 ~			16			16
5.802% due 11/25/2036 ~			36			35
5.852% due 06/25/2026 ~			35			35
5.853% due 04/18/2028 ~			20			20
5.853% due 09/18/2031 •			142			142
5.862% due 09/25/2035 ~			200			197
5.865% due 10/01/2027			36,343			36,140
5.872% due 03/25/2037 •			140			137
5.902% due 02/25/2038 ~			229			226
5.902% due 06/25/2059 •			4,862			4,712
5.952% due 06/25/2031 ~			44			44
5.953% due 05/18/2032 •			44			44
6.003% due 03/18/2032 •			60			60
6.132% due 12/25/2037 •			232			231
6.152% due 05/25/2037 ~			47			47
6.202% due 03/25/2037 - 02/25/2040 •			46			46

98 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.232% due 02/25/2038 •	$		572	$		574
6.302% due 07/25/2038 •			11			11
6.352% due 03/25/2032 •			8			8
Federal Home Loan Bank
5.720% due 09/27/2024			37,000			36,998
Freddie Mac
1.000% due 08/15/2044			4,210			3,430
5.123% due 03/15/2043 •			4,068			4,024
5.130% due 12/15/2042 •			1,296			1,291
5.138% due 03/15/2037 •			4,770			4,701
5.142% due 06/15/2044 •			5,371			5,338
5.173% due 02/15/2038 •			3,784			3,734
5.205% due 05/15/2038 •			1,652			1,635
5.239% due 05/15/2041 •			1,708			1,683
5.333% due 10/15/2038 •			335			332
5.363% due 08/15/2042 •			3,378			3,375
5.399% due 12/15/2037 •			904			883
5.520% due 05/28/2025			11,800			11,796
5.566% due 10/15/2037 ~			9,527			9,379
5.600% due 10/15/2037 •			2,419			2,386
5.623% due 11/15/2044 •			2,902			2,849
5.703% due 11/15/2036 - 01/15/2040 •			9			9
5.750% due 09/01/2037 •			1,070			1,094
5.773% due 02/15/2037 •			531			521
5.873% due 04/15/2041 •			148			146
5.903% due 09/15/2048 - 04/15/2049 •			3,725			3,631
5.935% due 02/25/2026 •			2,341			2,342
5.953% due 07/15/2039 •			20			20
Ginnie Mae
2.500% due 01/20/2049 - 10/20/2049			2,614			2,316
3.000% due 07/20/2046			270			257
3.643% due 12/20/2068 •			4,960			4,884
5.616% due 06/20/2067 ~			4,315			4,321
5.837% due 11/20/2070			2,622			2,543
5.860% due 05/20/2063 •			224			223
5.907% due 06/20/2067 •			737			728
5.922% due 03/20/2049 - 04/20/2049 ~			8,504			8,303
5.922% due 06/20/2049 •			4,174			4,068
5.937% due 03/20/2061 - 04/20/2064 •			1,092			1,088
5.937% due 07/20/2067 ~			990			983
6.000% due 12/15/2033			9			9
6.000% due 09/20/2040 - 05/20/2041 •			9,883			9,589
6.000% due 05/20/2041 ~			5,698			5,529
6.037% due 05/20/2065 •			6,081			6,030
6.087% due 12/20/2064 ~			5,082			5,044
6.087% due 10/20/2065 •			6,943			6,891
6.137% due 04/20/2070 •			33,355			32,652
6.173% due 01/16/2040 •			2,149			2,142
6.212% due 02/20/2040 •			1,832			1,831
6.217% due 09/20/2066 •			952			948
6.237% due 07/20/2066 •			1,732			1,725
6.242% due 04/20/2040 •			3,784			3,784
6.267% due 08/20/2066 •			689			686
6.272% due 03/20/2040 •			3,969			3,970
6.288% due 09/20/2073			10,202			10,185
6.357% due 07/20/2065 •			2,875			2,868
6.437% due 01/20/2066 •			3,112			3,106
6.464% due 04/20/2067 •			1,155			1,157
6.487% due 02/20/2066 •			7,685			7,671
6.500% due 11/15/2033 - 09/15/2034			13			14
7.000% due 02/15/2024 - 07/15/2032			17			16
7.500% due 07/15/2024 - 06/15/2028			14			14
Total U.S. Government Agencies (Cost $331,905)						327,415
U.S. TREASURY OBLIGATIONS 0.2%
U.S. Treasury Notes
4.875% due 10/31/2028 (d)			23,100			24,118
Total U.S. Treasury Obligations (Cost $23,502)						24,118

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%
Arroyo Mortgage Trust
1.175% due 10/25/2048 ~	$		12,711	$		10,437
Ashford Hospitality Trust
6.434% due 04/15/2035 •			1,484			1,466
6.534% due 06/15/2035 •			2,178			2,147
Bear Stearns Adjustable Rate Mortgage Trust
4.393% due 08/25/2033 «~			277			257
Beast Mortgage Trust
6.526% due 03/15/2036 •			600			524
Beneria Cowen & Pritzer Collateral Funding Corp.
6.275% due 06/15/2038 ~			5,500			4,950
BHP Trust
6.384% due 08/15/2036 •			360			358
BSST Mortgage Trust
6.662% due 02/15/2037 ~			8,000			6,984
COLT Mortgage Loan Trust
1.397% due 10/25/2066 ~			25,131			20,228
Commercial Mortgage Trust
6.776% due 12/15/2038 •			8,221			7,537
Credit Suisse Mortgage Capital Trust
6.194% due 07/15/2032 ~			5,758			5,497
7.076% due 10/15/2037 •			8,700			8,366
CRSNT Commercial Mortgage Trust
6.304% due 04/15/2036 •			52,400			50,237
DBCG Mortgage Trust
8.500% due 06/15/2034 •			78,640			78,478
Extended Stay America Trust
6.556% due 07/15/2038 ~			2,240			2,221
GCAT Trust
2.650% due 10/25/2068 ~			1,616			1,540
2.885% due 12/27/2066 ~			23,332			20,882
Hilton USA Trust
2.828% due 11/05/2035			11,600			9,322
JP Morgan Chase Commercial Mortgage Securities Trust
6.976% due 09/15/2029 •			30,852			28,524
Legacy Mortgage Asset Trust
1.892% due 10/25/2066 þ			4,909			4,821
MAD Mortgage Trust
3.188% due 08/15/2034 ~			3,528			3,173
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
6.176% due 11/15/2031 •			217			206
MF1 Ltd.
6.432% due 12/15/2034 •			2,700			2,637
Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			493			472
Morgan Stanley Capital Trust
6.509% due 11/15/2034 •			4,332			4,297
6.559% due 07/15/2035 •			2,300			2,281
6.645% due 12/15/2038 •			47,200			44,112
Natixis Commercial Mortgage Securities Trust
6.426% due 08/15/2038 •			3,000			2,813
OBX Trust
2.783% due 01/25/2062 þ			43,385			39,744
RESIMAC Bastille Trust
6.105% due 02/03/2053 •			11,236			11,191
RESIMAC Premier
6.172% due 07/10/2052 •			2,759			2,753
Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			3,782			3,405
Starwood Mortgage Trust
6.334% due 11/15/2036 •			17,200			16,823
Towd Point Mortgage Trust
2.900% due 10/25/2059 ~			13,683			12,867
3.750% due 03/25/2058 ~			9,006			8,631
5.755% due 02/25/2057 ~			445			449
6.470% due 10/25/2059 •			1,330			1,338
Verus Securitization Trust
0.820% due 10/25/2063 ~			5,429			4,939
Total Non-Agency Mortgage-Backed Securities (Cost $457,800)						426,907

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 30.9%
ACAS CLO Ltd.
6.547% due 10/18/2028 •	$		15,112	$		15,092
AGL CLO Ltd.
6.877% due 07/20/2034			400			400
Anchorage Capital CLO Ltd.
6.705% due 07/15/2030 •			2,941			2,939
Apex Credit CLO Ltd.
6.622% due 09/20/2029 •			4,445			4,441
Apidos CLO
6.557% due 07/18/2029 •			23,344			23,311
6.594% due 07/17/2030 •			13,510			13,486
6.687% due 04/20/2031 •			8,939			8,940
6.755% due 07/16/2031			993			994
Arbor Realty Commercial Real Estate Notes Ltd.
6.576% due 05/15/2036 •			6,400			6,328
AREIT Trust
6.553% due 11/17/2038 •			21,327			21,157
6.588% due 01/20/2037 •			36,478			36,240
Ares CLO Ltd.
6.525% due 01/15/2029 •			4,305			4,296
6.707% due 04/18/2031 ~			2,200			2,199
ARI Fleet Lease Trust
5.924% due 10/15/2024			15,899			15,913
Atlas Senior Loan Fund Ltd.
6.754% due 04/22/2031 •			1,783			1,782
Avis Budget Rental Car Funding AESOP LLC
3.350% due 09/22/2025			15,710			15,523
BA Credit Card Trust
0.440% due 09/15/2026			6,210			6,120
Bank of America Auto Trust
5.830% due 05/15/2026			20,500			20,532
5.850% due 08/17/2026			19,600			19,719
Barings CLO Ltd.
6.627% due 07/20/2029 ~			2,559			2,561
6.747% due 01/20/2032 •			4,000			3,988
Benefit Street Partners CLO Ltd.
6.605% due 10/15/2030 •			18,068			18,049
6.694% due 01/17/2032 •			16,600			16,600
BlueMountain CLO Ltd.
6.854% due 10/22/2030 •			3,146			3,147
BMW Vehicle Lease Trust
5.950% due 08/25/2025			50,000			50,152
BXMT Ltd.
6.876% due 11/15/2037 •			47,489			45,989
Capital One Multi-Asset Execution Trust
2.800% due 03/15/2027			13,000			12,675
6.056% due 07/15/2027 •			38,600			38,679
Capital One Prime Auto Receivables Trust
5.928% due 10/15/2026			33,100			33,134
5.988% due 09/15/2025 •			16,742			16,751
CARDS Trust
6.210% due 07/15/2028			12,600			12,642
Carlyle Global Market Strategies CLO Ltd.
6.589% due 08/14/2030 •			28,149			28,103
6.699% due 07/27/2031 •			4,443			4,440
Carlyle U.S. CLO Ltd.
6.677% due 04/20/2031 •			9,096			9,098
Carmax Auto Owner Trust
6.038% due 01/15/2026 •			12,849			12,859
Carmax Auto Owner Trust
5.938% due 11/16/2026			27,100			27,123
6.138% due 12/15/2026			29,400			29,474
6.188% due 06/15/2026			15,142			15,168
6.238% due 12/15/2025 •			13,077			13,093
Carvana Auto Receivables Trust
6.090% due 11/10/2026			6,000			6,013
6.230% due 01/11/2027			17,600			17,668
Catamaran CLO Ltd.
6.774% due 04/22/2030 •			14,178			14,176
CBAM Ltd.
6.927% due 07/20/2030 •			5,209			5,210
Chase Auto Owner Trust
5.900% due 03/25/2027			47,700			47,951

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 99

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Chesapeake Funding LLC
0.870% due 08/15/2032	$		1,442	$		1,432
6.103% due 08/15/2032 •			1,570			1,570
6.588% due 05/15/2035			10,840			10,873
CIFC Funding Ltd.
6.610% due 10/24/2030 •			37,124			37,096
Citibank Credit Card Issuance Trust
5.230% due 12/08/2027			11,600			11,694
5.984% due 12/08/2027			35,000			35,068
6.084% due 08/07/2027 •			34,100			34,230
6.091% due 04/22/2026 •			57,584			57,654
6.249% due 05/14/2029 ~			5,550			5,579
Citizens Auto Receivables Trust
6.068% due 10/15/2026			38,900			38,925
6.288% due 07/15/2026			14,388			14,415
CNH Equipment Trust
5.900% due 02/16/2027			34,400			34,626
Commonbond Student Loan Trust
6.320% due 05/25/2041 ~			248			244
Crestline Denali CLO Ltd.
6.707% due 04/20/2030 •			14,242			14,231
Daimler Trucks Retail Trust
5.070% due 09/16/2024			119			119
6.030% due 09/15/2025			23,200			23,251
Dell Equipment Finance Trust
5.840% due 01/22/2029			23,000			23,061
6.100% due 04/23/2029			21,000			21,138
Discover Card Execution Note Trust
6.076% due 12/15/2026 •			34,100			34,158
DLLAD LLC
5.190% due 04/20/2026			14,610			14,565
DLLMT LLC
1.000% due 07/21/2025			1,821			1,784
Dryden CLO Ltd.
6.653% due 01/17/2033 •			3,400			3,376
Dryden Senior Loan Fund
6.635% due 04/15/2028 •			2,881			2,884
Edsouth Indenture LLC
6.182% due 04/25/2039 •			260			259
Elevation CLO Ltd.
6.590% due 10/25/2030 •			11,293			11,274
ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			6,431			5,594
Enterprise Fleet Financing LLC
3.030% due 01/20/2028			11,879			11,686
Fifth Third Auto Trust
5.868% due 11/16/2026			52,300			52,318
Ford Credit Auto Lease Trust
5.928% due 02/15/2026			54,500			54,514
5.988% due 06/15/2025 ~			5,549			5,553
Ford Credit Auto Owner Trust
5.858% due 04/15/2025 •			5,102			5,103
6.058% due 03/15/2026 •			30,257			30,318
Galaxy CLO Ltd.
6.625% due 10/15/2030 •			6,005			5,999
Gallatin CLO Ltd.
6.745% due 07/15/2031 •			5,964			5,955
GECU Auto Receivables Trust
5.950% due 03/15/2027			10,200			10,213
GM Financial Automobile Leasing Trust
6.158% due 10/20/2025			14,313			14,341
GM Financial Consumer Automobile Receivables Trust
5.808% due 09/16/2026			14,000			14,012
5.868% due 11/16/2026			18,500			18,516
5.938% due 09/16/2025 •			12,770			12,775
5.958% due 03/16/2026 •			14,665			14,686
5.988% due 11/17/2025 •			5,884			5,888
6.088% due 05/18/2026			20,375			20,415
GoldenTree Loan Management U.S. CLO Ltd.
6.587% due 11/20/2030 •			37,465			37,437
GPMT Ltd.
6.723% due 07/16/2035 •			21,021			20,761
Halseypoint CLO Ltd.
6.777% due 07/20/2031 •			11,807			11,792

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Harley Davidson Motorcycle Trust
5.868% due 06/15/2026 •	$		2,306	$		2,306
Harley Davidson Motorcycle Trust
5.320% due 06/15/2026			2,674			2,669
Hertz Vehicle Financing LLC
1.990% due 06/25/2026			11,500			10,996
3.370% due 03/25/2025			950			946
Honda Auto Receivables Owner Trust
5.410% due 04/15/2026			9,000			9,001
5.710% due 03/18/2026			64,500			64,704
5.870% due 06/22/2026			31,500			31,708
Hyundai Auto Lease Securitization Trust
5.938% due 03/16/2026			29,300			29,325
6.038% due 01/15/2025 •			4,983			4,985
Hyundai Auto Receivables Trust
5.818% due 05/15/2026			14,000			14,022
5.968% due 01/15/2027			46,600			46,721
6.088% due 12/15/2025			20,206			20,232
ICG U.S. CLO Ltd.
6.670% due 04/25/2031			1,906			1,908
KKR CLO Ltd.
6.597% due 07/18/2030 •			2,810			2,808
Kubota Credit Owner Trust
5.400% due 02/17/2026			9,398			9,394
5.610% due 07/15/2026			37,600			37,731
LAD Auto Receivables Trust
5.210% due 06/15/2027			2,160			2,149
5.930% due 06/15/2027			11,488			11,498
LCM Loan Income Fund Ltd.
6.707% due 04/20/2031			7,007			7,005
LCM LP
6.528% due 07/19/2027 •			973			974
6.677% due 07/20/2030 •			466			465
LCM Ltd.
6.725% due 04/15/2031 •			1,000			995
6.747% due 01/20/2031 •			11,853			11,869
6.837% due 10/20/2028 •			2,659			2,661
Lockwood Grove CLO Ltd.
6.810% due 01/25/2030			1,323			1,324
M&T Equipment Notes
6.090% due 07/15/2030			25,000			25,067
Madison Park Funding Ltd.
6.594% due 01/22/2028 •			353			353
6.619% due 07/27/2031 •			7,181			7,177
6.667% due 04/20/2032 •			4,500			4,504
6.674% due 07/21/2030 ~			3,829			3,838
6.760% due 04/25/2032 •			6,800			6,800
6.852% due 07/29/2030 ~			3,857			3,857
Magnetite Ltd.
6.521% due 11/15/2028 •			2,549			2,550
6.777% due 07/20/2031			5,666			5,667
Marathon CLO Ltd.
6.805% due 04/15/2029 •			5,577			5,583
Marathon Static CLO Ltd.
7.166% due 07/20/2030			9,295			9,284
Marble Point CLO Ltd.
6.837% due 12/18/2030 •			4,521			4,522
Master Credit Card Trust
6.188% due 01/21/2027			74,400			74,711
Mercedes-Benz Auto Receivables Trust
5.090% due 01/15/2026			7,383			7,371
5.920% due 11/16/2026			35,000			35,276
MMAF Equipment Finance LLC
5.790% due 11/13/2026			15,500			15,560
Mountain View CLO LLC
6.695% due 01/16/2031 •			14,288			14,285
6.745% due 10/16/2029 •			3,863			3,864
Nassau Ltd.
6.805% due 10/15/2029 •			4,418			4,418
6.905% due 01/15/2030			3,802			3,808
Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			4,482			3,952
1.310% due 01/15/2069			12,188			11,163
1.580% due 04/15/2070			31,179			27,065
1.690% due 05/15/2069			6,917			6,300

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.230% due 07/15/2070	$		24,745	$		21,841
3.130% due 02/15/2068			2,121			2,037
4.000% due 12/15/2059			568			549
6.476% due 04/15/2069 •			8,068			7,998
Navient Student Loan Trust
6.252% due 07/26/2066 •			5,010			5,001
6.502% due 12/27/2066 •			13,464			13,420
Nelnet Student Loan Trust
1.420% due 04/20/2062			689			626
5.734% due 12/24/2035 •			1,694			1,667
6.252% due 09/25/2065 •			8,362			8,318
6.270% due 08/25/2067 •			13,379			13,267
6.302% due 02/25/2066 •			6,927			6,853
Neuberger Berman CLO Ltd.
6.575% due 10/15/2029			948			946
6.587% due 10/18/2029 ~			1,927			1,922
6.678% due 04/19/2030 •			1,269			1,267
6.717% due 04/20/2031 •			850			849
Newark BSL CLO Ltd.
6.610% due 07/25/2030 •			3,476			3,470
Nissan Auto Lease Trust
5.958% due 08/15/2025			25,147			25,186
Nissan Auto Receivables Owner Trust
5.898% due 05/15/2026			33,750			33,813
5.988% due 02/17/2026			10,658			10,663
Northstar Education Finance, Inc.
6.152% due 12/26/2031 ~			131			131
Octagon Investment Partners Ltd.
6.639% due 02/14/2031 ~			3,900			3,894
Oscar U.S. Funding LLC
1.600% due 03/10/2025			2,621			2,610
OZLM Ltd.
6.644% due 10/17/2029 ~			18,465			18,454
6.674% due 07/17/2029 •			1,414			1,412
6.682% due 05/16/2030 •			4,640			4,635
Palmer Square Loan Funding Ltd.
6.577% due 04/20/2029 •			1,683			1,680
Pawneee Equipment Receivables LLC
4.840% due 02/15/2028			897			896
PHEAA Student Loan Trust
6.402% due 11/25/2065 •			3,839			3,807
PRET LLC
1.868% due 07/25/2051 þ			4,204			4,064
Race Point CLO Ltd.
6.595% due 10/15/2030 •			5,881			5,867
Ready Capital Mortgage Financing LLC
6.470% due 04/25/2038 •			8,144			8,130
6.987% due 01/25/2037 •			21,029			21,076
Romark CLO Ltd.
6.704% due 10/23/2030 •			33,008			32,938
Saranac CLO Ltd.
6.781% due 08/13/2031 •			15,607			15,610
SBNA Auto Lease Trust
6.270% due 04/20/2026			28,000			28,202
SFS Auto Receivables Securitization Trust
6.138% due 03/22/2027			4,334			4,341
Signal Peak CLO Ltd.
6.750% due 04/25/2031 •			1,532			1,534
SLM Private Credit Student Loan Trust
5.956% due 12/15/2038 •			3,946			3,831
SLM Student Loan Trust
6.102% due 12/27/2038 ~			1,751			1,725
6.152% due 01/25/2029 •			2,050			1,967
SMB Private Education Loan Trust
1.290% due 07/15/2053			12,977			11,715
2.340% due 09/15/2034			1,356			1,325
6.076% due 03/17/2053 •			5,248			5,145
6.376% due 09/15/2034 •			3,056			3,046
6.576% due 09/15/2034 •			1,059			1,059
6.576% due 07/15/2053 •			1,636			1,622
SoFi Consumer Loan Program Trust
5.810% due 05/15/2031			4,234			4,229
SoFi Professional Loan Program LLC
2.650% due 09/25/2040			789			760
6.770% due 02/25/2040 •			168			168

100 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SoFi Professional Loan Program Trust
1.950% due 02/15/2046	$		11,144	$		10,145
Sound Point CLO Ltd.
6.574% due 01/23/2029 •			1,334			1,335
6.620% due 07/25/2030 ~			16,829			16,809
6.657% due 10/20/2030 •			3,525			3,520
6.735% due 04/15/2030 •			1,494			1,492
6.741% due 07/26/2031 •			596			595
6.797% due 01/21/2031 ~			9,864			9,855
6.807% due 04/18/2031 •			1,000			999
Starwood Mortgage Trust
6.688% due 11/15/2038 •			23,200			22,539
Steele Creek CLO Ltd.
6.744% due 04/21/2031 •			1,040			1,042
Stratus CLO Ltd.
6.577% due 12/28/2029 •			3,657			3,637
Symphony Static CLO Ltd.
6.470% due 10/25/2029 •			3,082			3,061
TCW CLO Ltd.
6.610% due 04/25/2031 •			16,336			16,346
Tesla Auto Lease Trust
6.020% due 09/22/2025			29,200			29,316
Tesla Electric Vehicle Trust
5.858% due 12/21/2026			11,800			11,805
TIAA CLO Ltd.
6.805% due 01/16/2031 •			1,613			1,613
Towd Point HE Trust
0.918% due 02/25/2063 ~			5,798			5,515
Toyota Auto Receivables Owner Trust
3.760% due 04/15/2027			8,100			7,968
5.738% due 08/17/2026			35,300			35,296
5.908% due 08/15/2025 •			3,909			3,911
Toyota Lease Owner Trust
5.888% due 04/20/2026			41,400			41,418
Trestles CLO Ltd.
6.847% due 10/20/2034			7,700			7,694
Trillium Credit Card Trust
6.241% due 08/26/2028			95,000			95,371
USAA Auto Owner Trust
5.830% due 07/15/2026			18,600			18,647
Venture CLO Ltd.
6.667% due 07/20/2030 •			30,036			29,907
6.678% due 08/28/2029 •			4,668			4,671
6.697% due 04/20/2029 •			6,510			6,515
6.727% due 07/20/2030 •			7,647			7,643
Verizon Master Trust
6.018% due 09/08/2028			26,000			26,037
Vibrant CLO Ltd.
6.582% due 06/20/2029 ~			1,917			1,917
VMC Finance LLC
6.573% due 06/16/2036 •			10,515			10,422
Volkswagen Auto Lease Trust
5.908% due 01/20/2026			29,300			29,329
Volkswagen Auto Loan Enhanced Trust
5.858% due 12/21/2026			42,249			42,277
5.968% due 03/22/2027			39,800			39,887
Voya CLO Ltd.
6.614% due 04/17/2030 •			20,933			20,918
6.635% due 06/07/2030 •			7,035			7,028
6.655% due 10/15/2030 •			11,752			11,728

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wellfleet CLO Ltd.
6.567% due 04/20/2029 •	$		1,688	$		1,690
6.567% due 07/20/2029 •			4,977			4,976
Wellman Park CLO Ltd.
6.755% due 07/15/2034			15,000			14,954
World Omni Auto Receivables Trust
5.748% due 12/15/2026			36,000			36,005
5.768% due 07/15/2026 •			16,719			16,717
5.908% due 10/15/2025 •			1,912			1,912
5.910% due 02/16/2027			12,500			12,583
5.918% due 02/16/2027			16,300			16,319
6.048% due 11/16/2026			20,166			20,191
Total Asset-Backed Securities (Cost $3,191,337)						3,180,029
SOVEREIGN ISSUES 1.9%
CDP Financial, Inc.
5.799% due 05/19/2025			15,250			15,253
CPPIB Capital, Inc.
6.604% (SOFRINDX + 1.250%) due 04/04/2025 ~			72,750			73,608
6.666% due 03/11/2026			36,000			36,647
Korea Development Bank
5.606% (SOFRINDX + 0.250%) due 03/09/2024 ~			500			501
PSP Capital, Inc.
5.652% (SOFRINDX + 0.240%) due 03/03/2025 ~			68,100			68,075
5.652% due 03/03/2025			3,747			3,746
Total Sovereign Issues (Cost $197,684)						197,830
SHORT-TERM INSTRUMENTS 12.1%
COMMERCIAL PAPER 9.9%
Arrow Electronics, Inc.
5.850% due 01/02/2024			27,731			27,713
5.850% due 01/04/2024			33,419			33,387
5.850% due 01/11/2024			1,300			1,297
5.900% due 01/12/2024			38,600			38,513
5.900% due 01/19/2024			15,400			15,346
5.900% due 01/22/2024			15,400			15,338
5.900% due 01/23/2024			600			598
5.900% due 01/24/2024			700			697
Bacardi-Martini BV
5.950% due 01/18/2024			12,300			12,260
5.950% due 01/23/2024			23,450			23,355
Conagra Foods, Inc.
5.750% due 01/05/2024			1,000			999
5.820% due 01/11/2024			55,200			55,086
5.850% due 01/18/2024			17,400			17,343
Constellation Brands, Inc.
5.700% due 01/09/2024			20,000			19,965
Constellation Energy Generation LLC
5.750% due 02/12/2024			63,000			62,521
Energy Transfer Partners LP
5.850% due 01/04/2024			47,700			47,654
Fidelity National Information Services, Inc.
5.700% due 01/16/2024			19,050			18,998
5.710% due 01/16/2024			19,050			18,998

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Global Payments, Inc.
6.030% due 01/05/2024	$		102,600	$		102,481
L3Harris Technologies, Inc.
5.770% due 02/20/2024			73,550			72,941
LVMH Moet Hennessy Louis Vuitton SE
5.490% due 01/29/2024			25,000			24,885
Marathon Oil Corp.
6.050% due 01/03/2024			154,500			154,384
Nissan Motor Acceptance Co LLC
6.200% due 01/12/2024			19,500			19,456
Quanta Storage, Inc.
5.850% due 01/04/2024			8,500			8,492
5.900% due 01/08/2024			900			899
5.900% due 01/09/2024			600			599
5.900% due 01/12/2024			11,100			11,075
5.900% due 01/16/2024			26,800			26,722
5.900% due 01/17/2024			34,400			34,294
5.900% due 01/18/2024			30,800			30,700
Southern California Edison Co.
5.730% due 01/17/2024			25,400			25,324
5.800% due 01/02/2024			18,750			18,738
5.800% due 01/04/2024			7,000			6,993
5.800% due 01/08/2024			9,500			9,485
VF Corp.
6.100% due 01/17/2024			35,800			35,697
VW Credit, Inc.
5.710% due 01/05/2024			24,700			24,674
						1,017,907
REPURCHASE AGREEMENTS (b) 1.4%
						141,563
SHORT-TERM NOTES 0.8%
American Honda Finance Corp.
5.971% due 06/07/2024			73,250			73,301
Carmax Auto Owner Trust
5.631% due 07/15/2024			4,442			4,442
Tesla Auto Lease Trust
5.634% due 07/22/2024			364			364
Warnermedia Holdings, Inc.
3.428% due 03/15/2024			3,000			2,984
						81,091
Total Short-Term Instruments (Cost $1,241,139)						1,240,561
Total Investments in Securities (Cost $10,200,753)						10,155,442
Total Investments 98.6% (Cost $10,200,753)				$		10,155,442
Financial Derivative Instruments (c)(f) (0.0)% (Cost or Premiums, net $0)						(692	)
Other Assets and Liabilities, net 1.4%						146,136
Net Assets 100.0%				$		10,300,886

NOTES TO SCHEDULE OF INVESTMENTS: 

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

« 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.

þ 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, 2023 101

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

(a)  RESTRICTED SECURITIES:

Issuer Description	Coupon		Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Citigroup, Inc.		0.981%		05/01/2025		06/02/2023	$	3,862	$	3,920		0.04	%
Deutsche Bank AG		0.898		05/28/2024		06/26/2023 - 12/04/2023		28,348		28,438		0.27
Standard Chartered PLC		1.214		03/23/2025		11/02/2023		4,901		4,966		0.05
							$	37,111	$	37,324		0.36	%

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		2.600	%		12/29/2023		01/02/2024	$	4,363	U.S. Treasury Notes 3.875% due 01/15/2026	$	(4,451	)	$	4,363	$	4,364
		5.330			12/29/2023		01/02/2024		137,200	U.S. Treasury Bonds 2.750% - 4.625% due 02/15/2040 - 08/15/2048		(139,944	)		137,200		137,281
Total Repurchase Agreements											$	(144,395	)	$	141,563	$	141,645

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, 2023:

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	$	141,645	$	0	$	0	$	0	$	141,645	$	(144,395	)	$	(2,750	)
Total Borrowings and Other Financing Transactions	$	141,645	$	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.

The average amount of borrowings outstanding during the period ended December 31, 2023 was $(2,802) at a weighted average interest rate of 5.389%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
3-Month SOFR Active Contract March Futures		06/2025		4,479	$	(1,081,455	)	$	(8,401	)	$	0	$	(448	)
U.S. Treasury 2-Year Note March Futures		03/2024		295		(60,745	)		(586	)		0		(37	)
U.S. Treasury 5-Year Note March Futures		03/2024		2,410		(262,144	)		(542	)		0		(207	)
Total Futures Contracts								$	(9,529	)	$	0	$	(692	)

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, 2023:

	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	$	0	$	0	$	0	$	0	$	0	$	(692)	$	0	$	(692)

102 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

(d) Securities with an aggregate market value of $3,757 and cash of $12,604 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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 and Other 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, 2023:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	692	$	692

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	6,713		$	6,713
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(16,996	)	$	(16,996	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	3,264,703	$	0	$	3,264,703
Industrials		0		1,122,404		0		1,122,404
Utilities		0		371,475		0		371,475
U.S. Government Agencies		0		327,415		0		327,415
U.S. Treasury Obligations		0		24,118		0		24,118
Non-Agency Mortgage-Backed Securities		0		426,650		257		426,907
Asset-Backed Securities		0		3,180,029		0		3,180,029
Sovereign Issues		0		197,830		0		197,830
Short-Term Instruments
Commercial Paper		0		1,017,907		0		1,017,907
Repurchase Agreements		0		141,563		0		141,563
Short-Term Notes		0		81,091		0		81,091
Total Investments	$	0	$	10,155,185	$	257	$	10,155,442

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(692	)	$	0	$	(692	)
Total Financial Derivative Instruments	$	0	$	(692	)	$	0	$	(692	)
Totals	$	0	$	10,154,493		$	257	$	10,154,750

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 103

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund  

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.9%
MUNICIPAL BONDS & NOTES 94.6%
ALABAMA 2.7%
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
4.220% (MUNIPSA) due 10/01/2052 ~	$		2,000	$		1,951
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			5,000			5,342
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			2,800			2,998
5.500% due 10/01/2054			5,000			5,528
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020
5.000% due 08/01/2027			1,000			1,066
Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,500			1,681
Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023
5.000% due 11/15/2035			1,500			1,670
5.000% due 11/15/2036			1,220			1,347
5.000% due 11/15/2037			875			957
Jefferson County, Alabama Sewer Revenue Bonds, (AGM Insured), Series 2013
5.500% due 10/01/2053			3,450			3,520
Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019
2.000% due 11/01/2033			1,350			1,327
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			5,950			6,354
West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998
3.650% due 06/01/2028			3,600			3,607
						37,348
ALASKA 0.5%
Alaska Housing Finance Corp. Revenue Bonds, Series 2022
5.000% due 12/01/2033			1,905			2,175
Alaska Municipal Bond Bank, Revenue Bonds, Series 2023
5.000% due 12/01/2042			1,000			1,112
Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021
5.000% due 06/01/2033			2,890			3,220
						6,507
ARIZONA 1.2%
Arizona Health Facilities Authority Revenue Bonds, Series 2014
5.000% due 01/01/2044			7,920			7,920
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			2,000			2,164
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014
4.750% due 07/01/2044			2,200			2,218
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017
3.125% due 07/01/2034			425			422
Phoenix, Arizona General Obligation Refunding Notes, Series 2022
5.000% due 07/01/2026			1,500			1,590
Town of Gilbert, Arizona General Obligation Notes, Series 2022
5.000% due 07/15/2027			2,000			2,181
						16,495

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CALIFORNIA 6.2%
Anaheim Public Financing Authority, California Revenue Notes, (AGM/CR Insured), Series 2019
5.000% due 09/01/2027	$		2,500	$		2,690
Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.320% (MUNIPSA) due 04/01/2056 ~			2,000			1,974
California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			4,700			5,077
5.250% due 01/01/2054			2,000			2,117
5.250% due 11/01/2054			9,000			9,750
5.500% due 10/01/2054			1,900			2,109
California Department of Water Resources State Revenue Bonds, Series 2021
2.132% due 12/01/2033			3,315			2,651
California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2036			1,000			1,016
California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2040			3,250			3,279
California State General Obligation Bonds, Series 2016
4.000% due 09/01/2037			4,495			4,525
California State General Obligation Bonds, Series 2019
5.000% due 11/01/2036			5,000			5,503
California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			3,100			3,242
California State General Obligation Notes, Series 2018
5.000% due 10/01/2028			3,500			3,924
California State General Obligation Notes, Series 2022
5.000% due 11/01/2026			6,400			6,847
California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.500% due 11/01/2033			3,500			3,822
Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2041 (c)			1,500			729
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021
4.000% due 01/15/2033			1,139			1,193
Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021
1.313% due 08/01/2028			5,735			5,035
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
2.746% due 06/01/2034			3,000			2,531
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021
2.687% due 06/01/2030			6,000			5,192
Huntington Beach Union High School District, California General Obligation Notes, Series 2021
1.884% due 08/01/2029			3,000			2,629
Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022
5.000% due 06/01/2038			1,000			1,159
Los Angeles, California Wastewater System Revenue Bonds, Series 2015
5.000% due 06/01/2029			1,350			1,397
San Francisco, California City & County Certificates of Participation Bonds, Series 2017
4.000% due 04/01/2036			6,320			6,384
						84,775
COLORADO 0.8%
Colorado Health Facilities Authority Revenue Bonds, Series 2018
5.000% due 11/15/2048			2,500			2,583
Colorado Health Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/01/2031			850			930
5.000% due 11/15/2049			1,500			1,587

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Colorado Health Facilities Authority Revenue Bonds, Series 2022
5.250% due 11/01/2035	$		1,200	$		1,364
5.250% due 11/01/2037			1,450			1,620
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,300			1,485
Regional Transportation District, Colorado Revenue Notes, Series 2020
5.000% due 07/15/2028			875			933
						10,502
CONNECTICUT 2.3%
Bridgeport, Connecticut General Obligation Notes, Series 2017
5.000% due 08/15/2027			3,000			3,223
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2032			1,380			1,590
Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 10/01/2033			1,020			1,134
5.000% due 01/01/2035			4,290			4,690
Connecticut Special Tax State Revenue Bonds, Series 2022
5.000% due 07/01/2039			5,000			5,763
Connecticut State General Obligation Bonds, Series 2018
5.000% due 09/15/2030			3,640			4,053
Connecticut State General Obligation Bonds, Series 2020
4.000% due 06/01/2031			1,750			1,903
Connecticut State General Obligation Notes, Series 2022
5.000% due 09/15/2028			1,000			1,117
5.000% due 11/15/2028			4,100			4,598
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 07/01/2029			1,200			1,309
Metropolitan District, Connecticut General Obligation Bonds, Series 2018
5.000% due 07/15/2029			1,845			2,058
						31,438
DELAWARE 0.1%
Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			2,000			1,873
DISTRICT OF COLUMBIA 0.5%
Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049			5,250			4,969
Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017
5.000% due 07/01/2031			2,075			2,234
						7,203
FLORIDA 1.5%
Central Florida Expressway Authority Revenue Bonds, Series 2018
5.000% due 07/01/2030			450			496
5.000% due 07/01/2031			900			989
Florida’s Turnpike Enterprise Revenue Bonds, Series 2018
4.000% due 07/01/2048			4,500			4,453
JEA Water & Sewer System, Florida Revenue Bonds, Series 2020
4.000% due 10/01/2039			1,000			1,027
Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020
5.000% due 10/01/2032			1,000			1,142

104 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017
4.000% due 07/01/2033	$		3,000	$		3,072
Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023
5.000% due 10/01/2028			1,450			1,586
Orlando Utilities Commission, Florida Revenue Bonds, Series 2021
1.250% due 10/01/2046			3,500			3,058
Osceola County, Florida Transportation Revenue Bonds, Series 2020
0.000% due 10/01/2034 (c)			1,850			1,149
Osceola County, Florida Transportation Revenue Notes, Series 2020
0.000% due 10/01/2027 (c)			350			298
0.000% due 10/01/2029 (c)			700			547
School District of Broward County, Florida Certificates of Participation Bonds, Series 2020
5.000% due 07/01/2032			2,000			2,291
Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2033 (c)			200			141
						20,249
GEORGIA 4.2%
Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			2,000			1,730
Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019
5.000% due 07/01/2038			1,800			1,974
Burke County, Georgia Development Authority Revenue Bonds, Series 2008
2.925% due 11/01/2048			3,000			2,990
Burke County, Georgia Development Authority Revenue Bonds, Series 2017
3.250% due 11/01/2045			3,750			3,716
Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			600			635
Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023
5.000% due 04/01/2042			2,875			3,150
5.000% due 04/01/2043			3,375			3,711
Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013
1.500% due 01/01/2039			1,250			1,202
Fulton County, Georgia Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2030			1,000			1,127
Georgia State General Obligation Notes, Series 2022
5.000% due 07/01/2030			6,640			7,742
LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			700			741
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			700			704
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052			1,915			1,930
5.000% due 12/01/2052			3,000			3,168
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053			1,000			1,061
5.000% due 09/01/2053			2,935			3,142
5.000% due 12/01/2053			7,600			8,184
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			2,400			2,433
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2031			1,200			1,292
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
4.500% due 07/01/2063			2,000			2,028

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021
5.000% due 01/01/2028	$		400	$		434
5.000% due 01/01/2031			885			990
5.000% due 01/01/2032			285			318
Municipal Electric Authority of Georgia Revenue Notes, Series 2019
5.000% due 01/01/2026			400			417
5.000% due 01/01/2029			1,000			1,080
Municipal Electric Authority of Georgia Revenue Notes, Series 2021
5.000% due 01/01/2027			200			209
5.000% due 01/01/2029			165			178
Municipal Electric Authority of Georgia Revenue Notes, Series 2023
5.890% due 07/01/2033			1,500			1,542
						57,828
HAWAII 0.4%
City & County Honolulu, Hawaii General Obligation Bonds, Series 2015
5.000% due 10/01/2030			2,000			2,070
City & County Honolulu, Hawaii Wastewater System Revenue Notes, Series 2020
1.473% due 07/01/2030			3,750			3,129
						5,199
ILLINOIS 5.2%
Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014
5.000% due 01/01/2035			6,500			6,507
Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2014
5.000% due 12/01/2044			2,500			2,509
Chicago, Illinois General Obligation Bonds, Series 2017
5.625% due 01/01/2030			1,865			1,958
Illinois Finance Authority Revenue Bonds, Series 2008
4.000% due 11/01/2030			835			854
Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			3,620			3,715
Illinois Finance Authority Revenue Bonds, Series 2020
4.100% due 08/15/2049			7,600			7,600
Illinois State General Obligation Bonds, Series 2021
5.000% due 03/01/2037			5,860			6,442
Illinois State General Obligation Bonds, Series 2023
5.000% due 12/01/2043			6,100			6,649
Illinois State General Obligation Notes, Series 2020
5.000% due 10/01/2025			2,300			2,373
5.500% due 05/01/2030			7,000			7,853
Illinois State Revenue Bonds, Series 2013
5.000% due 06/15/2026			1,500			1,502
Illinois State Toll Highway Authority Revenue Bonds, Series 2015
5.000% due 01/01/2040			2,100			2,148
Illinois State Toll Highway Authority Revenue Bonds, Series 2019
5.000% due 01/01/2030			2,500			2,795
Illinois State Toll Highway Authority Revenue Bonds, Series 2024
5.000% due 01/01/2035 (a)			2,600			3,181
5.000% due 01/01/2036 (a)			5,000			6,083
Illinois State Toll Highway Authority Revenue Notes, Series 2019
5.000% due 01/01/2027			775			831
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)			500			318
0.000% due 06/15/2037 (c)			1,500			905
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,350			1,427
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2023
5.000% due 01/01/2037			1,000			1,100

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
5.000% due 01/01/2028	$		4,500	$		4,905
						71,655
INDIANA 1.3%
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			1,500			1,522
Indiana Finance Authority Revenue Bonds, Series 2010
2.500% due 11/01/2030			3,825			3,484
Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			2,100			1,975
Indiana Finance Authority Revenue Bonds, Series 2018
5.000% due 02/01/2030			1,500			1,650
Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2036			1,000			1,183
5.000% due 10/01/2037			800			936
Indiana Municipal Power Agency Revenue Notes, Series 2019
5.000% due 01/01/2029			285			318
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Series 2023
6.000% due 02/01/2048			4,000			4,822
Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			1,500			1,489
						17,379
IOWA 0.8%
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012
4.750% due 08/01/2042			8,000			7,883
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			3,000			3,045
5.000% due 12/01/2050			800			835
						11,763
KENTUCKY 0.4%
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			1,650			1,663
Kentucky Public Energy Authority Revenue Bonds, Series 2018
4.000% due 04/01/2048			500			501
4.000% due 01/01/2049			2,000			2,001
Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			1,000			995
						5,160
LOUISIANA 2.0%
East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			13,100			13,143
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022
5.000% due 08/15/2027			1,200			1,279
5.000% due 08/15/2028			1,200			1,279
Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,980			1,923
Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2036			1,000			1,165
Louisiana State General Obligation Bonds, Series 2015
4.000% due 05/01/2035			1,700			1,716
Louisiana State Highway Improvement Revenue Notes, Series 2021
1.592% due 06/15/2030			2,000			1,669

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 105

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037	$		2,900	$		2,861
Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021
4.000% due 02/01/2037			2,000			2,026
						27,061
MAINE 0.1%
Portland, Maine General Airport Revenue Notes, Series 2019
5.000% due 01/01/2028			300			326
5.000% due 01/01/2029			225			250
5.000% due 01/01/2030			270			304
						880
MARYLAND 1.5%
Maryland Department of Transportation State Revenue Bonds, Series 2019
4.000% due 10/01/2032			1,450			1,508
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 06/01/2037			225			224
5.000% due 06/01/2033			445			484
Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021
5.000% due 06/01/2031			350			383
Maryland State General Obligation Bonds, Series 2022
5.000% due 06/01/2035			3,510			4,206
5.000% due 06/01/2036			8,000			9,514
5.000% due 06/01/2037			3,490			4,111
						20,430
MASSACHUSETTS 2.0%
Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.000% due 10/01/2037			3,400			4,001
Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			8,900			10,023
Commonwealth of Massachusetts General Obligation Notes, Series 2022
5.000% due 10/01/2031			5,200			6,208
Massachusetts Bay Transportation Authority Revenue Notes, Series 2021
5.000% due 07/01/2028			1,000			1,116
Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023
5.000% due 07/01/2033			1,500			1,846
Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2030			1,500			1,626
Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.470% (MUNIPSA) due 07/01/2049 ~			1,000			991
Massachusetts State College Building Authority Revenue Notes, Series 2022
5.000% due 05/01/2030			500			576
5.000% due 05/01/2031			500			583
						26,970
MICHIGAN 2.4%
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			3,675			4,082
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
4.390% (TSFR3M) due 07/01/2032 ~			3,000			2,853

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021
5.000% due 07/01/2029	$		1,175	$		1,296
5.000% due 07/01/2030			1,715			1,918
Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.000% due 07/01/2037			5,000			5,929
Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022
4.000% due 05/01/2030			500			539
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.620% (MUNIPSA) due 04/15/2047 ~			3,500			3,481
Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022
5.000% due 04/15/2030			2,000			2,255
Michigan Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2030			1,200			1,229
Michigan Finance Authority Revenue Bonds, Series 2020
5.000% due 06/01/2040			2,500			2,637
Michigan State Building Authority Revenue Bonds, Series 2015
5.000% due 04/15/2034			2,000			2,076
Michigan State Building Authority Revenue Bonds, Series 2023
5.000% due 10/15/2037			1,000			1,183
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
5.000% due 11/15/2047			1,500			1,584
Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2038			1,800			2,139
						33,201
MINNESOTA 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022
5.000% due 01/01/2031			500			581
Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017
5.000% due 12/01/2029			1,000			1,064
						1,645
MISSISSIPPI 0.1%
Mississippi Business Finance Corp. Revenue Bonds, Series 2002
3.200% due 09/01/2028			1,500			1,500
MISSOURI 0.6%
Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023
5.000% due 05/01/2033			4,000			4,745
Republic, Missouri Revenue Notes, Series 2022
4.000% due 05/01/2028			500			524
St Louis School District, Missouri General Obligation Notes, (AGM Insured), (BAM Insured), Series 2022
4.000% due 04/01/2024			3,385			3,393
						8,662
MULTI-STATE 1.7%
Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
0.000% due 12/25/2036			8,590			8,322
4.141% due 01/25/2040			4,975			4,498
4.548% due 08/25/2040			10,500			10,406
						23,226

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEBRASKA 0.4%
Douglas County, Nebraska Revenue Bonds, Series 2021
4.400% (MUNIPSA) due 07/01/2035 ~	$		1,960	$		1,928
Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015
5.000% due 01/01/2030			1,085			1,102
Public Power Generation Agency, Nebraska Revenue Notes, Series 2015
5.000% due 01/01/2025			1,905			1,938
						4,968
NEVADA 2.8%
Clark County, Nevada Revenue Bonds, Series 2010
2.100% due 06/01/2031			5,000			4,314
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019
5.000% due 06/15/2028			5,000			5,520
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020
5.000% due 06/15/2028			1,000			1,104
5.000% due 06/15/2029			2,030			2,288
Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016
5.000% due 06/15/2031			1,465			1,518
Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015
5.000% due 06/01/2034			1,500			1,526
Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021
5.000% due 06/01/2029			5,000			5,677
Nevada State General Obligation Bonds, Series 2023
5.000% due 05/01/2040			10,000			11,628
Washoe County School District, Nevada General Obligation Bonds, Series 2023
4.125% due 06/01/2041			4,235			4,376
						37,951
NEW HAMPSHIRE 0.4%
New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			4,977			4,823
New Hampshire Business Finance Authority Revenue Notes, Series 2021
4.000% due 01/01/2024			220			220
4.000% due 01/01/2025			285			283
						5,326
NEW JERSEY 4.9%
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (e)			12,691			11,926
New Jersey Economic Development Authority Revenue Bonds, Series 2015
5.250% due 06/15/2027			2,100			2,170
New Jersey Economic Development Authority Revenue Bonds, Series 2021
4.000% due 06/15/2034			500			525
New Jersey Economic Development Authority Revenue Bonds, Series 2022
5.000% due 11/01/2036			2,500			2,876
New Jersey Economic Development Authority Revenue Notes, Series 2023
5.135% due 03/01/2029			2,500			2,550
New Jersey State General Obligation Notes, Series 2020
5.000% due 06/01/2026			2,000			2,112
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009
0.000% due 12/15/2034 (c)			1,500			1,040

106 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036	$		1,380	$		1,500
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020
4.000% due 06/15/2035			2,250			2,359
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2036			6,500			7,586
5.000% due 06/15/2037			10,985			12,766
New Jersey Turnpike Authority Revenue Bonds, Series 2017
4.000% due 01/01/2034			7,500			7,814
5.000% due 01/01/2030			2,250			2,411
South Jersey Transportation Authority LLC, New Jersey Revenue Bonds, Series 2014
5.000% due 11/01/2039			1,300			1,308
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2031			7,870			8,451
						67,394
NEW MEXICO 0.9%
Farmington, New Mexico Revenue Bonds, Series 2005
1.800% due 04/01/2029			5,000			4,480
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039			7,950			8,024
						12,504
NEW YORK 15.3%
Battery Park City Authority, New York Revenue Bonds, Series 2019
5.000% due 11/01/2040			2,500			2,746
Long Island Power Authority, New York Revenue Bonds, Series 2023
5.000% due 09/01/2042			2,375			2,725
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2029			3,000			3,056
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017
5.000% due 07/01/2030			1,040			1,125
Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023
4.720% due 01/01/2044			1,800			1,837
Nassau County, New York General Obligation Bonds, Series 2016
5.000% due 04/01/2038			2,500			2,595
Nassau County, New York General Obligation Notes, Series 2016
5.000% due 04/01/2026			1,360			1,435
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021
5.000% due 01/01/2030			2,005			2,235
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.000% due 07/15/2031			1,520			1,682
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2022
5.000% due 07/15/2035			5,000			5,996
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014
4.100% due 11/01/2042			20,000			20,000
5.000% due 08/01/2031			5,000			5,039
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.100% due 11/01/2044			8,000			8,000
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022
5.000% due 08/01/2035			2,000			2,394
5.250% due 08/01/2040			4,890			5,713

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020
5.000% due 11/01/2024	$		1,500	$		1,527
New York City, New York General Obligation Bonds, Series 2015
4.100% due 06/01/2044			5,000			5,000
New York City, New York General Obligation Bonds, Series 2018
4.100% due 12/01/2047			10,000			10,000
New York City, New York General Obligation Bonds, Series 2023
5.000% due 08/01/2036			2,500			3,003
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
4.050% due 06/15/2048			20,000			20,000
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021
5.000% due 06/15/2032			5,000			5,929
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022
5.000% due 06/15/2028			2,000			2,235
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.000% due 02/01/2040			2,450			2,796
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023
5.000% due 02/01/2039			3,000			3,490
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023
5.000% due 05/01/2037			2,000			2,403
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 11/01/2036 (a)			5,000			6,090
5.000% due 11/01/2037 (a)			4,500			5,416
New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			9,525			9,476
New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2036			1,000			1,202
5.000% due 11/15/2037			1,000			1,188
New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
4.000% due 05/01/2045			4,740			4,655
New York State Dormitory Authority Revenue Bonds, Series 2015
5.000% due 03/15/2030			3,500			3,610
New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2031			3,000			3,329
5.000% due 01/15/2032			500			547
New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 03/15/2034			4,705			5,108
4.000% due 02/15/2047			5,000			4,994
New York State Dormitory Authority Revenue Notes, Series 2021
1.952% due 03/15/2029			5,000			4,412
New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			3,000			2,979
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (e)			6,500			6,341
New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2037			4,900			5,847
5.000% due 03/15/2046			2,500			2,812
New York Transportation Development Corp. Revenue Notes, Series 2020
5.000% due 12/01/2026			1,070			1,128
Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041			3,000			3,101

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
5.250% due 05/15/2062	$		5,000	$		5,587
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022
5.000% due 11/15/2032			4,200			5,063
TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2026			1,270			1,309
5.000% due 06/01/2027			2,800			2,925
						210,080
NORTH CAROLINA 2.0%
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
4.050% due 01/15/2037			17,765			17,765
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021
5.000% due 01/15/2049			2,000			2,313
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022
5.000% due 01/15/2028			1,000			1,097
State of North Carolina Build Revenue Notes, Series 2022
5.000% due 05/01/2028			5,625			6,242
University of North Carolina at Greensboro Revenue Bonds, Series 2014
5.000% due 04/01/2026			250			251
						27,668
NORTH DAKOTA 0.1%
Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2036			1,050			1,203
OHIO 2.4%
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022
5.000% due 11/15/2028			400			442
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
5.000% due 06/01/2035			1,000			1,090
5.000% due 06/01/2036			2,065			2,238
Butler County, Ohio Revenue Bonds, Series 2017
5.000% due 11/15/2030			1,235			1,282
Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020
5.000% due 01/01/2033			700			799
Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2025			3,000			3,019
Kent State University, Ohio Revenue Bonds, Series 2022
5.000% due 05/01/2033			510			591
Northeast Ohio Medical University Revenue Notes, Series 2021
5.000% due 12/01/2029			115			124
Ohio Air Quality Development Authority Revenue Bonds, Series 2014
2.400% due 12/01/2038			3,200			2,855
Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008
4.070% due 01/01/2043			8,000			8,000
Ohio Water Development Authority Revenue Bonds, Series 2023
5.000% due 12/01/2038			1,250			1,485
Ohio Water Development Authority Revenue Notes, Series 2019
5.000% due 12/01/2028			1,000			1,126
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2032			2,000			2,314

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 107

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023
5.000% due 12/01/2037	$		4,985	$		5,915
Worthington City School District, Ohio General Obligation Notes, Series 2023
0.000% due 12/01/2031 (c)			845			649
0.000% due 12/01/2032 (c)			880			650
						32,579
OKLAHOMA 0.2%
Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023
5.000% due 06/01/2036			1,850			2,191
5.000% due 06/01/2037			1,100			1,286
						3,477
OREGON 0.6%
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
5.000% due 08/15/2035			1,500			1,662
5.000% due 08/15/2036			1,500			1,649
5.000% due 08/15/2037			1,600			1,744
5.000% due 08/15/2038			1,000			1,082
Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020
5.000% due 06/15/2028			700			778
5.000% due 06/15/2029			800			908
						7,823
PENNSYLVANIA 5.3%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.570% due 11/15/2047			10,000			9,877
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018
4.000% due 06/01/2039			2,250			2,267
Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018
5.000% due 06/01/2025			1,500			1,535
Commonwealth of Pennsylvania General Obligation Notes, Series 2016
5.000% due 01/15/2027			2,000			2,147
Commonwealth of Pennsylvania General Obligation Notes, Series 2019
5.000% due 07/15/2024			5,000			5,057
Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022
5.000% due 10/01/2033			5,000			5,929
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007
4.528% due 06/01/2037			4,000			3,439
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023
4.000% due 03/01/2035			1,100			1,176
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023
4.000% due 03/01/2033			600			644
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
5.000% due 04/01/2043			4,500			4,699
Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016
3.000% due 09/01/2029			3,500			3,465
Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042			4,060			4,075
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			5,500			5,639
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 08/15/2029			340			352

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.000% due 08/15/2031	$		300	$		310
5.000% due 08/15/2033			1,000			1,033
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 08/15/2029			1,250			1,346
Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2036			8,170			9,370
Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
5.000% due 02/01/2031			2,500			2,795
School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
4.000% due 09/01/2038			2,200			2,238
Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022
5.250% due 06/01/2042			3,750			4,288
Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022
5.000% due 06/01/2031			1,000			1,167
						72,848
PUERTO RICO 1.7%
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
4.310% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,280			1,190
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)			26,355			6,187
4.500% due 07/01/2034			8,671			8,712
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.329% due 07/01/2040			7,000			6,967
						23,056
RHODE ISLAND 1.0%
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2035			11,000			11,175
5.000% due 06/01/2040			2,000			2,016
						13,191
SOUTH CAROLINA 0.5%
Charleston Educational Excellence Finance Corp., South Carolina Revenue Notes, Series 2020
1.869% due 12/01/2029			4,200			3,649
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			2,800			3,051
						6,700
SOUTH DAKOTA 0.1%
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 11/01/2027			925			938
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 11/01/2028			900			937
						1,875
TENNESSEE 2.2%
Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022
3.950% due 12/01/2027			3,500			3,514
Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023
5.000% due 07/01/2036			760			892
5.000% due 07/01/2038			500			571

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023
4.875% due 10/01/2038	$		3,300	$		3,502
Tennergy Corp., Tennessee Revenue Bonds, Series 2019
5.000% due 02/01/2050			4,500			4,540
Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			2,000			2,006
Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053			6,000			6,408
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			3,000			3,058
5.250% due 09/01/2026			1,745			1,801
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052			3,400			3,639
						29,931
TEXAS 8.8%
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021
4.000% due 02/15/2028			300			312
Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022
5.000% due 08/01/2028			2,000			2,227
Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002
0.000% due 08/15/2026 (c)			3,000			2,773
Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2037 (c)			5,000			2,775
Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021
4.000% due 08/15/2034			950			1,018
4.000% due 08/15/2036			700			739
Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016
5.000% due 08/15/2025			2,115			2,189
Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037			1,350			1,595
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2034			3,000			3,593
Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2036			2,550			3,064
EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023
4.000% due 12/01/2033			5,000			4,971
Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020
5.000% due 08/15/2031			920			1,043
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			5,000			5,392
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014
5.000% due 12/01/2025			500			509
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019
4.447% (SOFRRATE) due 11/15/2046 ~			1,000			1,000
Harris County, Texas Municipal Utility District No 383, Revenue Bonds, (BAM Insured), Series 2023
5.000% due 08/15/2035			2,960			3,555
Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2036			1,540			1,800
Houston, Texas Airport System Revenue Bonds, Series 2018
5.000% due 07/01/2030			3,300			3,634

108 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Houston, Texas General Obligation Notes, Series 2019
5.000% due 03/01/2029	$		1,100	$		1,238
Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018
5.000% due 02/15/2029			1,435			1,581
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037			1,500			1,771
5.000% due 02/15/2038			2,000			2,329
5.000% due 02/15/2039			5,000			5,796
Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022
5.000% due 02/01/2030			2,290			2,623
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2040			2,000			2,004
North Texas Tollway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2028			2,875			3,005
North Texas Tollway Authority Revenue Notes, Series 2023
5.000% due 01/01/2031			4,300			4,972
Permanent University Fund - University of Texas System Revenue Bonds, Series 2023
5.000% due 07/01/2040			1,090			1,257
Permanent University Fund - University of Texas System Revenue Notes, Series 2023
5.000% due 07/01/2033			1,000			1,223
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045			2,500			2,278
Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.000% due 02/01/2043			2,500			2,552
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 07/01/2053			5,000			5,632
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022
5.000% due 10/01/2030			450			517
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.233% (TSFR3M) due 12/15/2026 ~			2,500			2,491
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			4,200			4,531
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 06/30/2037			2,950			3,013
Texas Transportation Commission Revenue Bonds, Series 2019
0.000% due 08/01/2046 (c)			2,950			987
Texas Water Development Board Revenue Bonds, Series 2018
5.000% due 04/15/2030			250			278
5.000% due 10/15/2030			3,010			3,347
Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052			8,400			9,027
5.000% due 10/15/2047			5,860			6,523
Texas Water Development Board Revenue Bonds, Series 2023
4.600% due 10/15/2039			2,045			2,274
Texas Water Development Board Revenue Notes, Series 2022
5.000% due 08/01/2029			1,050			1,195
5.000% due 10/15/2029			1,200			1,372
5.000% due 10/15/2030			1,775			2,064
Williamson County, Texas General Obligation Notes, Series 2021
0.640% due 02/15/2026			2,500			2,310
						120,379

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTAH 0.2%
Intermountain Power Agency, Utah Power Supply Revenue Bonds, Series 2023
5.000% due 07/01/2036	$		2,500	$		2,954
VIRGINIA 1.5%
Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			3,000			3,337
Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023
5.000% due 07/01/2036			925			1,045
5.000% due 07/01/2038			600			666
Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020
5.000% due 07/01/2053			6,700			7,417
Virginia College Building Authority Revenue Notes, Series 2021
5.000% due 02/01/2028			4,500			4,973
Virginia Public School Authority Revenue Notes, Series 2022
5.000% due 01/15/2029			2,320			2,620
						20,058
WASHINGTON 2.2%
Energy Northwest, Washington Revenue Bonds, Series 2018
5.000% due 07/01/2031			3,035			3,353
Energy Northwest, Washington Revenue Bonds, Series 2022
5.000% due 07/01/2035			3,000			3,596
Energy Northwest, Washington Revenue Bonds, Series 2023
5.000% due 07/01/2039			5,000			5,799
Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023
5.000% due 01/01/2036			1,265			1,497
Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020
4.000% due 12/01/2037			2,135			2,214
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017
4.000% due 09/01/2037			5,000			5,125
Seattle, Washington Solid Waste Revenue Notes, Series 2014
5.000% due 05/01/2024			545			549
Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			2,000			1,903
State of Washington General Obligation Refunding Notes, Series 2022
4.000% due 07/01/2026			1,900			1,971
Washington Health Care Facilities Authority Revenue Bonds, Series 2020
5.000% due 09/01/2032			450			499
Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			4,195			3,795
						30,301
WEST VIRGINIA 0.2%
West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
5.750% due 09/01/2041			2,400			2,716
WISCONSIN 2.3%
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2041			2,250			2,286

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Public Finance Authority, Wisconsin Revenue Notes, Series 2021
4.000% due 10/01/2030	$		265	$		256
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
4.070% due 04/01/2048			9,370			9,370
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046			4,440			4,298
Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020
0.000% due 12/15/2028 (c)			1,075			922
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			4,000			3,851
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 08/15/2040			2,000			2,014
Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018
5.000% due 04/01/2029			1,925			2,086
Wisconsin State General Obligation Notes, Series 2022
4.290% (MUNIPSA) due 05/01/2025 ~			5,045			5,015
Wisconsin State Revenue Notes, Series 2023
4.514% due 05/01/2031			2,000			2,004
						32,102
Total Municipal Bonds & Notes (Cost $1,257,687)						1,296,033
SHORT-TERM INSTRUMENTS 6.3%
REPURCHASE AGREEMENTS (f) 0.0%
						616
SHORT-TERM NOTES 1.1%
Federal Home Loan Bank
5.200% due 01/02/2024 (c)(d)			14,800			14,791
U.S. TREASURY BILLS 4.9%
5.417% due 01/09/2024 - 03/21/2024 (b)(c)			67,000			66,675
MUNICIPAL BONDS & NOTES 0.3%
School District of Broward County, Florida Revenue Notes, Series 2023
5.000% due 06/28/2024			3,500			3,528
Total Municipal Bonds & Notes (Cost $3,526)						3,528
Total Short-Term Instruments (Cost $85,614)						85,610
Total Investments in Securities (Cost $1,343,301)						1,381,643
Total Investments 100.9% (Cost $1,343,301)				$		1,381,643
Other Assets and Liabilities, net (0.9)%						(11,769	)
Net Assets 100.0%				$		1,369,874

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 109

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

~ 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.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e)  RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019		3.870	%		11/15/2035		11/28/2023	$	11,071	$	11,926		0.87	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/28/2023		5,817		6,341		0.46
								$	16,888	$	18,267		1.33	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  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		2.600	%		12/29/2023		01/02/2024	$	616	U.S. Treasury Notes 3.875% due 01/15/2026	$	(629	)	$	616	$	616
Total Repurchase Agreements											$	(629	)	$	616	$	616

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, 2023:

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	$	616	$	0	$	0	$	0	$	616	$	(629	)	$	(13	)
Total Borrowings and Other Financing Transactions	$	616	$	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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	37,348	$	0	$	37,348
Alaska		0		6,507		0		6,507
Arizona		0		16,495		0		16,495
California		0		84,775		0		84,775
Colorado		0		10,502		0		10,502
Connecticut		0		31,438		0		31,438
Delaware		0		1,873		0		1,873

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
District of Columbia	$	0	$	7,203	$	0	$	7,203
Florida		0		20,249		0		20,249
Georgia		0		57,828		0		57,828
Hawaii		0		5,199		0		5,199
Illinois		0		71,655		0		71,655
Indiana		0		17,379		0		17,379
Iowa		0		11,763		0		11,763
Kentucky		0		5,160		0		5,160
Louisiana		0		27,061		0		27,061

110 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Maine	$	0	$	880	$	0	$	880
Maryland		0		20,430		0		20,430
Massachusetts		0		26,970		0		26,970
Michigan		0		33,201		0		33,201
Minnesota		0		1,645		0		1,645
Mississippi		0		1,500		0		1,500
Missouri		0		8,662		0		8,662
Multi-State		0		23,226		0		23,226
Nebraska		0		4,968		0		4,968
Nevada		0		37,951		0		37,951
New Hampshire		0		5,326		0		5,326
New Jersey		0		67,394		0		67,394
New Mexico		0		12,504		0		12,504
New York		0		210,080		0		210,080
North Carolina		0		27,668		0		27,668
North Dakota		0		1,203		0		1,203
Ohio		0		32,579		0		32,579
Oklahoma		0		3,477		0		3,477
Oregon		0		7,823		0		7,823
Pennsylvania		0		72,848		0		72,848

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Puerto Rico	$	0	$	23,056	$	0	$	23,056
Rhode Island		0		13,191		0		13,191
South Carolina		0		6,700		0		6,700
South Dakota		0		1,875		0		1,875
Tennessee		0		29,931		0		29,931
Texas		0		120,379		0		120,379
Utah		0		2,954		0		2,954
Virginia		0		20,058		0		20,058
Washington		0		30,301		0		30,301
West Virginia		0		2,716		0		2,716
Wisconsin		0		32,102		0		32,102
Short-Term Instruments
Repurchase Agreements		0		616		0		616
Short-Term Notes		0		14,791		0		14,791
U.S. Treasury Bills		0		66,675		0		66,675
Municipal Bonds & Notes		0		3,528		0		3,528
Total Investments	$	0	$	1,381,643	$	0	$	1,381,643

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 111

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund  

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 140.4%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%
Asurion Corp.
9.706% due 08/19/2028	$		149	$		149
Carnival Corp.
8.720% due 10/18/2028			248			249
FinCo LLC
8.383% due 06/27/2029			100			100
TransDigm, Inc.
8.598% due 08/24/2028			1,097			1,103
Total Loan Participations and Assignments (Cost $1,587)						1,601
CORPORATE BONDS & NOTES 27.5%
BANKING & FINANCE 9.5%
AerCap Ireland Capital DAC
2.875% due 08/14/2024			305			299
Ally Financial, Inc.
5.800% due 05/01/2025			300			301
American Tower Corp.
2.750% due 01/15/2027			575			539
3.650% due 03/15/2027			200			193
5.550% due 07/15/2033			100			104
Banco Santander SA
3.490% due 05/28/2030			365			328
Bank of America Corp.
3.705% due 04/24/2028 •			500			478
5.202% due 04/25/2029			750			755
5.288% due 04/25/2034			1,150			1,153
5.819% due 09/15/2029			500			516
Barclays PLC
6.496% due 09/13/2027			300			309
7.385% due 11/02/2028 •			590			631
Boston Properties LP
3.200% due 01/15/2025			60			58
BPCE SA
6.612% due 10/19/2027			250			257
Brixmor Operating Partnership LP
3.850% due 02/01/2025			60			59
Brookfield Finance, Inc.
4.350% due 04/15/2030			90			87
Brookfield Property REIT, Inc.
4.500% due 04/01/2027			245			221
Burford Capital Global Finance LLC
9.250% due 07/01/2031			120			128
Cantor Fitzgerald LP
7.200% due 12/12/2028			250			256
Charles Schwab Corp.
5.853% due 05/19/2034			430			444
Citibank NA
5.803% due 09/29/2028			900			940
Credicorp Capital Sociedad Titulizadora SA
10.100% due 12/15/2043 «	PEN		2,500			682
Credit Acceptance Corp.
6.625% due 03/15/2026	$		60			60
9.250% due 12/15/2028			400			427
Credit Suisse USA, Inc.
7.125% due 07/15/2032			215			245
Crown Castle, Inc.
1.050% due 07/15/2026			475			429
Digital Realty Trust LP
3.700% due 08/15/2027			60			58
Equinix, Inc.
2.625% due 11/18/2024			245			239
Equitable Holdings, Inc.
4.350% due 04/20/2028			60			58
Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			155			149
Freedom Mortgage Corp.
6.625% due 01/15/2027			60			57
12.000% due 10/01/2028			250			273

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GLP Capital LP
5.300% due 01/15/2029	$		130	$		129
5.375% due 04/15/2026			155			154
Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			1,630			1,359
4.482% due 08/23/2028 •			300			295
6.484% due 10/24/2029			300			319
HAT Holdings LLC
3.375% due 06/15/2026			60			56
8.000% due 06/15/2027			450			469
Host Hotels & Resorts LP
3.500% due 09/15/2030			100			89
HSBC Holdings PLC
4.755% due 06/09/2028 •			1,000			986
Hudson Pacific Properties LP
5.950% due 02/15/2028			300			266
JPMorgan Chase & Co.
5.350% due 06/01/2034			1,650			1,674
6.070% due 10/22/2027			500			515
KBC Group NV
5.796% due 01/19/2029 •			350			356
Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			90			76
Mitsubishi UFJ Financial Group, Inc.
5.406% due 04/19/2034			465			482
Morgan Stanley
3.125% due 07/27/2026			250			239
5.164% due 04/20/2029			218			219
5.250% due 04/21/2034			950			950
6.407% due 11/01/2029			500			530
Nationstar Mortgage Holdings, Inc.
5.750% due 11/15/2031			245			229
Nationwide Building Society
6.557% due 10/18/2027			250			259
NatWest Group PLC
5.808% due 09/13/2029			60			62
6.016% due 03/02/2034 •			300			315
OneMain Finance Corp.
9.000% due 01/15/2029			335			354
PennyMac Financial Services, Inc.
5.750% due 09/15/2031			155			144
7.875% due 12/15/2029			350			361
Prologis LP
2.250% due 04/15/2030			60			53
Realty Income Corp.
3.250% due 01/15/2031			360			327
Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			600			564
6.534% due 01/10/2029 •			200			207
SBA Communications Corp.
3.875% due 02/15/2027			395			380
SLM Corp.
3.125% due 11/02/2026			275			257
Synchrony Bank
5.400% due 08/22/2025			185			182
UBS Group AG
4.988% due 08/05/2033 •			200			194
6.442% due 08/11/2028 •			550			572
6.537% due 08/12/2033 •			60			64
UniCredit SpA
7.296% due 04/02/2034 •			90			93
VICI Properties LP
4.950% due 02/15/2030			350			340
Wells Fargo & Co.
5.389% due 04/24/2034			1,020			1,025
5.574% due 07/25/2029			1,200			1,226
Welltower OP LLC
4.000% due 06/01/2025			185			182
Weyerhaeuser Co.
7.375% due 03/15/2032			90			105
Willis North America, Inc.
4.650% due 06/15/2027			60			59
						27,450

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 15.5%
AbbVie, Inc.
3.200% due 11/21/2029	$		1,000	$		935
Acadia Healthcare Co., Inc.
5.000% due 04/15/2029			90			87
AECOM
5.125% due 03/15/2027			60			60
Air Canada Pass-Through Trust
3.300% due 07/15/2031			164			148
Allison Transmission, Inc.
4.750% due 10/01/2027			60			58
Altice France SA
5.500% due 10/15/2029			485			381
American Airlines Pass-Through Trust
3.200% due 12/15/2029			155			141
3.600% due 03/22/2029			322			302
American Airlines, Inc.
5.500% due 04/20/2026			229			228
Amgen, Inc.
5.150% due 03/02/2028			1,000			1,024
Axalta Coating Systems LLC
3.375% due 02/15/2029			60			54
B.C. Unlimited Liability Co.
3.500% due 02/15/2029			720			665
4.000% due 10/15/2030			490			440
Bausch & Lomb Escrow Corp.
8.375% due 10/01/2028			250			264
Becton Dickinson & Co.
1.957% due 02/11/2031			60			50
BHP Billiton Finance USA Ltd.
4.750% due 02/28/2028			60			61
Biogen, Inc.
4.050% due 09/15/2025			60			59
Boeing Co.
3.625% due 02/01/2031			200			186
5.930% due 05/01/2060			700			726
Boston Scientific Corp.
2.650% due 06/01/2030			60			54
British Airways Pass-Through Trust
3.300% due 06/15/2034			146			130
Broadcom Corp.
3.500% due 01/15/2028			100			96
Broadcom, Inc.
2.450% due 02/15/2031			300			257
3.187% due 11/15/2036			395			320
4.926% due 05/15/2037			520			504
Camelot Finance SA
4.500% due 11/01/2026			120			117
Carnival Corp.
4.000% due 08/01/2028			1,100			1,023
Catalent Pharma Solutions, Inc.
5.000% due 07/15/2027			60			58
CDW LLC
3.569% due 12/01/2031			255			226
Centene Corp.
3.000% due 10/15/2030			400			347
CGI, Inc.
1.450% due 09/14/2026			400			363
Charter Communications Operating LLC
2.800% due 04/01/2031			100			84
3.850% due 04/01/2061			610			381
3.950% due 06/30/2062			350			221
Churchill Downs, Inc.
5.500% due 04/01/2027			60			59
Cogent Communications Group, Inc.
7.000% due 06/15/2027			90			91
Constellation Brands, Inc.
2.250% due 08/01/2031			100			84
3.150% due 08/01/2029			450			419
3.600% due 02/15/2028			200			192
Continental Resources, Inc.
4.375% due 01/15/2028			60			58

112 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Coty, Inc.
5.000% due 04/15/2026	$		152	$		150
5.750% due 09/15/2028	EUR		200			233
Crowdstrike Holdings, Inc.
3.000% due 02/15/2029	$		60			54
Crown Cork & Seal Co., Inc.
7.375% due 12/15/2026			60			63
CVS Health Corp.
4.300% due 03/25/2028			630			620
Diamond Foreign Asset Co.
8.500% due 10/01/2030			300			307
DISH DBS Corp.
5.750% due 12/01/2028			525			420
Elevance Health, Inc.
1.500% due 03/15/2026			725			676
Enbridge, Inc.
5.700% due 03/08/2033			590			613
Energy Transfer LP
6.125% due 12/15/2045			335			338
Entergy Louisiana LLC
4.000% due 03/15/2033			495			462
Enterprise Products Operating LLC
2.800% due 01/31/2030			400			362
EQM Midstream Partners LP
4.500% due 01/15/2029			172			163
EQT Corp.
6.125% due 02/01/2025			60			60
First Student Bidco, Inc.
4.000% due 07/31/2029			103			89
Ford Motor Co.
3.250% due 02/12/2032			185			154
5.291% due 12/08/2046			200			176
Freeport-McMoRan, Inc.
5.450% due 03/15/2043			90			88
Garda World Security Corp.
4.625% due 02/15/2027			90			87
Gartner, Inc.
3.750% due 10/01/2030			335			296
GFL Environmental, Inc.
4.000% due 08/01/2028			60			55
Global Payments, Inc.
1.200% due 03/01/2026			300			276
2.650% due 02/15/2025			90			87
goeasy Ltd.
9.250% due 12/01/2028			250			267
GTCR W-2 Merger Sub LLC
7.500% due 01/15/2031			600			634
HCA, Inc.
3.625% due 03/15/2032			300			268
4.500% due 02/15/2027			935			925
HEICO Corp.
5.250% due 08/01/2028			250			255
Hilton Domestic Operating Co., Inc.
3.625% due 02/15/2032			114			100
Hilton Worldwide Finance LLC
4.875% due 04/01/2027			500			493
Hologic, Inc.
3.250% due 02/15/2029			200			182
Howard Midstream Energy Partners LLC
8.875% due 07/15/2028			150			158
Howmet Aerospace, Inc.
5.950% due 02/01/2037			425			444
6.750% due 01/15/2028			60			63
iHeartCommunications, Inc.
6.375% due 05/01/2026			125			107
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (a)			200			197
Imola Merger Corp.
4.750% due 05/15/2029			305			290
IQVIA, Inc.
5.000% due 05/15/2027			280			275
5.700% due 05/15/2028			60			61
6.250% due 02/01/2029			250			261

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Jazz Securities DAC
4.375% due 01/15/2029	$		260	$		242
JetBlue Pass-Through Trust
4.000% due 05/15/2034			402			369
Kinder Morgan, Inc.
4.300% due 06/01/2025			60			59
Las Vegas Sands Corp.
3.900% due 08/08/2029			1,050			969
Legacy LifePoint Health LLC
4.375% due 02/15/2027			120			111
LifePoint Health, Inc.
11.000% due 10/15/2030			300			316
Live Nation Entertainment, Inc.
3.750% due 01/15/2028			500			468
Marriott International, Inc.
3.125% due 06/15/2026			60			58
Marvell Technology, Inc.
5.750% due 02/15/2029			300			310
Mauser Packaging Solutions Holding Co.
7.875% due 08/15/2026			425			433
Mondelez International, Inc.
2.625% due 03/17/2027			60			57
Motorola Solutions, Inc.
4.600% due 02/23/2028			60			60
MPH Acquisition Holdings LLC
5.500% due 09/01/2028			90			81
MPLX LP
1.750% due 03/01/2026			460			430
NCL Corp. Ltd.
5.875% due 02/15/2027			60			60
8.125% due 01/15/2029			200			209
Neptune Bidco U.S., Inc.
9.290% due 04/15/2029			185			173
Netflix, Inc.
4.375% due 11/15/2026			465			463
Newell Brands, Inc.
4.875% due 06/01/2025			185			182
Newfold Digital Holdings Group, Inc.
11.750% due 10/15/2028			200			215
NextEra Energy Operating Partners LP
7.250% due 01/15/2029			650			681
Noble Finance LLC
8.000% due 04/15/2030			90			94
NXP BV
3.875% due 06/18/2026			245			239
Occidental Petroleum Corp.
5.550% due 03/15/2026			245			247
8.875% due 07/15/2030			100			117
Olympus Water U.S. Holding Corp.
4.250% due 10/01/2028			290			261
9.750% due 11/15/2028			100			106
Oracle Corp.
2.300% due 03/25/2028 (f)			700			638
Organon & Co.
4.125% due 04/30/2028			510			470
PetSmart, Inc.
4.750% due 02/15/2028			450			425
Post Holdings, Inc.
4.500% due 09/15/2031			215			193
4.625% due 04/15/2030			200			184
Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			400			427
Rand Parent LLC
8.500% due 02/15/2030			60			57
Resorts World Las Vegas LLC
4.625% due 04/16/2029			200			175
Rogers Communications, Inc.
2.950% due 03/15/2025			60			58
Royal Caribbean Cruises Ltd.
9.250% due 01/15/2029			675			726
Royalty Pharma PLC
1.200% due 09/02/2025			155			145

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RTX Corp.
3.500% due 03/15/2027	$		60	$		58
Sabine Pass Liquefaction LLC
4.500% due 05/15/2030			600			587
Santos Finance Ltd.
6.875% due 09/19/2033			300			318
Seadrill Finance Ltd.
8.375% due 08/01/2030			400			418
Seagate HDD Cayman
8.250% due 12/15/2029			60			65
Sensata Technologies BV
4.000% due 04/15/2029			220			205
Sensata Technologies, Inc.
4.375% due 02/15/2030			245			228
Sherwin-Williams Co.
3.450% due 06/01/2027			60			58
Sirius XM Radio, Inc.
3.875% due 09/01/2031			155			133
5.000% due 08/01/2027			100			97
Sitio Royalties Operating Partnership LP
7.875% due 11/01/2028			300			311
Southern Co.
3.250% due 07/01/2026			200			193
Spirit AeroSystems, Inc.
9.375% due 11/30/2029			250			274
9.750% due 11/15/2030			300			323
Stagwell Global LLC
5.625% due 08/15/2029			90			83
Star Parent, Inc.
9.000% due 10/01/2030			250			264
Station Casinos LLC
4.625% due 12/01/2031			90			81
Stryker Corp.
1.950% due 06/15/2030			60			51
Sysco Corp.
3.300% due 07/15/2026			60			58
T-Mobile USA, Inc.
3.750% due 04/15/2027			555			538
3.875% due 04/15/2030			500			474
Tapestry, Inc.
7.700% due 11/27/2030			350			369
TEGNA, Inc.
4.625% due 03/15/2028			300			281
Time Warner Cable LLC
4.500% due 09/15/2042			300			236
TopBuild Corp.
4.125% due 02/15/2032			60			53
TransDigm, Inc.
7.125% due 12/01/2031			200			210
Transocean Aquila Ltd.
8.000% due 09/30/2028			250			254
Transocean Titan Financing Ltd.
8.375% due 02/01/2028			185			192
U.S. Foods, Inc.
4.750% due 02/15/2029			215			204
United Airlines Pass-Through Trust
3.500% due 09/01/2031			532			485
5.875% due 04/15/2029			188			190
United Airlines, Inc.
4.625% due 04/15/2029			300			281
Valaris Ltd.
8.375% due 04/30/2030			390			400
Vale Overseas Ltd.
3.750% due 07/08/2030			60			55
Venture Global Calcasieu Pass LLC
3.875% due 11/01/2033			475			403
Venture Global LNG, Inc.
8.375% due 06/01/2031			1,165			1,166
Viking Cruises Ltd.
9.125% due 07/15/2031			75			80
Vmed O2 U.K. Financing PLC
4.250% due 01/31/2031			305			267

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 113

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VMware, Inc.
1.400% due 08/15/2026	$		60	$		55
2.200% due 08/15/2031			400			332
VOC Escrow Ltd.
5.000% due 02/15/2028			155			149
Walgreens Boots Alliance, Inc.
3.200% due 04/15/2030			300			264
Western Digital Corp.
2.850% due 02/01/2029			219			189
4.750% due 02/15/2026			147			144
Western Midstream Operating LP
3.100% due 02/01/2025			60			58
Westinghouse Air Brake Technologies Corp.
3.450% due 11/15/2026			60			57
WMG Acquisition Corp.
3.000% due 02/15/2031			735			631
Wynn Las Vegas LLC
5.250% due 05/15/2027			345			336
ZF North America Capital, Inc.
7.125% due 04/14/2030			90			96
						44,524
UTILITIES 2.5%
AES Corp.
5.450% due 06/01/2028			60			61
Antero Midstream Partners LP
5.750% due 03/01/2027			260			258
AT&T, Inc.
1.650% due 02/01/2028			1,030			917
Berkshire Hathaway Energy Co.
3.700% due 07/15/2030			200			189
Calpine Corp.
4.500% due 02/15/2028			300			286
Clearway Energy Operating LLC
3.750% due 02/15/2031			185			163
Constellation Energy Generation LLC
3.250% due 06/01/2025			120			117
Electricite de France SA
4.875% due 09/21/2038			100			93
9.125% due 03/15/2033 (e)			120			134
Exelon Corp.
3.400% due 04/15/2026			305			295
FirstEnergy Corp.
2.250% due 09/01/2030			90			76
3.400% due 03/01/2050			650			459
Georgia Power Co.
4.950% due 05/17/2033			90			91
MidAmerican Energy Co.
3.650% due 04/15/2029			335			320
ONEOK, Inc.
5.200% due 07/15/2048			100			94
Pacific Gas & Electric Co.
3.300% due 12/01/2027			600			561
4.550% due 07/01/2030			365			348
6.950% due 03/15/2034			250			275
PacifiCorp
5.500% due 05/15/2054			390			384
Southern California Edison Co.
5.875% due 12/01/2053			585			630
Sprint Capital Corp.
6.875% due 11/15/2028			600			651
Tallgrass Energy Partners LP
6.000% due 12/31/2030			545			507
Targa Resources Partners LP
5.000% due 01/15/2028			60			59
Telecom Italia SpA
7.875% due 07/31/2028	EUR		250			307
						7,275
Total Corporate Bonds & Notes (Cost $76,475)						79,249

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 0.1%
CALIFORNIA 0.1%
California State General Obligation Bonds, Series 2023
5.125% due 03/01/2038	$		155	$		157
California State University Revenue Bonds, Series 2020
2.975% due 11/01/2051			215			153
Total Municipal Bonds & Notes (Cost $311)						310
U.S. GOVERNMENT AGENCIES 42.5%
Uniform Mortgage-Backed Security
6.000% due 10/01/2053			179			183
Uniform Mortgage-Backed Security, TBA
5.000% due 01/01/2054 - 02/01/2054			30,550			30,232
5.500% due 02/01/2054			38,430			38,604
6.000% due 02/01/2054			52,590			53,402
Total U.S. Government Agencies (Cost $121,909)						122,421
U.S. TREASURY OBLIGATIONS 11.9%
U.S. Treasury Bonds
4.375% due 08/15/2043			3,441			3,514
U.S. Treasury Inflation Protected Securities (d)
1.125% due 01/15/2033 (i)			8,941			8,465
1.250% due 04/15/2028			17,852			17,393
U.S. Treasury Notes
3.625% due 05/31/2028			5,040			4,987
Total U.S. Treasury Obligations (Cost $33,830)						34,359
NON-AGENCY MORTGAGE-BACKED SECURITIES 21.2%
American Home Mortgage Assets Trust
5.932% due 11/25/2046 •			503			142
Angel Oak Mortgage Trust
4.800% due 11/25/2067 þ			2,450			2,384
6.500% due 12/25/2067 þ			927			934
AREIT LLC
7.470% due 02/17/2028			500			501
Avon Finance
6.087% due 12/28/2049	GBP		951			1,209
Benchmark Mortgage Trust
2.732% due 02/15/2053	$		1,400			1,231
3.944% due 07/15/2051			1,300			1,230
BX Commercial Mortgage Trust
6.375% due 02/15/2039			243			239
Chase Home Lending Mortgage Trust
3.250% due 03/25/2063			1,084			958
CIM Trust
3.250% due 10/25/2058			1,249			1,107
6.639% due 12/25/2067 þ			466			470
COLT Mortgage Loan Trust
5.162% due 04/25/2067 þ			809			790
Credit Suisse Mortgage Capital Trust
3.650% due 07/25/2058			808			787
Cross Mortgage Trust
6.615% due 03/25/2068 þ			471			476
DC Commercial Mortgage Trust
6.314% due 09/12/2040			500			517
GCAT Trust
4.250% due 05/25/2067			3,200			2,946
ILPT Commercial Mortgage Trust
7.607% due 10/15/2039			1,878			1,875
Independence Plaza Trust
3.763% due 07/10/2035			1,000			956
JP Morgan Chase Commercial Mortgage Securities Trust
6.526% due 02/15/2035 •			873			867
JP Morgan Mortgage Trust
4.625% due 07/25/2063			1,888			1,783
5.250% due 11/25/2063			482			474

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MFA Trust
6.105% due 12/25/2068 þ	$		2,700	$		2,716
6.775% due 10/25/2058 þ			1,186			1,201
NLT Trust
3.200% due 10/25/2062			3,800			3,390
OBX Trust
6.465% due 10/25/2063 þ			1,017			1,030
6.520% due 07/25/2063 þ			469			473
6.567% due 06/25/2063 þ			464			469
6.844% due 04/25/2063 þ			1,164			1,188
7.159% due 10/25/2063 þ			1,948			1,999
OPEN Trust
8.451% due 10/15/2028			691			695
PRKCM Trust
6.584% due 09/25/2058 þ			971			987
7.225% due 11/25/2058 þ			983			1,009
PRPM LLC
4.000% due 11/25/2053 þ			1,169			1,111
6.250% due 08/25/2068 þ			982			985
PRPM Trust
6.221% due 11/25/2068 þ			2,100			2,111
SMRT Commercial Mortgage Trust
6.362% due 01/15/2039 •			1,500			1,470
Starwood Mortgage Trust
6.526% due 04/15/2034 •			1,439			1,417
Towd Point Mortgage Trust
2.750% due 07/25/2057			544			535
3.750% due 04/25/2057			1,500			1,442
6.470% due 10/25/2048 •			997			1,006
Verus Securitization Trust
2.417% due 01/25/2060 þ			457			438
5.811% due 05/25/2068 þ			2,036			2,035
5.999% due 02/25/2068 þ			1,048			1,050
6.193% due 03/25/2068 þ			435			436
6.259% due 12/25/2068 þ			2,100			2,117
6.443% due 08/25/2068 þ			1,128			1,142
6.665% due 09/25/2068 þ			1,171			1,188
6.876% due 11/25/2068			1,494			1,523
7.070% due 10/25/2068 þ			982			1,002
Visio Trust
6.598% due 10/25/2058 þ			976			985
Wells Fargo Commercial Mortgage Trust
2.892% due 08/15/2052			1,400			1,249
3.640% due 12/15/2059			500			477
WSTN Trust
6.297% due 07/05/2037			400			408
Total Non-Agency Mortgage-Backed Securities (Cost $60,246)						61,160
ASSET-BACKED SECURITIES 29.6%
37 Capital CLO Ltd.
7.167% due 01/15/2034			1,700			1,699
522 Funding CLO Ltd.
6.757% due 04/20/2030			1,168			1,167
AIMCO CLO
6.755% due 01/15/2032			2,400			2,400
Allegro CLO Ltd.
6.755% due 06/13/2031			2,616			2,616
American Money Management Corp. CLO Ltd.
6.581% due 11/10/2030 •			1,341			1,338
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.415% due 07/25/2035			364			358
Ares CLO Ltd.
6.825% due 10/15/2030			977			978
Avis Budget Rental Car Funding AESOP LLC
5.200% due 10/20/2027			500			501
5.900% due 08/21/2028			1,200			1,226
Benefit Street Partners CLO Ltd.
6.605% due 10/15/2030 •			392			391
Carlyle Global Market Strategies CLO Ltd.
6.691% due 05/15/2031			1,009			1,008
Carlyle U.S. CLO Ltd.
6.815% due 10/15/2035			1,200			1,199

114 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Carvana Auto Receivables Trust
0.860% due 01/11/2027	$		2,500	$		2,394
5.620% due 01/10/2029			1,500			1,518
6.230% due 01/11/2027			2,500			2,510
Chase Funding Trust
5.930% due 12/25/2033			1,178			1,144
CIFC Funding Ltd.
6.610% due 10/24/2030 •			253			253
6.684% due 04/23/2029 •			434			434
6.784% due 01/22/2031			1,208			1,208
Citizens Auto Receivables Trust
5.830% due 02/15/2028			1,000			1,015
CRB Securitization Trust
6.960% due 10/20/2033			500			506
Cumulus Static CLO DAC
5.499% due 04/25/2033	EUR		1,400			1,545
ECMC Group Student Loan Trust
6.602% due 11/25/2069 •	$		1,121			1,118
Elevation CLO Ltd.
6.935% due 07/15/2029			170			170
Elmwood CLO Ltd.
6.717% due 10/20/2034			2,000			2,003
Enterprise Fleet Financing LLC
5.420% due 10/22/2029			574			580
Exeter Automobile Receivables Trust
6.310% due 10/15/2027			1,000			1,007
Goldentree Loan Management U.S. CLO Ltd.
7.027% due 01/20/2034			1,000			1,000
Hertz Vehicle Financing LLC
1.990% due 06/25/2026			2,500			2,390
5.490% due 06/25/2027			500			502
ICG U.S. CLO Ltd.
6.800% due 01/24/2032			1,000			999
IXIS Real Estate Capital Trust
6.070% due 03/25/2036			161			84
LAD Auto Receivables Trust
5.210% due 06/15/2027			1,382			1,375
LCM LP
6.785% due 10/15/2031 ~			1,000			999
Madison Park Funding Ltd.
6.614% due 10/21/2030			489			488
MidOcean Credit CLO
6.794% due 04/21/2031			1,024			1,024
Morgan Stanley ABS Capital, Inc. Trust
6.090% due 12/25/2035 •			440			426
Nassau Ltd.
6.905% due 01/15/2030			699			700
Navient Student Loan Trust
6.352% due 08/26/2069			1,130			1,117
Nelnet Student Loan Trust
6.640% due 02/20/2041			441			448
7.538% due 02/20/2041			441			442
Neuberger Berman CLO Ltd.
6.575% due 10/15/2029			948			946
OCP CLO Ltd.
6.797% due 07/20/2029 •			252			252

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OneMain Financial Issuance Trust
1.750% due 09/14/2035	$		2,500	$		2,306
Pagaya AI Debt Selection Trust
7.128% due 06/16/2031			571			572
7.228% due 07/15/2031			700			702
PAGAYA AI Debt Trust
6.664% due 03/15/2030			1,797			1,803
Pagaya AI Debt Trust
7.656% due 05/15/2030 «			1,000			1,002
7.962% due 12/16/2030			1,302			1,318
Race Point CLO Ltd.
6.669% due 02/20/2030			1,479			1,478
Research-Driven Pagaya Motor Asset Trust
7.130% due 01/26/2032			1,185			1,192
Santander Drive Auto Receivables Trust
5.930% due 07/17/2028			600			611
5.980% due 04/16/2029			500			509
6.160% due 12/17/2029			500			512
6.400% due 03/17/2031			500			514
6.430% due 02/18/2031			500			513
Saxon Asset Securities Trust
5.870% due 09/25/2047 •			671			613
SCCU Auto Receivables Trust
5.700% due 10/16/2028			2,600			2,619
Securitized Asset-Backed Receivables LLC Trust
5.730% due 01/25/2037			942			888
SFS Auto Receivables Securitization Trust
5.470% due 12/20/2029			500			507
Signal Peak CLO Ltd.
6.750% due 04/25/2031 •			851			852
SMB Private Education Loan Trust
5.380% due 01/15/2053			434			435
Steele Creek CLO Ltd.
6.744% due 04/21/2031 •			1,803			1,806
Structured Asset Securities Corp.
6.130% due 02/25/2035 •			42			42
Symphony CLO Ltd.
7.159% due 01/20/2037			1,000			1,000
Synchrony Card Funding LLC
3.370% due 04/15/2028			2,700			2,642
Tesla Electric Vehicle Trust
5.380% due 06/20/2028			3,000			3,029
TIAA CLO Ltd.
6.805% due 01/16/2031 •			891			892
6.907% due 01/20/2032			1,800			1,799
Toyota Auto Loan Extended Note Trust
4.930% due 06/25/2036			400			404
Trestles CLO Ltd.
6.730% due 07/25/2031			956			957
Trillium Credit Card Trust
6.241% due 08/26/2028			1,000			1,004
Trinitas CLO Ltd.
6.777% due 07/20/2031			1,986			1,987
Upstart Pass-Through Trust
7.900% due 10/20/2028			2,088			2,114
Venture CLO Ltd.
6.807% due 04/20/2032 •			500			499

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Voya CLO Ltd.
6.655% due 10/15/2030 •	$		405	$		404
6.684% due 04/17/2030			2,201			2,199
Total Asset-Backed Securities (Cost $84,713)						85,202
SOVEREIGN ISSUES 0.8%
Mexico Government International Bond
2.750% due 11/27/2031 (d)	MXN		2,395			125
4.000% due 11/30/2028 (d)			15,980			920
Romania Government International Bond
6.375% due 09/18/2033	EUR		150			175
South Africa Government International Bond
8.000% due 01/31/2030	ZAR		22,750			1,145
Total Sovereign Issues (Cost $2,261)						2,365
SHORT-TERM INSTRUMENTS 6.2%
COMMERCIAL PAPER 2.2%
Arrow Electronics, Inc.
5.850% due 01/11/2024	$		500			499
Bacardi-Martini BV
5.950% due 01/23/2024			1,000			996
Conagra Foods, Inc.
5.850% due 01/18/2024			1,000			997
Constellation Energy Generation LLC
5.660% due 01/09/2024			1,000			998
Fidelity National Information Services, Inc.
5.650% due 01/05/2024			1,000			999
Global Payments, Inc.
6.030% due 01/18/2024			1,000			996
Quanta Storage, Inc.
5.850% due 01/04/2024			1,000			999
						6,484
REPURCHASE AGREEMENTS (g) 3.6%
						10,400
HUNGARY TREASURY BILLS 0.4%
10.900% due 01/04/2024 (b)(c)	HUF		434,000			1,250
Total Short-Term Instruments (Cost $18,148)						18,134
Total Investments in Securities (Cost $399,480)						404,801
Total Investments 140.4% (Cost $399,480)				$		404,801
Financial Derivative Instruments (h)(j) (0.1)% (Cost or Premiums, net $4,223)						(216	)
Other Assets and Liabilities, net (40.3)%						(116,289	)
Net Assets 100.0%				$		288,296

NOTES TO SCHEDULE OF INVESTMENTS: 

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

« 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.

þ 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) Zero coupon security.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 115

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f)  RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity Date

Acquisition Date

Cost

Market Value

Market Value as Percentage of Net Assets

Oracle Corp.

2.300%

03/25/2028

08/17/2023 - 10/12/2023

$

613

$

638

0.22%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g) 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)
DEU		5.150	%		12/29/2023		01/02/2024	$	2,000	U.S. Treasury Notes 0.625% due 05/15/2030	$	(2,040	)	$	2,000	$	2,001
		5.420			12/29/2023		01/02/2024		8,400	U.S. Treasury Bonds 3.750% due 08/15/2041		(8,566	)		8,400		8,405
Total Repurchase Agreements											$	(10,606	)	$	10,400	$	10,406

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, 2023:

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
DEU	$	10,406	$	0	$	0	$	0	$	10,406	$	(10,606	)	$	(200	)
Total Borrowings and Other Financing Transactions	$	10,406	$	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.

The average amount of borrowings outstanding during the period ended December 31, 2023 was $(387) at a weighted average interest rate of 5.414%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(h) 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 10-Year Note March Futures		03/2024		64	$	7,225	$	133	$	0	$	0
Total Futures Contracts							$	133	$	0	$	0

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, 2023(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																			Asset		Liability
AT&T, Inc.	1.000%		Quarterly		06/20/2028		0.750	%		$ 500	$	3		$	2	$	5		$	0	$	0
Bombardier, Inc.	5.000		Quarterly		06/20/2028		3.305			100		5			2		7			0		0
Calpine Corp.	5.000		Quarterly		06/20/2028		2.674			425		25			14		39			0		0
Ford Motor Credit Co. LLC	5.000		Quarterly		06/20/2028		1.762			200		21			5		26			0		0
Newell Brands, Inc.	1.000		Quarterly		06/20/2028		3.418			200		(24	)		6		(18	)		0		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2028		0.700			200		1			1		2			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2028		0.739			100		1			0		1			0		0
											$	32		$	30	$	62		$	0	$	0

116 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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
																		Asset		Liability
CDX.EM-40 5-Year Index		1.000	%		Quarterly		12/20/2028		500	$	(24	)	$	10	$	(14	)	$	0	$	0
CDX.HY-40 5-Year Index		5.000			Quarterly		06/20/2028		297		10			9		19			0		0
CDX.HY-41 5-Year Index		5.000			Quarterly		12/20/2028		35,244		1,383			737		2,120			0		(10	)
CDX.IG-41 5-Year Index		1.000			Quarterly		12/20/2028		159,200		2,806			340		3,146			0		(41	)
										$	4,175		$	1,096	$	5,271		$	0	$	(51	)

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
																				Asset		Liability
Receive	1-Day  JPY-MUTKCALM Compounded-OIS		0.850	%	Annual		09/20/2033		JPY	360,000	$	31		$	(44	)	$	(13	)	$	1	$	0
Pay	1-Year  BRL-CDI		11.456		Maturity		01/02/2026		BRL	15,880		43			25			68			0		(2	)
Pay(5)	6-Month AUD-BBR-BBSW		4.750		Semi-Annual		12/20/2033		AUD	5,600		(48	)		86			38			3		0
Pay	6-Month  CZK-PRIBOR		4.270		Annual		08/01/2028		CZK	30,400		4			18			22			6		0
Pay(5)	6-Month  EUR-EURIBOR		3.000		Annual		03/20/2034		EUR	2,400		65			61			126			0		(27	)
Receive(5)	6-Month  EUR-EURIBOR		2.750		Annual		03/20/2054			1,000		(59	)		(45	)		(104	)		28		0
											$	36		$	101		$	137		$	38	$	(29	)
Total Swap Agreements											$	4,243		$	1,227		$	5,470		$	38	$	(80	)

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, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	38	$	38	$	0	$	0	$	(80)	$	(80)

(i) Securities with an aggregate market value of $4,626 and cash of $2,498 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		01/2024	PEN	2,352	$	634	$	0	$	(2	)
		01/2024	$	5	TRY	138		0		0
		02/2024	CNY	166	$	23		0		0
		03/2024	TWD	832		27		0		(1	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 117

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
		03/2024	$	44	INR	3,722	$	0	$	0
		03/2024		770	TWD	23,986		24		0
BPS		01/2024	EUR	88	$	96		0		(2	)
		01/2024	HUF	86,878		248		0		(3	)
		01/2024	PEN	156		42		0		0
		02/2024	CNY	705		100		0		0
		02/2024	TWD	4,967		156		0		(8	)
		03/2024	CNY	956		135		0		(1	)
		03/2024	TWD	1,970		64		0		(2	)
		03/2024	$	155	INR	12,927		0		0
BRC		01/2024		180	TRY	5,334		0		0
		03/2024	CNY	1,231	$	174		0		0
		03/2024	$	2	THB	69		0		0
		03/2024		884	TRY	27,693		0		(9	)
		04/2024		158		5,117		0		(2	)
CBK		01/2024	HUF	6,148	$	18		0		0
		01/2024	MXN	7,731		441		0		(12	)
		01/2024	$	408	HUF	140,720		0		(2	)
		01/2024		40	TRY	1,181		0		0
		01/2024	ZAR	2,967	$	160		0		(2	)
		02/2024	CNY	165		23		0		0
		02/2024	$	267	BRL	1,367		15		0
		03/2024	PEN	5	$	1		0		0
		03/2024	$	26	IDR	408,928		1		0
FAR		02/2024	CNY	253	$	35		0		(1	)
GLM		01/2024	MXN	5,696		325		0		(9	)
		01/2024	$	103	MXN	1,795		2		0
		01/2024		292	PLN	1,171		5		0
		01/2024	ZAR	950	$	52		0		0
		02/2024	BRL	2		0		0		0
		02/2024	$	40	TRY	1,221		0		0
		03/2024	CZK	8,809	$	393		0		0
		03/2024	$	21	IDR	331,170		1		0
		03/2024		110	TRY	3,455		0		(1	)
JPM		01/2024	HUF	325,686	$	927		0		(12	)
		01/2024	ZAR	9,151		478		0		(21	)
		02/2024	$	28	BRL	135		0		0
		03/2024	TWD	17,050	$	548		0		(16	)
		03/2024	$	14	IDR	216,255		0		0
		03/2024		46	INR	3,875		0		0
MBC		01/2024	EUR	3,251	$	3,557		0		(33	)
		02/2024	CNY	246		34		0		(1	)
		03/2024		198		28		0		0
MYI		01/2024	HUF	14,244		40		0		(1	)
		02/2024	CNY	683		95		0		(2	)
		03/2024	$	239	IDR	3,673,399		0		0
RBC		03/2024		28		433,944		0		0
		04/2024	MXN	8	$	0		0		0
SCX		01/2024	$	10	TRY	307		0		0
		02/2024	CNY	2,316	$	326		0		(1	)
		03/2024	$	97	INR	8,071		0		0
SOG		01/2024		29	BRL	143		1		0
		03/2024	CZK	1,009	$	45		0		0
UAG		01/2024	GBP	994		1,258		0		(9	)
		01/2024	ZAR	8,777		460		0		(19	)
		03/2024	$	23	IDR	360,929		0		0
Total Forward Foreign Currency Contracts							$	49	$	(172	)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Put - OTC USD versus TWD		TWD	31.150		03/11/2024		1,500	$	(20	)	$	(51	)
Total Written Options									$	(20	)	$	(51	)

118 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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, 2023:

	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)
BOA	$	24	$	0	$	0	$	24	$	(3	)	$	(51	)	$	0	$	(54	)	$	(30	)	$	0	$	(30	)
BPS		0		0		0		0		(16	)		0			0		(16	)		(16	)		0		(16	)
BRC		0		0		0		0		(11	)		0			0		(11	)		(11	)		0		(11	)
CBK		16		0		0		16		(16	)		0			0		(16	)		0			0		0
FAR		0		0		0		0		(1	)		0			0		(1	)		(1	)		0		(1	)
GLM		8		0		0		8		(10	)		0			0		(10	)		(2	)		0		(2	)
JPM		0		0		0		0		(49	)		0			0		(49	)		(49	)		0		(49	)
MBC		0		0		0		0		(34	)		0			0		(34	)		(34	)		0		(34	)
MYI		0		0		0		0		(3	)		0			0		(3	)		(3	)		0		(3	)
SCX		0		0		0		0		(1	)		0			0		(1	)		(1	)		0		(1	)
SOG		1		0		0		1		0			0			0		0			1			0		1
UAG		0		0		0		0		(28	)		0			0		(28	)		(28	)		0		(28	)
Total Over the Counter	$	49	$	0	$	0	$	49	$	(172	)	$	(51	)	$	0	$	(223	)

⁽¹⁾ Notional Amount represents the number of contracts.

⁽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.

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 and Other 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, 2023:

	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	$	0	$	0	$	0	$	38	$	38
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	49	$	0	$	49
	$	0	$	0	$	0	$	49	$	38	$	87
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	51	$	0	$	0	$	29	$	80
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	172	$	0	$	172
Written Options		0		0		0		51		0		51
	$	0	$	0	$	0	$	223	$	0	$	223
	$	0	$	51	$	0	$	223	$	29	$	303

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	115	$	115
Swap Agreements		0		839		0		0		29		868
	$	0	$	839	$	0	$	0	$	144	$	983

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 119

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.) December 31, 2023 (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		$	133	$	133
Swap Agreements		0		1,023		0		0			100		1,123
	$	0	$	1,023	$	0	$	0		$	233	$	1,256
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(123	)	$	0	$	(123	)
Written Options		0		0		0		(31	)		0		(31	)
	$	0	$	0	$	0	$	(154	)	$	0	$	(154	)
	$	0	$	1,023	$	0	$	(154	)	$	233	$	1,102

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	1,601	$	0	$	1,601
Corporate Bonds & Notes
Banking & Finance		0		26,768		682		27,450
Industrials		0		44,524		0		44,524
Utilities		0		7,275		0		7,275
Municipal Bonds & Notes
California		0		310		0		310
U.S. Government Agencies		0		122,421		0		122,421
U.S. Treasury Obligations		0		34,359		0		34,359
Non-Agency Mortgage-Backed Securities		0		61,160		0		61,160
Asset-Backed Securities		0		84,200		1,002		85,202
Sovereign Issues		0		2,365		0		2,365
Short-Term Instruments
Commercial Paper		0		6,484		0		6,484
Repurchase Agreements		0		10,400		0		10,400
Hungary Treasury Bills		0		1,250		0		1,250
Total Investments	$	0	$	403,117	$	1,684	$	404,801

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	38		$	0	$	38
Over the counter		0		49			0		49
	$	0	$	87		$	0	$	87
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(80	)		0		(80	)
Over the counter		0		(223	)		0		(223	)
	$	0	$	(303	)	$	0	$	(303	)
Total Financial Derivative Instruments	$	0	$	(216	)	$	0	$	(216	)
Totals	$	0	$	402,901		$	1,684	$	404,585

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

120 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 102.1%
CORPORATE BONDS & NOTES 0.4%
INDUSTRIALS 0.4%
Toledo Hospital
5.325% due 11/15/2028	$		250	$		230
6.015% due 11/15/2048			200			157
Total Corporate Bonds & Notes (Cost $347)						387
MUNICIPAL BONDS & NOTES 94.1%
ALABAMA 2.4%
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			1,400			1,499
5.500% due 10/01/2054			400			442
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			400			427
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			233			223
						2,591
ALASKA 0.3%
Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			250			268
ARIZONA 3.3%
Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.050% due 02/01/2048			1,000			1,000
4.250% due 01/01/2040			480			299
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023
5.000% due 07/01/2042			1,000			1,147
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023
5.000% due 01/01/2050			1,000			1,112
						3,558
ARKANSAS 0.7%
Arkansas Development Finance Authority Revenue Bonds, Series 2019
4.500% due 09/01/2049			200			199
County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023
4.250% due 03/01/2048			500			501
						700
CALIFORNIA 14.2%
Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
0.000% due 10/01/2047 (e)			500			273
California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,000			1,007
California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			400			432
5.250% due 01/01/2054			250			265
5.250% due 11/01/2054			700			758
5.500% due 10/01/2054			200			222
California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			800			667
California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			100			83

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049	$		750	$		735
4.000% due 06/01/2050			500			483
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
3.650% due 01/01/2050			1,200			1,199
California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			250			232
California Pollution Control Financing Authority Revenue Bonds, Series 2019
7.500% due 12/01/2040 ^(b)			250			19
California State General Obligation Bonds, Series 2015
3.875% due 12/01/2030			600			594
California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			400			418
California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			250			278
California Statewide Communities Development Authority Revenue Bonds, Series 2016
5.250% due 12/01/2056			250			251
CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			500			409
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.500% due 10/01/2046			500			383
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (e)			200			102
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			5,500			650
3.850% due 06/01/2050			885			820
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			250			262
Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023
4.000% due 09/01/2058			500			495
Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023
4.000% due 08/01/2053			750			749
Los Angeles Department of Airports, California Revenue Bonds, Series 2023
5.000% due 05/15/2036			500			571
Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			150			152
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023
5.250% due 07/01/2058			900			972
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2038			650			692
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2023
4.000% due 11/01/2039			300			320
San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993
0.000% due 01/01/2025 (c)			500			486
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)			1,000			167
						15,146
COLORADO 2.4%
Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.420% (MUNIPSA) due 05/15/2061 ~			500			496

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.000% due 05/15/2062	$		1,500	$		1,579
Denver, Colorado Airport System City & County Revenue Bonds, Series 2018
5.000% due 12/01/2031			440			473
						2,548
DELAWARE 0.2%
Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			250			234
DISTRICT OF COLUMBIA 1.1%
Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023
5.000% due 07/15/2037			500			594
5.000% due 07/15/2048			500			556
						1,150
FLORIDA 2.5%
Florida Development Finance Corp. Revenue Notes, Series 2023
5.000% due 09/01/2026			500			523
Hernando County, Florida Revenue Bonds, Series 2022
5.250% due 06/01/2052			400			440
Jacksonville, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2043			510			574
Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014
5.000% due 05/01/2029			500			500
Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022
5.000% due 11/01/2029			375			402
Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023
4.250% due 05/01/2028			250			250
						2,689
GEORGIA 2.9%
Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023
5.750% due 04/01/2053			500			571
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			1,000			1,006
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 12/01/2053			400			431
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			500			507
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.500% due 07/01/2063			500			532
						3,047
IDAHO 0.2%
Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021
3.750% due 09/01/2051			250			197
ILLINOIS 6.5%
Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014
5.000% due 01/01/2029			250			251
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.500% due 01/01/2055			1,000			1,086

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 121

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023
5.000% due 01/01/2041	$		500	$		547
Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			500			513
Illinois Sales Tax State Revenue Notes, Series 2021
5.000% due 06/15/2031			1,000			1,106
Illinois State General Obligation Bonds, Series 2016
4.000% due 06/01/2033			1,000			1,015
Illinois State Toll Highway Authority Revenue Bonds, Series 2020
5.000% due 01/01/2045			1,250			1,369
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,000			1,058
						6,945
INDIANA 1.9%
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			250			254
Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			250			235
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Series 2023
5.750% due 03/01/2043			300			330
Mount Vernon, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100			103
Warrick County, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100			103
Whiting, Indiana Revenue Bonds, Series 2016
4.400% due 03/01/2046			1,000			1,025
						2,050
IOWA 0.5%
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			500			508
KENTUCKY 1.2%
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			500			504
Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023
5.000% due 10/01/2038			700			777
						1,281
LOUISIANA 0.7%
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022
5.000% due 08/15/2026			475			498
Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 07/01/2040			250			281
						779
MASSACHUSETTS 2.3%
Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.250% due 10/01/2047			1,000			1,132
Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			700			788
Massachusetts Port Authority Revenue Bonds, Series 2022
5.000% due 07/01/2036			500			564
						2,484

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MICHIGAN 3.9%
Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044	$		250	$		186
Detroit, Michigan General Obligation Bonds, Series 2023
6.000% due 05/01/2039			300			346
Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001
5.500% due 07/01/2029			490			518
Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.250% due 07/01/2053			750			848
Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			2,500			270
5.000% due 06/01/2040			500			527
Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2046			500			568
Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023
5.000% due 12/01/2031			750			842
						4,105
MULTI-STATE 1.9%
Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
0.000% due 12/25/2036			699			677
4.141% due 01/25/2040			398			360
4.548% due 08/25/2040			1,000			991
						2,028
NEVADA 1.0%
Las Vegas, Nevada Revenue Bonds, Series 2016
4.375% due 06/15/2035			500			494
Nevada Department of Business & Industry State Revenue Bonds, Series 2020
8.125% due 01/01/2050			400			407
Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			1,000			132
						1,033
NEW HAMPSHIRE 1.4%
New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			498			482
New Hampshire Business Finance Authority Revenue Notes, Series 2022
4.000% due 12/01/2028			1,000			1,018
						1,500
NEW JERSEY 2.6%
Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023
5.000% due 08/15/2053			500			553
New Jersey Educational Facilities Authority Revenue Bonds, Series 2023
4.625% due 09/01/2048			250			261
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,000			1,087
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2037			500			583
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046			235			239
						2,723

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW MEXICO 0.3%
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039	$		350	$		353
NEW YORK 10.0%
New York City, New York General Obligation Bonds, Series 2022
5.250% due 10/01/2041			250			290
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2048			200			229
5.250% due 06/15/2053			300			341
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			500			586
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 11/01/2037 (a)			500			602
New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			350			348
5.150% due 11/15/2034			235			235
New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2038			1,000			1,177
New York State Dormitory Authority Revenue Bonds, Series 2020
5.000% due 07/01/2050			500			537
New York State Dormitory Authority Revenue Bonds, Series 2022
5.000% due 03/15/2041			500			563
New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2053			500			553
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023
5.500% due 06/30/2044			500			552
New York Transportation Development Corp. Revenue Bonds, Series 2023
6.000% due 04/01/2035			500			558
6.000% due 06/30/2054			500			553
New York Transportation Development Corp. Revenue Notes, Series 2018
5.000% due 01/01/2027			250			256
New York Transportation Development Corp. Revenue Notes, Series 2020
4.000% due 10/01/2030			550			541
Port Authority of New York & New Jersey Revenue Bonds, Series 2023
5.000% due 07/15/2037			335			378
Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041			1,000			1,034
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			1,500			168
4.000% due 06/01/2050			300			274
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022
5.000% due 11/15/2032			250			301
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023
5.000% due 12/15/2041			500			589
						10,665
NORTH CAROLINA 1.1%
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021
5.000% due 01/15/2049			1,000			1,157

122 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NORTH DAKOTA 0.5%
Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2041	$		525	$		578
OHIO 2.0%
Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017
5.000% due 08/01/2042			500			522
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			2,400			258
4.000% due 06/01/2048			500			463
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022
4.250% due 11/01/2039			500			510
Ohio Air Quality Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2049			400			367
						2,120
OKLAHOMA 0.6%
Oklahoma Turnpike Authority Revenue Bonds, Series 2023
5.500% due 01/01/2053			600			678
PENNSYLVANIA 4.5%
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022
5.250% due 05/01/2042			500			503
Commonwealth of Pennsylvania General Obligation Bonds, Series 2016
4.000% due 09/15/2034			500			514
Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.970% (MUNIPSA) due 08/15/2038 ~(f)			970			959
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			500			513
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015
5.000% due 12/31/2030			250			257
5.000% due 12/31/2038			500			507
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
5.500% due 06/30/2039			500			552
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/15/2049			1,000			982
						4,787
PUERTO RICO 4.1%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			256			140
0.000% due 11/01/2051			2,077			1,049
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
4.000% due 07/01/2041			400			368
GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018
7.500% due 08/20/2040			457			406
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			500			157
0.000% due 07/01/2051 (c)			5,400			1,268
5.000% due 07/01/2058			750			755
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.550% due 07/01/2040			250			252
						4,395

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 0.9%
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040	$		750	$		756
5.000% due 06/01/2050			200			201
						957
SOUTH CAROLINA 1.8%
Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022
4.250% due 02/01/2041			625			662
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			200			218
South Carolina Public Service Authority Revenue Bonds, (BAM,NPFGC Insured), Series 2013
4.000% due 12/01/2049			1,000			983
						1,863
TENNESSEE 1.0%
Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			1,000			1,003
TEXAS 7.3%
Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2048			100			110
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
5.250% due 12/01/2045			250			250
Austin, Texas Electric Utility Revenue Bonds, Series 2023
5.000% due 11/15/2048			500			554
Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2037 (c)			250			139
Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2048			700			785
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			500			539
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
4.050% due 10/01/2041			1,000			1,000
Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023
5.000% due 07/01/2038			100			111
Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/01/2048			500			555
Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			250			230
Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.500% due 02/15/2047			500			524
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019
4.000% due 12/01/2054			250			181
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.250% due 01/01/2042			100			77
Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/01/2046			200			222
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			400			431
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 12/31/2037			250			255

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052	$		600	$		645
5.000% due 10/15/2057			250			275
Texas Water Development Board Revenue Bonds, Series 2023
4.875% due 10/15/2048			500			547
5.000% due 10/15/2058			300			332
						7,762
UTAH 0.3%
City of Salt Lake, Utah Revenue Bonds, Series 2023
5.250% due 07/01/2037			300			343
VIRGINIA 0.5%
Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021
3.750% due 03/01/2036			525			494
WASHINGTON 1.8%
Washington State Convention Center Public Facilities District Revenue Notes, Series 2021
4.000% due 07/01/2031			350			349
Washington State General Obligation Bonds, Series 2023
5.000% due 06/01/2040			1,000			1,157
Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			499			452
						1,958
WEST VIRGINIA 0.3%
West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
6.000% due 09/01/2053			300			340
WISCONSIN 3.0%
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2041			250			254
4.000% due 03/31/2056			250			207
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
4.000% due 10/01/2052			400			376
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046			750			726
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			1,000			388
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
3.950% due 04/01/2035			1,000			1,000
Wisconsin State General Obligation Notes, Series 2022
4.290% (MUNIPSA) due 05/01/2025 ~			240			239
						3,190
Total Municipal Bonds & Notes (Cost $96,115)						100,207
U.S. GOVERNMENT AGENCIES 0.2%
Freddie Mac
2.990% due 04/25/2043			200			168
Total U.S. Government Agencies (Cost $158)						168
SHORT-TERM INSTRUMENTS 7.4%
REPURCHASE AGREEMENTS (g) 6.4%
						6,800

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 123

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY BILLS 1.0%
5.385% due 04/16/2024 (c)(d)	$		1,100	$		1,083
Total Short-Term Instruments (Cost $7,883)						7,883
Total Investments in Securities (Cost $104,503)						108,645
Total Investments 102.1% (Cost $104,503)				$		108,645
Financial Derivative Instruments (h) 0.0% (Cost or Premiums, net $0)						13
Other Assets and Liabilities, net (2.1)%						(2,257	)
Net Assets 100.0%				$		106,401

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

~ 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.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Security becomes interest bearing at a future date.

(f) RESTRICTED SECURITIES:

Issuer Description	Coupon	Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Lehigh County, Pennsylvania Revenue Bonds, Series 2019	4.970%		08/15/2038		09/14/2021		$ 989	$	959		0.90%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g) 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)
BPS		5.450	%		12/29/2023		01/02/2024	$	6,800	U.S. Treasury Notes 1.000% due 07/31/2028	$	(6,947	)	$	6,800	$	6,804
Total Repurchase Agreements											$	(6,947	)	$	6,800	$	6,804

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, 2023:

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
BPS	$	6,804	$	0	$	0	$	0	$	6,804	$	(6,947	)	$	(143	)
Total Borrowings and Other Financing Transactions	$	6,804	$	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.

124 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 10-Year Note March Futures		03/2024		79	$	(8,918	)	$	(161	)	$	13	$	0
Total Futures Contracts								$	(161	)	$	13	$	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, 2023:

	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	$	0	$	13	$	0	$	13		$	0	$	0	$	0	$	0

Cash of $215 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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 and Other 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, 2023:

	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	$	13	$	13

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	51		$	51
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(228	)	$	(228	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Industrials	$	0	$	387	$	0	$	387
Municipal Bonds & Notes
Alabama		0		2,591		0		2,591

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Alaska	$	0	$	268	$	0	$	268
Arizona		0		3,558		0		3,558
Arkansas		0		700		0		700
California		0		15,146		0		15,146
Colorado		0		2,548		0		2,548

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 125

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Delaware	$	0	$	234	$	0	$	234
District of Columbia		0		1,150		0		1,150
Florida		0		2,689		0		2,689
Georgia		0		3,047		0		3,047
Idaho		0		197		0		197
Illinois		0		6,945		0		6,945
Indiana		0		2,050		0		2,050
Iowa		0		508		0		508
Kentucky		0		1,281		0		1,281
Louisiana		0		779		0		779
Massachusetts		0		2,484		0		2,484
Michigan		0		4,105		0		4,105
Multi-State		0		2,028		0		2,028
Nevada		0		1,033		0		1,033
New Hampshire		0		1,500		0		1,500
New Jersey		0		2,723		0		2,723
New Mexico		0		353		0		353
New York		0		10,665		0		10,665
North Carolina		0		1,157		0		1,157
North Dakota		0		578		0		578
Ohio		0		2,120		0		2,120
Oklahoma		0		678		0		678
Pennsylvania		0		4,787		0		4,787
Puerto Rico		0		4,395		0		4,395

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Rhode Island	$	0	$	957	$	0	$	957
South Carolina		0		1,863		0		1,863
Tennessee		0		1,003		0		1,003
Texas		0		7,762		0		7,762
Utah		0		343		0		343
Virginia		0		494		0		494
Washington		0		1,958		0		1,958
West Virginia		0		340		0		340
Wisconsin		0		3,190		0		3,190
U.S. Government Agencies		0		168		0		168
Short-Term Instruments
Repurchase Agreements		0		6,800		0		6,800
U.S. Treasury Bills		0		1,083		0		1,083
Total Investments	$	0	$	108,645	$	0	$	108,645
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	13	$	0	$	13
Total Financial Derivative Instruments	$	0	$	13	$	0	$	13
Totals	$	0	$	108,658	$	0	$	108,658

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

126 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.1%
CORPORATE BONDS & NOTES 54.3%
BANKING & FINANCE 42.8%
Allstate Corp.
8.579% due 08/15/2053 •	$		646	$		643
Banco Bilbao Vizcaya Argentaria SA
9.375% due 03/19/2029 (d)(e)			1,061			1,137
Banco Santander SA
9.625% due 11/21/2028 (d)(e)			200			215
9.625% due 05/21/2033 (d)(e)			600			657
Bank of Nova Scotia
3.625% due 10/27/2081 •(e)(f)			979			754
8.625% due 10/27/2082 (e)			200			208
Barclays PLC
8.000% due 03/15/2029 •(d)(e)			842			828
9.625% due 12/15/2029 (d)(e)			600			625
BNP Paribas SA
4.625% due 02/25/2031 •(d)(e)			980			792
7.750% due 08/16/2029 •(d)(e)			400			409
8.500% due 08/14/2028 (d)(e)			699			734
9.250% due 11/17/2027 •(d)(e)			969			1,039
Burford Capital Global Finance LLC
9.250% due 07/01/2031			695			740
Cooperatieve Rabobank UA
4.875% due 06/29/2029 •(d)(e)	EUR		1,800			1,799
Corebridge Financial, Inc.
6.875% due 12/15/2052	$		643			642
Credit Agricole SA
7.875% due 01/23/2024 •(d)(e)			1,122			1,123
8.125% due 12/23/2025 •(d)(e)			200			204
Credit Suisse AG AT1 Claim			800			96
Danske Bank AS
7.000% due 06/26/2025 (d)(e)			300			296
Deutsche Bank AG
4.789% due 04/30/2025 •(d)(e)			200			177
5.882% due 07/08/2031 •			300			291
7.079% due 02/10/2034 •			489			503
Global Atlantic Fin Co.
4.400% due 10/15/2029			586			540
HSBC Holdings PLC
6.375% due 03/30/2025 •(d)(e)			300			297
6.500% due 03/23/2028 •(d)(e)			300			290
ING Groep NV
6.750% due 04/16/2024 •(d)(e)			1,940			1,933
Intesa Sanpaolo SpA
7.700% due 09/17/2025 •(d)(e)			400			394
8.248% due 11/21/2033 •			1,074			1,166
Liberty Mutual Group, Inc.
3.625% due 05/23/2059 •	EUR		1,257			1,359
Lloyds Banking Group PLC
7.500% due 06/27/2024 •(d)(e)	$		982			973
8.000% due 09/27/2029 •(d)(e)			1,333			1,339
Mitsubishi UFJ Financial Group, Inc.
8.200% due 01/15/2029 (d)(e)			800			870
Morgan Stanley
5.948% due 01/19/2038 •			1,501			1,519
Munich Re
5.875% due 05/23/2042 •			400			402
NatWest Group PLC
4.600% due 06/28/2031 •(d)(e)			1,053			793
6.000% due 12/29/2025 •(d)(e)			300			291
8.000% due 08/10/2025 •(d)(e)			772			775
Prudential Financial, Inc.
5.125% due 03/01/2052 •			700			660
6.000% due 09/01/2052 •			1,018			1,016
Societe Generale SA
9.375% due 11/22/2027 •(d)(e)			484			508
10.000% due 11/14/2028 (d)(e)			200			214
Svenska Handelsbanken AB
4.750% due 03/01/2031 •(d)(e)			400			331

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Toronto-Dominion Bank
8.125% due 10/31/2082 •(e)	$		628	$		655
UBS Group AG
9.016% due 11/15/2033 •			762			937
9.250% due 11/13/2028 (d)(e)			300			324
9.250% due 11/13/2033 (d)(e)			200			222
UniCredit SpA
5.459% due 06/30/2035 •			906			853
Voya Financial, Inc.
4.700% due 01/23/2048 •			1,136			936
						33,509
INDUSTRIALS 4.9%
Enbridge, Inc.
5.750% due 07/15/2080 •			715			661
Enterprise Products Operating LLC
5.375% due 02/15/2078 •			735			660
8.638% (TSFR3M + 3.248%) due 08/16/2077 ~			489			487
Plains All American Pipeline LP
9.751% (US0003M + 4.110%) due 01/29/2024 ~(d)			698			678
Southern Co.
3.750% due 09/15/2051 •			1,448			1,322
						3,808
UTILITIES 6.6%
American Electric Power Co., Inc.
3.875% due 02/15/2062 •			368			311
British Telecommunications PLC
4.875% due 11/23/2081 •			325			279
CMS Energy Corp.
3.750% due 12/01/2050			700			556
Duke Energy Corp.
3.250% due 01/15/2082 •			577			449
Electricite de France SA
9.125% due 03/15/2033 (d)			1,215			1,359
National Rural Utilities Cooperative Finance Corp.
7.125% due 09/15/2053			638			659
NextEra Energy Capital Holdings, Inc.
3.800% due 03/15/2082			300			256
Sempra
4.125% due 04/01/2052 •			1,120			967
Transcanada Trust
5.600% due 03/07/2082 •			436			366
						5,202
Total Corporate Bonds & Notes (Cost $40,693)						42,519
U.S. TREASURY OBLIGATIONS 2.7%
U.S. Treasury Bonds
3.625% due 05/15/2053			196			181
4.000% due 11/15/2042 (h)			1,952			1,898
Total U.S. Treasury Obligations (Cost $2,167)						2,079
		SHARES
PREFERRED SECURITIES 37.5%
BANKING & FINANCE 4.5%
Citigroup, Inc.
7.625% due 11/15/2028 (d)			210,000			215
Goldman Sachs Group, Inc.
7.500% due 02/10/2029 (d)			1,139,000			1,190
Wells Fargo & Co.
7.625% due 09/15/2028 (d)			2,033,000			2,132
						3,537

	SHARES			MARKET VALUE (000S)
ENERGY 1.4%
Energy Transfer LP
6.625% due 02/15/2028 •(d)		846,000	$		710
7.125% due 05/15/2030 •(d)		400,000			372
					1,082
FINANCIALS 30.4%
Aircastle Ltd.
5.250% due 06/15/2026 •(d)		771,000			663
Ally Financial, Inc.
4.700% due 05/15/2028 •(d)		1,416,000			969
American Express Co.
3.550% due 09/15/2026 •(d)		400,000			344
Bank of America Corp.
4.375% due 01/27/2027 •(d)		1,333,000			1,194
5.875% due 03/15/2028 •(d)		1,218,000			1,169
8.774% due 01/29/2024 (d)		1,100,000			1,102
Charles Schwab Corp.
4.000% due 12/01/2030 •(d)		2,336,000			1,854
5.375% due 06/01/2025 •(d)		600,000			593
Citigroup, Inc.
4.000% due 12/10/2025 •(d)		971,000			897
7.375% due 05/15/2028 •(d)		1,031,000			1,047
CoBank ACB
6.450% due 10/01/2027 •(d)		400,000			392
Discover Financial Services
5.500% due 10/30/2027 •(d)		1,401,000			1,135
Equitable Holdings, Inc.
4.950% due 09/15/2025 (d)		331,000			320
General Motors Financial Co., Inc.
5.700% due 09/30/2030 •(d)		720,000			666
Goldman Sachs Group, Inc.
4.400% due 02/10/2025 •(d)		1,295,000			1,215
HSBC Capital Funding Dollar LP
10.176% due 06/30/2030 •(d)		417,000			530
JPMorgan Chase & Co.
4.600% due 02/01/2025 •(d)		682,000			658
6.750% due 02/01/2024 •(d)		700,000			700
8.219% due 02/01/2024 (d)		700,000			699
MetLife Capital Trust
7.875% due 12/15/2067		1,000,000			1,077
MetLife, Inc.
5.875% due 03/15/2028 •(d)		1,074,000			1,055
Morgan Stanley
5.875% due 09/15/2026 •(d)		400,000			382
PNC Financial Services Group, Inc.
5.000% due 11/01/2026 •(d)		295,000			276
6.250% due 03/15/2030 •(d)		1,139,000			1,065
8.679% due 03/01/2024 (d)		200,000			200
Progressive Corp.
8.185% due 01/29/2024 (d)		300,000			299
SVB Financial Group
4.100% due 02/15/2031 ^(a)(d)		1,200,000			13
Truist Financial Corp.
5.100% due 03/01/2030 •(d)		1,296,000			1,184
U.S. Bancorp
5.300% due 04/15/2027 •(d)		988,000			887
Wells Fargo & Co.
3.900% due 03/15/2026 •(d)		651,000			602
5.900% due 06/15/2024 •(d)		600,000			597
					23,784
UTILITIES 1.2%
Edison International
5.000% due 12/15/2026 •(d)		719,000			676
SCE Trust
7.500% due 11/22/2028 (d)		12,000			314
					990
Total Preferred Securities (Cost $29,370)					29,393

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 127

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.6%
REPURCHASE AGREEMENTS (g) 4.0%
				$		3,100
U.S. TREASURY BILLS 0.6%
5.385% due 04/16/2024 (b)(c)	$		500			493
Total Short-Term Instruments (Cost $3,592)						3,593
Total Investments in Securities (Cost $75,822)						77,584
Total Investments 99.1% (Cost $75,822)				$		77,584
Financial Derivative Instruments (i)(j) (0.1)% (Cost or Premiums, net $237)						(61	)
Other Assets and Liabilities, net 1.0%						786
Net Assets 100.0%				$		78,309

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

~ 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.

(a) Security is not accruing income as of the date of this report.

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e) Contingent convertible security.

(f) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity Date

Acquisition Date

Cost

Market Value

Market Value as Percentage of Net Assets

Bank of Nova Scotia

3.625%

10/27/2081

01/18/2023 - 05/23/2023

$

734

$

754

0.96%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g) 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)
BPS		5.450	%		12/29/2023		01/02/2024	$	3,100	U.S. Treasury Notes 1.000% due 07/31/2028	$	(3,167	)	$	3,100	$	3,102
Total Repurchase Agreements											$	(3,167	)	$	3,100	$	3,102

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions
MSC		5.510	%		12/11/2023		01/04/2024	$	(749	)	$	(751	)
Total Sale-Buyback Transactions											$	(751	)

128 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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, 2023:

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
BPS	$	3,102	$	0	$	0		$	0	$	3,102		$	(3,167	)	$	(65	)
Master Securities Forward Transaction Agreement
MSC		0		0		(751	)		0		(751	)		780			29
Total Borrowings and Other Financing Transactions	$	3,102	$	0	$	(751	)	$	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
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(751	)	$	0	$	0	$	(751	)
Total Borrowings	$	0	$	(751	)	$	0	$	0	$	(751	)
Payable for sale-buyback financing transactions										$	(751	)

(h) Securities with an aggregate market value of $780 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2023 was $(638) at a weighted average interest rate of 5.420%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ 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.

(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 2-Year Note March Futures		03/2024		71	$		14,620		$	103		$	0	$	(1	)
U.S. Treasury 10-Year Ultra Long-Term Bond March Futures		03/2024		12			1,416			45			7		(2	)
U.S. Treasury Ultra Long-Term Bond March Futures		03/2024		57			7,615			643			0		(57	)
									$	791		$	7	$	(60	)
SHORT FUTURES CONTRACTS
Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
												Asset		Liability
Euro-Bobl March Futures		03/2024		10	$		(1,317	)	$	(22	)	$	5	$	0
Euro-Bund March Futures		03/2024		2			(303	)		(9	)		3		0
U.S. Treasury 5-Year Note March Futures		03/2024		73			(7,940	)		(130	)		0		0
U.S. Treasury 10-Year Note March Futures		03/2024		20			(2,258	)		(48	)		3		0
									$	(209	)	$	11	$	0
Total Futures Contracts									$	582		$	18	$	(60	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 129

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund (Cont.)

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
															Asset		Liability
CDX.HY-41 5-Year Index		5.000	%	Quarterly		12/20/2028		1,881	$	111	$	2	$	113	$	0	$	(1	)
CDX.IG-41 5-Year Index		1.000	%	Quarterly		12/20/2028		6,400		126		1		127		0		(1	)
Total Swap Agreements									$	237	$	3	$	240	$	0	$	(2	)

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, 2023:

	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	$	0	$	18	$	0	$	18	$	0	$	(60)	$	(2)	$	(62)

Cash of $744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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 underlying referenced instrument’s 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

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2024	EUR	11	$	12	$	0	$	0
MYI		01/2024		3,185		3,500		0		(17	)
SSB		01/2024		11		12		0		0
Total Forward Foreign Currency Contracts							$	0	$	(17	)

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, 2023:

	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(1)
MYI	$	0	$	0	$	0	$	0	$	(17	)	$	0	$	0	$	(17	)	$	(17	)	$	0	$	(17	)

⁽¹⁾ 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.

130 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

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 and Other 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, 2023:

	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	$	18	$	18
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	60	$	60
Swap Agreements		0		2		0		0		0		2
	$	0	$	2	$	0	$	0	$	60	$	62
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	17	$	0	$	17
	$	0	$	2	$	0	$	17	$	60	$	79

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	(951	)	$	(951	)
Swap Agreements		0		5		0		0		0			5
	$	0	$	5	$	0	$	0	$	(951	)	$	(946	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	18	$	0		$	18
	$	0	$	5	$	0	$	18	$	(951	)	$	(928	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	480		$	480
Swap Agreements		0		2		0		0		0			2
	$	0	$	2	$	0	$	0	$	480		$	482
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1	$	0		$	1
	$	0	$	2	$	0	$	1	$	480		$	483

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 131

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	33,509	$	0	$	33,509
Industrials		0		3,808		0		3,808
Utilities		0		5,202		0		5,202
U.S. Treasury Obligations		0		2,079		0		2,079
Preferred Securities
Banking & Finance		0		3,537		0		3,537
Energy		0		1,082		0		1,082
Financials		0		23,784		0		23,784
Utilities		314		676		0		990
Short-Term Instruments
Repurchase Agreements		0		3,100		0		3,100
U.S. Treasury Bills		0		493		0		493
Total Investments	$	314	$	77,270	$	0	$	77,584

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	8	$	10		$	0	$	18
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(62	)		0		(62	)
Over the counter		0		(17	)		0		(17	)
	$	0	$	(79	)	$	0	$	(79	)
Total Financial Derivative Instruments	$	8	$	(69	)	$	0	$	(61	)
Totals	$	322	$	77,201		$	0	$	77,523

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

132 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 116.6%
LOAN PARTICIPATIONS AND ASSIGNMENTS 93.6%
Acrisure LLC
9.888% due 11/06/2030	$		600	$		602
Air Canada
9.139% due 08/11/2028			591			593
Al Aqua Merger Sub, Inc.
TBD% due 07/31/2028			4,325			4,335
Albion Financing 3 SARL
10.878% due 08/17/2026			993			999
Alliance Laundry Systems LLC
8.994% due 10/08/2027			1,409			1,416
Alliant Holdings Intermediate LLC
8.865% due 11/06/2030			1,960			1,971
Allied Universal Holdco LLC
9.206% due 05/12/2028			2,059			2,054
Altice France SA
10.894% due 08/15/2028			442			398
American Airlines, Inc.
10.427% due 04/20/2028			2,551			2,624
Amynta Agency Borrower, Inc.
TBD% due 02/28/2028			798			800
AP Core Holdings LLC
10.970% due 09/01/2027			650			636
Applied Systems, Inc.
9.848% due 09/18/2026			893			898
AppLovin Corp.
8.456% due 08/16/2030			394			395
Arches Buyer, Inc.
8.706% due 12/06/2027			2,695			2,643
Armor Holding LLC
9.934% due 12/11/2028			246			247
Ascend Learning LLC
TBD% due 12/11/2028			3,042			2,995
AssuredPartners, Inc.
8.856% due 02/12/2027			1,395			1,400
8.970% due 02/12/2027			1,219			1,223
Asurion Corp.
9.706% due 08/19/2028			4,886			4,876
Asurion LLC
8.720% due 12/23/2026			2,293			2,292
AVSC Holding Corp. (1.000% PIK)
1.000% due 10/15/2026 (a)			300			295
Axalta Coating Systems U.S. Holdings, Inc.
7.848% due 12/20/2029			532			535
B.C. Unlimited Liability Co.
7.606% due 09/20/2030			2,500			2,504
Bally’s Corp.
8.927% due 10/02/2028			685			651
Banff Merger Sub, Inc.
9.106% due 10/02/2025			1,695			1,703
Barnes Group, Inc.
8.456% due 09/03/2030			948			952
Bausch & Lomb Corp.
8.710% due 05/10/2027			1,570			1,557
9.356% due 09/29/2028			848			849
BCPE Empire Holdings, Inc.
10.106% due 12/11/2028			1,140			1,145
BIP PipeCo Holdings LLC
8.616% due 12/06/2030			675			674
Birkenstock GmbH & Co. KG
8.894% due 04/28/2028			98			99
Bmc Software, Inc.
TBD% due 12/29/2028			750			756
Brookfield WEC Holdings, Inc.
8.220% due 08/01/2025			2,872			2,882
Buckeye Partners LP
7.856% due 11/22/2030			500			502
Caesars Entertainment Corp.
8.706% due 02/06/2030			1,189			1,194
Carnival Corp.
8.357% due 08/08/2027			924			928

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Castlelake Aviation Ltd.
8.135% due 10/22/2027	$		446	$		447
Cengage Learning, Inc.
10.405% due 07/14/2026			994			998
Central Parent, Inc.
9.348% due 07/06/2029			1,981			1,995
Chamberlain Group, Inc.
8.706% due 11/03/2028			1,517			1,516
Charter Communications Operating LLC
7.360% due 12/07/2030			1,100			1,098
Charter Next Generation, Inc.
9.220% due 12/01/2027			1,992			2,004
Chobani LLC
9.112% due 10/25/2027			1,000			1,003
Citadel Securities LP
7.714% - 7.856% due 07/29/2030			750			753
Clarios Global LP
9.106% due 05/06/2030			798			801
Clear Channel Outdoor Holdings, Inc.
9.145% due 08/21/2026			635			630
Cloud Software Group, Inc.
TBD% - 9.990% due 03/30/2029			2,730			2,674
9.948% due 09/29/2028			2,246			2,196
Clydesdale Acquisition Holdings, Inc.
9.631% due 04/13/2029			3,337			3,356
Cornerstone OnDemand, Inc.
9.220% due 10/16/2028			246			239
CQP Holdco LP
8.360% due 12/31/2030			2,428			2,437
Creative Artists Agency LLC
8.856% due 11/27/2028			1,670			1,679
Crocs, Inc.
8.498% due 02/20/2029			174			175
Cushman & Wakefield U.S. Borrower LLC
9.356% due 01/31/2030			200			200
DaVita, Inc.
7.220% due 08/12/2026			2,338			2,340
Deerfield Dakota Holding LLC
9.098% due 04/09/2027			1,197			1,188
DirecTV Financing LLC
10.650% due 08/02/2027			2,781			2,786
Dotdash Meredith, Inc.
9.443% due 12/01/2028			247			246
Dun & Bradstreet Corp.
8.205% due 02/06/2026			615			617
Edelman Financial Center LLC
8.970% due 04/07/2028			2,835			2,843
Elanco Animal Health, Inc.
7.193% due 08/01/2027			3,131			3,116
Element Solutions Inc.
TBD% due 12/18/2030			1,200			1,205
Emrld Borrower LP
8.356% due 05/31/2030			1,300			1,306
Endure Digital, Inc.
9.422% due 02/10/2028			493			484
Ensono LP
9.470% due 05/26/2028			339			328
Entain Holdings Gibraltar Ltd.
8.948% due 10/31/2029			99			100
Epicor Software Corp.
8.720% due 07/30/2027			2,115			2,125
eResearchTechnology, Inc.
9.970% due 02/04/2027			1,143			1,143
Fertitta Entertainment LLC
9.356% due 01/27/2029			3,881			3,888
First Student Bidco, Inc.
8.360% due 07/21/2028			217			216
8.610% due 07/21/2028			719			715
Flutter Entertainment PLC
7.698% due 11/25/2030			800			803
Focus Financial Partners LLC
8.606% due 06/30/2028			497			499
8.856% due 06/30/2028			349			350

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Fogo De Chao, Inc.
10.106% due 09/30/2030	$		700	$		688
Fortrea Holdings, Inc.
9.106% due 06/30/2030			348			348
Forward Air Corp.
9.856% due 12/19/2030			625			594
Foundation Building Materials Holding Co. LLC
8.895% due 01/31/2028			1,335			1,333
Froneri International Ltd.
7.706% due 01/29/2027			1,691			1,694
Garda World Security Corp.
9.725% due 10/30/2026			250			251
Graham Packaging Co., Inc.
8.470% due 08/04/2027			1,830			1,835
Great Outdoors Group LLC
9.220% due 03/06/2028			794			795
Greeneden U.S. Holdings LLC
9.470% due 12/01/2027			1,551			1,559
Grifols Worldwide Operations USA, Inc.
7.538% due 11/15/2027			2,793			2,796
Grinding Media, Inc.
9.684% due 10/12/2028			247			247
Hilton Domestic Operating Co., Inc.
7.455% due 11/08/2030			1,850			1,859
HUB International Ltd.
9.610% - 9.662% due 06/20/2030			1,891			1,902
iHeartCommunications, Inc.
8.470% due 05/01/2026			775			672
INEOS Enterprises Holdings U.S. Finco LLC
9.130% - 9.238% due 07/08/2030			396			397
Ingram Micro, Inc.
8.610% due 06/30/2028			700			703
IQVIA, Inc.
7.348% due 01/02/2031			1,000			1,005
IRB Holding Corp.
8.456% due 12/15/2027			4,620			4,633
Isolved, Inc.
9.484% due 10/14/2030			750			752
Ivanti Software, Inc.
9.907% due 12/01/2027			592			563
Jane Street Group LLC
8.220% due 01/26/2028			794			798
Janus International Group LLC
8.764% due 08/03/2030			349			350
Jazz Financing Lux SARL
8.970% due 05/05/2028			892			898
Kestrel Bidco, Inc.
8.455% due 12/11/2026			1,089			1,089
LABL, Inc.
10.456% due 10/29/2028			1,872			1,801
LBM Acquisition LLC
9.106% due 12/17/2027			1,184			1,172
Learning Care Group, Inc.
10.098% - 10.138% due 08/11/2028			499			502
Lifepoint Health, Inc.
11.168% due 11/16/2028			573			572
LSF11 A5 HoldCo LLC
9.706% due 10/15/2028			746			750
Madison IAQ LLC
8.721% due 06/21/2028			3,321			3,315
Mauser Packaging Solutions Holding Co.
9.343% due 08/14/2026			749			753
Mavis Tire Express Services Corp.
9.470% due 05/04/2028			794			796
McAfee LLC
9.193% due 03/01/2029			4,489			4,482
McGraw-Hill Global Education Holdings LLC
10.220% due 07/28/2028			796			796
Medline Borrower LP
8.470% due 10/23/2028			5,957			5,994
MH Sub LLC
9.606% due 05/03/2028			1,254			1,236

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 133

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mitchell International, Inc.
9.400% due 10/15/2028	$		2,831	$		2,834
MPH Acquisition Holdings LLC
9.900% due 09/01/2028			688			665
NCR Atleos LLC
10.206% due 03/27/2029			800			799
Neptune Bidco U.S., Inc.
10.507% due 04/11/2029			446			409
NFP Corp.
8.720% due 02/16/2027			945			951
Nouryon Finance BV
9.467% due 04/03/2028			997			1,003
Nuvei Technologies Corp.
TBD% due 12/16/2030			500			501
Olympus Water U.S. Holding Corp.
9.360% due 11/09/2028			249			249
10.348% due 11/09/2028			499			502
OMNIA Partners LLC
0.500% due 07/25/2030 µ			43			43
9.628% due 07/25/2030			457			460
Ontario Gaming GTA LP
9.598% due 08/01/2030			500			503
Oscar AcquisitionCo LLC
9.948% due 04/29/2029			2,339			2,321
Padagis LLC
10.434% due 07/06/2028			275			266
Parexel International Corp.
8.720% due 11/15/2028			3,166			3,189
Park River Holdings, Inc.
8.907% due 12/28/2027			1,290			1,263
Peer Holding BV
TBD% due 10/28/2030			1,000			1,004
PetSmart, Inc.
9.206% due 02/11/2028			796			788
Phoenix Guarantor, Inc.
8.720% due 03/05/2026			1,384			1,385
8.970% due 03/05/2026			1,747			1,750
PMHC, Inc.
9.807% due 04/23/2029			1,194			1,147
Polaris Newco LLC
9.470% due 06/02/2028			4,928			4,868
Project Alpha Intermediate Holding, Inc.
10.106% due 10/28/2030			600			604
Proofpoint, Inc.
8.720% due 08/31/2028			3,273			3,278
PUG LLC
9.720% due 02/12/2027			246			245
Quartz Acquireco LLC
8.856% due 06/28/2030			274			276
R1 Rcm, Inc.
TBD% due 06/21/2029			1,325			1,328
Radiate Holdco LLC
8.720% due 09/25/2026			1,864			1,502
Rand Parent LLC
9.598% due 03/17/2030			625			624
RealPage, Inc.
8.470% due 04/24/2028			3,686			3,665
Renaissance Holding Corp.
10.106% due 04/05/2030			2,294			2,305
Scientific Games Holdings LP
8.598% - 8.664% due 04/04/2029			646			647
SCIH Salt Holdings, Inc.
9.356% due 03/16/2027			2,018			2,024
Sedgwick Claims Management Services, Inc.
9.106% due 02/24/2028			1,587			1,594
Select Medical Corp.
8.356% due 03/06/2027			597			598
Simon & Schuster, Inc.
9.390% due 10/30/2030			200			201
Software AG
10.098% due 09/16/2030			350			351
Solis BV
8.880% due 02/26/2029			650			649

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Specialty Building Products Holdings LLC
9.206% due 10/15/2028	$		596	$		596
Spirit AeroSystems, Inc.
9.633% due 01/15/2027			296			298
Spring Education Group, Inc.
9.848% due 10/04/2030			300			301
Star Parent, Inc.
9.348% due 09/27/2030			1,000			991
Stars Group Holdings BV
8.863% due 07/22/2028			176			176
Station Casinos LLC
7.706% due 02/08/2027			393			394
Summit Materials LLC
TBD% due 11/30/2028			650			653
Sunshine Investments BV
9.630% due 07/12/2029			272			273
Surgery Center Holdings, Inc.
8.856% due 12/19/2030			1,447			1,455
Taboola.com Ltd.
9.470% due 09/01/2028			339			338
Tempo Acquisition LLC
8.106% due 08/31/2028			498			500
TransDigm, Inc.
8.598% due 02/22/2027			1,396			1,404
8.598% due 08/24/2028			4,431			4,457
Travel & Leisure Corp.
TBD% due 12/14/2029			800			802
Trident TPI Holdings, Inc.
9.610% due 09/15/2028			246			246
9.848% due 09/15/2028			149			150
10.598% due 09/15/2028			399			401
Triton Water Holdings, Inc.
8.860% due 03/31/2028			3,680			3,652
Uber Technologies, Inc.
8.110% due 03/03/2030			716			719
UFC Holdings LLC
8.399% due 04/29/2026			1,055			1,060
UGI Energy Services LLC
8.706% due 02/22/2030			569			571
Ultimate Software Group, Inc.
8.764% due 05/04/2026			2,219			2,227
9.233% due 05/04/2026			1,375			1,380
United Airlines, Inc.
9.220% due 04/21/2028			1,173			1,179
Univision Communications, Inc.
8.720% due 03/15/2026			2,084			2,090
8.720% due 01/31/2029			147			147
UPC Financing Partnership
8.476% due 01/31/2029			1,075			1,073
USI, Inc.
8.348% due 11/22/2029			768			771
8.598% due 09/27/2030			499			500
Vertical U.S. Newco, Inc.
9.381% due 07/30/2027			3,586			3,598
Vertiv Group Corp.
7.974% due 03/02/2027			1,303			1,309
Virgin Media Bristol LLC
7.976% due 01/31/2028			1,900			1,897
8.726% due 01/31/2029			2,450			2,450
Vistra Energy Co. LLC
7.356% due 12/20/2030			625			626
Whatabrands LLC
8.470% due 08/03/2028			2,027			2,033
White Cap Buyer LLC
9.106% due 10/19/2027			600			602
9.106% (LIBOR01M + 3.750%) due 10/19/2027 ~			1,144			1,148
William Morris Endeavor Entertainment LLC
8.220% due 05/18/2025			490			492
Windstream Services LLC
11.706% due 09/21/2027			492			467
Worldpay LLC
TBD% due 09/20/2030			1,500			1,508

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Worldwide Express Operations LLC
9.610% due 07/26/2028	$		843	$		829
XPO Logistics, Inc.
7.360% due 02/03/2031			700			702
Ziggo Financing Partnership
7.976% due 04/30/2028			3,250			3,247
Total Loan Participations and Assignments (Cost $243,892)						247,555
CORPORATE BONDS & NOTES 4.3%
BANKING & FINANCE 0.5%
Freedom Mortgage Corp.
12.000% due 10/01/2028			450			492
PRA Group, Inc.
8.375% due 02/01/2028			500			481
Starwood Property Trust, Inc.
3.750% due 12/31/2024			400			393
						1,366
INDUSTRIALS 3.7%
Allegiant Travel Co.
7.250% due 08/15/2027			300			294
American Airlines Pass-Through Trust
3.375% due 11/01/2028			173			158
Community Health Systems, Inc.
5.250% due 05/15/2030			400			335
DISH Network Corp.
11.750% due 11/15/2027			300			313
Foundation Building Materials, Inc.
6.000% due 03/01/2029			250			225
GTCR W-2 Merger Sub LLC
7.500% due 01/15/2031			200			212
GYP Holdings Corp.
4.625% due 05/01/2029			500			459
Innophos Holdings, Inc.
9.375% due 02/15/2028			400			364
Lindblad Expeditions Holdings, Inc.
9.000% due 05/15/2028			800			831
Manitowoc Co., Inc.
9.000% due 04/01/2026			500			504
NCL Corp. Ltd.
8.125% due 01/15/2029			400			418
Olympus Water U.S. Holding Corp.
7.125% due 10/01/2027			100			100
Option Care Health, Inc.
4.375% due 10/31/2029			900			814
Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			850			795
Rand Parent LLC
8.500% due 02/15/2030			100			96
Spirit AeroSystems, Inc.
4.600% due 06/15/2028			400			354
9.750% due 11/15/2030			250			269
Star Parent, Inc.
9.000% due 10/01/2030			200			211
TransDigm, Inc.
7.125% due 12/01/2031			400			420
Triumph Group, Inc.
9.000% due 03/15/2028			600			639
Victoria’s Secret & Co.
4.625% due 07/15/2029			800			669
White Cap Buyer LLC
6.875% due 10/15/2028			900			872
XPO, Inc.
7.125% due 02/01/2032			200			207
ZF North America Capital, Inc.
6.875% due 04/14/2028			150			156
7.125% due 04/14/2030			150			160
						9,875

134 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.1%
Genesis Energy LP
8.875% due 04/15/2030	$		100	$		104
Total Corporate Bonds & Notes (Cost $10,957)						11,345
SHORT-TERM INSTRUMENTS 18.7%
REPURCHASE AGREEMENTS (b) 18.7%
						49,400
Total Short-Term Instruments (Cost $49,400)						49,400
Total Investments in Securities (Cost $304,249)						308,300

		MARKET VALUE (000S)
Total Investments 116.6% (Cost $304,249)	$		308,300
Financial Derivative Instruments (c)(d) 0.5% (Cost or Premiums, net $210)			1,329
Other Assets and Liabilities, net (17.1)%			(45,252	)
Net Assets 100.0%	$		264,377

NOTES TO SCHEDULE OF INVESTMENTS:

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

µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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.

(a) Payment in-kind security.

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)
BPS		5.450	%		12/29/2023		01/02/2024	$	12,300	U.S. Treasury Inflation Protected Securities 1.375% due 02/15/2044	$	(12,520	)	$	12,300	$	12,307
		5.460			12/29/2023		01/02/2024		14,000	Ginnie Mae 5.500% due 10/20/2052		(14,529	)		14,000		14,009
		5.470			01/02/2024		01/03/2024		100	U.S. Treasury Notes 1.250% due 08/15/2031		(102	)		100		100
		5.510			01/02/2024		01/03/2024		23,000	U.S. Treasury Notes 2.125% due 05/15/2025		(23,474	)		23,000		23,000
Total Repurchase Agreements											$	(50,625	)	$	49,400	$	49,416

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, 2023:

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
BPS	$	49,416	$	0	$	0	$	0	$	49,416	$	(50,625	)	$	(1,209	)
Total Borrowings and Other Financing Transactions	$	49,416	$	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.

(c) 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		03/2024		6	$	653	$	2	$	1	$	0

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 135

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2024		8	$	(1,647	)	$	(17	)	$	0	$	(1	)
U.S. Treasury 10-Year Ultra Long-Term Bond March Futures		03/2024		11		(1,298	)		(56	)		1		0
								$	(73	)	$	1	$	(1	)
Total Futures Contracts								$	(71	)	$	2	$	(1	)

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, 2023(2)			Notional Amount(3)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value(4)		Variation Margin
																		Asset		Liability
Calpine Corp.		5.000	%	Quarterly		06/20/2028		2.674	%	$	1,500	$	39	$	97	$	136	$	0	$	(1	)
Charter Communications		5.000		Quarterly		06/20/2028		2.266			2,200		156		84		240		0		0
												$	195	$	181	$	376	$	0	$	(1	)

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
															Asset		Liability
CDX.HY-41 5-Year Index		5.000	%	Quarterly		06/15/2027	$	396	$	22	$	2	$	24	$	0	$	0

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
																Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		1.750	%	Annual		12/20/2028	$	6,000	$	287	$	206	$	493	$	0	$	(1	)
Total Swap Agreements										$	504	$	389	$	893	$	0	$	(2	)

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, 2023:

	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	$	0	$	2	$	0	$	2		$	0	$	(1)	$	(2)	$	(3)

Cash of $2,539 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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⁾ 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

136 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON 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
															Asset		Liability
GST	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.113% (1-Month USD-LIBOR plus a specified spread)	Maturity	03/20/2024	$	18,900	$	(167	)	$	837	$	670	$	0
MYC	Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.113% (1-Month USD-LIBOR plus a specified spread)	Maturity	03/20/2024		19,400		(127	)		787		660		0
Total Swap Agreements										$	(294	)	$	1,624	$	1,330	$	0

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, 2023:

	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)
GST	$	0	$	0	$	670	$	670	$	0	$	0	$	0	$	0	$	670	$	(550	)	$	120
MYC		0		0		660		660		0		0		0		0		660		(660	)		0
Total Over the Counter	$	0	$	0	$	1,330	$	1,330	$	0	$	0	$	0	$	0

⁽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.

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 and Other 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, 2023:

	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	$	2	$	2
Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	1,330	$	1,330
	$	0	$	0	$	0	$	0	$	1,332	$	1,332
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	1	$	1
Swap Agreements		0		1		0		0		1		2
	$	0	$	1	$	0	$	0	$	2	$	3

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 137

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	156		$	156
Swap Agreements		0		95		0		0		9			104
	$	0	$	95	$	0	$	0	$	165		$	260
Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	(724	)	$	(724	)
	$	0	$	95	$	0	$	0	$	(559	)	$	(464	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(154	)	$	(154	)
Swap Agreements		0		174		0		0		(25	)		149
	$	0	$	174	$	0	$	0	$	(179	)	$	(5	)
Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	1,624		$	1,624
	$	0	$	174	$	0	$	0	$	1,445		$	1,619

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	247,555	$	0	$	247,555
Corporate Bonds & Notes
Banking & Finance		0		1,366		0		1,366
Industrials		0		9,875		0		9,875
Utilities		0		104		0		104
Short-Term Instruments
Repurchase Agreements		0		49,400		0		49,400
Total Investments	$	0	$	308,300	$	0	$	308,300

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	2		$	0	$	2
Over the counter		0		1,330			0		1,330
	$	0	$	1,332		$	0	$	1,332
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(3	)	$	0	$	(3	)
Total Financial Derivative Instruments	$	0	$	1,329		$	0	$	1,329
Totals	$	0	$	309,629		$	0	$	309,629

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

138 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 101.7%
MUNICIPAL BONDS & NOTES 93.3%
ALABAMA 3.8%
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
4.220% (MUNIPSA) due 10/01/2052 ~	$		1,500	$		1,464
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			680			726
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.250% due 12/01/2053			2,000			2,177
5.500% due 06/01/2049			1,470			1,574
5.500% due 10/01/2054			2,400			2,653
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020
5.000% due 08/01/2025			1,000			1,027
Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,000			1,121
Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023
5.000% due 11/15/2025			1,000			1,031
Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007
1.000% due 06/01/2034			4,625			4,465
Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019
2.000% due 11/01/2033			450			442
Southeast Alabama Gas Supply District Revenue Bonds, Series 2018
4.000% due 06/01/2049			2,000			2,001
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			2,400			2,563
						21,244
ARIZONA 2.8%
Arizona Health Facilities Authority Revenue Bonds, Series 2014
5.000% due 01/01/2044			4,000			4,000
Arizona Health Facilities Authority Revenue Bonds, Series 2015
4.120% due 01/01/2046			1,125			1,109
Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017
3.750% due 03/01/2039			1,000			1,009
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2024			200			201
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			1,500			1,564
Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018
5.000% due 07/01/2024			350			353
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014
4.750% due 07/01/2044			1,410			1,422
Tempe, Arizona Certificates of Participation Notes, Series 2021
0.623% due 07/01/2024			1,350			1,320
Town of Gilbert, Arizona General Obligation Notes, Series 2022
5.000% due 07/15/2028			1,425			1,592
University of Arizona Revenue Notes, Series 2021
5.000% due 06/01/2026			2,850			3,015
						15,585

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CALIFORNIA 11.6%
Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.280% (MUNIPSA) due 04/01/2056 ~	$		2,000	$		1,944
4.320% (MUNIPSA) due 04/01/2056 ~			1,500			1,481
California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,250			1,259
California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			2,500			2,700
5.250% due 01/01/2054			2,000			2,117
5.250% due 11/01/2054			3,900			4,225
California County Tobacco Securitization Agency Revenue Notes, Series 2020
5.000% due 06/01/2024			500			503
California Health Facilities Financing Authority Revenue Bonds, Series 2021
3.000% due 08/15/2054			3,000			3,010
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018
4.220% (MUNIPSA) due 08/01/2047 ~			4,500			4,471
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021
4.570% (MUNIPSA) due 12/01/2050 ~			1,000			975
California Infrastructure & Economic Development Bank Revenue Notes, Series 2018
5.000% due 10/01/2025			2,250			2,349
California State General Obligation Bonds, (AGM Insured), Series 2007
5.250% due 08/01/2032			1,000			1,217
California State General Obligation Notes, Series 2020
5.000% due 11/01/2027			1,250			1,370
California State General Obligation Notes, Series 2023
5.000% due 09/01/2025			5,000			5,197
California State Public Works Board Revenue Notes, Series 2021
5.000% due 11/01/2029			1,500			1,725
California Statewide Communities Development Authority Revenue Bonds, Series 2004
5.000% due 04/01/2038			2,500			2,821
California Statewide Communities Development Authority Revenue Notes, Series 2021
1.462% due 02/01/2028			3,680			3,283
East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003
5.250% due 02/01/2026			3,305			3,415
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017
5.000% due 06/01/2024			2,135			2,153
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021
0.988% due 06/01/2024			2,000			1,966
2.587% due 06/01/2029			5,875			5,195
Los Angeles Unified School District, California General Obligation Bonds, Series 2014
5.000% due 07/01/2025			2,220			2,243
Metropolitan Water District of Southern California Revenue Bonds, Series 2017
4.010% (MUNIPSA) due 07/01/2047 ~			1,200			1,198
Pasadena Unified School District, California General Obligation Notes, Series 2021
2.000% due 08/01/2025			2,110			2,080
San Bernardino County, California Certificates of Participation Bonds, Series 1992
6.875% due 08/01/2024			1,535			1,570
Silicon Valley Clean Water, California Revenue Notes, Series 2021
0.500% due 03/01/2026			2,500			2,317
Southern California Public Power Authority Revenue Bonds, Series 2020
0.650% due 07/01/2040			1,000			962

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019
5.000% due 06/01/2030	$		1,000	$		1,090
						64,836
COLORADO 3.2%
Colorado Health Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/01/2049			1,700			1,758
Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.420% (MUNIPSA) due 05/15/2061 ~			5,000			4,962
Colorado Health Facilities Authority Revenue Bonds, Series 2023
5.000% due 11/15/2058			1,000			1,090
Colorado Health Facilities Authority Revenue Notes, Series 2020
2.800% due 12/01/2026			330			310
Colorado Health Facilities Authority Revenue Notes, Series 2022
5.000% due 11/01/2026			500			524
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021
3.961% (SOFRRATE) due 09/01/2039 ~			3,000			2,992
Regional Transportation District, Colorado Revenue Notes, Series 2020
5.000% due 01/15/2024			400			400
5.000% due 07/15/2024			325			327
University of Colorado Revenue Bonds, Series 2019
2.000% due 06/01/2054			5,500			5,456
						17,819
CONNECTICUT 3.4%
Connecticut Special Tax Revenue State Special Tax Notes, Series 2020
5.000% due 05/01/2025			350			360
Connecticut Special Tax State Revenue Notes, Series 2018
5.000% due 10/01/2025			1,000			1,039
Connecticut Special Tax State Revenue Notes, Series 2022
5.000% due 07/01/2027			1,000			1,086
5.000% due 07/01/2029			3,000			3,407
Connecticut State General Obligation Bonds, Series 2013
4.820% (MUNIPSA + 0.950%) due 03/01/2024 ~			1,020			1,021
Connecticut State General Obligation Notes, Series 2015
5.000% due 08/01/2025			350			362
Connecticut State General Obligation Notes, Series 2022
5.000% due 11/15/2028			1,500			1,682
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013
3.950% due 07/01/2042			10,000			10,000
						18,957
DELAWARE 0.5%
Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.050% due 01/01/2031			750			721
1.250% due 10/01/2045			2,000			1,873
						2,594
DISTRICT OF COLUMBIA 0.2%
Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Notes, Series 2023
5.000% due 07/15/2025			1,000			1,034

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 139

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FLORIDA 1.7%
Florida Development Finance Corp. Revenue Notes, Series 2023
5.000% due 09/01/2025	$		3,800	$		3,875
5.000% due 09/01/2026			1,550			1,621
Florida Municipal Power Agency Revenue Notes, Series 2019
5.000% due 10/01/2025			250			259
Lee Memorial Health System, Florida Revenue Bonds, Series 2019
5.000% due 04/01/2033			1,000			1,025
Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015
5.000% due 10/01/2024			710			721
Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015
5.000% due 10/01/2035			2,000			2,038
						9,539
GEORGIA 2.7%
Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			3,000			2,595
Burke County, Georgia Development Authority Revenue Bonds, Series 2008
2.925% due 11/01/2048			500			498
Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023
5.000% due 04/01/2029			1,625			1,799
5.000% due 04/01/2030			1,500			1,683
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052			1,000			1,008
5.000% due 12/01/2052			3,000			3,168
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053			750			796
Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021
4.000% due 12/01/2024			750			749
Municipal Electric Authority of Georgia Revenue Bonds, Series 2012
5.000% due 01/01/2039			1,500			1,500
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021
5.000% due 01/01/2025			200			204
5.000% due 01/01/2026			385			401
Municipal Electric Authority of Georgia Revenue Notes, Series 2020
5.000% due 01/01/2024			490			490
Municipal Electric Authority of Georgia Revenue Notes, Series 2021
5.000% due 01/01/2024			360			360
						15,251
ILLINOIS 5.2%
Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023
5.000% due 01/01/2028			1,465			1,608
5.000% due 01/01/2029			2,000			2,247
Chicago, Illinois General Obligation Notes, Series 2021
5.000% due 01/01/2030			3,000			3,261
Cook County, Illinois General Obligation Notes, Series 2021
5.000% due 11/15/2024			1,750			1,780
Illinois Finance Authority Revenue Bonds, Series 2021
4.570% (MUNIPSA) due 05/01/2042 ~			1,000			980
Illinois Finance Authority Revenue Notes, Series 2020
5.000% due 08/15/2026			250			264
Illinois State General Obligation Notes, Series 2020
5.000% due 10/01/2025			1,700			1,754
5.000% due 10/01/2028			3,200			3,489

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.500% due 05/01/2030	$		7,750	$		8,694
Illinois State Toll Highway Authority Revenue Notes, Series 2024
5.000% due 01/01/2030 (a)			1,000			1,140
5.000% due 01/01/2031 (a)			1,250			1,450
Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022
3.000% due 06/15/2025			1,125			1,114
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
2.325% due 01/01/2025			1,000			972
						28,753
INDIANA 1.7%
Indiana Finance Authority Revenue Bonds, Series 2010
3.000% due 11/01/2030			2,500			2,351
Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			1,000			941
Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2062			2,000			2,169
Indiana Finance Authority Revenue Notes, Series 2021
0.650% due 08/01/2025			4,500			4,237
						9,698
IOWA 0.4%
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003
3.384% due 08/15/2032			925			925
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005
3.204% due 08/15/2029			1,400			1,400
						2,325
KANSAS 1.5%
Burlington, Kansas Revenue Bonds, Series 2023
4.300% due 03/01/2045			5,500			5,571
Kansas Department of Transportation State Revenue Bonds, Series 2004
4.320% (0.7*US0001M + 0.500%) due 09/01/2024 ~			2,500			2,503
						8,074
KENTUCKY 1.0%
Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			500			497
Kentucky Public Energy Authority Revenue Notes, Series 2018
4.000% due 06/01/2025			2,505			2,502
Kentucky State Property & Building Commission Revenue Bonds, Series 2016
5.000% due 11/01/2028			1,810			1,921
Kentucky State Property & Building Commission Revenue Notes, Series 2022
5.000% due 06/01/2031			500			570
						5,490
LOUISIANA 1.3%
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020
0.875% due 02/01/2046			1,700			1,647
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			2,925			2,886
2.375% due 06/01/2037			2,810			2,671
						7,204

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MARYLAND 0.9%
Howard County, Maryland General Obligation Notes, Series 2018
5.000% due 02/15/2027	$		3,000	$		3,237
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
5.000% due 07/01/2045			1,500			1,526
						4,763
MASSACHUSETTS 1.8%
Commonwealth of Massachusetts Revenue Bonds,(BAM,NPFGC Insured), Series 2005
5.500% due 01/01/2034			5,000			6,067
Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023
5.000% due 07/01/2029			1,300			1,484
Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.470% (MUNIPSA) due 07/01/2049 ~			1,750			1,734
Massachusetts State College Building Authority Revenue Notes, Series 2022
5.000% due 05/01/2024			500			504
						9,789
MICHIGAN 1.9%
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
4.390% (TSFR3M) due 07/01/2032 ~			2,000			1,902
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.620% (MUNIPSA) due 04/15/2047 ~			3,000			2,984
Michigan Finance Authority Revenue Bonds, Series 2015
1.200% due 10/15/2030			2,000			1,798
Michigan Finance Authority Revenue Notes, Series 2020
2.326% due 06/01/2030			565			555
Michigan State Building Authority Revenue Bonds, Series 2020
3.970% due 10/15/2042			1,000			1,000
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
4.000% due 11/15/2047			500			501
Michigan Trunk Line State Revenue Notes, Series 2023
5.000% due 11/15/2026			1,500			1,609
						10,349
MINNESOTA 0.3%
Minneapolis, Minnesota Revenue Bonds, Series 2018
3.950% due 11/15/2048			1,900			1,900
MISSOURI 1.1%
Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023
5.000% due 05/01/2033			2,650			3,144
St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023
5.000% due 04/01/2034			1,000			1,176
St Louis School District, Missouri General Obligation Notes, (AGM Insured), (BAM Insured), Series 2022
4.000% due 04/01/2024			2,000			2,005
						6,325
MULTI-STATE 0.8%
Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.548% due 08/25/2040			4,500			4,460

140 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEBRASKA 0.8%
Douglas County, Nebraska Revenue Bonds, Series 2021
4.400% (MUNIPSA) due 07/01/2035 ~	$		2,450	$		2,410
Nebraska Public Power District Revenue Notes, Series 2023
5.000% due 07/01/2028			1,750			1,920
						4,330
NEVADA 0.4%
Clark County, Nevada General Obligation Bonds, Series 2019
5.000% due 07/01/2031			2,150			2,430
NEW HAMPSHIRE 0.1%
New Hampshire Business Finance Authority Revenue Notes, Series 2021
4.000% due 01/01/2026			265			261
4.000% due 01/01/2027			250			245
						506
NEW JERSEY 4.4%
New Jersey Economic Development Authority Revenue Notes, Series 2019
5.250% due 09/01/2024			7,000			7,104
New Jersey Economic Development Authority Revenue Notes, Series 2022
5.000% due 11/01/2024			825			839
New Jersey Economic Development Authority Revenue Notes, Series 2023
5.000% due 03/01/2028			2,200			2,405
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019
5.000% due 07/01/2042			900			926
New Jersey State General Obligation Notes, Series 2020
5.000% due 06/01/2028			2,000			2,213
New Jersey Turnpike Authority Revenue Notes, Series 2020
5.000% due 01/01/2028			5,000			5,275
Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007
5.250% due 01/01/2025			600			609
Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018
5.000% due 06/01/2026			4,750			4,936
						24,307
NEW YORK 13.5%
Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020
4.250% due 04/01/2042			2,000			2,020
Iroquois Central School District, New York General Obligation Notes, Series 2023
4.500% due 06/21/2024			1,550			1,558
Long Island Power Authority, New York Revenue Bonds, Series 2022
4.320% (MUNIPSA) due 09/01/2038 ~			2,000			1,970
Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002
4.411% (SOFRRATE) due 11/01/2032 ~			1,500			1,494
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020
5.000% due 03/01/2028			675			731
New York City Water & Sewer System, New York Revenue Bonds, Series 2014
4.100% due 06/15/2050			4,000			4,000

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York City, New York General Obligation Bonds, Series 2012
4.150% due 04/01/2042	$		6,300	$		6,300
New York City, New York General Obligation Bonds, Series 2015
4.100% due 06/01/2044			2,000			2,000
New York City, New York General Obligation Bonds, Series 2018
4.100% due 12/01/2047			5,000			5,000
New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021
0.600% due 05/01/2061			1,965			1,861
3.800% due 05/01/2061			7,505			7,505
New York City, New York Industrial Development Agency Revenue Bonds, Series 2007
4.500% due 10/01/2042			17,100			17,100
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
4.050% due 06/15/2048			4,700			4,700
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022
5.000% due 06/15/2027			1,250			1,305
New York City, New York Transitional Finance Authority Revenue Notes, Series 2023
5.000% due 05/01/2027			1,250			1,352
New York Power Authority Revenue Notes, (AGM Insured), Series 2023
5.000% due 11/15/2027			1,700			1,858
New York State Dormitory Authority Revenue Bonds, Series 2016
5.000% due 02/15/2028			4,565			4,849
New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 05/01/2048			2,500			2,503
New York State Urban Development Corp. Revenue Notes, Series 2021
5.000% due 03/15/2024			3,750			3,766
Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.000% due 11/15/2029			1,110			1,216
Schenectady County Capital Resource Corp. Union College Project, New York General Obligation Notes Series 2023
4.500% due 06/14/2024			1,075			1,080
Town of Oyster Bay, New York General Obligation Notes, Series 2021
4.000% due 03/01/2024			850			851
						75,019
OHIO 1.5%
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022
5.000% due 11/15/2030			1,000			1,136
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021
1.000% due 02/15/2048			2,000			1,966
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Notes, Series 2022
4.000% due 09/01/2030			2,900			2,950
Ohio Air Quality Development Authority Revenue Bonds, Series 2009
1.500% due 02/01/2026			2,200			2,044
Worthington City School District, Ohio General Obligation Notes, Series 2023
0.000% due 12/01/2029 (c)			500			413
						8,509
OREGON 0.4%
Multnomah County School District 40, Oregon General Obligation Notes, Series 2023
0.000% due 06/15/2027 (c)			325			294
Oregon State Facilities Authority Revenue Notes, Series 2020
5.000% due 10/01/2026			145			150

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Oregon State General Obligation Notes, Series 2023
5.000% due 05/01/2026	$		1,625	$		1,717
						2,161
PENNSYLVANIA 3.9%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.570% due 11/15/2047			5,000			4,939
Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021
3.961% (SOFRRATE) due 07/01/2031 ~			3,525			3,469
Commonwealth of Pennsylvania General Obligation Notes, Series 2019
5.000% due 07/15/2024			2,500			2,529
Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.970% (MUNIPSA) due 08/15/2038 ~(d)			2,430			2,402
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			4,500			4,614
Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018
4.860% (0.7*US0001M + 1.040%) due 08/15/2048 ~			750			750
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020
3.000% due 01/01/2025			1,020			1,010
Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020
4.000% due 07/01/2024			900			900
4.000% due 07/01/2026			1,250			1,262
						21,875
PUERTO RICO 1.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
4.500% due 07/01/2034			4,750			4,773
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018
0.000% due 07/01/2024 (c)			437			429
0.000% due 07/01/2027 (c)			1,843			1,606
						6,808
SOUTH CAROLINA 1.4%
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018
4.000% due 10/01/2048			4,000			4,002
4.516% (US0001M) due 10/01/2048 ~			1,000			1,000
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			1,400			1,526
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020
5.000% due 12/01/2048			1,250			1,286
						7,814
TENNESSEE 1.5%
Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023
5.000% due 07/01/2028			700			771
5.000% due 07/01/2029			1,000			1,122
Tennergy Corp., Tennessee Revenue Bonds, Series 2019
5.000% due 02/01/2050			1,500			1,513
Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053			1,250			1,335
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052			3,220			3,447

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 141

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021
5.000% due 11/01/2024	$		250	$		252
						8,440
TEXAS 10.5%
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021
4.000% due 02/15/2026			280			285
Austin, Texas Electric Utility Revenue Notes, Series 2023
5.000% due 11/15/2024			850			865
5.000% due 11/15/2025			1,200			1,250
Central Texas Regional Mobility Authority Revenue Notes, Series 2018
5.000% due 01/01/2027			1,100			1,168
County of Williamson, Texas General Obligation Notes, Series 2023
5.000% due 02/15/2025			2,500			2,562
Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023
5.000% due 11/01/2028			2,000			2,231
Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020
5.000% due 08/15/2028			2,000			2,069
Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023
5.000% due 08/15/2025			1,500			1,555
El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020
5.000% due 08/15/2024			400			405
EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023
4.000% due 12/01/2033			2,500			2,485
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			2,500			2,696
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019
4.447% (SOFRRATE) due 11/15/2046 ~			2,500			2,499
5.000% due 07/01/2049			2,500			2,630
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020
5.000% due 06/01/2032			550			579
Harris County, Texas General Obligation Bonds, Series 2015
5.000% due 10/01/2026			2,920			3,022
Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022
5.000% due 02/01/2027			2,000			2,147
Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			1,500			1,378
North Texas Tollway Authority Revenue Notes, Series 2023
5.000% due 01/01/2027			2,750			2,949
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019
1.600% due 08/01/2049			730			723
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020
0.700% due 06/01/2050			1,500			1,452
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
2.000% due 06/01/2052			1,300			1,249
Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015
1.500% due 02/15/2044			750			742
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045			2,500			2,278
San Antonio, Texas General Obligation Notes, Series 2023
5.000% due 02/01/2025			5,000			5,115

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2052	$		1,900	$		1,974
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022
5.000% due 10/01/2026			225			238
Tarrant Regional Water District, Texas Revenue Notes, Series 2021
1.050% due 09/01/2027			5,000			4,450
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.233% (TSFR3M) due 12/15/2026 ~			1,000			997
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054			1,800			1,942
Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021
5.000% due 12/15/2026			1,750			1,807
Texas Water Development Board Revenue Notes, Series 2022
5.000% due 10/15/2025			1,250			1,302
Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022
4.125% due 06/01/2045			1,000			1,010
Waco Educational Finance Corp., Texas Revenue Notes, Series 2021
4.000% due 03/01/2026			525			537
						58,591
UTAH 0.1%
City of Salt Lake, Utah Revenue Notes, Series 2021
5.000% due 07/01/2024			350			353
5.000% due 07/01/2025			450			464
						817
VIRGINIA 1.4%
Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			1,600			1,780
Richmond Redevelopment & Housing Authority, Virginia Revenue Notes, Series 2023
4.250% due 03/01/2026			1,500			1,511
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009
0.750% due 10/01/2040			3,800			3,539
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010
1.200% due 11/01/2040			1,150			1,132
						7,962
WASHINGTON 2.4%
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015
4.070% (MUNIPSA) due 11/01/2045 ~			4,500			4,426
Grant County, Washington Public Utility District No 2, Revenue Notes, Series 2023
5.000% due 01/01/2025			725			741
5.000% due 01/01/2026			500			523
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021
4.120% (MUNIPSA) due 05/01/2045 ~			3,000			2,919
State of Washington General Obligation Refunding Notes, Series 2022
4.000% due 07/01/2026			1,000			1,037
University of Washington Revenue Bonds, Series 2022
4.000% due 05/01/2048			2,500			2,584

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037	$		1,348	$		1,220
						13,450
WISCONSIN 2.0%
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
3.700% due 10/01/2046			2,500			2,556
Public Finance Authority, Wisconsin Revenue Notes, Series 2021
4.000% due 10/01/2026			305			300
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
4.070% due 04/01/2048			5,000			5,000
Wisconsin Department of Transportation Revenue Notes, Series 2023
5.000% due 07/01/2025			750			777
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
4.050% (MUNIPSA) due 08/15/2054 ~			2,500			2,459
						11,092
Total Municipal Bonds & Notes (Cost $518,736)						520,100
U.S. TREASURY OBLIGATIONS 0.2%
U.S. Treasury Notes
1.500% due 11/30/2024			1,100			1,067
Total U.S. Treasury Obligations (Cost $1,101)						1,067
SHORT-TERM INSTRUMENTS 8.2%
REPURCHASE AGREEMENTS (e) 0.1%
						551
U.S. TREASURY BILLS 5.9%
5.439% due 01/04/2024 - 03/21/2024 (b)(c)			33,100			32,994
MUNICIPAL BONDS & NOTES 2.2%
Los Angeles County, California Facilities Inc Revenue Notes, Series 2023
5.000% due 06/28/2024			5,000			5,051
Port of Los Angeles, California Revenue Notes, Series 2023
5.000% due 06/27/2024			4,600			4,646
School District of Broward County, Florida Revenue Notes, Series 2023
5.000% due 06/28/2024			2,500			2,520
Total Municipal Bonds & Notes (Cost $12,202)						12,217
Total Short-Term Instruments (Cost $45,746)						45,762
Total Investments in Securities (Cost $565,583)						566,929
Total Investments 101.7% (Cost $565,583)				$		566,929
Other Assets and Liabilities, net (1.7)%						(9,218	)
Net Assets 100.0%				$		557,711

142 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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

~ 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.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity Date

Acquisition Date

Cost

Market Value

Market Value as Percentage of Net Assets

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

4.970%

08/15/2038

09/14/2021

$

2,478

$

2,402

0.43%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) 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		2.600	%		12/29/2023		01/02/2024	$	551	U.S. Treasury Notes 3.875% due 01/15/2026	$	(562	)	$	551	$	551
Total Repurchase Agreements											$	(562	)	$	551	$	551

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, 2023:

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	$	551	$	0	$	0	$	0	$	551	$	(562	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	551	$	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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	21,244	$	0	$	21,244
Arizona		0		15,585		0		15,585
California		0		64,836		0		64,836
Colorado		0		17,819		0		17,819
Connecticut		0		18,957		0		18,957
Delaware		0		2,594		0		2,594
District of Columbia		0		1,034		0		1,034
Florida		0		9,539		0		9,539
Georgia		0		15,251		0		15,251
Illinois		0		28,753		0		28,753
Indiana		0		9,698		0		9,698
Iowa		0		2,325		0		2,325

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Kansas	$	0	$	8,074	$	0	$	8,074
Kentucky		0		5,490		0		5,490
Louisiana		0		7,204		0		7,204
Maryland		0		4,763		0		4,763
Massachusetts		0		9,789		0		9,789
Michigan		0		10,349		0		10,349
Minnesota		0		1,900		0		1,900
Missouri		0		6,325		0		6,325
Multi-State		0		4,460		0		4,460
Nebraska		0		4,330		0		4,330
Nevada		0		2,430		0		2,430
New Hampshire		0		506		0		506
New Jersey		0		24,307		0		24,307
New York		0		75,019		0		75,019

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 143

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Ohio	$	0	$	8,509	$	0	$	8,509
Oregon		0		2,161		0		2,161
Pennsylvania		0		21,875		0		21,875
Puerto Rico		0		6,808		0		6,808
South Carolina		0		7,814		0		7,814
Tennessee		0		8,440		0		8,440
Texas		0		58,591		0		58,591
Utah		0		817		0		817
Virginia		0		7,962		0		7,962

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Washington	$	0	$	13,450	$	0	$	13,450
Wisconsin		0		11,092		0		11,092
U.S. Treasury Obligations		0		1,067		0		1,067
Short-Term Instruments
Repurchase Agreements		0		551		0		551
U.S. Treasury Bills		0		32,994		0		32,994
Municipal Bonds & Notes		0		12,217		0		12,217
Total Investments	$	0	$	566,929	$	0	$	566,929

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

144 PIMCO ETF TRUST See Accompanying Notes

Schedule of Investments PIMCO Ultra Short Government Active Exchange-Traded Fund   December 31, 2023 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.4%
U.S. GOVERNMENT AGENCIES 1.2%
Federal Farm Credit Banks Funding Corp.
5.440% due 02/09/2024	$		1,336	$		1,336
5.520% due 01/22/2024			631			631
Federal Home Loan Bank
5.510% due 01/19/2024			220			220
Total U.S. Government Agencies (Cost $2,187)						2,187

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 99.2%
U.S. TREASURY BILLS 99.2%
5.387% due 02/08/2024 - 04/23/2024 (a)(b)	$		178,670	$		176,600
Total Short-Term Instruments (Cost $176,588)						176,600
Total Investments in Securities (Cost $178,775)						178,787
Total Investments 100.4% (Cost $178,775)				$		178,787
Other Assets and Liabilities, net (0.4)%						(701	)
Net Assets 100.0%				$		178,086

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
U.S. Government Agencies	$	0	$	2,187	$	0	$	2,187
Short-Term Instruments
U.S. Treasury Bills		0		176,600		0		176,600
Total Investments	$	0	$	178,787	$	0	$	178,787

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 145

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund  

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 89.3%
CORPORATE BONDS & NOTES 43.5%
BANKING & FINANCE 23.6%
AerCap Ireland Capital DAC
4.875% due 01/16/2024	$		1,000	$		999
American Express Co.
6.109% (SOFRINDX + 0.720%) due 05/03/2024 ~			1,950			1,951
American Honda Finance Corp.
6.036% due 01/10/2025			800			801
6.106% due 11/22/2024			100			100
American Tower Corp.
0.600% due 01/15/2024			500			499
Aozora Bank Ltd.
1.050% due 09/09/2024			1,000			968
Athene Global Funding
0.950% due 01/08/2024			2,000			1,999
2.750% due 06/25/2024			50			49
Banco Santander SA
3.892% due 05/24/2024			100			99
5.742% due 06/30/2024			1,500			1,500
Bank of America Corp.
1.843% due 02/04/2025 •			500			498
3.093% due 10/01/2025 •			500			490
5.834% due 06/14/2024			1,615			1,613
Banque Federative du Credit Mutuel SA
0.998% due 02/04/2025			100			96
5.799% due 02/04/2025			1,500			1,493
Barclays PLC
3.932% due 05/07/2025 •			1,000			993
BNP Paribas SA
3.800% due 01/10/2024			1,900			1,899
BPCE SA
4.000% due 04/15/2024			1,100			1,095
Caterpillar Financial Services Corp.
5.536% due 01/10/2024			55			55
Commonwealth Bank of Australia
6.482% due 06/04/2024			250			251
Cooperatieve Rabobank UA
5.667% due 01/12/2024			1,900			1,900
Credit Suisse AG
4.750% due 08/09/2024			2,000			1,989
Danske Bank AS
5.375% due 01/12/2024			2,200			2,200
DBS Group Holdings Ltd.
6.026% due 09/12/2025			1,000			1,001
Deutsche Bank AG
0.898% due 05/28/2024 (e)			1,000			982
DNB Bank ASA
6.266% due 03/28/2025			600			600
Federation des Caisses Desjardins du Quebec
5.833% due 05/21/2024			1,100			1,100
General Motors Financial Co., Inc.
3.500% due 11/07/2024			1,900			1,866
6.177% (SOFRRATE + 0.760%) due 03/08/2024 ~			75			75
Jackson National Life Global Funding
6.586% (SOFRRATE + 1.150%) due 06/28/2024 ~			1,000			1,002
John Deere Capital Corp.
5.982% due 03/03/2026			45			45
JPMorgan Chase & Co.
3.220% due 03/01/2025 •			1,200			1,195
5.949% due 06/01/2025			700			698
Mitsubishi UFJ Financial Group, Inc.
4.788% due 07/18/2025 •			1,000			995
MUFG Bank Ltd.
3.750% due 03/10/2024			100			100
National Bank of Canada
5.880% (SOFRRATE + 0.490%) due 08/06/2024 ~			100			100

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Nationwide Building Society
0.550% due 01/22/2024	$		2,000	$		1,995
NatWest Markets PLC
3.479% due 03/22/2025			2,000			1,960
Nomura Holdings, Inc.
1.851% due 07/16/2025			1,450			1,374
Public Storage Operating Co.
5.846% (SOFRRATE + 0.470%) due 04/23/2024 ~			15			15
Skandinaviska Enskilda Banken AB
6.378% (SOFRRATE + 0.960%) due 06/09/2025 ~			2,000			2,004
Societe Generale SA
3.875% due 03/28/2024			1,995			1,986
Svenska Handelsbanken AB
6.328% due 06/10/2025			250			251
Toyota Motor Credit Corp.
6.020% due 06/13/2024			2,000			2,002
Wells Fargo & Co.
2.406% due 10/30/2025 •			2,000			1,946
						46,829
INDUSTRIALS 11.9%
3M Co.
5.939% due 02/14/2024			43			43
7-Eleven, Inc.
0.800% due 02/10/2024			1,150			1,143
BAT Capital Corp.
3.222% due 08/15/2024			2,160			2,126
Baxter International, Inc.
1.322% due 11/29/2024			1,000			964
5.853% due 11/29/2024			500			499
Bayer U.S. Finance LLC
3.375% due 10/08/2024			500			490
BMW U.S. Capital LLC
5.966% due 04/01/2024			29			29
Boeing Co.
1.433% due 02/04/2024			2,234			2,225
Energy Transfer LP
3.900% due 05/15/2024			2,000			1,985
4.500% due 04/15/2024			100			100
Haleon U.S. Capital LLC
3.024% due 03/24/2024			900			895
HCA, Inc.
5.000% due 03/15/2024			100			100
Hyundai Capital America
0.800% due 01/08/2024			1,500			1,499
Imperial Brands Finance PLC
3.125% due 07/26/2024			1,500			1,476
Kia Corp.
1.000% due 04/16/2024			1,640			1,618
Mitsubishi Corp.
3.375% due 07/23/2024			1,000			988
NTT Finance Corp.
0.583% due 03/01/2024			600			595
Penske Truck Leasing Co. LP
3.450% due 07/01/2024			2,000			1,976
Tyson Foods, Inc.
3.950% due 08/15/2024			2,000			1,978
VMware, Inc.
1.000% due 08/15/2024			2,000			1,943
Volkswagen Group of America Finance LLC
2.850% due 09/26/2024			965			946
						23,618
UTILITIES 8.0%
American Electric Power Co., Inc.
2.031% due 03/15/2024			500			496
AT&T, Inc.
6.808% (US0003M + 1.180%) due 06/12/2024 ~			2,000			2,007

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Black Hills Corp.
1.037% due 08/23/2024	$		2,000	$		1,942
CenterPoint Energy, Inc.
6.046% (SOFRINDX + 0.650%) due 05/13/2024 ~			750			750
Chugoku Electric Power Co., Inc.
3.488% due 02/28/2024			1,260			1,256
DTE Energy Co.
4.220% due 11/01/2024 þ			1,500			1,483
Edison International
3.550% due 11/15/2024			2,000			1,964
Enel Finance International NV
2.650% due 09/10/2024			1,400			1,368
Georgia Power Co.
6.144% due 05/08/2025			1,400			1,403
Mississippi Power Co.
5.736% (SOFRRATE + 0.300%) due 06/28/2024 ~			600			600
National Rural Utilities Cooperative Finance Corp.
5.703% due 10/18/2024			15			15
NextEra Energy Capital Holdings, Inc.
6.449% (SOFRINDX + 1.020%) due 03/21/2024 ~			500			500
Sprint LLC
7.125% due 06/15/2024			2,000			2,010
Vodafone Group PLC
6.645% due 01/16/2024			50			50
						15,844
Total Corporate Bonds & Notes (Cost $86,122)						86,291
U.S. GOVERNMENT AGENCIES 1.9%
Federal Home Loan Bank
5.650% due 05/28/2025			100			100
5.720% due 09/27/2024			2,000			2,000
Freddie Mac
5.520% due 05/28/2025			200			200
Ginnie Mae
5.840% due 04/20/2069			587			587
6.288% due 10/20/2073			1,005			1,003
Total U.S. Government Agencies (Cost $3,889)						3,890
ASSET-BACKED SECURITIES 13.7%
American Express Credit Account Master Trust
5.230% due 09/15/2028			2,000			2,034
Bank of America Auto Trust
5.830% due 05/15/2026			1,200			1,202
Carmax Auto Owner Trust
5.938% due 11/16/2026			2,000			2,002
Citibank Credit Card Issuance Trust
5.230% due 12/08/2027			2,000			2,016
Citizens Auto Receivables Trust
6.068% due 10/15/2026			800			800
6.288% due 07/15/2026			959			961
Ford Credit Auto Lease Trust
5.928% due 02/15/2026			1,200			1,200
Honda Auto Receivables Owner Trust
5.870% due 06/22/2026			2,000			2,013
Hyundai Auto Lease Securitization Trust
6.088% due 09/15/2025			175			175
Kubota Credit Owner Trust
5.610% due 07/15/2026			2,000			2,007
LCM Loan Income Fund Ltd.
6.707% due 04/20/2031			876			876
Master Credit Card Trust
6.188% due 01/21/2027			1,600			1,607
MMAF Equipment Finance LLC
5.790% due 11/13/2026			1,000			1,004
Nassau Ltd.
6.905% due 01/15/2030			1,093			1,094
SCCU Auto Receivables Trust
5.850% due 05/17/2027			500			501

146 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SFS Auto Receivables Securitization Trust
6.138% due 03/22/2027	$		452	$		452
Tesla Auto Lease Trust
5.860% due 08/20/2025			2,000			2,004
Toyota Auto Receivables Owner Trust
5.738% due 08/17/2026			1,000			1,000
Trillium Credit Card Trust
6.241% due 08/26/2028			2,000			2,008
Verizon Master Trust
6.018% due 09/08/2028			2,000			2,003
World Omni Automobile Lease Securitization Trust
6.098% due 11/17/2025			168			169
Total Asset-Backed Securities (Cost $27,010)						27,128
SOVEREIGN ISSUES 3.6%
Brazil Letras do Tesouro Nacional
0.000% due 07/01/2024 (b)	BRL		13,000			2,547
CPPIB Capital, Inc.
6.604% (SOFRINDX + 1.250%) due 04/04/2025 ~	$		1,000			1,012
6.666% due 03/11/2026			1,450			1,476
PSP Capital, Inc.
5.652% (SOFRINDX + 0.240%) due 03/03/2025 ~			100			100
5.652% due 03/03/2025			2,000			1,999
Total Sovereign Issues (Cost $7,126)						7,134
		SHARES
COMMODITIES 6.3%
Gold Warehouse Receipts			6,046			12,412
Total Commodities (Cost $12,243)						12,412
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 20.3%
COMMERCIAL PAPER 14.8%
Arrow Electronics, Inc.
5.850% due 01/02/2024	$		400			400
5.850% due 01/04/2024			500			499
5.850% due 01/11/2024			1,100			1,098

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.900% due 01/19/2024	$		300	$		299
5.900% due 01/22/2024			300			299
Cigna Corp.
5.650% due 01/16/2024			500			499
5.680% due 01/17/2024			900			897
Conagra Foods, Inc.
5.850% due 01/18/2024			2,000			1,993
Constellation Brands, Inc.
5.790% due 01/08/2024			1,900			1,897
Constellation Energy Generation LLC
5.660% due 01/09/2024			2,000			1,996
ERAC USA Finance LLC
5.600% due 01/08/2024			2,000			1,997
Fidelity National Information Services, Inc.
5.700% due 01/08/2024			2,000			1,997
Global Payments, Inc.
6.030% due 01/05/2024			2,000			1,998
Intercontinental Exchange, Inc.
5.600% due 01/02/2024			2,000			1,999
Kinder Morgan, Inc.
5.700% due 01/22/2024			2,000			1,992
L3Harris Technologies, Inc.
5.770% due 02/20/2024			2,000			1,983
Marathon Oil Corp.
6.050% due 01/03/2024			3,000			2,998
Quanta Storage, Inc.
5.850% due 01/04/2024			800			799
5.900% due 01/16/2024			400			399
5.900% due 01/17/2024			800			797
Southern California Edison Co.
5.800% due 01/02/2024			250			250
VF Corp.
6.100% due 01/17/2024			1,200			1,197
VW Credit, Inc.
5.700% due 01/04/2024			1,000			999
						29,282
REPURCHASE AGREEMENTS (f) 2.3%
						4,500
SHORT-TERM NOTES 0.9%
American Honda Finance Corp.
5.971% due 06/07/2024	$		1,100	$		1,101

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Carvana Auto Receivables Trust
5.663% due 08/10/2024	$		14	$		14
GECU Auto Receivables Trust
5.678% due 08/15/2024			230			229
M&T Equipment Notes
5.742% due 08/15/2024			367			367
						1,711
HUNGARY TREASURY BILLS 0.3%
10.900% due 01/04/2024 (b)(d)	HUF		184,000			530
U.S. TREASURY BILLS 2.0%
5.375% due 01/04/2024 - 04/23/2024 (a)(b)	$		3,965			3,921
Total Short-Term Instruments (Cost $39,964)						39,944
Total Investments in Securities (Cost $176,354)						176,799
		SHARES
INVESTMENTS IN AFFILIATES 6.1%
MUTUAL FUNDS (c) 6.1%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund			121,600			12,134
Total Mutual Funds (Cost $12,172)						12,134
Total Investments in Affiliates (Cost $12,172)						12,134
Total Investments 95.4% (Cost $188,526)				$		188,933
Financial Derivative Instruments (g)(h) (0.6)% (Cost or Premiums, net $63)						(1,159	)
Other Assets and Liabilities, net 5.2%						10,309
Net Assets 100.0%				$		198,083

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

~ 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.

þ 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) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

(d) Coupon represents a yield to maturity.

(e) RESTRICTED SECURITIES:

Issuer Description	Coupon	Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Deutsche Bank AG	0.898%		05/28/2024		06/26/2023		$ 979	$	982		0.50%

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 147

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) 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)
BOS		5.100	%		12/29/2023		01/02/2024	$	4,500	U.S. Treasury Notes 3.500% due 04/30/2030	$	(4,595	)	$	4,500	$	4,503
Total Repurchase Agreements											$	(4,595	)	$	4,500	$	4,503

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, 2023:

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
BOS	$	4,503	$	0	$	0	$	0	$	4,503	$	(4,595	)	$	(92	)
Total Borrowings and Other Financing Transactions	$	4,503	$	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.

The average amount of borrowings outstanding during the period ended December 31, 2023 was $(282) at a weighted average interest rate of 5.389%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

COMMODITY OPTIONS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Call - CBOT Call - CBOT Corn July 2024 Futures	$	600.000		06/21/2024		97	$	485	$	27	$	27
Call - CBOT Corn March 2024 Futures		550.000		02/23/2024		100		500		32		3
Put - NYMEX Crude June 2024 Futures		63.000		05/16/2024		30		30		73		77
Total Purchased Options									$	132	$	107

WRITTEN OPTIONS:

COMMODITY OPTIONS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Call - NYMEX Crude June 2024 Futures	$	82.000		05/16/2024		30	$	30	$	(69	)	$	(65	)
Total Written Options									$	(69	)	$	(65	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Aluminum March Futures		03/2024		5	$	298	$	8		$	0	$	0
Aluminum May Futures		05/2024		2		121		6			0		0
Arabica Coffee July Futures		07/2024		16		1,118		(7	)		0		(58	)
Brent Crude March Futures		01/2024		12		924		(13	)		0		(1	)
Brent Crude September Futures		07/2024		339		25,720		(573	)		0		(78	)
California Carbon Allowance December Futures		12/2024		163		6,898		380			2		0
Copper July Futures		07/2024		8		785		6			0		(7	)

148 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Copper March Futures		03/2024		36	$	3,501		$	223		$	0	$	(31	)
Cotton No. 2 July Futures		07/2024		116		4,804			75			24		0
Cotton No. 2 March Futures		03/2024		20		810			(53	)		1		0
European Climate Exchange March Futures		03/2024		20		1,723			(72	)		7		0
Gas Oil June Futures		06/2024		96		6,905			(769	)		0		(137	)
Gold 100 oz. April Futures		04/2024		43		8,995			137			0		(50	)
Gold 100 oz. June Futures		06/2024		38		8,023			102			0		(45	)
Iron Ore March Futures		03/2024		238		3,261			289			36		0
Lead January Futures		01/2024		12		613			(63	)		0		0
Lead March Futures		03/2024		24		1,244			(78	)		0		0
Live Cattle April Futures		04/2024		40		2,756			4			0		0
Natural Gas March Futures		02/2024		224		5,212			(98	)		0		(112	)
New York Harbor June Futures		05/2024		149		15,020			(1,737	)		0		(87	)
Nickel January Futures		01/2024		14		1,381			(296	)		0		0
Nickel March Futures		03/2024		16		1,593			(67	)		2		(61	)
RBOB Gasoline June Futures		05/2024		148		14,293			(875	)		2		0
Silver July Futures		07/2024		11		1,350			(26	)		0		(16	)
Silver March Futures		03/2024		21		2,529			124			0		(30	)
Soybean July Futures		07/2024		81		5,318			(130	)		0		(54	)
Soybean March Futures		03/2024		86		5,581			(324	)		0		(60	)
Soybean Meal March Futures		03/2024		112		4,323			(465	)		0		(53	)
Sugar No. 11 July Futures		06/2024		169		3,863			(72	)		0		(155	)
Sugar No. 11 March Futures		02/2024		66		1,521			(449	)		0		(87	)
U.S. Treasury 2-Year Note March Futures		03/2024		33		6,795			65			4		0
U.S. Treasury 5-Year Note March Futures		03/2024		6		653			14			1		0
Wheat July Futures		07/2024		6		194			2			0		(1	)
Wheat March Futures		03/2024		282		8,855			(762	)		0		(49	)
WTI Crude June Futures		05/2024		242		17,453			(1,724	)		0		(41	)
Zinc January Futures		01/2024		49		3,238			189			0		0
Zinc March Futures		03/2024		10		666			39			0		0
Zinc May Futures		05/2024		8		533			27			0		0
								$	(6,963	)	$	79	$	(1,213	)
SHORT FUTURES CONTRACTS
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
3-Month SOFR Active Contract March Futures		06/2025		128	$	(30,906	)	$	(240	)	$	0	$	(13	)
Aluminum March Futures		03/2024		5		(298	)		(22	)		0		0
Aluminum May Futures		05/2024		2		(121	)		(10	)		0		0
Brent Crude June Futures		04/2024		12		(920	)		40			2		0
Corn March Futures		03/2024		338		(7,964	)		630			51		0
Gold 100 oz. February Futures		02/2024		61		(12,638	)		(346	)		71		0
Lead January Futures		01/2024		12		(613	)		50			0		0
Lead March Futures		03/2024		24		(1,244	)		(21	)		0		0
New York Harbor March Futures		02/2024		12		(1,258	)		155			6		0
Nickel January Futures		01/2024		14		(1,381	)		63			0		0
Nickel March Futures		03/2024		1		(100	)		1			0		0
Zinc January Futures		01/2024		49		(3,238	)		(177	)		0		0
Zinc March Futures		03/2024		10		(666	)		(54	)		0		0
Zinc May Futures		05/2024		8		(533	)		(47	)		0		0
								$	22		$	130	$	(13	)
Total Futures Contracts								$	(6,941	)	$	209	$	(1,226	)

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, 2023:

	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	$	107	$	209	$	0	$	316	$	(65)	$	(1,226)	$	0	$	(1,291)

Cash of $10,136 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 149

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2024	EUR	47	$	51	$	0	$	(1	)
		01/2024	$	546	EUR	500		7		0
		01/2024		2	HUF	657		0		0
CBK		01/2024	EUR	69	$	75		0		(1	)
		01/2024	$	2,135	BRL	10,394		5		0
		04/2024	BRL	10,499	$	2,135		0		(9	)
GLM		01/2024		2,195		455		3		0
		01/2024	$	1,587	BRL	7,700		0		(2	)
		01/2024		140	EUR	127		1		0
		07/2024	BRL	8,100	$	1,635		0		(3	)
JPM		01/2024		20,764		4,225		13		(63	)
		01/2024	HUF	183,881		525		0		(5	)
		01/2024	$	1,007	BRL	4,900		1		0
		04/2024		2,147		10,469		0		(10	)
		07/2024	BRL	4,900	$	986		0		(5	)
MYI		01/2024	EUR	402		442		0		(2	)
		01/2024	$	93	EUR	85		1		0
SCX		01/2024	EUR	46	$	50		0		(1	)
SSB		01/2024	$	30	EUR	27		0		0
Total Forward Foreign Currency Contracts							$	31	$	(102	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY 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
																Asset		Liability
CIB	Receive	PIMCODB Index(3)		22,397	0.000%		Monthly	02/15/2024	$	4,257	$	0	$	(27	)	$	0	$	(27	)
GST	Receive	BCOMAG Index		12,933	0.180%		Monthly	02/15/2024		827		0		(19	)		0		(19	)
	Receive	BCOMIN Index		6,101	0.100%		Monthly	02/15/2024		852		0		18			18		0
	Receive	PIMCODB Index(4)		58,549	0.000%		Monthly	02/15/2024		5,773		0		(36	)		0		(36	)
JPM	Receive	BCOMAG Index		12,933	0.150%		Monthly	02/15/2024		827		0		(19	)		0		(19	)
	Receive	BCOMIN Index		6,101	0.110%		Monthly	02/15/2024		852		0		18			18		0
	Receive	JMABNIC5 Index(5)		29,696	0.000%		Monthly	02/15/2024		5,345		0		(48	)		0		(48	)
Total Swap Agreements											$	0	$	(113	)	$	36	$	(149	)

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, 2023:

	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)
BPS	$	7	$	0	$	0	$	7	$	(1	)	$	0	$	0		$	(1	)	$	6		$	0		$	6
CBK		5		0		0		5		(10	)		0		0			(10	)		(5	)		0			(5	)
CIB		0		0		0		0		0			0		(27	)		(27	)		(27	)		0			(27	)
GLM		4		0		0		4		(5	)		0		0			(5	)		(1	)		0			(1	)
GST		0		0		18		18		0			0		(55	)		(55	)		(37	)		(10	)		(47	)
JPM		14		0		18		32		(83	)		0		(67	)		(150	)		(118	)		0			(118	)
MYI		1		0		0		1		(2	)		0		0			(2	)		(1	)		0			(1	)
SCX		0		0		0		0		(1	)		0		0			(1	)		(1	)		0			(1	)
Total Over the Counter	$	31	$	0	$	36	$	67	$	(102	)	$	0	$	(149	)	$	(251	)

⁽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.

150 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

⁽³⁾ The following table represents the individual positions within the total return swap as of December 31, 2023:

Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Arabica Coffee May 2024 Futures		0.8	%	$	34
Brent Crude July 2024 Futures		12.8			544
Copper May 2024 Futures		0.6			24
Cotton No. 02 May 2024 Futures		3.5			148
Gas Oil May 2024 Futures		4.1			176
Gold 100 oz. June 2024 Futures		5.9			250
New York Harbor ULSD May 2024 Futures		9.2			390
RBOB Gasoline May 2024 Futures		9.4			402
Silver May 2024 Futures		1.0			42
Soybeans May 2024 Futures		3.9			165
Sugar No. 11 May 2024 Futures		2.8			119
Wheat May 2024 Futures		0.1			6
WTI Crude May 2024 Futures		12.9			551
Total Long Futures Contracts				$	2,851
Cash		33.0	%	$	1,406
Total Notional Amount				$	4,257

* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

⁽⁴⁾ The following table represents the individual positions within the total return swap as of December 31, 2023:

Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Arabica Coffee May 2024 Futures		0.8	%	$	47
Brent Crude June 2024 Futures		12.9			743
Copper May 2024 Futures		0.6			33
Cotton No. 02 May 2024 Futures		3.6			207
Gas Oil May 2024 Futures		4.2			241
Gold 100 oz. June 2024 Futures		6.1			351
New York Harbor ULSD May 2024 Futures		9.2			533
RBOB Gasoline May 2024 Futures		9.6			553
Silver May 2024 Futures		1.0			60
Soybeans May 2024 Futures		4.0			229
Sugar No. 11 May 2024 Futures		2.9			166
Wheat May 2024 Futures		0.1			9
WTI Crude May 2024 Futures		13.0			751
Total Long Futures Contracts				$	3,923
Cash		32.0	%	$	1,850
Total Notional Amount				$	5,773

* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

⁽⁵⁾ The following table represents the individual positions within the total return swap as of December 31, 2023:

Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Brent Crude June 2024 Futures		19.2	%	$	1,024
Cotton No. 02 March 2024 Futures		1.8			98
Gas Oil May 2024 Futures		3.0			158
Gold 100 oz. February 2024 Futures		20.4			1,089
Live Cattle February 2024 Futures		6.3			335
LME — Copper February 2024 Futures		7.8			419
New York Harbor ULSD May 2024 Futures		3.2			171
Nickel February 2024 Futures		3.5			184
RBOB Gasoline May 2024 Futures		3.5			189
Silver March 2024 Futures		5.7			305
Soybean Meal March 2024 Futures		9.7			521
Soybeans March 2024 Futures		12.5			668
Sugar No. 11 March 2024 Futures		3.4			184
Total Long Futures Contracts				$	5,345
Total Notional Amount				$	5,345

* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 151

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

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 and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of December 31, 2023:

	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	$	107	$	0	$	0	$	0	$	0	$	107
Futures		204		0		0		0		5		209
	$	311	$	0	$	0	$	0	$	5	$	316
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	31	$	0	$	31
Swap Agreements		36		0		0		0		0		36
	$	36	$	0	$	0	$	31	$	0	$	67
	$	347	$	0	$	0	$	31	$	5	$	383
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	65	$	0	$	0	$	0	$	0	$	65
Futures		1,213		0		0		0		13		1,226
	$	1,278	$	0	$	0	$	0	$	13	$	1,291
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	102	$	0	$	102
Swap Agreements		149		0		0		0		0		149
	$	149	$	0	$	0	$	102	$	0	$	251
	$	1,427	$	0	$	0	$	102	$	13	$	1,542

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2023:

	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	$	318		$	0	$	0	$	0		$	0		$	318
Written Options		256			0		0		0			0			256
Futures		8,249			0		0		0			40			8,289
	$	8,823		$	0	$	0	$	0		$	40		$	8,863
Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	4		$	0		$	4
Swap Agreements		647			0		0		0			0			647
	$	647		$	0	$	0	$	4		$	0		$	651
	$	9,470		$	0	$	0	$	4		$	40		$	9,514
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	(25	)	$	0	$	0	$	0		$	0		$	(25	)
Written Options		(4	)		0		0		0			0			(4	)
Futures		(5,998	)		0		0		0			(161	)		(6,159	)
	$	(6,027	)	$	0	$	0	$	0		$	(161	)	$	(6,188	)
Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	(69	)	$	0		$	(69	)
Swap Agreements		(13	)		0		0		0			0			(13	)
	$	(13	)	$	0	$	0	$	(69	)	$	0		$	(82	)
	$	(6,040	)	$	0	$	0	$	(69	)	$	(161	)	$	(6,270	)

152 PIMCO ETF TRUST See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	46,829	$	0	$	46,829
Industrials		0		23,618		0		23,618
Utilities		0		15,844		0		15,844
U.S. Government Agencies		0		3,890		0		3,890
Asset-Backed Securities		0		27,128		0		27,128
Sovereign Issues		0		7,134		0		7,134
Commodities		0		12,412		0		12,412
Short-Term Instruments
Commercial Paper		0		29,282		0		29,282
Repurchase Agreements		0		4,500		0		4,500
Short-Term Notes		0		1,711		0		1,711
Hungary Treasury Bills		0		530		0		530
U.S. Treasury Bills		0		3,921		0		3,921
	$	0	$	176,799	$	0	$	176,799
Investments in Affiliates, at Value
Mutual Funds		12,134		0		0		12,134
Total Investments	$	12,134	$	176,799	$	0	$	188,933

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	311		$	5		$	0	$	316
Over the counter		0			67			0		67
	$	311		$	72		$	0	$	383
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(1,278	)		(13	)		0		(1,291	)
Over the counter		0			(251	)		0		(251	)
	$	(1,278	)	$	(264	)	$	0	$	(1,542	)
Total Financial Derivative Instruments	$	(967	)	$	(192	)	$	0	$	(1,159	)
Totals	$	11,167		$	176,607		$	0	$	187,774

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 153

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.

The PIMCO Commodity Strategy Active Exchange-Traded Fund has established a Cayman Islands exempted company, the “Commodity Subsidiary”, which is wholly-owned and controlled by the Fund. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Subsidiary.

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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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

154 PIMCO ETF TRUST  

December 31, 2023 (Unaudited)

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 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 1-5 Year U.S. TIPS Index Exchange-Traded Fund		Monthly		Monthly
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		Monthly		Monthly
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		Monthly		Monthly
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		Monthly		Monthly
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		Monthly		Monthly
PIMCO Active Bond Exchange-Traded Fund		Monthly		Monthly
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		Monthly		Monthly
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Multisector Bond Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Senior Loan Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		Monthly		Monthly
PIMCO Ultra Short Government Active Exchange-Traded Fund		Monthly		Monthly
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		Quarterly		Quarterly
PIMCO Commodity Strategy Active Exchange-Traded Fund		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than

annually. Net short-term capital gains may be paid more frequently. The Funds may revise its distribution policy or postpone the payment of distributions at any time.

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.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, 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 determined or estimated, as applicable, 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 but are not limited to, for certain Funds, the treatment of 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 provided to shareholders when such information is available.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 155

Notes to Financial Statements (Cont.)

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, 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 and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of

their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

In September 2023, the SEC adopted amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“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. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing

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time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. 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. 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 PIMCO to be the primary exchange. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources 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 Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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 a Fund 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 are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Sources. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are 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

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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.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Funds normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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 each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to 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 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 (unadjusted) 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 Valuation Designee 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.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 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, Level 2 and Level 3 of the fair value hierarchy are as follows:

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.

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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.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

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, non-U.S. bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ 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 Sources 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.

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 Sources 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.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are 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, indexes, 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 Sources (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 Sources 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, indexes, 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, indexes, 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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.

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Notes to Financial Statements (Cont.)

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Physical commodities are valued using spot prices from established commodity exchanges as published by a a third party pricing service as of the reporting date.

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 and PIMCO Active Bond Exchange-Traded Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and PIMCO Active Bond Exchange-Traded Fund is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund and PIMCO Active Bond Exchange-Traded Fund considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2023 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	25,063	$	56,334	$	(49,413	)	$	0	$	0	$	31,984	$	744	$	0
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		2,928		19,613		(15,694	)		0		0		6,847		133		0
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		149		26,061		(26,210	)		0		0		0		13		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 and may contain a return of capital. 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.

The table below shows the Fund’s transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2023 (amounts in thousands^†):

PIMCO Active Bond Exchange-Traded Fund

Underlying PIMCO Fund	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund	$	0	$	5,012	$	0	$	0	$	133	$	5,145	$	29	$	0
PIMCO Senior Loan Active Exchange-Traded Fund		18,827		16,451		0		0		331		35,609		1,349		0

PIMCO Commodity Strategy Active Exchange-Traded Fund

Underlying PIMCO Fund	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$	0	$	12,171	$	0	$	0	$	(37	)	$	12,134	$	57	$	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 and may contain a return of capital. 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.

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(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.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, a Fund would bear a pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses a Fund bears directly in connection with its own operations. Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF’s performance may not track the performance of the index the ETF is designed to track.

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

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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 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 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.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of December 31, 2023, as applicable, are disclosed in the Notes to Schedules of Investments.

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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, 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 which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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 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.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

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. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the

Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

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.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

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

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beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

c) The fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

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) Line of Credit The PIMCO Senior Loan Active Exchange-Traded Fund entered into a 360-day liquidity loan facility agreement with State Street Bank & Trust Company. State Street Bank & Trust Company serves as both a bank and as an agent for the other banks that are parties to the agreement. The Fund pays financing charges based on a combination of an overnight bank funding rate based on variable rate plus a credit spread. The Fund also pays a fee of 0.15% per annum on the unused commitment amounts. As of December 31, 2023, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest on outstanding borrowings and commitment and upfront fees, if any, paid by the Fund are disclosed as part of the interest expense on the Statements of Operations. Commitment and Upfront Fees incurred by the Fund in connection with its line of credit agreement was recorded as a prepaid expense and disclosed on the Statement of Assets and Liabilities. Such fees are amortized through the expiration date of the agreement and included as part of the interest expense on the Statement of Operations. Legal costs related to the annual renewal of the line of credit are included in Miscellaneous Expenses on the Statements of Operations.

As of December 31, 2023, the maximum available commitment and related fees for the revolving credit agreement are:

Maximum Available Commitment*		Expiration Date		Commitment and Upfront Fees
$	10,000,000		08/27/2024	$	10,080

* Maximum available commitment prior to renewal on August 29, 2023, for the Fund was $5,000,000.

(b) 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 a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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.

(c) 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 a 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.

(d) 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

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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 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.

(e) 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 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 ESG Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

PIMCO Senior Loan 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.

(f) Interfund Lending In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2023, the Funds did not participate in the Interfund Lending Program.

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

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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.

(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 and are traded on an exchange. 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 a Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. 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.

Commodity Options are options on commodity futures contracts (“Commodity Option”). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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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 Funds use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

(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 fail to perform or meet an obligation 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.

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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 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 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. 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 indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used 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 indexes 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 indexes, 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.

168 PIMCO ETF TRUST  

December 31, 2023 (Unaudited)

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.

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 AND OTHER RISKS

(a) 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 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 Active Bond Exchange- Traded Fund

PIMCO Enhanced Low Duration Active Exchange- Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund

PIMCO Enhanced Short Maturity Active Exchange- Traded Fund

PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund

PIMCO Municipal Income Opportunities Active Exchange- Traded Fund

PIMCO Senior Loan Active Exchange- Traded Fund

PIMCO Short Term Municipal Bond Active Exchange- Traded Fund

New Fund

—

—

—

—

—

—

—

—

X

—

—

X

X

—

Small Fund

—

—

—

—

—

—

—

—

—

—

—

X

—

—

Senior Loan

—

—

—

—

—

—

—

—

—

—

—

—

X

—

Market Trading

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Interest Rate

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Call

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Inflation-Indexed Security

—

X

X

X

—

—

—

—

—

—

—

—

—

—

Credit

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Collateralized Loan Obligations

—

—

—

—

—

—

X

X

X

X

—

—

—

—

High Yield

—

—

—

—

X

—

X

X

—

—

—

X

X

—

Market

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Municipal Bond

—

—

—

—

—

—

—

—

—

X

X

—

X

Issuer

—

—

—

—

X

X

X

X

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Derivatives

X

X

X

X

X

X

X

X

—

—

X

X

X

X

Equity

—

—

—

—

—

—

X

—

—

—

—

—

X

—

  SEMIANNUAL REPORT | DECEMBER 31, 2023 169

Notes to Financial Statements (Cont.)

Risks

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 Active Bond Exchange- Traded Fund

PIMCO Enhanced Low Duration Active Exchange- Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange- Traded Fund

PIMCO Enhanced Short Maturity Active Exchange- Traded Fund

PIMCO Intermediate Municipal Bond Active Exchange- Traded Fund

PIMCO Municipal Income Opportunities Active Exchange- Traded Fund

PIMCO Senior Loan Active Exchange- Traded Fund

PIMCO Short Term Municipal Bond Active Exchange- Traded Fund

Mortgage-Related and Other Asset Backed Securities

—

—

—

—

X

—

X

X

X

X

—

—

—

—

Foreign (Non-U.S.) Investment

—

—

—

—

X

X

X

X

X

X

—

—

X

—

Emerging Markets

—

—

—

—

X

X

X

X

—

—

—

—

—

—

Sovereign Debt

—

—

—

—

X

X

—

—

—

—

—

—

—

—

Environmental, Social and Governance

—

—

—

—

—

—

—

—

X

—

—

—

—

—

AMT Bonds

—

—

—

—

—

—

—

—

—

—

—

X

—

—

Currency

—

—

—

—

—

—

X

X

X

—

—

—

X

—

Leveraging

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Management and Tracking Error

X

X

X

X

X

X

—

—

—

—

—

—

—

—

Indexing

X

X

X

X

X

X

—

—

—

—

—

—

—

—

Management

—

—

—

—

—

—

X

X

X

X

X

X

X

X

Asset-Backed Securities

—

—

—

—

—

—

—

—

—

—

—

—

X

—

California State-Specific

—

—

—

—

—

—

—

—

—

—

X

X

—

—

New York State-Specific

—

—

—

—

—

—

—

—

—

—

X

X

—

—

Puerto Rico-Specific

—

—

—

—

—

—

—

—

—

—

—

X

—

—

Municipal Project-Specific

—

—

—

—

—

—

—

—

—

—

X

X

—

X

Short Exposure

—

—

—

—

—

—

X

X

X

—

—

—

X

—

Convertible Securities

—

—

—

—

—

—

X

—

—

—

—

—

—

—

Tax-Efficient Investing

—

—

—

—

—

—

X

X

—

—

—

—

—

—

Distribution Rate

—

—

—

—

—

—

X

X

—

—

—

—

—

—

LIBOR Transition

—

—

—

—

—

—

X

X

X

X

X

X

X

X

Futures Contract

—

—

—

—

—

—

—

—

X

X

—

—

—

—

Capital Securities

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Preferred Securities

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Concentration in Banking Industries

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Contingent Convertible Securities

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Issuer Non-Diversification

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Model

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Tax

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Subsidiary

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Oil-Related

—

—

—

—

—

—

—

—

—

—

—

—

—

—

Risks	PIMCO Multisector Bond Active Exchange- Traded Fund		PIMCO Preferred and Capital Securities Active Exchange- Traded Fund		PIMCO Ultra Short Government Active Exchange- Traded Fund		PIMCO Commodity Strategy Active Exchange- Traded Fund
New Fund		X		X		X		X
Small Fund		—		X		X		—
Senior Loan		—		—		—		—
Market Trading		X		X		X		X
Interest Rate		X		X		X		X
Call		X		X		X		X
Inflation-Indexed Security		—		—		—		—
Credit		X		X		X		X

170 PIMCO ETF TRUST  

December 31, 2023 (Unaudited)

Risks	PIMCO Multisector Bond Active Exchange- Traded Fund		PIMCO Preferred and Capital Securities Active Exchange- Traded Fund		PIMCO Ultra Short Government Active Exchange- Traded Fund		PIMCO Commodity Strategy Active Exchange- Traded Fund
Collateralized Loan Obligations		X		—		—		—
High Yield		X		X		—		—
Market		X		X		X		X
Municipal Bond		—		—		—		—
Issuer		X		X		—		X
Liquidity		X		X		—		X
Derivatives		X		X		—		X
Equity		X		X		—		—
Mortgage-Related and Other Asset Backed Securities		X		—		—		X
Foreign (Non-U.S.) Investment		X		X		—		X
Emerging Markets		X		X		—		—
Sovereign Debt		X		—		—		X
Environmental, Social and Governance		—		—		—		—
AMT Bonds		—		—		—		—
Currency		X		X		—		X
Leveraging		X		X		—		X
Management and Tracking Error		—		—		—		—
Indexing		—		—		—		—
Management		X		X		X		X
Asset-Backed Securities		—		—		—		—
California State-Specific		—		—		—		—
New York State-Specific		—		—		—		—
Puerto Rico-Specific		—		—		—		—
Municipal Project-Specific		—		—		—		—
Short Exposure		X		X		—		X
Convertible Securities		—		—		—		—
Tax-Efficient Investing		—		—		—		—
Distribution Rate		—		—		—		—
LIBOR Transition		X		X		—		X
Futures Contract		—		—		—		—
Capital Securities		—		X		—		—
Preferred Securities		—		X		—		—
Concentration in Banking Industries		—		X		—		—
Contingent Convertible Securities		X		X		—		—
Commodity		—		—		—		X
Issuer Non-Diversification		—		—		—		X
Model		—		—		—		X
Tax		—		—		—		X
Subsidiary		—		—		—		X
Oil-Related		—		—		—		X

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 Fund Risk is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions of fund shares.

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the

  SEMIANNUAL REPORT | DECEMBER 31, 2023 171

Notes to Financial Statements (Cont.)

Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

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, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than a Fund’s net asset value, and are subject to trading costs, which may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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 or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

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, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO’s manager may perform poorly.

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, changes in financial condition or credit rating, financial leverage, reputation or 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 investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

172 PIMCO ETF TRUST  

December 31, 2023 (Unaudited)

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Equity Risk is the risk that the value of equity or equity-related securities, including preferred 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. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

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. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks.

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, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 173

Notes to Financial Statements (Cont.)

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 actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Environmental, Social and Governance Risk is the risk that, because the Fund’s ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund’s performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor.

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.

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.

Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal 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 specific 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 or other short positions, including the potential loss of more money than the

actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises because 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.

LIBOR Transition Risk is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

AMT Bonds Risk is the risk that “AMT Bonds,” which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than,

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the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and Capital Securities, the Fund will be more susceptible to these risks than a fund that does not invest in Capital Securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount (including potentially zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or through the Subsidiary, may subject the Fund to greater volatility than investments

in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Model Risk is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Oil-Related Risk is the risk that investments in or tied to the price of oil may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other things, national and international political changes, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in

  SEMIANNUAL REPORT | DECEMBER 31, 2023 175

Notes to Financial Statements (Cont.)

financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

Market Disruption Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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

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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. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally 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. 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 or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of

  SEMIANNUAL REPORT | DECEMBER 31, 2023 177

Notes to Financial Statements (Cont.)

daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. 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 LLC (“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 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(1)		0.55%
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		0.46%
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(2)		0.36%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0.35%
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		0.35%
PIMCO Multisector Bond Active Exchange-Traded Fund(3)		0.65%
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4)		0.49%
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(5)		0.84%
PIMCO Senior Loan Active Exchange-Traded Fund(6)		0.70%
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0.35%
PIMCO Ultra Short Government Active Exchange-Traded Fund		0.14%
PIMCO Commodity Strategy Active Exchange-Traded Fund(5)		0.79%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee in an amount equivalent to the Fund’s expenses or costs attributable to the SEC’s investigation and related settlement proceedings identified in Investment Advisers Act of 1940 Release No. 4577, dated December 1, 2016.

⁽²⁾  PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.12% of the average daily net assets attributable to the Fund.

⁽³⁾  PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its management fee by 0.10% of the average daily net assets attributable to the Fund.

⁽⁴⁾  PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.10% of the average daily net assets attributable to the Fund.

⁽⁵⁾  PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.15% of the average daily net assets attributable to the Fund.

⁽⁶⁾  PIMCO has contractually agreed, through October 31, 2025, to reduce its management fee by 0.10% 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, 2023 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. 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.

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.

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(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2024, 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, 2024, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Commodity Strategy Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for

the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee for the PIMCO Multisector Bond Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Prior to October 31, 2020, PIMCO had contractually agreed to waive its management fee for the PIMCO Enhanced Low Duration Active Exchange-Traded Fund. In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO as of December 31, 2023, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO Enhanced Low Duration Active Exchange-Traded Fund	$	4	$	16	$	22	$	42
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		194		218		189		601
PIMCO Multisector Bond Active Exchange-Traded Fund		0		0		158		158
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		8		124		74		206
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		0		194		194
PIMCO Senior Loan Active Exchange-Traded Fund		0		263		323		586
PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0		47		47
PIMCO Commodity Strategy Active Exchange-Traded Fund		0		0		269		269

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

(e) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2024, for the PIMCO Active Bond Exchange-Traded Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees of other series of the Trust indirectly incurred by the Fund’s investments in other series of the

Trust. The waiver 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 of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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Notes to Financial Statements (Cont.)

The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary’s portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee paid by the Commodity Subsidiary to PIMCO. This waiver may not be

terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. PIMCO may not seek reimbursement from the Fund with respect to the management fees waived. The waiver, if any, is reflected on the Consolidated Statements of Operations as a component of Waiver and/ or Reimbursement by PIMCO. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

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 applicable SEC rules and interpretations 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 applicable SEC rules and interpretations under the Act for the period ended December 31, 2023, were as follows (amounts in thousands^†):

Fund Name	Purchases		Sales		Realized Gain/(Loss)
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund	$	74,006	$	31,698	$	(2,346	)
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		1,247		70		(28	)
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		401		437		(18	)

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

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(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. 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 when distributed to shareholders). The transaction costs 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, 2023, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	205,133	$	230,414	$	0	$	0
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		83,243		89,590		0		0
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		11,405		22,891		0		0
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		68,401		70,854		0		0

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	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	35,606	$	35,529	$	256,960	$	204,588
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		5,413		1,098		19,374		18,921
PIMCO Active Bond Exchange-Traded Fund		8,441,451		8,198,530		409,709		126,869
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		864,562		908,277		137,594		81,187
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		3,387		4,789		36,142		19,856
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		451,746		738,107		3,080,205		1,144,744
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		21,198		0		412,451		105,251
PIMCO PIMCO Multisector Bond Active Exchange-Traded Fund		547,464		420,162		201,079		12,073
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		1,123		0		53,307		20,831
PIMCO ETF-PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		266		0		26,480		17,311
PIMCO Senior Loan Active Exchange-Traded Fund		0		0		188,168		73,963
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		4,344		0		105,512		65,505
PIMCO ETF-Ultra Short Government Active Exchange-Traded Fund		0		0		0		0
PIMCO ETF-PIMCO Commodity Strategy Active Exchange-Traded Fund		5,986		2,000		107,108		23,419

^†  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 a 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 custodian of the Funds. These standard transaction fees are not payable to the Funds, and therefore, generally do not impact the Funds’ financial statements. 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. To the extent a variable transaction fee is not charged, certain costs may be borne by a Fund.

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).

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2023, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):

Fund Name	Contributions		Redemptions
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	676,250	$	332,717
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		0		261,028
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		238,576		112,856
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		7,663		23,753
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		215,086		97,301
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		278,144		17,599
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		26,976

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 181

Notes to Financial Statements (Cont.)

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 which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on January 19, 2023, as a wholly owned subsidiary acting as an investment vehicle for the PIMCO Commodity Strategy Active Exchange-Traded Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 13.3% of the Fund’s consolidated net assets.

16. 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.

17. 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 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, 2023, 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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds’ ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

PIMCO Commodity Strategy Active Exchange-Traded Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary’s subpart F income, whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income and realized gains and mark-to-market gains will be subpart F income. PIMCO Commodity Strategy Active Exchange-Traded Fund’s recognition of its Subsidiary’s subpart F income will increase the Fund’s tax basis in its Subsidiary. Distributions by the Subsidiary to PIMCO Commodity Strategy Active Exchange-Traded Fund will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce PIMCO Commodity Strategy Active Exchange-Traded Fund’s tax basis in its Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as ordinary income, regardless of the character of the Subsidiary’s underlying income or gains.

182 PIMCO ETF TRUST  

December 31, 2023 (Unaudited)

If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary’s parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds’ income from in the subsidiary is derived with respect to the Funds’ business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund’s commodity-linked investments, there would likely be a significant adverse impact on PIMCO Commodity Strategy Active Exchange-Traded Fund, including the possibility of failing to qualify as a regulated investment company.

If PIMCO Commodity Strategy Active Exchange-Traded Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund’s taxable income or any distributions made by PIMCO Commodity Strategy Active Exchange-Traded Fund or result in the inability of PIMCO Commodity Strategy Active Exchange-Traded Fund to operate as described in the Fund’s Prospectus.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	31,458	$	79,742
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		9,877		23,663
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		19,631		20,545
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		21,392		2,936
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		50,373		171,954
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		13,714		14,456
PIMCO Active Bond Exchange-Traded Fund		283,807		138,962
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		49,954		24,547
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		1,504		1,248
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		83,507		160,791
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		23,064		11,894
PIMCO Multisector Bond Active Exchange-Traded Fund		17		0
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		5,138		0
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		1,065		0
PIMCO Senior Loan Active Exchange-Traded Fund		983		52
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		5,525		5,993
PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0
PIMCO Commodity Strategy Active Exchange-Traded Fund		1		0

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 183

Notes to Financial Statements (Cont.) December 31, 2023 (Unaudited)

As of December 31, 2023, 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 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	1,398,634	$	17,767	$	(115,929	)	$	(98,162	)
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		616,373		814		(37,230	)		(36,416	)
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		1,022,606		0		(256,533	)		(256,533	)
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		117,394		595		(4,916	)		(4,321	)
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,292,283		28,692		(30,396	)		(1,704	)
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		1,079,862		11,600		(40,234	)		(28,634	)
PIMCO Active Bond Exchange-Traded Fund		4,357,564		139,459		(144,087	)		(4,628	)
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,044,410		8,963		(15,459	)		(6,496	)
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		170,866		490		(1,916	)		(1,426	)
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		10,200,753		16,031		(70,871	)		(54,840	)
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		1,343,301		45,342		(7,000	)		38,342
PIMCO Multisector Bond Active Exchange-Traded Fund		403,703		6,851		(324	)		6,527
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		104,503		4,861		(880	)		3,981
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		76,059		3,650		(1,320	)		2,330
PIMCO Senior Loan Active Exchange-Traded Fund		304,459		6,550		(557	)		5,993
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		565,583		5,839		(4,493	)		1,346
PIMCO Ultra Short Government Active Exchange-Traded Fund		178,775		12		0			12
PIMCO Commodity Strategy Active Exchange-Traded Fund		188,589		3,173		(9,912	)		(6,739	)

^†  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.

184 PIMCO ETF TRUST  

Glossary: (abbreviations that may be used in the preceding statements)   (Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	DEU	Deutsche Bank Securities, Inc.	MYC	Morgan Stanley Capital Services LLC
BCY	Barclays Capital, Inc.	FAR	Wells Fargo Bank National Association	MYI	Morgan Stanley & Co. International PLC
BMO	BMO Capital Markets Corporation	FICC	Fixed Income Clearing Corporation	RBC	Royal Bank of Canada
BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	RDR	RBC Capital Markets LLC
BOS	BofA Securities, Inc.	GSC	Goldman Sachs & Co. LLC	SCX	Standard Chartered Bank, London
BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	SOG	Societe Generale Paris
BPS	BNP Paribas S.A.	JPM	JP Morgan Chase Bank N.A.	SSB	State Street Bank and Trust Co.
BRC	Barclays Bank PLC	JPS	J.P. Morgan Securities LLC	TOR	The Toronto-Dominion Bank
BSN	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc	UAG	UBS AG Stamford
CBK	Citibank N.A.	MSC	Morgan Stanley & Co. LLC.	UBS	UBS Securities LLC
CIB	Canadian Imperial Bank of Commerce
Currency Abbreviations:
AUD	Australian Dollar	HUF	Hungarian Forint	PLN	Polish Zloty
BRL	Brazilian Real	IDR	Indonesian Rupiah	THB	Thai Baht
CAD	Canadian Dollar	INR	Indian Rupee	TRY	Turkish New Lira
CNY	Chinese Renminbi (Mainland)	JPY	Japanese Yen	TWD	Taiwanese Dollar
CZK	Czech Koruna	MXN	Mexican Peso	USD (or $)	United States Dollar
EUR	Euro	PEN	Peruvian New Sol	ZAR	South African Rand
GBP	British Pound
Exchange Abbreviations:
CBOT	Chicago Board of Trade	NYMEX	New York Mercantile Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BCOMAG	Bloomberg Agriculture Subindex	JMABNIC5	J.P. Morgan Custom Commodity Index	SOFR	Secured Overnight Financing Rate
BCOMIN	Bloomberg Industrial Metals Subindex	LIBOR01M	1 Month USD-LIBOR	SOFRINDEX	Secured Overnight Financing Rate Index
BRENT	Brent Crude	LIBOR03M	3 Month USD-LIBOR	TSFR1M	Term SOFR 1-Month
CDX.EM	Credit Derivatives Index - Emerging Markets	MUNIPSA	Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index	TSFR3M	Term SOFR 3-Month
CDX.HY	Credit Derivatives Index - High Yield	MUTKCALM	Tokyo Overnight Average Rate	US0001M	ICE 1-Month USD LIBOR
CDX.IG	Credit Derivatives Index - Investment Grade	PIMCODB	PIMCO Custom Commodity Basket	US0003M	ICE 3-Month USD LIBOR
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	BHAC	Berkshire Hathaway Assurance Corporation	NPFGC	National Public Finance Guarantee Corp.
AGM	Assured Guaranty Municipal	CR	Custodial Receipts	PSF	Public School Fund
AMBAC	American Municipal Bond Assurance Corp.	FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
BAM	Build America Mutual Assurance	FNMA	Federal National Mortgage Association
Other Abbreviations:
ABS	Asset-Backed Security	DAC	Designated Activity Company	RBOB	Reformulated Blendstock for Oxygenate Blending
ALT	Alternate Loan Trust	EURIBOR	Euro Interbank Offered Rate	REMIC	Real Estate Mortgage Investment Conduit
BABs	Build America Bonds	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced
BBR	Bank Bill Rate	OIS	Overnight Index Swap	TBD	To-Be-Determined
BBSW	Bank Bill Swap Reference Rate	oz.	Ounce	TBD%	Interest rate to be determined when loan settles or at the time of funding
BRL-CDI	Brazil Interbank Deposit Rate	PIK	Payment-in-Kind	WTI	West Texas Intermediate
CLO	Collateralized Loan Obligation	PRIBOR	Prague Interbank Offered Rate

  SEMIANNUAL REPORT | DECEMBER 31, 2023 185

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2023 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
July 2023	$	0.7800	$	0.0000	$	0.0000	$	0.7800
October 2023	$	0.7100	$	0.0000	$	0.0000	$	0.7100
December 2023	$	0.7800	$	0.0000	$	0.0000	$	0.7800
PIMCO 1-5 Year U.S. TIPS Index Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.1100	$	0.0000	$	0.0000	$	0.1100
August 2023	$	0.0600	$	0.0000	$	0.0000	$	0.0600
September 2023	$	0.1100	$	0.0000	$	0.0000	$	0.1100
October 2023	$	0.0500	$	0.0000	$	0.0000	$	0.0500
November 2023	$	0.1650	$	0.0000	$	0.0000	$	0.1650
December 2023	$	0.0900	$	0.0000	$	0.0000	$	0.0900
PIMCO 15+ Year U.S. TIPS Index Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3600	$	0.0000	$	0.0000	$	0.3600
August 2023	$	0.1500	$	0.0000	$	0.0000	$	0.1500
September 2023	$	0.2100	$	0.0000	$	0.0000	$	0.2100
October 2023	$	0.1200	$	0.0000	$	0.0000	$	0.1200
November 2023	$	0.2900	$	0.0000	$	0.0000	$	0.2900
December 2023	$	0.1700	$	0.0000	$	0.0000	$	0.1700
PIMCO Broad U.S. TIPS Index Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3400	$	0.0000	$	0.0000	$	0.3400
August 2023	$	0.1800	$	0.0000	$	0.0000	$	0.1800
September 2023	$	0.2500	$	0.0000	$	0.0000	$	0.2500
October 2023	$	0.1700	$	0.0000	$	0.0000	$	0.1700
November 2023	$	0.2800	$	0.0000	$	0.0000	$	0.2800
December 2023	$	0.2800	$	0.0000	$	0.0000	$	0.2800
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.5200	$	0.0000	$	0.0000	$	0.5200
August 2023	$	0.4600	$	0.0000	$	0.0000	$	0.4600
September 2023	$	0.4900	$	0.0000	$	0.0000	$	0.4900
October 2023	$	0.5500	$	0.0000	$	0.0000	$	0.5500
November 2023	$	0.5300	$	0.0000	$	0.0000	$	0.5300
December 2023	$	1.0700	$	0.0000	$	0.0000	$	1.0700

186 PIMCO ETF TRUST  

(Unaudited)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3500	$	0.0000	$	0.0000	$	0.3500
August 2023	$	0.3100	$	0.0000	$	0.0000	$	0.3100
September 2023	$	0.3200	$	0.0000	$	0.0000	$	0.3200
October 2023	$	0.3500	$	0.0000	$	0.0000	$	0.3500
November 2023	$	0.3400	$	0.0000	$	0.0000	$	0.3400
December 2023	$	0.7000	$	0.0000	$	0.0000	$	0.7000
PIMCO Active Bond Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3300	$	0.0000	$	0.0000	$	0.3300
August 2023	$	0.2900	$	0.0000	$	0.0000	$	0.2900
September 2023	$	0.3300	$	0.0000	$	0.0000	$	0.3300
October 2023	$	0.3400	$	0.0000	$	0.0000	$	0.3400
November 2023	$	0.3200	$	0.0000	$	0.0000	$	0.3200
December 2023	$	0.6650	$	0.0000	$	0.0000	$	0.6650
PIMCO Enhanced Low Duration Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3700	$	0.0000	$	0.0000	$	0.3700
August 2023	$	0.3400	$	0.0000	$	0.0000	$	0.3400
September 2023	$	0.3500	$	0.0000	$	0.0000	$	0.3500
October 2023	$	0.3600	$	0.0000	$	0.0000	$	0.3600
November 2023	$	0.3500	$	0.0000	$	0.0000	$	0.3500
December 2023	$	0.7200	$	0.0000	$	0.0000	$	0.7200
PIMCO Enhanced Short Maturity Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.4300	$	0.0000	$	0.0000	$	0.4300
August 2023	$	0.4100	$	0.0000	$	0.0000	$	0.4100
September 2023	$	0.4460	$	0.0000	$	0.0000	$	0.4460
October 2023	$	0.4510	$	0.0000	$	0.0000	$	0.4510
November 2023	$	0.4230	$	0.0000	$	0.0000	$	0.4230
December 2023	$	0.9200	$	0.0000	$	0.0000	$	0.9200
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.4070	$	0.0000	$	0.0000	$	0.4070
August 2023	$	0.3800	$	0.0000	$	0.0000	$	0.3800
September 2023	$	0.4000	$	0.0000	$	0.0000	$	0.4000
October 2023	$	0.4300	$	0.0000	$	0.0000	$	0.4300
November 2023	$	0.4100	$	0.0000	$	0.0000	$	0.4100
December 2023	$	0.9380	$	0.0000	$	0.0000	$	0.9380
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.1500	$	0.0000	$	0.0000	$	0.1500
August 2023	$	0.1280	$	0.0000	$	0.0000	$	0.1280
September 2023	$	0.1400	$	0.0000	$	0.0000	$	0.1400
October 2023	$	0.1450	$	0.0000	$	0.0000	$	0.1450
November 2023	$	0.1300	$	0.0000	$	0.0000	$	0.1300
December 2023	$	0.2860	$	0.0000	$	0.0000	$	0.2860

  SEMIANNUAL REPORT | DECEMBER 31, 2023 187

Distribution Information (Cont.)

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.1540	$	0.0000	$	0.0000	$	0.1540
August 2023	$	0.1340	$	0.0000	$	0.0000	$	0.1340
September 2023	$	0.1480	$	0.0000	$	0.0000	$	0.1480
October 2023	$	0.1500	$	0.0000	$	0.0000	$	0.1500
November 2023	$	0.1360	$	0.0000	$	0.0000	$	0.1360
December 2023	$	0.2900	$	0.0000	$	0.0000	$	0.2900
PIMCO Senior Loan Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.3700	$	0.0000	$	0.0000	$	0.3700
August 2023	$	0.3700	$	0.0000	$	0.0000	$	0.3700
September 2023	$	0.3330	$	0.0000	$	0.0000	$	0.3330
October 2023	$	0.3300	$	0.0000	$	0.0000	$	0.3300
November 2023	$	0.3700	$	0.0000	$	0.0000	$	0.3700
December 2023	$	0.6200	$	0.0000	$	0.0000	$	0.6200
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.1260	$	0.0000	$	0.0000	$	0.1260
August 2023	$	0.1150	$	0.0000	$	0.0000	$	0.1150
September 2023	$	0.1300	$	0.0000	$	0.0000	$	0.1300
October 2023	$	0.1310	$	0.0000	$	0.0000	$	0.1310
November 2023	$	0.1250	$	0.0000	$	0.0000	$	0.1250
December 2023	$	0.2500	$	0.0000	$	0.0000	$	0.2500
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.2200	$	0.0000	$	0.0000	$	0.2200
August 2023	$	0.2000	$	0.0000	$	0.0000	$	0.2000
September 2023	$	0.2200	$	0.0000	$	0.0000	$	0.2200
October 2023	$	0.2230	$	0.0000	$	0.0000	$	0.2230
November 2023	$	0.2500	$	0.0000	$	0.0000	$	0.2500
December 2023	$	0.5200	$	0.0000	$	0.0000	$	0.5200
PIMCO Commodity Strategy Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.0340	$	0.0000	$	0.0000	$	0.0340
August 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
September 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
October 2023	$	0.3210	$	0.0000	$	0.0000	$	0.3210
November 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
December 2023	$	0.3100	$	0.0000	$	0.0000	$	0.3100
PIMCO Multisector Bond Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
August 2023	$	0.1106	$	0.0000	$	0.0024	$	0.1130
September 2023	$	0.1200	$	0.0000	$	0.0000	$	0.1200
October 2023	$	0.1179	$	0.0000	$	0.0021	$	0.1200
November 2023	$	0.1200	$	0.0000	$	0.0000	$	0.1200
December 2023	$	0.2260	$	0.0000	$	0.0000	$	0.2260

188 PIMCO ETF TRUST  

(Unaudited)

PIMCO Ultra Short Government Active Exchange- Traded Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
August 2023	$	0.3885	$	0.0000	$	0.0115	$	0.4000
September 2023	$	0.4000	$	0.0000	$	0.0000	$	0.4000
October 2023	$	0.2840	$	0.0000	$	0.0000	$	0.2840
November 2023	$	0.4700	$	0.0000	$	0.0000	$	0.4700
December 2023	$	0.6860	$	0.0000	$	0.0000	$	0.6860

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 189

Approval of Investment Management Agreement

Approval of Renewal of the Investment Management Agreement

At a meeting held on August 22-23, 2023, 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 the Trust’s series (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2024. 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; management fees; 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 (“Counsel”), which included, among other things, a memorandum 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 encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, 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 presentations 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 22-23, 2023 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2023, and conducted a video conference meeting on August 11, 2023 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreement. In connection with its review of the Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.

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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Agreement. The Board considered PIMCO’s

190 PIMCO ETF TRUST  

(Unaudited)

policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, 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 considered PIMCO’s continuous investment in its disciplines and personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

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, as applicable.

(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 but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement is expected to continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers. 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, 2023 and other performance data, as available, over short-and long-term periods ended June 30, 2023 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short-and long-term periods ended March 31, 2023 (the “Broadridge Report”). The Board also noted that while historically the Broadridge

Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Board reviewed materials indicating that, on a net-of-fees basis, performance has generally been strong for the active fixed income Funds over the three- and five-year periods ended March 31, 2023 and since inception. The Board also reviewed information that showed that, certain index Funds underperformed their benchmark, but that PIMCO did not expect such Funds, for structural reasons, to outperform their benchmarks on a net-of-fees basis over longer time horizons. PIMCO reported to the Board about the reasons for the underperformance of certain Funds and actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation.

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 at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. 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 or proposed for different Funds for

  SEMIANNUAL REPORT | DECEMBER 31, 2023 191

Approval of Investment Management Agreement (Cont.)

management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fees and total expense ratios of the Funds (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 fees, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place for certain of the Funds. The Board compared each Fund’s total expense ratio to other funds in the Broadridge Report “Expense Group” and found each Fund’s total expense ratio to be reasonable.

The Board also reviewed data comparing the Funds’ management fees to the fee rates PIMCO charges to separate accounts and to other investment companies with similar investment strategies, although, in the case of a number of Funds in the Trust, PIMCO 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 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, ordinary 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 inherently reflects certain 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 to 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, in the exercise of their business judgment, that the management fee charged by PIMCO under the Agreement, and that the total expense ratio of each Fund are reasonable.

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 attributable to the Funds. 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 recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and to accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, 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

192 PIMCO ETF TRUST  

(Unaudited)

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, 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 and trade processing systems. 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 also reviewed materials indicating 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 administrative and 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 to 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. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street. The Board also noted 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 fees charged under the Agreement were fair and reasonable in light of the services provided, and that the renewal of the Agreement was in the best interests of the Funds and their shareholders.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 193

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 & Trust Co

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank and Trust Company

1776 Heritage Drive

North 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.

ETF4001SAR_123123

b) Not applicable to the Registrant.

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 report 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 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 for 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/  Joshua D. Ratner
	Joshua D. Ratner
	President (Principal Executive Officer)
Date:	March 1, 2024

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/ Joshua D. Ratner
	Joshua D. Ratner
	President (Principal Executive Officer)
Date:	March 1, 2024
By:	/s/ Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	March 1, 2024