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, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The following is a copy of the reports transmitted to stockholders 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 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

•

PIMCO Commodity Strategy Active Exchange-Traded Fund

(b)

Not applicable to the Registrant.

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

HYS | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$29	0.56%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$1,318,371
# of Portfolio Holdings	832
Portfolio Turnover Rate	31%
Total Net Management Fees Paid During the Reporting Period	$3,668

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	93.4%
Loan Participations and Assignments	0.8%
Common Stocks	0.5%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	6.9%
Affiliated Investments	2.6%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(4.2%)
Total	100.0%

Additional Information

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit www.pimco.com/literature or contact 888.400.4ETF (888.400.4383). For tax information about the Fund, please visit: www.pimco.com/tax.

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

Semi-Annual Shareholder Report |

December 31, 2024

HYS | Principal Listing Exchange: NYSE Arca

ETF4780TSRSAR_123124

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

STPZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$469,187
# of Portfolio Holdings	26
Portfolio Turnover Rate	23%
Total Net Management Fees Paid During the Reporting Period	$494

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.7%
Short-Term Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	0.3%
Total	100.0%

Additional Information

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

Semi-Annual Shareholder Report |

December 31, 2024

STPZ | Principal Listing Exchange: NYSE Arca

ETF4792TSRSAR_123124

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

LTPZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$691,891
# of Portfolio Holdings	15
Portfolio Turnover Rate	8%
Total Net Management Fees Paid During the Reporting Period	$741

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.5%
Other Assets and Liabilities, Net	0.5%
Total	100.0%

Additional Information

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

Semi-Annual Shareholder Report |

December 31, 2024

LTPZ | Principal Listing Exchange: NYSE Arca

ETF4794TSRSAR_123124

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

ZROZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$7	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$1,512,836
# of Portfolio Holdings	22
Portfolio Turnover Rate	11%
Total Net Management Fees Paid During the Reporting Period	$1,239

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	100.0%
Other Assets and Liabilities, Net	0.0%
Total	100.0%

Additional Information

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

Semi-Annual Shareholder Report |

December 31, 2024

ZROZ | Principal Listing Exchange: NYSE Arca

ETF4735TSRSAR_123124

PIMCO Active Bond Exchange-Traded Fund

BOND | Principal Listing Exchange: NYSE

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Active Bond Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Active Bond Exchange-Traded Fund	$30	0.59%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$5,051,438
# of Portfolio Holdings	1,283
Portfolio Turnover Rate	285%
Total Net Management Fees Paid During the Reporting Period	$13,107

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Government Agencies	57.1%
Corporate Bonds & Notes	23.3%
U.S. Treasury Obligations	14.7%
Asset-Backed Securities	12.8%
Non-Agency Mortgage-Backed Securities	7.0%
Municipal Bonds & Notes	0.7%
Preferred Securities	0.5%
Loan Participations and Assignments	0.3%
Sovereign Issues	0.2%
Short-Term Instruments	4.4%
Affiliated Investments	2.5%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(23.5%)
Total	100.0%

Additional Information

PIMCO Active Bond Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

BOND | Principal Listing Exchange: NYSE

ETF4700TSRSAR_123124

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

TIPZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$105,275
# of Portfolio Holdings	40
Portfolio Turnover Rate	83%
Total Net Management Fees Paid During the Reporting Period	$110

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

U.S. Treasury Obligations	99.3%
Other Assets and Liabilities, Net	0.7%
Total	100.0%

Additional Information

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

Semi-Annual Shareholder Report |

December 31, 2024

TIPZ | Principal Listing Exchange: NYSE Arca

ETF4795TSRSAR_123124

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

LDUR | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Enhanced Low Duration Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Low Duration Active Exchange-Traded Fund	$26	0.51%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$847,984
# of Portfolio Holdings	501
Portfolio Turnover Rate	145%
Total Net Management Fees Paid During the Reporting Period	$1,984

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	32.2%
Asset-Backed Securities	30.4%
U.S. Government Agencies	17.7%
U.S. Treasury Obligations	12.0%
Non-Agency Mortgage-Backed Securities	10.8%
Municipal Bonds & Notes	0.7%
Sovereign Issues	0.3%
Short-Term Instruments	4.8%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(8.9%)
Total	100.0%

Additional Information

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

LDUR | Principal Listing Exchange: NYSE Arca

ETF4756TSRSAR_123124

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

EMNT | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$156,504
# of Portfolio Holdings	187
Portfolio Turnover Rate	40%
Total Net Management Fees Paid During the Reporting Period	$195

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	33.0%
Asset-Backed Securities	26.3%
U.S. Government Agencies	6.3%
U.S. Treasury Obligations	4.3%
Non-Agency Mortgage-Backed Securities	2.0%
Sovereign Issues	0.8%
Short-Term Instruments	27.2%
Financial Derivative Instruments	0.1%
Other Assets and Liabilities, Net	0.0%
Total	100.0%

Additional Information

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

EMNT | Principal Listing Exchange: NYSE Arca

ETF4757TSRSAR_123124

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

MINT | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$19	0.37%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$11,890,401
# of Portfolio Holdings	834
Portfolio Turnover Rate	43%
Total Net Management Fees Paid During the Reporting Period	$21,079

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	52.5%
Asset-Backed Securities	22.8%
U.S. Government Agencies	4.7%
Sovereign Issues	3.3%
U.S. Treasury Obligations	2.9%
Non-Agency Mortgage-Backed Securities	2.5%
Short-Term Instruments	11.5%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

Additional Information

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

MINT | Principal Listing Exchange: NYSE Arca

ETF4750TSRSAR_123124

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

MUNI | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$1,743,623
# of Portfolio Holdings	466
Portfolio Turnover Rate	12%
Total Net Management Fees Paid During the Reporting Period	$2,941

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	17.1%
Local or Guaranteed Housing	10.4%
Ad Valorem Property Tax	8.3%
Electric Power & Light Revenue	6.7%
Natural Gas Revenue	5.7%
Income Tax Revenue	5.3%
Miscellaneous Revenue	5.2%
Highway Revenue Tolls	5.0%
Water Revenue	4.5%
Industrial Revenue	3.3%
Sales Tax Revenue	3.2%
Other Investments	18.0%
Short-Term Instruments	6.3%
Other Assets and Liabilities, Net	1.0%
Total	100.0%

Additional Information

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

MUNI | Principal Listing Exchange: NYSE Arca

ETF4754TSRSAR_123124

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

CORP | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	$27	0.52%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$1,273,177
# of Portfolio Holdings	1,499
Portfolio Turnover Rate	8%
Total Net Management Fees Paid During the Reporting Period	$1,256

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	95.1%
U.S. Treasury Obligations	8.1%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	0.4%
Affiliated Investments	0.3%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(3.9%)
Total	100.0%

Additional Information

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

CORP | Principal Listing Exchange: NYSE Arca

ETF4760TSRSAR_123124

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDT | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Commodity Strategy Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Commodity Strategy Active Exchange-Traded Fund	$32	0.63%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$327,259
# of Portfolio Holdings	343
Portfolio Turnover Rate	18%
Total Net Management Fees Paid During the Reporting Period	$981

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	49.3%
Commodities	18.2%
Asset-Backed Securities	11.5%
Sovereign Issues	4.7%
U.S. Government Agencies	3.5%
Non-Agency Mortgage-Backed Securities	0.4%
Short-Term Instruments	8.9%
Affiliated Investments	5.1%
Financial Derivative Instruments	0.7%
Other Assets and Liabilities, Net	(2.3%)
Total	100.0%

Additional Information

PIMCO Commodity Strategy Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

CMDT | Principal Listing Exchange: NYSE Arca

ETF4741TSRSAR_123124

PIMCO Multisector Bond Active Exchange-Traded Fund

PYLD | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Multisector Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Multisector Bond Active Exchange-Traded Fund	$35	0.68%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$2,706,843
# of Portfolio Holdings	1,245
Portfolio Turnover Rate	261%
Total Net Management Fees Paid During the Reporting Period	$4,816

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Asset-Backed Securities	34.1%
U.S. Government Agencies	30.8%
Non-Agency Mortgage-Backed Securities	23.3%
Corporate Bonds & Notes	19.7%
U.S. Treasury Obligations	7.7%
Loan Participations and Assignments	4.2%
Sovereign Issues	3.2%
Municipal Bonds & Notes	0.2%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	13.1%
Affiliated Investments	0.3%
Financial Derivative Instruments	0.3%
Other Assets and Liabilities, Net	(36.9%)
Total	100.0%

Additional Information

PIMCO Multisector Bond Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

PYLD | Principal Listing Exchange: NYSE Arca

ETF4796TSRSAR_123124

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

MINO | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	$20	0.40%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$237,031
# of Portfolio Holdings	309
Portfolio Turnover Rate	19%
Total Net Management Fees Paid During the Reporting Period	$404

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	16.7%
Local or Guaranteed Housing	13.8%
Port, Airport & Marina Revenue	8.7%
Ad Valorem Property Tax	6.5%
Water Revenue	5.9%
Electric Power & Light Revenue	5.5%
Miscellaneous Revenue	4.9%
Natural Gas Revenue	4.6%
Sales Tax Revenue	3.5%
Industrial Revenue	2.6%
Tobacco Settlement Funded	2.3%
Other Investments	19.5%
Short-Term Instruments	5.2%
Other Assets and Liabilities, Net	0.3%
Total	100.0%

Additional Information

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

MINO | Principal Listing Exchange: NYSE Arca

ETF4764TSRSAR_123124

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

PRFD | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund	$38	0.74%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$169,847
# of Portfolio Holdings	183
Portfolio Turnover Rate	20%
Total Net Management Fees Paid During the Reporting Period	$495

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Corporate Bonds & Notes	60.5%
Preferred Securities	33.0%
Short-Term Instruments	4.2%
Financial Derivative Instruments	(0.1%)
Other Assets and Liabilities, Net	2.4%
Total	100.0%

Additional Information

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

PRFD | Principal Listing Exchange: NYSE Arca

ETF4790TSRSAR_123124

PIMCO Senior Loan Active Exchange-Traded Fund

LONZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Senior Loan Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Senior Loan Active Exchange-Traded Fund	$33	0.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$836,319
# of Portfolio Holdings	385
Portfolio Turnover Rate	9%
Total Net Management Fees Paid During the Reporting Period	$1,822

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Loan Participations and Assignments	90.2%
Corporate Bonds & Notes	2.1%
Short-Term Instruments	41.9%
Financial Derivative Instruments	0.5%
Other Assets and Liabilities, Net	(34.7%)
Total	100.0%

Additional Information

PIMCO Senior Loan Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

LONZ | Principal Listing Exchange: NYSE Arca

ETF4774TSRSAR_123124

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZ | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Ultra Short Government Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Ultra Short Government Active Exchange-Traded Fund	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$620,105
# of Portfolio Holdings	33
Portfolio Turnover Rate	0%
Total Net Management Fees Paid During the Reporting Period	$331

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Short-Term Instruments	100.4%
Other Assets and Liabilities, Net	(0.4%)
Total	100.0%

Additional Information

PIMCO Ultra Short Government Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

BILZ | Principal Listing Exchange: NYSE Arca

ETF4752TSRSAR_123124

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

SMMU | Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report | December 31, 2024

Fund Performance

This semi-annual shareholder report contains important information about the PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to December 31, 2024 (the "reporting period"). You can find additional information about the Fund at www.pimco.com/literature. You can also request this information by contacting us at 888.400.4ETF (888.400.4383).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Total Net Assets	$635,604
# of Portfolio Holdings	260
Portfolio Turnover Rate	16%
Total Net Management Fees Paid During the Reporting Period	$1,103

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

What did the Fund invest in?

Sector Allocation (% of Net Asset Value)^{Footnote Reference*}

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund’s net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Health, Hospital & Nursing Home Revenue	13.9%
Ad Valorem Property Tax	10.5%
Electric Power & Light Revenue	9.8%
Local or Guaranteed Housing	9.7%
Natural Gas Revenue	6.3%
Water Revenue	5.3%
Highway Revenue Tolls	4.5%
General Fund	4.3%
Income Tax Revenue	3.9%
Miscellaneous Revenue	3.7%
Sales Tax Revenue	3.6%
Other Investments	18.7%
Short-Term Instruments	4.9%
Other Assets and Liabilities, Net	0.9%
Total	100.0%

Additional Information

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Semi-Annual Shareholder Report |

December 31, 2024

SMMU | Principal Listing Exchange: NYSE Arca

ETF4753TSRSAR_123124

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.

Investments.

The information required by this Item 6 is included as part of the Financial Statement and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

The following is a copy of the report(s) of the Funds’ Financial Statements and Financial Highlights.

PIMCO ETF Trust

(b)

Not applicable to the Registrant.

LOGO

PIMCO ETF TRUST

Semiannual Financial and Other Information

December 31, 2024

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


Important Information About the Funds		2

Financial Highlights (N-CSR Item 7)		6

Statements of Assets and Liabilities (N-CSR Item 7)		12

Consolidated Statement of Assets and Liabilities (N-CSR Item 7)		14

Statements of Operations (N-CSR Item 7)		15

Consolidated Statement of Operations (N-CSR Item 7)		18

Statements of Changes in Net Assets (N-CSR Item 7)		19

Consolidated Statements of Changes in Net Assets (N-CSR Item 7)		23

Notes to Financial Statements (N-CSR Item 7)		146

Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)		173

Glossary		180

Distribution Information		181

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)		185

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)		186

Approval of Investment Management Agreement (N-CSR Item 11)		187


Fund	Schedule of Investments (N-CSR Item 6)


PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		24

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		25

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		26

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		27

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		28

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		40

PIMCO Active Bond Exchange-Traded Fund		54

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		68

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		75

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		80

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		88

PIMCO Multisector Bond Active Exchange-Traded Fund		96

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		112

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		119

PIMCO Senior Loan Active Exchange-Traded Fund		124

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		131

PIMCO Ultra Short Government Active Exchange-Traded Fund		136

PIMCO Commodity Strategy Active Exchange-Traded Fund⁽¹⁾		137

⁽¹⁾

Consolidated Schedule of Investments

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


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 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 and PIMCO Commodity Strategy 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, are 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 or yields of U.S. Treasury securities (or yields of other types of bonds) 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, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may 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, among other things, 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 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


2		PIMCO ETF TRUST

limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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 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.

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 may reference 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. On March 5, 2021, the United Kingdom’s Financial Conduct Authority (”FCA”), which regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. As a result of benchmark reforms, publication of all LIBOR settings ceased as of September 30, 2024 when the FCA ceased publication of synthetic LIBOR for the one-month, three-month and six-month U.S. Dollar LIBOR. Although LIBOR is no longer published, there are potential

effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a 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 a 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 a 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 a 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, to the extent a fund engages in a responsible investment strategy, 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 have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Important Information About the Funds		(Cont.)

remain solvent, 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. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential 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.

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 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 (NYSE for the PIMCO Active Bond Exchange-Traded Fund), 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”


4		PIMCO ETF TRUST

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 Funds’ 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 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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. The amendments will become effective November 17, 2025, and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2025.

Paper copies of the Funds’ shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing

fund naming conventions (the “Names Rule”). In general, the Names 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 to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund’s calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund’s policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

07/01/2024 - 12/31/2024 +	$	75.17	$	1.63	$	(5.73	)	$	(4.10	)	$	(2.37	)	$	0.00		$	0.00		$	(2.37	)

06/30/2024		91.83		3.22		(16.84	)		(13.62	)		(3.04	)		0.00			0.00			(3.04	)

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	)

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

07/01/2024 - 12/31/2024 +	$	51.65	$	0.31	$	0.83		$	1.14		$	(0.48	)	$	0.00		$	0.00		$	(0.48	)

06/30/2024		50.30		1.12		1.37			2.49			(1.14	)		0.00			0.00			(1.14	)

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	)

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

07/01/2024 - 12/31/2024 +	$	54.09	$	0.54	$	(1.67	)	$	(1.13	)	$	(0.82	)	$	0.00		$	0.00		$	(0.82	)

06/30/2024		60.01		2.34		(5.85	)		(3.51	)		(2.41	)		0.00			0.00			(2.41	)

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	)

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

07/01/2024 - 12/31/2024 +	$	52.52	$	0.83	$	(0.40	)	$	0.43		$	(1.09	)	$	0.00		$	0.00		$	(1.09	)

06/30/2024		54.08		2.54		(1.39	)		1.15			(2.71	)		0.00			0.00			(2.71	)

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	)

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

07/01/2024 - 12/31/2024 +	$	92.86	$	3.49	$	1.58		$	5.07		$	(4.10	)	$	0.00		$	0.00		$	(4.10	)

06/30/2024		90.98		6.35		2.01			8.36			(6.48	)		0.00			0.00			(6.48	)

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	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	95.10	$	2.25	$	0.48		$	2.73		$	(2.67	)	$	0.00		$	0.00		$	(2.67	)

06/30/2024		94.77		4.27		0.27			4.54			(4.21	)		0.00			0.00			(4.21	)

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	)

PIMCO Active Bond Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	91.03	$	2.31	$	(0.25	)	$	2.06		$	(2.71	)	$	0.00		$	0.00		$	(2.71	)

06/30/2024		91.62		4.40		(0.88	)		3.52			(4.11	)		0.00			0.00			(4.11	)

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	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	94.79	$	2.31	$	0.64		$	2.95		$	(2.67	)	$	0.00		$	0.00		$	(2.67	)

06/30/2024		93.86		4.60		0.68			5.28			(4.15	)		0.00			(0.20	)		(4.35	)

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	)


6		PIMCO ETF TRUST			See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets^(f)
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)



$	68.70		(5.65	)%	$	1,512,836		0.15	%*		0.15	%*		0.15	%*		0.15	%*		4.15	%*		11	%

	75.17		(15.00	)		1,388,401		0.15			0.15			0.15			0.15			4.19			22

	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



$	52.31		2.21	%	$	469,187		0.20	%*		0.20	%*		0.20	%*		0.20	%*		1.16	%*		23	%

	51.65		5.01			491,717		0.20			0.20			0.20			0.20			2.23			25

	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



$	52.14		(2.14	)%	$	691,891		0.20	%*		0.20	%*		0.20	%*		0.20	%*		1.92	%*		8	%

	54.09		(5.81	)		706,924		0.20			0.20			0.20			0.20			4.30			4

	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



$	51.86		0.80	%	$	105,275		0.20	%*		0.20	%*		0.20	%*		0.20	%*		3.07	%*		83	%

	52.52		2.26			98,743		0.20			0.20			0.20			0.20			4.86			125

	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



$	93.83		5.54	%	$	1,318,371		0.56	%*		0.56	%*		0.55	%*		0.55	%*		7.30	%*		31	%

	92.86		9.54			1,230,384		0.57			0.57			0.55			0.55			6.96			49

	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



$	95.16		2.85	%	$	1,273,177		0.52	%*		0.52	%*		0.20	%*		0.20	%*		4.56	%*		8	%

	95.10		4.93			1,129,828		0.36			0.36			0.20			0.20			4.55			23

	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



$	90.38		2.24	%	$	5,051,438		0.59	%*		0.60	%*		0.54	%*		0.55	%*		4.92	%*		285	%

	91.03		3.98			4,326,761		0.69			0.70			0.54			0.55			4.90			351

	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



$	95.07		3.15	%	$	847,984		0.51	%*		0.51	%*		0.47	%*		0.47	%*		4.79	%*		145	%

	94.79		5.76			870,154		0.50			0.50			0.46			0.46			4.90			183

	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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

07/01/2024 - 12/31/2024 +	$	98.74	$	2.42	$	0.23		$	2.65		$	(2.96	)	$	0.00		$	0.00	$	(2.96	)

06/30/2024		97.94		5.10		0.77			5.87			(5.07	)		0.00			0.00		(5.07	)

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	)

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

07/01/2024 - 12/31/2024 +	$	100.64	$	2.59	$	0.12		$	2.71		$	(3.04	)	$	0.00		$	0.00	$	(3.04	)

06/30/2024		99.78		5.33		0.81			6.14			(5.28	)		0.00			0.00		(5.28	)

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	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	52.11	$	0.92	$	(0.23	)	$	0.69		$	(1.05	)	$	0.00		$	0.00	$	(1.05	)

06/30/2024		51.82		1.78		0.25			2.03			(1.74	)		0.00			0.00		(1.74	)

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	)

PIMCO Multisector Bond Active Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	25.58	$	0.72	$	0.51		$	1.23		$	(0.95	)	$	0.00		$	0.00	$	(0.95	)

06/30/2024		25.02		1.40		0.46			1.86			(1.30	)		0.00			0.00		(1.30	)

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

07/01/2024 - 12/31/2024 +	$	45.44	$	0.89	$	(0.26	)	$	0.63		$	(1.01	)	$	0.00		$	0.00	$	(1.01	)

06/30/2024		44.58		1.85		0.77			2.62			(1.76	)		0.00			0.00		(1.76	)

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

07/01/2024 - 12/31/2024 +	$	49.62	$	1.44	$	0.93		$	2.37		$	(1.74	)	$	0.00		$	0.00	$	(1.74	)

06/30/2024		46.61		2.71		3.09			5.80			(2.79	)		0.00			0.00		(2.79	)

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

07/01/2024 - 12/31/2024 +	$	51.09	$	1.96	$	0.43		$	2.39		$	(2.48	)	$	0.00		$	0.00	$	(2.48	)

06/30/2024		49.87		4.42		0.88			5.30			(4.08	)		0.00			0.00		(4.08	)

06/30/2023		48.18		3.93		1.18			5.11			(3.42	)		0.00			0.00		(3.42	)

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

07/01/2024 - 12/31/2024 +	$	49.87	$	0.75	$	0.07		$	0.82		$	(0.88	)	$	0.00		$	0.00	$	(0.88	)

06/30/2024		49.57		1.50		0.31			1.81			(1.51	)		0.00			0.00		(1.51	)

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	)

PIMCO Ultra Short Government Active Exchange-Traded Fund

07/01/2024 - 12/31/2024 +	$	101.11	$	2.45	$	0.14		$	2.59		$	(2.87	)	$	0.00		$	0.00	$	(2.87	)

06/30/2024		100.15		5.28		0.04			5.32			(4.36	)		0.00			0.00		(4.36	)

06/21/2023 - 06/30/2023		100.00		0.18		(0.03	)		0.15			0.00			0.00			0.00		0.00


8		PIMCO ETF TRUST			See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets^(f)
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)



$	98.43		2.72	%	$	156,504		0.25	%*		0.37	%*		0.25	%*		0.37	%*		4.83	%*		40	%

	98.74		6.16			166,877		0.24			0.36			0.24			0.36			5.22			73

	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



$	100.31		2.73	%	$	11,890,401		0.37	%*		0.37	%*		0.35	%*		0.35	%*		5.08	%*		43	%

	100.64		6.33			12,049,316		0.35			0.35			0.35			0.35			5.35			57

	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



$	51.75		1.33	%	$	1,743,623		0.35	%*		0.35	%*		0.35	%*		0.35	%*		3.46	%*		12	%

	52.11		3.99			1,505,332		0.35			0.35			0.35			0.35			3.46			29

	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



$	25.86		4.85	%	$	2,706,843		0.68	%*		0.78	%*		0.56	%*		0.66	%*		5.46	%*		261	%

	25.58		7.66			1,005,834		0.69			0.79			0.55			0.65			5.57			398

	25.02		0.08			65,053		0.55	*		0.82	*		0.55	*		0.82	*		4.29	*		20



$	45.06		1.39	%	$	237,031		0.40	%*		0.50	%*		0.40	%*		0.50	%*		3.84	%*		19	%

	45.44		6.05			158,121		0.39			0.49			0.39			0.49			4.16			39

	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



$	50.25		4.80	%	$	169,847		0.74	%*		0.89	%*		0.70	%*		0.85	%*		5.59	%*		20	%

	49.62		12.91			116,116		0.74			0.89			0.69			0.84			5.73			64

	46.61		(5.18	)		93,214		0.74	*		1.04	*		0.69	*		0.99	*		5.18	*		22



$	51.00		4.78	%	$	836,319		0.64	%*		0.74	%*		0.61	%*		0.71	%*		7.57	%*		9	%

	51.09		11.09			392,348		0.61			0.74			0.58			0.71			8.78			65

	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



$	49.81		1.65	%	$	635,604		0.35	%*		0.35	%*		0.35	%*		0.35	%*		2.97	%*		16	%

	49.87		3.71			586,508		0.35			0.35			0.35			0.35			3.04			29

	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



$	100.83		2.59	%	$	620,105		0.15	%*		0.15	%*		0.15	%*		0.15	%*		4.79	%*		0	%

	101.11		5.43			362,970		0.14			0.15			0.14			0.15			5.27			0

	100.15		0.15			13,019		0.14	*		0.69	*		0.14	*		0.69	*		5.01	*		0

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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 Commodity Strategy Active Exchange-Traded Fund (Consolidated)

07/01/2024 - 12/31/2024 +	$	27.25	$	0.55	$	(0.63	)	$	(0.08	)	$	(1.95	)	$	0.00		$	0.00	$	(1.95	)

06/30/2024		25.23		1.21		1.78			2.99			(0.94	)		(0.03	)		0.00		(0.97	)

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.

^(f)	Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.


10		PIMCO ETF TRUST			See Accompanying Notes


					Ratios/Supplemental Data
							Ratios to Average Net Assets^(f)
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)



$	25.22		(0.32	)%	$	327,259		0.63	%*		0.95	%*		0.63	%*		0.95	%*		4.14	%*		18	%

	27.25		12.01			302,502		0.64			0.89			0.63			0.88			4.53			50

	25.23		0.92			198,722		0.64	*		1.13	*		0.63	*		1.12	*		4.10	*		7

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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*^	$	1,513,113		$	467,775		$	688,243		$	104,490		$	1,339,427		$	1,319,300		$	6,112,144
Investments in Affiliates		0			0			0			0			34,121			3,427			128,711
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			30			74			817
Over the counter		0			0			0			0			0			0			371
Cash		1,725			15			251			200			990			1,061			1,457
Deposits with counterparty		0			0			0			0			8,999			4,608			6,855
Foreign currency, at value		0			0			0			0			0			1			655
Receivable for investments sold		119,331			722			1,400			446			3,624			0			1,077
Receivable for TBA investments sold		0			0			0			0			0			0			2,723,893
Receivable for Fund shares sold		0			0			0			0			0			9,516			0
Interest and/or dividends receivable		0			1,385			3,444			442			22,504			16,448			40,651
Dividends receivable from Affiliates		0			0			0			0			0			0			862
Reimbursement receivable from PIMCO		0			0			0			0			0			0			64
Total Assets		1,634,169			469,897			693,338			105,578			1,409,695			1,354,435			9,017,557

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	0		$	0		$	0		$	0		$	0		$	55,802		$	6,468
Payable for sale-buyback transactions		0			0			0			0			0			5,152			0
Payable for short sales		0			0			0			0			0			0			667,400
Financial Derivative Instruments
Exchange-traded or centrally cleared		0			0			0			0			77			103			1,513
Over the counter		0			0			0			0			0			0			0
Payable for investments purchased		102,625			0			0			0			48,212			11,514			144,848
Payable for investments purchased on a delayed-delivery basis		0			0			0			0			0			0			3,500
Payable for TBA investments purchased		0			0			0			0			0			0			3,117,955
Payable for unfunded loan commitments		0			0			0			0			0			0			0
Payable upon return of securities loaned		0			0			0			0			32,702			3,427			0
Deposits from counterparty		0			0			0			0			0			0			260
Distributions payable		18,497			628			1,327			285			8,289			5,046			21,797
Overdraft due to custodian		0			0			0			0			0			0			0
Accrued management fees		211			82			120			18			624			214			2,378
Accrued reimbursement to PIMCO		0			0			0			0			0			0			0
Foreign capital gains tax payable		0			0			0			0			1			0			0
Other liabilities		0			0			0			0			1,419			0			0
Total Liabilities		121,333			710			1,447			303			91,324			81,258			3,966,119

Commitments and Contingent Liabilities^^

Net Assets	$	1,512,836		$	469,187		$	691,891		$	105,275		$	1,318,371		$	1,273,177		$	5,051,438

Net Assets Consist of:

Paid in capital	$	2,152,242		$	528,108		$	1,062,061		$	141,498		$	1,565,049		$	1,354,834		$	5,769,232
Distributable earnings (accumulated loss)		(639,406	)		(58,921	)		(370,170	)		(36,223	)		(246,678	)		(81,657	)		(717,794	)

Net Assets	$	1,512,836		$	469,187		$	691,891		$	105,275		$	1,318,371		$	1,273,177		$	5,051,438

Shares Issued and Outstanding		22,020			8,970			13,270			2,030			14,050			13,380			55,890

Net Asset Value Per Share Outstanding^(a):	$	68.70		$	52.31		$	52.14		$	51.86		$	93.83		$	95.16		$	90.38

Cost of investments in securities	$	1,889,697		$	481,462		$	969,965		$	108,721		$	1,344,208		$	1,364,105		$	6,192,733
Cost of investments in Affiliates	$	0		$	0		$	0		$	0		$	34,121		$	3,427		$	126,648
Cost of foreign currency held	$	0		$	0		$	0		$	0		$	0		$	1		$	770
Proceeds received on short sales	$	0		$	0		$	0		$	0		$	0		$	0		$	667,915
Cost or premiums of financial derivative instruments, net	$	0		$	0		$	0		$	0		$	252		$	4,100		$	(127	)

* Includes repurchase agreements of:	$	0		$	58		$	0		$	0		$	91,400		$	5,400		$	218,900
^ Includes securities on loan of:	$	0		$	0		$	0		$	0		$	31,977		$	3,342		$	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.


12		PIMCO ETF TRUST			See Accompanying Notes


				December 31, 2024		(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




$	923,342		$	156,325		$	11,913,287		$	1,726,154		$	3,689,357		$	236,355		$	165,976	$	1,122,466		$	629,588		$	622,627
	0			0			0			0			8,018			0			0		0			0			0

	278			0			81			0			853			1			17		12			0			0
	245			223			0			0			9,406			0			20		3,791			0			0
	1,094			160			1,414			554			0			264			944		0			1,614			70
	4,670			257			13,201			0			26,098			13			1,922		1,160			0			0
	140			107			4			0			2,472			0			25		0			0			0
	0			0			579			10,070			45			0			0		9,798			0			0
	59,265			0			0			0			1,530,553			0			0		0			0			0
	0			0			0			0			12,412			0			0		0			0			0
	4,852			749			68,304			16,413			19,690			2,242			1,989		4,952			6,121			0
	0			0			0			0			71			0			0		0			0			0
	1			16			0			0			213			20			22		67			0			0
	993,887			157,837			11,996,870			1,753,191			5,299,188			238,895			170,915		1,142,246			637,323			622,697




$	0		$	0		$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0
	0			0			0			0			0			0			0		0			0			0
	0			0			0			0			0			0			0		0			0			0

	60			0			0			0			134			0			135		0			0			0
	1			2			0			0			3,025			0			0		0			0			0
	3,300			520			55,528			4,329			208,165			1,082			0		292,271			0			0
	0			0			0			0			4,000			0			0		0			0			0
	138,649			0			0			0			2,355,390			0			0		0			0			0
	0			0			0			0			1,332			0			0		1,346			0			0
	0			0			0			0			0			0			0		0			0			0
	261			0			0			0			5,292			0			0		3,387			0			0
	3,300			763			47,416			4,717			13,546			684			811		7,380			1,531			2,521
	0			0			0			0			69			0			0		1,064			0			0
	332			48			3,525			522			1,385			98			122		473			188			70
	0			0			0			0			0			0			0		0			0			1
	0			0			0			0			7			0			0		0			0			0
	0			0			0			0			0			0			0		6			0			0
	145,903			1,333			106,469			9,568			2,592,345			1,864			1,068		305,927			1,719			2,592



$	847,984		$	156,504		$	11,890,401		$	1,743,623		$	2,706,843		$	237,031		$	169,847	$	836,319		$	635,604		$	620,105



$	932,708		$	160,028		$	12,141,519		$	1,775,769		$	2,708,498		$	241,166		$	167,383	$	832,078		$	649,775		$	619,901
	(84,724	)		(3,524	)		(251,118	)		(32,146	)		(1,655	)		(4,135	)		2,464		4,241			(14,171	)		204

$	847,984		$	156,504		$	11,890,401		$	1,743,623		$	2,706,843		$	237,031		$	169,847	$	836,319		$	635,604		$	620,105

	8,920			1,590			118,540			33,690			104,680			5,260			3,380		16,400			12,760			6,150

$	95.07		$	98.43		$	100.31		$	51.75		$	25.86		$	45.06		$	50.25	$	51.00		$	49.81		$	100.83

$	926,616		$	157,210		$	11,918,641		$	1,715,030		$	3,699,511		$	234,760		$	161,853	$	1,117,294		$	630,253		$	622,516
$	0		$	0		$	0		$	0		$	7,992		$	0		$	0	$	0		$	0		$	0
$	150		$	108		$	4		$	0		$	2,492		$	0		$	25	$	0		$	0		$	0
$	0		$	0		$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0
$	131		$	0		$	0		$	0		$	29,339		$	0		$	559	$	(1,298	)	$	0		$	0

$	0		$	21,800		$	198,300		$	0		$	326,200		$	8,600		$	7,200	$	350,200		$	0		$	0
$	0		$	0		$	0		$	0		$	0		$	0		$	0	$	0		$	0		$	0

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Consolidated Statement of Assets and Liabilities				December 31, 2024		(Unaudited)


(Amounts in thousands^†, except per share amounts)	PIMCO Commodity Strategy Active Exchange- Traded Fund

Assets:

Investments, at value
Investments in securities*	$	315,837
Investments in Affiliates		16,621
Financial Derivative Instruments
Exchange-traded or centrally cleared		2,371
Over the counter		2,103
Cash		844
Deposits with counterparty		18,524
Foreign currency, at value		340
Interest and/or dividends receivable		1,852
Dividends receivable from Affiliates		66
Reimbursement receivable from PIMCO		92
Total Assets		358,650

Liabilities:

Financial Derivative Instruments
Exchange-traded or centrally cleared	$	2,050
Over the counter		165
Payable for investments purchased		16,071
Deposits from counterparty		763
Distributions payable		12,067
Accrued management fees		275
Total Liabilities		31,391

Commitments and Contingent Liabilities^

Net Assets	$	327,259

Net Assets Consist of:

Paid in capital	$	335,668
Distributable earnings (accumulated loss)		(8,409	)

Net Assets	$	327,259

Shares Issued and Outstanding		12,975

Net Asset Value Per Share Outstanding^(a):	$	25.22

Cost of investments in securities	$	312,203
Cost of investments in Affiliates	$	16,579
Cost of foreign currency held	$	344
Cost or premiums of financial derivative instruments, net	$	96

* Includes repurchase agreements of:	$	5,700

^†	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.


14		PIMCO ETF TRUST			See Accompanying Notes


Statements of Operations


Six Months Ended December 31, 2024 (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, net of foreign taxes*	$	35,548		$	3,362		$	7,845		$	1,808
Dividends		0			0			0			0
Dividends from Investments in Affiliates		0			0			0			0
Securities lending income		0			0			0			0
Miscellaneous income		0			0			0			0
Total Income		35,548			3,362			7,845			1,808

Expenses:

Management fees		1,239			494			741			110
Trustee fees		12			4			6			1
Interest expense		0			0			0			0
Miscellaneous expense		0			0			0			0
Total Expenses		1,251			498			747			111
Waiver and/or Reimbursement by PIMCO		0			0			0			0
Net Expenses		1,251			498			747			111

Net Investment Income (Loss)		34,297			2,864			7,098			1,697

Net Realized Gain (Loss):

Investments in securities		(47,365	)		(4,015	)		(28,088	)		(1	)
Investments in Affiliates		0			0			0			0
In-kind redemptions		10,077			(302	)		574			30
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0
Over the counter financial derivative instruments		0			0			0			0
Short sales		0			0			0			0
Foreign currency		0			0			0			0

Net Realized Gain (Loss)		(37,288	)		(4,317	)		(27,514	)		29

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(109,548	)		12,416			6,241			(840	)
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
Short sales		0			0			0			0
Foreign currency assets and liabilities		0			0			0			0

Net Change in Unrealized Appreciation (Depreciation)		(109,548	)		12,416			6,241			(840	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(112,539	)	$	10,963		$	(14,175	)	$	886

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

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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Statements of Operations		(Cont.)


Six Months Ended December 31, 2024 (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, net of foreign taxes*	$	51,524		$	31,960		$	130,216		$	22,877
Dividends		642			0			0			0
Dividends from Investments in Affiliates		0			0			4,745			0
Securities lending income		286			6			0			0
Miscellaneous income		32			0			12			0
Total Income		52,484			31,966			134,973			22,877

Expenses:

Management fees		3,668			1,256			13,446			1,991
Trustee fees		11			10			37			8
Interest expense		81			2,019			1,274			152
Miscellaneous expense		8			0			2			21
Total Expenses		3,768			3,285			14,759			2,172
Waiver and/or Reimbursement by PIMCO		0			0			(339	)		(7	)
Net Expenses		3,768			3,285			14,420			2,165

Net Investment Income (Loss)		48,716			28,681			120,553			20,712

Net Realized Gain (Loss):

Investments in securities		(759	)		(1,003	)		(4,688	)		1,916
Investments in Affiliates		0			0			(128	)		0
In-kind redemptions		4,983			893			0			0
Exchange-traded or centrally cleared financial derivative instruments		2,588			1,706			(30,401	)		(355	)
Over the counter financial derivative instruments		3			0			3,668			133
Short sales		3			0			0			(1,406	)
Foreign currency		0			0			(123	)		(5	)

Net Realized Gain (Loss)		6,818			1,596			(31,672	)		283

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		14,047			1,576			(17,508	)		3,737
Investments in Affiliates		0			0			143			0
Exchange-traded or centrally cleared financial derivative instruments		(240	)		245			15,620			1,801
Over the counter financial derivative instruments		0			0			155			(10	)
Short sales		0			0			0			2
Foreign currency assets and liabilities		0			0			(33	)		0

Net Change in Unrealized Appreciation (Depreciation)		13,807			1,821			(1,623	)		5,530

Net Increase (Decrease) in Net Assets Resulting from Operations	$	69,341		$	32,098		$	87,258		$	26,525

* Foreign tax withholdings	$	1		$	0		$	0		$	0

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


16		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



$	4,154		$	328,012		$	32,063		$	54,015		$	4,411		$	4,480		$	24,283		$	10,473	$	11,795
	0			0			0			0			0			83			0			0		0
	0			0			0			280			0			0			0			0		0
	0			0			0			0			0			0			0			0		0
	0			0			0			33			0			0			759			0		0
	4,154			328,012			32,063			54,328			4,411			4,563			25,042			10,473		11,795



	295			21,079			2,941			5,722			509			604			2,130			1,103		334
	1			100			12			9			1			1			4			5		3
	0			912			0			1,098			3			30			89			0		0
	4			0			0			43			5			4			15			0		12
	300			22,091			2,953			6,872			518			639			2,238			1,108		349
	(100	)		0			0			(906	)		(105	)		(109	)		(308	)		0		(3	)
	200			22,091			2,953			5,966			413			530			1,930			1,108		346

	3,954			305,921			29,110			48,362			3,998			4,033			23,112			9,365		11,449



	(37	)		6,397			522			(6,589	)		379			1,088			(500	)		343		334
	0			0			0			0			0			0			0			0		0
	0			0			0			502			0			0			0			0		55
	(138	)		(15,205	)		(2,663	)		4,855			(1,060	)		(41	)		(128	)		0		0
	229			0			0			5,372			0			27			(525	)		0		0
	0			0			0			0			0			0			0			0		0
	(64	)		0			0			(194	)		0			4			0			0		0

	(10	)		(8,808	)		(2,141	)		3,946			(681	)		1,078			(1,153	)		343		389



	151			21,000			(8,362	)		(14,714	)		(1,395	)		1,340			2,116			143		93
	0			0			0			6			0			0			0			0		0
	37			1,716			810			10,902			197			(783	)		207			0		0
	201			0			0			5,646			0			7			3,559			0		0
	0			0			0			0			0			0			0			0		0
	(2	)		0			0			(100	)		0			(1	)		0			0		0

	387			22,716			(7,552	)		1,740			(1,198	)		563			5,882			143		93

$	4,331		$	319,829		$	19,417		$	54,048		$	2,119		$	5,674		$	27,841		$	9,851	$	11,931

$	3		$	0		$	0		$	7		$	0		$	0		$	0		$	0	$	0

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Consolidated Statement of Operations


Six Months Ended December 31, 2024 (Unaudited)
(Amounts in thousands^†)	PIMCO Commodity Strategy Active Exchange- Traded Fund

Investment Income:

Interest	$	7,015
Dividends from Investments in Affiliates		548
Total Income		7,563

Expenses:

Management fees		1,490
Trustee fees		2
Interest expense		4
Miscellaneous expense		8
Total Expenses		1,504
Waiver and/or Reimbursement by PIMCO		(509	)
Net Expenses		995

Net Investment Income (Loss)		6,568

Net Realized Gain (Loss):

Investments in securities		261
Investments in Affiliates		(7	)
Exchange-traded or centrally cleared financial derivative instruments		(13,495	)
Over the counter financial derivative instruments		(56	)
Foreign currency		(44	)

Net Realized Gain (Loss)		(13,341	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		1,809
Investments in Affiliates		(61	)
Exchange-traded or centrally cleared financial derivative instruments		3,078
Over the counter financial derivative instruments		1,390
Foreign currency assets and liabilities		(3	)

Net Change in Unrealized Appreciation (Depreciation)		6,213

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(560	)

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


18		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, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	34,297		$	47,365		$	2,864		$	13,225		$	7,098		$	30,152		$	1,697		$	5,340
Net realized gain (loss)		(37,288	)		(70,775	)		(4,317	)		(31,219	)		(27,514	)		(12,479	)		29			(8,132	)
Net change in unrealized appreciation (depreciation)		(109,548	)		(86,070	)		12,416			45,835			6,241			(45,533	)		(840	)		5,136

Net Increase (Decrease) in Net Assets Resulting from Operations		(112,539	)		(109,480	)		10,963			27,841			(14,175	)		(27,860	)		886			2,344

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(48,504	)		(41,421	)		(4,472	)		(13,367	)		(10,777	)		(30,656	)		(2,190	)		(5,707	)

Total Distributions^(a)		(48,504	)		(41,421	)		(4,472	)		(13,367	)		(10,777	)		(30,656	)		(2,190	)		(5,707	)

Fund Share Transactions:

Receipts for shares sold		738,144			1,174,759			25,913			136,149			60,149			373,436			10,474			18,186
Cost of shares redeemed		(452,666	)		(583,183	)		(54,934	)		(492,323	)		(50,230	)		(278,352	)		(2,638	)		(47,500	)
Net increase (decrease) resulting from Fund share transactions		285,478			591,576			(29,021	)		(356,174	)		9,919			95,084			7,836			(29,314	)

Total Increase (Decrease) in Net Assets		124,435			440,675			(22,530	)		(341,700	)		(15,033	)		36,568			6,532			(32,677	)

Net Assets:

Beginning of period		1,388,401			947,726			491,717			833,417			706,924			670,356			98,743			131,420
End of period	$	1,512,836		$	1,388,401		$	469,187		$	491,717		$	691,891		$	706,924		$	105,275		$	98,743

Shares of Beneficial Interest:

Shares sold		9,550			15,600			500			2,650			1,100			6,900			200			350
Shares redeemed		(6,000	)		(7,450	)		(1,050	)		(9,700	)		(900	)		(5,000	)		(50	)		(900	)
Net increase (decrease) in shares outstanding		3,550			8,150			(550	)		(7,050	)		200			1,900			150			(550	)

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

^(a)

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	48,716		$	83,450		$	28,681		$	44,237		$	120,553		$	189,851		$	20,712		$	46,381
Net realized gain (loss)		6,818			(8,311	)		1,596			(9,478	)		(31,672	)		(180,285	)		283			(10,297	)
Net change in unrealized appreciation (depreciation)		13,807			34,253			1,821			13,794			(1,623	)		147,636			5,530			17,144

Net Increase (Decrease) in Net Assets Resulting from Operations		69,341			109,392			32,098			48,553			87,258			157,202			26,525			53,228

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(57,116	)		(84,984	)		(33,987	)		(43,066	)		(141,201	)		(176,461	)		(23,951	)		(42,143	)
Tax basis return of capital		0			0			0			0			0			0			0			(2,039	)

Total Distributions^(a)		(57,116	)		(84,984	)		(33,987	)		(43,066	)		(141,201	)		(176,461	)		(23,951	)		(44,182	)

Fund Share Transactions:

Receipts for shares sold		259,441			417,462			178,942			433,128			778,620			876,140			11,443			79,286
Cost of shares redeemed		(183,679	)		(312,324	)		(33,704	)		(50,846	)		0			(8,969	)		(36,187	)		(260,010	)
Net increase (decrease) resulting from Fund share transactions		75,762			105,138			145,238			382,282			778,620			867,171			(24,744	)		(180,724	)

Total Increase (Decrease) in Net Assets		87,987			129,546			143,349			387,769			724,677			847,912			(22,170	)		(171,678	)

Net Assets:

Beginning of period		1,230,384			1,100,838			1,129,828			742,059			4,326,761			3,478,849			870,154			1,041,832
End of period	$	1,318,371		$	1,230,384		$	1,273,177		$	1,129,828		$	5,051,438		$	4,326,761		$	847,984		$	870,154

Shares of Beneficial Interest:

Shares sold		2,750			4,550			1,850			4,600			8,360			9,660			120			840
Shares redeemed		(1,950	)		(3,400	)		(350	)		(550	)		0			(100	)		(380	)		(2,760	)
Net increase (decrease) in shares outstanding		800			1,150			1,500			4,050			8,360			9,560			(260	)		(1,920	)

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

^(a)


20		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, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024





$	3,954		$	8,562		$	305,921		$	560,031		$	29,110		$	42,955		$	48,362		$	20,277		$	3,998		$	4,559
	(10	)		370			(8,808	)		20,760			(2,141	)		(6,554	)		3,946			3,222			(681	)		121
	387			936			22,716			60,515			(7,552	)		18,432			1,740			4,721			(1,198	)		2,011

	4,331			9,868			319,829			641,306			19,417			54,833			54,048			28,220			2,119			6,691



	(4,831	)		(8,508	)		(360,469	)		(549,101	)		(33,113	)		(41,621	)		(65,547	)		(18,406	)		(4,516	)		(4,242	)
	0			0			0			0			0			0			0			0			0			0

	(4,831	)		(8,508	)		(360,469	)		(549,101	)		(33,113	)		(41,621	)		(65,547	)		(18,406	)		(4,516	)		(4,242	)



	4,934			29,427			1,181,535			4,771,200			316,557			595,181			1,753,156			930,967			90,467			100,364
	(14,807	)		(14,733	)		(1,299,810	)		(2,071,986	)		(64,570	)		(84,093	)		(40,648	)		0			(9,160	)		(19,591	)
	(9,873	)		14,694			(118,275	)		2,699,214			251,987			511,088			1,712,508			930,967			81,307			80,773

	(10,373	)		16,054			(158,915	)		2,791,419			238,291			524,300			1,701,009			940,781			78,910			83,222



	166,877			150,823			12,049,316			9,257,897			1,505,332			981,032			1,005,834			65,053			158,121			74,899
$	156,504		$	166,877		$	11,890,401		$	12,049,316		$	1,743,623		$	1,505,332		$	2,706,843		$	1,005,834		$	237,031		$	158,121



	50			300			11,760			47,670			6,040			11,580			66,920			36,720			1,980			2,240
	(150	)		(150	)		(12,950	)		(20,720	)		(1,240	)		(1,620	)		(1,560	)		0			(200	)		(440	)
	(100	)		150			(1,190	)		26,950			4,800			9,960			65,360			36,720			1,780			1,800

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	4,033		$	5,054		$	23,112		$	23,878		$	9,365		$	16,704		$	11,449		$	8,381
Net realized gain (loss)		1,078			(1,095	)		(1,153	)		(1,050	)		343			(2,237	)		389			42
Net change in unrealized appreciation (depreciation)		563			5,188			5,882			4,673			143			5,602			93			19

Net Increase (Decrease) in Net Assets Resulting from Operations		5,674			9,147			27,841			27,501			9,851			20,069			11,931			8,442

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(4,872	)		(5,098	)		(30,426	)		(21,266	)		(10,925	)		(16,689	)		(13,234	)		(6,945	)

Total Distributions^(a)		(4,872	)		(5,098	)		(30,426	)		(21,266	)		(10,925	)		(16,689	)		(13,234	)		(6,945	)

Fund Share Transactions:

Receipts for shares sold		55,963			53,491			446,556			224,596			72,173			102,236			569,496			439,232
Cost of shares redeemed		(3,034	)		(34,638	)		0			(4,042	)		(22,003	)		(44,558	)		(311,058	)		(90,778	)
Net increase (decrease) resulting from Fund share transactions		52,929			18,853			446,556			220,554			50,170			57,678			258,438			348,454

Total Increase (Decrease) in Net Assets		53,731			22,902			443,971			226,789			49,096			61,058			257,135			349,951

Net Assets:

Beginning of period		116,116			93,214			392,348			165,559			586,508			525,450			362,970			13,019
End of period	$	169,847		$	116,116		$	836,319		$	392,348		$	635,604		$	586,508		$	620,105		$	362,970

Shares of Beneficial Interest:

Shares sold		1,100			1,100			8,720			4,440			1,440			2,060			5,640			4,360
Shares redeemed		(60	)		(760	)		0			(80	)		(440	)		(900	)		(3,080	)		(900	)
Net increase (decrease) in shares outstanding		1,040			340			8,720			4,360			1,000			1,160			2,560			3,460

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

^(a)


22		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, 2024 (Unaudited)			Year Ended June 30, 2024

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	6,568		$	10,088
Net realized gain (loss)		(13,341	)		14,375
Net change in unrealized appreciation (depreciation)		6,213			(894	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(560	)		23,569

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(23,864	)		(7,599	)

Total Distributions^(a)		(23,864	)		(7,599	)

Fund Share Transactions:

Receipts for shares sold		69,117			116,372
Cost of shares redeemed		(19,936	)		(28,562	)
Net increase (decrease) resulting from Fund share transactions		49,181			87,810

Total Increase (Decrease) in Net Assets		24,757			103,780

Net Assets:

Beginning of period		302,502			198,722
End of period	$	327,259		$	302,502

Shares of Beneficial Interest:

Shares sold		2,650			4,275
Shares redeemed		(775	)		(1,050	)
Net increase (decrease) in shares outstanding		1,875			3,225

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

^(a)

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


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

U.S. TREASURY OBLIGATIONS 100.0%

U.S. Treasury STRIPS (a)
0.000% due 02/15/2049	$	641	$		198
0.000% due 05/15/2049		3,995			1,220
0.000% due 02/15/2050		268,600			79,533
0.000% due 05/15/2050		282,351			83,307
0.000% due 08/15/2050		250,605			72,584
0.000% due 11/15/2050		250,990			72,043
0.000% due 02/15/2051		286,674			81,447
0.000% due 05/15/2051		268,238			75,761
0.000% due 08/15/2051		256,754			71,539
0.000% due 11/15/2051		268,166			73,959
0.000% due 02/15/2052		284,524			77,861
0.000% due 05/15/2052		280,160			76,231
0.000% due 08/15/2052		312,305			84,235
0.000% due 11/15/2052		310,925			84,165
0.000% due 02/15/2053		319,692			85,190


		PRINCIPAL AMOUNT (000S)		MARKET VALUE (000S)
0.000% due 05/15/2053	$	341,407	$		90,259
0.000% due 08/15/2053		342,604			90,376
0.000% due 11/15/2053		289,974			76,596
0.000% due 02/15/2054		207,972			54,265
0.000% due 05/15/2054		162,650			42,235
0.000% due 08/15/2054		264,690			67,917
0.000% due 11/15/2054		282,200			72,192

Total U.S. Treasury Obligations (Cost $1,889,697)					1,513,113

Total Investments in Securities (Cost $1,889,697)					1,513,113


Total Investments 100.0% (Cost $1,889,697)			$		1,513,113

Other Assets and Liabilities, net (0.0)%					(277	)

Net Assets 100.0%			$		1,512,836

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a)	Zero coupon security.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	1,513,113	$	0	$	1,513,113

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


24		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund				December 31, 2024		(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 10/15/2025	$		14,042	$		13,880
0.125% due 04/15/2026			38,702			37,780
0.125% due 07/15/2026			15,002			14,654
0.125% due 10/15/2026			17,305			16,827
0.125% due 04/15/2027			17,679			16,948
0.125% due 01/15/2030			40,367			36,675
0.125% due 07/15/2030			13,299			11,991
0.125% due 01/15/2032			2,555			2,216
0.250% due 07/15/2029			5,667			5,250
0.375% due 01/15/2027			35,048			33,989
0.375% due 07/15/2027			28,161			27,182
0.500% due 01/15/2028			36,472			34,874


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.625% due 01/15/2026	$		38,801	$		38,271
0.750% due 07/15/2028			17,424			16,740
0.875% due 01/15/2029			21,642			20,669
1.250% due 04/15/2028			13,110			12,776
1.625% due 10/15/2027			18,448			18,341
1.625% due 10/15/2029			15,434			15,180
1.750% due 01/15/2028			20,429			20,284
1.875% due 07/15/2034			8,438			8,179
2.125% due 04/15/2029			20,824			20,855
2.375% due 10/15/2028			14,489			14,717
2.500% due 01/15/2029			17,134			17,440
3.625% due 04/15/2028			5,699			5,983
3.875% due 04/15/2029			5,607			6,016

Total U.S. Treasury Obligations (Cost $481,404)						467,717


	PRINCIPAL AMOUNT (000S)		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.0%

REPURCHASE AGREEMENTS (b) 0.0%
		$		58

Total Short-Term Instruments (Cost $58)				58



Total Investments in Securities (Cost $481,462)				467,775


Total Investments 99.7% (Cost $481,462)		$		467,775

Other Assets and Liabilities, net 0.3%				1,412

Net Assets 100.0%		$		469,187

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⁾
BOS		4.400	%		12/31/2024		01/06/2025	$	58	U.S. Treasury Inflation Protected Securities 0.375% due 07/15/2025	$	(58	)	$	58	$	58

Total Repurchase Agreements											$	(58	)	$	58	$	58

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, 2024:


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	$	58	$	0	$	0	$	0	$	58	$	(58	)	$	0

Total Borrowings and Other Financing Transactions	$	58	$	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, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	467,717	$	0	$	467,717
Short-Term Instruments
Repurchase Agreements		0		58		0		58


Total Investments	$	0	$	467,775	$	0	$	467,775

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


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

U.S. TREASURY OBLIGATIONS 99.5%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 02/15/2051	$		35,960	$		19,814
0.125% due 02/15/2052			32,687			17,757
0.250% due 02/15/2050			48,760			28,468
0.625% due 02/15/2043			80,836			59,270
0.750% due 02/15/2042			84,781			65,014
0.750% due 02/15/2045			87,528			63,482
0.875% due 02/15/2047			89,248			64,626
1.000% due 02/15/2046			90,077			67,909
1.000% due 02/15/2048			69,565			51,261
1.000% due 02/15/2049			56,833			41,457
1.375% due 02/15/2044			98,323			81,884


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.500% due 02/15/2053	$		27,098	$		21,725
2.125% due 02/15/2040			21,862			21,110
2.125% due 02/15/2041			59,667			57,766
2.125% due 02/15/2054			28,819			26,700

Total U.S. Treasury Obligations (Cost $969,965)						688,243

Total Investments in Securities (Cost $969,965)						688,243


Total Investments 99.5% (Cost $969,965)				$		688,243

Other Assets and Liabilities, net 0.5%						3,648

Net Assets 100.0%				$		691,891

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, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	688,243	$	0	$	688,243

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


26		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Broad U.S. TIPS Index Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


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

U.S. TREASURY OBLIGATIONS 99.3%

U.S. Treasury Inflation Protected Securities (a)
0.125% due 04/15/2026	$		4,948	$		4,830
0.125% due 07/15/2026			1,005			982
0.125% due 10/15/2026			5,055			4,916
0.125% due 04/15/2027			512			491
0.125% due 01/15/2030			5,059			4,596
0.125% due 07/15/2030			3,543			3,195
0.125% due 01/15/2031			5,762			5,116
0.125% due 07/15/2031			5,653			4,978
0.125% due 01/15/2032			1,310			1,136
0.250% due 07/15/2029			856			793
0.375% due 01/15/2027			1,031			1,000
0.375% due 07/15/2027			770			744
0.500% due 01/15/2028			888			849
0.625% due 01/15/2026			3,774			3,723


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.625% due 07/15/2032	$		2,104	$		1,882
0.625% due 02/15/2043			5			4
0.750% due 07/15/2028			716			687
0.750% due 02/15/2045			4,749			3,445
0.875% due 01/15/2029			654			624
0.875% due 02/15/2047			4,324			3,132
1.000% due 02/15/2046			4,358			3,285
1.000% due 02/15/2048			3,692			2,720
1.125% due 01/15/2033			5,620			5,171
1.250% due 04/15/2028			464			452
1.375% due 07/15/2033			5,329			4,987
1.375% due 02/15/2044			4,424			3,684
1.500% due 02/15/2053			33			26
1.625% due 10/15/2027			4,871			4,843
1.625% due 10/15/2029			3,422			3,366
1.750% due 01/15/2034			5,620			5,390
1.875% due 07/15/2034			7,218			6,996
2.000% due 01/15/2026			4,237			4,238


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.125% due 04/15/2029	$		5,013	$		5,020
2.125% due 02/15/2041			150			145
2.125% due 02/15/2054			34			31
2.375% due 10/15/2028			2,079			2,111
2.500% due 01/15/2029			34			34
3.375% due 04/15/2032			28			31
3.625% due 04/15/2028			113			119
3.875% due 04/15/2029			4,397			4,718

Total U.S. Treasury Obligations (Cost $108,721)						104,490

Total Investments in Securities (Cost $108,721)						104,490


Total Investments 99.3% (Cost $108,721)				$		104,490

Other Assets and Liabilities, net 0.7%						785

Net Assets 100.0%				$		105,275

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, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
U.S. Treasury Obligations	$	0	$	104,490	$	0	$	104,490

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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 101.6%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8%

Cengage Learning, Inc.
7.856% (PRIME + 2.500%) due 03/24/2031 ~	$		945	$		951

Endure Digital, Inc.
8.138% due 02/10/2028 «~			1,496			1,227

Envision Healthcare Corp.
11.382% due 07/20/2026 «~			628			628
12.507% due 11/03/2028 ~			2,382			2,418

Level 3 Financing, Inc.
10.917% due 04/15/2029 ~			500			511
10.917% due 04/15/2030 ~			500			510

MH SUB I LLC
8.607% due 05/03/2028 ~			988			986

Spirit Airlines, Inc.
TBD% due 11/18/2025 ~			1,157			1,160

U.S. Renal Care, Inc.
9.471% due 06/20/2028 ~			2,120			1,991

Vericast Corp.
12.076% due 06/15/2030 ~			9			8

Veritas U.S., Inc.
TBD% due 12/18/2027			50			50
TBD% due 12/09/2029			111			111

Wesco Aircraft Holdings, Inc.
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~			376			402

Total Loan Participations and Assignments (Cost $10,516)						10,953


CORPORATE BONDS & NOTES 93.4%

BANKING & FINANCE 14.5%

Acrisure LLC
4.250% due 02/15/2029			724			681
8.250% due 02/01/2029			1,312			1,360
8.500% due 06/15/2029			428			448

AG TTMT Escrow Issuer LLC
8.625% due 09/30/2027			1,500			1,557

Alliant Holdings Intermediate LLC
4.250% due 10/15/2027			963			920
5.875% due 11/01/2029			1,209			1,167
6.750% due 10/15/2027			3,343			3,319
6.750% due 04/15/2028			2,701			2,716
7.375% due 10/01/2032			1,260			1,273

Allied Universal Holdco LLC
4.625% due 06/01/2028			4,317			4,079
9.750% due 07/15/2027			1,351			1,362

Ally Financial, Inc.
5.750% due 11/20/2025			1,925			1,936

AmWINS Group, Inc.
4.875% due 06/30/2029			916			864
6.375% due 02/15/2029			998			1,005

Apollo Commercial Real Estate Finance, Inc.
4.625% due 06/15/2029			2,256			1,960

Armor Holdco, Inc.
8.500% due 11/15/2029			522			530

AssuredPartners, Inc.
5.625% due 01/15/2029			965			977

Brandywine Operating Partnership LP
3.950% due 11/15/2027			729			692
8.300% due 03/15/2028			813			860
8.875% due 04/12/2029			2,236			2,383

Bread Financial Holdings, Inc.
9.750% due 03/15/2029			259			279

BroadStreet Partners, Inc.
5.875% due 04/15/2029			964			938

Brookfield Property REIT, Inc.
4.500% due 04/01/2027			3,043			2,889
5.750% due 05/15/2026			1,603			1,584

Burford Capital Global Finance LLC
6.250% due 04/15/2028			2,245			2,246


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

Coinbase Global, Inc.
3.375% due 10/01/2028	$		3,224	$		2,905

Compass Group Diversified Holdings LLC
5.250% due 04/15/2029			958			920

Credit Acceptance Corp.
6.625% due 03/15/2026			1,351			1,356

Cushman & Wakefield U.S. Borrower LLC
6.750% due 05/15/2028			886			888

Diversified Healthcare Trust
0.000% due 01/15/2026 (d)			735			695
4.750% due 02/15/2028 (g)			1,143			982
9.750% due 06/15/2025			1,558			1,563

Encore Capital Group, Inc.
8.500% due 05/15/2030			808			851

Five Point Operating Co. LP
10.500% due 01/15/2028 þ			977			998

Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			1,861			1,829

Freedom Mortgage Corp.
6.625% due 01/15/2027			1,352			1,354
7.625% due 05/01/2026			1,387			1,392
12.000% due 10/01/2028			3,313			3,606

Freedom Mortgage Holdings LLC
9.250% due 02/01/2029			3,289			3,397

GGAM Finance Ltd.
6.875% due 04/15/2029			708			719
7.750% due 05/15/2026			720			732
8.000% due 02/15/2027			924			954
8.000% due 06/15/2028			315			331

Global Atlantic Fin Co.
4.700% due 10/15/2051 •			2,714			2,623

Howard Hughes Corp.
4.125% due 02/01/2029			4,003			3,702

HUB International Ltd.
5.625% due 12/01/2029			673			653

Hudson Pacific Properties LP
4.650% due 04/01/2029			70			53
5.950% due 02/15/2028			2,801			2,393

Icahn Enterprises LP
4.375% due 02/01/2029			2,476			2,071
5.250% due 05/15/2027			3,521			3,337
6.250% due 05/15/2026			1,119			1,110
9.750% due 01/15/2029			859			862
10.000% due 11/15/2029			476			478

Intesa Sanpaolo SpA
5.710% due 01/15/2026			2,953			2,955

Iron Mountain, Inc.
4.875% due 09/15/2027			3,151			3,075
5.000% due 07/15/2028			317			307
5.250% due 03/15/2028			564			552

Jefferies Finance LLC
5.000% due 08/15/2028			2,880			2,704

Jefferson Capital Holdings LLC
6.000% due 08/15/2026			836			838
9.500% due 02/15/2029			2,650			2,819

Kennedy-Wilson, Inc.
4.750% due 03/01/2029			1,825			1,657

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			4,147			4,002
5.250% due 10/01/2025			980			982

LD Holdings Group LLC
6.125% due 04/01/2028			1,044			902
8.750% due 11/01/2027			273			263

LFS Topco LLC
5.875% due 10/15/2026			1,294			1,285

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			3,312			3,154

Midcap Financial Issuer Trust
6.500% due 05/01/2028			5,034			4,928

MPT Operating Partnership LP
5.250% due 08/01/2026 (g)			900			829

Nationstar Mortgage Holdings, Inc.
5.000% due 02/01/2026			948			941
6.000% due 01/15/2027			1,129			1,124


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.500% due 08/01/2029	$		4,530	$		4,527

Navient Corp.
4.875% due 03/15/2028			1,165			1,112
5.000% due 03/15/2027			2,131			2,090
6.750% due 06/15/2026			2,018			2,045

NCL Finance Ltd.
6.125% due 03/15/2028			200			201

Necessity Retail REIT, Inc.
4.500% due 09/30/2028			587			540

Newmark Group, Inc.
7.500% due 01/12/2029			2,093			2,189

Office Properties Income Trust
4.500% due 02/01/2025			306			302
9.000% due 09/30/2029			152			132

OneMain Finance Corp.
3.500% due 01/15/2027			2,331			2,225
3.875% due 09/15/2028			883			814
5.375% due 11/15/2029			1,949			1,875
6.625% due 01/15/2028			1,932			1,957
6.625% due 05/15/2029			1,373			1,392

Osaic Holdings, Inc.
10.750% due 08/01/2027			317			329

Oxford Finance LLC
6.375% due 02/01/2027			1,461			1,448

Park Intermediate Holdings LLC
4.875% due 05/15/2029			1,944			1,831
5.875% due 10/01/2028			20			20

Pebblebrook Hotel LP
6.375% due 10/15/2029			523			518

PennyMac Financial Services, Inc.
4.250% due 02/15/2029			260			241
5.375% due 10/15/2025			1,656			1,653
7.875% due 12/15/2029			1,225			1,285

Popular, Inc.
7.250% due 03/13/2028			2,212			2,280

PRA Group, Inc.
8.375% due 02/01/2028			2,583			2,657
8.875% due 01/31/2030			200			207

Provident Funding Associates LP
9.750% due 09/15/2029			630			648

RHP Hotel Properties LP
4.750% due 10/15/2027			1,246			1,206
7.250% due 07/15/2028			1,278			1,319

Rithm Capital Corp.
8.000% due 04/01/2029			422			423

RLJ Lodging Trust LP
3.750% due 07/01/2026			1,683			1,638

Rocket Mortgage LLC
2.875% due 10/15/2026			4,137			3,928
3.625% due 03/01/2029			1,438			1,303

SBA Communications Corp.
3.125% due 02/01/2029			1,911			1,727
3.875% due 02/15/2027			1,843			1,766

Service Properties Trust
4.750% due 10/01/2026			1,504			1,424
5.500% due 12/15/2027			1,641			1,542
8.375% due 06/15/2029			3,478			3,366

SLM Corp.
3.125% due 11/02/2026			3,594			3,431
4.200% due 10/29/2025			1,057			1,048

Starwood Property Trust, Inc.
3.625% due 07/15/2026			1,305			1,260
4.375% due 01/15/2027			1,108			1,072
6.500% due 07/01/2030			1,344			1,347
7.250% due 04/01/2029			1,888			1,939

UniCredit SpA
5.861% due 06/19/2032 •			1,527			1,530
7.296% due 04/02/2034 •			962			1,006

United Wholesale Mortgage LLC
5.500% due 11/15/2025			671			668
5.750% due 06/15/2027			766			757

Uniti Group LP
10.500% due 02/15/2028			4,420			4,718


28		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Vornado Realty LP
2.150% due 06/01/2026	$		1,060	$		1,010
3.500% due 01/15/2025			916			915

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(b)			515			0

Wilsonart LLC
11.000% due 08/15/2032			666			654

XHR LP
4.875% due 06/01/2029			522			493
6.625% due 05/15/2030			476			478

						190,582


INDUSTRIALS 75.7%

AAR Escrow Issuer LLC
6.750% due 03/15/2029			889			902

Acadia Healthcare Co., Inc.
5.500% due 07/01/2028			3,869			3,712

AdaptHealth LLC
6.125% due 08/01/2028			1,002			982

Adient Global Holdings Ltd.
4.875% due 08/15/2026			1,227			1,210
7.000% due 04/15/2028			335			339

Advance Auto Parts, Inc.
1.750% due 10/01/2027			200			179

Advantage Sales & Marketing, Inc.
6.500% due 11/15/2028			2,263			2,151

AECOM
5.125% due 03/15/2027			862			854

AerCap Global Aviation Trust
6.500% due 06/15/2045 •			110			110

Affinity Interactive
6.875% due 12/15/2027			1,560			1,172

Ahead DB Holdings LLC
6.625% due 05/01/2028			3,858			3,786

Ahlstrom Holding Oy
4.875% due 02/04/2028			1,307			1,246

Air Canada
3.875% due 08/15/2026			1,621			1,576

Albertsons Cos., Inc.
3.250% due 03/15/2026			1,184			1,156
3.500% due 03/15/2029			1,207			1,100
4.625% due 01/15/2027			1,422			1,393
5.875% due 02/15/2028			2,422			2,414
6.500% due 02/15/2028			932			945
7.500% due 03/15/2026			1,036			1,041

Albion Financing SARL
6.125% due 10/15/2026			2,135			2,137
8.750% due 04/15/2027			2,572			2,633

Alcoa Nederland Holding BV
5.500% due 12/15/2027			250			251

Algoma Steel, Inc.
9.125% due 04/15/2029			1,140			1,167

Allegiant Travel Co.
7.250% due 08/15/2027 (g)			2,776			2,793

Allen Media LLC
10.500% due 02/15/2028			468			204

Alta Equipment Group, Inc.
9.000% due 06/01/2029			2,142			2,046

Altice Financing SA
5.750% due 08/15/2029			444			325

Altice France Holding SA
6.000% due 02/15/2028			738			196
10.500% due 05/15/2027			7,616			2,256

Altice France SA
5.125% due 01/15/2029			791			600
5.125% due 07/15/2029			4,529			3,396
5.500% due 01/15/2028			3,328			2,466
5.500% due 10/15/2029			2,509			1,892
8.125% due 02/01/2027			4,795			3,893

AMC Entertainment Holdings, Inc.
7.500% due 02/15/2029			2,347			2,086


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

AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK)
10.000% due 06/15/2026 (a)	$		1,669	$		1,672

AMC Networks, Inc.
4.250% due 02/15/2029			3,077			2,419
10.250% due 01/15/2029			1,680			1,790

Amer Sports Co.
6.750% due 02/16/2031			374			379

American Airlines, Inc.
5.500% due 04/20/2026			3,216			3,208
5.750% due 04/20/2029			7,422			7,366
7.250% due 02/15/2028			1,503			1,542
8.500% due 05/15/2029			742			780

American Axle & Manufacturing, Inc.
6.500% due 04/01/2027			469			466
6.875% due 07/01/2028			1,062			1,058

American Builders & Contractors Supply Co., Inc.
3.875% due 11/15/2029			683			620
4.000% due 01/15/2028			359			344

ams-OSRAM AG
12.250% due 03/30/2029			3,528			3,435

ANGI Group LLC
3.875% due 08/15/2028			1,315			1,181

Aramark Services, Inc.
5.000% due 04/01/2025			450			449
5.000% due 02/01/2028			1,532			1,490

Arches Buyer, Inc.
4.250% due 06/01/2028			10			9

Ardagh Metal Packaging Finance USA LLC
4.000% due 09/01/2029 (g)			511			440
6.000% due 06/15/2027			2,858			2,838

Ardagh Packaging Finance PLC
4.125% due 08/15/2026 (g)			1,777			1,601
5.250% due 08/15/2027 (g)			2,209			1,265

Artera Services LLC
8.500% due 02/15/2031			702			677

Ascent Resources Utica Holdings LLC
5.875% due 06/30/2029			1,243			1,212

Ashton Woods USA LLC
4.625% due 08/01/2029			360			332

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029			3,970			3,879

AthenaHealth Group, Inc.
6.500% due 02/15/2030			1,370			1,303

ATP Tower Holdings LLC
4.050% due 04/27/2026			1,146			1,104

Avantor Funding, Inc.
3.875% due 11/01/2029			692			633
4.625% due 07/15/2028			1,592			1,521

Avis Budget Car Rental LLC
4.750% due 04/01/2028 (g)			1,455			1,362
5.375% due 03/01/2029 (g)			1,082			1,013
8.250% due 01/15/2030 (g)			1,252			1,293

Axalta Coating Systems LLC
4.750% due 06/15/2027			1,054			1,034

B&G Foods, Inc.
5.250% due 09/15/2027 (g)			841			805
8.000% due 09/15/2028			1,906			1,962

B.C. Unlimited Liability Co.
3.500% due 02/15/2029			864			793
3.875% due 01/15/2028			200			189
4.375% due 01/15/2028			5,022			4,801
6.125% due 06/15/2029			1,934			1,943

Bath & Body Works, Inc.
6.694% due 01/15/2027			557			571
7.500% due 06/15/2029			615			636
9.375% due 07/01/2025			764			778

Bausch & Lomb Corp.
8.375% due 10/01/2028			3,676			3,809

Bausch Health Americas, Inc.
8.500% due 01/31/2027			1,175			971
9.250% due 04/01/2026 (g)			806			773

Bausch Health Cos., Inc.
4.875% due 06/01/2028			3,244			2,599


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.000% due 01/30/2028	$		1,798	$		1,228
5.000% due 02/15/2029 (g)			1,683			1,002
5.250% due 02/15/2031			500			268
5.500% due 11/01/2025			1,666			1,627
5.750% due 08/15/2027 (g)			1,301			1,133
6.125% due 02/01/2027 (g)			4,160			3,780
6.250% due 02/15/2029			1,400			870
11.000% due 09/30/2028			3,127			2,974

BCPE Empire Holdings, Inc.
7.625% due 05/01/2027			4,995			4,983

BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)
7.750% due 04/01/2027 (a)			2,500			2,475

Beacon Roofing Supply, Inc.
4.500% due 11/15/2026			1,467			1,442

Beazer Homes USA, Inc.
7.500% due 03/15/2031			767			780

Belron U.K. Finance PLC
5.750% due 10/15/2029			1,425			1,412

Benteler International AG
10.500% due 05/15/2028			250			263

Berry Global, Inc.
4.500% due 02/15/2026			414			408
5.625% due 07/15/2027			125			125

Blackstone Mortgage Trust, Inc.
3.750% due 01/15/2027			432			412
7.750% due 12/01/2029			726			747

Block Communications, Inc.
4.875% due 03/01/2028			346			323

Block, Inc.
2.750% due 06/01/2026			1,392			1,342

Bombardier, Inc.
6.000% due 02/15/2028			1,508			1,503
7.875% due 04/15/2027			1,094			1,096

Boyd Gaming Corp.
4.750% due 12/01/2027			1,690			1,637

Brink’s Co.
6.500% due 06/15/2029			1,469			1,490
6.750% due 06/15/2032			150			151

Bristow Group, Inc.
6.875% due 03/01/2028			602			599

Buckeye Partners LP
4.125% due 03/01/2025			327			327
4.500% due 03/01/2028			963			918

Cablevision Lightpath LLC
3.875% due 09/15/2027			609			579
5.625% due 09/15/2028			609			569

Calderys Financing LLC
11.250% due 06/01/2028			291			312

Calumet Specialty Products Partners LP
8.125% due 01/15/2027			564			563
9.750% due 07/15/2028			494			505

Camelot Finance SA
4.500% due 11/01/2026			746			725

Camelot Return Merger Sub, Inc.
8.750% due 08/01/2028			837			803

Carnival Corp.
4.000% due 08/01/2028			1,443			1,369
5.750% due 03/01/2027			6,784			6,774
7.625% due 03/01/2026			969			971

Carnival Holdings Bermuda Ltd.
10.375% due 05/01/2028			4,803			5,121

Carvana Co. (9.000% Cash or 12.000% PIK)
9.000% due 12/01/2028 (a)			1,769			1,810

Cascades, Inc.
5.375% due 01/15/2028			240			233

CCO Holdings LLC
5.000% due 02/01/2028			5,001			4,825
5.125% due 05/01/2027			5,169			5,084
5.375% due 06/01/2029			3,048			2,918
5.500% due 05/01/2026			961			959
6.375% due 09/01/2029			2,323			2,306

CD&R Smokey Buyer, Inc.
9.500% due 10/15/2029			1,755			1,727

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

CEC Entertainment LLC
6.750% due 05/01/2026	$		1,274	$		1,265

Cedar Fair LP
6.500% due 10/01/2028			366			368

Central Parent LLC
8.000% due 06/15/2029			2,578			2,628

Central Parent, Inc.
7.250% due 06/15/2029			1,821			1,802

Century Communities, Inc.
6.750% due 06/01/2027			246			246

Champ Acquisition Corp.
8.375% due 12/01/2031			388			397

Champions Financing, Inc.
8.750% due 02/15/2029 (g)			1,784			1,741

Charles River Laboratories International, Inc.
4.250% due 05/01/2028			200			190

Chemours Co.
5.375% due 05/15/2027			1,182			1,139

Cheplapharm Arzneimittel GmbH
5.500% due 01/15/2028			2,928			2,667

Chobani LLC
4.625% due 11/15/2028			250			241
7.625% due 07/01/2029			843			873

Churchill Downs, Inc.
4.750% due 01/15/2028			690			666
5.500% due 04/01/2027			2,106			2,085

Cinemark USA, Inc.
5.250% due 07/15/2028 (g)			1,738			1,696

Citgo Petroleum Corp.
6.375% due 06/15/2026			710			713
7.000% due 06/15/2025			1,519			1,525
8.375% due 01/15/2029			2,607			2,688

Civitas Resources, Inc.
5.000% due 10/15/2026			434			429
8.375% due 07/01/2028			3,239			3,368

Clarivate Science Holdings Corp.
3.875% due 07/01/2028			696			649
4.875% due 07/01/2029			3,096			2,889

Clean Harbors, Inc.
4.875% due 07/15/2027			43			42

Clear Channel Outdoor Holdings, Inc.
5.125% due 08/15/2027			1,687			1,626
7.500% due 06/01/2029			886			776
7.750% due 04/15/2028			3,034			2,741
9.000% due 09/15/2028			802			843

Cleveland-Cliffs, Inc.
5.875% due 06/01/2027			374			372
6.875% due 11/01/2029			3,746			3,710

Cloud Software Group, Inc.
6.500% due 03/31/2029			5,377			5,284
9.000% due 09/30/2029			6,078			6,179

Clydesdale Acquisition Holdings, Inc.
8.750% due 04/15/2030			691			702

CMG Media Corp.
8.875% due 06/18/2029			696			524

CNX Midstream Partners LP
4.750% due 04/15/2030			615			563

Cogent Communications Group, Inc.
7.000% due 06/15/2027			3,225			3,244

CommScope LLC
4.750% due 09/01/2029			3,128			2,790
6.000% due 03/01/2026			3,022			3,011
7.125% due 07/01/2028			855			754
8.250% due 03/01/2027 (g)			1,622			1,553

CommScope Technologies LLC
5.000% due 03/15/2027			5,166			4,624

Community Health Systems, Inc.
5.625% due 03/15/2027			4,198			4,034
6.000% due 01/15/2029			3,632			3,256
8.000% due 12/15/2027			1,401			1,400

Compass Minerals International, Inc.
6.750% due 12/01/2027			453			447

Comstock Resources, Inc.
6.750% due 03/01/2029			3,312			3,231


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

Connect Finco SARL
9.000% due 09/15/2029	$		2,978	$		2,716

Consolidated Communications, Inc.
5.000% due 10/01/2028			1,294			1,206
6.500% due 10/01/2028			3,657			3,528

Consolidated Energy Finance SA
5.625% due 10/15/2028			691			564

Constellium SE
3.750% due 04/15/2029			970			879

Cooper-Standard Automotive, Inc.
5.625% due 11/15/2026			293			245

CoreLogic, Inc.
4.500% due 05/01/2028			3,175			2,971

Coty, Inc.
4.750% due 01/15/2029			1,091			1,041
5.000% due 04/15/2026			250			250

CQP Holdco LP
5.500% due 06/15/2031			356			340

Crescent Energy Finance LLC
7.375% due 01/15/2033			853			829
9.250% due 02/15/2028			1,450			1,517

Crowdstrike Holdings, Inc.
3.000% due 02/15/2029			1,600			1,456

Crown Americas LLC
4.250% due 09/30/2026			916			897
4.750% due 02/01/2026			473			468

Crown Cork & Seal Co., Inc.
7.375% due 12/15/2026			749			771

CSC Holdings LLC
5.375% due 02/01/2028			1,992			1,721
5.500% due 04/15/2027			3,600			3,226
6.500% due 02/01/2029			3,877			3,269
7.500% due 04/01/2028 (g)			3,003			2,071
11.250% due 05/15/2028			1,576			1,557
11.750% due 01/31/2029			3,925			3,879

CVR Energy, Inc.
8.500% due 01/15/2029			589			566

CVR Partners LP
6.125% due 06/15/2028			1,406			1,370

Dana, Inc.
5.375% due 11/15/2027			962			953

Darling Ingredients, Inc.
5.250% due 04/15/2027			789			780

Dcli Bidco LLC
7.750% due 11/15/2029			2,919			2,996

Dealer Tire LLC
8.000% due 02/01/2028			276			271

Delek Logistics Partners LP
7.125% due 06/01/2028			1,233			1,233
8.625% due 03/15/2029			1,059			1,096

Deluxe Corp.
8.000% due 06/01/2029			1,208			1,166
8.125% due 09/15/2029			1,544			1,568

Diebold Nixdorf, Inc.
7.750% due 03/31/2030			540			556

Directv Financing LLC
5.875% due 08/15/2027			7,640			7,452

DISH DBS Corp.
5.125% due 06/01/2029			1,388			895
5.250% due 12/01/2026			7,091			6,459
5.750% due 12/01/2028			5,256			4,504
7.375% due 07/01/2028			2,282			1,636
7.750% due 07/01/2026			4,672			3,935

DISH Network Corp.
11.750% due 11/15/2027			7,684			8,148

DT Midstream, Inc.
4.125% due 06/15/2029			1,133			1,059

Dye & Durham Ltd.
8.625% due 04/15/2029			870			917

Eco Material Technologies, Inc.
7.875% due 01/31/2027			672			686

Edgewell Personal Care Co.
5.500% due 06/01/2028			1,892			1,854


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

eG Global Finance PLC
12.000% due 11/30/2028	$		1,840	$		2,060

Elanco Animal Health, Inc.
6.650% due 08/28/2028			1,246			1,266

Ellucian Holdings, Inc.
6.500% due 12/01/2029			1,666			1,671

Encino Acquisition Partners Holdings LLC
8.500% due 05/01/2028			416			425

Encompass Health Corp.
4.500% due 02/01/2028			964			931

Endeavour Mining PLC
5.000% due 10/14/2026			1,281			1,247

Enerflex Ltd.
9.000% due 10/15/2027			845			880

Energizer Holdings, Inc.
4.750% due 06/15/2028			406			387

Entegris, Inc.
4.375% due 04/15/2028			1,018			974
4.750% due 04/15/2029			1,297			1,243

Enviri Corp.
5.750% due 07/31/2027			435			416

EQM Midstream Partners LP
4.500% due 01/15/2029			2,853			2,720
6.375% due 04/01/2029			1,576			1,582

EquipmentShare.com, Inc.
9.000% due 05/15/2028			944			980

ESAB Corp.
6.250% due 04/15/2029			871			883

Ferrellgas LP
5.375% due 04/01/2026			422			418
5.875% due 04/01/2029			1,587			1,452

Fertitta Entertainment LLC
4.625% due 01/15/2029			1,744			1,624
6.750% due 01/15/2030			3,219			2,972

First Student Bidco, Inc.
4.000% due 07/31/2029			3,072			2,823

Fluor Corp.
4.250% due 09/15/2028			277			264

Foundation Building Materials, Inc.
6.000% due 03/01/2029			2,029			1,791

Frontier Communications Holdings LLC
5.000% due 05/01/2028			2,602			2,546
5.875% due 10/15/2027			3,711			3,702
5.875% due 11/01/2029			804			800
6.750% due 05/01/2029			1,883			1,894

FTAI Infra Escrow Holdings LLC
10.500% due 06/01/2027			567			606

Full House Resorts, Inc.
8.250% due 02/15/2028			993			990

FXI Holdings, Inc.
12.250% due 11/15/2026			721			689

Gap, Inc.
3.625% due 10/01/2029			759			682

Garda World Security Corp.
4.625% due 02/15/2027			2,056			1,999

Gen Digital, Inc.
5.000% due 04/15/2025			821			820
6.750% due 09/30/2027			1,055			1,072

GFL Environmental, Inc.
3.500% due 09/01/2028			964			909
3.750% due 08/01/2025			1,198			1,188
4.000% due 08/01/2028			1,382			1,310
5.125% due 12/15/2026			437			435

Global Auto Holdings Ltd.
8.375% due 01/15/2029			802			749

Global Medical Response, Inc. (9.500% Cash and 0.750% PIK)
10.250% due 10/31/2028 (a)			1,146			1,151

Global Partners LP
7.000% due 08/01/2027			822			829
8.250% due 01/15/2032			2,060			2,120

GN Bondco LLC
9.500% due 10/15/2031 (g)			1,781			1,877


30		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Go Daddy Operating Co. LLC
3.500% due 03/01/2029	$		1,086	$		994
5.250% due 12/01/2027			658			647

Goat Holdco LLC
6.750% due 02/01/2032			473			469

goeasy Ltd.
6.875% due 05/15/2030			29			29
7.625% due 07/01/2029			1,817			1,858
9.250% due 12/01/2028			3,650			3,894

Goodyear Tire & Rubber Co.
4.875% due 03/15/2027			753			728
5.000% due 05/31/2026			1,610			1,586
5.000% due 07/15/2029 (g)			2,528			2,324
9.500% due 05/31/2025			146			147

GrafTech Finance, Inc.
4.625% due 12/23/2029			6			5

Graham Packaging Co., Inc.
7.125% due 08/15/2028			3,011			2,982

Gran Tierra Energy, Inc.
9.500% due 10/15/2029			826			770

Graphic Packaging International LLC
3.500% due 03/15/2028			1,082			1,017

Gray Television, Inc.
7.000% due 05/15/2027			951			924
10.500% due 07/15/2029			2,600			2,603

Great Canadian Gaming Corp.
8.750% due 11/15/2029			2,430			2,490

Griffon Corp.
5.750% due 03/01/2028			3,183			3,123

Grifols SA
4.750% due 10/15/2028 (g)			2,498			2,298

Group 1 Automotive, Inc.
4.000% due 08/15/2028			735			689

GrubHub Holdings, Inc.
5.500% due 07/01/2027			1,446			1,271

Gulfport Energy Corp.
6.750% due 09/01/2029			1,226			1,236

H&E Equipment Services, Inc.
3.875% due 12/15/2028			2,239			2,049

Hanesbrands, Inc.
4.875% due 05/15/2026			864			851

Harvest Midstream LP
7.500% due 09/01/2028			1,798			1,816

Heartland Dental LLC
10.500% due 04/30/2028			1,243			1,319

Herc Holdings, Inc.
5.500% due 07/15/2027			1,374			1,362
6.625% due 06/15/2029			829			840

Hertz Corp.
4.625% due 12/01/2026 (g)			670			567
12.625% due 07/15/2029			1,143			1,219

Hilton Worldwide Finance LLC
4.875% due 04/01/2027			932			920

Hologic, Inc.
3.250% due 02/15/2029			1,366			1,237
4.625% due 02/01/2028			770			751

Howard Midstream Energy Partners LLC
7.375% due 07/15/2032			400			407
8.875% due 07/15/2028			540			568

HTA Group Ltd.
7.500% due 06/04/2029			624			636

Hudbay Minerals, Inc.
4.500% due 04/01/2026			1,089			1,074

Hughes Satellite Systems Corp.
6.625% due 08/01/2026 (g)			821			654

Husky Injection Molding Systems Ltd.
9.000% due 02/15/2029			2,736			2,860

iHeartCommunications, Inc.
7.000% due 01/15/2031			86			64
7.750% due 08/15/2030			1,155			905
9.125% due 05/01/2029			1,235			1,078
10.875% due 05/01/2030			1,423			1,097

IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK)
7.750% due 11/15/2030 (a)			884			884


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

Illuminate Buyer LLC
9.000% due 07/01/2028	$		2,686	$		2,722

Imola Merger Corp.
4.750% due 05/15/2029			3,798			3,605

INEOS Finance PLC
7.500% due 04/15/2029			366			375

INEOS Quattro Finance 2 PLC
9.625% due 03/15/2029			679			718

Ingevity Corp.
3.875% due 11/01/2028			1,037			949

Installed Building Products, Inc.
5.750% due 02/01/2028			599			590

Intelligent Packaging Ltd. Finco, Inc.
6.000% due 09/15/2028			1,830			1,806

Intelsat Jackson Holdings SA
6.500% due 03/15/2030			3,029			2,801

International Game Technology PLC
4.125% due 04/15/2026			1,433			1,413
6.250% due 01/15/2027			1,506			1,517

ION Trading Technologies SARL
5.750% due 05/15/2028			1,382			1,314
9.500% due 05/30/2029			624			656

IQVIA, Inc.
5.000% due 10/15/2026			1,465			1,447
5.000% due 05/15/2027			1,830			1,803

Ithaca Energy North Sea PLC
8.125% due 10/15/2029			1,151			1,171

ITT Holdings LLC
6.500% due 08/01/2029			378			346

Jaguar Land Rover Automotive PLC
4.500% due 10/01/2027			674			654

Jazz Securities DAC
4.375% due 01/15/2029			955			903

JELD-WEN, Inc.
4.875% due 12/15/2027			911			867

JetBlue Airways Corp.
9.875% due 09/20/2031			3,522			3,746

K Hovnanian Enterprises, Inc.
11.750% due 09/30/2029			573			625

Kaiser Aluminum Corp.
4.625% due 03/01/2028			2,487			2,341

KeHE Distributors LLC
9.000% due 02/15/2029			392			407

Kinetik Holdings LP
6.625% due 12/15/2028			973			996

Kodiak Gas Services LLC
7.250% due 02/15/2029			1,000			1,021

Kraken Oil & Gas Partners LLC
7.625% due 08/15/2029			4,633			4,464

Kronos Acquisition Holdings, Inc.
8.250% due 06/30/2031			2,049			1,956

LABL, Inc.
5.875% due 11/01/2028			200			179
8.625% due 10/01/2031			735			681
10.500% due 07/15/2027 (g)			2,211			2,142

Lamb Weston Holdings, Inc.
4.875% due 05/15/2028			1,176			1,149

Latam Airlines Group SA
7.875% due 04/15/2030			1,350			1,368

LBM Acquisition LLC
6.250% due 01/15/2029			1,686			1,553

LCM Investments Holdings LLC
4.875% due 05/01/2029			1,087			1,016

LCPR Senior Secured Financing DAC
6.750% due 10/15/2027			2,240			2,029

Level 3 Financing, Inc.
3.750% due 07/15/2029			680			529
4.500% due 04/01/2030			1,553			1,295
4.875% due 06/15/2029			2,045			1,789
10.500% due 04/15/2029			1,592			1,782
11.000% due 11/15/2029			961			1,082

Life Time, Inc.
8.000% due 04/15/2026			383			384


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

LifePoint Health, Inc.
4.375% due 02/15/2027	$		1,148	$		1,101
5.375% due 01/15/2029			3,875			3,402
10.000% due 06/01/2032			1,492			1,519

Light & Wonder International, Inc.
7.000% due 05/15/2028			889			892

Lindblad Expeditions LLC
6.750% due 02/15/2027			439			442

Lithia Motors, Inc.
4.625% due 12/15/2027			813			787

Live Nation Entertainment, Inc.
3.750% due 01/15/2028			820			775
4.750% due 10/15/2027			2,964			2,868
5.625% due 03/15/2026			453			455
6.500% due 05/15/2027			1,306			1,322

Madison IAQ LLC
4.125% due 06/30/2028			1,672			1,584
5.875% due 06/30/2029			1,196			1,131

MajorDrive Holdings LLC
6.375% due 06/01/2029			1,695			1,486

Marriott Ownership Resorts, Inc.
4.750% due 01/15/2028			1,301			1,251

Matador Resources Co.
6.250% due 04/15/2033			200			194
6.875% due 04/15/2028			564			573

Match Group Holdings LLC
5.000% due 12/15/2027			1,772			1,715

Mativ Holdings, Inc.
8.000% due 10/01/2029			1,176			1,134

Mauser Packaging Solutions Holding Co.
7.875% due 04/15/2027			4,436			4,531
9.250% due 04/15/2027			4,116			4,183

Mavis Tire Express Services Topco Corp.
6.500% due 05/15/2029			1,839			1,766

Maxim Crane Works Holdings Capital LLC
11.500% due 09/01/2028			2,032			2,151

McAfee Corp.
7.375% due 02/15/2030			676			657

McGraw-Hill Education, Inc.
5.750% due 08/01/2028			2,878			2,813
7.375% due 09/01/2031			813			833
8.000% due 08/01/2029			2,066			2,069

Mclaren Finance PLC
7.500% due 08/01/2026			1,490			1,486

Medline Borrower LP
3.875% due 04/01/2029			7,404			6,863
6.250% due 04/01/2029			1,434			1,451

MEG Energy Corp.
5.875% due 02/01/2029			2,811			2,747

Mercer International, Inc.
5.125% due 02/01/2029			552			478

Merlin Entertainments Ltd.
5.750% due 06/15/2026			1,237			1,228

Methanex Corp.
5.125% due 10/15/2027			394			386

MGM Resorts International
4.625% due 09/01/2026			672			663
5.500% due 04/15/2027			2,634			2,620

Michaels Cos., Inc.
5.250% due 05/01/2028			1,645			1,244
7.875% due 05/01/2029			2,932			1,793

Millennium Escrow Corp.
6.625% due 08/01/2026			563			440

Mineral Resources Ltd.
8.000% due 11/01/2027			2,265			2,318
8.125% due 05/01/2027			2,534			2,547
9.250% due 10/01/2028			2,467			2,591

Mohegan Tribal Gaming Authority
8.000% due 02/01/2026			1,835			1,828

Molina Healthcare, Inc.
4.375% due 06/15/2028			2,336			2,216

Moog, Inc.
4.250% due 12/15/2027			1,628			1,555

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Motion Bondco DAC
6.625% due 11/15/2027	$		2,754	$		2,606

MPH Acquisition Holdings LLC
5.500% due 09/01/2028			995			854

Mueller Water Products, Inc.
4.000% due 06/15/2029			943			876

Murphy Oil USA, Inc.
5.625% due 05/01/2027			259			258

Nabors Industries, Inc.
7.375% due 05/15/2027			2,682			2,681

NCL Corp. Ltd.
5.875% due 03/15/2026			3,626			3,624
5.875% due 02/15/2027			2,879			2,872
7.750% due 02/15/2029			730			767
8.375% due 02/01/2028			356			372

NCR Atleos Corp.
9.500% due 04/01/2029			1,383			1,500

NCR Voyix Corp.
5.000% due 10/01/2028			2,940			2,830
5.125% due 04/15/2029			1,500			1,437

Neptune Bidco U.S., Inc.
9.290% due 04/15/2029			4,685			4,363

Nesco Holdings, Inc.
5.500% due 04/15/2029			4,239			3,938

New Enterprise Stone & Lime Co., Inc.
5.250% due 07/15/2028			458			445

Newell Brands, Inc.
5.700% due 04/01/2026			1,872			1,873
6.375% due 09/15/2027			1,876			1,888

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029 «			2,288			1,396
11.750% due 10/15/2028 «			2,299			2,023

Nexstar Media, Inc.
4.750% due 11/01/2028			2,745			2,563
5.625% due 07/15/2027			3,402			3,322

NextEra Energy Operating Partners LP
3.875% due 10/15/2026			1,939			1,856
7.250% due 01/15/2029 (g)			2,974			3,045

NFE Financing LLC
12.000% due 11/15/2029			5,442			5,722

Nordstrom, Inc.
4.000% due 03/15/2027			250			239

Northern Oil & Gas, Inc.
8.125% due 03/01/2028			1,030			1,047

NOVA Chemicals Corp.
5.250% due 06/01/2027			1,513			1,472

Novelis Corp.
3.250% due 11/15/2026			1,005			958
4.750% due 01/30/2030			1,568			1,449

NuStar Logistics LP
5.625% due 04/28/2027			2,236			2,221
5.750% due 10/01/2025			1,872			1,878
6.000% due 06/01/2026			797			799

Odeon Finco PLC
12.750% due 11/01/2027			1,065			1,120

Olympus Water U.S. Holding Corp.
4.250% due 10/01/2028			291			272
7.125% due 10/01/2027			1,933			1,969
9.750% due 11/15/2028			2,698			2,866

ON Semiconductor Corp.
3.875% due 09/01/2028			2,087			1,959

OneSky Flight LLC
8.875% due 12/15/2029			1,486			1,489

Open Text Corp.
3.875% due 02/15/2028			1,385			1,306

Option Care Health, Inc.
4.375% due 10/31/2029			692			639

Organon & Co.
4.125% due 04/30/2028			3,701			3,480

Oriflame Investment Holding PLC
5.125% due 05/04/2026			724			141

Outfront Media Capital LLC
5.000% due 08/15/2027			1,401			1,364


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

Owens & Minor, Inc.
4.500% due 03/31/2029 (g)	$		934	$		835

Owens-Brockway Glass Container, Inc.
6.625% due 05/13/2027			130			130

Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			2,283			2,266

Paramount Global
3.700% due 06/01/2028			759			715
4.200% due 05/19/2032			769			678
4.950% due 01/15/2031			100			93
6.250% due 02/28/2057 •			444			425
6.375% due 03/30/2062 •			896			867
6.875% due 04/30/2036			267			271

Park River Holdings, Inc.
5.625% due 02/01/2029			1,067			928

Park-Ohio Industries, Inc.
6.625% due 04/15/2027			1,877			1,852

Parkland Corp.
6.625% due 08/15/2032			611			605

Penn Entertainment, Inc.
5.625% due 01/15/2027			522			514

Performance Food Group, Inc.
4.250% due 08/01/2029			1,710			1,589
5.500% due 10/15/2027			1,429			1,418

Permian Resources Operating LLC
5.375% due 01/15/2026			755			751
8.000% due 04/15/2027			1,732			1,770

PetSmart, Inc.
4.750% due 02/15/2028			2,351			2,221
7.750% due 02/15/2029			2,644			2,559

Phinia, Inc.
6.625% due 10/15/2032			797			794

Pike Corp.
5.500% due 09/01/2028			2,435			2,344

Playtika Holding Corp.
4.250% due 03/15/2029			382			348

PM General Purchaser LLC
9.500% due 10/01/2028			366			364

Prime Healthcare Services, Inc.
9.375% due 09/01/2029			5,273			5,135

Prime Security Services Borrower LLC
5.750% due 04/15/2026			3,571			3,572
6.250% due 01/15/2028			1,529			1,522

PTC, Inc.
3.625% due 02/15/2025			655			655

QVC, Inc.
4.450% due 02/15/2025			732			728
6.875% due 04/15/2029 (g)			594			484

Rackspace Finance LLC
3.500% due 05/15/2028			258			156

Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			1,181			1,267

Rakuten Group, Inc.
8.125% due 12/15/2029 •(e)			540			535
9.750% due 04/15/2029			3,761			4,083
11.250% due 02/15/2027			3,971			4,339

Rand Parent LLC
8.500% due 02/15/2030			346			348

Range Resources Corp.
4.875% due 05/15/2025			783			781

Real Hero Merger Sub 2, Inc.
6.250% due 02/01/2029 (g)			908			781

Resorts World Las Vegas LLC
4.625% due 04/16/2029			260			234

Reworld Holding Corp.
4.875% due 12/01/2029			423			392

Ritchie Bros Holdings, Inc.
6.750% due 03/15/2028			965			988

Rivian Holdings LLC
10.502% due 10/15/2026 •			2,999			3,021

Rocket Software, Inc.
6.500% due 02/15/2029			392			370

Rockies Express Pipeline LLC
3.600% due 05/15/2025			530			525


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

Royal Caribbean Cruises Ltd.
3.700% due 03/15/2028	$		1,999	$		1,897
4.250% due 07/01/2026			2,278			2,237
5.375% due 07/15/2027			1,142			1,136
5.500% due 08/31/2026			1,538			1,538
7.500% due 10/15/2027			809			849

RR Donnelley & Sons Co.
9.500% due 08/01/2029			2,450			2,491
10.875% due 08/01/2029			800			807

Sable International Finance Ltd.
7.125% due 10/15/2032			1,739			1,707

Sabre Global, Inc.
8.625% due 06/01/2027			1,702			1,680

Saturn Oil & Gas, Inc.
9.625% due 06/15/2029			789			768

SCIH Salt Holdings, Inc.
4.875% due 05/01/2028			1,883			1,773
6.625% due 05/01/2029			879			835

SCIL LLC
5.375% due 11/01/2026			2,602			2,551

Scripps Escrow, Inc.
3.875% due 01/15/2029			1,340			987
5.875% due 07/15/2027			2,409			1,949

Seagate HDD Cayman
4.750% due 01/01/2025			1,060			1,060

Sealed Air Corp.
6.125% due 02/01/2028			1,184			1,189

Seaspan Corp.
5.500% due 08/01/2029			611			571

Shutterfly Finance LLC
9.750% due 10/01/2027			247			249

Shutterfly Finance LLC (4.250% Cash and 4.250% PIK)
8.500% due 10/01/2027 (a)(g)			771			679

Sigma Holdco BV
7.875% due 05/15/2026			373			371

Silgan Holdings, Inc.
4.125% due 02/01/2028			100			96

Simmons Foods, Inc.
4.625% due 03/01/2029			3,094			2,863

Sirius XM Radio, Inc.
3.125% due 09/01/2026			1,792			1,723
4.000% due 07/15/2028			1,667			1,538
5.000% due 08/01/2027			2,162			2,105
5.500% due 07/01/2029			2,678			2,571

Sitio Royalties Operating Partnership LP
7.875% due 11/01/2028			2,182			2,255

Six Flags Entertainment Corp.
5.500% due 04/15/2027			291			289

SM Energy Co.
6.500% due 07/15/2028			258			257
6.625% due 01/15/2027			467			467
6.750% due 08/01/2029			2,079			2,060
7.000% due 08/01/2032			428			422

Smyrna Ready Mix Concrete LLC
6.000% due 11/01/2028			1,126			1,099

Sotheby’s
7.375% due 10/15/2027			1,999			1,987

Specialty Building Products Holdings LLC
7.750% due 10/15/2029			2,400			2,444

Speedway Motorsports LLC
4.875% due 11/01/2027			519			507

Spirit AeroSystems, Inc.
4.600% due 06/15/2028			2,432			2,308

Spirit Airlines Pass-Through Trust
4.100% due 10/01/2029			395			368

Spirit Loyalty Cayman Ltd.
8.000% due 09/20/2025			4,712			3,675

Stagwell Global LLC
5.625% due 08/15/2029			2,989			2,849

Standard Industries, Inc.
4.750% due 01/15/2028			1,436			1,375
5.000% due 02/15/2027			2,685			2,630

Staples, Inc.
10.750% due 09/01/2029			1,710			1,684


32		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Station Casinos LLC
4.500% due 02/15/2028	$		3,693	$		3,507

Strathcona Resources Ltd.
6.875% due 08/01/2026			2,246			2,252

Summit Materials LLC
5.250% due 01/15/2029			374			377

Sunoco LP
4.500% due 04/30/2030			1,018			945
5.875% due 03/15/2028			347			346
7.000% due 09/15/2028			1,113			1,140
7.000% due 05/01/2029			642			659

Sunrise HoldCo BV
5.500% due 01/15/2028			2,071			2,030

Superior Plus LP
4.500% due 03/15/2029			959			873

Talos Production, Inc.
9.000% due 02/01/2029			902			926

Taseko Mines Ltd.
8.250% due 05/01/2030			868			887

Taylor Morrison Communities, Inc.
5.750% due 01/15/2028			414			412

TEGNA, Inc.
4.625% due 03/15/2028			3,471			3,293
4.750% due 03/15/2026			809			801

Teleflex, Inc.
4.250% due 06/01/2028			414			395
4.625% due 11/15/2027			894			867

Tempur Sealy International, Inc.
4.000% due 04/15/2029			575			530

Tenet Healthcare Corp.
4.250% due 06/01/2029			1,267			1,191
5.125% due 11/01/2027			1,587			1,556
6.125% due 10/01/2028			2,031			2,029
6.250% due 02/01/2027			607			607

Tenneco, Inc.
8.000% due 11/17/2028			3,039			2,836

TGNR Intermediate Holdings LLC
5.500% due 10/15/2029			2,475			2,313

Thor Industries, Inc.
4.000% due 10/15/2029			1,171			1,057

Titan International, Inc.
7.000% due 04/30/2028			475			467

TK Elevator Holdco GmbH
7.625% due 07/15/2028			3,002			3,006

TK Elevator U.S. Newco, Inc.
5.250% due 07/15/2027			1,951			1,911

TopBuild Corp.
3.625% due 03/15/2029			2,870			2,631

Townsquare Media, Inc.
6.875% due 02/01/2026			200			200

TransDigm, Inc.
5.500% due 11/15/2027			4,329			4,257
6.375% due 03/01/2029			4,537			4,553
6.750% due 08/15/2028			3,637			3,673

Transocean Aquila Ltd.
8.000% due 09/30/2028			552			567

Transocean Titan Financing Ltd.
8.375% due 02/01/2028			2,325			2,375

Transocean, Inc.
8.000% due 02/01/2027			1,453			1,457
8.250% due 05/15/2029			415			407

Travel & Leisure Co.
6.625% due 07/31/2026			1,244			1,258

TreeHouse Foods, Inc.
4.000% due 09/01/2028			2,735			2,487

Trident TPI Holdings, Inc.
12.750% due 12/31/2028			3,926			4,336

TriNet Group, Inc.
3.500% due 03/01/2029			1,819			1,648

Triton Water Holdings, Inc.
6.250% due 04/01/2029			2,687			2,670

Triumph Group, Inc.
9.000% due 03/15/2028			2,745			2,862


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

Trivium Packaging Finance BV
5.500% due 08/15/2026	$		2,221	$		2,198
8.500% due 08/15/2027			1,243			1,242

Tronox, Inc.
4.625% due 03/15/2029			450			404

Tutor Perini Corp.
11.875% due 04/30/2029			868			963

Twilio, Inc.
3.625% due 03/15/2029			826			760

U.S. Acute Care Solutions LLC
9.750% due 05/15/2029			2,741			2,797

U.S. Foods, Inc.
6.875% due 09/15/2028			1,620			1,660

U.S. Renal Care, Inc.
10.625% due 06/28/2028			326			280

Under Armour, Inc.
3.250% due 06/15/2026			1,153			1,114

United Airlines Pass-Through Trust
5.875% due 04/15/2029			469			480

United Airlines, Inc.
4.375% due 04/15/2026			3,523			3,467
4.625% due 04/15/2029			1,199			1,141

United Rentals North America, Inc.
3.875% due 11/15/2027			354			339
4.875% due 01/15/2028			2,136			2,081
5.500% due 05/15/2027			753			751

Univision Communications, Inc.
4.500% due 05/01/2029			3,216			2,882
6.625% due 06/01/2027			2,548			2,541
8.000% due 08/15/2028			2,803			2,857
8.500% due 07/31/2031			1,245			1,222

USA Compression Partners LP
6.875% due 09/01/2027			1,925			1,933
7.125% due 03/15/2029			3,141			3,199

Velocity Vehicle Group LLC
8.000% due 06/01/2029			1,711			1,781

Venture Global LNG, Inc.
7.000% due 01/15/2030			1,214			1,233
8.125% due 06/01/2028			4,776			4,972
9.500% due 02/01/2029			5,839			6,457

Veritiv Operating Co.
10.500% due 11/30/2030			486			524

Vertiv Group Corp.
4.125% due 11/15/2028			1,068			1,009

Viasat, Inc.
5.625% due 04/15/2027			633			613

Viavi Solutions, Inc.
3.750% due 10/01/2029			1,633			1,481

Victoria’s Secret & Co.
4.625% due 07/15/2029			1,237			1,129

Victra Holdings LLC
8.750% due 09/15/2029			1,666			1,750

Viking Cruises Ltd.
5.875% due 09/15/2027			1,771			1,763
6.250% due 05/15/2025			411			411
7.000% due 02/15/2029			652			656

Viper Energy Partners LP
5.375% due 11/01/2027			100			99

Virgin Media Secured Finance PLC
5.500% due 05/15/2029			3,639			3,417

Virgin Media Vendor Financing Notes DAC
5.000% due 07/15/2028			1,214			1,151

Viridien
8.750% due 04/01/2027 (g)			2,754			2,711

VistaJet Malta Finance PLC
7.875% due 05/01/2027			346			337
9.500% due 06/01/2028 (g)			1,805			1,818

Vital Energy, Inc.
7.875% due 04/15/2032			1,764			1,699

VOC Escrow Ltd.
5.000% due 02/15/2028			2,178			2,130

Walgreens Boots Alliance, Inc.
3.450% due 06/01/2026			2,233			2,165
8.125% due 08/15/2029			3,246			3,217


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

WASH Multifamily Acquisition, Inc.
5.750% due 04/15/2026	$		691	$		689

Waste Pro USA, Inc.
5.500% due 02/15/2026			1,051			1,054

Wayfair LLC
7.250% due 10/31/2029			1,876			1,880

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^«(a)(b)			1,533			1,266

WESCO Distribution, Inc.
6.375% due 03/15/2029			1,196			1,213
7.250% due 06/15/2028			335			341

Western Digital Corp.
4.750% due 02/15/2026			4,540			4,500

White Cap Buyer LLC
6.875% due 10/15/2028			1,853			1,842

Wildfire Intermediate Holdings LLC
7.500% due 10/15/2029			1,269			1,224

Williams Scotsman, Inc.
6.625% due 06/15/2029			1,784			1,807

Wolverine World Wide, Inc.
4.000% due 08/15/2029			839			738

WR Grace Holdings LLC
4.875% due 06/15/2027			2,433			2,361

Wynn Las Vegas LLC
5.250% due 05/15/2027			2,646			2,619

Xerox Holdings Corp.
5.000% due 08/15/2025			552			551
5.500% due 08/15/2028			2,745			2,358

Zayo Group Holdings, Inc.
4.000% due 03/01/2027 (g)			3,081			2,845
6.125% due 03/01/2028 (g)			1,506			1,282

ZF North America Capital, Inc.
4.750% due 04/29/2025			3,538			3,524
6.875% due 04/14/2028			2,056			2,052

Ziggo Bond Co. BV
6.000% due 01/15/2027			286			284

Ziggo BV
4.875% due 01/15/2030			1,818			1,674

ZoomInfo Technologies LLC
3.875% due 02/01/2029			2,619			2,385

						997,637


UTILITIES 3.2%

Aethon United BR LP
7.500% due 10/01/2029			2,586			2,647

AmeriGas Partners LP
9.375% due 06/01/2028			244			235

Antero Midstream Partners LP
5.375% due 06/15/2029			1,506			1,468
5.750% due 03/01/2027			689			686

Archrock Partners LP
6.250% due 04/01/2028			1,008			1,003
6.875% due 04/01/2027			293			295

Calpine Corp.
4.500% due 02/15/2028			2,646			2,540
5.125% due 03/15/2028			1,768			1,716

Clearway Energy Operating LLC
4.750% due 03/15/2028			1,243			1,190

DPL, Inc.
4.125% due 07/01/2025			263			260

Genesis Energy LP
7.750% due 02/01/2028			1,134			1,136
8.000% due 01/15/2027			924			941
8.250% due 01/15/2029			761			769

Hilcorp Energy LP
6.250% due 11/01/2028			983			953

Iliad Holding SASU
7.000% due 10/15/2028			779			790

Lightning Power LLC
7.250% due 08/15/2032			412			425

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Lumen Technologies, Inc.
4.125% due 04/15/2029	$		361	$		328
4.125% due 04/15/2030			375			336
10.000% due 10/15/2032			473			471

Millicom International Cellular SA
5.125% due 01/15/2028			526			507

NGL Energy Operating LLC
8.125% due 02/15/2029			1,318			1,337

NRG Energy, Inc.
5.250% due 06/15/2029			422			410
5.750% due 01/15/2028			784			782

Pattern Energy Operations LP
4.500% due 08/15/2028			2,689			2,526

PBF Holding Co. LLC
6.000% due 02/15/2028			3,295			3,163

PG&E Corp.
5.000% due 07/01/2028			1,190			1,163

Qwest Corp.
7.250% due 09/15/2025			624			622

Tallgrass Energy Partners LP
5.500% due 01/15/2028			1,419			1,366

TerraForm Power Operating LLC
5.000% due 01/31/2028			3,364			3,244

Transocean Poseidon Ltd.
6.875% due 02/01/2027			1,260			1,265

Vistra Operations Co. LLC
4.375% due 05/01/2029			900			848
5.000% due 07/31/2027			210			206
5.500% due 09/01/2026			1,482			1,478
5.625% due 02/15/2027			2,315			2,313
7.750% due 10/15/2031			624			655

Vodafone Group PLC
7.000% due 04/04/2079 •			2,214			2,271

						42,345

Total Corporate Bonds & Notes (Cost $1,227,885)						1,230,564


	SHARES			MARKET VALUE (000S)
COMMON STOCKS 0.5%

ENERGY 0.0%

New Fortress Energy, Inc. «(c)		42,917	$		590


FINANCIALS 0.3%

Bruin Blocker LLC «(c)(i)		182,994			0

Intelsat Emergence SA «(i)		90,881			3,001

Jerset Newco «(c)		5,855			419

					3,420


HEALTH CARE 0.1%

Amsurg Equity «(c)(i)		21,155			969


INDUSTRIALS 0.1%

Clover Holdings, Inc. «(c)(i)		2,459			50

Spirit Airlines, Inc. «(c)(i)		1,420,619			1,421

					1,471


INFORMATION TECHNOLOGY 0.0%

Riverbed Technology, Inc. «(c)(i)		22,812			6

Total Common Stocks (Cost $11,111)					6,456


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		28,334			54

Total Warrants (Cost $3,296)					54


	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 6.9%

REPURCHASE AGREEMENTS (j) 6.9%
			$		91,400

Total Short-Term Instruments (Cost $91,400)					91,400



Total Investments in Securities (Cost $1,344,208)					1,339,427


INVESTMENTS IN AFFILIATES 2.6%

SHORT-TERM INSTRUMENTS 2.6%

MUTUAL FUNDS 2.6%

PIMCO Government Money Market Fund
4.640% (f)(g)(h)		34,120,771			34,121

Total Short-Term Instruments (Cost $34,121)					34,121



Total Investments in Affiliates (Cost $34,121)					34,121


Total Investments 104.2% (Cost $1,378,329)			$		1,373,548

Financial Derivative Instruments (k)(l) (0.0)% (Cost or Premiums, net $252)					(47	)

Other Assets and Liabilities, net (4.2)%					(55,130	)

Net Assets 100.0%			$		1,318,371

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

(f)	Institutional Class Shares of each Fund.

(g)	Securities with an aggregate market value of $31,977 were out on loan in exchange for $32,702 of cash collateral as of December 31, 2024. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(h)	Coupon represents a 7-Day Yield.

(i) 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	$	969		0.07	%
Bruin Blocker LLC		04/20/2021		0		0		0.00
Clover Holdings, Inc.		12/09/2024		37		50		0.00


34		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Intelsat Emergence SA		10/02/2018 - 07/03/2023	$	6,883	$	3,001		0.23	%
Riverbed Technology, Inc.		04/24/2018 - 12/07/2021		1,634		6		0.00
Spirit Airlines, Inc.		12/17/2024		1,421		1,421		0.11

			$	10,859	$	5,447		0.41	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j) 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		4.550	%		12/31/2024		01/02/2025	$	8,000	U.S. Treasury Notes 4.250% due 06/30/2029	$	(8,148	)	$	8,000	$	8,002
		4.550			01/02/2025		01/03/2025		43,700	U.S. Treasury Notes 4.250% due 02/28/2029		(44,569	)		43,700		43,700
		4.650			12/31/2024		01/02/2025		39,700	U.S. Treasury Notes 4.250% due 02/28/2029		(40,490	)		39,700		39,710

Total Repurchase Agreements											$	(93,207	)	$	91,400	$	91,412

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, 2024:


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	$	91,412	$	0	$	0	$	0	$	91,412	$	(93,207	)	$	(1,795	)

Master Securities Lending Agreement
BCY		0		0		0		9,359		9,359		(9,544	)		(185	)
BOS		0		0		0		3,824		3,824		(3,898	)		(74	)
BPG		0		0		0		1,061		1,061		(1,083	)		(22	)
BSN		0		0		0		1,452		1,452		(1,481	)		(29	)
GSC		0		0		0		2,706		2, 706		(2,761	)		(55	)
RDR		0		0		0		13,575		13,575		(13,935	)		(360	)

Total Borrowings and Other Financing Transactions	$	91,412	$	0	$	0	$	31,977

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions⁽³⁾
Corporate Bonds & Notes	$	32,702	$	0	$	0	$	0	$	32,702

Total Borrowings	$	32,702	$	0	$	0	$	0	$	32,702

Payable for securities on loan - cash collateral									$	32,702

⁽¹⁾	Includes accrued interest.

⁽²⁾

⁽³⁾	Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(986) at a weighted average interest rate of 4.440%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

(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
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 5-Year Note March Futures		03/2025		801	$	85,150	$	(384	)	$	0	$	(75	)

Total Futures Contracts							$	(384	)	$	0	$	(75	)

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, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Asset		Liability
Calpine Corp.		5.000	%		Quarterly		06/20/2028		1.043	%	$	2,500	$	100		$	220	$	320		$	0	$	0
Carnival Corp.		1.000			Quarterly		12/20/2027		0.923			1,000		(100	)		102		2			0		0
Carnival Corp.		1.000			Quarterly		06/20/2029		1.402			1,300		(75	)		55		(20	)		0		(2	)
MGM Resorts International		5.000			Quarterly		12/20/2029		1.782			350		49			0		49			0		0
Transocean, Inc.		1.000			Quarterly		12/20/2028		4.030			600		(89	)		28		(61	)		1		0

													$	(115	)	$	405	$	290		$	1	$	(2	)

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Asset		Liability
CDX.HY-36 5-Year Index		5.000	%	Quarterly		06/20/2026	$	4,800	$	180	$	84	$	264	$	2	$	0
CDX.HY-40 5-Year Index		5.000		Quarterly		06/20/2028		588		14		32		46		1		0
CDX.HY-41 5-Year Index		5.000		Quarterly		12/20/2028		99		6		2		8		0		0
CDX.HY-43 5-Year Index		5.000		Quarterly		12/20/2029		11,600		838		76		914		10		0

									$	1,038	$	194	$	1,232	$	13	$	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
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.750	%	Annual		12/18/2026		$	31,000	$	(334	)	$	542	$	208	$	7	$	0
Receive	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/18/2031			8,675		(337	)		497		160		9		0

											$	(671	)	$	1,039	$	368	$	16	$	0

Total Swap Agreements											$	252		$	1,638	$	1,890	$	30	$	(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, 2024:


	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	$	30	$	30	$	0	$	(75)	$	(2)	$	(77)

Cash of $8,999 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. 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.


36		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

⁽²⁾

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

(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾


Counterparty	Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2024⁽²⁾		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁴⁾
Counterparty	Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2024⁽²⁾		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Asset		Liability
GST	Petroleos Mexicanos «		3.750%	Monthly		12/24/2025		0.000%	$	200	$	0	$	0	$	0	$	0

Total Swap Agreements											$	0	$	0	$	0	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral Pledged/ (Received)		Net Exposure⁽⁵⁾
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

⁽¹⁾

⁽²⁾

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

⁽⁵⁾

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, 2024:


	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	$	14	$	0	$	0	$	16	$	30

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


	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	$	75	$	75
Swap Agreements		0		2		0		0		0		2

	$	0	$	2	$	0	$	0	$	75	$	77


The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	81		$	81
Swap Agreements		0		2,510			0		0		(3	)		2,507

	$	0	$	2,510		$	0	$	0	$	78		$	2,588

Over the counter
Swap Agreements	$	0	$	3		$	0	$	0	$	0		$	3

	$	0	$	2,513		$	0	$	0	$	78		$	2,591


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(530	)	$	(530	)
Swap Agreements		0		(749	)		0		0		1,039			290

	$	0	$	(749	)	$	0	$	0	$	509		$	(240	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	8,696	$	2,257	$	10,953
Corporate Bonds & Notes
Banking & Finance		0		190,582		0		190,582
Industrials		0		992,952		4,685		997,637
Utilities		0		42,345		0		42,345
Common Stocks
Energy		0		0		590		590
Financials		0		0		3,420		3,420
Health Care		0		0		969		969
Industrials		0		0		1,471		1,471
Information Technology		0		0		6		6
Warrants
Financials		0		0		54		54
Short-Term Instruments
Repurchase Agreements		0		91,400		0		91,400

	$	0	$	1,325,978	$	13,452	$	1,339,427


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds	$	34,121	$	0		$	0	$	34,121


Total Investments	$	34,121	$	1,325,975		$	13,452	$	1,373,548


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	30		$	0	$	30


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(77	)	$	0	$	(77	)


Total Financial Derivative Instruments	$	0	$	(47	)	$	0	$	(47	)


Totals	$	34,121	$	1,325,928		$	13,452	$	1,373,501


38		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:


Category and Subcategory	Beginning Balance at 06/30/2024		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2024		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	3,371	$	1,053	$	0		$	(1	)	$	0		$	252		$	0	$	(2,418	)	$	2,257	$	215
Corporate Bonds & Notes
Banking & Finance		70		0		(96	)		0			0			26			0		0			0		0
Industrials		1,395		0		0			(2	)		0			(127	)		3,419		0			4,685		(127	)
Common Stocks
Energy		0		0		0			0			0			590			0		0			590		590
Financials		3,799		0		0			0			0			(379	)		0		0			3,420		(379	)
Health Care		1,047		0		0			0			0			(78	)		0		0			969		(78	)
Industrials		0		1,458		0			0			0			13			0		0			1,471		13
Information Technology		6		0		0			0			0			0			0		0			6		0
Warrants
Financials		71		0		0			0			0			(17	)		0		0			54		(17	)
Preferred Securities
Industrials		0		0		0			0			(1,041	)		1,041			0		0			0		0


Totals	$	9,759	$	2,511	$	(96	)	$	(3	)	$	(1,041	)	$	1,321		$	3,419	$	(2,418	)	$	13,452	$	217

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs		Input Value( s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	628	Comparable Companies	EBITDA Multiple	X		13.750		—
		402	Discounted Cash Flow	Discount Rate			25.430		—
		1,227	Indicative Market Quotation	Broker Quote			82.000		—
Corporate Bonds & Notes
Industrials		1,266	Comparable Companies /Discounted Cash Flow	Revenue Multiple/Discount Rate	X/%		1.000/9.750		—
		2,023	Other Valuation Techniques⁽²⁾	—			—		—
		1,396	Indicative Market Quotation	Broker Quote			61.000		—
Common Stocks
Energy		590	Reference Instrument	Stock Price w/Liquidity Discount			9.000		—
Financials		3,001	Comparable Companies	EBITDA Multiple	X		4.600		—
		419	Indicative Market Quotation	Broker Quote	$		71.500		—
Health Care		969	Comparable Companies	EBITDA Multiple	X		13.750		—
Industrials		1,471	Other Valuation Techniques⁽²⁾	—			—		—
Information Technology		6	Indicative Market Quotation	Price	$		0.250		—
Warrants
Financials		54	Option Pricing Model	Volatility			32.500		—

Total	$	13,452

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO Investment Grade 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 103.6%

CORPORATE BONDS & NOTES 95.1%

BANKING & FINANCE 38.8%

ABN AMRO Bank NV
6.339% due 09/18/2027 •	$		1,184	$		1,211

AerCap Ireland Capital DAC
2.450% due 10/29/2026			3,789			3,630
3.000% due 10/29/2028			210			195
3.300% due 01/30/2032			2,597			2,264
3.400% due 10/29/2033			146			124
3.850% due 10/29/2041			63			49
4.450% due 10/01/2025			745			744

Aflac, Inc.
4.750% due 01/15/2049			51			45

AIA Group Ltd.
4.950% due 04/04/2033			2,331			2,298

AIB Group PLC
7.583% due 10/14/2026 •			439			447

Aircastle Ltd.
4.250% due 06/15/2026			851			843
6.500% due 07/18/2028			120			124

Alexandria Real Estate Equities, Inc.
1.875% due 02/01/2033			2,016			1,554

Alleghany Corp.
3.250% due 08/15/2051			1,733			1,167

Ally Financial, Inc.
2.200% due 11/02/2028			1,646			1,465
4.750% due 06/09/2027			110			109
5.800% due 05/01/2025			130			130
6.184% due 07/26/2035 •			5,268			5,210
6.848% due 01/03/2030 •			150			156

American Express Co.
3.300% due 05/03/2027			122			118
3.950% due 08/01/2025			818			815
4.050% due 12/03/2042			123			103
6.489% due 10/30/2031 •			208			222

American Tower Corp.
2.750% due 01/15/2027			632			607
2.900% due 01/15/2030			2,711			2,443
2.950% due 01/15/2051			2,659			1,646
3.125% due 01/15/2027			326			316
3.600% due 01/15/2028			1,045			1,006
5.550% due 07/15/2033			100			101
5.650% due 03/15/2033			100			101
5.900% due 11/15/2033			120			124

ANZ New Zealand International Ltd.
1.250% due 06/22/2026			136			129

Aon Corp.
2.800% due 05/15/2030			2,479			2,210
2.900% due 08/23/2051			2,682			1,639
3.900% due 02/28/2052			70			51

Arch Capital Group Ltd.
3.635% due 06/30/2050			242			173

Ares Capital Corp.
2.875% due 06/15/2027			1,105			1,052
2.875% due 06/15/2028			1,542			1,422

Ares Management Corp.
6.375% due 11/10/2028			1,012			1,059

Arthur J Gallagher & Co.
3.500% due 05/20/2051			20			14
5.750% due 07/15/2054			2,288			2,252

ASB Bank Ltd.
2.375% due 10/22/2031			125			105

Assured Guaranty U.S. Holdings, Inc.
3.150% due 06/15/2031			264			233

Athene Global Funding
1.450% due 01/08/2026			572			553
1.608% due 06/29/2026			1,388			1,323
1.716% due 01/07/2025			41			41
2.673% due 06/07/2031			10			8
5.322% due 11/13/2031			1,671			1,644

Australia & New Zealand Banking Group Ltd.
2.950% due 07/22/2030 •			234			231
4.400% due 05/19/2026 (e)			476			473


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

AvalonBay Communities, Inc.
5.350% due 06/01/2034	$		1,743	$		1,754

Aviation Capital Group LLC
1.950% due 01/30/2026			168			163
6.250% due 04/15/2028			2,823			2,914

Avolon Holdings Funding Ltd.
2.125% due 02/21/2026			45			44
2.528% due 11/18/2027			1,908			1,770
2.875% due 02/15/2025			1,471			1,466
5.500% due 01/15/2026			2,009			2,016

AXIS Specialty Finance PLC
4.000% due 12/06/2027			120			117

Banco Bilbao Vizcaya Argentaria SA
5.862% due 09/14/2026 •			117			118
6.138% due 09/14/2028 •			827			847
7.883% due 11/15/2034 •			1,920			2,107

Banco de Credito e Inversiones SA
3.500% due 10/12/2027 (d)			814			780

Banco Santander Chile
2.700% due 01/10/2025			125			125

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			83
4.379% due 04/12/2028			120			117
5.147% due 08/18/2025			802			803
5.294% due 08/18/2027			120			121

Bank of America Corp.
1.898% due 07/23/2031 •			100			84
2.572% due 10/20/2032 •			3,920			3,309
2.592% due 04/29/2031 •			170			150
2.687% due 04/22/2032 •			631			543
2.884% due 10/22/2030 •			130			118
2.972% due 02/04/2033 •			280			241
3.194% due 07/23/2030 •			150			138
3.384% due 04/02/2026 •			1,289			1,284
3.419% due 12/20/2028 •			2,924			2,804
3.970% due 03/05/2029 •			100			97
4.827% due 07/22/2026 •			846			846
4.948% due 07/22/2028 •			1,047			1,049
5.015% due 07/22/2033 •			3,077			3,019
5.080% due 01/20/2027 •			1,602			1,607
5.288% due 04/25/2034 •			2,199			2,181
5.468% due 01/23/2035 •			3,244			3,249
5.872% due 09/15/2034 •			140			144

Bank of Ireland Group PLC
2.029% due 09/30/2027 •			1,371			1,305
6.253% due 09/16/2026 •			120			121

Bank of Montreal
5.717% due 09/25/2028			115			118

Bank of New York Mellon Corp.
4.706% due 02/01/2034 •			195			188
5.802% due 10/25/2028 •			46			47
5.834% due 10/25/2033 •			2,494			2,584

Bank of New Zealand
1.000% due 03/03/2026			110			105

Bank of Nova Scotia
1.050% due 03/02/2026			53			51
5.250% due 06/12/2028			393			397

Barclays PLC
2.852% due 05/07/2026 •			243			241
4.375% due 01/12/2026			3,723			3,707
5.304% due 08/09/2026 •			532			533
5.829% due 05/09/2027 •			120			121
6.224% due 05/09/2034 •			20			21
6.496% due 09/13/2027 •			1,436			1,471
7.325% due 11/02/2026 •			120			122
7.385% due 11/02/2028 •			208			221
7.437% due 11/02/2033 •			44			48

Berkshire Hathaway Finance Corp.
2.850% due 10/15/2050			1,105			694
3.850% due 03/15/2052			1,878			1,423
4.200% due 08/15/2048			365			302
4.250% due 01/15/2049			517			432
5.750% due 01/15/2040			679			717


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

Berkshire Hathaway, Inc.
4.500% due 02/11/2043 (d)	$		619	$		574

BGC Group, Inc.
6.600% due 06/10/2029			1,940			1,988

Blackstone Private Credit Fund
4.000% due 01/15/2029			150			142

Blackstone Secured Lending Fund
2.750% due 09/16/2026			1,231			1,183
3.625% due 01/15/2026			251			248

Block Financial LLC
3.875% due 08/15/2030			1,102			1,018

Blue Owl Capital Corp.
3.400% due 07/15/2026			201			195
4.250% due 01/15/2026			10			10

Blue Owl Finance LLC
3.125% due 06/10/2031			1,089			956
4.125% due 10/07/2051			452			331

BNP Paribas SA
1.323% due 01/13/2027 •			1,524			1,468
2.219% due 06/09/2026 •			908			896
4.400% due 08/14/2028			3,834			3,729

Boston Properties LP
2.550% due 04/01/2032			100			81

BPCE SA
1.000% due 01/20/2026			318			306
1.652% due 10/06/2026 •			2,367			2,306
3.500% due 10/23/2027			1,051			1,005
5.975% due 01/18/2027 •			1,728			1,742
6.612% due 10/19/2027 •			658			675

Brandywine Operating Partnership LP
3.950% due 11/15/2027			379			360

Brighthouse Financial Global Funding
1.550% due 05/24/2026			454			433

Broadridge Financial Solutions, Inc.
2.900% due 12/01/2029			1,582			1,431

Brookfield Finance, Inc.
3.625% due 02/15/2052			958			667
3.900% due 01/25/2028			1,080			1,052
4.850% due 03/29/2029			2,295			2,280

Brown & Brown, Inc.
2.375% due 03/15/2031			146			123
4.950% due 03/17/2052			2,597			2,221

CaixaBank SA
6.684% due 09/13/2027 •			1,591			1,634

Cantor Fitzgerald LP
7.200% due 12/12/2028			944			987

Capital One Financial Corp.
1.878% due 11/02/2027 •			1,833			1,733
2.636% due 03/03/2026 •			2,249			2,240
4.985% due 07/24/2026 •			240			240
5.247% due 07/26/2030 •			178			178
5.268% due 05/10/2033 •			145			141
5.468% due 02/01/2029 •			120			121
5.700% due 02/01/2030 •			1,643			1,666

CBRE Services, Inc.
5.950% due 08/15/2034			5,429			5,601

Charles Schwab Corp.
1.650% due 03/11/2031			4,908			4,024
1.950% due 12/01/2031			164			134
2.300% due 05/13/2031			10			8
2.900% due 03/03/2032			100			86

Chubb INA Holdings LLC
1.375% due 09/15/2030			150			125
3.050% due 12/15/2061			218			132

CI Financial Corp.
7.500% due 05/30/2029			1,535			1,608

Citibank NA
5.570% due 04/30/2034			4,847			4,905
5.803% due 09/29/2028			150			155

Citigroup, Inc.
2.561% due 05/01/2032 •			1,590			1,346
2.572% due 06/03/2031 •			500			436
3.057% due 01/25/2033 •			2,822			2,425
3.070% due 02/24/2028 •			130			125
3.668% due 07/24/2028 •			571			553


40		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.075% due 04/23/2029 •	$		397	$		385
4.412% due 03/31/2031 •			80			77
4.542% due 09/19/2030 •			2,916			2,834
4.910% due 05/24/2033 •			150			145
5.610% due 09/29/2026 •			30			30
6.270% due 11/17/2033 •			1,181			1,239

Citizens Bank NA
3.750% due 02/18/2026			641			633
4.575% due 08/09/2028 •			471			467

Citizens Financial Group, Inc.
2.850% due 07/27/2026			959			928
3.250% due 04/30/2030			10			9
5.718% due 07/23/2032 •			3,061			3,073

CNO Global Funding
5.875% due 06/04/2027			978			996

Commonwealth Bank of Australia
2.688% due 03/11/2031 (e)			1,399			1,194
5.316% due 03/13/2026			946			955

Cooperatieve Rabobank UA
1.980% due 12/15/2027 •			110			104
3.750% due 07/21/2026			907			889
5.800% due 09/30/2110			3			3

Corebridge Financial, Inc.
3.500% due 04/04/2025			1,039			1,035
3.650% due 04/05/2027			1,916			1,863
3.850% due 04/05/2029			1,320			1,261
3.900% due 04/05/2032			196			178
4.400% due 04/05/2052			100			80

Credit Agricole SA
1.247% due 01/26/2027 •			1,514			1,454
1.907% due 06/16/2026 •			51			50
5.301% due 07/12/2028			51			51
6.316% due 10/03/2029 •			1,599			1,653

Crown Castle, Inc.
1.350% due 07/15/2025			23			23
2.100% due 04/01/2031			20			17
2.250% due 01/15/2031			1,002			843
2.500% due 07/15/2031			10			8
2.900% due 03/15/2027			615			591
2.900% due 04/01/2041			172			120
3.100% due 11/15/2029			1,662			1,513
3.250% due 01/15/2051			27			18
3.300% due 07/01/2030			100			91
4.300% due 02/15/2029			671			650
4.450% due 02/15/2026			1,040			1,037

CubeSmart LP
3.000% due 02/15/2030			56			50

DAE Sukuk Difc Ltd.
3.750% due 02/15/2026			1,351			1,327

Danske Bank AS
4.375% due 06/12/2028			986			963

Deutsche Bank AG
2.129% due 11/24/2026 •			1,865			1,818
5.414% due 05/10/2029			1,044			1,060
6.720% due 01/18/2029 •			140			145
7.079% due 02/10/2034 •			863			889

Digital Realty Trust LP
3.600% due 07/01/2029			891			843
3.700% due 08/15/2027			51			50
5.550% due 01/15/2028			303			308

Discover Bank
4.650% due 09/13/2028			2,330			2,283

Discover Financial Services
4.100% due 02/09/2027			184			181

DNB Bank ASA
1.535% due 05/25/2027 •			2,169			2,072

DOC DR LLC
3.950% due 01/15/2028			264			256

Empower Finance LP
1.776% due 03/17/2031			61			50
3.075% due 09/17/2051			2,789			1,763

Enstar Group Ltd.
3.100% due 09/01/2031			400			343

EPR Properties
3.750% due 08/15/2029			2,599			2,411
4.950% due 04/15/2028			60			59


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

Equinix, Inc.
1.450% due 05/15/2026	$		10	$		10
2.150% due 07/15/2030			547			471
3.000% due 07/15/2050			826			521
3.200% due 11/18/2029			1,396			1,284

Equitable Financial Life Global Funding
1.300% due 07/12/2026			628			597

Essex Portfolio LP
2.650% due 03/15/2032			3,680			3,101
3.500% due 04/01/2025			50			50

Extra Space Storage LP
2.350% due 03/15/2032			2,019			1,653

F&G Global Funding
1.750% due 06/30/2026			135			129
2.300% due 04/11/2027			649			608

Fairfax Financial Holdings Ltd.
5.625% due 08/16/2032			1,683			1,704

Fidelity National Financial, Inc.
3.200% due 09/17/2051			313			193

Fifth Third Bacorp
4.055% due 04/25/2028 •			2,336			2,287

First American Financial Corp.
4.000% due 05/15/2030			53			49

Ford Motor Credit Co. LLC
2.900% due 02/16/2028			944			872
3.815% due 11/02/2027			771			739
4.125% due 08/17/2027			1,398			1,352
4.389% due 01/08/2026			1,839			1,825
4.542% due 08/01/2026			952			942
5.850% due 05/17/2027			1,181			1,194
5.980% (SOFRRATE + 1.450%) due 11/05/2026 ~			1,362			1,369
6.800% due 05/12/2028			120			124
6.950% due 03/06/2026			801			816

FS KKR Capital Corp.
3.400% due 01/15/2026			262			257

GA Global Funding Trust
1.950% due 09/15/2028			181			162
2.250% due 01/06/2027			791			749

GAIF Bond Issuer Pty. Ltd.
3.400% due 09/30/2026			398			388

GATX Corp.
3.500% due 06/01/2032			50			44
4.700% due 04/01/2029			2,201			2,170

General Motors Financial Co., Inc.
1.250% due 01/08/2026			2,235			2,154
1.500% due 06/10/2026			1,457			1,389
2.350% due 01/08/2031			150			126
2.750% due 06/20/2025			10			10
4.300% due 04/06/2029			132			128
5.850% due 04/06/2030			100			102

Global Atlantic Fin Co.
3.125% due 06/15/2031			100			86

GLP Capital LP
3.250% due 01/15/2032			100			86
4.000% due 01/15/2030			1,488			1,387
4.000% due 01/15/2031			483			442
5.300% due 01/15/2029			1,723			1,717
5.625% due 09/15/2034			2,816			2,773

Goldman Sachs Group, Inc.
1.431% due 03/09/2027 •			2,009			1,929
1.948% due 10/21/2027 •			2,540			2,411
1.992% due 01/27/2032 •			5,451			4,501
2.600% due 02/07/2030			10			9
2.615% due 04/22/2032 •			2,882			2,457
2.640% due 02/24/2028 •			1,404			1,339
3.102% due 02/24/2033 •			1,895			1,634
3.615% due 03/15/2028 •			51			50
4.482% due 08/23/2028 •			1,900			1,878
5.016% due 10/23/2035 •			1,090			1,044
5.851% due 04/25/2035 •			792			807
6.484% due 10/24/2029 •			70			73

Goodman U.S. Finance Five LLC
4.625% due 05/04/2032			2,308			2,192

Guardian Life Global Funding
1.625% due 09/16/2028			694			620


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

Guardian Life Insurance Co. of America
4.850% due 01/24/2077	$		1,417	$		1,183

Hartford Financial Services Group, Inc.
2.900% due 09/15/2051			70			44
3.600% due 08/19/2049			50			36

HAT Holdings LLC
8.000% due 06/15/2027			580			605

Highwoods Realty LP
3.050% due 02/15/2030			1,961			1,733

Host Hotels & Resorts LP
4.500% due 02/01/2026			484			481
5.700% due 07/01/2034			1,914			1,912

HSBC Holdings PLC
2.206% due 08/17/2029 •			230			207
2.357% due 08/18/2031 •			1,381			1,176
2.871% due 11/22/2032 •			61			51
3.973% due 05/22/2030 •			2,139			2,020
4.041% due 03/13/2028 •			210			206
4.292% due 09/12/2026 •			369			367
4.583% due 06/19/2029 •			1,160			1,137
4.755% due 06/09/2028 •			110			109
5.546% due 03/04/2030 •			60			60
5.887% due 08/14/2027 •			276			280
6.332% due 03/09/2044 •			36			38
7.390% due 11/03/2028 •			69			73

HSBC USA, Inc.
5.294% due 03/04/2027			145			147

ING Groep NV
1.726% due 04/01/2027 •			5			5
4.017% due 03/28/2028 •			140			137

Intercontinental Exchange, Inc.
5.200% due 06/15/2062			100			91
5.250% due 06/15/2031			871			881

Intesa Sanpaolo SpA
6.625% due 06/20/2033			940			983
7.000% due 11/21/2025			100			102
7.778% due 06/20/2054 •			1,112			1,189
8.248% due 11/21/2033 •			571			641

Invitation Homes Operating Partnership LP
2.000% due 08/15/2031			2,807			2,282

Jackson National Life Global Funding
1.750% due 01/12/2025			200			200

JPMorgan Chase & Co.
1.045% due 11/19/2026 •			100			97
1.470% due 09/22/2027 •			1,425			1,349
2.005% due 03/13/2026 •			2,218			2,205
2.522% due 04/22/2031 •			90			79
2.580% due 04/22/2032 •			4,319			3,707
2.947% due 02/24/2028 •			1,415			1,361
2.963% due 01/25/2033 •			631			546
3.509% due 01/23/2029 •			763			732
4.005% due 04/23/2029 •			125			121
4.080% due 04/26/2026 •			364			363
4.323% due 04/26/2028 •			906			895
4.565% due 06/14/2030 •			1,065			1,044
4.586% due 04/26/2033 •			697			669
4.851% due 07/25/2028 •			1,419			1,419
4.912% due 07/25/2033 •			3,357			3,283
4.979% due 07/22/2028 •			839			842
5.336% due 01/23/2035 •			1,412			1,404
5.571% due 04/22/2028 •			430			437
5.766% due 04/22/2035 •			4,751			4,861

Key Corp.
5.716% (SOFRINDX + 1.250%) due 05/23/2025 ~			76			76

Kilroy Realty LP
4.375% due 10/01/2025			341			339

KKR Group Finance Co. LLC
3.250% due 12/15/2051			3,551			2,331

Liberty Mutual Group, Inc.
3.951% due 10/15/2050			1,797			1,309
5.500% due 06/15/2052			843			779

Lloyds Banking Group PLC
3.574% due 11/07/2028 •			180			173
3.750% due 03/18/2028 •			51			50
5.871% due 03/06/2029 •			819			834
7.953% due 11/15/2033 •			1,920			2,145

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

LPL Holdings, Inc.
6.750% due 11/17/2028	$		1,876	$		1,971

Lseg U.S. Fin Corp.
4.875% due 03/28/2027			312			313

LSEGA Financing PLC
2.000% due 04/06/2028			1,844			1,685
3.200% due 04/06/2041			1,679			1,252

Macquarie Group Ltd.
1.935% due 04/14/2028 •			1,212			1,130
3.763% due 11/28/2028 •			60			58

Manulife Financial Corp.
4.150% due 03/04/2026			829			824

Marsh & McLennan Cos., Inc.
4.350% due 01/30/2047			1,634			1,371
4.850% due 11/15/2031			2,158			2,132
5.000% due 03/15/2035			2,370			2,315
6.250% due 11/01/2052			176			188

MassMutual Global Funding
4.150% due 08/26/2025			378			377
5.150% due 05/30/2029			2,757			2,796

Meiji Yasuda Life Insurance Co.
5.200% due 10/20/2045 •			49			49

MET Tower Global Funding
1.250% due 09/14/2026			111			105

MetLife, Inc.
4.125% due 08/13/2042			130			108
5.000% due 07/15/2052			177			160
5.300% due 12/15/2034			100			100
9.250% due 04/08/2068			163			192

Metropolitan Life Global Funding
1.875% due 01/11/2027			2,757			2,612
5.150% due 03/28/2033			3,332			3,293

Mitsubishi HC Capital, Inc.
5.080% due 09/15/2027			1,454			1,456

Mitsubishi UFJ Financial Group, Inc.
2.309% due 07/20/2032 •			164			137
2.341% due 01/19/2028 •			3,076			2,929
3.195% due 07/18/2029			1,280			1,188
3.751% due 07/18/2039			120			101
5.017% due 07/20/2028 •			966			970
5.719% due 02/20/2026 •			938			939

Mizuho Financial Group, Inc.
5.414% due 09/13/2028 •			2,349			2,382
5.748% due 07/06/2034 •			121			123

Morgan Stanley
1.928% due 04/28/2032 •			3,101			2,538
2.511% due 10/20/2032 •			119			100
2.630% due 02/18/2026 •			300			299
3.622% due 04/01/2031 •			3,710			3,447
4.300% due 01/27/2045			190			157
4.679% due 07/17/2026 •			1,867			1,865
4.889% due 07/20/2033 •			2,586			2,506
5.123% due 02/01/2029 •			1,768			1,773
5.164% due 04/20/2029 •			130			130
5.831% due 04/19/2035 •			1,131			1,153
6.627% due 11/01/2034 •			1,631			1,753

Morgan Stanley Bank NA
5.584% (SOFRRATE + 0.940%) due 07/14/2028 ~			972			977

Nasdaq, Inc.
5.550% due 02/15/2034			660			666

Nationwide Building Society
2.972% due 02/16/2028 •			50			48
3.960% due 07/18/2030 •			3,476			3,294
5.127% due 07/29/2029			1,262			1,264

Nationwide Mutual Insurance Co.
4.350% due 04/30/2050			1,571			1,181
4.950% due 04/22/2044			54			46

NatWest Group PLC
4.964% due 08/15/2030 •			3,581			3,529

New York Life Global Funding
2.350% due 07/14/2026			100			97

New York Life Insurance Co.
3.750% due 05/15/2050			135			98
4.450% due 05/15/2069			169			131
6.750% due 11/15/2039			663			738


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

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026	$		125	$		118
2.000% due 03/09/2026			2,632			2,528
2.450% due 09/15/2028			100			89

NMI Holdings, Inc.
6.000% due 08/15/2029			2,208			2,220

Nomura Holdings, Inc.
2.172% due 07/14/2028			57			51
2.648% due 01/16/2025			1,501			1,500

Nordea Bank Abp
1.500% due 09/30/2026			55			52
4.375% due 09/10/2029			1,551			1,518
5.375% due 09/22/2027			1,888			1,912

Norinchukin Bank
4.867% due 09/14/2027 (d)			690			687
5.071% due 09/14/2032			47			46
5.430% due 03/09/2028 (d)			1,146			1,154

Northwestern Mutual Global Funding
0.800% due 01/14/2026			318			306
4.000% due 07/01/2025			20			20

Old Republic International Corp.
3.875% due 08/26/2026			718			707

Omega Healthcare Investors, Inc.
3.375% due 02/01/2031			2,592			2,302

Pacific Life Global Funding
1.600% due 09/21/2028			3,087			2,737

Pacific LifeCorp
5.400% due 09/15/2052			1,100			1,036

Phillips Edison Grocery Center Operating Partnership LP
5.750% due 07/15/2034			1,459			1,462

PNC Financial Services Group, Inc.
2.307% due 04/23/2032 •			260			219
5.068% due 01/24/2034 •			3,477			3,389
5.354% due 12/02/2028 •			47			48
5.492% due 05/14/2030 •			1,823			1,849
6.875% due 10/20/2034 •			208			227

Popular, Inc.
7.250% due 03/13/2028			1,614			1,664

Pricoa Global Funding
0.800% due 09/01/2025			1,234			1,204

Principal Life Global Funding
3.000% due 04/18/2026			799			782

Progressive Corp.
3.000% due 03/15/2032			1,491			1,311
3.700% due 03/15/2052			195			144

Prologis LP
4.000% due 09/15/2028			1,614			1,572

Protective Life Global Funding
1.303% due 09/20/2026			840			793
1.646% due 01/13/2025			542			541

Prudential Financial, Inc.
3.000% due 03/10/2040			172			127
3.905% due 12/07/2047			135			103
5.375% due 05/15/2045 •			412			410

Prudential Funding Asia PLC
3.125% due 04/14/2030			977			887

Realty Income Corp.
3.250% due 01/15/2031			132			119
3.400% due 01/15/2028			582			559
4.450% due 09/15/2026			460			458

Reinsurance Group of America, Inc.
3.950% due 09/15/2026			1,235			1,219

Reliance Standard Life Global Funding
1.512% due 09/28/2026			157			147

Rexford Industrial Realty LP
2.150% due 09/01/2031			1,128			919

RGA Global Funding
2.000% due 11/30/2026			53			50
6.000% due 11/21/2028			1,730			1,785

Royal Bank of Canada
3.625% due 05/04/2027			120			117

Sabra Health Care LP
3.200% due 12/01/2031			290			249


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

Santander Holdings USA, Inc.
2.490% due 01/06/2028 •	$		2,102	$		1,994
4.500% due 07/17/2025			985			982
6.499% due 03/09/2029 •			1,775			1,825

Santander U.K. Group Holdings PLC
1.673% due 06/14/2027 •			3,152			3,002

Scentre Group Trust
3.500% due 02/12/2025			50			50

SMBC Aviation Capital Finance DAC
1.900% due 10/15/2026			1,619			1,536

Societe Generale SA
1.792% due 06/09/2027 •			105			100
3.337% due 01/21/2033 •			647			547
4.250% due 04/14/2025			689			687
6.691% due 01/10/2034 •			550			565

Standard Chartered PLC
2.678% due 06/29/2032 •			172			145
2.819% due 01/30/2026 •			3,180			3,174

State Street Corp.
5.820% due 11/04/2028 •			1,087			1,119

Sumitomo Mitsui Financial Group, Inc.
2.222% due 09/17/2031			4,062			3,368
2.472% due 01/14/2029			701			638
2.750% due 01/15/2030			3,545			3,166
4.306% due 10/16/2028			50			49
5.766% due 01/13/2033			47			48

Sumitomo Mitsui Trust Bank Ltd.
4.950% due 09/15/2027			1,965			1,973

Sun Communities Operating LP
2.300% due 11/01/2028			56			51

Synchrony Financial
2.875% due 10/28/2031			2,834			2,350
5.150% due 03/19/2029			122			120

Teachers Insurance & Annuity Association of America
6.850% due 12/16/2039			1			1

Toronto-Dominion Bank
3.200% due 03/10/2032			3,230			2,822
4.108% due 06/08/2027			123			121

Toyota Motor Credit Corp.
4.550% due 08/09/2029			1,561			1,542

Travelers Cos., Inc.
3.050% due 06/08/2051			125			82
3.750% due 05/15/2046			90			69

Truist Financial Corp.
1.125% due 08/03/2027			15			14
4.260% due 07/28/2026 •			382			381
4.873% due 01/26/2029 •			687			684
5.122% due 01/26/2034 •			120			117
5.867% due 06/08/2034 •			399			406
7.161% due 10/30/2029 •			1,726			1,846

U.S. Bancorp
1.375% due 07/22/2030			70			58
3.900% due 04/26/2028			952			924
4.548% due 07/22/2028 •			883			876
4.653% due 02/01/2029 •			606			600
5.727% due 10/21/2026 •			1,106			1,114
5.775% due 06/12/2029 •			756			773
5.836% due 06/12/2034 •			190			194

UBS AG
1.250% due 06/01/2026			548			523
1.250% due 08/07/2026			336			318

UBS Group AG
1.305% due 02/02/2027 •			996			958
2.193% due 06/05/2026 •			2,526			2,496
3.126% due 08/13/2030 •			1,078			985
4.125% due 09/24/2025			1,746			1,738
4.194% due 04/01/2031 •			2,853			2,697
4.751% due 05/12/2028 •			1,264			1,257
5.617% due 09/13/2030 •			964			980
6.373% due 07/15/2026 •			644			649
6.442% due 08/11/2028 •			325			336
6.537% due 08/12/2033 •			787			835

UDR, Inc.
2.100% due 08/01/2032			1,834			1,461

UniCredit SpA
1.982% due 06/03/2027 •			1,055			1,010


42		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.569% due 09/22/2026 •	$		1,408	$		1,381
3.127% due 06/03/2032 •			145			126

USAA Capital Corp.
2.125% due 05/01/2030			57			49

VICI Properties LP
4.625% due 12/01/2029			4,446			4,263
5.125% due 05/15/2032			51			50
5.625% due 05/15/2052			1,241			1,156

Wells Fargo & Co.
2.879% due 10/30/2030 •			1,744			1,574
3.068% due 04/30/2041 •			282			205
3.350% due 03/02/2033 •			90			79
3.526% due 03/24/2028 •			1,498			1,453
3.908% due 04/25/2026 •			1,669			1,664
4.150% due 01/24/2029			975			946
4.478% due 04/04/2031 •			150			145
4.611% due 04/25/2053 •			1,286			1,075
4.808% due 07/25/2028 •			1,905			1,899
4.897% due 07/25/2033 •			6,157			5,948
5.389% due 04/24/2034 •			120			119
6.303% due 10/23/2029 •			70			73

Welltower OP LLC
4.250% due 04/15/2028			1,093			1,071

Westpac Banking Corp.
2.150% due 06/03/2031			110			93
2.700% due 08/19/2026			180			175
2.894% due 02/04/2030 •(e)			10			10
5.457% due 11/18/2027			64			66

Weyerhaeuser Co.
6.875% due 12/15/2033			338			371
7.375% due 03/15/2032			2,433			2,711

Willis North America, Inc.
4.650% due 06/15/2027			2,398			2,393

						493,358


INDUSTRIALS 43.1%

7-Eleven, Inc.
0.950% due 02/10/2026			1,666			1,594

AbbVie, Inc.
2.950% due 11/21/2026			1,721			1,673
3.200% due 05/14/2026			25			25
3.800% due 03/15/2025			210			210
4.400% due 11/06/2042			52			45
4.550% due 03/15/2035			1,993			1,875
5.500% due 03/15/2064			70			67

Adobe, Inc.
4.800% due 04/04/2029			571			574

Aker BP ASA
3.100% due 07/15/2031			80			69
5.125% due 10/01/2034			370			348
5.800% due 10/01/2054			170			154

Alcon Finance Corp.
2.600% due 05/27/2030			3,020			2,670

Algonquin Power & Utilities Corp.
5.365% due 06/15/2026 þ			1,987			1,998

Alibaba Group Holding Ltd.
3.400% due 12/06/2027			1,138			1,098

Alimentation Couche-Tard, Inc.
2.950% due 01/25/2030			99			89
3.800% due 01/25/2050			44			32

Allegion PLC
3.500% due 10/01/2029			54			51

Amazon.com, Inc.
2.100% due 05/12/2031			4,370			3,734
2.700% due 06/03/2060			1,497			860
3.100% due 05/12/2051			140			94
3.250% due 05/12/2061			143			93
3.875% due 08/22/2037			1,752			1,548
4.100% due 04/13/2062			246			193

Amcor Flexibles North America, Inc.
2.690% due 05/25/2031			40			34

America Movil SAB de CV
3.625% due 04/22/2029			321			302


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

Amgen, Inc.
2.200% due 02/21/2027	$		76	$		72
2.450% due 02/21/2030			100			88
3.000% due 02/22/2029			177			165
3.000% due 01/15/2052			87			55
3.200% due 11/02/2027			490			471
4.200% due 02/22/2052			102			79
4.400% due 05/01/2045			2,999			2,490
4.400% due 02/22/2062			172			134
5.150% due 03/02/2028			1,662			1,674
5.250% due 03/02/2025			396			396
5.250% due 03/02/2033			30			30
5.750% due 03/02/2063			68			65

Amphenol Corp.
2.800% due 02/15/2030			160			145

Anglo American Capital PLC
3.875% due 03/16/2029			359			341

AngloGold Ashanti Holdings PLC
3.750% due 10/01/2030			1,067			966

Anheuser-Busch Cos. LLC
4.700% due 02/01/2036			1,959			1,860

Anheuser-Busch InBev Finance, Inc.
4.900% due 02/01/2046			1,027			930

Anheuser-Busch InBev Worldwide, Inc.
4.750% due 01/23/2029			57			57
4.900% due 01/23/2031			348			348
4.950% due 01/15/2042			14			13
5.800% due 01/23/2059			167			170

Apache Corp.
5.100% due 09/01/2040			77			67

Apple, Inc.
1.200% due 02/08/2028			10			9
1.650% due 05/11/2030			1,675			1,440
2.200% due 09/11/2029			10			9
2.375% due 02/08/2041			120			83
2.800% due 02/08/2061			73			43
2.850% due 08/05/2061			172			103
3.350% due 08/08/2032			871			798
3.850% due 08/04/2046			1,547			1,248
3.950% due 08/08/2052			957			762
4.650% due 02/23/2046			1,115			1,021

Aptiv Swiss Holdings Ltd.
3.100% due 12/01/2051			349			204

Ashtead Capital, Inc.
4.250% due 11/01/2029			102			97
5.500% due 08/11/2032			1,676			1,658

Astrazeneca Finance LLC
1.750% due 05/28/2028			55			50
2.250% due 05/28/2031			10			9

AstraZeneca PLC
1.375% due 08/06/2030			1,627			1,356
4.000% due 01/17/2029			1,496			1,456

Atlassian Corp.
5.250% due 05/15/2029			2,117			2,134

Autodesk, Inc.
2.850% due 01/15/2030			55			50

AutoNation, Inc.
3.800% due 11/15/2027			130			126

AutoZone, Inc.
4.750% due 08/01/2032			99			96

Bacardi Ltd.
2.750% due 07/15/2026			100			97
4.450% due 05/15/2025			10			10
4.700% due 05/15/2028			130			128
5.300% due 05/15/2048			40			36

BAE Systems Holdings, Inc.
3.850% due 12/15/2025			380			377

BAE Systems PLC
1.900% due 02/15/2031			2,074			1,717
3.400% due 04/15/2030			1,932			1,783

Baidu, Inc.
1.720% due 04/09/2026			53			51
4.125% due 06/30/2025			46			46

BAT Capital Corp.
4.540% due 08/15/2047			541			427


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

Bayer U.S. Finance LLC
4.250% due 12/15/2025	$		1,922	$		1,910
4.375% due 12/15/2028			3,433			3,304
4.875% due 06/25/2048			1,350			1,053
6.250% due 01/21/2029			385			393
6.500% due 11/21/2033			385			392

Becton Dickinson & Co.
1.957% due 02/11/2031			60			50
2.823% due 05/20/2030			3,713			3,332
4.669% due 06/06/2047			573			491

BHP Billiton Finance USA Ltd.
5.250% due 09/08/2030			50			51

Biogen, Inc.
3.250% due 02/15/2051			67			43

BMW U.S. Capital LLC
2.550% due 04/01/2031			55			47
3.300% due 04/06/2027			50			49
3.900% due 04/09/2025			10			10
4.150% due 04/09/2030			2,211			2,115

Boardwalk Pipelines LP
3.400% due 02/15/2031			2,273			2,035

Boeing Co.
2.196% due 02/04/2026			4,147			4,024
2.250% due 06/15/2026			150			144
2.750% due 02/01/2026			10			10
3.100% due 05/01/2026			10			10
3.250% due 02/01/2028			1,699			1,600
3.600% due 05/01/2034			90			75
3.625% due 02/01/2031			1,705			1,549
3.950% due 08/01/2059			3,182			2,104
5.705% due 05/01/2040			1,237			1,178
5.805% due 05/01/2050			100			93

Booz Allen Hamilton, Inc.
5.950% due 08/04/2033			51			52

BorgWarner, Inc.
4.950% due 08/15/2029			2,037			2,027

Boston Scientific Corp.
1.900% due 06/01/2025			10			10
6.500% due 11/15/2035			93			103

BP Capital Markets America, Inc.
2.772% due 11/10/2050			249			150
3.119% due 05/04/2026			243			239
3.379% due 02/08/2061			3,518			2,228
3.937% due 09/21/2028			300			291

Bristol-Myers Squibb Co.
1.125% due 11/13/2027			80			73
1.450% due 11/13/2030			86			71
3.900% due 02/20/2028			2,718			2,663
4.900% due 02/22/2029			142			143
6.250% due 11/15/2053			67			71

Broadcom, Inc.
1.950% due 02/15/2028			1,193			1,093
2.600% due 02/15/2033			1,393			1,152
3.137% due 11/15/2035			930			760
3.187% due 11/15/2036			1,535			1,237
3.419% due 04/15/2033			1,189			1,041
3.469% due 04/15/2034			1,620			1,405
4.000% due 04/15/2029			978			941
4.110% due 09/15/2028			122			119
4.150% due 04/15/2032			560			525
4.926% due 05/15/2037			1,930			1,837

Cameron LNG LLC
3.701% due 01/15/2039			2,228			1,802

Canadian Natural Resources Ltd.
3.900% due 02/01/2025			1,028			1,027
6.450% due 06/30/2033			45			47

Canadian Pacific Railway Co.
2.050% due 03/05/2030			947			823
3.500% due 05/01/2050			2,239			1,590

Carlisle Cos., Inc.
2.750% due 03/01/2030			125			112

Carnival Corp.
4.000% due 08/01/2028			2,426			2,301

Carrier Global Corp.
2.242% due 02/15/2025			2			2
2.722% due 02/15/2030			2,482			2,221

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.577% due 04/05/2050	$		100	$		72
6.200% due 03/15/2054			108			114

Caterpillar, Inc.
5.300% due 09/15/2035			30			31

CDW LLC
2.670% due 12/01/2026			1,072			1,029
3.250% due 02/15/2029			125			115
3.276% due 12/01/2028			50			47
4.125% due 05/01/2025			96			95
5.100% due 03/01/2030			1,434			1,413

Cenovus Energy, Inc.
5.400% due 06/15/2047			181			161
6.750% due 11/15/2039			112			121

Centene Corp.
2.500% due 03/01/2031			80			66
2.625% due 08/01/2031			220			181
3.000% due 10/15/2030			176			152
4.250% due 12/15/2027			51			49
4.625% due 12/15/2029			3,453			3,268

CenterPoint Energy Resources Corp.
1.750% due 10/01/2030			189			159

CF Industries, Inc.
5.150% due 03/15/2034			5,735			5,572

Charter Communications Operating LLC
2.250% due 01/15/2029			342			302
2.300% due 02/01/2032			1,329			1,053
2.800% due 04/01/2031			150			127
3.750% due 02/15/2028			708			675
3.850% due 04/01/2061			1,495			902
3.950% due 06/30/2062			1,188			725
4.200% due 03/15/2028			190			184
4.800% due 03/01/2050			2,447			1,841
5.375% due 04/01/2038			375			334
6.100% due 06/01/2029			2,499			2,548
6.650% due 02/01/2034			1,072			1,104

Cheniere Corpus Christi Holdings LLC
2.742% due 12/31/2039			147			117
3.700% due 11/15/2029			129			121

Cheniere Energy Partners LP
5.750% due 08/15/2034			3,691			3,718

Choice Hotels International, Inc.
3.700% due 01/15/2031			50			45

Cigna Group
3.400% due 03/01/2027			3,665			3,565
3.875% due 10/15/2047			150			109
4.375% due 10/15/2028			150			147
4.800% due 08/15/2038			100			91
4.800% due 07/15/2046			5			4
5.600% due 02/15/2054			255			239

Coca-Cola Co.
1.375% due 03/15/2031			56			46
2.125% due 09/06/2029			139			125
2.500% due 06/01/2040			482			338
3.450% due 03/25/2030			249			235
5.000% due 05/13/2034			691			691

Comcast Corp.
2.350% due 01/15/2027			74			71
2.650% due 02/01/2030			132			118
2.887% due 11/01/2051			1,800			1,083
2.937% due 11/01/2056			150			87
2.987% due 11/01/2063			3,632			2,052
3.200% due 07/15/2036			1,359			1,098
3.400% due 07/15/2046			119			84
3.950% due 10/15/2025			121			120
3.969% due 11/01/2047			388			294
4.000% due 08/15/2047			302			231
4.049% due 11/01/2052			285			214
4.600% due 10/15/2038			77			70
4.950% due 10/15/2058			100			87
5.500% due 11/15/2032			1,576			1,616

Conagra Brands, Inc.
4.850% due 11/01/2028			118			117

ConocoPhillips Co.
3.758% due 03/15/2042			11			9
3.800% due 03/15/2052			1,883			1,375
4.300% due 11/15/2044			125			105


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

Constellation Brands, Inc.
2.875% due 05/01/2030	$		1,285	$		1,151
3.150% due 08/01/2029			1,760			1,624
4.100% due 02/15/2048			179			139
5.250% due 11/15/2048			2,655			2,426

Continental Resources, Inc.
2.268% due 11/15/2026			1,218			1,157
4.375% due 01/15/2028			100			97
5.750% due 01/15/2031			1,818			1,797

Corning, Inc.
4.375% due 11/15/2057			1,409			1,082
5.450% due 11/15/2079			845			766

Corp. Nacional del Cobre de Chile
3.150% due 01/14/2030			210			187
4.500% due 09/16/2025			12			12
5.950% due 01/08/2034			2,278			2,264

Cox Communications, Inc.
1.800% due 10/01/2030			3,386			2,792
5.450% due 09/01/2034			2,623			2,542

CRH America Finance, Inc.
3.400% due 05/09/2027			916			887

CRH SMW Finance DAC
5.200% due 05/21/2029			2,255			2,272

CSL Finanace PLC Co.
4.050% due 04/27/2029			130			125

CSX Corp.
4.100% due 03/15/2044			1,118			919
6.220% due 04/30/2040			2,111			2,260

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			1,265			1,152
3.625% due 04/01/2027			973			944
3.750% due 04/01/2030			1,069			980
4.125% due 04/01/2040			70			55
5.050% due 03/25/2048			2,480			2,048
5.125% due 02/21/2030			1,900			1,861
5.125% due 07/20/2045			2,300			1,935
6.000% due 06/01/2044			118			112
6.000% due 06/01/2063			100			91

Darden Restaurants, Inc.
6.300% due 10/10/2033			1,445			1,517

DCP Midstream Operating LP
5.125% due 05/15/2029			1,404			1,407
5.375% due 07/15/2025			31			31
5.625% due 07/15/2027			130			132

Dell International LLC
8.100% due 07/15/2036			485			575

Delta Air Lines, Inc.
4.750% due 10/20/2028			10			10
7.000% due 05/01/2025			2,717			2,729

Devon Energy Corp.
5.000% due 06/15/2045			174			146
5.200% due 09/15/2034			3,981			3,782

Diageo Capital PLC
5.300% due 10/24/2027			752			766

Diamondback Energy, Inc.
5.200% due 04/18/2027			977			987
5.900% due 04/18/2064			2,567			2,412
6.250% due 03/15/2033			91			95

Discovery Communications LLC
4.000% due 09/15/2055			1,142			727
4.650% due 05/15/2050			1,132			797

Dow Chemical Co.
6.900% due 05/15/2053			9			10

Dow Chemical Co/The
2.100% due 11/15/2030			157			133

DR Horton, Inc.
5.000% due 10/15/2034			2,137			2,065

eBay, Inc.
5.900% due 11/22/2025			493			498

Electronic Arts, Inc.
1.850% due 02/15/2031			1,153			958

Elevance Health, Inc.
2.250% due 05/15/2030			1,907			1,657


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.550% due 03/15/2031	$		50	$		43
3.600% due 03/15/2051			149			104
3.700% due 09/15/2049			106			76
4.100% due 05/15/2032			151			140
4.550% due 03/01/2048			2,677			2,205
4.850% due 08/15/2054			823			684
5.350% due 10/15/2025			171			172
5.950% due 12/15/2034			22			23

Eli Lilly & Co.
4.150% due 03/15/2059			884			695
4.700% due 02/27/2033			71			70
5.950% due 11/15/2037			335			356

Empresa Nacional de Telecomunicaciones SA
4.750% due 08/01/2026			848			845

Enbridge, Inc.
2.500% due 01/15/2025			1,775			1,773
2.500% due 08/01/2033			88			71
3.125% due 11/15/2029			40			37
3.700% due 07/15/2027			90			88
4.250% due 12/01/2026			499			495
5.250% due 04/05/2027			71			72
5.900% due 11/15/2026			200			204
5.950% due 04/05/2054			72			71
6.000% due 11/15/2028			230			238
6.700% due 11/15/2053			63			68

Energy Transfer LP
4.050% due 03/15/2025			152			152
4.200% due 04/15/2027			556			549
4.950% due 05/15/2028			1,684			1,682
5.000% due 05/15/2050			1,845			1,568
5.250% due 04/15/2029			120			121
5.300% due 04/15/2047			974			863
5.500% due 06/01/2027			790			800
5.600% due 09/01/2034			2,555			2,554
6.250% due 04/15/2049			1,396			1,399
6.550% due 12/01/2033			120			128
7.375% due 02/01/2031			120			126

EnLink Midstream LLC
6.500% due 09/01/2030			1,689			1,770

Entergy Louisiana LLC
4.200% due 09/01/2048			5,542			4,420

Enterprise Products Operating LLC
3.200% due 02/15/2052			2,836			1,844
3.950% due 01/31/2060			1,622			1,167
4.200% due 01/31/2050			3,385			2,666
4.250% due 02/15/2048			186			150
4.850% due 08/15/2042			130			118

EQT Corp.
3.900% due 10/01/2027			50			49
5.000% due 01/15/2029			2,045			2,017
5.700% due 04/01/2028			962			977

Equifax, Inc.
5.100% due 12/15/2027			1,833			1,844
7.000% due 07/01/2037			368			403

Equinor ASA
2.375% due 05/22/2030			2,933			2,602
3.625% due 04/06/2040			15			12
3.700% due 04/06/2050			723			536
7.150% due 11/15/2025			26			27

ERAC USA Finance LLC
3.300% due 12/01/2026			152			148
7.000% due 10/15/2037			556			629

Essential Utilities, Inc.
2.704% due 04/15/2030			56			50
3.566% due 05/01/2029			246			232

Expedia Group, Inc.
6.250% due 05/01/2025			10			10

FedEx Corp.
3.100% due 08/05/2029			450			417
3.900% due 02/01/2035			8			7
4.050% due 02/15/2048			80			61
4.100% due 02/01/2045			160			125
4.250% due 05/15/2030			73			71
4.550% due 04/01/2046			4			3
4.750% due 11/15/2045			39			33

Fidelity National Information Services, Inc.
1.150% due 03/01/2026			134			129


44		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

FirstEnergy Pennsylvania Electric Co.
3.600% due 06/01/2029	$		648	$		610
4.300% due 01/15/2029			125			122
5.150% due 03/30/2026			100			100

Fiserv, Inc.
2.250% due 06/01/2027			10			9
3.200% due 07/01/2026			955			935

Flutter Treasury Designated Activity Co.
6.375% due 04/29/2029			1,062			1,078

Foundry JV Holdco LLC
5.900% due 01/25/2030			200			203

Fox Corp.
5.476% due 01/25/2039			100			95
5.576% due 01/25/2049			1,637			1,523

Freeport Indonesia PT
4.763% due 04/14/2027			380			377

Freeport-McMoRan, Inc.
4.125% due 03/01/2028			2,629			2,560
4.625% due 08/01/2030			101			98

Fresenius Medical Care U.S. Finance, Inc.
2.375% due 02/16/2031			50			41

Gartner, Inc.
4.500% due 07/01/2028			193			188

GE Capital Funding LLC
3.450% due 05/15/2025			217			216

General Motors Co.
5.400% due 04/01/2048			1,492			1,313
6.600% due 04/01/2036			78			82
6.750% due 04/01/2046			46			48
6.800% due 10/01/2027			2,413			2,521

Gilead Sciences, Inc.
1.200% due 10/01/2027			80			73
2.800% due 10/01/2050			181			111
2.950% due 03/01/2027			106			102
4.800% due 11/15/2029			72			72

Glencore Funding LLC
1.625% due 09/01/2025			10			10
2.850% due 04/27/2031			416			360
3.875% due 10/27/2027			100			97
3.875% due 04/27/2051			10			7
5.400% due 05/08/2028			2,914			2,946
5.746% (SOFRINDX + 1.060%) due 04/04/2027 ~			3,134			3,146

Global Payments, Inc.
2.900% due 05/15/2030			2,595			2,311
3.200% due 08/15/2029			170			156
4.150% due 08/15/2049			172			128
4.950% due 08/15/2027			1,536			1,540
5.300% due 08/15/2029			641			642
5.950% due 08/15/2052			100			97

Graphic Packaging International LLC
1.512% due 04/15/2026			230			219

Greensaif Pipelines Bidco SARL
5.853% due 02/23/2036			2,952			2,917

Haleon U.S. Capital LLC
3.375% due 03/24/2027			2,698			2,619

Harley-Davidson Financial Services, Inc.
6.500% due 03/10/2028			883			904

Hasbro, Inc.
3.900% due 11/19/2029			1,327			1,248

HCA, Inc.
3.125% due 03/15/2027			163			157
3.500% due 09/01/2030			88			80
3.500% due 07/15/2051			200			129
3.625% due 03/15/2032			1,168			1,030
4.125% due 06/15/2029			1,793			1,711
4.375% due 03/15/2042			2,583			2,109
5.250% due 06/15/2049			2,627			2,276
5.875% due 02/01/2029			60			61

Health Care Service Corp.
5.200% due 06/15/2029			200			201

Hess Corp.
5.800% due 04/01/2047			1,902			1,906
7.125% due 03/15/2033			106			118


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

Home Depot, Inc.
2.375% due 03/15/2051	$		2,788	$		1,579
3.125% due 12/15/2049			2,536			1,699
4.250% due 04/01/2046			7			6
4.500% due 12/06/2048			70			60
4.950% due 09/15/2052			1,231			1,122

Howmet Aerospace, Inc.
4.850% due 10/15/2031			2,623			2,574
6.750% due 01/15/2028			130			136

Humana, Inc.
5.750% due 03/01/2028			802			818
5.750% due 04/15/2054			144			134
5.875% due 03/01/2033			1,342			1,348
8.150% due 06/15/2038			327			378

Huntington Ingalls Industries, Inc.
2.043% due 08/16/2028			1,302			1,170

Hyatt Hotels Corp.
5.250% due 06/30/2029			1,940			1,942
5.375% due 04/23/2025			108			108

Hyundai Capital America
1.500% due 06/15/2026			788			751
1.650% due 09/17/2026			1,600			1,515
1.800% due 10/15/2025			133			130
2.000% due 06/15/2028			1,161			1,045
2.100% due 09/15/2028			247			221
5.600% due 03/30/2028			459			465

Illumina, Inc.
2.550% due 03/23/2031			1,318			1,123

Imperial Brands Finance PLC
3.500% due 07/26/2026			995			974
6.125% due 07/27/2027			374			384

Infor, Inc.
1.750% due 07/15/2025			15			15

Intel Corp.
3.100% due 02/15/2060			1,616			863
4.875% due 02/10/2028			931			927
5.200% due 02/10/2033			797			771

International Business Machines Corp.
4.400% due 07/27/2032			593			567
4.900% due 07/27/2052			1,179			1,050

International Flavors & Fragrances, Inc.
4.450% due 09/26/2028			1,747			1,710

IQVIA, Inc.
5.700% due 05/15/2028			1,097			1,110

JBS USA Holding Lux SARL
5.750% due 04/01/2033			27			27

JDE Peet’s NV
2.250% due 09/24/2031			165			134

KazMunayGas National Co. JSC
5.750% due 04/19/2047			472			408

Keurig Dr Pepper, Inc.
4.050% due 04/15/2032			2,210			2,070
4.417% due 05/25/2025			34			34
4.500% due 04/15/2052			2,263			1,862

Kinder Morgan, Inc.
5.300% due 12/01/2034			125			122
5.450% due 08/01/2052			1,750			1,593
5.550% due 06/01/2045			2,109			1,974

Kraft Heinz Foods Co.
4.875% due 10/01/2049			132			113
5.200% due 07/15/2045			226			205
6.875% due 01/26/2039			2,490			2,749
7.125% due 08/01/2039			1,217			1,366

Kroger Co.
5.500% due 09/15/2054			75			71

L3Harris Technologies, Inc.
3.850% due 12/15/2026			2,819			2,777
4.400% due 06/15/2028			159			156

Lafarge SA
7.125% due 07/15/2036			135			149

Las Vegas Sands Corp.
6.000% due 08/15/2029			3,233			3,278

Leidos, Inc.
2.300% due 02/15/2031			1,169			982
4.375% due 05/15/2030			864			827


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

Lennar Corp.
5.250% due 06/01/2026	$		48	$		48

LKQ Corp.
5.750% due 06/15/2028			1,032			1,049

Lockheed Martin Corp.
4.300% due 06/15/2062			85			67
5.250% due 01/15/2033			69			70
5.900% due 11/15/2063			198			207

Lowe’s Cos., Inc.
3.100% due 05/03/2027			591			572

LYB International Finance LLC
1.250% due 10/01/2025			114			111

Marathon Petroleum Corp.
3.800% due 04/01/2028			2,224			2,147

Marriott International, Inc.
2.750% due 10/15/2033			160			132
2.850% due 04/15/2031			230			201
4.625% due 06/15/2030			3,516			3,453

Marvell Technology, Inc.
2.450% due 04/15/2028			79			73
4.875% due 06/22/2028			200			199
5.950% due 09/15/2033			881			915

Masco Corp.
1.500% due 02/15/2028			57			51

Massachusetts Institute of Technology
3.885% due 07/01/2116			172			121

Mattel, Inc.
3.375% due 04/01/2026			1,466			1,437

McDonald’s Corp.
3.500% due 07/01/2027			2,019			1,968
4.875% due 12/09/2045			2,078			1,864
5.700% due 02/01/2039			50			51

Mead Johnson Nutrition Co.
4.125% due 11/15/2025			156			155

Medtronic Global Holdings SCA
4.250% due 03/30/2028			2,800			2,765

Mercedes-Benz Finance North America LLC
1.450% due 03/02/2026			642			618
4.950% due 03/30/2025			1,535			1,535
5.125% due 08/01/2034			1,896			1,852

Merck & Co., Inc.
1.700% due 06/10/2027			1,658			1,555
2.900% due 12/10/2061			5,123			2,941

Meta Platforms, Inc.
3.850% due 08/15/2032			1,740			1,617
4.450% due 08/15/2052			1,487			1,254
4.650% due 08/15/2062			2,211			1,878

Micron Technology, Inc.
4.185% due 02/15/2027			1,157			1,141
5.327% due 02/06/2029			100			101

Microsoft Corp.
1.350% due 09/15/2030			10			8
2.525% due 06/01/2050			3,785			2,331
2.675% due 06/01/2060			945			554
2.921% due 03/17/2052			60			40

Mondelez International Holdings Netherlands BV
1.250% due 09/24/2026			1,316			1,240
4.250% due 09/15/2025			48			48

Mondelez International, Inc.
6.500% due 11/01/2031			929			1,005

Moody’s Corp.
3.100% due 11/29/2061			2,899			1,735

Motorola Solutions, Inc.
2.300% due 11/15/2030			662			567
2.750% due 05/24/2031			146			127
5.500% due 09/01/2044			910			881

MPLX LP
1.750% due 03/01/2026			52			50
4.125% due 03/01/2027			2,097			2,066
4.700% due 04/15/2048			40			33
4.950% due 03/14/2052			1,327			1,116
5.200% due 03/01/2047			1,984			1,764
5.500% due 02/15/2049			122			112

MSCI, Inc.
3.875% due 02/15/2031			55			50

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

National Fuel Gas Co.
5.500% due 01/15/2026	$		226	$		227
5.500% due 10/01/2026			200			202

Nestle Capital Corp.
4.750% due 03/12/2031			3,994			3,950

Nestle Holdings, Inc.
5.000% due 03/14/2028			964			973

Netflix, Inc.
3.625% due 06/15/2025			971			966
4.375% due 11/15/2026			28			28
4.875% due 04/15/2028			2,035			2,044
5.375% due 11/15/2029			1,165			1,188
6.375% due 05/15/2029			45			48

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			128			126

Norfolk Southern Corp.
4.100% due 05/15/2121			67			46
5.950% due 03/15/2064			1,881			1,931

Northrop Grumman Corp.
3.850% due 04/15/2045			200			157
4.750% due 06/01/2043			100			90
4.950% due 03/15/2053			199			178
5.200% due 06/01/2054			62			58

NTT Finance Corp.
1.162% due 04/03/2026			120			115
5.104% due 07/02/2027			948			957
5.110% due 07/02/2029			1,306			1,316

NXP BV
2.500% due 05/11/2031			2,777			2,368
3.150% due 05/01/2027			132			127
4.300% due 06/18/2029			132			128
4.400% due 06/01/2027			100			99
5.000% due 01/15/2033			170			166

Occidental Petroleum Corp.
6.125% due 01/01/2031			130			133
6.450% due 09/15/2036			3,285			3,365
6.625% due 09/01/2030			130			136
7.500% due 05/01/2031			549			601

OCI NV
6.700% due 03/16/2033			1,537			1,550

Open Text Corp.
6.900% due 12/01/2027			697			721

Oracle Corp.
1.650% due 03/25/2026			513			495
2.300% due 03/25/2028			1,907			1,764
3.950% due 03/25/2051			3,804			2,821
4.125% due 05/15/2045			1,938			1,533
4.900% due 02/06/2033			803			782
5.375% due 07/15/2040			60			58
5.800% due 11/10/2025			70			71

Otis Worldwide Corp.
2.056% due 04/05/2025			35			35
2.565% due 02/15/2030			10			9

Ovintiv, Inc.
5.650% due 05/15/2028			1,082			1,098
7.100% due 07/15/2053			190			202

Owens Corning
3.400% due 08/15/2026			100			98

Paramount Global
2.900% due 01/15/2027			188			180
3.700% due 06/01/2028			170			160
4.200% due 05/19/2032			60			53
4.600% due 01/15/2045			69			51
4.850% due 07/01/2042			147			116
4.900% due 08/15/2044			1,426			1,081
4.950% due 05/19/2050			65			49
5.850% due 09/01/2043			3			3

Penske Truck Leasing Co. LP
1.200% due 11/15/2025			474			459
1.700% due 06/15/2026			2			2
3.400% due 11/15/2026			1,668			1,624
5.875% due 11/15/2027			720			738

PepsiCo, Inc.
3.500% due 03/19/2040			56			45
4.600% due 07/17/2045			680			591


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

Pertamina Persero PT
1.400% due 02/09/2026	$		321	$		308

Pfizer Investment Enterprises Pte. Ltd.
4.650% due 05/19/2030			460			455

Philip Morris International, Inc.
1.750% due 11/01/2030			192			160
2.750% due 02/25/2026			158			155
3.875% due 08/21/2042			451			357
5.000% due 11/17/2025			327			328
5.625% due 11/17/2029			327			337
5.750% due 11/17/2032			327			336
6.375% due 05/16/2038			439			472

Pioneer Natural Resources Co.
1.125% due 01/15/2026			135			130
5.100% due 03/29/2026			1,547			1,558

PRA Health Sciences, Inc.
2.875% due 07/15/2026			565			545

Prosus NV
3.680% due 01/21/2030			1,992			1,798
4.027% due 08/03/2050			116			78
4.193% due 01/19/2032			180			161

QatarEnergy LNG S3
5.838% due 09/30/2027			185			187

Qorvo, Inc.
4.375% due 10/15/2029			1,018			956

Quanta Services, Inc.
2.350% due 01/15/2032			1,871			1,549
2.900% due 10/01/2030			56			50

Regeneron Pharmaceuticals, Inc.
2.800% due 09/15/2050			3,462			2,048

Reliance Industries Ltd.
4.125% due 01/28/2025			199			199

Reliance, Inc.
1.300% due 08/15/2025			178			174

RELX Capital, Inc.
3.000% due 05/22/2030			338			307
4.000% due 03/18/2029			1,380			1,334

Renesas Electronics Corp.
2.170% due 11/25/2026			1,078			1,021

Republic Services, Inc.
3.375% due 11/15/2027			959			928

Reynolds American, Inc.
4.450% due 06/12/2025			772			770

Roche Holdings, Inc.
4.790% due 03/08/2029			1,929			1,933
5.338% due 11/13/2028			594			608

Rogers Communications, Inc.
3.200% due 03/15/2027			991			958
3.700% due 11/15/2049			97			68
4.350% due 05/01/2049			91			71
5.000% due 02/15/2029			30			30

Royalty Pharma PLC
3.350% due 09/02/2051			224			142
3.550% due 09/02/2050			1,997			1,333
5.150% due 09/02/2029			1,201			1,199

RTX Corp.
1.900% due 09/01/2031			59			48
4.050% due 05/04/2047			1,917			1,508
4.125% due 11/16/2028			50			49
4.150% due 05/15/2045			120			97
4.350% due 04/15/2047			145			119
4.500% due 06/01/2042			1,561			1,349
4.800% due 12/15/2043			1,655			1,475
5.375% due 02/27/2053			1,466			1,393
5.750% due 11/08/2026			904			921

S&P Global, Inc.
4.250% due 05/01/2029			2,249			2,200

SABIC Capital BV
4.500% due 10/10/2028			73			72

Sabine Pass Liquefaction LLC
4.200% due 03/15/2028			1,800			1,758
4.500% due 05/15/2030			202			196
5.900% due 09/15/2037			46			47

Santos Finance Ltd.
3.649% due 04/29/2031			1,483			1,308


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

Saudi Arabian Oil Co.
5.250% due 07/17/2034	$		40	$		40

Schlumberger Holdings Corp.
5.000% due 05/29/2027			1,706			1,716

Seagate HDD Cayman
4.091% due 06/01/2029			682			637

Sealed Air Corp.
1.573% due 10/15/2026			1,233			1,161

Sherwin-Williams Co.
4.250% due 08/08/2025			970			968
4.550% due 08/01/2045			53			45

Silgan Holdings, Inc.
1.400% due 04/01/2026			365			348

SK Hynix, Inc.
1.500% due 01/19/2026			54			52
5.500% due 01/16/2027			5			5
6.375% due 01/17/2028 (d)			654			675

Skyworks Solutions, Inc.
1.800% due 06/01/2026			575			551

Smith & Nephew PLC
2.032% due 10/14/2030			192			161

Smurfit Kappa Treasury ULC
5.200% due 01/15/2030			1,660			1,672

South Bow USA Infrastructure Holdings LLC
5.584% due 10/01/2034			2,501			2,434

South32 Treasury Ltd.
4.350% due 04/14/2032			1,062			974

Southern Co.
3.750% due 09/15/2051 •			210			201
4.400% due 07/01/2046			663			549
4.850% due 03/15/2035			74			71

Southern Copper Corp.
3.875% due 04/23/2025			149			148

Southwest Airlines Co.
5.125% due 06/15/2027			190			191

Spectra Energy Partners LP
3.375% due 10/15/2026			80			78
4.500% due 03/15/2045			165			136

Stanley Black & Decker, Inc.
4.000% due 03/15/2060 •			131			130

Starbucks Corp.
2.000% due 03/12/2027			129			122
2.550% due 11/15/2030			10			9
3.000% due 02/14/2032			3,683			3,225

Steel Dynamics, Inc.
3.250% due 01/15/2031			50			45

Stryker Corp.
1.150% due 06/15/2025			263			259
3.500% due 03/15/2026			1,441			1,422

Suzano International Finance BV
5.500% due 01/17/2027			70			70

Sydney Airport Finance Co. Pty. Ltd.
3.625% due 04/28/2026			50			49

Sysco Corp.
2.400% due 02/15/2030			120			106
5.950% due 04/01/2030			45			47
6.000% due 01/17/2034			1,360			1,426

T-Mobile USA, Inc.
1.500% due 02/15/2026			595			574
2.250% due 11/15/2031			35			29
2.400% due 03/15/2029			165			149
2.625% due 04/15/2026			51			50
2.700% due 03/15/2032			1,735			1,470
3.000% due 02/15/2041			2,124			1,516
3.400% due 10/15/2052			1,399			934
3.500% due 04/15/2025			110			110
3.600% due 11/15/2060			2,522			1,666
3.750% due 04/15/2027			2,414			2,359
3.875% due 04/15/2030			51			48
4.375% due 04/15/2040			1,808			1,569
5.650% due 01/15/2053			170			165
5.750% due 01/15/2034			1,364			1,399

Take-Two Interactive Software, Inc.
3.700% due 04/14/2027			1,309			1,279


46		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Takeda Pharmaceutical Co. Ltd.
3.375% due 07/09/2060	$		4,016	$		2,548

Targa Resources Corp.
5.200% due 07/01/2027			2,130			2,143
6.250% due 07/01/2052			100			100

TC PipeLines LP
4.375% due 03/13/2025			336			335

TCI Communications, Inc.
7.875% due 02/15/2026			1,634			1,693

TD SYNNEX Corp.
1.750% due 08/09/2026			1,210			1,150

Telefonica Emisiones SA
4.103% due 03/08/2027			1,323			1,302
4.665% due 03/06/2038			1,899			1,688

Tencent Holdings Ltd.
3.925% due 01/19/2038			59			50
3.975% due 04/11/2029			569			548
4.525% due 04/11/2049			212			179

Tennessee Gas Pipeline Co. LLC
7.625% due 04/01/2037			1,223			1,398

Textron, Inc.
3.900% due 09/17/2029			52			49

TotalEnergies Capital International SA
2.986% due 06/29/2041			100			72
3.386% due 06/29/2060			748			487

TotalEnergies Capital SA
3.883% due 10/11/2028			221			215
5.150% due 04/05/2034			148			147
5.425% due 09/10/2064			73			68

Toyota Industries Corp.
3.566% due 03/16/2028			464			444

TransCanada PipeLines Ltd.
4.100% due 04/15/2030			10			10
4.250% due 05/15/2028			194			189
4.625% due 03/01/2034			430			401
7.625% due 01/15/2039			2,423			2,808

Transcontinental Gas Pipe Line Co. LLC
3.950% due 05/15/2050			670			497
4.600% due 03/15/2048			173			144

TSMC Global Ltd.
0.750% due 09/28/2025 (d)			448			435

TWDC Enterprises 18 Corp.
2.950% due 06/15/2027			445			429
7.000% due 03/01/2032			128			143

Tyson Foods, Inc.
4.000% due 03/01/2026			300			298

U.S. Airways Pass-Through Trust
4.625% due 12/03/2026			232			231

Unilever Capital Corp.
4.625% due 08/12/2034			1,168			1,125

Union Pacific Corp.
2.150% due 02/05/2027			77			73
2.800% due 02/14/2032			1,623			1,408
3.375% due 02/01/2035			120			104

United Airlines Pass-Through Trust
5.800% due 07/15/2037			1,612			1,650

United Rentals North America, Inc.
3.875% due 11/15/2027			329			315
6.000% due 12/15/2029			47			47

UnitedHealth Group, Inc.
1.150% due 05/15/2026			79			76
2.000% due 05/15/2030			34			29
2.900% due 05/15/2050			146			91
3.050% due 05/15/2041			1,431			1,034
3.125% due 05/15/2060			50			30
3.375% due 04/15/2027			156			152
3.700% due 08/15/2049			1,026			746
3.750% due 10/15/2047			192			143
3.875% due 08/15/2059			188			133
4.250% due 01/15/2029			2,113			2,071
4.500% due 04/15/2033			44			42
4.750% due 07/15/2045			1,331			1,174
4.950% due 05/15/2062			180			155
5.000% due 04/15/2034			70			68
5.050% due 04/15/2053			827			745


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.250% due 02/15/2028	$		71	$		72
5.300% due 02/15/2030			49			50
5.350% due 02/15/2033			46			46
5.500% due 04/15/2064			31			29
6.050% due 02/15/2063			65			66
6.625% due 11/15/2037			41			45
6.875% due 02/15/2038			558			632

Vale Overseas Ltd.
3.750% due 07/08/2030			261			239

Valero Energy Corp.
4.350% due 06/01/2028			2,013			1,974

Var Energi ASA
8.000% due 11/15/2032			1,920			2,160

VeriSign, Inc.
5.250% due 04/01/2025			332			332

Verisk Analytics, Inc.
4.125% due 03/15/2029			1,827			1,771

VF Corp.
6.000% due 10/15/2033			35			34

VMware, Inc.
1.400% due 08/15/2026			752			713
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			1,032			1,000
4.850% due 08/15/2027			984			974
6.200% due 11/16/2028			3,453			3,531

Walgreens Boots Alliance, Inc.
3.450% due 06/01/2026			707			685

Walmart, Inc.
4.500% due 04/15/2053			1,361			1,185

Walt Disney Co.
2.200% due 01/13/2028			78			73
3.800% due 05/13/2060			20			15
6.200% due 12/15/2034			8			9

Warnermedia Holdings, Inc.
5.050% due 03/15/2042			584			469
5.141% due 03/15/2052			1,916			1,425
5.391% due 03/15/2062			1,930			1,420

Waste Connections, Inc.
2.600% due 02/01/2030			1,595			1,429
2.950% due 01/15/2052			591			369

Weir Group PLC
2.200% due 05/13/2026			876			843

Western Digital Corp.
2.850% due 02/01/2029			100			89

Western Midstream Operating LP
5.450% due 11/15/2034			3,009			2,908
6.150% due 04/01/2033			1,683			1,716

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			2,042			2,024

Williams Cos., Inc.
3.750% due 06/15/2027			50			49
4.650% due 08/15/2032			16			15
5.300% due 08/15/2052			100			92
5.400% due 03/04/2044			1,789			1,678

Woodside Finance Ltd.
3.650% due 03/05/2025			1,124			1,122
3.700% due 09/15/2026			1,269			1,245
5.100% due 09/12/2034			1,651			1,572

Workday, Inc.
3.700% due 04/01/2029			700			666
3.800% due 04/01/2032			443			403

WRKCo, Inc.
3.900% due 06/01/2028			120			116

Wyeth LLC
5.950% due 04/01/2037			931			973

Zimmer Biomet Holdings, Inc.
3.550% due 03/20/2030			55			51

Zoetis, Inc.
2.000% due 05/15/2030			144			124
4.700% due 02/01/2043			226			201

						548,834


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 13.2%

AEP Texas, Inc.
3.450% due 01/15/2050	$		1,741	$		1,177
4.700% due 05/15/2032			100			96
5.250% due 05/15/2052			100			90
5.450% due 05/15/2029			1,804			1,828

AES Corp.
2.450% due 01/15/2031			4,850			4,044
5.450% due 06/01/2028			236			237

Alabama Power Co.
3.450% due 10/01/2049			210			148
3.940% due 09/01/2032			1,219			1,133

Ameren Corp.
5.700% due 12/01/2026			70			71

Ameren Illinois Co.
3.700% due 12/01/2047			295			223
4.800% due 12/15/2043			51			45

American Electric Power Co., Inc.
2.300% due 03/01/2030			100			87
5.625% due 03/01/2033			140			142

American Water Capital Corp.
3.000% due 12/01/2026			51			49
4.200% due 09/01/2048			143			114
5.450% due 03/01/2054			206			197

Appalachian Power Co.
7.000% due 04/01/2038			1,506			1,662

Arizona Public Service Co.
2.200% due 12/15/2031			61			50
4.500% due 04/01/2042			56			48
5.700% due 08/15/2034			2,522			2,552

AT&T, Inc.
1.650% due 02/01/2028			10			9
3.500% due 09/15/2053			3,658			2,465
3.650% due 06/01/2051			100			71
3.650% due 09/15/2059			3,584			2,376
4.100% due 02/15/2028			1,575			1,541
4.300% due 02/15/2030			3,120			3,023
4.300% due 12/15/2042			37			31
4.350% due 03/01/2029			1,574			1,541
4.500% due 03/09/2048			1,694			1,403
4.650% due 06/01/2044			100			85
4.750% due 05/15/2046			50			43
4.850% due 03/01/2039			600			558
5.400% due 02/15/2034			120			121

Atmos Energy Corp.
1.500% due 01/15/2031			139			114
4.150% due 01/15/2043			1,537			1,276

Avangrid, Inc.
3.800% due 06/01/2029			1,057			1,003

Baltimore Gas & Electric Co.
5.400% due 06/01/2053			118			112

Bell Telephone Co. of Canada
2.150% due 02/15/2032			99			81

Berkshire Hathaway Energy Co.
1.650% due 05/15/2031			1,978			1,608
3.700% due 07/15/2030			5			5
4.050% due 04/15/2025			242			242
4.450% due 01/15/2049			131			108
4.500% due 02/01/2045			100			87
6.125% due 04/01/2036			1,264			1,331

BG Energy Capital PLC
5.125% due 10/15/2041			110			103

Bharti Airtel Ltd.
4.375% due 06/10/2025			156			155

Black Hills Corp.
3.150% due 01/15/2027			1,322			1,277
4.200% due 09/15/2046			100			79
6.000% due 01/15/2035			1,121			1,157
6.150% due 05/15/2034			25			26

BP Capital Markets PLC
4.875% due 03/22/2030 •(b)			51			49

British Telecommunications PLC
9.625% due 12/15/2030			1,213			1,470

Brooklyn Union Gas Co.
3.407% due 03/10/2026			1,213			1,190

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.487% due 03/04/2049	$		58	$		46

CenterPoint Energy Houston Electric LLC
4.950% due 04/01/2033			3,117			3,051

CenterPoint Energy, Inc.
1.450% due 06/01/2026			599			573

Cleveland Electric Illuminating Co.
4.550% due 11/15/2030			120			116

CMS Energy Corp.
4.750% due 06/01/2050 •			1,892			1,795

Columbia Pipelines Holding Co. LLC
6.042% due 08/15/2028			1,131			1,158

Comision Federal de Electricidad
3.348% due 02/09/2031			86			71

Commonwealth Edison Co.
3.700% due 03/01/2045			40			31
4.000% due 03/01/2048			4,039			3,154
5.650% due 06/01/2054			986			974

Consolidated Edison Co. of New York, Inc.
3.000% due 12/01/2060			283			168
3.600% due 06/15/2061			1,070			728
3.850% due 06/15/2046			3,127			2,396
6.150% due 11/15/2052			1,554			1,633

Constellation Energy Generation LLC
5.600% due 06/15/2042			1,507			1,456

Consumers Energy Co.
4.600% due 05/30/2029			396			393

Dominion Energy, Inc.
3.375% due 04/01/2030			90			83
7.000% due 06/01/2054 •			1,009			1,068

DTE Electric Co.
3.000% due 03/01/2032			55			48

DTE Energy Co.
1.050% due 06/01/2025			249			245
3.400% due 06/15/2029			2,898			2,714

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			71
3.875% due 03/15/2046			60			47
6.000% due 12/01/2028			1,069			1,112

Duke Energy Corp.
2.450% due 06/01/2030			538			472
2.550% due 06/15/2031			10			9
3.400% due 06/15/2029			10			9
3.500% due 06/15/2051			146			99
3.750% due 09/01/2046			197			145
4.500% due 08/15/2032			2,595			2,473
5.000% due 08/15/2052			178			156

Duke Energy Florida LLC
2.400% due 12/15/2031			1,122			947
3.400% due 10/01/2046			100			71
5.650% due 04/01/2040			11			11
5.950% due 11/15/2052			100			102

Duke Energy Progress LLC
3.400% due 04/01/2032			100			90
3.450% due 03/15/2029			10			9
3.600% due 09/15/2047			100			73
4.000% due 04/01/2052			100			77
5.250% due 03/15/2033			1,685			1,689

Duquesne Light Holdings, Inc.
3.616% due 08/01/2027			53			51

East Ohio Gas Co.
1.300% due 06/15/2025			10			10

Edison International
5.750% due 06/15/2027			462			470

Electricite de France SA
4.875% due 01/22/2044			1,312			1,139
6.900% due 05/23/2053			2,030			2,180

Emera U.S. Finance LP
4.750% due 06/15/2046			220			183

Enel Finance International NV
1.625% due 07/12/2026			138			132
4.500% due 06/15/2025			477			476
4.625% due 06/15/2027			1,283			1,273
5.000% due 06/15/2032			1,833			1,785
6.000% due 10/07/2039			1,787			1,791


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

Entergy Corp.
0.900% due 09/15/2025	$		10	$		10
1.900% due 06/15/2028			10			9
2.400% due 06/15/2031			75			63

Evergy, Inc.
2.900% due 09/15/2029			1,675			1,525

Eversource Energy
0.800% due 08/15/2025			9			9
3.375% due 03/01/2032			9			8
5.000% due 01/01/2027			50			50
5.125% due 05/15/2033			504			490

Exelon Corp.
4.450% due 04/15/2046			210			175

Fells Point Funding Trust
3.046% due 01/31/2027			2,443			2,350

FirstEnergy Corp.
3.900% due 07/15/2027			30			29

Florida Power & Light Co.
3.150% due 10/01/2049			4,131			2,789
4.125% due 02/01/2042			100			84

Fortis, Inc.
3.055% due 10/04/2026			28			27

Galaxy Pipeline Assets Bidco Ltd.
1.750% due 09/30/2027			2			2

Georgia Power Co.
3.250% due 03/30/2027			76			74
5.004% due 02/23/2027			15			15
5.250% due 03/15/2034			350			347

Idaho Power Co.
4.200% due 03/01/2048			21			17

Indiana Michigan Power Co.
4.250% due 08/15/2048			1,441			1,142

Interstate Power & Light Co.
3.100% due 11/30/2051			28			18
3.700% due 09/15/2046			25			19
6.250% due 07/15/2039			8			8

Jersey Central Power & Light Co.
2.750% due 03/01/2032			145			123

Kentucky Utilities Co.
5.125% due 11/01/2040			100			95
5.450% due 04/15/2033			2,308			2,337

KeySpan Gas East Corp.
2.742% due 08/15/2026			1,630			1,573

LLPL Capital Pte. Ltd.
6.875% due 02/04/2039			203			203

MidAmerican Energy Co.
4.250% due 07/15/2049			2,494			2,025

National Rural Utilities Cooperative Finance Corp.
4.400% due 11/01/2048			1,222			1,003

New York State Electric & Gas Corp.
2.150% due 10/01/2031			100			82
3.250% due 12/01/2026			1,103			1,069

NextEra Energy Capital Holdings, Inc.
1.900% due 06/15/2028			70			63
2.250% due 06/01/2030			358			310
4.800% due 12/01/2077 •			938			904

NGPL PipeCo LLC
4.875% due 08/15/2027			227			225

NiSource, Inc.
0.950% due 08/15/2025			10			10
2.950% due 09/01/2029			807			739
5.000% due 06/15/2052			27			24
5.400% due 06/30/2033			125			125

Northern States Power Co.
2.900% due 03/01/2050			1,747			1,119

NRG Energy, Inc.
2.000% due 12/02/2025			489			475
7.000% due 03/15/2033			2,017			2,179

NSTAR Electric Co.
4.400% due 03/01/2044			43			36

Oglethorpe Power Corp.
6.200% due 12/01/2053			70			72

Oklahoma Gas & Electric Co.
4.150% due 04/01/2047			10			8
4.550% due 03/15/2044			30			26


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

Oncor Electric Delivery Co. LLC
3.100% due 09/15/2049	$		172	$		113

ONEOK, Inc.
3.400% due 09/01/2029			1,651			1,536
4.250% due 09/24/2027			434			428
4.400% due 10/15/2029			2,137			2,073
4.550% due 07/15/2028			573			565
4.750% due 10/15/2031			566			548
5.200% due 07/15/2048			1,523			1,343
6.100% due 11/15/2032			887			918

Pacific Gas & Electric Co.
2.500% due 02/01/2031			20			17
3.250% due 06/01/2031			81			72
3.300% due 08/01/2040			150			112
3.450% due 07/01/2025			128			127
3.750% due 07/01/2028			1,817			1,739
3.950% due 12/01/2047			1,070			800
4.550% due 07/01/2030			103			99
4.650% due 08/01/2028			52			51
4.950% due 07/01/2050			103			89
5.450% due 06/15/2027			1,263			1,279
6.100% due 01/15/2029			1,876			1,943

PacifiCorp
4.150% due 02/15/2050			70			54
5.450% due 02/15/2034			2,411			2,397

PECO Energy Co.
3.000% due 09/15/2049			68			45

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.125% due 05/15/2027			437			427

Piedmont Natural Gas Co., Inc.
2.500% due 03/15/2031			58			50

Pinnacle West Capital Corp.
1.300% due 06/15/2025			50			49
5.250% (SOFRRATE + 0.820%) due 06/10/2026 ~			291			292

Plains All American Pipeline LP
3.550% due 12/15/2029			198			184
5.150% due 06/01/2042			2,649			2,354

Public Service Co. of Colorado
1.900% due 01/15/2031			230			192
3.550% due 06/15/2046			52			37

Public Service Electric & Gas Co.
4.650% due 03/15/2033			2,728			2,641

Public Service Enterprise Group, Inc.
0.800% due 08/15/2025			958			935

Puget Energy, Inc.
4.100% due 06/15/2030			226			213
4.224% due 03/15/2032			1,011			925

Puget Sound Energy, Inc.
3.250% due 09/15/2049			40			27
5.795% due 03/15/2040			30			30

RWE Finance U.S. LLC
6.250% due 04/16/2054			229			226

San Diego Gas & Electric Co.
1.700% due 10/01/2030			100			84
3.000% due 03/15/2032			210			183
4.150% due 05/15/2048			175			140

Sempra
3.250% due 06/15/2027			10			10
3.300% due 04/01/2025			1,419			1,413
5.500% due 08/01/2033			220			221

Shell Finance U.S., Inc.
2.375% due 11/07/2029			80			72
2.750% due 04/06/2030			196			177

Shell International Finance BV
3.125% due 11/07/2049			217			143
4.375% due 05/11/2045			410			343

Sinopec Group Overseas Development Ltd.
2.150% due 05/13/2025			243			241
4.125% due 09/12/2025			206			205

Southern California Edison Co.
2.850% due 08/01/2029			1,550			1,416
3.650% due 02/01/2050			1,937			1,385
4.125% due 03/01/2048			2,956			2,303
5.450% due 06/01/2031			2,597			2,640


48		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Southern California Gas Co.
2.950% due 04/15/2027	$		153	$		147
4.125% due 06/01/2048			1,985			1,569
4.450% due 03/15/2044			52			44

Southern Power Co.
5.150% due 09/15/2041			588			552

Southwest Gas Corp.
4.050% due 03/15/2032			656			610
5.450% due 03/23/2028			1,195			1,211

Southwestern Electric Power Co.
4.100% due 09/15/2028			695			675

Southwestern Public Service Co.
3.150% due 05/01/2050			1,707			1,107
3.700% due 08/15/2047			9			7
6.000% due 10/01/2036			952			971

Tampa Electric Co.
4.350% due 05/15/2044			30			25
5.000% due 07/15/2052			100			89

Tucson Electric Power Co.
5.200% due 09/15/2034			3,242			3,186

Union Electric Co.
2.150% due 03/15/2032			420			345
3.900% due 04/01/2052			100			77

Verizon Communications, Inc.
2.355% due 03/15/2032			4,185			3,472
2.550% due 03/21/2031			1,524			1,313
2.987% due 10/30/2056			111			66
3.150% due 03/22/2030			54			49
4.780% due 02/15/2035			1,679			1,599
4.812% due 03/15/2039			2,307			2,131

Virginia Electric & Power Co.
3.750% due 05/15/2027			209			205
4.625% due 05/15/2052			100			84
6.000% due 01/15/2036			60			62
8.875% due 11/15/2038			2,304			2,993

Vistra Operations Co. LLC
4.300% due 07/15/2029			2,690			2,571

Vodafone Group PLC
5.750% due 02/10/2063			2,061			1,944
6.150% due 02/27/2037			87			92


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

WEC Energy Group, Inc.
2.200% due 12/15/2028	$		1,312	$		1,185

Wisconsin Power & Light Co.
3.950% due 09/01/2032			1,918			1,776

Wisconsin Public Service Corp.
3.671% due 12/01/2042			3			2

Xcel Energy, Inc.
4.600% due 06/01/2032			50			48

						168,261

Total Corporate Bonds & Notes (Cost $1,250,842)						1,210,453


U.S. TREASURY OBLIGATIONS 8.1%

U.S. Treasury Bonds
3.000% due 08/15/2052			5,646			4,052
3.375% due 08/15/2042			2,402			1,984
3.875% due 05/15/2043			1,500			1,321
4.000% due 11/15/2042 (h)			3,186			2,868
4.000% due 11/15/2052			434			378
4.500% due 02/15/2044 (h)			15,700			14,990

U.S. Treasury Inflation Protected Securities (a)
1.750% due 01/15/2034 (h)(j)			19,922			19,105
1.875% due 07/15/2034 (h)			1,006			975

U.S. Treasury Notes
2.750% due 08/15/2032 (j)			6,387			5,666
3.375% due 05/15/2033 (h)			14,300			13,145
3.875% due 08/15/2033			4,100			3,903
4.000% due 02/15/2034 (h)			14,200			13,599
4.375% due 05/15/2034 (h)			21,300			20,979

Total U.S. Treasury Obligations (Cost $107,375)						102,965


SOVEREIGN ISSUES 0.0%

Province of British Columbia
4.750% due 06/12/2034			488			481

Total Sovereign Issues (Cost $487)						481


	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 0.0%

INDUSTRIALS 0.0%

SVB Financial Trust
11.000% due 11/07/2032		1	$		1

Total Preferred Securities (Cost $1)					1


	PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%

REPURCHASE AGREEMENTS (g) 0.4%
					5,400

Total Short-Term Instruments (Cost $5,400)					5,400



Total Investments in Securities (Cost $1,364,105)					1,319,300


	SHARES
INVESTMENTS IN AFFILIATES 0.3%

SHORT-TERM INSTRUMENTS 0.3%

MUTUAL FUNDS 0.3%

PIMCO Government Money Market Fund
4.640% (c)(d)(f)		3,426,938			3,427

Total Short-Term Instruments (Cost $3,427)					3,427



Total Investments in Affiliates (Cost $3,427)					3,427


Total Investments 103.9% (Cost $1,367,532)			$		1,322,727

Financial Derivative Instruments (i)(l) (0.0)% (Cost or Premiums, net $4,100)					(29	)

Other Assets and Liabilities, net (3.9)%					(49,521	)

Net Assets 100.0%			$		1,273,177

NOTES TO SCHEDULE OF INVESTMENTS:

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

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

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)	Principal amount of security is adjusted for inflation.

(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 $3,342 were out on loan in exchange for $3,427 of cash collateral as of December 31, 2024. 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.

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⁾
FICC STR		4.450	%		12/31/2024		01/02/2025	$	5,400	U.S. Treasury Inflation Protected Securities 0.750% due 02/15/2042	$	(5,508	)	$	5,400	$	5,401

Total Repurchase Agreements											$	(5,508	)	$	5,400	$	5,401

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BSN		4.580	%		12/19/2024		01/06/2025	$	(55,703	)	$	(55,802	)

Total Reverse Repurchase Agreements											$	(55,802	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽²⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Sale-Buyback Transactions⁽³⁾
UBS		4.720	%		11/06/2024		01/08/2025	$	(5,114	)	$	(5,152	)

Total Sale-Buyback Transactions											$	(5,152	)

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, 2024:


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
BSN	$	0	$	(55,802	)	$	0		$	0	$	(55,802	)	$	55,098		$	(704	)
FICC STR		5,401		0			0			0		5,401			(5,508	)		(107	)

Master Securities Forward Transaction Agreement
UBS		0		0			(5,152	)		0		(5,152	)		4,963			(189	)

Master Securities Lending Agreement
BCY		0		0			0			819		819			(854	)		(35	)
BOS		0		0			0			686		686			(699	)		(13	)
GSC		0		0			0			1,837		1,837			(1,874	)		(37	)

Total Borrowings and Other Financing Transactions	$	5,401	$	(55,802	)	$	(5,152	)	$	3,342

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	$	3,427	$	0		$	0	$	0	$	3,427

Total	$	3,427	$	0		$	0	$	0	$	3,427


Reverse Repurchase Agreements
U.S. Treasury Obligations		0		(55,802	)		0		0		(55,802	)

Total	$	0	$	(55,802	)	$	0	$	0	$	(55,802	)


Sale-Buyback Transactions
U.S. Treasury Obligations		0		(5,152	)		0		0		(5,152	)

Total	$	0	$	(5,152	)	$	0	$	0	$	(5,152	)

Total Borrowings	$	3,427	$	(60,954	)	$	0	$	0	$	(57,527	)

Payable for reverse repurchase agreements, sale-buyback financing transactions and securities on loan - cash collateral										$	(57,527	)

(h)	Securities with an aggregate market value of $60,061 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended December 31, 2024 was $(73,028) at a weighted average interest rate of 5.066%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Payable for sale-buyback transactions includes $(4) of deferred price drop.

⁽⁴⁾

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


50		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

(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
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2025		87	$	17,888	$	(18	)	$	0	$	(1	)
U.S. Treasury 10-Year Note March Futures		03/2025		466		50,678		(567	)		0		(102	)

							$	(585	)	$	0	$	(103	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury Ultra Long-Term Bond March Futures		03/2025		38	$	(4,518	)	$	146		$	17	$	0
U.S. Ultra Treasury 10-Year Note March Futures		03/2025		17		(1,892	)		26			4		0

								$	172		$	21	$	0

Total Futures Contracts								$	(413	)	$	21	$	(103	)

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, 2024⁽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

0.076

$ 100

)

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/ (Received)	Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount⁽³⁾		Premiums Paid/ (Received)	Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾		Asset		Liability
CDX.IG-41 5-Year Index		1.000	%		Quarterly		12/20/2028	$	3,500	$69	$	11	$	80	$	1	$	0
CDX.IG-43 5-Year Index		1.000			Quarterly		12/20/2029		171,000	3,845		33		3,878		40		0

										$ 3,914	$	44	$	3,958	$	41	$	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
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.348	%		Annual		08/06/2029	$	6,200	$	(2	)	$	223	$	221	$	3	$	0
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.622			Annual		11/15/2052		1,000		5			53		58		1		0
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.690			Annual		11/15/2052		300		(4	)		18		14		1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500			Annual		06/20/2054		6,300		184			351		535		7		0

											$	183		$	645	$	828	$	12	$	0

Total Swap Agreements											$	4,100		$	688	$	4,788	$	53	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	21	$	53	$	74	$	0	$	(103)	$	0	$	(103)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

(j)

Securities with an aggregate market value of $4,086 and cash of $4,608 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽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⁾

⁽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.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


			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	$	21	$	21
Swap Agreements		0		41		0		0		12		53

	$	0	$	41	$	0	$	0	$	33	$	74


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	103	$	103

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


			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	$	620		$	620
Swap Agreements		0		1,039		0		0		47			1,086

	$	0	$	1,039	$	0	$	0	$	667		$	1,706


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(509	)	$	(509	)
Swap Agreements		0		203		0		0		551			754

	$	0	$	203	$	0	$	0	$	42		$	245


52		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	493,358	$	0	$	493,358
Industrials		0		548,834		0		548,834
Utilities		0		168,261		0		168,261
U.S. Treasury Obligations		0		102,965		0		102,965
Sovereign Issues		0		481		0		481
Preferred Securities
Industrials		0		1		0		1
Short-Term Instruments
Repurchase Agreements		0		5,400		0		5,400

	$	0	$	1,319,300	$	0	$	1,319,300


Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		3,427		0		0		3,427


Total Investments	$	3,427	$	1,319,300	$	0	$	1,322,727


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	74		$	0	$	74


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(103	)	$	0	$	(103	)


Total Financial Derivative Instruments	$	0	$	(29	)	$	0	$	(29	)


Totals	$	3,427	$	1,319,271		$	0	$	1,322,698

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO Active Bond 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 121.0%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%

American Airlines, Inc.
9.629% due 04/20/2028 ~	$		2,590	$		2,663

Avolon TLB Borrower 1 U.S. LLC
6.120% due 06/24/2030 ~			1,261			1,262

Broadcom, Inc.
5.463% due 08/14/2026 «~			4,348			4,337

Castlelake LP
2.950% due 05/13/2031 «~			4,780			4,404

SkyMiles IP Ltd.
8.367% due 10/20/2027 ~			1,803			1,838

Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			407			401

Total Loan Participations and Assignments (Cost $15,186)						14,905


CORPORATE BONDS & NOTES 23.3%

BANKING & FINANCE 16.3%

AerCap Ireland Capital DAC
2.450% due 10/29/2026			7,934			7,601
3.000% due 10/29/2028			2,684			2,486
3.875% due 01/23/2028			2,100			2,036
5.100% due 01/19/2029			2,700			2,699

Aircastle Ltd.
5.950% due 02/15/2029			5,000			5,109

Ally Financial, Inc.
6.184% due 07/26/2035 •			1,250			1,236
6.848% due 01/03/2030 •			3,100			3,215

American Assets Trust LP
3.375% due 02/01/2031			2,800			2,437
6.150% due 10/01/2034			3,950			3,931

American Homes 4 Rent LP
4.250% due 02/15/2028			2,900			2,831
5.250% due 03/15/2035			1,000			974

American National Group, Inc.
5.750% due 10/01/2029			3,600			3,607

American Tower Corp.
3.650% due 03/15/2027			3,000			2,930
5.800% due 11/15/2028			1,600			1,644

Americold Realty Operating Partnership LP
5.409% due 09/12/2034			5,900			5,659

Antares Holdings LP
3.750% due 07/15/2027			3,700			3,504
3.950% due 07/15/2026			1,000			971
6.350% due 10/23/2029			5,900			5,857
6.500% due 02/08/2029			1,000			1,000

Ares Capital Corp.
3.250% due 07/15/2025			1,800			1,783
5.875% due 03/01/2029			3,000			3,027

Ares Management Corp.
6.375% due 11/10/2028			6,000			6,281

Ares Strategic Income Fund
5.600% due 02/15/2030			5,000			4,944

Armor RE Ltd.
12.784% (T-BILL 3MO + 8.500%) due 01/07/2032 ~			250			250

Athene Global Funding
5.516% due 03/25/2027			2,000			2,024
5.684% due 02/23/2026			7,800			7,867

Aviation Capital Group LLC
6.750% due 10/25/2028			5,000			5,256

Avolon Holdings Funding Ltd.
4.250% due 04/15/2026			1,800			1,779
5.750% due 03/01/2029			3,000			3,033

Banco Bilbao Vizcaya Argentaria SA
5.381% due 03/13/2029			6,000			6,058

Banco Santander SA
2.958% due 03/25/2031			2,200			1,918

Bank of America Corp.
4.948% due 07/22/2028 •			4,000			4,009
5.202% due 04/25/2029 •			8,400			8,441


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.288% due 04/25/2034 •	$		7,000	$		6,944
5.468% due 01/23/2035 •			5,000			5,008
5.872% due 09/15/2034 •			15,000			15,412

Barclays PLC
5.690% due 03/12/2030 •			7,500			7,575
7.385% due 11/02/2028 •			7,000			7,421
7.437% due 11/02/2033 •			5,000			5,503

BGC Group, Inc.
6.600% due 06/10/2029			2,800			2,870

Blackstone Holdings Finance Co. LLC
6.200% due 04/22/2033			3,000			3,150

Blue Owl Capital Corp.
4.000% due 03/30/2025			1,700			1,695
5.950% due 03/15/2029			2,000			2,009

Blue Owl Finance LLC
3.125% due 06/10/2031			1,300			1,141
4.375% due 02/15/2032			2,000			1,855

Blue Ridge Re Ltd.
9.534% (T-BILL 3MO + 5.250%) due 01/08/2031 ~			2,000			2,040
12.284% (T-BILL 1MO + 8.000%) due 01/08/2031 ~			2,000			2,089

BNP Paribas SA
1.904% due 09/30/2028 •			3,200			2,935
2.159% due 09/15/2029 •			800			717
2.591% due 01/20/2028 •			7,500			7,130
4.500% due 02/25/2030 •(g)(h)			200			169
4.625% due 02/25/2031 •(g)(h)			2,000			1,691
5.894% due 12/05/2034 •			3,100			3,174

BPCE SA
5.716% due 01/18/2030 •			5,000			5,028
5.975% due 01/18/2027 •			4,000			4,032

Brandywine Operating Partnership LP
3.950% due 11/15/2027			300			285
8.300% due 03/15/2028			100			106

Brixmor Operating Partnership LP
4.050% due 07/01/2030			2,000			1,892

Brookfield Finance, Inc.
6.350% due 01/05/2034			5,500			5,803

CaixaBank SA
5.673% due 03/15/2030 •			4,800			4,849
6.037% due 06/15/2035 •			800			808

Cantor Fitzgerald LP
7.200% due 12/12/2028			6,500			6,795

Cape Lookout Re Ltd.
12.314% (T-BILL 1MO + 8.000%) due 04/05/2027 ~			2,100			2,186

Capital One Financial Corp.
7.149% due 10/29/2027 •			2,000			2,076

Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			1,500			1,403

CI Financial Corp.
3.200% due 12/17/2030			1,000			851

Citigroup, Inc.
2.572% due 06/03/2031 •			10,000			8,719
2.976% due 11/05/2030 •			4,700			4,241
3.785% due 03/17/2033 •			4,500			4,042
4.075% due 04/23/2029 •			3,000			2,912
6.270% due 11/17/2033 •			7,000			7,343

CNO Global Funding
4.950% due 09/09/2029			3,700			3,669

Constellation Insurance, Inc.
6.800% due 01/24/2030			3,300			3,212

Corebridge Financial, Inc.
5.750% due 01/15/2034			2,000			2,039

Credit Suisse AG AT1 Claim			8,900			1,112

Crown Castle, Inc.
3.100% due 11/15/2029			2,200			2,003
5.200% due 09/01/2034			6,200			6,044

Deloitte LLP
5.410% due 01/30/2032 «(j)			1,200			1,190
5.410% due 01/30/2037 «(j)			500			487
5.590% due 01/30/2035 «(j)			1,100			1,085
5.790% due 01/30/2040 «(j)			900			873
5.970% due 01/30/2045 «(j)			900			868


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

Deutsche Bank AG
2.311% due 11/16/2027 •	$		4,500	$		4,279
2.552% due 01/07/2028 •			6,500			6,184
5.706% due 02/08/2028 •			1,500			1,516
6.720% due 01/18/2029 •			2,500			2,597
6.819% due 11/20/2029 •			1,500			1,570

Discover Financial Services
7.964% due 11/02/2034 •			2,000			2,287

Doctors Co. An Interinsurance Exchange
4.500% due 01/18/2032			7,800			6,575

Equitable Holdings, Inc.
5.594% due 01/11/2033			1,000			1,010

Essex Portfolio LP
5.500% due 04/01/2034			1,500			1,502

Extra Space Storage LP
5.400% due 02/01/2034			1,500			1,486
5.900% due 01/15/2031			2,100			2,167

Fairfax Financial Holdings Ltd.
5.625% due 08/16/2032			2,000			2,025
6.350% due 03/22/2054			2,000			2,062

Farmers Insurance Exchange
4.747% due 11/01/2057 •			2,000			1,625
7.000% due 10/15/2064 •			1,900			1,964

Fidelity National Financial, Inc.
3.400% due 06/15/2030			1,800			1,634

First American Financial Corp.
2.400% due 08/15/2031			1,500			1,235
4.000% due 05/15/2030			1,000			933
5.450% due 09/30/2034			1,300			1,255

Ford Motor Credit Co. LLC
4.950% due 05/28/2027			5,000			4,957
5.800% due 03/08/2029			4,400			4,404
6.050% due 03/05/2031			5,000			4,992
6.798% due 11/07/2028			10,000			10,366
6.950% due 03/06/2026			1,500			1,527

FS KKR Capital Corp.
3.400% due 01/15/2026			1,900			1,864
6.875% due 08/15/2029			3,800			3,932
7.875% due 01/15/2029			1,500			1,597

GA Global Funding Trust
3.850% due 04/11/2025			1,000			997
4.400% due 09/23/2027			4,500			4,437
5.200% due 12/09/2031			1,500			1,464
5.500% due 01/08/2029			3,000			3,032

Global Atlantic Fin Co.
4.400% due 10/15/2029			3,000			2,845

GLP Capital LP
3.250% due 01/15/2032			1,500			1,289
4.000% due 01/15/2030			2,100			1,957
5.300% due 01/15/2029			600			598
5.375% due 04/15/2026			600			600
5.625% due 09/15/2034			1,500			1,477
5.750% due 06/01/2028			3,000			3,030
6.250% due 09/15/2054			2,000			1,997
6.750% due 12/01/2033			1,500			1,589

Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			10,600			8,964
3.102% due 02/24/2033 •			10,000			8,621
4.482% due 08/23/2028 •			10,000			9,886
6.264% (SOFRRATE + 1.850%) due 03/15/2028 ~			3,000			3,073

Golub Capital BDC, Inc.
6.000% due 07/15/2029			6,000			5,998

Goodman U.S. Finance Five LLC
4.625% due 05/04/2032			1,500			1,425

Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			2,000			1,909

Hannon Armstrong Sustainable Infrastructure Capital, Inc.
6.375% due 07/01/2034			2,500			2,436

Healthcare Realty Holdings LP
3.750% due 07/01/2027			4,600			4,471

Host Hotels & Resorts LP
2.900% due 12/15/2031			2,000			1,703
5.500% due 04/15/2035			4,850			4,751


54		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

HSBC Holdings PLC
2.848% due 06/04/2031 •	$		7,000	$		6,149
4.755% due 06/09/2028 •			2,500			2,484
5.402% due 08/11/2033 •			4,200			4,158
5.546% due 03/04/2030 •			4,000			4,030
5.719% due 03/04/2035 •			4,000			4,029
6.254% due 03/09/2034 •			7,000			7,267

ING Groep NV
3.875% due 05/16/2027 •(g)(h)			600			546
4.250% due 05/16/2031 •(g)(h)			600			489
5.335% due 03/19/2030 •			10,000			10,044

Integrity Re Ltd.
21.284% (T-BILL 1MO + 17.000%) due 06/08/2026 ~			2,000			2,161

Invitation Homes Operating Partnership LP
4.875% due 02/01/2035			1,000			947
5.450% due 08/15/2030			5,000			5,069

Jane Street Group
7.125% due 04/30/2031			1,500			1,543

Jones Lang LaSalle, Inc.
6.875% due 12/01/2028			3,600			3,816

JPMorgan Chase & Co.
2.963% due 01/25/2033 •			2,500			2,162
4.565% due 06/14/2030 •			12,000			11,765
5.350% due 06/01/2034 •			17,500			17,494
5.766% due 04/22/2035 •			9,000			9,210

KBC Group NV
6.324% due 09/21/2034 •			5,000			5,175

Kilroy Realty LP
3.050% due 02/15/2030			2,000			1,759

Kizuna RE Pte. Ltd.
7.034% (T-BILL 3MO + 2.750%) due 04/09/2029 ~			603			623

KKR Financial Holdings LLC
5.400% due 05/23/2033			6,000			5,721

KKR Group Finance Co. LLC
4.850% due 05/17/2032			1,500			1,447

Lazard Group LLC
6.000% due 03/15/2031			1,500			1,541

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			4,000			3,809
4.300% due 02/01/2061			4,800			2,969

Lloyds Banking Group PLC
4.976% due 08/11/2033 •(l)			8,500			8,171
5.871% due 03/06/2029 •			5,000			5,095
7.500% due 09/27/2025 •(g)(h)			5,000			5,052

Low Income Investment Fund
3.711% due 07/01/2029			2,500			2,312

LPL Holdings, Inc.
6.750% due 11/17/2028			5,000			5,253

Lseg U.S. Fin Corp.
5.297% due 03/28/2034			1,500			1,495

LXP Industrial Trust
2.375% due 10/01/2031			5,800			4,719

Main Street Capital Corp.
6.950% due 03/01/2029			3,100			3,225

Maple Grove Funding Trust
4.161% due 08/15/2051			5,500			3,716

Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			3,250			2,842

Mitsubishi UFJ Financial Group, Inc.
3.195% due 07/18/2029			1,500			1,392
5.354% due 09/13/2028 •			2,500			2,533

MMcapS Funding Ltd.
4.878% (US0003M + 0.290%) due 12/26/2039 ~			518			504

Morgan Stanley
0.000% due 04/02/2032 þ(j)			9,000			5,860
2.511% due 10/20/2032 •			1,700			1,425
3.622% due 04/01/2031 •			3,000			2,788
5.164% due 04/20/2029 •			2,000			2,006
5.173% due 01/16/2030 •			3,000			3,005
6.296% due 10/18/2028 •			19,500			20,220

Nationstar Mortgage Holdings, Inc.
7.125% due 02/01/2032			1,500			1,521


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

NatWest Group PLC
4.600% due 06/28/2031 •(g)(h)	$		200	$		170
4.964% due 08/15/2030 •			8,800			8,671

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			4,500			4,233
5.300% due 09/13/2027			1,400			1,385

NMI Holdings, Inc.
6.000% due 08/15/2029			4,500			4,525

Nomura Holdings, Inc.
1.653% due 07/14/2026			3,000			2,853
5.842% due 01/18/2028			1,500			1,532
6.070% due 07/12/2028			3,100			3,189

Nordea Bank Abp
3.750% due 03/01/2029 •(g)(h)			5,000			4,350
6.625% due 03/26/2026 •(g)(h)			5,600			5,631

Oaktree Strategic Credit Fund
6.500% due 07/23/2029			1,300			1,314

Omega Healthcare Investors, Inc.
4.750% due 01/15/2028			3,350			3,307

Orange Capital RE DAC
3.532% (EUR003M + 0.500%) due 01/17/2029 ~	EUR		250			260

Pacific Life Insurance Co.
9.250% due 06/15/2039	$		5,000			6,649

Polestar Re Ltd.
14.784% (T-BILL 3MO + 10.500%) due 01/07/2028 ~			600			624
17.564% (T-BILL 3MO + 13.250%) due 01/07/2027 ~			2,300			2,396

Preferred Term Securities Ltd.
4.920% (US0003M + 0.300%) due 03/22/2037 ~			1,524			1,398

Prologis LP
5.000% due 01/31/2035			2,500			2,437

Prologis Targeted U.S. Logistics Fund LP
5.250% due 04/01/2029			4,400			4,451

Prudential Financial, Inc.
6.500% due 03/15/2054 •			2,800			2,887

Quercus Re DAC
11.056% (EUR003M + 8.000%) due 01/06/2031 ~	EUR		250			264

Realty Income Corp.
3.250% due 01/15/2031	$		2,100			1,897
4.450% due 09/15/2026			700			697

Sammons Financial Group Global Funding
5.100% due 12/10/2029			1,500			1,490

Sammons Financial Group, Inc.
6.875% due 04/15/2034			6,500			6,805

Santander Holdings USA, Inc.
5.353% due 09/06/2030 •			2,800			2,768
6.499% due 03/09/2029 •			1,700			1,747
6.565% due 06/12/2029 •			3,000			3,101

Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			2,000			1,927
6.534% due 01/10/2029 •			8,000			8,247
6.833% due 11/21/2026 •			3,000			3,044

Sixth Street Lending Partners
5.750% due 01/15/2030			3,000			2,957

Societe Generale SA
6.446% due 01/10/2029 •			3,300			3,380

Sumitomo Mitsui Financial Group, Inc.
5.520% due 01/13/2028			4,000			4,065
5.766% due 01/13/2033			3,000			3,089

Torrey Pines Re Ltd.
10.284% (T-BILL 1MO + 6.000%) due 06/07/2032 ~			600			630
11.534% (T-BILL 1MO + 7.250%) due 06/07/2032 ~			300			310
13.284% (T-BILL 1MO + 9.000%) due 06/05/2031 ~			250			261

Trust Fibra Uno
4.869% due 01/15/2030			4,900			4,443
6.950% due 01/30/2044			300			260

UBS AG
5.000% due 07/09/2027			3,500			3,521


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

UBS Group AG
5.699% due 02/08/2035 •	$		5,000	$		5,035
6.301% due 09/22/2034 •			13,000			13,607
6.373% due 07/15/2026 •			1,600			1,612
7.000% due 02/19/2025 •(g)(h)			200			200

Ventas Realty LP
5.000% due 01/15/2035			2,500			2,390

VICI Properties LP
3.750% due 02/15/2027			100			97
4.125% due 08/15/2030			500			465
5.750% due 02/01/2027			280			283
5.750% due 04/01/2034			1,000			1,010
6.125% due 04/01/2054			1,000			994

Wells Fargo & Co.
2.879% due 10/30/2030 •			1,000			902
4.897% due 07/25/2033 •			21,000			20,288
5.557% due 07/25/2034 •			17,000			16,984

Windmill Re DAC
8.488% (EUR003M + 5.250%) due 07/05/2028 ~	EUR		250			260

Winston RE Ltd.
16.064% (T-BILL 3MO + 11.750%) due 02/26/2031 ~	$		4,000			4,132

						823,937


INDUSTRIALS 5.3%

Air Canada
3.875% due 08/15/2026			1,000			972

Air Canada Pass-Through Trust
3.300% due 07/15/2031			624			578
5.250% due 10/01/2030			1,567			1,564

American Airlines Pass-Through Trust
3.375% due 11/01/2028			7,110			6,797
3.700% due 04/01/2028			1,496			1,456
4.000% due 01/15/2027			1,960			1,939

American Airlines, Inc.
5.500% due 04/20/2026			450			449
5.750% due 04/20/2029			1,400			1,389

Ashtead Capital, Inc.
4.250% due 11/01/2029			2,000			1,897
5.800% due 04/15/2034			3,000			3,004

Bacardi Ltd.
5.150% due 05/15/2038			1,200			1,109

Bayer U.S. Finance LLC
4.375% due 12/15/2028			400			385
6.375% due 11/21/2030			1,000			1,029
6.500% due 11/21/2033			2,050			2,087
6.875% due 11/21/2053			1,500			1,514

Boeing Co.
3.625% due 02/01/2031			3,000			2,725
6.259% due 05/01/2027			1,300			1,331
6.298% due 05/01/2029			1,700			1,763
6.388% due 05/01/2031			1,300			1,360
6.528% due 05/01/2034			1,100			1,153
6.858% due 05/01/2054			1,800			1,915
7.008% due 05/01/2064			1,000			1,062

Bowdoin College
4.693% due 07/01/2112			3,400			2,677

Broadcom, Inc.
2.450% due 02/15/2031			10,000			8,628
3.469% due 04/15/2034			500			434
4.000% due 04/15/2029			2,000			1,925
4.150% due 04/15/2032			2,000			1,876
4.926% due 05/15/2037			2,000			1,904

California Institute of Technology
4.283% due 09/01/2116			3,000			2,204

CDW LLC
5.100% due 03/01/2030			1,700			1,676
5.550% due 08/22/2034			900			888

Centene Corp.
3.000% due 10/15/2030			1,500			1,295

Charter Communications Operating LLC
2.800% due 04/01/2031			2,100			1,772
5.050% due 03/30/2029			2,000			1,958

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Cheniere Energy Partners LP
3.250% due 01/31/2032	$		2,000	$		1,736

Cheniere Energy, Inc.
5.650% due 04/15/2034			3,000			3,019

Choice Hotels International, Inc.
3.700% due 12/01/2029			3,700			3,438
3.700% due 01/15/2031			2,000			1,801

Claremont Mckenna College
3.775% due 01/01/2122			3,000			1,952

Dell International LLC
5.300% due 10/01/2029			4,400			4,446
5.750% due 02/01/2033			1,500			1,542

Delta Air Lines Pass-Through Trust
2.000% due 12/10/2029			1,023			943

Delta Air Lines, Inc.
3.750% due 10/28/2029			3,400			3,184
4.500% due 10/20/2025			1,000			994
4.750% due 10/20/2028			2,000			1,974

DR Horton, Inc.
5.000% due 10/15/2034			7,500			7,246

El Paso Natural Gas Co. LLC
3.500% due 02/15/2032			1,500			1,307

Enbridge, Inc.
6.200% due 11/15/2030			2,150			2,265

Energy Transfer LP
5.250% due 07/01/2029			11,500			11,562
5.550% due 02/15/2028			2,500			2,540
6.000% due 06/15/2048			5,000			4,837

Essent Group Ltd.
6.250% due 07/01/2029			2,200			2,247

Expedia Group, Inc.
3.250% due 02/15/2030			2,200			2,029

Ferguson Enterprises, Inc.
5.000% due 10/03/2034			1,000			956

Ferguson Finance PLC
3.250% due 06/02/2030			2,000			1,819

FirstEnergy Pennsylvania Electric Co.
3.250% due 03/15/2028			1,100			1,045
3.600% due 06/01/2029			2,000			1,884
4.300% due 01/15/2029			600			585

Flex Intermediate Holdco LLC
4.317% due 12/30/2039			2,700			2,082

Flex Ltd.
4.875% due 06/15/2029			2,000			1,961

GE Capital Funding LLC
4.550% due 05/15/2032			1,500			1,445

GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035			1,500			1,387

General Electric Co.
4.250% due 05/01/2040			3,000			2,528

Georgetown University
5.215% due 10/01/2118			6,560			5,763

Global Payments, Inc.
5.400% due 08/15/2032			5,100			5,099

Greensaif Pipelines Bidco SARL
5.853% due 02/23/2036			2,300			2,273
6.103% due 08/23/2042			1,400			1,367

HCA, Inc.
3.625% due 03/15/2032			3,000			2,645
5.450% due 09/15/2034			2,250			2,194

Imperial Brands Finance PLC
6.125% due 07/27/2027			3,000			3,081

Kraft Heinz Foods Co.
4.375% due 06/01/2046			4,000			3,243

Las Vegas Sands Corp.
3.500% due 08/18/2026			1,100			1,072

Micron Technology, Inc.
5.375% due 04/15/2028			1,900			1,921

MPLX LP
5.500% due 06/01/2034			2,000			1,972

MSCI, Inc.
3.875% due 02/15/2031			100			92


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

National Fuel Gas Co.
5.500% due 10/01/2026	$		1,500	$		1,512

New York & Presbyterian Hospital
4.763% due 08/01/2116			3,000			2,445

Nissan Motor Co. Ltd.
4.345% due 09/17/2027			2,500			2,408

NXP BV
5.000% due 01/15/2033			900			876

Occidental Petroleum Corp.
5.200% due 08/01/2029			1,200			1,191
6.125% due 01/01/2031			5,000			5,119

Oracle Corp.
4.900% due 02/06/2033			1,000			974

Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			4,300			4,133

Petroleos Mexicanos
6.490% due 01/23/2027			311			302
6.700% due 02/16/2032			4,600			4,005

Quanta Services, Inc.
2.900% due 10/01/2030			2,000			1,786
5.250% due 08/09/2034			3,100			3,031

Smith & Nephew PLC
5.400% due 03/20/2034			7,000			6,953

South Bow USA Infrastructure Holdings LLC
4.911% due 09/01/2027			1,500			1,495
5.026% due 10/01/2029			1,900			1,868

Spirit Airlines Pass-Through Trust
3.375% due 08/15/2031			519			465
4.100% due 10/01/2029			669			623

T-Mobile USA, Inc.
2.700% due 03/15/2032			2,500			2,117

Targa Resources Corp.
5.500% due 02/15/2035			1,150			1,132
6.125% due 03/15/2033			3,000			3,095

Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			2,000			1,794

Time Warner Cable LLC
6.550% due 05/01/2037			600			581
7.300% due 07/01/2038			2,500			2,546

Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028			1,841			1,789

U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			1,967			1,948

United Airlines Pass-Through Trust
2.700% due 11/01/2033			313			277
3.100% due 01/07/2030			883			838
3.450% due 01/07/2030			2,649			2,489
4.550% due 02/25/2033			1,841			1,717
5.450% due 08/15/2038			2,000			2,010
5.875% due 04/15/2029			1,274			1,302

United Airlines, Inc.
4.375% due 04/15/2026			3,400			3,346
4.625% due 04/15/2029			2,500			2,379

Vmed O2 U.K. Financing PLC
4.750% due 07/15/2031			3,900			3,358

VMware, Inc.
2.200% due 08/15/2031			2,000			1,660

Wesleyan University
4.781% due 07/01/2116			3,248			2,640

Western Midstream Operating LP
5.450% due 11/15/2034			1,700			1,643

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			3,130			3,102
5.611% due 03/11/2034			2,000			2,028

Woodside Finance Ltd.
5.100% due 09/12/2034			13,550			12,899

						266,067


UTILITIES 1.7%

Electricite de France SA
5.950% due 04/22/2034			4,000			4,080
6.000% due 04/22/2064			4,000			3,870


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

Enel Finance International NV
7.500% due 10/14/2032	$		2,000	$		2,230

Eversource Energy
5.950% due 02/01/2029			4,400			4,535

NGPL PipeCo LLC
3.250% due 07/15/2031			1,500			1,295

NiSource, Inc.
1.700% due 02/15/2031			6,100			4,992

ONEOK, Inc.
4.400% due 10/15/2029			2,000			1,940
4.750% due 10/15/2031			3,200			3,097
5.050% due 11/01/2034			3,300			3,158

Pacific Gas & Electric Co.
2.500% due 02/01/2031			2,400			2,053
4.950% due 07/01/2050			6,700			5,826
5.550% due 05/15/2029			3,000			3,050
5.800% due 05/15/2034			3,000			3,069
5.900% due 06/15/2032			1,500			1,541
6.150% due 01/15/2033			2,200			2,287
6.950% due 03/15/2034			2,000			2,192

PPL Capital Funding, Inc.
5.250% due 09/01/2034			2,000			1,970

Puget Energy, Inc.
4.224% due 03/15/2032			3,000			2,746

Texas Electric Market Stabilization Funding N LLC
5.057% due 08/01/2048			15,500			14,562

Toledo Edison Co.
2.650% due 05/01/2028			2,918			2,686

Verizon Communications, Inc.
2.355% due 03/15/2032			7,000			5,807
5.050% due 05/09/2033			3,000			2,967

Vistra Operations Co. LLC
6.950% due 10/15/2033			5,000			5,393

						85,346

Total Corporate Bonds & Notes (Cost $1,186,426)						1,175,350


MUNICIPAL BONDS & NOTES 0.7%

CALIFORNIA 0.2%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.487% due 06/01/2036			3,300			2,722
3.714% due 06/01/2041			7,000			5,402

						8,124


ILLINOIS 0.1%

Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			5,343			5,700


MINNESOTA 0.2%

Minnesota Housing Finance Agency Revenue Bonds, Series 2024
5.301% due 01/01/2029			6,945			7,026
5.532% due 01/01/2034			5,000			5,025

						12,051


NEW YORK 0.0%

New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006
6.027% due 01/01/2046			500			504


TEXAS 0.1%

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019
3.922% due 12/31/2049			4,200			3,328


56		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WEST VIRGINIA 0.1%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049	$		4,165	$		3,920

Total Municipal Bonds & Notes (Cost $34,992)						33,627


U.S. GOVERNMENT AGENCIES 57.1%

Fannie Mae
0.000% due 07/25/2031 - 02/25/2040 (b)(e)			64			54
0.443% due 05/25/2042 •			134			91
1.317% due 09/25/2042 •(a)			18,572			2,303
1.737% due 04/25/2040 •(a)			30			2
2.517% due 05/25/2036 •(a)			583			56
3.000% due 03/25/2033 - 02/25/2043			1			1
3.500% due 06/25/2042			455			420
4.000% due 10/01/2026 - 07/01/2044			646			623
4.500% due 10/01/2035 - 06/01/2051			812			766
5.000% due 05/01/2034 - 11/01/2039			782			777
5.500% due 12/01/2031 - 04/01/2039			467			465
5.839% due 01/25/2036 •			65			62
6.000% due 05/25/2031 - 09/01/2037			425			431
6.405% due 11/01/2035 •			2			2
6.476% due 12/01/2028 •			104			104
6.500% due 01/01/2036 - 05/01/2038			41			44
7.000% due 04/01/2037 - 03/01/2038			38			39
7.195% due 04/01/2036 •			3			4
7.343% due 09/01/2034 •			18			19
7.500% due 10/01/2037			55			57

Freddie Mac
0.000% due 01/15/2033 - 07/15/2039 (b)(e)			281			256
0.000% due 06/15/2042 •			50			21
0.000% due 11/15/2048 •(a)			16,680			576
0.238% due 12/15/2040 •(a)			976			42
0.318% due 05/15/2041 •			623			501
1.615% due 06/15/2040 ~(a)			5,932			458
3.000% due 01/01/2043 - 04/01/2043			3			2
3.500% due 12/15/2028 (a)			140			2
3.500% due 10/01/2033 - 03/01/2042			57			55
4.000% due 09/01/2033 - 06/01/2049			6,041			5,632
4.500% due 02/01/2034 - 11/01/2044			2,849			2,747
5.000% due 05/15/2033 - 07/15/2041			301			297
5.250% due 04/15/2033			17			17
5.500% due 08/01/2025 - 10/01/2037			582			582
6.000% due 12/01/2034 - 08/01/2037			76			76
6.500% due 01/01/2037 - 07/01/2037			17			17
6.704% due 05/15/2033 •			20			21
7.384% due 12/01/2031 •			24			25
7.480% due 07/01/2036 •			2			2

Ginnie Mae
2.000% due 08/20/2030			522			494
3.000% due 08/20/2026 - 07/15/2029			8,190			8,066
3.500% due 12/20/2040 - 03/20/2047			7,506			6,782
4.000% due 09/20/2040 - 06/15/2047			11,864			11,091
4.500% due 08/20/2038 - 02/20/2047			1,302			1,244
4.750% due 01/20/2035			51			51


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.000% due 03/20/2034 - 04/20/2040	$		260	$		256
5.500% due 04/16/2034 - 11/20/2038			26			27
6.000% due 08/20/2038 - 02/20/2039			49			50
6.500% due 12/20/2038			12			12

Ginnie Mae, TBA
2.500% due 01/01/2055 - 02/01/2055			95,000			79,354
3.000% due 02/01/2055			132,000			114,484
3.500% due 02/01/2055			102,800			91,918

Tennessee Valley Authority
4.250% due 09/15/2065			10,000			8,166

Tennessee Valley Authority STRIPS
0.000% due 06/15/2038 (e)			2,500			1,262

Uniform Mortgage-Backed Security
3.500% due 06/01/2045 - 07/01/2049			33,496			30,180
4.000% due 10/01/2025 - 09/01/2052			80,705			74,123
4.500% due 06/01/2039 - 11/01/2053			287,615			270,986
5.000% due 09/01/2052 - 10/01/2053			342,341			331,347
5.500% due 07/01/2053 - 04/01/2054			276,449			273,236
6.000% due 11/01/2053 - 11/01/2054			683,008			686,813
6.500% due 10/01/2053 - 02/01/2054			111,272			113,742

Uniform Mortgage-Backed Security, TBA
2.500% due 02/01/2055			53,678			43,735
3.000% due 02/01/2055			246,066			209,041
3.500% due 02/01/2055			66,200			58,548
4.000% due 02/01/2055 - 03/01/2055			185,000			169,160
4.500% due 01/01/2055 - 03/01/2055			54,900			51,625
5.000% due 02/01/2055			133,800			129,075
5.500% due 01/01/2055 - 02/01/2055			105,600			104,174

Total U.S. Government Agencies (Cost $2,909,563)						2,886,691


U.S. TREASURY OBLIGATIONS 14.7%

U.S. Treasury Bonds
2.375% due 02/15/2042 (n)			150,000			106,840
3.000% due 11/15/2045			210,200			158,129
3.875% due 02/15/2043 (n)			318,300			280,969

U.S. Treasury Inflation Protected Securities (f)
0.125% due 04/15/2025 (n)			4,277			4,251
0.125% due 10/15/2025 (n)			7,543			7,456
0.375% due 07/15/2025 (n)			34,609			34,402
1.750% due 01/15/2034			155,269			148,902

Total U.S. Treasury Obligations (Cost $736,073)						740,949


NON-AGENCY MORTGAGE-BACKED SECURITIES 7.0%

AG Trust
6.413% due 07/15/2041 •			6,900			6,932

Ajax Mortgage Loan Trust
1.698% due 05/25/2059 þ			822			761

American Home Mortgage Investment Trust
4.813% due 12/25/2046 •			2,838			2,326

BAMLL Commercial Mortgage Securities Trust
2.847% due 04/20/2042 «~			12,600			9,337
3.050% due 08/01/2052 «(c)(j)			40,000			37,000

Banc of America Funding Trust
4.550% due 08/27/2036 ~			5,913			5,631

BANK5
5.769% due 06/15/2057			2,200			2,253
5.788% due 06/15/2057			4,300			4,397

Barclays Commercial Mortgage Securities Trust
4.314% due 12/15/2051			1,000			974


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

BCAP LLC Trust
4.753% due 05/25/2047 •	$		1,434	$		1,369

Bear Stearns ALT-A Trust
5.093% due 04/25/2034 •			7			7

Benchmark Mortgage Trust
6.841% due 11/15/2056 ~			6,700			7,077

BMO Mortgage Trust
5.462% due 02/15/2057			2,000			2,025
5.625% due 12/15/2057 ~			3,400			3,466
5.857% due 02/15/2057			2,000			2,050

BWAY Mortgage Trust
5.762% due 09/15/2036 •			5,000			4,743

BX Trust
5.241% due 10/15/2036 •			1,485			1,477
5.410% due 02/15/2039 •			5,449			5,454

Chase Home Lending Mortgage Trust
3.250% due 03/25/2063 ~			3,777			3,357
3.250% due 09/25/2063 ~			2,744			2,432
5.869% due 06/25/2055 •			4,880			4,887

Chase Mortgage Finance Trust
6.000% due 05/25/2036			3,453			1,464

ChaseFlex Trust
6.500% due 02/25/2037			3,862			1,331

CIM Trust
5.500% due 08/25/2064 ~			11,380			11,343

Citigroup Commercial Mortgage Trust
3.778% due 09/10/2058			8,100			8,014

Citigroup Mortgage Loan Trust
4.773% due 09/25/2036 •			399			373
5.253% due 08/25/2035 •			164			158
5.500% due 08/25/2034			944			923

COLT Mortgage Loan Trust
6.467% due 08/25/2067 þ			1,530			1,541

Commercial Mortgage Trust
3.140% due 10/10/2036			2,235			1,950
5.812% due 12/15/2038 •			5,261			5,056

Countrywide Alternative Loan Trust
4.703% due 06/25/2037 •			475			388
4.813% due 05/25/2047 •			133			125
5.125% due 12/20/2035 •			2,799			2,571
5.500% due 07/25/2035			991			697
5.500% due 08/25/2035			267			226
5.500% due 12/25/2035			641			430
5.500% due 02/25/2036			1,227			967
5.750% due 05/25/2036			356			134
6.000% due 04/25/2037			2,647			2,197
6.250% due 08/25/2036			307			165

Countrywide Home Loan Mortgage Pass-Through Trust
4.805% due 02/20/2036 ~			432			375
4.828% due 11/25/2037 ~			1,970			1,831
4.969% due 03/20/2036 ~			447			406
4.993% due 03/25/2035 •			51			46

Countrywide Home Loan Reperforming REMIC Trust
4.793% due 01/25/2036 •			841			790

Credit Suisse First Boston Mortgage Securities Corp.
5.610% due 11/25/2031 •			24			15
5.727% due 11/25/2034 ~			16			15

Credit Suisse Mortgage Capital Mortgage-Backed Trust
3.659% due 02/25/2061 ~			1,509			1,505
4.100% due 12/27/2060 ~			1,849			1,844
4.184% due 07/27/2061 ~			2,737			2,731
5.500% due 03/25/2037			677			309
5.912% due 07/15/2038 •			1,000			893
6.000% due 07/25/2037			321			269
6.421% due 10/25/2037 ~			2,773			1,611

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
4.933% due 01/25/2047 •			3,451			2,925

Deutsche ALT-B Securities, Inc. Mortgage Loan Trust
5.431% due 02/25/2036 ~			115			102
5.665% due 02/25/2036 ~			1,068			942

EQUS Mortgage Trust
5.417% due 10/15/2038 •			4,700			4,698

Great Hall Mortgages PLC
4.812% due 06/18/2039 •			112			112

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

GS Mortgage Securities Corp. Trust
5.644% due 07/15/2035 •	$		1,298	$		979

GSMPS Mortgage Loan Trust
4.803% due 01/25/2036 •			1,695			1,367

GSR Mortgage Loan Trust
4.648% due 11/25/2035 ~			5			5
4.743% due 01/25/2036 ~			814			712
6.000% due 03/25/2036			4,047			1,341
6.500% due 05/25/2036			551			202
7.338% due 09/25/2034 ~			91			91

HarborView Mortgage Loan Trust
4.861% due 01/19/2038 •			2,589			2,275
4.891% due 12/19/2036 •			2,056			1,565
5.021% due 03/19/2035 •			743			739

IndyMac INDX Mortgage Loan Trust
4.114% due 09/25/2036 ~			1,424			914

JP Morgan Alternative Loan Trust
5.812% due 12/25/2035 ~			422			297

JP Morgan Chase Commercial Mortgage Securities Trust
2.287% due 03/05/2042			2,210			1,959
2.812% due 01/16/2037			100			90
3.648% due 12/15/2049 ~			3,700			3,597
4.994% due 04/15/2037 •			1,953			1,911
5.715% due 07/05/2033 •			1,777			1,721
7.235% due 10/05/2040			2,000			2,094

JP Morgan Mortgage Trust
4.625% due 07/25/2063 ~			5,007			4,864
5.289% due 02/25/2036 ~			620			441
5.534% due 07/25/2035 ~			10			10
6.000% due 08/25/2037			778			350
6.500% due 01/25/2036			4,906			2,469

Key Commercial Mortgage Securities Trust
2.233% due 09/16/2052			10,000			8,612

Legacy Mortgage Asset Trust
4.750% due 07/25/2061 þ			1,057			1,057
4.875% due 10/25/2068 þ			2,322			2,314
4.892% due 10/25/2066 þ			1,386			1,388
4.991% due 09/25/2060 ~			71			71
5.250% due 07/25/2067 þ			1,731			1,728

Lehman XS Trust
4.813% due 12/25/2036 •			2,044			1,938
4.833% due 11/25/2046 •			2,493			2,179
5.825% due 11/25/2035 •			6			6

Lux Trust
7.088% due 08/15/2040 •			3,200			3,254

MASTR Adjustable Rate Mortgages Trust
4.327% due 04/25/2034 ~			145			124
6.770% (US0012M + 1.750%) due 12/25/2035 •			2,799			2,680

Merrill Lynch Mortgage Investors Trust
5.013% due 07/25/2029 •			31			30
5.866% due 05/25/2029 ~			7			7

MFA Trust
1.014% due 01/26/2065 ~			1,328			1,236
1.324% due 01/26/2065 ~			362			338
1.381% due 04/25/2065 ~			1,905			1,829
1.632% due 01/26/2065 ~			695			653
1.638% due 04/25/2065 ~			787			755
6.775% due 10/25/2058 þ			1,087			1,102

MHC Trust
5.312% due 04/15/2038 •			1,790			1,790

Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			1,804			1,752
2.750% due 08/25/2059 ~			514			495

MKT Mortgage Trust
2.694% due 02/12/2040			5,000			4,151

Morgan Stanley Capital Trust
3.912% due 09/09/2032			2,100			1,856

Morgan Stanley Mortgage Loan Trust
6.548% due 06/25/2036 ~			2,008			1,955

Natixis Commercial Mortgage Securities Trust
3.858% due 04/10/2037			3,260			2,749
5.612% due 08/15/2038 •			900			857

New Residential Mortgage Loan Trust
6.864% due 10/25/2063 þ			6,896			6,976


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

New York Mortgage Trust
4.670% due 08/25/2061 þ	$		2,756	$		2,739

NLT Trust
3.200% due 10/25/2062 ~			2,925			2,594

Nomura Asset Acceptance Corp. Alternative Loan Trust
4.953% due 06/25/2037 •			5,062			4,158

Nomura Resecuritization Trust
6.500% due 10/26/2037			1,780			743

OBX Trust
6.120% due 11/25/2062 ~			4,725			4,740
6.129% due 12/25/2063 þ			5,989			6,034
6.567% due 06/25/2063 þ			2,825			2,857
7.159% due 10/25/2063 þ			2,900			2,957

One New York Plaza Trust
5.462% due 01/15/2036 •			6,100			5,826

OPEN Trust
7.486% due 11/15/2040 •			3,507			3,541

PRPM LLC
6.959% due 02/25/2029 þ			2,335			2,348

RBSGC Mortgage Pass-Through Loan Trust
4.833% due 12/25/2034 •			1,145			1,036

RCKT Mortgage Trust
5.582% due 12/25/2044 «þ			3,500			3,500

Residential Accredit Loans, Inc. Trust
6.000% due 06/25/2036			1,146			907
6.000% due 12/25/2036			914			739
6.500% due 07/25/2037			1,959			1,571

Residential Asset Securitization Trust
5.003% due 08/25/2033 •			18			16
5.500% due 08/25/2034			1,248			1,211

Residential Funding Mortgage Securities, Inc. Trust
6.000% due 06/25/2036			407			339

Sequoia Mortgage Trust
5.185% due 07/20/2033 •			11			10
6.064% due 02/20/2035 •			260			243

SMRT Commercial Mortgage Trust
5.398% due 01/15/2039 •			2,350			2,345

Starwood Mortgage Residential Trust
0.943% due 05/25/2065 ~			702			651
1.439% due 11/25/2055 ~			375			357
1.593% due 11/25/2055 ~			485			462

Thornburg Mortgage Securities Trust
5.252% due 10/25/2046 •			681			637
6.176% due 06/25/2037 •			163			138

Towd Point Mortgage Trust
3.250% due 07/25/2058 ~			2,743			2,704
4.480% due 10/25/2064 ~			4,855			4,753

Verus Securitization Trust
1.824% due 11/25/2066 ~			2,453			2,188
6.443% due 08/25/2068 þ			3,476			3,514
6.665% due 09/25/2068 þ			5,450			5,510
6.876% due 11/25/2068 ~			2,470			2,507

WaMu Mortgage Pass-Through Certificates Trust
3.700% due 01/25/2037 ~			2,188			1,875
4.486% due 07/25/2037 ~			1,861			1,675
6.325% due 10/25/2046 •			914			837

Washington Mutual Mortgage Pass-Through Certificates Trust
4.117% due 10/25/2036 þ			7,152			2,428
4.973% due 12/25/2035 •			6,065			5,225
5.795% due 05/25/2046 •			340			291

Wells Fargo Commercial Mortgage Trust
3.451% due 02/15/2048			2,432			2,424

Wells Fargo Mortgage-Backed Securities Trust
6.595% due 12/28/2037 ~			1,234			1,106
7.098% due 08/25/2036 ~			231			208

Worldwide Plaza Trust
3.526% due 11/10/2036			8,900			6,211

WSTN Trust
6.297% due 07/05/2037 ~			3,500			3,550

Total Non-Agency Mortgage-Backed Securities (Cost $374,799)						353,007


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 12.8%

AUTOMOBILE ABS OTHER 0.2%

Chesapeake Funding LLC
5.368% due 05/15/2036 •	$		4,161	$		4,171

GLS Auto Receivables Issuer Trust
5.770% due 11/15/2028			3,000			3,043

Santander Drive Auto Receivables Trust
5.980% due 04/16/2029			1,700			1,731
6.400% due 03/17/2031			1,700			1,754

						10,699


AUTOMOBILE SEQUENTIAL 0.9%

Avis Budget Rental Car Funding AESOP LLC
5.440% due 02/22/2028			5,000			5,063
6.020% due 02/20/2030			7,500			7,790

Carvana Auto Receivables Trust
5.900% due 08/10/2027			2,781			2,794
6.360% due 04/12/2027			607			609

Enterprise Fleet Financing LLC
5.560% due 04/22/2030			1,430			1,442

FHF Trust
6.570% due 06/15/2028			423			428

Ford Auto Securitization Trust
5.053% due 07/15/2028	CAD		3,200			2,268

GM Financial Revolving Receivables Trust
5.770% due 08/11/2036	$		3,600			3,735

Hertz Vehicle Financing LLC
1.990% due 06/25/2026			2,300			2,283

LAD Auto Receivables Trust
6.100% due 12/15/2027			5,000			5,039
6.240% due 06/15/2028			5,000			5,090

Octane Receivables Trust
1.210% due 09/20/2028			524			521
6.440% due 03/20/2029			1,157			1,170

Research-Driven Pagaya Motor Asset Trust
7.090% due 06/25/2032			396			401

Santander Drive Auto Receivables Trust
5.930% due 07/17/2028			1,700			1,718

SCCU Auto Receivables Trust
5.700% due 10/16/2028			1,300			1,318
5.700% due 08/15/2029			600			611

Tricolor Auto Securitization Trust
6.610% due 10/15/2027			4,460			4,499

United Auto Credit Securitization Trust
6.170% due 08/10/2026			227			227

						47,006


CMBS OTHER 1.1%

ACREC Ltd.
5.640% due 10/16/2036 •			1,263			1,264

BSPRT Issuer Ltd.
5.832% due 12/15/2038 •			1,783			1,787
6.693% due 07/15/2039 •			2,573			2,583

BXMT Ltd.
5.896% due 11/15/2037 •			3,842			3,806

KREF Ltd.
5.816% due 02/17/2039 •			1,373			1,380

LCCM Trust
5.712% due 12/13/2038 •			297			297
5.962% due 11/15/2038 •			1,616			1,623

LoanCore Issuer Ltd.
5.812% due 11/15/2038 •			1,519			1,527

MF1 LLC
6.103% due 03/19/2039 •			2,500			2,507

MF1 Ltd.
5.716% due 02/19/2037 •			10,670			10,671
6.196% due 12/15/2035 •			1,931			1,934

PFP Ltd.
6.315% due 09/17/2039 •			5,951			6,001

Ready Capital Mortgage Financing LLC
6.891% due 10/25/2039 •			3,747			3,773


58		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Starwood Commercial Mortgage Trust
5.690% due 04/18/2038 •	$		6,565	$		6,562

TPG Real Estate Finance Issuer Ltd.
5.696% due 03/15/2038 •			3,808			3,810
6.032% due 02/15/2039 •			4,840			4,875

						54,400


HOME EQUITY OTHER 3.1%

ABFC Trust
4.733% due 10/25/2036 •			1,027			933
4.933% due 09/25/2036 •			3,913			3,839

ACE Securities Corp. Home Equity Loan Trust
4.953% due 10/25/2036 •			4,312			1,622

Aegis Asset-Backed Securities Trust
5.173% due 08/25/2035 •			83			81

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
2.922% due 06/25/2033 •			3,702			3,417

Argent Securities Trust
4.833% due 03/25/2036 •			3,153			2,871

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
4.913% due 01/25/2036 •			4,578			4,362

Asset-Backed Securities Corp. Home Equity Loan Trust
5.158% due 11/25/2035 •			1,407			1,393
5.263% due 06/25/2034 •			2,177			2,162
5.278% due 04/25/2034 •			623			625
7.737% due 08/15/2032 •			279			263

Bear Stearns Asset-Backed Securities Trust
4.913% due 11/25/2036 •			3,200			3,046
5.275% due 03/25/2034 •			1,765			1,793
5.428% due 12/25/2034 •			1,481			1,474
5.578% due 03/25/2035 •			176			175

Carrington Mortgage Loan Trust
4.613% due 10/25/2036 •			2,263			1,799
4.713% due 02/25/2037 •			3,638			3,407
5.503% due 05/25/2035 •			3,281			3,152

CIT Mortgage Loan Trust
5.953% due 10/25/2037 •			3,987			4,011

Citigroup Mortgage Loan Trust
4.713% due 03/25/2037 •			204			180
4.773% due 09/25/2036 •			1,048			789
5.128% due 10/25/2035 •			300			294

Countrywide Asset-Backed Certificates Trust
4.653% due 06/25/2047 •			6,925			5,990
4.733% due 06/25/2035 •			2,604			2,331
4.733% due 05/25/2037 •			2,420			2,268
4.893% due 09/25/2037 •			1,326			1,360
4.913% due 04/25/2047 •			6,224			5,698

EMC Mortgage Loan Trust
5.553% due 08/25/2040 •			939			936

Fremont Home Loan Trust
5.323% due 11/25/2034 •			5,056			4,470
5.503% due 11/25/2034 •			335			312

GSAA Home Equity Trust
4.893% due 03/25/2047 •			2,750			957

GSAMP Trust
5.233% due 07/25/2045 •			1,047			1,046

Home Equity Mortgage Loan Asset-Backed Trust
4.643% due 07/25/2037 •			7,507			2,979
4.693% due 11/25/2036 •			6,129			4,854

JP Morgan Mortgage Acquisition Corp.
5.038% due 05/25/2035 •			1,136			1,122

JP Morgan Mortgage Acquisition Trust
4.006% due 07/25/2036 •			1,510			1,411
5.023% due 07/25/2036 •			1,100			1,074

Long Beach Mortgage Loan Trust
5.503% due 06/25/2035 •			3,501			3,397
5.603% due 09/25/2034 •			705			713

Merrill Lynch Mortgage Investors Trust
3.770% due 02/25/2037 þ			11,934			1,357

Morgan Stanley ABS Capital, Inc. Trust
4.523% due 10/25/2036 •			69			30
4.583% due 01/25/2037 •			1,650			744


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.593% due 05/25/2037 •	$		103	$		91
4.603% due 10/25/2036 •			274			140
4.673% due 11/25/2036 •			2,684			1,256
4.953% due 07/25/2036 •			1,427			520
4.953% due 08/25/2036 •			12,711			6,316
5.113% due 11/25/2035 •			4,273			4,114
5.233% due 01/25/2035 •			72			72
5.368% due 07/25/2034 •			588			607
5.703% due 07/25/2037 •			6,420			5,572

Morgan Stanley Mortgage Loan Trust
6.465% due 09/25/2046 þ			2,691			881

New Century Home Equity Loan Trust
5.338% due 08/25/2034 •			611			632

Nomura Home Equity Loan, Inc. Home Equity Loan Trust
5.218% due 05/25/2035 •			834			823

Option One Mortgage Loan Trust
4.633% due 04/25/2037 •			2,111			1,007
4.733% due 07/25/2036 •			1,890			1,088

RCKT Mortgage Trust
6.025% due 02/25/2044 ~			827			831
6.147% due 06/25/2044 þ			4,082			4,116

Renaissance Home Equity Loan Trust
4.833% due 11/25/2035 •			769			683
5.586% due 11/25/2036 þ			662			219
5.608% due 05/25/2036 þ			13,820			5,904
5.812% due 11/25/2036 þ			12,195			4,206
5.893% due 06/25/2037 þ			2,722			679
6.115% due 08/25/2036 þ			8,664			3,336
6.120% due 11/25/2036 þ			1,166			424

Residential Asset Mortgage Products Trust
4.963% due 03/25/2036 •			1,074			1,048

Residential Asset Securities Corp. Trust
4.673% due 02/25/2037 •			3,771			3,631

Saxon Asset Securities Trust
0.454% due 05/25/2035 •			595			467
0.916% due 03/25/2035 •			214			191
6.178% due 12/26/2034 •			1,773			1,381
6.203% due 12/25/2037 •			455			428

Securitized Asset-Backed Receivables LLC Trust
5.233% due 02/25/2034 •			1,841			1,865

Soundview Home Loan Trust
4.703% due 07/25/2037 •			3,288			2,680

Structured Asset Investment Loan Trust
4.798% due 07/25/2036 •			4,472			2,568
5.083% due 11/25/2035 •			1,641			1,597
5.158% due 03/25/2034 •			1,568			1,584
5.953% due 11/25/2034 •			2,441			2,596

Structured Asset Securities Corp. Mortgage Loan Trust
5.323% due 07/25/2035 •			724			772
5.488% due 07/25/2035 •			2,915			2,932

Towd Point Mortgage Trust
6.125% due 02/25/2064 ~			818			824

WaMu Asset-Backed Certificates WaMu Trust
4.678% due 05/25/2037 •			1,711			1,575

Wells Fargo Home Equity Asset-Backed Securities Trust
5.203% due 12/25/2035 •			2,236			2,218
7.003% due 04/25/2035 •			131			132

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
5.053% due 04/25/2034 •			55			54

						156,797


HOME EQUITY SEQUENTIAL 0.0%

ABFC Trust
4.773% due 01/25/2037 •			1,738			963


WHOLE LOAN COLLATERAL 0.8%

Citigroup Mortgage Loan Trust
4.271% due 05/25/2036 þ			4,025			1,450
5.353% due 01/25/2036 •			1,780			1,746

First Franklin Mortgage Loan Trust
4.673% due 12/25/2037 •			2,030			1,936
4.773% due 10/25/2036 •			3,009			1,966


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.053% due 11/25/2035 •	$		185	$		178
5.278% due 05/25/2034 •			1,140			1,116
5.638% due 12/25/2034 •			1,475			1,461
5.878% due 10/25/2034 •			768			768

GSAMP Trust
5.203% due 01/25/2034 •			748			735
6.328% due 08/25/2034 •			4,885			4,192

Lehman XS Trust
4.404% due 06/25/2036 þ			1,507			1,437
6.260% due 11/25/2035 þ			2,994			1,326

PRET LLC
4.744% due 07/25/2051 þ			935			930
4.868% due 07/25/2051 þ			2,728			2,726
4.992% due 02/25/2061 þ			1,014			1,015
5.487% due 10/25/2051 ~			874			874
7.021% due 02/25/2054 þ			7,495			7,532

PRPM LLC
3.720% due 02/25/2027 þ			3,258			3,252

Residential Asset Mortgage Products Trust
4.498% due 03/25/2032 •			809			695

Securitized Asset-Backed Receivables LLC Trust
5.033% due 12/25/2035 •			1,286			1,249

Specialty Underwriting & Residential Finance Trust
4.753% due 09/25/2037 •			5,763			3,906

						40,490


OTHER ABS 6.7%

522 Funding CLO Ltd.
5.919% due 10/20/2031 •			2,338			2,341

AASET Trust
2.798% due 01/15/2047			2,112			1,925
3.844% due 01/16/2038			1,219			930

ACHV ABS Trust
5.900% due 04/25/2031			188			190

AGL CLO Ltd.
6.079% due 07/20/2034 •			4,500			4,508

ALESCO Preferred Funding Ltd.
4.929% due 12/23/2036 •			198			196
5.349% due 09/23/2038 •			2,090			1,991

Anchorage Capital CLO Ltd.
5.470% due 01/20/2035 •			2,000			2,000
6.317% due 04/20/2037 •			9,100			9,165

Apex Credit CLO Ltd.
6.417% due 04/20/2036 •			4,900			4,948

Apidos CLO
6.009% due 07/16/2031 •			2,095			2,099

APL Finance DAC
7.000% due 07/21/2031			4,532			4,576

Ares CLO Ltd.
5.703% due 10/28/2034 •			4,200			4,213
5.967% due 04/17/2033 •			6,700			6,713

Ascent Education Funding Trust
6.140% due 10/25/2050			601			607

Atlantic Avenue Ltd.
5.576% due 01/20/2035 •			5,800			5,799

Atlas Senior Loan Fund Ltd.
6.059% due 01/16/2030 •			274			274
6.076% due 10/24/2031 •			2,657			2,658

Bain Capital Credit CLO Ltd.
1.000% due 07/24/2034 •(c)			1,800			1,800
5.759% due 10/20/2034 •			7,440			7,456
6.127% due 07/16/2034 •			1,000			1,001
6.297% due 07/16/2034 •			1,500			1,506

Ballyrock CLO Ltd.
6.009% due 07/20/2034 •			6,000			6,009

Benefit Street Partners CLO Ltd.
5.967% due 04/20/2034 •			6,400			6,415

Birch Grove CLO Ltd.
6.237% due 07/17/2037 •			8,300			8,386

BlueMountain CLO Ltd.
5.816% due 10/25/2030 •			3,000			3,006

Canyon CLO Ltd.
5.514% due 07/15/2034 •			2,000			2,000

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Capital Automotive LLC
5.750% due 09/15/2053	$		4,750	$		4,796

Capital Street Master Trust
5.948% due 10/16/2028 •			7,500			7,507

Carlyle Global Market Strategies CLO Ltd.
5.534% due 07/20/2034 •			5,600			5,601
5.728% due 08/14/2030 •			946			947

Carlyle U.S. CLO Ltd.
5.806% due 10/15/2031 •			2,501			2,506

Castlelake Aircraft Securitization Trust
4.125% due 06/15/2043			275			262

CBAM Ltd.
5.929% due 04/17/2031 •			1,816			1,820

Daimler Trucks Retail Trust
5.390% due 01/15/2030			2,500			2,514

Diameter Capital CLO Ltd.
6.266% due 04/15/2037 •			8,900			8,917

Diamond Infrastructure Funding LLC
1.760% due 04/15/2049			600			561

Diamond Issuer
2.305% due 11/20/2051			1,800			1,671

Dryden Senior Loan Fund
5.767% due 10/19/2029 •			3,590			3,597
5.806% due 07/15/2030 •			3,701			3,709
5.898% due 04/15/2028 •			594			595
5.938% due 04/15/2029 •			2,190			2,194

ECMC Group Student Loan Trust
5.683% due 01/27/2070 •			2,555			2,552

Elevation CLO Ltd.
5.467% due 07/25/2034 •(c)			3,500			3,500
5.926% due 01/25/2035 •			1,300			1,309

Fortress Credit Bsl Ltd.
5.649% due 07/23/2032 •			4,600			4,614

Galaxy CLO Ltd.
5.888% due 10/15/2030 •			202			202

GoldenTree Loan Management U.S. CLO Ltd.
5.785% due 04/24/2031 •			5,496			5,503

GreenSky Home Improvement Trust
5.550% due 06/25/2059			500			505
5.870% due 06/25/2059			2,700			2,733
5.880% due 06/25/2059			1,652			1,662

Greywolf CLO Ltd.
6.183% due 04/22/2033 •			4,100			4,114

Home Partners of America Trust
2.200% due 01/17/2041			1,726			1,546

Horizon Aircraft Finance Ltd.
3.721% due 07/15/2039			2,726			2,591

KDAC Aviation Finance Ltd.
4.212% due 12/15/2042			1,819			1,762

KKR CLO Ltd.
5.868% due 07/15/2030 •			2,952			2,956
6.049% due 07/20/2034 •			3,520			3,525
6.087% due 02/09/2035 •			6,200			6,227

LCM LP
5.879% due 07/20/2030 •			1,377			1,379

LCM Ltd.
5.717% due 07/20/2030 •			829			829

Lunar Aircraft Ltd.
3.376% due 02/15/2045			1,393			1,342

Marble Point CLO Ltd.
5.817% due 01/20/2032 •			447			447
5.958% due 10/15/2030 •			444			444

METAL LLC
4.581% due 10/15/2042			2,364			1,598

Mountain View ClO Ltd.
6.077% due 10/15/2034 •			5,000			5,008

Nassau Ltd.
6.168% due 01/15/2030 •			90			90

Navient Private Education Loan Trust
5.962% due 07/16/2040 •			653			655

Navient Private Education Refi Loan Trust
1.310% due 01/15/2069			723			672
1.330% due 04/15/2069			2,426			2,197


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

Navient Student Loan Trust
7.230% due 03/15/2072	$		1,600	$		1,649

Nelnet Student Loan Trust
6.640% due 02/20/2041			3,181			3,227

Neuberger Berman Loan Advisers CLO Ltd.
5.919% due 04/20/2031 •			3,138			3,140

Ocean Trails CLO
5.956% due 10/15/2034 •			2,000			2,006

Octagon Investment Partners Ltd.
5.767% due 10/20/2030 •			2,185			2,189

OFSI BSL X Ltd.
5.824% due 04/20/2034 •			3,000			3,006

OneMain Financial Issuance Trust
5.840% due 09/15/2036			10,200			10,415

Oportun Issuance Trust
5.860% due 02/09/2032			1,065			1,068
6.334% due 04/08/2031			130			131

Pagaya AI Debt Selection Trust
5.331% due 01/15/2032			993			996
6.093% due 11/15/2031			389			393
6.258% due 10/15/2031			1,392			1,401
6.319% due 08/15/2031			598			604
6.660% due 07/15/2031			221			224
7.600% due 12/16/2030			731			735
8.954% due 07/15/2030 ~			158			159

Palmer Square Loan Funding Ltd.
5.718% due 10/15/2029 •			1,300			1,301

Pikes Peak CLO
5.852% due 10/11/2034 •			6,500			6,518

Raptor Aircraft Finance LLC
4.213% due 08/23/2044			1,853			1,634

Reach ABS Trust
5.840% due 07/15/2031			1,500			1,507
5.880% due 07/15/2031			1,079			1,085
6.300% due 02/18/2031			308			310

Sandstone Peak Ltd.
5.936% due 10/15/2034 •			6,300			6,323

Sapphire Aviation Finance Ltd.
4.250% due 03/15/2040			509			497

Saranac CLO Ltd.
5.797% due 08/13/2031 •			3,929			3,940

Slam Ltd.
5.335% due 09/15/2049			2,854			2,805

SLM Private Credit Student Loan Trust
4.890% due 12/15/2039 •			1,731			1,687
4.930% due 12/15/2038 •			255			249

SLM Private Education Loan Trust
9.262% due 10/15/2041 •			2,530			2,624

SLM Student Loan Trust
6.195% due 04/25/2049			192			192
6.345% due 07/25/2049			1,868			1,853
7.145% due 01/27/2025			682			684

SMB Private Education Loan Trust
5.303% due 09/15/2054 •			1,812			1,805
5.380% due 01/15/2053			531			533
5.948% due 10/16/2056 •			1,150			1,160

Sound Point CLO Ltd.
5.867% due 07/25/2030 •			1,764			1,766
6.088% due 07/15/2034 •			5,700			5,711
6.089% due 07/20/2032 •			13,000			13,029

Stonepeak ABS
2.301% due 02/28/2033			451			433

Symphony CLO Ltd.
5.826% due 01/23/2032 •			871			874

TCW CLO Ltd.
5.784% due 08/16/2034 •			5,600			5,613

Trinitas CLO Ltd.
5.466% due 10/20/2033 •			2,900			2,900
5.996% due 04/25/2033 •			6,300			6,307

Venture CLO Ltd.
5.491% due 10/20/2034 •			2,000			2,000
5.775% due 09/07/2030 •			5,627			5,639
5.869% due 07/20/2030 •			2,397			2,402
5.929% due 07/20/2030 •			2,100			2,104
5.978% due 07/15/2031 •			3,474			3,481


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

Verizon Master Trust
5.350% due 09/22/2031	$		7,000	$		7,162

Vertical Bridge Holdings LLC
3.706% due 02/15/2057			2,400			2,095

Voya CLO Ltd.
5.918% due 10/15/2030 •			1,084			1,086

WAVE LLC
3.597% due 09/15/2044			2,820			2,650

Whitehorse Ltd.
6.168% due 10/15/2031 •			4,082			4,090

						337,263

Total Asset-Backed Securities (Cost $671,361)						647,618


SOVEREIGN ISSUES 0.2%

Brazil Government International Bond
6.125% due 03/15/2034			8,500			7,948

Mexico Government International Bond
5.750% due 10/12/2110			4,000			3,077

Total Sovereign Issues (Cost $12,578)						11,025


		SHARES
PREFERRED SECURITIES 0.5%

BANKING & FINANCE 0.4%

American AgCredit Corp.
5.250% due 06/15/2026 •(g)			4,000,000			3,948

Capital Farm Credit ACA
5.000% due 03/15/2026 •(g)			3,300,000			3,287

CoBank ACB
4.250% due 01/01/2027 •(g)			1,700,000			1,624
7.250% due 07/01/2029 •(g)			10,000,000			10,258

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(g)			4,250,000			4,219

						23,336


INDUSTRIALS 0.0%

SVB Financial Trust
0.000% due 11/07/2032 (e)			112,000			2


UTILITIES 0.1%

Energy Transfer LP
6.750% due 05/15/2025 •(g)			3,000,000			2,981

Total Preferred Securities (Cost $29,103)						26,319


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 4.4%

REPURCHASE AGREEMENTS (k) 4.3%
						218,900


U.S. TREASURY BILLS 0.1%
4.559% due 01/16/2025 - 02/06/2025 (d)(e)	$		3,765			3,753

Total Short-Term Instruments (Cost $222,652)						222,653



Total Investments in Securities (Cost $6,192,733)						6,112,144


		SHARES
INVESTMENTS IN AFFILIATES 2.5%

MUTUAL FUNDS (i) 2.5%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund			250,000			25,085


60		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


	SHARES			MARKET VALUE (000S)

PIMCO Preferred And Capital Securities Active ETF		744,835	$		37,450

PIMCO Senior Loan Active Exchange-Traded Fund		1,295,025			66,176

Total Mutual Funds (Cost $126,648)					128,711



Total Investments in Affiliates (Cost $126,648)					128,711


Total Investments 123.5% (Cost $6,319,381)			$		6,240,855

Financial Derivative Instruments (m)(o) (0.0)% (Cost or Premiums, net $(127))					(325	)

Other Assets and Liabilities, net (23.5)%					(1,189,092	)

Net Assets 100.0%			$		5,051,438

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).

•	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)	When-issued security.

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

(e)	Zero coupon security.

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

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

(h)	Contingent convertible security.

(i)	Institutional Class Shares of each Fund.

(j) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
BAMLL Commercial Mortgage Securities Trust		3.050	%		08/01/2052		12/26/2024	$	37,000	$	37,000		0.73	%
Deloitte LLP		5.410			01/30/2032		10/30/2024		1,200		1,190		0.02
Deloitte LLP		5.410			01/30/2037		10/30/2024		500		487		0.01
Deloitte LLP		5.590			01/30/2035		10/30/2024		1,100		1,085		0.02
Deloitte LLP		5.790			01/30/2040		10/30/2024		900		873		0.02
Deloitte LLP		5.970			01/30/2045		10/30/2024		900		868		0.02
Morgan Stanley		0.000			04/02/2032		02/11/2020		8,010		5,860		0.12

								$	49,610	$	47,363		0.94	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) 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		4.550	%		12/31/2024		01/02/2025	$	28,800	U.S. Treasury Notes 4.250% due 06/30/2029	$	(29,334	)	$	28,800	$	28,807
		4.550			01/02/2025		01/03/2025		102,500	U.S. Treasury Notes 4.250% due 02/28/2029		(104,539	)		102,500		102,500
JPS		4.700			12/31/2024		01/02/2025		87,600	U.S. Treasury Notes 4.625% due 02/28/2026		(89,399	)		87,600		87,623

Total Repurchase Agreements											$	(223,272	)	$	218,900	$	218,930

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
JPS		4.250	%		12/20/2024		01/31/2025	$	(6,458	)	$	(6,468	)

Total Reverse Repurchase Agreements											$	(6,468	)

SHORT SALES:


Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (13.2)%
Uniform Mortgage-Backed Security, TBA		6.000	%		02/01/2055	$	547,000	$	(549,322	)	$	(549,094	)
Uniform Mortgage-Backed Security, TBA		6.500			02/01/2055		116,000		(118,593	)		(118,306	)

Total Short Sales (13.2)%								$	(667,915	)	$	(667,400	)

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure⁽³⁾
Global/Master Repurchase Agreement
BOS	$	131,307	$	0		$	0	$	0	$	131,307	$	(133,873	)	$	(2,566	)
JPS		87,623		(6,468	)		0		0		81,155		(82,670	)		(1,515	)

Total Borrowings and Other Financing Transactions	$	218,930	$	(6,468	)	$	0		0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days			Greater Than 90 days		Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	0	$	(6,468	)	$	0	$	(6,468	)

Total Borrowings	$	0	$	0	$	(6,468	)	$	0	$	(6,468	)

Payable for reverse repurchase agreements										$	(6,468	)

(l)	Securities with an aggregate market value of $6,729 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended December 31, 2024 was $(35,523) at a weighted average interest rate of 4.536%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Long Gilt March Futures		03/2025		295	$	34,128	$	(688	)	$	210	$	0
U.S. Treasury 2-Year Note March Futures		03/2025		2,909		598,118		(713	)		0		(45	)
U.S. Treasury 5-Year Note March Futures		03/2025		1,652		175,615		(806	)		0		(155	)
U.S. Treasury 10-Year Note March Futures		03/2025		5,318		578,333		(5,811	)		0		(1,163	)
U.S. Ultra Treasury 10-Year Note March Futures		03/2025		571		63,559		(1,363	)		0		(143	)

Total Futures Contracts							$	(9,381	)	$	210	$	(1,506	)


62		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

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, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate	Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
AES Corp.	5.000%		Quarterly		06/20/2026		0.411	%		$	3,400	$	335		$	(105	)	$	230		$	0	$	(1	)
Boeing Co.	1.000		Quarterly		06/20/2026		0.564				1,500		15			(5	)		10			0		(1	)
Boeing Co.	1.000		Quarterly		12/20/2026		0.616				5,300		57			(17	)		40			0		0
British Telecommunications PLC	1.000		Quarterly		12/20/2027		0.276			EUR	200		4			0			4			0		0
Devon Energy Corp.	1.000		Quarterly		12/20/2026		0.409			$	2,000		20			3			23			1		0
Devon Energy Corp.	1.000		Quarterly		06/20/2027		0.510				1,000		8			4			12			0		0
Energy Transfer Operating LP	1.000		Quarterly		12/20/2025		0.187				1,100		12			(3	)		9			0		0
Ford Motor Credit Co. LLC	5.000		Quarterly		06/20/2027		0.760				300		33			(3	)		30			0		0
Valeo SA	1.000		Quarterly		06/20/2026		0.863			EUR	1,800		(11	)		15			4			0		0
Valeo SA	1.000		Quarterly		06/20/2028		1.737				2,500		(125	)		63			(62	)		0		(5	)
Verizon Communications, Inc.	1.000		Quarterly		06/20/2026		0.330			$	900		10			(1	)		9			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2026		0.354				5,600		68			3			71			1		0
Verizon Communications, Inc.	1.000		Quarterly		06/20/2028		0.478				1,200		16			5			21			0		0
Verizon Communications, Inc.	1.000		Quarterly		12/20/2028		0.513				300		4			2			6			0		0
Williams Cos., Inc.	1.000		Quarterly		12/20/2026		0.208				2,600		42			(2	)		40			0		0

												$	488		$	(41	)	$	447		$	2	$	(7	)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.261	%		Annual		02/28/2029	$	93,500	$	0		$	2,890	$	2,890	$	49	$	0
Receive	1-Day USD-SOFR Compounded-OIS		3.280			Annual		02/28/2029		93,500		0			2,820		2,820		48		0
Receive	1-Day USD-SOFR Compounded-OIS		3.281			Annual		02/28/2029		120,700		0			3,638		3,638		63		0
Receive	1-Day USD-SOFR Compounded-OIS		3.264			Annual		06/30/2031		46,800		0			2,128		2,128		44		0
Receive	1-Day USD-SOFR Compounded-OIS		3.266			Annual		06/30/2031		155,700		0			7,060		7,060		146		0
Receive	1-Day USD-SOFR Compounded-OIS		3.880			Annual		07/10/2034		20,500		(62	)		484		422		30		0
Receive	1-Day USD-SOFR Compounded-OIS		3.885			Annual		07/12/2034		10,400		(35	)		244		209		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.850			Annual		08/05/2034		4,400		(17	)		114		97		6		0
Receive	1-Day USD-SOFR Compounded-OIS		3.645			Annual		08/07/2034		4,400		(15	)		187		172		6		0
Receive	1-Day USD-SOFR Compounded-OIS		3.679			Annual		08/13/2034		10,100		(37	)		400		363		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.569			Annual		08/14/2034		10,100		(33	)		488		455		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.586			Annual		08/19/2034		10,100		(35	)		474		439		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.595			Annual		08/19/2034		4,400		(16	)		204		188		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.532			Annual		08/20/2034		10,100		(36	)		520		484		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.550			Annual		08/21/2034		10,000		(36	)		499		463		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.558			Annual		08/21/2034		4,400		(15	)		216		201		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.613			Annual		08/22/2034		4,400		(16	)		197		181		6		0
Receive	1-Day USD-SOFR Compounded-OIS		3.555			Annual		08/28/2034		4,400		(16	)		217		201		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.565			Annual		08/28/2034		4,400		(16	)		213		197		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.599			Annual		08/28/2034		4,400		(16	)		201		185		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.600			Annual		08/28/2034		10,100		(41	)		465		424		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.643			Annual		08/28/2034		4,400		(16	)		185		169		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.514			Annual		09/04/2034		4,400		(17	)		231		214		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.525			Annual		09/04/2034		4,400		(16	)		226		210		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.408			Annual		09/05/2034		5,000		(20	)		307		287		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.410			Annual		09/05/2034		4,400		(17	)		268		251		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.232			Annual		09/10/2034		2,200		(11	)		169		158		3		0
Receive	1-Day USD-SOFR Compounded-OIS		3.280			Annual		09/16/2034		10,100		(44	)		727		683		15		0
Receive	1-Day USD-SOFR Compounded-OIS		3.231			Annual		09/18/2034		4,400		(16	)		331		315		7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.248			Annual		09/18/2034		4,400		(16	)		325		309		7		0

											$	(615	)	$	26,428	$	25,813	$	605	$	0

Total Swap Agreements											$	(127	)	$	26,387	$	26,260	$	607	$	(7	)

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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	210	$	607	$	817	$	0	$	(1,506)	$	(7)	$	(1,513)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

(n)

Securities with an aggregate market value of $51,317 and cash of $6,855 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BPS		01/2025	CAD	4,311	$	3,074	$	73	$	0

BRC		01/2025	$	7,633	TRY	281,694		143		0
		02/2025		1,175		44,719		21		0
		03/2025		7,744		297,033		79		0

MBC		01/2025	EUR	400	$	421		7		0
		01/2025	GBP	481		602		0		0

SCX		01/2025		2,776		3,523		48		0

Total Forward Foreign Currency Contracts							$	371	$	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, 2024:


	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	$	73	$	0	$	0	$	73	$	0	$	0	$	0	$	0	$	73	$	0		$	73
BRC		243		0		0		243		0		0		0		0		243		(260	)		(17	)
MBC		7		0		0		7		0		0		0		0		7		0			7
SCX		48		0		0		48		0		0		0		0		48		0			48

Total Over the Counter	$	371	$	0	$	0	$	371	$	0	$	0	$	0	$	0

⁽¹⁾


64		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	210	$	210
Swap Agreements		0		2		0		0		605		607

	$	0	$	2	$	0	$	0	$	815	$	817

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	371	$	0	$	371

	$	0	$	2	$	0	$	371	$	815	$	1,188


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	1,506	$	1,506
Swap Agreements		0		7		0		0		0		7

	$	0	$	7	$	0	$	0	$	1,506	$	1,513

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	94		$	94
Futures		0		0			0		0		(30,630	)		(30,630	)
Swap Agreements		0		355			0		0		(220	)		135

	$	0	$	355		$	0	$	0	$	(30,756	)	$	(30,401	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,736	$	0		$	1,736
Purchased Options		0		0			0		0		401			401
Written Options		0		0			0		0		1,530			1,530
Swap Agreements		0		1			0		0		0			1

	$	0	$	1		$	0	$	1,736	$	1,931		$	3,668

	$	0	$	356		$	0	$	1,736	$	(28,825	)	$	(26,733	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	(1	)	$	(1	)
Futures		0		0			0		0		(11,766	)		(11,766	)
Swap Agreements		0		(98	)		0		0		27,485			27,387

	$	0	$	(98	)	$	0	$	0	$	15,718		$	15,620

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	365	$	0		$	365
Written Options		0		0			0		0		(210	)		(210	)

	$	0	$	0		$	0	$	365	$	(210	)	$	155

	$	0	$	(98	)	$	0	$	365	$	15,508		$	15,775

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	6,164	$	8,741	$	14,905
Corporate Bonds & Notes
Banking & Finance		0		819,434		4,503		823,937
Industrials		0		266,067		0		266,067
Utilities		0		85,346		0		85,346
Municipal Bonds & Notes
California		0		8,124		0		8,124
Illinois		0		5,700		0		5,700
Minnesota		0		12,051		0		12,051
New York		0		504		0		504
Texas		0		3,328		0		3,328
West Virginia		0		3,920		0		3,920
U.S. Government Agencies		0		2,886,691		0		2,886,691
U.S. Treasury Obligations		0		740,949		0		740,949
Non-Agency Mortgage-Backed Securities		0		303,170		49,837		353,007
Asset-Backed Securities
Automobile ABS Other		0		10,699		0		10,699
Automobile Sequential		0		47,006		0		47,006
CMBS Other		0		54,400		0		54,400
Home Equity Other		0		156,797		0		156,797
Home Equity Sequential		0		963		0		963
Whole Loan Collateral		0		40,490		0		40,490
Other ABS		0		337,263		0		337,263
Sovereign Issues		0		11,025		0		11,025
Preferred Securities
Banking & Finance		0		23,336		0		23,336
Industrials		0		2		0		2
Utilities		0		2,981		0		2,981


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Short-Term Instruments
Repurchase Agreements	$	0	$	218,900		$	0	$	218,900
U.S. Treasury Bills		0		3,753			0		3,753

	$	0	$	6,049,063		$	63,081	$	6,112,144


Investments in Affiliates, at Value
Mutual Funds		128,711		0			0		128,711


Total Investments	$	128,711	$	6,049,063		$	63,081	$	6,240,855


Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0	$	(667,400	)	$	0	$	(667,400	)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		210		607			0		817
Over the counter		0		371			0		371

	$	210	$	978		$	0	$	1,188


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(1,513	)	$	0	$	(1,513	)


Total Financial Derivative Instruments	$	210	$	(535	)	$	0	$	(325	)


Totals	$	128,921	$	5,381,128		$	63,081	$	5,573,130

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:


Category and Subcategory	Beginning Balance at 06/30/2024		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2024		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	13,417	$	0	$	(4,683	)	$	3	$	10	$	(6	)	$	0	$	0		$	8,741	$	(40	)
Corporate Bonds & Notes
Banking & Finance		268		4,600		0			0		0		(105	)		0		(260	)		4,503		(96	)
Non-Agency Mortgage-Backed Securities		9,958		40,500		(38	)		61		2		25			0		(671	)		49,837		(8	)
Asset-Backed Securities
Whole Loan Collateral		185		0		(14	)		1		1		5			0		(178	)		0		0


Totals	$	23,828	$	45,100	$	(4,735	)	$	65	$	13	$	(81	)	$	0	$	(1,109	)	$	63,081	$	(144	)


66		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	4,404	Indicative Market Quotation	Broker Quote		92.124		—
		4,337	Third Party Vendor	Broker Quote		99.750		—
Corporate Bonds & Notes
Banking & Finance		4,503	Proxy Pricing	Base Price		100.000		—
Non-Agency Mortgage-Backed Securities		9,337	Discounted Cash Flow	Discount Rate		6.958-9.238		7.512
		37,000	Other Valuation Techniques⁽²⁾	—		—		—
		3,500	Recent Transaction	Purchase Price		99.999		—

Total	$	63,081

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO Enhanced Low Duration 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 108.9%

CORPORATE BONDS & NOTES 32.2%

BANKING & FINANCE 21.4%

ABN AMRO Bank NV
5.449% (SOFRINDX + 1.000%) due 12/03/2028 ~	$		2,700	$		2,703
6.575% due 10/13/2026 •			2,200			2,224

American Tower Corp.
5.000% due 01/31/2030			1,600			1,591

Athene Global Funding
5.395% (SOFRINDX + 0.715%) due 01/07/2025 ~			1,000			1,000
5.487% (SOFRINDX + 1.030%) due 08/27/2026 ~			1,000			1,003
5.516% due 03/25/2027			2,000			2,024
5.608% (SOFRINDX + 1.210%) due 03/25/2027 ~			4,582			4,610

Aviation Capital Group LLC
1.950% due 01/30/2026			1,131			1,096
4.875% due 10/01/2025			1,000			999

Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			800			797

Bank of America Corp.
4.827% due 07/22/2026 •			5,000			5,001
5.723% (SOFRRATE + 1.330%) due 04/02/2026 ~			3,000			3,008

Banque Federative du Credit Mutuel SA
5.552% (SOFRINDX + 1.070%) due 02/16/2028 ~			8,400			8,447
5.718% (SOFRRATE + 1.130%) due 01/23/2027 ~			550			555

Barclays PLC
2.852% due 05/07/2026 •			800			794
4.375% due 01/12/2026			400			398

BNP Paribas SA
3.375% due 01/09/2025			7,000			6,998

BPCE SA
2.375% due 01/14/2025			582			582
6.612% due 10/19/2027 •			2,400			2,460

Brighthouse Financial Global Funding
1.550% due 05/24/2026			2,445			2,334

Danske Bank AS
6.466% due 01/09/2026 •			8,378			8,380

Ford Motor Credit Co. LLC
4.134% due 08/04/2025			10,625			10,562
5.125% due 06/16/2025			1,839			1,838

GA Global Funding Trust
6.009% (SOFRRATE + 1.360%) due 04/11/2025 ~			3,000			3,008

General Motors Financial Co., Inc.
5.980% (SOFRINDX + 1.300%) due 04/07/2025 ~			5,300			5,313

HSBC Holdings PLC
6.034% (US0003M + 1.380%) due 09/12/2026 ~			4,850			4,884

ING Groep NV
1.400% due 07/01/2026 •			7,000			6,878
3.869% due 03/28/2026 •			1,500			1,496

JPMorgan Chase & Co.
2.005% due 03/13/2026 •			3,000			2,983
2.595% due 02/24/2026 •			1,000			997

KKR Financial Holdings LLC
5.400% due 05/23/2033			5,500			5,244

Lloyds Banking Group PLC
3.511% due 03/18/2026 •			2,500			2,491
4.450% due 05/08/2025			425			424

Mitsubishi UFJ Financial Group, Inc.
5.468% (SOFRRATE + 0.940%) due 02/20/2026 ~			3,500			3,503
5.541% due 04/17/2026 •			6,800			6,811

Morgan Stanley
4.679% due 07/17/2026 •			5,000			4,996


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

Morgan Stanley Bank NA
5.306% (SOFRRATE + 0.685%) due 10/15/2027 ~	$		4,000	$		4,006

NatWest Markets PLC
5.460% due 05/17/2027 ~			4,700			4,718

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			4,745			4,463

Nomura Holdings, Inc.
1.851% due 07/16/2025			2,350			2,312
5.099% due 07/03/2025			3,692			3,695
5.709% due 01/09/2026			2,300			2,317
5.734% (SOFRRATE + 1.250%) due 07/02/2027 ~			600			605

Pacific Life Global Funding
5.062% (SOFRRATE + 0.620%) due 06/04/2026 ~			1,496			1,501

Santander Holdings USA, Inc.
5.353% due 09/06/2030 •			3,700			3,658

Santander U.K. PLC
4.496% due 12/12/2027			3,800			3,789

SBA Tower Trust
4.831% due 10/15/2029			1,600			1,565

Societe Generale SA
2.226% due 01/21/2026 •			2,000			1,997

Standard Chartered PLC
3.971% due 03/30/2026 •			2,300			2,292
6.138% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,000			5,013

UBS Group AG
4.488% due 05/12/2026 •			12,000			11,974
6.373% due 07/15/2026 •			1,900			1,914

VICI Properties LP
4.375% due 05/15/2025			1,700			1,697

Wells Fargo & Co.
2.188% due 04/30/2026 •			1,300			1,288
4.540% due 08/15/2026 •			4,300			4,292

						181,528


INDUSTRIALS 8.9%

American Airlines Pass-Through Trust
4.000% due 01/15/2027			347			343

Bayer U.S. Finance LLC
4.250% due 12/15/2025			4,600			4,571
4.375% due 12/15/2028			1,500			1,444
6.125% due 11/21/2026			2,200			2,243

Berry Global, Inc.
4.875% due 07/15/2026			1,731			1,725

Boeing Co.
2.196% due 02/04/2026			2,400			2,329
2.750% due 02/01/2026			300			293
6.259% due 05/01/2027			600			615

Canadian Natural Resources Ltd.
5.000% due 12/15/2029			700			693

Canadian Pacific Railway Co.
3.125% due 06/01/2026			700			684

DAE Funding LLC
2.625% due 03/20/2025			4,700			4,665

Dell International LLC
4.900% due 10/01/2026			1,700			1,706

Energy Transfer LP
2.900% due 05/15/2025			9,070			9,002

Flex Ltd.
4.750% due 06/15/2025			5,000			4,992

HCA, Inc.
5.375% due 02/01/2025			6,091			6,092
7.690% due 06/15/2025			4,500			4,554

Illumina, Inc.
5.800% due 12/12/2025			1,700			1,713

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			750			739

Ooredoo International Finance Ltd.
5.000% due 10/19/2025			2,339			2,342


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

Rolls-Royce PLC
3.625% due 10/14/2025	$		8,842	$		8,701

Sands China Ltd.
5.125% due 08/08/2025			2,800			2,790

SK Hynix, Inc.
1.500% due 01/19/2026			3,100			2,990

South Bow USA Infrastructure Holdings LLC
4.911% due 09/01/2027			2,100			2,094

Uber Technologies, Inc.
6.250% due 01/15/2028			8,500			8,579

						75,899


UTILITIES 1.9%

AES Corp.
1.375% due 01/15/2026			600			578
3.300% due 07/15/2025			2,400			2,381

Enel Finance International NV
5.125% due 06/26/2029			1,000			1,000
7.050% due 10/14/2025			2,500			2,541

FirstEnergy Corp.
3.900% due 07/15/2027			901			878

Pacific Gas & Electric Co.
4.950% due 06/08/2025			3,500			3,502
5.392% (SOFRINDX + 0.950%) due 09/04/2025 ~			5,000			5,009

						15,889

Total Corporate Bonds & Notes (Cost $273,005)						273,316


MUNICIPAL BONDS & NOTES 0.7%

LOUISIANA 0.7%

Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007
5.085% (US0003M + 0.300%) due 02/15/2036 ~			6,500			6,020

Total Municipal Bonds & Notes (Cost $5,998)						6,020


U.S. GOVERNMENT AGENCIES 17.7%

Fannie Mae
2.552% due 12/25/2026 ~			973			937
2.961% due 02/25/2027 ~			2,029			1,962
3.061% due 06/25/2027 ~			654			632
4.000% due 06/01/2042 - 03/01/2047			399			377
5.000% due 07/01/2033 - 07/01/2044			1,037			1,007
5.150% due 05/01/2035			34			34
5.350% due 02/01/2035 - 01/01/2038			263			261
5.450% due 04/01/2036			78			78
5.500% due 12/01/2031 - 03/01/2050			863			857
5.650% due 01/25/2055 «•			4,200			4,197
5.669% due 12/25/2054 •			1,570			1,569
5.700% due 01/25/2055 •			3,400			3,388
5.732% due 06/25/2054 •			3,300			3,294
5.748% due 01/25/2055 •			4,200			4,189
5.800% due 01/25/2055 •			2,300			2,296
6.000% due 09/01/2028 - 04/01/2048			574			579
6.500% due 07/01/2036 - 09/01/2048			282			288

Freddie Mac
2.000% due 02/01/2028 - 04/01/2028			2			2
2.500% due 10/25/2048			131			116
5.000% due 10/01/2033 - 02/01/2038			255			255
5.400% due 09/01/2037 - 11/01/2038			305			306
5.500% due 08/01/2033 - 06/01/2047			956			962


68		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.550% due 06/01/2037 - 07/01/2037	$		75	$		75
5.719% due 12/25/2054 •			3,230			3,241
5.748% due 01/25/2055 •			6,100			6,115
5.800% due 01/25/2055 •			1,000			1,002
5.819% due 05/25/2054 •			2,909			2,933
6.000% due 09/01/2031 - 05/01/2033			22			23
6.500% due 11/01/2036 - 10/17/2038			253			257
7.000% due 05/01/2029			10			10

Ginnie Mae
2.500% due 10/20/2049			106			92
3.000% due 11/20/2046			77			66
3.500% due 05/20/2042			55			48
3.700% due 04/15/2042			101			94
3.740% due 03/20/2042 - 07/20/2042			71			64
3.750% due 04/15/2042 - 03/20/2044			124			115
4.000% due 04/20/2040 - 06/20/2043			521			482
4.500% due 08/20/2038 - 11/20/2048			345			330
5.350% due 12/15/2036 - 01/15/2038			235			237
5.355% due 10/20/2072 •			932			930
5.400% due 06/20/2039			79			79
5.500% due 03/20/2034 - 08/20/2041			316			315
5.505% due 01/20/2074 - 07/20/2074 •			6,634			6,716
5.512% due 08/16/2039 •			3			3
5.585% due 09/20/2073 •			7,629			7,728
5.605% due 05/20/2073 •			10,890			11,056
6.000% due 09/20/2038			37			37
6.500% due 10/15/2027 - 07/20/2039			29			30
7.000% due 05/15/2026 - 06/20/2039			545			552

Uniform Mortgage-Backed Security
4.750% due 09/01/2034 - 04/01/2036			288			281
5.340% due 09/01/2029			39			39
6.000% due 06/01/2031			1			1

Uniform Mortgage-Backed Security, TBA
4.000% due 02/01/2055			14,800			13,533
5.000% due 01/01/2055			20,700			19,980
6.000% due 02/01/2055			45,400			45,574

Total U.S. Government Agencies (Cost $149,976)						149,624


U.S. TREASURY OBLIGATIONS 12.0%

U.S. Treasury Inflation Protected Securities (b)
0.375% due 07/15/2025 (d)			92,645			92,091
2.125% due 04/15/2029			9,491			9,505

Total U.S. Treasury Obligations (Cost $100,906)						101,596


NON-AGENCY MORTGAGE-BACKED SECURITIES 10.8%

AG Trust
6.413% due 07/15/2041 •			3,400			3,416

Angel Oak Mortgage Trust
1.469% due 06/25/2065 ~			368			349

Bear Stearns ALT-A Trust
4.773% due 02/25/2034 •			523			489
5.515% due 05/25/2035 ~			17			16

Beneria Cowen & Pritzer Collateral Funding Corp.
5.311% due 06/15/2038 •			5,600			5,209

BFLD Trust
5.662% due 10/15/2035 •			2,000			1,517

BWAY Mortgage Trust
5.762% due 09/15/2036 •			3,000			2,846

BX Trust
5.211% due 01/15/2034 •			1,448			1,447


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

Chase Mortgage Finance Trust
6.817% due 02/25/2037 ~			261			251

Chevy Chase Funding LLC Mortgage-Backed Certificates
4.653% due 01/25/2036 •	$		23	$		21
4.683% due 10/25/2035 •			140			133
4.753% due 08/25/2035 •			15			14

Citigroup Commercial Mortgage Trust
5.692% due 10/15/2036 •			1,950			1,941

Citigroup Mortgage Loan Trust
5.000% due 05/25/2051 •			3,493			3,245

Countrywide Alternative Loan Trust
4.733% due 06/25/2037 •			51			45

DROP Mortgage Trust
5.661% due 10/15/2043 •			6,000			5,702

Extended Stay America Trust
5.591% due 07/15/2038 •			4,932			4,939

First Horizon Alternative Mortgage Securities Trust
6.482% due 02/25/2035 ~			143			134

GCAT Trust
1.348% due 05/25/2066 ~			2,255			1,924
1.503% due 05/25/2066 ~			2,037			1,734
2.650% due 10/25/2068 ~			254			245
2.885% due 12/27/2066 ~			1,631			1,491

GS Mortgage-Backed Securities Trust
5.000% due 12/25/2051 •			2,350			2,183
5.000% due 02/25/2052 •			3,826			3,547
5.910% due 11/25/2054 •			1,960			1,966

GSR Mortgage Loan Trust
6.687% due 09/25/2035 ~			1			1
6.770% due 08/25/2033 •			21			20

Impac CMB Trust
5.093% due 03/25/2035 •			63			61

InTown Mortgage Trust
6.886% due 08/15/2039 •			2,900			2,907

JP Morgan Chase Commercial Mortgage Securities Trust
3.379% due 09/15/2050			59			57
5.562% due 04/15/2038 •			945			945
5.895% due 12/15/2031 •			572			545

JP Morgan Mortgage Trust
5.534% due 07/25/2035 ~			154			146

Legacy Mortgage Asset Trust
4.991% due 09/25/2060 ~			113			113

MASTR Adjustable Rate Mortgages Trust
6.899% due 04/21/2034 ~			12			12

Merrill Lynch Mortgage Investors Trust
4.913% due 04/25/2029 •			78			72
6.316% due 12/25/2035 ~			138			132

MFA Trust
1.131% due 07/25/2060 ~			2,052			1,842
6.105% due 12/25/2068 þ			840			844

Morgan Stanley Mortgage Loan Trust
5.533% due 11/25/2035 •			755			757

Morgan Stanley Residential Mortgage Loan Trust
5.000% due 09/25/2051 •			774			719

New Residential Mortgage Loan Trust
0.941% due 10/25/2058 ~			886			833
2.464% due 01/26/2060 ~			4,260			3,969
3.500% due 12/25/2057 ~			870			837
3.500% due 10/25/2059 ~			344			322
4.500% due 05/25/2058 ~			85			82

NYO Commercial Mortgage Trust
5.607% due 11/15/2038 •			6,000			5,890

OBX Trust
1.957% due 10/25/2061 ~			208			172
6.520% due 07/25/2063 þ			1,974			1,995

One New York Plaza Trust
5.462% due 01/15/2036 •			3,700			3,534

ONE Park Mortgage Trust
5.211% due 03/15/2036 •			3,914			3,867

PRKCM Trust
6.333% due 03/25/2059 þ			320			323


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

PRPM LLC
6.221% due 11/25/2068 þ	$		587	$		592

RESIMAC Premier
5.295% due 02/03/2053 •			816			816

Sequoia Mortgage Trust
4.885% due 07/20/2036 •			416			361

Starwood Mortgage Residential Trust
1.486% due 04/25/2065 ~			248			240

Starwood Mortgage Trust
5.612% due 04/15/2034 •			550			546

Structured Asset Mortgage Investments Trust
5.061% due 07/19/2034 •			2			2
5.141% due 09/19/2032 •			3			3

Thornburg Mortgage Securities Trust
5.465% due 04/25/2045 ~			30			29

Towd Point Mortgage Trust
2.250% due 11/25/2061 ~			626			577
2.250% due 12/25/2061 ~			2,037			1,964
3.750% due 05/25/2058 ~			1,624			1,585
5.053% due 02/25/2057 •			22			23
5.453% due 05/25/2058 •			584			598
5.453% due 10/25/2059 •			392			401

Verus Securitization Trust
5.712% due 01/25/2069 þ			1,594			1,597
6.259% due 12/25/2068 þ			3,957			3,989
6.476% due 06/25/2068 þ			2,008			2,025

WaMu Mortgage Pass-Through Certificates Trust
4.110% due 07/25/2037 ~			337			296
5.073% due 01/25/2045 •			5			5
5.253% due 06/25/2044 •			333			316
5.313% due 10/25/2045 •			51			50
5.805% due 06/25/2046 •			21			19
6.199% due 06/25/2033 ~			1			1

Total Non-Agency Mortgage-Backed Securities (Cost $95,507)						91,836


ASSET-BACKED SECURITIES 30.4%

AUTOMOBILE SEQUENTIAL 9.5%

Ally Auto Receivables Trust
4.140% due 07/16/2029			4,000			3,974

Avis Budget Rental Car Funding AESOP LLC
5.900% due 08/21/2028			8,100			8,281

Bank of America Auto Trust
5.530% due 02/15/2028			3,600			3,637

CarMax Auto Owner Trust
6.080% due 12/15/2026			3,050			3,063

Carvana Auto Receivables Trust
4.260% due 10/10/2029			5,300			5,250
5.380% due 03/12/2029			2,500			2,533
5.820% due 08/10/2028			2,700			2,734

Chase Auto Owner Trust
4.180% due 08/27/2029			800			793

Citizens Auto Receivables Trust
5.830% due 02/15/2028			5,000			5,069
5.840% due 01/18/2028			7,700			7,787

Enterprise Fleet Financing LLC
5.510% due 01/22/2029			3,671			3,690
5.760% due 10/22/2029			3,283			3,307

Ford Credit Auto Owner Trust
4.850% due 08/15/2035			6,100			6,131

GECU Auto Receivables Trust
5.630% due 08/15/2028			2,400			2,424

GM Financial Automobile Leasing Trust
5.090% due 03/22/2027			2,500			2,516

Harley Davidson Motorcycle Trust
4.310% due 07/16/2029			4,200			4,181

Huntington Auto Trust
5.230% due 01/16/2029			3,000			3,032

LAD Auto Receivables Trust
5.610% due 08/15/2028			2,700			2,731
6.210% due 10/15/2026			795			796

Tesla Auto Lease Trust
6.130% due 09/21/2026			4,200			4,230

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Toyota Auto Receivables Owner Trust
5.160% due 04/17/2028	$		3,000	$		3,024
5.280% due 05/15/2026			1,163			1,164

World Omni Automobile Lease Securitization Trust
5.470% due 11/17/2025			18			18

						80,365


CMBS OTHER 2.1%

AREIT LLC
6.624% due 06/17/2039 •			7,200			7,219

BXMT Ltd.
5.896% due 11/15/2037 •			1,998			1,979

HERA Commercial Mortgage Ltd.
5.540% due 02/18/2038 •			1,209			1,211

LCCM Trust
5.712% due 12/13/2038 •			410			410

MF1 Ltd.
6.196% due 12/15/2035 •			522			523

MF1 Multifamily Housing Mortgage Loan Trust
5.346% due 07/15/2036 •			467			466

PFP Ltd.
6.671% due 08/19/2035 •			4,400			4,416

Ready Capital Mortgage Financing LLC
6.713% due 10/25/2039 •			983			988

VMC Finance LLC
5.590% due 06/16/2036 •			217			218

						17,430


CREDIT CARD BULLET 2.1%

Golden Credit Card Trust
4.310% due 09/15/2027			10,000			9,985

Synchrony Card Funding LLC
5.540% due 07/15/2029			8,000			8,115

						18,100


CREDIT CARD OTHER 1.2%

Trillium Credit Card Trust
5.232% due 08/26/2028 •			10,000			10,032


HOME EQUITY OTHER 0.7%

Asset-Backed Securities Corp. Home Equity Loan Trust
5.263% due 06/25/2034 •			58			58

Bear Stearns Asset-Backed Securities Trust
5.253% due 10/27/2032 •			8			8
5.353% due 08/25/2034 •			415			404

Chase Funding Trust
5.053% due 07/25/2033 •			162			160

Countrywide Asset-Backed Certificates Trust
3.231% due 03/25/2036 •			101			99
4.753% due 09/25/2046 •			1			1

Finance America Mortgage Loan Trust
5.278% due 08/25/2034 •			109			103

GSAA Home Equity Trust
4.993% due 07/25/2037 •			76			72

GSAMP Trust
4.973% due 06/25/2036 •			448			431

Home Equity Asset Trust
5.503% due 11/25/2034 •			750			745

New Century Home Equity Loan Trust
5.383% due 11/25/2034 •			302			301

NovaStar Mortgage Funding Trust
5.113% due 01/25/2036 •			83			83

RAAC Trust
5.003% due 01/25/2046 •			280			278

Renaissance Home Equity Loan Trust
3.664% due 08/25/2033 •			647			593

Residential Asset Securities Corp. Trust
5.153% due 06/25/2035 •			59			58
5.548% due 03/25/2035 •			223			221


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

Saxon Asset Securities Trust
0.454% due 05/25/2035 •	$		108	$		103

Securitized Asset-Backed Receivables LLC Trust
5.128% due 01/25/2035 •			94			81

Soundview Home Loan Trust
5.128% due 06/25/2035 •			120			118

Structured Asset Investment Loan Trust
5.003% due 09/25/2034 •			1,457			1,333
5.158% due 03/25/2034 •			321			325

Structured Asset Securities Corp. Mortgage Loan Trust
4.723% due 07/25/2036 •			1			1

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
5.053% due 04/25/2034 •			782			765

						6,341


WHOLE LOAN COLLATERAL 0.2%

First Franklin Mortgage Loan Trust
4.773% due 04/25/2036 •			905			879
5.203% due 11/25/2034 •			63			61

PRET LLC
4.992% due 02/25/2061 þ			1,136			1,137

						2,077


OTHER ABS 14.6%

37 Capital CLO Ltd.
5.936% due 10/15/2034 •			3,400			3,411

Anchorage Capital CLO Ltd.
5.756% due 10/15/2031 •			2,347			2,351
6.072% due 04/22/2034 •			1,700			1,704

Ascent Education Funding Trust
6.140% due 10/25/2050			2,062			2,080

Atlas Static Senior Loan Fund Ltd.
6.406% due 07/15/2030 •			2,530			2,534

Bain Capital Credit CLO Ltd.
1.000% due 07/24/2034 •(a)			3,300			3,300
5.485% due 10/21/2034 •			3,300			3,300

CQS U.S. CLO Ltd.
6.467% due 07/20/2031 •			826			827

Dell Equipment Finance Trust
4.751% due 10/22/2025			6,002			6,007

DLLAD LLC
5.190% due 04/20/2026			1,064			1,065

Dryden CLO Ltd.
5.968% due 07/15/2031 •			6,213			6,227

Dryden Senior Loan Fund
5.898% due 04/15/2028 •			254			254
5.938% due 04/15/2029 •			896			898

Elevation CLO Ltd.
5.837% due 10/25/2030 •			1,049			1,050

ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			3,804			3,319

Greenwood Park CLO Ltd.
5.928% due 04/15/2031 •			1,922			1,925

Jamestown CLO Ltd.
5.583% due 07/25/2034 •			500			500

KKR CLO Ltd.
5.834% due 07/18/2030 •			208			209
5.868% due 07/15/2030 •			708			710

LCM LP
5.879% due 07/20/2030 •			675			676

LCM Ltd.
5.959% due 04/20/2031 •			868			869

Navient Private Education Loan Trust
2.460% due 11/15/2068			539			513
5.962% due 07/16/2040 •			1,188			1,191

Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			898			810
1.170% due 09/16/2069			1,187			1,088
1.310% due 01/15/2069			432			401
1.690% due 05/15/2069			1,620			1,495
2.230% due 07/15/2070			3,935			3,533


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.512% due 04/15/2069 •	$		1,348	$		1,348

Navient Student Loan Trust
6.480% due 03/15/2072			5,537			5,681

Palmer Square Loan Funding Ltd.
5.718% due 10/15/2029 •			45			45

PFS Financing Corp.
5.520% due 10/15/2028			5,000			5,076

PK ALIFT Loan Funding 4 LP
5.052% due 10/15/2039			6,000			5,894

Recette Clo Ltd.
5.959% due 04/20/2034 •			4,300			4,306

Sandstone Peak Ltd.
5.936% due 10/15/2034 •			3,000			3,011

Saranac CLO Ltd.
5.797% due 08/13/2031 •			2,403			2,410

SLM Student Loan Trust
6.195% due 04/25/2049			26			26
7.145% due 01/27/2025			65			65

SMB Private Education Loan Trust
1.600% due 09/15/2054			704			654
2.230% due 09/15/2037			1,152			1,097
4.480% due 05/16/2050			2,249			2,210
5.090% due 10/16/2056			1,150			1,144
5.112% due 03/17/2053 •			325			321
5.303% due 09/15/2054 •			2,798			2,788
5.380% due 07/15/2053			2,373			2,377
5.670% due 11/15/2052			3,947			4,005

SoFi Professional Loan Program LLC
3.020% due 02/25/2040			35			34

SoFi Professional Loan Program Trust
1.950% due 02/15/2046			431			398

Sound Point CLO Ltd.
5.867% due 07/25/2030 •			350			350

TIAA CLO Ltd.
5.757% due 01/20/2032 •			2,139			2,142

Towd Point Asset Trust
5.185% due 11/20/2061 •			766			763

Tralee Clo Ltd.
5.846% due 10/25/2032 •			3,400			3,406

Venture CLO Ltd.
5.929% due 07/20/2030 •			4,808			4,817
5.979% due 01/20/2029 •			80			80
6.009% due 04/20/2032 •			1,038			1,040

Verdelite Static CLO Ltd.
5.747% due 07/20/2032 •			3,877			3,884

Verizon Master Trust
4.170% due 08/20/2030			4,500			4,461
4.890% due 04/13/2028			5,000			5,004

Voya CLO Ltd.
5.859% due 04/17/2030 •			1,110			1,112
5.918% due 10/15/2030 •			1,265			1,267

						123,463

Total Asset-Backed Securities (Cost $258,148)						257,808


SOVEREIGN ISSUES 0.3%

Cassa Depositi e Prestiti SpA
5.875% due 04/30/2029			2,800			2,853

Total Sovereign Issues (Cost $2,779)						2,853


SHORT-TERM INSTRUMENTS 4.8%

COMMERCIAL PAPER 4.8%

Alimentation Couche-Tard, Inc.
4.740% due 01/03/2025			5,450			5,448

Avangrid, Inc.
4.720% due 01/07/2025			7,800			7,793

CVS Health Corp.
5.250% due 01/31/2025			4,400			4,382

Microchip Technology, Inc.
4.710% due 01/17/2025			8,020			8,002
4.740% due 01/10/2025			475			474


70		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Public Service Enterprise Group, Inc.
4.740% due 01/06/2025	$		3,000	$		2,998

Targa Resources Corp.
4.800% due 01/06/2025			2,700			2,698

Volkswagen Financial Services
4.750% due 01/06/2025			8,500			8,494

						40,289

Total Short-Term Instruments (Cost $40,297)						40,289



Total Investments in Securities (Cost $926,616)						923,342


Total Investments 108.9% (Cost $926,616)				$		923,342

Financial Derivative Instruments (c)(e) 0.0% (Cost or Premiums, net $131)						462

Other Assets and Liabilities, net (8.9)%						(75,820	)

Net Assets 100.0%				$		847,984

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).

•	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)	When-issued security.

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(5,345) at a weighted average interest rate of 5.006%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

FUTURES CONTRACTS:


LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
3-Month SOFR Active Contract September Futures		12/2025		639	$	153,392		$	(116	)	$	0	$	(12	)
U.S. Treasury 2-Year Note March Futures		03/2025		2,788		573,239			(188	)		0		(11	)
U.S. Treasury 5-Year Note March Futures		03/2025		449		47,731			(182	)		0		(37	)

								$	(486	)	$	0	$	(60	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 10-Year Note March Futures		03/2025		84	$	(9,135	)	$	90		$	19	$	0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2025		175		(20,809	)		998			128		0
U.S. Ultra Treasury 10-Year Note March Futures		03/2025		295		(32,837	)		540			90		0

								$	1,628		$	237	$	0

Total Futures Contracts								$	1,142		$	237	$	(60	)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		3.862	%		Annual		02/28/2029	$	21,700	$	0		$	163		$	163		$	11	$	0
Receive⁽¹⁾	1-Day USD-SOFR Compounded-OIS		3.740			Annual		05/31/2029		43,800		(47	)		526			479			20		0
Receive⁽¹⁾	1-Day USD-SOFR Compounded-OIS		4.059			Annual		05/31/2029		7,500		0			(10	)		(10	)		3		0
Receive⁽¹⁾	1-Day USD-SOFR Compounded-OIS		4.061			Annual		05/31/2029		14,100		0			(21	)		(21	)		7		0
Receive⁽¹⁾	1-Day USD-SOFR Compounded-OIS		4.063			Annual		05/31/2029		500		0			(1	)		(1	)		0		0

Total Swap Agreements											$	(47	)	$	657		$	610		$	41	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	237	$	41	$	278	$	0	$	(60)	$	0	$	(60	)

(d)

Securities with an aggregate market value of $1,786 and cash of $4,670 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾	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.

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2025	CAD	145	$	104	$	2	$	0

FAR		01/2025	$	32	AUD	49		0		(1	)

MBC		01/2025	CHF	1,828	$	2,083		67		0
		01/2025	EUR	31		33		1		0

Total Forward Foreign Currency Contracts							$	70	$	(1	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Cost		Market Value
CBK	Put - OTC 1-Year Interest Rate Swap	3-Month USD-SOFR	Receive		4.100	%		02/07/2025		76,900	$	97	$	94

GLM	Put - OTC 1-Year Interest Rate Swap	3-Month USD-SOFR	Receive		4.100			02/07/2025		66,600		81		81

Total Purchased Options											$	178	$	175

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, 2024:


	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	$	2	$	0	$	0	$	2	$	0		$	0	$	0	$	0		$	2		$	0		$	2
CBK		0		94		0		94		0			0		0		0			94			(260	)		(166	)
FAR		0		0		0		0		(1	)		0		0		(1	)		(1	)		0			(1	)
GLM		0		81		0		81		0			0		0		0			81			0			81
MBC		68		0		0		68		0			0		0		0			68			0			68

Total Over the Counter	$	70	$	175	$	0	$	245	$	(1	)	$	0	$	0	$	(1	)

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾


72		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	237	$	237
Swap Agreements		0		0		0		0		41		41

	$	0	$	0	$	0	$	0	$	278	$	278

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	70	$	0	$	70
Purchased Options		0		0		0		0		175		175

	$	0	$	0	$	0	$	70	$	175	$	245

	$	0	$	0	$	0	$	70	$	453	$	523


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	60	$	60

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1	$	0	$	1

	$	0	$	0	$	0	$	1	$	60	$	61

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(236	)	$	(236	)
Swap Agreements		0		22		0		0		(141	)		(119	)

	$	0	$	22	$	0	$	0	$	(377	)	$	(355	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	209	$	0		$	209
Purchased Options		0		0		0		0		(76	)		(76	)

	$	0	$	0	$	0	$	209	$	(76	)	$	133

	$	0	$	22	$	0	$	209	$	(453	)	$	(222	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	1,143		$	1,143
Swap Agreements		0		0		0		0		658			658

	$	0	$	0	$	0	$	0	$	1,801		$	1,801

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4	$	0		$	4
Purchased Options		0		0		0		0		(14	)		(14	)

	$	0	$	0	$	0	$	4	$	(14	)	$	(10	)

	$	0	$	0	$	0	$	4	$	1,787		$	1,791

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO Enhanced Low Duration Active Exchange-Traded Fund		(Cont.)		December 31, 2024		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	181,528	$	0	$	181,528
Industrials		0		75,899		0		75,899
Utilities		0		15,889		0		15,889
Municipal Bonds & Notes
Louisiana		0		6,020		0		6,020
U.S. Government Agencies		0		145,427		4,197		149,624
U.S. Treasury Obligations		0		101,596		0		101,596
Non-Agency Mortgage-Backed Securities		0		91,836		0		91,836
Asset-Backed Securities
Automobile Sequential		0		80,365		0		80,365
CMBS Other		0		17,430		0		17,430
Credit Card Bullet		0		18,100		0		18,100
Credit Card Other		0		10,032		0		10,032
Home Equity Other		0		6,341		0		6,341
Whole Loan Collateral		0		2,077		0		2,077
Other ABS		0		123,463		0		123,463
Sovereign Issues		0		2,853		0		2,853
Short-Term Instruments
Commercial Paper		0		40,289		0		40,289


Total Investments	$	0	$	919,145	$	4,197	$	923,342


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	278		$	0	$	278
Over the counter		0		245			0		245

	$	0	$	523		$	0	$	523


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(60	)		0		(60	)
Over the counter		0		(1	)		0		(1	)

	$	0	$	(61	)	$	0	$	(61	)


Total Financial Derivative Instruments	$	0	$	462		$	0	$	462


Totals	$	0	$	919,607		$	4,197	$	923,804

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


74		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


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

CORPORATE BONDS & NOTES 33.0%

BANKING & FINANCE 15.4%

ABN AMRO Bank NV
6.575% due 10/13/2026 •	$		700	$		708

Ally Financial, Inc.
4.625% due 03/30/2025			1,500			1,497

American Honda Finance Corp.
4.867% (SOFRRATE + 0.450%) due 06/13/2025 ~			2,000			2,002

American Tower Corp.
2.400% due 03/15/2025			1,500			1,492

Aon Global Ltd.
3.875% due 12/15/2025			1,000			993

Aviation Capital Group LLC
4.125% due 08/01/2025			625			622

Barclays PLC
2.852% due 05/07/2026 •			1,000			992

BNP Paribas SA
2.219% due 06/09/2026 •			985			972

Citigroup Global Markets Holdings, Inc.
4.850% (SOFRRATE + 0.480%) due 01/20/2026 ~			800			802

Citigroup, Inc.
2.014% due 01/25/2026 •			870			868

Cooperatieve Rabobank UA
1.106% due 02/24/2027 •			500			479

DBS Group Holdings Ltd.
5.109% (SOFRRATE + 0.610%) due 09/12/2025 ~			1,000			1,003

Deutsche Bank AG
1.686% due 03/19/2026			278			268

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			800			797
6.950% due 03/06/2026			1,000			1,018

Great-West Lifeco U.S. Finance LP
0.904% due 08/12/2025			1,600			1,563

HSBC Holdings PLC
2.099% due 06/04/2026 •			500			494

ING Groep NV
1.400% due 07/01/2026 •			1,200			1,179
4.625% due 01/06/2026			400			400

Nomura Holdings, Inc.
1.851% due 07/16/2025			1,500			1,476

Norinchukin Bank
1.284% due 09/22/2026			200			188

SBA Tower Trust
2.836% due 01/15/2050			400			400

UBS AG
1.375% due 01/13/2025			1,500			1,499

UBS Group AG
2.193% due 06/05/2026 •			860			850

Weyerhaeuser Co.
4.750% due 05/15/2026			500			500
7.950% due 03/15/2025			977			983

						24,045


INDUSTRIALS 15.0%

Analog Devices, Inc.
2.950% due 04/01/2025			36			36

Arrow Electronics, Inc.
4.000% due 04/01/2025			400			399

Berry Global, Inc.
4.875% due 07/15/2026			893			890

Burberry Group PLC
1.125% due 09/21/2025	GBP		1,600			1,943

Carrier Global Corp.
2.242% due 02/15/2025	$		1,000			996

Chanel Ceres PLC
0.500% due 07/31/2026	EUR		1,500			1,503


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

Flex Ltd.
4.750% due 06/15/2025	$		2,000	$		1,997

Haleon U.K. Capital PLC
3.125% due 03/24/2025			1,000			996

HCA, Inc.
5.375% due 02/01/2025			1,500			1,500

Honda Motor Co. Ltd.
2.271% due 03/10/2025			200			199

Hyundai Capital America
5.800% due 06/26/2025			2,000			2,007

Illumina, Inc.
4.650% due 09/09/2026			1,000			997

Infor, Inc.
1.750% due 07/15/2025			651			639

Intel Corp.
3.700% due 07/29/2025			800			795

John Lewis PLC
6.125% due 01/21/2025	GBP		1,800			2,253

Microchip Technology, Inc.
4.250% due 09/01/2025	$		1,200			1,195

Rogers Communications, Inc.
2.950% due 03/15/2025			1,000			995

Take-Two Interactive Software, Inc.
3.550% due 04/14/2025			1,402			1,397

VMware, Inc.
4.500% due 05/15/2025			1,020			1,019

Weir Group PLC
2.200% due 05/13/2026			1,400			1,347

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			305			303

						23,406


UTILITIES 2.6%

Electricite de France SA
3.625% due 10/13/2025			1,500			1,486

Enel Finance International NV
7.050% due 10/14/2025			1,500			1,525

Eversource Energy
3.150% due 01/15/2025			1,100			1,099

						4,110

Total Corporate Bonds & Notes (Cost $51,683)						51,561


U.S. GOVERNMENT AGENCIES 6.3%

Fannie Mae
2.680% due 05/01/2025			1,425			1,413
5.183% due 05/25/2046 •			202			199
5.319% due 08/25/2044 •			636			627
5.700% due 01/25/2055 •			800			797
5.732% due 06/25/2054 •			600			599
5.800% due 01/25/2055 •			450			449
5.824% due 01/25/2055 «(a)			500			500

Freddie Mac
4.800% due 11/25/2026			1,000			1,000
5.216% due 08/25/2027 •			800			800
5.312% due 01/15/2054 •			413			409
5.705% due 05/20/2073 •			264			267
5.748% due 01/25/2055 •			900			902
5.800% due 01/25/2055 •			200			201
5.819% due 05/25/2054 •			529			533

Ginnie Mae
3.000% due 06/20/2051 •			1,043			892
5.281% due 10/20/2062 •			291			290

Total U.S. Government Agencies (Cost $10,034)						9,878


U.S. TREASURY OBLIGATIONS 4.3%

U.S. Treasury Inflation Protected Securities (d)
0.125% due 10/15/2025			608			601
0.375% due 07/15/2025			6,123			6,087

Total U.S. Treasury Obligations (Cost $6,652)						6,688


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.0%

280 Park Avenue Mortgage Trust
5.663% due 09/15/2034 •	$		300	$		298

Beast Mortgage Trust
5.698% due 02/15/2037 •			500			444

GCAT Trust
2.885% due 12/27/2066 ~			204			186

Gemgarto PLC
5.317% due 12/16/2067 •	GBP		87			109

OBX Trust
2.305% due 11/25/2061 ~	$		553			486
2.783% due 01/25/2062 þ			432			405

One Market Plaza Trust
3.614% due 02/10/2032			438			410

RESIMAC Premier
5.292% due 07/10/2052 •			38			38

Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			109			103

Towd Point Mortgage Trust
3.750% due 05/25/2058 ~			232			226

VASA Trust
5.412% due 07/15/2039 •			500			476

Total Non-Agency Mortgage-Backed Securities (Cost $3,438)						3,181


ASSET-BACKED SECURITIES 26.3%

AUTOMOBILE ABS OTHER 3.1%

Citizens Auto Receivables Trust
5.328% due 10/15/2026 •			200			200

Tesla Auto Lease Trust
5.105% due 06/22/2026 •			1,236			1,236
5.195% due 01/20/2027 •			1,600			1,602

Tesla Electric Vehicle Trust
5.125% due 12/21/2026 •			635			635

Toyota Lease Owner Trust
5.045% due 02/22/2027 •			900			901

World Omni Auto Receivables Trust
5.178% due 02/16/2027 •			341			342

						4,916


AUTOMOBILE SEQUENTIAL 9.0%

ARI Fleet Lease Trust
5.540% due 04/15/2033			1,000			1,009

BMW Canada Auto Trust
4.844% due 07/20/2027	CAD		600			423
5.025% due 04/20/2026			192			135

BofA Auto Trust
5.570% due 12/15/2026	$		344			345

CarMax Auto Owner Trust
3.490% due 02/16/2027			433			432
3.970% due 04/15/2027			548			547

Carvana Auto Receivables Trust
5.620% due 01/10/2029			800			810
5.770% due 04/12/2027			458			460

Chase Auto Owner Trust
5.680% due 01/25/2029			700			710

Citizens Auto Receivables Trust
6.130% due 07/15/2026			129			129

Ent Auto Receivables Trust
6.220% due 08/16/2027			172			173

Enterprise Fleet Financing LLC
5.740% due 12/20/2026			800			807

Ford Auto Securitization Trust
3.945% due 10/15/2026	CAD		829			578
5.053% due 07/15/2028			500			354
5.410% due 04/15/2026			378			264
5.889% due 05/15/2026			158			110

GMF Canada Leasing Trust Asset-Backed Notes
4.883% due 12/21/2026			1,000			709

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Harley Davidson Motorcycle Trust
5.650% due 02/16/2027	$		608	$		610

LAD Auto Receivables Trust
4.640% due 11/15/2027			1,000			1,001
5.680% due 10/15/2026			65			65
5.700% due 03/15/2027			308			309
5.930% due 06/15/2027			439			440

MBarc Credit Canada, Inc.
5.445% due 10/15/2025	CAD		16			11

Oscar U.S. Funding LLC
5.480% due 02/10/2027	$		1,212			1,211

SBNA Auto Lease Trust
4.940% due 11/20/2026			779			780
5.670% due 11/20/2026			316			317

SCCU Auto Receivables Trust
5.450% due 12/15/2027			702			704

SFS Auto Receivables Securitization Trust
5.710% due 10/20/2027			360			362

Tesla Auto Lease Trust
6.020% due 09/22/2025			248			248

						14,053


CREDIT CARD BULLET 1.6%

Master Credit Card Trust
5.350% due 01/21/2028 •			1,500			1,505
5.450% due 01/21/2027 •			1,000			1,003

						2,508


CREDIT CARD OTHER 2.1%

Golden Credit Card Trust
1.140% due 08/15/2028			800			757

Trillium Credit Card Trust
5.134% due 12/26/2028 •			1,000			1,002
5.232% due 08/26/2028 •			1,500			1,505

						3,264


HOME EQUITY OTHER 0.0%

Towd Point HE Trust
0.918% due 02/25/2063 ~			42			41


WHOLE LOAN COLLATERAL 0.2%

PRET LLC
4.868% due 07/25/2051 þ			303			303


OTHER ABS 10.3%

ACAS CLO Ltd.
5.784% due 10/18/2028 •			60			60

Allegro CLO Ltd.
5.867% due 01/19/2033 •			600			600

Barings CLO Ltd.
5.869% due 01/20/2031 •			138			139

Carlyle Global Market Strategies CLO Ltd.
5.837% due 07/20/2032 •			730			731

College Avenue Student Loans LLC
5.653% due 12/26/2047 •			442			442

Commonbond Student Loan Trust
1.980% due 08/25/2050			1,012			871
3.560% due 09/25/2045			443			416


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

Crown Point CLO Ltd.
5.847% due 10/20/2031 •	$		657	$		658

Dryden Senior Loan Fund
5.898% due 04/15/2028 •			41			41

Golub Capital Partners Static Ltd.
5.847% due 04/20/2033 •			468			468

GreatAmerica Leasing Receivables Funding LLC
5.280% due 03/15/2027			800			807

Kubota Credit Owner Trust
5.450% due 04/15/2027			600			605

M&T Equipment Notes
6.090% due 07/15/2030			275			276

Madison Park Funding Ltd.
5.812% due 10/18/2030 •			737			738

Marble Point CLO Ltd.
5.958% due 10/15/2030 •			106			106

Nassau Ltd.
6.168% due 01/15/2030 •			8			8

Navient Private Education Refi Loan Trust
1.060% due 10/15/2069			797			711
1.310% due 01/15/2069			100			93
2.400% due 10/15/2068			92			88
2.600% due 08/15/2068			622			591
2.640% due 05/15/2068			149			144
3.130% due 02/15/2068			499			487
5.512% due 04/15/2069 •			193			193

Neuberger Berman CLO Ltd.
5.909% due 01/28/2030 •			188			189

Northwoods Capital Ltd.
5.549% due 06/15/2031 •			755			756
5.766% due 11/13/2031 •			881			883

OCP CLO Ltd.
5.999% due 07/20/2029 •			73			74

OSD CLO Ltd.
5.779% due 04/17/2031 ~			482			483

Palmer Square Loan Funding Ltd.
5.718% due 10/15/2029 •			403			404

Regatta Funding Ltd.
5.826% due 10/25/2031 •			751			753

SMB Private Education Loan Trust
5.312% due 01/15/2053 •			625			622
5.380% due 01/15/2053			566			568

Symphony Static CLO Ltd.
5.717% due 10/25/2029 •			667			668

Tesla Sustainable Energy Trust
4.830% due 12/03/2025			354			355

Venture CLO Ltd.
5.929% due 07/20/2030 •			221			221

Voya CLO Ltd.
5.817% due 07/20/2032 •			800			801

						16,050

Total Asset-Backed Securities (Cost $41,456)						41,135


SOVEREIGN ISSUES 0.8%

Development Bank of Japan, Inc.
1.750% due 02/18/2025			1,300			1,295

Total Sovereign Issues (Cost $1,294)						1,295


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 27.2%

COMMERCIAL PAPER 7.7%

AutoNation, Inc.
4.750% due 01/07/2025	$		1,500	$		1,499

Conagra Brands, Inc.
4.820% due 01/17/2025			1,500			1,497
4.850% due 01/21/2025			500			498

Crown Castle, Inc.
4.990% due 01/16/2025			1,500			1,497
5.000% due 01/07/2025			800			799

Dell International LLC
4.730% due 01/09/2025			1,600			1,598

Edison International
4.830% due 01/15/2025			1,750			1,747

Microchip Technology, Inc.
4.710% due 01/17/2025			250			249

Penske Truck Leasing Co. LP
4.670% due 01/23/2025			500			498

Public Service Enterprise Group, Inc.
4.740% due 01/06/2025			500			500

Toronto-Dominion Bank
4.550% due 01/22/2025			1,500			1,496

Walt Disney Co.
5.260% due 01/09/2025			192			192

						12,070


REPURCHASE AGREEMENTS (e) 13.9%
						21,800


CANADA TREASURY BILLS 4.0%
3.221% due 01/03/2025 (b)(c)	CAD		9,000			6,260


JAPAN TREASURY BILLS 0.6%
(0.059)% due 01/27/2025 (b)(c)	JPY		150,000			953


MUNICIPAL BONDS & NOTES 1.0%

New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2024
5.093% due 06/15/2025	$		1,500			1,504

Total Municipal Bonds & Notes (Cost $1,500)						1,504

Total Short-Term Instruments (Cost $42,653)						42,587



Total Investments in Securities (Cost $157,210)						156,325


Total Investments 99.9% (Cost $157,210)				$		156,325

Financial Derivative Instruments (f)(g) 0.1% (Cost or Premiums, net $0)						221

Other Assets and Liabilities, net 0.0%						(42	)

Net Assets 100.0%				$		156,504

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).


76		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

•	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)	When-issued security.

(b)	Zero coupon security.

(c)	Coupon represents a yield to maturity.

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

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⁾
DEU		4.530	%		12/31/2024		01/02/2025	$	21,800	U.S. Treasury Notes 4.500% due 12/31/2031	$	(22,173	)	$	21,800	$	21,805

Total Repurchase Agreements											$	(22,173	)	$	21,800	$	21,805

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, 2024:


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	$	21,805	$	0	$	0		$	21,805	$	(22,173	)	$	(368	)

Total Borrowings and Other Financing Transactions	$	21,805	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

(f) 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
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2025		22	$	(4,523	)	$	(2	)	$	0	$	0

Total Futures Contracts								$	(2	)	$	0	$	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, 2024:


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

Cash of $257 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BRC		01/2025	CAD	4,146	$	2,945	$	59	$	0
		01/2025	GBP	2,215		2,788		16		0

CBK		01/2025	CAD	9,000		6,354		92		0
		01/2025	GBP	55		70		1		0

MBC		01/2025	EUR	1,453		1,530		25		0
		01/2025	GBP	306		390		7		0
		01/2025	$	295	CAD	420		0		(2	)

SCX		01/2025	GBP	1,011	$	1,283		17		0

UAG		01/2025	JPY	150,000		962		6		0

Total Forward Foreign Currency Contracts							$	223	$	(2	)

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, 2024:


	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⁾
BRC	$	75	$	0	$	0	$	75	$	0		$	0	$	0	$	0		$	75	$	0	$	75
CBK		93		0		0		93		0			0		0		0			93		0		93
MBC		32		0		0		32		(2	)		0		0		(2	)		30		0		30
SCX		17		0		0		17		0			0		0		0			17		0		17
UAG		6		0		0		6		0			0		0		0			6		0		6

Total Over the Counter	$	223	$	0	$	0	$	223	$	(2	)	$	0	$	0	$	(2	)

⁽¹⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


			Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	223	$	0	$	223


Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2	$	0	$	2


78		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


			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	$	(138	)	$	(138	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	229	$	0		$	229

	$	0	$	0	$	0	$	229	$	(138	)	$	91


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	37		$	37

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	201	$	0		$	201

	$	0	$	0	$	0	$	201	$	37		$	238

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	24,045	$	0	$	24,045
Industrials		0		23,406		0		23,406
Utilities		0		4,110		0		4,110
U.S. Government Agencies		0		9,378		500		9,878
U.S. Treasury Obligations		0		6,688		0		6,688
Non-Agency Mortgage-Backed Securities		0		3,181		0		3,181
Asset-Backed Securities
Automobile ABS Other		0		4,916		0		4,916
Automobile Sequential		0		14,053		0		14,053
Credit Card Bullet		0		2,508		0		2,508
Credit Card Other		0		3,264		0		3,264
Home Equity Other		0		41		0		41
Whole Loan Collateral		0		303		0		303
Other ABS		0		16,050		0		16,050
Sovereign Issues		0		1,295		0		1,295
Short-Term Instruments
Commercial Paper		0		12,070		0		12,070


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Repurchase Agreements	$	0	$	21,800		$	0	$	21,800
Canada Treasury Bills		0		6,260			0		6,260
Japan Treasury Bills		0		953			0		953
Municipal Bonds & Notes		0		1,504			0		1,504


Total Investments	$	0	$	155,825		$	500	$	156,325


Financial Derivative Instruments - Assets
Over the counter	$	0	$	223		$	0	$	223


Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)


Total Financial Derivative Instruments	$	0	$	221		$	0	$	221


Totals	$	0	$	156,046		$	500	$	156,546

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


Schedule of Investments		PIMCO Enhanced Short Maturity 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 100.2%

CORPORATE BONDS & NOTES 52.5%

BANKING & FINANCE 34.1%

ABN AMRO Bank NV
6.183% due 09/18/2027 •	$		38,595	$		39,232
6.575% due 10/13/2026 •			32,800			33,158

AerCap Ireland Capital DAC
1.750% due 01/30/2026			1,000			968
3.500% due 01/15/2025			15,479			15,471
4.450% due 10/01/2025			7,198			7,184
6.500% due 07/15/2025			33,084			33,306

Ally Financial, Inc.
4.625% due 03/30/2025			56,792			56,692
5.800% due 05/01/2025			4,803			4,809

American Express Co.
5.188% (SOFRINDX + 0.650%) due 11/04/2026 ~			20,038			20,054
5.254% (SOFRRATE + 0.760%) due 02/13/2026 ~			33,410			33,527
5.338% (SOFRRATE + 0.750%) due 04/23/2027 ~			5,419			5,430
5.372% (SOFRINDX + 0.930%) due 03/04/2025 ~			3,219			3,221

American Honda Finance Corp.
4.867% (SOFRRATE + 0.450%) due 06/13/2025 ~			35,700			35,730
5.049% due 02/12/2025 •			73,250			73,274
5.086% (SOFRRATE + 0.600%) due 08/14/2025 ~			6,673			6,683
5.324% due 01/10/2025 •			15,500			15,501
5.368% (SOFRINDX + 0.780%) due 04/23/2025 ~			20,694			20,724
5.486% (SOFRINDX + 0.790%) due 10/03/2025 ~			7,900			7,923

American Tower Corp.
1.300% due 09/15/2025			8,190			7,998
2.400% due 03/15/2025			6,805			6,770
2.950% due 01/15/2025			53,700			53,666
4.000% due 06/01/2025			55,352			55,106

Athene Global Funding
1.450% due 01/08/2026			9,300			8,988
1.716% due 01/07/2025			10,934			10,930
2.500% due 01/14/2025			2,385			2,383
2.550% due 06/29/2025			1,390			1,376
5.356% (SOFRINDX + 0.850%) due 05/08/2026 ~			73,308			73,322
5.395% (SOFRINDX + 0.715%) due 01/07/2025 ~			1,350			1,350
5.487% (SOFRINDX + 1.030%) due 08/27/2026 ~			37,200			37,305
5.608% (SOFRINDX + 1.210%) due 03/25/2027 ~			2,000			2,012

Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			89,472			89,184
5.500% due 01/15/2026			300			301

Bank of America Corp.
2.015% due 02/13/2026 •			1,000			997
3.366% due 01/23/2026 •			15,283			15,269
3.384% due 04/02/2026 •			46,300			46,126
5.586% (US0003M + 0.770%) due 02/05/2026 ~			38,997			39,031
5.723% (SOFRRATE + 1.330%) due 04/02/2026 ~			1,702			1,707

Bank of America NA
5.262% (SOFRRATE + 0.780%) due 08/18/2025 ~			3,275			3,284

Bank of Montreal
5.583% (SOFRINDX + 1.160%) due 12/11/2026 ~			4,555			4,607

Bank of Nova Scotia
5.114% (SOFRRATE + 0.460%) due 01/10/2025 ~			159			159

Banque Federative du Credit Mutuel SA
0.998% due 02/04/2025			2,000			1,993
4.948% (SOFRINDX + 0.410%) due 02/04/2025 ~			24,856			24,860


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.046% (SOFRINDX + 1.400%) due 07/13/2026 ~	$		15,930	$		16,135

Barclays PLC
2.852% due 05/07/2026 •			44,736			44,399
3.650% due 03/16/2025			23,600			23,540
5.304% due 08/09/2026 •			8,836			8,855
7.325% due 11/02/2026 •			1,390			1,416

BNP Paribas SA
1.323% due 01/13/2027 •			1,928			1,857
2.219% due 06/09/2026 •			1,100			1,086
3.375% due 01/09/2025			35,593			35,584

BPCE SA
1.652% due 10/06/2026 •			9,118			8,882
2.375% due 01/14/2025			20,000			19,984
5.029% due 01/15/2025			1,399			1,399
5.214% (SOFRRATE + 0.570%) due 01/14/2025 ~			14,674			14,676
5.357% (SOFRRATE + 0.960%) due 09/25/2025 ~			37,012			37,173

Canadian Imperial Bank of Commerce
5.614% (SOFRRATE + 1.220%) due 10/02/2026 ~			6,500			6,562

Citibank NA
5.143% (SOFRINDX + 0.590%) due 04/30/2026 ~			14,500			14,534
5.203% (SOFRRATE + 0.805%) due 09/29/2025 ~			2,310			2,324
5.224% (SOFRRATE + 0.708%) due 08/06/2026 ~			3,262			3,274

Citigroup Global Markets Holdings, Inc.
4.850% (SOFRRATE + 0.480%) due 01/20/2026 ~			34,700			34,794

Citigroup, Inc.
2.014% due 01/25/2026 •			15,629			15,595
3.106% due 04/08/2026 •			73,731			73,385
5.272% (SOFRRATE + 0.694%) due 01/25/2026 ~			26,995			27,013
5.822% (US0003M + 1.250%) due 07/01/2026 ~			6,608			6,643
5.928% (SOFRRATE + 1.528%) due 03/17/2026 ~			21,766			21,823

CNO Global Funding
1.650% due 01/06/2025			5,000			4,998

Commonwealth Bank of Australia
5.081% (SOFRRATE + 0.400%) due 07/07/2025 ~			12,000			12,010

Cooperatieve Rabobank UA
5.075% (SOFRINDX + 0.620%) due 08/28/2026 ~			27,300			27,366
5.148% (SOFRINDX + 0.710%) due 03/05/2027 ~			70,100			70,419
5.314% (SOFRINDX + 0.700%) due 07/18/2025 ~			10,500			10,529
5.369% (SOFRINDX + 0.710%) due 01/09/2026 ~			41,000			41,175
5.582% (SOFRINDX + 0.900%) due 10/05/2026 ~			950			960

Corebridge Financial, Inc.
3.500% due 04/04/2025			21,076			21,003

Credit Agricole SA
1.907% due 06/16/2026 •			2,000			1,971
5.972% (SOFRRATE + 1.290%) due 07/05/2026 ~			4,800			4,850

Danske Bank AS
6.466% due 01/09/2026 •			27,543			27,549

DBS Group Holdings Ltd.
5.109% (SOFRRATE + 0.610%) due 09/12/2025 ~			50,000			50,134

Deutsche Bank AG
4.162% due 05/13/2025			1,075			1,072
6.119% due 07/14/2026 •			92,878			93,508

DNB Bank ASA
5.896% due 10/09/2026 •			4,450			4,482

F&G Global Funding
5.150% due 07/07/2025			3,962			3,968


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

Federation des Caisses Desjardins du Quebec
2.050% due 02/10/2025	$		2,530	$		2,523
5.278% due 01/23/2026 •			1,901			1,901

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			38,008			37,883
3.375% due 11/13/2025			10,445			10,286
4.134% due 08/04/2025			25,065			24,917
4.389% due 01/08/2026			27,552			27,348
4.687% due 06/09/2025			9,540			9,520
5.125% due 06/16/2025			16,768			16,762
6.950% due 03/06/2026			11,200			11,403
7.385% (SOFRRATE + 2.950%) due 03/06/2026 ~			2,424			2,471

GA Global Funding Trust
1.625% due 01/15/2026			700			676
3.850% due 04/11/2025			50,663			50,508
6.009% (SOFRRATE + 1.360%) due 04/11/2025 ~			19,600			19,649

General Motors Financial Co., Inc.
2.750% due 06/20/2025			17,693			17,523
2.900% due 02/26/2025			21,005			20,931
3.800% due 04/07/2025			5,800			5,782
4.000% due 01/15/2025			10,666			10,662
4.350% due 04/09/2025			30,300			30,246
5.980% (SOFRINDX + 1.300%) due 04/07/2025 ~			25,817			25,881

Goldman Sachs Bank USA
5.173% (SOFRRATE + 0.770%) due 03/18/2027 ~			8,700			8,717
5.220% (SOFRRATE + 0.750%) due 05/21/2027 ~			7,160			7,179

Goldman Sachs Group, Inc.
5.223% due 12/09/2026 •			11,885			11,914
5.243% due 03/09/2027 •			2,698			2,700
5.564% (SOFRRATE + 1.065%) due 08/10/2026 ~			52,766			52,958
5.955% (US0003M + 1.170%) due 05/15/2026 ~			31,226			31,352

Great-West Lifeco U.S. Finance LP
0.904% due 08/12/2025			14,323			13,994

HSBC Holdings PLC
1.645% due 04/18/2026 •			15,305			15,155
2.099% due 06/04/2026 •			20,552			20,313
2.999% due 03/10/2026 •			37,580			37,435
4.292% due 09/12/2026 •			1,500			1,494
5.868% (SOFRRATE + 1.430%) due 03/10/2026 ~			20,007			20,020
6.034% (US0003M + 1.380%) due 09/12/2026 ~			28,874			29,074

Hyundai Capital Services, Inc.
2.125% due 04/24/2025			2,215			2,195

ING Groep NV
1.400% due 07/01/2026 •			3,625			3,562
3.869% due 03/28/2026 •			69,987			69,804
4.625% due 01/06/2026			3,300			3,302
5.409% due 04/01/2027 •			19,588			19,684
5.983% (SOFRINDX + 1.560%) due 09/11/2027 ~			6,000			6,084
6.038% due 03/28/2026 •			26,091			26,169

International Bank for Reconstruction & Development
4.713% (SOFRINDX + 0.310%) due 09/23/2026 ~			115,000			115,026

Jackson National Life Global Funding
1.750% due 01/12/2025			13,340			13,329
3.875% due 06/11/2025			6,355			6,329

John Deere Capital Corp.
5.102% due 10/22/2025 •			16,200			16,235

JPMorgan Chase & Co.
2.005% due 03/13/2026 •			2,000			1,989
2.083% due 04/22/2026 •			4,849			4,808
5.386% (SOFRRATE + 0.920%) due 02/24/2026 ~			53,403			53,459
5.646% (SOFRRATE + 1.180%) due 02/24/2028 ~			3,200			3,237
5.895% (SOFRRATE + 1.320%) due 04/26/2026 ~			31,130			31,248


80		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Lloyds Banking Group PLC
2.438% due 02/05/2026 •	$		40,272	$		40,175
3.511% due 03/18/2026 •			46,027			45,867
4.450% due 05/08/2025			2,868			2,863
4.716% due 08/11/2026 •			11,250			11,229
6.098% (SOFRINDX + 1.560%) due 08/07/2027 ~			9,750			9,866

Mitsubishi UFJ Financial Group, Inc.
5.468% (SOFRRATE + 0.940%) due 02/20/2026 ~			42,656			42,693
5.541% due 04/17/2026 •			12,781			12,802
5.719% due 02/20/2026 •			5,498			5,502
6.097% (SOFRRATE + 1.440%) due 04/17/2026 ~			11,447			11,486

Mizuho Financial Group, Inc.
2.226% due 05/25/2026 •			18,214			18,018
5.486% (SOFRRATE + 0.960%) due 05/22/2026 ~			53,626			53,757

Morgan Stanley
2.188% due 04/28/2026 •			52,857			52,393
5.431% (SOFRRATE + 0.950%) due 02/18/2026 ~			67,900			67,977

Morgan Stanley Bank NA
5.306% (SOFRRATE + 0.685%) due 10/15/2027 ~			21,554			21,583

National Bank of Canada
5.298% due 03/25/2027 •			50,000			50,143

NatWest Markets PLC
3.479% due 03/22/2025			6,805			6,782
5.158% (SOFRRATE + 0.760%) due 09/29/2026 ~			1,995			1,999
5.845% (SOFRRATE + 1.450%) due 03/22/2025 ~			45,245			45,361

Nomura Holdings, Inc.
1.851% due 07/16/2025			90,140			88,667
5.099% due 07/03/2025			36,819			36,844

Nordea Bank Abp
5.395% (SOFRRATE + 0.960%) due 06/06/2025 ~			43,340			43,466
5.486% due 06/06/2025 ~			2,000			2,006

PNC Bank NA
4.775% due 01/15/2027 •			7,950			7,955
4.870% (SOFRRATE + 0.500%) due 01/15/2027 ~			42,550			42,574

Royal Bank of Canada
5.129% (SOFRINDX + 0.590%) due 11/02/2026 ~			2,600			2,604
5.136% (SOFRRATE + 0.525%) due 01/20/2026 ~			31,476			31,530
5.484% (SOFRINDX + 0.840%) due 04/14/2025 ~			300			300

Skandinaviska Enskilda Banken AB
5.393% (SOFRRATE + 0.960%) due 06/09/2025 ~			58,950			59,128

Societe Generale SA
2.625% due 01/22/2025			3,554			3,549
5.661% (SOFRRATE + 1.050%) due 01/21/2026 ~			23,010			23,018

Standard Chartered PLC
2.819% due 01/30/2026 •			26,666			26,613
3.971% due 03/30/2026 •			32,751			32,640
3.971% due 03/30/2026 ~			1,200			1,196
6.138% (SOFRRATE + 1.740%) due 03/30/2026 ~			5,400			5,414
6.270% due 03/30/2026 ~			10,500			10,528

Sumitomo Mitsui Financial Group, Inc.
5.969% (SOFRRATE + 1.300%) due 07/13/2026 ~			29,785			30,195
6.099% (SOFRRATE + 1.430%) due 01/13/2026 ~			25,105			25,409

Sumitomo Mitsui Trust Bank Ltd.
5.624% (SOFRRATE + 1.120%) due 03/09/2026 ~			300			302
5.642% (SOFRRATE + 1.150%) due 09/14/2026 ~			4,199			4,244
5.678% due 03/09/2026 ~			4,720			4,756
5.678% due 09/14/2026 ~			2,850			2,881


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

Svenska Handelsbanken AB
5.348% (SOFRRATE + 0.910%) due 06/10/2025 ~	$		10,850	$		10,880

Swedbank AB
5.596% (SOFRINDX + 0.910%) due 04/04/2025 ~			6,235			6,246
5.856% due 06/15/2026 ~			10,509			10,633

Toronto-Dominion Bank
5.064% (SOFRRATE + 0.410%) due 01/10/2025 ~			15,000			15,000

Toyota Motor Credit Corp.
4.934% (SOFRRATE + 0.450%) due 05/15/2026 ~			13,261			13,288
5.281% (SOFRRATE + 0.770%) due 08/07/2026 ~			36,000			36,241
5.332% (SOFRRATE + 0.650%) due 01/05/2026 ~			8,000			8,023

UBS AG
1.375% due 01/13/2025			52,265			52,215
3.700% due 02/21/2025			30,000			29,942
5.353% (SOFRRATE + 0.930%) due 09/11/2025 ~			4,308			4,330
5.730% (SOFRINDX + 1.260%) due 02/21/2025 ~			350			351

UBS Group AG
2.193% due 06/05/2026 •			1,930			1,907
6.079% (SOFRRATE + 1.580%) due 05/12/2026 ~			26,200			26,295
6.373% due 07/15/2026 •			3,600			3,626

Ventas Realty LP
3.500% due 02/01/2025			2,574			2,570

VICI Properties LP
4.375% due 05/15/2025			59,787			59,670
4.625% due 06/15/2025			9,369			9,346

Wells Fargo & Co.
2.164% due 02/11/2026 •			17,523			17,470
2.188% due 04/30/2026 •			11,600			11,497
3.908% due 04/25/2026 •			48,800			48,658
5.898% (SOFRRATE + 1.320%) due 04/25/2026 ~			18,258			18,323

Wells Fargo Bank NA
5.343% (SOFRRATE + 0.800%) due 08/01/2025 ~			9,875			9,895
5.347% (SOFRRATE + 0.710%) due 01/15/2026 ~			16,800			16,858

						4,053,754


INDUSTRIALS 13.7%

Arrow Electronics, Inc.
4.000% due 04/01/2025			4,878			4,865

Bacardi Ltd.
2.750% due 07/15/2026			680			657
4.450% due 05/15/2025			51,625			51,542

Bayer U.S. Finance LLC
4.250% due 12/15/2025			131,934			131,109
5.500% due 08/15/2025			2,145			2,146
6.125% due 11/21/2026			400			408

Berry Global, Inc.
1.570% due 01/15/2026			4,670			4,509

BMW U.S. Capital LLC
4.944% (SOFRINDX + 0.550%) due 04/02/2026 ~			19,520			19,538
5.119% (SOFRINDX + 0.620%) due 08/11/2025 ~			4,000			4,009
5.233% (SOFRINDX + 0.840%) due 04/01/2025 ~			1,000			1,001
5.294% (SOFRINDX + 0.800%) due 08/13/2026 ~			23,500			23,590

Boeing Co.
2.196% due 02/04/2026			11,067			10,739
2.600% due 10/30/2025			15,010			14,728
7.250% due 06/15/2025			6,358			6,414

Broadcom, Inc.
3.150% due 11/15/2025			7,325			7,232


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

Carrier Global Corp.
2.242% due 02/15/2025	$		12,000	$		11,953

Conagra Brands, Inc.
4.600% due 11/01/2025			10,701			10,701

Cox Communications, Inc.
3.850% due 02/01/2025			1,595			1,593

Energy Transfer LP
2.900% due 05/15/2025			57,646			57,213
4.050% due 03/15/2025			25,447			25,399
5.950% due 12/01/2025			22,021			22,184

Flex Ltd.
4.750% due 06/15/2025			15,508			15,483

Fox Corp.
3.050% due 04/07/2025			20,766			20,669

General Motors Co.
4.000% due 04/01/2025			14,782			14,748
6.125% due 10/01/2025			5,778			5,824

Global Payments, Inc.
2.650% due 02/15/2025			15,393			15,346

Haleon U.K. Capital PLC
3.125% due 03/24/2025			94,673			94,306

HCA, Inc.
5.250% due 04/15/2025			56,708			56,773
5.375% due 02/01/2025			87,172			87,192

Huntington Ingalls Industries, Inc.
3.844% due 05/01/2025			99,470			99,058

Hyundai Capital America
1.800% due 10/15/2025			1,993			1,944
5.440% (SOFRRATE + 1.040%) due 03/19/2027 ~			1,365			1,369
5.688% due 08/04/2025 •			46,455			46,636
5.800% due 06/26/2025			14,500			14,555
5.859% (SOFRRATE + 1.320%) due 11/03/2025 ~			13,350			13,431
6.000% due 07/11/2025			298			300
6.176% (SOFRRATE + 1.500%) due 01/08/2027 ~			930			941
6.250% due 11/03/2025			9,562			9,659

Illumina, Inc.
5.800% due 12/12/2025			22,000			22,172

Imperial Brands Finance PLC
4.250% due 07/21/2025			2,859			2,845

J M Smucker Co.
3.500% due 03/15/2025			18,027			17,977

Leidos, Inc.
3.625% due 05/15/2025			20,838			20,741

Mead Johnson Nutrition Co.
4.125% due 11/15/2025			200			199

Mercedes-Benz Finance North America LLC
5.135% (SOFRRATE + 0.570%) due 08/01/2025 ~			21,019			21,047
5.203% (SOFRRATE + 0.630%) due 07/31/2026 ~			23,600			23,671
5.327% (SOFRRATE + 0.930%) due 03/30/2025 ~			250			250
5.356% (SOFRRATE + 0.670%) due 01/09/2026 ~			75,100			75,268

Microchip Technology, Inc.
4.250% due 09/01/2025			40,161			40,006

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			1,160			1,144

NXP BV
2.700% due 05/01/2025			5,500			5,463

Oracle Corp.
2.950% due 05/15/2025			24,292			24,126

Otis Worldwide Corp.
2.056% due 04/05/2025			2,900			2,878

Penske Truck Leasing Co. LP
3.950% due 03/10/2025			3,525			3,519
4.000% due 07/15/2025			3,450			3,432

Reynolds American, Inc.
4.450% due 06/12/2025			30,600			30,522

Rogers Communications, Inc.
2.950% due 03/15/2025			62,925			62,587
3.625% due 12/15/2025			12,469			12,331

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Rolls-Royce PLC
3.625% due 10/14/2025	$		450	$		443

Sabine Pass Liquefaction LLC
5.625% due 03/01/2025			8,395			8,398

Sydney Airport Finance Co. Pty. Ltd.
3.375% due 04/30/2025			366			364
3.625% due 04/28/2026			12,300			12,096

T-Mobile USA, Inc.
3.500% due 04/15/2025			121,742			121,210

Take-Two Interactive Software, Inc.
3.550% due 04/14/2025			17,005			16,945

VMware, Inc.
4.500% due 05/15/2025			32,974			32,932

Volkswagen Group of America Finance LLC
5.227% (SOFRRATE + 0.830%) due 03/20/2026 ~			55,191			55,179
5.350% (SOFRRATE + 0.930%) due 09/12/2025 ~			44,004			44,096
5.546% (SOFRRATE + 1.060%) due 08/14/2026 ~			23,718			23,779

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			12,858			12,757

Woodside Finance Ltd.
3.650% due 03/05/2025			2,262			2,257

Zimmer Biomet Holdings, Inc.
3.550% due 04/01/2025			9,477			9,451

Zoetis, Inc.
4.500% due 11/13/2025			9,225			9,220
5.400% due 11/14/2025			334			336

						1,629,405


UTILITIES 4.7%

AES Corp.
1.375% due 01/15/2026			111			107
3.300% due 07/15/2025			7,700			7,640

American Electric Power Co., Inc.
1.000% due 11/01/2025			5,950			5,769
5.699% due 08/15/2025			13,485			13,547

Appalachian Power Co.
3.400% due 06/01/2025			863			858

Arizona Public Service Co.
3.150% due 05/15/2025			4,272			4,244

Avangrid, Inc.
3.200% due 04/15/2025			43,827			43,611

DTE Energy Co.
1.050% due 06/01/2025			24,082			23,714

Duke Energy Corp.
3.364% due 04/15/2025			17,100			17,016

East Ohio Gas Co.
1.300% due 06/15/2025			3,520			3,460

Edison International
4.700% due 08/15/2025			10,441			10,434

Electricite de France SA
3.625% due 10/13/2025			2,969			2,942

Enel Finance International NV
4.500% due 06/15/2025			11,803			11,771
7.050% due 10/14/2025			11,852			12,046

Entergy Corp.
0.900% due 09/15/2025			10,335			10,054

Eversource Energy
3.150% due 01/15/2025			2,000			1,999

Georgia Power Co.
5.256% (SOFRINDX + 0.750%) due 05/08/2025 ~			92,481			92,685

Jersey Central Power & Light Co.
4.300% due 01/15/2026			1,075			1,070

NextEra Energy Capital Holdings, Inc.
5.325% (SOFRINDX + 0.760%) due 01/29/2026 ~			60,714			61,051

ONEOK, Inc.
2.200% due 09/15/2025			15,112			14,844


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

Pacific Gas & Electric Co.
3.450% due 07/01/2025	$		8,727	$		8,661
3.500% due 06/15/2025			3,800			3,774
4.950% due 06/08/2025			5,341			5,344
5.392% (SOFRINDX + 0.950%) due 09/04/2025 ~			72,062			72,189

Pinnacle West Capital Corp.
1.300% due 06/15/2025			23,367			22,980
5.250% (SOFRRATE + 0.820%) due 06/10/2026 ~			17,600			17,675

Sempra
3.300% due 04/01/2025			63,822			63,568

Southern California Edison Co.
3.700% due 08/01/2025			7,188			7,139
4.200% due 06/01/2025			11,561			11,532
4.400% due 09/06/2026			4,800			4,784

System Energy Resources, Inc.
2.140% due 12/09/2025			1,375			1,338

						557,846

Total Corporate Bonds & Notes (Cost $6,226,652)						6,241,005


U.S. GOVERNMENT AGENCIES 4.7%

Fannie Mae
2.000% due 12/25/2044			758			655
4.933% due 05/25/2037 •			8			8
4.983% due 12/25/2045 •			1,341			1,312
5.013% due 02/25/2037 •			15			15
5.033% due 11/25/2036 •			29			29
5.083% due 06/25/2026 •			18			18
5.093% due 09/25/2035 •			166			165
5.103% due 03/25/2037 •			120			118
5.115% due 04/18/2028 - 09/18/2031 •			61			61
5.133% due 02/25/2038 - 06/25/2059 •			4,676			4,576
5.149% due 01/25/2037 •			188			185
5.183% due 06/25/2031 •			35			35
5.215% due 05/18/2032 •			29			29
5.265% due 03/18/2032 •			48			48
5.269% due 06/25/2048 •			5,813			5,727
5.289% due 08/25/2044 •			1,973			1,917
5.319% due 08/25/2044 - 10/25/2044 •			6,516			6,420
5.363% due 12/25/2037 •			203			202
5.369% due 07/25/2044 - 03/25/2060 •			15,335			15,073
5.383% due 05/25/2037 •			44			44
5.419% due 07/25/2046 •			3,959			3,925
5.433% due 03/25/2037 - 02/25/2040 •			40			40
5.463% due 02/25/2038 •			525			526
5.469% due 07/25/2046 •			2,451			2,397
5.533% due 07/25/2038 •			10			10
5.583% due 03/25/2032 •			6			6
5.700% due 01/25/2055 •			20,000			19,932
5.732% due 06/25/2054 •			20,000			19,963
5.800% due 01/25/2055 •			33,700			33,647
5.824% due 01/25/2055 «(a)			55,500			55,474
7.014% due 01/01/2036 •			1,180			1,224
7.086% due 05/01/2038 •			155			162

Freddie Mac
1.000% due 08/15/2044			3,950			3,183
4.800% due 11/25/2026			16,100			16,097
4.962% due 11/15/2036 - 01/15/2040 •			4			5
5.032% due 02/15/2037 •			430			423
5.132% due 04/15/2041 •			133			131
5.162% due 09/15/2048 - 04/15/2049 •			3,200			3,144
5.212% due 07/15/2039 •			19			18
5.270% due 02/25/2026 •			1,483			1,485
5.289% due 05/15/2038 •			1,300			1,321
5.299% due 05/15/2041 •			1,344			1,320
5.319% due 03/15/2037 - 03/15/2043 •			23,105			22,643
5.369% due 12/15/2042 - 11/15/2044 •			3,539			3,532


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.389% due 06/15/2044 •	$		4,410	$		4,355
5.419% due 12/15/2037 •			747			726
5.719% due 12/25/2054 •			45,517			45,664
5.748% due 01/25/2055 •			43,400			43,510
5.800% due 01/25/2055 •			14,000			14,034
5.819% due 05/25/2054 •			42,055			42,390
7.040% due 09/01/2037 •			850			883

Ginnie Mae
2.500% due 01/20/2049 - 10/20/2049			2,330			2,027
3.000% due 07/20/2046			194			189
4.730% due 05/20/2063 •			70			69
4.905% due 01/20/2068 •			966			958
4.916% due 10/20/2068 •			1,295			1,294
4.935% due 03/20/2049 - 06/20/2049 •			11,640			11,444
5.066% due 03/20/2068 •			42			42
5.085% due 09/20/2040 •			2,630			2,574
5.096% due 10/20/2060 •			556			554
5.105% due 05/20/2041 •			5,096			4,999
5.115% due 10/20/2040 •			4,786			4,681
5.116% due 08/20/2058 •			535			534
5.135% due 05/20/2041 •			1,414			1,384
5.136% due 11/20/2070 - 12/20/2070 •			14,956			14,756
5.146% due 12/20/2060 •			1,135			1,132
5.166% due 11/20/2070 •			2,458			2,421
5.212% due 01/16/2040 •			1,895			1,894
5.225% due 02/20/2040 •			1,631			1,632
5.236% due 06/20/2067 •			544			541
5.246% due 04/20/2065 •			168			167
5.255% due 04/20/2040 •			3,401			3,407
5.266% due 03/20/2061 - 07/20/2067 •			1,177			1,174
5.281% due 10/20/2062 •			38			38
5.285% due 03/20/2040 •			3,561			3,570
5.366% due 05/20/2065 - 05/20/2069 •			6,323			6,308
5.416% due 12/20/2064 - 10/20/2065 •			8,918			8,900
5.466% due 04/20/2070 •			31,240			31,109
5.496% due 09/20/2063 •			64			65
5.516% due 11/20/2065 - 02/20/2067 •			2,524			2,522
5.535% due 01/20/2074 •			14,657			14,854
5.546% due 09/20/2066 •			719			719
5.555% due 09/20/2073 •			10,018			10,158
5.566% due 07/20/2066 •			1,243			1,243
5.596% due 08/20/2066 •			487			487
5.666% due 09/20/2069 •			662			664
5.686% due 07/20/2065 •			2,014			2,016
5.700% due 05/20/2060 - 06/20/2060 •			2,286			2,297
5.705% due 05/20/2073 •			20,178			20,356
5.766% due 01/20/2066 - 12/20/2066 •			3,372			3,381
5.816% due 02/20/2066 •			5,433			5,447
5.822% due 05/20/2060 •			1,358			1,365
6.000% due 12/15/2033			7			7
6.084% due 12/20/2068 •			4,623			4,616
6.500% due 11/15/2033 - 09/15/2034			13			13
6.522% due 04/20/2067 •			919			929
6.723% due 06/20/2067 •			3,799			3,840
7.000% due 01/15/2031 - 07/15/2032			4			4
7.500% due 09/15/2027 - 06/15/2028			8			9

Total U.S. Government Agencies (Cost $563,791)						561,597


U.S. TREASURY OBLIGATIONS 2.9%

U.S. Treasury Inflation Protected Securities (b)
0.125% due 04/15/2025			13,443			13,360
0.125% due 10/15/2025			27,738			27,419
0.375% due 07/15/2025			192,079			190,929

U.S. Treasury Notes
4.125% due 10/31/2026			118,300			118,047

Total U.S. Treasury Obligations (Cost $347,765)						349,755


82		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5%

Arroyo Mortgage Trust
1.175% due 10/25/2048 ~	$		10,490	$		9,168

Ashford Hospitality Trust
5.470% due 04/15/2035 •			1,484			1,483
5.695% due 06/15/2035 •			580			578

Bear Stearns Adjustable Rate Mortgage Trust
5.292% due 08/25/2033 ~			232			222

Beast Mortgage Trust
5.562% due 03/15/2036 •			600			535
5.698% due 02/15/2037 •			8,000			7,111

Beneria Cowen & Pritzer Collateral Funding Corp.
5.311% due 06/15/2038 •			5,500			5,115

COLT Mortgage Loan Trust
1.397% due 10/25/2066 ~			22,214			18,482

Commercial Mortgage Trust
5.812% due 12/15/2038 •			8,221			7,900

Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.444% due 07/15/2032 •			3,095			3,040
6.362% due 10/15/2037 •			8,700			8,512

CRSNT Commercial Mortgage Trust
5.334% due 04/15/2036 •			52,400			51,904

Extended Stay America Trust
5.591% due 07/15/2038 •			2,114			2,117

GCAT Trust
2.650% due 10/25/2068 ~			1,208			1,163
2.885% due 12/27/2066 ~			19,226			17,584

JP Morgan Chase Commercial Mortgage Securities Trust
6.012% due 09/15/2029 •			17,635			16,651

Legacy Mortgage Asset Trust
4.892% due 10/25/2066 þ			4,554			4,559

Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
5.212% due 11/15/2031 •			163			156

MF1 Ltd.
5.467% due 12/15/2034 •			2,700			2,686

Mill City Mortgage Loan Trust
2.750% due 07/25/2059 ~			365			355

Morgan Stanley Capital Trust
5.545% due 11/15/2034 •			4,332			4,311
5.681% due 12/15/2038 •			42,600			41,079

Natixis Commercial Mortgage Securities Trust
5.612% due 08/15/2038 •			3,000			2,857

OBX Trust
2.783% due 01/25/2062 þ			38,555			36,140

RESIMAC Premier
5.292% due 07/10/2052 •			945			945
5.295% due 02/03/2053 •			5,953			5,947

Starwood Mortgage Residential Trust
1.027% due 11/25/2055 ~			2,608			2,470

Starwood Mortgage Trust
5.370% due 11/15/2036 •			17,200			17,082

Towd Point Mortgage Trust
2.900% due 10/25/2059 ~			11,256			10,723
3.750% due 03/25/2058 ~			7,697			7,386
5.053% due 02/25/2057 •			164			171
5.453% due 10/25/2059 •			981			1,004

Verus Securitization Trust
0.820% due 10/25/2063 ~			3,600			3,397

Total Non-Agency Mortgage-Backed Securities (Cost $309,389)						292,833


ASSET-BACKED SECURITIES 22.8%

AUTOMOBILE ABS OTHER 6.8%

BMW Vehicle Lease Trust
4.989% due 01/25/2027 •			12,100			12,112


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

Capital One Prime Auto Receivables Trust
5.188% due 10/15/2026 •	$		13,597	$		13,609

CarMax Auto Owner Trust
5.048% due 12/15/2027 •			15,760			15,779
5.068% due 09/15/2027 •			46,400			46,468
5.178% due 05/17/2027 •			3,800			3,806
5.198% due 11/16/2026 •			8,710			8,715
5.218% due 03/15/2027 •			15,708			15,725
5.398% due 12/15/2026 •			12,811			12,829
5.448% due 06/15/2026 •			1,984			1,985

Chesapeake Funding LLC
5.368% due 05/15/2036 •			8,821			8,842
5.848% due 05/15/2035 •			7,458			7,504

Citizens Auto Receivables Trust
5.138% due 11/16/2026 •			17,118			17,134
5.328% due 10/15/2026 •			12,936			12,948
5.548% due 07/15/2026 •			2,155			2,157

Fifth Third Auto Trust
5.128% due 11/16/2026 •			14,994			14,999

Ford Credit Auto Lease Trust
4.998% due 02/15/2027 •			33,685			33,710
5.188% due 02/15/2026 •			5,609			5,610

Ford Credit Auto Owner Trust
4.998% due 04/15/2027 •			32,500			32,523
5.318% due 03/15/2026 •			1,100			1,100

GM Financial Automobile Leasing Trust
5.075% due 01/20/2027 •			28,500			28,551

GM Financial Consumer Automobile Receivables Trust
4.998% due 02/16/2027 •			4,851			4,854
4.998% due 10/18/2027 •			33,700			33,748
5.068% due 09/16/2026 •			3,551			3,552
5.128% due 11/16/2026 •			7,837			7,844
5.348% due 05/18/2026 •			1,696			1,696

Hyundai Auto Lease Securitization Trust
5.098% due 06/15/2026 •			20,289			20,305
5.098% due 03/15/2027 •			9,765			9,786
5.198% due 03/16/2026 •			13,469			13,476

Hyundai Auto Receivables Trust
4.998% due 09/15/2027 •			34,200			34,240
5.018% due 04/15/2027 •			19,178			19,190
5.078% due 05/15/2026 •			3,517			3,519
5.228% due 01/15/2027 •			23,971			24,000

Mercedes-Benz Auto Lease Trust
5.038% due 12/15/2026 •			14,200			14,205

Nissan Auto Lease Trust
5.008% due 06/15/2027 •			20,400			20,424

Nissan Auto Receivables Owner Trust
4.978% due 06/15/2027 •			31,500			31,531
5.158% due 05/15/2026 •			16,327			16,341
5.248% due 02/17/2026 •			1,118			1,118

Porsche Innovative Lease Owner Trust
5.045% due 12/21/2026 •			8,800			8,811

SFS Auto Receivables Securitization Trust
5.405% due 03/22/2027 •			1,042			1,043

Tesla Auto Lease Trust
5.105% due 06/22/2026 •			8,651			8,654
5.195% due 01/20/2027 •			4,300			4,306

Tesla Electric Vehicle Trust
5.125% due 12/21/2026 •			7,492			7,496

Toyota Auto Receivables Owner Trust
4.988% due 08/16/2027 •			52,900			52,945
4.998% (SOFR30A + 0.400%) due 08/17/2026 ~			11,456			11,463

Toyota Lease Owner Trust
5.045% due 02/22/2027 •			27,500			27,526
5.155% due 04/20/2026 •			14,577			14,586

Volkswagen Auto Lease Trust
5.075% due 12/21/2026 •			28,159			28,194
5.175% due 01/20/2026 •			8,977			8,980

Volkswagen Auto Loan Enhanced Trust
5.125% due 12/21/2026 •			11,814			11,825
5.235% due 03/22/2027 •			22,721			22,765

World Omni Auto Receivables Trust
5.008% due 12/15/2026 •			10,953			10,958
5.068% due 01/18/2028 •			2,200			2,203


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.178% due 02/16/2027 •	$		7,945	$		7,950
5.308% due 11/16/2026 •			2,302			2,303

World Omni Automobile Lease Securitization Trust
5.028% due 02/16/2027 •			21,990			22,016

						809,959


AUTOMOBILE SEQUENTIAL 4.8%

Ally Auto Receivables Trust
4.460% due 07/15/2027			5,400			5,400
5.320% due 01/15/2027			5,487			5,495

ARI Fleet Lease Trust
5.540% due 04/15/2033			12,800			12,910

Avis Budget Rental Car Funding AESOP LLC
2.360% due 03/20/2026			7,262			7,240

Bank of America Auto Trust
5.830% due 05/15/2026			3,067			3,071
5.850% due 08/17/2026			8,923			8,950

BofA Auto Trust
5.570% due 12/15/2026			1,709			1,716

CarMax Auto Owner Trust
3.490% due 02/16/2027			4,273			4,256
4.750% due 10/15/2027			6,843			6,855
5.300% due 03/15/2027			8,042			8,065
5.340% due 08/16/2027			5,777			5,806
5.440% due 08/15/2025			1,980			1,981
5.650% due 05/17/2027			11,315			11,373
5.720% due 11/16/2026			4,625			4,636
6.000% due 07/17/2028			3,000			3,055

Carvana Auto Receivables Trust
3.210% due 12/11/2028			1,623			1,598
4.130% due 04/12/2027			1,115			1,113
4.610% due 11/10/2027			1,700			1,700
4.620% due 02/10/2028			3,300			3,304
5.198% due 10/10/2025			384			384
5.500% due 08/10/2027			7,324			7,344
5.620% due 01/10/2029			1,000			1,013
5.630% due 11/10/2027			9,192			9,237
5.770% due 04/12/2027			417			418
5.980% due 12/10/2027			10,154			10,228
6.090% due 11/10/2026			1,192			1,194
6.160% due 10/10/2028			1,900			1,931
6.230% due 01/11/2027			3,939			3,947

Chase Auto Owner Trust
5.480% due 04/26/2027			6,197			6,220
5.530% due 09/27/2027			10,171			10,227
5.660% due 05/26/2027			14,287			14,350
5.680% due 01/25/2029			8,825			8,953
5.900% due 03/25/2027			16,709			16,771

Citizens Auto Receivables Trust
5.840% due 01/18/2028			13,600			13,753

Enterprise Fleet Financing LLC
3.030% due 01/20/2028			2,523			2,516
4.690% due 07/20/2027			1,100			1,102
5.310% due 04/20/2027			2,000			2,015
5.613% due 05/20/2025			3,302			3,305
5.740% due 12/20/2026			25,660			25,883

FCCU Auto Receivables Trust
5.760% due 11/15/2027			5,528			5,562

Ford Credit Auto Owner Trust
4.320% due 08/15/2027			9,000			8,994

GECU Auto Receivables Trust
5.950% due 03/15/2027			3,894			3,905

GM Financial Automobile Leasing Trust
5.055% due 06/22/2026 •			30,814			30,839

GM Financial Consumer Automobile Receivables Trust
4.660% due 02/16/2028			2,451			2,454

GreenState Auto Receivables Trust
5.530% due 08/16/2027			5,902			5,926

Harley Davidson Motorcycle Trust
4.620% due 08/16/2027			28,600			28,640

Hertz Vehicle Financing LLC
1.990% due 06/25/2026			11,500			11,413

Honda Auto Receivables Owner Trust
4.560% due 03/15/2027			18,000			18,012
5.410% due 04/15/2026			2,229			2,232

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.710% due 03/18/2026	$		18,250	$		18,285
5.870% due 06/22/2026			15,905			15,967

Huntington Auto Trust
5.500% due 03/15/2027			4,475			4,491

Hyundai Auto Lease Securitization Trust
5.304% due 09/15/2025			4,791			4,794

LAD Auto Receivables Trust
4.640% due 11/15/2027			1,000			1,001
5.210% due 06/15/2027			817			819
5.680% due 10/15/2026			78			78
5.700% due 03/15/2027			1,155			1,159
5.930% due 06/15/2027			3,289			3,298

Mercedes-Benz Auto Receivables Trust
5.920% due 11/16/2026			14,241			14,288

Oscar U.S. Funding LLC
5.192% due 10/10/2025			4,762			4,764
5.480% due 02/10/2027			6,407			6,404

SBNA Auto Lease Trust
4.940% due 11/20/2026			28,248			28,288
5.450% due 01/20/2026			10,613			10,631
5.670% due 11/20/2026			2,918			2,932
6.270% due 04/20/2026			11,910			11,954

SCCU Auto Receivables Trust
5.450% due 12/15/2027			1,754			1,760

SFS Auto Receivables Securitization Trust
4.710% due 05/22/2028			2,300			2,303
5.890% due 03/22/2027			217			218

Tesla Auto Lease Trust
6.020% due 09/22/2025			4,826			4,830

Toyota Auto Receivables Owner Trust
3.760% due 04/15/2027			5,735			5,715
4.630% due 09/15/2027			5,977			5,982
5.300% due 09/15/2027			4,676			4,705

USAA Auto Owner Trust
5.250% due 03/15/2027			25,400			25,492
5.830% due 07/15/2026			3,813			3,818

World Omni Auto Receivables Trust
4.660% due 05/15/2028			6,240			6,249
4.780% due 01/18/2028			8,550			8,567
5.610% due 02/15/2028			1,642			1,653
5.910% due 02/16/2027			6,093			6,118

						563,855


CMBS OTHER 0.9%

AREIT Trust
5.576% due 11/17/2038 •			3,666			3,663
5.850% due 01/20/2037 •			25,423			25,346

BXMT Ltd.
5.896% due 11/15/2037 •			29,657			29,379

GPMT Ltd.
5.740% due 07/16/2035 •			14,543			14,399

Ready Capital Mortgage Financing LLC
6.219% due 01/25/2037 •			12,673			12,689

Starwood Mortgage Trust
5.948% due 11/15/2038 •			19,824			19,836

VMC Finance LLC
5.590% due 06/16/2036 •			1,102			1,106

						106,418


CREDIT CARD BULLET 2.3%

BA Credit Card Trust
5.000% due 04/15/2028			13,424			13,496

Capital One Multi-Asset Execution Trust
2.800% due 03/15/2027			13,000			12,952

Citibank Credit Card Issuance Trust
5.146% due 12/08/2027 •			35,000			35,077
5.207% due 08/07/2027 •			34,100			34,204
5.230% due 12/08/2027			11,600			11,679
5.282% due 05/14/2029 •			5,550			5,619

Discover Card Execution Note Trust
4.930% due 06/15/2028			1,000			1,007

Golden Credit Card Trust
4.310% due 09/15/2027			14,760			14,738


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

Master Credit Card Trust
5.350% due 01/21/2028 •	$		67,143	$		67,375
5.450% due 01/21/2027 •			77,200			77,416

						273,563


CREDIT CARD OTHER 2.1%

CARDS Trust
5.324% due 07/15/2028 •			13,100			13,119

Golden Credit Card Trust
1.140% due 08/15/2028			43,400			41,079
1.970% due 01/15/2029			35,200			33,331

Trillium Credit Card Trust
5.134% due 12/26/2028 •			67,700			67,835
5.232% due 08/26/2028 •			95,000			95,310

						250,674


HOME EQUITY OTHER 0.0%

Towd Point HE Trust
0.918% due 02/25/2063 ~			2,858			2,788


WHOLE LOAN COLLATERAL 0.0%

PRET LLC
4.868% due 07/25/2051 þ			3,395			3,393


OTHER ABS 5.9%

ACAS CLO Ltd.
5.784% due 10/18/2028 •			1,998			2,000

AGL CLO Ltd.
6.079% due 07/20/2034 •			400			401

Allegro CLO Ltd.
5.867% due 01/19/2033 •			3,700			3,703

Anchorage Capital CLO Ltd.
6.072% due 04/22/2034 •			2,600			2,606

Apidos CLO
5.889% due 04/20/2031 •			4,162			4,168
6.009% due 07/16/2031 •			499			500

Ares CLO Ltd.
5.967% due 04/17/2033 •			24,800			24,850

Atlas Senior Loan Fund Ltd.
5.973% due 04/22/2031 •			969			971

BlueMountain CLO Ltd.
5.723% due 11/15/2030 •			4,627			4,637
5.816% due 10/25/2030 •			8,250			8,266
6.073% due 10/22/2030 •			860			862

Carlyle Global Market Strategies CLO Ltd.
5.728% due 08/14/2030 •			3,912			3,917
5.929% due 07/27/2031 •			2,002			2,005

Catamaran CLO Ltd.
5.993% due 04/22/2030 •			5,370			5,381

CIFC Funding Ltd.
5.846% due 10/24/2030 •			21,185			21,224

CNH Equipment Trust
5.900% due 02/16/2027			13,804			13,856

Commonbond Student Loan Trust
5.303% due 05/25/2041 •			165			164

Crestline Denali CLO Ltd.
5.909% due 04/20/2030 •			3,630			3,632

Daimler Trucks Retail Trust
6.030% due 09/15/2025			3,129			3,132

Dell Equipment Finance Trust
4.751% due 10/22/2025			35,037			35,063
5.840% due 01/22/2029			4,074			4,079
6.100% due 04/23/2029			7,820			7,846

DLLAD LLC
5.190% due 04/20/2026			3,103			3,106

DLLMT LLC
5.353% due 08/20/2025			3,006			3,011

DLLST LLC
5.330% due 01/20/2026			13,513			13,542


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

Dryden CLO Ltd.
5.897% due 01/17/2033 •	$		3,400	$		3,406

Dryden Senior Loan Fund
5.767% due 10/19/2029 •			10,603			10,624
5.806% due 07/15/2030 •			1,481			1,483
5.898% due 04/15/2028 •			487			488

Elevation CLO Ltd.
5.837% due 10/25/2030 •			2,098			2,101

ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			5,435			4,742

Galaxy CLO Ltd.
5.888% due 10/15/2030 •			1,991			1,994

Gallatin CLO Ltd.
6.008% due 07/15/2031 •			5,261			5,272

GoldenTree Loan Management U.S. CLO Ltd.
5.785% due 04/24/2031 •			12,998			13,014

Golub Capital Partners CLO Ltd.
5.936% due 10/25/2034 •			6,600			6,605

Golub Capital Partners Static Ltd.
5.847% due 04/20/2033 •			5,458			5,461

KKR CLO Ltd.
5.834% due 07/18/2030 •			1,389			1,391

Kubota Credit Owner Trust
5.400% due 02/17/2026			1,642			1,644
5.450% due 04/15/2027			23,080			23,256
5.610% due 07/15/2026			17,065			17,121

LCM Loan Income Fund Ltd.
5.909% due 04/20/2031 •			3,983			3,986

LCM LP
5.879% due 07/20/2030 •			110			110

LCM Ltd.
5.949% due 01/20/2031 •			4,660			4,668
5.988% due 04/15/2031 •			816			818

M&T Equipment Notes
6.090% due 07/15/2030			8,609			8,633

Madison Park Funding Ltd.
5.812% due 10/18/2030 •			15,906			15,932
5.849% due 07/27/2031 •			5,680			5,691
5.869% due 04/20/2032 •			4,358			4,370

Magnetite Ltd.
5.806% due 10/15/2031 •			8,035			8,051

Marathon CLO Ltd.
5.856% due 04/15/2032 •			11,677			11,697
5.997% due 01/20/2033 •			13,700			13,717

Marble Point CLO Ltd.
5.958% due 10/15/2030 •			285			286
6.074% due 12/18/2030 •			1,415			1,417

MMAF Equipment Finance LLC
5.200% due 09/13/2027			7,477			7,508
5.790% due 11/13/2026			8,784			8,833

Mountain View CLO LLC
5.949% due 01/16/2031 •			5,310			5,319

Nassau Ltd.
6.168% due 01/15/2030 •			123			123

Navient Private Education Refi Loan Trust
0.840% due 05/15/2069			3,570			3,220
1.310% due 01/15/2069			8,859			8,230
1.580% due 04/15/2070			26,500			23,422
1.690% due 05/15/2069			5,209			4,853
2.230% due 07/15/2070			21,275			19,104
3.130% due 02/15/2068			1,432			1,397
4.000% due 12/15/2059			397			390
5.512% due 04/15/2069 •			6,547			6,546

Navient Student Loan Trust
5.483% due 07/26/2066 •			4,068			4,038
5.733% due 12/27/2066 •			11,150			11,208

Nelnet Student Loan Trust
1.420% due 04/20/2062			532			493
5.138% due 12/24/2035 •			1,066			1,057
5.253% due 08/25/2067 •			9,752			9,726
5.483% due 09/25/2065 •			5,616			5,612
5.533% due 02/25/2066 •			5,224			5,209

Neuberger Berman CLO Ltd.
5.838% due 10/15/2029 •			701			702
5.909% due 01/28/2030 •			4,373			4,383


84		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Neuberger Berman Loan Advisers CLO Ltd.
5.919% due 04/20/2031 •	$		834	$		834

Newark BSL CLO Ltd.
5.857% due 07/25/2030 •			2,514			2,517

Octagon Investment Partners Ltd.
5.767% due 10/20/2030 •			9,127			9,141
5.778% due 02/14/2031 •			2,542			2,550

OZLM Ltd.
5.767% due 07/20/2030 •			3,595			3,600
5.817% due 10/20/2031 •			1,167			1,169

PHEAA Student Loan Trust
5.633% due 11/25/2065 •			2,724			2,719

Race Point CLO Ltd.
5.858% due 10/15/2030 •			2,360			2,363

Rad CLO Ltd.
5.856% due 04/25/2032 •			9,308			9,329

Romark CLO Ltd.
5.918% due 10/23/2030 •			16,540			16,572

Saranac CLO Ltd.
5.797% due 08/13/2031 •			7,580			7,602

SLM Private Credit Student Loan Trust
4.930% due 12/15/2038 •			2,982			2,914

SLM Student Loan Trust
5.333% due 12/27/2038 •			1,349			1,342
5.383% due 01/25/2029 •			1,607			1,568

SMB Private Education Loan Trust
1.290% due 07/15/2053			10,235			9,501
2.340% due 09/15/2034			166			166
5.112% due 03/17/2053 •			4,222			4,175
5.412% due 09/15/2034 •			1,147			1,147
5.612% due 09/15/2034 •			130			130
5.612% due 07/15/2053 •			1,291			1,294

SoFi Professional Loan Program LLC
2.650% due 09/25/2040			475			467

SoFi Professional Loan Program Trust
1.950% due 02/15/2046			8,613			7,964

Sound Point CLO Ltd.
5.859% due 10/20/2030 •			1,518			1,521
5.867% due 07/25/2030 •			4,279			4,283
5.979% due 07/26/2031 •			347			347
5.998% due 04/15/2030 •			396			397
5.999% due 01/21/2031 •			4,052			4,060
6.044% due 04/18/2031 •			711			712

Steele Creek CLO Ltd.
5.949% due 04/21/2031 •			192			192

Symphony Static CLO Ltd.
5.717% due 10/25/2029 •			1,575			1,576

Tesla Sustainable Energy Trust
4.830% due 12/03/2025			496			496

TIAA CLO Ltd.
6.059% due 01/16/2031 •			707			708

Trestles CLO Ltd.
6.049% due 10/20/2034 •			7,700			7,712

Venture CLO Ltd.
5.869% due 07/20/2030 •			16,494			16,523
5.929% due 07/20/2030 •			4,697			4,707

Verizon Master Trust
4.890% due 04/13/2028			18,242			18,257
5.275% due 08/20/2030 •			22,600			22,797
5.285% due 09/08/2028 •			26,000			26,079

Voya CLO Ltd.
5.859% due 04/17/2030 •			6,771			6,782


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.898% due 06/07/2030 •	$		1,979	$		1,983
5.918% due 10/15/2030 •			5,241			5,250

						695,719

Total Asset-Backed Securities (Cost $2,709,459)						2,706,369


SOVEREIGN ISSUES 3.3%

CDP Financial, Inc.
4.887% (SOFRINDX + 0.400%) due 05/19/2025 ~			33,250			33,276

CPPIB Capital, Inc.
5.685% (SOFRRATE + 1.250%) due 03/11/2026 ~			36,000			36,424
5.965% (SOFRINDX + 1.250%) due 04/04/2025 ~			114,250			114,601

Kommunalbanken AS
5.420% (SOFRINDX + 1.000%) due 06/17/2026 ~			13,000			13,124

Kommunekredit
5.426% (SOFRRATE + 1.000%) due 09/16/2025 ~			24,500			24,624
5.495% (SOFRRATE + 1.000%) due 11/16/2025 ~			95,400			96,036

PSP Capital, Inc.
4.698% (SOFRINDX + 0.240%) due 03/03/2025 ~			71,847			71,855

Total Sovereign Issues (Cost $389,752)						389,940


SHORT-TERM INSTRUMENTS 11.5%

CERTIFICATES OF DEPOSIT 0.0%

Sumitomo Mitsui Banking Corp.
4.680% due 02/27/2025 ~			5,700			5,701


COMMERCIAL PAPER 9.2%

Alimentation Couche-Tard, Inc.
4.700% due 01/08/2025			40,900			40,859
4.700% due 01/21/2025			19,600			19,547
4.700% due 01/22/2025			4,650			4,637

Avangrid, Inc.
4.550% due 01/21/2025			20,300			20,246
4.720% due 01/07/2025			9,800			9,791

Bacardi-Martini BV
4.880% due 01/15/2025			20,300			20,260

Canadian Natural Resources Ltd.
4.880% due 01/15/2025			9,450			9,431
4.880% due 01/16/2025			9,800			9,779
4.950% due 01/03/2025			7,400			7,397

Cencora, Inc.
4.750% due 01/15/2025			48,700			48,608
4.750% due 01/23/2025			45,250			45,117
4.750% due 01/24/2025			25,950			25,871

Conagra Brands, Inc.
4.850% due 01/21/2025			8,200			8,177

Consolidated Edison Co. of New York, Inc.
4.700% due 01/13/2025			91,400			91,251

Constellation Brands, Inc.
4.900% due 01/10/2025			3,050			3,046
4.920% due 01/08/2025			7,100			7,093
4.920% due 01/10/2025			4,900			4,894
4.920% due 01/13/2025			3,050			3,045


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.950% due 01/06/2025	$		3,200	$		3,197
4.950% due 01/07/2025			8,150			8,142

CRH America Finance, Inc.
4.720% due 01/16/2025			22,750			22,704
4.720% due 01/17/2025			13,550			13,521

Crown Castle, Inc.
4.990% due 01/16/2025			118,000			117,748

Dell International LLC
4.700% due 01/10/2025			55,700			55,631
4.730% due 01/03/2025			11,400			11,396
4.730% due 01/07/2025			65,350			65,293
4.730% due 01/09/2025			17,150			17,131

Enbridge US, Inc.
4.710% due 01/14/2025			53,750			53,654
4.730% due 01/24/2025			16,250			16,200

Hyundai Capital America
4.720% due 01/03/2025			12,500			12,495
4.720% due 01/09/2025			12,700			12,686

Jabil, Inc.
4.870% due 01/06/2025			71,850			71,789

L3Harris Technologies, Inc.
4.670% due 01/02/2025			4,200			4,199

Penske Truck Leasing Co. LP
4.670% due 01/23/2025			10,100			10,070

Public Service Enterprise Group, Inc.
4.720% due 01/08/2025			2,850			2,847
4.720% due 01/09/2025			25,100			25,072

Rogers Communications, Inc.
4.930% due 01/23/2025			43,700			43,573

Southern California Edison Co.
4.950% due 01/06/2025			16,350			16,337
5.000% due 01/07/2025			5,700			5,695

Targa Resources Corp.
4.800% due 01/15/2025			17,200			17,165

Toronto-Dominion Bank
4.550% due 01/22/2025			104,600			104,321

						1,089,915


REPURCHASE AGREEMENTS (c) 1.7%
						198,300


MUNICIPAL BONDS & NOTES 0.6%

New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2024
5.093% due 06/15/2025			77,700			77,872

Total Municipal Bonds & Notes (Cost $77,700)						77,872

Total Short-Term Instruments (Cost $1,371,833)						1,371,788



Total Investments in Securities (Cost $11,918,641)						11,913,287


Total Investments 100.2% (Cost $11,918,641)				$		11,913,287

Financial Derivative Instruments (d) 0.0% (Cost or Premiums, net $0)						81

Other Assets and Liabilities, net (0.2)%						(22,967	)

Net Assets 100.0%				$		11,890,401

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).

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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

•	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)	When-issued security.

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS


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		4.520	%		12/31/2024		01/02/2025	$	194,300	U.S. Treasury Notes 4.125% due 10/31/2029	$	(197,845	)	$	194,300	$	194,349
SAL		4.280			12/31/2024		01/02/2025		4,000	U.S. Treasury Notes 4.625% due 06/15/2027		(4,087	)		4,000		4,001

Total Repurchase Agreements											$	(201,932	)	$	198,300	$	198,350

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, 2024:


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	$	194,349	$	0	$	0	$	0	$	194,349	$	(197,845	)	$	(3,496	)
SAL		4,001		0		0		0		4,001		(4,087	)		(86	)

Total Borrowings and Other Financing Transactions	$	198,350	$	0	$	0		0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(41,553) at a weighted average interest rate of 4.297%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(d) 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
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 5-Year Note March Futures		03/2025		869	$	(92,379	)	$	448	$	81	$	0

Total Futures Contracts								$	448	$	81	$	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, 2024:


	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	$	81	$	0	$	81	$	0	$	0	$	0	$	0

Cash of $13,201 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


86		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	81	$	81

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(15,205	)	$	(15,205	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	1,716		$	1,716

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	4,053,754	$	0	$	4,053,754
Industrials		0		1,629,405		0		1,629,405
Utilities		0		557,846		0		557,846
U.S. Government Agencies		0		506,123		55,474		561,597
U.S. Treasury Obligations		0		349,755		0		349,755
Non-Agency Mortgage-Backed Securities		0		292,833		0		292,833
Asset-Backed Securities
Automobile ABS Other		0		809,959		0		809,959
Automobile Sequential		0		563,855		0		563,855
CMBS Other		0		106,418		0		106,418
Credit Card Bullet		0		273,563		0		273,563
Credit Card Other		0		250,674		0		250,674
Home Equity Other		0		2,788		0		2,788
Whole Loan Collateral		0		3,393		0		3,393
Other ABS		0		695,719		0		695,719
Sovereign Issues		0		389,940		0		389,940


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Short-Term Instruments
Certificates of Deposit	$	0	$	5,701	$	0	$	5,701
Commercial Paper		0		1,089,915		0		1,089,915
Repurchase Agreements		0		198,300		0		198,300
Municipal Bonds & Notes		0		77,872		0		77,872


Total Investments	$	0	$	11,857,813	$	55,474	$	11,913,287


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	81	$	0	$	81


Total Financial Derivative Instruments	$	0	$	81	$	0	$	81


Totals	$	0	$	11,857,894	$	55,474	$	11,913,368

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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 99.0%

MUNICIPAL BONDS & NOTES 92.0%

ALABAMA 4.1%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
3.970% (MUNIPSA) due 10/01/2052 ~	$		2,000	$		1,945

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			5,000			5,254

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			2,800			2,960
5.500% due 10/01/2054			5,000			5,418

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024
5.000% due 03/01/2055			7,400			7,859
5.000% due 10/01/2055			4,800			5,065

Chatom Industrial Development Board, Alabama Revenue Bonds, (AGM Insured), Series 2020
5.000% due 08/01/2027			1,000			1,039

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,500			1,652

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024
5.250% due 07/01/2054			4,700			5,075

Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023
5.000% due 11/15/2035			1,500			1,605
5.000% due 11/15/2036			1,220			1,302
5.000% due 11/15/2037			875			931

Jefferson County, Alabama Sewer Revenue Bonds, Series 2024
5.000% due 10/01/2031			3,500			3,811

Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019
3.450% due 11/01/2033			1,900			1,876

Southeast Alabama Gas Supply District Revenue Bonds, Series 2024
5.000% due 06/01/2049			4,400			4,682

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			5,950			6,263

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024
5.000% due 11/01/2035			8,700			9,026
5.000% due 11/01/2055			2,500			2,659

West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998
3.650% due 06/01/2028			3,600			3,603

						72,025


ALASKA 0.4%

Alaska Housing Finance Corp. Revenue Bonds, Series 2022
5.000% due 12/01/2033			1,905			2,074

Alaska Municipal Bond Bank, Revenue Bonds, Series 2023
5.000% due 12/01/2042			1,000			1,073

Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021
5.000% due 06/01/2033			2,890			3,083

						6,230


ARIZONA 0.2%

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			2,000			2,114

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017
3.125% due 07/01/2034			425			401


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

Phoenix, Arizona General Obligation Refunding Bonds, Series 2022
5.000% due 07/01/2026	$		1,500	$		1,546

						4,061


CALIFORNIA 4.4%

Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.070% (MUNIPSA) due 04/01/2056 ~			2,000			1,990

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			4,700			4,986
5.250% due 11/01/2054			7,750			8,211
5.500% due 10/01/2054			1,885			2,052

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 02/01/2055			14,200			15,154

California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2036			1,000			982

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2040			3,250			3,201

California Health Facilities Financing Authority Revenue Bonds, Series 2024
5.250% due 12/01/2040			2,500			2,739

California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 12/01/2042			1,100			1,107

California State General Obligation Bonds, Series 2016
4.000% due 09/01/2037			4,495			4,512

California State General Obligation Bonds, Series 2022
5.000% due 11/01/2026			6,400			6,656

California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			3,100			3,142

California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.500% due 11/01/2033			3,500			3,673

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2041 (c)			1,500			745

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021
4.000% due 01/15/2033			1,111			1,149

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
2.687% due 06/01/2030			6,000			5,305
2.746% due 06/01/2034			3,000			2,528

Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022
5.000% due 06/01/2038			1,000			1,123

Riverside Unified School District, California Special Tax Bonds, Series 2024
5.000% due 09/01/2039			500			530
5.000% due 09/01/2044			690			723

San Francisco, California City & County Certificates of Participation Bonds, Series 2017
4.000% due 04/01/2036			6,320			6,329

						76,837


COLORADO 2.8%

Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2042			1,000			1,096
5.000% due 12/01/2043			1,000			1,091
5.000% due 12/01/2044			1,000			1,088

Colorado Health Facilities Authority Revenue Bonds, Series 2018
5.000% due 11/15/2048			2,500			2,538

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 11/15/2043			7,000			6,866
5.000% due 11/15/2049			1,360			1,403


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

Colorado Health Facilities Authority Revenue Bonds, Series 2022
5.250% due 11/01/2035	$		1,200	$		1,342
5.250% due 11/01/2037			1,450			1,610

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 05/15/2033			4,500			5,044
5.000% due 05/15/2034			3,400			3,872
5.000% due 12/01/2034			6,500			7,322
5.000% due 11/15/2059			5,800			6,234

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,300			1,417

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024
3.738% (SOFRRATE) due 09/01/2039 ~			3,400			3,399

University of Colorado Hospital Authority Revenue Bonds, Series 2024
5.000% due 11/15/2031			3,400			3,774

						48,096


CONNECTICUT 1.4%

Bridgeport, Connecticut General Obligation Bonds, Series 2017
5.000% due 08/15/2027			2,690			2,815

Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 10/01/2033			1,020			1,083
5.000% due 01/01/2035			4,290			4,487

Connecticut Special Tax State Revenue Bonds, Series 2022
5.000% due 07/01/2039			5,000			5,523

Connecticut State General Obligation Bonds, Series 2018
5.000% due 09/15/2030			3,640			3,882

Connecticut State General Obligation Bonds, Series 2022
5.000% due 09/15/2028			2,725			2,922

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 07/01/2029			1,200			1,261

Metropolitan District, Connecticut General Obligation Bonds, Series 2018
5.000% due 07/15/2029			1,845			1,974

						23,947


DELAWARE 0.1%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			2,000			1,955


DISTRICT OF COLUMBIA 0.9%

District of Columbia General Obligation Bonds, Series 2024
5.000% due 08/01/2039			2,000			2,249
5.000% due 08/01/2040			5,000			5,593

Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017
5.000% due 07/01/2031			2,075			2,162
5.000% due 07/01/2033			5,000			5,198

						15,202


FLORIDA 3.3%

Florida Housing Finance Corp. Revenue Bonds, Series 2024
3.500% due 11/01/2042			3,000			2,983

Florida’s Turnpike Enterprise Revenue Bonds, Series 2018
4.000% due 07/01/2048			4,500			4,443


88		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024
3.800% due 11/15/2054	$		17,000	$		17,000
5.000% due 11/15/2034			6,500			7,402

Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024
5.000% due 02/01/2034			1,500			1,604

JEA Electric System, Florida Revenue Bonds, Series 2024
5.000% due 10/01/2034			4,500			5,145

JEA Water & Sewer System, Florida Revenue Bonds, Series 2020
4.000% due 10/01/2039			1,000			1,010

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020
5.000% due 10/01/2032			1,000			1,093

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017
4.000% due 07/01/2033			3,000			3,012

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024
5.000% due 10/01/2032			2,750			3,114

Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2028			1,450			1,546

Orange County, Florida School Board Certificates of Participation Bonds, Series 2024
5.000% due 08/01/2034			3,960			4,464

Orlando Utilities Commission, Florida Revenue Bonds, Series 2021
1.250% due 10/01/2046			3,500			3,141

Osceola County, Florida Transportation Revenue Bonds, Series 2020
0.000% due 10/01/2027 (c)			350			315
0.000% due 10/01/2029 (c)			700			583
0.000% due 10/01/2034 (c)			1,850			1,235

Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2033 (c)			200			141

						58,231


GEORGIA 2.8%

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			2,000			1,734

Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019
5.000% due 07/01/2038			1,800			1,905

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
3.250% due 11/01/2045			3,750			3,748

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			600			620

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023
5.000% due 04/01/2042			2,875			3,083
5.000% due 04/01/2043			3,375			3,603

Development Authority of Burke County, Georgia Revenue Bonds, Series 2008
3.375% due 11/01/2048			4,500			4,503

Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013
1.500% due 01/01/2039			1,250			1,246

Fulton County, Georgia Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2030			1,000			1,081

Gainesville & Hall County, Georgia Hospital Authority Revenue Bonds, Series 2024
5.000% due 10/15/2030			3,000			3,268

LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017
5.000% due 04/01/2028			700			724

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			700			705


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

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052	$		1,915	$		1,924
5.000% due 12/01/2052			3,000			3,125

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053			1,000			1,047
5.000% due 12/01/2053			7,600			8,035

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			2,400			2,400

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2026			400			407
5.000% due 01/01/2031			1,200			1,263

Municipal Electric Authority of Georgia Revenue Bonds, Series 2021
5.000% due 01/01/2027			200			205
5.000% due 01/01/2029			165			172

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
4.500% due 07/01/2063			2,000			1,960

Municipal Electric Authority of Georgia Revenue Bonds, Series 2024
5.000% due 01/01/2033			2,500			2,793

						49,551


HAWAII 0.6%

City & County Honolulu, Hawaii General Obligation Bonds, Series 2015
5.000% due 10/01/2030			2,000			2,026

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015
4.000% due 07/01/2034			8,475			8,485

						10,511


IDAHO 0.1%

Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.450% due 01/01/2044			2,490			2,466


ILLINOIS 4.9%

Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			3,620			3,676

Illinois Finance Authority Revenue Bonds, Series 2020
3.600% due 08/15/2049			7,600			7,600

Illinois Finance Authority Revenue Bonds, Series 2022
3.600% due 08/15/2057			5,000			5,000

Illinois Sales Tax State Revenue Bonds, Series 2024
5.000% due 06/15/2040			1,195			1,286

Illinois State General Obligation Bonds, Series 2020
5.500% due 05/01/2030			7,000			7,469

Illinois State General Obligation Bonds, Series 2021
5.000% due 03/01/2037			5,860			6,236

Illinois State General Obligation Bonds, Series 2023
5.000% due 12/01/2043			6,100			6,472

Illinois State General Obligation Bonds, Series 2024
5.000% due 05/01/2032			5,000			5,500
5.000% due 02/01/2033			13,400			14,828
5.000% due 05/01/2036			8,000			8,797

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			2,108

Illinois State Toll Highway Authority Revenue Bonds, Series 2019
5.000% due 01/01/2030			2,500			2,678

Illinois State Toll Highway Authority Revenue Bonds, Series 2024
5.000% due 01/01/2035			2,600			2,957
5.000% due 01/01/2036			5,000			5,627


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

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)	$		500	$		319
0.000% due 06/15/2037 (c)			1,500			916

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,350			1,399

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2023
5.000% due 01/01/2037			1,000			1,068

						85,438


INDIANA 1.0%

Indiana Finance Authority Revenue Bonds, Series 2010
2.500% due 11/01/2030			3,825			3,489

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			2,100			1,988
4.250% due 11/01/2030			1,500			1,529

Indiana Finance Authority Revenue Bonds, Series 2018
5.000% due 02/01/2030			1,500			1,582

Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2036			1,000			1,115
5.000% due 10/01/2037			800			889

Indiana Finance Authority Revenue Bonds, Series 2024
5.000% due 03/01/2031			600			649
5.000% due 03/01/2032			700			761

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
6.000% due 02/01/2048			4,000			4,570

Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			1,500			1,495

						18,067


IOWA 0.7%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012
4.750% due 08/01/2042			8,000			8,007

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			3,000			3,204
5.000% due 12/01/2050			800			910

						12,121


KENTUCKY 0.5%

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			1,650			1,652

Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			1,000			1,004

Kentucky State Property & Building Commission Revenue Bonds, Series 2024
4.375% due 09/01/2040			5,850			5,859

						8,515


LOUISIANA 1.2%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			13,100			12,662

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022
5.000% due 08/15/2027			1,200			1,247
5.000% due 08/15/2028			1,200			1,249

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,980			1,899

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2036			1,000			1,107

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021
4.000% due 02/01/2037	$		2,000	$		1,899

						20,063


MARYLAND 1.1%

Maryland Department of Transportation State Revenue Bonds, Series 2019
4.000% due 10/01/2032			1,450			1,466

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 06/01/2037			225			214
5.000% due 06/01/2031			350			369
5.000% due 06/01/2033			445			465

Maryland State General Obligation Bonds, Series 2022
5.000% due 06/01/2037			3,490			3,882

Washington Suburban Sanitary Commission, Maryland Revenue Bonds, Series 2013
3.850% due 06/01/2027			12,550			12,550

						18,946


MASSACHUSETTS 1.0%

Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.000% due 10/01/2037			3,400			3,807

Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			8,900			9,620

Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds, Series 2023
5.000% due 07/01/2033			1,500			1,738

Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2030			1,500			1,571

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.220% (MUNIPSA) due 07/01/2049 ~			1,000			997

						17,733


MICHIGAN 2.2%

Detroit Downtown Development Authority, Michigan Tax Allocation Bonds, Series 2024
5.000% due 07/01/2048			3,000			3,121

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
3.853% (TSFR3M) due 07/01/2032 ~			3,000			2,961

Grand Traverse County, Michigan Hospital Finance Authority Revenue Bonds, Series 2021
5.000% due 07/01/2029			1,175			1,250
5.000% due 07/01/2030			1,715			1,843

Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.000% due 07/01/2037			5,000			5,605

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.370% (MUNIPSA) due 04/15/2047 ~			3,500			3,484
5.000% due 04/15/2030			2,000			2,181

Michigan Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2030			1,200			1,209

Michigan Finance Authority Revenue Bonds, Series 2020
5.000% due 06/01/2040			5,000			5,199

Michigan Finance Authority Revenue Bonds, Series 2024
5.000% due 08/31/2034			1,930			2,144
5.000% due 02/28/2039			1,290			1,405

Michigan State Building Authority Revenue Bonds, Series 2015
5.000% due 04/15/2034			2,000			2,021


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

Michigan State Building Authority Revenue Bonds, Series 2023
5.000% due 10/15/2037	$		1,000	$		1,116

Michigan State Housing Development Authority Revenue Bonds, Series 2024
6.250% due 06/01/2055			1,800			1,977

Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2038			1,800			2,019

						37,535


MINNESOTA 0.9%

Minneapolis, Minnesota Revenue Bonds, Series 2023
5.000% due 11/15/2052			3,060			3,231

Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 01/01/2055			1,700			1,899

State of Minnesota, Minnesota Certificate Bonds, Series 2023
5.000% due 11/01/2042			10,000			10,956

						16,086


MISSISSIPPI 0.2%

Mississippi Business Finance Corp. Revenue Bonds, Series 2002
3.200% due 09/01/2028			1,500			1,486

Mississippi Development Bank Revenue Bonds, Series 2024
5.000% due 01/01/2031			1,250			1,376

						2,862


MISSOURI 0.3%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023
5.000% due 05/01/2033			4,000			4,511


MULTI-STATE 2.9%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
3.996% due 12/25/2036			8,467			8,201
4.142% due 01/25/2040			10,844			10,414
4.550% due 08/25/2040			13,214			13,026

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.519% due 08/25/2041 ~			6,687			6,660
4.545% due 10/25/2040			6,476			6,440
4.563% due 04/25/2042 ~			4,997			4,983

						49,724


NEBRASKA 0.4%

Douglas County, Nebraska Revenue Bonds, Series 2021
4.150% (MUNIPSA) due 07/01/2035 ~			1,940			1,919

Omaha Public Power District, Nebraska Revenue Bonds, Series 2024
5.000% due 02/01/2042			3,625			3,980

Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015
5.000% due 01/01/2025			1,905			1,905

						7,804


NEVADA 2.1%

Clark County, Nevada Department of Highway Revenue Bonds, Series 2024
4.000% due 07/01/2042			5,000			4,945

Clark County, Nevada Revenue Bonds, Series 2010
2.100% due 06/01/2031			5,000			4,374

Clark County, Nevada School District General Obligation Bonds, (AGM Insured), Series 2020
5.000% due 06/15/2028			1,000			1,066
5.000% due 06/15/2029			2,030			2,199


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

Humboldt County, Nevada Revenue Bonds, Series 2016
3.550% due 10/01/2029	$		5,000	$		5,015

Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016
5.000% due 06/15/2031			1,465			1,481

Nevada State General Obligation Bonds, Series 2023
5.000% due 05/01/2040			10,000			11,035

Washoe County School District, Nevada General Obligation Bonds, Series 2023
4.125% due 06/01/2041			4,235			4,241

Washoe County, Nevada Revenue Bonds, Series 2016
3.625% due 03/01/2036			2,500			2,504

						36,860


NEW HAMPSHIRE 0.9%

National Finance Authority Affordable Housing
4.150% due 10/20/2040			5,100			4,988

New Hampshire Business Finance Authority Revenue Bonds, Series 2021
4.000% due 01/01/2025			285			285

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			4,921			4,660

New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 07/01/2055			5,325			5,991

						15,924


NEW JERSEY 4.2%

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (d)			12,673			10,933

New Jersey Economic Development Authority Revenue Bonds, Series 2015
5.250% due 06/15/2027			2,100			2,118

New Jersey Economic Development Authority Revenue Bonds, Series 2021
4.000% due 06/15/2034			500			510

New Jersey Economic Development Authority Revenue Bonds, Series 2022
5.000% due 11/01/2036			2,500			2,737

New Jersey State General Obligation Bonds, Series 2020
5.000% due 06/01/2026			2,000			2,055

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009
0.000% due 12/15/2034 (c)			1,500			1,027

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,380			1,446

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2036			6,500			7,202
5.000% due 06/15/2037			10,985			12,139

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024
5.000% due 06/15/2036			12,000			13,521

New Jersey Turnpike Authority Revenue Bonds, Series 2017
4.000% due 01/01/2034			7,500			7,635
5.000% due 01/01/2030			2,250			2,335

South Jersey Transportation Authority LLC, New Jersey Revenue Bonds, Series 2014
5.000% due 11/01/2039			1,300			1,301

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2031			7,870			8,223

						73,182


NEW MEXICO 1.1%

Farmington, New Mexico Revenue Bonds, Series 2005
1.800% due 04/01/2029			5,000			4,523

Farmington, New Mexico Revenue Bonds, Series 2010
3.875% due 06/01/2040			7,000			7,077


90		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039	$		7,950	$		7,774

						19,374


NEW YORK 13.0%

Battery Park City Authority, New York Revenue Bonds, Series 2019
5.000% due 11/01/2040			2,500			2,686

Long Island Power Authority, New York Revenue Bonds, Series 2023
5.000% due 09/01/2042			2,375			2,600

Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023
4.720% due 01/01/2044			1,800			1,822

Nassau County, New York General Obligation Bonds, Series 2016
5.000% due 04/01/2026			1,360			1,397

New York City Industrial Development Agency, New York Revenue Bonds, (AGM Insured), Series 2021
5.000% due 01/01/2030			2,005			2,171

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.000% due 07/15/2031			1,520			1,611

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2022
5.000% due 07/15/2035			5,000			5,634

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014
3.850% due 11/01/2042			20,000			20,000

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018
4.050% due 08/01/2042			15,150			15,150

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
3.850% 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			2,227
5.000% due 02/01/2040			2,450			2,668
5.250% due 08/01/2040			4,890			5,436

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2023
5.000% due 02/01/2039			3,000			3,316

New York City, New York General Obligation Bonds, Series 2015
3.850% due 06/01/2044			5,000			5,000

New York City, New York General Obligation Bonds, Series 2017
3.850% due 10/01/2046			14,200			14,200

New York City, New York General Obligation Bonds, Series 2018
3.850% due 12/01/2047			10,000			10,000

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
4.000% 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			5,599

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2028			2,000			2,145

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023
5.000% due 05/01/2037			2,000			2,246

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 11/01/2036			5,000			5,657
5.000% due 11/01/2037			4,500			5,069

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025
5.000% due 11/01/2046 (a)			4,000			4,339

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			9,525			9,531


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

New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2036	$		1,000	$		1,151
5.000% due 11/15/2037			1,000			1,144

New York State Dormitory Authority Revenue Bonds, Series 2015
5.000% due 03/15/2030			3,500			3,538

New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2031			3,000			3,206

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 03/15/2034			4,705			4,859
4.000% due 02/15/2047			5,000			4,841

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 05/01/2045			4,740			4,553
4.000% due 07/01/2051			8,000			7,759

New York State Dormitory Authority Revenue Notes, Series 2024
5.000% due 05/01/2034			2,000			2,265

New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			3,000			2,942

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (d)			6,500			6,241

New York State Urban Development Corp. Revenue Bonds, Series 2015
5.000% due 03/15/2035			2,500			2,524

New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2037			4,900			5,518

New York Transportation Development Corp. Revenue Bonds, Series 2020
5.000% due 12/01/2026			1,070			1,104

Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041			2,985			3,017

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
5.250% due 05/15/2062			5,000			5,372

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022
5.000% due 11/15/2032			4,200			4,762

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2026			1,270			1,292
5.000% due 06/01/2027			2,800			2,880

						227,472


NORTH CAROLINA 1.6%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
4.000% 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			2,200

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2022
5.000% due 01/15/2028			1,000			1,056

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 06/01/2041			2,995			3,015

North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055			3,400			3,733

						27,769


NORTH DAKOTA 0.1%

Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2036			1,050			1,133


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 2.5%

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
5.000% due 06/01/2035	$		1,000	$		1,048
5.000% due 06/01/2036			2,065			2,158

Butler County, Ohio Revenue Bonds, Series 2017
5.000% due 11/15/2030			1,235			1,253

Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2025			3,000			3,005

Kent State University, Ohio Revenue Bonds, Series 2022
5.000% due 05/01/2033			510			570

Lancaster Port Authority, Ohio Revenue Bonds, Series 2024
5.000% due 02/01/2055			3,600			3,798

Northeast Ohio Medical University Revenue Bonds, Series 2021
5.000% due 12/01/2029			115			121

Ohio Air Quality Development Authority Revenue Bonds, Series 2014
2.400% due 12/01/2038			3,200			2,960

Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008
3.800% due 01/01/2043			8,000			8,000

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 03/01/2055			9,100			9,998

Ohio Water Development Authority Revenue Bonds, Series 2023
5.000% due 12/01/2038			1,250			1,408

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023
5.000% due 12/01/2037			4,985			5,603

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2036			380			417
5.000% due 12/01/2039			430			467
5.000% due 12/01/2040			410			444
5.000% due 12/01/2041			460			496

Worthington City School District, Ohio General Obligation Bonds, Series 2023
0.000% due 12/01/2031 (c)			845			652
0.000% due 12/01/2032 (c)			880			649

						43,047


OKLAHOMA 0.4%

Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023
5.000% due 06/01/2036			1,850			2,072
5.000% due 06/01/2037			1,100			1,226

Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024
5.000% due 06/01/2036			4,000			4,529

						7,827


OREGON 0.7%

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
5.000% due 08/15/2035			1,500			1,599
5.000% due 08/15/2036			1,500			1,595
5.000% due 08/15/2037			1,600			1,696
5.000% due 08/15/2038			1,000			1,057

Oregon Department of Transportation State Revenue Bonds, Series 2024
5.000% due 05/15/2036			2,000			2,279
5.000% due 05/15/2037			1,000			1,135
5.000% due 05/15/2038			2,250			2,542

						11,903


PENNSYLVANIA 3.6%

Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.320% (MUNIPSA) due 11/15/2047 ~			10,000			9,917

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018
4.000% due 06/01/2039	$		2,250	$		2,242

Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018
5.000% due 06/01/2025			1,500			1,510

Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016
5.000% due 01/15/2027			2,000			2,082

Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022
5.000% due 10/01/2033			5,000			5,633

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007
3.950% (TSFR3M) due 06/01/2037 ~			4,000			3,773

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023
4.000% due 03/01/2033			600			623
4.000% due 03/01/2035			1,100			1,139

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,250			1,167

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042			4,060			3,926

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.100% due 06/01/2029			5,500			5,618

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 08/15/2029			340			344
5.000% due 08/15/2031			300			303
5.000% due 08/15/2033			1,000			1,010

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 08/15/2029			1,250			1,298

Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024
6.250% due 10/01/2054			1,100			1,206

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2036			8,170			8,936

Pennsylvania Turnpike Commission Revenue Bonds, Series 2024
5.000% due 12/01/2039			2,350			2,621

Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
5.000% due 02/01/2031			2,500			2,688

School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019
4.000% due 09/01/2038			2,200			2,208

Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022
5.000% due 06/01/2031			1,000			1,114
5.250% due 06/01/2042			3,750			4,122

						63,480


PUERTO RICO 2.0%

Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
3.772% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,280			1,245

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)			26,355			6,188
4.500% due 07/01/2034			8,671			8,687
5.000% due 07/01/2058			3,000			2,995

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.329% due 07/01/2040			16,000			15,802

						34,917


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 1.4%

Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2023
5.000% due 09/01/2036	$		3,065	$		3,469

Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024
5.000% due 05/15/2034			6,500			7,160
5.000% due 05/15/2037			1,000			1,083

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2035			11,000			11,046
5.000% due 06/01/2040			2,000			2,005

						24,763


SOUTH CAROLINA 0.3%

Charleston County, South Carolina Airport District Revenue Bonds, Series 2024
5.000% due 07/01/2033			1,720			1,941

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			2,800			2,995

						4,936


SOUTH DAKOTA 0.1%

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 11/01/2027			925			926

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 11/01/2028			900			912

						1,838


TENNESSEE 1.9%

Knox County, Tennessee Health Educational & Housing Facility Board Revenue Bonds, Series 2022
3.950% due 12/01/2027			3,500			3,513

Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023
5.000% due 07/01/2036			760			843
5.000% due 07/01/2038			500			551

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023
4.875% due 10/01/2038			3,285			3,355

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024
3.250% due 10/01/2045			5,400			5,387
3.250% due 10/01/2046			4,500			4,490

Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			2,000			2,003

Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053			6,000			6,410

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			3,000			3,038

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052			3,400			3,596

						33,186


TEXAS 12.9%

Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2040			1,500			1,656
5.000% due 02/15/2041			4,000			4,396

Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024
4.500% due 03/01/2043			3,750			3,689


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

Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042	$		1,700	$		1,693

Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002
0.000% due 08/15/2026 (c)			3,000			2,839

Central Texas Turnpike System Revenue Bonds, Series 2024
5.000% due 08/15/2042			3,600			3,826

Corpus Christi Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2016
5.000% due 08/15/2025			2,115			2,141

Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037			1,350			1,506

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2034			3,000			3,348

Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2024
4.350% due 10/01/2041			2,330			2,306

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2036			2,550			2,861

Ector County, Texas General Obligation Bonds, Series 2024
5.000% due 02/15/2035			1,700			1,921
5.000% due 02/15/2037			5,220			5,855

EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024
4.250% due 12/01/2034			3,900			3,878

EP Tuscany Zaragosa PFC, Texas Revenue Bonds, Series 2023
4.000% due 12/01/2033			5,000			4,851

Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024
4.610% due 01/01/2043			1,100			1,104

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			5,000			5,245

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
3.950% due 10/01/2041			13,400			13,400

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 10/01/2031			2,200			2,434
5.000% due 07/01/2054			6,000			6,410

Harris County, Texas General Obligation Bonds, Series 2024
5.000% due 09/15/2040			3,500			3,877
5.000% due 09/15/2041			3,000			3,303

Harris County, Texas Toll Road Revenue Bonds, Series 2023
5.000% due 08/15/2035			2,960			3,316

Harris County, Texas Toll Road Revenue Bonds, Series 2024
5.000% due 08/15/2037			5,000			5,615

Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2036			1,540			1,694

Houston, Texas Airport System Revenue Bonds, Series 2018
5.000% due 07/01/2030			3,300			3,499

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018
5.000% due 02/15/2029			1,435			1,524

Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2037			1,500			1,674
5.000% due 02/15/2038			2,000			2,222
5.000% due 02/15/2039			5,000			5,514

Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/01/2030			2,290			2,494


92		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024
5.000% due 05/15/2040	$		1,250	$		1,353

Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042			2,600			2,587

Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024
4.000% due 05/15/2042			1,335			1,299
4.000% due 05/15/2044			720			688
5.000% due 05/15/2037			950			1,058
5.000% due 05/15/2039			1,000			1,096

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2040			2,000			1,948

North Texas Tollway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2028			2,875			2,923

North Texas Tollway Authority Revenue Bonds, Series 2023
5.000% due 01/01/2031			4,300			4,738

North Texas Tollway Authority Revenue Bonds, Series 2024
5.000% due 01/01/2032			2,900			3,229

Permanent University Fund - University of Texas System Revenue Bonds, Series 2023
5.000% due 07/01/2040			1,090			1,205

San Antonio Housing Trust Public Facility Corp., Texas Revenue Bonds, Series 2024
4.550% due 03/01/2043			5,000			4,937

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045			2,500			2,376

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024
5.000% due 02/01/2036			3,500			3,956
5.000% due 02/01/2040			4,380			4,828
5.000% due 02/01/2041			3,000			3,292

Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.000% due 02/01/2043			2,500			2,489

Tarrant County Housing Finance Corp., Texas Revenue Bonds, Series 2024
4.600% due 03/01/2043			2,000			2,005

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 07/01/2053			5,000			5,489

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2032			7,000			7,792

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
4.546% (TSFR3M) due 12/15/2026 ~			2,500			2,498

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 06/30/2037			2,950			2,903

Texas State General Obligation Bonds, Series 2024
5.000% due 10/01/2030			2,900			3,209
5.000% due 10/01/2031			7,500			8,400
5.000% due 10/01/2042			590			652
5.000% due 10/01/2043			5,500			6,050
5.000% due 10/01/2044			4,000			4,386

Texas State University System Revenue Bonds, Series 2024
5.000% due 03/15/2040			2,000			2,216
5.000% due 03/15/2041			2,000			2,206

Texas Transportation Commission Revenue Bonds, Series 2019
0.000% due 08/01/2046 (c)			2,950			1,031

Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052			8,400			8,713
5.000% due 10/15/2029			1,200			1,306
5.000% due 10/15/2030			1,775			1,961
5.000% due 10/15/2047			5,860			6,242


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

Texas Water Development Board Revenue Bonds, Series 2023
4.600% due 10/15/2039	$		2,045	$		2,179

Texas Water Development Board Revenue Bonds, Series 2024
5.000% due 10/15/2031			1,750			1,959

						225,290


UTAH 0.4%

Intermountain Power Agency, Utah Power Supply Revenue Bonds, Series 2023
5.000% due 07/01/2036			2,500			2,785

Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055			3,000			3,351

						6,136


VIRGINIA 0.9%

Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			3,000			3,206

Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023
5.000% due 07/01/2036			925			1,015
5.000% due 07/01/2038			600			653

Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020
5.000% due 07/01/2053			6,700			7,207

Virginia Public Building Authority Revenue Bonds, Series 2015
4.000% due 08/01/2030			3,300			3,313

						15,394


WASHINGTON 2.0%

Energy Northwest, Washington Revenue Bonds, Series 2022
5.000% due 07/01/2035			3,000			3,341

Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023
5.000% due 01/01/2036			1,265			1,412

Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020
4.000% due 12/01/2037			2,135			2,175

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017
4.000% due 09/01/2037			5,000			5,013

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			2,000			1,887

Washington Health Care Facilities Authority Revenue Bonds, Series 2020
5.000% due 09/01/2032			450			485

Washington Higher Education Facilities Authority Revenue Bonds, Series 2017
4.000% due 05/01/2037			3,055			2,967

Washington State General Obligation Bonds, Series 2016
5.000% due 07/01/2033			5,000			5,079

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			4,160			3,719

Washington State Housing Finance Commission Revenue Bonds, Series 2024
4.085% due 03/20/2040			4,694			4,490
4.400% due 03/01/2043			4,500			4,429

						34,997


WEST VIRGINIA 0.2%

West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
5.750% due 09/01/2041			2,400			2,644


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WISCONSIN 1.3%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2030	$		265	$		265
4.000% due 10/01/2041			2,250			2,275

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
3.800% due 04/01/2048			7,150			7,150

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046			4,440			4,208

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2028 (c)			1,075			920

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			4,000			3,922

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2029			1,925			2,038

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 08/15/2040			2,000			1,973

						22,751

Total Municipal Bonds & Notes (Cost $1,591,678)						1,603,340


U.S. GOVERNMENT AGENCIES 0.5%

Freddie Mac
3.800% due 01/01/2040			9,926			9,021

Total U.S. Government Agencies (Cost $9,537)						9,021


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%

Multifamily Tax-Exempt Mortgage-backed Securities
4.500% due 08/01/2041			998			1,005

San Antonio Housing Trust Public Facility Corp.
4.450% due 04/01/2043			3,000			2,969

Total Non-Agency Mortgage-Backed Securities (Cost $3,998)						3,974


SHORT-TERM INSTRUMENTS 6.3%

U.S. TREASURY BILLS 5.1%
4.330% due 03/20/2025 - 03/27/2025 (b)(c)			89,400			88,537


MUNICIPAL BONDS & NOTES 1.2%

Houston, Texas Revenue Notes, Series 2024
5.000% due 06/30/2025			5,600			5,650

Los Angeles County, California Revenue Notes, Series 2024
5.000% due 06/30/2025			9,500			9,594

Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024
4.000% due 10/29/2025			6,000			6,038

Total Municipal Bonds & Notes (Cost $21,288)						21,282

Total Short-Term Instruments (Cost $109,817)						109,819



Total Investments in Securities (Cost $1,715,030)						1,726,154


Total Investments 99.0% (Cost $1,715,030)				$		1,726,154

Other Assets and Liabilities, net 1.0%						17,469

Net Assets 100.0%				$		1,743,623

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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.

(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
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019		3.870	%		11/15/2035		11/28/2023 - 08/28/2024	$	11,162	$	10,933		0.62	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/28/2023		5,827		6,241		0.36

								$	16,989	$	17,174		0.98	%

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(2,663	)	$	(2,663	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	810		$	810

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	72,025	$	0	$	72,025
Alaska		0		6,230		0		6,230
Arizona		0		4,061		0		4,061
California		0		76,837		0		76,837
Colorado		0		48,096		0		48,096
Connecticut		0		23,947		0		23,947
Delaware		0		1,955		0		1,955
District of Columbia		0		15,202		0		15,202
Florida		0		58,231		0		58,231
Georgia		0		49,551		0		49,551
Hawaii		0		10,511		0		10,511
Idaho		0		2,466		0		2,466
Illinois		0		85,438		0		85,438
Indiana		0		18,067		0		18,067
Iowa		0		12,121		0		12,121
Kentucky		0		8,515		0		8,515
Louisiana		0		20,063		0		20,063
Maryland		0		18,946		0		18,946
Massachusetts		0		17,733		0		17,733
Michigan		0		37,535		0		37,535


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Minnesota	$	0	$	16,086	$	0	$	16,086
Mississippi		0		2,862		0		2,862
Missouri		0		4,511		0		4,511
Multi-State		0		49,724		0		49,724
Nebraska		0		7,804		0		7,804
Nevada		0		36,860		0		36,860
New Hampshire		0		15,924		0		15,924
New Jersey		0		73,182		0		73,182
New Mexico		0		19,374		0		19,374
New York		0		227,472		0		227,472
North Carolina		0		27,769		0		27,769
North Dakota		0		1,133		0		1,133
Ohio		0		43,047		0		43,047
Oklahoma		0		7,827		0		7,827
Oregon		0		11,903		0		11,903
Pennsylvania		0		63,480		0		63,480
Puerto Rico		0		34,917		0		34,917
Rhode Island		0		24,763		0		24,763
South Carolina		0		4,936		0		4,936
South Dakota		0		1,838		0		1,838
Tennessee		0		33,186		0		33,186
Texas		0		225,290		0		225,290


94		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Utah	$	0	$	6,136	$	0	$	6,136
Virginia		0		15,394		0		15,394
Washington		0		34,997		0		34,997
West Virginia		0		2,644		0		2,644
Wisconsin		0		22,751		0		22,751
U.S. Government Agencies		0		9,021		0		9,021
Non-Agency Mortgage-Backed Securities		0		3,974		0		3,974


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Short-Term Instruments
U.S. Treasury Bills	$	0	$	88,537	$	0	$	88,537
Municipal Bonds & Notes		0		21,282		0		21,282


Total Investments	$	0	$	1,726,154	$	0	$	1,726,154

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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 136.3%

LOAN PARTICIPATIONS AND ASSIGNMENTS 4.2%

Aligned Data Centers International LP
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~	$		22,500	$		22,412

Altice France SA
10.147% due 08/15/2028 ~			995			802

Aspire Bakeries Holdings LLC
8.607% due 12/13/2030 ~			2,992			3,026

Bank of Industry Ltd.
4.543% (EUR003M + 4.500%) due 02/14/2025 «~	EUR		6,000			6,187

Broadcom, Inc.
5.463% due 08/14/2026 «~	$		750			748

Caesars Entertainment, Inc.
6.607% due 02/06/2031 ~			496			498

Carnival Corp.
7.107% due 10/18/2028 ~			192			194

Clover Holdings 2 LLC
TBD% due 11/01/2029 ~µ			116			116
8.428% due 11/01/2031 ~			900			911

Cotiviti Corp.
7.303% due 05/01/2031 ~			993			999

CPPIB Capital, Inc.
7.579% due 08/20/2031 ~			1,995			2,011

Cube Industrials Buyer, Inc.
8.132% due 10/17/2031 ~			3,500			3,528

Databricks, Inc.
TBD% due 12/20/2030 «µ			1,087			1,082
TBD% due 12/20/2030 «			4,913			4,888

Endure Digital, Inc.
8.138% due 02/10/2028 «~			2,992			2,454

EP Purchaser LLC
9.090% due 11/06/2028 ~			4,000			4,025

EPIC Crude Services LP
7.656% due 10/15/2031 ~			3,000			3,030

FinCo I LLC
6.607% due 06/27/2029 ~			99			99

Global Medical Response, Inc.
9.856% due 10/31/2028 ~			184			185

Golden State Foods LLC
8.774% due 10/07/2031 ~			3,000			3,030

Jane Street Group LLC
6.395% due 12/15/2031 ~			5,979			5,967

Life time Fitness, Inc.
7.025% (TSFR3M + 2.750%) due 11/05/2031 ~			4,200			4,222

Lifepoint Health, Inc.
7.965% due 05/17/2031 ~			798			801

Medline Borrower LP
6.607% due 10/23/2028 ~			998			1,002

MH SUB I LLC
TBD% due 12/11/2031 ~			3,000			2,978

Modena Buyer LLC
8.857% due 07/01/2031 ~			2,000			1,942

Ocs Group Holdings Ltd.
TBD% due 11/27/2031 «~	GBP		5,000			6,209

Project Alpha Intermediate Holding, Inc.
5.301% (EUR003M + 4.500%) due 07/15/2025 «~(i)	EUR		400			414

QualityTech LP
8.024% due 10/30/2031 ~	$		4,000			4,030

Raven Acquisition Holdings LLC
TBD% due 11/19/2031 ~µ			133			134
TBD% due 11/19/2031 ~			1,867			1,873

RealPage, Inc.
8.079% due 04/24/2028 ~			3,000			3,018

Republic of Kenya
9.849% (PRIME + 5.400%) due 05/12/2028 «~			5,000			4,969

Rockpoint Gas Storage Partners LP
7.985% due 09/18/2031 ~			1,900			1,915


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

Specialty Building Products Holdings LLC
8.207% due 10/15/2028 ~	$		2,693	$		2,684

Subcalidora 2 SARL
8.433% (EUR003M + 5.750%) due 08/14/2029 «~	EUR		2,000			2,077

The Stepstone Group MidCo 2 GMBH
TBD% due 12/04/2031 ~	$		4,000			3,960

TIH Insurance Holdings LLC
7.079% due 05/06/2031 ~			460			462

Triton Water Holdings, Inc.
8.329% due 03/31/2028 ~			993			1,002

U.S. Renal Care, Inc.
9.471% due 06/20/2028 ~			2,992			2,811

UKG, Inc.
7.325% due 02/10/2031 ~			896			903

Total Loan Participations and Assignments (Cost $112,184)						113,598


CORPORATE BONDS & NOTES 19.7%

BANKING & FINANCE 6.5%

AerCap Ireland Capital DAC
3.000% due 10/29/2028			1,350			1,251

Ally Financial, Inc.
5.800% due 05/01/2025			300			300
6.992% due 06/13/2029 •			900			938

American Tower Corp.
2.750% due 01/15/2027			575			552
3.650% due 03/15/2027			200			195
3.800% due 08/15/2029			1,000			947

Armor RE Ltd.
12.784% (T-BILL 3MO + 8.500%) due 01/07/2032 ~			700			700

Athene Global Funding
5.339% due 01/15/2027			500			503

Banco BTG Pactual SA
5.750% due 01/22/2030			4,000			3,867

Bank of America Corp.
5.202% due 04/25/2029 •			750			754
5.288% due 04/25/2034 •			2,000			1,984
5.468% due 01/23/2035 •			3,750			3,756
5.819% due 09/15/2029 •			500			513

Barclays PLC
5.690% due 03/12/2030 •			625			631

BGC Group, Inc.
6.600% due 06/10/2029			1,000			1,025

Blue Owl Finance LLC
6.250% due 04/18/2034			2,000			2,056

Boost Newco Borrower LLC
7.500% due 01/15/2031			900	944

BPCE SA
6.612% due 10/19/2027 •			250	256

Brandywine Operating Partnership LP
8.875% due 04/12/2029			600	640

Brookfield Finance, Inc.
4.350% due 04/15/2030			90	87

Brookfield Property REIT, Inc.
4.500% due 04/01/2027			214	203

Burford Capital Global Finance LLC
9.250% due 07/01/2031			1,120	1,190

CaixaBank SA
5.673% due 03/15/2030 •			1,250	1,263

Cantor Fitzgerald LP
7.200% due 12/12/2028			850	889

Carlyle Secured Lending, Inc.
6.750% due 02/18/2030			3,000	3,062

Charles Schwab Corp.
5.853% due 05/19/2034 •			430	443

CI Financial Corp.
7.500% due 05/30/2029			1,000	1,047

CIMA Finance DAC
2.950% due 09/05/2029			3,554	3,177


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

Credicorp Capital Sociedad Titulizadora SA
10.100% due 12/15/2043	PEN		8,500	$		2,342

Credit Acceptance Corp.
6.625% due 03/15/2026	$		60	60
9.250% due 12/15/2028			500	529

Credit Suisse USA, Inc.
7.125% due 07/15/2032			1,615	1,790

Crown Castle, Inc.
1.050% due 07/15/2026			475	449

Deloitte LLP
5.250% due 01/30/2030 «(i)			2,000	1,987
5.410% due 01/30/2032 «(i)			2,000	1,984
5.590% due 01/30/2035 «(i)			2,000	1,974

Encore Capital Group, Inc.
8.500% due 05/15/2030			2,500	2,632
9.250% due 04/01/2029			1,250	1,333

EPR Properties
3.750% due 08/15/2029			3,000	2,783

Equitable Holdings, Inc.
4.350% due 04/20/2028			60	59

Everglades Re Ltd.
15.814% (T-BILL 1MO + 11.500%) due 05/13/2031 ~			400	416

Ford Motor Credit Co. LLC
5.800% due 03/05/2027			1,125			1,136

Fortress Transportation & Infrastructure Investors LLC
5.500% due 05/01/2028			1,380			1,357
7.000% due 05/01/2031			1,925			1,966

Freedom Mortgage Corp.
6.625% due 01/15/2027			60			60
12.000% due 10/01/2028			250			272

Freedom Mortgage Holdings LLC
9.125% due 05/15/2031			1,000			1,032
9.250% due 02/01/2029			300			310

GLP Capital LP
4.000% due 01/15/2031			1,000			915
5.300% due 01/15/2029			130			130
5.375% due 04/15/2026			780			781
5.625% due 09/15/2034			1,800			1,772

Goldman Sachs Group, Inc.
2.650% due 10/21/2032 •			1,490			1,260
4.482% due 08/23/2028 •			300			297
4.692% due 10/23/2030 •			5,000			4,897
5.330% due 07/23/2035 •			1,500			1,473
5.727% due 04/25/2030 •			1,600			1,634
6.484% due 10/24/2029 •			300			314

Hannon Armstrong Sustainable Infrastructure Capital, Inc.
6.375% due 07/01/2034			1,700			1,656

HAT Holdings LLC
3.375% due 06/15/2026			60			58
8.000% due 06/15/2027			650			678

Host Hotels & Resorts LP
3.500% due 09/15/2030			2,000			1,812

HSBC Holdings PLC
4.755% due 06/09/2028 •			1,625			1,614

Intesa Sanpaolo SpA
4.198% due 06/01/2032 •			300			261

Jane Street Group
7.125% due 04/30/2031			1,100			1,131

JPMorgan Chase & Co.
4.946% due 10/22/2035 •			9,500			9,157
5.294% due 07/22/2035 •			150			149
5.336% due 01/23/2035 •			1,250			1,243
5.350% due 06/01/2034 •			1,800			1,799
5.581% due 04/22/2030 •			2,000			2,040

KBC Group NV
5.796% due 01/19/2029 •			350			356

Kilroy Realty LP
6.250% due 01/15/2036			400			397

Ladder Capital Finance Holdings LLLP
7.000% due 07/15/2031			1,200			1,235

Lazard Group LLC
6.000% due 03/15/2031			1,000			1,027


96		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Lloyds Banking Group PLC
5.679% due 01/05/2035 •	$		1,600	$		1,594

Marex Group PLC
6.404% due 11/04/2029			3,000			3,032

Mitsubishi UFJ Financial Group, Inc.
5.406% due 04/19/2034 •			465			471

Morgan Stanley
3.955% due 03/21/2035 •	EUR		1,000			1,061
4.654% due 10/18/2030 •	$		3,000			2,937
5.250% due 04/21/2034 •			950			936
5.831% due 04/19/2035 •			1,500			1,529
6.407% due 11/01/2029 •			500			522

Nationstar Mortgage Holdings, Inc.
5.750% due 11/15/2031			245			234
7.125% due 02/01/2032			1,600			1,622

Nationwide Building Society
6.557% due 10/18/2027 •			250			257

NatWest Group PLC
5.778% due 03/01/2035 •			1,300			1,311
5.808% due 09/13/2029 •			685			699
6.016% due 03/02/2034 •			300			307

Newmark Group, Inc.
7.500% due 01/12/2029			725			758

Norinchukin Bank
5.094% due 10/16/2029			4,550			4,520

OneMain Finance Corp.
3.500% due 01/15/2027			975			931
6.625% due 05/15/2029			3,000			3,041
7.125% due 11/15/2031			1,200			1,224
7.500% due 05/15/2031			1,000			1,027
9.000% due 01/15/2029			335			356

Panama Infrastructure Receivable Purchaser PLC
0.000% due 04/05/2032 (e)			1,300			881

Pebblebrook Hotel LP
6.375% due 10/15/2029			1,500			1,486

PennyMac Financial Services, Inc.
5.750% due 09/15/2031			155	148
7.125% due 11/15/2030			1,000	1,014
7.875% due 12/15/2029			350	367

Piedmont Operating Partnership LP
6.875% due 07/15/2029			1,000	1,028

PRA Group, Inc.
8.875% due 01/31/2030			3,000	3,111

Realty Income Corp.
1.625% due 12/15/2030	GBP		225	230

Sammons Financial Group Global Funding
5.100% due 12/10/2029	$		4,000	3,973

Sammons Financial Group, Inc.
6.875% due 04/15/2034			600	628

Santander Holdings USA, Inc.
6.174% due 01/09/2030 •			500	511

Santander U.K. Group Holdings PLC
3.823% due 11/03/2028 •			800	771
6.534% due 01/10/2029 •			700	722

Sixth Street Lending Partners
5.750% due 01/15/2030			3,000	2,957

SLM Corp.
3.125% due 11/02/2026			850	812

SOCAR Turkey Enerji AS via Steas Funding 1 DAC
7.230% due 03/17/2026			4,700	4,694

Starwood Property Trust, Inc.
6.500% due 07/01/2030			5,000	5,010

Sumitomo Mitsui Financial Group, Inc.
5.424% due 07/09/2031			1,675	1,695

Synchrony Bank
5.400% due 08/22/2025			185	185

Ter Finance Jersey Ltd.
0.010% due 01/02/2025 «			1,000	1,000

UBS Group AG
4.988% due 08/05/2033 •			200	194
5.699% due 02/08/2035 •			1,325	1,334
6.442% due 08/11/2028 •			550	568
6.537% due 08/12/2033 •			60	64


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

UniCredit SpA
7.296% due 04/02/2034 •	$		300	$		314

VFH Parent LLC
7.500% due 06/15/2031			1,000	1,030

VICI Properties LP
4.950% due 02/15/2030			600	589
5.125% due 11/15/2031			6,000	5,857
5.750% due 04/01/2034			1,325	1,338

Wells Fargo & Co.
5.198% due 01/23/2030 •			1,250	1,254
5.211% due 12/03/2035 •			2,500	2,434
5.389% due 04/24/2034 •			1,020	1,009
5.574% due 07/25/2029 •			1,200	1,219

Weyerhaeuser Co.
7.375% due 03/15/2032			1,000	1,114

XHR LP
6.625% due 05/15/2030			3,000			3,014

						176,654


INDUSTRIALS 11.7%

AbbVie, Inc.
3.200% due 11/21/2029			1,675			1,555

Air Canada Pass-Through Trust
3.300% due 07/15/2031			1,192			1,105
3.600% due 09/15/2028			345			336

Altice France SA
5.500% due 10/15/2029			2,660			2,006

Amer Sports Co.
6.750% due 02/16/2031			775			786

American Airlines Pass-Through Trust
3.200% due 12/15/2029			145			137
3.600% due 03/22/2029			299			289
3.650% due 08/15/2030			830			792

American Builders & Contractors Supply Co., Inc.
3.875% due 11/15/2029			3,000			2,724

Amgen, Inc.
5.150% due 03/02/2028			1,000			1,007

ams-OSRAM AG
10.500% due 03/30/2029	EUR		1,300			1,332

AS Mileage Plan IP Ltd.
5.021% due 10/20/2029	$		3,000			2,925
5.308% due 10/20/2031			3,800			3,713

Ascent Resources Utica Holdings LLC
6.625% due 10/15/2032			2,000			1,990

Ashtead Capital, Inc.
5.800% due 04/15/2034			800			801

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029			750			733

Axalta Coating Systems LLC
3.375% due 02/15/2029			1,000			909

B.C. Unlimited Liability Co.
3.500% due 02/15/2029			1,120			1,027
4.000% due 10/15/2030			790			707
5.625% due 09/15/2029			2,000			1,973

Bausch & Lomb Corp.
8.375% due 10/01/2028			250			259

Becton Dickinson & Co.
1.957% due 02/11/2031			60			50
5.110% due 02/08/2034			950			936

Belron U.K. Finance PLC
5.750% due 10/15/2029			4,000			3,962

Block, Inc.
6.500% due 05/15/2032			2,000			2,022

Boeing Co.
2.196% due 02/04/2026			2,300			2,232
3.250% due 02/01/2028			3,000			2,826
3.625% due 02/01/2031			300			272
5.150% due 05/01/2030			900			888
5.930% due 05/01/2060			800			742
6.528% due 05/01/2034			800			838
6.858% due 05/01/2054			600			638

British Airways Pass-Through Trust
3.300% due 06/15/2034			136			125


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.250% due 05/15/2034	$		1,390	$		1,321

Broadcom Corp.
3.500% due 01/15/2028			100			96

Broadcom, Inc.
2.450% due 02/15/2031			1,000			863
3.187% due 11/15/2036			620			500
4.926% due 05/15/2037			520			495

Builders FirstSource, Inc.
5.000% due 03/01/2030			2,900			2,767

Camelot Finance SA
4.500% due 11/01/2026			120			117

Capstone Borrower, Inc.
8.000% due 06/15/2030			600			622

Carnival Corp.
4.000% due 08/01/2028			4,000			3,794

Carnival Holdings Bermuda Ltd.
10.375% due 05/01/2028			4,000			4,264

CDW LLC
3.569% due 12/01/2031			1,605			1,430
5.100% due 03/01/2030			1,000			986
5.550% due 08/22/2034			1,000			987

Centene Corp.
2.450% due 07/15/2028			1,000			901
3.000% due 10/15/2030			6,000			5,181

Cerdia Finanz GmbH
9.375% due 10/03/2031			1,500			1,565

CGI, Inc.
1.450% due 09/14/2026			400			379

Charter Communications Operating LLC
2.250% due 01/15/2029			1,000			882
2.800% due 04/01/2031			100			84
3.850% due 04/01/2061			9,060			5,466
3.950% due 06/30/2062			350			214

Cloud Software Group, Inc.
6.500% due 03/31/2029			650			639

Clydesdale Acquisition Holdings, Inc.
6.875% due 01/15/2030			1,500			1,512

CMA CGM SA
5.500% due 07/15/2029	EUR		1,000			1,085

Community Health Systems, Inc.
10.875% due 01/15/2032	$		2,300			2,376

Constellation Brands, Inc.
2.250% due 08/01/2031			475			395
3.150% due 08/01/2029			450			415

Coterra Energy, Inc.
5.400% due 02/15/2035			4,000			3,881
5.900% due 02/15/2055			2,000			1,888

Coty, Inc.
5.000% due 04/15/2026			57			57

Crowdstrike Holdings, Inc.
3.000% due 02/15/2029			1,110			1,010

CVS Health Corp.
4.300% due 03/25/2028			630			611

Dcli Bidco LLC
7.750% due 11/15/2029			4,000			4,105

Delta Air Lines Pass-Through Trust
2.000% due 12/10/2029			621			573

Deluxe Corp.
8.125% due 09/15/2029			2,000			2,031

Diamond Foreign Asset Co.
8.500% due 10/01/2030			2,350			2,441

Elevance Health, Inc.
4.750% due 02/15/2030			3,000			2,965
5.200% due 02/15/2035			3,000			2,931

Ellucian Holdings, Inc.
6.500% due 12/01/2029			3,000			3,009

Enbridge, Inc.
5.700% due 03/08/2033			590			596

Energy Transfer LP
3.750% due 05/15/2030			675			630
5.600% due 09/01/2034			3,000			2,999
6.550% due 12/01/2033			1,000			1,065

Eni SpA
5.500% due 05/15/2034			3,000			2,967

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

EnLink Midstream LLC
6.500% due 09/01/2030	$		300	$		314

Entergy Louisiana LLC
4.000% due 03/15/2033			495			454
5.350% due 03/15/2034			625			625

Enterprise Products Operating LLC
2.800% due 01/31/2030			400			362

EQM Midstream Partners LP
4.500% due 01/15/2029			159			152
4.750% due 01/15/2031			1,000			941

ESAB Corp.
6.250% due 04/15/2029			500			507

Essent Group Ltd.
6.250% due 07/01/2029			2,000			2,043

Expand Energy Corp.
5.700% due 01/15/2035			4,000			3,928

First Student Bidco, Inc.
4.000% due 07/31/2029			350			322

Flora Food Management BV
6.875% due 07/02/2029	EUR		2,000			2,166

Ford Motor Co.
3.250% due 02/12/2032	$		185			154

Fortress Intermediate 3, Inc.
7.500% due 06/01/2031			1,000			1,021

Gartner, Inc.
3.750% due 10/01/2030			1,535			1,402

Global Medical Response, Inc. (9.500% Cash and 0.750% PIK)
10.250% due 10/31/2028 (b)			1,207			1,212

Global Payments, Inc.
1.200% due 03/01/2026			300			288
2.650% due 02/15/2025			90			90

GN Bondco LLC
9.500% due 10/15/2031			2,000			2,108

Goat Holdco LLC
6.750% due 02/01/2032			6,000			5,948

goeasy Ltd.
6.875% due 05/15/2030			2,000			2,019
7.625% due 07/01/2029			1,750			1,789
9.250% due 12/01/2028			250			267

Greensaif Pipelines Bidco SARL
5.853% due 02/23/2036			3,500			3,459

GXO Logistics, Inc.
6.250% due 05/06/2029			1,000			1,025

HCA, Inc.
3.625% due 03/15/2032			1,325			1,168
4.625% due 03/15/2052			3,000			2,344

Hologic, Inc.
3.250% due 02/15/2029			1,000			905

Howard Midstream Energy Partners LLC
7.375% due 07/15/2032			600			610

Howmet Aerospace, Inc.
6.750% due 01/15/2028			60			63

IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK)
6.750% due 11/15/2029 (b)	EUR		4,000			4,242

Imola Merger Corp.
4.750% due 05/15/2029	$		1,300			1,234

Intelligent Packaging Ltd. Finco, Inc.
6.000% due 09/15/2028			3,000			2,960

IPD 3 BV
6.261% due 06/15/2031 •	EUR		1,000			1,040

IQVIA, Inc.
6.250% due 02/01/2029	$		850			880

JetBlue Airways Corp.
9.875% due 09/20/2031			3,000			3,191

JetBlue Pass-Through Trust
2.750% due 11/15/2033			1,537			1,338
4.000% due 05/15/2034			711			670

Kodiak Gas Services LLC
7.250% due 02/15/2029			1,500			1,531

Kraken Oil & Gas Partners LLC
7.625% due 08/15/2029			3,000			2,890


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

Las Vegas Sands Corp.
3.500% due 08/18/2026	$		2,800	$		2,729
3.900% due 08/08/2029			2,175			2,023

LifePoint Health, Inc.
11.000% due 10/15/2030			775			852

Live Nation Entertainment, Inc.
3.750% due 01/15/2028			1,000			946

Marvell Technology, Inc.
5.750% due 02/15/2029			1,100			1,128

Matador Resources Co.
6.250% due 04/15/2033			3,000			2,915

Mauser Packaging Solutions Holding Co.
7.875% due 04/15/2027			425			434

Medline Borrower LP
6.250% due 04/01/2029			1,850			1,872

Mineral Resources Ltd.
9.250% due 10/01/2028			2,300			2,416

Molina Healthcare, Inc.
3.875% due 05/15/2032			1,200			1,042

MPLX LP
1.750% due 03/01/2026			460			444

National Football League
5.480% due 10/05/2028 «(i)			1,600			1,604

NCL Corp. Ltd.
5.875% due 02/15/2027			60			60
8.125% due 01/15/2029			200			211

Newfold Digital Holdings Group, Inc.
11.750% due 10/15/2028 «			2,500			2,200

NextEra Energy Operating Partners LP
4.500% due 09/15/2027			800			767
7.250% due 01/15/2029			650			666

NFE Financing LLC
12.000% due 11/15/2029			309			325

Nidda Healthcare Holding GmbH
5.625% due 02/21/2030	EUR		2,000			2,142

Noble Finance LLC
8.000% due 04/15/2030	$		4,500			4,549

Northriver Midstream Finance LP
6.750% due 07/15/2032			2,000			2,014

NXP BV
3.875% due 06/18/2026			245			242

Occidental Petroleum Corp.
5.375% due 01/01/2032			3,000			2,939
5.550% due 10/01/2034			1,500			1,460
6.450% due 09/15/2036			1,000			1,024
8.875% due 07/15/2030			625			714

Olympus Water U.S. Holding Corp.
4.250% due 10/01/2028			290			271
7.250% due 06/15/2031			1,000			1,020
9.750% due 11/15/2028			100			106

OneSky Flight LLC
8.875% due 12/15/2029			4,000			4,007

Oracle Corp.
2.300% due 03/25/2028			700			647

Organon & Co.
4.125% due 04/30/2028			1,000			940
6.750% due 05/15/2034			500			497
7.875% due 05/15/2034			750			768

PetSmart, Inc.
4.750% due 02/15/2028			550			520

Post Holdings, Inc.
4.625% due 04/15/2030			200			185
6.250% due 10/15/2034			992			969

Prime Healthcare Services, Inc.
9.375% due 09/01/2029			1,500			1,461

Raising Cane’s Restaurants LLC
9.375% due 05/01/2029			400			429

Rand Parent LLC
8.500% due 02/15/2030			3,000			3,020

Raven Acquisition Holdings LLC
6.875% due 11/15/2031			5,000			4,962

Rivian Holdings LLC
10.502% due 10/15/2026 •			1,300			1,309


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

Rolls-Royce PLC
5.750% due 10/15/2027	$		3,125	$		3,176

Royal Caribbean Cruises Ltd.
5.500% due 04/01/2028			850			844

Royalty Pharma PLC
1.200% due 09/02/2025			155			151

Santos Finance Ltd.
6.875% due 09/19/2033			300			319

Seadrill Finance Ltd.
8.375% due 08/01/2030			1,600			1,633

Seagate HDD Cayman
8.250% due 12/15/2029			60			64
9.625% due 12/01/2032			500			564

Simmons Foods, Inc.
4.625% due 03/01/2029			2,600	2,406

Sirius XM Radio, Inc.
3.875% due 09/01/2031			155	130

Sociedad Quimica y Minera de Chile SA
5.500% due 09/10/2034			1,500	1,423

Spirit AeroSystems, Inc.
9.375% due 11/30/2029			250	268
9.750% due 11/15/2030			300	332

Spirit Airlines Pass-Through Trust
3.375% due 08/15/2031			649	581
4.100% due 10/01/2029			2,008	1,870

Stagwell Global LLC
5.625% due 08/15/2029			200	191

Standard Building Solutions, Inc.
6.500% due 08/15/2032			4,100	4,110

Standard Industries, Inc.
4.375% due 07/15/2030			1,025	940

Star Parent, Inc.
9.000% due 10/01/2030			250	260

Stryker Corp.
1.950% due 06/15/2030			1,000	860

T-Mobile USA, Inc.
3.750% due 04/15/2027			555	542
3.875% due 04/15/2030			1,425	1,342

Tapestry, Inc.
5.100% due 03/11/2030			4,000	3,958

Targa Resources Corp.
5.500% due 02/15/2035			700	689

TGS ASA
8.500% due 01/15/2030			3,000	3,082

Time Warner Cable LLC
4.500% due 09/15/2042			300	225

TopBuild Corp.
3.625% due 03/15/2029			3,000	2,751
4.125% due 02/15/2032			1,460	1,294

TransDigm, Inc.
7.125% due 12/01/2031			325	333

Transocean Aquila Ltd.
8.000% due 09/30/2028			227	233

Transocean Titan Financing Ltd.
8.375% due 02/01/2028			185	189

U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			603	597
4.625% due 12/03/2026			1,137	1,134

U.S. Foods, Inc.
4.750% due 02/15/2029			215	206

United Airlines Pass-Through Trust
2.700% due 11/01/2033			1,878	1,663
3.500% due 09/01/2031			852	797
5.450% due 08/15/2038			3,000	3,015
5.875% due 04/15/2029			132	135

United Airlines, Inc.
4.625% due 04/15/2029			300	285

Univision Communications, Inc.
8.500% due 07/31/2031			2,000	1,964

Valaris Ltd.
8.375% due 04/30/2030			1,690	1,709

Vale Overseas Ltd.
3.750% due 07/08/2030			1,260	1,152


98		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.400% due 06/28/2054	$		200	$		197197

Venture Global Calcasieu Pass LLC
3.875% due 11/01/2033			1,075			924

Venture Global LNG, Inc.
7.000% due 01/15/2030			11,000	11,175
8.375% due 06/01/2031			2,050	2,140

Viking Cruises Ltd.
9.125% due 07/15/2031			75	81

Vmed O2 U.K. Financing PLC
4.250% due 01/31/2031			830	709

VMware, Inc.
1.400% due 08/15/2026			60	57
2.200% due 08/15/2031			4,000	3,320

VOC Escrow Ltd.
5.000% due 02/15/2028			155	152

Walgreens Boots Alliance, Inc.
8.125% due 08/15/2029			3,000			2,973

Wand NewCo 3, Inc.
7.625% due 01/30/2032			1,000			1,028

Wayfair LLC
7.250% due 10/31/2029			2,400			2,405

Western Digital Corp.
2.850% due 02/01/2029			219			195
4.750% due 02/15/2026			147			146

Western Midstream Operating LP
3.100% due 02/01/2025			60			60

Westinghouse Air Brake Technologies Corp.
3.450% due 11/15/2026			60	59

Woodside Finance Ltd.
5.100% due 09/12/2034			5,000	4,760

Wynn Las Vegas LLC
5.250% due 05/15/2027			345	342

Wynn Resorts Finance LLC
7.125% due 02/15/2031			500	521

Yinson Boronia Production BV
8.947% due 07/31/2042			3,500	3,655

ZF North America Capital, Inc.
6.750% due 04/23/2030			750	722
6.875% due 04/23/2032			750	712
7.125% due 04/14/2030			90	88

ZipRecruiter, Inc.
5.000% due 01/15/2030			1,000	902

						316,963


UTILITIES 1.5%

AES Corp.
5.450% due 06/01/2028			310	312

Aethon United BR LP
7.500% due 10/01/2029			2,500	2,559

Antero Midstream Partners LP
5.750% due 03/01/2027			260	259

AT&T, Inc.
1.650% due 02/01/2028			1,380	1,255

Calpine Corp.
4.500% due 02/15/2028			300	288

Chile Electricity Lux MPC SARL
5.580% due 10/20/2035			4,500	4,379

Constellation Energy Generation LLC
3.250% due 06/01/2025			120			119

Electricite de France SA
4.875% due 09/21/2038			100			89
9.125% due 03/15/2033 •(g)			120			136

FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.250% due 01/31/2041			2,300			2,256

FirstEnergy Corp.
2.250% due 09/01/2030			90			77
3.400% due 03/01/2050			650			442

FORESEA Holding SA
7.500% due 06/15/2030			3,200			3,085

Georgia Power Co.
5.250% due 03/15/2034			500			496


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

Lightning Power LLC
7.250% due 08/15/2032	$		2,000	$			2,062

ONEOK, Inc.
5.200% due 07/15/2048			1,000				882

Pacific Gas & Electric Co.
3.300% due 12/01/2027			600				573
4.550% due 07/01/2030			365				354
5.800% due 05/15/2034			7,025				7,187
6.950% due 03/15/2034			250				274

PacifiCorp
5.300% due 02/15/2031			500				505
5.500% due 05/15/2054			390				365

Southern California Edison Co.
5.200% due 06/01/2034			3,000				2,971
5.875% due 12/01/2053			585				583

Sprint Capital Corp.
6.875% due 11/15/2028			600				637

System Energy Resources, Inc.
5.300% due 12/15/2034			5,000				4,902

Yinson Production Financial Services Pte. Ltd.
9.625% due 05/03/2029	2,900						3,000

							40,047

Total Corporate Bonds & Notes (Cost $533,842)							533,664


MUNICIPAL BONDS & NOTES 0.2%

ARIZONA 0.1%

Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024
7.375% due 10/01/2029	3,000						3,060


CALIFORNIA 0.0%

California State General Obligation Bonds, Series 2023
5.125% due 03/01/2038			155		152

California State University Revenue Bonds, Series 2020
2.975% due 11/01/2051			215		144

					296


IOWA 0.1%

Iowa Finance Authority Revenue Bonds, Series 2024
5.000% due 08/01/2034			2,200		2,533

Total Municipal Bonds & Notes (Cost $5,848)					5,889


U.S. GOVERNMENT AGENCIES 30.8%

Uniform Mortgage-Backed Security
6.000% due 10/01/2053 - 08/01/2054			21,543		21,668

Uniform Mortgage-Backed Security, TBA
3.000% due 02/01/2055			67,525		57,365
4.000% due 02/01/2055 - 03/01/2055			149,700		136,882
4.500% due 02/01/2055 - 03/01/2055			164,500				154,631
6.000% due 02/01/2055			353,900				355,255
6.500% due 02/01/2055			105,700				107,802

Total U.S. Government Agencies (Cost $835,288)							833,603


U.S. TREASURY OBLIGATIONS 7.7%

U.S. Treasury Inflation Protected Securities (f)
0.125% due 04/15/2025 (l)			754				749
0.125% due 10/15/2025 (l)			1,582				1,563
0.375% due 07/15/2025 (l)			8,230				8,181
1.875% due 07/15/2034			115,481				111,930
2.125% due 04/15/2029			87,319				87,450

Total U.S. Treasury Obligations (Cost $213,161)							209,873


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 23.3%

ACRA Trust
5.608% due 10/25/2064 þ	$		5,666	$		5,659

AG Trust
6.413% due 07/15/2041 •			15,500			15,571

American Home Mortgage Assets Trust
5.745% due 11/25/2046 •			501			130

Angel Oak Mortgage Trust
4.800% due 11/25/2067 þ			2,230			2,185
5.985% due 01/25/2069 þ			1,727			1,732
6.197% due 01/25/2069 þ			3,469			3,493
6.500% due 12/25/2067 þ			770			777

ATLX Trust
3.850% due 04/25/2064 þ			6,201			5,925

Avon Finance PLC
5.626% due 12/28/2049 •	GBP		776			973

BAMLL Commercial Mortgage Securities Trust
2.847% due 04/20/2042 «~	$		2,790			2,067
6.412% due 03/15/2037 •			1,000			999

Banc of America Alternative Loan Trust
5.707% due 10/25/2036 ~			3,991			1,127
6.359% due 10/25/2036 þ			5,237			1,476

Barclays Commercial Mortgage Securities Trust
5.137% due 12/15/2057			5,000			5,014
5.609% due 12/15/2057			5,000			5,106

Bear Stearns Mortgage Funding Trust
4.873% due 07/25/2036 •			753			684

Benchmark Mortgage Trust
2.732% due 02/15/2053			1,400			1,248
3.944% due 07/15/2051			1,300			1,259

BINOM Securitization Trust
4.441% due 08/25/2057 ~			5,716			5,458

BMO Mortgage Trust
5.092% due 11/15/2057			10,000			10,001
5.153% due 12/15/2057			5,000			5,001
5.462% due 02/15/2057			2,400			2,430
5.566% due 11/15/2057 ~			10,000			10,175
5.625% due 12/15/2057 ~			5,700			5,810
5.857% due 02/15/2057			9,600			9,841

BX Trust
5.410% due 02/15/2039 •			207			207

Chase Home Lending Mortgage Trust
3.250% due 03/25/2063 ~			1,013			901
3.250% due 09/25/2063 ~			4,185			3,709
3.250% due 03/25/2064 ~			3,755			3,323
3.250% due 08/25/2064 ~			4,779			4,221
3.250% due 09/25/2064 ~			8,416			7,454
3.375% due 12/25/2064 ~			13,690			12,217

CIM Trust
3.250% due 10/25/2058 ~			1,119			995
4.750% due 06/25/2064 ~			4,416			4,302
6.639% due 12/25/2067 þ			390			394

COLT Mortgage Loan Trust
5.162% due 04/25/2067 þ			701			699
6.393% due 06/25/2069 þ			4,270			4,312
6.421% due 05/25/2069 þ			1,848			1,870

Commercial Mortgage Trust
3.140% due 10/10/2036			1,900			1,657

Credit Suisse Mortgage Capital Mortgage-Backed Trust
2.000% due 01/25/2060 ~			10,316			9,157
3.650% due 07/25/2058 ~			633			618
4.500% due 08/01/2057 ~			971			940

Cross Mortgage Trust
5.549% due 12/25/2069 ~			5,100			5,110
6.093% due 04/25/2069 þ			870			877
6.147% due 07/25/2069 þ			3,850			3,876
6.272% due 06/25/2069 þ			4,952			4,996
6.615% due 03/25/2068 þ			345			348

DC Commercial Mortgage Trust
6.314% due 09/12/2040			500			513

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
4.933% due 12/25/2036 •			24,563			5,006

Ellington Financial Mortgage Trust
5.522% due 01/26/2060 «þ			5,600			5,588

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024


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


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

GCAT Trust
4.250% due 05/25/2067 ~	$		2,918	$		2,704
6.007% due 01/25/2059 þ			759			763
6.085% due 06/25/2059 þ			2,438			2,453

GS Mortgage Securities Corp. Trust
3.721% due 02/10/2037			6,500			6,120
5.770% due 12/15/2036 •			6,800			6,763

GS Mortgage-Backed Securities Trust
3.900% due 09/25/2061 þ			5,838			5,625

GSR Mortgage Loan Trust
5.033% due 08/25/2046 •			21,271			4,623

HarborView Mortgage Loan Trust
5.101% due 11/19/2035 •			1,446			942
5.165% due 06/20/2035 •			5,408			5,066

ILPT Commercial Mortgage Trust
6.642% due 10/15/2039 •			1,878			1,887

Independence Plaza Trust
3.763% due 07/10/2035			1,000			978

JP Morgan Chase Commercial Mortgage Securities Trust
4.994% due 04/15/2037 •			2,831			2,771
5.495% due 02/15/2035 •			823			818

JP Morgan Mortgage Trust
4.625% due 07/25/2063 ~			1,697			1,649
5.250% due 11/25/2063 ~			418			410
5.990% due 07/25/2064 ~			900			905

JPMorgan Seasoned Mortgage Trust
4.503% due 10/25/2054 ~			2,000			1,870

Merrion Square Residential
3.901% due 03/24/2081 •	EUR		9,139			9,482

MF1 Ltd.
5.467% due 12/15/2034 •	$		3,790			3,770

MFA Trust
4.250% due 02/25/2066 ~			1,925			1,831
6.105% due 12/25/2068 þ			2,159			2,170
6.775% due 10/25/2058 þ			1,087			1,102

Mill City Mortgage Loan Trust
3.250% due 07/25/2059 ~			13,945			12,009
3.250% due 01/25/2061 ~			3,014			2,647
3.250% due 10/25/2069 ~			4,394			4,266

Morgan Stanley Residential Mortgage Loan Trust
4.000% due 06/25/2064 þ			7,957			7,637

New Orleans Hotel Trust
5.434% due 04/15/2032 •			9,793			9,656

New York Mortgage Trust
3.750% due 02/25/2068 ~			916			844
5.379% due 06/25/2069 ~			6,372			6,336

NLT Trust
3.200% due 10/25/2062 ~			3,368			2,987

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.978% due 08/25/2036 ~			9,378			2,561
6.757% due 06/25/2036 þ			10,569			2,869

Nomura Resecuritization Trust
3.394% due 10/26/2036 •			3,533			3,067

OBX Trust
3.627% due 03/25/2053 ~			1,275			1,255
3.642% due 04/25/2053 ~			1,691			1,652
4.700% due 07/25/2062 þ			5,191			5,124
5.878% due 12/25/2063 þ			8,140			8,174
6.233% due 05/25/2064 þ			3,002			3,030
6.465% due 10/25/2063 þ			805			814
6.520% due 07/25/2063 þ			359			363
6.567% due 06/25/2063 þ			362			366
6.844% due 04/25/2063 þ			898			911
7.159% due 10/25/2063 þ			1,526			1,556

OPEN Trust
7.486% due 11/15/2040 •			307	310

Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
5.218% due 11/25/2035 •			3,184	3,037

PRET LLC
5.925% due 10/25/2054 þ			17,202	17,234
5.963% due 11/25/2054 þ			9,331	9,361

PRET Trust
4.075% due 06/25/2064 ~			3,665	3,431


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

PRKCM Trust
6.431% due 05/25/2059 þ	$		2,198	$		2,227
6.584% due 09/25/2058 þ			751	759
7.225% due 11/25/2058 þ			820	836

PRPM LLC
3.750% due 03/25/2054 þ			884	855
4.000% due 11/25/2053 þ			982	960
4.000% due 01/25/2054 þ			1,728	1,688
4.000% due 05/25/2054 þ			861	842
4.000% due 07/25/2054 þ			881	854
4.000% due 08/25/2054 þ			1,777	1,724
4.000% due 10/25/2054 þ			1,770	1,708
4.000% due 11/25/2054 þ			7,894	7,602
4.200% due 12/25/2064 þ			2,692	2,618
5.699% due 11/25/2029 þ			1,852	1,853
5.870% due 11/25/2029 þ			9,159	9,189
5.897% due 12/25/2029 «þ			9,500	9,523
6.221% due 11/25/2068 þ			1,762	1,776
6.250% due 08/25/2068 þ			827	833
6.265% due 12/25/2068 þ			3,475	3,515
6.327% due 06/25/2069 þ			3,019	3,047
6.959% due 02/25/2029 þ			1,796	1,806

PRPM Trust
5.674% due 12/26/2069 þ			5,600	5,610

RCKT Mortgage Trust
5.158% due 10/25/2044 þ			8,761	8,687
5.582% due 12/25/2044 «þ			15,100	15,100
5.846% due 08/25/2044 þ			6,565	6,613

Residential Accredit Loans, Inc. Trust
6.500% due 09/25/2037			5,552	4,477

Sequoia Mortgage Trust
4.520% due 11/25/2063 ~			19,140	18,799

SMRT Commercial Mortgage Trust
5.398% due 01/15/2039 •			1,500	1,497

Starwood Mortgage Trust
5.612% due 04/15/2034 •			284	282

Towd Point Mortgage Trust
2.750% due 07/25/2057 ~			125	125
2.900% due 10/25/2059 ~			989			942
3.750% due 04/25/2057 ~			1,500			1,470
3.750% due 09/25/2062			8,146			7,660
4.132% due 04/25/2055 ~			7,500			7,185
4.391% due 10/27/2064 ~			22,435			21,817
4.480% due 10/25/2064 ~			19,420			19,010
5.453% due 10/25/2048 •			734			743
5.725% due 11/25/2064 þ			10,530			10,561

Trinity Square PLC
6.110% (SONIO/N + 1.300%) due 07/15/2059 ~	GBP		1,000			1,253

Turkeys First National Bank
7.962% due 11/15/2034 «(i)	$		2,200			2,227

Verus Securitization Trust
3.417% due 01/25/2060 þ			308			302
5.218% due 09/25/2069 þ			7,796			7,740
5.811% due 05/25/2068 þ			1,517			1,522
5.999% due 02/25/2068 þ			874			877
6.116% due 03/25/2069 þ			10,923			11,008
6.192% due 06/25/2069 þ			5,318			5,359
6.193% due 03/25/2068 þ			344			346
6.218% due 06/25/2069 þ			5,246			5,290
6.259% due 12/25/2068 þ			7,642			7,705
6.338% due 04/25/2069 þ			3,463			3,495
6.443% due 08/25/2068 þ			907			917
6.665% due 09/25/2068 þ			934			945
6.876% due 11/25/2068 ~			1,278			1,297
7.070% due 10/25/2068 þ			742			755

Visio Trust
6.598% due 10/25/2058 þ			844			853

WaMu Mortgage Pass-Through Certificates Trust
5.098% due 01/25/2036 ~			5,202			4,971
5.313% due 10/25/2045 •			2,086			2,020

Wells Fargo Commercial Mortgage Trust
2.892% due 08/15/2052			1,400			1,267
3.640% due 12/15/2059			500			487
5.439% due 11/15/2057			10,000			10,117
5.920% due 11/15/2057 ~			10,000			10,312


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

WSTN Trust
6.297% due 07/05/2037 ~	$		400	$		406

Total Non-Agency Mortgage-Backed Securities (Cost $629,703)						629,894


ASSET-BACKED SECURITIES 34.1%

AUTOMOBILE ABS OTHER 2.8%

Ally Bank Auto Credit-Linked Notes Trust
6.315% due 05/17/2032			391			397

Carvana Auto Receivables Trust
4.670% due 12/10/2030			6,000			5,948
4.900% due 12/10/2030			6,000			5,922
5.820% due 09/10/2030			3,750			3,801

CPS Auto Receivables Trust
4.650% due 03/15/2029			5,300			5,288
4.760% due 01/15/2031			7,000			6,933
5.740% due 04/15/2030			1,500			1,513

Drive Auto Receivables Trust
4.520% due 07/16/2029			6,000			5,960
4.670% due 05/17/2032			6,000			5,946

Exeter Automobile Receivables Trust
4.480% due 04/16/2029			8,000			7,958
4.640% due 01/15/2030			8,000			7,931
5.410% due 05/15/2030			1,500			1,513

Foursight Capital Automobile Receivables Trust
5.550% due 05/15/2029			1,000			1,008

GLS Auto Receivables Issuer Trust
5.080% due 01/16/2029			2,800			2,813
5.210% due 02/18/2031			6,000			6,024

GLS Auto Select Receivables Trust
4.500% due 11/15/2030			630			619
5.640% due 06/17/2030			3,250			3,288
5.640% due 08/15/2030			800			807
5.920% due 08/15/2030			1,000			1,010

Santander Drive Auto Receivables Trust
5.450% due 03/15/2030			1,295			1,305
6.400% due 03/17/2031			500			516
6.430% due 02/18/2031			500			518

						77,018


AUTOMOBILE SEQUENTIAL 1.8%

Avis Budget Rental Car Funding AESOP LLC
5.200% due 10/20/2027			500			503
5.360% due 06/20/2030			2,000			2,032
5.900% due 08/21/2028			1,200			1,227

FCCU Auto Receivables Trust
5.460% due 04/15/2030			1,000			1,012

FHF Issuer Trust
4.940% due 11/15/2030			7,500			7,488
5.690% due 02/15/2030			2,592			2,617
5.890% due 06/15/2030			3,372			3,415

Ford Auto Securitization Trust
4.972% due 03/15/2030	CAD		3,000			2,163
5.053% due 07/15/2028			3,000			2,126

Foursight Capital Automobile Receivables Trust
5.490% due 01/16/2029	$		1,328			1,335

Lendbuzz Securitization Trust
4.970% due 10/15/2029			5,200			5,201

OneMain Direct Auto Receivables Trust
5.410% due 11/14/2029			4,000			4,044

Research-Driven Pagaya Motor Asset Trust
7.090% due 06/25/2032			1,982			2,006
7.130% due 01/26/2032			776			783

Tricolor Auto Securitization Trust
5.220% due 06/15/2028			10,430			10,463
6.360% due 12/15/2027			1,006			1,014
6.610% due 10/15/2027			892			900

United Auto Credit Securitization Trust
6.170% due 08/10/2026			364			365

Veros Auto Receivables Trust
6.280% due 11/15/2027			1,315			1,326

						50,020


100		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CMBS OTHER 0.9%

AREIT LLC
6.494% due 08/17/2041 •	$		493	$		495

AREIT Trust
5.576% due 11/17/2038 •			352			351

KREF Ltd.
5.816% due 02/17/2039 •			981			986

LoanCore Issuer Ltd.
5.812% due 07/15/2036 •			1,210			1,215
6.148% due 01/17/2037 •			874			880

MF1 LLC
6.103% due 03/19/2039 •			2,000			2,006

PFP Ltd.
6.315% due 09/17/2039 •			18,244			18,397

						24,330


HOME EQUITY OTHER 6.1%

Accredited Mortgage Loan Trust
4.893% due 12/25/2035 •			15,362			14,371

ACE Securities Corp. Home Equity Loan Trust
4.813% due 07/25/2037 •			29,488			7,177
4.973% due 07/25/2036 •			8,760			6,973
6.703% due 08/25/2045 •			7,700			6,770

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
5.398% due 07/25/2035 •			188			186
5.503% due 08/25/2035 •			1,346			1,325

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
4.913% due 01/25/2036 •			366			349

Asset-Backed Securities Corp. Home Equity Loan Trust
6.478% due 05/25/2035 •			2,778			2,373

Bear Stearns Asset-Backed Securities Trust
4.803% due 04/25/2037 •			6,813			6,334
5.411% due 03/25/2035 •			1,239			1,237

BNC Mortgage Loan Trust
5.953% due 11/25/2037 •			12,673			8,964

Chase Funding Trust
4.913% due 12/25/2033 •			957			936

Citicorp Residential Mortgage Trust
4.540% due 07/25/2036 þ			7,347			6,961

Countrywide Asset-Backed Certificates Trust
4.933% due 03/25/2047 •			6,537			6,106
5.456% due 07/25/2035 ~			721			716
6.628% due 12/25/2034 •			3,471			3,130

CSAB Mortgage-Backed Trust
6.220% due 09/25/2036 þ			6,005			1,757

Equifirst Loan Securitization Trust
4.713% due 04/25/2037 •			5,000			3,868

GSAA Home Equity Trust
4.553% due 05/25/2037 •			8,046			2,855

GSAMP Trust
4.633% due 06/25/2036 •			840			460
5.188% due 09/25/2035 •			1,440			1,412

HSI Asset Securitization Corp. Trust
4.713% due 12/25/2036 •			5,111			2,006

IXIS Real Estate Capital Trust
5.053% due 03/25/2036 •			154			80

JP Morgan Mortgage Acquisition Trust
4.773% due 03/25/2037 •			1,500			1,345

Long Beach Mortgage Loan Trust
5.203% due 02/25/2034 •			1,413			1,387

Merrill Lynch First Franklin Mortgage Loan Trust
4.713% due 06/25/2037 •			1,519			1,497
4.953% due 06/25/2037 •			279			277

Merrill Lynch Mortgage Investors Trust
5.578% due 06/25/2035 •			3,978			4,106

Morgan Stanley ABS Capital, Inc. Trust
5.073% due 12/25/2035 •			303			295
5.353% due 05/25/2034 •			6,319			6,002

New Century Home Equity Loan Trust
5.013% due 05/25/2036 •			1,500			1,352
5.338% due 05/25/2034 •			1,737			1,715


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

Nomura Home Equity Loan, Inc. Home Equity Loan Trust
5.253% due 02/25/2037 •	$		1,210	$		341

NovaStar Mortgage Funding Trust
4.733% due 06/25/2036 •			229			202

RCKT Mortgage Trust
5.344% due 09/25/2044 þ			4,776			4,755
6.141% due 04/25/2044 ~			4,215			4,241
6.147% due 06/25/2044 þ			9,276			9,354

Renaissance Home Equity Loan Trust
5.909% due 04/25/2037 þ			46,054			12,082

Residential Asset Securities Corp. Trust
6.478% due 03/25/2035 •			669			611

Saxon Asset Securities Trust
4.553% due 05/25/2047 •			181			128
4.853% due 09/25/2047 •			6,731			6,317
4.948% due 03/25/2036 •			6,050			4,561

Securitized Asset-Backed Receivables LLC Trust
4.713% due 01/25/2037 •			769			729
4.873% due 03/25/2036 •			3,590			3,349
4.873% due 12/25/2036 •			3,569			1,706
5.413% due 10/25/2035 •			3,151			2,211

Soundview Home Loan Trust
4.973% due 02/25/2037 •			11,356			3,105

Structured Asset Investment Loan Trust
5.403% due 10/25/2033 •			1,706			1,724

Structured Asset Securities Corp.
4.475% due 02/25/2035 •			825			795

Structured Asset Securities Corp. Mortgage Loan Trust
4.873% due 02/25/2037 •			318			310

Towd Point Mortgage Trust
6.125% due 02/25/2064 ~			2,576			2,597

Wells Fargo Home Equity Asset-Backed Securities Trust
5.443% due 04/25/2035 •			429			429

						163,869


HOME EQUITY SEQUENTIAL 0.0%

JP Morgan Mortgage Acquisition Trust
4.075% due 11/25/2036 •			1,230			1,091


MANUFACTURING HOUSE SEQUENTIAL 0.1%

Cascade MH Asset Trust
5.695% due 11/25/2056 ~			2,453			2,464


WHOLE LOAN COLLATERAL 2.2%

Citigroup Mortgage Loan Trust
4.853% due 11/25/2046 •			435			424

First Franklin Mortgage Loan Trust
6.328% due 07/25/2034 •			307			306

PRET LLC
5.851% due 12/25/2054 «þ			14,900			14,876
5.926% due 10/25/2054 þ			8,238			8,203
5.963% due 09/25/2054 þ			6,713			6,661
7.143% due 03/25/2054 þ			4,175			4,193

Residential Asset Mortgage Products Trust
4.833% due 10/25/2036 •			17,415			15,761

Securitized Asset-Backed Receivables LLC Trust
4.693% due 11/25/2036 •			27,765			7,761

						58,185


OTHER ABS 20.2%

37 Capital CLO Ltd.
6.456% due 01/15/2034 •			1,700			1,704

522 Funding CLO Ltd.
5.758% due 10/23/2034 •			7,800			7,813
5.959% due 04/20/2030 •			45			45

ACHV ABS Trust
5.010% due 12/26/2031			532			532
5.070% due 10/27/2031			2,362			2,369
5.430% due 10/27/2031			4,254			4,263
5.450% due 12/26/2031			5,000			5,010


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.680% due 12/26/2031	$		4,500	$		4,511
5.900% due 04/25/2031			602			608

American Money Management Corp. CLO Ltd.
5.733% due 11/10/2030 •			251			251
5.760% due 01/20/2035 •			9,100			9,100

Anchorage Capital CLO Ltd.
6.317% due 04/20/2037 •			1,500			1,511

Ares CLO Ltd.
5.703% due 10/28/2034 •			2,500			2,508

Ascent Education Funding Trust
6.140% due 10/25/2050			1,976			1,994

Bain Capital Credit CLO Ltd.
1.000% due 07/24/2034 •(a)			10,000			10,000
5.671% due 10/23/2034 •			6,000			6,013
5.759% due 10/20/2034 •			20,000			20,042
5.836% due 10/23/2034 •			8,700			8,724
5.877% due 07/16/2034 •			11,100			11,130
6.009% due 10/20/2034 •			1,000			999
6.127% due 07/16/2034 •			1,500			1,502

Barings CLO Ltd.
5.869% due 01/20/2031 •			1,153			1,156

Barings Euro CLO DAC
4.066% due 07/25/2035 •	EUR		2,000			2,065

BHG Securitization Trust
5.550% due 04/17/2036	$		308			309
6.920% due 12/17/2036			200			207

BlueMountain CLO Ltd.
5.723% due 11/15/2030 •			1,469			1,472

Canyon CLO Ltd.
5.514% due 07/15/2034 •			5,200			5,200

Capital Street Master Trust
5.948% due 10/16/2028 •			8,000			8,008

Carlyle Global Market Strategies Euro CLO DAC
4.139% due 01/16/2033 •	EUR		500			517

Carlyle U.S. CLO Ltd.
6.078% due 10/15/2035 •	$		1,200			1,202

CIFC Funding Ltd.
5.846% due 10/24/2030 •			144			145
6.003% due 01/22/2031 •			721			722

College Avenue Student Loans LLC
5.802% due 07/25/2051 •			2,440			2,430
5.853% due 12/28/2048 •			1,413			1,417
6.469% due 05/25/2055 •			2,793			2,857

CRB Securitization Trust
6.960% due 10/20/2033			190			191

Cumulus Static CLO DAC
4.223% due 11/15/2033 •	EUR		982			1,019

Dryden Euro CLO DAC
4.208% due 10/18/2034 •			7,000			7,238

Dryden Senior Loan Fund
5.687% due 04/20/2034 «•	$		1,920			1,920

ECMC Group Student Loan Trust
5.833% due 11/25/2069 •			923			928

Elevation CLO Ltd.
5.467% due 07/25/2034 •(a)			24,200			24,200
5.926% due 01/25/2035 •			18,000			18,129
6.226% due 01/25/2035 •			2,300			2,303

Fortress Credit Bsl Ltd.
5.649% due 07/23/2032 •			10,200			10,232

Galaxy CLO Ltd.
5.767% due 05/16/2031 •			274			275

GoldenTree Loan Management U.S. CLO Ltd.
5.752% due 10/20/2034 •			5,000			5,018
6.287% due 01/20/2034 •			1,000			1,002

Golub Capital Partners Static Ltd.
5.847% due 04/20/2033 •			1,559			1,560

GreenSky Home Improvement Trust
5.150% due 10/27/2059			4,200			4,188
5.250% due 10/27/2059			3,300			3,307
5.260% due 10/27/2059			400			399
5.550% due 06/25/2059			1,100			1,112
5.550% due 10/27/2059			400			400
5.870% due 06/25/2059			2,000			2,024
6.360% due 06/25/2059			2,000			2,036
6.430% due 10/27/2059			400			403

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

101


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


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

Greywolf CLO Ltd.
6.183% due 04/22/2033 •	$		20,800	$		20,873

Harvest CLO DAC
4.124% due 01/15/2034 •	EUR		10,000			10,321

Hayfin Emerald CLO
4.224% due 10/15/2034 •			5,000			5,165

Invesco Euro CLO DAC
4.254% due 01/15/2034 •			10,000			10,365
4.553% due 10/30/2038 •			10,000			10,356

KKR CLO Ltd.
6.087% due 02/09/2035 •	$		2,000			2,009

LCM LP
6.048% due 10/15/2031 •			524			525

Lendmark Funding Trust
5.530% due 06/21/2032			3,100			3,138

Madison Park Funding Ltd.
5.819% due 10/21/2030 •			398			398

Marathon CLO Ltd.
5.856% due 04/15/2032 •			3,992			3,999

MidOcean Credit CLO
5.999% due 04/21/2031 •			329			330

Mountain View ClO Ltd.
6.077% due 10/15/2034 •			15,000			15,023

Nassau Ltd.
6.168% due 01/15/2030 •			23			23

Navient Private Education Refi Loan Trust
5.562% due 12/15/2059 •			1,208			1,210

Navient Student Loan Trust
5.583% due 08/26/2069 •			851			849

Nelnet Student Loan Trust
6.640% due 02/20/2041			325			329
6.805% due 02/20/2041 •			325			325

Neuberger Berman CLO Ltd.
5.838% due 10/15/2029 •			701			702

Newark BSL CLO Ltd.
5.857% due 07/25/2030 •			406			407

OCP CLO Ltd.
5.999% due 07/20/2029 •			49			49

OFSI BSL X Ltd.
5.824% due 04/20/2034 •			15,600			15,632

Oportun Issuance Trust
5.860% due 02/09/2032			2,739			2,746
6.334% due 04/08/2031			521			522

OZLM Ltd.
5.767% due 07/20/2030 •			609			610

Pagaya AI Debt Selection Trust
0.000% due 04/15/2032 «~			1,230			1,043
5.065% due 03/15/2032			4,942			4,946
5.092% due 07/15/2032			10,800			10,810
5.162% due 04/15/2032 «			1,760			1,762
5.183% due 06/15/2032			8,000			8,007
5.331% due 01/15/2032			3,625			3,636
5.617% due 04/15/2032 «			1,370			1,372
5.637% due 07/15/2032			2,900			2,905
5.750% due 06/15/2032			5,000			5,003
5.823% due 04/15/2032 «			790			789
5.992% due 06/15/2032			1,600			1,601
6.093% due 11/15/2031			1,223			1,236
6.117% due 12/15/2031			2,317			2,342
6.258% due 10/15/2031			1,989			2,002
6.261% due 04/15/2032 «			830			828
6.278% due 10/15/2031			1,369			1,384
6.660% due 07/15/2031			1,546			1,565
7.128% due 06/16/2031			23			23
7.299% due 06/16/2031			716			728
7.625% due 04/15/2031			983			987
7.656% due 05/15/2030			924			928
8.050% due 03/15/2030 ~			491			494
8.462% due 12/16/2030 ~			521			525
8.954% due 07/15/2030 ~			633			638
9.099% due 04/15/2031			1,000			1,021
9.435% due 07/15/2030			2,200			2,215
9.570% due 12/16/2030			2,699			2,736
10.273% due 04/15/2032 «			1,020			1,016

Pikes Peak CLO
5.852% due 10/11/2034 •			18,000			18,049
5.866% due 07/15/2034 •			18,000			18,049


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

PK ALIFT Loan Funding 4 LP
5.052% due 10/15/2039	$		8,000	$		7,859

Reach ABS Trust
5.840% due 07/15/2031			5,000			5,025
5.880% due 07/15/2031			2,015			2,025
6.290% due 02/18/2031			950			961
6.300% due 02/18/2031			1,098			1,105

Regatta Funding Ltd.
5.826% due 10/25/2031 •			3,339			3,345

Rockford Tower Europe CLO DAC
4.468% due 04/24/2037 •	EUR		4,700			4,871

SLM Student Loan Trust
3.486% due 10/25/2039 •			1,186			1,155
3.636% due 07/25/2039 •			1,207			1,193

SMB Private Education Loan Trust
5.060% due 03/16/2054	$		11,542			11,449
5.090% due 10/16/2056			2,204			2,193
5.380% due 01/15/2053			1,061			1,065
5.380% due 07/15/2053			4,745			4,754
5.500% due 06/17/2052			6,878			6,928
5.698% due 06/17/2052 •			1,495			1,500
5.698% due 07/15/2053 •			4,745			4,779
5.948% due 10/16/2056 •			2,779			2,804
6.398% due 10/16/2056 •			4,087			4,196

Sound Point CLO Ltd.
6.088% due 07/15/2034 •			1,000			1,002

St Paul’s CLO DAC
3.916% due 04/25/2030 •	EUR		5,560			5,761

Steele Creek CLO Ltd.
5.949% due 04/21/2031 •	$		332			333

Stream Innovations Trust
6.270% due 07/15/2044			1,884			1,931

Symphony CLO Ltd.
6.176% due 04/15/2037 •			2,000			2,016
6.417% due 01/20/2037 •			1,000			1,010

TCW CLO Ltd.
5.784% due 08/16/2034 •			2,300			2,305
6.247% due 01/16/2037 •			2,000			2,013

TIAA CLO Ltd.
5.757% due 01/20/2032 •			1,395			1,397
6.059% due 01/16/2031 •			391			391

Toro European CLO DAC
4.104% due 01/12/2032 •	EUR		499			516

Trinitas CLO Ltd.
5.466% due 10/20/2033 •	$		23,900			23,900
5.979% due 07/20/2031 •			837			839
5.996% due 04/25/2033 •			2,000			2,002

Trysail CLO Ltd.
5.917% due 07/20/2032 •			3,989			3,997
7.267% due 10/20/2033 •			5,600			5,606

Upstart Pass-Through Trust
7.900% due 10/20/2028			1,005			1,014

Venture CLO Ltd.
5.491% due 10/20/2034 •			1,000			1,000
6.009% due 04/20/2032 •			472			473

Voya CLO Ltd.
5.817% due 07/20/2032 •			1,000			1,001
5.918% due 10/15/2030 •			181			181
5.929% due 04/17/2030 •			478			479

						547,140

Total Asset-Backed Securities (Cost $926,726)						924,117


SOVEREIGN ISSUES 3.2%

Bank Gospodarstwa Krajowego
5.750% due 07/09/2034			1,500			1,492

Brazil Letras do Tesouro Nacional
0.000% due 04/01/2025 (e)	BRL		38,800			6,097
0.000% due 07/01/2025 (e)			53,000			8,049

Ecuador Government International Bond
6.900% due 07/31/2030 þ	$		2,000			1,400

El Salvador Government International Bond
7.625% due 02/01/2041			725			676
9.250% due 04/17/2030			800			849


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

Mexico Government International Bond
2.750% due 11/27/2031 (f)	MXN		219,424	$		8,869
4.000% due 11/30/2028 (f)			250,293			11,375
4.000% due 08/24/2034 (f)			146,846			6,254
7.000% due 09/03/2026			57,000			2,619

Panama Government International Bond
3.750% due 03/16/2025	$		400			397
7.500% due 03/01/2031			300			305
8.000% due 03/01/2038			500			502

Peru Government International Bond
6.150% due 08/12/2032	PEN		9,400			2,486
6.900% due 08/12/2037			30,600			8,130

Romania Government International Bond
5.125% due 09/24/2031	EUR		2,000			2,027

Senegal Government International Bond
5.375% due 06/08/2037			1,500			1,102

South Africa Government International Bond
8.000% due 01/31/2030	ZAR		83,750			4,253
8.500% due 01/31/2037			238,400			10,726

Turkey Government International Bond
36.000% due 08/12/2026	TRY		100,000			2,782
49.430% (BISTREFI) due 09/06/2028 ~			100,000			2,797
50.485% (BISTREFI) due 05/20/2026 ~			31,100			890
50.485% (BISTREFI) due 05/17/2028 ~			59,300			1,655

Total Sovereign Issues (Cost $89,897)						85,732


		SHARES
COMMON STOCKS 0.0%

ENERGY 0.0%

New Fortress Energy, Inc. «(c)			8,876			122

Total Common Stocks (Cost $0)						122


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 13.1%

REPURCHASE AGREEMENTS (j) 12.1%
						326,200


U.S. TREASURY BILLS 1.0%
4.471% due 01/16/2025 - 03/27/2025 (d)(e)(l)(n)	$		26,793			26,665

Total Short-Term Instruments (Cost $352,862)						352,865



Total Investments in Securities (Cost $3,699,511)						3,689,357


		SHARES
INVESTMENTS IN AFFILIATES 0.3%

MUTUAL FUNDS (h) 0.3%

PIMCO Senior Loan Active Exchange-Traded Fund			156,900			8,018

Total Mutual Funds (Cost $7,992)						8,018



Total Investments in Affiliates (Cost $7,992)						8,018


Total Investments 136.6% (Cost $3,707,503)				$		3,697,375

Financial Derivative Instruments (k)(m) 0.3% (Cost or Premiums, net $29,339)						7,100

Other Assets and Liabilities, net (36.9)%						(997,632	)

Net Assets 100.0%				$		2,706,843


102		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

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).

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.

•	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)	When-issued security.

(b)	Payment in-kind security.

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

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

(e)	Zero coupon security.

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

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

(h)	Institutional Class Shares of each Fund.

(i) RESTRICTED SECURITIES:


Issuer Description	Coupon	Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Deloitte LLP	5.250%		01/30/2030		10/30/2024	$	2,000	$	1,987		0.07	%
Deloitte LLP	5.410		01/30/2032		10/30/2024		2,000		1,984		0.07
Deloitte LLP	5.590		01/30/2035		10/30/2024		2,000		1,974		0.07
National Football League	5.480		10/05/2028		03/14/2024		1,600		1,604		0.06
Project Alpha Intermediate Holding, Inc.	5.301		07/15/2025		10/16/2024		434		414		0.02
Turkeys First National Bank	7.962		11/15/2034		09/18/2024		2,200		2,227		0.09

						$	10,234	$	10,190		0.38	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j) 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		4.290	%		12/31/2024		01/02/2025	$	11,700	U.S. Treasury Bonds 4.750% due 11/15/2053	$	(11,995	)	$	11,700	$	11,703
		4.550			01/02/2025		01/03/2025		150,800	U.S. Treasury Bonds 4.500% due 02/15/2044		(154,055	)		150,800		150,800
		4.660			12/31/2024		01/02/2025		100	U.S. Treasury Bonds 1.875% due 02/15/2041		(103	)		100		100
		4.700			12/31/2024		01/02/2025		138,400	U.S. Treasury Inflation Protected Securities 2.000% due 01/15/2026		(141,306	)		138,400		138,436
MBC		4.600			12/31/2024		01/02/2025		25,200	U.S. Treasury Notes 2.000% due 11/15/2026		(26,013	)		25,200		25,206

Total Repurchase Agreements											$	(333,472	)	$	326,200	$	326,245

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, 2024:


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	$	301,039	$	0	$	0	$	0	$	301,039	$	(307,459	)	$	(6,420	)
MBC		25,206		0		0		0		25,206		(26,013	)		(807	)

Total Borrowings and Other Financing Transactions	$	326,245	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

103


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

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(7,132) at a weighted average interest rate of 5.186%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(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
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-BTP March Futures		03/2025		15	$	1,864	$	(22	)	$	2	$	0
U.S. Treasury 2-Year Note March Futures		03/2025		2,075		426,639		(813	)		0		(32	)

							$	(835	)	$	2	$	(32	)


SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury Long-Term Bond March Futures		03/2025		116	$	(13,206	)	$	353		$	29	$	0

Total Futures Contracts								$	(482	)	$	31	$	(32	)

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, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Asset		Liability
AT&T, Inc.		1.000	%	Quarterly		06/20/2028		0.499	%		$	500	$	3		$	5	$	8		$	0	$	0
Barclays Bank PLC		1.000		Quarterly		06/20/2025		0.241			EUR	5,000		14			6		20			0		0
Boeing Co.		1.000		Quarterly		12/20/2029		1.093			$	5,000		(37	)		18		(19	)		0		(3	)
Bombardier, Inc.		5.000		Quarterly		06/20/2028		1.297				100		4			8		12			0		0
Calpine Corp.		5.000		Quarterly		06/20/2029		1.335				1,100		151			12		163			1		0
Ford Motor Credit Co. LLC		5.000		Quarterly		06/20/2028		1.049				200		21			5		26			0		0
Verizon Communications, Inc.		1.000		Quarterly		12/20/2028		0.513				100		0			2		2			0		0

													$	156		$	56	$	212		$	1	$	(3	)

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid(Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽⁴⁾			Asset		Liability
CDX.EM-40 5-Year Index		1.000	%	Quarterly		12/20/2028	$	200	$	(9	)	$	6	$	(3	)	$	0	$	0
CDX.EM-41 5-Year Index		1.000		Quarterly		06/20/2029		100		(4	)		1		(3	)		0		0
CDX.EM-42 5-Year Index		1.000		Quarterly		12/20/2029		200		(6	)		0		(6	)		0		0
CDX.HY-43 5-Year Index		5.000		Quarterly		12/20/2029		184,300		13,677			839		14,516			162		0
CDX.IG-43 5-Year Index		1.000		Quarterly		12/20/2029		725,700		16,332			128		16,460			172		0

									$	29,990		$	974	$	30,964		$	334	$	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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day GBP-SONIO Compounded-OIS		4.000	%	Annual		09/18/2029		GBP	51,000	$	326		$	(654	)	$	(328	)	$	140	$	0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.850		Annual		09/20/2033		JPY	3,560,000		(155	)		379			224			7		0
Receive	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/18/2026		$	117,700		(1,476	)		2,265			789			29		0
Receive	1-Day USD-SOFR Compounded-OIS		3.200		Annual		07/31/2029			27,400		(18	)		1,122			1,104			13		0
Receive	1-Day USD-SOFR Compounded-OIS		3.200		Annual		08/31/2031			30,500		(31	)		1,704			1,673			26		0
Receive	1-Day USD-SOFR Compounded-OIS		3.232		Annual		09/10/2034			400		(2	)		31			29			1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.240		Annual		09/16/2034			400		(2	)		30			28			1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.231		Annual		09/18/2034			900		(3	)		67			64			1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.248		Annual		09/18/2034			700		(2	)		51			49			1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.245		Annual		10/18/2034			33,200		(113	)		2,422			2,309			50		0
Pay	1-Day USD-SOFR Compounded-OIS		3.860		Annual		11/14/2034			1,600		(6	)		(23	)		(29	)		0		(2	)


104		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		3.866	%	Annual		11/14/2034		$	1,200	$	(5	)	$	(16	)	$	(21	)	$	0	$	(2	)
Pay	1-Day USD-SOFR Compounded-OIS		3.793		Annual		11/19/2034			1,600		(7	)		(31	)		(38	)		0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		3.855		Annual		11/19/2034			800		(4	)		(11	)		(15	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.865		Annual		11/20/2034			1,200		(5	)		(16	)		(21	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		4.015		Annual		12/30/2034			1,500		(5	)		(2	)		(7	)		0		(2	)
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.250		Annual		03/19/2035			12,600		655			180			835			18		0
Receive	1-Day USD-SOFR Compounded-OIS		3.300		Annual		11/15/2053			17,100		(274	)		2,206			1,932			20		0
Pay⁽⁵⁾	3-Month EUR-EURIBOR		2.500		Annual		03/19/2035		EUR	27,275		257			123			380			79		0
Receive⁽⁵⁾	3-Month EUR-EURIBOR		2.250		Annual		03/19/2055			17,974		66			(494	)		(428	)		0		(86	)
Pay⁽⁵⁾	6-Month AUD-BBR-BBSW		4.750		Semi-Annual		12/20/2033		AUD	100,775		504			(51	)		453			101		0
Pay	6-Month CZK-PRIBOR		4.270		Annual		08/01/2028		CZK	48,900		22			18			40			0		(1	)
Pay	6-Month CZK-PRIBOR		3.365		Annual		11/28/2029			149,700		(68	)		(15	)		(83	)		0		0

											$	(346	)	$	9,285		$	8,939		$	487	$	(99	)

Total Swap Agreements											$	29,800		$	10,315		$	40,115		$	822	$	(102	)

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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	31	$	822	$	853	$	0	$	(32)	$	(102)	$	(134)

(l)

Securities with an aggregate market value of $21,453 and cash of $25,602 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾

⁽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)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2025	CNH	5,065	$	696	$	5	$	0
		01/2025	KRW	138,616		97		3		0
		01/2025	SEK	4,935		451		5		0
		01/2025	$	3,096	GBP	2,435		0		(48	)
		01/2025		151	IDR	2,410,859		0		(2	)
		01/2025		865	JPY	131,822		0		(26	)
		01/2025		781	KRW	1,099,702		0		(36	)
		01/2025		72	SGD	97		0		(1	)
		02/2025	PEN	31,774	$	8,528		84		0

BPS		01/2025	BRL	29,357		5,222		470		0
		01/2025	CNH	47,095		6,492		74		0
		01/2025	CZK	3,128		131		3		0

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

105


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)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
		01/2025	IDR	16,728,474	$	1,024	$	0	$	(12	)
		01/2025	INR	146,290		1,706		0		0
		01/2025	KRW	1,340,677		961		53		0
		01/2025	MXN	48,504		2,401		76		0
		01/2025	TWD	83,996		2,645		92		0
		01/2025	$	4,741	BRL	29,357		11		0
		01/2025		2,500	CNH	18,251		0		(13	)
		01/2025		3,397	IDR	54,029,276		0		(62	)
		01/2025		2,135	INR	180,519		0		(29	)
		01/2025		1,476	KRW	2,189,920		9		0
		01/2025		7,403	PLN	30,094		0		(123	)
		01/2025		82	SGD	110		0		(1	)
		01/2025		2,022	TWD	65,583		0		(28	)
		01/2025		8,627	ZAR	154,722		0		(439	)
		02/2025	CNH	32,890	$	4,540		54		0
		03/2025	ILS	2,994		836		11		0
		03/2025	KRW	2,184,269		1,476		0		(7	)
		03/2025	MXN	5,405		263		7		0
		03/2025	$	1,024	IDR	16,779,187		7		0
		03/2025		1,706	INR	147,046		0		(2	)
		04/2025	TWD	65,203	$	2,022		30		0
		05/2025	CNH	28,732		3,960		27		0

BRC		01/2025	CAD	33,900		24,078		483		0
		01/2025	TRY	108,500		3,004		0		(28	)
		01/2025	TWD	196,768		6,060		78		0
		01/2025	$	6,296	EUR	6,044		0		(32	)
		01/2025		1,292	IDR	20,318,784		0		(36	)
		01/2025		1,559	JPY	233,094		0		(78	)
		01/2025		9,537	TRY	350,180		218		0
		02/2025		235	JPY	36,796		0		0
		02/2025		6,114	TRY	229,993		117		0
		03/2025	ILS	5,566	$	1,563		29		0
		03/2025	TRY	2,245		58		0		(1	)
		03/2025	$	2,643	TRY	100,907		36		0
		04/2025	PEN	6,341	$	1,698		14		0

CBK		01/2025	CNH	1,056		145		1		0
		01/2025	EUR	7,439		7,821		112		0
		01/2025	IDR	20,373,919		1,262		0		(1	)
		01/2025	INR	1,406,430		16,494		92		0
		01/2025	KRW	12,810,996		9,187		505		0
		01/2025	MXN	57,789		2,958		191		0
		01/2025	TWD	553,033		17,272		459		0
		01/2025	$	1,667	IDR	26,403,528		0		(32	)
		01/2025		11,080	INR	937,275		0		(149	)
		01/2025		1,169	KRW	1,714,672		0		(6	)
		01/2025		312	ZAR	5,645		0		(13	)
		02/2025	BRL	25,335	$	4,383		307		0
		03/2025	IDR	274,376		17		0		0
		03/2025	KRW	1,710,448		1,169		8		0
		03/2025	MXN	70		3		0		0
		03/2025	PEN	3,868		1,040		13		0
		03/2025	$	1,262	IDR	20,433,843		0		(6	)
		03/2025		16,494	INR	1,412,739		0		(117	)

CIB		01/2025		5,333	IDR	85,741,307		0		(33	)

DUB		01/2025	KRW	6,804,572	$	4,813		204		0
		01/2025	$	2,921	PLN	11,898		0		(43	)

FAR		01/2025	AUD	16,269	$	10,557		487		0
		01/2025	BRL	30,269		4,888		0		(11	)
		01/2025	KRW	11,491,443		7,996		214		0
		01/2025	TWD	5,123		158		2		0
		01/2025	$	4,919	BRL	30,269		0		(20	)
		01/2025		1,926	NZD	3,255		0		(105	)
		02/2025	BRL	30,429	$	4,919		23		0

GLM		01/2025	KRW	1,518,520		1,105		76		0
		01/2025	MXN	15,027		718		1		0
		01/2025	TWD	80,715		2,513		59		0
		01/2025	$	2,257	IDR	35,778,739		0		(48	)
		01/2025		856	PLN	3,486		0		(13	)


106		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
		02/2025	MXN	6,660	$	327	$	10	$	0
		03/2025	BRL	32,580		5,531		317		0
		03/2025	MXN	118,667		5,807		186		0
		03/2025	$	154	TRY	7,355		41		0

JPM		01/2025	CNH	30,900	$	4,272		61		0
		01/2025	IDR	1,670,555		102		0		(1	)
		01/2025	TRY	1,952		54		0		0
		01/2025	TWD	72,334		2,233		34		0
		01/2025	$	49	CNH	355		0		(1	)
		01/2025		428	IDR	6,782,809		0		(8	)
		01/2025		14,016	INR	1,190,773		0		(130	)
		01/2025		1,382	JPY	206,953		0		(65	)
		01/2025		3,346	PLN	13,605		0		(55	)
		02/2025		786	TRY	30,562		46		0
		03/2025		102	IDR	1,675,772		1		0
		03/2025		37	TRY	1,817		11		0
		05/2025		1,900		83,678		208		0

MBC		01/2025	AUD	11,319	$	7,145		139		0
		01/2025	CAD	8,554		5,978		25		0
		01/2025	CHF	22,654		25,724		737		0
		01/2025	CNH	11,166		1,534		12		0
		01/2025	EUR	92,443		97,401		1,598		0
		01/2025	INR	61,560		719		1		0
		01/2025	KRW	8,804,428		6,329		365		0
		01/2025	SGD	456		338		4		0
		01/2025	$	1,312	CNH	9,579		0		(7	)
		01/2025		1,214	INR	102,711		0		(16	)
		01/2025		2,758	PLN	11,251		0		(36	)
		01/2025		2,942	TWD	95,755		0		(31	)
		03/2025	ILS	1,774	$	499		10		0
		03/2025	$	719	INR	61,880		0		(1	)
		04/2025	TWD	95,216	$	2,942		34		0
		05/2025	CNH	20,199		2,786		20		0

MYI		01/2025	AUD	502		313		2		0
		01/2025	BRL	813		133		1		0
		01/2025	MXN	104,801		5,165		155		0
		01/2025	$	131	BRL	813		0		0
		01/2025		1,016	IDR	16,059,939		0		(21	)

NGF		01/2025		6,312		100,531,588		0		(98	)

RBC		02/2025		439	JPY	68,792		0		(1	)
		03/2025	MXN	251,528	$	12,282		370		0

RYL		01/2025	$	1,204	NZD	2,128		0		(14	)

SCX		01/2025	CHF	27	$	31		1		0
		01/2025	CNH	15,329		2,122		32		0
		01/2025	TWD	42,524		1,328		35		0
		01/2025	$	6,048	GBP	4,766		0		(83	)
		01/2025		3,713	IDR	58,773,919		0		(84	)
		01/2025		3,552	INR	300,405		0		(49	)
		01/2025		297	KRW	435,951		0		(2	)
		01/2025		50	SGD	67		0		(1	)
		01/2025		1,663	TWD	54,234		0		(14	)
		02/2025	CNH	45,804	$	6,294		48		0
		02/2025	$	552	JPY	86,527		0		(1	)
		03/2025	KRW	434,852	$	297		2		0
		04/2025	TWD	53,968		1,663		14		0
		05/2025	CNH	22,134		3,070		40		0

SOG		01/2025	$	7,157	PLN	29,032		0		(133	)

SSB		03/2025	PEN	8,363	$	2,250		29		0

UAG		01/2025	NOK	3,293		296		7		0
		01/2025	$	968	PLN	3,934		0		(16	)
		02/2025		239	TRY	9,748		28		0
		05/2025		270		10,998		6		0

Total Forward Foreign Currency Contracts							$	9,380	$	(2,469	)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

107


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

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
CBK	Put - OTC USD versus TRY		TRY	38.550		04/01/2025		6,800	$	(148	)	$	(188	)
	Call - OTC USD versus TRY			45.400		04/01/2025		6,800		(97	)		(47	)

UAG	Put - OTC USD versus TRY			37.700		05/07/2025		1,500		(36	)		(12	)
	Call - OTC USD versus TRY			45.900		05/07/2025		1,500		(24	)		(20	)

									$	(305	)	$	(267	)

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-SOFR	Receive		3.700	%		01/16/2025		900	$	(3	)	$	0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.100			01/16/2025		900		(3	)		(5	)

BPS	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.490			01/06/2025		1,400		(4	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.840			01/06/2025		1,400		(4	)		(27	)

FAR	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.490			01/06/2025		1,000		(3	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.890			01/06/2025		1,000		(3	)		(15	)

GLM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.496			01/06/2025		1,500		(4	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.500			01/06/2025		1,500		(4	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.896			01/06/2025		1,500		(4	)		(22	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.900			01/06/2025		1,500		(4	)		(22	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.721			01/13/2025		1,500		(4	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.071			01/13/2025		1,500		(4	)		(9	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.690			01/17/2025		1,600		(4	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.090			01/17/2025		1,600		(4	)		(10	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.822			01/21/2025		1,600		(5	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.875			01/21/2025		3,100		(10	)		(6	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.222			01/21/2025		1,600		(5	)		(5	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.275			01/21/2025		3,100		(10	)		(6	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.908			01/24/2025		1,500		(5	)		(5	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.308			01/24/2025		1,500		(5	)		(3	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.886			01/27/2025		1,700		(5	)		(5	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.286			01/27/2025		1,700		(5	)		(4	)

JPM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.533			01/02/2025		1,600		(5	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.933			01/02/2025		1,600		(5	)		(18	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.500			01/06/2025		800		(2	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.850			01/06/2025		800		(2	)		(15	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.620			01/13/2025		800		(2	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.970			01/13/2025		800		(2	)		(9	)

NGF	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.530			01/09/2025		4,000		(11	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		3.880			01/09/2025		4,000		(11	)		(66	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Receive		3.663			01/13/2025		4,100		(11	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-SOFR	Pay		4.013			01/13/2025		4,100		(11	)		(34	)

											$	(164	)	$	(289	)

Total Written Options											$	(469	)	$	(556	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽²⁾


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁵⁾
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
CBK	Israel Government International Bond		1.000	%	Quarterly		06/20/2027		0.741	%	$	1,000	$	(5	)	$	11	$	6	$	0
MYC	Saudi Arabia Government International Bond		1.000		Quarterly		06/20/2025		0.216			5,000		13			7		20		0

Total Swap Agreements													$	8		$	18	$	26	$	0


108		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(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, 2024:


	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⁽⁶⁾
BOA	$	97	$	0	$	0	$	97	$	(113	)	$	(5	)	$	0	$	(118	)	$	(21	)	$	0		$	(21	)
BPS		924		0		0		924		(716	)		(27	)		0		(743	)		181			(230	)		(49	)
BRC		975		0		0		975		(175	)		0			0		(175	)		800			(880	)		(80	)
CBK		1,688		0		6		1,694		(324	)		(235	)		0		(559	)		1,135			(890	)		245
CIB		0		0		0		0		(33	)		0			0		(33	)		(33	)		0			(33	)
DUB		204		0		0		204		(43	)		0			0		(43	)		161			0			161
FAR		726		0		0		726		(136	)		(15	)		0		(151	)		575			(380	)		195
GLM		690		0		0		690		(61	)		(100	)		0		(161	)		529			(330	)		199
JPM		361		0		0		361		(260	)		(42	)		0		(302	)		59			(63	)		(4	)
MBC		2,945		0		0		2,945		(91	)		0			0		(91	)		2,854			(2,470	)		384
MYC		0		0		20		20		0			0			0		0			20			0			20
MYI		158		0		0		158		(21	)		0			0		(21	)		137			(29	)		108
NGF		0		0		0		0		(98	)		(100	)		0		(198	)		(198	)		270			72
RBC		370		0		0		370		(1	)		0			0		(1	)		369			0			369
RYL		0		0		0		0		(14	)		0			0		(14	)		(14	)		0			(14	)
SCX		172		0		0		172		(234	)		0			0		(234	)		(62	)		0			(62	)
SOG		0		0		0		0		(133	)		0			0		(133	)		(133	)		0			(133	)
SSB		29		0		0		29		0			0			0		0			29			0			29
UAG		41		0		0		41		(16	)		(32	)		0		(48	)		(7	)		0			(7	)

Total Over the Counter	$	9,380	$	0	$	26	$	9,406	$	(2,469	)	$	(556	)	$	0	$	(3,025	)

(n)	Securities with an aggregate market value of $270 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

⁽³⁾

⁽⁴⁾	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.

⁽⁵⁾

⁽⁶⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	31	$	31
Swap Agreements		0		336		0		0		486		822

	$	0	$	336	$	0	$	0	$	517	$	853

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	9,380	$	0	$	9,380
Swap Agreements		0		26		0		0		0		26

	$	0	$	26	$	0	$	9,380	$	0	$	9,406

	$	0	$	362	$	0	$	9,380	$	517	$	10,259

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

109


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


	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	$	32	$	32
Swap Agreements		0		3		0		0		99		102

	$	0	$	3	$	0	$	0	$	131	$	134

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,469	$	0	$	2,469
Written Options		0		0		0		267		289		556

	$	0	$	0	$	0	$	2,736	$	289	$	3,025

	$	0	$	3	$	0	$	2,736	$	420	$	3,159

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	34		$	34
Futures		0		0		0		0		(1,722	)		(1,722	)
Swap Agreements		0		8,671		0		0		(2,128	)		6,543

	$	0	$	8,671	$	0	$	0	$	(3,816	)	$	4,855

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,859	$	0		$	4,859
Purchased Options		0		0		0		0		15			15
Written Options		0		0		0		0		492			492
Swap Agreements		0		6		0		0		0			6

	$	0	$	6	$	0	$	4,859	$	507		$	5,372

	$	0	$	8,677	$	0	$	4,859	$	(3,309	)	$	10,227


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(415	)	$	(415	)
Swap Agreements		0		1,642		0		0		9,675			11,317

	$	0	$	1,642	$	0	$	0	$	9,260		$	10,902

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,742	$	0		$	5,742
Purchased Options		0		0		0		0		(8	)		(8	)
Written Options		0		0		0		37		(142	)		(105	)
Swap Agreements		0		17		0		0		0			17

	$	0	$	17	$	0	$	5,779	$	(150	)	$	5,646

	$	0	$	1,659	$	0	$	5,779	$	9,110		$	16,548

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	62,158	$	51,440	$	113,598
Corporate Bonds & Notes
Banking & Finance		0		169,709		6,945		176,654
Industrials		0		313,159		3,804		316,963
Utilities		0		40,047		0		40,047
Municipal Bonds & Notes
Arizona		0		3,060		0		3,060
California		0		296		0		296
Iowa		0		2,533		0		2,533
U.S. Government Agencies		0		833,603		0		833,603
U.S. Treasury Obligations		0		209,873		0		209,873
Non-Agency Mortgage-Backed Securities		0		595,389		34,505		629,894
Asset-Backed Securities
Automobile ABS Other		0		77,018		0		77,018
Automobile Sequential		0		50,020		0		50,020


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
CMBS Other	$	0	$	24,330	$	0	$	24,330
Home Equity Other		0		163,869		0		163,869
Home Equity Sequential		0		1,091		0		1,091
Manufacturing House Sequential		0		2,464		0		2,464
Whole Loan Collateral		0		43,309		14,876		58,185
Other ABS		0		538,410		8,730		547,140
Sovereign Issues		0		85,732		0		85,732
Common Stocks
Energy		0		0		122		122
Short-Term Instruments
Repurchase Agreements		0		326,200		0		326,200
U.S. Treasury Bills		0		26,665		0		26,665

	$	0	$	3,568,935	$	120,422	$	3,689,357


110		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Affiliates, at Value
Mutual Funds	$	8,018	$	0	$	0	$	8,018


Total Investments	$	8,018	$	3,568,935	$	120,422	$	3,697,375


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		2		851		0		853
Over the counter		0		9,406		0		9,406

	$	2	$	10,257	$	0	$	10,259


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2024
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(134	)	$	0	$	(134	)
Over the counter		0		(3,025	)		0		(3,025	)

	$	0	$	(3,159	)	$	0	$	(3,159	)


Total Financial Derivative Instruments	$	2	$	7,098		$	0	$	7,100


Totals	$	8,020	$	3,576,033		$	120,422	$	3,704,475

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:


Category and Subcategory	Beginning Balance at 06/30/2024		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2024		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	3,714	$	49,862	$	(2,967	)	$	14	$	3	$	814		$	0	$	0		$	51,440	$	818
Corporate Bonds & Notes
Banking & Finance		964		6,000		0			34		0		(53	)		0		0			6,945		(53	)
Industrials		1,598		0		0			0		0		6			2,200		0			3,804		8
Non-Agency Mortgage-Backed Securities		2,055		32,400		0			13		0		37			0		0			34,505		36
Asset-Backed Securities
Home Equity Other		300		0		(35	)		1		1		10			0		(277	)		0		0
Whole Loan Collateral		0		14,900		0			0		0		(24	)		0		0			14,876		(24	)
Other ABS		2,300		8,733		(416	)		1		0		43			0		(1,931	)		8,730		(4	)
Common Stocks
Energy		0		0		0			0		0		122			0		0			122		122


Totals	$	10,931	$	111,895	$	(3,418	)	$	63	$	4	$	955		$	2,200	$	(2,208	)	$	120,422	$	903

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2024		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	22,412	Discounted Cash Flow	Discount Rate		7.890		—
		2,454	Indicative Market Quotation	Broker Quote		82.000		—
		1,082	Other Valuation Techniques⁽²⁾	—		—		—
		10,271	Recent Transaction	Purchase Price		99.375-100.000		99.460
		15,221	Third Party Vendor	Broker Quote		99.188-100.250		99.507
Corporate Bonds & Notes
Banking & Finance		1,000	Discounted Cash Flow	Discount Rate		6.251		—
		5,945	Proxy Pricing	Base Price		100.000		—
Industrials		1,604	Discounted Cash Flow	Discount Rate		5.370		—
		2,200	Other Valuation Techniques⁽²⁾	—		—		—
Non-Agency Mortgage-Backed Securities		4,294	Discounted Cash Flow	Discount Rate		6.958-9.238		7.362
		15,111	Proxy Pricing	Base Price		99.998-100.050		100.031
		15,100	Recent Transaction	Purchase Price		99.999		—
Asset-Backed Securities
Whole Loan Collateral		14,876	Proxy Pricing	Base Price		100.000		—
Other ABS		1,043	Other Valuation Techniques⁽²⁾	—		—		—
		5,767	Proxy Pricing	Base Price		99.833-100.000		99.947
		1,920	Recent Transaction	Base Price		100.000		—
Common Stocks
Energy		122	Reference Instrument	Stock Price w/Liquidity Discount		9.000		—

Total	$	120,422

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

111


Schedule of Investments		PIMCO Municipal Income Opportunities 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 99.7%

CORPORATE BONDS & NOTES 0.1%

INDUSTRIALS 0.1%

Toledo Hospital
6.015% due 11/15/2048	$		200	$		178

Total Corporate Bonds & Notes (Cost $144)						178


MUNICIPAL BONDS & NOTES 93.5%

ALABAMA 3.8%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 06/01/2049			1,400			1,480
5.500% due 10/01/2054			400			433

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024
5.000% due 03/01/2055			1,000			1,062
5.000% due 10/01/2055			600			633

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024
5.250% due 07/01/2054			500			540

Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024
4.750% due 12/01/2054			1,000			969

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			400			421

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024
5.000% due 11/01/2035			1,200			1,245
5.000% due 11/01/2055			2,000			2,128

						8,911


ALASKA 0.1%

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			250			263


ARIZONA 1.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.250% due 01/01/2040			480			403

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019
4.000% due 06/01/2049			1,000			1,003

Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024
7.375% due 10/01/2029			800			816

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023
5.000% due 07/01/2042			1,000			1,099

						3,321


ARKANSAS 0.4%

Arkansas Development Finance Authority Revenue Bonds, Series 2023
7.375% due 07/01/2048			500			555

County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023
4.250% due 03/01/2048			500			487

						1,042


CALIFORNIA 6.3%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
0.000% due 10/01/2047 (d)			500			292


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

Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024
4.125% due 07/01/2041	$		1,000	$		994

California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,000			1,000

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			400			424
5.250% due 01/01/2054			250			266
5.250% due 11/01/2054			700			742
5.500% due 10/01/2054			200			218

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 02/01/2055			1,900			2,027

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			100			80

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 06/01/2050			500	475

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
8.000% due 01/01/2050			1,100	1,130

California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 12/01/2042			100	101

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			250	236

California Municipal Finance Authority Revenue Bonds, Series 2024
6.000% due 01/01/2039			1,000	1,041

California Pollution Control Financing Authority Revenue Bonds, Series 2019
7.500% due 12/01/2040 ^(b)			223	0

California State General Obligation Bonds, Series 2015
3.875% due 12/01/2030			600	586

California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043			400	405

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			250	268

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			495	421

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (d)			200	129

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			8,000	850
3.850% due 06/01/2050			625	566

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			250	260

Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023
4.000% due 09/01/2058			500	485

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			150	155

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023
5.250% due 07/01/2058			900			952

San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993
0.000% due 01/01/2025 (c)			500			500


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

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)	$		1,000	$		159

						15,013


COLORADO 3.7%

Board of Governors of Colorado State University System Cerificates of Participation Bonds, Series 2024
5.000% due 11/01/2043			200			219

Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024
5.250% due 12/01/2049			300			332

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 11/15/2043			500			490

Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.170% (MUNIPSA) due 05/15/2061 ~			500			498
5.000% due 05/15/2062			1,500			1,540

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 11/15/2059			500			550

Colorado School of Mines Revenue Bonds, Series 2024
5.000% due 12/01/2054			500			528

Denver, Colorado Airport System City & County Revenue Bonds, Series 2018
5.000% due 12/01/2031			440			460

Denver, Colorado Airport System City & County Revenue Bonds, Series 2022
5.000% due 11/15/2053			1,000			1,032

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			1,000			1,019

Holland Creek Metropolitan District, Colorado Revenue Bonds, Series 2001
3.570% due 06/01/2041			2,000			2,000

						8,668


CONNECTICUT 0.4%

Housing Authority of the City of Norwalk
4.400% due 09/01/2042			1,000			984


DELAWARE 0.1%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			250			244


DISTRICT OF COLUMBIA 0.9%

Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024
5.500% due 10/01/2054			1,000			1,081

Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023
5.000% due 07/15/2037			500			557
5.000% due 07/15/2048			500			534

						2,172


FLORIDA 5.9%

Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024
5.000% due 10/01/2049			1,000			1,059

Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024
5.250% due 05/01/2044			500	488

Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2054			375	396

Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024
4.000% due 07/01/2051			500	485


112		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Florida Development Finance Corp. Revenue Bonds, Series 2023
5.000% due 09/01/2026			500	509

Florida Development Finance Corp. Revenue Bonds, Series 2024
5.250% due 08/01/2049	$		1,000	$		1,043

Hernando County, Florida Revenue Bonds, Series 2022
5.250% due 06/01/2052			400	422

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024
3.800% due 11/15/2054			2,300	2,300
3.950% due 11/15/2054			3,000	3,000

Jacksonville, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2043			510	551

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024
5.000% due 10/01/2034			700	758

Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014
5.000% due 05/01/2029			500	500

Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024
5.000% due 10/01/2049			1,200	1,284

Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022
5.000% due 11/01/2029			375	395

Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020
3.500% due 05/01/2051			500			402

Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023
4.250% due 05/01/2028			250			252

Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024
4.000% due 05/01/2034			200			198

						14,042


GEORGIA 2.7%

Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023
5.000% due 07/01/2053			1,000			1,036

Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023
5.750% due 04/01/2053			500			556

Housing Authority of Douglas County Multifamily Tax-Exempt Bonds
4.375% due 04/01/2043			2,000			1,983

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052			1,000			1,007

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 12/01/2053			400			423

Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024
5.250% due 01/01/2054			500			537

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 01/01/2035			500			500

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.500% due 07/01/2063			500			533

						6,575


IDAHO 0.5%

Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.650% due 01/01/2054			995			978

Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021
3.750% due 09/01/2051			250			224

						1,202


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ILLINOIS 7.2%

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055	$		500	$		512
5.500% due 01/01/2055			1,000			1,054

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2024
5.000% due 01/01/2038			2,500			2,659

DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023
5.000% due 01/01/2041			500			524

Illinois Finance Authority Revenue Bonds, Series 2009
3.750% due 08/01/2043			2,365			2,365

Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2041			500			508

Illinois Sales Tax State Revenue Bonds, Series 2021
5.000% due 06/15/2031			1,000			1,095

Illinois State General Obligation Bonds, Series 2016
4.000% due 06/01/2033			1,000			1,001

Illinois State General Obligation Bonds, Series 2024
5.000% due 02/01/2035			1,600			1,772
5.250% due 05/01/2045			3,000			3,231

Illinois State Toll Highway Authority Revenue Bonds, Series 2020
5.000% due 01/01/2045			1,250			1,329

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2037			1,000			1,037

						17,087


INDIANA 1.8%

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			250	237
4.250% due 11/01/2030			1,750	1,784

Indiana Housing & Community Development Authority Revenue Bonds, Series 2016
6.250% due 07/01/2056			400	393

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
5.750% due 03/01/2043			300	321

Indianapolis, Indiana Revenue Bonds, Series 2016
6.250% due 07/01/2056			400	394

Mount Vernon, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100	100

Warrick County, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055			100	100

Whiting, Indiana Revenue Bonds, Series 2016
4.400% due 03/01/2046			1,000			1,018

						4,347


IOWA 0.2%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050			500			534


KENTUCKY 0.8%

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			500			501

Kentucky State Property & Building Commission Revenue Bonds, Series 2024
4.375% due 09/01/2040			650			651

Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023
5.000% due 10/01/2038			700			765

						1,917


LOUISIANA 1.2%

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022
5.000% due 08/15/2026			475			488


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

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 07/01/2040	$		250	$		271

New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024
5.000% due 01/01/2033			2,000			2,153

						2,912


MASSACHUSETTS 2.0%

Commonwealth of Massachusetts General Obligation Bonds, Series 2022
5.250% due 10/01/2047			1,000			1,095

Commonwealth of Massachusetts General Obligation Bonds, Series 2023
5.000% due 10/01/2046			700			757

Massachusetts Development Finance Agency Revenue Bonds, Series 2008
3.950% due 10/01/2042			1,900			1,900

Massachusetts Development Finance Agency Revenue Bonds, Series 2024
4.000% due 03/01/2054			1,000			964

						4,716


MICHIGAN 2.2%

Detroit Downtown Development Authority, Michigan Tax Allocation Bonds, Series 2024
5.000% due 07/01/2048			500			520

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			250			194

Detroit, Michigan General Obligation Bonds, Series 2023
6.000% due 05/01/2039			300			341

Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001
5.500% due 07/01/2029			420			441

Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023
5.250% due 07/01/2053			750			810

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			2,500			261
5.000% due 06/01/2040			750			780

Michigan Finance Authority Revenue Bonds, Series 2024
5.500% due 02/28/2049			500			545

Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2046			500			540

Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2031			750			810

						5,242


MINNESOTA 1.2%

Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024
5.250% due 01/01/2054			1,000	1,075

Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 01/01/2055			500	562

St Cloud, Minnesota Revenue Bonds, Series 2024
5.000% due 05/01/2039			1,000			1,101

						2,738


MULTI-STATE 1.9%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
3.996% due 12/25/2036			689			667
4.142% due 01/25/2040			394			379
4.550% due 08/25/2040			994			979

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.519% due 08/25/2041 ~			699			696
4.545% due 10/25/2040			697			694
4.563% due 04/25/2042 ~			999			997

						4,412

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

113


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEBRASKA 0.1%

Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
5.000% due 03/01/2049	$		250	$		255


NEVADA 0.4%

Las Vegas, Nevada Revenue Bonds, Series 2016
4.375% due 06/15/2035			400			388

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			1,000			148

Washoe County, Nevada Revenue Bonds, Series 2016
4.125% due 03/01/2036			500			501

						1,037


NEW HAMPSHIRE 1.1%

National Finance Authority Affordable Housing
4.150% due 10/20/2040			600			587

New Hampshire Business Finance Authority Revenue Bonds, Series 2022
4.000% due 12/01/2028			1,000			998

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
3.875% due 01/20/2038			492			466

New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 07/01/2055			600			675

						2,726


NEW JERSEY 0.8%

Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023
5.000% due 08/15/2053			500			536

New Jersey Educational Facilities Authority Revenue Bonds, Series 2023
4.625% due 09/01/2048			250			256

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,000			1,048

						1,840


NEW MEXICO 0.4%

Farmington, New Mexico Revenue Bonds, Series 2010
3.875% due 06/01/2040			500			506

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017
4.000% due 08/01/2039			350			342

						848


NEW YORK 12.4%

Build NYC Resource Corp., New York Revenue Bonds, Series 2024
4.000% due 09/01/2041			1,725			1,668

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022
5.500% due 11/01/2045			500			556

New York City Water & Sewer System, New York Revenue Bonds, Series 2013
4.050% due 06/15/2050			1,500			1,500

New York City, New York General Obligation Bonds, Series 2014
4.050% due 03/01/2040			3,000			3,000

New York City, New York General Obligation Bonds, Series 2022
5.250% due 10/01/2041			250			276

New York City, New York General Obligation Bonds, Series 2024
5.250% due 04/01/2054			500			543

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011
4.050% due 06/15/2044			3,000			3,000


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

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2048	$		200	$		219
5.250% due 06/15/2053			300			326

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024
5.000% due 06/15/2051			2,000			2,155

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025
5.000% due 11/01/2046 (a)			1,000			1,085

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			350			350
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			1,138

New York State Dormitory Authority Revenue Bonds, Series 2020
5.000% due 07/01/2050			500			524

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2051			1,500			1,455
5.000% due 03/15/2041			500			540

New York State Dormitory Authority Revenue Bonds, Series 2024
4.000% due 05/01/2039			250			252

New York State Dormitory Authority Revenue Notes, Series 2024
5.000% due 05/01/2034			200			227

New York State Urban Development Corp. Revenue Bonds, Series 2023
5.000% due 03/15/2053			500			533
5.000% due 03/15/2063			1,000			1,055

New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024
5.250% due 12/31/2054			1,600			1,698

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023
5.500% due 06/30/2044			500			536

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024
5.000% due 06/30/2054			250			258

New York Transportation Development Corp. Revenue Bonds, Series 2018
5.000% due 01/01/2027			250			256

New York Transportation Development Corp. Revenue Bonds, Series 2020
4.000% due 10/01/2030			550			546

New York Transportation Development Corp. Revenue Bonds, Series 2023
5.625% due 04/01/2040			500			531
6.000% due 04/01/2035			250			279

New York Transportation Development Corp. Revenue Bonds, Series 2024
5.000% due 06/30/2060			1,000			1,009

Port Authority of New York & New Jersey Revenue Bonds, Series 2024
5.000% due 09/01/2034			500			548

Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023
4.500% due 02/01/2041			995			1,005

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			1,500			142
4.000% due 06/01/2050			300			267

Town of Hempstead, New York General Obligation Bonds, Series 2024
4.000% due 05/01/2047			500			503

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024
5.250% due 05/15/2054			500			546

Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023
5.000% due 12/15/2041			500			565

						29,326


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NORTH CAROLINA 0.6%

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 06/01/2041	$		995	$		1,002

North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055			400			439

						1,441


NORTH DAKOTA 0.2%

Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023
5.000% due 12/01/2041			525			555


OHIO 3.7%

Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017
5.000% due 08/01/2042			500			511

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			7,400			670
4.000% due 06/01/2048			500			436

Cuyahoga County, Ohio Revenue Bonds, Series 2017
5.000% due 02/15/2057			500			501

Hamilton County, Ohio Revenue Bonds, Series 2021
4.100% due 08/15/2051			1,900			1,900

Lancaster Port Authority, Ohio Revenue Bonds, Series 2024
5.000% due 02/01/2055			400			422

Ohio Air Quality Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2049			400			373

Ohio Air Quality Development Authority Revenue Bonds, Series 2022
4.250% due 11/01/2039			500			504

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 03/01/2055			2,300			2,528

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.250% due 12/01/2048			750			807

						8,652


OKLAHOMA 0.3%

Oklahoma Turnpike Authority Revenue Bonds, Series 2023
5.500% due 01/01/2053			600			660


OREGON 0.5%

Oregon State General Obligation Bonds, Series 2022
4.050% due 06/01/2045			1,100			1,100


PENNSYLVANIA 5.7%

Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024
5.000% due 12/01/2043			700			762

Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022
5.250% due 05/01/2042			500			500

Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016
4.000% due 09/15/2034			500			504

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,000			934

Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.720% (MUNIPSA) due 08/15/2038 ~(e)			940			934


114		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.100% due 06/01/2029	$		500	$		511

Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024
3.800% due 08/15/2054			2,500			2,500

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.000% due 12/31/2057			300			306

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015
5.000% due 12/31/2030			250			254
5.000% due 12/31/2038			500			505

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
5.500% due 06/30/2039			500			541

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/15/2049			1,000			956

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024
5.250% due 11/01/2041			1,500			1,641

Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024
6.000% due 10/01/2054			200			217
6.250% due 10/01/2054			200			219

Pennsylvania Turnpike Commission Revenue Bonds, Series 2014
0.000% due 12/01/2037 (d)			2,100			2,028

Pennsylvania Turnpike Commission Revenue Bonds, Series 2024
5.000% due 12/01/2041			250			276

						13,588


PUERTO RICO 3.2%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			239			146
0.000% due 11/01/2051			1,966			1,221

GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018
7.500% due 08/20/2040			336			330

Puerto Rico Electric Power Authority Revenue Bonds, Series 2010
5.250% due 07/01/2040 ^(b)			2,150			984

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			500			162
0.000% due 07/01/2051 (c)			5,400			1,268
5.000% due 07/01/2058			750			749

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.329% due 07/01/2040			1,500			1,481
4.550% due 07/01/2040			250			250
4.784% due 07/01/2058			1,000			984

						7,575


RHODE ISLAND 0.4%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040			750			752
5.000% due 06/01/2050			200			200

						952


SOUTH CAROLINA 0.8%

Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022
4.250% due 02/01/2041			625			639

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			200			214


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

South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013
4.000% due 12/01/2049	$		1,000	$		963

						1,816


TENNESSEE 0.9%

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024
3.250% due 10/01/2045			600			598
3.250% due 10/01/2046			500			499

Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051			1,000			1,002

						2,099


TEXAS 14.2%

Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2048			100			106

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
5.000% due 12/01/2045 ^(b)			250			235

Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2024
4.125% due 08/15/2049			200			195
4.125% due 06/15/2054			450			432

Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024
4.500% due 03/01/2043			500			492

Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042			2,000			1,992

Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.250% due 02/15/2054			300			298

Bexar Management And Development Corp., Texas Revenue Bonds, Series 2024
3.020% due 05/10/2045			2,000			1,969

Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024
5.250% due 02/15/2054			300	326

Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2024
4.350% due 10/01/2041			500	495

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2048			700	750

Ector County, Texas General Obligation Bonds, Series 2024
5.000% due 02/15/2041			500	547

EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024
4.250% due 12/01/2034			500	497

Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024
4.610% due 01/01/2043			2,100	2,108

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			500	524

Grayson County Junior College District, Texas General Obligation Bonds, Series 2024
4.000% due 02/15/2049			1,310	1,244

Greenwood Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2054			1,000	949

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
3.950% due 10/01/2041			2,500	2,500

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2054			500	534

Harris County, Texas Toll Road Revenue Bonds, Series 2024
4.000% due 08/15/2041			1,000	991


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

Houston, Texas Airport System Revenue Bonds, Series 2024
5.500% due 07/15/2035	$		1,500	$		1,594

Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023
5.000% due 07/01/2038			100	107

Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/01/2048			500	536

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049			500	480

Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042			2,000	1,990

Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2054			500	474

Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			250	235

Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.500% due 02/15/2047			500	513

Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024
5.250% due 05/15/2054			1,000	1,087

Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2050			500			514

Mission Economic Development Corp., Texas Revenue Bonds, Series 2024
4.000% due 06/01/2054			1,000			995

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019
4.000% due 12/01/2054			250			195

San Antonio Housing Trust Public Facility Corp., Texas Revenue Bonds, Series 2024
4.550% due 03/01/2043			650			642

Tarrant County Housing Finance Corp., Texas Revenue Bonds, Series 2024
4.600% due 03/01/2043			1,000			1,002

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020
4.000% due 12/31/2037			250			245

Texas State General Obligation Bonds, Series 2024
5.000% due 10/01/2039			1,200			1,346

Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052			600			622
5.000% due 10/15/2057			250			264

Texas Water Development Board Revenue Bonds, Series 2023
4.875% due 10/15/2048			500			527
5.000% due 10/15/2058			300			319

Texas Water Development Board Revenue Bonds, Series 2024
4.125% due 10/15/2047			900			881
5.000% due 04/15/2031			250			278
5.000% due 10/15/2031			280			313

Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049			1,500			1,433

						33,776


UTAH 0.4%

Salt Lake City, Utah Airport Revenue Bonds, Series 2023
5.250% due 07/01/2037			300			328

Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055			500			559

						887

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

115


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 0.2%

Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021
3.750% due 03/01/2036	$		390	$		369


WASHINGTON 1.1%

Washington State General Obligation Bonds, Series 2023
5.000% due 06/01/2040			1,000			1,107

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			495			443

Washington State Housing Finance Commission Revenue Bonds, Series 2024
4.085% due 03/20/2040			599			573
4.400% due 03/01/2043			500			492

						2,615


WEST VIRGINIA 0.2%

West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
6.000% due 09/01/2053			300			334

West Virginia Housing Development Fund Revenue Notes, Series 2024
5.000% due 08/01/2027			175			180

						514


WISCONSIN 1.2%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2041			250			253
4.000% due 03/31/2056			250			209

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
4.000% due 10/01/2052			400			369


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

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021
4.000% due 04/01/2046	$		750	$		711

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			1,000			368

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
3.950% due 04/01/2035			900			900

						2,810

Total Municipal Bonds & Notes (Cost $220,233)						221,783


U.S. GOVERNMENT AGENCIES 0.1%

Freddie Mac
2.990% due 04/25/2043 ~			198			164

Total U.S. Government Agencies (Cost $158)						164


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%

Multifamily Tax-Exempt Mortgage-backed Securities
4.500% due 08/01/2041			998			1,005
4.600% due 01/01/2042			300			302

San Antonio Housing Trust Public Facility Corp.
4.450% due 04/01/2043			500			495

Total Non-Agency Mortgage-Backed Securities (Cost $1,798)						1,802


SHORT-TERM INSTRUMENTS 5.2%

REPURCHASE AGREEMENTS (f) 3.6%
				$		8,600


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 1.6%

Comal Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2024
5.000% due 02/15/2025	$		300			301

Houston, Texas Revenue Notes, Series 2024
5.000% due 06/30/2025			700			706

Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024
4.000% due 10/29/2025			800			805

University of Colorado Revenue Notes, Series 2024
5.000% due 06/01/2025			2,000			2,016

Total Municipal Bonds & Notes (Cost $3,827)						3,828

Total Short-Term Instruments (Cost $12,427)						12,428



Total Investments in Securities (Cost $234,760)						236,355


Total Investments 99.7% (Cost $234,760)				$		236,355

Financial Derivative Instruments (g) 0.0% (Cost or Premiums, net $0)						1

Other Assets and Liabilities, net 0.3%						675

Net Assets 100.0%				$		237,031

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

(a)	When-issued security.

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

(c)	Zero coupon security.

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

(e) 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

4.720%

08/15/2038

09/14/2021

955

934

0.39%

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⁾
MBC		4.600	%		12/31/2024		01/02/2025	$	8,600	U.S. Treasury Notes 2.000% due 11/15/2026	$	(8,877	)	$	8,600	$	8,602

Total Repurchase Agreements											$	(8,877	)	$	8,600	$	8,602


116		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(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, 2024:


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
MBC	$	8,602	$	0	$	0	$	0	$	8,602	$	(8,877	)	$	(275	)

Total Borrowings and Other Financing Transactions	$	8,602	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(94) at a weighted average interest rate of 5.003%. 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

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 5-Year Note March Futures		03/2025		6	$	(638	)	$	3	$	1	$	0

Total Futures Contracts								$	3	$	1	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	1	$	0	$	1	$	0	$	0	$	0	$	0

Cash of $13 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	1	$	1

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

117


Schedule of Investments		PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		(Cont.)		December 31, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(1,060	)	$	(1,060	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	197		$	197

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Industrials	$	0	$	178	$	0	$	178
Municipal Bonds & Notes
Alabama		0		8,911		0		8,911
Alaska		0		263		0		263
Arizona		0		3,321		0		3,321
Arkansas		0		1,042		0		1,042
California		0		15,013		0		15,013
Colorado		0		8,668		0		8,668
Connecticut		0		984		0		984
Delaware		0		244		0		244
District of Columbia		0		2,172		0		2,172
Florida		0		14,042		0		14,042
Georgia		0		6,575		0		6,575
Idaho		0		1,202		0		1,202
Illinois		0		17,087		0		17,087
Indiana		0		4,347		0		4,347
Iowa		0		534		0		534
Kentucky		0		1,917		0		1,917
Louisiana		0		2,912		0		2,912
Massachusetts		0		4,716		0		4,716
Michigan		0		5,242		0		5,242
Minnesota		0		2,738		0		2,738
Multi-State		0		4,412		0		4,412
Nebraska		0		255		0		255
Nevada		0		1,037		0		1,037
New Hampshire		0		2,726		0		2,726
New Jersey		0		1,840		0		1,840
New Mexico		0		848		0		848
New York		0		29,326		0		29,326


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
North Carolina	$	0	$	1,441	$	0	$	1,441
North Dakota		0		555		0		555
Ohio		0		8,652		0		8,652
Oklahoma		0		660		0		660
Oregon		0		1,100		0		1,100
Pennsylvania		0		13,588		0		13,588
Puerto Rico		0		7,575		0		7,575
Rhode Island		0		952		0		952
South Carolina		0		1,816		0		1,816
Tennessee		0		2,099		0		2,099
Texas		0		33,776		0		33,776
Utah		0		887		0		887
Virginia		0		369		0		369
Washington		0		2,615		0		2,615
West Virginia		0		514		0		514
Wisconsin		0		2,810		0		2,810
U.S. Government Agencies		0		164		0		164
Non-Agency Mortgage-Backed Securities		0		1,802		0		1,802
Short-Term Instruments
Repurchase Agreements		0		8,600		0		8,600
Municipal Bonds & Notes		0		3,828		0		3,828


Total Investments	$	0	$	236,355	$	0	$	236,355


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1	$	0	$	1


Total Financial Derivative Instruments	$	0	$	1	$	0	$	1


Totals	$	0	$	236,356	$	0	$	236,356

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


118		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Preferred and Capital Securities Active Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 97.7%

CORPORATE BONDS & NOTES 60.5%

BANKING & FINANCE 39.6%

AerCap Ireland Capital DAC
6.950% due 03/10/2055 •	$		600	$		618

Allstate Corp.
7.723% (TSFR3M + 3.200%) due 08/15/2053 ~			1,146			1,148

Banco Bilbao Vizcaya Argentaria SA
9.375% due 03/19/2029 •(b)(c)			1,061			1,157

Banco Mercantil del Norte SA
7.625% due 12/31/2099 ~(c)			1,500			1,474

Banco Santander SA
9.625% due 11/21/2028 •(b)(c)			400			440
9.625% due 05/21/2033 •(b)(c)			1,000			1,155

Bank of Montreal
7.700% due 05/26/2084 •(c)			500			520

Bank of Nova Scotia
3.625% due 10/27/2081 •(c)			479			444
8.000% due 01/27/2084 •(c)			1,100			1,160
8.625% due 10/27/2082 •(c)			500			532

Barclays PLC
6.125% due 12/15/2025 •(b)(c)			1,100			1,099
8.000% due 03/15/2029 •(b)(c)			1,300			1,348
9.625% due 12/15/2029 •(b)(c)			1,000			1,103

BBVA Bancomer SA
8.125% due 01/08/2039 •(c)			800			817

BNP Paribas SA
7.000% due 12/31/2099 ~(c)			500			501
7.375% due 09/10/2034 •(b)(c)			400			398
8.000% due 08/22/2031 •(b)(c)			1,000			1,031
9.250% due 11/17/2027 •(b)(c)			969			1,037

Burford Capital Global Finance LLC
9.250% due 07/01/2031			695			739

Canadian Imperial Bank of Commerce
6.950% due 01/28/2085 •(c)			800			797

Commerzbank AG
7.000% due 04/09/2025 •(b)(c)			600			601

Cooperatieve Rabobank UA
4.875% due 06/29/2029 •(b)(c)	EUR		800			816

Corebridge Financial, Inc.
6.375% due 09/15/2054 •	$		1,200			1,195
6.875% due 12/15/2052 •			1,243			1,276

Credit Agricole SA
8.125% due 12/23/2025 •(b)(c)			1,600			1,634

Credit Suisse AG AT1 Claim			800			100

Danske Bank AS
7.000% due 06/26/2025 •(b)(c)			700			703

Deutsche Bank AG
7.500% due 04/30/2025 •(b)(c)			600			600

DNB Bank ASA
7.375% due 05/30/2029 •(b)(c)			1,600			1,622

Global Atlantic Fin Co.
4.700% due 10/15/2051 •			800			773
7.950% due 10/15/2054 •			350			367

HSBC Holdings PLC
6.375% due 03/30/2025 •(b)(c)			1,900			1,903
6.500% due 03/23/2028 •(b)(c)			500			498

ING Groep NV
5.750% due 11/16/2026 •(b)(c)			2,100			2,074
7.250% due 11/16/2034 •(b)(c)			700			703
8.000% due 05/16/2030 •(b)(c)			1,000			1,050

Intesa Sanpaolo SpA
7.700% due 09/17/2025 •(b)(c)			1,300			1,303
8.248% due 11/21/2033 •			1,074			1,205

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			1,200			1,143

Lloyds Banking Group PLC
6.750% due 09/27/2031 •(b)(c)			400			384
7.500% due 09/27/2025 •(b)(c)			1,400			1,414
8.000% due 09/27/2029 •(b)(c)			2,333			2,428

Mitsubishi UFJ Financial Group, Inc.
8.200% due 01/15/2029 •(b)(c)			800			879


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

NatWest Group PLC
6.000% due 12/29/2025 •(b)(c)	$		1,200	$		1,196
7.300% due 11/19/2034 •(b)(c)			800			790
8.000% due 08/10/2025 •(b)(c)			772			781
8.125% due 11/10/2033 •(b)(c)			1,400			1,495

Nippon Life Insurance Co.
5.950% due 04/16/2054 •			700			707
6.250% due 09/13/2053 •			400			414

Nordea Bank Abp
6.300% due 09/25/2031 •(b)(c)			200			192
6.625% due 03/26/2026 •(b)(c)			1,100			1,106

Prudential Financial, Inc.
5.125% due 03/01/2052 •			1,200			1,143
6.000% due 09/01/2052 •			1,918			1,923
6.500% due 03/15/2054 •			1,200			1,237

Royal Bank of Canada
6.350% due 11/24/2084 •(c)			300			288
7.500% due 05/02/2084 •(c)			3,200			3,326

Skandinaviska Enskilda Banken AB
6.875% due 06/30/2027 •(b)(c)			400			403

Societe Generale SA
9.375% due 11/22/2027 •(b)(c)			484			504
10.000% due 11/14/2028 •(b)(c)			200			214

Sumitomo Mitsui Financial Group, Inc.
6.600% due 06/05/2034 •(b)(c)			300			309

Svenska Handelsbanken AB
4.750% due 03/01/2031 •(b)(c)			1,200			1,085

Swiss RE Subordinated Finance PLC
5.698% due 04/05/2035 •			500			498

Toronto-Dominion Bank
7.250% due 07/31/2084 •(c)			300			306
8.125% due 10/31/2082 •(c)			1,728			1,805

UBS Group AG
5.125% due 07/29/2026 •(b)(c)			600			589
6.850% due 09/10/2029 •(b)(c)			400			397
6.875% due 08/07/2025 •(b)(c)			600			602
7.750% due 04/12/2031 •(b)(c)			1,000			1,044
9.250% due 11/13/2028 •(b)(c)			300			325
9.250% due 11/13/2033 •(b)(c)			1,100			1,263

Voya Financial, Inc.
4.700% due 01/23/2048 •			1,136			1,073

						67,204


INDUSTRIALS 4.9%

Enbridge, Inc.
5.750% due 07/15/2080 •			1,715			1,660
6.250% due 03/01/2078 •			200			198
7.375% due 03/15/2055 •			1,500			1,561
7.625% due 01/15/2083 •			1,100			1,157

Enterprise Products Operating LLC
5.375% due 02/15/2078 •			935			895
7.733% (TSFR3M + 3.248%) due 08/16/2077 ~			489			487

Plains All American Pipeline LP
8.895% (TSFR3M + 4.372%) due 01/31/2025 ~(b)			698			696

Southern Co.
4.000% due 01/15/2051 •			1,700			1,669

						8,323


UTILITIES 16.0%

AES Andes SA
8.150% due 06/10/2055 •			200			203

AES Corp.
7.600% due 01/15/2055 •			1,100			1,130

American Electric Power Co., Inc.
6.950% due 12/15/2054 •			300			310
7.050% due 12/15/2054 •			300			311

BP Capital Markets PLC
6.450% due 12/01/2033 •(b)			1,900			1,957

British Telecommunications PLC
4.250% due 11/23/2081 ~			700			680
4.250% due 11/23/2081 •			700			680


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

CenterPoint Energy, Inc.
7.000% due 02/15/2055 •	$		250	$		258

CMS Energy Corp.
3.750% due 12/01/2050 •			300			262

Dominion Energy, Inc.
6.625% due 05/15/2055 •			800			815
6.875% due 02/01/2055 •			300			312
7.000% due 06/01/2054 •			1,400			1,482

Duke Energy Corp.
6.450% due 09/01/2054 •			2,100			2,131

Edison International
7.875% due 06/15/2054 •			700			725
8.125% due 06/15/2053 •			500			517

Electricite de France SA
9.125% due 03/15/2033 •(b)			1,415			1,600

Emera, Inc.
6.750% due 06/15/2076 •			900			908

Evergy, Inc.
6.650% due 06/01/2055 •			400			401

NextEra Energy Capital Holdings, Inc.
6.700% due 09/01/2054 •			1,000			1,020
6.750% due 06/15/2054 •			1,300			1,335

NiSource, Inc.
6.950% due 11/30/2054 •			800			816

PG&E Corp.
7.375% due 03/15/2055 •			1,100			1,132

Sempra
6.625% due 04/01/2055 •			1,250			1,251
6.875% due 10/01/2054 •			1,650			1,672

Transcanada Trust
5.500% due 09/15/2079 •			1,400			1,351
5.600% due 03/07/2082 •			1,536			1,458

Vodafone Group PLC
5.125% due 06/04/2081 •			1,100			841
7.000% due 04/04/2079 •			1,600			1,641

						27,199

Total Corporate Bonds & Notes (Cost $100,020)						102,726


		SHARES
PREFERRED SECURITIES 33.0%

BANKING & FINANCE 29.1%

Aircastle Ltd.
5.250% due 06/15/2026 •(b)			1,071,000			1,054

Ally Financial, Inc.
4.700% due 05/15/2028 •(b)			1,616,000			1,415

American Express Co.
3.550% due 09/15/2026 •(b)			1,400,000			1,341

Banco Santander SA
8.000% due 02/01/2034 •(b)(c)			1,000,000			1,036

Bank of America Corp.
4.375% due 01/27/2027 •(b)			2,433,000			2,349
5.875% due 03/15/2028 •(b)			3,418,000			3,427

Bank of New York Mellon Corp.
4.625% due 09/20/2026 •(b)			1,000,000			978

Capital One Financial Corp.
3.950% due 09/01/2026 •(b)			1,600,000			1,527

Charles Schwab Corp.
4.000% due 06/01/2026 •(b)			400,000			387
4.000% due 12/01/2030 •(b)			2,236,000			1,930
5.000% due 12/01/2027 •(b)			400,000			383
5.375% due 06/01/2025 •(b)			600,000			598

Citigroup, Inc.
6.750% due 02/15/2030 •(b)			400,000			398
7.000% due 08/15/2034 •(b)			1,400,000			1,479
7.125% due 08/15/2029 •(b)			2,100,000			2,142
7.200% due 05/15/2029 •(b)			500,000			520

Citizens Financial Group, Inc.
7.854% (TSFR3M + 3.265%) due 04/06/2025 ~(b)			200,000			200

CoBank ACB
6.450% due 10/01/2027 •(b)			400,000			402
7.125% due 01/01/2030 •(b)			75,000			76

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

119


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


	SHARES			MARKET VALUE (000S)

Dresdner Funding Trust
8.151% due 06/30/2031		600,000	$		659

Farm Credit Bank of Texas
7.750% due 06/15/2029 •(b)		500,000			525

Goldman Sachs Group, Inc.
3.650% due 08/10/2026 •(b)		1,000,000			957
4.400% due 02/10/2025 •(b)		650,000			647
6.125% due 11/10/2034 •(b)		700,000			692
7.500% due 05/10/2029 •(b)		2,600,000			2,722

Huntington Bancshares, Inc.
5.625% due 07/15/2030 •(b)		600,000			588

JPMorgan Chase & Co.
4.600% due 02/01/2025 •(b)		1,382,000			1,379
6.875% due 06/01/2029 •(b)		900,000			947

MetLife Capital Trust
7.875% due 12/15/2037		1,700,000			1,858

MetLife, Inc.
5.875% due 03/15/2028 •(b)		700,000			702

Morgan Stanley
6.625% due 10/15/2029 (b)		36,000			954
7.780% (TSFR3M + 3.422%) due 12/15/2025 ~(b)		400,000			409

PNC Financial Services Group, Inc.
3.400% due 09/15/2026 •(b)		300,000			282
6.000% due 05/15/2027 •(b)		1,000,000			1,001
6.200% due 09/15/2027 •(b)		200,000			202
6.250% due 03/15/2030 •(b)		2,439,000			2,469

State Street Corp.
6.700% due 03/15/2029 •(b)		1,100,000			1,123
6.700% due 09/15/2029 •(b)		700,000			716


	SHARES			MARKET VALUE (000S)

Synchrony Financial
8.250% (H15T5Y + 4.044%) due 05/15/2029 ~(b)		26,100	$		686

Truist Financial Corp.
5.100% due 03/01/2030 •(b)		1,296,000			1,259

U.S. Bancorp
5.300% due 04/15/2027 •(b)		688,000			679

Voya Financial, Inc.
7.758% due 09/15/2028 •(b)		425,000			448

Wells Fargo & Co.
3.900% due 03/15/2026 •(b)		2,300,000			2,235
6.850% due 09/15/2029 •(b)		2,400,000			2,476
7.625% due 09/15/2028 •(b)		1,133,000			1,203

					49,460


INDUSTRIALS 0.4%

AT&T, Inc.
4.750% due 02/18/2025 (b)		30,700			609

General Motors Financial Co., Inc.
5.700% due 09/30/2030 •(b)		120,000			117

SVB Financial Trust
0.000% due 11/07/2032 (a)		48,000			1

					727


UTILITIES 3.5%

Edison International
5.000% due 12/15/2026 •(b)		1,219,000			1,188
5.375% due 03/15/2026 •(b)		300,000			297


	SHARES			MARKET VALUE (000S)

Energy Transfer LP
6.500% due 11/15/2026 •(b)		300,000	$		300
6.625% due 02/15/2028 •(b)		1,746,000			1,720
7.125% due 05/15/2030 •(b)		1,300,000			1,313

SCE Trust
7.500% due 11/22/2028 (b)		12,000			312

Venture Global LNG, Inc.
9.000% due 09/30/2029 •(b)		700,000			733

					5,863

Total Preferred Securities (Cost $54,633)					56,050


SHORT-TERM INSTRUMENTS 4.2%

REPURCHASE AGREEMENTS (d) 4.2%
					7,200

Total Short-Term Instruments (Cost $7,200)					7,200



Total Investments in Securities (Cost $161,853)					165,976


Total Investments 97.7% (Cost $161,853)			$		165,976

Financial Derivative Instruments (e)(f) (0.1)% (Cost or Premiums, net $559)					(98	)

Other Assets and Liabilities, net 2.4%					3,969

Net Assets 100.0%			$		169,847

NOTES TO SCHEDULE OF INVESTMENTS:

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

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a)	Zero coupon security.

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

(c)	Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) 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		4.520	%		12/31/2024		01/02/2025	$	7,200	U.S. Treasury Notes 2.875% due 05/15/2028	$	(7,337	)	$	7,200	$	7,202

Total Repurchase Agreements											$	(7,337	)	$	7,200	$	7,202

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, 2024:


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	$	7,202	$	0	$	0	$	0	$	7,202	$	(7,337	)	$	(135	)

Total Borrowings and Other Financing Transactions	$	7,202	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.


120		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

⁽²⁾

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2025		34	$	6,991	$	(6	)	$	0	$	0
U.S. Treasury 10-Year Note March Futures		03/2025		27		2,936		(55	)		0		(6	)
U.S. Treasury Long-Term Bond March Futures		03/2025		29		3,301		(66	)		0		(13	)
U.S. Treasury Ultra Long-Term Bond March Futures		03/2025		142		16,885		(620	)		0		(104	)
U.S. Ultra Treasury 10-Year Note March Futures		03/2025		20		2,226		(32	)		0		(6	)

							$	(779	)	$	0	$	(129	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-Bobl March Futures		03/2025		2	$	(244	)	$	2		$	0	$	(1	)
Euro-Bund March Futures		03/2025		1		(138	)		2			0		0
U.S. Treasury 5-Year Note March Futures		03/2025		77		(8,185	)		45			6		0

								$	49		$	6	$	(1	)

Total Futures Contracts								$	(730	)	$	6	$	(130	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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-43 5-Year Index

5.000

Quarterly

12/20/2029

7,850

585

618

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		3.750	%		Annual		12/18/2026	$	1,300	$	(3	)	$	(6	)	$	(9	)	$	0	$	0
Pay⁽⁴⁾	1-Day USD-SOFR Compounded-OIS		3.000			Annual		03/19/2027		2,200		(39	)		(5	)		(44	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		3.750			Annual		06/20/2029		5,600		4			104			108			2		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750			Annual		12/18/2029		800		20			(31	)		(11	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.750			Annual		06/20/2031		700		(6	)		23			17			1		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750			Annual		06/20/2034		100		1			(4	)		(3	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750			Annual		12/18/2034		400		(2	)		(9	)		(11	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500			Annual		06/20/2054		100		(1	)		(7	)		(8	)		0		0

											$	(26	)	$	65		$	39		$	3	$	(2	)

Total Swap Agreements											$	559		$	98		$	657		$	10	$	(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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset⁽⁵⁾						Market Value		Variation Margin Liability⁽⁵⁾
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	7	$	10	$	17	$	0	$	(133)	$	(2)	$	(135)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

121


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

Cash of $1,922 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

⁽⁴⁾	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.

⁽⁵⁾	Unsettled variation margin asset of $1 and liability of $(3) for closed futures is outstanding at period end.

(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BRC		01/2025	EUR	882	$	934	$	20	$	0

Total Forward Foreign Currency Contracts							$	20	$	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, 2024:


	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⁾
BRC	$	20	$	0	$	0	$	20	$	0	$	0	$	0	$	0	$	20	$	0	$	20

⁽¹⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	7	$	7
Swap Agreements		0		7		0		0		3		10

	$	0	$	7	$	0	$	0	$	10	$	17

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	20	$	0	$	20

	$	0	$	7	$	0	$	20	$	10	$	37


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	133	$	133
Swap Agreements		0		0		0		0		2		2

	$	0	$	0	$	0	$	0	$	135	$	135


122		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(354	)	$	(354	)
Swap Agreements		0		316		0		0		(3	)		313

	$	0	$	316	$	0	$	0	$	(357	)	$	(41	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	27	$	0		$	27

	$	0	$	316	$	0	$	27	$	(357	)	$	(14	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(760	)	$	(760	)
Swap Agreements		0		0		0		0		(23	)		(23	)

	$	0	$	0	$	0	$	0	$	(783	)	$	(783	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	7	$	0		$	7

	$	0	$	0	$	0	$	7	$	(783	)	$	(776	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	67,204	$	0	$	67,204
Industrials		0		8,323		0		8,323
Utilities		0		27,199		0		27,199
Preferred Securities
Banking & Finance		1,640		47,820		0		49,460
Industrials		609		118		0		727
Utilities		312		5,551		0		5,863
Short-Term Instruments
Repurchase Agreements		0		7,200		0		7,200


Total Investments	$	2,561	$	163,415	$	0	$	165,976


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2024

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0		$	16		$	0	$	16
Over the counter		0			20			0		20

	$	0		$	36		$	0	$	36


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(1	)	$	(131	)	$	0	$	(132	)


Total Financial Derivative Instruments	$	(1	)	$	(95	)	$	0	$	(96	)


Totals	$	2,560		$	163,320		$	0	$	165,880

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

123


Schedule of Investments		PIMCO Senior Loan 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 134.2%

LOAN PARTICIPATIONS AND ASSIGNMENTS 90.2%

ABG Intermediate Holdings LLC
6.595% due 12/21/2028 ~	$		3,883	$		3,903

Acrisure LLC
TBD% due 11/06/2030 ~			3,027			3,036

Action Environmental Group, Inc.
8.079% due 10/24/2030 ~			1,995			2,020

Advantage Sales & Marketing, Inc.
9.121% (TSFR3M + 4.250%) due 10/28/2027 ~			593			592

Advisor Group, Inc.
7.857% due 08/17/2028 ~			3,625			3,644

Agiliti Health, Inc.
7.262% due 05/01/2030 ~			499			491

AI Aqua Merger Sub, Inc.
8.053% due 07/31/2028 ~			6,681			6,695

AL NGPL Holdings LLC
TBD% due 04/17/2028 ~			500			503
7.090% (TSFR3M + 2.500%) due 04/17/2028 ~			3,411			3,431

Albion Financing 3 SARL
9.096% (TSFR3M + 4.250%) due 08/16/2029 ~			983			994

Alliant Holdings Intermediate LLC
7.106% due 09/19/2031 ~			3,940			3,955

Allied Universal Holdco LLC
8.207% due 05/12/2028 ~			4,530			4,551

Allspring Buyer LLC
7.329% due 11/01/2030 ~			2,000			2,006

Alpha Generation LLC
7.107% due 09/30/2031 ~			474			478

Altar Bidco, Inc.
7.947% due 02/01/2029 ~			3,728			3,726

Amentum Government Services Holdings LLC
6.607% due 09/29/2031 ~			1,250			1,247

American Airlines, Inc.
9.629% due 04/20/2028 ~			1,984			2,040

Amspec Parent LLC
TBD% due 12/12/2031 ~			1,733			1,746
TBD% due 12/12/2031 ~µ			267			269

AmWINS Group, Inc.
6.721% due 02/19/2028 ~			4,030			4,047

Amynta Agency Borrower, Inc.
TBD% due 12/06/2031 ~			2,541			2,545

Applied Systems, Inc.
7.329% due 02/24/2031 ~			1,884			1,904

Arches Buyer, Inc.
7.707% due 12/06/2027 ~			688			673

Arcosa, Inc.
6.607% due 08/12/2031 ~			1,350			1,363

Armor Holding LLC
TBD% due 12/11/2028 ~			1,242			1,260

Artera Services LLC
8.829% due 02/15/2031 ~			746			741

AS Mileage Plan IP Ltd.
6.358% due 10/15/2031 ~			1,700			1,711

Ascend Learning LLC
TBD% due 12/10/2029 ~			1,000			994
7.957% due 12/11/2028 ~			4,754			4,785

Aspire Bakeries Holdings LLC
8.607% due 12/13/2030 ~			2,793			2,824

Assetmark Financial Holdings, Inc.
7.079% due 09/05/2031 ~			1,100			1,106

AssuredPartners, Inc.
7.857% due 02/14/2031 ~			5,988			6,007

Asurion LLC
8.607% due 09/19/2030 ~			3,271			3,266
8.707% due 08/19/2028 ~			4,837			4,848

Athenahealth Group, Inc.
7.607% due 02/15/2029 ~			7,345			7,377


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

Auris Luxembourg III SARL
8.177% due 02/28/2029 ~	$		1,570	$		1,590

B&G Foods, Inc.
7.857% due 10/10/2029 ~			2,699			2,703

Baldwin Insurance Group Holdings LLC
TBD% due 05/26/2031 ~			2,000			2,016

Bally’s Corp.
8.143% due 10/02/2028 ~			2,650			2,513

Barnes Group, Inc.
TBD% due 12/10/2031 ~			2,350			2,355

Barracuda Networks, Inc.
9.085% due 08/15/2029 ~			1,490			1,382

Bausch & Lomb Corp.
7.689% due 05/10/2027 ~			4,724			4,748
8.329% due 09/29/2028 ~			839			845

Bausch Health Cos., Inc.
9.707% due 02/01/2027 ~			2,973			2,909

BCP Renaissance Parent LLC
7.329% due 10/31/2028 ~			2,985			3,015

BCPE Empire Holdings, Inc.
7.857% due 12/11/2028 ~			3,133			3,154

Belron Finance U.S. LLC
7.273% due 10/16/2031 ~			3,075			3,108

Berlin Packaging LLC
7.892% due 06/07/2031 ~			3,994			4,022

BIP PipeCo Holdings LLC
6.601% due 12/06/2030 ~			3,588			3,605

Blackhawk Network Holdings, Inc.
9.357% due 03/12/2029 ~			698			708

Boost Newco Borrower LLC
6.829% due 01/31/2031 ~			813			819

Boxer Parent Co., Inc.
8.335% due 07/30/2031 ~			3,439			3,472

Brazos Delaware II LLC
8.255% due 02/11/2030 ~			1,995			2,011

Broadstreet Partners, Inc.
7.357% due 06/13/2031 ~			2,465			2,477

Caesars Entertainment, Inc.
6.607% due 02/06/2030 ~			986			988
6.607% due 02/06/2031 ~			2,484			2,492

Calpine Construction Finance Co. LP
6.357% due 07/31/2030 ~			1,325			1,324

Calpine Corp.
TBD% due 01/31/2031 ~			2,000			1,996

Camelot U.S. Acquisition LLC
7.107% due 01/31/2031 ~			935			935

Carnival Corp.
7.107% due 08/08/2027 ~			706			712
7.107% due 10/18/2028 ~			2,000			2,017

Cast & Crew Payroll LLC
8.107% due 12/29/2028 ~			2,678			2,602

Castlelake Aviation Ltd.
7.109% due 10/22/2027 ~			1,433			1,440

Cengage Learning, Inc.
7.856% (PRIME + 2.500%) due 03/24/2031 ~			1,791			1,803

Central Parent, Inc.
7.579% due 07/06/2029 ~			6,465			6,388

Century DE Buyer LLC
7.897% due 10/30/2030 ~			1,196			1,209

Chamberlain Group, Inc.
7.707% due 11/03/2028 ~			1,502			1,513

Champ Acquisition Corp.
8.857% due 11/25/2031 ~			325			328

Charlotte Buyer, Inc.
9.202% (TSFR1M + 4.750%) due 02/11/2028 ~			997			1,005

Charter Communications Operating LLC
6.781% due 12/15/2031 ~			1,275			1,274

Charter NEX U.S., Inc.
7.525% due 11/29/2030 ~			3,962			3,988


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

Chobani LLC
7.721% due 10/25/2027 ~	$		995	$		1,004
8.107% due 10/25/2027 ~			1,985			2,004

Chromalloy Corp.
8.354% (TSFR3M + 3.750%) due 03/27/2031 ~			2,040			2,045

Cimpress PLC
6.857% due 05/17/2028 ~			998			1,004

Clarios Global LP
6.857% due 05/06/2030 ~			1,298			1,305

Cloud Software Group, Inc.
TBD% due 03/30/2029 ~			1,250			1,255
8.079% due 03/21/2031 ~			5,026			5,048
TBD% (TSFR1M + 4.000%) due 03/30/2029 ~			4,603			4,622

Clover Holdings 2 LLC
TBD% due 11/01/2029 ~µ			74			74
8.428% due 11/01/2031 ~			2,550			2,582

Clydesdale Acquisition Holdings, Inc.
7.532% due 04/13/2029 ~			4,990			5,005

CNT Holdings I Corp.
8.085% due 11/08/2027 ~			2,383			2,402

CoreLogic, Inc.
7.971% due 06/02/2028 ~			3,979			3,936

Cotiviti Corp.
7.303% due 05/01/2031 ~			5,367			5,404

Covanta Holding Corp.
7.024% due 11/30/2028 ~			1,991			1,997
7.588% due 11/30/2028 ~			178			178

CP Atlas Buyer, Inc.
8.207% due 11/23/2027 ~			3,238			3,164

CPPIB Capital, Inc.
7.579% due 08/20/2031 ~			1,995			2,011

CQP Holdco LP
TBD% due 12/31/2030 ~			5,615			5,631

Creative Artists Agency LLC
7.107% due 10/01/2031 ~			3,152			3,171

Crown Subsea Communications Holding, Inc.
8.573% due 01/30/2031 ~			572			582

Cube Industrials Buyer, Inc.
8.132% due 10/17/2031 ~			2,200			2,217

Cushman & Wakefield U.S. Borrower LLC
10.250% (PRIME + 2.250%) due 01/31/2030 ~			200			202

Da Vinci Purchaser Corp.
7.857% due 01/08/2027 ~			3,605			3,625

Darktrace PLC
7.887% (TSFR3M + 3.250%) due 10/09/2031 ~			2,500			2,501

Dealer Tire Financial LLC
TBD% due 07/02/2031 ~			998			1,001

Deerfield Dakota Holding LLC
8.079% due 04/09/2027 ~			3,889			3,812

Delta 2 Lux SARL
TBD% due 09/10/2031 ~			983			987
6.329% due 09/30/2031 ~			1,967			1,974

Delta Topco, Inc.
7.884% due 11/30/2029 ~			2,697			2,721

DexKo Global, Inc.
8.340% (TSFR3M + 3.750%) due 10/04/2028 ~			1,992			1,889

DirecTV Financing LLC
9.847% due 08/02/2027 ~			185			186
10.097% due 08/02/2029 ~			2,825			2,780

Dotdash Meredith, Inc.
8.053% due 12/01/2028 ~			238			240

Dragon Buyer, Inc.
7.579% due 09/30/2031 ~			1,500			1,505

DTI Holdco, Inc.
9.107% due 04/26/2029 ~			995			1,004

Dun & Bradstreet Corp.
6.588% due 01/18/2029 ~			3,103			3,109


124		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Edelman Financial Center LLC
TBD% due 04/07/2028 ~	$		3,321	$		3,345

Edelman Financial Engines Center LLC
7.357% due 04/07/2028 ~			500			504

Emerald Borrower LP
6.829% due 08/04/2031 ~			2,516			2,529

Endo Luxembourg Finance Co.
8.357% (PRIME + 3.000%) due 04/23/2031 ~			948			956

Endure Digital, Inc.
8.138% due 02/10/2028 «~			983			806

EP Purchaser LLC
TBD% due 11/06/2028 ~			3,720			3,726

EPIC Crude Services LP
7.656% due 10/15/2031 ~			2,375			2,399

EPIC Y-Grade Services LP
10.340% (TSFR3M + 5.750%) due 06/29/2029 ~			3,617			3,629

eResearchTechnology, Inc.
8.357% due 02/04/2027 ~			3,213			3,237

Fertitta Entertainment LLC
7.857% due 01/27/2029 ~			8,322			8,364

Fiesta Purchaser, Inc.
7.607% due 02/12/2031 ~			2,366			2,370

First Advantage Holdings LLC
7.607% due 10/31/2031 ~			1,680			1,700

First Student Bidco, Inc.
6.892% due 07/21/2028 ~			4,418			4,432

Fleet U.S. Bidco, Inc.
7.578% due 02/21/2031 ~			998			1,005

Flutter Entertainment PLC
TBD% due 11/30/2030 ~			2,000			1,998

Focus Financial Partners LLC
TBD% due 09/15/2031 ~µ			369			372
TBD% due 09/15/2031 ~			3,931			3,972

Fortrea Holdings, Inc.
8.491% due 06/30/2030 ~			93			94

Fortress Intermediate 3, Inc.
7.857% due 06/27/2031 ~			3,416			3,431

Forward Air Corp.
9.085% due 12/19/2030 ~			581			584

Foundation Building Materials Holding Co. LLC
8.097% (TSFR3M + 3.250%) due 01/31/2028 ~			1,321			1,304
8.585% due 01/29/2031 ~			1,642			1,620

Freeport LNG Investments LLLP
7.543% (TSFR3M + 3.250%) due 02/21/2028			1,496			1,486
8.379% due 12/21/2028 ~			2,488			2,503

Frontdoor, Inc.
6.607% due 12/16/2031 ~			2,000			2,010

Frontier Communications Corp.
8.763% (TSFR3M + 3.500%) due 07/01/2031 ~			825			836

Garda World Security Corp.
7.897% due 02/01/2029 ~			248			250

GBT U.S. LLC
7.626% due 07/25/2031 ~			2,875			2,893

Gen II Fund Services LLC
7.079% due 11/26/2031 ~			1,400			1,409

Genesee & Wyoming, Inc.
TBD% due 04/10/2031 ~			1,995			1,994

Global Medical Response, Inc.
9.856% due 10/31/2028 ~			4,234			4,254

Golden State Foods LLC
8.774% due 10/07/2031 ~			1,750			1,768

Graham Packaging Co., Inc.
6.857% due 08/04/2027 ~			3,053			3,064

Gray Television, Inc.
9.803% due 06/04/2029 ~			348			330

Great Outdoors Group LLC
8.221% due 03/06/2028 ~			2,281			2,296

Grifols Worldwide Operations USA, Inc.
6.735% due 11/15/2027 ~			3,225			3,217


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

Grinding Media, Inc.
8.021% due 10/12/2028 ~	$		1,239	$		1,246

Guggenheim Partners, LLC.
6.829% due 11/21/2031 ~			1,100			1,106

Gulfside Supply, Inc.
7.326% due 06/17/2031 ~			827			832

GVC Holdings Ltd.
7.079% (TSFR3M + 2.750%) due 10/31/2029 ~			99			99

Hanger, Inc.
TBD% due 10/23/2031 ~µ			114			115
TBD% due 10/23/2031 ~			886			896

Hilton Grand Vacations Borrower LLC
6.607% due 01/17/2031 ~			2,190			2,199

Hobbs & Associates LLC
7.607% due 07/23/2031 ~			455			458
7.646% due 07/23/2031 ~			45			46

HUB International Ltd.
7.367% (TSFR3M + 2.750%) due 06/20/2030 ~			5,872			5,915

Hudson River Trading LLC
7.483% due 03/18/2030 ~			1,990			1,999

Hunter Douglas, Inc.
8.021% due 02/26/2029 ~			4,414			4,418

Indy U.S. Bidco LLC
9.107% due 03/06/2028 ~			1,322			1,335

INEOS Enterprises Holdings U.S. Finco LLC
8.364% due 07/08/2030 ~			392			394

INEOS U.S. Finance LLC
TBD% due 02/07/2031 ~			3,748			3,783
7.607% due 02/18/2030 ~			499			502

Ingram Micro, Inc.
7.077% due 09/22/2031 ~			443			446

Instructure Holdings, Inc.
7.516% due 11/13/2031 ~			3,800			3,818

Insulet Corp.
6.857% due 08/04/2031 ~			373			376

IRB Holding Corp.
6.857% due 12/15/2027 ~			7,881			7,898

Iridium Satellite LLC
6.607% due 09/20/2030 ~			1,592			1,588

Isolved, Inc.
7.607% due 10/15/2030 ~			744			754

Jane Street Group LLC
6.395% due 12/15/2031 ~			3,676			3,668

Janney Montgomery Scott LLC
TBD% due 11/28/2031 ~µ			286			289
7.579% due 11/28/2031 ~			1,714			1,735

Janus International Group LLC
6.857% due 08/03/2030 ~			2,827			2,843

Jazz Financing Lux SARL
6.607% due 05/05/2028 ~			2,374			2,383

Johnstone Supply LLC
6.875% due 06/09/2031 ~			3,696			3,712

KDC/ONE Development Corp., Inc.
TBD% due 08/15/2028 ~			500			504

Kohler Energy Co. LLC
8.107% due 05/01/2031 ~			2,262			2,263

LABL, Inc.
9.457% due 10/29/2028 ~			4,815			4,668

Lakeshore Intermediate LLC
7.971% due 09/29/2028 ~			1,990			1,962

LBM Acquisition LLC
8.297% due 06/06/2031 ~			4,982			4,948

LC Ahab U.S. Bidco LLC
7.357% due 05/01/2031 ~			1,771			1,787

Learning Care Group U.S. No. 2, Inc.
8.648% due 08/11/2028 ~			494			499

Lifepoint Health, Inc.
7.965% due 05/17/2031 ~			1,172			1,176
8.406% due 05/17/2031 ~			1,966			1,975

Lorca Holdco Ltd.
7.829% due 03/25/2031 ~			695			702


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

LSF11 A5 Holdco LLC
7.971% due 10/15/2028 ~	$		1,736	$		1,749

LTI Holdings, Inc.
9.107% due 07/19/2029 ~			998			1,000

Lumen Technologies, Inc.
TBD% due 04/15/2030 ~			7,794			7,279
6.821% due 04/15/2029 ~			3,416			3,219

Madison IAQ LLC
7.889% due 06/21/2028 ~			6,768			6,801

Madison Safety & Flow LLC
7.607% due 09/26/2031 ~			1,397			1,409

Matador Bidco SARL
8.707% due 07/30/2029 ~			2,000			2,020

Mauser Packaging Solutions Holding Co.
7.589% due 04/15/2027 ~			1,739			1,753

Mavis Tire Express Services Corp.
7.857% due 05/04/2028 ~			1,974			1,990

McAfee Corp.
7.370% due 03/01/2029 ~			3,576			3,584

McGraw-Hill Global Education Holdings LLC
8.329% due 08/06/2031 ~			2,291			2,320

Medline Borrower LP
6.607% due 10/23/2028 ~			7,626			7,661

MH SUB I LLC
TBD% due 12/11/2031 ~			3,000			2,978
8.607% due 05/03/2028 ~			3,180			4,982
8.607% due 12/31/2031			1,809			1,796

MI Windows and Doors LLC
7.357% due 03/28/2031 ~			647			654

Midcontinent Communications
6.897% (PRIME + 1.500%) due 08/16/2031 ~			2,500			2,519

Mitchell International, Inc.
7.607% due 06/17/2031 ~			5,187			5,196

MKS Instruments, Inc.
6.589% due 08/17/2029 ~			2,021			2,029

Modena Buyer LLC
8.857% due 07/01/2031 ~			2,100			2,039

Mosel Bidco SE
8.829% due 09/16/2030 ~			350			354

Motion Finco SARL
7.829% due 11/12/2029 ~			2,587			2,564

MPH Acquisition Holdings LLC
9.026% due 09/01/2028 ~			2,571			2,219

National Mentor Holdings, Inc.
8.207% due 03/02/2028 ~			997			990

NCR Atleos LLC
8.397% due 04/16/2029 ~			1,223			1,231

NGL Energy Partners LP
8.107% due 02/03/2031 ~			397			399

NGP XI Midstream Holdings LLC
8.329% due 07/25/2031 ~			1,850			1,869

Nouryon Finance BV
7.657% due 04/03/2028 ~			977			986

Nuvei Technologies Corp.
7.444% due 11/15/2031 ~			2,650			2,659

Olympus Water U.S. Holding Corp.
TBD% due 06/20/2031 ~			3,184			3,198

Omnia Partners LLC
9.500% (EUR003M + 4.500%) due 07/25/2030 ~			4,699			4,728

Ontario Gaming GTA LP
8.579% due 08/01/2030 ~			990			993

Organon & Co.
6.620% due 05/19/2031 ~			1,866			1,874

Oryx Midstream Services Permian Basin LLC
7.512% due 10/05/2028 ~			1,987			2,002

Oscar AcquisitionCo LLC
8.495% due 04/29/2029 ~			2,820			2,795

Packaging Coordinators Midco, Inc.
7.835% due 11/30/2027 ~			2,492			2,506

Padagis LLC
9.596% due 07/06/2028 ~			275			256

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

125


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


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

Parexel International Corp.
7.357% due 11/15/2028 ~	$		4,869	$		4,909

Particle Investments SARL
8.357% due 03/28/2031 ~			695			702

Peer Holdings Ltd.
7.329% due 07/01/2031 ~			2,600			2,618

Pegasus Bidco BV
7.773% due 07/12/2029 ~			468			473

PENN Entertainment, Inc.
6.857% due 05/03/2029 ~			1,193			1,200

PetSmart, Inc.
8.207% due 02/11/2028 ~			788			786

PG Investment Co. 59 SARL
7.329% due 03/26/2031 ~			773			780

Phoenix Guarantor, Inc.
6.857% (PRIME + 1.500%) due 02/21/2031 ~			5,112			5,136

Planet U.S. Buyer LLC
7.521% due 02/07/2031 ~			2,117			2,138

PMHC II, Inc.
9.058% due 04/23/2029 ~			4,157			4,106

PointClickCare Technologies, Inc.
TBD% due 11/03/2031 ~			1,000			1,008

Polaris Newco LLC
8.847% due 06/02/2028 ~			6,374			6,393

Press Ganey Holdings, Inc.
7.607% due 04/30/2031 ~			1,097			1,102

Prime Security Services Borrower LLC
6.524% due 10/13/2030 ~			3,968			3,982

Project Alpha Intermediate Holding, Inc.
7.579% due 10/28/2030 ~			4,149			4,181

Proofpoint, Inc.
7.357% due 08/31/2028 ~			5,232			5,264

PUG LLC
9.107% due 03/15/2030 ~			1,628			1,634

Quartz Acquireco LLC
7.079% due 06/28/2030 ~			1,268			1,279

Raising Cane’s Restaurants LLC
6.357% due 09/18/2031 ~			1,621			1,628

Rand Parent LLC
8.079% due 03/17/2030 ~			3,408			3,432

Raven Acquisition Holdings LLC
TBD% due 11/19/2031 ~µ			238			239
7.607% due 11/19/2031 ~			3,337			3,348

RealPage, Inc.
7.590% due 04/24/2028 ~			5,139			5,136
8.079% due 04/24/2028 ~			2,000			2,012

Recess Holdings, Inc.
9.085% due 02/20/2030 ~			497			503

Red Ventures LLC
7.107% due 03/03/2030 ~			725			728

Renaissance Holdings Corp.
8.357% due 04/05/2030 ~			3,570			3,565

Resideo Funding Inc.
6.109% (PRIME + 0.750%) due 06/13/2031 ~			873			877

Reworld Holding Corp.
6.567% (TSFR3M + 2.250%) due 11/30/2028			2,316			2,323

Reynolds Group Holdings, Inc.
6.857% due 09/24/2028 ~			2,255			2,268

Rocket Software, Inc.
8.607% due 11/28/2028 ~			2,036			2,054

Rockpoint Gas Storage Partners LP
7.985% due 09/18/2031 ~			4,350			4,385

Scientific Games Holdings LP
7.590% due 04/04/2029 ~			3,635			3,648

SCIH Salt Holdings, Inc.
7.585% due 01/31/2029 ~			2,991			3,003

Sedgwick Claims Management Services, Inc.
7.585% due 07/31/2031 ~			3,579			3,605

Select Medical Corp.
6.531% due 12/03/2031 ~			2,749			2,762

Sharp Services LLC
7.579% due 12/31/2028 ~			498			503


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

SolarWinds Holdings, Inc.
7.107% due 02/05/2030 ~	$		1,500	$		1,510

Sophia LP
7.357% due 10/09/2029 ~			969			977
9.107% due 11/15/2032 ~			1,050			1,073

Sotera Health Holdings LLC
7.835% (TSFR3M + 3.250%) due 05/30/2031 ~			3,965			3,980

Specialty Building Products Holdings LLC
8.207% due 10/15/2028 ~			590			588

Speedster Bidco GMBH
TBD% due 10/17/2031 ~			2,000			2,008

Spirit AeroSystems, Inc.
9.085% due 01/15/2027 ~			294			297

Spring Education Group, Inc.
8.329% due 10/04/2030 ~			297			299

Star Parent, Inc.
8.329% due 09/27/2030 ~			5,163			5,053

Starwood Property Trust, Inc.
TBD% due 12/12/2029 ~			3,175			3,171

Station Casinos LLC
6.375% due 03/14/2031 ~			2,391			2,397

Surgery Center Holdings, Inc.
7.089% due 12/19/2030 ~			1,436			1,449

Syniverse Holdings, Inc.
11.329% due 05/13/2027 ~			3,332			3,346

Taboola.com Ltd.
8.471% due 09/01/2028 ~			674			675

Tacala LLC
7.857% due 01/31/2031 ~			1,715			1,731

Tempo Acquisition LLC
6.607% due 08/31/2028 ~			1,905			1,914

Tempur Sealy International, inc.
6.810% (TSFR1M + 2.500%) due 10/24/2031 ~			1,725			1,732

Teneo Holdings LLC
9.107% due 03/13/2031 ~			695			702

Terex Corp.
6.357% due 10/08/2031 ~			1,800			1,808

TGP Holdings III LLC
7.707% due 06/29/2028 ~			600			588

Tidal Waste & Recycling Holdings LLC
7.829% due 10/24/2031 ~			1,675			1,690

TIH Insurance Holdings LLC
7.079% due 05/06/2031 ~			2,925			2,938

TK Elevator U.S. Newco, Inc.
8.588% due 04/30/2030 ~			6,510			6,565

Topgolf Callaway Brands Corp.
7.357% due 03/18/2030 ~			3,158			3,148

TransDigm, Inc.
6.829% due 02/28/2031 ~			4,975			4,989

Travel & Leisure Co.
6.927% due 12/14/2029 ~			794			797

Trident TPI Holdings, Inc.
8.188% due 09/15/2028 ~			2,087			2,108

Triton Water Holdings, Inc.
7.840% due 03/31/2028 ~			4,696			4,739
8.329% due 03/31/2028 ~			298			301

U.S. Renal Care, Inc.
9.471% due 06/20/2028 ~			4,588			4,309

UFC Holdings LLC
6.770% due 11/21/2031 ~			1,750			1,762

UGI Energy Services LLC
6.857% due 02/22/2030 ~			564			567

UKG, Inc.
7.325% due 02/10/2031 ~			7,324			7,385

United Talent Agency LLC
8.197% due 07/07/2028 ~			1,992			2,007

UPC Financing Partnership
7.437% due 01/31/2029 ~			1,262			1,271

Upfield BV
TBD% due 01/03/2028 ~			1,995			2,005


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

USI, Inc.
6.579% due 11/22/2029 ~	$		3,745	$		3,744
6.579% due 09/27/2030 ~			4,488			4,486

Varsity Brands, Inc.
8.271% due 08/26/2031 ~			3,500			3,508

Veritiv Corp.
8.829% due 11/30/2030 ~			1,696			1,703

Vertiv Group Corp.
6.194% due 03/02/2027 ~			1,995			2,000

Virgin Media Bristol LLC
7.012% due 01/31/2028 ~			3,900			3,879
7.724% due 03/31/2031 ~			2,900			2,877
7.762% due 01/31/2029 ~			6,219			6,193

VS Buyer LLC
7.120% due 04/12/2031 ~			2,595			2,617

Wand NewCo 3, Inc.
7.607% due 01/30/2031 ~			4,313			4,336

WaterBridge Midstream Operating LLC
9.022% due 05/10/2029 ~			1,496			1,514
9.077% due 06/27/2029 ~			1,995			1,990

WEC U.S. Holdings Ltd.
6.803% due 01/27/2031 ~			5,862			5,874

Whatabrands LLC
6.857% due 08/03/2028 ~			4,699			4,716

White cap Buyer LLC
TBD% due 10/19/2029 ~			2,000			2,006

White Cap Buyer LLC
7.607% due 10/19/2029 ~			4,435			4,449

WhiteWater DBR Holdco LLC
6.575% due 03/03/2031 ~			1,995			2,009

WhiteWater Whistler Holdings LLC
TBD% due 02/15/2030 ~			1,000			1,005

Worldwide Express Operations LLC
8.329% due 07/26/2028 ~			833			839

Wrench Group LLC
8.590% due 10/30/2028 ~			1,787			1,722

XPLOR T1 LLC
TBD% due 06/24/2031 ~			975			970

Zayo Group Holdings, Inc.
7.471% due 03/09/2027 ~			6,525			6,126

Zelis Payments Buyer Inc.
7.607% (EUR012M + 4.000%) due 11/26/2031 ~			1,975			1,984

Ziggo Financing Partnership
7.012% due 04/30/2028 ~			3,966			3,955

Zuora, Inc.
TBD% due 12/13/2031 ~			1,000			998

Total Loan Participations and Assignments (Cost $749,425)						754,339


CORPORATE BONDS & NOTES 2.1%

BANKING & FINANCE 0.3%

Alliant Holdings Intermediate LLC
7.000% due 01/15/2031			500			503

Freedom Mortgage Corp.
12.000% due 10/01/2028			450			490

Howard Hughes Corp.
4.125% due 02/01/2029			350			324

Icahn Enterprises LP
10.000% due 11/15/2029			265			266

Panther Escrow Issuer LLC
7.125% due 06/01/2031			400			404

Pebblebrook Hotel LP
6.375% due 10/15/2029			500			495

PRA Group, Inc.
8.375% due 02/01/2028			500			514

						2,996


INDUSTRIALS 1.7%

American Airlines Pass-Through Trust
3.375% due 11/01/2028			157			150


126		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029	$		1,000	$		977

CCO Holdings LLC
4.500% due 08/15/2030			1,000			899

Cerdia Finanz GmbH
9.375% due 10/03/2031			500			521

Champ Acquisition Corp.
8.375% due 12/01/2031			250			256

Community Health Systems, Inc.
5.250% due 05/15/2030			400			329

EMRLD Borrower LP
6.750% due 07/15/2031			200			202

Fertitta Entertainment LLC
4.625% due 01/15/2029			250			233

Foundation Building Materials, Inc.
6.000% due 03/01/2029			250			221

Global Partners LP
8.250% due 01/15/2032			100			103

goeasy Ltd.
7.625% due 07/01/2029			300			307

GYP Holdings Corp.
4.625% due 05/01/2029			500			472

Hilton Grand Vacations Borrower LLC
4.875% due 07/01/2031			250			224

Howard Midstream Energy Partners LLC
7.375% due 07/15/2032			350			356

Husky Injection Molding Systems Ltd.
9.000% due 02/15/2029			100			104

McGraw-Hill Education, Inc.
5.750% due 08/01/2028			350			342

Merlin Entertainments Group U.S. Holdings, Inc.
7.375% due 02/15/2031			250			242

NCL Corp. Ltd.
8.125% due 01/15/2029			400			422

Olympus Water U.S. Holding Corp.
7.125% due 10/01/2027			50			51


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

OneSky Flight LLC
8.875% due 12/15/2029	$		75	$		75

Option Care Health, Inc.
4.375% due 10/31/2029			900			831

Pactiv Evergreen Group Issuer, Inc.
4.000% due 10/15/2027			850			844

Pike Corp.
8.625% due 01/31/2031			250			264

Prime Security Services Borrower LLC
3.375% due 08/31/2027			100			94

Rand Parent LLC
8.500% due 02/15/2030			100			101

Spirit AeroSystems, Inc.
9.750% due 11/15/2030			250			277

Star Parent, Inc.
9.000% due 10/01/2030			200			208

Station Casinos LLC
6.625% due 03/15/2032			400			398

Surgery Center Holdings, Inc.
7.250% due 04/15/2032			600			613

TopBuild Corp.
4.125% due 02/15/2032			1,625			1,441

TransDigm, Inc.
7.125% due 12/01/2031			400			410

Triumph Group, Inc.
9.000% due 03/15/2028			480			500

USA Compression Partners LP
7.125% due 03/15/2029			350			356

Wand NewCo 3, Inc.
7.625% due 01/30/2032			200			206

White Cap Buyer LLC
6.875% due 10/15/2028			900			894

XPO, Inc.
7.125% due 02/01/2032			200			205


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

ZipRecruiter, Inc.
5.000% due 01/15/2030	$		250	$		225

						14,353


UTILITIES 0.1%

Calpine Corp.
5.000% due 02/01/2031			450			424

Total Corporate Bonds & Notes (Cost $17,515)						17,773


SHORT-TERM INSTRUMENTS 41.9%

REPURCHASE AGREEMENTS (c) 41.9%
						350,200


U.S. TREASURY BILLS 0.0%
4.518% due 02/06/2025 (a)(b)			155			154

Total Short-Term Instruments (Cost $350,354)						350,354



Total Investments in Securities (Cost $1,117,294)						1,122,466


Total Investments 134.2% (Cost $1,117,294)				$		1,122,466

Financial Derivative Instruments (d)(e) 0.5% (Cost or Premiums, net $(1,298))						3,803

Other Assets and Liabilities, net (34.7)%						(289,950	)

Net Assets 100.0%				$		836,319

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).

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.

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

(b)	Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS


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		4.580	%		01/02/2025		01/03/2025	$	161,100	U.S. Treasury Notes 3.625% due 08/31/2029	$	(164,437	)	$	161,100	$	161,100
		4.680			12/31/2024		01/02/2025		160,700	U.S. Treasury Notes 4.625% due 04/30/2029		(163,934	)		160,700		160,742
BPS		4.580			12/31/2024		01/02/2025		28,400	U.S. Treasury Notes 2.875% due 04/30/2029		(28,943	)		28,400		28,407

Total Repurchase Agreements											$	(357,314	)	$	350,200	$	350,249

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

127


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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:


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	$	321,842	$	0	$	0	$	0	$	321,842	$	(328,371	)	$	(6,529	)
BPS		28,407		0		0		0		28,407		(28,943	)		(536	)

Total Borrowings and Other Financing Transactions	$	350,249	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

The average amount of borrowings outstanding during the period ended December 31, 2024 was $(53) at a weighted average interest rate of 5.020%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(d) 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
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2025		14	$	(2,879	)	$	2	$	0	$	0

Total Futures Contracts								$	2	$	0	$	0

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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-43 5-Year Index

5.000%

Quarterly

12/20/2029

4,325

335

341

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		1.750	%		Annual		06/15/2027	$	6,000	$	287		$	147	$	434	$	3	$	0
Receive	1-Day USD-SOFR Compounded-OIS		3.326			Annual		12/17/2029		2,900		1			93		94		1		0
Receive⁽⁴⁾	1-Day USD-SOFR Compounded-OIS		3.000			Annual		03/19/2030		1,825		72			11		83		1		0
Receive⁽⁴⁾	1-Day USD-SOFR Compounded-OIS		3.250			Annual		03/19/2032		1,350		50			14		64		1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.532			Annual		08/20/2034		1,100		(15	)		68		53		2		0

											$	395		$	333	$	728	$	8	$	0

Total Swap Agreements											$	730		$	339	$	1,069	$	12	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	12	$	12	$	0	$	0	$	0	$	0

Cash of $1,160 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


128		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

⁽¹⁾

⁽²⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

⁽⁴⁾	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.

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON INDEXES


Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate		Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate		Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
JPM	Receive	iBoxx USD Liquid Investment Grade Index		N/A		1.173	Maturity	03/20/2025	$	89,400	$	(549	)	$	3,054	$	2,505	$	0
	Receive	iBoxx USD Liquid Investment Grade Index		N/A		1.173	Maturity	06/20/2025		64,800		(705	)		856		151		0
	Receive	iBoxx USD Liquid Investment Grade Index		N/A		4.435	Maturity	09/22/2025		13,000		(6	)		23		17		0

MYC	Receive	iBoxx USD Liquid Investment Grade Index		N/A		1.173	Maturity	03/20/2025		60,825		(382	)		1,174		792		0
	Receive	iBoxx USD Liquid Investment Grade Index		N/A		1.173	Maturity	06/20/2025		47,850		(386	)		712		326		0

Total Swap Agreements											$	(2,028	)	$	5,819	$	3,791	$	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, 2024:


	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⁾
JPM	$	0	$	0	$	2,673	$	2,673	$	0	$	0	$	0	$	0	$	2,673	$	(2,460	)	$	213
MYC		0		0		1,118		1,118		0		0		0		0		1,118		(920	)		198

Total Over the Counter	$	0	$	0	$	3,791	$	3,791	$	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⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	4	$	0	$	0	$	8	$	12

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	3,791	$	3,791

	$	0	$	4	$	0	$	0	$	3,799	$	3,803

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

129


Schedule of Investments		PIMCO Senior Loan Active Exchange-Traded Fund		(Cont.)		December 31, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:


	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	$	(171	)	$	(171	)
Swap Agreements		0		32		0		0		11			43

	$	0	$	32	$	0	$	0	$	(160	)	$	(128	)

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	(525	)	$	(525	)

	$	0	$	32	$	0	$	0	$	(685	)	$	(653	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	16		$	16
Swap Agreements		0		5		0		0		186			191

	$	0	$	5	$	0	$	0	$	202		$	207

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	3,559		$	3,559

	$	0	$	5	$	0	$	0	$	3,761		$	3,766

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	970	$	752,563	$	806	$	754,339
Corporate Bonds & Notes
Banking & Finance		0		2,996		0		2,996
Industrials		0		14,353		0		14,353
Utilities		0		424		0		424
Short-Term Instruments
Repurchase Agreements		0		350,200		0		350,200
U.S. Treasury Bills		0		154		0		154


Total Investments	$	970	$	1,120,690	$	806	$	1,122,466


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	12	$	0	$	12
Over the counter		0		3,791		0		3,791

	$	0	$	3,803	$	0	$	3,803


Total Financial Derivative Instruments	$	0	$	3,803	$	0	$	3,803


Totals	$	970	$	1,124,493	$	806	$	1,126,269

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


130		PIMCO ETF TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Short Term Municipal Bond Active Exchange-Traded Fund				December 31, 2024		(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%

MUNICIPAL BONDS & NOTES 94.2%

ALABAMA 5.2%

Alabama Housing Finance Authority Revenue Notes, Series 2024
5.000% due 08/01/2029	$		840	$		875

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
3.970% (MUNIPSA) due 10/01/2052 ~			1,500			1,459

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022
5.250% due 02/01/2053			680			715

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.250% due 12/01/2053			2,000			2,142
5.500% due 06/01/2049			1,470			1,554
5.500% due 10/01/2054			2,400			2,601

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024
5.000% due 03/01/2055			2,700			2,868
5.000% due 10/01/2055			1,800			1,899

Chatom Industrial Development Board, Alabama Revenue Bonds, (AGM Insured), Series 2020
5.000% due 08/01/2025			1,000			1,008

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054			1,000			1,101

Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023
5.000% due 11/15/2025			1,000			1,012

Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007
1.000% due 06/01/2034			4,625			4,562

Jefferson County, Alabama Sewer Revenue Bonds, Series 2024
5.000% due 10/01/2031			3,000			3,266

Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019
3.450% due 11/01/2033			725			716

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054			2,400			2,526

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024
5.000% due 11/01/2035			3,300			3,423
5.000% due 11/01/2055			1,000			1,064

						32,791


ARIZONA 1.3%

Arizona Health Facilities Authority Revenue Bonds, Series 2015
3.870% (MUNIPSA) due 01/01/2046 ~			1,125			1,112

Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017
3.750% due 03/01/2039			1,000			997

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 01/01/2053			1,500			1,531

Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003
3.875% due 01/01/2038			3,000			3,033

Town of Gilbert, Arizona General Obligation Bonds, Series 2022
5.000% due 07/15/2028			1,425			1,529

						8,202


CALIFORNIA 5.8%

Bay Area Toll Authority, California Revenue Bonds, Series 2021
4.030% (MUNIPSA) due 04/01/2056 ~			2,000			1,967


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.070% (MUNIPSA) due 04/01/2056 ~	$		1,500	$		1,493

California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052			1,250			1,250

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.000% due 02/01/2054			2,500			2,652

California Health Facilities Financing Authority Revenue Bonds, Series 2021
3.000% due 08/15/2054			3,000			2,996

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018
5.000% due 10/01/2025			2,250			2,289

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021
4.320% (MUNIPSA) due 12/01/2050 ~			1,000			996

California State General Obligation Bonds, (AGM Insured), Series 2007
5.250% due 08/01/2032			1,000			1,147

California State General Obligation Bonds, Series 2020
5.000% due 11/01/2027			1,250			1,323

California State General Obligation Bonds, Series 2023
5.000% due 09/01/2025			5,000			5,070

California State Public Works Board Revenue Bonds, Series 2021
5.000% due 11/01/2029			1,500			1,644

California Statewide Communities Development Authority Revenue Bonds, Series 2021
1.462% due 02/01/2028			3,680			3,357

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.850% due 06/01/2050			1,800			1,631

Los Angeles Unified School District, California General Obligation Bonds, Series 2024
5.000% due 07/01/2026			2,300			2,380

Pasadena Unified School District, California General Obligation Bonds, Series 2021
2.000% due 08/01/2025			2,110			2,092

Silicon Valley Clean Water, California Revenue Bonds, Series 2021
0.500% due 03/01/2026			2,500			2,383

Southern California Public Power Authority Revenue Bonds, Series 2020
0.650% due 07/01/2040			1,000			984

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019
5.000% due 06/01/2030			1,000			1,066

						36,720


COLORADO 2.6%

Colorado Health Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/01/2049			1,700			1,753

Colorado Health Facilities Authority Revenue Bonds, Series 2020
2.800% due 12/01/2026			275			262

Colorado Health Facilities Authority Revenue Bonds, Series 2022
4.170% (MUNIPSA) due 05/15/2061 ~			5,000			4,980
5.000% due 11/01/2026			500			515

Colorado Health Facilities Authority Revenue Bonds, Series 2023
5.000% due 11/15/2058			1,000			1,066

Colorado Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 12/01/2034			2,500			2,816
5.000% due 11/15/2059			2,200			2,365

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024
3.738% (SOFRRATE) due 09/01/2039 ~			2,900			2,899

						16,656


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CONNECTICUT 1.1%

Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 10/01/2025	$		1,000	$		1,014

Connecticut Special Tax State Revenue Bonds, Series 2022
5.000% due 07/01/2027			1,000			1,051
5.000% due 07/01/2029			3,000			3,255

Connecticut State General Obligation Bonds, Series 2022
5.000% due 11/15/2028			1,500			1,613

						6,933


DELAWARE 0.4%

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.050% due 01/01/2031			750			737
1.250% due 10/01/2045			2,000			1,955

						2,692


DISTRICT OF COLUMBIA 0.7%

District of Columbia General Obligation Bonds, Series 2024
5.000% due 08/01/2031			3,000			3,365

Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023
5.000% due 07/15/2025			1,000			1,010

						4,375


FLORIDA 2.5%

Florida Development Finance Corp. Revenue Bonds, Series 2023
5.000% due 09/01/2025			3,800			3,807
5.000% due 09/01/2026			1,550			1,577

Florida Housing Finance Corp. Revenue Bonds, Series 2024
3.500% due 11/01/2042			3,000			2,982

Lee County, Florida Airport Revenue Bonds, Series 2024
5.000% due 04/01/2033			1,000			1,011

Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015
5.000% due 10/01/2035			2,000			2,015

Orange County, Florida School Board Certificates of Participation Bonds, Series 2024
5.000% due 08/01/2033			4,000			4,482

						15,874


GEORGIA 5.1%

Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, Series 2024
2.990% due 10/01/2042			7,300			7,198

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029			3,000			2,602

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023
5.000% due 04/01/2029			1,625			1,739
5.000% due 04/01/2030			1,500			1,627

Development Authority of Burke County, Georgia Revenue Bonds, Series 2013
3.375% due 11/01/2053			4,350			4,353

Douglas County Housing Authority, Georgia Revenue Bonds, Series 2024
5.000% due 10/01/2028			1,000			1,040

Housing Authority of the City of Waycross, Georgia Revenue Bonds, Series 2024
5.000% due 04/01/2028			1,687			1,743

Lawrenceville Housing Authority, Georgia Revenue Bonds, Series 2024
5.000% due 10/01/2028			1,615			1,681

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

131


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


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

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022
4.000% due 09/01/2052	$		1,000	$		1,004
5.000% due 12/01/2052			3,000			3,125

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 06/01/2053			750			785

Municipal Electric Authority of Georgia Revenue Bonds, (AGM Insured), Series 2021
5.000% due 01/01/2025			200			200
5.000% due 01/01/2026			385			392

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 Bonds, Series 2024
5.000% due 01/01/2031			1,250			1,369
5.000% due 01/01/2032			1,000			1,107

Warner Robins Housing Authority Resident Council Corp., Georgia Revenue Notes, Series 2024
5.000% due 02/01/2029			775			807

						32,272


HAWAII 0.5%

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015
4.000% due 07/01/2034			3,000			3,004


ILLINOIS 5.5%

Chicago Midway International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023
5.000% due 01/01/2028			1,465			1,547
5.000% due 01/01/2029			2,000			2,146

Chicago, Illinois General Obligation Bonds, Series 2021
5.000% due 01/01/2030			3,000			3,158

Illinois Finance Authority Revenue Bonds, Series 2021
4.320% (MUNIPSA) due 05/01/2042 ~			1,000			989

Illinois Housing Development Authority Revenue Bonds, Series 2024
5.000% due 10/01/2027			2,000			2,052

Illinois State General Obligation Bonds, Series 2020
5.000% due 10/01/2028			3,200			3,391
5.500% due 05/01/2030			7,750			8,269

Illinois State General Obligation Bonds, Series 2024
5.000% due 05/01/2029			3,000			3,195
5.000% due 02/01/2032			2,000			2,196
5.000% due 02/01/2033			3,000			3,320

Illinois State Toll Highway Authority Revenue Bonds, Series 2024
5.000% due 01/01/2030			1,000			1,089
5.000% due 01/01/2031			1,250			1,380

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
3.000% due 06/15/2025			1,125			1,121

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020
2.325% due 01/01/2025			1,000			1,000

						34,853


INDIANA 1.5%

Indiana Finance Authority Revenue Bonds, Series 2010
3.000% due 11/01/2030			2,500			2,367

Indiana Finance Authority Revenue Bonds, Series 2012
3.000% due 11/01/2030			1,000			947

Indiana Finance Authority Revenue Bonds, Series 2021
0.650% due 08/01/2025			4,500			4,408

Indiana Finance Authority Revenue Bonds, Series 2023
5.000% due 10/01/2062			2,000			2,115

						9,837


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
KANSAS 1.2%

Burlington, Kansas Revenue Bonds, Series 2023
4.300% due 03/01/2045	$		5,500	$		5,515

Kansas Housing Development Finance Authority Revenue Notes, Series 2024
3.010% due 11/01/2027			2,400			2,374

						7,889


KENTUCKY 1.8%

Kentucky Asset Liability Commission Revenue Bonds, Series 2024
5.000% due 09/01/2026			5,000			5,161

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015
4.250% due 07/01/2035			1,000			983

Kentucky Public Energy Authority Revenue Bonds, Series 2018
4.000% due 06/01/2025			2,505			2,507

Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			500			502

Kentucky State Property & Building Commission Revenue Bonds, Series 2016
5.000% due 11/01/2028			1,810			1,867

Kentucky State Property & Building Commission Revenue Bonds, Series 2022
5.000% due 06/01/2031			500			553

						11,573


LOUISIANA 1.1%

Louisiana Housing Corp. Revenue Bonds, (FHA Insured), Series 2024
5.000% due 04/01/2028			4,200			4,336

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			2,810			2,755

						7,091


MARYLAND 0.7%

Howard County, Maryland General Obligation Bonds, Series 2018
5.000% due 02/15/2027			3,000			3,132

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
5.000% due 07/01/2045			1,500			1,500

						4,632


MASSACHUSETTS 1.4%

Commonwealth of Massachusetts Revenue Bonds, (BAM, NPFGC Insured), Series 2005
5.500% due 01/01/2034			5,000			5,694

Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds, Series 2023
5.000% due 07/01/2029			1,300			1,423

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
4.220% (MUNIPSA) due 07/01/2049 ~			1,750			1,745

						8,862


MICHIGAN 1.9%

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
3.853% (TSFR3M) due 07/01/2032 ~			2,000			1,974

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.370% (MUNIPSA) due 04/15/2047 ~			3,000			2,986


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

Michigan Finance Authority Revenue Bonds, Series 2015
1.200% due 10/15/2030	$		2,000	$		1,846

Michigan Finance Authority Revenue Bonds, Series 2020
2.326% due 06/01/2030			77			75

Michigan Finance Authority Revenue Bonds, Series 2024
5.000% due 02/28/2029			900			947
5.000% due 02/28/2030			1,170			1,241

Michigan State Building Authority Revenue Bonds, Series 2020
3.720% due 10/15/2042			1,000			1,000

Michigan State Housing Development Authority Revenue Bonds, Series 2024
6.250% due 06/01/2055			700			769

Michigan Trunk Line State Revenue Bonds, Series 2023
5.000% due 11/15/2026			1,500			1,558

						12,396


MISSOURI 1.3%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023
5.000% due 05/01/2033			2,650			2,989

Kansas City Area Transportation Authority, Missouri Revenue Bonds, Series 2024
3.050% due 10/01/2045			4,220			4,142

St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023
5.000% due 04/01/2034			1,000			1,119

						8,250


MONTANA 0.3%

Montana Board of Housing Revenue Bonds, Series 2024
5.000% due 09/01/2028			1,800			1,870


MULTI-STATE 0.7%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.550% due 08/25/2040			4,471			4,407


NEBRASKA 0.7%

Douglas County, Nebraska Revenue Bonds, Series 2021
4.150% (MUNIPSA) due 07/01/2035 ~			2,425			2,399

Nebraska Public Power District Revenue Bonds, Series 2023
5.000% due 07/01/2028			1,750			1,849

						4,248


NEVADA 0.7%

Clark County, Nevada General Obligation Bonds, Series 2019
5.000% due 07/01/2031			2,150			2,322

Washoe County, Nevada Revenue Bonds, Series 2016
3.625% due 03/01/2036			2,000			2,003

						4,325


NEW HAMPSHIRE 0.1%

New Hampshire Business Finance Authority Revenue Bonds, Series 2021
4.000% due 01/01/2026			265			264
4.000% due 01/01/2027			250			249

						513


NEW JERSEY 3.7%

New Jersey Economic Development Authority Revenue Bonds, Series 2023
5.000% due 03/01/2028			2,200			2,325


132		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


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

New Jersey State General Obligation Bonds, Series 2020
5.000% due 06/01/2025	$		3,000	$		3,023
5.000% due 06/01/2028			2,000			2,131

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024
5.000% due 06/15/2035			5,000			5,661

New Jersey Turnpike Authority Revenue Bonds, Series 2020
5.000% due 01/01/2028			5,000			5,053

Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007
5.250% due 01/01/2025			600			600

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2026			4,750			4,845

						23,638


NEW YORK 17.1%

Chappaqua Central School District, New York General Obligation Bonds, Series 2024
4.250% due 07/25/2025			6,000			6,036

Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020
4.250% due 04/01/2042			2,000			2,021

Guilderland Central School District,New York General Obligation Bonds, Series 2024
4.500% due 07/25/2025			3,000			3,023

Long Island Power Authority, New York Revenue Bonds, Series 2022
4.070% (MUNIPSA) due 09/01/2038 ~			2,000			1,994

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002
3.788% (SOFRRATE) due 11/01/2032 ~			1,500			1,500

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012
4.050% due 11/01/2036			3,800			3,800

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018
4.050% due 08/01/2045			10,000			10,000

New York City Water & Sewer System, New York Revenue Bonds, Series 2013
4.050% due 06/15/2050			15,400			15,400

New York City Water & Sewer System, New York Revenue Bonds, Series 2014
3.850% due 06/15/2050			4,000			4,000

New York City, New York General Obligation Bonds, Series 2012
4.000% due 04/01/2042			6,300			6,300

New York City, New York General Obligation Bonds, Series 2015
3.850% due 06/01/2044			2,000			2,000

New York City, New York General Obligation Bonds, Series 2018
3.850% 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			1,932

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
4.000% due 06/15/2048			4,700			4,700

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2027			1,250			1,274

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023
5.000% due 05/01/2027			1,250			1,308


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

New York Power Authority Revenue Bonds, (AGM Insured), Series 2023
5.000% due 11/15/2027	$		1,700	$		1,808

New York State Dormitory Authority Revenue Bonds, Series 2016
5.000% due 02/15/2028			4,565			4,715
5.000% due 03/15/2035			4,500			4,603
5.000% due 03/15/2036			1,500			1,533

New York State Urban Development Corp. Revenue Bonds, Series 2015
5.000% due 03/15/2035			5,000			5,048

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.000% due 11/15/2029			1,110			1,168

Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015
5.000% due 12/15/2032			2,500			2,534

						108,797


NORTH CAROLINA 1.2%

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
4.000% due 01/15/2037			6,000			6,000

North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055			1,300			1,427

						7,427


OHIO 2.0%

Franklin County, Ohio Revenue Bonds, Series 2022
4.050% due 11/01/2042			5,600			5,600

Lancaster Port Authority, Ohio Revenue Bonds, Series 2024
5.000% due 02/01/2055			1,400			1,477

Ohio Air Quality Development Authority Revenue Bonds, Series 2009
1.500% due 02/01/2026			2,200			2,133

Ohio Air Quality Development Authority Revenue Bonds, Series 2022
4.000% due 09/01/2030			2,900			2,915

Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024
5.000% due 12/01/2034			415			462

Worthington City School District, Ohio General Obligation Bonds, Series 2023
0.000% due 12/01/2029 (b)			500			419

						13,006


OREGON 0.5%

Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023
0.000% due 06/15/2027 (b)			325			298

Oregon Department of Transportation State Revenue Bonds, Series 2024
5.000% due 05/15/2026			1,000			1,028

Oregon State Facilities Authority Revenue Bonds, Series 2020
5.000% due 10/01/2026			145			148

Oregon State General Obligation Bonds, Series 2023
5.000% due 05/01/2026			1,625			1,670

						3,144


PENNSYLVANIA 2.6%

Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017
4.320% (MUNIPSA) due 11/15/2047 ~			5,000			4,959

Lehigh County, Pennsylvania Revenue Bonds, Series 2019
4.720% (MUNIPSA) due 08/15/2038 ~(c)			2,360			2,344


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

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.100% due 06/01/2029	$		4,500	$		4,597

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2020
3.000% due 01/01/2025			1,020			1,020

Pennsylvania Turnpike Commission Revenue Notes, Series 2024
5.000% due 12/01/2031			2,150			2,387

Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 07/01/2026			1,250			1,249

						16,556


PUERTO RICO 0.7%

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
4.500% due 07/01/2034			4,750			4,759


SOUTH CAROLINA 1.1%

Charleston Educational Excellence Finance Corp., South Carolina Revenue Bonds, Series 2024
5.000% due 12/01/2026			1,000			1,038
5.000% due 12/01/2027			1,000			1,056

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054			1,400			1,497

South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020
5.000% due 12/01/2048			1,250			1,264

South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024
3.000% due 04/01/2043			2,200			2,161

						7,016


TENNESSEE 1.5%

Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023
5.000% due 07/01/2029			1,000			1,080

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024
3.250% due 10/01/2045			2,025			2,020
3.250% due 10/01/2046			1,800			1,796

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			3,406

						9,637


TEXAS 12.9%

Austin Affordable PFC Inc, Texas Revenue Bonds, Series 2024
5.000% due 09/01/2028			1,060			1,100

Austin, Texas Electric Utility Revenue Bonds, Series 2023
5.000% due 11/15/2025			1,200			1,220

Central Texas Regional Mobility Authority Revenue Bonds, Series 2018
5.000% due 01/01/2027			1,100			1,135

Central Texas Turnpike System Revenue Bonds, Series 2024
5.000% due 08/15/2042			1,400			1,488

County of Williamson, Texas General Obligation Bonds, Series 2023
5.000% due 02/15/2025			2,500			2,506

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2023
5.000% due 11/01/2028			2,000			2,143

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

133


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


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

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2024
5.000% due 11/01/2028	$		1,500	$		1,607

Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2024
5.000% due 10/01/2028			935			975

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020
5.000% due 08/15/2028			2,000			2,034

Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 08/15/2025			1,500			1,519

EP Tuscany Zaragosa PFC, Texas Revenue Bonds, Series 2023
4.000% due 12/01/2033			2,500			2,425

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023
5.000% due 10/01/2052			2,500			2,623

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019
5.000% due 07/01/2049			2,500			2,575

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
3.950% due 10/01/2041			10,090			10,090

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 10/01/2031			800			885
5.000% due 07/01/2054			2,000			2,137

Harris County, Texas General Obligation Bonds, Series 2015
5.000% due 10/01/2026			2,920			2,959

Harris County, Texas Toll Road Revenue Bonds, Series 2024
5.000% due 08/15/2027			2,250			2,364

Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/01/2027			2,000			2,081

Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			1,500			1,410

North Texas Tollway Authority Revenue Bonds, Series 2023
5.000% due 01/01/2027			2,750			2,854

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020
0.700% due 06/01/2050			1,500			1,478

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
2.000% due 06/01/2052			1,300			1,249

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045			2,500			2,376

San Antonio, Texas General Obligation Bonds, Series 2023
5.000% due 02/01/2025			5,000			5,008

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 10/01/2026			225			232
5.000% due 11/15/2052			1,900			1,938

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2032			2,500			2,783

Tarrant Regional Water District, Texas Revenue Bonds, Series 2021
1.050% due 09/01/2027			5,000			4,585

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
4.546% (TSFR3M) due 12/15/2026 ~			1,000			999

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2021
5.000% due 12/15/2026			1,750			1,787


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

Texas State General Obligation Bonds, Series 2024
5.000% due 10/01/2030	$		3,900	$		4,315
5.000% due 10/01/2039			3,300			3,703
5.000% due 10/01/2042			500			552

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2025			1,250			1,269

Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022
4.125% due 06/01/2045			1,000			1,006

Waco Educational Finance Corp., Texas Revenue Bonds, Series 2021
4.000% due 03/01/2026			525			530

						81,940


UTAH 0.1%

Salt Lake City, Utah Airport Revenue Bonds, Series 2021
5.000% due 07/01/2025			450			454


VIRGINIA 1.3%

Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023
5.000% due 07/01/2053			1,600			1,710

Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2023
4.250% due 03/01/2026			1,500			1,502

Virginia Public Building Authority Revenue Bonds, Series 2015
4.000% due 08/01/2030			1,300			1,305

Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009
0.750% due 10/01/2040			3,800			3,689

						8,206


WASHINGTON 2.8%

Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015
3.820% (MUNIPSA) due 11/01/2045 ~			4,500			4,463

Energy Northwest, Washington Revenue Bonds, Series 2024
5.000% due 07/01/2027			5,000			5,249

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021
3.870% (MUNIPSA) due 05/01/2045 ~			3,000			2,953

Washington State General Obligation Bonds, Series 2016
5.000% due 07/01/2033			3,000			3,048

Washington State General Obligation Bonds, Series 2022
4.000% due 07/01/2026			1,000			1,017

Washington State Housing Finance Commission Revenue Bonds, Series 2023
3.375% due 04/20/2037			1,337			1,195

						17,925


WEST VIRGINIA 1.3%

West Virginia Economic Development Authority Revenue Bonds, Series 2015
3.375% due 03/01/2040			3,000			2,964

West Virginia Housing Development Fund Revenue Notes, Series 2024
5.000% due 12/01/2027			4,954			5,078

						8,042


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WISCONSIN 1.3%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 10/01/2026	$		305	$		305

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
3.700% due 10/01/2046			2,500			2,487

Wisconsin Department of Transportation Revenue Bonds, Series 2023
5.000% due 07/01/2025			750			758

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
3.800% (MUNIPSA) due 08/15/2054 ~			2,500			2,468

Wisconsin Housing & Economic Development Authority Revenue Bonds, Series 2024
5.000% due 08/01/2058			2,000			2,045

						8,063

Total Municipal Bonds & Notes (Cost $599,549)						598,875


SHORT-TERM INSTRUMENTS 4.9%

U.S. TREASURY BILLS 2.6%
4.408% due 01/21/2025 - 03/27/2025 (a)(b)			16,600			16,514


MUNICIPAL BONDS & NOTES 2.3%

Comal Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2024
5.000% due 02/15/2025			800			802

Houston, Texas Revenue Notes, Series 2024
5.000% due 06/30/2025			2,100			2,119

Los Angeles, California Revenue Notes, Series 2024
5.000% due 06/26/2025			5,800			5,858

Mansfield Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2024
5.000% due 02/15/2025			3,200			3,206

Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024
4.000% due 10/29/2025			2,200			2,214

Total Municipal Bonds & Notes (Cost $14,191)						14,199

Total Short-Term Instruments (Cost $30,704)						30,713



Total Investments in Securities (Cost $630,253)						629,588


Total Investments 99.1% (Cost $630,253)				$		629,588

Other Assets and Liabilities, net 0.9%						6,016

Net Assets 100.0%				$		635,604


134		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

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.

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

4.720%

08/15/2038

09/14/2021

$ 2,398

2,344

0.37%

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	32,791	$	0	$	32,791
Arizona		0		8,202		0		8,202
California		0		36,720		0		36,720
Colorado		0		16,656		0		16,656
Connecticut		0		6,933		0		6,933
Delaware		0		2,692		0		2,692
District of Columbia		0		4,375		0		4,375
Florida		0		15,874		0		15,874
Georgia		0		32,272		0		32,272
Hawaii		0		3,004		0		3,004
Illinois		0		34,853		0		34,853
Indiana		0		9,837		0		9,837
Kansas		0		7,889		0		7,889
Kentucky		0		11,573		0		11,573
Louisiana		0		7,091		0		7,091
Maryland		0		4,632		0		4,632
Massachusetts		0		8,862		0		8,862
Michigan		0		12,396		0		12,396
Missouri		0		8,250		0		8,250
Montana		0		1,870		0		1,870
Multi-State		0		4,407		0		4,407


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Nebraska	$	0	$	4,248	$	0	$	4,248
Nevada		0		4,325		0		4,325
New Hampshire		0		513		0		513
New Jersey		0		23,638		0		23,638
New York		0		108,797		0		108,797
North Carolina		0		7,427		0		7,427
Ohio		0		13,006		0		13,006
Oregon		0		3,144		0		3,144
Pennsylvania		0		16,556		0		16,556
Puerto Rico		0		4,759		0		4,759
South Carolina		0		7,016		0		7,016
Tennessee		0		9,637		0		9,637
Texas		0		81,940		0		81,940
Utah		0		454		0		454
Virginia		0		8,206		0		8,206
Washington		0		17,925		0		17,925
West Virginia		0		8,042		0		8,042
Wisconsin		0		8,063		0		8,063
Short-Term Instruments
U.S. Treasury Bills		0		16,514		0		16,514
Municipal Bonds & Notes		0		14,199		0		14,199


Total Investments	$	0	$	629,588	$	0	$	629,588

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

135


Schedule of Investments		PIMCO Ultra Short Government Active Exchange-Traded Fund				December 31, 2024		(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%

SHORT-TERM INSTRUMENTS 100.4%

U.S. TREASURY BILLS 100.4%
4.413% due 01/14/2025 - 06/12/2025 (a)(b)	$		628,618	$		622,627

Total Short-Term Instruments (Cost $622,516)						622,627



Total Investments in Securities (Cost $622,516)						622,627


Total Investments 100.4% (Cost $622,516)				$		622,627

Other Assets and Liabilities, net (0.4)%						(2,522	)

Net Assets 100.0%				$		620,105

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, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Short-Term Instruments
U.S. Treasury Bills	$	0	$	622,627	$	0	$	622,627

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.


136		PIMCO ETF TRUST			See Accompanying Notes


Consolidated Schedule of Investments		PIMCO Commodity Strategy Active Exchange-Traded Fund				December 31, 2024		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 96.5%

CORPORATE BONDS & NOTES 49.3%

BANKING & FINANCE 34.7%

ABN AMRO Bank NV
5.449% (SOFRINDX + 1.000%) due 12/03/2028 ~	$		3,000	$		3,003

AerCap Ireland Capital DAC
3.500% due 01/15/2025			2,000			1,999

American Honda Finance Corp.
5.324% due 01/10/2025 •			800			800

American Tower Corp.
1.300% due 09/15/2025			1,300			1,270
2.950% due 01/15/2025			2,000			1,999

Athene Global Funding
2.500% due 01/14/2025			902			901
5.487% (SOFRINDX + 1.030%) due 08/27/2026 ~			2,300			2,307

Avolon Holdings Funding Ltd.
2.875% due 02/15/2025			1,500			1,495

Banco Santander SA
5.777% (SOFRRATE + 1.120%) due 07/15/2028 ~			2,000			2,005

Bank of America Corp.
5.586% (US0003M + 0.770%) due 02/05/2026 ~			1,000			1,001
5.723% (SOFRRATE + 1.330%) due 04/02/2026 ~			500			501

Bank of Nova Scotia
4.998% (SOFRINDX + 0.545%) due 03/02/2026 ~			1,545			1,546
5.296% (BBSW3M + 0.900%) due 10/27/2025 ~	AUD		2,900			1,802

Bank of Queensland Ltd.
5.497% (BBSW3M + 1.070%) due 05/14/2025 ~			4,000			2,482

Banque Federative du Credit Mutuel SA
0.998% due 02/04/2025	$		100			100
4.948% (SOFRINDX + 0.410%) due 02/04/2025 ~			1,500			1,500

Barclays PLC
2.852% due 05/07/2026 •			1,700			1,687
3.650% due 03/16/2025			1,000			997

BNP Paribas SA
3.375% due 01/09/2025			2,100			2,099

BPCE SA
5.202% due 09/29/2025	AUD		2,100			1,303
6.026% (BBSW3M + 1.600%) due 06/05/2025 ~			1,500			932

Citigroup, Inc.
5.272% (SOFRRATE + 0.694%) due 01/25/2026 ~	$		500			500
5.822% (US0003M + 1.250%) due 07/01/2026 ~			2,700			2,714

Cooperatieve Rabobank UA
1.980% due 12/15/2027 •			1,500			1,421
5.075% (SOFRINDX + 0.620%) due 08/28/2026 ~			1,300			1,303

Corebridge Financial, Inc.
3.500% due 04/04/2025			3,000			2,990

Danske Bank AS
6.466% due 01/09/2026 •			3,000			3,001

DBS Group Holdings Ltd.
5.109% (SOFRRATE + 0.610%) due 09/12/2025 ~			1,000			1,003

Ford Motor Credit Co. LLC
2.300% due 02/10/2025			200			199
3.375% due 11/13/2025			2,000			1,970
7.385% (SOFRRATE + 2.950%) due 03/06/2026 ~			800			816

General Motors Financial Co., Inc.
4.000% due 01/15/2025			500			500
5.980% (SOFRINDX + 1.300%) due 04/07/2025 ~			800			802


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

HSBC Holdings PLC
4.292% due 09/12/2026 •	$		3,000	$		2,988
6.075% (SOFRRATE + 1.570%) due 08/14/2027 ~			500			507

ING Bank Australia Ltd.
5.420% (BBSW3M + 0.980%) due 12/08/2025 ~	AUD		1,200			747

ING Groep NV
3.869% due 03/28/2026 •	$		600			598
5.409% due 04/01/2027 •			500			502
6.038% due 03/28/2026 •			2,000			2,006

John Deere Capital Corp.
5.028% (SOFRRATE + 0.570%) due 03/03/2026 ~			45			45

JPMorgan Chase & Co.
5.386% (SOFRRATE + 0.920%) due 02/24/2026 ~			700			701

Lloyds Banking Group PLC
3.511% due 03/18/2026 •			3,300			3,289
5.840% (BBSW3M + 1.400%) due 03/07/2025 ~	AUD		500			310

Metropolitan Life Global Funding
4.936% due 12/01/2025 •			5,000			3,092

Mitsubishi UFJ Financial Group, Inc.
5.541% due 04/17/2026 •	$		500			501

Mizuho Bank Ltd.
5.275% (BBSW3M + 0.860%) due 02/23/2026 ~	AUD		2,000			1,243
5.303% (BBSW3M + 0.880%) due 08/22/2025 ~			1,000			621
5.310% (BBSW3M + 0.850%) due 09/14/2026 ~			300			187

Mizuho Financial Group, Inc.
2.226% due 05/25/2026 •	$		1,320			1,306

Morgan Stanley
2.188% due 04/28/2026 •			3,000			2,974

Morgan Stanley Bank NA
5.306% (SOFRRATE + 0.685%) due 10/15/2027 ~			1,000			1,001

MUFG Bank Ltd.
5.296% (BBSW3M + 0.870%) due 02/17/2026 ~	AUD		1,000			622

National Bank of Canada
5.298% due 03/25/2027 •	$		1,708			1,713

NatWest Markets PLC
3.479% due 03/22/2025			2,000			1,993
5.290% due 09/29/2026 ~			800			802

Nissan Motor Acceptance Co. LLC
1.850% due 09/16/2026			1,500			1,411
2.000% due 03/09/2026			273			262

Nomura Holdings, Inc.
1.851% due 07/16/2025			2,550			2,508
2.648% due 01/16/2025			400			400
5.099% due 07/03/2025			300			300

Nykredit Realkredit AS
2.000% due 01/01/2025	DKK		14,550			2,021
3.745% (CITF06M + 0.320%) due 01/01/2025 ~			12,165			1,690

PNC Bank NA
4.775% due 01/15/2027 •	$		3,400			3,402

Realkredit Danmark AS
1.000% due 01/01/2025	DKK		2,350			326

Shinhan Bank Co. Ltd.
6.376% (BBSW3M + 1.950%) due 11/16/2025 ~	AUD		1,500			940

Skandinaviska Enskilda Banken AB
5.393% (SOFRRATE + 0.960%) due 06/09/2025 ~	$		1,500			1,505

Standard Chartered Bank
4.853% due 12/03/2027			500			501

Standard Chartered PLC
2.819% due 01/30/2026 •			500			499
3.971% due 03/30/2026 •			1,125			1,121


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.656% (SOFRRATE + 1.170%) due 05/14/2028 ~	$		1,000	$		1,007

Sumitomo Mitsui Financial Group, Inc.
5.969% (SOFRRATE + 1.300%) due 07/13/2026 ~			3,500			3,548

Sumitomo Mitsui Trust Bank Ltd.
5.642% (SOFRRATE + 1.150%) due 09/14/2026 ~			300			303
5.678% due 09/14/2026 ~			600			606

Svenska Handelsbanken AB
5.115% (SOFRRATE + 0.660%) due 05/28/2027 ~			2,500			2,512
5.348% (SOFRRATE + 0.910%) due 06/10/2025 ~			250			251

Swedbank AB
5.337% due 09/20/2027			2,500			2,524

Toyota Motor Credit Corp.
5.281% (SOFRRATE + 0.770%) due 08/07/2026 ~			2,000			2,013

UBS AG
1.200% due 07/30/2025	AUD		1,000			607
4.918% (BBSW3M + 0.500%) due 02/26/2026 ~			700			433
5.717% (BBSW3M + 1.300%) due 05/12/2026 ~			3,500			2,188

UBS Group AG
3.750% due 03/26/2025	$		500			499

Wells Fargo & Co.
2.188% due 04/30/2026 •			400			396
3.908% due 04/25/2026 •			3,100			3,091

						113,560


INDUSTRIALS 12.3%

Amgen, Inc.
5.250% due 03/02/2025			1,500			1,501

Arrow Electronics, Inc.
4.000% due 04/01/2025			900			898

Bayer U.S. Finance LLC
4.250% due 12/15/2025			3,300			3,279

Berry Global, Inc.
1.570% due 01/15/2026			2,500			2,414
4.875% due 07/15/2026			466			464

BMW U.S. Capital LLC
5.294% (SOFRINDX + 0.800%) due 08/13/2026 ~			1,500			1,506

Carrier Global Corp.
2.242% due 02/15/2025			2,000			1,992

DAE Funding LLC
2.625% due 03/20/2025			3,000			2,978

Energy Transfer LP
5.950% due 12/01/2025			2,885			2,906

Expedia Group, Inc.
6.250% due 05/01/2025			437			437

Fidelity National Information Services, Inc.
4.500% due 07/15/2025			1,000			998

Flex Ltd.
4.750% due 06/15/2025			1,500			1,498

Harley-Davidson Financial Services, Inc.
3.500% due 07/28/2025			2,500			2,476

HCA, Inc.
5.250% due 04/15/2025			500			501
5.375% due 02/01/2025			2,200			2,200
7.690% due 06/15/2025			500			506

Hyundai Capital America
5.859% (SOFRRATE + 1.320%) due 11/03/2025 ~			197			198
6.250% due 11/03/2025			1,500			1,515

Illumina, Inc.
5.800% due 12/12/2025			1,000			1,008

Kraton Corp.
5.000% due 07/15/2027			3,000			3,013

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

137


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


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

Nissan Motor Co. Ltd.
3.522% due 09/17/2025	$		500	$		493

NXP BV
2.700% due 05/01/2025			1,481			1,471

Rolls-Royce PLC
3.625% due 10/14/2025			1,526			1,502

T-Mobile USA, Inc.
3.500% due 04/15/2025			800			796

Volkswagen Group of America Finance LLC
5.227% (SOFRRATE + 0.830%) due 03/20/2026 ~			1,300			1,300
5.350% (SOFRRATE + 0.930%) due 09/12/2025 ~			1,500			1,503

Westinghouse Air Brake Technologies Corp.
3.200% due 06/15/2025			900			893

						40,246


UTILITIES 2.3%

Electricite de France SA
3.625% due 10/13/2025			1,700			1,684

Enel Finance International NV
7.050% due 10/14/2025			1,000			1,017

Georgia Power Co.
5.256% (SOFRINDX + 0.750%) due 05/08/2025 ~			1,400			1,403

KT Corp.
4.000% due 08/08/2025			1,000			994

NextEra Energy Capital Holdings, Inc.
5.325% (SOFRINDX + 0.760%) due 01/29/2026 ~			2,000			2,011
6.051% due 03/01/2025			500			501

						7,610

Total Corporate Bonds & Notes (Cost $161,915)						161,416


U.S. GOVERNMENT AGENCIES 3.5%

Fannie Mae
5.700% due 01/25/2055 •			1,300			1,295
5.732% due 06/25/2054 •			1,300			1,297
5.800% due 01/25/2055 •			900			899

Freddie Mac
5.719% due 12/25/2054 •			1,273			1,277
5.748% due 01/25/2055 •			2,800			2,807
5.800% due 01/25/2055 •			400			401
5.819% due 05/25/2054 •			1,146			1,155

Ginnie Mae
4.710% due 04/20/2069 •			176			176
5.365% due 11/20/2074 •			995			999
5.555% due 10/20/2073 •			966			980

Total U.S. Government Agencies (Cost $11,254)						11,286


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%

OBX Trust
5.988% due 01/25/2064 þ			1,221			1,228

Total Non-Agency Mortgage-Backed Securities (Cost $1,220)						1,228


ASSET-BACKED SECURITIES 11.5%

AUTOMOBILE ABS OTHER 0.5%

CarMax Auto Owner Trust
5.198% due 11/16/2026 •			643			643

Citizens Auto Receivables Trust
5.328% due 10/15/2026 •			266			266
5.548% due 07/15/2026 •			144			144

Ford Credit Auto Lease Trust
5.188% due 02/15/2026 •			124			123

SFS Auto Receivables Securitization Trust
5.405% due 03/22/2027 •			109			109


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

Toyota Auto Receivables Owner Trust
4.998% (SOFR30A + 0.400%) due 08/17/2026 ~	$		325	$		325

World Omni Automobile Lease Securitization Trust
5.358% due 11/17/2025 •			1			1

						1,611


AUTOMOBILE SEQUENTIAL 1.8%

Bank of America Auto Trust
5.830% due 05/15/2026			180			180

CarMax Auto Owner Trust
5.300% due 03/15/2027			1,257			1,260

Citizens Auto Receivables Trust
5.840% due 01/18/2028			2,000			2,022

Honda Auto Receivables Owner Trust
5.870% due 06/22/2026			1,010			1,014

SCCU Auto Receivables Trust
5.850% due 05/17/2027			229			230

USAA Auto Owner Trust
5.250% due 03/15/2027			1,000			1,004

						5,710


CREDIT CARD BULLET 1.7%

American Express Credit Account Master Trust
5.230% due 09/15/2028			2,000			2,027

Citibank Credit Card Issuance Trust
5.230% due 12/08/2027			2,000			2,014

Master Credit Card Trust
5.450% due 01/21/2027 •			1,600			1,604

						5,645


CREDIT CARD OTHER 0.6%

Trillium Credit Card Trust
5.232% due 08/26/2028 •			2,000			2,006


OTHER ABS 6.9%

522 Funding CLO Ltd.
5.758% due 10/23/2034 •			1,200			1,202

Albacore Euro CLO Ltd.
4.174% due 07/15/2035 •	EUR		1,000			1,035

Allegro CLO Ltd.
5.867% due 01/19/2033 •	$		1,000			1,001

American Money Management Corp. CLO Ltd.
5.760% due 01/20/2035 •			800			800

Ares CLO Ltd.
5.703% due 10/28/2034 •			1,200			1,204

Atlantic Avenue Ltd.
5.576% due 01/20/2035 •			1,200			1,200

Bain Capital Credit CLO Ltd.
5.857% due 07/19/2034 •			1,200			1,203

Carlyle Global Market Strategies CLO Ltd.
5.534% due 07/20/2034 •			900			900

CarVal CLO Ltd.
5.877% due 07/16/2031 •			956			959

CQS U.S. CLO Ltd.
5.817% due 01/20/2035 •			200			200

Cumulus Static CLO DAC
4.223% due 11/15/2033 •	EUR		687			714

Jamestown CLO Ltd.
5.583% due 07/25/2034 •	$		600			600
5.896% due 07/25/2035 •			400			401

Kubota Credit Owner Trust
5.610% due 07/15/2026			908			911

LCM Loan Income Fund Ltd.
5.909% due 04/20/2031 •			498			498

MMAF Equipment Finance LLC
5.790% due 11/13/2026			567			570

Mountain View CLO Ltd.
6.116% due 04/15/2034 •			1,000			1,004


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

Nassau Ltd.
6.168% due 01/15/2030 •	$		35	$		35

Neuberger Berman CLO Ltd.
5.909% due 01/28/2030 •			565			567

Northwoods Capital Ltd.
5.549% due 06/15/2031 •			1,321			1,323

OZLM Ltd.
5.767% due 07/20/2030 •			609			610

Palmer Square European Loan Funding DAC
4.164% due 01/15/2033 •	EUR		996			1,035

Rad CLO Ltd.
5.856% due 04/25/2032 •	$		422			422

Regatta Funding Ltd.
5.856% due 01/15/2033 •			1,500			1,505

Trinitas CLO Ltd.
5.466% due 10/20/2033 •			300			300

Trysail CLO Ltd.
7.267% due 10/20/2033 •			500			500

Verizon Master Trust
5.285% due 09/08/2028 •			2,000			2,006

						22,705

Total Asset-Backed Securities (Cost $37,708)						37,677


SOVEREIGN ISSUES 4.7%

Brazil Letras do Tesouro Nacional
0.000% due 04/01/2025 (c)	BRL		28,900			4,541
0.000% due 07/01/2025 (c)			14,300			2,172
0.000% due 10/01/2025 (c)			5,600			817

CPPIB Capital, Inc.
5.685% (SOFRRATE + 1.250%) due 03/11/2026 ~	$		1,450			1,467
5.965% (SOFRINDX + 1.250%) due 04/04/2025 ~			1,000			1,003

Israel Government International Bond
1.750% due 08/31/2025	ILS		10,700			2,898

Mexico Government International Bond
4.000% due 08/24/2034 (e)	MXN		12,598			537

PSP Capital, Inc.
4.698% (SOFRINDX + 0.240%) due 03/03/2025 ~	$		2,100			2,100

Total Sovereign Issues (Cost $16,411)						15,535


		OUNCES
COMMODITIES 18.2%

Gold Warehouse Receipts (a)			1,478			3,886

Gold Warehouse Receipts			13,305			34,860

Platinum Warehouse Receipts (a)			9,348			8,357

Silver Warehouse Receipts			433,600			12,504

Total Commodities (Cost $54,517)						59,607


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 8.9%

COMMERCIAL PAPER 3.7%

Constellation Brands, Inc.
4.950% due 01/08/2025	$		1,750			1,748

Crown Castle, Inc.
4.990% due 01/16/2025			3,300			3,293

CVS Health Corp.
5.250% due 01/31/2025			1,800			1,793

Dell International LLC
4.700% due 01/10/2025			4,100			4,095

Hyundai Capital America
4.720% due 01/09/2025			800			799

Volkswagen Financial Services
4.720% due 01/28/2025			500			498

						12,226


138		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
REPURCHASE AGREEMENTS (g) 1.7%
				$		5,700


CANADA TREASURY BILLS 2.6%
3.221% due 01/03/2025 (c)(d)	CAD		12,000			8,346


U.S. TREASURY BILLS 0.9%
4.486% due 01/09/2025 - 03/20/2025 (b)(c)(j)	$		2,822			2,816

Total Short-Term Instruments (Cost $29,178)						29,088



Total Investments in Securities (Cost $312,203)						315,837


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 5.1%

MUTUAL FUNDS (f) 5.1%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		165,648	$		16,621

Total Mutual Funds (Cost $16,579)					16,621



Total Investments in Affiliates (Cost $16,579)					16,621


Total Investments 101.6% (Cost $328,782)			$		332,458

Financial Derivative Instruments (h)(i) 0.7% (Cost or Premiums, net $96)					2,259

Other Assets and Liabilities, net (2.3)%					(7,458	)

Net Assets 100.0%			$		327,259

NOTES TO SCHEDULE OF INVESTMENTS:

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

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

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 did not produce income within the last twelve months.

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

(c)	Zero coupon security.

(d)	Coupon represents a yield to maturity.

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

(f)	Institutional Class Shares of each Fund.

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⁾
BOS		4.100	%		12/31/2024		01/02/2025	$	5,700	U.S. Treasury Notes 4.875% due 04/30/2026	$	(5,815	)	$	5,700	$	5,701

Total Repurchase Agreements											$	(5,815	)	$	5,700	$	5,701

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, 2024:


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	$	5,701	$	0	$	0	$	0	$	5,701	$	(5,815	)	$	(114	)

Total Borrowings and Other Financing Transactions	$	5,701	$	0	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

139


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

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

PURCHASED OPTIONS:

COMMODITY OPTIONS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - NYMEX Crude Oil June 2025 Futures	$	60.000		05/15/2025		67	$	67	$	190	$	110

Total Purchased Options									$	190	$	110

WRITTEN OPTIONS:

COMMODITY OPTIONS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Call - NYMEX Crude Oil June 2025 Futures	$	75.000		05/15/2025		67	$	67	$	(172	)	$	(192	)

Total Written Options									$	(172	)	$	(192	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Aluminum January Futures		01/2025		207	$	13,126	$	(250	)	$	0	$	0
Aluminum July Futures		07/2025		149		9,536		(95	)		4		(91	)
Aluminum March Futures		03/2025		113		7,218		(77	)		0		0
Aluminum May Futures		05/2025		165		10,539		(405	)		0		0
Arabica Coffee July Futures		07/2025		124		14,343		(117	)		0		(128	)
Australia Government 3-Year Bond March Futures		03/2025		133		8,739		(21	)		19		(14	)
Brent Crude September Futures		07/2025		411		29,851		439			210		(1	)
California Carbon Allowance December Futures		12/2025		428		15,541		(396	)		34		0
Cocoa July Futures		07/2025		26		2,709		79			55		0
Cocoa May Futures		05/2025		18		1,963		1,002			217		0
Copper March Futures		03/2025		40		7,336		(464	)		0		(344	)
Copper May Futures		05/2025		4		881		(21	)		0		(21	)
Corn July Futures		07/2025		545		12,773		282			125		(1	)
Cotton No. 2 March Futures		03/2025		32		1,094		(87	)		0		(1	)
European Climate Exchange March Futures		03/2025		38		2,817		239			58		0
Gas Oil June Futures		06/2025		90		6,084		96			27		0
Gold 100 oz. April Futures		04/2025		22		5,865		53			0		0
Gold 100 oz. January Futures		01/2025		30		7,888		(314	)		69		0
Gold 100 oz. June Futures		06/2025		10		2,692		6			25		0
Hard Red Winter Wheat March Futures		03/2025		156		4,362		(304	)		27		0
Iron Ore March Futures		03/2025		549		5,493		(67	)		15		(1	)
Lean Hogs June Futures		06/2025		53		2,103		16			0		(11	)
Live Cattle April Futures		04/2025		63		4,896		61			27		0
Live Cattle June Futures		06/2025		99		7,509		247			34		0
Natural Gas April Futures		03/2025		23		706		22			0		(33	)
Natural Gas July Futures		06/2025		118		4,156		124			0		(84	)
Natural Gas March Futures		02/2025		177		5,483		514			0		(310	)
New York Harbor June Futures		05/2025		101		9,459		117			57		0
New York Harbor March Futures		02/2025		13		1,253		37			8		0
Nickel January Futures		01/2025		121		10,992		(1,668	)		0		0
Nickel March Futures		03/2025		126		11,569		(1,175	)		0		(138	)
Nickel May Futures		05/2025		93		8,629		(1,027	)		0		0
RBOB Gasoline June Futures		05/2025		246		22,856		467			230		0
Silver July Futures		07/2025		8		1,194		(54	)		0		(5	)
Silver March Futures		03/2025		70		10,235		(592	)		0		(59	)
Soybean March Futures		03/2025		181		9,145		(14	)		170		0
Soybean Meal March Futures		03/2025		244		7,732		472			124		0
Sugar No. 11 July Futures		06/2025		680		13,328		(630	)		19		(1	)
Sugar No. 11 March Futures		02/2025		98		2,114		(380	)		14		0
U.S. Treasury 2-Year Note March Futures		03/2025		47		9,664		(5	)		0		(1	)
U.S. Treasury 5-Year Note March Futures		03/2025		116		12,331		(86	)		0		(11	)
WTI Crude June Futures		05/2025		270		18,946		420			181		0
Zinc January Futures		01/2025		98		7,253		(184	)		0		0
Zinc July Futures		07/2025		113		8,451		(199	)		0		(192	)
Zinc March Futures		03/2025		181		13,486		(76	)		0		0
Zinc May Futures		05/2025		134		10,002		(374	)		0		0

							$	(4,389	)	$	1,749	$	(1,447	)


140		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Aluminum January Futures		01/2025		207	$	(13,126	)	$	(465	)	$	0	$	0
Aluminum July Futures		07/2025		5		(320	)		(1	)		0		0
Aluminum March Futures		03/2025		113		(7,218	)		191			0		0
Aluminum May Futures		05/2025		165		(10,539	)		138			0		0
Cocoa May Futures		05/2025		18		(1,987	)		(631	)		0		(39	)
Copper March Futures		03/2025		8		(1,751	)		36			0		0
Copper May Futures		05/2025		9		(913	)		37			15		0
Gas Oil March Futures		03/2025		17		(1,170	)		(26	)		0		(6	)
Gold 100 oz. February Futures		02/2025		28		(7,395	)		(64	)		0		0
Nickel January Futures		01/2025		121		(10,992	)		1,300			0		0
Nickel March Futures		03/2025		93		(8,539	)		985			0		0
Nickel May Futures		05/2025		93		(8,629	)		509			0		0
Platinum April Futures		04/2025		99		(4,507	)		91			46		0
Platinum February Futures		02/2025		87		(3,922	)		187			33		0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2025		30		(3,567	)		107			13		0
U.S. Ultra Treasury 10-Year Note March Futures		03/2025		45		(5,009	)		67			11		0
Wheat March Futures		03/2025		156		(4,302	)		344			0		(26	)
Zinc January Futures		01/2025		98		(7,253	)		(109	)		0		0
Zinc July Futures		07/2025		3		(224	)		0			0		0
Zinc March Futures		03/2025		181		(13,486	)		308			0		0
Zinc May Futures		05/2025		134		(10,002	)		210			0		0

								$	3,214		$	118	$	(71	)

Total Futures Contracts								$	(1,175	)	$	1,867	$	(1,518	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day GBP-SONIO Compounded-OIS		4.000	%	Annual		09/18/2029		GBP	15,800	$	137		$	(239	)	$	(102	)	$	43	$	0
Receive	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/18/2029		$	19,100		(59	)		312			253			10		0

Total Swap Agreements											$	78		$	73		$	151		$	53	$	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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset⁽¹⁾				Total		Market Value		Variation Margin Liability⁽¹⁾				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	110	$	2,208	$	53	$	2,371	$	(192)	$	(1,858)	$	0	$	(2,050)

Cash of $18,524 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾	Unsettled variation margin asset of $341 and liability of $(340) for closed futures is outstanding at period end.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2025	GBP	146	$	186	$	3	$	0
		03/2025	MXN	3,712		181		5		0
		04/2025	BRL	15,000		2,717		324		0

BPS		01/2025	AUD	5,399		3,501		160		0
		01/2025	BRL	2,049		331		0		(1	)
		01/2025	EUR	430		453		8		0

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

141


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


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
		01/2025	$	364	BRL	2,049	$	0	$	(33	)
		01/2025		276	EUR	265		0		(1	)
		01/2025		133	GBP	105		0		(1	)
		09/2025	ILS	10,635	$	2,906		0		(40	)
		10/2025	BRL	800		131		10		0

BRC		01/2025	AUD	3,987		2,571		103		0
		01/2025	EUR	207		218		3		0
		01/2025	GBP	301		379		2		0
		01/2025	$	80	EUR	76		0		(1	)
		01/2025		279	GBP	220		0		(4	)
		03/2025	MXN	2,959	$	144		4		0
		03/2025	$	39	ILS	140		0		(1	)

CBK		01/2025	AUD	982	$	623		15		0
		01/2025	CAD	12,000		8,472		123		0
		01/2025	GBP	429		545		8		0
		01/2025	$	119	GBP	93		0		(2	)
		02/2025	BRL	2,266	$	392		28		0
		03/2025	MXN	4,525		221		7		0

FAR		01/2025	AUD	15,310		9,935		459		0
		01/2025	BRL	2,056		334		1		0
		01/2025	$	332	BRL	2,056		1		0
		02/2025		334		2,067		0		(2	)

GLM		04/2025	BRL	13,700	$	2,459		274		0
		07/2025		14,300		2,389		165		0
		10/2025		4,500		738		55		0

JPM		04/2025		200		36		4		0

MBC		01/2025	AUD	1,681		1,050		10		0
		01/2025	CHF	671		765		25		0
		01/2025	EUR	2,373		2,500		41		0
		03/2025	$	13	ILS	45		0		0

MYI		01/2025	GBP	56	$	70		0		0
		01/2025	$	203	GBP	162		0		0
		10/2025	BRL	300	$	49		3		0

RYL		01/2025	AUD	1,207		773		26		0
		01/2025	DKK	29,100		4,265		223		0

SCX		01/2025	$	2,014	GBP	1,587		0		(28	)

Total Forward Foreign Currency Contracts							$	2,090	$	(114	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON INDEXES


Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/Receive⁽¹⁾	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Asset		Liability
CIB	Receive	PIMCODB Index⁽³⁾		22,397	0.000%		Monthly	02/18/2025	$	4,427	$	0	$	(22	)	$	0	$	(22	)

GST	Receive	PIMCODB Index⁽⁴⁾		58,549	0.000%		Monthly	02/18/2025		6,016		0		(29	)		0		(29	)

JPM	Receive	JMABNIC5 Index⁽⁵⁾		29,696	0.000%		Monthly	02/18/2025		5,215		0		13			13		0

Total Swap Agreements											$	0	$	(38	)	$	13	$	(51	)

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, 2024:


	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	$	332	$	0	$	0	$	332	$	0		$	0	$	0		$	0		$	332		$	(260	)	$	72
BPS		178		0		0		178		(76	)		0		0			(76	)		102			0			102
BRC		112		0		0		112		(6	)		0		0			(6	)		106			0			106
CBK		181		0		0		181		(2	)		0		0			(2	)		179			0			179
CIB		0		0		0		0		0			0		(22	)		(22	)		(22	)		0			(22	)


142		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)


	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⁾
FAR	$	461	$	0	$	0	$	461	$	(2	)	$	0	$	0		$	(2	)	$	459		$	0		$	459
GLM		494		0		0		494		0			0		0			0			494			(500	)		(6	)
GST		0		0		0		0		0			0		(29	)		(29	)		(29	)		61			32
JPM		4		0		13		17		0			0		0			0			17			0			17
MBC		76		0		0		76		0			0		0			0			76			0			76
MYI		3		0		0		3		0			0		0			0			3			0			3
RYL		249		0		0		249		0			0		0			0			249			0			249
SCX		0		0		0		0		(28	)		0		0			(28	)		(28	)		0			(28	)

Total Over the Counter	$	2,090	$	0	$	13	$	2,103	$	(114	)	$	0	$	(51	)	$	(165	)

(j)	Securities with an aggregate market value of $61 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

⁽¹⁾

⁽²⁾

⁽³⁾	The following table represents the individual positions within the total return swap as of December 31, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Aluminum May 2025 Futures		4.1	%	$	180
Arabica Coffee May 2025 Futures		6.4			281
Brent Crude July 2025 Futures		7.1			315
Cocoa May 2025 Futures		1.2			53
Corn May 2025 Futures		5.7			252
Gas Oil May 2025 Futures		3.0			131
Gold 100 oz. February 2025 Futures		17.1			759
Gold 100 oz. June 2025 Futures		1.2			55
Lean Hogs June 2025 Futures		0.9			41
Live Cattle June 2025 Futures		3.3			146
New York Harbor ULSD May 2025 Futures		1.4			62
NYMEX — Natural Gas May 2025 Futures		1.4			63
RBOB Gasoline May 2025 Futures		8.5			375
Silver March 2025 Futures		5.0			222
Silver May 2025 Futures		0.6			25
Sugar No. 11 May 2025 Futures		5.9			260
WTI Crude May 2025 Futures		8.3			369
Zinc May 2025 Futures		3.6			161

Total Long Futures Contracts				$	3,750

Cash		15.3	%	$	677

Total Notional Amount				$	4,427

*	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, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Aluminum May 2025 Futures		4.0	%	$	243
Arabica Coffee May 2025 Futures		6.3			380
Brent Crude June 2025 Futures		7.1			429
Cocoa May 2025 Futures		1.3			81
Corn May 2025 Futures		5.7			340
Gas Oil May 2025 Futures		3.0			180
Gold 100 oz. February 2025 Futures		17.0			1,021
Gold 100 oz. June 2025 Futures		1.2			74
Lean Hogs June 2025 Futures		0.9			54
Live Cattle June 2025 Futures		3.3			197
New York Harbor ULSD May 2025 Futures		1.4			85
NYMEX — Natural Gas May 2025 Futures		1.5			91
RBOB Gasoline May 2025 Futures		8.5			511
Silver March 2025 Futures		4.9			294
Silver May 2025 Futures		0.6			33
Sugar No. 11 May 2025 Futures		5.8			350

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

143


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


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
WTI Crude May 2025 Futures		8.4	%	$	502
Zinc May 2025 Futures		3.6			217

Total Long Futures Contracts				$	5,082

Cash		15.5	%	$	934

Total Notional Amount				$	6,016

*	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, 2024:


Referenced Commodity — Long Futures Contracts	% of Index			Notional Amount*
Brent Crude June 2025 Futures		17.8	%	$	926
Cotton No. 02 March 2025 Futures		1.5			76
Gas Oil May 2025 Futures		2.8			144
Gold 100 oz. February 2025 Futures		20.1			1,048
Live Cattle February 2025 Futures		6.6			343
LME — Copper February 2025 Futures		7.4			387
New York Harbor ULSD May 2025 Futures		4.2			222
Nickel February 2025 Futures		4.0			209
RBOB Gasoline May 2025 Futures		4.4			232
Silver March 2025 Futures		6.1			318
Soybean Meal March 2025 Futures		10.2			534
Soybeans March 2025 Futures		12.1			631
Sugar No. 11 March 2025 Futures		2.8			145

Total Long Futures Contracts				$	5,215

Total Notional Amount				$	5,215

*	The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:


	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	$	110	$	0	$	0	$	0	$	0	$	110
Futures		2,160		0		0		0		48		2,208
Swap Agreements		0		0		0		0		53		53

	$	2,270	$	0	$	0	$	0	$	101	$	2,371

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,090	$	0	$	2,090
Swap Agreements		13		0		0		0		0		13

	$	13	$	0	$	0	$	2,090	$	0	$	2,103

	$	2,283	$	0	$	0	$	2,090	$	101	$	4,474


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	192	$	0	$	0	$	0	$	0	$	192
Futures		1,832		0		0		0		26		1,858

	$	2,024	$	0	$	0	$	0	$	26	$	2,050

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	114	$	0	$	114
Swap Agreements		51		0		0		0		0		51

	$	51	$	0	$	0	$	114	$	0	$	165

	$	2,075	$	0	$	0	$	114	$	26	$	2,215


144		PIMCO ETF TRUST			See Accompanying Notes


						December 31, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2024:


	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	$	(55	)	$	0	$	0	$	0	$	0		$	(55	)
Written Options		(580	)		0		0		0		0			(580	)
Futures		(12,727	)		0		0		0		(171	)		(12,898	)
Swap Agreements		0			0		0		0		38			38

	$	(13,362	)	$	0	$	0	$	0	$	(133	)	$	(13,495	)

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	466	$	0		$	466
Swap Agreements		(522	)		0		0		0		0			(522	)

	$	(522	)	$	0	$	0	$	466	$	0		$	(56	)

	$	(13,884	)	$	0	$	0	$	466	$	(133	)	$	(13,551	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	(73	)	$	0	$	0	$	0	$	0		$	(73	)
Written Options		134			0		0		0		0			134
Futures		2,814			0		0		0		130			2,944
Swap Agreements		0			0		0		0		73			73

	$	2,875		$	0	$	0	$	0	$	203		$	3,078

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	1,488	$	0		$	1,488
Swap Agreements		(98	)		0		0		0		0			(98	)

	$	(98	)	$	0	$	0	$	1,488	$	0		$	1,390

	$	2,777		$	0	$	0	$	1,488	$	203		$	4,468

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	113,560	$	0	$	113,560
Industrials		0		40,246		0		40,246
Utilities		0		7,610		0		7,610
U.S. Government Agencies		0		11,286		0		11,286
Non-Agency Mortgage-Backed Securities		0		1,228		0		1,228
Asset-Backed Securities
Automobile ABS Other		0		1,611		0		1,611
Automobile Sequential		0		5,710		0		5,710
Credit Card Bullet		0		5,645		0		5,645
Credit Card Other		0		2,006		0		2,006
Other ABS		0		22,705		0		22,705
Sovereign Issues		0		15,535		0		15,535
Commodities		0		59,607		0		59,607
Short-Term Instruments
Commercial Paper		0		12,226		0		12,226
Repurchase Agreements		0		5,700		0		5,700
Canada Treasury Bills		0		8,346		0		8,346
U.S. Treasury Bills		0		2,816		0		2,816

	$	0	$	315,837	$	0	$	315,837


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2024
Investments in Affiliates, at Value
Mutual Funds	$	16,621		$	0		$	0	$	16,621


Total Investments	$	16,621		$	315,837		$	0	$	332,458


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		1,953			77			0		2,030
Over the counter		0			2,103			0		2,103

	$	1,953		$	2,180		$	0	$	4,133


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(1,698	)		(12	)		0		(1,710	)
Over the counter		0			(165	)		0		(165	)

	$	(1,698	)	$	(177	)	$	0	$	(1,875	)


Total Financial Derivative Instruments	$	255		$	2,003		$	0	$	2,258


Totals	$	16,876		$	317,840		$	0	$	334,716

There were no significant transfers into or out of Level 3 during the period ended December 31, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

145


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 16, 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 a member or participant of a clearing agency registered with the Securities and Exchange Commission (“SEC”), which has a written agreement with the Fund’s Distributor that allows such member or participant to place orders for the purchase and redemption of Creation Units (“Authorized Participant“). 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”).

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds’ CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund’s long-term strategic

asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information in the form of each Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

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, including but not limited to, ASC 946. 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


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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 Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The

Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities 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.

(d) 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

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

Monthly

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

Monthly

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

Monthly

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

Monthly

PIMCO Active Bond Exchange-Traded Fund

Monthly

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

Monthly

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

Monthly

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

Monthly

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO Multisector Bond Active Exchange-Traded Fund

Monthly

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

Monthly

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

Monthly

PIMCO Senior Loan Active Exchange-Traded Fund

Monthly

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

Monthly

PIMCO Ultra Short Government Active Exchange-Traded Fund

Monthly

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

Quarterly

PIMCO Commodity Strategy Active Exchange-Traded Fund

Quarterly

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

147


Notes to Financial Statements		(Cont.)

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. A Fund 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.

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.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the “Names Rule”). In general, the Names 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 to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund’s calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund’s policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds’ financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by


148		PIMCO ETF TRUST


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jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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, each Fund’s 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 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 portfolio 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. 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. 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

149


Notes to Financial Statements		(Cont.)

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 the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Source. 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 creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing 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.

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 a Fund normally will be taken into account in calculating the NAV. A 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.

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.

(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.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. 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.


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For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

Level 1, 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. 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.

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Notes to Financial Statements		(Cont.)

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.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities

are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by ‘back-solving’ if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.


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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.

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 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 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 is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is 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, 2024 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund


Fund Name	Market Value 06/30/2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	41,111	$	146,621	$	(153,611	)	$	0	$	0	$	34,121	$	1,122	$	0

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		3,565		12,597		(12,735	)		0		0		3,427		78		0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		0		46,132		(46,132	)		0		0		0		27		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 tables below show the Funds’ transactions in and earnings from investments in the affiliated fund for the period ended December 31, 2024 (amounts in thousands^†):

PIMCO Active Bond Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	$	0	$	24,439	$	(24,379	)	$	(60	)	$	0		$	0	$	296	$	0

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		19,995		17,216		0			0			239			37,450		1,026		0

PIMCO Senior Loan Active Exchange-Traded Fund		36,085		42,279		(12,102	)		(68	)		(18	)		66,176		2,663		0

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		25,162		1		0			0			(78	)		25,085		760		0

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Notes to Financial Statements		(Cont.)

PIMCO Commodity Strategy Active Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	$	20,289	$	2,293	$	(5,893	)	$	(7	)	$	(61	)	$	16,621	$	548	$	0

PIMCO Multisector Bond Active Exchange-Traded Fund


Underlying PIMCO Fund	Market Value 06/30/2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Senior Loan Active Exchange-Traded Fund	$	3,386	$	4,626	$	0	$	0	$	6	$	8,018	$	280	$	0

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

⁽¹⁾

(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.

Bank Obligations in which a Fund may invest include certificates of deposit, bankers’ acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against Funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers’ acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are “accepted” by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument

on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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.

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.

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 a Fund. A loan


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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 interests in 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 payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs, CLOs and other CDOs 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. 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

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Notes to Financial Statements		(Cont.)

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 a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (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 CDO’s manager may perform poorly.

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 class, 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, as amended. 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, 2024, as applicable, are disclosed in the Notes to Schedules of Investments.

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 is a government sponsored corporation that issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the


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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 contemporaneously 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 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 PIMCO Commodity Strategy Active Exchange-Traded 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 senior unsecured revolving credit agreement with State Street Bank & Trust Company. 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,

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Notes to Financial Statements		(Cont.)

2024, 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, if any, paid by the Fund is 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 Statements 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 Statements of Operations. Legal costs related to entering into the line of credit are included in Miscellaneous Expenses on the Statements of Operations.

As of December 31, 2024, the maximum available commitment and related fees for the revolving credit agreement are:


Maximum Available Commitment*		Commitment and Upfront Fees
$	25,000,000	$	27,516

*	Maximum available commitment prior to renewal on August 27, 2024, for the Fund was $10,000,000.

(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, a 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 a 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 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


158		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

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. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statements of Assets and Liabilities. 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 a 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, a 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) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund.

A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(g) 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, 2024, 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

159


Notes to Financial Statements		(Cont.)

amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(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.


160		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

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.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and

subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may 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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

161


Notes to Financial Statements		(Cont.)

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.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Commodity Forward Swap Agreements (“Commodity Forwards”) are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, a Fund will receive a payment from or make a payment to the counterparty.

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, other deliverable obligations 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, 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. 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


162		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

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. 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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

163


Notes to Financial Statements		(Cont.)

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

—

Senior Loan

—

Market Trading

Interest Rate

Call

Inflation-Indexed Security

—

Credit

Collateralized Loan Obligations

—

High Yield

—

Market

Municipal Bond

—

Issuer

—

Liquidity

Derivatives

—

Equity

—

Mortgage-Related and Other Asset Backed Securities

—

Foreign (Non-U.S.) Investment

—

Emerging Markets

—

Sovereign Debt

—

Environmental, Social and Governance

—

AMT Bonds

—

Currency

—

Leveraging

Management and Tracking Error

—

Indexing

—

Management

—

Asset-Backed Securities

—

California State-Specific

—

New York State-Specific

—

Puerto Rico-Specific

—

Municipal Project-Specific

—

Short Exposure

—

Convertible Securities

—

Tax-Efficient Investing

—

Distribution Rate

—

LIBOR Transition

—

Futures Contract

—

Capital Securities

—

Preferred Securities

—

Concentration in Banking Industries

—


164		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

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

Contingent Convertible Securities

—

Commodity

—

Issuer Non-Diversification

—

Model

—

Tax

—

Subsidiary

—

Oil-Related

—

Gold-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

Senior Loan

—

Market Trading

—

Interest Rate

Call

Inflation-Indexed Security

—

Credit

—

Collateralized Loan Obligations

—

High Yield

—

Market

Municipal Bond

—

Issuer

—

Liquidity

—

Derivatives

—

Equity

—

Mortgage-Related and Other Asset Backed Securities

—

Foreign (Non-U.S.) Investment

—

Emerging Markets

—

Sovereign Debt

—

Environmental, Social and Governance

—

AMT Bonds

—

Currency

—

Leveraging

—

Management and Tracking Error

—

Indexing

—

Management

—

Asset-Backed Securities

—

California State-Specific

—

New York State-Specific

—

Puerto Rico-Specific

—

Municipal Project-Specific

—

Short Exposure

—

Convertible Securities

—

Tax-Efficient Investing

—

Distribution Rate

—

LIBOR Transition

—

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165


Notes to Financial Statements		(Cont.)

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

Futures Contract

—

Capital Securities

—

Preferred Securities

—

Concentration in Banking Industries

—

Contingent Convertible Securities

—

Commodity

—

Issuer Non-Diversification

—

Model

—

Tax

—

Subsidiary

—

Oil-Related

—

Gold-Related

—

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. 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 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 actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted 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.


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Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes a 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 a 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.

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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with 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.

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 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

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Notes to Financial Statements		(Cont.)

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.

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.

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.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the

use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the underlying index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of a Fund and the underlying index may vary due to asset valuation differences and differences between a Fund’s portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the underlying index than if a Fund held all of the securities in the underlying index.

Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the underlying index.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that 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.

Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

California State-Specific Risk is the risk that by focusing 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 focusing 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


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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 discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior 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.

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, 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 a 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 a Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or through the Commodity 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 inflation or 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

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Notes to Financial Statements		(Cont.)

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.

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”.

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 Commodity Subsidiary, the Fund is indirectly exposed to the risks associated with the Commodity Subsidiary’s investments. The Commodity Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Commodity 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.

Gold-Related Risk is the risk that investments in or tied to the price of gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other matters,

changes in interest rates or inflation expectations or other economic, financial and political factors in the U.S. and foreign (non-U.S.) 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 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 Disruptions 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, military conflicts, 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), bank failures 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


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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, including cloud-based 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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 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.

The Funds lend their securities through Securities Finance Trust Company (“Securities Lending Agent”), an unaffiliated securities lending agent, and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day, and any increases or decreases in the required collateral are exchanged between a Fund and the counterparty on the next business day. Cash collateral received is invested in the PIMCO

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Government Money Market Fund or another cash sweep vehicle agreed by a Fund. The Securities Lending Agent administers the Funds’ securities lending program, providing services that include marketing the Funds’ available securities, soliciting bids from potential borrowers, monitoring the daily value of the loaned securities, and investing cash collateral in accordance with specific instructions provided by the Funds.

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. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled

variation margin; these values 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 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 and supervisory and administrative services under what is essentially an all-in fee structure. Each Fund will


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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⁽³⁾		0.49%

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund⁽⁴⁾		0.84%

PIMCO Senior Loan Active Exchange-Traded Fund⁽⁵⁾		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⁽⁴⁾		0.79%

⁽¹⁾

PIMCO has contractually agreed, through October 31, 2025, 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, 2025, 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, 2025, to waive or reduce its management fee by 0.15% of the average daily net assets attributable to the Fund.

⁽⁵⁾	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, 2024, 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.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive a portion of each Fund’s 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 each 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, 2025, to waive or reduce its Management Fee for

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Notes to Financial Statements		(Cont.)

the PIMCO Commodity Strategy Active 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 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, 2025, to waive or reduce its Management Fee for

the PIMCO Municipal Income Opportunities Active 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 Preferred and Capital Securities Active 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 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.

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 pursuant to the Expense Limitation Agreement (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, 2024, 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	$	0	$	0	$	13	$	13

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		218		188		201		607

PIMCO Multisector Bond Active Exchange-Traded Fund		0		101		1,191		1,292

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		123		74		173		370

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		0		188		177		365

PIMCO Senior Loan Active Exchange-Traded Fund		240		323		471		1,034

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		29		4		33

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		255		442		697

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

(f) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2025, for the PIMCO Active Bond 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 Commodity Strategy Active 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 then current term. The waiver amounts for the Acquired Fund Fees and Expenses are shown below.


Fund Name	Waived Amount

PIMCO Active Bond Exchange-Traded Fund	$	339

PIMCO Multisector Active Exchange-Traded Fund		17

PIMCO Commodity Strategy Active Exchange-Traded Fund		32

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


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				December 31, 2024		(Unaudited)

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 Commodity 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 Statement of Operations as a component of Waiver and/ or Reimbursement by PIMCO. See Note 16, 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, 2024 were as follows (amounts in thousands^†):


Fund Name	Purchases		Sales		Realized Gain/(Loss)

PIMCO Active Bond Exchange-Traded Fund	$	5,307	$	0	$	0

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		129		3,610		(177	)

^†	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 a 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, 2024, 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	$	182,705	$	229,964	$	0	$	0

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		110,372		113,057		0		0

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		56,881		63,604		0		0

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		88,449		90,401		0		0

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		0		0		388,611		417,442

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Notes to Financial Statements		(Cont.)


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	$	12,246	$	0	$	85,155	$	98,978

PIMCO Active Bond Exchange-Traded Fund		17,034,481		16,298,315		463,222		151,447

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,026,971		1,058,648		202,254		188,781

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		10,124		3,200		30,553		30,229

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		1,723,486		1,519,332		2,788,440		1,937,273

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		128		0		395,637		181,145

PIMCO Multisector Bond Active Exchange-Traded Fund		6,274,499		5,744,466		1,645,758		224,889

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		0		0		106,326		35,967

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		75		0		74,602		26,765

PIMCO Senior Loan Active Exchange-Traded Fund		0		0		494,413		47,736

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		0		1,100		136,649		96,695

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0		0		0

PIMCO Commodity Strategy Active Exchange-Traded Fund		10,145		200		138,346		49,694

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

13. SHARES OF BENEFICIAL INTEREST

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2024. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.


	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares

	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		2		0		26%		0%

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		3		0		56%		0%

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		2		0		52%		0%

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		2		0		42%		0%

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		2		0		42%		0%

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		2		0		49%		0%

PIMCO Active Bond Exchange-Traded Fund		2		0		54%		0%

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		2		0		61%		0%

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		3		0		61%		0%

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		4		0		69%		0%

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		2		0		49%		0%

PIMCO Multisector Bond Active Exchange-Traded Fund		3		0		76%		0%

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		3		0		81%		0%

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		3		1		75%		11%

PIMCO Senior Loan Active Exchange-Traded Fund		3		0		69%		0%

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		3		0		63%		0%

PIMCO Ultra Short Government Active Exchange-Traded Fund		2		0		85%		0%

PIMCO Commodity Strategy Active Exchange-Traded Fund		2		0		72%		0%

14. 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


176		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

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).

15. INVESTMENT TRANSACTIONS

For the period ended December 31, 2024, 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	$	735,509	$	451,391

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		25,919		54,742

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		59,733		49,926

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		10,456		2,625

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		258,012		171,985

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		178,309		32,854

PIMCO Ultra Short Government Active Exchange-Traded Fund		3,459		0

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

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions which were executed in-kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

16. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, PIMCO Cayman Commodity Fund CMDT, Ltd., 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 21.4% of the Fund’s consolidated net assets.

17. 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.

18. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

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177


Notes to Financial Statements		(Cont.)

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2024, 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 Internal Revenue Service (“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 Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with a 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 Commodity Subsidiary’s subpart F income will increase the Fund’s tax basis in its Commodity Subsidiary. Distributions by the Commodity 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 Commodity Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as

ordinary income, regardless of the character of the Commodity Subsidiary’s underlying income or gains.

If a net loss is realized by a 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 Fund’s income from in the subsidiary is derived with respect to the Fund’s 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 Commodity 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, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.


178		PIMCO ETF TRUST


				December 31, 2024		(Unaudited)

As of their last fiscal year ended June 30, 2024, 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	$	43,769	$	181,735

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		9,877		31,011

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		19,518		40,250

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		22,929		8,783

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		48,328		190,270

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		13,070		24,289

PIMCO Active Bond Exchange-Traded Fund		391,856		209,622

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		55,048		25,322

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		1,302		1,441

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		74,209		159,027

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		25,355		16,966

PIMCO Multisector Bond Active Exchange-Traded Fund		0		0

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		5,207		92

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		1,394		284

PIMCO Senior Loan Active Exchange-Traded Fund		980		484

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		5,694		8,061

PIMCO Ultra Short Government Active Exchange-Traded Fund		0		0

PIMCO Commodity Strategy Active Exchange-Traded Fund		0		0

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

As of December 31, 2024, 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)

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	$	1,889,697	$	0	$	(376,584	)	$	(376,584	)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund		481,462		310		(13,997	)		(13,687	)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund		969,965		0		(281,722	)		(281,722	)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund		108,721		109		(4,340	)		(4,231	)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		1,378,584		21,950		(25,477	)		(3,527	)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		1,371,632		6,924		(51,454	)		(44,530	)

PIMCO Active Bond Exchange-Traded Fund		5,651,339		85,678		(146,312	)		(60,634	)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund		926,747		6,355		(7,764	)		(1,409	)

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund		157,210		489		(1,155	)		(666	)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		11,918,641		25,427		(30,333	)		(4,906	)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund		1,715,030		23,083		(11,959	)		11,124

PIMCO PIMCO Multisector Bond Active Exchange-Traded Fund		3,736,842		36,410		(29,863	)		6,547

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund		234,760		3,416		(1,818	)		1,598

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund		162,412		5,334		(1,823	)		3,511

PIMCO Senior Loan Active Exchange-Traded Fund		1,114,028		12,749		(1,423	)		11,326

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund		630,253		3,082		(3,747	)		(665	)

PIMCO Ultra Short Government Active Exchange-Traded Fund		622,516		130		(19	)		111

PIMCO Commodity Strategy Active Exchange-Traded Fund		328,878		17,664		(13,252	)		4,412

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

⁽¹⁾	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

179


Glossary:		(abbreviations that may be used in the preceding statements)				(Unaudited)



Counterparty Abbreviations:

BCY	Barclays Capital, Inc.	FAR	Wells Fargo Bank National Association	NGF	Nomura Global Financial Products, Inc.

BOA	Bank of America N.A.	FICC STR	Fixed Income Clearing Corp. - State Street FICC Repo	RBC	Royal Bank of Canada

BOS	BofA Securities, Inc.	GLM	Goldman Sachs Bank USA	RDR	RBC Capital Markets LLC

BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	RYL	NatWest Markets Plc

BPS	BNP Paribas S.A.	GST	Goldman Sachs International	SAL	Citigroup Global Markets, Inc.

BRC	Barclays Bank PLC	JPM	JP Morgan Chase Bank N.A.	SCX	Standard Chartered Bank, London

BSN	The Bank of Nova Scotia - Toronto	JPS	J.P. Morgan Securities LLC	SOG	Societe Generale Paris

CBK	Citibank N.A.	MBC	HSBC Bank Plc	SSB	State Street Bank and Trust Co.

CIB	Canadian Imperial Bank of Commerce	MYC	Morgan Stanley Capital Services LLC	UAG	UBS AG Stamford

DEU	Deutsche Bank Securities, Inc.	MYI	Morgan Stanley & Co. International PLC	UBS	UBS Securities LLC

DUB	Deutsche Bank AG

Currency Abbreviations:

AUD	Australian Dollar	IDR	Indonesian Rupiah	PEN	Peruvian New Sol

BRL	Brazilian Real	ILS	Israeli Shekel	PLN	Polish Zloty

CAD	Canadian Dollar	INR	Indian Rupee	SEK	Swedish Krona

CHF	Swiss Franc	JPY	Japanese Yen	SGD	Singapore Dollar

CNH	Chinese Renminbi (Offshore)	KRW	South Korean Won	TRY	Turkish New Lira

CZK	Czech Koruna	MXN	Mexican Peso	TWD	Taiwanese Dollar

DKK	Danish Krone	NOK	Norwegian Krone	USD (or $)	United States Dollar

EUR	Euro	NZD	New Zealand Dollar	ZAR	South African Rand

GBP	British Pound

Exchange Abbreviations:

NYMEX	New York Mercantile Exchange	OTC	Over the Counter

Index/Spread Abbreviations:

BBSW3M	3 Month Bank Bill Swap Rate	EUR012M	12 Month EUR Swap Rate	SOFR	Secured Overnight Financing Rate

BISTREFI	Turkish Lira Overnight Reference Rate	H15T5Y	5 Year US Treasury Yield Curve Constant Maturity Rate	SOFR30A	Secured Overnight Financing Rate 30-Day Average

BOBL	Bundesobligation, the German word for federal government bond	JMABNIC	J.P. Morgan Nic Custom Index	SOFRINDX	Secured Overnight Financing Rate Index

BRENT	Brent Crude	JMABNIC5	J.P. Morgan Custom Commodity Index	SONIO	Sterling Overnight Interbank Average Rate

CDX.EM	Credit Derivatives Index - Emerging Markets	MUNIPSA	Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index	TSFR1M	Term SOFR 1-Month

CDX.HY	Credit Derivatives Index - High Yield	MUTKCALM	Tokyo Overnight Average Rate	TSFR3M	Term SOFR 3-Month

CDX.IG	Credit Derivatives Index - Investment Grade	PIMCODB	PIMCO Custom Commodity Basket	US0003M	ICE 3-Month USD LIBOR

EUR003M	3 Month EUR Swap Rate	PRIME	Daily US Prime Rate	US0012M	ICE 12-Month USD LIBOR

Municipal Bond or Agency Abbreviations:

ACA	American Capital Access Holding Ltd.	BHAC	Berkshire Hathaway Assurance Corporation	FNMA	Federal National Mortgage Association

AGC	Assured Guaranty Corp.	CR	Custodial Receipts	GNMA	Government National Mortgage Association

AGM	Assured Guaranty Municipal	FHA	Federal Housing Administration	NPFGC	National Public Finance Guarantee Corp.

AMBAC	American Municipal Bond Assurance Corp.	FHLMC	Federal Home Loan Mortgage Corp.	PSF	Public School Fund

BAM	Build America Mutual Assurance

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	JSC	Joint Stock Company	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

BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	PIK	Payment-in-Kind	WTI	West Texas Intermediate

CLO	Collateralized Loan Obligation	PRIBOR	Prague Interbank Offered Rate

CMBS	Collateralized Mortgage-Backed Security


180		PIMCO ETF TRUST


Distribution Information				(Unaudited)

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, 2024 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)

September 2024	$	0.7600	$	0.0000	$	0.0000	$	0.7600

December 2024	$	0.8400	$	0.0000	$	0.0000	$	0.8400

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 2024	$	0.0600	$	0.0000	$	0.0000	$	0.0600

August 2024	$	0.0100	$	0.0000	$	0.0000	$	0.0100

September 2024	$	0.0500	$	0.0000	$	0.0000	$	0.0500

October 2024	$	0.0400	$	0.0000	$	0.0000	$	0.0400

November 2024	$	0.0900	$	0.0000	$	0.0000	$	0.0900

December 2024	$	0.0700	$	0.0000	$	0.0000	$	0.0700

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 2024	$	0.1200	$	0.0000	$	0.0000	$	0.1200

August 2024	$	0.0400	$	0.0000	$	0.0000	$	0.0400

September 2024	$	0.0900	$	0.0000	$	0.0000	$	0.0900

October 2024	$	0.0800	$	0.0000	$	0.0000	$	0.0800

November 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

December 2024	$	0.1000	$	0.0000	$	0.0000	$	0.1000

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 2024	$	0.1700	$	0.0000	$	0.0000	$	0.1700

August 2024	$	0.1000	$	0.0000	$	0.0000	$	0.1000

September 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

October 2024	$	0.1200	$	0.0000	$	0.0000	$	0.1200

November 2024	$	0.1600	$	0.0000	$	0.0000	$	0.1600

December 2024	$	0.1400	$	0.0000	$	0.0000	$	0.1400

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 2024	$	0.5800	$	0.0000	$	0.0000	$	0.5800

August 2024	$	0.6200	$	0.0000	$	0.0000	$	0.6200

September 2024	$	0.5500	$	0.0000	$	0.0000	$	0.5500

October 2024	$	0.6000	$	0.0000	$	0.0000	$	0.6000

November 2024	$	0.6100	$	0.0000	$	0.0000	$	0.6100

December 2024	$	0.5900	$	0.0000	$	0.0000	$	0.5900

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

181


Distribution Information		(Cont.)


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 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

August 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

September 2024	$	0.3600	$	0.0000	$	0.0000	$	0.3600

October 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

November 2024	$	0.4000	$	0.0000	$	0.0000	$	0.4000

December 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

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 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

August 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

September 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

October 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

November 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

December 2024	$	0.3900	$	0.0000	$	0.0000	$	0.3900

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 2024	$	0.3950	$	0.0000	$	0.0000	$	0.3950

August 2024	$	0.4050	$	0.0000	$	0.0000	$	0.4050

September 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

October 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

November 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

December 2024	$	0.3700	$	0.0000	$	0.0000	$	0.3700

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 2024	$	0.4300	$	0.0000	$	0.0000	$	0.4300

August 2024	$	0.4300	$	0.0000	$	0.0000	$	0.4300

September 2024	$	0.4000	$	0.0000	$	0.0000	$	0.4000

October 2024	$	0.4100	$	0.0000	$	0.0000	$	0.4100

November 2024	$	0.4100	$	0.0000	$	0.0000	$	0.4100

December 2024	$	0.4800	$	0.0000	$	0.0000	$	0.4800

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 2024	$	0.4500	$	0.0000	$	0.0000	$	0.4500

August 2024	$	0.4700	$	0.0000	$	0.0000	$	0.4700

September 2024	$	0.4300	$	0.0000	$	0.0000	$	0.4300

October 2024	$	0.4300	$	0.0000	$	0.0000	$	0.4300

November 2024	$	0.4200	$	0.0000	$	0.0000	$	0.4200

December 2024	$	0.4000	$	0.0000	$	0.0000	$	0.4000

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 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

August 2024	$	0.1600	$	0.0000	$	0.0000	$	0.1600

September 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

October 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

November 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

December 2024	$	0.1400	$	0.0000	$	0.0000	$	0.1400


182		PIMCO ETF TRUST


				(Unaudited)


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 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

August 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

September 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

October 2024	$	0.1600	$	0.0000	$	0.0000	$	0.1600

November 2024	$	0.1457	$	0.0000	$	0.0043	$	0.1500

December 2024	$	0.1210	$	0.0000	$	0.0090	$	0.1300

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 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

August 2024	$	0.1550	$	0.0000	$	0.0000	$	0.1550

September 2024	$	0.1400	$	0.0000	$	0.0000	$	0.1400

October 2024	$	0.1500	$	0.0000	$	0.0000	$	0.1500

November 2024	$	0.1400	$	0.0000	$	0.0000	$	0.1400

December 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

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 2024	$	0.2550	$	0.0000	$	0.0000	$	0.2550

August 2024	$	0.2600	$	0.0000	$	0.0000	$	0.2600

September 2024	$	0.2500	$	0.0000	$	0.0000	$	0.2500

October 2024	$	0.2500	$	0.0000	$	0.0000	$	0.2500

November 2024	$	0.2500	$	0.0000	$	0.0000	$	0.2500

December 2024	$	0.2400	$	0.0000	$	0.0000	$	0.2400

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 2024	$	0.2900	$	0.0000	$	0.0000	$	0.2900

August 2024	$	0.3300	$	0.0000	$	0.0000	$	0.3300

September 2024	$	0.3300	$	0.0000	$	0.0000	$	0.3300

October 2024	$	0.4600	$	0.0000	$	0.0000	$	0.4600

November 2024	$	0.3700	$	0.0000	$	0.0000	$	0.3700

December 2024	$	0.4500	$	0.0000	$	0.0000	$	0.4500

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 2024	$	0.1200	$	0.0000	$	0.0000	$	0.1200

August 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

September 2024	$	0.1200	$	0.0000	$	0.0000	$	0.1200

October 2024	$	0.1400	$	0.0000	$	0.0000	$	0.1400

November 2024	$	0.1300	$	0.0000	$	0.0000	$	0.1300

December 2024	$	0.1200	$	0.0000	$	0.0000	$	0.1200

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 2024	$	0.4900	$	0.0000	$	0.0000	$	0.4900

August 2024	$	0.3950	$	0.0000	$	0.0000	$	0.3950

September 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

October 2024	$	0.3800	$	0.0000	$	0.0000	$	0.3800

November 2024	$	0.4000	$	0.0000	$	0.0000	$	0.4000

December 2024	$	0.4100	$	0.0000	$	0.0000	$	0.4100

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

183


Distribution Information		(Cont.)		(Unaudited)


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)

September 2024	$	0.7600	$	0.0000	$	0.0000	$	0.7600

December 2024	$	0.9300	$	0.0000	$	0.0000	$	0.9300

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 funds net income, yield, earnings or investment performance.


184		PIMCO ETF TRUST


Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)		(Unaudited)

Not applicable.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

185


Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)		(Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal — Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.


Trustee	Number of Votes For		Number of Votes Withheld

Peter G. Strelow^†		251,693,737.14		2,802,283.62

Kimberley G. Stafford^†		252,523,279.45		1,972,741.32

Michael J. Berchtold		252,445,790.18		2,050,230.58

Jennifer Holden Dunbar		251,834,449.16		2,661,571.62

Kym M. Hubbard		251,828,692.16		2,667,328.62

Gary F. Kennedy		238,772,076.14		15,732,944.62

Anne K. Kratky		252,473,909.16		2,022,111.62

Steven Lipiner		252,468,099.48		2,027,921.27

Peter B. McCarthy		251,726,552.10		2,769,468.66

Ronald C. Parker		250,960,717.96		3,535,302.80

^†	Interested Trustee


186		PIMCO ETF TRUST


Approval of Investment Management Agreement (N-CSR Item 11)				(Unaudited)

Approval of Renewal of the Investment Management Agreement

At a meeting held on August 20-21, 2024, 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, 2025. 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”).

In addition, the Board considered and unanimously approved the investment management agreement between PIMCO and PIMCO Cayman Commodity Fund CMDT, Ltd., the wholly-owned subsidiary (the “Subsidiary”) of PIMCO Commodity Strategy Active Exchange-Traded Fund (the “Subsidiary Agreement”), for an additional one-year term through August 31, 2025.

The information, material factors and conclusions that formed the basis for the Board’s approvals 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 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 and Subsidiary Agreement.

With respect to the Subsidiary Agreement, the Trustees considered that PIMCO Commodity Strategy Active Exchange-Traded Fund may utilize

its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiary pursuant to the Subsidiary Agreement in the same manner as it does for that Fund under the Investment Management Agreement. The Trustees also considered that, with respect to the Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO’s profitability with respect the Subsidiary is not positively impacted as a result of the Subsidiary Agreement. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreement collectively with their consideration of the continuation 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 20-21, 2024 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2024, and conducted a video conference meeting on August 13, 2024 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 determinations were 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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

187


Approval of Investment Management Agreement (N-CSR Item 11)		(Cont.)

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 to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 services under the Agreement. The Board considered PIMCO’s 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 Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiary.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions and 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 and Subsidiary 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 what is essentially an all-in fee

structure (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, 2024 and other performance data, as available, over short- and long-term periods ended June 30, 2024 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2024 (the “Broadridge Report”). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the 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 to a specified index as provided to the Board (the “performance index”) 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-, five-, and/or ten -year periods ended March 31, 2024. The Board also reviewed information that showed that, certain index Funds underperformed their performance index, but that PIMCO did not expect such Funds, for structural reasons, to outperform their performance index 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 performance 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


188		PIMCO ETF TRUST


				(Unaudited)

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 and the Subsidiary 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 and the Subsidiary 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 to or proposed for different Funds for 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 (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Funds (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (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, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments in the Subsidiary. 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 open-end registered funds, and non-U.S. registered funds, separate accounts, collective investment trusts, 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 and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products.

Regarding the fee rates 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

189


Approval of Investment Management Agreement (N-CSR Item 11)		(Cont.)

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 at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund’s fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds’ total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds that had above median total expense ratios. Upon comparing the Funds’ total expense ratios to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found the total expense ratios of each Fund to be reasonable.

The Trustees also considered the management fees charged to the Funds that invest in other investment companies and the services provided in exchange for such fees. The Trustees determined that such services were in addition to the services provided to the underlying funds in which the Funds may invest and, therefore, such services were not duplicative of the services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the those Funds.

Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Agreement and Subsidiary 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, as well as the resulting level of profits from, the Funds. Additionally, the Board discussed PIMCO’s pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. 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 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 supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered the substantial investments PIMCO has made in order to support the operational and technological issues required to support exchange-traded funds as compared to traditional mutual funds, including enhancements related to the creation/redemption process 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 further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” expense 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


190		PIMCO ETF TRUST


				(Unaudited)

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, and its recent strategic managed service arrangement with a third-party consultant. 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 and the Subsidiary Agreement. The Independent Trustees and the Board as a whole concluded that the Agreement and the Subsidiary Agreement continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreement on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreement and the Subsidiary Agreement was in the best interests of the Funds and their shareholders.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

DECEMBER 31, 2024

191

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 PIMCO ETF Trust.

LOGO

ETFFSTMSAR_123124

Item 8.

Changes in and Disagreements with Accountant for Open-End Management Investment Companies.

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

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 16.

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 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not appliable to the Registrant.

(b)

Not applicable to the Registrant.

Item 19.

Exhibits.

(a)(1)

Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2)

Not applicable to the Registrant.

(a)(3)

Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(4)

Not applicable to the Registrant.

(a)(5)

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 5, 2025

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 5, 2025

		By:		/s/ Bijal Y. Parikh


				Bijal Y. Parikh
				Treasurer (Principal Financial & Accounting Officer)

		Date: March 5, 2025

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

HYS | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

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

HYS | Principal Listing Exchange: NYSE Arca

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

STPZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

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

STPZ | Principal Listing Exchange: NYSE Arca

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

LTPZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

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

LTPZ | Principal Listing Exchange: NYSE Arca

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

ZROZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

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

ZROZ | Principal Listing Exchange: NYSE Arca

PIMCO Active Bond Exchange-Traded Fund

BOND | Principal Listing Exchange: NYSE

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

PIMCO Active Bond Exchange-Traded Fund

BOND | Principal Listing Exchange: NYSE

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

TIPZ | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

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

TIPZ | Principal Listing Exchange: NYSE Arca

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

LDUR | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

LDUR | Principal Listing Exchange: NYSE Arca

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

EMNT | Principal Listing Exchange: NYSE Arca

Fund Performance

What were the Fund costs for the last six months?

Key Fund StatisticsFootnote Reference† (as of the end of the reporting period)

What did the Fund invest in?

Allocation Breakdown (% of Net Asset Value)Footnote Reference*

Additional Information

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

EMNT | Principal Listing Exchange: NYSE Arca

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Sector Allocation (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Sector Allocation (% of Net Asset Value)^{Footnote Reference*}

Key Fund Statistics^{Footnote Reference†} (as of the end of the reporting period)

Allocation Breakdown (% of Net Asset Value)^{Footnote Reference*}