Fund Description: PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, formerly PIMCO Enhanced Short Maturity Exchange-Traded Fund, formerly PIMCO Enhanced Short Maturity Strategy Fund is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the PIMCO ETF Trust, an open-ended investment management company. FUND OBJECTIVE: The PIMCO Enhanced Short Maturity Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective. Accordingly, the ETF’s investment adviser, PIMCO, has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. The average portfolio duration of this Fund will vary based on the forecast for interest rates and will normally not exceed one year. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three years. The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s, S&P or Fitch, or, if unrated, determined to be of comparable quality. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers. The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). FUND MANAGEMENT: PIMCO serves as the investment adviser to the Fund.