PIMCO Intermediate Municipal Bond Active Exchange-Traded
Fund
Summary Prospectus
October 31, 2025 (as supplemented October 20, 2026)
| Ticker |
MUNI |
NYSE Arca |
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at
http://investments.pimco.com/prospectuses. You can also get this information at no cost by calling 888.400.4ETF (888.400.4383) or by sending an email request to
pimcoregdocgroup@pimco.com. The Fund’s prospectus and Statement of Additional Information, both dated October 31, 2025, as supplemented, are incorporated by
reference into this Summary Prospectus.
Investment Objective
The Fund seeks attractive tax-exempt income, consistent with preservation
of capital.
Fees and Expenses of the
Fund
This table describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund.You may pay other fees, such as
brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and
example below.
| Shareholder Fees (fees paid directly from your investment): |
N/A |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| Management Fees |
0.35% |
| Total Annual Fund Operating Expenses |
0.35% |
Example. The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in
other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated, and then hold or sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would
be:
| 1 Year |
3 Years |
5 Years |
10 Years |
| $36 |
$113 |
$197 |
$443 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund
Operating Expenses or in the Example tables, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Principal Investment
Strategies
The Fund seeks to achieve its investment objective by
investing under normal circumstances at least 80% of its assets in a diversified portfolio of
debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local
governments and their agencies, authorities and other instrumentalities.
The Fund may invest up to 30% of its net assets in “private activity” bonds whose interest is a tax-preference item for purposes of the federal alternative minimum tax
(“AMT”). For shareholders subject to the AMT, distributions derived from “private activity” bonds must be included in their AMT calculations, and as such a portion of the Fund’s distribution may be subject to
federal income tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Ratings (“Moody’s”), or equivalently rated by S&P Global
Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by Pacific Investment Management Company LLC (“PIMCO”) to be of comparable quality. In the event that ratings services assign different ratings
to the same security, PIMCO will use the highest rating as the credit rating for that security. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to
education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. The average portfolio duration of this Fund normally varies within (negative) 2
years to positive 4 years of the portfolio duration of the securities comprising the Bloomberg 1-15 Year Municipal Bond Index, as calculated by PIMCO, which, as of September 30, 2025, was 5.14 years. Duration is a
measure used to determine the sensitivity of a security’s price to changes in interest rates.
The longer a security’s duration, the more sensitive it will be to changes in interest
rates. The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market
prices.
The Fund may invest in derivative instruments, such as
options, futures contracts or swap agreements. The Fund may purchase and sell securities on a
when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by
using other investment techniques (such as buy backs or dollar rolls).
Principal Risks
It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return,
are listed below.
Market Trading
Risk: the risk that an active secondary trading market for Fund shares does not continue once developed, that the Fund may not continue to meet a listing
exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid, or that Fund shares trade at prices other than the Fund’s net
PIMCO ETF Trust | Summary Prospectus
