PIMCO Ultra Short Government Active Exchange-Traded Fund
Summary Prospectus
October 30, 2026
| Ticker |
BILZ |
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 30, 2026, as supplemented, are incorporated by
reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum current income, consistent with preservation of
capital and daily liquidity.
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 |
0.14% |
| Total Annual Fund Operating Expenses |
0.14% |
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 |
| $14 |
$45 |
$79 |
$179 |
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 0% of the average value of its portfolio.
Principal Investment
Strategies
The Fund invests 100% of its total assets in (i) cash, (ii)
U.S. government securities, such as U.S. Treasury bills, notes, and other obligations issued by,
or guaranteed as to principal and interest by, the U.S. government (including its agencies and instrumentalities), and (iii) repurchase agreements that are collateralized fully by such U.S. government securities or cash.The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its
assets in U.S. government securities.
The dollar-weighted average portfolio maturity of this Fund may not exceed 120 days. The Fund may only invest
in securities that mature in 6 months or less. The Fund is not a money market fund and does not
seek to maintain a stable net asset value of $1.00 per share.
The Fund generally intends to consider the federal income tax impact of the
manner in which it seeks to obtain and dispose of investment exposures.
Principal Risks
It is possible to experience losses 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 asset value and are subject to
trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility
Authorized Participant Concentration Risk: the risk that only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and that there are a limited number of institutions that may act as
Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that
Authorized Participants exit the business or do not place creation or redemption orders for the Fund and fewer or no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount
to net asset value and possibly face trading halts or delisting
Interest Rate Risk: the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes
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. Factors such as
government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields
Call Risk: 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
including declining interest rates, changes in credit spreads and
PIMCO ETF Trust | Summary Prospectus
