PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (EMNT) is an actively managed bond fund. It holds short-term, mostly investment-grade debt and screens out companies in industries such as oil, coal, tobacco and weapons. It is the ESG version of PIMCO's much larger MINT. After a fee waiver it costs 0.24% a year, less than MINT's 0.35% but more than the 0.15% charged by PGIM's PULS.

• Over the year to Oct 27, 2026, EMNT returned +3.8%, 3rd of 8 among similar funds.
• Its worst full calendar year was 2025 (+4.7%); its best was 2023 (+5.8%).
• The deepest fall in its price history was 0.7% (Mar 21, 2024 to Mar 25, 2024), recovered by Mar 26, 2024.

As of Jun 30, 2026, the fund held 212 securities; the ten largest made up 12.98% of assets, and 11.18% sat in cash and money-market holdings.

The bonds mature in 8 years on average (weighted by size), with an average coupon of 4%.

• Over the three months to Jun 30, 2026, investors added a net $4.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.37%, +0.34%, +0.32%.

EMNT doesn't track an index. PIMCO's managers choose the bonds. At least 80% of assets go to issuers whose ESG (environmental, social and governance) practices compare favorably with peers, or to labeled green, social or sustainability bonds. The fund mainly buys US dollar investment-grade debt, meaning bonds rated Baa or higher by Moody's or an equivalent rating. When rating agencies disagree, it uses the highest rating. Duration, a measure of how much prices react to interest-rate changes, normally stays under one year. Average maturity normally stays under three years.

The fund avoids companies that earn more than 10% of gross revenue from alcohol, tobacco, military equipment, casinos, adult entertainment, oil or coal. There are exceptions. It may own biofuel and natural gas companies, as well as labeled bonds from fossil fuel issuers. Mortgage-backed and other asset-backed securities are exempt from the company screens.

Turnover was 145%, so holdings change often. Up to 10% of assets can be in foreign currencies, which the fund hedges back to dollars. As of June 30, 2026, it held 11 currency contracts worth 0.12% of assets. On that date, assets were about 57% bonds and notes, 19% mortgage-backed securities, 12% other asset-backed debt and 11% cash. The largest holding was a US Treasury note at 3.3%, followed by Rabobank (1.4%) and Aon North America (1.1%).

• EMNT charges 0.24% a year, versus an average of 0.16% for the similar funds below (6th of 8, cheapest first).
• Of that, 0.36% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.12% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $444 over 10 years (assuming a 5% annual return).

It holds short-term, mostly investment-grade bonds with duration normally under one year, so its price has moved very little.

EMNT could hold money a retiree expects to spend within a year or two. Its daily price history begins in October 2022, so that record misses the 2008, 2020 and 2022 market drops. The prospectus fills part of the gap. The fund gained 2.08% in 2020 and lost 0.46% in 2022, its only losing calendar year through 2025. Its worst quarter was a 0.93% drop in early 2022. Since October 2022, its deepest fall was 0.7%, in March 2024, and it recovered within days. So far, selling shares in a bad year has meant little or no loss. The trailing 12-month yield was 3.87% as of October 27, 2026, paid monthly. That income will shrink if short-term rates fall. The fund costs 0.24% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).