PIMCO US Stocks PLUS Active Bond Exchange-Traded Fund

Cboe: SPLS

Listed January 16, 2026

Fund Overview

An innovative solution to enhancing large cap equity returns

The PIMCO Stocks PLUS Active Bond Exchange-Traded Fund (Ticker: SPLS) seeks total returns that exceed the S&P 500 Index, and combines passive exposure to U.S. Large Cap Equities with PIMCOs active fixed income strategies.

Why Invest in This Fund

Offers the benefits of traditional passive and active investing

Traditional index funds aim to match the performance of a market index by investing in all, or a representative sample, of the stocks in the index. The fund goes further, combining passive equity exposure that seeks to resemble the 500 largest U.S.-listed companies* with additional return potential provided by PIMCO's active fixed income expertise**. This unique approach allows the fund to retain key attributes of passive equity indexing, while also seeking to deliver market outperformance with low tracking error.

Seeks to deliver outperformance relative to U.S. Large Cap Equities

The significant shift towards passive investing in U.S. Large Cap equities has been driven by the observation that only a small percentage of active equity managers are able to consistently outperform. Research suggests this is due to U.S. equities representing one of the most efficiently traded and deeply research segment of global capital markets.

In contrast, a significant percentage of active fixed income managers have demonstrated the ability to consistently outperform their fixed income benchmarks due to access to more market inefficiencies, and a broader range of complexity and diversity of fixed income instruments.

In the StocksPLUS strategy PIMCO seeks to deliver returns like, but more than, U.S. large cap equities. We seek to generate excess returns through active fixed income investment strategies. In SPLS we construct a portfolio using an investment technique called portable alpha, making use of passive index ETFs benchmarked to the S&P 500 Index to gain complete exposure to U.S. large cap equities and we use swaps and options to gain exposure to PIMCO actively managed fixed income ETFs to contribute excess returns.

*The Fund expects to primarily obtain exposure through indirect investments, such as through investments in one or more third-party managed funds. See the Funds prospectus for more information.

** The Fund expects to primarily obtain exposure through derivatives (such as entering into total return swaps, purchasing call options, and/or selling put options) on funds of PIMCO ETF Trust (PIMCO Active Fixed-Income ETFs). Although the Fund may gain exposure to multiple PIMCO Active Fixed-Income ETFs, the Fund generally expects to primarily gain exposure to the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund. See the Funds prospectus for more information.