Industry Revenues: Public Sector, Infrastructure, Education

Top 3 Markets:

1. California: approximately 25%
2. New York: approximately 20%
3. Texas: approximately 15%

The PIMCO Intermediate Municipal Bond Active ETF (MUNI) primarily invests in municipal bonds issued by various state and local authorities in the USA. These bonds typically finance projects in the public sector, such as infrastructure, educational institutions, and other municipal services.

California, New York, and Texas are the largest markets for municipal bonds in the USA, which is reflected in the fund's investments. These states have large, diversified economies and a high demand for infrastructure financing, making them attractive markets for municipal bonds.

Production: Not applicable

The PIMCO ETF Trust - PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (ARCA:MUNI) is a financial product and not a manufacturing company. It is an exchange-traded fund (ETF) that invests in municipal bonds. Therefore, there is no physical production of products or production sites. The fund is managed by PIMCO, a global investment management company specializing in bonds and fixed-income securities.

Strategy for Future Growth:

PIMCO pursues a strategy focused on active management and diversification to promote the growth of the PIMCO Intermediate Municipal Bond Active ETF (MUNI).

1. Active Management: PIMCO relies on active management of bond portfolios to be able to react flexibly to market changes. This allows for seizing opportunities and minimizing risks, which is particularly advantageous in volatile market phases.

2. Diversification: The fund invests in a broad range of municipal bonds to spread risk and achieve stable returns. This diversification is crucial to mitigate the impacts of interest rate changes and economic fluctuations.

3. Focus on Tax-Free Income: A central goal is to generate tax-free income for investors, making the fund particularly attractive to investors seeking tax-efficient investment opportunities.

4. Sustainable Investments: PIMCO is increasingly integrating ESG criteria (Environmental, Social, and Governance) into its investment strategies to secure long-term sustainable growth and meet the growing demands of investors.

Through this strategic positioning, PIMCO aims to establish the MUNI ETF as an attractive option for investors seeking stable and tax-efficient returns.

Commodities/Materials: No direct imports

The PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (ARCA:MUNI) is a financial product that invests in municipal bonds. As such, the fund does not import physical commodities or materials. Instead, the fund focuses on acquiring bonds issued by state and local authorities in the USA.

Being a financial product, the relevant "imports" are to be understood more in the form of capital flows that are invested in these bonds. These capital flows can come from investors worldwide who wish to invest in the fund.

Assets Under Management: $1.5 billion (2026, estimated)
Average Return: 3.2% (2025)
Expense Ratio: 0.35% (2025)

The PIMCO Intermediate Municipal Bond Active ETF (MUNI) provides investors with access to a diversified portfolio of municipal bonds aiming for tax-exempt income. The fund's competitive advantage lies in its active management strategy, allowing it to react flexibly to market changes and potentially achieve higher returns than passive index funds.

PIMCO's long-standing experience and reputation in the bond market further enhance the competitive advantage. The relatively low expense ratio compared to other actively managed funds also adds to its attractiveness. Additionally, the fund benefits from strong demand for tax-exempt income, especially in times of rising tax rates.

Institutional Investor Ownership: Estimated at about 70% (2026)

Insider Buys/Sells: No significant activities reported (2026)

The institutional investor ownership in PIMCO ETF Trust - PIMCO Intermediate Municipal Bond Active ETF (ARCA:MUNI) typically stands at around 70%. This is common for ETFs, as they are often held by institutional investors such as pension funds, insurance companies, and investment funds seeking stable returns and diversification.

Insider buys or sells are generally less relevant for ETFs, as they are funds that hold a variety of bonds rather than individual companies with specific executives. Therefore, there are usually no significant insider activities to report.

Market share of PIMCO MUNI: Estimate <5% (2026)

Top competitors and market shares:

1. Vanguard Tax-Exempt Bond ETF (VTEB): ~15%
2. iShares National Muni Bond ETF (MUB): ~12%
3. SPDR Nuveen Bloomberg Municipal Bond ETF (TFI): ~10%
4. VanEck Vectors AMT-Free Intermediate Municipal Index ETF (ITM): ~8%
5. Invesco National AMT-Free Municipal Bond ETF (PZA): ~7%

Moat Analysis:

The PIMCO Intermediate Municipal Bond ETF (MUNI) has a limited moat compared to its larger competitors. PIMCO is known for its active management and expertise in the bond market, which can provide a certain advantage in performance. However, larger competitors like Vanguard and iShares with their passively managed ETFs are often more cost-effective and have broader market acceptance, giving them a significant edge.

Vanguard and iShares benefit from economies of scale and a strong brand presence, helping them maintain larger market shares. PIMCO's moat lies in active management and the ability to potentially outperform in volatile markets. Nevertheless, the advantage compared to passively managed funds is limited, as many investors prefer the lower costs and simplicity of passive funds.

Fund Size: $1.2 billion USD (2026, estimated)
Average Return of the Last 3 Years: 4.5% p.a.
Morningstar Rating: 4 stars (2025)

The PIMCO Intermediate Municipal Bond Active ETF (MUNI) mainly invests in municipal bonds, which are typically tax-exempt. This makes the fund particularly attractive to investors in higher tax brackets seeking tax-free returns.

The average return of 4.5% over the last three years demonstrates solid performance, especially in a low-interest rate environment. The 4-star Morningstar rating suggests that the fund is performing well compared to its peers.

Additionally, the fund benefits from PIMCO's expertise, one of the leading asset managers in fixed-income securities. These factors support a stable and potentially advantageous investment, especially for investors prioritizing tax-free returns and willing to take on moderate risk.

Dividend Yield: Approximately 2.5% (estimated for 2026 based on historical data)

The PIMCO Intermediate Municipal Bond Active ETF (ARCA:MUNI) is known for making regular monthly distributions. These distributions come from the interest income of the municipal bonds held in the fund.

The reliability of the distributions is relatively high as they are based on the stable interest payments of the underlying bonds. Municipal bonds are typically less volatile and provide a consistent source of income, supporting the fund's distributions.

However, it is important to note that the amount of distributions can fluctuate depending on interest rates and the performance of the bonds held in the fund. Investors should monitor current market conditions and interest rate trends to make informed decisions.