ETF Evaluator:
PIMCO Mortgage-Backed Securities Act ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Government Mortgage-Backed Bond Over the Last Year
| 5.3% | Regan Floating Rate MBS ETF (MBSF) |
| 4.6% | PIMCO Mortgage-Backed Securities Act ETF (PMBS) |
| 4.5% | iShares Mortgage-Backed Secs Act ETF (MBBA) |
| 4.4% | Janus Henderson Mortgage-Backed Sec ETF (JMBS) |
| 4.3% | Vanguard Mortgage-Backed Secs ETF (VMBS) |
Risk
Index
Risk
Index
ETF Details
PIMCO Mortgage-Backed Securities Act ETF Overview
PIMCO Mortgage-Backed Securities Act ETF (PMBS) is an actively managed Taxable Bond Government Mortgage-Backed Bond exchange-traded fund (ETF). PIMCO launched the ETF in 1997.
The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.
The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of mortgage-related fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.
About PIMCO Mortgage-Backed Securities Act ETF (PMBS)
There are 3 members of the management team with an average tenure of 10.51 years: Daniel Hyman (2012), Michael Cudzil (2013) and Munish Gupta (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. PIMCO Mortgage-Backed Securities Act ETF has 1293 securities in its portfolio. The top 10 holdings constitute 50.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PIMCO Mortgage-Backed Securities Act ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. PIMCO Mortgage-Backed Securities Act ETF has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 146.9% (145.7% domestic bond, 1.3% foreign bond and 0.0% convertible bond). PIMCO Mortgage-Backed Securities Act ETF has -46.9% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $5 billion average for the Government Mortgage-Backed Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PMBS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PIMCO Mortgage-Backed Securities Act ETF expense ratio is above average compared to funds in the Government Mortgage-Backed Bond category. PIMCO Mortgage-Backed Securities Act ETF has an expense ratio of 0.71%, which is 187% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PIMCO Mortgage-Backed Securities Act ETF has a portfolio turnover rate of 257%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 210% for the Government Mortgage-Backed Bond category.
Recently, in the month of July 2026, PIMCO Mortgage-Backed Securities Act ETF returned -1.5%, which earned it a grade of D, as the Government Mortgage-Backed Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
PIMCO Mortgage-Backed Securities Act ETF has a trailing yield of 5.01%, which is above the 4.68% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PIMCO Mortgage-Backed Securities Act ETF Grades
Year to date, the ETF has returned -0.1%, 0.0 percentage points worse than the category, which translates into a grade of B. The fund has returned 4.6% over the past year (grade of A), 4.8% over the past three years (grade of A) and 0.5% per year over the past five years (grade of A) and 2.0% per year over the past 10 years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PIMCO Mortgage-Backed Securities Act ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PMBS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PMBS Return (NAV) | -1.5% | -1.0% | 4.6% | 4.8% | 0.5% | 2.0% |
| PMBS Return (Price) | -1.5% | -1.1% | 4.5% | 4.8% | 0.5% | 2.0% |
| NAV +/- Price Return | 0.020% | 0.088% | 0.060% | 0.008% | 0.005% | 0.002% |
| Government Mortgage-Backed Bond Avg | -1.3% | -0.8% | 4.2% | 4.2% | 0.2% | 1.3% |
| PMBS Grade (NAV) | D | F | A | A | A | A |
| +/- Category (NAV) | -0.2% | -0.3% | 0.4% | 0.7% | 0.3% | 0.7% |
| PMBS Tax-Cost Ratio | na | na | 2.0% | 2.1% | 2.0% | 1.7% |
PMBS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMBS Return (NAV) | -0.1% | 8.9% | 3.2% | 5.7% | -13.2% | 0.5% | 5.3% | 6.4% | 1.3% | 4.4% | 2.6% |
| PMBS Return (Price) | -0.2% | 8.9% | 3.2% | 5.7% | -13.2% | 0.5% | 5.3% | 6.4% | 1.3% | 4.4% | 2.6% |
| NAV +/- Price Ret | 0.817% | 0.003% | 0.007% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Government Mortgage-Backed Bond Avg | -0.0% | 8.1% | 1.7% | 5.1% | -11.6% | -1.0% | 4.5% | 6.3% | 0.7% | 2.2% | 1.5% |
| PMBS Grade (NAV) | B | A | A | A | F | A | A | B | A | A | A |
| +/- Category | -0.0% | 0.8% | 1.5% | 0.6% | -1.6% | 1.5% | 0.8% | 0.1% | 0.6% | 2.2% | 1.1% |
| Risk Measures | |
| Beta: | 1.11 |
| R-Squared: | 98% |
| Standard Deviation: | 6.3% |
| Category Risk Index: | 1.03 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.51 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.0% |
| Total Assets: | $ 1,383 Mil |
| Share Class Assets: | $ 1,383 Mil |
| Turnover: | 257.0% |
| Expense Ratio: | 0.71% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.0 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Hyman Daniel (2012), Cudzil Michael (2013), Gupta Munish (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1293 |
| % in Top 10 Holdings: | 50.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 145.7% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -46.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PIMCO |
| Phone Number: | 888-400-4383 |
| Website: | www.pimcoetfs.com/fundinfo |
| Inception Date: | July 31, 1997 |
Expenses and Fees
| Expense Ratio (%): | 0.71% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.25% |
