PRFD Stock, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund Information

The Fund seeks total return, consistent with prudent investment management, with a secondary objective of income generation. Fund invests least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. Capital Securities include securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements. Preferred securities and Capital Securities may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The total return sought by the Fund consists of income earned on the Funds investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation or improving credit fundamentals for a particular market sector or security.