(and PIMCO founder), have been awaiting one final regulatory hurdle before launching the ETF version of Total Return, and they were reported elsewhere to be "weeks away" from a launch. The move is viewed as a game-changer for actively managed ETFs, because Gross far and away would be the highest-profile fund manager to roll out a version of a mutual fund in an ETF wrapper.

Now, PIMCO has set a launch date for the proposed actively managed PIMCO Total Return Exchange-Traded Fund TRXT, which would disclose portfolio holdings daily and charge 0.55%. We view the launch of this ETF as a win/win situation for everyone involved because other entrants in the active ETF space have shown us that, generally, the fees for investors are lower and the tax efficiency should be higher. What's more, the launch of PIMCO Total Return ETF should demonstrate to all other active fund managers and experienced mutual fund firms that ETFs based on existing funds are feasible.

Robert Goldsborough does not own shares in any of the securities mentioned above.

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