The fund should be expected to have a lot of turnover. Morningstar reports that PTTRX has turnover of 430%, so the holdings a week from now could change significantly. The long-term performance of the mutual fund has been very good, and it is likely the ETF will have similar performance, although that remains to be seen. Investors must realize they're letting PIMCO steer the ship and that they're betting the fund's manager can repeat his past performance. At the time of publication, Nusbaum had no positions in securities mentioned.