with bonds picked by gunlock's team.sist mostly of investment grade debt and various flavors of mortgage-backed securities. it could also include corporate high yield debt and potentially even some emerging market debt. this is active management remember. gunlock can change the investment mix whenever his team decides. as for competitors, there aren't many. this is active management. it's a small part of the etf business. the big ka huna you see here pimco's total return it's got $2.5 billion under management. in a recent etf conference he has to say why he wanted get into the etf business. >> on whether it's right or not, the etf's will ultimately surpass new wal funds. it seems like a reasonable category to get involved in. >> it's cheap, and it's not that cheap. the cost is 55 basis points a year. that's 0.55%. now, is that worth it? well, it kind of depends. can you get into the van garde total market etf, and you can hold the whole bond market for eight basis points. a fracture of that. the argument is that gunlock