One advantage to PTTRX/PTTDX over this etf is that there isn't the confusing gap between when the div/cap gains are reflected in the NAV and when the distribution actually occurs. Throw in rapid price fluctuations due to things like the fiscal cliff, Bernanke, Eurozone, etc., and we're bound to be confused.
The size difference between etf and mutual fund is so significant that it's like a motor boat and freighter comparison. And sometimes, like the past couple days, the slower, plodding alternative is far less intense. It seems every time I glance at BOND and PTTRX (I own both big time) BOND's daily performance is better. So where these small corrections occur, it only makes sense BOND will be more dramatic on the down side as well--even without the div/cap gains reporting issues.
I think a manager can't get much better than Gross, so I try to just trust what he's doing and not look too often at the price fluctuations. That helps me be less confused.
My understanding is that a Cap Gains of $0.88 has been deducted from the NAV and will be paid in cash on Dec. 18. Adding that value to the current price of BOND indicates that a loss of about $0.50 in price also occurred over the past couple of days. If I'm wrong please post a correction.
I think that confusion reigns, since the big dividend has not yet been "added" in. That will come soon. Also, the recent Fed announcement about future interest rates was "okay", but sounded less certain to keep interest rates low for a long time. I'm sticking with BOND myself. I'm also "in" the related mutual fund, PTTDX, which has an even larger dividend in the works, and had a correspondingly larger drop in fund price. My two cents.