Pimco’s ETF Probe Said to Be Separate From Industry Sweep

The U.S. regulatory probe into Bill Gross’s Pimco Total Return ETF is separate from a broader scrutiny of disclosure in the exchange-traded fund industry, according to a person familiar with the matter.

The U.S. Securities and Exchange Commission is investigating whether Pacific Investment Management Co. bought smaller lots of bonds at discounts, then marked them up, according to the person, who asked not to be identified because the probe isn’t public. While the SEC is probing disclosure issues surrounding ETFs industrywide, the Pimco case is different from that investigation, the person said.