Pimco Files Plans For Forex Strategy ETF

Pimco, manager of the world's largest bond fund, filed plans to launch the Pimco Foreign Currency Strategy ETF. The California-based firm did not include a ticker or expense ratio in the filing.The new ETF will invest 80% of its assets in the currencies or bonds denominated in currencies other than the U.S. dollar. The fund will hold a a combination of short-term Fixed Income Instruments, money market securities and currency forwards backed by high-quality, low duration securities, according the filing.Duration for the new ETF will average zero to three years, based on Pimco's interest rate forecast, and the fund may hold select emerging market currencies. Pimco's filing also said the new ETF will invest in both investment grade and non-investment grade securities.Last week, Pimco announced plans to offer an ETF version of the Total Return Fund, the bond fund managed by Bill Gross.At the end of May, Pimco had 13 ETFs on the market with over $2.9 billion in assets under management, according to data from the National Stock Exchange.