Pimco [see profile]
plans to launch the Pimco Foreign Currency Strategy ETF
, Benzinga reports
. The new ETF will invest 80 percent of its assets in the currencies or bonds denominated in currencies other than the U.S. dollar.
It 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. The new ETF will invest in both investment grade and non-investment grade securities.
The firm did not include a ticker or expense ratio in the filing.
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