PIMCO launches firm's first active currency ETF

Pacific Investment Management Co. will launch its first actively managed currency-focused exchange-traded fund on Tuesday, the company announced Monday.

The fund, called the PIMCO Foreign Currency Strategy ETF, is aimed at investors concerned about a devalued U.S. dollar and will compete against several other ETFs, such as those offered by WisdomTree and ProShares, that buy foreign currency and debt.

This is PIMCO's seventh active ETF offering.

PIMCO spokesman Michael Reid said company officials were not available for comment.