PIMCO today is launching the PIMCO Foreign Currency Strategy Exchange Traded Fund (FORX) to bet on fundamental changes in global currency markets.

The fund will be jointly managed by Scott Mather, managing director and head of global portfolio management; Vineer Bhansali, managing director and head of quantitative investment portfolios; and Thomas Kressin, senior vice president and head of European foreign exchange.

Its total net annual operating expense is 65 basis points.

"The ongoing transition away from the dollar as the preeminent global reserve currency is continuing and many competing currencies increasingly offer better yields and long-term credit dynamics," stated Mather.

"FORX is a purer way to gain foreign currency exposure and also avoids the unwanted exposures that can come with holding indirect currency plays such as equities or commodities."

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