Newport Beach-based Pacific Investment Management Co. next week will launch a global exchange-traded fund designed to hedge against inflation.

The Global Advantage Inflation-Linked Bond Strategy Fund is expected to invest most of its assets in inflation-linked government bonds of a mix of developed and emerging market countries.

Developing economies were cited as potential “key drivers of growth” in the uncertain global economy by Mihir Worah, a managing director in the Newport Beach office, who will be running the new fund. They are “often more sensitive to inflationary pressures like commodity prices,” he said.

Pimco, the largest bond fund manager in the world with $1.7 trillion in assets, has been expanding into other investment classes in recent years. It entered the exchange-traded funds market in 2008 and has since offered 18 such funds.

The new exchange-traded fund comes two months after Pimco rolled out an exchange-traded fund version of its $252 billion Total Return Fund, the largest mutual fund in the world. The exchange-traded fund has more than $500 million in assets.