Pimco, the world’s biggest bond fund manager, set May 1 as the launch date for its actively managed Pimco Global Advantage Inflation-Linked Bond Strategy Fund (NYSEArca: ILB)—exactly two months after the rollout of Bill Gross’ Pimco Total Return ETF (NYSEArca: BOND).

ILB will, under normal circumstances, invest at least 80 percent of its assets in inflation-linked bonds that are tied to at least three developed and emerging market countries, according to regulatory paperwork detailing ILB that the company first filed in November 2010. Those countries can include the U.S., according to the filing.

The fund was trading at $50.90 per share in midday trade after having hit a high of $53 earlier in the morning. ILB was carrying a 5-cent bid/ask spread amid total volume of roughly 30,000 shares, according to Yahoo Finance.

The launch of ILB will mark Pimco’s latest attempt to breathe life into the world of active ETFs. Active ETF strategies make up less than 1 percent of the nearly $1.2 trillion in ETF assets, but by the looks of it, the Newport Beach, Calif.-based company is making inroads toward changing that.

Interest in inflation-protected bonds has been on the upswing amid growing concern among investors that excessive monetary stimulus from central banks such as the Federal Reserve is creating inflationary pressure that will rear its head before long.

BOND—the ETF version of Gross’ $250 billion Total Return Fund, the biggest mutual fund in the world—has gathered more than $660 million in less than eight weeks, according to data compiled by IndexUniverse, a successful beginning by any measure.

Also, the Pimco Enhanced Short Maturity Strategy Fund (NYSEArca: MINT), a money-marketlike ETF, has $1.57 billion in assets, making it the biggest active ETF to date. The WisdomTree Emerging Markets Local Debt Fund (NYSEArca: ELD) comes in a close second, with $1.26 billion in assets.

The iShares Barclays TIPS Bond (NYSEArca: TIP), the biggest U.S.-listed fixed-income ETF and the eighth-biggest U.S. ETF at the end of March, had $22.74 billion in assets as of April 23, according to data compiled by IndexUniverse.com.

The effective duration of Pimco’s new global inflation-protected ETF will normally vary within plus or minus two years of the effective duration of the Pimco Global Advantage Inflation-Linked Bond Index.

Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates, the filing said.

The value of the bond’s principal or the interest income paid is adjusted to track changes in an official inflation measure.

ILB will have an annual expense ratio of 0.60 percent, including an expense reimbursement, according to the latest paperwork Pimco filed with U.S. regulators.