US bond house Pimco triggered a flurry of excitement among asset managers last month when it confirmed plans to create a listed exchange-traded fund based on one of its most sought-after mutual funds.

At $240bn, Total Return is the biggest mutual fund in the world, run on an active basis by Pimco founder Bill Gross. Analysts expect Gross's backing for the new product will give a timely boost to the active ETF market as a whole. This segment currently represents only $3bn of the broader index-driven market, worth $1.67 trillion.