Pacific Investment Management Co. plans to open its first actively run exchange-traded funds as it seeks to catch up with rivals in this fastest-growing segment of the mutual fund business.

Pimco, the world's biggest bond manager, will offer five exchange-traded funds in which the investments are selected by portfolio managers, according to a registration statement it filed Wednesday with the Securities and Exchange Commission. Three will invest in debt maturing in less than one year and two will focus on municipal bonds, according to the filing.

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