A new ETF based on a global foreign bond index.

Calculated Spectator has a description and lays out the advantages of this new etf.

The basic appeal of foreign bonds is the diversification benefits they offer to most other asset classes. As the table below shows, there's low and in some cases virtually zero correlation between foreign bonds (represented here by the Citi World Gov't Bond Index Non-$ Index, unhedged) and the major asset classes.

Amex: BWX