PIMCO doubled the size of its ETF offerings for the second time in as many weeks. Of course, when you are going from one to two, and then two to four, the accomplishment may not be as impressive as it sounds. I’m not trying to belittle today’s introduction of two additional TIPS ETFs. On the contrary, it is another bold and welcome move by a relative newcomer to the ETF stage.

The two new ETFs launched by PIMCO today (September 8th) both invest in TIPS (Treasury Inflation-Protected Securities). PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) (fact sheet) aims to capture the return of the Merrill Lynch 15+ Year TIPS Index. PIMCO Broad U.S. TIPS Index Fund (TIPZ) (fact sheet) is targeted at the Merrill Lynch TIPS Index, which covers all maturities.

Beyond the differences in maturity, both funds will pay dividends monthly and cap the net operating expenses at 0.20% until October 31. 2010. The firm’s two previously launched ETFs were PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ) (our article, fact sheet) on August 21st and PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) (our article, fact sheet) back on June 2nd.

LTPZ claims to be the only ETF in the long-term TIPS space, much like the previously launched STPZ is the only one in the 1-5 year space. However, TIPZ already has two competitors: iShares Barclays TIPS Bond Fund (TIP) and SPDR Barclays Capital TIPS ETF (IPE). Unlike the introduction of TUZ, where PIMCO entered the market with aggressive pricing, the expense ratios on the new funds are in line with the 0.20% for TIP and slightly higher than the 0.19% on IPE.