The new ETF doesn't really interest me. One of the holdings is US TIPS - and guess who sets the 'core inflation rate'? So if you own US TIPS you will lose in dollar appreciation, and by the fact that the US will keep saying that there is no inflation.
Owning bonds from commodity exporting countries sounds nice, in that those currencies should appreciate - but since inflation will be lower in those countries their bonds will be paying lower interest rates.
The more intriguing thing in the article is the four other regional bond funds that they may come out with. We will have to see what is in those.
Ultimately, what I am looking for is some protection against the inevitable decline in the value of the US dollar, without being trapped at the top of a commodity bubble.