Amundi is set to switch the name and benchmark of its global aggregate bond ETF to align with Bloomberg’s new index that is ditching its minimal amount.
From January 2024, the Amundi Index Global Agg 500M UCITS ETF (10AM) will be renamed to the Amundi Global Aggregate Bond UCITS ETF, which currently has €2.9bn assets under management (AUM).
10AM will go from tracking the Bloomberg Global Aggregate (500 Million) index to mirroring the performance of Bloomberg’s new global aggregate index.
This means the physically replicating ETF ditches requirements for bond issuers to have a minimum amount outstanding of €500m.
It will continue to offer exposure to over 7,000 securities across developed and emerging bond markets.
Other index switches from the French asset manager came earlier this year when it changed the indices of four ETFs to track ESG metrics instead.
Each ETF was upgraded from Article 6 to Article 8 under the Sustainable Finance Disclosure Regulation (SFDR), with Amundi aiming to have 40% of its ETF range made up of ESG products by 2025.
The regular cadence of benchmark switches from Amundi comes after the asset manager’s acquisition of Lyxor last year, aiming to consolidate its product range and capitalise on economies of scale.