Industry Updates

ETF Wrap: No crypto for JP Morgan AM

JPMAM’s cyrpto ETP launch stance, the arrival of a US active issuer and product launches and closures made headlines this week

Jamie Gordon

This week ETF Stream revealed JP Morgan Asset Management does not plan to enter the fray of cryptocurrency exchange-traded product (ETP) launches.

Speaking at ETF Ecosystem Unwrapped, the firm’s EMEA ETF distribution head Travis Spence said while the wrapper offers a “great access point”, JPMAM is “going to be a spectator” of the space.

Spence explained the asset manager does not believe it can add an active management lens on the asset class as it does not have an information advantage.

He added JPMAM does not currently use crypto within its multi-asset portfolios and it is not clear what role digital assets would play.

Despite the news, JP Morgan Securities Services currently acts as an authorised participant on US-listed bitcoin ETFs including the BlackRock Bitcoin Trust (IBIT).

Another US active entrant

Europe welcomed another US entrant as American Century is set to launch three active ETFs in UCITS format.

The US issuer has registered its Irish fund platform and filed three ETFs capturing global equities, global value smaller companies and emerging market equities.

American Century’s arrival is just the latest signal that European ETFs are in focus for US issuers after Janus Henderson entered the market by acquiring Tabula last month.

Product shuffle before summer

Elsewhere, issuers get their houses in order before summer with new launches and closures.

On Monday, UBS Asset Management became the third issuer to launch a physical ETC capturing EU carbon allowances after DWS entered the space last year.

On the same day, ETF Stream revealed State Street Global Advisors will close its China government bond ETF after persistent low yields hampered investor demand.

ETF Wrap is a weekly digest of the top stories on ETF Stream

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