Industry Updates

Morgan Stanley lists six factor equal weight ETFs in London

David Tuckwell

Today's ETF listings from around the world.


Morgan Stanley to list smart beta ETFs with EdHEC indexes

Morgan Stanley is listing several new smart beta ETFs in London via its Ireland-based subsidiary FundLogic Alternatives. The new listings are:

  • SciBeta HFE Europe Equity 6F EW UCITS ETF (EHEF)

  • SciBeta HFE US Equity 6F EW UCITS ETF (USHF)

  • SciBeta HFE EM Equity 6F EW UCITS ETF (EMHF)

  • SciBeta HFE Japan Equity 6F EW UCITS ETF (JHEF)

  • SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF (PHEF)

Each of the funds tracks indexes put together by EdHEC. The "6F" in the ETFs' names appears to mean "six factors" which are likely to be momentum, volatility, growth, quality, dividends, value. The "EW" in the name appears to mean equal weight. I cannot find prospectuses for these products or factsheets for these indexes.


JPMorgan lists actively managed alternative ETF

JPMorgan has listed a new actively managed ETF that's a hedge fund in disguise, the JPMorgan Managed Futures ETF (JPMF).

JPMF can invest in more or less any type of security, across any asset class and from anywhere in the world. In terms of investment strategy, the fund picks stocks based on "return factors", including momentum and the carry trade. But beyond that not much more detail is given in the product's prospectus.


Active managers rarely like giving away their stock picking strategies, and this seems like no exception. In its vaguely-worded prospectus, JPMF seems to be offering a hedge fund in the low-cost intra-day packaging of an ETF. This trend towards listing, in effect, hedge funds as ETFs is particularly pronounced in the US. It will, in all likelihood, arrive in Europe in due time.

JPMorgan already offers a diversified alternatives ETF that's actively managed (JPHF), which currently has more than $90m in AUM. Like JPMF, JPHF uses strategies popular with hedge funds, like event driven, long/short and market neutral.


Exemplar lists corporate bond fund

Canadian issuer Arrow Capital Management is listing a new corporate bond ETF under its Exemplar brand, the Exemplar Investment Grade Fund (CORP). CORP invests in investment grade bonds and cash across North America. From what information I can find, it appears to be an ETF version of the Exemplar Investment Grade Fund.

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