A floating-rate loan exchanged-traded fund has been added to the line of Pacific Global ETFs, one of the fund families fielded by Newport Beach, California-based Pacific Life.
Pacific Global Senior Loan ETF (FLRT) is an actively managed fund that was “designed to produce income from floating-rate loans (also known as senior loans) and floating-rate debt securities,” the company said. The ETF was previously AdvisorShares’ Pacific Asset Enhanced Floating Rate ETF.
The Pacific Global Senior Loan ETF, which has a net expense ratio of 0.68% and is trading on the New York Stock Exchange, was added to the firm’s line after Pacific Global ETFs recently completed the adoption of AdvisorShares’ Pacific Asset Enhanced Floating Rate ETF. Shareholders voted to approve the merger and reorganization into the Pacific Global Senior Loan ETF in late 2019.
The Pacific Asset Enhanced Floating Rate ETF’s existing assets transitioned to the Pacific Global Senior Loan ETF, the firm said. Pacific Life’s Pacific Asset Management division, which manages over $4.5 billion in floating-rate loan strategies, continues to manage the ETF as its sub-advisor.
Passive management is an “inefficient strategy for floating-rate loan funds,” according to Anthony J. Dufault, managing director of Pacific Global ETFs. The company’s team is looking to “add value by carefully selecting highly liquid, floating-rate loans of non-investment-grade companies,” he said in a statement.
Dynamic Beta Partners With iM Global Partner on Hedge Fund ETF
Dynamic Beta investments teamed with iM Global Partner to launch the actively-managed iM DBi Hedge Strategy ETF (DBEH).
The new ETF has an expense ratio of 0.85% with no other fees and is trading on NYSE. It’s seeking to match or outperform the performance of the largest global equity long/short hedge funds from the Hedge Fund Research database, the firms said. Its objective is “long-term capital appreciation by investing in multiple asset classes such as equities, fixed income and currencies through futures and forwards contracts,” they noted.
The ETF is the second Dynamic Beta product developed since iM Global Partner bought a minority stake in DBi in the third quarter of 2018, the companies noted. The fund is being advised by iM Global and is sub-advised by DBi. iM Global’s distribution team will introduce the fund to a broad range of investors across wealth management, institutional and other channels, according to the companies.
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