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Avana lists first feeder ETF on Xetra


Avana Invest has listed the Avana Emerging Market Equity UCITS ETF Feeder on the Xetra active ETF segment of the Deutsche Börse.

The new exchange-traded fund is the first feeder ETF on Xetra and is the result of a cooperation between Avana Invest and Morgan Stanley’s fund platform, FundLogic Alternatives.
The Master Fund FundLogic Emerging Markets Equity Fund was launched by FundLogic two years ago. Avana Invest subsequently secured Morgan Stanley as designated sponsor for the Emerging Market UCITS ETF Feeder.
“We are pleased to act as the designated sponsor,” says Dirk Grunert, executive director at Morgan Stanley. “On one hand because of Avana’s founding partner Götz J Kirchhoff, who is an ETF pioneer, and on the other hand because the Feeder ETF is a unique product developed by Avana and FundLogic.”
The Avana Emerging Markets Equity UCITS ETF feeder replicates the performance of the FundLogic Emerging Markets Equity Fund. This fund tracks the performance of the MSCI Emerging Markets TR USD Index using a swap construction.
The low cost of the master fund’s portfolio coupled with the underlying portfolio (not subject to securities lending) leads to an exact index replication (minus costs) i.e. a very low tracking error. The management fee of the master fund of only 0.20 per cent per annum includes all costs incurred in that fund.
“With a total management fee of 0.40 per cent pa and a service fee of 0.10 per cent pa our ETF currently has a total expense ratio of 0.50 per cent pa, making it one of the most cost efficient in this market segment," says Kirchhoff (pictured).

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