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Ivy launches five index funds in partnership with ProShares


Ivy Investment Management Company (IICO) has launched five index funds, the first passively managed funds offered by the firm.

Ivy, long recognised for its actively managed strategies, partnered with ProShare Advisors to create the index funds.
Managed by IICO and sub-advised by ProShares, the adviser to the ProShares ETF line-up, the funds became effective 20 April 2017.
They are offered by Ivy Distributors and will be available through an advisory platform offered by Waddell & Reed, as well as through unaffiliated distribution.
“Offering active and passive investment styles helps financial advisors bring strategic flexibility to the planning process when building client portfolios. These new products allow us to pair a highly experienced index fund manager with our skilled in-house Ivy investment management team, whose focus of course is on active management,” says Thomas W Butch, CEO of Ivy Distributors. “ProShares has long been known as a leader within the ETF space and we are pleased to partner with them.”
Three of the five funds share their strategies with existing ProShares ETFs. While it has become common to see mutual funds migrated to the ETF wrapper, it is far more unusual to see the reverse – successful ETF strategies made available as mutual funds.
“With their strong reputation and substantial distribution network, Ivy Investments is a natural partner to help us introduce these innovative strategies to mutual fund investors for the first time,” says Michael L Sapir, co-founder and CEO of ProShare Advisors, the adviser to ProShares.
“We chose these five categories precisely because they complement our active product line-up, and they are differentiated styles, outside of what we believe are more commoditised passive asset classes commonly available elsewhere,” Butch adds. “For example, the Ivy ProShares S&P 500 Bond Index Fund, tracking bonds of its index’s companies, will be the first mutual fund with this strategy to this point.”

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