Key Takeaways
- • A41CVG is a Luxembourg-domiciled UCITS-compliant ETF launched March 6, 2025, with €106.60M in assets under management and an expense ratio of 0.83%, structured as an actively managed alternative fund seeking to replicate managed futures strategy returns.
- • The fund holds predominantly cash (94.98% in U.S. Dollar) with minimal corporate bond exposure (5.02% in a Greenleaves Capital DAC bond maturing June 2028), reflecting a conservative positioning as of December 30, 2025.
- • A41CVG does not distribute dividends to shareholders; the fund capitalizes returns rather than providing income distributions, making it unsuitable for yield-focused investors.
- • The fund employs synthetic replication with proprietary weighting and selection criteria under active management by iM Global Partner Asset Management S.A., issued by Eurazeo SE under the iMGP brand.
- • Performance metrics, fund flows, indicated dividend yield, and NAV discount/premium data are unavailable, limiting transparency on the fund's investment outcomes and market valuation relative to net asset value.
Summary
The A41CVG ETF is a recently launched Luxembourg SICAV structure that commenced operations on March 6, 2025, under the iMGP brand and Eurazeo SE as the issuer. As of the most recent reporting date of December 30, 2025, the fund managed approximately €106.60 million in assets with 957,710 shares outstanding. The fund operates as an actively managed alternative investment vehicle designed to approximate returns from managed futures strategies within a UCITS-compliant framework, positioning itself within the hedge fund strategies category with a global macro focus.
The fund's current portfolio composition is highly conservative, dominated by cash holdings of 94.98% in U.S. Dollars, with the remaining 5.02% allocated to a single corporate bond issued by Greenleaves Capital DAC with a maturity date of June 16, 2028. This cash-heavy positioning suggests the fund is either in an accumulation phase following its recent March 2025 inception or is maintaining defensive positioning pending deployment of capital into managed futures strategies. The fund employs synthetic replication methodology rather than direct holdings, utilizing proprietary weighting and selection criteria under active management discretion.
Operationally, A41CVG carries an expense ratio of 0.83% and does not pay dividends to shareholders, instead capitalizing all returns. This structure makes the fund incompatible with investors seeking current income distributions. The fund tracks no underlying index, distinguishing it from passive ETF structures and emphasizing its role as an active strategy vehicle. Primary advisor responsibilities rest with iM Global Partner Asset Management S.A.
Notably, critical performance transparency metrics remain absent from available data, including one-month, three-month, year-to-date, and one-year price performance figures, as well as NAV total return calculations. Similarly, fund flow data, indicated dividend yield, and discount/premium-to-NAV measurements are unavailable, preventing investors from assessing the fund's actual investment performance, capital attraction trends, or potential valuation anomalies relative to underlying net asset value.
The fund's current portfolio composition is highly conservative, dominated by cash holdings of 94.98% in U.S. Dollars, with the remaining 5.02% allocated to a single corporate bond issued by Greenleaves Capital DAC with a maturity date of June 16, 2028. This cash-heavy positioning suggests the fund is either in an accumulation phase following its recent March 2025 inception or is maintaining defensive positioning pending deployment of capital into managed futures strategies. The fund employs synthetic replication methodology rather than direct holdings, utilizing proprietary weighting and selection criteria under active management discretion.
Operationally, A41CVG carries an expense ratio of 0.83% and does not pay dividends to shareholders, instead capitalizing all returns. This structure makes the fund incompatible with investors seeking current income distributions. The fund tracks no underlying index, distinguishing it from passive ETF structures and emphasizing its role as an active strategy vehicle. Primary advisor responsibilities rest with iM Global Partner Asset Management S.A.
Notably, critical performance transparency metrics remain absent from available data, including one-month, three-month, year-to-date, and one-year price performance figures, as well as NAV total return calculations. Similarly, fund flow data, indicated dividend yield, and discount/premium-to-NAV measurements are unavailable, preventing investors from assessing the fund's actual investment performance, capital attraction trends, or potential valuation anomalies relative to underlying net asset value.
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