M&G Lists Active US Treasury Bond ETF on London Exchange

M&G has listed its US Treasury Bond Active UCITS ETF USD Acc (IE0000DO92H7) on the London Stock Exchange, with trading commencing December 12, 2025.

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Joseph Pinto, Chief Executive of M&G Investments

The ETF targets a combination of capital growth and income exceeding the broader US Treasury market performance over any five-year period. 13 It maintains at least 90% exposure to fixed or floating rate bonds issued or guaranteed by the US government, all rated investment grade and denominated in US dollars.

M&G employs an unconstrained active management approach for this strategy. The portfolio manager seeks to identify individual securities believed to be mispriced relative to their fundamentals. This value-oriented process involves comparing relative valuations across different US Treasury securities to position for potential outperformance.

The fund uses the ICE BofA US Treasury Index as its performance benchmark. However, as an actively managed vehicle, the portfolio’s holdings may differ significantly from the benchmark composition. The manager retains complete discretion over investment decisions without benchmark constraints.

Derivatives may be employed for both investment purposes and to reduce risk and operational costs. Up to 10% of the portfolio can hold other funds or cash equivalents to maintain liquidity.

The ETF carries an annual expense ratio of 0.15%.

This listing forms part of M&G’s broader entry into the active ETF market. The firm’s £137 billion life fund provided £350 million in anchor investment across three new actively managed bond ETFs.

The fund is domiciled in Ireland as a sub-fund of the M&G (Ireland) ETF ICAV structure. It represents M&G’s strategic expansion into transparent, exchange-traded active management following regulatory approvals earlier this year.

Source: ETFWorld.co.uk