JPM and UBS unveil 130/30 funds

JPMorgan plans to launch four 130/30 products by the end of July, focusing on the European and US markets

JPMorgan has unveiled four 130/30 funds focusing on the European and US equity markets. The products will be among the first wave of 130/30 launches by groups including UBS, F&C, and Resolution later this year. The four funds will all use synthetic swaps to gain their short exposure and gearing to leverage up for the 30% extra long position. JPMorgan is looking to bring the products to market by the end of July, pending FSA approval. All four funds are targeting a 3% to 4% return above their respective benchmarks, namely the MSCI Europe and S&P 500. JPM Europe 130/30, Europe Select 130...