m+ ETFs
From changing income needs to evolving views on risk, investment goals rarely move in one direction—and often coexist.
m+ ETFs help support a diverse range of priorities by bringing structured outcomes into a modern, accessible ETF format.
Each m+ ETF serves a distinct role in portfolio construction, providing more ways to pursue income, growth, and volatility management.
Combines enhanced upside potential with a laddered approach of regularly resetting buffers, helping lessen overall risk levels as market conditions evolve.
Swap Counterparty:
HSBC Bank PLC
Blends monthly income potential with an added growth component, supporting a more balanced income-oriented allocation.
Swap Counterparty:
BNP Paribas SA
Targets enhanced income potential through higher coupons tied to growth-oriented equities, offering a more dynamic complement to core income allocations.
Swap Counterparty:
Barclays Bank PLC
Seeks stable, high income potential with features to help reduce volatility, serving as an equity alternative or complement to fixed income allocations.
Swap Counterparty:
Morgan Stanley Capital Services LLC
iCapital’s leadership in structured investments helps bring defined outcome ETF strategies to market, underpinned by specialized institutional index and structured outcome design expertise.
Macro dynamics continue to drive volatility—and challenge traditional portfolio frameworks.
Watch iCapital Chief Investment Strategist Sonali Basak’s perspective.
m+ ETFs are purpose-built as portfolio building blocks, providing new ways to complement—or selectively replace—traditional 60/40 allocations. Each strategy can stand alone or be combined to help shape more diversified, outcome-oriented portfolios.
Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.
Autocallable strategies are designed to generate income linked to equity market performance, with outcomes that depend on market levels over time.
Rather than relying on a single issuance, m+ ETFs provide exposure to a diversified, laddered portfolio of autocallable positions, helping to distribute income generation and reduce timing risk across market environments.
Buffer strategies are designed to provide a defined level of downside protection, while allowing the potential for participation in equity market gains up to a specified limit.
The m+ DynaBuffer approach uses a laddered structure with regularly resetting buffers, helping maintain more consistent protection levels as market conditions evolve.
A transparent ETF vehicle enabling flexible, scalable model portfolio implementation, with daily liquidity and tax-efficiencies.
Daily pricing and published holdings provide clear visibility into exposures.
Intraday trading enables strategies to be allocated, combined, and rebalanced throughout the day with ease.
ETF structure provides potential tax advantages.
Go deeper into each ETF to understand its design, outcomes, portfolio considerations, risks, and key fund details.
Advisors can connect with an m+ ETF specialist for guidance on execution and portfolio considerations. Complete the form to get started.
An investment in the Fund involves risk, including the possible loss of principal. There can be no assurance that the Fund will achieve its investment objective. The Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. Investment risks may increase during periods of market volatility; please refer to the Fund’s prospectus for a complete discussion of risks. The Fund’s share price may vary and investors can lose money. Shares trade at market prices, which might differ from NAV, and an active trading market is not guaranteed. Unlike mutual funds, shares cannot be redeemed individually but only in large units by authorized participants. If these participants leave, shares may trade at a premium or discount to NAV, with wider bid-ask spreads. Brokerage commissions and ETF expenses will reduce returns. The Fund may use options and option combinations, including strategies designed to replicate defined cash flows or manage financing exposures. These strategies are subject to risks related to pricing, liquidity, counterparty performance, and execution, and may perform differently than expected under certain market conditions. The Fund is subject to counterparty risk, meaning losses may occur if a derivatives counterparty or other contractual counterparty fails to meet its obligations. Certain investments may be less liquid or more difficult to value, particularly during periods of market stress. Fund distributions are not guaranteed and may vary from period to period. Tax treatment may change and may differ for individual investors. The Fund is classified as ‘non-diversified’ under the 1940 Act. The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because, as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.
The information provided on this website is for informational purposes only and is not intended as investment advice or a recommendation to buy or sell any security. Investing involves risk, and investors should consult their financial, tax, or legal advisors before making investment decisions.
Selected Autocall Risks: Authorized Participant Risk, Autocallable Structure Risk, Barrier Risk, Contingent Income Risk, Correlation Risk, Derivative Risk, Equity Securities Risk, Liquidity Risk, New Fund Risk
Selected Buffer Risks: Authorized Participant Risk, Capped Upside Return Risk, Correlation Risk, Derivative Risk, Equity Securities Risk, Limited Downside Protection Risk, Liquidity Risk, New Fund Risk
Authorized Participant Risk. Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Funds’ Distributor (“Authorized Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.
Autocallable Structure Risk. The Fund’s returns are correlated to the performance of a portfolio of Autocallables notes reflected by the Autocall Index. Autocallables have specific structural features that may be unfamiliar to many investors.
Barrier Risk. Each Autocallable in the Index Portfolio includes a Maturity Barrier, expressed as a percentage of the level of the Underlying Reference Index on the date the Autocallable is issued. If, on the Maturity Date, the level of the Underlying Reference Index is at or above the Maturity Barrier, the principal amount of that Autocallable is generally returned in full.
If the Underlying Reference Index falls below the Maturity Barrier at maturity, the conditional protection provided by the Autocallable no longer applies, and the Autocallable becomes fully exposed to the negative performance of the Underlying Reference Index measured from its initial level. In that case, the principal amount repaid will decline by the same percentage as the decline in the Underlying Reference Index.
This structure results in a “binary outcome” at maturity, meaning that there are effectively two distinct results: either principal is returned in full if the Underlying Reference Index remains above the Maturity Barrier, or principal is reduced by the full amount of the Underlying Reference Index’s decline if the barrier is breached. As a result, relatively modest additional declines in the Underlying Reference Index below the Maturity Barrier can lead to sudden and significant losses of principal.
Because the Fund obtains exposure to Autocallables through the performance of the Index Portfolio under one or more Swap Agreements, any principal losses realized by one or more Autocallables will reduce the level of the Autocall Index and, in turn, negatively affect the value of the Fund.
Contingent Income Risk. Coupon payments from the Autocallables are not guaranteed and will not be made if the Underlying Reference Index falls below the Coupon Barrier on observation dates. This means the Fund may generate significantly less income than anticipated during market downturns.
Buffer Structure Risk. The buffer is intended to absorb losses in the SPY ETF only up to that specified level. If losses in the SPY ETF exceed the buffer threshold, the investor bears the full amount of losses beyond the buffer, which may result in a substantial decline in the value of the Buffer Notes. As a result, during significant market downturns, the Fund may experience large and rapid declines in value, and investors may lose a significant portion, or all, of their investment.
Capped Upside Return Risk. Each Buffer Note in the Buffer Index seeks to provide returns that are subject to the cap. In the event that the ETF has gains in excess of the cap, the Buffer Note will not participate in those gains beyond the cap.
Correlation Risk. The Fund’s return is not likely to match the expected returns of its reference index for a number of reasons, including operating expenses, transaction costs, cash management, market conditions, and differences in calculation methodologies.
Equity Securities Risk. The securities markets are volatile. The Fund’s exposure to the Underlying Reference Index subjects it to risks associated with equity markets. The value of the Underlying Reference Index may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the U.S. equity markets generally or particular segments of the market. If the market prices of the securities to which the Underlying Reference Index is exposed decline, the value of your investment in the Fund will decline.
Derivative Risk. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives may create leverage, and the loss on derivative transactions may substantially exceed the Fund’s initial investment. Some derivatives have the potential for unlimited losses.
Liquidity Risk. Liquidity risk exists when particular investments would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
New Fund Risk. Because the Fund is recently launched, it has limited operating history. There can be no assurance that the investment strategy will perform as expected or achieve its long‑term.
Morgan Stanley Capital Services LLC, BNP Paribas SA, HSBC Bank PLC and Barclays Bank PLC do not act as an investment adviser or sponsor to the Funds, are not affiliated with the Funds, and has no obligation or responsibility with respect to the Funds’ investment results, marketing activities, trading, or the suitability of the Funds for any investor.
Nasdaq®, Nasdaq-100 Index® and Nasdaq-100® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Barclays and Alaia Capital, LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE