Takeaways

• Fideuram Asset Management has launched a new ETF focused on commodities with an ESG-driven approach.
• The ETF increases exposure to transition metals while reducing links to high-emission commodities.
• The move underscores the growing interest among European wealth managers in offering in-house ETFs with sustainability themes.

Fideuram Asset Management, a subsidiary of Italy’s Intesa Sanpaolo Private Banking Group, has launched a new exchange-traded fund (ETF) designed to blend broad commodity exposure with sustainability considerations.

The D-X Diversified Commodities and Strategic Metals UCITS ETF (DXDC) is listed on Euronext ETF Europe with a management fee of 0.27%, making it one of the first funds to debut on Euronext’s newly launched pan-European exchange.

The ETF employs synthetic replication to track the Bloomberg Commodity, Transition Metals & Gold Total Return Index, a tilted version of the well-known Bloomberg Commodity Index (BCOM). This bespoke index was developed specifically for DXDC to balance exposure between key resource sectors and sustainability factors.

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According to Renato Zaffuto, Head of Investment Solutions at Fideuram, the ETF’s rationale is to “get innovative exposure to commodities by reducing greenhouse gas emissions over the full life cycle for each commodity while increasing exposure to transition metals, both precious and industrial.”

The DXDC portfolio overweights transition metals such as silver, copper, and zinc, with silver receiving the largest tilt at 5.4 percentage points above BCOM. It also introduces platinum, palladium, cobalt, and lithium, none of which feature in the parent index, reflecting the growing importance of metals critical to the green transition. The allocation to gold remains unchanged.

In contrast, natural gas holds the largest underweight position compared with BCOM, followed by agricultural commodities like coffee, soybeans, and live cattle, aligning the ETF with lower-emission assets.

Zaffuto noted that this approach reflects a “paradigm shift in advanced asset allocation,” as investors seek new sources of diversification beyond traditional bonds to strengthen multi-asset portfolios.

Since launching its D-X ETF platform last September, Fideuram has grown to $5.9 billion in assets across seven ETFs, according to Trackinsight data. While most inflows have come through its internal distribution network, Zaffuto said the new commodities ETF has already attracted “huge interest” from external investors.

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Fideuram’s move places it among a small but growing group of European wealth managers launching in-house ETFs, a trend reflected in a State Street survey showing that one in ten are considering similar steps.

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Source: ETF STREAM