On February 2, 2026, two major developments signaled the accelerating transformation of the European exchange-traded fund (ETF) landscape: Oddo BHF Asset Management (Oddo BHF AM) announced a strategic partnership with the Association française d'épargne et de retraite (Afer), while Janus Henderson marked the launch of its ninth actively managed UCITS ETF in Europe. These moves, reported by Agence Option Finance (AOF) and L’Opinion, underscore the growing appetite for actively managed ETFs and the increasing sophistication of European investors seeking diversified, resilient, and cost-effective investment solutions.
Oddo BHF AM’s partnership with Afer, a prominent player in the French insurance and retirement savings sector, centers on the inclusion of the "ODDO BHF Global Balanced Allocation Active UCITS ETF" in Afer’s suite of unit-linked investment options. This ETF stands out for its active management style, blending a selection of ETFs and exchange-traded commodities (ETCs) to offer investors access to a globally diversified portfolio. The fund’s dynamic allocation spans a wide array of asset classes—equities, bonds, currencies, and commodities—eschewing any bias toward style, size, or sector.
According to AOF, "With the integration of an active ETF into Afer’s offering, Oddo BHF AM strengthens its presence with insurers, a strategic axis for its development." The partnership will allow a broad public to access Oddo BHF AM’s solutions through a distributor recognized for its high standards of quality and transparency. Oddo BHF AM, acting as a delegated financial manager, has teamed up with HANetf, a European leader in white-label ETF creation, to bring this product to market. The collaboration aims to provide both flexibility and professional oversight, leveraging HANetf’s expertise in structuring and distributing ETFs across Europe.
Meanwhile, Janus Henderson continues to expand its ETF footprint on the continent. As of February 2, the asset manager—overseeing a staggering $493 billion in assets at the end of 2025—unveiled the Janus Henderson US Short Duration High Yield Active Core UCITS ETF (JSHY) on the London Stock Exchange. This actively managed ETF targets short-term, high-yield U.S. corporate bonds, focusing on securities with BB-B ratings, high income, robust risk-adjusted returns, and low sensitivity to interest rate changes. The fund’s total expense ratio is set at 0.49%, making it a competitive option for yield-seeking investors wary of volatility.
The JSHY ETF is steered by a seasoned team: Erin Noel, global head of quantitative fixed income; Brent Olson, portfolio manager in the High Yield team; and Mike Talaga, global head of credit research. Their approach combines deep fundamental credit analysis with advanced systematic signals to identify undervalued opportunities and manage risk. Erin Noel explained the strategy to L’Opinion: "By combining our in-depth expertise in fundamental credit with advanced systematic signals, we aim to achieve regular alpha, efficient portfolio construction, and a more resilient way to access short-term high-yield opportunities."
This product launch comes amid a period of rapid growth for Janus Henderson’s ETF business. The JSHY is the firm’s ninth active UCITS ETF, helping its European ETF platform surpass $1 billion in assets. Globally, Janus Henderson’s ETF assets now total over $40 billion. These milestones are set against the backdrop of significant corporate change: the company is in the midst of an acquisition agreement led by Trian Fund Management and General Catalyst, and it recently announced plans to acquire Richard Bernstein Advisors, signaling its intent to further diversify and strengthen its investment capabilities.
The surge in actively managed ETFs reflects a broader trend in the investment world. European investors, traditionally more conservative and reliant on actively managed mutual funds, are increasingly drawn to the transparency, liquidity, and cost-efficiency of ETFs—especially those that offer an active management overlay. These products provide the best of both worlds: the flexibility and tradability of ETFs, combined with the expertise and adaptability of professional managers able to respond to rapidly changing markets.
Oddo BHF AM’s new ETF, for example, is designed to be nimble, adjusting its allocations dynamically based on evolving market conditions. By utilizing a blend of ETFs and ETCs, the fund can efficiently implement its asset allocation while keeping costs in check. This structure allows investors to gain exposure to multiple asset classes and geographies without the need to juggle numerous individual investments. For Afer’s clientele—many of whom are focused on retirement savings and long-term wealth preservation—such a solution offers both simplicity and robust diversification.
Janus Henderson’s JSHY, on the other hand, zeroes in on a specific market segment: short-duration U.S. high-yield corporate bonds. This niche has become increasingly attractive as investors search for yield in a low-interest-rate environment but remain wary of the volatility and interest rate risk associated with longer-duration assets. The ETF’s focus on BB-B rated securities aims to strike a balance between risk and return, while its systematic approach seeks to uncover mispriced bonds and manage downside risk.
Both launches also highlight the growing importance of partnerships and scale in the ETF industry. Oddo BHF AM’s collaboration with HANetf allows it to leverage established infrastructure and distribution networks, accelerating product development and market reach. Janus Henderson’s ongoing corporate maneuvers—acquisitions and strategic alliances—reflect the competitive pressures and opportunities facing global asset managers as they vie for a share of the burgeoning ETF market.
Industry observers note that these developments are part of a broader shift in the European investment landscape. As regulatory frameworks evolve and investors become more sophisticated, demand for innovative, transparent, and cost-effective investment vehicles continues to rise. The success of new launches like Oddo BHF AM’s global balanced ETF and Janus Henderson’s short-duration high-yield fund will likely depend on their ability to deliver on the promise of active management—outperforming benchmarks while managing risk—within the efficient structure of an ETF.
The coming year is expected to bring further innovation and competition, as asset managers respond to investor demand for products that can weather market turbulence and capitalize on emerging opportunities. For investors, the message is clear: the European ETF market is no longer just about passive index tracking. With active strategies gaining ground, the choices have never been more diverse—or more compelling.
As the ETF arms race heats up, the real winners may well be the investors themselves, who now have access to a broader array of sophisticated, flexible, and transparent tools to help them navigate an increasingly complex financial world.