Boston-based hedge fund Sirios Capital Management has partnered with iM Global Partner (iMGP) to launch the iMGP Sirios Absolute Return Fund R EUR HP PR UCITS ETF (SARF), marking Europe’s first ETF to include a performance fee, according to a report by ETFStream.
The fund charges a total expense ratio of 1.20%, plus 20% of any outperformance, and is also available as a mutual fund.
SARF represents Sirios’s debut in the European market. Founded in 1999, the firm specialises in long-short equity strategies, using bottom-up fundamental research across multiple sectors to identify opportunities. The ETF will be managed by six sector-specialist analysts, maintaining low net equity exposure of no more than 30%, with each sector equally weighted.
iMGP, a Paris-based multi-boutique investment firm, has previously brought US hedge fund strategies to European ETFs, including managed futures products in 2025. Julien Froger, iMGP’s head of Europe, noted that SARF offers international investors “a new option in the liquid alternatives space at a time when there are fewer players in the market.”
SARF uses a ‘high-on-high’ performance fee model, applying the 20% charge on gains above the previous NAV at which performance fees were crystallised, measured over a one-year financial period.
