TORONTO, Oct 1 (Reuters) - JPMorgan's ( JPM ) expanding

asset management business in Canada will add up to 20 jobs over

the next 18 months, a senior executive said on Tuesday, as the

bank launched two actively managed exchange-traded funds for

income-focused investors.

"This is our first foray to having (ETF) strategies that

individual Canadian investors can have access to," Travis

Hughes, who heads J.P. Morgan Asset Management's Canadian

business, said in an interview at the launch.

Future launches in Canada will be focused on actively

managed ETFs, he added. "We're not going to launch mutual funds

or other products."

Toronto is the focus of the expansion, but jobs ranging

from analysts to directors will also be filled in Montreal,

Vancouver and Calgary, Hughes said.

JPMorgan ( JPM ) will recruit in Canadian universities as well, he

added.

Diversifying assets with downside protection is important

over the next several months due to economic uncertainty and the

November U.S. elections, Hughes said.

Canada accounts for about $40 billion of JPMorgan Asset

Management's total global investments of $3.3 trillion.