Sportsnet’s Elliotte Friedman was first to report the trade.
Etem, 23, was the 29th selection in the 2010 NHL Draft and Jensen, 22, went 29th overall in 2011.
In 19 appearances with the Rangers this season, Etem registered three assists. He spent his first three seasons with the Anaheim Ducks, the team that drafted him, before being traded to the Rangers for Carl Hagelin last June.
Meanwhile, Jensen was held off the score sheet in five games with the Canucks this season. Jensen also has 12 points in 27 games with the AHL's Utica Comets.