Update on the New Active ETF Market
Published
Growth of Active Semi-Transparent ETFs
Source: Factset as of 2/14/2022
Most Recent Launches
Gabelli: On January 5, 2022, Gabelli launched its third active ETF: Gabelli Asset ETF (NYSE Arca: GAST). It joins the two strategies from Gabelli (NYSE Arca: LOPP & GGRW) that launched in February 2021 and uses the ActiveSharesTM structure.
Schwab: On November 16, 2021, Schwab launched its first active ETF: Schwab Ariel ESG ETF (NYSE Arca: SAEF). The ETF is sub-advised by Ariel Investments and uses the NYSE Active Proxy Structure.
Hartford: On November 9, 2021, Hartford launched its 15th active ETF and first ETF to shield alpha generation: Hartford Large Cap Growth ETF. The ETF uses the Fidelity Proxy Structure.
New Market Entry & Product Announcements
Principal: On February 9, 2022, Principal filed for the Principal Real Estate Active Opportunities ETF. The ETF seeks to invest in the real estate sector and will use the Fidelity Proxy Structure.
IndexIQ: On December 29, 2021, IndexIQ filed for two ETFs: IQ Winslow Large Cap Growth ETF & IQ Winslow Ultra Large Cap Growth ETF. The ETFs seek to invest in large cap securities and will use the NYSE Active Proxy Structure.
Columbia: On December 17, 2021, Columbia filed for the Columbia Seligman Semiconductor and Technology ETF. The ETF seeks to invest in the semiconductor industry and will use the Fidelity Proxy Structure.
Thrivent: On December 2, 2021, Thrivent filed for its first ETF, the Thrivent Small-Mid Cap ESG ETF. The ETF seeks to invest in small and mid-cap securities and will use the NYSE Active Proxy Structure.
DoubleLine: On October 4, 2021, DoubleLine filed for its first two ETFs including the DoubleLine Shiller CAPE U.S. Equities ETF. The ETF seeks to invest in U.S. securities and will use the ActiveSharesTM structure.
Previously Filed: BlackRock Future FinTech ETF, Cambiar ETF Suite, Capital Group ETF Suite, Gabelli ETF Suite, Goldman Sachs Multi-Asset Income ETF, First Manhattan FMC Excelsior Focus Equity ETF, FMI Large Cap ETF, JPMorgan Large Cap Growth ETF, John Hancock US Equity ETF, Nottingham Spinnaker Mid-Cap Alpha ETF, Ruane & Cunniff RCG ETF.
Not even two years in, these ETFs and structures appear here to stay. Asset managers are poised to take advantage of their additional flexibility to shield alpha techniques when desired, and investors and allocators are showing that they continue to value the accessibility and efficiency these ETFs provide. Two questions remain top of mind. When will the SEC approve structures like the NYSE Active Proxy Structure to invest in non-U.S. securities? When will the first asset manager complete a mutual fund to ETF conversion? We hope to see answers to both in 2022.
Active ETF Stat Pack
| Firms | |||
|---|---|---|---|
| # of Issuers | 167 | ||
| # of New Issuers 2022 | 12 | ||
| Products | Assets | ||
| # of ETFs | 776 | AUM ($B) | $290.93 |
| # of New Launches 2022 | 27 | 3 Yr AUM CAGR | 160% |
| Avg. ER | 0.49% | 5 Yr AUM CAGR | 58% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $12.60 | YTD ADV (Shares) | 117,664,983 |
| 3 Yr Cash Flow | $188.50 | YTD ADV ($) | $5.48 B |
| 5 Yr Cash Flow | $229.60 | YTD Avg. Spread (bps)* | 30.33 |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 2/14/2022
*Simple average
Active, Semi-Transparent Update
| Ticker | Inception | Name | AUM | YTD Flows | 30 Day Median Spread (bps) | ADV (shares) | Structure | LMM | Expense Ratio |
|---|---|---|---|---|---|---|---|---|---|
| EQOP | 09/17/2020 | Natixis U.S. Equity Opportunities ETF | $9,903,027 | $12,593 | 15.04 | 169 | NYSE AMS | Citadel | 0.90% |
| VNSE | 09/17/2020 | Natixis Vaughan Nelson Select ETF | $6,031,011 | $1,561,016 | 17.4 | 966 | NYSE AMS | Citadel | 0.80% |
| VNMC | 09/17/2020 | Natixis Vaughan Nelson Mid Cap ETF | $8,863,079 | $330,666 | 15.74 | 398 | NYSE AMS | Citadel | 0.85% |
| ESGA | 07/15/2020 | American Century Sustainable Equity ETF | $147,301,230 | $(5,060,623) | 15.05 | 12,712 | NYSE AMS | Citadel | 0.39% |
| MID | 07/15/2020 | American Century Mid Cap Growth Impact ETF | $24,145,767 | $2,401,271 | 15.32 | 5,890 | NYSE AMS | Citadel | 0.45% |
| ESGY | 07/01/2021 | American Century Sustainable Growth ETF | $6,460,080 | $- | 5.59 | 224 | NYSE AMS | Citadel | 0.39% |
| NDVG | 08/05/2021 | Nuveen Dividend Growth ETF | $6,242,904 | $- | 7.35 | 806 | NYSE AMS | Citadel | 0.64% |
| NSCS | 08/05/2021 | Nuveen Small Cap Select ETF | $6,177,366 | $- | 13.47 | 497 | NYSE AMS | Citadel | 0.85% |
| NWLG | 08/05/2021 | Nuveen Winslow Large-Cap Growth ESG ETF | $5,503,056 | $(16,226) | 7.54 | 1,560 | NYSE AMS | Citadel | 0.64% |
| NUGO | 09/28/2021 | Nuveen Growth Opportunities ETF | $2,937,557,070 | $68,106,320 | 7.51 | 138,536 | NYSE AMS | Citadel | 0.55% |
| SAEF | 11/16/2021 | Schwab Ariel ESG ETF | $9,843,000 | $2,602,250 | 22.51 | 7,008 | NYSE AMS | Flow Traders | 0.59% |
| FDG | 04/02/2020 | American Century Focused Dynamic Growth ETF | $165,891,776 | $(15,608,844) | 15.71 | 20,680 | ActiveShares | Citadel | 0.45% |
| FLV | 04/02/2020 | American Century Focused Large Cap Value ETF | $227,719,347 | $(7,594,465) | 14.59 | 9,112 | ActiveShares | Citadel | 0.42% |
| CFCV | 05/28/2020 | ClearBridge Focus Value ETF | $3,562,544 | $(78) | 56.21 | 221 | ActiveShares | GTS | 0.50% |
| FBCG | 06/04/2020 | Fidelity Blue Chip Growth ETF | $432,027,140 | $(5,196,178) | 25.93 | 191,534 | Fidelity Proxy | GTS | 0.59% |
| FBCV | 06/04/2020 | Fidelity Blue Chip Value ETF | $108,484,665 | $5,911,545 | 21.24 | 34,521 | Fidelity Proxy | GTS | 0.59% |
| FMIL | 06/04/2020 | Fidelity New Millennium ETF | $61,466,175 | $(1,504,423) | 23.15 | 17,881 | Fidelity Proxy | GTS | 0.59% |
| FGRO | 02/04/2021 | Fidelity Growth Opportunities ETF | $54,634,090 | $4,128,078 | 5.78 | 92,483 | Fidelity Proxy | Citadel | 0.59% |
| FMAG | 02/04/2021 | Fidelity Magellan ETF | $48,804,525 | $685,473 | 14.38 | 31,081 | Fidelity Proxy | RBC | 0.59% |
| FPRO | 02/04/2021 | Fidelity Real Estate Investment ETF | $21,232,663 | $728,743 | 4.47 | 11,665 | Fidelity Proxy | Citadel | 0.59% |
| FSMO | 02/04/2021 | Fidelity Small/Mid-Cap Opportunities ETF | $29,105,318 | $(1,205,345) | 14.1 | 13,937 | Fidelity Proxy | RBC | 0.59% |
| FSST | 06/17/2021 | Fidelity Sustainability U.S. Equity ETF | $5,642,093 | $- | 14.17 | 1,733 | Fidelity Proxy | RBC | 0.59% |
| FDWM | 06/17/2021 | Fidelity Women's Leadership ETF | $2,828,475 | $- | 16.66 | 1,241 | Fidelity Proxy | RBC | 0.59% |
| TCHP | 08/05/2020 | T. Rowe Price Blue Chip Growth ETF | $246,976,223 | $19,175,937 | 14.22 | 172,488 | T Rowe Proxy | Virtu | 0.57% |
| TDVG | 08/05/2020 | T. Rowe Price Dividend Growth ETF | $120,585,080 | $3,584,645 | 10.09 | 34,578 | T Rowe Proxy | RBC | 0.50% |
| TEQI | 08/05/2020 | T. Rowe Price Equity Income ETF | $69,091,892 | $10,824,581 | 10.6 | 22,422 | T Rowe Proxy | Virtu | 0.54% |
| TGRW | 08/05/2020 | T. Rowe Price Growth Stock ETF | $45,015,979 | $2,757,746 | 12.45 | 10,171 | T Rowe Proxy | RBC | 0.52% |
| TSPA | 06/08/2021 | T. Rowe Price U.S. Equity Research ETF | $22,781,476 | $1,209,100 | 11.04 | 3,047 | T Rowe Proxy | RBC | 0.52% |
| IVDG | 12/22/2020 | Invesco Focused Discovery Growth ETF | $1,039,962 | $- | 16.82 | 260 | Invesco Model | Citadel | 0.59% |
| IVSG | 12/22/2020 | Invesco Select Growth ETF | $1,234,112 | $- | 15.68 | 434 | Invesco Model | Citadel | 0.48% |
| IVLC | 12/22/2020 | Invesco US Large Cap Core ESG ETF | $6,637,934 | $144,190 | 13.68 | 1,107 | Fidelity Proxy | Citadel | 0.48% |
| IVRA | 12/22/2020 | Invesco Real Assets ESG ETF | $2,782,755 | $447,960 | 35.73 | 1,036 | Fidelity Proxy | Citadel | 0.59% |
| LOPP | 02/01/2021 | Gabelli Love Our Planet & People ETF | $11,061,390 | $718,190 | 72.53 | 530 | ActiveShares | GTS | 0.90% |
| GGRW | 02/16/2021 | Gabelli Growth Innovators ETF | $3,448,595 | $- | 36.55 | 1,072 | ActiveShares | GTS | 0.90% |
| GAST | 01/05/2022 | Gabelli Asset ETF | $4,975,719 | $- | 51.58 | 107 | ActiveShares | GTS | 0.90% |
| FRTY | 03/01/2021 | Alger Mid Cap 40 ETF | $33,934,000 | $(661,125) | 44.62 | 26,595 | ActiveShares | Virtu | 0.60% |
| ATFV | 05/04/2021 | Alger 35 ETF | $10,945,375 | $(906,500) | 46.92 | 2,600 | ActiveShares | Virtu | 0.55% |
| REIT | 02/26/2021 | ALPS Active REIT ETF | $19,817,057 | $(4,863,650) | 35.94 | 12,146 | Blue Tractor | GTS | 0.68% |
| STNC | 03/16/2021 | Stance Equity ESG Large Cap Core ETF | $37,299,858 | $1,432,480 | 33.23 | 3,016 | Blue Tractor | GTS | 0.85% |
| PFUT | 05/26/2021 | Putnam Sustainable Future ETF | $8,005,983 | $545,436 | 36.52 | 2,948 | Fidelity Proxy | Virtu | 0.64% |
| PLDR | 05/26/2021 | Putnam Sustainable Leaders ETF | $6,873,543 | $6,663 | 12.34 | 590 | Fidelity Proxy | RBC | 0.59% |
| PGRO | 05/26/2021 | Putnam Focused Large Cap Growth ETF | $9,554,023 | $703,533 | 11.47 | 2,740 | Fidelity Proxy | RBC | 0.55% |
| PVAL | 05/26/2021 | Putnam Focused Large Cap Value ETF | $21,906,187 | $3,479,107 | 28.73 | 11,728 | Fidelity Proxy | Virtu | 0.55% |
| HFGO | 11/09/2021 | Hartford Large Cap Growth ETF | $72,518,270 | $57,222,316 | 13.96 | 341,354 | Fidelity Proxy | Citadel | 0.59% |
| Total/Average | $5,013,393,541 | $88,880,065 | 21.39 | 904,466 | 0.60% |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 2/14/2022
*Simple average
Year to Date ETF Launches
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| FLDZ | RiverNorth Volition America Patriot ETF | Truemark Group | 01/03/2022 | Equity | $3,543,885 |
| GAST | Gabelli Asset ETF | GAMCO Investors, Inc. | 01/05/2022 | Equity | $3,514,140 |
| UMMA | Wahed Dow Jones Islamic World ETF | Wahed | 01/07/2022 | Equity | $29,572,250 |
| QTJA | Innovator Growth Accelerated Plus ETF - January | Innovator | 01/03/2022 | Equity | $8,411,700 |
| XBJA | Innovator U.S. Equity Accelerated 9 Buffer ETF - January | Innovator | 01/03/2022 | Equity | $12,956,350 |
| XDJA | Innovator U.S. Equity Accelerated ETF - January | Innovator | 01/03/2022 | Equity | $1,146,665 |
| XTJA | Innovator U.S. Equity Accelerated Plus ETF - January | Innovator | 01/03/2022 | Equity | $5,757,675 |
| TRDF | NextGen Trend and Defend ETF | Dinerbao SL | 01/06/2022 | Alternatives | $1,735,155 |
| EAFD | Simplify Developed Ex-US PLUS Downside Convexity ETF | Simplify Asset Management Inc. | 01/11/2022 | Equity | $22,197,249 |
| RTYD | Simplify US Small Cap PLUS Downside Convexity ETF | Simplify Asset Management Inc. | 01/11/2022 | Equity | $3,557,424 |
| EMGD | Simplify Emerging Markets Equity PLUS Downside Convexity ETF | Simplify Asset Management Inc. | 01/11/2022 | Equity | $3,094,525 |
| AVSC | Avantis U.S Small Cap Equity ETF | American Century Investments | 01/13/2022 | Equity | $1,411,839 |
| NZRO | Strategy Shares Halt Climate Change ETF | Strategy Shares | 01/11/2022 | Equity | $1,130,175 |
| JBBB | Janus Henderson B-BBB CLO ETF | Janus Henderson | 01/12/2022 | Fixed Income | $62,450,000 |
| IUSA | Amberwave Invest USA JSG Fund | Amberwave Partners | 01/20/2022 | Equity | $871,500 |
| RSEE | Rareview Systematic Equity ETF | Neil Azous Revocable Trust | 01/21/2022 | Alternatives | $9,955,600 |
| SAGP | Strategas Global Policy Opportunities ETF | Baird Financial Group | 01/25/2022 | Equity | $2,256,763 |
| SAMT | Strategas Macro Thematic Opportunities ETF | Baird Financial Group | 01/25/2022 | Equity | $4,650,034 |
| CWC | Clockwise Capital Innovation ETF | Clockwise | 01/28/2022 | Equity | $3,242,500 |
| PUNK | Subversive Metaverse ETF | Subversive | 01/27/2022 | Equity | $1,306,430 |
| IRBA | iMGP RBA Responsible Global Allocation ETF | Litman Gregory Capital Partners LLC | 02/01/2022 | Asset Allocation | $1,304,000 |
| IWIN | Amplify Inflation Fighter ETF | Amplify Investments | 02/02/2022 | Alternatives | $5,019,520 |
| WINN | Harbor Long-Term Growers ETF | Harbor | 02/03/2022 | Equity | $6,012,500 |
| NETZ | Engine No 1 Transform Climate ETF | Engine No. 1 LLC | 02/03/2022 | Equity | $46,384,873 |
| WGMI | Valkyrie Bitcoin Miners ETF | Valkyrie Funds LLC | 02/08/2022 | Equity | $46,176,090 |
| LETB | AdvisorShares Let Bob AI Powered Momentum ETF | AdvisorShares | 02/09/2022 | Equity | $15,748,110 |
| BFIX | Build Bond Innovation ETF | Build Asset Management LLC | 02/10/2022 | Asset Allocation | $7,381,559 |
| Total - 27 New ETFs | $310,788,511 |
Source: Factset as of 2/14/2022
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