Recap of Q1 2022
Published
After a historic 2021 for the active ETF industry, the broader market presented new challenges throughout the first quarter. Inflation surging to a 40-year high, a faster-than-expected rate increase schedule from the Federal Reserve and Russia’s invasion of Ukraine combined to drive most equity and fixed income markets around the globe lower. So how did the active ETF market close out the quarter?
- Assets: $306.1 billion (Up $103 billion YoY)
- Q1 Cash Flow: $24.6 billion (Down $13 billion YoY, yet 2nd largest quarterly inflows in history)
- # of New Firms Entering the Market: 16 Firms (Up 5 YoY)
- # of New Active ETFs Launched: 63 ETFs (Up 10 ETFs YoY)
- # of New Active ETFs Filed with SEC & Yet to Launch: 80+ ETFs (Up ~25 ETFs YoY)
You be the judge, but to us it looks like the industry fared well. Investors continued to allocate to active ETFs at a near record pace, while new asset managers entered the market and existing managers continued to innovate with new product listings and filings.
Visual Analysis of Q1 2022
Active ETF AUM Growth
Source: Factset as of 3/31/2022
Quarterly Active ETF Cash Flows
Source: Factset as of 3/31/2022
Annual Q1 Total Flows
Source: Factset as of 3/31/2022
Active ETF Fund Flows by Asset Class
| Global Equity | Domestic Equity | Domestic Fixed Income | Global Fixed Income | Commodities | Asset Allocation | Alternatives | Currency | |
|---|---|---|---|---|---|---|---|---|
| AUM Leader | ARK | Dimensional | JPMorgan | State Street | Invesco | WisdomTree | First Trust | ProShares |
| AUM Leader $B | $12.6 | $15.5 | $19.0 | $10.3 | $8.1 | $0.9 | $0.5 | $1.3 |
| Q1 CF Leader | ARK | JPMorgan | JPMorgan | State Street | Invesco | ETC | State Street | ProShares |
| Q1 CF Leader $B | $0.6 | $2.2 | $1.3 | $1.6 | $2.2 | $0.2 | $0.1 | $0.1 |
Source: Factset as of 3/31/2022
JPMorgan took the Q1 issuer flow crown with $4.2 billion. Its success was largely driven by a trio of income-oriented ETFs (JEPI, JMST & JPST). Narrowly missing the top spot was Dimensional with $4.1 billion, led by their suite of core equity ETFs. Rounding out the top five were First Trust ($3.4 billion), Invesco ($2.2 billion) and American Century ($1.9 billion). Just making the top ten was ETF newcomer Capital Group ($0.6 billion), which launched its first suite of six NYSE listed ETFs in late February.
Across the industry during Q1, just over 80% of issuers experienced neutral or positive cash flows, 28 saw inflows exceeding $100 million and 10 surpassed $500 million. Outside of the top 5 -- State Street ($1.4 billion), Innovator ($1.1 billion), Janus Henderson ($1.0 billion), PGIM ($0.6 billion) and the aforementioned Capital Group ($0.6 billion) -- all surpassed the $500 million cash flow mark. A few other notable year-over-year growers included abrdn ($388 million, 2.4x 2021 Q1 flows), Horizon Kinetics ($381 million, 2021 entrant), Simplify ($303 million,1.2x 2021 Q1 flows), Goldman Sachs ($191 million, 2.3x 2021 Q1 flows), and ProShares ($146 million, 25x 2021 Q1 flows).
Top 5 Issuers by Cash Flow Annually (2017- 2021)
| Ticker | Top 10 ETFs by Cash Flow ($B) | Q1 2022 ($M) |
|---|---|---|
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $2,240 |
| JEPI | JPMorgan Equity Premium Income ETF | $2,234 |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | $1,693 |
| SRLN | SPDR Blackstone Senior Loan ETF | $1,571 |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $1,323 |
| JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $825 |
| DFAC | Dimensional U.S. Core Equity 2 ETF | $817 |
| FTSL | First Trust Senior Loan Fund | $746 |
| JPST | JPMorgan Ultra-Short Income ETF | $661 |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | $624 |
| Ticker | Bottom 10 ETFs by Cash Flow | Q1 2022 ($M) |
|---|---|---|
| JPHY | JPMorgan High Yield Research Enhanced ETF | $(650) |
| IVOL | Quadratic Interest Rate Volatility & Inflation Hedge ETF | $(633) |
| IGBH | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | $(577) |
| LMBS | First Trust Low Duration Opportunities ETF | $(426) |
| NEAR | BlackRock Short Maturity Bond ETF | $(420) |
| ARKW | ARK Next Generation Internet ETF | $(416) |
| FIXD | First Trust TCW Opportunistic Fixed Income ETF | $(394) |
| MINT | PIMCO Enhanced Short Maturity Active ETF | $(341) |
| ARKQ | ARK Autonomous Technology & Robotics ETF | $(267) |
| GSY | Invesco Ultra Short Duration ETF | $(266) |
The Q1 product-level cash flow crown goes to Invesco’s Optimum Yield Diversified Commodity Strategy ETF ($2.2 billion). At the aggregate product level, 60% of active ETFs experienced positive flow for the quarter, down slightly from the near 65% that experienced positive cash flows during the fourth quarter of 2021. During Q1, 100 ETFs exceeded $50 million in cash flow (often viewed as a break-even measure for an ETF) and another 58 ETFs exceed $25 million in cash flow.
Launch Monitor Q1 2022
Domestic Equity 27 ETFs Launched $639 M Assets Raised | Domestic Fixed Income 4 ETFs Launched $294 M Assets Raised | Alternatives 2 ETFs Launched $5 M Assets Raised | ||
Int’l/Global Equity 20 ETFs Launched $590 M Assets Raised | Int’l/Global Fixed Income 5 ETFs Launched $147 M Assets Raised | Asset Allocation 5 ETFs Launched $99 M Assets Raised |
In the first quarter of 2022, we saw 63 actively managed ETFs come to market raising nearly $1.8 billion in AUM, including 2 semi-transparent ETFs.
16 firms launched their first actively managed funds in Q1, ranging from new entrants in the ETF space such as Capital Group, Engine 1, Fairlead, Ameriprise/Columbia and Build Asset Management. In total, these firms raised nearly $1 billion during the quarter.
Product development continued to focus on the equity market, with 47 new ETFs focused on a range of strategies targeting domestic, international, or global equities.
Dimensional launched the most ETFs during the quarter with seven. Right behind it with six ETFs each were Capital Group, Simplify and Innovator.
The average expense ratio of new ETFs was above the industry average at 0.60% with the highest at 1.15% and the lowest at 0.15%.
Active ETF Stat Pack
| Firms | |||
|---|---|---|---|
| # of Issuers | 172 | ||
| # of New Issuers 2022 | 18 | ||
| Products | Assets | ||
| # of ETFs | 807 | AUM ($B) | $306.05 |
| # of New Launches 2022 | 63 | 3 Yr AUM CAGR | 161% |
| Avg. ER | 0.49% | 5 Yr AUM CAGR | 58% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $24.60 | YTD ADV (Shares) | 120,541,859 |
| 3 Yr Cash Flow | $197.30 | YTD ADV ($) | $5.35 B |
| 5 Yr Cash Flow | $239.90 | YTD Avg. Spread (bps)* | 32.26 |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2022
*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 | $10,311,828 | $323,148 | 15.74 | 241 | NYSE AMS | Citadel | 0.90% |
| VNSE | 09/17/2020 | Natixis Vaughan Nelson Select ETF | $6,607,928 | $1,561,016 | 16.22 | 661 | NYSE AMS | Citadel | 0.80% |
| VNMC | 09/17/2020 | Natixis Vaughan Nelson Mid Cap ETF | $8,352,616 | $(277,609) | 15.96 | 873 | NYSE AMS | Citadel | 0.85% |
| ESGA | 07/15/2020 | American Century Sustainable Equity ETF | $136,013,944 | $(19,723,226) | 14.67 | 14,513 | NYSE AMS | Citadel | 0.39% |
| MID | 07/15/2020 | American Century Mid Cap Growth Impact ETF | $26,785,193 | $3,521,507 | 14.77 | 4,850 | NYSE AMS | Citadel | 0.45% |
| ESGY | 07/01/2021 | American Century Sustainable Growth ETF | $7,195,539 | $436,763 | 5.06 | 350 | NYSE AMS | Citadel | 0.39% |
| NDVG | 08/05/2021 | Nuveen Dividend Growth ETF | $6,735,300 | $261,381 | 7.36 | 1,013 | NYSE AMS | Citadel | 0.64% |
| NSCS | 08/05/2021 | Nuveen Small Cap Select ETF | $6,257,186 | $- | 12.06 | 413 | NYSE AMS | Citadel | 0.85% |
| NWLG | 08/05/2021 | Nuveen Winslow Large-Cap Growth ESG ETF | $5,857,125 | $220,954 | 7.62 | 1,637 | NYSE AMS | Citadel | 0.64% |
| NUGO | 09/28/2021 | Nuveen Growth Opportunities ETF | $3,018,791,776 | $7,931,306 | 7.58 | 142,413 | NYSE AMS | Citadel | 0.55% |
| SAEF | 11/16/2021 | Schwab Ariel ESG ETF | $10,788,000 | $3,457,450 | 26.2 | 5,607 | NYSE AMS | Flow Traders | 0.59% |
| FDG | 04/02/2020 | American Century Focused Dynamic Growth ETF | $172,185,354 | $(17,580,429) | 15.35 | 20,247 | ActiveShares | Citadel | 0.45% |
| FLV | 04/02/2020 | American Century Focused Large Cap Value ETF | $224,758,051 | $(16,502,895) | 14.72 | 12,434 | ActiveShares | Citadel | 0.42% |
| CFCV | 05/28/2020 | ClearBridge Focus Value ETF | $3,942,988 | $339,291 | 49.01 | 442 | ActiveShares | GTS | 0.50% |
| FBCG | 06/04/2020 | Fidelity Blue Chip Growth ETF | $432,092,295 | $(11,672,493) | 25.54 | 169,279 | Fidelity Proxy | GTS | 0.59% |
| FBCV | 06/04/2020 | Fidelity Blue Chip Value ETF | $116,280,450 | $11,043,015 | 26.3 | 32,454 | Fidelity Proxy | GTS | 0.59% |
| FMIL | 06/04/2020 | Fidelity New Millennium ETF | $64,083,678 | $(750,373) | 31.21 | 14,926 | Fidelity Proxy | GTS | 0.59% |
| FGRO | 02/04/2021 | Fidelity Growth Opportunities ETF | $59,718,643 | $8,430,870 | 6.06 | 83,372 | Fidelity Proxy | Citadel | 0.59% |
| FMAG | 02/04/2021 | Fidelity Magellan ETF | $50,499,045 | $166,348 | 15.27 | 25,581 | Fidelity Proxy | RBC | 0.59% |
| FPRO | 02/04/2021 | Fidelity Real Estate Investment ETF | $22,700,475 | $728,743 | 4.17 | 9,163 | Fidelity Proxy | Citadel | 0.59% |
| FSMO | 02/04/2021 | Fidelity Small/Mid-Cap Opportunities ETF | $30,564,835 | $(114,118) | 15.67 | 10,286 | Fidelity Proxy | RBC | 0.59% |
| FSST | 06/17/2021 | Fidelity Sustainability U.S. Equity ETF | $5,839,075 | $- | 16.41 | 1,560 | Fidelity Proxy | RBC | 0.59% |
| FDWM | 06/17/2021 | Fidelity Women's Leadership ETF | $2,415,738 | $(474,203) | 17.66 | 934 | Fidelity Proxy | RBC | 0.59% |
| TCHP | 08/05/2020 | T. Rowe Price Blue Chip Growth ETF | $285,784,352 | $46,004,270 | 12.56 | 157,531 | T Rowe Proxy | Virtu | 0.57% |
| TDVG | 08/05/2020 | T. Rowe Price Dividend Growth ETF | $131,820,661 | $12,030,186 | 10.92 | 27,545 | T Rowe Proxy | RBC | 0.50% |
| TEQI | 08/05/2020 | T. Rowe Price Equity Income ETF | $76,735,668 | $17,351,317 | 10.1 | 19,109 | T Rowe Proxy | Virtu | 0.54% |
| TGRW | 08/05/2020 | T. Rowe Price Growth Stock ETF | $48,212,531 | $4,536,311 | 13.53 | 10,885 | T Rowe Proxy | RBC | 0.52% |
| TSPA | 06/08/2021 | T. Rowe Price U.S. Equity Research ETF | $24,228,457 | $1,732,119 | 11.53 | 2,487 | T Rowe Proxy | RBC | 0.52% |
| IVDG | 12/22/2020 | Invesco Focused Discovery Growth ETF | $1,058,952 | $(116,340) | 17.67 | 480 | Invesco Model | Citadel | 0.59% |
| IVSG | 12/22/2020 | Invesco Select Growth ETF | $1,290,913 | $- | 16.35 | 380 | Invesco Model | Citadel | 0.48% |
| IVLC | 12/22/2020 | Invesco US Large Cap Core ESG ETF | $7,057,974 | $101,840 | 12.74 | 4,291 | Fidelity Proxy | Citadel | 0.48% |
| IVRA | 12/22/2020 | Invesco Real Assets ESG ETF | $3,025,386 | $447,960 | 36.35 | 922 | Fidelity Proxy | Citadel | 0.59% |
| LOPP | 02/01/2021 | Gabelli Love Our Planet & People ETF | $14,017,350 | $3,319,190 | 35.62 | 2,099 | ActiveShares | GTS | 0.90% |
| GGRW | 02/16/2021 | Gabelli Growth Innovators ETF | $3,600,340 | $- | 89.65 | 788 | ActiveShares | GTS | 0.90% |
| GAST | 01/05/2022 | Gabelli Asset ETF | $4,813,620 | $244,380 | 92.45 | 126 | ActiveShares | GTS | 0.90% |
| FRTY | 03/01/2021 | Alger Mid Cap 40 ETF | $30,110,875 | $(2,317,750) | 39.76 | 27,379 | ActiveShares | Virtu | 0.60% |
| ATFV | 05/04/2021 | Alger 35 ETF | $10,574,250 | $(1,067,125) | 38.98 | 3,402 | ActiveShares | Virtu | 0.55% |
| REIT | 02/26/2021 | ALPS Active REIT ETF | $19,627,411 | $(6,466,050) | 33.46 | 9,135 | Blue Tractor | GTS | 0.68% |
| STNC | 03/16/2021 | Stance Equity ESG Large Cap Core ETF | $39,266,286 | $2,336,634 | 34.98 | 2,220 | Blue Tractor | GTS | 0.85% |
| PFUT | 05/26/2021 | Putnam Sustainable Future ETF | $8,174,613 | $545,436 | 37.21 | 1,826 | Fidelity Proxy | Virtu | 0.64% |
| PLDR | 05/26/2021 | Putnam Sustainable Leaders ETF | $7,045,282 | $6,663 | 16.03 | 312 | Fidelity Proxy | RBC | 0.59% |
| PGRO | 05/26/2021 | Putnam Focused Large Cap Growth ETF | $10,059,265 | $703,533 | 13.23 | 2,013 | Fidelity Proxy | RBC | 0.55% |
| PVAL | 05/26/2021 | Putnam Focused Large Cap Value ETF | $25,770,184 | $6,255,802 | 41.97 | 9,476 | Fidelity Proxy | Virtu | 0.55% |
| HFGO | 11/09/2021 | Hartford Large Cap Growth ETF | $79,476,533 | $61,728,021 | 19.12 | 249,861 | Fidelity Proxy | Citadel | 0.59% |
| SEMI | 03/30/2022 | Columbia Seligman Semiconductor and Technology ETF | $5,021,004 | $- | 23.395 | 6,838 | Fidelity Proxy | Virtu | 0.75% |
| Total/Average | $5,181,051,431 | $56,974,824 | 23.16 | 835,655 | 0.61% |
Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2022
*Simple average
March Active ETF Launches
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| HAUS | Home Appreciation U.S. REIT ETF | Toroso Investments | 03/01/2022 | Equity | $1,608,143 |
| IPDP | Dividend Performers ETF | Sheaff Brock Capital Management LLC | 03/07/2022 | Equity | $17,914,819 |
| IPPP | Preferred-Plus ETF | Sheaff Brock Capital Management LLC | 03/07/2022 | Fixed Income | $13,479,425 |
| BSTP | Innovator Buffer Step-Up Strategy ETF | Innovator | 03/08/2022 | Equity | $4,056,000 |
| PSTP | Innovator Power Buffer Step-Up Strategy ETF | Innovator | 03/08/2022 | Equity | $5,352,000 |
| CTA | Simplify Managed Futures Strategy ETF | Simplify Asset Management Inc. | 03/08/2022 | Alternatives | $3,006,649 |
| MSTQ | LHA Market State Tactical Q ETF | Little Harbor Advisors | 03/15/2022 | Equity | $7,046,225 |
| KGHG | KraneShares Global Carbon Transformation ETF | KraneShares | 03/16/2022 | Equity | $2,700,767 |
| AVSD | Avantis Responsible International Equity ETF | American Century Investments | 03/17/2022 | Equity | $2,683,150 |
| AVSU | Avantis Responsible U.S. Equity ETF | American Century Investments | 03/17/2022 | Equity | $1,618,353 |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | WisdomTree Investments, Inc. | 03/17/2022 | Asset Allocation | $1,348,320 |
| RHCB | BNY Mellon Responsible Horizons Corporate Bond ETF | The Bank of New York Mellon Corp. | 03/22/2022 | Fixed Income | $25,157,050 |
| TACK | Fairlead Tactical Sector ETF | Fairlead | 03/23/2022 | Equity | $51,359,000 |
| ROCI | ROC ETF | Alpha Architect | 03/24/2022 | Equity | $3,603,208 |
| DFIC | Dimensional International Core Equity 2 ETF | Dimensional Holdings | 03/24/2022 | Equity | $76,000,000 |
| DFIS | Dimensional International Small Cap ETF | Dimensional Holdings | 03/24/2022 | Equity | $20,200,000 |
| DIHP | Dimensional International High Profitability ETF | Dimensional Holdings | 03/24/2022 | Equity | $17,900,000 |
| DISV | Dimensional International Small Cap Value ETF | Dimensional Holdings | 03/24/2022 | Equity | $23,900,000 |
| AVSE | Avantis Responsible Emerging Markets Equity ETF | American Century Investments | 03/30/2022 | Equity | $2,504,320 |
| SEMI | Columbia Seligman Semiconductor and Technology ETF | Ameriprise Financial | 03/30/2022 | Equity | $5,021,004 |
| OACP | OneAscent Core Plus Bond ETF | Oneascent Holdings LLC | 03/31/2022 | Fixed Income | $20,000,000 |
| GDVD | Northern Lights Fund Trust IV Global Dividend Growth ETF -R6- | Rcubed | 03/31/2022 | Equity | $619,053 |
| RPHS | Regents Park Hedged Market Strategy ETF | Regents Park Funds | 03/31/2022 | Alternatives | $249,951 |
| Total - 23 New ETFs | $307,327,436 |
Source: Factset as of 3/31/2022
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