Review of the first three quarters: Can the market sustain its historic start?
Published
In the beginning of 2023 as the ETF industry entered its 30th year and the active market began its 16th year, the New York Stock Exchange made five more bold predictions:
- Assets under management (AUM): Grow from $340 billion to exceed $450 billion by year end 2023
- Full-year cash flow: Make it three years in a row with over $80 billion
- Mutual fund to ETF conversions: 15+ issuers will complete mutual fund to ETF conversions totaling over $20 billion
- Active semi-transparent: 10+ ETFs will launch, and assets will exceed $7.5 billion
- Growth milestone: At least two issuers will eclipse $75 billion in AUM
So how did we do through the first three quarters of the year?
- Assets have grown to nearly $435 billion. Another new normal quarter of ~$20 billion in cash flows and neutral market performance during Q4 and this is a lock.
- Cash flow through Q3 totaled $78.4 billion. Flows accelerated in the third quarter (Q1: $25.3 billion vs. Q2: $23.8 billion vs. Q3: $29.3 billion) leading to a historic start for the industry. We remain on track to make our three-peat a reality.
- The industry welcomed 21 active ETFs from 13 separate issuers via conversion through three quarters, with combined assets on conversion of $4.6 billion. Based on public conversion filings, this one is going to be closer than it would currently appear.
- Seven new active semi-transparent ETFs came to market through three quarters and assets now stand at $7.1 billion. Despite continued investment limitations, the broader market has eclipsed full-year 2022 total cash flow with nearly $1.3 billion of inflows. We may need a little product development help to make this one come true.
- The first $100 billion issuer is upon us as Dimensional ended the third quarter with $97.7 billion in assets. JPMorgan remains within striking distance with $74.4 billion. This feels like a lock!
Beyond our bold predictions, there are a few additional stats from the first three quarters that stood out to us:
- Active ETF cash flow as a percentage of total ETF industry cash flow: 30.6%, up from ~25% during the first half of the year and continuing to well exceed the market’s ~5% asset market share
- Quarterly cash flow: $29.3 billion, a new Q3 record and the second strongest quarter on record behind Q1 of 2021, also known as the ARK quarter
- Firms with postive cash flow: 171 firms, over 71% of firms; up 1% compared to the first half of 2023
- ETFs with postive cash flow: 749 active ETFs, or nearly 65% of all ETFs; up 5% from the first half of 2023
Quarterly Active ETF Cash Flows
Source: Factset as of 9/30/2023
Passive vs Active Quarterly Cash Flows
Source: Factset as of 9/30/2023
The actively managed ETF industry continued to see mixed growth across asset classes through the third quarter of the year. Equity flows remained the story of the industry, leading the way with $62.3 billion. Investors favored domestic equity exposure (+$47.0 billion) to global (+$15.3 billion). Notably, ETFs that focused on core building-block exposures, value tilts or offered an options overlay led the way. Fixed income flows, $17.8 billion, slightly shifted in favor of global exposures (+$9.6 billion) vs. domestic exposures (+$8.3 billion). For global exposures, investors demonstrated interest in more Core+/Go-anywhere strategies along with Janus Henderson’s CLO ETF (JAAA). For domestic exposures, short term/cash alternatives, municipal and MBS strategies were in favor. Alternatives reversed their first-half trend and ended the third quarter with inflows of $136 million, led by Simplify and their Volatility Premium ETF (SVOL). Commodities, currencies, and asset allocation strategies all saw outflows through the third quarter. The outflows were led by commodities (-$1.9 billion, +$200 million quarter-over-quarter), which continued a trend that started in the second half of 2022.
Active ETF Flows by Asset Class
Source: Factset as of 9/30/2023
| Global Equity | Domestic Equity | Domestic Fixed Income | Global Fixed Income | Commodities | Asset Allocation | Alternatives | Currency | |
|---|---|---|---|---|---|---|---|---|
| AUM Leader | Dimensional | Dimensional | JPMorgan | First Trust | Invesco | Wisdom Tree | First Trust | WisdomTree |
| AUM Leader $B | $30.2 | $61.0 | $27.6 | $16.1 | $5.6 | $1.1 | $1.1 | $0.3 |
| Q3 CF Leader | Dimensional | JPMorgan | PGIM | Fidelity | PIMCO | Innovator | Simplify | Simplify |
| Q3 CF Leader $B | $9.5 | $17.3 | $1.7 | $2.5 | $0.2 | $0.1 | $0.3 | $0.01 |
Source: Factset as of 9/30/2023
At the issuer level, Dimensional (+$22.0 billion) and JPMorgan (+$18.0 billion) continued their back and forth for the cash-flow crown. Dimensional retained the crown through the third quarter on the back of consistent growth. The two firms again demonstrated leadership in different ways. Dimensional continued the impressive streak of positive cash flow into 100% of their ETFs, ending the quarter with 34 of 34 ETFs seeing positive inflows. Meanwhile, JPMorgan retained the two biggest cash-flow winners: JEPI (+$12.4 billion) & JEPQ (+$4.4 billion). American Century/Avantis (+$7.6 billion), Capital Group (+$6.6 billion) and First Trust/Cboe Vest (+$4.5 billion) rounded out the top five. American Century/Avantis and Capital Group both saw flows across their lineups into their broader market, lower cost actively managed ETFs. Notably, between the two firms they only had two ETFs with an outflow. First Trust’s primary flows were across Core+ fixed income and short duration along with a range of its defined outcome strategies with Cboe Vest. Janus (+$3.2 billion), Fidelity (+$3.0 billion), Innovator (+$2.7 billion), PGIM (+$1.8 billion, +$1.0 billion quarter-over-quarter), Putnam (+$1.4 billion), PIMCO (+1.4 billion, +$0.9 billion quarter-over-quarter), YieldMax (+$1.2 billion, +$1.0 billion quarter-over-quarter) and Simplify (+$1.0 billion) rounded out the list of issuers with greater than $1 billion in cash flows for their actively managed lineups. Janus was carried by continued flows in its CLO ETF (JAAA, +$2.1 billion, +$0.8 billion quarter-over-quarter) and new inflows into its mortgage-backed security ETF (JMBS, +$1.2 billion, +$0.6 billion quarter-over-quarter). Fidelity’s flows were driven by its Total Bond ETF (FBND, +$2.6 billion, +$1.1 billion quarter-over-quarter). PGIM, PIMCO and YieldMax saw the largest quarter-over-quarter growth amongst this group. PGIM and PIMCO were led by increased interest in short-maturity ETFs, PULS (+$0.8 billion in Q3) and MINT (+$0.4 billion YTD). YieldMax, a late 2022 market entrant, has quickly risen the ranks with its growing suite of fifteen yield focused single stock ETFs. Led by TSLY (+$0.8 billion) and NVDY (+$0.2 billion).
YTD Q3 2023 Cash Flow Leaders by Asset Class
Source: Factset as of 9/30/2023
Through the first half of the year, over 70% of issuers experienced positive cash flows and over 40 firms had cash flows in excess of $100 million. In addition to the issuers mentioned above, Direxion (+$0.7 billion), T. Rowe Price (+$0.6 billion, +$0.5 billion quarter-over-quarter), AB (+$0.6 billion), Allianz (+$0.5 billion), and Amplify (+$0.5 billion) all eclipsed $500 million in flows. Direxion was led by its single stock levered ETF tied to TSLA (TSLL, +$0.5 billion) as well as the recently launched non-leverage/inverse ETF with Howard Capital Management (HCMT, +$0.2 billion). T. Rowe Price experienced the largest quarter-over-quarter change among the group led by the recently launched Capital Appreciation Equity ETF (TCAF, +$0.2 billion) and its suite of four fixed income ETFs (+$0.25 billion). AB was led by investor interest in its Ultra Short Fixed Income ETF (YEAR, +$0.35 billion). Allianz continued to gain momentum with its growing suite (25 ETFs) of defined outcome strategies. Amplify was led by its dividend income ETF (DIVO, $0.5 billion).
| Ticker | Top 10 ETFs by Cash Flow ($B) | Q3 2023 ($M) |
|---|---|---|
| JEPI | JPMorgan Equity Premium Income ETF | $12,444 |
| JEPQ | J.P. Morgan Nasdaq Equity Premium Income ETF | $4,402 |
| DFAC | Dimensional U.S. Core Equity 2 ETF | $3,406 |
| FBND | Fidelity Total Bond ETF | $2,631 |
| CGDV | Capital Group Dividend Value ETF | $2,248 |
| JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $2,127 |
| DFIC | Dimensional International Core Equity 2 ETF | $1,939 |
| AVUV | Avantis U.S. Small Cap Value ETF | $1,847 |
| PULS | PGIM Ultra Short Bond ETF | $1,602 |
| FIXD | First Trust TCW Opportunistic Fixed Income ETF | $1,576 |
Source: Factset as of 9/30/2023
| Ticker | Bottom 10 ETFs by Cash Flow ($B) | Q3 2023 ($M) |
|---|---|---|
| SRLN | SPDR Blackstone Senior Loan ETF | $(1,717) |
| ICSH | BlackRock Ultra Short-Term Bond ETF | $(976) |
| JPST | JPMorgan Ultra-Short Income ETF | $(953) |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | $(946) |
| NEAR | BlackRock Short Maturity Bond ETF | $(931) |
| ARKK | ARK Innovation ETF | $(851) |
| FTSL | First Trust Senior Loan Fund | $(644) |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | $(606) |
| LMBS | First Trust Low Duration Opportunities ETF | $(590) |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $(451) |
At the product level, nearly 65% of active ETFs saw positive flows through the first three quarters and 239 experienced flows over $50 million (often viewed as a general break-even measure for an ETF). The industry’s asset weighted expense ratio remained at 0.43%. Nearly 80% of all cash flows went into ETFs with expense ratios below the industry average, a 10% drop from the first half of 2023. In spite of this, only 51 of the 251 ETFs launched during the first three quarters offered an expense ratio below the industry average.
| Expense Ratio | 9/30/23 AUM | Q3 2023 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $149,498,537,141 | $22,589,357,761 | 34% | 29% | 118 |
| 26-50 | $148,651,791,599 | $41,560,500,300 | 34% | 54% | 270 |
| 51-75 | $68,653,612,693 | $4,955,501,046 | 16% | 6% | 316 |
| 76+ | $66,657,629,736 | $8,210,891,774 | 15% | 11% | 459 |
| Expense Ratio | 9/30/22 AUM | Q3 2022 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $106,358,006,606 | $22,315,950,776 | 35% | 37% | 90 |
| 26-50 | $86,791,020,835 | $23,309,635,995 | 28% | 38% | 193 |
| 51-75 | $61,205,222,675 | $3,835,463,461 | 20% | 6% | 220 |
| 76+ | $51,934,717,184 | $11,185,960,569 | 17% | 18% | 335 |
Source: Factset as of 9/30/2023
As the industry enters the final quarter, we will be keeping a watchful eye on the record setting pace of active ETF adoption and how our five bold predictions for 2023 are playing out.
YTD Q3 Launch Monitor
Domestic Equity
112 ETFs Launched
$5.8 B Assets Raised
Domestic Fixed Income
27 ETFs Launched
$2.8 B Assets Raised
Asset Allocation
19 ETFs Launched
$674 M Assets Raised
Int'l/Global Equity
57 ETFs Launched
$1.7 B Assets Raised
Int'l/Global Fixed Income
18 ETFs Launched
$980 M Assets Raised
Other
16 ETFs Launched
$552 M Assets Raised
Source: FactSet as of 9/30/2023, figures include MF-ETF conversions; Other includes Asset Allocation, Commodities & Currencies
Through three quarters of 2023, 249 actively managed ETFs launched, raising $12.6 billion in assets. Launches came from 91 different issuers, including 40 first-time issuers. ETF development continued to focus on equities with over 65% of new ETFs focused on the asset class. FT/Cboe Vest led launches with 17 ETFs. YieldMax (+13), Allianz (+12), Innovator (+10) and JPMorgan (+9) rounded out the top five. FT/Cboe Vest raised the most assets into its new ETF suite with $1.5 billion, while Putnam led the way for a single ETF with $0.5 billion into the Putnam ESG Core Bond ETF (PCRB).
Q3 2023 ETF Launches
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| JULD | Innovator Premium Income 10 Barrier ETF - July | Innovator | 7/3/23 | Equity | $4,260,270 |
| JULH | Innovator Premium Income 20 Barrier ETF - July | Innovator | 7/3/23 | Equity | $25,150,630 |
| JULJ | Innovator Premium Income 30 Barrier ETF - July | Innovator | 7/3/23 | Equity | $25,956,000 |
| JULQ | Innovator Premium Income 40 Barrier ETF - July | Innovator | 7/3/23 | Equity | $8,034,878 |
| QIS | Simplify Multi-QIS Alternative ETF | Simplify | 7/11/23 | Alternatives | $121,258,306 |
| TFPN | Blueprint Chesapeake Multi-Asset Trend ETF | Blueprint-Chesapeake | 7/12/23 | Asset Allocation | $50,181,000 |
| BCHP | Principal Focused Blue Chip ETF | Principal | 7/13/23 | Equity | $6,860,025 |
| CALY | BlackRock Short-Term California Muni Bond ETF | iShares | 7/13/23 | Fixed Income | $17,445,750 |
| JMHI | JPMorgan High Yield Municipal ETF | JPMAM | 7/17/23 | Fixed Income | $184,905,927 |
| JMSI | JPMorgan Sustainable Municipal Income ETF | JPMAM | 7/17/23 | Fixed Income | $216,866,398 |
| MKOR | Matthews Korea Active ETF | Matthews Asia | 7/17/23 | Equity | $64,337,063 |
| TJUL | Innovator Equity Defined Protection ETF - 2 Yr to July 2025 | Innovator | 7/18/23 | Equity | $165,445,500 |
| CLOX | Panagram AAA CLO ETF | Panagram | 7/19/23 | Fixed Income | $35,434,000 |
| TSEC | Touchstone Securitized Income ETF | Touchstone Investments | 7/19/23 | Fixed Income | $22,626,000 |
| AVDS | Avantis International Small Cap Equity ETF | American Century | 7/20/23 | Equity | $3,758,296 |
| GJUL | FT Cboe Vest US Equity Moderate Buffer ETF - July | FT Cboe Vest | 7/24/23 | Equity | $218,562,060 |
| XJUL | FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - July | FT Cboe Vest | 7/24/23 | Equity | $48,240,060 |
| AMZY | YieldMax AMZN Option Income Strategy ETF | YieldMax | 7/25/23 | Equity | $25,762,230 |
| PSDM | PGIM Short Duration Multi-Sector Bond ETF | PGIM | 7/26/23 | Fixed Income | $25,048,050 |
| PAAA | PGIM AAA CLO ETF | PGIM | 7/26/23 | Fixed Income | $146,334,000 |
| USFI | BrandywineGLOBAL - US Fixed Income ETF | BrandywineGLOBAL | 7/27/23 | Fixed Income | $11,749,750 |
| FBY | YieldMax META Option Income Strategy ETF | YieldMax | 7/28/23 | Equity | $11,201,000 |
| GOOY | YieldMax GOOGL Option Income Strategy ETF | YieldMax | 7/28/23 | Equity | $16,326,338 |
| JPLD | JPMorgan Limited Duration Bond ETF | JPMAM | 7/31/23 | Fixed Income | $785,085,183 |
| JPEF | JPMorgan Equity Focus ETF | JPMAM | 7/31/23 | Equity | $219,745,068 |
| ROE | Astoria US Quality Kings ETF | Astoria | 8/1/23 | Equity | $56,767,716 |
| AUGT | AllianzIM U.S. Large Cap Buffer10 Aug ETF | Allianz Investment Management | 8/1/23 | Equity | $53,151,690 |
| AUGW | AllianzIM U.S. Large Cap Buffer20 Aug ETF | Allianz Investment Management | 8/1/23 | Equity | $151,625,000 |
| VETZ | Academy Veteran Impact ETF | Academy Asset Management | 8/2/23 | Fixed Income | $30,302,500 |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | First Trust | 8/3/23 | Fixed Income | $9,737,539 |
| MGOV | First Trust Intermediate Government Opportunities ETF | First Trust | 8/3/23 | Fixed Income | $14,538,189 |
| HF | DGA Absolute Return ETF | Days Global Advisors | 8/3/23 | Alternatives | $14,882,561 |
| TGLR | LAFFER TENGLER Equity Income ETF | Laffer Tengler | 8/8/23 | Equity | $6,227,604 |
| NFLY | YieldMax NFLX Option Income Strategy ETF | YieldMax | 8/8/23 | Equity | $8,702,295 |
| ZSC | USCF Sustainable Commodity Strategy Fund | USCF | 8/9/23 | Commodities | $2,707,500 |
| SDVD | FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF | FT Cboe Vest | 8/10/23 | Equity | $2,786,737 |
| TDVI | FT Cboe Vest Technology Dividend Target Income ETF | FT Cboe Vest | 8/10/23 | Equity | $1,904,828 |
| STXT | Strive Total Return Bond ETF | Strive | 8/10/23 | Fixed Income | $49,049,750 |
| BUXX | Strive Enhanced Income Short Maturity ETF | Strive | 8/10/23 | Fixed Income | $32,409,139 |
| DIVL | Madison Dividend Value ETF | Madison | 8/15/23 | Equity | $62,626,410 |
| CONY | YieldMax COIN Option Income Strategy ETF | YieldMax | 8/15/23 | Equity | $26,991,250 |
| CANC | Tema Oncology ETF | Tema | 8/15/23 | Equity | $4,865,658 |
| ROYA | Tema Global Royalties ETF | Tema | 8/17/23 | Equity | $4,962,000 |
| BRAZ | Global X Brazil Active ETF | Global X | 8/18/23 | Equity | $3,020,378 |
| NDIA | Global X India Active ETF | Global X | 8/18/23 | Equity | $2,807,677 |
| SAUG | FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August | FT Cboe Vest | 8/21/23 | Equity | $21,604,039 |
| XAUG | FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August | FT Cboe Vest | 8/21/23 | Equity | $52,611,059 |
| NVD | GraniteShares 1.5x Short NVDA Daily ETF | GraniteShares | 8/22/23 | Equity | $2,208,028 |
| AMDS | GraniteShares 1x Short AMD Daily ETF | GraniteShares | 8/22/23 | Equity | $779,462 |
| TSLR | GraniteShares 1.75x Long TSLA Daily ETF | GraniteShares | 8/22/23 | Equity | $4,165,528 |
| TSDD | GraniteShares 1.5x Short TSLA Daily ETF | GraniteShares | 8/22/23 | Equity | $2,098,101 |
| CAML | Congress Large Cap Growth ETF | Congress Asset Management | 8/22/23 | Equity | $1,235,865 |
| CSMD | Congress SMid Growth ETF | Congress Asset Management | 8/22/23 | Equity | $1,212,615 |
| CVRD | Madison Covered Call ETF | Madison | 8/22/23 | Equity | $78,960,000 |
| LGRO | Level Four Large Cap Growth Active ETF | ALPS | 8/23/23 | Equity | $56,756,147 |
| MSFO | YieldMax MSFT Option Income Strategy ETF | YieldMax | 8/25/23 | Equity | $7,974,600 |
| DISO | YieldMax DIS Option Income Strategy ETF | YieldMax | 8/25/23 | Equity | $3,959,500 |
| KEM | KraneShares Dynamic Emerging Markets Strategy ETF | KraneShares | 8/25/23 | Equity | $4,943,399 |
| MAGG | Madison Aggregate Bond ETF | Madison | 8/29/23 | Fixed Income | $46,907,727 |
| PCGG | Polen Capital Global Growth ETF | Litman Gregory | 8/30/23 | Equity | $704,738 |
| USSE | Segall Bryant & Hamill Select Equity ETF | Segall Bryant & Hamill | 8/30/23 | Equity | $484,402 |
| AHLT | American Beacon AHL Trend ETF | American Beacon | 8/31/23 | Asset Allocation | $26,592,600 |
| XOMO | YieldMax XOM Option Income Strategy ETF | YieldMax | 8/31/23 | Equity | $6,128,580 |
| ISEP | Innovator International Developed Power Buffer ETF - September | Innovator | 9/1/23 | Equity | $33,563,750 |
| SEPT | AllianzIM U.S. Large Cap Buffer10 Sep ETF | Allianz Investment Management | 9/1/23 | Equity | $12,090,000 |
| SEPW | AllianzIM U.S. Large Cap Buffer20 Sep ETF | Allianz Investment Management | 9/1/23 | Equity | $25,683,105 |
| MSTI | Madison Short Term Strategic Income ETF | Madison | 9/6/23 | Fixed Income | $56,194,618 |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | Return Stacked | 9/6/23 | Alternatives | $6,393,108 |
| XFIX | F/m Opportunistic Income ETF | F/m | 9/6/23 | Fixed Income | $23,725,488 |
| KSEA | KraneShares Rockefeller Ocean Engagement ETF | KraneShares | 9/12/23 | Equity | $2,430,387 |
| JPMO | YieldMax JPM Option Income Strategy ETF | YieldMax | 9/12/23 | Equity | $4,515,503 |
| NVDD | Direxion Daily NVDA Bear 1X Shares | Direxion Shares | 9/13/23 | Equity | $11,601,656 |
| NVDU | Direxion Daily NVDA Bull 1.5X Shares | Direxion Shares | 9/13/23 | Equity | $10,093,774 |
| DCOR | Dimensional US Core Equity 1 ETF | Dimensional Fund Advisors | 9/13/23 | Equity | $10,838,498 |
| QQQY | Defiance Nasdaq 100 Enhanced Options Income ETF | Defiance ETFs | 9/14/23 | Equity | $18,677,000 |
| SMRI | Bushido Capital US Equity ETF | Bushido | 9/14/23 | Equity | $236,491,830 |
| JIVE | JPMorgan International Value ETF | JPMAM | 9/14/23 | Equity | $11,957,625 |
| JGLO | JPMorgan Global Select Equity ETF | JPMAM | 9/14/23 | Equity | $9,296,000 |
| MAPP | Harbor Multi-Asset Explorer ETF | Harbor | 9/14/23 | Asset Allocation | $3,398,815 |
| BGIG | Bahl & Gaynor Income Growth ETF | Bahl & Gaynor | 9/15/23 | Equity | $100,533,368 |
| GSEP | FT Cboe Vest U.S. Equity Moderate Buffer ETF - September | FT Cboe Vest | 9/18/23 | Equity | $48,025,472 |
| XISE | FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - September | FT Cboe Vest | 9/18/23 | Equity | $7,502,560 |
| LGLZ | Subversive Cannabis ETF | Subversive | 9/19/23 | Equity | $2,745,625 |
| FDIV | MarketDesk Focused U.S. Dividend ETF | MarketDesk | 9/20/23 | Equity | $41,249,650 |
| HCOW | Amplify Cash Flow High Income ETF | Amplify | 9/20/23 | Equity | $2,963,556 |
| WABF | Western Asset Bond ETF | Franklin Templeton | 9/21/23 | Fixed Income | $41,754,210 |
| EMSF | Matthews Emerging Markets Sustainable Future Active ETF | Matthews Asia | 9/22/23 | Equity | $1,261,980 |
| INDE | Matthews India Active ETF | Matthews Asia | 9/22/23 | Equity | $988,692 |
| ASIA | Matthews Pacific Tiger Active ETF | Matthews Asia | 9/22/23 | Equity | $1,245,820 |
| ADVE | Matthews Asia Dividend Active ETF | Matthews Asia | 9/22/23 | Equity | $1,487,060 |
| JPAN | Matthews Japan Active ETF | Matthews Asia | 9/22/23 | Equity | $976,044 |
| LRGC | AB US Large Cap Strategic Equities ETF | AllianceBernstein | 9/20/23 | Equity | $5,803,963 |
| JEPY | Defiance S&P 500 Enhanced Options Income ETF | Defiance ETFs | 9/19/23 | Equity | $4,428,000 |
| AMDY | YieldMax AMD Option Income Strategy ETF | YieldMax | 9/19/23 | Equity | $7,466,063 |
| BAMB | Brookstone Intermediate Bond ETF | Brookstone | 9/27/23 | Fixed Income | $500,500 |
| BAMG | Brookstone Growth Stock ETF | Brookstone | 9/27/23 | Equity | $505,360 |
| BAMU | Brookstone Ultra-Short Bond ETF | Brookstone | 9/27/23 | Fixed Income | $500,800 |
| BAMV | Brookstone Value Stock ETF | Brookstone | 9/27/23 | Equity | $498,714 |
| BALI | BlackRock Advantage Large Cap Income ETF | iShares | 9/28/23 | Equity | $9,900,600 |
| BAMA | Brookstone Active ETF | Brookstone | 9/28/23 | Asset Allocation | $501,436 |
| BAMD | Brookstone Dividend Stock ETF | Brookstone | 9/28/23 | Equity | $502,152 |
| BAMO | Brookstone Opportunities ETF | Brookstone | 9/28/23 | Asset Allocation | $501,488 |
| BAMY | Brookstone Yield ETF | Brookstone | 9/28/23 | Asset Allocation | $502,770 |
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | JPMAM | 9/29/23 | Equity | $24,921,400 |
| AVLC | Avantis U.S. Large Cap Equity ETF | American Century | 9/28/23 | Equity | $149,047,800 |
| CGDG | Capital Group Dividend Growers ETF | Capital Group | 9/28/23 | Equity | $24,909,240 |
| CGIE | Capital Group International Equity ETF | Capital Group | 9/28/23 | Equity | $24,977,311 |
| CGBL | Capital Group Core Balanced ETF | Capital Group | 9/28/23 | Asset Allocation | $30,063,880 |
| CGSM | Capital Group Short Duration Municipal Income ETF | Capital Group | 9/28/23 | Fixed Income | $30,036,000 |
| CGCB | Capital Group Core Bond ETF | Capital Group | 9/28/23 | Fixed Income | $30,018,000 |
| DFAW | Dimensional World Equity ETF | Dimensional Fund Advisors | 9/27/23 | Equity | $20,081,561 |
| DUSB | Dimensional Ultrashort Fixed Income ETF | Dimensional Fund Advisors | 9/27/23 | Fixed Income | $15,028,500 |
| GGM | GGM Macro Alignment ETF | GGM | 9/26/23 | Equity | $490,800 |
| PYPY | YieldMax PYPL Option Income Strategy ETF | YieldMax | 9/26/23 | Equity | $2,990,520 |
| Total - 114 New ETFs | Total | $4,431,828,639 |
Active ETF Stat Pack
| Firms | |||
|---|---|---|---|
| # of Issuers | 241 | ||
| # of New Issuers 2023 | 40 | ||
| Products | Assets | ||
| # of ETFs | 1163 | AUM ($B) | $433.46 |
| # of New Launches 2023 | 249 | 3 Yr AUM CAGR | 46% |
| Avg. ER | 0.43% | 5 Yr AUM CAGR | 46% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $26.52 | YTD ADV (Shares) | 129,276,405 |
| 3 Yr Cash Flow | $254.52 | YTD ADV ($) | $4.27 B |
| 5 Yr Cash Flow | $315.34 | YTD Avg. Spread (bps)* | 29.18 |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/22/2023
*Simple average
Active, Semi-Transparent ETFs
| Ticker | Inception | Name | AUM | YTD Flows | 30 Day Median Spread (bps) | ADV (shares) | Structure | LMM | Expense Ratio |
|---|---|---|---|---|---|---|---|---|---|
| VNSE | 9/17/20 | Natixis Vaughan Nelson Select ETF | $27,828,527 | $14,216,068 | 13.97 | 6,765 | NYSE AMS | Citadel | 0.80% |
| VNMC | 9/17/20 | Natixis Vaughan Nelson Mid Cap ETF | $3,164,252 | -$4,182,982 | 14.90 | 881 | NYSE AMS | Citadel | 0.85% |
| ESGA | 7/15/20 | American Century Sustainable Equity ETF | $152,753,744 | $33,006,061 | 11.84 | 6,845 | NYSE AMS | Citadel | 0.39% |
| MID | 7/15/20 | American Century Mid Cap Growth Impact ETF | $43,843,338 | $13,715,716 | 13.98 | 3,201 | NYSE AMS | Citadel | 0.45% |
| ESGY | 7/1/21 | American Century Sustainable Growth ETF | $10,424,752 | $2,705,511 | 8.34 | 1,691 | NYSE AMS | Citadel | 0.39% |
| NDVG | 8/5/21 | Nuveen Dividend Growth ETF | $8,384,739 | $508,211 | 8.46 | 349 | NYSE AMS | Citadel | 0.64% |
| NSCS | 8/5/21 | Nuveen Small Cap Select ETF | $5,779,904 | $0 | 10.37 | 66 | NYSE AMS | Citadel | 0.85% |
| NWLG | 8/5/21 | Nuveen Winslow Large-Cap Growth ESG ETF | $5,488,300 | $188,861 | 8.96 | 123 | NYSE AMS | Citadel | 0.64% |
| NUGO | 9/28/21 | Nuveen Growth Opportunities ETF | $2,488,711,121 | -$173,762,613 | 8.20 | 136,030 | NYSE AMS | Citadel | 0.55% |
| SAEF | 11/16/21 | Schwab Ariel ESG ETF | $16,100,350 | $3,464,850 | 38.96 | 2,597 | NYSE AMS | Flow Traders | 0.59% |
| IWLG | 6/23/22 | IQ Winslow Large Cap Growth ETF | $20,090,200 | $3,717,510 | 21.66 | 755 | NYSE AMS | Citadel | 0.60% |
| IWFG | 6/23/22 | IQ Winslow Focused Large Cap Growth ETF | $6,564,600 | $0 | 21.92 | 97 | NYSE AMS | Citadel | 0.65% |
| TSME | 10/5/22 | Thrivent Small-Mid Cap ESG ETF | $133,963,363 | $60,065,382 | 9.35 | 13,919 | NYSE AMS | RBC | 0.65% |
| JPSV | 3/8/23 | JPMorgan Active Small Cap Value ETF | $10,731,600 | $957,350 | 8.78 | 483 | NYSE AMS | Citadel | 0.74% |
| LSGR | 6/29/23 | Natixis Loomis Sayles Focused Growth ETF | $5,157,516 | $5,249,975 | 10.46 | 3,305 | NYSE AMS | Citadel | 0.59% |
| SGLC | 3/31/23 | SGI U.S. Large Cap Core ETF | $94,815,000 | $92,575,175 | 27.91 | 33,556 | NYSE AMS | GTS | 0.85% |
| FDG | 4/2/20 | American Century Focused Dynamic Growth ETF | $173,398,047 | $25,296,402 | 10.60 | 11,515 | ActiveShares | Citadel | 0.45% |
| FLV | 4/2/20 | American Century Focused Large Cap Value ETF | $212,370,230 | -$3,614,112 | 9.65 | 8,358 | ActiveShares | Citadel | 0.42% |
| FBCG | 6/4/20 | Fidelity Blue Chip Growth ETF | $762,902,078 | $232,958,547 | 16.72 | 143,803 | Fidelity Proxy | GTS | 0.59% |
| FBCV | 6/4/20 | Fidelity Blue Chip Value ETF | $119,014,140 | -$15,849,876 | 23.26 | 18,098 | Fidelity Proxy | GTS | 0.59% |
| FMIL | 6/4/20 | Fidelity New Millennium ETF | $108,379,429 | $16,106,837 | 16.49 | 15,631 | Fidelity Proxy | GTS | 0.59% |
| FGRO | 2/4/21 | Fidelity Growth Opportunities ETF | $182,075,964 | $94,894,745 | 13.07 | 64,161 | Fidelity Proxy | Citadel | 0.59% |
| FMAG | 2/4/21 | Fidelity Magellan ETF | $46,540,994 | -$1,047,365 | 11.54 | 8,994 | Fidelity Proxy | RBC | 0.59% |
| FPRO | 2/4/21 | Fidelity Real Estate Investment ETF | $13,021,727 | -$2,562,604 | 13.68 | 2,898 | Fidelity Proxy | Citadel | 0.59% |
| FSMO | 2/4/21 | Fidelity Small/Mid-Cap Opportunities ETF | $34,870,062 | $6,014,181 | 7.04 | 7,341 | Fidelity Proxy | RBC | 0.60% |
| FSST | 6/17/21 | Fidelity Sustainability U.S. Equity ETF | $9,573,070 | $1,469,956 | 10.95 | 1,292 | Fidelity Proxy | RBC | 0.59% |
| FDWM | 6/17/21 | Fidelity Women's Leadership ETF | $3,159,663 | $346,522 | 12.46 | 1,073 | Fidelity Proxy | RBC | 0.59% |
| TCHP | 8/5/20 | T. Rowe Price Blue Chip Growth ETF | $374,774,395 | $32,498,900 | 10.35 | 86,824 | T Rowe Proxy | Virtu | 0.57% |
| TDVG | 8/5/20 | T. Rowe Price Dividend Growth ETF | $303,207,910 | $27,944,927 | 7.31 | 58,042 | T Rowe Proxy | RBC | 0.50% |
| TEQI | 8/5/20 | T. Rowe Price Equity Income ETF | $123,994,288 | $30,254,811 | 8.49 | 12,525 | T Rowe Proxy | Virtu | 0.54% |
| TGRW | 8/5/20 | T. Rowe Price Growth Stock ETF | $50,757,210 | $4,692,029 | 7.43 | 5,947 | T Rowe Proxy | RBC | 0.52% |
| TSPA | 6/8/21 | T. Rowe Price U.S. Equity Research ETF | $30,714,196 | $4,292,864 | 9.82 | 3,627 | T Rowe Proxy | RBC | 0.34% |
| IVRA | 12/22/20 | Invesco Real Assets ESG ETF | $2,864,432 | $0 | 42.50 | 1,022 | Fidelity Proxy | Citadel | 0.59% |
| LOPP | 2/1/21 | Gabelli Love Our Planet & People ETF | $11,539,120 | -$603,375 | 32.17 | 358 | ActiveShares | GTS | 0.00% |
| GGRW | 2/16/21 | Gabelli Growth Innovators ETF | $2,597,980 | $0 | 53.95 | 214 | ActiveShares | GTS | 0.90% |
| GAST | 1/5/22 | Gabelli Asset ETF | $4,806,690 | $0 | 34.46 | 44 | ActiveShares | GTS | 0.00% |
| GABF | 5/11/22 | Gabelli Financial Services Opportunities ETF | $8,045,675 | $1,881,965 | 37.72 | 757 | ActiveShares | GTS | 0.04% |
| GCAD | 1/3/23 | Gabelli Commercial Aerospace & Defense ETF | $3,736,585 | $1,391,375 | 32.35 | 622 | ActiveShares | GTS | 0.00% |
| FRTY | 3/1/21 | Alger Mid Cap 40 ETF | $26,598,000 | -$3,085,500 | 57.60 | 8,834 | ActiveShares | Virtu | 0.60% |
| ATFV | 5/4/21 | Alger 35 ETF | $12,626,250 | $2,888,000 | 60.43 | 2,374 | ActiveShares | Virtu | 0.55% |
| AWEG | 3/7/23 | Alger Weatherbie Enduring Growth ETF | $3,958,000 | $2,826,625 | 66.78 | 1,431 | ActiveShares | Virtu | 0.65% |
| CLIA | 5/9/23 | Veridien Climate Action ETF | $21,638,055 | $22,527,703 | 42.12 | 13,637 | ActiveShares | GTS | 0.85% |
| REIT | 2/26/21 | ALPS Active REIT ETF | $17,055,045 | $844,850 | 35.35 | 2,973 | Blue Tractor | GTS | 0.68% |
| STNC | 3/16/21 | Hennessy Stance ESG Large Cap ETF | $41,984,388 | -$250,696 | 18.31 | 2,482 | Blue Tractor | GTS | 0.85% |
| DYTA | 3/30/23 | SGI Dynamic Tactical ETF | $108,336,600 | $110,352,375 | 29.08 | 45,960 | Blue Tractor | GTS | 0.95% |
| PFUT | 5/26/21 | Putnam Sustainable Future ETF | $171,880,697 | $160,735,577 | 30.03 | 15,281 | Fidelity Proxy | Virtu | 0.64% |
| PLDR | 5/26/21 | Putnam Sustainable Leaders ETF | $363,185,958 | $335,243,943 | 9.71 | 103,396 | Fidelity Proxy | RBC | 0.59% |
| PGRO | 5/26/21 | Putnam Focused Large Cap Growth ETF | $38,209,872 | $24,602,490 | 8.81 | 7,817 | Fidelity Proxy | RBC | 0.55% |
| PVAL | 5/26/21 | Putnam Focused Large Cap Value ETF | $219,019,688 | $72,714,938 | 27.95 | 36,109 | Fidelity Proxy | Virtu | 0.55% |
| HFGO | 11/9/21 | Hartford Large Cap Growth ETF | $88,032,218 | -$729,125 | 30.25 | 2,556 | Fidelity Proxy | Citadel | 0.59% |
| SEMI | 3/30/22 | Columbia Seligman Semiconductor and Technology ETF | $26,123,468 | $9,130,800 | 32.70 | 4,508 | Fidelity Proxy | Virtu | 0.75% |
| CAPE | 4/5/22 | DoubleLine Shiller CAPE U.S. Equities ETF | $284,456,360 | $47,326,400 | 11.21 | 37,153 | ActiveShares | Citadel | 0.65% |
| FMCX | 4/25/22 | FMC Excelsior Focus Equity ETF | $76,655,700 | $273,400 | 27.55 | 326 | ActiveShares | GTS | 0.70% |
| BYRE | 5/19/22 | Principal Real Estate Active Opportunities ETF | $5,034,525 | $436,840 | 26.49 | 344 | Fidelity Proxy | Virtu | 0.65% |
| Total/Average | $7,120,940,014 | $1,294,630,426 | 21.75 | 948,989 | 0.58% |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/30/2023
*Simple average
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