Review of the first three quarters: Our predictions weren't bold enough
Published
November 12, 2024
The New York Stock Exchange made five more bold predictions for the active ETF market in 2024:
- Assets under Management (AUM): Grow from $530 billion to exceed $750 billion by year-end 2024
- Full-year cash flow: A new high-water mark of over $150 billion
- Launch activity: 400 new active ETFs from over 100 issuers
- Growth milestone: One quarter with over $50 billion in net cash flow and one issuer with over $40 billion in cash flow for the year
- Regulatory: Either active, semi-transparent relief will see expansion to another asset class or multi-share class funds will receive approval by the SEC
So how did we do through the first half of the year?
- Assets have grown to nearly $790 billion. Given the record-breaking quarterly flows we’ve seen, we think we likely should hit our target by the end of the year.
- Q3 cash flows totaled $73.4 billion, breaking the previous record of $65 billion set last quarter. Total flows therefore sit at $203.2 billion through Q3, handily reaching our goal for 2024..
- The industry welcomed 396 ETFs from 113 different issuers, with combined assets at the end of the quarter of $23.9 billion. This leaves us just 4 ETFs shy of our target launches and hits our issuer goal.
- We’ve drastically exceeded the single-quarter growth target with three back-to-back record-breaking quarters this year. This just leaves the issuer growth milestone of over $40 billion in cash flow. Dimensional and JPMorgan are the most likely candidates with $28.8 billion and $26 billion respectively thus far. At this current pace it’s certainly possible but will most likely be down to the wire.
- Lastly, our regulatory predictions remain questionable. While a number of additional firms have recently filed for exemptive relief to offer multi-share class funds, bringing the total at writing to 34 firms, the SEC has remained quiet on the subject. Similarly, there is still no news of expanding the semi-transparent structure to include additional asset classes or international markets.
Beyond our bold predictions, here are a few additional stats from the quarter that stood out to us:
- Active ETF cash flow as a percentage of total ETF industry cash flow YTD: 29%
- Firms with postive cash flow: 231 firms, or over 77% of all issuers; up 2% from last quarter.
- ETFs with postive cash flow: 1,218 ETFs, or nearly 74% of all Active ETFs; up 6% from last quarter and well above Q4 2023’s 50%.
- Active ETF launches as a percentage of total ETF launches: 75%; across all US listed ETFs, 44% are now actively managed.
Quarterly Active ETF Flows
Source: Factset as of 09/30/2024
Annual Active ETF Flows
Source: Factset as of 09/30/2024
Passive vs Active Cash Flows
Source: Factset as of 09/30/2024
The strong momentum from the first half of the year has carried on into Q3 with another record-breaking quarter of $73.4 billion in cash flows. This marks the fourth quarter in a row that has set the new high, and the sixth in a row of quarter-to-quarter growth. At $203 billion in flows YTD, we are on track to reach $250 billion by year-end, doubling the total for 2023. With active ETFs making up 75% of all new launches and taking in 29% of all cash flows YTD, it wouldn’t be surprising to see another strong quarter for active ETFs in Q4, granted general market conditions remain the same.
Active ETF Fund Flows by Asset Class
Source: Factset as of 06/30/2024
Asset Class Leaders
| Asset Class | Ticker | Top ETF by Cash Flows | YTD CF ($M) |
|---|---|---|---|
| Domestic Equity | DYNF | BlackRock U.S. Equity Factor Rotation ETF | $10,680 |
| Global Fixed Income | JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $7,590 |
| Domestic Fixed Income | JPST | JPMorgan Ultra-Short Income ETF | $3,772 |
| Global Equity | JGLO | JPMorgan Global Select Equity ETF | $3,264 |
| Asset Allocation | CGBL | Capital Group Core Balanced ETF | $786 |
| Alternatives | SVOL | Simplify Volatility Premium ETF | $711 |
| Currency | BITO | ProShares Bitcoin Strategy ETF | $263 |
| Commodities | CMDT | PIMCO Commodity Strategy Active ETF | $108 |
Source: Factset as of 09/30/2024
Across asset classes, we saw positive cash flows in every category besides Commodities (-$0.3 billion). Equities continued to lead the way with $121.4 billion, favoring domestic equity (+$97.6 billion) to global (+$23.8 billion). Notably, defined outcome, income via dividends or options overlays, core exposures, and exposure to single stocks providing either leverage or yield were the most popular. Fixed income flows (+$76.8 billion) continued to slightly favor global exposures (+$42.1 billion) to domestic (+$34.7 billion). The most popular product types for fixed income included broad market government and corporate exposures, CLOs, short term/cash alternatives, municipal bonds, and MBS strategies. Asset Allocation (+$2.6 billion), Alternatives (+$2.3 billion), and Currency (+$0.7 billion) retained positive cash flows, while Commodities (-$0.3 billion) reverted to net outflows.
Q3 2024 Cash Flow Leaders by Asset Class
| Global Equity | Domestic Equity | Domestic Fixed Income | Global Fixed Income | Commodities | Asset Allocation | Alternatives | Currency | |
|---|---|---|---|---|---|---|---|---|
| AUM Leader | Dimensional | Dimensional | JPMorgan | First Trust | Invesco | WisdomTree | First Trust | ProShares |
| AUM Leader $B | $51.2 | $96.6 | $33.4 | $19.9 | $4.5 | $1.6 | $1.9 | $1.9 |
| Q3 CF Leader | Dimensional | JPMorgan | JPMorgan | Janus | PIMCO | Capital Group | Simplify | ProShares |
| Q3 CF Leader $B | $10.6 | $14.0 | $5.6 | $8.5 | $0.11 | $0.8 | $0.9 | $0.35 |
Source: Factset as of 09/30/2024
At the issuer level, Dimensional and JPMorgan remain at the top of the battle for cash flows. Dimensional is slightly ahead in total cash flows YTD with $28.8 billion compared to $26 billion for JPMorgan. In third place, Capital Group with $19.6 billion has now passed iShares at $15.2 billion. Rounding out the top five, American Century sits at $13 billion. Looking at issuers by asset class, the same leaders remain in place from last quarter (as seen in the chart above). Across the four largest asset classes, there has been some slight reshuffling, yet much of the same issuers remain on top. Aside from the top five, the issuers filling out the rest of the spots include Fidelity (+$10.7 billion), Janus Henderson (+$9.5 billion), PIMCO (+$5 billion), PGIM (+$4.8 billion), and ETF Architect (+$3.4 billion). Lastly, in the Other category aggregating Alternatives, Asset Allocation, Commodities, and Currencies, Simplify (+$2.8 billion) holds the lead with Capital Group close behind.
| Ticker | Top 10 ETFs by Cash Flow | Q3 2024 ($M) |
|---|---|---|
| DYNF | BlackRock U.S. Equity Factor Rotation ETF | $10,680 |
| JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $7,590 |
| JEPQ | J.P. Morgan Nasdaq Equity Premium Income ETF | $7,525 |
| FBND | Fidelity Total Bond ETF | $5,568 |
| BINC | BlackRock Flexible Income ETF | $5,189 |
| CGDV | Capital Group Dividend Value ETF | $4,078 |
| AVUV | Avantis U.S. Small Cap Value ETF | $4,015 |
| JPST | JPMorgan Ultra-Short Income ETF | $3,772 |
| NVDL | GraniteShares 1.5x Long NVDA Daily ETF | $3,518 |
| JGLO | JPMorgan Global Select Equity ETF | $3,264 |
Source: Factset as of 06/30/2024
| Ticker | Bottom 10 ETFs by Cash Flow | Q3 2024 ($M) |
|---|---|---|
| ARKK | ARK Innovation ETF | $(2,754) |
| FTSM | First Trust Enhanced Short Maturity ETF | $(1,037) |
| NUGO | Nuveen Growth Opportunities ETF | $(691) |
| ICSH | BlackRock Ultra Short-Term Bond ETF | $(654) |
| BLOK | Amplify Transformational Data Sharing ETF | $(589) |
| ARKW | ARK Next Generation Internet ETF | $(527) |
| LCTU | BlackRock U.S. Carbon Transition Readiness ETF | $(509) |
| ARKG | ARK Genomic Revolution ETF | $(385) |
| ARKF | ARK Fintech Innovation ETF | $(356) |
| EIPI | FT Energy Income Partners Enhanced Income ETF | $(349) |
Source: Factset as of 09/30/2024
Through Q3, over 77% of issuers and 74% of Active ETFs experienced positive cash flows, highlighting the healthy state of the actively managed ETF industry. Additionally, over 27% of ETFs had cash flows above $50 million (often viewed as a general break-even measure for an ETF); up 4% year over year.
| Expense Ratio | 9/30/2024 AUM | Q3 2024 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $ 270,077,712,198 | $ 61,099,964,036 | 34% | 30% | 175 |
| 26-50 | $ 293,884,928,902 | $ 93,822,811,144 | 37% | 46% | 398 |
| 51-75 | $102,336,604,277 | $ 20,039,395,600 | 13% | 10% | 397 |
| 76+ | $ 124,586,883,660 | $ 28,521,922,251 | 16% | 14% | 683 |
| Expense Ratio | 9/30/2023 AUM | Q3 2023 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $ 158,774,326,609 | $ 25,830,341,903 | 36% | 31% | 118 |
| 26-50 | $ 145,110,654,736 | $ 42,998,698,148 | 33% | 51% | 252 |
| 51-75 | $ 67,371,487,161 | $ 5,915,812,639 | 15% | 7% | 285 |
| 76+ | $ 72,122,971,561 | $ 9,083,622,808 | 16% | 11% | 454 |
Source: Factset as of 9/30/2024
The industry’s asset weighted expense ratio remains at 0.43% through the quarter. While nearly 70% of all cash flows this year have gone into ETFs with expense ratios below the industry average, this is an 11% decrease year over year. Of ETFs listed in 2024, only 17% offered an expense ratio equal to or below the industry average.
Q3 2024 Launch Monitor
Domestic Equity
190 ETFs Launched
$8 B Assets Raised
Domestic Fixed Income
85 ETFs Launched
$2.9 B Assets Raised
Asset Allocation
13 ETFs Launched
$1 B Assets Raised
Global Equity
70 ETFs Launched
$8 B Assets Raised
Global Fixed Income
27 ETFs Launched
$3.5 B Assets Raised
Other
11 ETFs Launched
$321 M Assets Raised
Source: FactSet as of 09/30/2024, figures include MF-ETF conversions; Other includes Alternative, Commodities & Currencies
Through Q3 2024, 396 actively managed ETFs launched, raising $23.9 billion in assets. Launches came from 113 different issuers, including 46 first-time issuers. ETF development continued to focus on equities, with nearly 65% of new ETFs focused on the asset class. Fixed income followed with 28% of launches. Year to date, PGIM launched the most ETFs (35), and Eagle Capital raised the most assets ($1.8 billion via conversion).
As the industry enters the last quarter of the year, we will be keeping a watchful eye on the record setting pace of active ETF adoption and how our remaining predictions play out.
Q3 2024 ETF Launches
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| MAXJ | iShares Large Cap Max Buffer Jun ETF | iShares | 7/1/24 | Equity | $170,494,400 |
| QBER | TrueShares Quarterly Bear Hedge ETF | TrueMark | 7/1/24 | Asset Allocation | $77,536,890 |
| QBUL | TrueShares Quarterly Bull Hedge ETF | TrueMark | 7/1/24 | Asset Allocation | $45,847,300 |
| AJUL | Innovator Equity Defined Protection ETF - 2 Yr to July 2026 | Innovator | 7/1/24 | Equity | $66,651,750 |
| HJUL | Innovator Premium Income 9 Buffer ETF - July | Innovator | 7/1/24 | Equity | $1,794,773 |
| JAJL | Innovator Equity Defined Protection ETF - 6mo Jan/Jul | Innovator | 7/1/24 | Equity | $178,089,000 |
| LJUL | Innovator Premium Income 15 Buffer ETF - July | Innovator | 7/1/24 | Equity | $2,392,830 |
| RBUF | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly | Innovator | 7/1/24 | Equity | $5,883,750 |
| ZJUL | Innovator Equity Defined Protection ETF - 1 Yr July | Innovator | 7/1/24 | Equity | $129,883,000 |
| JULU | AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF | Allianz Investment Management | 7/1/24 | Equity | $43,779,308 |
| QBUF | Innovator Nasdaq-100 10 Buffer ETF Quarterly | Innovator | 7/1/24 | Equity | $11,398,500 |
| FCTE | SMI 3Fourteen Full-Cycle Trend ETF | SMI Funds | 7/2/24 | Equity | $456,634,500 |
| CPRJ | Calamos Russell 2000 Structured Alt Protection ETF July | Calamos | 7/1/24 | Equity | $58,685,583 |
| CPSJ | Calamos S&P 500 Structured Alt Protection ETF July | Calamos | 7/1/24 | Equity | $36,456,420 |
| EBUF | Innovator Emerging Markets 10 Buffer ETF - Quarterly Trust Units | Innovator | 7/1/24 | Equity | $2,580,000 |
| IBUF | Innovator International Developed 10 Buffer ETF - Quarterly | Innovator | 7/1/24 | Equity | $3,876,000 |
| BTCZ | T-Rex 2X Inverse Bitcoin Daily Target ETF | REX Shares | 7/10/24 | Currency | $2,129,400 |
| LYLD | Cambria Large Cap Shareholder Yield ETF | Cambria | 7/12/24 | Equity | $5,384,620 |
| TAXE | T. Rowe Price Intermediate Municipal Income ETF | T. Rowe Price | 7/10/24 | Fixed Income | $22,911,750 |
| CCNR | CoreCommodity Natural Resources ETF | ALPS | 7/11/24 | Equity | $300,284,954 |
| HEJD | VictoryShares Hedged Equity Income ETF | VictoryShares | 7/11/24 | Equity | $15,513,165 |
| DUKX | Ocean Park International ETF | Ocean Park | 7/11/24 | Equity | $789,742 |
| DUKH | Ocean Park High Income ETF | Ocean Park | 7/11/24 | Fixed Income | $2,069,262 |
| DUKQ | Ocean Park Domestic ETF | Ocean Park | 7/11/24 | Equity | $1,572,364 |
| DUKZ | Ocean Park Diversified Income ETF | Ocean Park | 7/11/24 | Fixed Income | $5,203,292 |
| DRAI | Draco Evolution AI ETF | Draco | 7/10/24 | Asset Allocation | $9,284,920 |
| FIAT | YieldMax Short COIN Option Income Strategy ETF | YieldMax | 7/10/24 | Equity | $22,980,000 |
| AGIX | KraneShares Artificial Intelligence & Technology ETF | KraneShares | 7/18/24 | Equity | $5,080,432 |
| ILOW | AB International Low Volatility Equity ETF | AllianceBernstein | 7/15/24 | Equity | $860,372,342 |
| CATF | American Century California Municipal Bond ETF | American Century | 7/18/24 | Fixed Income | $28,047,305 |
| CSHP | BlackRock Enhanced Short-Term Bond ETF | iShares | 7/18/24 | Fixed Income | $12,559,375 |
| QCJL | FT Vest Nasdaq-100 Conservative Buffer ETF - July | First Trust | 7/22/24 | Equity | $61,350,041 |
| JULM | FT Vest U.S. Equity Max Buffer ETF - July | First Trust | 7/25/24 | Equity | $20,241,972 |
| KQQQ | Kurv Technology Titans Select ETF | Kurv | 7/23/24 | Equity | $3,292,302 |
| DCAP | Unity Wealth Partners Dynamic Capital Appreciation & Options ETF | Unity Wealth Partners | 7/23/24 | Equity | $3,619,718 |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | GSAM | 7/25/24 | Fixed Income | $6,276,875 |
| GCAL | Goldman Sachs Dynamic California Municipal Income ETF | GSAM | 7/25/24 | Fixed Income | $5,110,500 |
| GMNY | Goldman Sachs Dynamic New York Municipal Income ETF | GSAM | 7/25/24 | Fixed Income | $5,091,000 |
| GMUB | Goldman Sachs Municipal Income ETF | GSAM | 7/25/24 | Fixed Income | $6,353,750 |
| DIPS | YieldMax Short NVDA Option Income Strategy ETF | YieldMax | 7/24/24 | Equity | $8,269,750 |
| FSCC | Federated Hermes MDT Small Cap Core ETF | Federated Hermes | 7/31/24 | Equity | $3,513,425 |
| FLCV | Federated Hermes MDT Large Cap Value ETF | Federated Hermes | 7/31/24 | Equity | $3,241,848 |
| FLCG | Federated Hermes MDT Large Cap Growth ETF | Federated Hermes | 7/31/24 | Equity | $2,800,898 |
| FLCC | Federated Hermes MDT Large Cap Core ETF | Federated Hermes | 7/31/24 | Equity | $2,825,584 |
| BDIV | AAM Brentview Dividend Growth ETF | AAM | 7/31/24 | Equity | $794,800 |
| SAWG | AAM Sawgrass US Large Cap Quality Growth ETF | AAM | 7/31/24 | Equity | $1,185,756 |
| SAWS | AAM Sawgrass US Small Cap Quality Growth ETF | AAM | 7/31/24 | Equity | $789,500 |
| GIAX | Nicholas Global Equity and Income ETF | Nicholas Wealth Management | 7/30/24 | Equity | $17,819,910 |
| KAUG | Innovator US Small Cap Power Buffer ETF - August | Innovator | 8/1/24 | Equity | $39,438,000 |
| NAUG | Innovator Growth-100 Power Buffer ETF - August | Innovator | 8/1/24 | Equity | $17,487,750 |
| ZAUG | Innovator Equity Defined Protection ETF - 1 Yr August | Innovator | 8/1/24 | Equity | $82,615,355 |
| AUGU | AllianzIM U.S. Equity Buffer15 Uncapped Aug ETF | Allianz Investment Management | 8/1/24 | Equity | $25,201,118 |
| OCTA | Octane All-Cap Value Energy ETF | Octane | 8/1/24 | Equity | $911,360 |
| IAUG | Innovator International Developed Power Buffer ETF August | Innovator | 8/1/24 | Equity | $15,981,188 |
| CPSA | Calamos S&P 500 Structured Alt Protection ETF August | Calamos | 8/1/24 | Equity | $43,444,300 |
| NBCR | Neuberger Berman Core Equity ETF | Neuberger Berman | 8/1/24 | Equity | $231,107,826 |
| SCDS | JPMorgan Fundamental Data Science Small Core ETF | JPMAM | 8/8/24 | Equity | $6,038,384 |
| LCDS | JPMorgan Fundamental Data Science Large Core ETF | JPMAM | 8/8/24 | Equity | $12,456,743 |
| BABO | YieldMax BABA Option Income Strategy ETF | YieldMax | 8/8/24 | Equity | $16,542,400 |
| LLYX | Defiance Daily Target 2X Long LLY ETF | Defiance ETFs | 8/8/24 | Equity | $5,062,380 |
| MSTX | Defiance Daily Target 1.75x Long MSTR ETF | Defiance ETFs | 8/15/24 | Equity | $381,481,500 |
| YQQQ | YieldMax Short N100 Option Income Strategy ETF | YieldMax | 8/15/24 | Equity | $4,200,750 |
| TSPY | TappAlpha SPY Growth & Daily Income ETF | TappAlpha | 8/15/24 | Equity | $4,353,700 |
| JEMB | Janus Henderson Emerging Markets Debt Hard Currency ETF | Janus | 8/14/24 | Fixed Income | $229,680,000 |
| RMOP | Rockefeller Opportunistic Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $67,366,000 |
| RMCA | Rockefeller California Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $15,200,400 |
| RMNY | Rockefeller New York Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $2,528,530 |
| SCUS | Schwab Ultra-Short Income ETF | Charles Schwab | 8/13/24 | Fixed Income | $45,450,000 |
| GAEM | Simplify Gamma Emerging Market Bond ETF | Simplify | 8/13/24 | Fixed Income | $10,947,856 |
| JGRW | Jensen Quality Growth ETF | Jensen | 8/13/24 | Equity | $21,774,772 |
| AUGM | FT Vest U.S. Equity Max Buffer ETF - August | First Trust | 8/19/24 | Equity | $31,582,863 |
| QMAG | FT Vest Nasdaq-100 Moderate Buffer ETF - August | First Trust | 8/21/24 | Equity | $87,253,491 |
| RSBY | Return Stacked Bonds & Futures Yield ETF | Return Stacked | 8/21/24 | Asset Allocation | $105,769,500 |
| QHDG | Innovator Hedged Nasdaq-100 ETF | Innovator | 8/20/24 | Equity | $3,811,425 |
| SMST | Defiance Daily Target 1.5x Short MSTR ETF | Defiance ETFs | 8/21/24 | Equity | $3,627,000 |
| SMCX | Defiance Daily Target 2X Long SMCI ETF | Defiance ETFs | 8/22/24 | Equity | $16,102,000 |
| AVGX | Defiance Daily Target 2X Long AVGO ETF | Defiance ETFs | 8/22/24 | Equity | $12,850,000 |
| QDVO | Amplify CWP Growth & Income ETF | Amplify | 8/22/24 | Equity | $10,176,000 |
| TSMY | YieldMax TSM Option Income Strategy ETF | YieldMax | 8/21/24 | Equity | $3,902,000 |
| TOAK | Twin Oak Short Horizon Absolute Return ETF | Twin Oak | 8/20/24 | Alternatives | $10,242,900 |
| SMLL | Harbor Active Small Cap ETF | Harbor | 8/29/24 | Equity | $8,192,440 |
| KSEP | Innovator U.S. Small Cap Power Buffer ETF - September | Innovator | 9/3/24 | Equity | $17,855,600 |
| NSEP | Innovator Growth-100 Power Buffer ETF - September | Innovator | 9/3/24 | Equity | $32,474,000 |
| ZSEP | Innovator Equity Defined Protection ETF - 1 Yr September | Innovator | 9/3/24 | Equity | $104,454,000 |
| SEPU | AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF | Allianz Investment Management | 9/3/24 | Equity | $17,787,000 |
| YETH | Roundhill Ether Covered Call Strategy ETF | Roundhill | 9/4/24 | Currency | $1,978,124 |
| SPIN | SPDR SSGA US Equity Premium Income ETF | SPDR ETFs | 9/5/24 | Equity | $3,091,430 |
| KHPI | Kensington Hedged Premium Income ETF | Kensington | 9/5/24 | Equity | $15,932,700 |
| SOXW | Tradr 2X Long SOXX Weekly ETF | Tradr | 9/3/24 | Equity | $966,028 |
| TSLW | Tradr 1.5X Long TSLA Weekly ETF | Tradr | 9/3/24 | Equity | $1,337,176 |
| SPYB | Tradr 2X Long SPY Weekly ETF | Tradr | 9/3/24 | Equity | $1,033,028 |
| NVDW | Tradr 1.75X Long NVDA Weekly ETF | Tradr | 9/3/24 | Equity | $744,699 |
| QQQW | Tradr 2X Long Triple Q Weekly ETF | Tradr | 9/3/24 | Equity | $3,115,776 |
| SOXM | Tradr 2X Long SOXX Monthly ETF | Tradr | 9/3/24 | Equity | $993,600 |
| MQQQ | Tradr 2X Long Triple Q Monthly ETF | Tradr | 9/3/24 | Equity | $6,019,100 |
| SPYM | Tradr 2X Long SPY Monthly ETF | Tradr | 9/3/24 | Equity | $1,035,600 |
| CONI | GraniteShares 1x Short COIN Daily ETF | GraniteShares | 9/4/24 | Equity | $1,621,923 |
| UBRL | GraniteShares 2x Long UBER Daily ETF | GraniteShares | 9/4/24 | Equity | $807,327 |
| PTIR | GraniteShares 2x Long PLTR Daily ETF | GraniteShares | 9/4/24 | Equity | $9,733,536 |
| EMEQ | Macquarie Focused Emerging Markets Equity ETF | Macquarie | 9/5/24 | Equity | $5,389,320 |
| CPNS | Calamos Nasdaq-100 Structured Alt Protection ETF - September | Calamos | 9/3/24 | Equity | $30,047,905 |
| CPST | Calamos S&P 500 Structured Alt Protection ETF - September | Calamos | 9/3/24 | Equity | $26,323,525 |
| HYSD | Columbia Short Duration High Yield ETF | Columbia Threadneedle Investments | 9/5/24 | Fixed Income | $26,354,874 |
| NJNK | Columbia U.S. High Yield ETF | Columbia Threadneedle Investments | 9/5/24 | Fixed Income | $26,385,035 |
| LFAN | Stone Ridge 2054 Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $3,866,832 |
| LFAV | Stone Ridge 2059 Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $3,997,026 |
| LIAK | Stone Ridge 2054 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $3,871,080 |
| LIAT | Stone Ridge 2059 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $4,065,984 |
| CPSL | Calamos Laddered S&P 500 Structured Alt Protection ETF | Calamos | 9/9/24 | Equity | $17,734,665 |
| RDTE | Roundhill Small Cap 0DTE Covered Call Strategy ETF | Roundhill | 9/10/24 | Equity | $32,645,600 |
| SJLD | SanJac Alpha Low Duration ETF | SanJac Alpha | 9/10/24 | Fixed Income | $501,500 |
| SJCP | SanJac Alpha Core Plus Bond ETF | SanJac Alpha | 9/10/24 | Fixed Income | $501,500 |
| DECO | SPDR Galaxy Digital Asset Ecosystem ETF | SPDR ETFs | 9/10/24 | Equity | $5,662,940 |
| TEKX | SPDR Galaxy Transformative Tech Accelerators ETF | SPDR ETFs | 9/10/24 | Equity | $5,819,660 |
| HECO | SPDR Galaxy Hedged Digital Asset Ecosystem ETF | SPDR ETFs | 9/10/24 | Equity | $111,936,800 |
| PSQO | Palmer Square Credit Opportunities ETF | Palmer Square | 9/12/24 | Fixed Income | $15,728,856 |
| NBJP | Neuberger Berman Japan Equity ETF | Neuberger Berman | 9/12/24 | Equity | $14,063,526 |
| SMCY | YieldMax SMCI Option Income Strategy ETF | YieldMax | 9/12/24 | Equity | $3,670,883 |
| DXUV | Dimensional US Vector Equity ETF | Dimensional Fund Advisors | 9/12/24 | Equity | $71,158,500 |
| DXIV | Dimensional International Vector Equity ETF | Dimensional Fund Advisors | 9/12/24 | Equity | $47,070,000 |
| PCEM | Polen Capital Emerging Markets ex China Growth ETF | Litman Gregory | 9/11/24 | Equity | $2,626,125 |
| CAFX | Congress Intermediate Bond ETF | Congress Asset Management | 9/10/24 | Fixed Income | $69,220,248 |
| DTAN | Sparkline International Intangible Value ETF | Sparkline | 9/10/24 | Equity | $2,880,526 |
| NMB | Simplify National Muni Bond ETF | Simplify | 9/10/24 | Fixed Income | $95,186,273 |
| LFAE | Stone Ridge 2048 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,275,575 |
| LFAF | Stone Ridge 2049 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,267,240 |
| LFAI | Stone Ridge 2050 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,257,904 |
| LFAJ | Stone Ridge 2051 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,230,260 |
| LFAK | Stone Ridge 2052 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,340,942 |
| LFAL | Stone Ridge 2053 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,447,994 |
| LFAO | Stone Ridge 2055 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,318,000 |
| LFAQ | Stone Ridge 2056 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,398,960 |
| LFAR | Stone Ridge 2057 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,482,500 |
| LFAU | Stone Ridge 2058 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,382,817 |
| LFAW | Stone Ridge 2060 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,346,002 |
| LFAX | Stone Ridge 2061 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,414,456 |
| LFAZ | Stone Ridge 2062 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,286,236 |
| LFBB | Stone Ridge 2063 Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,148,912 |
| LIAB | Stone Ridge 2048 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,293,140 |
| LIAC | Stone Ridge 2049 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,294,315 |
| LIAE | Stone Ridge 2050 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,274,164 |
| LIAF | Stone Ridge 2051 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,236,698 |
| LIAG | Stone Ridge 2052 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,380,399 |
| LIAJ | Stone Ridge 2053 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,314,576 |
| LIAM | Stone Ridge 2055 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,350,490 |
| LIAO | Stone Ridge 2056 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,238,326 |
| LIAP | Stone Ridge 2057 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,585,450 |
| LIAQ | Stone Ridge 2058 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,455,788 |
| LIAU | Stone Ridge 2060 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,408,873 |
| LIAV | Stone Ridge 2061 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,239,004 |
| LIAW | Stone Ridge 2062 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,332,376 |
| LIAX | Stone Ridge 2063 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/16/24 | Fixed Income | $3,994,536 |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | REX Shares | 9/18/24 | Equity | $91,027,000 |
| MSTZ | T-Rex 2X Inverse MSTR Daily Target ETF | REX Shares | 9/18/24 | Equity | $2,942,100 |
| JMID | Janus Henderson Mid Cap Growth Alpha ETF | Janus | 9/18/24 | Equity | $5,752,463 |
| LIVR | Intelligent Livermore ETF | Intelligent Alpha | 9/18/24 | Equity | $19,228,200 |
| GMMA | GammaRoad Market Navigation ETF | GammaRoad | 9/17/24 | Asset Allocation | $2,525,000 |
| RFLR | Innovator U.S. Small Cap Managed Floor ETF | Innovator | 9/17/24 | Equity | $2,553,130 |
| SEPM | FT Vest U.S. Equity Max Buffer ETF - September | First Trust | 9/23/24 | Equity | $14,792,009 |
| TSEP | FT Vest Emerging Market Buffer ETF - September | First Trust | 9/23/24 | Equity | $1,021,131 |
| BUFY | FT Vest Laddered International Moderate Buffer ETF | First Trust | 9/26/24 | Equity | $4,020,040 |
| NFLU | T-Rex 2X Long NFLX Daily Target ETF | REX Shares | 9/27/24 | Equity | $248,452 |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | PIMCO | 9/23/24 | Fixed Income | $98,112,154 |
| MYCF | SPDR SSGA My2026 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,999,000 |
| MYCG | SPDR SSGA My2027 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,993,000 |
| MYCH | SPDR SSGA My2028 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,993,000 |
| MYCI | SPDR SSGA My2029 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,990,000 |
| MYCJ | SPDR SSGA My2030 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,988,000 |
| MYCK | SPDR SSGA My2031 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,992,780 |
| MYCL | SPDR SSGA My2032 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,988,280 |
| MYCM | SPDR SSGA My2033 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,989,760 |
| MYCN | SPDR SSGA My2034 Corporate Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,984,420 |
| MYMF | SPDR SSGA My2026 Municipal Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $5,022,000 |
| MYMG | SPDR SSGA My2027 Municipal Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $5,005,000 |
| MYMH | SPDR SSGA My2028 Municipal Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $5,005,000 |
| MYMI | SPDR SSGA My2029 Municipal Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $5,003,800 |
| MYMJ | SPDR SSGA My2030 Municipal Bond ETF | SPDR ETFs | 9/24/24 | Fixed Income | $4,999,240 |
| SWP | SWP Growth & Income ETF | SWP | 9/25/24 | Equity | $80,887,366 |
| JDIV | JPMorgan Dividend Leaders ETF | JPMAM | 9/26/24 | Equity | $4,860,990 |
| CLOB | VanEck AA-BB CLO ETF | VanEck | 9/25/24 | Fixed Income | $25,095,050 |
| WUSA | Simplify Wolfe US Equity 150/50 ETF | Simplify | 9/24/24 | Equity | $2,512,735 |
| RSSE | FT Vest U.S. Equity Equal Weight Buffer ETF - September | First Trust | 9/23/24 | Equity | $6,014,290 |
| MMKT | Texas Capital Government Money Market ETF | Texas Capital | 9/25/24 | Fixed Income | $15,013,500 |
| HYBI | NEOS Enhanced Income Credit Select ETF | Neos | 9/30/24 | Fixed Income | $136,379,971 |
| Total - 185 New ETFs | Total | $5,836,149,105 |
Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 9/30/2024
Active ETF Stat Pack
| Firms | |||
|---|---|---|---|
| # of Issuers | 300 | ||
| # of New Issuers 2023 | 46 | ||
| Products | Assets | ||
| # of ETFs | 1653 | AUM ($B) | $790.89 |
| # of New Launches 2023 | 396 | 3 Yr AUM CAGR | 43% |
| Avg. ER | 0.43% | 5 Yr AUM CAGR | 54% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $203.48 | YTD ADV (Shares) | 275,586,359 |
| 3 Yr Cash Flow | $430.95 | YTD ADV ($) | $7.59 B |
| 5 Yr Cash Flow | $569.14 | YTD Avg. Spread (bps)* | 25.81 |
Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 9/30/2024
*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 | $21,006,372 | -$13,752,350 | 18.37 | 4,567 | NYSE AMS | Citadel | 0.80% |
| ESGA | 7/15/20 | American Century Sustainable Equity ETF | $231,137,610 | $20,264,159 | 15.74 | 11,862 | NYSE AMS | Citadel | 0.39% |
| MID.ETF | 7/15/20 | American Century Mid Cap Growth Impact ETF | $73,478,880 | $5,950,799 | 11.91 | 4,652 | NYSE AMS | Citadel | 0.45% |
| ESGY | 7/1/21 | American Century Sustainable Growth ETF | $17,089,215 | $1,570,270 | 16.79 | 1,743 | NYSE AMS | Citadel | 0.39% |
| NDVG | 8/5/21 | Nuveen Dividend Growth ETF | $11,510,581 | -$3,209,127 | 17.61 | 2,575 | NYSE AMS | Citadel | 0.65% |
| NSCS | 8/5/21 | Nuveen Small Cap Select ETF | $7,512,943 | $277,030 | 35.87 | 627 | NYSE AMS | Citadel | 0.86% |
| NWLG | 8/5/21 | Nuveen Winslow Large-Cap Growth ESG ETF | $9,272,779 | $1,224,119 | 19.53 | 980 | NYSE AMS | Citadel | 0.65% |
| SAEF | 11/16/21 | Schwab Ariel ESG ETF | $23,991,550 | $1,228,150 | 31.53 | 2,757 | NYSE AMS | Flow Traders | 0.59% |
| TSME | 10/5/22 | Thrivent Small-Mid Cap ESG ETF | $214,217,972 | $24,352,877 | 8.72 | 45,284 | NYSE AMS | RBC | 0.65% |
| JPSV | 3/8/23 | JPMorgan Active Small Cap Value ETF | $16,954,650 | $1,226,700 | 13.41 | 1,254 | NYSE AMS | Citadel | 0.74% |
| LSGR | 6/29/23 | Natixis Loomis Sayles Focused Growth ETF | $262,858,350 | $235,116,200 | 17.70 | 40,017 | NYSE AMS | Citadel | 0.59% |
| SGLC | 3/31/23 | SGI U.S. Large Cap Core ETF | $98,591,625 | -$19,892,946 | 28.13 | 18,472 | NYSE AMS | GTS | 0.85% |
| FDG | 4/2/20 | American Century Focused Dynamic Growth ETF | $236,685,568 | -$1,596,273 | 13.41 | 12,045 | NYSE AMS | Citadel | 0.45% |
| FLV | 4/2/20 | American Century Focused Large Cap Value ETF | $229,897,752 | -$11,159,614 | 11.32 | 6,833 | NYSE AMS | Citadel | 0.42% |
| FBCG | 6/4/20 | Fidelity Blue Chip Growth ETF | $2,149,164,961 | $786,722,992 | 11.08 | 436,714 | Fidelity Proxy | GTS | 0.59% |
| FBCV | 6/4/20 | Fidelity Blue Chip Value ETF | $125,446,406 | -$8,447,058 | 17.91 | 15,463 | Fidelity Proxy | GTS | 0.59% |
| FFLC | 6/4/20 | Fidelity New Millennium ETF | $492,627,476 | $254,927,219 | 20.18 | 70,814 | Fidelity Proxy | GTS | 0.38% |
| FFLG | 2/4/21 | Fidelity Growth Opportunities ETF | $332,715,943 | $34,976,548 | 19.13 | 57,655 | Fidelity Proxy | Citadel | 0.38% |
| FMAG | 2/4/21 | Fidelity Magellan ETF | $138,170,499 | $64,760,689 | 11.40 | 41,326 | Fidelity Proxy | RBC | 0.59% |
| FPRO | 2/4/21 | Fidelity Real Estate Investment ETF | $15,034,969 | -$304,496 | 18.25 | 2,708 | Fidelity Proxy | Citadel | 0.59% |
| FFSM | 2/4/21 | Fidelity Small/Mid-Cap Opportunities ETF | $93,689,125 | $40,836,248 | 9.24 | 21,754 | Fidelity Proxy | RBC | 0.43% |
| FSST | 6/17/21 | Fidelity Sustainability U.S. Equity ETF | $14,866,156 | $1,258,344 | 13.28 | 1,966 | Fidelity Proxy | RBC | 0.59% |
| FDWM | 6/17/21 | Fidelity Women's Leadership ETF | $4,070,740 | -$27,181 | 16.03 | 1,059 | Fidelity Proxy | RBC | 0.59% |
| TCHP | 8/5/20 | T. Rowe Price Blue Chip Growth ETF | $786,851,348 | $179,065,839 | 13.65 | 103,640 | T Rowe Proxy | Virtu | 0.57% |
| TDVG | 8/5/20 | T. Rowe Price Dividend Growth ETF | $718,570,135 | $297,517,369 | 9.15 | 80,935 | T Rowe Proxy | RBC | 0.50% |
| TEQI | 8/5/20 | T. Rowe Price Equity Income ETF | $245,004,426 | $82,560,471 | 10.30 | 16,020 | T Rowe Proxy | Virtu | 0.54% |
| TGRW | 8/5/20 | T. Rowe Price Growth Stock ETF | $244,960,383 | $162,539,400 | 9.42 | 25,648 | T Rowe Proxy | RBC | 0.52% |
| TSPA | 6/8/21 | T. Rowe Price U.S. Equity Research ETF | $961,863,439 | $788,657,393 | 9.61 | 142,304 | T Rowe Proxy | RBC | 0.34% |
| IVRA | 12/22/20 | Invesco Real Assets ESG ETF | $9,402,396 | $5,161,070 | 25.08 | 3,661 | Fidelity Proxy | Citadel | 0.59% |
| LOPP | 2/1/21 | Gabelli Love Our Planet & People ETF | $12,063,650 | -$799,740 | 34.27 | 378 | ActiveShares | GTS | 0.90% |
| GGRW | 2/16/21 | Gabelli Growth Innovators ETF | $5,514,990 | $1,026,900 | 46.22 | 3,379 | ActiveShares | GTS | 0.90% |
| GAST | 1/5/22 | Gabelli Asset ETF | $5,293,000 | $246,540 | 35.33 | 54 | ActiveShares | GTS | 0.90% |
| GABF | 5/11/22 | Gabelli Financial Services Opportunities ETF | $22,727,870 | $9,862,690 | 34.46 | 4,962 | ActiveShares | GTS | 0.90% |
| GCAD | 1/3/23 | Gabelli Commercial Aerospace & Defense ETF | $6,258,920 | $899,600 | 33.15 | 683 | ActiveShares | GTS | 0.90% |
| FRTY | 3/1/21 | Alger Mid Cap 40 ETF | $54,270,275 | $18,039,513 | 65.86 | 16,019 | ActiveShares | Virtu | 0.60% |
| ATFV | 5/4/21 | Alger 35 ETF | $23,386,650 | $5,783,650 | 48.69 | 6,225 | ActiveShares | Virtu | 0.55% |
| AWEG | 3/7/23 | Alger Weatherbie Enduring Growth ETF | $5,266,813 | $305,875 | 23.90 | 165 | ActiveShares | Virtu | 0.65% |
| REIT | 2/26/21 | ALPS Active REIT ETF | $38,712,658 | $15,685,650 | 21.65 | 7,614 | Blue Tractor | GTS | 0.68% |
| STNC | 3/16/21 | Hennessy Stance ESG Large Cap ETF | $106,012,950 | $37,295,265 | 22.39 | 6,651 | Blue Tractor | GTS | 0.85% |
| DYTA | 3/30/23 | SGI Dynamic Tactical ETF | $60,378,611 | -$56,229,848 | 27.07 | 20,698 | Blue Tractor | GTS | 1.04% |
| PFUT | 5/26/21 | Putnam Sustainable Future ETF | $303,534,334 | $57,635,638 | 17.55 | 28,829 | Fidelity Proxy | Virtu | 0.64% |
| PLDR | 5/26/21 | Putnam Sustainable Leaders ETF | $623,320,044 | $86,036,598 | 10.31 | 42,571 | Fidelity Proxy | RBC | 0.59% |
| PGRO | 5/26/21 | Putnam Focused Large Cap Growth ETF | $62,891,103 | $4,726,296 | 9.88 | 7,961 | Fidelity Proxy | RBC | 0.56% |
| PVAL | 5/26/21 | Putnam Focused Large Cap Value ETF | $1,194,028,698 | $842,150,845 | 8.16 | 206,669 | Fidelity Proxy | Virtu | 0.56% |
| HFGO | 11/9/21 | Hartford Large Cap Growth ETF | $131,370,210 | $34,870 | 19.90 | 1,524 | Fidelity Proxy | Citadel | 0.60% |
| SEMI | 3/30/22 | Columbia Seligman Semiconductor and Technology ETF | $40,332,301 | $3,814,150 | 21.56 | 5,598 | Fidelity Proxy | Virtu | 0.75% |
| CAPE | 4/5/22 | DoubleLine Shiller CAPE U.S. Equities ETF | $407,849,100 | -$91,260,400 | 6.34 | 35,974 | ActiveShares | Citadel | 0.65% |
| FMCX | 4/25/22 | FMC Excelsior Focus Equity ETF | $100,399,600 | $556,350 | 40.69 | 405 | ActiveShares | GTS | 0.70% |
| BYRE | 5/19/22 | Principal Real Estate Active Opportunities ETF | $12,863,979 | $2,393,614 | 23.42 | 1,016 | Fidelity Proxy | Virtu | 0.60% |
| JHAC | 11/2/23 | John Hancock Fundamental All Cap Core ETF | $4,033,288 | $1,023,497 | 12.39 | 1,424 | Fidelity Proxy | Virtu | 0.72% |
| Total/Average | $11,007,153,290 | $3,871,032,397 | 20.74 | 1,574,131 | 0.63% |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/30/2024
*Simple average
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