Review of 2024: Redefining growth
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 where did we end up for 2024?
- Assets grew to $889 billion, easily reaching our prediction and putting the industry in striking range of the $1 trillion mark.
- Q4 cash flows totaled $97 billion, breaking the previous record of $73.4 billion set last quarter. Total flows therefore reached $295.6 billion through year-end, just shy of doubling our prediction for 2024.
- The industry welcomed 567 ETFs from 157 different issuers, with combined assets at the end of the year of $45.8 billion — another prediction that wasn’t bold enough.
- We nearly doubled the single-quarter growth target for 2024, leaving just the issuer growth milestone of over $40 billion in cash flow. It came down to the wire, but JPMorgan was able to sneak in with $41.4 billion by year end. Dimensional came close but was just shy of the mark at $38.9 billion.
- Lastly, our regulatory predictions proved to fall short for 2024. While the number of firms that have filed for exemptive relief to offer multi-share class funds has steadily increased, bringing the total at writing to 42 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.
Hitting four out of five of our predictions is in and of itself a record, marking a continued improvement over our three and a half for five performance in 2023 and three for five performance in 2022. With all of these records being broken and the remarkable year we had for active ETFs in 2024, it’s clear that we’re going to need to recalibrate our expectations and go even bolder in our predictions for 2025 — more on that later.
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: 26%
- Firms with postive cash flow: 264 firms, or over 82% of all issuers; up 5% from last quarter and 7% from 2023.
- ETFs with postive cash flow: 1,422 ETFs, or nearly 76% of all Active ETFs; well above 2023’s 50%.
- Active ETF launches as a percentage of total ETF launches: 76%; across all US listed ETFs, 46% are now actively managed.
Quarterly Active ETF Flows
Annual Active ETF Flows
Quarterly Active CF Share
The strong momentum we’ve seen all last year carried on through the end of Q4 with another record-breaking quarter of $97 billion in cash flows, nearly doubling the single-quarter growth prediction we made and marking the fifth quarter in a row that has set the new high. At $295.6 billion in flows in 2024, we also nearly doubled our prediction for full-year cash flows and saw an 136% increase over 2023. While there was a slight dip in Q4 in percentage of flows going into active vs. passive, the 2024 share of active ETF cash flows still ended 5% higher than 2023, representing over a quarter of all cash flows into ETFs though year-end.
Active ETF Fund Flows by Asset Class
Source: Factset as of 12/31/2024
Asset Class Leaders
| Asset Class | Ticker | Top ETF by Cash Flows | 2024 CF ($M) |
|---|---|---|---|
| Domestic Equity | DYNF | BlackRock U.S. Equity Factor Rotation ETF | $ 11,727 |
| Global Fixed Income | JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $ 11,228 |
| Domestic Fixed Income | JPST | JPMorgan Ultra-Short Income ETF | $ 5,655 |
| Global Equity | JGLO | JPMorgan Global Select Equity ETF | $ 5,319 |
| Asset Allocation | CGBL | Capital Group Core Balanced ETF | $ 2,002 |
| Alternatives | SVOL | Simplify Volatility Premium ETF | $ 1,214 |
| Currency | BITO | ProShares Bitcoin Strategy ETF | $ 721 |
| Commodities | CMDT | PIMCO Commodity Strategy Active ETF | $ 141 |
In 2024, across asset classes, we saw positive cash flows into every category besides Commodities. Equities led the way with $175.8 billion, favoring domestic equity (+$141.4 billion) to global (+$34.4 billion). Fixed income flows (+$110 billion) continued to favor global exposures (+$66 billion) to domestic (+$44 billion). Currency (+$3.7 billion), Asset Allocation (+$3.6 billion), and Alternatives (+$2.9 billion), retained positive cash flows, while Commodities (-$0.5 billion) continued to see further outflows.
| Strategy | Count (2024 Launches) |
|---|---|
| Structured Products | 205 |
| Leveraged Equity | 36 |
| Equity - Global Blended Cap | 28 |
| Alternatives | 27 |
| Equity - US Multi-Factor | 24 |
| Strategy | Count (All) |
|---|---|
| Structured Products | 499 |
| Alternatives | 127 |
| Equity - US Multi-Factor | 118 |
| Equity - Global Blended Cap | 115 |
| Fixed Income - US Aggregate Bonds | 83 |
| Strategy | AUM ($M) |
|---|---|
| Structured Products | $146,337 |
| Equity - US Multi-Factor | $86,078 |
| Fixed Income - International Aggregate Bonds | $72,481 |
| Fixed Income - US Aggregate Bonds | $72,056 |
| Equity - US All Cap | $50,016 |
| Strategy | Cash Flow ($M) |
|---|---|
| Structured Products | $49,076 |
| Fixed Income - International Aggregate Bonds | $32,203 |
| Equity - US Multi-Factor | $29,027 |
| Fixed Income - US Aggregate Bonds | $24,096 |
| Fixed Income - Mortgage-Backed Securities & Asset-Backed Securities | $21,667 |
Diving further into the strategies themselves, we saw that Structured Products (+$49.1 billion) brought in the most cash flows, followed by Fixed Income - International Aggregate Bonds (+$32.2 billion), Equity - US Multi-Factor (+$29 billion), Fixed Income - US Aggregate Bonds (+$24.1 billion), and Fixed Income - Mortgage-Backed Securities & Asset-Backed Securities (+$21.7 billion). In terms of popularity of strategies by number of launches in 2024, Structured Products (205) also led the group and by a very heavy margin. The following top strategies we saw were Leveraged Equity (36), Equity - Global Blended Cap (28), Alternatives (27), and Equity - US Multi-Factor (24), showing that the appetite for new launches was the strongest in Equities.
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 | PIMCO | Invesco | WisdomTree | First Trust | Volatility Shares |
| AUM Leader $B | $50.7 | $101.8 | $36.3 | $20.9 | $4.1 | $1.6 | $2.0 | $4.0 |
| 2024 CF Leader | Dimensional | JPMorgan | JPMorgan | Fidelity | PIMCO | Capital Group | Simplify | ProShares |
| Q3 CF Leader $B | $13.9 | $22.0 | $8.6 | $12.7 | $0.14 | $1.2 | $1.0 | $3.0 |
At the issuer level, JPMorgan and Dimensional remained close in the battle for most cash flows through Q4. By year-end, JPMorgan ended up slightly ahead in total cash flows with $41.4 billion compared to $38.9 billion for Dimensional. Capital Group managed to hold onto third place with $26.3 billion, followed by Fidelity with $18.6 billion and iShares with $18.2 billion. Rounding out the top ten, we had American Century (+$16.9 billion), First Trust (+$14.5 billion), Janus (+$13.9 billion), YieldMax (+$8.7 billion), and PIMCO (+$7.1 billion). Looking at issuers by asset class, some new leaders emerged since last quarter with Fidelity passing Janus to lead Global Fixed Income, and Volatility Shares taking the lead from Simplify in the Other category, which aggregates Alternatives, Asset Allocation, Commodities, and Currencies.
| Ticker | Top 10 ETFs by Cash Flow | 2024 ($M) |
|---|---|---|
| DYNF | BlackRock U.S. Equity Factor Rotation ETF | $11,727 |
| JAAA | Janus Detroit Street Trust Janus Henderson AAA CLO ETF | $11,228 |
| JEPQ | J.P. Morgan Nasdaq Equity Premium Income ETF | $10,789 |
| FBND | Fidelity Total Bond ETF | $10,483 |
| BINC | BlackRock Flexible Income ETF | $6,466 |
| JPST | JPMorgan Ultra-Short Income ETF | $5,655 |
| CGDV | Capital Group Dividend Value ETF | $5,477 |
| AVUV | Avantis U.S. Small Cap Value ETF | $5,392 |
| JGLO | JPMorgan Global Select Equity ETF | $5,319 |
| JEPI | JPMorgan Equity Premium Income ETF | $5,023 |
Source: Factset as of 12/31/2024
| Ticker | Bottom 10 ETFs by Cash Flow | Q3 2024 ($M) |
|---|---|---|
| ARKK | ARK Innovation ETF | $(3,266) |
| FTSM | First Trust Enhanced Short Maturity ETF | $(1,106) |
| NUGO | Nuveen Growth Opportunities ETF | $(864) |
| ICSH | BlackRock Ultra Short-Term Bond ETF | $(803) |
| BLOK | Amplify Transformational Data Sharing ETF | $(549) |
| ARKG | ARK Genomic Revolution ETF | $(545) |
| ARKW | ARK Next Generation Internet ETF | $(537) |
| LCTU | BlackRock U.S. Carbon Transition Readiness ETF | $(496) |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $(417) |
| IVOL | Quadratic Interest Rate Volatility & Inflation hedge ETF | $(378) |
In 2024, over 82% of active managers and 76% of active ETFs experienced positive cash flows, highlighting the healthy state of the industry. Additionally, over 30% of ETFs had cash flows above $50 million (often viewed as a general break-even measure for an ETF); up 7% from 2023.
| Expense Ratio | 12/31/2024 AUM | 2024 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $292,932,804,594 | $84,018,506,241 | 33% | 28% | 187 |
| 26-50 | $331,096,335,143 | $132,358,333,135 | 37% | 45% | 434 |
| 51-75 | $119,968,328,902 | $33,995,559,639 | 13% | 12% | 442 |
| 76+ | $144,930,142,739 | $45,188,433,488 | 16% | 15% | 748 |
| Expense Ratio | 12/31/2023 AUM | 2023 CF | % AUM | % CF | # ETFs |
|---|---|---|---|---|---|
| 0-25 | $192,492,361,444 | $36,565,372,480 | 36% | 29% | 146 |
| 26-50 | $177,981,181,776 | $60,937,224,826 | 34% | 49% | 279 |
| 51-75 | $76,840,321,285 | $11,154,504,231 | 14% | 9% | 312 |
| 76+ | $83,500,459,557 | $15,427,826,831 | 16% | 12% | 507 |
The industry’s asset weighted expense ratio ticked up slightly to 0.44% through year-end. While nearly 65% of all cash flows in 2024 went into ETFs with expense ratios below the industry average, this is a 16% decrease from 2023. Of ETFs listed in 2024, only 17% offered an expense ratio equal to or below the industry average.
2024 Launch Monitor
Domestic Equity
271 ETFs Launched
$23 B Assets Raised
Domestic Fixed Income
102 ETFs Launched
$4.3 B Assets Raised
Asset Allocation
22 ETFs Launched
$1.4 B Assets Raised
Global Equity
110 ETFs Launched
$10.8 B Assets Raised
Global Fixed Income
40 ETFs Launched
$5 B Assets Raised
Other
22 ETFs Launched
$1.3 B Assets Raised
Source: FactSet as of 12/31/2024, figures include MF-ETF conversions; Other includes Alternative, Commodities & Currencies
In 2024, 567 active ETFs launched, raising $45.8 billion in assets. Launches came from 157 different issuers, including 72 first-time issuers. ETF development continued to focus on Equities, with nearly 67% of new ETFs focused on the asset class. Fixed Income followed with 25% of launches. Just regarding ETFs launched in 2024, Innovator launched the most (44), and Morgan Stanley raised the most assets ($2.7 billion).
All in all, 2024 was another remarkable year for active ETFs. With new highs reached in AUM, total cash flows, single-issuer cash flows, and annual launches, 2024 reinforced the continued ascent of active ETFs and highlighted the shifting preferences of investors toward active management in the overall industry. Now, as we shift our focus into 2025 and what lies ahead, we are hopeful that we will continue to see this exciting growth accompanied by many more records broken and milestones hit along the way. As such, here are our bold predictions for 2025:
Bold Predictions for 2025
- Expected growth: Assets under Management to reach $1.25 trillion, a new high-water mark of over $400 billion in Net Cash Flows, and over 600 new active ETFs launched representing over 80% of all launches by year-end 2025.
- Digital Assets: Asset managers increasingly utilize active ETFs to offer exposure to cryptocurrencies creating many more offerings and players in the space. However, despite momentum and industry-wide optimism, final digital asset regulatory frameworks will take longer than expected.
- Regulatory: Multi-Share Class funds will receive increased focus, and more asset managers will file for exemptive relief. The SEC will begin to engage with the industry on potential paths forward.
Q4 2024 ETF Launches
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley | 12/9/24 | Equity | $ 2,746,459,481 |
| BAFE | Brown Advisory Flexible Equity ETF | Brown Advisory | 11/18/24 | Equity | $ 998,869,513 |
| RSMC | Rockefeller U.S. Small-Mid Cap ETF | Rockefeller | 10/11/24 | Equity | $ 771,167,300 |
| BIDD | BlackRock International Dividend ETF | iShares | 11/18/24 | Equity | $ 714,309,069 |
| BGDV | Bahl & Gaynor Dividend ETF | Bahl & Gaynor | 12/12/24 | Equity | $ 696,762,303 |
| RGEF | Rockefeller Global Equity ETF | Rockefeller | 10/28/24 | Equity | $ 675,080,520 |
| GRNY | Fundstrat Granny Shots US Large Cap ETF | Fundstrat | 11/7/24 | Equity | $ 661,674,000 |
| MSSM | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley | 12/9/24 | Equity | $ 546,049,057 |
| SEIE | SEI Select International Equity ETF | SEI | 10/10/24 | Equity | $ 500,627,918 |
| SLNZ | TCW Senior Loan ETF | TCW | 11/18/24 | Fixed Income | $ 294,660,779 |
| TPZ | Tortoise Power and Energy Infrastructure Fund | Tortoise | 12/23/24 | Asset Allocation | $ 240,588,901 |
| SEIS | SEI Select Small Cap ETF | SEI | 10/10/24 | Equity | $ 228,532,850 |
| SEEM | SEI Select Emerging Markets Equity ETF | SEI | 10/10/24 | Equity | $ 196,012,201 |
| BEEX | Beehive ETF | BeeHive | 12/16/24 | Equity | $ 162,653,740 |
| SMAX | iShares Large Cap Max Buffer Sep ETF | iShares | 10/1/24 | Equity | $ 129,019,392 |
| EDGF | 3EDGE Dynamic Fixed Income ETF | 3Edge | 10/3/24 | Fixed Income | $ 125,822,546 |
| SCDV | Bahl & Gaynor Small Cap Dividend ETF | Bahl & Gaynor | 12/12/24 | Equity | $ 95,545,170 |
| APOC | Innovator Equity Defined Protection ETF - 6mo Apr/Oct | Innovator | 10/1/24 | Equity | $ 93,584,243 |
| DEXC | Dimensional Emerging Markets ex China Core Equity ETF | Dimensional Fund Advisors | 11/14/24 | Equity | $ 89,984,000 |
| ZDEK | Innovator Equity Defined Protection ETF - 1 Yr December | Innovator | 12/2/24 | Equity | $ 85,371,000 |
| AOCT | Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | Innovator | 10/1/24 | Equity | $ 74,580,000 |
| PLTY | YieldMax PLTR Option Income Strategy ETF | YieldMax | 10/8/24 | Equity | $ 74,235,000 |
| ZOCT | Innovator Equity Defined Protection ETF - 1 Yr October | Innovator | 10/1/24 | Equity | $ 73,254,000 |
| NDEC | Innovator Growth-100 Power Buffer ETF - December | Innovator | 12/2/24 | Equity | $ 70,760,000 |
| NCLO | Nuveen AA-BBB CLO ETF | Nuveen | 12/11/24 | Fixed Income | $ 70,140,000 |
| JIII | Janus Henderson Income ETF | Janus | 11/13/24 | Fixed Income | $ 67,666,725 |
| ELCV | Eventide High Dividend ETF | Eventide | 10/1/24 | Equity | $ 64,885,275 |
| FMCE | FM Compounders Equity ETF | First Manhattan | 11/11/24 | Equity | $ 62,771,025 |
| MFSI | MFS Active International ETF | MFS | 12/5/24 | Equity | $ 62,526,150 |
| KDEC | Innovator U.S. Small Cap Power Buffer ETF - December | Innovator | 12/2/24 | Equity | $ 61,149,000 |
| FCBD | Frontier Asset Core Bond ETF | Frontier | 12/20/24 | Fixed Income | $ 58,856,245 |
| INFO | Harbor PanAgora Dynamic Large Cap Core ETF | Harbor | 10/10/24 | Equity | $ 54,945,303 |
| WCMI | First Trust WCM International Equity ETF | First Trust | 10/7/24 | Equity | $ 54,619,830 |
| EDGU | 3EDGE Dynamic US Equity ETF | 3Edge | 10/3/24 | Equity | $ 54,400,637 |
| ACLO | TCW AAA CLO ETF | TCW | 11/18/24 | Fixed Income | $ 53,127,200 |
| DRAG | Roundhill China Dragons ETF | Roundhill | 10/3/24 | Equity | $ 52,962,300 |
| EFFI | Harbor Osmosis International Resource Efficient ETF | Harbor | 12/12/24 | Equity | $ 52,472,475 |
| VCRM | Vanguard Core Tax-Exempt Bond ETF | Vanguard | 11/21/24 | Fixed Income | $ 52,205,860 |
| ZNOV | Innovator Equity Defined Protection ETF - 1 Yr November | Innovator | 11/1/24 | Equity | $ 50,200,000 |
| MUSE | TCW Multisector Credit Income ETF | TCW | 11/18/24 | Fixed Income | $ 49,799,900 |
| FGSM | Frontier Asset Global Small Cap Equity ETF | Frontier | 12/20/24 | Equity | $ 49,668,847 |
| NBTR | Neuberger Berman Total Return Bond ETF | Neuberger Berman | 12/18/24 | Fixed Income | $ 49,656,050 |
| FINT | Frontier Asset Total International Equity ETF | Frontier | 12/20/24 | Equity | $ 49,032,169 |
| LFSC | F/M Emerald Life Sciences Innovation ETF | F/m Investments | 10/31/24 | Equity | $ 48,583,303 |
| VSDM | Vanguard Short Duration Tax-Exempt Bond ETF | Vanguard | 11/21/24 | Fixed Income | $ 46,382,262 |
| BAI | iShares A.I. Innovation and Tech Active ETF | iShares | 10/22/24 | Equity | $ 45,494,400 |
| CNAV | Mohr Company Nav ETF | Mohr Funds | 10/1/24 | Equity | $ 45,227,619 |
| AINP | Allspring Income Plus ETF | Allspring | 12/5/24 | Fixed Income | $ 44,434,800 |
| AVL | Direxion Daily AVGO Bull 2X Shares | Direxion Shares | 10/10/24 | Equity | $ 43,462,535 |
| EDGH | 3EDGE Dynamic Hard Assets ETF | 3Edge | 10/3/24 | Asset Allocation | $ 42,942,430 |
| OAKM | Oakmark U.S. Large Cap ETF | Harris Oakmark | 12/3/24 | Equity | $ 40,764,433 |
| GMOI | GMO International Value ETF | GMO | 10/29/24 | Equity | $ 40,332,670 |
| FOPC | Frontier Asset Opportunistic Credit ETF | Frontier | 12/20/24 | Fixed Income | $ 40,104,025 |
| PIEQ | Principal International Equity ETF | Principal | 11/6/24 | Equity | $ 39,641,776 |
| BTCI | NEOS Bitcoin High Income ETF | Neos | 10/17/24 | Currency | $ 39,583,600 |
| HYBX | TCW High Yield Bond ETF | TCW | 11/18/24 | Fixed Income | $ 39,314,154 |
| JHCP | John Hancock Core Plus Bond ETF | John Hancock | 12/18/24 | Fixed Income | $ 38,930,850 |
| FLCE | Frontier Asset US Large Cap Equity ETF | Frontier | 12/20/24 | Equity | $ 38,107,641 |
| BRIF | FIS Bright Portfolios Focused Equity ETF | Faith Investor Services | 12/20/24 | Equity | $ 36,766,815 |
| QCOC | FT Vest Nasdaq-100 Conservative Buffer ETF - October | First Trust | 10/21/24 | Equity | $ 36,342,040 |
| CPSD | Calamos S&P 500 Structured Alt Protection ETF - December | Calamos | 12/2/24 | Equity | $ 35,061,024 |
| DECU | AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF | Allianz Investment Management | 12/2/24 | Equity | $ 33,156,000 |
| OCTM | FT Vest U.S. Equity Max Buffer ETF - October | First Trust | 10/21/24 | Equity | $ 32,798,311 |
| GQQQ | Astoria US Quality Growth Kings ETF | Astoria | 10/1/24 | Equity | $ 32,315,094 |
| RFIX | Simplify Downside Interest Rate Hedge Strategy ETF | Simplify | 12/10/24 | Alternatives | $ 31,726,253 |
| MFSV | MFS Active Value ETF | MFS | 12/5/24 | Equity | $ 30,852,250 |
| MFSG | MFS Active Growth ETF | MFS | 12/5/24 | Equity | $ 30,302,703 |
| MFSM | MFS Active Intermediate Muni Bond ETF | MFS | 12/5/24 | Fixed Income | $ 29,590,320 |
| CPRO | Calamos Russell 2000 Structured Alt Protection ETF - October | Calamos | 10/1/24 | Equity | $ 29,239,782 |
| OCTU | AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF | Allianz Investment Management | 10/1/24 | Equity | $ 29,125,590 |
| QBIG | Invesco Top QQQ ETF | Invesco | 12/4/24 | Equity | $ 28,503,032 |
| MFSB | MFS Active Core Plus Bond ETF | MFS | 12/5/24 | Fixed Income | $ 28,275,740 |
| CPSO | Calamos S&P 500 Structured Alt Protection ETF - October | Calamos | 10/1/24 | Equity | $ 28,022,525 |
| TAX | Cambria Tax Aware ETF | Cambria | 12/18/24 | Equity | $ 27,860,596 |
| NNOV | Innovator Growth-100 Power Buffer ETF - November | Innovator | 11/1/24 | Equity | $ 27,745,320 |
| GMOV | GMO US Value ETF | GMO | 10/29/24 | Equity | $ 27,384,000 |
| QMNV | FT Vest Nasdaq-100 Moderate Buffer ETF - November | First Trust | 11/18/24 | Equity | $ 27,270,040 |
| DMX | DoubleLine Multi-Sector Income ETF | DoubleLine | 12/3/24 | Fixed Income | $ 26,012,478 |
| PCMM | BondBloxx Private Credit CLO ETF | BondBloxx | 12/3/24 | Fixed Income | $ 25,277,500 |
| AFIX | Allspring Broad Market Core Bond ETF | Allspring | 12/5/24 | Fixed Income | $ 24,526,700 |
| APLU | Allspring Core Plus ETF | Allspring | 12/5/24 | Fixed Income | $ 24,481,100 |
| BTGD | STKD Bitcoin & Gold ETF | Quantify Funds | 10/16/24 | Asset Allocation | $ 23,065,000 |
| KNOV | Innovator U.S. Small Cap Power Buffer ETF - November | Innovator | 11/1/24 | Equity | $ 22,260,525 |
| TTEQ | T. Rowe Price Technology ETF | T. Rowe Price | 10/24/24 | Equity | $ 22,246,795 |
| PEPS | Parametric Equity Plus ETF | Morgan Stanley | 11/8/24 | Equity | $ 22,233,085 |
| NOVM | FT Vest U.S. Equity Max Buffer ETF - November | First Trust | 11/18/24 | Equity | $ 21,392,061 |
| NVBU | AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF | Allianz Investment Management | 11/1/24 | Equity | $ 21,085,350 |
| CPSN | Calamos S&P 500 Structured Alt Protection ETF - November | Calamos | 11/1/24 | Equity | $ 20,235,305 |
| DHDG | FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF | First Trust | 10/21/24 | Equity | $ 19,838,646 |
| UPSD | Aptus Large Cap Upside ETF | Aptus | 11/21/24 | Equity | $ 18,525,290 |
| PCLO | Virtus Seix AAA Private Credit CLO ETF | Virtus | 12/3/24 | Fixed Income | $ 16,272,850 |
| CPNQ | Calamos Nasdaq-100 Structured Alt Protection ETF - December | Calamos | 12/2/24 | Equity | $ 16,009,590 |
| KMID | Virtus KAR Mid-Cap ETF | Virtus | 10/16/24 | Equity | $ 15,808,097 |
| TEK | iShares Technology Opportunities Active ETF | iShares | 10/22/24 | Equity | $ 15,426,000 |
| DECM | FT Vest U.S. Equity Max Buffer ETF - December | First Trust | 12/23/24 | Equity | $ 15,370,061 |
| EDGI | 3EDGE Dynamic International Equity ETF | 3Edge | 10/3/24 | Equity | $ 14,391,580 |
| BKDV | BNY Mellon Dynamic Value ETF | BNY Mellon | 11/4/24 | Equity | $ 13,394,477 |
| QQQP | Tradr 2X Long Triple Q Quarterly ETF | Tradr | 10/1/24 | Equity | $ 13,185,606 |
| VOLT | Tema Electrification ETF | Tema | 12/4/24 | Equity | $ 12,920,824 |
| FARX | Frontier Asset Absolute Return ETF | Frontier | 12/20/24 | Alternatives | $ 11,816,248 |
| YGLD | Simplify Gold Strategy PLUS Income ETF | Simplify | 12/3/24 | Commodities | $ 10,779,279 |
| QTPI | North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | North Square Investments | 12/19/24 | Fixed Income | $ 10,275,830 |
| NBGX | Neuberger Berman Growth ETF | Neuberger Berman | 12/19/24 | Equity | $ 10,272,784 |
| JHCR | John Hancock Core Bond ETF | John Hancock | 12/18/24 | Fixed Income | $ 9,897,520 |
| FEMR | Fidelity Enhanced Emerging Markets ETF | Fidelity | 11/21/24 | Equity | $ 9,832,280 |
| FFDI | Fidelity Fundamental Developed International ETF | Fidelity | 11/21/24 | Equity | $ 9,756,440 |
| FFEM | Fidelity Fundamental Emerging Markets ETF | Fidelity | 11/21/24 | Equity | $ 9,717,680 |
| TSLG | Leverage Shares 2X Long TSLA Daily ETF | Themes | 12/13/24 | Equity | $ 9,457,000 |
| UXOC | FT Vest U.S. Equity Uncapped Accelerator ETF - October | First Trust | 10/21/24 | Equity | $ 9,093,811 |
| BIGY | YieldMax Target 12 Big 50 Option Income ETF | YieldMax | 11/21/24 | Equity | $ 8,795,710 |
| RSBA | Return Stacked Bonds & Merger Arbitrage ETF | Return Stacked | 12/18/24 | Alternatives | $ 8,506,375 |
| EUSM | Eventide US Market ETF | Eventide | 12/18/24 | Equity | $ 8,491,945 |
| CEPI | REX Crypto Equity Premium Income ETF | REX Shares | 12/4/24 | Equity | $ 7,675,800 |
| SPYQ | Tradr 2X Long SPY Quarterly ETF | Tradr | 10/1/24 | Equity | $ 7,453,000 |
| SOXY | YieldMax Target 12 Semiconductor Option Income ETF | YieldMax | 12/3/24 | Equity | $ 7,426,395 |
| EMPB | Efficient Market Portfolio Plus ETF Trust Units | NextGen EMP | 12/12/24 | Asset Allocation | $ 7,091,840 |
| USAF | Atlas America Fund | Atlas | 11/20/24 | Asset Allocation | $ 7,051,800 |
| XPAY | Roundhill S&P 500 Target 20 Managed Distribution ETF | Roundhill | 10/31/24 | Equity | $ 6,861,600 |
| BUFM | AB Moderate Buffer ETF | AllianceBernstein | 12/10/24 | Equity | $ 6,054,499 |
| RSDE | FT Vest U.S. Equity Equal Weight Buffer ETF - December | First Trust | 12/23/24 | Equity | $ 6,007,540 |
| CORO | iShares International Country Rotation Active ETF | iShares | 12/4/24 | Equity | $ 5,705,568 |
| MARO | YieldMax MARA Option Income Strategy ETF | YieldMax | 12/10/24 | Equity | $ 5,684,580 |
| IGCB | TCW Corporate Bond ETF | TCW | 11/18/24 | Fixed Income | $ 5,386,199 |
| CRWL | GraniteShares 2x Long CRWD Daily ETF | GraniteShares | 11/12/24 | Equity | $ 5,198,624 |
| BUFI | AB International Buffer ETF Intl Buffer ETF | AllianceBernstein | 12/10/24 | Equity | $ 5,163,964 |
| QLTI | GMO International Quality ETF | GMO | 10/29/24 | Equity | $ 4,566,900 |
| FEAC | Fidelity Enhanced U.S. All-Cap Equity ETF | Fidelity | 11/21/24 | Equity | $ 4,353,335 |
| FHDG | FT Vest U.S. Equity Quarterly Dynamic Buffer ETF | First Trust | 11/18/24 | Equity | $ 3,835,799 |
| GROZ | Zacks Focus Growth ETF | Zacks Investment Management | 12/5/24 | Equity | $ 3,717,855 |
| EFFE | Harbor Osmosis Emerging Markets Resource Efficient ETF | Harbor | 12/19/24 | Equity | $ 3,455,428 |
| EGGS | NestYield Total Return Guard ETF | NestYield | 12/27/24 | Alternatives | $ 2,901,248 |
| PRCS | Parnassus Core Select ETF | Parnassus | 12/12/24 | Equity | $ 2,889,600 |
| SMCL | GraniteShares 2x Long SMCI Daily ETF | GraniteShares | 12/12/24 | Equity | $ 2,819,714 |
| MULL | GraniteShares 2x Long MU Daily ETF | GraniteShares | 11/12/24 | Equity | $ 2,597,846 |
| NVOX | Defiance Daily Target 2X Long NVO ETF | Defiance ETFs | 12/3/24 | Equity | $ 2,343,800 |
| WCME | First Trust WCM Developing World Equity ETF | First Trust | 10/7/24 | Equity | $ 2,327,235 |
| TSMU | GraniteShares 2x Long TSM Daily ETF | GraniteShares | 11/12/24 | Equity | $ 2,256,316 |
| SCY | Simplify US Small Cap PLUS Income ETF | Simplify | 12/3/24 | Equity | $ 2,225,312 |
| CXRN | Teucrium 2x Daily Corn ETF | Teucrium | 12/13/24 | Commodities | $ 2,135,200 |
| BOXA | Alpha Architect Aggregate Bond ETF | Alpha Architect | 12/18/24 | Fixed Income | $ 2,000,994 |
| ITDJ | iShares LifePath Target Date 2070 ETF | iShares | 11/13/24 | Asset Allocation | $ 1,944,600 |
| WXET | Teucrium 2x Daily Wheat ETF | Teucrium | 12/13/24 | Commodities | $ 1,943,200 |
| FEGE | First Eagle Global Equity ETF | First Eagle | 12/20/24 | Equity | $ 1,736,815 |
| CORX | 2X Corn ETF | Volatility Shares | 12/5/24 | Commodities | $ 1,707,000 |
| HSBH | HSBC Holdings plc ADRhedged | Precidian | 10/7/24 | Equity | $ 1,690,779 |
| AZNH | AstraZeneca PLC ADRhedged | Precidian | 10/7/24 | Equity | $ 1,682,232 |
| SQMX | FT Vest U.S. Equity Quarterly Max Buffer ETF | First Trust | 12/23/24 | Equity | $ 1,536,586 |
| WHTX | Volatility Shares 2x Wheat ETF | Volatility Shares | 12/5/24 | Commodities | $ 1,519,000 |
| ROPE | Coastal Compass 100 ETF | Coastal Compass | 12/18/24 | Equity | $ 1,457,220 |
| SHEH | Shell plc ADRhedged | Precidian | 10/7/24 | Equity | $ 1,430,802 |
| NDAA | Ned Davis Research 360 Dynamic Allocation ETF | Ned Davis Research | 10/17/24 | Asset Allocation | $ 1,371,594 |
| FPAS | FPA Short Duration Government ETF | FPA | 11/1/24 | Fixed Income | $ 1,238,662 |
| SMAP | Amplify Small-Mid Cap Equity ETF | Amplify | 10/23/24 | Equity | $ 1,199,375 |
| PRVS | Parnassus Value Select ETF | Parnassus | 12/12/24 | Equity | $ 1,193,340 |
| TLTM | Tradr 2X Long TLT Monthly ETF | Tradr | 10/1/24 | Fixed Income | $ 1,184,064 |
| NVDG | Leverage Shares 2X Long NVDA Daily ETF | Themes | 12/13/24 | Equity | $ 1,135,648 |
| FEOE | First Eagle Overseas Equity ETF | First Eagle | 12/20/24 | Equity | $ 1,042,209 |
| HFSP | TradersAI Large Cap Equity & Cash ETF | TradersAI | 10/24/24 | Equity | $ 1,002,500 |
| TDEC | FT Vest Emerging Markets Buffer ETF - December | First Trust | 12/23/24 | Equity | $ 993,580 |
| WAR | U.S. Global Technology and Aerospace & Defense ETF | US Global Investors | 12/30/24 | Equity | $ 990,885 |
| EGGQ | NestYield Visionary ETF | NestYield | 12/30/24 | Equity | $ 985,273 |
| EGGY | NestYield Dynamic Income Shield ETF | NestYield | 12/27/24 | Alternatives | $ 979,253 |
| LSVD | LSV Disciplined Value ETF | LSV | 12/18/24 | Equity | $ 976,416 |
| FIRI | FIRE Funds Income Target ETF | Tidal ETF Services | 11/19/24 | Asset Allocation | $ 975,850 |
| TLTI | NEOS Enhanced Income 20+ Year Treasury Bond ETF | Neos | 12/11/24 | Fixed Income | $ 940,100 |
| TLTQ | Tradr 1.75X Long TLT Quarterly ETF | Tradr | 10/1/24 | Fixed Income | $ 914,058 |
| FIRS | FIRE Funds Wealth Builder ETF | Tidal ETF Services | 11/19/24 | Asset Allocation | $ 891,900 |
| LFDR | Stone Ridge Durable Income ETF | Stone Ridge | 12/16/24 | Fixed Income | $ 744,051 |
| TSYY | GraniteShares YieldBOOST TSLA ETF | GraniteShares | 12/18/24 | Equity | $ 725,100 |
| AIS | VistaShares Artificial Intelligence Supercycle ETF | VistaShares | 12/3/24 | Equity | $ 596,318 |
| IDVZ | Opal International Dividend Income ETF | TrueMark | 12/27/24 | Equity | $ 492,754 |
| COPY | Tweedy Browne Insider + Value ETF Trust Units | Tweedy & Co. | 12/27/24 | Equity | $ 402,200 |
| Total - 172 New ETFs | Total | $ 13,347,795,081 |
Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 12/31/2024
Active ETF Stat Pack
| Firms | |||
|---|---|---|---|
| # of Issuers | 321 | ||
| # of New Issuers 2023 | 72 | ||
| Products | Assets | ||
| # of ETFs | 1811 | AUM ($B) | $888.93 |
| # of New Launches 2023 | 567 | 3 Yr AUM CAGR | 46% |
| Avg. ER | 0.44% | 5 Yr AUM CAGR | 55% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $295.56 | YTD ADV (Shares) | 390,297,095 |
| 3 Yr Cash Flow | $510.98 | YTD ADV ($) | $11.9 B |
| 5 Yr Cash Flow | $675.91 | YTD Avg. Spread (bps)* | 25.40 |
Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 12/31/2024
*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 | $18,752,073 | -$16,129,126 | 19.34 | 4,072 | NYSE AMS | Citadel | 0.80% |
| ESGA | 7/15/20 | American Century Sustainable Equity ETF | $219,253,422 | $5,311,487 | 13.51 | 13,697 | NYSE AMS | Citadel | 0.39% |
| MID | 7/15/20 | American Century Mid Cap Growth Impact ETF | $77,214,000 | $10,614,444 | 15.20 | 4,623 | NYSE AMS | Citadel | 0.45% |
| ESGY | 7/1/21 | American Century Sustainable Growth ETF | $16,902,882 | $374,249 | 16.39 | 1,555 | NYSE AMS | Citadel | 0.39% |
| NDVG | 8/5/21 | Nuveen Dividend Growth ETF | $11,417,243 | -$3,216,622 | 17.19 | 2,431 | NYSE AMS | Citadel | 0.65% |
| NSCS | 8/5/21 | Nuveen Small Cap Select ETF | $7,724,202 | $277,030 | 40.39 | 559 | NYSE AMS | Citadel | 0.86% |
| NWLG | 8/5/21 | Nuveen Winslow Large-Cap Growth ESG ETF | $9,829,270 | $1,234,327 | 19.05 | 915 | NYSE AMS | Citadel | 0.65% |
| SAEF | 11/16/21 | Schwab Ariel ESG ETF | $25,824,000 | $2,762,150 | 27.53 | 2,813 | NYSE AMS | Flow Traders | 0.59% |
| TSME | 10/5/22 | Thrivent Small-Mid Cap ESG ETF | $253,450,375 | $64,353,249 | 20.63 | 45,896 | NYSE AMS | RBC | 0.65% |
| JPSV | 3/8/23 | JPMorgan Active Small Cap Value ETF | $19,517,100 | $4,257,250 | 13.02 | 1,506 | NYSE AMS | Citadel | 0.74% |
| LSGR | 6/29/23 | Natixis Loomis Sayles Focused Growth ETF | $304,591,668 | $247,191,570 | 12.99 | 30,991 | NYSE AMS | Citadel | 0.59% |
| SGLC | 3/31/23 | SGI U.S. Large Cap Core ETF | $95,525,988 | -$16,139,015 | 21.35 | 16,619 | NYSE AMS | GTS | 0.85% |
| FDG | 4/2/20 | American Century Focused Dynamic Growth ETF | $270,720,690 | -$1,877,187 | 10.96 | 13,970 | NYSE AMS | Citadel | 0.45% |
| FLV | 4/2/20 | American Century Focused Large Cap Value ETF | $219,032,160 | -$11,103,271 | 10.10 | 6,821 | NYSE AMS | Citadel | 0.42% |
| FBCG | 6/4/20 | Fidelity Blue Chip Growth ETF | $2,924,232,548 | $1,332,528,282 | 14.12 | 517,194 | Fidelity Proxy | GTS | 0.59% |
| FBCV | 6/4/20 | Fidelity Blue Chip Value ETF | $121,186,935 | -$8,480,862 | 18.20 | 14,088 | Fidelity Proxy | GTS | 0.59% |
| FFLC | 6/4/20 | Fidelity New Millennium ETF | $702,583,813 | $462,525,671 | 24.04 | 85,104 | Fidelity Proxy | GTS | 0.38% |
| FFLG | 2/4/21 | Fidelity Growth Opportunities ETF | $374,479,264 | $57,067,391 | 19.24 | 52,812 | Fidelity Proxy | Citadel | 0.38% |
| FMAG | 2/4/21 | Fidelity Magellan ETF | $169,520,604 | $93,698,805 | 7.93 | 46,834 | Fidelity Proxy | RBC | 0.59% |
| FPRO | 2/4/21 | Fidelity Real Estate Investment ETF | $14,937,605 | $844,209 | 17.17 | 3,465 | Fidelity Proxy | Citadel | 0.59% |
| FFSM | 2/4/21 | Fidelity Small/Mid-Cap Opportunities ETF | $102,627,542 | $52,168,598 | 7.75 | 38,999 | Fidelity Proxy | RBC | 0.43% |
| FSST | 6/17/21 | Fidelity Sustainability U.S. Equity ETF | $15,477,071 | $1,968,089 | 12.41 | 1,854 | Fidelity Proxy | RBC | 0.59% |
| FDWM | 6/17/21 | Fidelity Women's Leadership ETF | $4,613,761 | $555,376 | 16.12 | 811 | Fidelity Proxy | RBC | 0.59% |
| TCHP | 8/5/20 | T. Rowe Price Blue Chip Growth ETF | $985,116,186 | $317,145,998 |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 12/31/2024
*Simple average
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