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Update on the New Active ETF Market


Published
February 18, 2022
Since their inception nearly two years ago, semi-transparent ETFs have created new product development opportunities for asset managers. Given their growth, the NYSE decided to take a close look at the early successes of semi-transparent ETFs, including the market’s increase in assets under management (AUM), early product diversity, well-functioning secondary markets and what’s on the horizon. To date, the market includes 44 ETFs from 14 asset managers with total combined assets of $5.1 billion. By comparison, on the two-year anniversary (November 2010) of the fully transparent domestic equity ETF market, there were just five ETFs from four asset managers with total combined assets of $46 million. While the industry has evolved over the last 15 years, it’s remarkable how quickly both issuers and investors have embraced these innovative new structures.

Growth of Active Semi-Transparent ETFs

Source: Factset as of 2/14/2022

Most Recent Launches

Gabelli: On January 5, 2022, Gabelli launched its third active ETF: Gabelli Asset ETF (NYSE Arca: GAST). It joins the two strategies from Gabelli (NYSE Arca: LOPP & GGRW) that launched in February 2021 and uses the ActiveSharesTM structure.

Schwab: On November 16, 2021, Schwab launched its first active ETF: Schwab Ariel ESG ETF (NYSE Arca: SAEF). The ETF is sub-advised by Ariel Investments and uses the NYSE Active Proxy Structure.

Hartford: On November 9, 2021, Hartford launched its 15th active ETF and first ETF to shield alpha generation: Hartford Large Cap Growth ETF. The ETF uses the Fidelity Proxy Structure.

New Market Entry & Product Announcements

Principal: On February 9, 2022, Principal filed for the Principal Real Estate Active Opportunities ETF. The ETF seeks to invest in the real estate sector and will use the Fidelity Proxy Structure.

IndexIQ: On December 29, 2021, IndexIQ filed for two ETFs: IQ Winslow Large Cap Growth ETF & IQ Winslow Ultra Large Cap Growth ETF. The ETFs seek to invest in large cap securities and will use the NYSE Active Proxy Structure.

Columbia: On December 17, 2021, Columbia filed for the Columbia Seligman Semiconductor and Technology ETF. The ETF seeks to invest in the semiconductor industry and will use the Fidelity Proxy Structure.

Thrivent: On December 2, 2021, Thrivent filed for its first ETF, the Thrivent Small-Mid Cap ESG ETF. The ETF seeks to invest in small and mid-cap securities and will use the NYSE Active Proxy Structure.

DoubleLine: On October 4, 2021, DoubleLine filed for its first two ETFs including the DoubleLine Shiller CAPE U.S. Equities ETF. The ETF seeks to invest in U.S. securities and will use the ActiveSharesTM structure.

Previously Filed: BlackRock Future FinTech ETF, Cambiar ETF Suite, Capital Group ETF Suite, Gabelli ETF Suite, Goldman Sachs Multi-Asset Income ETF, First Manhattan FMC Excelsior Focus Equity ETF, FMI Large Cap ETF, JPMorgan Large Cap Growth ETF, John Hancock US Equity ETF, Nottingham Spinnaker Mid-Cap Alpha ETF, Ruane & Cunniff RCG ETF.

Not even two years in, these ETFs and structures appear here to stay. Asset managers are poised to take advantage of their additional flexibility to shield alpha techniques when desired, and investors and allocators are showing that they continue to value the accessibility and efficiency these ETFs provide. Two questions remain top of mind. When will the SEC approve structures like the NYSE Active Proxy Structure to invest in non-U.S. securities? When will the first asset manager complete a mutual fund to ETF conversion? We hope to see answers to both in 2022.

Active ETF Stat Pack

Firms
# of Issuers167
# of New Issuers 202212
ProductsAssets
# of ETFs776AUM ($B)$290.93
# of New Launches 2022273 Yr AUM CAGR160%
Avg. ER0.49%5 Yr AUM CAGR58%
Cash FlowTrading
YTD Cash Flow ($B)$12.60YTD ADV (Shares)117,664,983
3 Yr Cash Flow$188.50YTD ADV ($)$5.48 B
5 Yr Cash Flow$229.60YTD Avg. Spread (bps)*30.33

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 2/14/2022

*Simple average

Active, Semi-Transparent Update

TickerInceptionNameAUMYTD Flows30 Day Median Spread (bps)ADV (shares)StructureLMMExpense Ratio
EQOP09/17/2020Natixis U.S. Equity Opportunities ETF$9,903,027$12,59315.04169NYSE AMSCitadel0.90%
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$6,031,011$1,561,01617.4966NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$8,863,079$330,66615.74398NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$147,301,230$(5,060,623)15.0512,712NYSE AMSCitadel0.39%
MID07/15/2020American Century Mid Cap Growth Impact ETF$24,145,767$2,401,27115.325,890NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$6,460,080$-5.59224NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$6,242,904$-7.35806NYSE AMSCitadel0.64%
NSCS08/05/2021Nuveen Small Cap Select ETF$6,177,366$-13.47497NYSE AMSCitadel0.85%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$5,503,056$(16,226)7.541,560NYSE AMSCitadel0.64%
NUGO09/28/2021Nuveen Growth Opportunities ETF$2,937,557,070$68,106,3207.51138,536NYSE AMSCitadel0.55%
SAEF11/16/2021Schwab Ariel ESG ETF$9,843,000$2,602,25022.517,008NYSE AMSFlow Traders0.59%
FDG04/02/2020American Century Focused Dynamic Growth ETF$165,891,776$(15,608,844)15.7120,680ActiveSharesCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$227,719,347$(7,594,465)14.599,112ActiveSharesCitadel0.42%
CFCV05/28/2020ClearBridge Focus Value ETF$3,562,544$(78)56.21221ActiveSharesGTS0.50%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$432,027,140$(5,196,178)25.93191,534Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$108,484,665$5,911,54521.2434,521Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$61,466,175$(1,504,423)23.1517,881Fidelity ProxyGTS0.59%
FGRO02/04/2021Fidelity Growth Opportunities ETF$54,634,090$4,128,0785.7892,483Fidelity ProxyCitadel0.59%
FMAG02/04/2021Fidelity Magellan ETF$48,804,525$685,47314.3831,081Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$21,232,663$728,7434.4711,665Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$29,105,318$(1,205,345)14.113,937Fidelity ProxyRBC0.59%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$5,642,093$-14.171,733Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$2,828,475$-16.661,241Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$246,976,223$19,175,93714.22172,488T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$120,585,080$3,584,64510.0934,578T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$69,091,892$10,824,58110.622,422T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$45,015,979$2,757,74612.4510,171T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$22,781,476$1,209,10011.043,047T Rowe ProxyRBC0.52%
IVDG12/22/2020Invesco Focused Discovery Growth ETF$1,039,962$-16.82260Invesco ModelCitadel0.59%
IVSG12/22/2020Invesco Select Growth ETF$1,234,112$-15.68434Invesco ModelCitadel0.48%
IVLC12/22/2020Invesco US Large Cap Core ESG ETF$6,637,934$144,19013.681,107Fidelity ProxyCitadel0.48%
IVRA12/22/2020Invesco Real Assets ESG ETF$2,782,755$447,96035.731,036Fidelity ProxyCitadel0.59%
LOPP02/01/2021Gabelli Love Our Planet & People ETF$11,061,390$718,19072.53530ActiveSharesGTS0.90%
GGRW02/16/2021Gabelli Growth Innovators ETF$3,448,595$-36.551,072ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,975,719$-51.58107ActiveSharesGTS0.90%
FRTY03/01/2021Alger Mid Cap 40 ETF$33,934,000$(661,125)44.6226,595ActiveSharesVirtu0.60%
ATFV05/04/2021Alger 35 ETF$10,945,375$(906,500)46.922,600ActiveSharesVirtu0.55%
REIT02/26/2021ALPS Active REIT ETF$19,817,057$(4,863,650)35.9412,146Blue TractorGTS0.68%
STNC03/16/2021Stance Equity ESG Large Cap Core ETF$37,299,858$1,432,48033.233,016Blue TractorGTS0.85%
PFUT05/26/2021Putnam Sustainable Future ETF$8,005,983$545,43636.522,948Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$6,873,543$6,66312.34590Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$9,554,023$703,53311.472,740Fidelity ProxyRBC0.55%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$21,906,187$3,479,10728.7311,728Fidelity ProxyVirtu0.55%
HFGO11/09/2021Hartford Large Cap Growth ETF$72,518,270$57,222,31613.96341,354Fidelity ProxyCitadel0.59%
Total/Average$5,013,393,541$88,880,06521.39904,4660.60%

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 2/14/2022

*Simple average

Year to Date ETF Launches

TickerNameIssuerLaunch DateAsset ClassAUM
FLDZRiverNorth Volition America Patriot ETFTruemark Group01/03/2022Equity$3,543,885
GASTGabelli Asset ETFGAMCO Investors, Inc.01/05/2022Equity$3,514,140
UMMAWahed Dow Jones Islamic World ETFWahed01/07/2022Equity$29,572,250
QTJAInnovator Growth Accelerated Plus ETF - JanuaryInnovator01/03/2022Equity$8,411,700
XBJAInnovator U.S. Equity Accelerated 9 Buffer ETF - JanuaryInnovator01/03/2022Equity$12,956,350
XDJAInnovator U.S. Equity Accelerated ETF - JanuaryInnovator01/03/2022Equity$1,146,665
XTJAInnovator U.S. Equity Accelerated Plus ETF - JanuaryInnovator01/03/2022Equity$5,757,675
TRDFNextGen Trend and Defend ETFDinerbao SL01/06/2022Alternatives$1,735,155
EAFDSimplify Developed Ex-US PLUS Downside Convexity ETFSimplify Asset Management Inc.01/11/2022Equity$22,197,249
RTYDSimplify US Small Cap PLUS Downside Convexity ETFSimplify Asset Management Inc.01/11/2022Equity$3,557,424
EMGDSimplify Emerging Markets Equity PLUS Downside Convexity ETFSimplify Asset Management Inc.01/11/2022Equity$3,094,525
AVSCAvantis U.S Small Cap Equity ETFAmerican Century Investments01/13/2022Equity$1,411,839
NZROStrategy Shares Halt Climate Change ETFStrategy Shares01/11/2022Equity$1,130,175
JBBBJanus Henderson B-BBB CLO ETFJanus Henderson01/12/2022Fixed Income$62,450,000
IUSAAmberwave Invest USA JSG FundAmberwave Partners01/20/2022Equity$871,500
RSEERareview Systematic Equity ETFNeil Azous Revocable Trust01/21/2022Alternatives$9,955,600
SAGPStrategas Global Policy Opportunities ETFBaird Financial Group01/25/2022Equity$2,256,763
SAMTStrategas Macro Thematic Opportunities ETFBaird Financial Group01/25/2022Equity$4,650,034
CWCClockwise Capital Innovation ETFClockwise01/28/2022Equity$3,242,500
PUNKSubversive Metaverse ETFSubversive01/27/2022Equity$1,306,430
IRBAiMGP RBA Responsible Global Allocation ETFLitman Gregory Capital Partners LLC02/01/2022Asset Allocation$1,304,000
IWINAmplify Inflation Fighter ETFAmplify Investments02/02/2022Alternatives$5,019,520
WINNHarbor Long-Term Growers ETFHarbor02/03/2022Equity$6,012,500
NETZEngine No 1 Transform Climate ETFEngine No. 1 LLC02/03/2022Equity$46,384,873
WGMIValkyrie Bitcoin Miners ETFValkyrie Funds LLC02/08/2022Equity$46,176,090
LETBAdvisorShares Let Bob AI Powered Momentum ETFAdvisorShares02/09/2022Equity$15,748,110
BFIXBuild Bond Innovation ETFBuild Asset Management LLC02/10/2022Asset Allocation$7,381,559
Total - 27 New ETFs$310,788,511

Source: Factset as of 2/14/2022

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