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Review of 2022 Through the Third Quarter

Market turbulence alongside ETF growth

October 18, 2022

At the beginning of this year, the New York Stock Exchange made five bold predictions for the active ETF market in 2022:

  1. Assets under management (AUM): Grow from $293.1 billion at the start of the year to exceed $425 billion by year-end 2022
  2. Full year cash flow: Another new record with over $80 billion
  3. Mutual fund to ETF conversions: 10+ issuers will complete Mutual Fund to ETF conversions totaling over $20 billion
  4. Active semi-transparent: 20+ ETFs will launch, and assets will exceed $10 billion
  5. Growth milestone: At least one issuer will eclipse $60 billon in AUM

So where are we after three quarters of 2022?

  • Assets have grown to $305.6 billion despite market conditions, but it looks like this prediction will fall short.
  • Year-to-date cash flows currently exceed $59.1 billion, so this prediction will likely come down to the final trading days of the calendar year. With investors looking to harvest some taxable losses, we remain optimistic that this rebalance activity will result in flows to actively managed funds, hitting our prediction for the year.
  • The industry welcomed eight active ETFs from five separate issuers via conversion from mutual funds with combined assets on conversion of $16.5 billion. A few additional issuers have publicly announced conversion plans, but this prediction looks like it may fall just short.
  • Eight new active semi-transparent ETFs came to market in the first three quarters and total assets stand at $4.37 billion. The current investable asset class limitation to U.S. equity is a real headwind. There are filings on the horizon, but we likely need to see investable asset class expansion.
  • Dimensional ended the quarter with $56.3 billion in assets and is on pace to exceed $60 billion with its current cash flows. JP Morgan ended the quarter at $49.4 billion in actively managed assets and has an outside chance to crack $60 billion at its current pace.

Beyond our bold predictions, there are three additional stats from the first three quarters of the year that stood out to us:

  • Firms with postive cash flow: 142 firms, or roughly 77% of firms
  • ETFs with postive cash flow: 639 active ETFs, or nearly 71% of all products
  • Over 55% of all ETF launches this year have been actively managed, slightly down from just over 60% in 2021

Quarterly Active ETF Cash Flows

Despite bearish market conditions, actively managed ETFs continue to see growth across all asset classes three quarters into 2022. Equity inflows continued to dominate headlines, accounting for over $47.6 billion of the total $56.3 billion taken in by the total active market. Domestic equity also lead the charge, accounting for just under two thirds of the equity inflows, with notable flows into both large cap and value funds. Domestic fixed income dominated global fixed income $5.8 billion vs. -$1.4 billion, as global fixed income was the only segment to see net outflows year-to-date. Ultra-short term comprised most of these domestic fixed income flows. Commodity flows, $4.1 billion, continued to cool after a record setting first quarter as many investors instead looked to alternatives to mitigate the impact of inflation and rising rates. Alternatives continued their record setting year with over $2.4 billion in inflows, causing the asset class to more than double year-to-date.

Active ETF Flows By Asset Class

Global EquityDomestic EquityDomestic Fixed IncomeGlobal Fixed IncomeCommoditiesAsset AllocationAlternativesCurrency
AUM LeaderDimensionalDimensionalJPMorganFirst TrustInvescoETCFirst TrustProShares
AUM Leader $B$13.6$39.9$27.9$16.5$7.4$1.7$1.0$0.6
YTD CF LeaderDimensionalJPMorganJPMorganDimensionalInvescoSTFiM Global PartnerProShares
YTD CF Leader $B$7.2$9.2$3.8$1.4$2.5$0.2$0.8$0.2

Source: Factset as of 9/30/2022

At the issuer level, Dimensional ($16.8 billion) narrowly surpassed JP Morgan ($16.0 billion) for the year-to-date cash flow crown. Investor interest remained strong in its suite of eight Core ETFs ($9.9 billion). Notably, all 24 of Dimensional’s ETFs have experienced inflows with its non-Core ETFs gathering nearly $7.0 billion, led by US High Profitability ETF (NYSE listed: DUHP). Right behind them, JP Morgan was led by the combination of strong flows into its Equity Premium Income ETF (NYSE listed: JEPI, $8.9 billion) and recent transfer to the NYSE Ultra Short Income ETF (NYSE listed: JPST, $3.8 billion). Rounding out the top five were First Trust ($6.0 billion), American Century ($5.9 billion) and Innovator ($3.6 billion). Collectively, the top five issuers by assets accounted for 60% of cash flow - a 10% reversal to the upside from last quarter and back in line with 2021 year-end totals.

% Flows Going to Top 5 Issuers

Across the industry, year-to-date positive flows by issuer remained unchanged at approximately 75% and nearly 23% saw inflows exceeding $100 million. Just outside of the top five, Capital Group ($3.4 billion- 2022 market entrant), Invesco ($1.8 billion-experienced Q3 outflows), Janus Henderson ($1.4 billion), and Amplify ($1.1 billion) all surpassed the $1 billion cash flow mark. Other notables included PGIM ($0.9 billion, led by Ultra Short ETF, NYSE listed: PULS), iM Global Partners ($0.8 billion, nearly $0.6 billion in Q3 alone across their two ETFs led by their Managed Futures ETF, NYSE listed: DBMF), Simplify ($0.6 billion, led by their suite of alternative ETFs that manage risk), and Goldman Sachs ($0.49 billion, 2.2x 2021 full year flows).

YTD Q3 2022 Cash Flow Leaders By Asset Class

YTD Q3 2022 Cash Flow Leaders By Asset Class

Source: Factset as of 9/30/2022

At the product level, year-to-date positive flows stayed flat at nearly 65% of all active ETFs and 192 (over 20%) experienced flows more than $50 million (often viewed as a break-even measure for an ETF). Within the Top 10 ETFs by year-to-date flow, it’s worth noting the reappearance of Ark’s Innovation ETF (NYSE listed: ARKK). Despite performance headwinds (down 61% year-to-date), the ETF has continued to see investor interest, gathering $1.5 billion.

TickerTop 10 ETFs by Cash Flow ($B)YTD Q3 2022 ($M)
JEPIJPMorgan Equity Premium Income ETF$8.9
JPSTJPMorgan Ultra-Short Income ETF$3.8
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF$2.5
DFACDimensional U.S. Core Equity 2 ETF$2.4
FTSMFirst Trust Enhanced Short Maturity ETF$2.1
FTGCFirst Trust Global Tactical Commodity Strategy Fund$2.0
AVUVAvantis U.S. Small Cap Value ETF$1.7
JIREJPMorgan International Research Enhanced Equity ETF$1.7
ARKKARK Innovation ETF$1.5
DFAIDimensional International Core Equity Market ETF$1.3
TickerBottom 10 ETFs by Cash Flow ($B)YTD Q3 2022 ($M)
MINTPIMCO Enhanced Short Maturity Active ETF$(2.3)
SRLNSPDR Blackstone Senior Loan ETF$(1.2)
FIXDFirst Trust TCW Opportunistic Fixed Income ETF$(1.0)
IVOLQuadratic Interest Rate Volatility & Inflation Hedge ETF$(1.0)
LMBSFirst Trust Low Duration Opportunities ETF$(0.9)
COMTiShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF$(0.8)
IGBHiShares Interest Rate Hedged Long-Term Corporate Bond ETF$(0.7)
BONDPIMCO Active Bond ETF$(0.6)
GSYInvesco Ultra Short Duration ETF$(0.6)

Source: Factset as of 9/30/2022

Last quarter we noted that the industry’s asset weighted expense ratio had ticked down from 0.52% to 0.42% and we’d be monitoring it going forward. This quarter, it ticked back up to 0.45%. A deeper dive reveals that ETFs priced at or below 0.50% secured 67% of the flows through quarter three, over their asset under management share of 57%. When we completed a similar analysis in 2021 (shown below), 39% of cash flow was secured by these ETFs and their share stood at 48%. Despite this reversal, new active ETF pricing continues to favor prices north of 0.50%, as evidenced by nearly 70% of ETFs launched this year falling into this bucket. More to come on this trend.

Expense Ratio9/30/22 AUM2022 CF% AUM% CF# ETFs
Expense Ratio9/30/22 AUM2022 CF% AUM% CF# ETFs

Source: Factset as of 9/30/2022

As the industry enters the final quarter of the year, we will be keeping a watchful eye on the evolving active ETF market and how our five 2022 predictions play out by year’s end.

Launch Monitor Through Quarter Three

Domestic Equity

75 ETFs Launched
$12.9 B Assets Raised

Domestic Fixed Income

13 ETFs Launched
$1.7 B Assets Raised


6 ETFs Launched
$180 M Assets Raised

Int'l/Global Equity

48 ETFs Launched
$9.8 B Assets Raised

Int'l/Global Fixed Income

13 ETFs Launched
$548 M Assets Raised

Asset Allocation

9 ETFs Launched
$212 M Assets Raised

Source: FactSet as of 9/30/2022, figures include MF-ETF conversions

Active ETF Stat Pack

# of Issuers183
# of New Issuers 202236
# of ETFs901AUM ($B)$305.55
# of New Launches 20221703 Yr AUM CAGR51%
Avg. ER0.45%5 Yr AUM CAGR51%
Cash FlowTrading
YTD Cash Flow ($B)$59.10YTD ADV (Shares) 124,804,654
3 Yr Cash Flow$217.90YTD ADV ($)$4.94 B
5 Yr Cash Flow$270.60YTD Avg. Spread (bps)*32.85

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/30/2022

*Simple average

Active, Semi-Transparent Update

TickerInceptionNameAUMYTD Cash Flow30-Day Med. Spread (bps)ADV (shares)StructureLMMExpense Ratio
EQOP09/17/2020Natixis U.S. Equity Opportunities ETF$8,562,663$1,421,07912.92866NYSE AMSCitadel0.85%
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$9,362,456$6,209,80011.4851,917NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$7,067,769$60213.835592NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$95,671,080$(30,976,312)10.9112,694NYSE AMSCitadel0.39%
MID07/15/2020American Century Mid Cap Growth Impact ETF$23,204,010$5,618,6269.844,508NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$5,987,033$1,144,3285.92387NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$6,941,055$1,688,8237.653,581NYSE AMSCitadel0.64%
NSCS08/05/2021Nuveen Small Cap Select ETF$4,906,400$(184,810)9.905472NYSE AMSCitadel0.85%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$4,263,325$210,1418.114,397NYSE AMSCitadel0.64%
NUGO09/28/2021Nuveen Growth Opportunities ETF$2,183,753,754$(10,483,170)7.11208,352NYSE AMSCitadel0.55%
SAEF11/16/2021Schwab Ariel ESG ETF$10,846,850$6,138,70035.383,647NYSE AMSFlow Traders0.59%
IWLG06/23/2022IQ Winslow Large Cap Growth ETF$12,299,670$8,138,67023.029,408NYSE AMSCitadel0.60%
IWFG06/23/2022IQ Winslow Focused Large Cap Growth ETF$5,291,220$1,036,60023.1454,275NYSE AMSCitadel0.65%
FDG04/02/2020American Century Focused Dynamic Growth ETF$124,088,216$(15,707,742)9.94525,551ActiveSharesCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$202,655,250$(6,101,754)10.448,244ActiveSharesCitadel0.42%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$330,686,929$11,550,85424.63128,929Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$105,437,116$17,227,72327.6526,573Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$60,240,956$5,870,66830.99512,345Fidelity ProxyGTS0.59%
FGRO02/04/2021Fidelity Growth Opportunities ETF$63,484,619$31,593,80413.015158,691Fidelity ProxyCitadel0.59%
FMAG02/04/2021Fidelity Magellan ETF$40,523,706$1,216,68912.2416,256Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$15,882,485$(314,917)8.915,834Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$24,495,418$(27,513)12.087,185Fidelity ProxyRBC0.59%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$5,867,811$1,428,95310.4751,336Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$2,322,819$23511.795559Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$237,703,544$82,062,94711.56122,129T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$155,107,461$58,562,97510.52527,274T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$88,855,992$47,732,5008.4718,114T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$36,063,955$6,155,41211.2114,648T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$20,494,798$3,091,60610.522,278T Rowe ProxyRBC0.52%
IVDG12/22/2020Invesco Focused Discovery Growth ETF$577,450$(310,730)10.53337Invesco ModelCitadel0.59%
IVSG12/22/2020Invesco Select Growth ETF$942,709$(1,820)10.075339Invesco ModelCitadel0.48%
IVLC12/22/2020Invesco US Large Cap Core ESG ETF$5,303,961$(24,960)16.2351,647Fidelity ProxyCitadel0.48%
IVRA12/22/2020Invesco Real Assets ESG ETF$2,846,722$1,085,24033.011,523Fidelity ProxyCitadel0.59%
Gabelli Love Our Planet & People ETF
GGRW02/16/2021Gabelli Growth Innovators ETF$2,212,140$(252,075)72.61484ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,050,690$244,38048.705131ActiveSharesGTS0.90%
FRTY03/01/2021Alger Mid Cap 40 ETF$28,395,125$6,256,00042.820,255ActiveSharesVirtu0.60%
ATFV05/04/2021Alger 35 ETF$9,130,000$268,250391,881ActiveSharesVirtu0.55%
REIT02/26/2021ALPS Active REIT ETF$16,003,545$(4,738,000)46.245,294Blue TractorGTS0.68%
STNC03/16/2021Stance Equity ESG Large Cap Core ETF$40,592,678$9,312,72618.6652,612Blue TractorGTS0.85%
PFUT05/26/2021Putnam Sustainable Future ETF$6,649,486$927,05335.472,180Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$5,656,557$6,66313.765339Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$9,157,434$2,263,70710.832,008Fidelity ProxyRBC0.55%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$45,927,111$33,024,67234.6311,988Fidelity ProxyVirtu0.55%
HFGO11/09/2021Hartford Large Cap Growth ETF$70,300,060$79,114,16929.4133,310Fidelity ProxyCitadel0.59%
SEMI03/30/2022Columbia Seligman Semiconductor and Technology ETF$12,162,062$9,448,10034.94510,521Fidelity ProxyVirtu0.75%
CAPE04/05/2022DoubleLine Shiller CAPE U.S. Equities ETF$130,192,820$143,548,00014.91598,597ActiveSharesCitadel0.65%
FMCX04/25/2022FMC Excelsior Focus Equity ETF$65,727,200$484,50052.2051,036ActiveSharesGTS0.70%
GABF05/11/2022Gabelli Financial Services Opportunities ETF$4,873,050$261,40035.82281ActiveSharesGTS0.00%
BYRE05/19/2022Principal Real Estate Active Opportunities ETF$4,808,738$5,497,34817.112,168Fidelity ProxyVirtu0.65%

Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 9/9/2022

*Simple average

September Active ETF Launches

TickerNameIssuerLaunch DateAsset ClassAUM
OSEAHarbor International Compounders ETFHarbor09/08/2022Equity$5,973,208
IDVOAmplify International Enhanced Dividend Income ETFAmplify Investments09/08/2022Equity$1,737,855
EMCAEmerge EMPWR Sustainable Dividend Equity ETFEmerge Capital Management, Inc.09/08/2022Equity$469,000
EMCHEmerge EMPWR Sustainable Emerging Markets Equity ETFEmerge Capital Management, Inc.09/08/2022Equity$469,000
EMZAEmerge EMPWR Sustainable Global Core Equity ETFEmerge Capital Management, Inc.09/08/2022Equity$465,000
EMGCEmerge EMPWR Sustainable Select Growth Equity ETFEmerge Capital Management, Inc.09/09/2022Equity$465,200
EMPWEmerge EMPWR Unified Sustainable Equity ETFEmerge Capital Management, Inc.09/09/2022Equity$494,045
KARBCarbon Strategy ETFExchange Traded Concepts09/13/2022Commodities$270,048
THLVTHOR Low Volatility ETFThor Trading Advisors LLC09/13/2022Equity$9,607,840
SDGSNewday Sustainable Development Equity ETFToroso Investments09/13/2022Equity$1,341,030
YEARAB Ultra Short Income ETFAllianceBernstein Holding09/14/2022Fixed Income$149,506,819
TAFIAB Tax-Aware Short Duration Municipal ETFAllianceBernstein Holding09/14/2022Fixed Income$25,873,940
OAIMOneAscent International Equity ETFOneascent Holdings LLC09/15/2022Equity$52,045,200
CCSOCarbon Collective Climate Solutions U.S. Equity ETFToroso Investments09/20/2022Equity$5,367,000
XSEPFT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - SeptemberFirst Trust09/22/2022Equity$39,703,559
JHDVJohn Hancock U.S. High Dividend ETFJohn Hancock09/28/2022Equity$4,883,640
AVGEAvantis All Equity Markets ETFAmerican Century Investments09/29/2022Equity$1,373,842
AVIEAvantis Inflation Focused Equity ETFAmerican Century Investments09/29/2022Equity$996,970
NOPENoble Absolute Return ETFToroso Investments09/29/2022Equity$503,048
NXTEAXS Green Alpha ETFAXS Investments09/29/2022Equity$25,588,440
SYNBPutnam BioRevolution ETFPutnam09/30/2022Equity$3,099,725
DIVDAltrius Global Dividend ETFAlpha Architect09/30/2022Equity$243,739
MAXISimplify Bitcoin Strategy PLUS Income ETFSimplify Asset Management Inc.09/30/2022Currency$250,313
Total - 23 New ETFs$330,728,460

Source: Factset as of 9/30/2022

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