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Review of Q1 2023: Growing market share

April 26, 2023

As the ETF industry enters its 30th year and the active market enters its 16th year, the New York Stock Exchange made five more bold predictions for the active ETF market in 2023:

  1. Assets under management (AUM): Grow from $340 billion to exceed $450 billion by year end 2023
  2. Full-year cash flow: Make it three years in a row with over $80 billion
  3. Mutual fund to ETF conversions: 15+ issuers will complete mutual fund to ETF conversions totaling over $20 billion
  4. Active semi-transparent: 10+ ETFs will launch, and assets will exceed $7.5 billion
  5. Growth milestone: At least two issuers will eclipse $75 billion in AUM

So how did we do through quarter one?

  • Assets have grown to over $380 billion. Give us three more quarters of comparable growth and we will have hit the mark.
  • Quarter one cash flow totaled $26.5 billion. A pace that sets us on course for the full year and is ahead of last year’s quarter one total.
  • The industry welcomed six active ETFs from five separate issuers via conversion in quarter one, with combined assets on conversion of $1.0 billion. A healthy start, but we will need to see assets climb.
  • Five new active semi-transparent ETFs came to market in Q1 2023, and assets now stand at $6.2 billion. Despite continued investment limitations, the broader market had nearly matched the full-year 2022 total with nearly $1 billion in new cash flow in Q1 2023.
  • Dimensional ended the quarter with $82.8 billion in assets. We are halfway there. JPMorgan continues to grow and now sits within striking distance with $66.4 billion.

Beyond our bold predictions, there are three additional stats from the quarter that stood out to us:

  • Active ETF cash flow as a percentage of total ETF industry cash flow: 33%, a new record for a quarter
  • Firms with positive cash flow: 149 firms, or nearly 70% of firms; down from 80% for full year 2022
  • ETFs with positive cash flow: 534 active ETFs, or slightly over 50% of all ETFs; down from 649 for full year 2022

Quarterly Active ETF Cash Flows

Source: Factset as of 3/31/2023

Passive vs Active Quarterly Cash Flows

Source: Factset as of 3/31/2023

The actively managed ETF industry grew across most asset classes through Q1 2023. Equity flows continued to be the story of the industry, leading the way with $22.2 billion. Investors favored domestic equity exposure (+$16.6 billion) to global (+$6.2 billion). Notably, ETFs that focused on core building block exposures, value and offered an options overlay led the way. Fixed income flows, $6.1 billion, rallied from a slow 2022 (+$8.4 billion). Investors demonstrated renewed interest in core/intermediate-term strategies and continued interest in short-term and CLO strategies. Alternatives, $0.04 billion, lost their record 2022 flow momentum. The combination of managed futures and real return strategies that were in vogue in 2022 experienced a more muted start to the year. Commodities continued a trend from the second half of 2022 with outflows of $1.3 billion.

Active ETF Flows by Asset Class

Source: Factset as of 3/31/2023

Global EquityDomestic EquityDomestic Fixed IncomeGlobal Fixed IncomeCommoditiesAsset AllocationAlternativesCurrency
AUM LeaderDimensionalDimensionalJPMorganFirst TrustInvescoCabanaAdvanced Research (ARIS)WisdomTree
AUM Leader $B$24.7$53.1$30.6$15.9$5.7$1.2$1.1$0.4
Q1 CF LeaderDimensionalJPMorganJPMorganDimensionalNeuberger BermanETF ArchitectAdvanced Research (ARIS)Simplify
Q1 CF Leader $B$3.3$7.0$1.4$0.8$0.1$0.03$0.1$0.01

Source: Factset as of 3/31/2023

At the issuer level, JPMorgan and Dimensional again positioned themselves to be cash flow leaders in 2023, taking in $8.7 billion and $7.4 billion, respectively. The two firms demonstrated leadership in different ways, as Dimensional had inflows into all 30 ETFs during the quarter while JPMorgan had two of the top three biggest cash flow winners of the quarter: JEPI (+$6.0 billion), JEPQ (+1.0 billion) and JPST (+$0.9 billion). American Century/Avantis (+$2.8 billion), Capital Group (+$1.8 billion), First Trust (+$1.4 billion), Putnam (+$1.3 billion) and Innovator (+$1.0 billion) rounded out the list of issuers with greater than $1 billion in cash flows for their actively managed lineups. American Century/Avantis and Capital Group both saw flows across their lineups into their broader market, lower cost actively managed ETFs. Notably, neither firm had an ETF with an outflow during the quarter. First Trust primary flows were across short duration and core fixed income along with a range of its defined outcome strategies. Putnam nearly cracked the top five for the first time with strong inflows into its equity and fixed income ESG ETFs. Innovator’s flows were largely driven by its US-focused Jan-March Power Buffer defined outcome strategies.

Q1 2023 Cash Flow Leaders by Asset Class

Q1 2023 Cash Flow Leaders by Asset Class

During Q1, over 65% of issuers experienced positive cash flows and nearly a fourth had cash flows in excess of $25 million. In addition to the seven issuers mentioned above, Janus Henderson (+$0.8 billion), Fidelity (+$0.8 billion), PGIM (+$0.5 billion), Amplify (+$0.3 billion) and AXS (+0.3 billion) all crossed $0.25 billion in net cash flows. These five issuers found varied paths to their success, from ultra-short fixed income (PGIM), dividend income (Amplify), AAA-rated CLOs (Janus Henderson), core fixed income (Fidelity) and single ETF/stock inverse (AXS).

TickerTop 10 ETFs by Cash Flow ($B)Q1 2023 ($M)
JEPIJPMorgan Equity Premium Income ETF$6,079
DFACDimensional U.S. Core Equity 2 ETF$1,185
JEPQJ.P. Morgan Nasdaq Equity Premium Income ETF$978
JPSTJPMorgan Ultra-Short Income ETF$973
AVUVAvantis U.S. Small Cap Value ETF$822
FBNDFidelity Total Bond ETF$764
DFICDimensional International Core Equity 2 ETF$748
JAAAJanus Detroit Street Trust Janus Henderson AAA CLO ETF$595
AVUSAvantis U.S. Equity ETF$558
DFCFDimensional Core Fixed Income ETF$558

Source: Factset as of 12/31/2022

At the product level, over 50% of active ETFs saw positive flows for the quarter and 114 experienced flows over $50 million (often viewed as a general break-even measure for an ETF). The industry’s asset weighted expense ratio stayed steady at 0.44% through the quarter. Nearly 80% of all cash flows went into ETFs with expense ratios below the industry average. In spite of this, only six of the 54 ETFs launched during the quarter offered an expense ratio below the industry average.

Expense Ratio3/31/23 AUMQ1 2023 CF% AUM% CF# ETFs
Expense Ratio3/31/22 AUMQ1 2022 CF% AUM% CF# ETFs

Source: Factset as of 3/31/2023

Q1 2023 Launch Monitor

Domestic Equity

21 ETFs Launched

$1.3 B Assets Raised

Domestic Fixed Income

4 ETFs Launched

$0.7 B Assets Raised


4 ETFs Launched

$75 M Assets Raised

Int'l/Global Equity

14 ETFs Launched

$265 M Assets Raised

Int'l/Global Fixed Income

5 ETFs Launched

$270 M Assets Raised

Asset Allocation

5 ETFs Launched

$212 M Assets Raised

Source: FactSet as of 3/31/2023, figures include MF-ETF conversions; Other includes Asset Allocation, Commodities & Currencies

In the first quarter of 2023, 54 actively managed ETFs launched raising $2.8 billion in assets. Launches came from 34 different issuers, including six first-time issuers. ETF development continued to focus on equities with nearly 65% of new ETFs focused on the asset class. During the quarter, Putnam launched the most ETFs and also raised the most assets, totaling five and $0.8 billion, respectively.

Q1 2023 ETF Launches

TickerNameIssuerLaunch DateAsset ClassAUM
Gabelli Commercial Aerospace & Defense ETF
WCEOHypatia Women CEO ETFHypatia Capital01/09/2023Equity$2,030,400
ENAVMohr Sector Navigator ETFMohr Funds01/11/2023Equity$26,676,663
ZSBUSCF Sustainable Battery Metals Strategy FundUSCF01/11/2023Commodities$2,335,200
MEMXMatthews Emerging Markets ex China Active ETFMatthews Asia01/11/2023Equity$3,966,080
CLOABlackRock AAA CLO ETFiShares01/12/2023Fixed Income$30,231,240
PIMCO Preferred & Capital Securities Active ETF
PIMCO01/19/2023Fixed Income$46,170,000
PCRBPutnam ESG Core Bond ETFPutnam01/20/2023Fixed Income$460,237,650
PHYDPutnam ESG High Yield ETFPutnam01/20/2023Fixed Income$100,984,095
PULTPutnam ESG Ultra Short ETFPutnam01/20/2023Fixed Income$118,889,021
PPEMPutnam PanAgora ESG Emerging Markets Equity ETFPutnam01/20/2023Equity$18,552,080
PPIEPutnam PanAgora ESG International Equity ETFPutnam01/20/2023Equity$128,582,668
GDEFGoldman Sachs Defensive Equity ETFGSAM01/23/2023Equity$6,548,390
GJANFT Cboe Vest U.S. Equity Moderate Buffer ETF - JanuaryFT Cboe Vest01/23/2023Equity$173,330,761
CLOZPanagram BBB-B CLO ETFPanagram01/24/2023Fixed Income$67,608,000
TPMNTimothy Plan Market Neutral ETFTimothy Plan01/25/2023Alternatives$60,535,917
FTBDFidelity Tactical Bond ETFFidelity01/26/2023Fixed Income$14,769,521
MEDXHorizon Kinetics Medical ETFHorizon Kinetics01/30/2023Equity$18,338,313
SPAQHorizon Kinetics SPAC Active ETFHorizon Kinetics01/30/2023Equity$14,120,221
FEBTAllianzIM U.S. Large Cap Buffer10 Feb ETFAllianz Investment Management02/01/2023Equity$33,072,928
FEBWAllianzIM U.S. Large Cap Buffer20 Feb ETFAllianz Investment Management02/01/2023Equity$52,602,480
CVSECalvert US Select Equity ETFMorgan Stanley02/01/2023Equity$27,439,500
CVSBCalvert Ultra-Short Investment Grade ETFMorgan Stanley02/01/2023Fixed Income$21,727,040
LALTFirst Trust Multi-Strategy Alternative ETFFirst Trust02/01/2023Alternatives$995,390
RYSECboe Vest 10 Year Interest Rate Hedge ETFCboe Vest02/03/2023Alternatives$3,257,675
SROICalamos Antetokounmpo Global Sustainable Equities ETFCalamos02/06/2023Equity$7,502,994
KRUZUnusual Whales Subversive Republican Trading ETFSubversive02/07/2023Equity$4,798,300
NANCUnusual Whales Subversive Democratic Trading ETFSubversive02/07/2023Equity$6,206,075
Return Stacked Bonds & Managed Futures ETF
Return Stacked02/08/2023Alternatives$10,005,270
SURISimplify Propel Opportunities ETFSimplify02/08/2023Asset Allocation$57,208,660
CAMXCambiar Aggressive Value ETFCambiar Funds02/13/2023Equity$46,076,431
SUPPEngine No. 1 Transform Supply Chain ETFEngine No. 102/15/2023Equity$9,644,934
NVIRHorizon Kinetics Energy and Remediation ETFHorizon Kinetics02/22/2023Equity$2,383,095
BEMBiShares J.P. Morgan Broad USD Emerging Markets Bond ETFiShares02/24/2023Fixed Income$40,402,000
LJIMLong Cramer Tracker ETFTuttle Capital Management03/02/2023Equity$987,391
SJIMInverse Cramer Tracker ETFTuttle Capital Management03/02/2023Equity$5,542,871
MARTAllianzIM U.S. Large Cap Buffer10 Mar ETFAllianz Investment Management03/01/2023Equity$7,607,760
MARWAllianzIM U.S. Large Cap Buffer20 Mar ETFAllianz Investment Management03/01/2023Equity$27,793,480
CAOSAlpha Architect Tail Risk ETFAlpha Architect03/06/2023Asset Allocation$147,777,422
JPSVJPMorgan Active Small Cap Value ETFJPMAM03/08/2023Equity$10,184,550
AWEGAlger Weatherbie Enduring Growth ETFAlger03/07/2023Equity$3,108,625
BSVOEA Bridgeway Omni Small-Cap Value ETFBridgeway03/13/2023Equity$734,704,427
JCHIJPMorgan Active China ETFJPMAM03/16/2023Equity$13,221,000
FUSIAmerican Century Multisector Floating Income ETFAmerican Century03/16/2023Fixed Income$20,040,960
GMARFT Cboe Vest U.S. Equity Moderate Buffer ETF - MarchFT Cboe Vest03/20/2023Domestic$69,358,860
FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March
FT Cboe Vest03/20/2023Domestic$112,886,310
BIGBRoundhill Big Bank ETFRoundhill03/21/2023Domestic$4,102,944
BITCBitwise Bitcoin Strategy Optimum Roll ETFBitwise03/21/2023Global$626,775
LOWVAB US Low Volatility Equity ETFAllianceBernstein03/22/2023Domestic$5,555,152
HIDVAB US High Dividend ETFAllianceBernstein03/22/2023Domestic$6,057,505
FWDAB Disruptors ETFAllianceBernstein03/22/2023Global$5,120,524
DYTASGI Dynamic Tactical ETFSummit Global03/30/2023Global$2,509,000
HARDSimplify Commodities Strategy No K-1 ETFSimplify03/28/2023Global$3,127,900
SGLCSGI U.S. Large Cap Core ETFSummit Global03/31/2023Domestic$2,500,000
Total - 54 New ETFs

Active ETF Stat Pack

# of Issuers220
# of New Issuers 202310
# of ETFs1017AUM ($B)$380.91
# of New Launches 2023543 Yr AUM CAGR60%
Avg. ER0.44%5 Yr AUM CAGR51%
Cash FlowTrading
YTD Cash Flow ($B)$26.52YTD ADV (Shares)138.760.650
3 Yr Cash Flow$254.52YTD ADV ($)$4.62 B
5 Yr Cash Flow$315.34YTD Avg. Spread (bps)*31.09

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2023

*Simple average

Active, Semi-Transparent ETFs

TickerInceptionNameAUMYTD Cash Flow30-Day Med. Spread (bps)ADV (shares)StructureLMMExpense Ratio
EQOP09/17/2020Natixis U.S. Equity Opportunities ETF$9,109,618-$41,31514.6860NYSE AMSCitadel0.85%
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$21,122,750$7,945,82111.529,328NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$7,173,259$014.22169NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$117,260,400$1,451,22612.904,177NYSE AMSCitadel0.39%
MID07/15/2020American Century Mid Cap Growth Impact ETF$36,388,960$5,445,12912.553,832NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$7,364,240$340,5309.51323NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$7,998,688$250,3219.22339NYSE AMSCitadel0.64%
NSCS08/05/2021Nuveen Small Cap Select ETF$5,625,698$014.6843NYSE AMSCitadel0.85%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$5,085,300$188,86110.20255NYSE AMSCitadel0.64%
NUGO09/28/2021Nuveen Growth Opportunities ETF$2,449,429,600$84,418,25910.85131,751NYSE AMSCitadel0.55%
SAEF11/16/2021Schwab Ariel ESG ETF$14,133,777$427,65044.731,881NYSE AMSFlow Traders0.59%
IWLG06/23/2022IQ Winslow Large Cap Growth ETF$18,386,550$3,717,51025.012,246NYSE AMSCitadel0.60%
IWFG06/23/2022IQ Winslow Focused Large Cap Growth ETF$6,087,207$025.61125NYSE AMSCitadel0.65%
TSME10/05/2022Thrivent Small-Mid Cap ESG ETF$123,208,400$49,986,31412.7230,299NYSE AMSRBC0.65%
JPSV03/08/2023JPMorgan Active Small Cap Value ETF$10,357,367$719,8509.151,958NYSE AMSCitadel0.74%
SGLC03/31/2023SGI U.S. Large Cap Core ETF$2,531,790$2,499,97524.41#NAME?NYSE AMSGTS0.85%
FDG04/02/2020American Century Focused Dynamic Growth ETF$138,504,097$133,08010.727,159ActiveSharesCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$225,437,226$7,332,88010.278,859ActiveSharesCitadel0.42%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$494,560,500$26,256,03134.3189,476Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$132,162,500-$599,43431.1417,028Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$92,430,000$4,490,02228.6812,809Fidelity ProxyGTS0.59%
FGRO02/04/2021Fidelity Growth Opportunities ETF$145,090,500$74,459,62215.40121,475Fidelity ProxyCitadel0.59%
FMAG02/04/2021Fidelity Magellan ETF$43,500,000-$945,92012.196,372Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$15,933,380-$1,025,69914.813,295Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$30,886,500$2,218,2398.976,031Fidelity ProxyRBC0.59%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$8,806,680$952,51213.701,420Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$4,948,928$2,106,61313.82314Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$330,324,500$27,717,7879.68105,165T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$305,639,054$32,038,5358.5844,773T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$103,708,498$8,071,1489.6514,827T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$42,096,950$1,238,93010.866,826T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$24,925,152$1,82610.652,431T Rowe ProxyRBC0.52%
IVDG12/22/2020Invesco Focused Discovery Growth ETF$603,006-$102,86010.63342Invesco ModelCitadel0.59%
IVSG12/22/2020Invesco Select Growth ETF$915,300-$10,16010.161,255Invesco ModelCitadel0.48%
IVLC12/22/2020Invesco US Large Cap Core ESG ETF$5,865,600-$36016.07656Fidelity ProxyCitadel0.48%
IVRA12/22/2020Invesco Real Assets ESG ETF$3,120,217$041.07988Fidelity ProxyCitadel0.59%
Gabelli Love Our Planet & People ETF
GGRW02/16/2021Gabelli Growth Innovators ETF$2,382,422$042.05101ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,638,648$045.4423ActiveSharesGTS0.90%
GABF05/11/2022Gabelli Financial Services Opportunities ETF$5,752,777$144,46564.13166ActiveSharesGTS0.00%
Gabelli Commercial Aerospace & Defense ETF
FRTY03/01/2021Alger Mid Cap 40 ETF$28,939,138-$974,00055.199,894ActiveSharesVirtu0.60%
ATFV05/04/2021Alger 35 ETF$9,711,225-$181,00065.85262ActiveSharesVirtu0.55%
AWEG03/07/2023Alger Weatherbie Enduring Growth ETF$3,184,123$2,108,62572.189,280ActiveSharesVirtu0.65%
REIT02/26/2021ALPS Active REIT ETF$18,148,249$744,05030.443,208Blue TractorGTS0.68%
STNC03/16/2021Hennessy Stance ESG Large Cap ETF$44,743,595$539,26413.022,079Blue TractorGTS0.85%
DYTA03/30/2023SGI Dynamic Tactical ETF#NAME?$027.96#NAME?Blue TractorGTS0.95%
PFUT05/26/2021Putnam Sustainable Future ETF$161,080,978$151,979,16332.599,025Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$346,170,848$340,009,87910.97257,085Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$26,940,540$15,095,59611.2114,220Fidelity ProxyRBC0.55%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$148,602,947$10,599,71129.6822,965Fidelity ProxyVirtu0.55%
HFGO11/09/2021Hartford Large Cap Growth ETF$84,011,113$030.221,328Fidelity ProxyCitadel0.59%
SEMI03/30/2022Columbia Seligman Semiconductor and Technology ETF$18,220,759$1,342,00036.182,948Fidelity ProxyVirtu0.75%
CAPE04/05/2022DoubleLine Shiller CAPE U.S. Equities ETF$244,875,939$21,181,20017.2853,380ActiveSharesCitadel0.65%
FMCX04/25/2022FMC Excelsior Focus Equity ETF$73,443,668-$69,30017.88235ActiveSharesGTS0.70%
BYRE05/19/2022Principal Real Estate Active Opportunities ETF$5,063,389$025.30347Fidelity ProxyVirtu0.65%

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2023

*Simple average

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