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Review of 2023: The active ETF market delivers

January 18, 2024
In the beginning of 2023 as the ETF industry entered its 30th year and the active market began its 16th year, the New York Stock Exchange made five more bold predictions:
  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 in 2023?

  • Assets have grown to over $530 billion. Well exceeding our prediction and resulting in a 1 Year CAGR of nearly 56%.
  • Cash flow totaled nearly $128 billion for the year, led by a record breaking Q4 that saw nearly $50 billion enter the market. On the heels of this, our three-peat became a reality.
  • The industry welcomed 36 active ETFs from 18 separate issuers via conversion, with combined assets on conversion of $13.7 billion. Maybe a half point for hitting on the number of conversions and missing on the total?
  • Eight new active semi-transparent ETFs came to market and assets now stand at $5.7 billion. Despite continued investment limitations, these ETFs experienced record cash flow of nearly $2 billion of inflows. Double the total for full year 2022.

Hitting three and a half out of five of our predictions marks continued improvement over our two for five performance in 2021 and three for five performance in 2022. All told, the active ETF market delivered in a big way in 2023.

Beyond our bold predictions, there are a few additional stats from the year that stood out to us:

  • Active ETF cash flow as a percentage of total ETF industry cash flow: 21.5%, down from ~30% during the first three quarters of the year, yet continuing to well exceed the market’s ~5% asset market share
  • Quarterly cash flow: $46.8 billion, a new quarerly record that resets the tables for 2024
  • Active ETF launches as a percentage of total ETF launches: 73.5%, another new record for the industry; activity was spread across 395 ETFs and 125 issuers
  • Firms with positive cash flow: 204 firms, over 75% of issuers; up over 5% compared to the prior quarter end of 2023
  • ETFs with positive cash flow: 930 active ETFs, or roughly 70% of all ETFs; up 5% compared to the prior quarter end of 2023

Quarterly Active ETF Cash Flows

Source: Factset as of 12/31/2023

Passive vs Active Quarterly Cash Flows

Source: Factset as of 12/31/2023

The actively managed ETF industry continued to see mixed growth across asset classes through the year-end. Equity flows remained the story of the industry, leading the way with $95.4 billion. Investors favored domestic equity exposure (+$71.1 billion) to global (+$24.3 billion). ETFs that focused on core building-block exposures, value tilts or offered an options overlay continued to lead the way. Fixed income flows, $35.4 billion, remained in favor of global exposures (+$19.6 billion) vs. domestic exposures (+$14.7 billion). For global exposures, investors demonstrated ongoing interest in more Core+/Go-anywhere strategies along with Janus Henderson’s CLO ETF (JAAA, +$3.5 billion). For domestic exposures, short term/cash alternatives, municipal and MBS strategies were in favor. Currencies ended the year with positive inflows of nearly $480 million led by ProShares Bitcoin Futures ETF (BITO, +$570 million). Alternatives again reversed their trend and ended the year with outflows of $302 million. Commodities and asset allocation strategies all saw outflows through the year. The outflows were led by commodities (-$1.5 billion, +~$400 million quarter-over-quarter).

Active ETF Flows by Asset Class

Source: Factset as of12/31/2023

Global EquityDomestic EquityDomestic Fixed IncomeGlobal Fixed IncomeCommoditiesAsset AllocationAlternativesCurrency
AUM LeaderDimensionalDimensionalJPMorganFirst TrustInvescoWisdomTreeFirst TrustProShares
AUM Leader $B$36.1$72.7$27.7$17.3$4.6$1.3$1.2$1.7
Q4 CF LeaderDimensionalDimensionalJanusDimesionalFirst TrustPlanRockSimplifyProShares
Q4 CF Leader $B$3.2$4.2$1.6$1.6$0.02$0.1$0.1$0.36
24' CF LeaderDimensionalJPMorganJanusFidelityPIMCOInnovatorSimplifyProShares
24' CF Leader $B$12.7$21.0$2.7$3.8$0.2$0.1$0.5$0.58

Source: Factset as of 12/31/2023

At the issuer level, Dimensional (+$31.3 billion) pulled further away from JPMorgan ($+24.0 billion) to claim the 2024 cash-flow crown. Dimensional secured the crown through consistent growth across its lineup, keeping its streak of positive cash flow into 100% of its 38 ETFs. Meanwhile, JPMorgan retained the two biggest cash-flow winners for the year: JEPI (+$12.9 billion) and JEPQ (+$6.8 billion). American Century/Avantis (+$13.1 billion), Capital Group (+$10.5 billion) and First Trust/Cboe Vest (+$8.2 billion) rounded out the top five. American Century/Avantis (+$4.8 billion) and Capital Group (+4.7 billion) both saw flows accelerate in quarter four across their lineups and into their broader market, lower cost actively managed ETFs. Notably, Capital Group ended the year with inflows into all 14 of its ETFs, while American Century/Avantis had inflows into 39 of its 42 ETFs. First Trust’s primary flows were across a range of its defined outcome strategies with Cboe Vest (+$7.7 billion). The lineup was led by its Fund of Buffer ETF (BUFR, +$1.9 billion). Janus (+$6.2 billion), Fidelity (+$4.6 billion), Innovator (+$3.8 billion), PIMCO (+2.9 billion, $1.6 billion in in Q4), PGIM (+$2.2 billion), Simplify (+$1.8 billion), YieldMax (+1.7 billion), Putnam (+$1.4 billion), T. Rowe Price (+$1.3 billion, +~$600 in Q4), Principal (+$1.1 billion, +~$750 million in Q4) and Amplify (+$1 billion, +~$625 million in Q4) rounded out the list of issuers with greater than $1 billion in cash flows for their actively managed lineups. Janus was carried by continued flows in its CLO ETF (JAAA, +$3.4 billion, +$1.4 billion in Q4) and new inflows into its mortgage-backed security ETF (JMBS, +$2.7 billion, +$1.6 billion in Q4). Fidelity’s flows were driven by additional inflows into its Total Bond ETF (FBND, +$3.9 billion, +$1.3 billion quarter-over-quarter). Notably, Fidelity also converted 11 mutual funds into ETFs representing $9.1 billion at conversion. PIMCO, Principal and Amplify saw the largest quarter-over-quarter growth amongst this group. PIMCO was led by increased interest in its short-maturity ETF, MINT, (+$1.4 billion, +$0.7 billion in Q4). Principal was led by its Mega Cap ETF, USMC, (+$600 million, +$410 million in Q4) and Amplify by its Transformational Data Sharing ETF, BLOK (+$380 million, +$412 in Q4). Lastly, YieldMax was the novel story of 2023. Its alternative income focused lineup grew to 18 ETFs during the year and flows were led by +$1.0 billion into its Tesla focused ETF, TSLY.

2023 Cash Flow Leaders by Asset Class

YTD Q3 2023 Cash Flow Leaders by Asset Class

Source: Factset as of 12/31/2023

Through the year, over 75% of issuers experienced positive cash flows and 64 firms had cash flows in excess of $100 million. In addition to the issuers mentioned above, Direxion (+$962 million), Vanguard (+$936 million), AB (+$913 million), Allianz (+$832 million), Franklin Templeton (+$831 million), Neos (+$818 million), Envestnet (+$797 million), Alpha Architect (+$737 million), VictoryShares (+$682 million), ProShares (+$580 million), DoubleLine (+$560 million), Main Funds (+$516 million), and Hartford (+$510 million) all eclipsed $500 million in flows. Direxion was led by its single stock levered ETF tied to Tesla (TSLL, +$575 million) as well as the recently launched non-leverage/inverse ETF with Howard Capital Management (HCMT, +$203 million). Vanguard and AB were led by flows into their ultra-short term fixed income ETFs, VUSB (+$807 million), YEAR (+$445 million) and TAFI (+$231 million). Other notable leaders amongst this group included: Neos’s income focused, SPYI (+$553 million), Alpha Architect’s ultra short focused, BOXX (+$674 million) and Hartford’s core bond focused, HTRB (+$413 million).

TickerTop 10 ETFs by Cash Flow2023 ($M)
JEPIJPMorgan Equity Premium Income ETF$12,936
JEPQJ.P. Morgan Nasdaq Equity Premium Income ETF$6,828
DFACDimensional U.S. Core Equity 2 ETF$4,220
FBNDFidelity Total Bond ETF$3,865
JAAAJanus Detroit Street Trust Janus Henderson AAA CLO ETF$3,405
CGDVCapital Group Dividend Value ETF$3,324
AVUVAvantis U.S. Small Cap Value ETF$2,959
JMBSJanus Henderson Mortgage-Backed Securities ETF$2,707
DFICDimensional International Core Equity 2 ETF$2,548
AVDVAvantis International Small Cap Value ETF$2,279

Source: Factset as of 9/30/2023

At the product level, roughly 70% of active ETFs saw positive flows through the year and 333 experienced flows over $50 million (often viewed as a general break-even measure for an ETF). The industry’s asset weighted expense ratio ticked down 1 bps to 0.42%. Roughly 75% of all cash flows went into ETFs with expense ratios below the industry average, a 5% drop from the prior quarter of 2023. Despite this, only 97 of the 395 ETFs launched during the year offered an expense ratio below the industry average.

Expense Ratio12/31/23 AUMQ4 2023 CF% AUM% CF# ETFs
xpense Ratio12/31/22 AUMQ4 2022 CF% AUM% CF# ETFs

Source: Factset as of 12/31/2023

2023 Launch Monitor

Domestic Equity

179 ETFs Launched

$18.8 B Assets Raised

Domestic Fixed Income

44 ETFs Launched

$4.5 B Assets Raised

Asset Allocation

33 ETFs Launched

$1.1 B Assets Raised

Int'l/Global Equity

83 ETFs Launched

$5.9 B Assets Raised

Int'l/Global Fixed Income

27 ETFs Launched

$2.2 B Assets Raised


29 ETFs Launched

$679 B Assets Raised

Source: FactSet as of 12/29/2023, figures include MF-ETF conversions; Other includes Alternative, Commodities & Currencies

During 2023, 395 (+146 compared to 2022) actively managed ETFs launched, raising $33.2 billion (+$20.6 billion compared to 2022) in assets. Launches came from 125 different issuers, including 61 first-time issuers. ETF development continued to focus on equities with over 65% of new ETFs focused on the asset class. FT/Cboe Vest led launches with 23 ETFs. Innovator (+19), iShares/BlackRock (+18), YieldMax (+16) and Fidelity (+13) rounded out the top five. JPMorgan raised the most assets into its 11 new ETFs with $2.9 billion, while Fidelity (+$9.7 billion) and Dimensional (+$1.2 billion) were most aided by conversions.

Bold predictions for 2024

We have five new bold predictions for what 2024 will entail:

  1. AUM: Grow from $530 billion to exceed $750 billion by year-end 2024
  2. Full-year cash flow: A new highwater mark of over $150 billion
  3. Launch activity: 400 new active ETFs from over 100 issuers
  4. Growth milestone: One quarter of over $50 billion in cash flow and one issuer with over $40 billion for the year
  5. Regulatory: Either active, semi-transparent will see expansion to another asset class or multi-share class will receive approval by the SEC

Active ETF Stat Pack

# of Issuers250
# of New Issuers 202357
# of ETFs1257AUM ($B)$492.34
# of New Launches 20233733 Yr AUM CAGR45%
Avg. ER0.42%5 Yr AUM CAGR48%
Cash FlowTrading
YTD Cash Flow ($B)$109.56YTD ADV (Shares)139,845,388
3 Yr Cash Flow$288.19YTD ADV ($)$4.54 B
5 Yr Cash Flow$365.57YTD Avg. Spread (bps)*28.38

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 7/21/2023

*Simple average

Active, Semi-Transparent ETFs

TickerInceptionNameAUMYTD Flows30 Day Median Spread (bps)ADV (shares)StructureLMMExpense Ratio
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$32,089,369$15,344,67413.485,403NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$3,639,689-$4,182,98213.82693NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$177,416,982$39,665,41611.226,696NYSE AMSCitadel0.39%
MID.ETF07/15/2020American Century Mid Cap Growth Impact ETF$56,117,820$19,680,69313.513,791NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$12,836,068$4,021,1099.561,521NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$12,926,138$4,021,1898.151,269NYSE AMSCitadel0.64%
NSCS08/05/2021Nuveen Small Cap Select ETF$6,473,688$011.22112NYSE AMSCitadel0.85%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$6,517,500$188,8618.54126NYSE AMSCitadel0.64%
SAEF11/16/2021Schwab Ariel ESG ETF$20,218,600$4,622,40039.032,860NYSE AMSFlow Traders0.59%
IWLG06/23/2022IQ Winslow Large Cap Growth ETF$23,743,850$3,717,51015.78572NYSE AMSCitadel0.60%
IWFG06/23/2022IQ Winslow Focused Large Cap Growth ETF$7,547,820$017.59102NYSE AMSCitadel0.65%
TSME10/05/2022Thrivent Small-Mid Cap ESG ETF$162,299,328$72,922,42913.1826,376NYSE AMSRBC0.65%
JPSV03/08/2023JPMorgan Active Small Cap Value ETF$14,572,350$3,389,4506.90678NYSE AMSCitadel0.74%
LSGR06/29/2023Natixis Loomis Sayles Focused Growth ETF$5,925,444$5,249,97510.821,708NYSE AMSCitadel0.59%
SGLC03/31/2023SGI U.S. Large Cap Core ETF$101,908,478$89,835,67320.7829,003NYSE AMSGTS0.85%
FDG04/02/2020American Century Focused Dynamic Growth ETF$186,427,020$14,119,8358.5912,731NYSE AMSCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$211,268,413-$17,517,7599.598,793NYSE AMSCitadel0.42%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$1,027,557,037$372,284,92210.04166,714Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$120,366,135-$20,479,56213.7218,618Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$173,381,673$64,566,43410.4821,901Fidelity ProxyGTS0.59%
FGRO02/04/2021Fidelity Growth Opportunities ETF$233,354,455$115,146,57412.2459,901Fidelity ProxyCitadel0.59%
FMAG02/04/2021Fidelity Magellan ETF$53,732,773$48,7238.459,992Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$14,246,058-$3,585,44813.362,823Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$43,460,003$9,831,9508.898,085Fidelity ProxyRBC0.60%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$11,303,454$1,988,62310.621,186Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$3,606,983$346,52213.11927Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$469,921,337$70,052,3796.2786,215T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$348,761,278$43,966,1436.2656,411T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$139,680,773$34,320,13512.6312,237T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$60,197,260$7,041,5576.835,986T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$93,908,183$62,138,6977.6712,305T Rowe ProxyRBC0.34%
IVRA12/22/2020Invesco Real Assets ESG ETF$3,283,954$043.19921Fidelity ProxyCitadel0.59%
Gabelli Love Our Planet & People ETF
GGRW02/16/2021Gabelli Growth Innovators ETF$3,176,700$183,24050.05259ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,666,210-$453,40034.6649ActiveSharesGTS0.00%
GABF05/11/2022Gabelli Financial Services Opportunities ETF$9,094,250$1,881,96538.42762ActiveSharesGTS0.04%
Gabelli Commercial Aerospace & Defense ETF
FRTY03/01/2021Alger Mid Cap 40 ETF$28,318,125-$4,848,00061.108,019ActiveSharesVirtu0.60%
ATFV05/04/2021Alger 35 ETF$13,110,000$1,099,25057.511,943ActiveSharesVirtu0.55%
AWEG03/07/2023Alger Weatherbie Enduring Growth ETF$4,452,000$2,826,62557.941,058ActiveSharesVirtu0.65%
CLIA05/09/2023Veridien Climate Action ETF$25,371,955$23,864,52876.099,683ActiveSharesGTS0.85%
REIT02/26/2021ALPS Active REIT ETF$19,905,053$844,85036.352,918Blue TractorGTS0.68%
STNC03/16/2021Hennessy Stance ESG Large Cap ETF$59,701,519$11,117,20318.642,502Blue TractorGTS0.85%
DYTA03/30/2023SGI Dynamic Tactical ETF$106,713,648$100,089,01419.2037,635Blue TractorGTS0.95%
PFUT05/26/2021Putnam Sustainable Future ETF$210,111,780$152,099,02630.3317,218Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$421,385,512$335,040,9829.5684,672Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$45,773,664$25,343,2099.347,024Fidelity ProxyRBC0.56%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$259,866,372$95,508,36928.3540,952Fidelity ProxyVirtu0.56%
HFGO11/09/2021Hartford Large Cap Growth ETF$103,039,370-$353,11814.212,304Fidelity ProxyCitadel0.60%
SEMI03/30/2022Columbia Seligman Semiconductor and Technology ETF$31,628,530$10,101,72527.354,079Fidelity ProxyVirtu0.75%
CAPE04/05/2022DoubleLine Shiller CAPE U.S. Equities ETF$353,164,140$75,876,40015.1244,271ActiveSharesCitadel0.65%
FMCX04/25/2022FMC Excelsior Focus Equity ETF$85,013,500$273,40031.07284ActiveSharesGTS0.70%
BYRE05/19/2022Principal Real Estate Active Opportunities ETF$9,261,916$3,345,44626.261,947Fidelity ProxyVirtu0.65%
JHAC11/02/2023John Hancock Fundamental All Cap Core ETF$2,404,380$1,065,80026.665,493Fidelity ProxyVirtu0.72%

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 12/31/2023

*Simple average

Q4 2024 Launch Recap

TickerNameIssuerLaunch DateAsset ClassAUM
ZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyInnovator10/02/2023Equity$45,867,750
OCTJInnovator Premium Income 30 Barrier ETF - OctoberInnovator10/02/2023Equity$23,517,975
OCTHInnovator Premium Income 20 Barrier ETF - OctoberInnovator10/02/2023Equity$18,786,155
EETHProShares Ether Strategy ETFProShares10/02/2023Currency$16,806,433
LOCTInnovator Premium Income 15 Buffer ETF - OctoberInnovator10/02/2023Equity$15,652,000
EALTInnovator U.S. Equity 5 to 15 Buffer ETF - QuarterlyInnovator10/02/2023Equity$15,025,890
EFUTVanEck Ethereum Strategy ETFVanEck10/02/2023Currency$14,910,280
HOCTInnovator Premium Income 9 Buffer ETF - OctoberInnovator10/02/2023Equity$12,081,900
OCTQInnovator Premium Income 40 Barrier ETF - OctoberInnovator10/02/2023Equity$8,405,250
OCTDInnovator Premium Income 10 Barrier ETF - OctoberInnovator10/02/2023Equity$4,871,080
BTOPBitwise Bitcoin and Ether Equal Weight Strategy ETFBitwise10/02/2023Currency$3,414,587
ProShares Bitcoin & Ether Market Cap Weight Strategy ETF
AETHBitwise Ethereum Strategy ETFBitwise10/02/2023Currency$2,420,739
ProShares Bitcoin & Ether Equal Weight Strategy ETF
SOVFSovereign's Capital Flourish FundSovereign's Capital Management, LLC10/03/2023Equity$29,548,234
SMIZZacks Small/Mid Cap ETFZacks Investment Management10/03/2023Equity$12,854,654
FDGRFoundations Dynamic Growth ETFFoundations10/03/2023Equity$1,112,172
FDVLFoundations Dynamic Value ETFFoundations10/03/2023Equity$1,090,193
FDCEFoundations Dynamic Core ETFFoundations10/03/2023Equity$ 836,720
FDTBFoundations Dynamic Income ETFFoundations10/03/2023Fixed Income$ 762,086
CVRTCalamos Convertible Equity Alternative ETFCalamos10/04/2023Fixed Income$5,385,067
JTEKJPMorgan U.S. Tech Leaders ETFJPMAM10/05/2023Equity$ 191,099,025
BUSABrandes U.S. Value ETFBrandes10/05/2023Equity$43,734,400
BINVBrandes International ETFBrandes10/05/2023Equity$29,778,000
BSMCBrandes U.S. Small-Mid Cap Value ETFBrandes10/05/2023Equity$21,769,332
GSCGoldman Sachs Small Cap Core Equity ETFGSAM10/05/2023Equity$13,604,610
ALUMUSCF Aluminum Strategy FundUSCF10/06/2023Commodities$3,925,613
XFLXFundX Flexible ETFFundX10/09/2023Fixed Income$57,131,255
XRLXFundX Investment Conservative ETFFundX10/09/2023Asset Allocation$54,907,557
SQYYieldMax SQ Option Income Strategy ETFYieldMax10/11/2023Equity$27,541,508
REX FANG & Innovation Equity Premium Income ETF
REX Shares10/11/2023Equity$23,523,750
JBNDJPMorgan Active Bond ETFJPMAM10/12/2023Fixed Income$ 158,963,400
QUVUHartford Quality Value ETFHartford Funds10/16/2023Equity$ 169,851,675
NBGRNeuberger Berman Global Real Estate ETFNeuberger Berman10/16/2023Equity$6,294,246
NBCENeuberger Berman China Equity ETFNeuberger Berman10/16/2023Equity$5,065,385
TSLTT-REX 2X Long Tesla Daily Target ETFREX Shares10/19/2023Equity$64,127,700
PAPIParametric Equity Premium Income ETFMorgan Stanley10/19/2023Equity$23,163,030
PHEQParametric Hedged Equity ETFMorgan Stanley10/19/2023Equity$22,134,000
EVHYEaton Vance High Yield ETFMorgan Stanley10/19/2023Fixed Income$21,201,680
EVIMEaton Vance Intermediate Municipal Income ETFMorgan Stanley10/19/2023Fixed Income$21,197,080
EVSBEaton Vance Ultra-Short Income ETFMorgan Stanley10/19/2023Fixed Income$20,140,000
NVDXT-Rex 2X Long NVIDIA Daily Target ETFREX Shares10/19/2023Equity$18,172,000
CGROCoreValues Alpha Greater China Growth ETFMSA Power Funds10/19/2023Equity$7,667,888
ITDCiShares LifePath Target Date 2035 ETF USDiShares10/19/2023Asset Allocation$5,462,100
TSLZT-Rex 2X Inverse Tesla Daily Target ETFREX Shares10/19/2023Equity$4,544,000
ITDDiShares LifePath Target Date 2040 ETFiShares10/19/2023Asset Allocation$4,104,045
ITDBiShares LifePath Target Date 2030 ETFiShares10/19/2023Asset Allocation$3,817,156
ITDEiShares LifePath Target Date 2045 ETF USDiShares10/19/2023Asset Allocation$3,288,492
ITDFiShares LifePath Target Date 2050 ETF USDiShares10/19/2023Asset Allocation$2,734,150
ITDGiShares LifePath Target Date 2055 ETFiShares10/19/2023Asset Allocation$2,731,840
ITDHiShares LifePath Target Date 2060 ETF USDiShares10/19/2023Asset Allocation$2,731,840
ITDIiShares LifePath Target Date 2065 ETFiShares10/19/2023Asset Allocation$2,731,840
ITDAiShares LifePath Target Date 2025 ETF USDiShares10/19/2023Asset Allocation$2,707,550
IRTRiShares LifePath Retirement ETFiShares10/19/2023Asset Allocation$2,702,500
NVDQT-Rex 2X Inverse NVIDIA Daily Target ETFREX Shares10/19/2023Equity$1,124,592
GOCTFT Cboe Vest U.S. Equity Moderate Buffer ETF - OctoberFT Cboe Vest10/23/2023Equity$ 195,717,565
FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - October
FT Cboe Vest10/23/2023Equity$33,576,859
MRNYYieldMax MRNA Option Income Strategy ETFYieldMax10/24/2023Equity$2,949,088
Goldman Sachs S&P 500 Core Premium Income ETF
GPIQGoldman Sachs Nasdaq 100 Core Premium Income ETFGSAM10/26/2023Equity$22,353,300
BUFZFT Cboe Vest Laddered Moderate Buffer ETFFT Cboe Vest10/26/2023Equity$18,214,863
BLCRBlackRock Large Cap Core ETFiShares10/26/2023Equity$6,428,914
TSLPKurv Yield Premium Strategy Tesla (TSLA) ETFKurv10/27/2023Equity$1,134,188
NFLPKurv Yield Premium Strategy Netflix (NFLX) ETFKurv10/27/2023Equity$ 552,002
AAPYKurv Yield Premium Strategy Apple (AAPL) ETFKurv10/27/2023Equity$ 534,696
IWMYDefiance R2000 Enhanced Options Income ETFDefiance ETFs10/31/2023Equity$94,287,500
AMZPKurv Yield Premium Strategy Amazon (AMZN) ETFKurv10/31/2023Equity$ 547,802
GOOPKurv Yield Premium Strategy Google (GOOGL) ETFKurv10/31/2023Equity$ 540,282
MSFYKurv Yield Premium Strategy Microsoft (MSFT) ETFKurv10/31/2023Equity$ 523,438
INOVInnovator International Developed Power Buffer ETF NovemberInnovator11/01/2023Equity$2,703,500
DFVXDimensional US Large Cap Vector ETFDimensional Fund Advisors11/02/2023Equity$ 129,148,450
SRHRSRH REIT Covered Call ETFSRH Funds11/02/2023Equity$53,094,870
JHMUJohn Hancock Dynamic Municipal Bond ETFJohn Hancock11/02/2023Fixed Income$22,227,810
JDOCJPMorgan Healthcare Leaders ETFJPMAM11/02/2023Equity$10,776,000
JHACJohn Hancock Fundamental All Cap Core ETFJohn Hancock11/02/2023Equity$2,390,740
DVDNKingsbarn Dividend Opportunity ETFKingsbarn11/02/2023Equity$ 593,040
FFOGFranklin Focused Growth ETFFranklin Templeton11/06/2023Equity$56,402,878
SHRTGotham Short Strategies ETFGotham Asset Management11/06/2023Equity$16,860,584
MTBASimplify MBS ETFSimplify11/07/2023Fixed Income$ 189,960,802
TBGTBG Dividend Focus ETFTBG11/07/2023Equity$46,171,150
LQAILG QRAFT AI-Powered U.S. Large Cap Core ETFETC11/07/2023Equity$3,837,679
DFGPDimensional Global Core Plus Fixed Income ETFDimensional Fund Advisors11/08/2023Fixed Income$ 149,135,280
DGCBDimensional Global Credit ETFDimensional Fund Advisors11/08/2023Fixed Income$90,270,000
DFGXDimensional Global ex US Core Fixed Income ETFDimensional Fund Advisors11/08/2023Fixed Income$68,607,500
FTCBFirst Trust Core Investment Grade ETFFirst Trust11/08/2023Fixed Income$15,892,542
BEEZHoneytree U.S. Equity ETFHoneytree11/08/2023Equity$3,128,961
AVMVAvantis U.S. Mid Cap Value ETFAmerican Century11/09/2023Equity$11,173,060
AVEEAvantis Emerging Markets Small Cap Equity ETFAmerican Century11/09/2023Equity$8,016,690
AVMCAvantis U.S. Mid Cap Equity ETFAmerican Century11/09/2023Equity$6,745,140
BWTGBrendan Wood TopGun Index ETFTuttle Capital Management11/09/2023Equity$3,647,969
SPQSimplify US Equity PLUS QIS ETFSimplify11/14/2023Equity$ 120,591,965
DYNIIDX Dynamic Innovation ETFIDX11/14/2023Equity$30,067,000
ARKAARK 21Shares Active Bitcoin Futures Strategy ETFARK11/14/2023Currency$4,192,890
ARKZARK 21Shares Active Ethereum Futures Strategy ETFARK11/14/2023Currency$1,726,458
SOFAmplify Samsung SOFR ETFAmplify11/15/2023Fixed Income$ 150,435,000
QLTYGMO U.S. Quality ETFGMO11/15/2023Equity$48,573,120
GHMSGoose Hollow Multi-Strategy Income ETFGoose Hollow11/15/2023Fixed Income$12,917,500
THTASoFi Enhanced Yield ETFSoFi11/15/2023Fixed Income$6,033,000
ARKYARK 21Shares Active Bitcoin Ethereum Strategy ETFARK11/15/2023Currency$5,084,784
ARKDARK 21Shares Blockchain and Digital Economy Innovation ETFARK11/15/2023Asset Allocation$1,995,114
ARKCARK 21Shares Active On-Chain Bitcoin Strategy ETFARK11/15/2023Currency$1,107,912
SDCPVirtus Newfleet Short Duration Core Plus Bond ETFVirtus11/16/2023Fixed Income$10,296,103
FELGFidelity Enhanced Large Cap Growth ETFFidelity11/20/2023Equity$ 2,098,898,370
FELCFidelity Enhanced Large Cap Core ETFFidelity11/20/2023Equity$ 1,938,624,394
FELVFidelity Enhanced Large Cap Value ETFFidelity11/20/2023Equity$ 1,862,825,479
FMDEFidelity Enhanced Mid Cap ETFFidelity11/20/2023Equity$ 1,436,437,548
FENIFidelity Enhanced International ETFFidelity11/20/2023Equity$ 1,361,546,283
FESMFidelity Enhanced Small Cap ETFFidelity11/20/2023Equity$ 496,041,143
GNOVFT Cboe Vest U.S. Equity Moderate Buffer ETF - NovemberFT Cboe Vest11/20/2023Equity$ 163,254,548
FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November
FT Cboe Vest11/20/2023Equity$21,212,005
SNOVFT Cboe Vest U.S. Small Cap Moderate Buffer ETF - NovemberFT Cboe Vest11/20/2023Equity$16,924,442
GHEEGoose Hollow Enhanced Equity ETFGoose Hollow11/20/2023Equity$3,278,750
AGQIFirst Trust Active Global Quality Income ETF -VIII-First Trust11/21/2023Equity$89,296,067
HRTSTema Cardiovascular and Metabolic ETFTema11/21/2023Equity$18,059,900
AIYYYieldMax AI Option Income Strategy ETFYieldMax11/28/2023Equity$6,939,762
SMCOHilton Small-MidCap Opportunity ETFHilton11/29/2023Equity$16,263,300
CPAICounterpoint Quantitative Equity ETFCounterpoint Mutual Funds11/29/2023Equity$9,131,346
PWERMacquarie Energy Transition ETFMacquarie11/29/2023Equity$5,613,468
BILDMacquarie Global Listed Infrastructure ETFMacquarie11/29/2023Equity$5,200,720
STAXMacquarie Tax-Free USA Short Term ETFMacquarie11/29/2023Fixed Income$5,094,000
LBOWHITEWOLF Publicly Listed Private Equity ETFWHITEWOLF11/30/2023Equity$1,340,350
IDECInnovator International Developed Power Buffer ETF DecemberInnovator12/01/2023Equity$13,581,803
LSEQHarbor Long-Short Equity ETFHarbor12/04/2023Alternatives$13,199,670
VGSRVert Global Sustainable Real Estate ETFVert12/04/2023Equity$ 346,862,179
Return Stacked Global Stocks & Bonds ETF
Return Stacked12/05/2023Asset Allocation$39,314,644
SMTHALPS/SMITH Core Plus Bond ETFALPS12/06/2023Fixed Income$ 128,000,750
CARKCastleArk Large Growth ETFCastleArk12/07/2023Equity$ 306,580,161
VPLSVanguard Core Plus Bond ETFVanguard12/07/2023Fixed Income$50,674,075
TDITouchstone Dynamic International ETFTouchstone Investments12/11/2023Equity$51,849,035
SCAPInfraCap Small Cap Income ETFInfrastructure Capital12/12/2023Equity$6,058,872
GQINatixis Gateway Quality Income ETFNatixis12/13/2023Equity$41,111,064
TAFLAB Tax-Aware Long Municipal ETFAllianceBernstein12/13/2023Fixed Income$25,638,726
TAFMAB Tax-Aware Intermediate Municipal ETFAllianceBernstein12/13/2023Fixed Income$25,484,719
EYEGAB Corporate Bond ETFAllianceBernstein12/13/2023Fixed Income$25,200,098
CPLSAB Core Plus Bond ETFAllianceBernstein12/13/2023Fixed Income$25,124,005
BUFCAB Conservative Buffer ETFAllianceBernstein12/13/2023Equity$8,838,490
BRTRBlackRock Total Return ETFiShares12/14/2023Fixed Income$79,693,250
VCRBVanguard Core Bond ETFVanguard12/14/2023Fixed Income$43,691,450
PSHPGIM Short Duration HIgh Yield ETFPGIM12/14/2023Fixed Income$25,227,500
GSIBThemes Global Systemically Important Banks ETFThemes12/15/2023Equity$ 507,328
GDECFT Cboe Vest U.S. Equity Moderate Buffer ETF - DecemberFirst Trust12/18/2023Equity$ 102,884,061
PRAEPlanRock Alternative Growth ETFPlanRock12/19/2023Asset Allocation$91,383,183
PRMNPlanRock Market Neutral Income ETFPlanRock12/19/2023Alternatives$22,166,326
PJFMPGIM Jennison Focused Mid-Cap ETFPGIM12/19/2023Equity$10,594,206
PJBFPGIM Jennison Better Future ETFPGIM12/19/2023Equity$10,547,481
PJIOPGIM Jennison International Opportunities ETFPGIM12/19/2023Equity$9,992,700
FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December
First Trust12/19/2023Equity$4,527,060
ABCSAlpha Blue Capital US Small-Mid Cap Dynamic ETFAlpha Blue12/19/2023Equity$2,786,102
JDVIJohn Hancock Disciplined Value International Select ETFJohn Hancock12/20/2023Equity$15,295,620
BCUSBancreek U.S. Large Cap ETFBancreek12/21/2023Equity$3,523,884
Total - 150 New ETFs
$  14,051,950,360

Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 12/31/2023

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