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Review of Q1: New normal?

April 18, 2024

In what is becoming tradition, the New York Stock Exchange made five more bold predictions for the active ETF market in 2024:

  1. Assets under Management (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

So how did we do through quarter one?

  1. Assets have grown to nearly $620 billion. Give us three more quarters of comparable growth and we will have hit the mark.
  2. Quarter one cash flow totaled $64.7 billion. A number that far exceeded our expectations and paces that our prediction of $150 billion look achievable.
  3. The industry welcomed 109 ETFs from 49 different issuers, with combined assets at the end of the quarter of $6.9 billion. We are on pace for these predications to become reality.
  4. One of our two growth milestones is already a lock through quarter one with the other off to a strong start. Cash flow of $64.7 billion exceeded our lofty $50 billion goal and smashed the prior record of $46.8 billion achieved in quarter four of 2023. Growth milestone two of an issuer with over $40 billion in cash flow started the year on pace as Dimensional ended the quarter with $10.3 billion in cash flow.
  5. Our regulatory predications remain in limbo. Notably, four additional firms (First Trust, Guinness Atkinson, Morgan Stanley and TCW) filed for exemptive relief to offer multi-share class funds during the quarter. These firms join prior filers Dimensional, Fidelity, F/m Investments and Perpetual in seeking exemptive relief from the SEC.

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: 28%, down from the high of 33% experienced in Q1 of 2023 yet the second highest on record
  • Firms with postive cash flow: 193 firms, or nearly 70% of firms; on pace for the average over the last year
  • ETFs with postive cash flow: 878 active ETFs, or nearly 65% of all ETFs; up sizably from Q4 2023’s 50%

Before diving into the specifics of the quarter, we wanted to contextualize the growth of the active ETF with a few graphs.

Active Mutual Fund vs ETF AUM

Source: Factset as of 3/31/2024

Annual Active Mutual Fund vs ETF Cash Flow (Post ETF Rule)

Source: Factset as of 3/31/2024

Cumulative Active Mutual Fund vs. ETF Cash Flow (Post ETF Rule)

Source: Factset as of 3/31/2024

These graphs both demonstrate the undercurrent that is fueling the recent growth of the active ETF market and also show the longer term opportunities that exist.

Quarterly Active ETF Cash Flows

Source: Factset as of 3/31/2024

Annual Active ETF Cash Flows

Source: Factset as of 3/31/2024

Global EquityDomestic EquityDomestic Fixed IncomeGlobal Fixed IncomeCommoditiesAsset AllocationAlternativesCurrency
AUM LeaderDimensionalDimensionalJPMorganFirst TrustInvescoWisdomTreeFirst TrustProShares
AUM Leader $B$41.4$82.0$28.5$24.6$5.1$1.4$1.5$2.9
Q1 CF LeaderDimensionaliSharesAlpha ArchitectJanusInvescoCapital GroupSimplifyProShares
Q1 CF Leader $B$3.6$6.8$1.4$2.4$0.05$0.2$0.4$0.45

Source: Factset as of 3/31/2024

At the issuer level, Dimensional and JP Morgan again positioned themselves to be among the cash flow leaders in 2024, taking in $10.3 billion and $8.1 billion, respectively. Sandwiched between them at #2 for the quarter was BlackRock/iShares with $8.5 billion. Their flows were carried by $6.9 billion into the BlackRock U.S. Equity Factor Rotation ETF and $2.3 billion into the BlackRock Flexible Income ETF. Dimensional maintained its consistency through the quarter as all 38 ETFs maintained positive cash flow yet again. JP Morgan led all issuers with three ETFs in the top 10 in cash flow: JEPQ (+$2.9 billion), JEPI (+$1.7 billion) and JGLO (+$1.2 billion). Capital Group (+$4.7 billion), American Century/Avantis (+$4.5 billion), First Trust/Vest (+$3.6 billion), Janus ($+2.8 billion), Fidelity (+$2.3 billion), PIMCO (+$1.6 billion), GraniteShares (+$1.5 billion), Alpha Architect (+$1.5 billion), YieldMax (+$1.1 billion), AB (+$1.1 billion) and SEI (+$1.1 billion) rounded out the list of issuers with greater than $1 billion in cash flows for their actively managed lineups. Notably, the number of firms with $1 billion in cash flow during Q1 doubled year over year. American Century/Avantis and Capital Group both saw flows across their lineups into their broader market, lower cost actively managed ETFs. First Trust/Vest saw flows across their core fixed income ETFs along with a range of their defined outcome strategies. Fidelity, PIMCO and Alpha Architect were all led by strong flows into a singular fixed income ETF; Fidelity Total Bond ETF (FBND, +$1.4 billion,), PIMCO Enhanced Short Maturity ETF (MINT, +$0.9 billion), Alpha Architect 1-3 Month Box ETF (BOXX, +$1.4 billion). GraniteShares and YieldMax both benefited from their differing single stock focused lineups. GraniteShares was led by $1.0 billion into its 2x Long NVDA Daily ETF (NVDL) and YieldMax by the trio of Option Income focused ETFs off Tesla (+$0.2 billion, TSLY), Nvidia (+$0.2 billion, NVDY) and Coinbase ($+0.2 billion, CONY). AB saw growth across their lineup, yet it was most concentrated in their Conservative Buffer ETF (BUFC, +$0.5 billion) and Ultra Short Income ETF (+$0.3 billion, TAFI). Lastly, SEI experienced fairly balanced growth across its lineup of Factor focused ETFs.

Q1 2024 Cash Flow Leaders by Asset Class

Q1 2024 Cash Flow Leaders by Asset Class

Source: Factset as of 3/31/2024

During Q1, nearly 70% of issuers experienced positive cash flows and nearly a fourth had cash flows in excess of $50 million. In addition to the issuers mentioned above, CCM (+$0.9 billion), RexShares (+$0.8 billion), Simplify (+$0.8 billion), T. Rowe Price (+$0.8 billion), Neos (+$0.7 billion), PGIM (+$0.6 billion), Morgan Stanley (+$0.6 billion) and ALPS (+$0.5 billion) all crossed $0.5 billion in net cash flows. These eight issuers found varied paths to their success, from ultra-short, fixed income (PGIM), equity income (Neos), broad equity (T.Rowe & CCM), floating rate (Morgan Stanley), core fixed income (ALPS), single ETF/stock inverse (RexShares) and a variety of strategies (Simplify).

TickerTop 10 ETFs by Cash FlowQ1 2024 ($M)
DYNFBlackRock U.S. Equity Factor Rotation ETF$6,919
JEPQJ.P. Morgan Nasdaq Equity Premium Income ETF$2,881
JAAAJanus Detroit Street Trust Janus Henderson AAA CLO ETF$2,331
BINCBlackRock Flexible Income ETF$2,254
JEPIJPMorgan Equity Premium Income ETF$1,725
AVUVAvantis U.S. Small Cap Value ETF$1,481
FBNDFidelity Total Bond ETF$1,435
BOXXAlpha Architect 1-3 Month Box ETF$1,406
JGLOJPMorgan Global Select Equity ETF$1,173
CGDVCapital Group Dividend Value ETF$1,058

Source: Factset as of 3/31/2024

At the product level, nearly 65% of active ETFs saw positive flows for the quarter and 239 experienced flows over $50 million (often viewed as a general break-even measure for an ETF), double the total at the same time last year. The industry’s asset weighted expense ratio stayed steady at 0.42% through the quarter. Nearly 75% of all cash flows went into ETFs with expense ratios below the industry average. Year-over-year cash flow increased into ETFs with expense ratios above the industry average largely as a result of increased use of structured product ETFs that either seek downside protection or provide access to single stock/ETFs focused on income or leverage. Only 13 of the 109 ETFs launched during the quarter offered an expense ratio equal to or below the industry average.

Expense Ratio3/31/24 AUMQ1 2024 CF% AUM% CF# ETFs
Expense Ratio3/31/23 AUMMQ1 2023 CF% AUM% CF# ETFs

Source: Factset as of 3/31/2024

Q1 2024 Launch Monitor

Domestic Equity

57 ETFs Launched

$1.7 B Assets Raised

Domestic Fixed Income

114 ETFs Launched

$740 M Assets Raised

Asset Allocation

6 ETFs Launched

$88 M Assets Raised

Int'l/Global Equity

24 ETFs Launched

$3.1 B Assets Raised

Int'l/Global Fixed Income

6 ETFs Launched

$700 M Assets Raised


5 ETFs Launched

$679 M Assets Raised

Source: FactSet as of 3/31/2024, figures include MF-ETF conversions; Other includes Alternative, Commodities & Currencies

In the first quarter of 2024, 109 actively managed ETFs launched, raising $6.9 billion in assets. Launches came from 49 different issuers, including 14 first-time issuers. ETF development continued to focus on equities with nearly 75% of new ETFs focused on the asset class. During the quarter, Innovator launched the most ETFs (13) and Eagle Capital raised the most assets (+$1.8 billion via conversion).

Q1 2024 ETF Launches

TicketNameIssuerLaunch DateAsset ClassAUM
JANPPGIM US Large-Cap Buffer 12 ETF - JanuaryPGIM1/2/24Equity$3,159,192
PBJAPGIM US Large-Cap Buffer 20 ETF - JanuaryPGIM1/2/24Equity$2,595,866
AJANInnovator Equity Defined Protection ETF - 2 Yr to January 2026Innovator1/2/24Equity$78,771,750
HJANInnovator Premium Income 9 Buffer ETF - JanuaryInnovator1/2/24Equity$8,631,140
JANDInnovator Premium Income 10 Barrier ETF - JanuaryInnovator1/2/24Equity$4,975,000
JANHInnovator Premium Income 20 Barrier ETF - JanuaryInnovator1/2/24Equity$9,288,750
JANJInnovator Premium Income 30 Barrier ETF - JanuaryInnovator1/2/24Equity$24,063,000
JANQInnovator Premium Income 40 Barrier ETF - JanuaryInnovator1/2/24Equity$14,145,000
LJANInnovator Premium Income 15 Buffer ETF - JanuaryInnovator1/2/24Equity$15,986,750
MYLDCambria Micro and SmallCap Shareholder Yield ETFCambria1/4/24Equity$27,593,370
TYLDCambriaTactical Yield ETFCambria1/4/24Fixed Income$11,340,000
FTRBFederated Hermes Total Return Bond ETFFederatedHermes1/4/24Fixed Income$66,303,299
HYKEVest 2 Year Interest Rate Hedge ETFCboe Vest1/11/24Alternatives$ 718,130
AAPXT-Rex 2X Long Apple Daily Target ETFT-Rex1/11/24Equity$3,602,106
GOOXT-Rex 2X Long Alphabet Daily Target ETFT-Rex1/11/24Equity$5,450,000
MSFXT-Rex 2X Long Microsoft Daily Target ETFT-Rex1/11/24Equity$6,287,400
DYFIIDX Dynamic Fixed Income ETFIDX1/10/24Fixed Income$26,137,692
MEMSMatthews Emerging Markets Discovery Active ETFMatthewsAsia1/11/24Equity$6,271,200
MCHSMatthews China Discovery Active ETFMatthewsAsia1/11/24Equity$2,084,848
LGHTLangar Global HealthTech ETFLangarInvestment Management1/10/24Equity$1,880,478
YBTCRoundhill Bitcoin Covered Call Strategy ETFRoundhill1/18/24Currency$15,245,552
TBFGBrinsmere Fund Growth ETFThe BrinsmereFunds1/16/24Asset Allocation$274,497,500
TBFCBrinsmere Fund Conservative ETFThe BrinsmereFunds1/16/24Asset Allocation$280,336,388
YMAXYieldMax Universe Fund of Option Income ETFsYieldMax1/17/24Equity$81,625,500
RJMGFT Raymond James Multicap Growth Equity ETFFirst Trust1/18/24Equity$7,614,084
CCMGCCM Global Equity ETFCCM1/18/24Equity$968,798,040
MNTLTema Neuroscience and Mental Health ETFTema1/23/24Equity$11,177,716
TRESDefiance Treasury Alternative Yield ETFDefiance ETFs1/25/24Alternatives$3,040,625
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January
FT Cboe Vest1/22/24Equity$87,096,688
INAVMohr Industry Nav ETFMohr Funds1/25/24Equity$14,113,170
QFLRInnovator Nasdaq-100 Managed Floor ETFInnovator1/25/24Equity$84,565,000
Calamos CEF Income & Arbitrage ETF
Calamos1/16/24Asset Allocation$7,172,879
FEBPPGIM US Large-Cap Buffer 12 ETF - FebruaryPGIM2/1/24Equity$3,645,666
PBFBPGIM US Large-Cap Buffer 20 ETF - FebruaryPGIM2/1/24Equity$3,611,338
QQQINEOS Nasdaq 100 High Income ETFNEOS1/30/24Equity$76,587,200
IFEBInnovator International Developed Power Buffer ETF FebruaryInnovator2/1/24Equity$13,560,750
FLJJAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETFAllianzInvestment Management2/1/24Equity$11,075,458
SIXFAllianzIM U.S. Large Cap 6 Month Buffer10 Feb/Aug ETFAllianzInvestment Management2/1/24Equity$18,784,678
DCMTDoubleLine Commodity Strategy ETFDoubleLine2/1/24Commodities$22,453,227
MVPAMiller Value Partners Appreciation ETFMiller Value1/31/24Equity$53,109,000
YMAGYieldMax Magnificent 7 Fund of Option Income ETFsYieldMax1/30/24Equity$31,720,440
NBOSNeuberger Berman Option Strategy ETFNeubergerBerman1/29/24Equity$462,582,365
KPROKraneShares 100% KWEB Defined Outcome January 2026 ETFKraneShares2/7/24Equity$2,536,524
KBUFKraneShares 90% KWEB Defined Outcome January 2026 ETFKraneShares2/7/24Equity$2,576,014
EVLNEaton Vance Floating-Rate ETFMorganStanley2/7/24Fixed Income$567,336,000
MGNRAmericanBeacon GLG Natural Resources ETFAmericanBeacon2/6/24Equity$32,926,529
CalamosAlternative Nasdaq & Bond ETF
Calamos2/13/24Asset Allocation$1,251,390
SFEBFT Vest U.S.Small Cap Moderate Buffer ETF - FebruaryFirst Trust2/20/24Equity$56,098,040
FT Vest U.S.Equity Enhance & Moderate Buffer ETF - February
First Trust2/20/24Equity$34,243,823
KNOWFundamentalsFirst ETFMason Capital2/22/24Asset Allocation$1,575,000
AOHYAngel OakHigh Yield Opportunities ETFAngel Oak2/20/24Fixed Income$76,791,216
MBSAngel OakMortgage-Backed Securities ETFAngel Oak2/20/24Fixed Income$32,221,536
MSTYYieldMax MSTROption Income Strategy ETFYieldMax2/22/24Equity$72,866,250
FFLVFidelityFundamental Large Cap Value ETFFidelity2/26/24Equity$1,051,590
SCLZSwan EnhancedDividend Income ETFSwan Global2/27/24Equity$2,510,635
MRCPPGIM USLarge-Cap Buffer 12 ETF - MarchPGIM3/1/24Equity$3,553,337
PBMRPGIM USLarge-Cap Buffer 20 ETF - MarchPGIM3/1/24Equity$4,549,363
FLDBFidelity LowDuration Bond ETFFidelity2/26/24Fixed Income$5,010,500
NRESXtrackersRREEF Global Natural Resources ETFDWS2/27/24Equity$11,929,778
MAGXRoundhillDaily 2X Long Magnificent Seven ETFRoundhill2/29/24Equity$2,136,000
MAGQRoundhillDaily Inverse Magnificent Seven ETFRoundhill2/29/24Equity$ 481,864
GINXSGI EnhancedGlobal Income ETFSummit Global2/29/24Equity$50,687,312
USDXSGI EnhancedCore ETFSummit Global2/29/24Equity$48,897,300
ULTYYieldMaxUltra Option Income Strategy ETFYieldMax2/29/24Equity$39,936,525
CAAAFirst TrustCommercial Mortgage Opportunities ETFFirst Trust2/28/24Fixed Income$15,142,540
SCIOFirst TrustStructured Credit Income Opportunities ETFFirst Trust2/28/24Fixed Income$15,210,416
MVPLMiller ValuePartners Leverage ETFMiller Value2/28/24Equity$5,511,807
MBSFReganFloating Rate MBS ETFRegan Capital2/28/24Fixed Income$37,867,500
SIXPAllianzIMU.S. Large Cap 6 Month Buffer10 Mar/Sep ETFAllianzInvestment Management3/1/24Equity$24,096,560
IMARInnovatorInternational Developed Power Buffer ETF MarchInnovator3/1/24Equity$12,115,825
QDTERoundhillN-100 0DTE Covered Call Strategy ETFRoundhill3/7/24Equity$8,127,288
RoundhillS&P 500 0DTE Covered Call Strategy ETF
NUSBNuveen UltraShort Income ETFNuveen3/6/24Fixed Income$15,653,125
NSCRNuveenSustainable Core ETFNuveen3/6/24Equity$5,734,520
NPFINuveenPreferred and Income ETFNuveen3/6/24Fixed Income$15,222,000
NCPBNuveen CorePlus Bond ETFNuveen3/6/24Fixed Income$29,819,640
DefianceS&P 500 Target Income ETF
Defiance ETFs3/7/24Equity$8,952,795
DIVPCullenEnhanced Equity Income ETFCullenCapital3/7/24Equity$6,445,351
IOPPSimplify TaraIndia Opportunities ETFSimplify3/5/24Equity$3,207,526
PCIGPolen CapitalInternational Growth ETFLitmanGregory3/15/24Equity$25,196,220
PCCEPolen CapitalChina Growth ETFLitmanGregory3/15/24Equity$1,471,500
TAXXBondBloxxIR+M Tax-Aware Short Duration ETFBondBloxx3/14/24Fixed Income$41,417,000
FT Vest U.S.Equity Buffer & Premium Income ETF - March
FT Vest3/19/24Equity$6,180,062
FT Vest DowJones Internet & Target Income ETF
FT Vest3/21/24Equity$1,020,736
AMZZGraniteShares2x Long AMZN Daily ETFGraniteShares3/18/24Equity$3,639,157
AMDLGraniteShares2x Long AMD Daily ETFGraniteShares3/18/24Equity$7,832,020
MSFLGraniteShares2x Long MSFT Daily ETFGraniteShares3/18/24Equity$2,339,270
AVXCAvantisEmerging Markets ex-China Equity ETFAmericanCentury3/21/24Equity$3,041,010
WZRDOpportunisticTrader ETFOT Advisors3/20/24Asset Allocation$23,789,520
NBSMNeubergerBerman Small-Mid Cap ETFNeubergerBerman3/21/24Equity$157,043,080
BCILBancreekInternational Large Cap ETFBancreek3/21/24Equity$1,239,000
MARMFT Vest U.S.Equity Max Buffer ETF - MarchFT Vest3/27/24Equity$37,140,808
KEATKeatingActive ETFKeating3/27/24Equity$62,755,784
INROBlackRockU.S. Industry Rotation ETFiShares3/28/24Equity$5,469,750
EVSMEaton VanceShort Duration Municipal Income ETFMorganStanley3/25/24Fixed Income$125,905,147
EVTREaton VanceTotal Return Bond ETFMorganStanley3/25/24Fixed Income$359,446,550
EAGLEagle CapitalSelect Equity ETFEagle Capital3/25/24Equity$1,822,411,898
EHLSEven HerdLong Short ETFEven Herd4/2/24Alternatives$46,262,200
PBAPPGIM USLarge-Cap Buffer 20 ETF - AprilPGIM4/1/24Equity$2,992,825
APRPPGIM USLarge-Cap Buffer 12 ETF - AprilPGIM4/1/24Equity$2,491,025
AAPRInnovatorEquity Defined Protection ETF - 2 Yr to April 2026Innovator4/1/24Equity$23,495,020
HAPRInnovatorPremium Income 9 Buffer ETF - AprilInnovator4/1/24Equity$1,243,915
LAPRInnovatorPremium Income 15 Buffer ETF - AprilInnovator4/1/24Fixed Income$1,867,500
ARLUAllianzIMU.S. Equity Buffer15 Uncapped Apr ETFAllianzInvestment Management4/1/24Equity$8,718,500
RVERTrenchlessFund ETFRiver14/3/24Equity$14,928,780
KOOLNorth ShoreEquity Rotation ETFSplit Rock4/2/24Equity$6,182,454
FLAOAllianzIMU.S. Equity 6 Month Floor5 Apr/Oct ETFAllianzInvestment Management4/1/24Equity$6,235,525
CNEQAlgerConcentrated Equity ETFAlger4/5/24Equity$1,005,590
Alger AIEnablers & Adopters ETF
Total - 109 New ETFsTotal$ 6,915,214,869

Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2024

Active ETF Stat Pack

# of Issuers279
# of New Issuers 202318
# of ETFs1394AUM ($B)$619.52
# of New Launches 20231093 Yr AUM CAGR43%
Avg. ER0.43%5 Yr AUM CAGR51%
Cash FlowTrading
YTD Cash Flow ($B)$64.71YTD ADV (Shares)210,684,475
3 Yr Cash Flow$329.77YTD ADV ($)$6.56 B
5 Yr Cash Flow$446.70YTD Avg. Spread (bps)*25.08

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2024

*Simple average

Active, Semi-Transparent ETFs

TickerInceptionNameAUMYTD Flows30 Day Median Spread (bps)ADV (shares)StructureLMMExpense Ratio
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$33,462,385-$686,22114.862,749NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$4,293,380$367,70819.03264NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$181,582,902-$10,480,04212.259,573NYSE AMSCitadel0.39%
MID.ETF07/15/2020American Century Mid Cap Growth Impact ETF$64,920,356$3,280,20713.485,103NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$14,946,750$945,2289.601,699NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$10,698,957-$2,514,1888.243,738NYSE AMSCitadel0.65%
NSCS08/05/2021Nuveen Small Cap Select ETF$6,851,468$010.13151NYSE AMSCitadel0.86%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$7,227,750$08.89405NYSE AMSCitadel0.65%
SAEF11/16/2021Schwab Ariel ESG ETF$21,831,600$1,615,10034.282,811NYSE AMSFlow Traders0.59%
IWLG06/23/2022IQ Winslow Large Cap Growth ETF$28,059,540$1,607,01013.60734NYSE AMSCitadel0.60%
IWFG06/23/2022IQ Winslow Focused Large Cap Growth ETF$9,038,920$391,77015.12163NYSE AMSCitadel0.65%
TSME10/05/2022Thrivent Small-Mid Cap ESG ETF$163,025,828-$10,918,4889.0167,013NYSE AMSRBC0.65%
JPSV03/08/2023JPMorgan Active Small Cap Value ETF$15,834,000$1,344,7006.92733NYSE AMSCitadel0.74%
LSGR06/29/2023Natixis Loomis Sayles Focused Growth ETF$142,560,540$135,404,6868.4165,152NYSE AMSCitadel0.59%
SGLC03/31/2023SGI U.S. Large Cap Core ETF$91,910,840-$20,024,41116.3927,841NYSE AMSGTS0.85%
FDG04/02/2020American Century Focused Dynamic Growth ETF$208,954,856-$1,235,6288.5711,481NYSE AMSCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$211,886,181-$9,049,85910.249,730NYSE AMSCitadel0.42%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$1,411,825,355$244,745,3918.71336,632Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$125,645,174$76,84916.6915,932Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$247,780,366$46,528,90719.0352,679Fidelity ProxyGTS0.38%
FGRO02/04/2021Fidelity Growth Opportunities ETF$284,236,659$18,785,95625.4262,531Fidelity ProxyCitadel0.38%
FMAG02/04/2021Fidelity Magellan ETF$86,745,793$24,473,1778.4838,172Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$12,229,769-$1,031,77312.952,842Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$57,938,601$11,215,0777.1617,297Fidelity ProxyRBC0.43%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$12,899,193$604,8287.442,027Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$3,839,051$012.62736Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$545,349,793$19,337,8397.8492,669T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$397,082,188$29,670,0965.7856,097T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$155,866,280$6,993,6889.6012,992T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$73,493,894$6,981,8327.1110,140T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$170,945,482$65,522,3327.3242,130T Rowe ProxyRBC0.34%
IVRA12/22/2020Invesco Real Assets ESG ETF$4,708,674$1,522,12045.853,376Fidelity ProxyCitadel0.59%
Gabelli Love Our Planet & People ETF
GGRW02/16/2021Gabelli Growth Innovators ETF$4,244,390$334,10031.184,701ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,934,680$031.5532ActiveSharesGTS0.00%
GABF05/11/2022Gabelli Financial Services Opportunities ETF$13,166,280$2,847,38528.704,125ActiveSharesGTS0.04%
Gabelli Commercial Aerospace & Defense ETF
FRTY03/01/2021Alger Mid Cap 40 ETF$33,128,750$979,50061.559,973ActiveSharesVirtu1.19%
ATFV05/04/2021Alger 35 ETF$16,357,275$1,294,87530.726,768ActiveSharesVirtu1.83%
AWEG03/07/2023Alger Weatherbie Enduring Growth ETF$4,546,600$063.8575ActiveSharesVirtu1.25%
CLIA05/09/2023Veridien Climate Action ETF$23,673,442$567,11759.142,953ActiveSharesGTS0.85%
REIT02/26/2021ALPS Active REIT ETF$23,693,600$5,223,85025.197,301Blue TractorGTS0.68%
STNC03/16/2021Hennessy Stance ESG Large Cap ETF$169,719,394$106,583,36346.247,952Blue TractorGTS0.85%
DYTA03/30/2023SGI Dynamic Tactical ETF$59,237,811-$52,915,30819.4242,975Blue TractorGTS0.95%
PFUT05/26/2021Putnam Sustainable Future ETF$238,405,853$9,511,50016.1134,167Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$474,716,712$132,7899.3563,957Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$58,377,711$7,212,7089.2713,228Fidelity ProxyRBC0.56%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$427,449,587$135,009,5007.40124,703Fidelity ProxyVirtu0.56%
HFGO11/09/2021Hartford Large Cap Growth ETF$115,898,243-$418,14816.161,445Fidelity ProxyCitadel0.60%
SEMI03/30/2022Columbia Seligman Semiconductor and Technology ETF$36,566,490$1,805,15030.155,587Fidelity ProxyVirtu0.75%
CAPE04/05/2022DoubleLine Shiller CAPE U.S. Equities ETF$383,346,600-$85,032,80012.4345,864ActiveSharesCitadel0.65%
FMCX04/25/2022FMC Excelsior Focus Equity ETF$90,778,800$441,80022.76702ActiveSharesGTS0.70%
BYRE05/19/2022Principal Real Estate Active Opportunities ETF$9,065,823$466,39226.27799Fidelity ProxyVirtu0.65%
JHAC11/02/2023John Hancock Fundamental All Cap Core ETF$3,105,473$547,5389.811,218Fidelity ProxyVirtu0.72%

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2024

*Simple average

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