This week we sit down with Matthew Bartolini at State Street Global Advisors to discuss the company’s position and views on the active ETF market.
SSGA is a pioneer in ETFs, having launched the very first and currently largest ETF in the world, SPY. Nearly 20 years later, SSGA launched its first actively managed ETF - the SPDR SSGA Multi-Asset Real Return ETF (NYSE Arca: RLY). How have your active ETF solutions changed since then?
Our first foray was more into a non-traditional category, as RLY is a multi-asset strategy that rotates across real asset sectors.
RLY is an ETF of ETFs and is meant to be an alternative strategy that can sit alongside the core. Its real return focus helps investors mitigate the eroding effects of inflation on returns. But in a more diversified fashion than a broad commodity strategy, given it can invest across multiple real asset categories.
Now, our lineup is more traditional and expansive, focused on core bond markets, high income senior loan strategies as well as equity sector rotation ETFs. Not to mention, it is not just State Street Global Advisors managed portfolios. Our active lineup features many other premier managers such as Blackstone and DoubleLine.
As an issuer that has been in the active ETF market for over a decade, what are your observations on how the space has evolved?
Active ETFs have become more novel and innovative. And today’s active ETFs are not just alpha seeking strategies focused on beating a benchmark.
Some of them are more outcome-based funds that use the active construct, to not seek excess returns, but to deliver an outcome. And deliver that outcome with more flexibility and customization than an indexed-based strategy could provide. I don’t think that was a consideration in the early stages of the active ETF market.
Beyond that, there has also just been a greater appreciation for them, mostly as identifiable track records for the alpha seeking strategies have been created. They have also been tested during various market events. And that has built comfort in the structure, as well as the ability of the manager to deliver alpha in a transparent vehicle.
This comfort, maturation and innovation has led to a diverse number of strategies as well as wide range of use cases for investors to bolster portfolios in-and-out-of-the-core.
The majority of SSGA’s actively managed ETFs are focused on fixed income. What about the fixed income marketplace do you believe lends itself to active management?
Bond markets are more inefficient than equities, and therefore active managers have a higher probability of exploiting those inefficiencies to deliver excess returns and higher yields. Or both, and with the potential for lesser volatility, as a result of being able to more aptly manage risks, apply sector/security selection, and alter duration profiles compared to a static indexed approach.
The fixed income market is also harder to index across all corners, such as securitized credit sectors like ABS, CMBS, RMBS, Non-Agency MBS, Loans, and CLO’s.
What are some trends, headwinds, or tailwinds that you are keeping an eye on as we head into the last quarter of the year?
There are plenty of tailwinds, and active ETFs have already broken records in terms of full-year flows in 2024, taking in $184 billion so far this year.
Some of the tailwinds are macro-based, as evolving Federal Reserve policy should keep rate volatility elevated. And in that type of market, active bond managers that can navigate macro-fueled risks could see demand.
There has also been broadening of the equity rally, and with greater breadth (outside of the Magnificent Seven driving returns) this should favor stock pickers – provided they know where to look and can apply their skill correctly.
Other tailwinds are the sheer number of options out there for investors to choose from. But that is also a headwind, as with more choice there could be more noise and less time for due diligence teams to fully vet each strategy for implementation.
What do you believe are some key considerations that investors should be aware of when considering actively managed ETFs?
It all goes back to the five P’s: People, Process, Philosophy, Price, and Performance. Understanding who is at the helm of the strategy, what is their process and firm philosophy to derive alpha/outcomes.
The price refers to the fee charged, as some managers are worth the premium, but others are not. And fund’s performance can help dictate that. Yet, without a track record, many new active ETFs must wait before that track record can be built.
While those are the traditional factors, the most critical P that rarely gets mentioned is the Place. The place in a portfolio for an active strategy reflects the end investors’ use and utility it can derive to reach their own goals.
Is it a core strategy? A fund meant to seek high income levels? Or there just to de-risk? Seeing how the manager views their own strategy can help determine this, but also how they market it. And then ultimately the fund’s performance will make the final call where it should go.
Lastly, what guidance would you provide sponsors that are considering expanding their product lineup to include actively managed ETFs?
It’s a crowded market, so be ready to differentiate yourself and make sure you have an “edge” when bringing a new strategy to the market that has no track record.
This content is for informational purposes only. NYSE does not recommend or endorse any investments, investment strategies, companies, products or services discussed.
| Firms | |||
|---|---|---|---|
| # of Issuers | 297 | ||
| # of New Issuers 2024 | 42 | ||
| Products | Assets | ||
| # of ETFs | 1,604 | AUM ($B) | $763.39 |
| # of New Launches 2024 | 337 | 3 Yr AUM CAGR | 40% |
| Avg. ER | 0.43% | 5 Yr AUM CAGR | 54% |
| Cash Flow | Trading | ||
| YTD Cash Flow ($B) | $183.66 | YTD ADV (Shares) | 272,169,751 |
| 3 Yr Cash Flow | $419.82 | YTD ADV ($) | $7.55 B |
| 5 Yr Cash Flow | $556.59 | YTD Avg. Spread (bps)* | 25.30 |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/13/2024
*Simple average
| Ticker | Inception | Name | AUM | YTD Flows | 30 Day Median Spread (bps) | ADV (shares) | Structure | LMM | Expense Ratio | Listing Venue |
|---|---|---|---|---|---|---|---|---|---|---|
| VNSE | 9/17/20 | Natixis Vaughan Nelson Select ETF | $22,105,367 | -$12,085,254 | 19.59 | 4,566 | NYSE AMS | Citadel | 0.80% | NYSE |
| ESGA | 7/15/20 | American Century Sustainable Equity ETF | $262,229,630 | $56,564,112 | 15.74 | 11,862 | NYSE AMS | Citadel | 0.39% | NYSE |
| MID | 7/15/20 | American Century Mid Cap Growth Impact ETF | $69,550,026 | $5,349,198 | 11.91 | 4,652 | NYSE AMS | Citadel | 0.45% | NYSE |
| ESGY | 7/1/21 | American Century Sustainable Growth ETF | $16,754,911 | $1,570,270 | 17.06 | 1,743 | NYSE AMS | Citadel | 0.39% | NYSE |
| NDVG | 8/5/21 | Nuveen Dividend Growth ETF | $11,379,627 | -$3,209,127 | 18.31 | 2,575 | NYSE AMS | Citadel | 0.65% | NYSE |
| NSCS | 8/5/21 | Nuveen Small Cap Select ETF | $7,146,521 | $277,030 | 36.81 | 627 | NYSE AMS | Citadel | 0.86% | NYSE |
| NWLG | 8/5/21 | Nuveen Winslow Large-Cap Growth ESG ETF | $9,061,288 | $1,224,119 | 19.09 | 980 | NYSE AMS | Citadel | 0.65% | NYSE |
| SAEF | 11/16/21 | Schwab Ariel ESG ETF | $22,860,300 | $1,228,150 | 32.61 | 2,757 | NYSE AMS | Flow Traders | 0.59% | NYSE |
| TSME | 10/5/22 | Thrivent Small-Mid Cap ESG ETF | $196,629,549 | $20,390,606 | 8.72 | 45,284 | NYSE AMS | RBC | 0.65% | NYSE |
| JPSV | 3/8/23 | JPMorgan Active Small Cap Value ETF | $15,771,250 | $632,150 | 13.17 | 1,254 | NYSE AMS | Citadel | 0.74% | NYSE |
| LSGR | 6/29/23 | Natixis Loomis Sayles Focused Growth ETF | $248,997,356 | $227,707,934 | 18.02 | 40,017 | NYSE AMS | Citadel | 0.59% | NYSE |
| SGLC | 3/31/23 | SGI U.S. Large Cap Core ETF | $92,993,588 | -$23,780,664 | 31.29 | 18,472 | NYSE AMS | GTS | 0.85% | NYSE |
| FDG | 4/2/20 | American Century Focused Dynamic Growth ETF | $233,782,238 | $4,343,291 | 17.36 | 12,045 | NYSE AMS | Citadel | 0.45% | NYSE |
| FLV | 4/2/20 | American Century Focused Large Cap Value ETF | $234,344,699 | -$3,537,713 | 14.80 | 6,833 | NYSE AMS | Citadel | 0.42% | NYSE |
| FBCG | 6/4/20 | Fidelity Blue Chip Growth ETF | $2,021,911,338 | $725,502,418 | 10.07 | 436,714 | Fidelity Proxy | GTS | 0.59% | Cboe BZX |
| FBCV | 6/4/20 | Fidelity Blue Chip Value ETF | $122,786,279 | -$8,447,058 | 18.42 | 15,463 | Fidelity Proxy | GTS | 0.59% | Cboe BZX |
| FFLC | 6/4/20 | Fidelity New Millennium ETF | $463,095,770 | $237,921,920 | 16.56 | 70,814 | Fidelity Proxy | GTS | 0.38% | Cboe BZX |
| FFLG | 2/4/21 | Fidelity Growth Opportunities ETF | $321,836,466 | $34,976,548 | 19.01 | 57,655 | Fidelity Proxy | Citadel | 0.38% | Cboe BZX |
| FMAG | 2/4/21 | Fidelity Magellan ETF | $120,152,835 | $49,533,871 | 13.02 | 41,326 | Fidelity Proxy | RBC | 0.59% | Cboe BZX |
| FPRO | 2/4/21 | Fidelity Real Estate Investment ETF | $14,677,987 | -$914,024 | 18.70 | 2,708 | Fidelity Proxy | Citadel | 0.59% | Cboe BZX |
| FFSM | 2/4/21 | Fidelity Small/Mid-Cap Opportunities ETF | $84,875,122 | $36,055,243 | 9.24 | 21,754 | Fidelity Proxy | RBC | 0.43% | Cboe BZX |
| FSST | 6/17/21 | Fidelity Sustainability U.S. Equity ETF | $14,426,599 | $1,258,344 | 13.88 | 1,966 | Fidelity Proxy | RBC | 0.59% | NYSE |
| FDWM | 6/17/21 | Fidelity Women's Leadership ETF | $3,936,643 | -$27,181 | 16.26 | 1,059 | Fidelity Proxy | RBC | 0.59% | NYSE |
| TCHP | 8/5/20 | T. Rowe Price Blue Chip Growth ETF | $749,755,506 | $160,302,689 | 14.85 | 103,640 | T Rowe Proxy | Virtu | 0.57% | NYSE |
| TDVG | 8/5/20 | T. Rowe Price Dividend Growth ETF | $694,002,912 | $283,479,314 | 9.17 | 80,935 | T Rowe Proxy | RBC | 0.50% | NYSE |
| TEQI | 8/5/20 | T. Rowe Price Equity Income ETF | $217,633,476 | $60,994,385 | 10.49 | 16,020 | T Rowe Proxy | Virtu | 0.54% | NYSE |
| TGRW | 8/5/20 | T. Rowe Price Growth Stock ETF | $219,602,817 | $140,884,842 | 10.02 | 25,648 | T Rowe Proxy | RBC | 0.52% | NYSE |
| TSPA | 6/8/21 | T. Rowe Price U.S. Equity Research ETF | $895,370,951 | $744,262,030 | 11.23 | 142,304 | T Rowe Proxy | RBC | 0.34% | NYSE |
| IVRA | 12/22/20 | Invesco Real Assets ESG ETF | $9,319,456 | $5,161,070 | 28.65 | 3,661 | Fidelity Proxy | Citadel | 0.59% | Cboe BZX |
| LOPP | 2/1/21 | Gabelli Love Our Planet & People ETF | $11,483,150 | -$799,740 | 34.25 | 378 | ActiveShares | GTS | 0.00% | NYSE |
| GGRW | 2/16/21 | Gabelli Growth Innovators ETF | $5,376,930 | $1,026,900 | 46.83 | 3,379 | ActiveShares | GTS | 0.90% | NYSE |
| GAST | 1/5/22 | Gabelli Asset ETF | $5,065,200 | $246,540 | 36.11 | 54 | ActiveShares | GTS | 0.90% | NYSE |
| GABF | 5/11/22 | Gabelli Financial Services Opportunities ETF | $21,769,150 | $9,862,690 | 40.86 | 4,962 | ActiveShares | GTS | 0.10% | NYSE |
| GCAD | 1/3/23 | Gabelli Commercial Aerospace & Defense ETF | $6,127,015 | $899,600 | 33.15 | 683 | ActiveShares | GTS | 0.00% | NYSE |
| FRTY | 3/1/21 | Alger Mid Cap 40 ETF | $46,575,000 | $12,984,775 | 65.45 | 16,019 | ActiveShares | Virtu | 0.60% | NYSE |
| ATFV | 5/4/21 | Alger 35 ETF | $21,914,075 | $5,507,775 | 56.25 | 6,225 | ActiveShares | Virtu | 0.55% | NYSE |
| AWEG | 3/7/23 | Alger Weatherbie Enduring Growth ETF | $5,174,163 | $305,875 | 24.15 | 165 | ActiveShares | Virtu | 0.65% | NYSE |
| REIT | 2/26/21 | ALPS Active REIT ETF | $36,117,508 | $12,942,050 | 20.48 | 7,614 | Blue Tractor | GTS | 0.68% | NYSE |
| STNC | 3/16/21 | Hennessy Stance ESG Large Cap ETF | $101,946,070 | $37,295,265 | 24.17 | 6,651 | Blue Tractor | GTS | 0.85% | NYSE |
| DYTA | 3/30/23 | SGI Dynamic Tactical ETF | $59,300,233 | -$56,284,448 | 28.37 | 20,698 | Blue Tractor | GTS | 1.04% | NASDAQ |
| PFUT | 5/26/21 | Putnam Sustainable Future ETF | $285,685,139 | $50,770,223 | 18.06 | 28,829 | Fidelity Proxy | Virtu | 0.64% | NYSE |
| PLDR | 5/26/21 | Putnam Sustainable Leaders ETF | $584,561,478 | $60,820,389 | 10.50 | 42,571 | Fidelity Proxy | RBC | 0.59% | NASDAQ |
| PGRO | 5/26/21 | Putnam Focused Large Cap Growth ETF | $61,587,034 | $4,726,296 | 10.07 | 7,961 | Fidelity Proxy | RBC | 0.56% | NYSE |
| PVAL | 5/26/21 | Putnam Focused Large Cap Value ETF | $1,080,839,095 | $763,580,064 | 9.35 | 206,669 | Fidelity Proxy | Virtu | 0.56% | NYSE |
| HFGO | 11/9/21 | Hartford Large Cap Growth ETF | $127,302,120 | $34,870 | 20.58 | 1,524 | Fidelity Proxy | Citadel | 0.60% | NYSE |
| SEMI | 3/30/22 | Columbia Seligman Semiconductor and Technology ETF | $38,332,737 | $3,814,150 | 22.18 | 5,598 | Fidelity Proxy | Virtu | 0.75% | NYSE |
| CAPE | 4/5/22 | DoubleLine Shiller CAPE U.S. Equities ETF | $401,086,120 | -$91,422,400 | 6.68 | 35,974 | ActiveShares | Citadel | 0.65% | Cboe BZX |
| FMCX | 4/25/22 | FMC Excelsior Focus Equity ETF | $96,471,200 | $556,350 | 41.38 | 405 | ActiveShares | GTS | 0.70% | NYSE |
| BYRE | 5/19/22 | Principal Real Estate Active Opportunities ETF | $12,383,825 | $1,855,350 | 23.33 | 1,016 | Fidelity Proxy | Virtu | 0.65% | NYSE |
| JHAC | 11/2/23 | John Hancock Fundamental All Cap Core ETF | $3,794,780 | $953,151 | 10.45 | 1,424 | Fidelity Proxy | Virtu | 0.72% | NYSE |
| Total/Average | $10,409,882,526 | $3,567,294,240 | 21.53 | 1,574,130 | 0.58% |
Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 9/13/2024
*Simple average
| Ticker | Name | Issuer | Launch Date | Asset Class | AUM |
|---|---|---|---|---|---|
| KAUG | Innovator US Small Cap Power Buffer ETF - August | Innovator | 8/1/24 | Equity | $36,388,545 |
| NAUG | Innovator Growth-100 Power Buffer ETF - August | Innovator | 8/1/24 | Equity | $17,231,620 |
| ZAUG | Innovator Equity Defined Protection ETF - 1 Yr August | Innovator | 8/1/24 | Equity | $74,664,000 |
| AUGU | AllianzIM U.S. Equity Buffer15 Uncapped Aug ETF | Allianz Investment Management | 8/1/24 | Equity | $24,115,655 |
| OCTA | Octane All-Cap Value Energy ETF | Octane | 8/1/24 | Equity | $890,280 |
| IAUG | Innovator International Developed Power Buffer ETF August | Innovator | 8/1/24 | Equity | $15,747,125 |
| CPSA | Calamos S&P 500 Structured Alt Protection ETF August | Calamos | 8/1/24 | Equity | $44,343,025 |
| NBCR | Neuberger Berman Core Equity ETF | Neuberger Berman | 8/1/24 | Equity | $227,403,273 |
| SCDS | JPMorgan Fundamental Data Science Small Core ETF | JPMAM | 8/8/24 | Equity | $5,949,779 |
| LCDS | JPMorgan Fundamental Data Science Large Core ETF | JPMAM | 8/8/24 | Equity | $12,152,205 |
| BABO | YieldMax BABA Option Income Strategy ETF | YieldMax | 8/8/24 | Equity | $4,608,720 |
| LLYX | Defiance Daily Target 2X Long LLY ETF | Defiance ETFs | 8/8/24 | Equity | $3,476,250 |
| MSTX | Defiance Daily Target 1.75x Long MSTR ETF | Defiance ETFs | 8/15/24 | Equity | $211,302,000 |
| YQQQ | YieldMax Short N100 Option Income Strategy ETF | YieldMax | 8/15/24 | Equity | $3,318,245 |
| TSPY | TappAlpha SPY Growth & Daily Income ETF | TappAlpha | 8/15/24 | Equity | $3,735,390 |
| JEMB | Janus Henderson Emerging Markets Debt Hard Currency ETF | Janus | 8/14/24 | Fixed Income | $193,537,500 |
| RMOP | Rockefeller Opportunistic Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $41,187,040 |
| RMCA | Rockefeller California Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $15,219,000 |
| RMNY | Rockefeller New York Municipal Bond ETF | Rockefeller | 8/13/24 | Fixed Income | $2,534,000 |
| SCUS | Schwab Ultra-Short Income ETF | Charles Schwab | 8/13/24 | Fixed Income | $40,304,000 |
| GAEM | Simplify Gamma Emerging Market Bond ETF | Simplify | 8/13/24 | Fixed Income | $10,782,275 |
| JGRW | Jensen Quality Growth ETF | Jensen | 8/13/24 | Equity | $16,638,867 |
| AUGM | FT Vest U.S. Equity Max Buffer ETF - August | First Trust | 8/19/24 | Equity | $22,750,635 |
| QMAG | FT Vest Nasdaq-100 Moderate Buffer ETF - August | First Trust | 8/21/24 | Equity | $83,081,795 |
| RSBY | Return Stacked Bonds & Futures Yield ETF | Return Stacked | 8/21/24 | Asset Allocation | $107,698,125 |
| QHDG | Innovator Hedged Nasdaq-100 ETF | Innovator | 8/20/24 | Equity | $3,723,990 |
| SMST | Defiance Daily Target 1.5x Short MSTR ETF | Defiance ETFs | 8/21/24 | Equity | $2,071,750 |
| SMCX | Defiance Daily Target 2X Long SMCI ETF | Defiance ETFs | 8/22/24 | Equity | $11,858,000 |
| AVGX | Defiance Daily Target 2X Long AVGO ETF | Defiance ETFs | 8/22/24 | Equity | $12,212,500 |
| QDVO | Amplify CWP Growth & Income ETF | Amplify | 8/22/24 | Equity | $6,870,298 |
| TSMY | YieldMax TSM Option Income Strategy ETF | YieldMax | 8/21/24 | Equity | $3,066,930 |
| TOAK | Twin Oak Short Horizon Absolute Return ETF | Twin Oak | 8/20/24 | Alternatives | $10,218,200 |
| SMLL | Harbor Active Small Cap ETF | Harbor | 8/29/24 | Equity | $7,952,640 |
| KSEP | Innovator U.S. Small Cap Power Buffer ETF - September | Innovator | 9/3/24 | Equity | $10,082,080 |
| NSEP | Innovator Growth-100 Power Buffer ETF - September | Innovator | 9/3/24 | Equity | $27,126,000 |
| ZSEP | Innovator Equity Defined Protection ETF - 1 Yr September | Innovator | 9/3/24 | Equity | $83,362,500 |
| SEPU | AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF | Allianz Investment Management | 9/3/24 | Equity | $15,650,000 |
| YETH | Roundhill Ether Covered Call Strategy ETF | Roundhill | 9/4/24 | Currency | $495,427 |
| SPIN | SPDR SSGA US Equity Premium Income ETF | SPDR ETFs | 9/5/24 | Equity | $3,058,360 |
| KHPI | Kensington Hedged Premium Income ETF | Kensington | 9/5/24 | Equity | $13,150,280 |
| SOXW | Tradr 2X Long SOXX Weekly ETF | Tradr | 9/3/24 | Equity | $904,124 |
| TSLW | Tradr 1.5X Long TSLA Weekly ETF | Tradr | 9/3/24 | Equity | $1,109,524 |
| SPYB | Tradr 2X Long SPY Weekly ETF | Tradr | 9/3/24 | Equity | $987,508 |
| NVDW | Tradr 1.75X Long NVDA Weekly ETF | Tradr | 9/3/24 | Equity | $963,828 |
| QQQW | Tradr 2X Long Triple Q Weekly ETF | Tradr | 9/3/24 | Equity | $987,940 |
| SOXM | Tradr 2X Long SOXX Monthly ETF | Tradr | 9/3/24 | Equity | $926,104 |
| MQQQ | Tradr 2X Long Triple Q Monthly ETF | Tradr | 9/3/24 | Equity | $5,717,018 |
| SPYM | Tradr 2X Long SPY Monthly ETF | Tradr | 9/3/24 | Equity | $990,776 |
| CONI | GraniteShares 1x Short COIN Daily ETF | GraniteShares | 9/4/24 | Equity | $771,626 |
| UBRL | GraniteShares 2x Long UBER Daily ETF | GraniteShares | 9/4/24 | Equity | $755,791 |
| PTIR | GraniteShares 2x Long PLTR Daily ETF | GraniteShares | 9/4/24 | Equity | $6,303,492 |
| EMEQ | Macquarie Focused Emerging Markets Equity ETF | Macquarie | 9/5/24 | Equity | $5,084,120 |
| CPNS | Calamos Nasdaq-100 Structured Alt Protection ETF - September | Calamos | 9/3/24 | Equity | $30,497,992 |
| CPST | Calamos S&P 500 Structured Alt Protection ETF - September | Calamos | 9/3/24 | Equity | $23,678,680 |
| HYSD | Columbia Short Duration High Yield ETF | Columbia Threadneedle Investments | 9/5/24 | Fixed Income | $25,232,259 |
| NJNK | Columbia U.S. High Yield ETF | Columbia Threadneedle Investments | 9/5/24 | Fixed Income | $25,226,009 |
| LFAN | Stone Ridge 2054 Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $978,900 |
| LFAV | Stone Ridge 2059 Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $1,106,466 |
| LIAK | Stone Ridge 2054 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $1,293,000 |
| LIAT | Stone Ridge 2059 Inflation-Protected Longevity Income ETF | Stone Ridge | 9/9/24 | Fixed Income | $1,529,700 |
| CPSL | Calamos Laddered S&P 500 Structured Alt Protection ETF | Calamos | 9/9/24 | Equity | $15,114,025 |
| RDTE | Roundhill Small Cap 0DTE Covered Call Strategy ETF | Roundhill | 9/10/24 | Equity | $8,270,700 |
| SJLD | SanJac Alpha Low Duration ETF | SanJac Alpha | 9/10/24 | Fixed Income | $501,500 |
| SJCP | SanJac Alpha Core Plus Bond ETF | SanJac Alpha | 9/10/24 | Fixed Income | $500,500 |
| DECO | SPDR Galaxy Digital Asset Ecosystem ETF | SPDR ETFs | 9/10/24 | Equity | $5,288,440 |
| TEKX | SPDR Galaxy Transformative Tech Accelerators ETF | SPDR ETFs | 9/10/24 | Equity | $5,306,980 |
| HECO | SPDR Galaxy Hedged Digital Asset Ecosystem ETF | SPDR ETFs | 9/10/24 | Equity | $105,033,600 |
| PSQO | Palmer Square Credit Opportunities ETF | Palmer Square | 9/12/24 | Fixed Income | $503,200 |
| NBJP | Neuberger Berman Japan Equity ETF | Neuberger Berman | 9/12/24 | Equity | $5,008,965 |
| SMCY | YieldMax SMCI Option Income Strategy ETF | YieldMax | 9/12/24 | Equity | $2,590,785 |
| DXUV | Dimensional US Vector Equity ETF | Dimensional Fund Advisors | 9/12/24 | Equity | $71,617,700 |
| DXIV | Dimensional International Vector Equity ETF | Dimensional Fund Advisors | 9/12/24 | Equity | $10,162,700 |
| PCEM | Polen Capital Emerging Markets ex China Growth ETF | Litman Gregory | 9/11/24 | Equity | $506,795 |
| CAFX | Congress Intermediate Bond ETF | Congress Asset Management | 9/10/24 | Fixed Income | $10,836,000 |
| DTAN | Sparkline International Intangible Value ETF | Sparkline | 9/10/24 | Equity | $251,860 |
| NMB | Simplify National Muni Bond ETF | Simplify | 9/10/24 | Fixed Income | $45,180,025 |
| Total - 76 New ETFs | Total | $1,851,676,937 |
Source: Factset as of 9/13/2024
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