ETF Industry KPI – 9/25/2023

Week of September 18, 2023 KPI Summary

Ryan Fitzgerald

• This week, the industry experienced 31 ETF launches and 2 closures, shifting the 1-year Open-to-Close ratio to 1.83 and total US ETFs to 3,257.
  • +29 ETFs is the most in over 3.5 years of our KPIs!
• October is around the corner and Fall has arrived. Let’s take a look at how the ETF Industry handled the heat of Summer 2023 (data compares June 18, 2023 to September 24, 2023).
  • 2.5% increase in total US ETFs (+78), but a -1.4% decrease in total assets (approximately $100 Bn).
    • For comparison in Summer 2022, total US ETFs increased +74 but assets only decreased $26 Bn – very similar overall.
  • From our 11 asset class categories, Managed Futures increased the most in assets (15.4%) with Options as the next highest (14.1%). Currency had the largest drop in assets (-10.5%) with Geared/Swaps close behind (-8.4%). The two largest asset classes of Equity (76.4% of assets) and Fixed Income (19.0%) declined -1.7% and up 0.5% in assets respectively.
    • Managed Futures category was the top performer last Summer as well (up 83.6%).
  • ETF expense ratio 12-month revenue decreased from $12.3 Bn to $11.6 Bn.
  • Revenue from Active ETFs surged from 13.0% to 14.6%.
• Similar to last year, the ETF industry had a positive start to the Summer, then assets declined to finish around $100 Million below the starting point ($7.33 Trillion). After a 10.0% jump in assets in Spring 2023 (+$666 Million), the seesaw effect isn’t surprising. 
• The tracked indexes had similar experiences over the Summer. Toroso ETF Industry Index was down -3.3% while the S&P Financial Select Sector Index led at -2.8%.

ETF Launches

AB US Large Cap Strategic Equities ETF (ticker: LRGC)
Amplify Cash Flow High Income ETF (ticker: HCOW)
Defiance S&P 500 Enhanced Options Income ETF (ticker: JEPY)
Direxion Daily NVDA Bear 1X ETF (ticker: NVDD)
FT Cboe Vest US Equity Moderate Buffer ETF – September (ticker: GSEP)
FT Cboe Vest US Equity Buffer & Premium Income ETF – September (ticker: XISE)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (ticker: BSJV)
Invesco BulletShares 2033 Corporate Bond ETF (ticker: BSCX)
Invesco BulletShares 2033 Municipal Bond ETF (ticker: BSSX)
iShares iBonds October 2024 Term TIPS ETF (ticker: IBIA)
iShares iBonds October 2025 Term TIPS ETF (ticker: IBIB)
iShares iBonds October 2026 Term TIPS ETF (ticker: IBIC)
iShares iBonds October 2027 Term TIPS ETF (ticker: IBID)
iShares iBonds October 2028 Term TIPS ETF (ticker: IBIE)
iShares iBonds October 2029 Term TIPS ETF (ticker: IBIF)
iShares iBonds October 2030 Term TIPS ETF (ticker: IBIG)
iShares iBonds October 2031 Term TIPS ETF (ticker: IBIH)
iShares iBonds October 2032 Term TIPS ETF (ticker: IBII)
iShares iBonds October 2033 Term TIPS ETF (ticker: IBIJ)
JPMorgan Emering Markets Research Enhanced Index Equity Active ETF (ticker: JREM)
MarketDesk Focused U.S. Dividend ETF (ticker: FDIV)
Matthews Asia Dividend Active ETF (ticker: ADVE)
Matthews Emerging Markets Sustainable Future Active ETF (ticker: EMSF)
Matthews India Active ETF (ticker: INDE)
Matthews Japan Active ETF (ticker: JPAN)
Matthews Pacific Tiger Active ETF (ticker: ASIA)
Roundhill Alerian LNG ETF (ticker: LNGG)
Subversive Cannabis ETF (ticker: LGLZ)
VanEck Office and Commercial REIT ETF (ticker: DESK)
Western Asset Bond ETF (ticker: WABF)
YieldMax AMD Option Income Strategy ETF (ticker: AMDY)

ETF Closures

BNY Mellon Short Duration Corporate Bond ETF (ticker: BKSB)
Long Cramer ETF (ticker: LJIM)

Fund/Ticker Changes

Highland/iBoxx Senior Loan ETF (ticker: SNLN)
became BondBloxx USD High Yield Bond Sector Rotation ETF (ticker: HYSA)

TETF.Index Performance vs. S&P Financial Select Sector Index
(as of September 22, 2023)

TETF.Index Performance vs. Other Leading Financial Indices
(March 31, 2017 through September 22, 2023)

Why Follow the ETF Industry KPIs

The team at Toroso Investments began tracking the ETF Industry Key Performance Indicators (KPI’s) in the early 2000’s and have been consistently reporting on, and analyzing these metrics ever since. The table above was the impetus for the creation of the TETF.Index, the index that tracks the ETF industry. Each week, we will share the statistics we believe to be the most useful for identifying industry trends, in addition to the performance of the TEFT.Index. 

DISCLAIMER

Past performance is no guarantee of future returns. This article is for informational and educational purposes only; is not intended to constitute legal, tax, accounting or investment advice; and does not constitute an offer to sell or a solicitation of an offer to buy any security or service. Furthermore, the Indexes shown above are not investable. While Toroso has gathered the information presented from sources that it believes to be reliable, Toroso cannot guarantee the accuracy or completeness of the information presented and the information presented should not be relied upon as such. Any opinions expressed are Toroso’s opinions and do not reflect the opinions of any affiliates or related persons. All opinions are current only as of the date of initial publication and are subject to change without notice. All investment strategies and investments involve risk of loss, including the possible loss of all amounts invested.