Week of March 25, 2024 KPI Summary
Ryan Fitzgerald- This week, the industry experienced 8 ETF launches and 17 closures, shifting the 1-year Open-to-Close ratio to 2.13 and total US ETFs to 3,452.
- First, to continue our Issuer Madness bracket from last week’s KPI update, only 4 issuers remain:
- UConn = iShares – A dominant last two games, looking unstoppable.
- Alabama = Goldman Sachs – Alabama wasn’t given an Issuer equivalent last week. Their success in Football correlates with Goldman’s success and wealth outside of the ETF universe, while still the 17th largest in AUM.
- Purdue = State Street – One of the two top seeded teams that remain, not to be overlooked!
- NC State = T. Rowe Price – The Wolfpack are assembling one of the greatest Cinderella runs in tournament history. Are you rooting for T. Rowe Price against the ETF industry giants up to 801 times their size!?
- Next, it’s time for our monthly update to review some notable KPIs from March (data comparing 3/4/24 – 3/31/24).
- Total assets increased 3.3%, there was an increase of 31 ETFs to total US ETF count (3,452), and +9 issuers by brand.
- From our 11 asset class categories, Commodities Physical increased the most (17.8%) with Managed Futures next (11.9%). Currency had the worst performance (-4.2%) with Fixed Income at second worst (1.4%). The two largest asset classes of Equity (77.3% of assets) and Fixed Income (17.1%) rose 3.3% and 1.4% respectively.
- Currency has been in the bottom two categories since December.
- Commodities Physical category has risen about 30.7% over February and March.
- The ETF expense ratio annual revenue increased from $13.7 Bn to $14.2 Bn.
- This is +$1 Billion dollars over the last 2 months.
- March is the 5th consecutive month of positive total assets for the ETF industry. The increase of 31 funds is quite normal (although a high number of closures in March), but the +9 issuers is the most since October 2022 (when there were 10). This is a great bounce back to the decrease in issuers last month.
- The tracked indexes had similar experiences in March. The Toroso ETF Industry Index was up 6.03% while the S&P Financial Select Sector Index trailed at 4.78%.
ETF Launches
Eagle Capital Select Equity ETF (ticker: EAGL)
Invesco S&P SmallCap 600 GARP ETF (ticker: GRPZ)
Blackrock U.S. Industry Rotation ETF (ticker: INRO)
Keating Active ETF (ticker: KEAT)
FT Vest U.S. Equity Max Buffer ETF – March (ticker: MARM)
VanEck Morningstar Wide Moat Growth ETF (ticker: MGRO)
VanEck Morningstar Wide Moat Value ETF (ticker: MVAL)
Inspire 500 ETF (ticker: PTL)
ETF Closures
Xtrackers MSCI China A Inclusion Equity ETF (ticker: ASHX)
Xtrackers MSCI All China Equity ETF (ticker: CN)
Xtrackers MSCI Germany Hedged Equity ETF (ticker: DBGR)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ticker: ESCR)
Xtrackers JPMorgan ESG Emering Markets Sovereign ETF (ticker: ESEB)
Xtrackers JPMorgan ESG USD High Yield Corporate Bond ETF (ticker: ESHY)
Simplify Tail Risk Strategy ETF (ticker: CYA)
KraneShares China Credit Index ETF (ticker: KBND)
KraneShares CICC China Consumer Leaders ETF (ticker: KBUY)
KraneShares China Innovation ETF (ticker: KGRO)
KraneShares Global Carbon Offset Strategy ETF (ticker: KSET)
Subversive Cannabis ETF (ticker: LGLZ)
Subversive Decarbonization ETF (ticker: DKRB)
Subversive Food Security ETF (ticker: KCAL)
Subversive Mental Health ETF (ticker: SANE)
Defiane Pure Electric Vehicle ETF (ticker: EVXX)
Global X MSCI Nigeria ETF (ticker: NGE)
Fund/Ticker Changes
MSIFT Core Plus Fixed Income Portfolio (tickers: MFXAX, MPFIX, MSIOX, MSCKX, MPLRX)
became Eaton Vance Total Return Bond ETF (ticker: EVTR)
MSIFT Short Duration Municipal Income Portfolio (tickers: MUIMX, MUAMX, MULMX)
became Eaton Vance Short Duration Municipal Income ETF (ticker: EVSM)
TETF.Index Performance vs. S&P Financial Select Sector Index
(as of March 29, 2024)
TETF.Index Performance vs. Other Leading Financial Indices
(March 31, 2017 through March 29, 2024)
Why Follow the ETF Industry KPIs
The team at Tidal Investments, originally operating as Toroso Investments, began tracking the ETF Industry Key Performance Indicators (KPIs) in the early 2000s and have been consistently reporting on, and analyzing these metrics ever since. This diligent tracking was the catalyst for the creation of the TETF.Index, an index that tracks the ETF industry. Now, as part of the Tidal Financial Group, which is affiliated with Tidal Investments, LLC, we are positioned to provide even more in-depth analysis and insights. 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 TETF.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 Tidal Investments, LLC (formerly known as Toroso Investments, LLC) has gathered the information presented from sources that it believes to be reliable, Tidal Investments, LLC 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 Tidal Investments, LLC’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.
