The $2.72 trillion active ETF record is a three-firm story
A record $663.59 billion in inflows this year has concentrated in Dimensional, J.P. Morgan and iShares, while the rest of the industry fights for shelf space.
Published Sep 25, 4:31 PM ET
MDP pays double for USCF's $6 billion commodity shelf
A 100% premium for Marygold values the commodity-ETF platform and treats the rest of the conglomerate as inventory, with a uranium-ETF builder hired to add to the book.
Baron puts a risk budget around its stock picking
BROL promises S&P 500 outperformance with low tracking error, and its August holdings sit inside the benchmark it has to beat.
Top stories
Latest
Options ETFs hit $300 billion with half the room undecided
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AllianceBernstein hands its ETF suite to an internal builder
Issuers · yesterday
TURF's 35.7% is a two-name energy trade wearing an active fee
Active · yesterday
Fixed-income flows are parked at the front end, not the long end
Active · yesterday
The CloseColumn →
QVML is a cheap S&P 500 tilt wearing an all-weather label
A multi-factor fund that moves with the index at 0.97 is a defensible fee trade. The all-weather label promises protection the correlation never supplied.
Features
The Momentum
The Active Letter
The Launch Sheet
Data
The RIA Deal Tracker →
Every verified deal, lift-out, and breakaway
Firm & Fund Lookup →
13,457 firms & people tracked
ETF Daily FeaturesAll features →
The FlowRulebooks are selling AI while private capital buys it
HALX, QGRO, VFLO and OUSM rotated out of AI exposure their holders never voted to sell; Brookfield and Google kept underwriting the buildout instead.
The Ticker Agenda
The ETF record belongs to three funds, not the shelf
Record inflows keep landing in three cheap funds, while BNY's $20 billion book, Amplify's 15% private sleeve and a 1,100-point value gap add shelf space that moves none of the dollars.
The Flow
The AI-power trade is now a private deal
Brookfield's $600 million ACME tie-up and a day of clean-energy procurement should worry the issuers who just listed data-center funds with no assets.
The Ticker
The value label hides three rule books and a 1,100-point gap
Three funds file as value, follow different index rules, and finished the year 1,100 basis points apart—the cost of screening on a category instead of a methodology.
MovesThe full wire →
Movement coverage returns with the next weekday edition.
Passive & IndexingAll Passive & Indexing →
The multi-factor comeback is a hedge against the index
Five billion dollars has flowed into multi-factor ETFs this year as insurance against the index itself, and RAFI's own weights show what the policy actually covers.
FLDB's 3.9% year is a curve trade, not a track record
The 20-basis-point fund's edge over the Agg comes mainly from where it sits on the curve, and its three-year shelf moment will be judged against whatever the front end is paying then.
The staples-discretionary spread is a holding-level story
State Street fund data shows a handful of names carrying this year's 13.61-point sector gap.
The TapeAll The Tape →
The Fed hiked, and the front-end parking trade got fuller
A record $459 billion year for fixed income ETFs is running through the front end, and the first hike since 2023 is what keeps it there.
August's ETF flows went to three promoters and one country
Three promoters took half of August's $245.8 billion ETF inflows, the US took three-quarters, and the one fixed-income line near the top is a short-duration parking trade.
Europe's ETF flows chased the tape, and the tape was defensive
European ETF flows tracked last week's defensive tape, reversing the split this publication has been documenting since August.
Data
Earlier coverage
Passive & Indexing
The muni ETF leaderboard is a fee ranking in disguise
Passive & Indexing
ELFY's new top holding is a rounding error with a crown
Passive & Indexing
HALX sells SpaceX to keep its AI hedge honest
Passive & Indexing
QGRO's reset sold Nvidia and made Lockheed Martin a 3.5% bet
Passive & Indexing
THNR's rebalance moved the trade to the trial money
Passive & Indexing
VFLO's 25-name growth cut is the real screen
Passive & Indexing