ETFs on top

This week brought more good news for our growing industry in Europe, with SIX Swiss Exchange reporting a bumper April for ETF volumes and Fiona Nicolson talking to Tim West, a partner and UK wealth and asset management, alternative-investment leader at EY UK, about their study which has revealed that the market is forecast to grow 15 per cent annually over the next five years, reaching over USD4.5 trillion by 2030.

Reflecting on the rise of active funds, the study reports that the active ETF market “began to accelerate in 2020 and has grown 250 per cent since then.” Nicolson writes that the research also revealed that the market ended 2023 with USD700 billion AUM and now represents more than 6 per cent of the global ETF market. US providers are said to have propelled the growth and the report observes that many US managers are currently looking to Europe as a possible growth opportunity.

And more evidence of this comes with the news of the launch of US ETF issuer Pacer ETFs’ hugely successful Cash Cows series in Europe. The products seek to deliver capital appreciation by investing in companies with high free cash flow yield. The Cash Cows Series has seen extraordinary growth in the US, where the funds have over USD35 billion in assets following a year of notable performance and 118.2 per cent growth in assets in 2023.

This growth was largely spurred by the series’ standout ETF, COWZ, which grew from USD12.5 billion to USD20 billion in 2023. The success of these strategies catapulted Pacer’s total assets to over USD43 billion after entering 2023 with just over USD19 billion.

US interest in Europe was also demonstrated by the latest acquisition of boutique European ETF issuer Tabula Investment Management by Janus Henderson, with the company writing that it expects partnering with Tabula will enable them to respond to client’s demand globally for its investment strategies to include a UCITS ETF wrapper, which is the most ubiquitous ETF structure outside of the US. Janus Henderson writes that it is seeking to leverage its global distribution platform and enhance its partnership with its UK and European client base, which is increasingly looking at active ETFs, and to reach key growing markets in Latin America, the Middle East and APAC.

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Finally, and by no means least, we are very pleased to bring you our latest podcast in the Off the Record series, brought to you in partnership with TrussEdge, entitled ETF Distribution – the view from the US and Europe with Yorick Naeff of Bux Group representing the European view and Nicholas Codola of Brinker Capital Investments representing the US. Listen here to this fascinating discussion.

Beverly Chandler, Managing Editor

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SIX Swiss Exchange writes that its Quote on Demand (QOD) service has been a key driver behind the rising ETF and ETP trading activity. With over 10,000 trades recorded in each of the last three months, QOD volumes have exceeded CHF600 million for the first time in April, over 32 per cent more than in March, the exchange writes, adding that an on-exchange RFQ offering launched back in 2021, QOD increases trading efficiency and helps reduce transaction costs.
Tabula and Janus Henderson Group plc have announced that they have entered into an agreement under which Janus Henderson will acquire European ETF provider Tabula Investment Management.
Pacer ETFs has announced the launch of three Cash Cows UCITS ETFs. The firm writes that this will give European investors access to some of the firm’s most successful strategies through the Euronext Dublin Exchange and the Euronext Amsterdam Exchange, in accordance with UCITS regulations:
According to recent research by EY Ireland, the European ETF market grew by 28 per cent in 2023, reaching over USD1.8 trillion in assets under management (AUM). 

Global ETF Launches

Global Launches sponsored by STOXX
No new non-North American launches this week after a busy week in April, which you can see here.

US ETF Launches

US Launches sponsored by STOXX
Nine new ETF offerings were launched for the week, each with a distinct value proposition for investors. Detailed below are the respective launches from each asset manager.


Canada Launches sponsored by STOXX
A summary of the Canadian ETF launches that occurred in April 2024.
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