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Morningstar's latest report highlights the rapid growth of active ETFs, with a 20% annual surge since 2019, reaching a market share of 8.5%. The report explores the advantages and challenges of active ETFs, showcasing how they offer a cost-effective and tax-efficient approach to active management for investors. However, it also emphasizes the long-term risks associated with active investments. The growth of active ETFs can be attributed to regulatory changes, product developments, and market events, making them a promising opportunity for investors and active managers amidst outflows in active mutual funds. The report also covers the cost savings of active ETFs compared to mutual funds, the leading issuers and funds in the space, and the different approaches asset managers can take in launching and managing active ETFs.
L'ultimo rapporto di Morningstar evidenzia la rapida crescita degli ETF attivi, con un aumento annuale del 20% dal 2019, raggiungendo una quota di mercato dell'8,5%. Il rapporto esplora i vantaggi e le sfide degli ETF attivi, dimostrando come offrano un approccio economico ed efficiente dal punto di vista fiscale alla gestione attiva per gli investitori. Tuttavia, evidenzia anche i rischi a lungo termine associati agli investimenti attivi. La crescita degli ETF attivi può essere attribuita a cambiamenti normativi, sviluppi di prodotto e eventi di mercato, facendoli emergere come un'opportunità promettente per gli investitori e i gestori attivi in un contesto di deflussi nei fondi comuni attivi. Il rapporto copre anche il risparmio sui costi degli ETF attivi rispetto ai fondi comuni, gli emittenti e i fondi principali in questo settore, e i diversi approcci che i gestori di patrimoni possono adottare nel lanciare e gestire ETF attivi.
El último informe de Morningstar destaca el rápido crecimiento de los ETF activos, con un incremento anual del 20% desde 2019, alcanzando una cuota de mercado del 8.5%. El informe explora las ventajas y desafíos de los ETF activos, mostrando cómo ofrecen un enfoque rentable y eficiente en cuanto a impuestos para la gestión activa de los inversores. Sin embargo, también enfatiza los riesgos a largo plazo asociados con las inversiones activas. El crecimiento de los ETF activos se puede atribuir a cambios regulatorios, desarrollos de productos y eventos de mercado, convirtiéndolos en una oportunidad prometedora para inversores y gestores activos frente a las salidas de fondos mutuos activos. Además, el informe detalla el ahorro de costos de los ETF activos en comparación con los fondos mutuos, los principales emisores y fondos en este espacio y los diferentes enfoques que pueden adoptar los gestores de activos en el lanzamiento y manejo de ETF activos.
Morningstar의 최신 보고서는 2019년 이래 연간 20%의 급속한 성장을 보인 활동적 ETF에 대해 조명하고 있으며, 시장 점유율은 8.5%에 이르렀습니다. 보고서는 활동적 ETF의 장점과 도전을 탐구하고, 투자자들에게 비용 효율적이고 세금 측면에서 효율적인 적극적 관리 접근법을 제공하는 방법을 보여줍니다. 그러나 활동적 투자와 관련된 장기 위험도 강조합니다. 활동적 ETF의 성장은 규제 변경, 제품 개발 및 시장 이벤트로 인해 설명될 수 있으며, 활동적 상호 기금에서의 유출 속에서 투자자와 활동적 관리자들에게 유망한 기회를 제공합니다. 또한 보고서는 상호 기금에 비해 활동적 ETF의 비용 절감, 이 분야의 주요 발행자 및 기금, 그리고 활동적 ETF를 출시하고 관리하는 데 있어 자산 관리자가 취할 수 있는 다양한 접근 방식을 다룹니다.
Le dernier rapport de Morningstar met en lumière la croissance rapide des ETF actifs, avec une augmentation annuelle de 20% depuis 2019, atteignant une part de marché de 8,5%. Le rapport explore les avantages et les défis des ETF actifs, illustrant comment ils offrent une approche rentable et fiscalement efficace de la gestion active pour les investisseurs. Cependant, il souligne également les risques à long terme associés aux investissements actifs. La croissance des ETF actifs peut être attribuée à des changements réglementaires, des développements de produits et des événements de marché, les rendant une opportunité prometteuse pour les investisseurs et les gestionnaires actifs face aux sorties de fonds mutuels actifs. Le rapport couvre également les économies de coûts des ETF actifs par rapport aux fonds mutuels, les principaux émetteurs et fonds dans ce secteur, et les différentes approches que les gestionnaires d'actifs peuvent adopter dans le lancement et la gestion des ETF actifs.
Der neueste Bericht von Morningstar hebt das schnelle Wachstum von aktiven ETFs hervor, mit einem jährlichen Anstieg von 20% seit 2019, was zu einem Marktanteil von 8,5% führte. Der Bericht untersucht die Vorteile und Herausforderungen von aktiven ETFs und zeigt, wie sie Investoren eine kostengünstige und steuereffiziente Herangehensweise an das aktive Management bieten. Allerdings betont er auch die langfristigen Risiken, die mit aktiven Anlagen verbunden sind. Das Wachstum von aktiven ETFs kann auf regulatorische Änderungen, Produktentwicklungen und Marktveranstaltungen zurückgeführt werden, wodurch sie eine vielversprechende Möglichkeit für Investoren und aktive Manager im Kontext von Abflüssen in aktive Investmentfonds darstellen. Der Bericht behandelt auch die Kosteneinsparungen von aktiven ETFs im Vergleich zu Investmentfonds, die führenden Emittenten und Fonds in diesem Bereich sowie die verschiedenen Ansätze, die Vermögensverwalter beim Start und Management von aktiven ETFs ergreifen können.
Positive
The growth rate of active ETFs has been surging by over 20% annually since 2019, pushing total market share in the ETF industry to 8.5%
Active ETFs offer a cost-effective and tax-efficient approach to active management for investors
Regulatory changes, product developments, and market events have propelled the growth of active ETFs
Active ETFs present a lifeline to active managers amidst significant outflows in active mutual funds
Active ETFs have a fee structure that is 36% cheaper on average compared to active mutual funds
Dimensional Fund Advisors leads all providers with $135 billion in assets under management in active ETFs
Asset managers can approach ETFs in different ways, providing growth opportunities in the active ETF space
Negative
Active ETFs cannot close to new investors, presenting a capacity risk for certain strategies
Active mutual funds have experienced net outflows of $1.6 trillion in 2022 and 2023
The growth rate of active ETFs has been surging by over 20% annually since 2019, pushing total market share in the ETF industry to 8.5%
CHICAGO--(BUSINESS WIRE)--
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today published “Morningstar’s Guide to U.S. Active ETFs,” a new landscape report that covers advantages, challenges, approaches, and trends of actively managed exchange-traded funds (ETFs). Overall, the report found that active ETFs can be a cost-effective, tax-efficient approach to active management for investors, but as with any active investment, can carry risk over the long term.
“Active ETFs have taken center stage in the fund industry, propelled by a confluence of regulatory change, product developments, and market events that highlight the advantages of these strategies,” said Bryan Armour, director of passive strategies research for Morningstar. “After years of relative obscurity, these burgeoning vehicles could unlock opportunity for investors, while offering a lifeline to active managers in a period of significant outflows for active mutual funds.”
The rapid growth of active ETFs can be attributed to several factors: The U.S. Securities and Exchange Commission passed the “ETF Rule” in 2019, streamlining the ETF listing process and giving portfolio managers more flexibility when creating and redeeming ETF shares; investors and their advisors have increasingly sought out low-cost funds; portfolio managers have accepted greater transparency into their fund holdings, which investors have preferred; and traditional mutual fund providers began to convert existing mutual funds into ETFs to capitalize on the newfound investor demand.
The new Morningstar report delves into the benefits and drawbacks of the active ETF structure, contrasts the approaches of leading active managers, and categorizes trends and offerings for investors by asset class.
Highlights from the report include:
Due to ETFs’ fee structure that doesn’t charge sales loads or distribution fees, the average active ETF fee is 36% cheaper than the average active mutual fund fee. As active ETFs surge, their counterparts in active mutual funds are contracting, with net outflows of $1.6 trillion in 2022 and 2023.
The majority of active ETF assets have funneled to a few leading issuers and funds. As of March 31, 2024, Dimensional Fund Advisors leads all providers with $135 billion in assets under management, and the largest active ETF is the JPMorgan Equity Premium Income ETF.
Asset managers can approach ETFs in different ways, such as by launching a new strategy, copying an existing mutual fund strategy, or converting a mutual fund into an ETF. The flexibility provides a growth opportunity for active ETF managers, allowing them to tailor their offerings to meet investor demand.
Unlike active mutual funds, active ETFs cannot close to new investors, presenting a capacity risk particularly for concentrated strategies or those investing in illiquid markets. According to the report, opting for ETFs with liquid securities and diversified portfolios could help mitigate these risks.
Fixed income was the most popular active ETF asset class early on, but active equity ETFs have since gained the upper hand because the tax efficiency of ETFs benefit equity strategies even more than bonds. Active multi-asset ETFs are few and far between since mutual funds and collective-investment trusts dominate retirement plans.
The full report can be downloaded here, and a summary article of the report can also be found here on Morningstar.com.
As the active ETF market continues to grow, Morningstar will publish ongoing analysis in its ETF Roundup article series on Morningstar.com. The topic will also be featured in different sessions at the Morningstar Investment Conference, including the session, “Active ETFs: A Lifeline or Band-Aids for Active Management?”
More information about the Morningstar Investment Conference, including the full agenda and registration details, can be found here.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $286 billion in assets under advisement and management as of Dec. 31, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Morningstar’s Manager Research Group
Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Manager Research provides independent, fundamental analysis on managed investment strategies. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois and was founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
