Active ETFs at six issuers take in $1.02 billion in a week

Active ETFs at six issuers took in a net $1.02 billion in the week to Nov. 11, according to the issuers' published daily fund data. The six are Amplify ETFs, Avantis Investors, Capital Group, NEOS Investments, YieldMax ETFs and iShares (BlackRock).

Active inflows rose from $212.9 million the prior week, but the comparison is not like-for-like because five of the six issuers show $0 in each of the three prior weeks. Those earlier totals reflect iShares flows alone. On iShares alone, net flow was $254.5 million this week against $212.9 million the week before.

For advisors gauging active ETF demand, the $1.02 billion covers six issuers whose 114 active funds hold 20.6% of active ETF assets reported in SEC Form N-CEN filings. Those funds hold $343.9 billion: 27 at Avantis, 24 at Capital Group, 21 at iShares, 19 at YieldMax, 16 at NEOS and seven at Amplify. The figures are not a market-wide active ETF flow total.

Active funds drew 5.9% of gross ETF inflows at the six issuers against 7.1% of their assets, so on this measure they did not gain ground. Index funds took a net $8.14 billion, down from $14.20 billion the prior week, and $17.02 billion of gross inflows against active's $1.06 billion. Leveraged, inverse and single-stock daily funds count as index funds in that comparison. Active's shares of 1.1%, 1.8% and 1.0% in the earlier weeks carry the same caveat about which issuers recorded flows.

The BlackRock US Equity Factor Rotation ETF (DYNF) took the week's largest active inflow, $232.4 million, according to iShares' published daily fund data. It is the only fund among the leaders with money in all four weeks: $259.1 million, $291.3 million, $195.8 million and $232.4 million. This week's inflow equals 0.56% of its $41.6 billion in assets as of Nov. 10.

Capital Group Growth ETF (CGGR) followed at $117.0 million and Avantis U.S. Large Cap Value ETF (AVLV) at $90.1 million. Capital Group Dividend Value ETF (CGDV) added $73.6 million, NEOS Nasdaq 100 High Income ETF (QQQI) $70.3 million and NEOS S&P 500 High Income ETF (SPYI) $65.8 million. DYNF, CGGR, AVLV, CGDV and QQQI together took 55% of active gross inflows.

Capital Group Conservative Equity ETF (CGCV) took $39.9 million, 1.62% of its $2.46 billion in assets, the highest flow-to-asset ratio among the 10 largest inflows, according to Capital Group's published data.

Outflows were small. Capital Group International Equity ETF (CGIE) lost $21.9 million, 0.89% of its $2.46 billion in assets. The next four, NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI), Avantis U.S. Quality ETF (AVUQ), Avantis Core Municipal Fixed Income ETF (AVMU) and NEOS Real Estate High Income ETF (IYRI), each lost less than $4 million. Gross outflows across covered active funds totaled $38.6 million.

Capital Group's 24 active ETFs took in a net $413.5 million, 41.2% of active gross inflows, below the 47.9% of covered active assets they represent. The firm's funds recorded $0 in each of the three prior weeks, according to its published daily fund data. Its active assets total $164.7 billion.

iShares took 24.3% of active gross inflows against 12.7% of active assets, and NEOS took 13.4% against 10.2%. Avantis took 20.5% against 25.7%, and Amplify 0.7% against 3.0%. YieldMax's 19 funds, with $1.69 billion in assets, recorded no flow. iShares is the only covered issuer with non-zero flows in all four weeks, and its four-week net flow is $1.05 billion. For Capital Group, Avantis and NEOS, the four-week figure equals this week's flow.

Factor and style was the largest active category, with a net $442.5 million, up from $195.8 million the prior week, according to the issuers' data. Its eight funds include DYNF, CGGR and AVLV. Over four weeks the category has taken $1.19 billion of the $1.82 billion net flow into covered active ETFs, about two-thirds.

Dividend and income took $258.8 million after $0 the prior week, with CGDV, QQQI and SPYI accounting for $209.7 million. QQQI and SPYI are classed as dividend and income based on their names, not as option income. Fourteen option-income funds, with $1.60 billion in assets, recorded no net flow.

International and emerging added $134.0 million, also after $0 the prior week. The "Other" category, which includes CGCV and Capital Group Core Equity ETF (CGUS), took $119.6 million, up from $6.1 million. Three small categories lost money: treasuries (-$4.0 million), real estate (-$1.9 million) and sector and thematic (-$1.1 million).

Active funds accounted for 19 of the 233 ETF launches in the eight weeks to Nov. 11, about 8%, according to SEC filings and issuer fund data. The busiest active weeks were those of Sept. 30, with 10 launches, and Oct. 14, with seven. No active funds launched in the week to Nov. 11 and one launched the week before.