PWD IntelligenceThe ETF PipelineWeek of Nov 2
Launches, the week
3
down 7Change vs the prior week
Source for Launches, the week
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date); SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4) captured from EDGAR full-text search; Fund status records (delisting date) maintained from SEC and exchange listing dataETF launches fall to three, the fewest in eight weeks
Issuers filed 30 new-fund registrations in the same week, in line with the eight-week average, according to SEC EDGAR filings.
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By PWD Intelligence6 min read
Registration filings
77
down 22Change vs the prior week
Source for Registration filings
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date); SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4) captured from EDGAR full-text search; Fund status records (delisting date) maintained from SEC and exchange listing dataNew-fund filings (485APOS)
30
Source for New-fund filings (485APOS)
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date); SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4) captured from EDGAR full-text search; Fund status records (delisting date) maintained from SEC and exchange listing dataClosures
0
Source for Closures
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date); SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4) captured from EDGAR full-text search; Fund status records (delisting date) maintained from SEC and exchange listing dataActive share of launches, 8 weeks
9.8%
244 launches in eight weeks
Source for Active share of launches, 8 weeks
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date); SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4) captured from EDGAR full-text search; Fund status records (delisting date) maintained from SEC and exchange listing data; style Classified from each fund's registered name by fixed published rulesWhat matters
- Three ETFs launched in the week to Nov. 3, down from 10 the prior week and 50 in the week of Sep. 15, according to SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date).
- Tidal's five trusts launched 100 of the 244 ETFs that came to market between Sep. 9 and Nov. 3, or 41%, according to SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date).
- Issuers filed 30 new fund registrations (485APOS) in the week to Nov. 3, up from 17 the prior week, according to SEC EDGAR filings captured from EDGAR full-text search.
Chart 1
ETF registration filings by week
Weeks ending on the date shown, by form
- 485APOS new and amended
- 485BPOS effective
- N-1A new trusts
Show as table
| Label | 485APOS new and amended | 485BPOS effective | N-1A new trusts | Total |
|---|---|---|---|---|
| Sep 15 | 24 | 35 | 1 | 60 |
| Sep 22 | 36 | 25 | 4 | 65 |
| Sep 29 | 54 | 89 | 2 | 145 |
| Oct 6 | 35 | 24 | 1 | 60 |
| Oct 13 | 20 | 18 | 3 | 41 |
| Oct 20 | 27 | 30 | 2 | 59 |
| Oct 27 | 17 | 81 | 0 | 98 |
| Nov 3 | 30 | 45 | 2 | 77 |
Three ETFs launched in the week to Nov. 3, down from 10 the prior week and 50 in the week of Sep. 15, according to SEC EDGAR effectiveness filings and issuer fund records.
Three is the lowest weekly launch count of the eight weeks tracked, after 158 launches in the first four weeks and 86 in the last four. The last three weeks ran 29, 10 and 3.
Fund selectors cannot yet compare costs on the three new funds, because expense ratios were not available for any of them. All three went live on Oct. 28. ACJL, the Buffered Bulldog ETF by C.J. Lawrence, a division of Apollon, is a buffer and defined-outcome fund from Tidal Trust IV. ANGG and ANGV came from SEI Exchange Traded Funds.
Closures fell as well. Issuer records show 34 closures over the eight weeks, 29 of them in the week of Sep. 15, and none in any of the last five weeks.
Chart 2
Launches and closures by week
- Launches
- Closures
Show as table
| Label | Launches | Closures | Total |
|---|---|---|---|
| Sep 15 | 50 | 29 | 79 |
| Sep 22 | 48 | 4 | 52 |
| Sep 29 | 29 | 1 | 30 |
| Oct 6 | 31 | 0 | 31 |
| Oct 13 | 44 | 0 | 44 |
| Oct 20 | 29 | 0 | 29 |
| Oct 27 | 10 | 0 | 10 |
| Nov 3 | 3 | 0 | 3 |
Table 1
ETF launches, week to Nov 3
| Ticker↑ | Fund↕ | Issuer↕ | Launched↕ | Expense ratio↕ | Category↕ | Style↕ |
|---|---|---|---|---|---|---|
| ACJL | Buffered Bulldog ETF by C.J. Lawrence, a division of Apollon | Tidal Trust IV | — | Buffer & defined outcome | Index | |
| ANGG | ANGG | SEI Exchange Traded Funds | — | Other | Index | |
| ANGV | ANGV | SEI Exchange Traded Funds | — | Other | Index |
1–3 of 3
Source: SEC EDGAR effectiveness filings (485BPOS) and issuer fund records (inception date)
New-fund filings held at the eight-week average
Issuers filed 30 new-fund registrations (485APOS) in the week to Nov. 3, up from 17 the prior week, according to SEC EDGAR filings. That matches the eight-week average of about 30 a week, from 243 such filings in total. The form also covers amendments, so the 30 counts filings, not funds in the pipeline.
Total filings fell to 77 from 99 the prior week. They included 45 effective registrations (485BPOS), two new trust registrations (N-1A) and no listing-rule filings (19b-4). The new trusts were Gator Capital Investment Trust, which filed on Nov. 2, and TenGrove ETF Trust, which filed on Oct. 30. Defiance ETFs Trust I accounts for five of the 25 filings in the table below, all 485APOS filings dated Nov. 3.
EA Series Trust was the most active registrant over the eight weeks with 21 filings, followed by GraniteShares ETF Trust with 20. ETF Series Solutions, Themes ETF Trust, Tidal Trust II and Tidal Trust V each filed 13. Only the two Tidal trusts also rank among the eight issuers with the most launches, so the busiest filers were mostly not the busiest launchers in this period.
Chart 3
Most active registrants, eight weeks
- EA Series Trust21
- GraniteShares ETF Trust20
- ETF Series Solutions13
- Themes ETF Trust13
- Tidal Trust II13
- Tidal Trust V13
- ETF Opportunities Trust12
- Global X Funds10
Show as table
| Item | Value |
|---|---|
| EA Series Trust | 21 |
| GraniteShares ETF Trust | 20 |
| ETF Series Solutions | 13 |
| Themes ETF Trust | 13 |
| Tidal Trust II | 13 |
| Tidal Trust V | 13 |
| ETF Opportunities Trust | 12 |
| Global X Funds | 10 |
Table 2
Registration filings, week to Nov 3
| Registrant↕ | Form↑ | Filed↕ |
|---|---|---|
| VegaShares ETF Trust (CIK 0002068712) | 485APOS | |
| EA Series Trust (CIK 0001592900) | 485APOS | |
| ETF Opportunities Trust (CIK 0001771146) | 485APOS | |
| Defiance ETFs Trust I (CIK 0001844255) | 485APOS | |
| Defiance ETFs Trust I (CIK 0001844255) | 485APOS | |
| Defiance ETFs Trust I (CIK 0001844255) | 485APOS | |
| Defiance ETFs Trust I (CIK 0001844255) | 485APOS | |
| Defiance ETFs Trust I (CIK 0001844255) | 485APOS | |
| DEUTSCHE DWS MARKET TRUST (CIK 0000095603) | 485APOS | |
| KINETICS MUTUAL FUNDS INC (CIK 0001083387) | 485APOS | |
| Goldman Sachs ETF Trust (CIK 0001479026) | 485APOS | |
| Pear Tree Funds (CIK 0000722885) | 485APOS | |
| SPARROW FUNDS (CIK 0001066241) | 485APOS | |
| Strategic Trust (CIK 0001873280) | 485APOS | |
| RBB FUND, INC. (CIK 0000831114) | 485APOS | |
| Roundhill ETF Trust (CIK 0001976517) | 485APOS | |
| FIRST TRUST EXCHANGE-TRADED FUND (CIK 0001329377) | 485APOS | |
| Northern Lights Fund Trust IV (CIK 0001644419) | 485APOS | |
| Advisors' Inner Circle Fund II (CIK 0000890540) | 485BPOS | |
| New Age Alpha Funds Trust (CIK 0002013853) | 485BPOS | |
| John Hancock Exchange-Traded Fund Trust (CIK 0001478482) | 485BPOS | |
| 1290 Funds (CIK 0001605941) | 485BPOS | |
| Davis Fundamental ETF Trust (CIK 0001670310) | 485BPOS | |
| Gator Capital Investment Trust (CIK 0002149674) | N-1A | |
| TenGrove ETF Trust (CIK 0002153850) | N-1A |
1–25 of 25
Source: SEC EDGAR filings (485APOS, 485BPOS, N-1A, 19b-4)
Tidal's five trusts launched 41% of new ETFs since Sep. 9
Tidal's five trusts launched 100 of the 244 ETFs that came to market between Sep. 9 and Nov. 3, or 41%, according to SEC EDGAR effectiveness filings and issuer fund records. Tidal Trust V led with 41, followed by Tidal Trust I with 20, Tidal Trust IV with 16, Tidal Trust II with 15 and Tidal Trust III with 8.
Tidal Trust V alone launched more funds than the next three issuers combined: Kurv ETF Trust with 16, Managed Portfolio Series with 14 and First Trust Exchange-Traded Fund IV with 7. It launched nothing in the week to Nov. 3, and ACJL was the week's only Tidal launch.
Active funds made up 9.8% of launches over the eight weeks, with style classified from each fund's registered name by fixed published rules. By category, classified from fund names under the same rules, dividend and income led with 22 launches, ahead of international and emerging markets with 13 and sector and thematic with 12.
Chart 4
Launches by category, eight weeks
- Other150
- Dividend & income22
- International & emerging13
- Sector & thematic12
- Option income9
- US large cap & broad market8
- Municipal bonds6
- Factor & style5
Show as table
| Item | Value |
|---|---|
| Other | 150 |
| Dividend & income | 22 |
| International & emerging | 13 |
| Sector & thematic | 12 |
| Option income | 9 |
| US large cap & broad market | 8 |
| Municipal bonds | 6 |
| Factor & style | 5 |
Chart 5
Launches by issuer, eight weeks
- Tidal Trust V41
- Tidal Trust I20
- Kurv ETF Trust16
- Tidal Trust IV16
- Tidal Trust II15
- Managed Portfolio Series14
- Tidal Trust III8
- FIRST TRUST EXCHANGE-TRADED FUND IV7
Show as table
| Item | Value |
|---|---|
| Tidal Trust V | 41 |
| Tidal Trust I | 20 |
| Kurv ETF Trust | 16 |
| Tidal Trust IV | 16 |
| Tidal Trust II | 15 |
| Managed Portfolio Series | 14 |
| Tidal Trust III | 8 |
| FIRST TRUST EXCHANGE-TRADED FUND IV | 7 |
PWD Intelligence
The ETF Pipeline
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