Product Innovation

Fund complexes filed for 64 new funds during March, up from the 44 registered during February. ETFs continued to lead product development, with 49 filed during the month. March also included filings for 10 new open-end mutual funds, four interval funds, and one closed-end fund. BlackRock led new fund registrations for the month through 10 ETFs and two mutual funds. This included seven active funds and five passive options. First Trust Advisors saw the second highest number of new filings through seven buffered ETFs. U.S. equity saw the most extensive representation among new filings at 25, followed by 18 alternative and commodity funds.

Asset managers registered 44 new funds in February, down slightly from the 54 new filings seen in January. ETFs accounted for the most new funds for the month at 24, followed by 24 open-end mutual funds. Fidelity accounted for the largest number of new filings through 17 ESG options, which included a new sustainable target-date series. Allianz Investment Management saw the second highest total through eight defined outcome funds. U.S. equity saw the most representation among new filings at 19 in February, followed by 11 alternative and commodity funds.

January saw new registrations for 54 funds, up slightly from the 46 filed in December 2022. ETFs accounted for the most new funds for the month at 31, followed by 21 mutual funds and two interval funds. WisdomTree announced the most new filings through a series of seven passive equity mutual funds which use blockchain technology to record share ownership. Aristotle Capital Management saw the second most new fund filings through four equity and one bond mutual fund. Domestic equity accounted for the most newly-registered funds in January at 26, followed by international equity at 13.

December saw filings for 46 new funds, down from 58 seen in November and the lowest monthly total since March (40). ETFs recorded 25 new registrations for the month, followed by 12 mutual funds, eight interval funds, and one closed-end fund. T. Rowe Price registered the most new products in December through a series of five equity active ETFs. First Trust Advisors saw the second most through a pair of defined outcome ETFs and an inflation-focused fund. Domestic equity and fixed income were tied for the most representation among newly-registered funds at 15. International equity and non-traditional funds were also tied for second place with eight funds each.

Managers filed for the launch of 58 new funds over the course of November, up slightly from the 49 registered during October. ETFs remained the chief engine of new product development with 40 new funds, followed by 14 mutual funds, three interval funds, and one closed-end fund. JPMorgan Funds filed for the most new products for the month through seven passive ETFs in its BetaBuilders series and one active ETF. Roundhill Financial saw the second highest new launches at six through a series of active sector-focused ETFs. U.S. equity funds accounted for the most new filings in November at 28. All other asset classes were tied at 10 each.

October saw asset managers announce 49 newly-registered funds, a significant drop from the highly elevated 169 registrations made during September. ETFs accounted for the largest number of new filings in October at 32, followed by 12 mutual funds, three interval funds, and two closed-end funds. Defiance ETFs, Simply Asset Management, and Innovator all filed for the most new products for the month at 4 each. Defiance intends to launch multiple leveraged sector ETFs, while Simplify registered a series of target risk ETFs and Innovator announced a further series of defined outcome ETFs. Domestic equity and alternative and commodity funds were tied for the most new filings in October at 16. ETFs made up the largest part of both vehicles, though they accounted for only eight of the newly filed U.S. equity funds and 15 of new non-traditional funds.

New fund registrations remained elevated across September at 169, an increase from the already high 134 recorded in August. ETFs continued to demonstrate a wide lead with 146 funds, followed by 19 open-end mutual funds and four interval funds. The number of active ETFs filed in September (128) nearly matched the total for all funds filed across August. As in August, single stock-focused ETFs accounted for a large portion of new filings. Tema Global Limited witnessed the highest number of new filings through a series of 65 ETFs focused on specific international equity securities. Roundhill Financial saw the second highest number with 13 such ETFs. Both firms ultimately withdrew their new registrations. International equity funds continued to account for the largest number of new filings at 92 in September. U.S. equity funds made up 35 of the new products registered for the month.

New filings in August totaled 134, more than double the 76 new funds registered over the course of July. ETFs held a wide lead in new registrations at 115, followed by 18 mutual funds and one-closed end fund. The month saw a surge in active ETF registrations at 96, with many tied to single stocks. Managers with the largest number of new filings for the month saw their numbers bolstered primarily by single stock ETFs. Roundhill Financial proposed the largest number of funds in August at 18, though withdrew those applications in September. Kelly Strategic Management, which also subsequently withdrew its filings, and Rafferty Asset Management filed for 16 and 13 funds, respectively. With many single stock ETFs tied to foreign equity securities, international equity funds recorded the highest number of new registrations in August at 59. U.S. equity and alternatives and commodity funds were tied for the month with 33 filings each.

June witnessed 57 new fund filings, a slight drop from the 66 new funds registered in May. ETFs continued to lead on a vehicle level at 46, followed by ten mutual funds and one interval fund. The month’s ETF filings were split between 27 active funds and 19 passive products. BondBloxx Investment Management registered the largest number of funds in June through a series of eight target duration U.S. Treasury ETFs. Invesco saw the second highest number of new filings through six ETFs focusing on equity, bond, and commodity investments. Bonds funds accounted for the highest number of new filings for the month at 21, primarily through ETFs (16). U.S. equity made up the second most new products at 15.

May saw the registration of 66 new funds, in line with the 71 funds filed in April. ETFs led new registrations at 50, split between 29 active funds and 21 passive ones. The month also included nine open-end mutual funds, five interval funds, and two closed-end funds. F/m Investments recorded the largest number of new filings for the month through a series of 10 ETFs investing in U.S. Treasuries. Emerge Capital Management witnessed the second highest number with five sustainable active ETFs. U.S. equity funds continued to account for the largest portion of new funds at 25, mostly in the form of ETFs (18). Fixed income saw the second most new filings at 21.