• Active ETFs outsold active mutual funds by $304.5 billion year-to-date (YTD) through July 2023, netting inflows of $56.6 billion while mutual funds experienced net outflows of $247.9 billion. From 2019 through July 2023, net sales for active ETFs exceeded active mutual funds each year with the exception of 2021.
• Among the broad asset classes, U.S. Equity ranked as the YTD best seller for active ETFs with a net intake of $14.5 billion as well as the worst seller for active mutual funds with net outflows of $146.7 billion through July 2023.
• Active mutual funds that converted to ETFs contributed slightly more than $5.1 billion in net inflows to active ETFs during 2023, led by Dimensional Fund Advisors’ Dimensional US Core Equity 2 ETF, which boasted net inflows of $2.7 billion.

Active ETF and Mutual Fund Estimated Net Flows, 2019-July 2023 ($B)

Source: Morningstar, FUSE Research Network