Newcomers & Industry Stalwarts Among Recent ETF Filers

Newcomers & Industry Stalwarts Among Recent ETF Filers

Strive Asset Management was the most noticeable newcomer to file for ETFs, while Putnam and T. Rowe Price plan to add to their relatively new lineups.

Reviewed by: Heather Bell
Edited by: Heather Bell

Recent weeks have involved a number of interesting ETF filings, with proposed funds from Innovator, T. Rowe Price, Putnam and the recently founded Strive Asset Management, among others. 

Strive Asset Management has the backing of names like Peter Thiel and Bill Ackman, and has said its aim is to compete with the likes of BlackRock, Vanguard and State Street—otherwise known as “the Big Three”—and offer an alternative to that particular juggernaut. The firm promotes the concept of “excellence capitalism” and seeks to divorce investment policies from political or social agendas.  

The newcomer’s recent filing is for three funds slated to list on the NYSE Arca. The most notable fund in the document is the Strive 500 ETF. The proposed ETF takes pricing to a new level as it will track an index of the largest 500 stocks in the U.S. market based on market capitalization, and the filing indicates it will charge a miniscule 0.0545%. The ETFs tracking the S&P 500 Index currently trading charge 3-9 basis points.  

The other funds outlined in the filing are priced less dramatically. The Strive U.S. Energy Independence ETF (DRLL) will primarily invest in U.S. companies operating in the energy sector, particularly fossil fuels, though the prospectus notes that it could include companies providing energy via alternative sources. It has a tentative expense ratio of 0.41%. The $39 billion Energy Select Sector SPDR Fund (XLE) comes with an expense ratio of 0.10%.  

The Strive U.S. Semiconductor ETF will track an index of 30 U.S. companies that manufacture semiconductors or provide the materials needed to do so. The filing indicates that the fund will charge an expense ratio of 0.43%, matching the price of the $7.2 billion iShares Semiconductor ETF (SOXX).  

Innovator Plans More Managed Outcome ETFs 

During the last few weeks, Innovator also filed for multiple ETFs, all of which are actively managed and incorporate options-based strategies.  

The Innovator Uncapped Accelerated U.S. Equity ETF will look to outperform the SPDR S&P 500 ETF Trust (SPY) by investing in flexible exchange (FLEX) options tied to SPY. The portfolio will include four options “packages” that have laddered expiration dates that are three months apart and include different types of options contracts.  

The prospectus specifically notes that these are not “defined outcome” ETFs as there is no upside cap and no downside buffer.  

The issuer also filed for two “managed floor ETFs” that are designed as tail risk strategies. The Innovator Equity Managed Floor ETF and the Innovator Technology Managed Floor ETF are tied to the S&P 500 Index and the Nasdaq-100 Index, respectively, and are subadvised by Parametric, a Morgan Stanley Investment Management affiliate.  

The funds will invest in stocks from the indexes they are linked to and buy put options on and sell call options on the reference indexes with the idea of protecting against any losses beyond 10%.  

Active Managers Plan Funds 
A handful of large and traditionally active managers have filed for a variety of funds.  

In particular, J.P Morgan, currently the seventh largest ETF issuer in the U.S. based on assets under management, filed for the JPMorgan Active Growth ETF (JGRO).  

The fund will mainly invest in U.S. large-cap stocks that it expects to demonstrate strong earnings growth. Companies will be selected based on the issuer’s research, valuations and competitive edge. The fund’s managers will incorporate elements of existing J.P. Morgan growth strategies as well as include ESG criteria in its selection process, according to the prospectus. 

JGRO is set to list on the NYSE Arca, with an expense ratio of 0.44%. 

Putnam Investments has filed for another three actively managed funds to join its existing lineup of four large cap equity ETFs. The Putnam BDC Income ETF will invest in business development companies based on a variety of criteria, including dividend income.  

The Putnam BioRevolution ETF will invest mainly in technology-oriented companies that provide support, equipment and materials to companies operating in the area of biological innovation and biotechnology. Meanwhile, the Putnam Emerging Markets ex-China ETF will invest in emerging market securities that are not listed on exchanges in China or Hong Kong.  

All three funds are set to list on the NYSE Arca.

T. Rowe Price filed to launch the T. Rowe Price Floating Rate ETF will invest in floating rate loans and floating rate debt securities denominated in U.S. dollars using an actively managed approach. The fund’s prospectus says it will come with an expense ratio of 0.61%. 

ESG Strategies 

A number of recent filings incorporate ESG strategies. Among them is the iShares Environmentally Aware Real Estate ETF, which will track the FTSE EPRA Nareit Developed Green Target Index. The underlying benchmark targets and weights companies within the parent index based on their “green certification,” reductions in energy usage and carbon emissions.  

Another fund, the SPDR MSCI EAFE Climate Paris Aligned ETF, will join two other Paris-aligned ETFs the issuer offers and target non-U.S. developed markets. The SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and the SPDR MSCI USA Climate Paris Aligned ETF (NZUS) were introduced to the market in late April.  

DWS also filed to add to its lineup with value and growth versions of its $725 million Xtrackers S&P 500 ESG ETF (SNPE), with the Xtrackers S&P 500 Growth ESG ETF and the Xtrackers S&P 500 Value ESG ETF.  


Contact Heather Bell at [email protected] 

Heather Bell is a former managing editor of She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.