Active ETFs are an innovation but not a revolution. The active ETF market grew to $156 billion at the end of 2019, a 46% increase over 2018 that also contributes to the 44% ifve-year compound annual growth rate. Investor interest in active ETFs also appears to be rising quickly. But with only a little over 50% of issuers continuing to plan launches this year, active ETFs won’t challenge the dominance of passive ETFs or replace traditional active strategies any time soon. Issuers have a clear preference for ActiveShares™ and Transparent active wrappers, while investors don’t seem to have a strong favorite. Do you plan to launch or invest in active ETFs ? If so, with which wrapper? 2019 54% 44% 2020 54% 69% ActiveShares™ 42% 26% Transparent 38% Active 22% Fidelity 13% 20% T. Rowe 18% Price NYSE PDA 13% 12% Blue Tractor 5% None 29% 26% 01020304050607 080 Issuer Investor 7