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A growing and evolving market

Active exchange-traded funds (ETFs) are a recent development in the fund industry. They are designed to combine the flexibility and transparency of passive ETFs with features of active management. This is generally done at a lower cost to investors than other actively managed structures, though costs are typically higher than those of passive ETFs.

In this note, we examine the current universe of active ETFs listed in Europe, including the key participants and strategies available. The list of active ETFs in Europe continues to expand, offering alternatives to investors seeking exposure to active management.

On 28 November at 11am, QuotedData is hosting a panel discussion titled – Active ETFs: the present and the future. The panel will include David Ricketts, asset management correspondent at Financial News; Paul Lacroix, head of products at Ossiam; and Michael Mohr, global head of Xtrackers products at DWS. Further details can be found HERE.

A new way of accessing active management

A large majority of ETF funds globally follow a passive mandate. However, each year the proportion of active funds within the ETF universe increases. While the European market is much smaller than the one in the US, the rate of growth is higher, with new entrants continually. Active ETFs offer investors several advantages, trading at or close to par, with a high level of liquidity and transparency and low costs.

The degree of active management varies greatly, from funds with a named manager making proprietary decisions, to rules-based algorithmic funds that aim to provide a marginal outperformance versus an established index.

The current European landscape

Active ETF AUM in the European market was €62.4bn at the beginning of the year

The European active ETF market appears to be growing from a modest base. As of early 2025, with assets under management (AUM) of approximately €62.4bn, the structure accounted for around 2.6% of Europe’s €2.4trn ETF market (Source: Morningstar). In 2024, 7.7% of all European ETF inflows were into active structures, up from 4.6% in 2023. Most European active ETFs are domiciled in either Dublin or Luxembourg.

Active ETFs have been slower to take hold in Europe compared to the US, which already has a $1trn market. In part, this may be due to specific tax advantages that they confer in America that are not replicated in Europe or the UK. Momentum in Europe appears to be increasing. The market remains fragmented, but the growing commitment from major asset managers suggests that adoption may continue to accelerate. A number of fund management companies are in the process of launching new active ETFs, or have announced that they will shortly join the market. Nearly all products are Undertakings for Collective Investment in Transferable Securities (UCITS) compliant.

Many of the European active ETFs currently available appear to be sub-scale. This may reflect the fact that they are relatively new, and, while still small, are being supported by the asset manager. Many individual active ETFs form part of a wider range offered by large investment houses.

For the purposes of this report, any individual fund under $15m is out of scope.

Conversions from investment trusts

MCT recently converted from an investment trust to an active ETF

A recent development is the conversion of the investment trust Middlefield Canadian Income Trust (MCT) into an actively managed UCITS ETF in October 2025, following pressure from activist investor Saba Capital. The ETF has retained the trust’s investment focus on high-yielding North American large cap companies, with the stated aim of reducing fees, improving liquidity and closing the persistent discount to NAV.

This may be the start of a wider trend, which could add further credibility to the active ETF market. However, Smithson Investment Trust is opting to convert into an OEIC rather than an active ETF, despite having a suitably liquid portfolio.

A closed end structure is better suited to holding relatively illiquid investments, including small caps, private equity, and real assets. These types of investments may not be suited to an active ETF structure.

Liquidity and trading

Individual active ETFs are often listed on a number of different European exchanges, usually including London. The sector appears to still be building secondary market depth, with many trading in modest volumes relative to passive peers. Market makers provide support, and spreads on larger funds remain competitive. Investors seeking to deploy significant allocations may still rely on primary market creations and redemptions.

European active ETFs have been fully transparent, but regulators recently allowed US-style semi-transparent structures

A key distinction of the European market is the predominance of physically-backed structures (as opposed to synthetic ETFs that use derivatives without holding securities) with daily transparency, which appears to reflect investor preference and UCITS rules. “Semi-transparent” or “non-transparent” active ETFs are primarily found in the US, with European versions being fully transparent up to now. Recent announcements from both the Irish and Luxembourger regulators indicate that they will allow products that disclose portfolio holdings as infrequently as once a quarter. This change may attract more US firms that are reluctant to disclose proprietary trading information.

The performance of most active equity ETFs is typically measured against an index, even though they do not track that index.

A more recent development has been the launch of sector/thematic products, focused on areas such as health care and sustainable energy. Some of these are discussed below, and the topic was also explored in more detail in a recent article.

Sustainability

Many active ETFs are particularly focused on sustainable investing

Sustainability appears to be an increasingly prominent theme within the European active ETF market. Regulators have expressed caution regarding the ESG credentials of passive funds. The discretionary nature of active ETFs allows portfolio managers to go beyond mechanical index screening and engage more extensively with ESG analysis. Many active ETFs in Europe now align with Articles 8 or 9 of the Sustainable Finance Disclosure Regulation (SFDR), indicating an approach that promotes environmental or social characteristics, or targets sustainable investment objectives.

Tracking error

As with passive ETFs, active ETFs exhibit tracking error, typically calculated as the standard deviation of the difference in returns between the ETF and its benchmark over a specific period. Passive ETFs are designed to track an index as closely as possible, so tracking error is used as a measure of operational efficiency or structural limitations. In contrast, active ETFs seek to outperform a benchmark rather than mimic it, and therefore may exhibit higher tracking error. In this context, tracking error is a by-product of intentional active management, and a higher value indicates the presence of active positions relative to the benchmark.

Performance

Our research indicates that performance in the sector has been mixed

We have analysed the comparative performance of those active ETFs in scope for this note. This analysis was conducted for funds with a stated benchmark, according to Morningstar, and for which data are available, which excludes thematic funds. In several cases, a direct comparison may not be possible for one of the following reasons:

  • The fund is less than one-year old.
  • The fund has no specific benchmark.
  • The fund uses an internal benchmark for which there is no publicly available data.

Nonetheless, we have been able to conduct analysis for 48 funds, roughly half of those in scope. We can report that:

  • Of those funds that have a one-year performance track record, 17 have outperformed their stated benchmark, while 31 have underperformed.
  • Of those funds that have a two-year performance track record, 11 have outperformed their stated benchmark, while 23 have underperformed.
  • Of those funds that have a three-year performance track record, 15 have outperformed their stated benchmark, while 16 have underperformed.
  • Of those funds that have a five-year performance track record, 12 have outperformed their stated benchmark, while 10 have underperformed.

(All data to 14 August 2025)

Further:

  • Over one year, for those funds that have outperformed their benchmark, the range by which they have done so is 0.03% to 73.4%, while for the underperformers the range is -0.01% to -19.7%. The overall average distance from the benchmark is +0.9%.
  • Over two years the outperformance range is an annualised 0.31% to 6.93% and for underperformers is -0.04% to -8.14%. The average distance from the benchmark is -0.01%.
  • Over three years the range for the outperformers is an annualised 0.01% to 7.83%, and for underperformers is -0.1% to -5.2%. The average distance from the benchmark is -0.3%.
  • Over five years the outperformance range is an annualised 0.05% to 6.74%, the underperformer range is -0.14% to -0.9% and the average distance from the benchmark is +0.4%.

(All data to 14 August 2025)

This performance picture appears negative, particularly over the shorter term. Over one year there are more underperformers than outperformers, during a period described as an unusual market backdrop, notably in relation to Donald Trump’s “Liberation Day” tariffs in April. The two significant positive outliers over one year are both managed by ARK and are focused on artificial intelligence & robotics and wider innovation, which may have been influenced by market tailwinds.

Longer term performance appears to be comparatively stronger. This may be due to “survivor bias”, although this seems less likely as there have not been widespread closures of active ETFs in Europe, and the sector is currently experiencing growth. For funds over three years old, around half outperform, and a majority do so for those that have been available for five years. This improved long-term performance may suggest a positive trend.

There are data limitations at this stage of the product’s evolution. With new funds being launched, track records are likely to build up and in some cases underperformers may exit. It appears possible that performance could improve over time.

Performance for individual providers and funds is discussed in more detail in the following section.

The current market leaders

JP Morgan appears to dominate the European active ETF market

The European market appears to be dominated by JP Morgan, which has an estimated AUM of $40bn and a market share of over half of all active ETF assets. Aside from JP Morgan, the largest providers, categorised as having an estimated AUM of $250m or above, are:

  • Fidelity (estimated AUM $6bn)
  • PIMCO ($4.3bn)
  • iShares ($2.4bn)
  • HSBC ($1.9bn)
  • BNP Paribas (€1.6bn)
  • Vanguard (€1.6bn)
  • Invesco ($1.5bn)
  • AXA ($1.5bn)
  • Amundi ($1.2bn) – aimed specifically at French investors so out of scope
  • Franklin Templeton (€1bn)
  • ARK Invest ($800m)
  • Avantis ($735m)
  • Fineco (€260m)
  • Robeco ($260m)
  • Janus Henderson (£250m)

NB: despite this report being on the European ETF market, many asset managers report in USD as the standardised currency.

Looking at some of these in more detail:

JP Morgan (estimated AUM $40bn)

JP Morgan’s core offering is its “Research Enhanced Index Equity” range of funds. There are six large funds, two of which are among the largest in the sector by size.:

  • US ($12.2bn)
  • Global ($10.1bn)
  • Europe (€2.8bn)
  • Global Emerging Markets ($1.6bn)
  • Japan ($521m)
  • Eurozone (€480m)

All aim to generate positive alpha from security selection while maintaining neutral sector positioning and a low tracking error approach. Therefore, they appear to provide a return close to their respective benchmarks.

The company offers a series of sustainable equity funds, all of which are labelled “Global Research Index Equity” and are also Socially Responsible Investing (SRI) Paris Aligned.

  • Global Equity SRI Paris Aligned ($480m)
  • US Equity SRI Paris Aligned ($650m)
  • Global Emerging Markets SRI Paris Aligned ($107m)

These ETFs combine Socially Responsible Investing principles with alignment to the Paris Agreement climate goals.

Separately, there is the standalone $1.8bn Nasdaq Equity Premium Income ETF, launched at the end of 2024, and the £362m UK Equity Core ETF that aims to outperform the FTSE All-Share Index.

Finally, the list for equities includes the $1.2bn Global Equity Premium Income, $291m US Growth Equity and $167m US Equity Premium Income funds.

There are a series of fixed income active ETFs, the largest of which are:

  • Active Bond ($2.4bn)
  • Euro Investment Grade Corporate Bond (€463m)
  • Global Aggregate Bond ($288m)
  • USD High Yield Bond ($249m)
  • Global High Yield Corporate Bond ($200m)
  • Euro 1-5yr Investment Grade Corporate Bond (€110m)

The company also offers Ultra-Short Income ETFs that invest in short-dated bonds in euros (€1.4bn), dollars ($630m) and sterling (£227m), which may serve as cash substitutes.

JP Morgan offers a range of funds, and several of these have assets below $100m and have not been included in the lists above.

Fidelity (estimated AUM $6bn)

Fidelity offers six active ETFs under its “Fidelity Sustainable Research Enhanced Equity” banner:

  • Emerging Markets (£1.9bn)
  • US ($805m)
  • Pacific ex-Japan ($428m)
  • Japan (£176m)
  • Europe (€113m)
  • Global ($98m)

All six use a quantitative approach to deliver a portfolio of investments focused on the highest conviction stock recommendations identified by Fidelity’s research analysts. Performance appears to match the relevant MSCI benchmark fairly closely. The company states that sustainability assessments are a key component of its analysis across the range.

Fidelity also offers a range of “Research Enhanced PAB” bond active ETFs. PAB refers to “Paris-Aligned Benchmarks”, which are a set of criteria designed to align investment portfolios with the goals of the Paris Agreement on climate change:

  • Corporate Bond ($1.46bn)
  • High Yield Corporate Bond ($914m)
  • European Corporate Bond (€293m)
  • European High Yield Corporate Bond (€64m)

PIMCO (estimated AUM $4.3bn)

The fixed interest specialist runs some of the largest active ETFs on the market. Its biggest is the $2.3bn US Dollar Short Maturity ETF, which has an overall effective duration of 0.14 years. There appears to be limited exposure to interest rate risk, as the fund invests in very short-dated US bonds. PIMCO’s $1.7bn Euro Short Maturity ETF and £84m Sterling Short Maturity ETF invest in euro and sterling denominated assets, respectively, using a similar approach.

The €103m Euro Low Duration Corporate Bond ETF and $95m US Low Duration Corporate Bond ETF have higher risk profiles compared to some other offerings but maintain relatively short overall durations of 3.4 years and 3.2 years, respectively. The $32m Covered Bond ETF invests at least 80% of its assets in covered bonds, which are securities backed by the “cover pool” on a financial institution’s balance sheet.

iShares (by BlackRock) (estimated AUM $2.4bn)

iShares has a significant presence in the European active market. It has five equity and two bond funds under its “Enhanced Active” label:

  • World Equity ($451m)
  • US Equity ($810m)
  • Emerging Markets Equity ($346m)
  • Europe Equity (€237m)
  • Asia ex Japan Equity ($15m)
  • Euro Corporate Bond ($57m)
  • Dollar Corporate Bond ($52m)

These ETFs are managed by BlackRock’s Systematic Investment Team, which employs quantitative models to make investment decisions. The approach involves selecting securities based on factors such as value, quality, momentum and low volatility. BlackRock is now also using this approach in the management of an investment trust – BlackRock American Income.

Each equity ETF invests at least 70% of its assets in equities from its specified region or market. The remaining assets may be allocated to other instruments, including fixed-income securities and money market instruments. The investment process incorporates sustainability criteria, with the intention to maintain a certain percentage of assets in sustainable investments.

Other funds include the $96m World Equity High Income ETF, $88m Flexible Income Bond ETF, $82m World Equity Factor Rotation ETF, $75m Growth Portfolio ETF, $44m Moderate Portfolio ETF, $36m AI Innovation ETF, $34m US Equity High Income ETF and $16m Conservative AI Innovation ETF.

HSBC (estimated AUM $1.9bn)

HSBC offers the $867m Multi Factor Worldwide Equity ETF. The investment manager identifies stocks from the MSCI All Country World Index and ranks them from least attractive to most attractive based on factors such as value, quality, momentum, risk, and size. The shares are then quantitatively selected to create a portfolio that aims to maximise exposure to the highest ranked stocks while seeking to minimise the fund’s risk characteristics through the application of constraints such as sector and company weights. The fund has a five-year track record and has outperformed the benchmark MSCI ACWI Index over this period.

HSBC recently announced the launch of the HSBC PLUS Active ETF range. These ETFs follow a quantitative-driven investment approach and focus on five equity strategies: world ($691m), world income ($143m), US ($86m), emerging markets ($79m) and emerging markets income ($69m).

Vanguard (estimated AUM €1.6bn)

Vanguard is the second largest global ETF provider, with a presence in the European active market. Its largest fund is the €745m LifeStrategy 80% Equity ETF, which invests in a pre-determined asset allocation to equity (80%) and fixed income (20%) assets using collective investment schemes. Within these parameters, the fund manager has discretion. The €584m LifeStrategy 60% Equity ETF, €187m LifeStrategy 40% Equity ETF and €85m 20% LifeStrategy Equity ETF follow the same approach, but with different allocations.

Invesco (estimated AUM $1.5bn)

Invesco’s offering is primarily comprised of its $1.2bn Global Active ESG Equity ETF. This fund invests in an actively managed portfolio of global equities that meet a defined set of ESG criteria. Eligible stocks are screened for compliance with these criteria and then scored based on value, quality and momentum factors. Fund holdings are rebalanced monthly using mathematical, logical and statistical techniques. The fund has a five-year track record and has outperformed the benchmark MSCI World Index.

The $71m Global Active Defensive ESG Equity ETF follows a similar process with a focus on holdings that appear to have low volatility, while the $143m Global Enhanced Equity ETF follows the same process but without the ESG overlay.

Invesco also offers fixed interest active ETFs: the €71m Euro Corporate Bond Short Duration, the €71m Euro AAA CLO, the $65m USD AAA CLO, the €27m Euro Corporate Bond and the €19m Euro Government.

BNP Paribas (estimated AUM €1.6bn)

BNP’s largest active ETF is its €1.1bn Easy Enhanced World offering. This fund provides exposure to developed market global equities from the MSCI World Index universe while integrating ESG criteria into its investment process. Its other funds are positioned alongside the global fund, employing a similar approach with a different geographic or asset focus: €313m Easy Enhanced Japan, €129m Easy Enhanced Europe Corporate Bond and €113m Easy Enhanced Europe.

AXA (estimated AUM $1.5bn)

The two largest active ETFs offered by AXA are $524m Climate Equity and $468m Biodiversity Equity, both global equity funds launched in 2022. Both funds appear to be aligned with the sustainability theme.

The next largest is the €288m Euro Credit PAB ETF, focused on European corporate bonds. The Paris Aligned Benchmark marker indicates that the fund follows criteria related to the Paris Agreement. This also applies to the $115m USD Credit PAB, invested in USD corporate bonds. In addition to these, AXA also runs the $47m US High Yield Opportunities and $43m Global High Yield Opportunities ETFs.

Franklin Templeton (estimated AUM €1bn)

Franklin Templeton offers a range of fixed income active ETFs. Its largest is the €618m Euro Short Maturity ETF, which is described as a low risk or cash substitute product.

Franklin’s other offerings are:

  • Sustainable Euro Green Bond (€245m)
  • Sustainable Euro Green Sovereign (€67m)
  • Sustainable Euro Green Corporate 1-5 years (€41m)
  • USD Investment Grade Corporate Bond ($20m)

All are managed by Franklin’s internal experts, with the sustainable funds investing mainly in bonds that are labelled green and are intended to contribute to an environmental objective of reducing carbon emissions.

ARK Invest (estimated AUM $800m)

ARK runs four active ETFs, all with a focus on technology. The $384m Innovation ETF invests in companies involved in what it describes as “disruptive innovation”, specifically the development of new products or services. Its technologies include intelligent devices, next generation cloud, autonomous mobility and neural networks are among the areas of focus. 88% of exposure is to the US.

The $378m AI & Robotics ETF invests primarily in US equities. There is also a $45m Genomic Revolution product, and the recently launched Space & Defence Innovation ETF.

Among the providers covered, the ARK funds’ performance appears notable. There are no longer-term data available, but over one year, the two technology funds have outperformed the MSCI World NR Index by 39.7% and 50.6% respectively, while the genomic fund has underperformed the same index by 17.3%. All the funds appear to make significant sector and stock allocations.

Avantis (from American Century Investments) (estimated AUM $735m)

American Century operates in the US ETF market. Its subsidiary Avantis manages two European active ETFs, the $393m Global Small Cap Value ETF and the $342m Global Equity ETF. Both were launched in late 2024 and seek to outperform by overweighting securities that the manager identifies as trading at lower valuations and higher profitability ratios.

More recently Avantis launched its $52m Emerging Markets Equity ETF.

Janus Henderson (estimated AUM £250m)

Janus Henderson offers active ETFs under its wholly owned Tabula subsidiary. Its first European active fixed income ETF was launched earlier in 2025 as Europe Collateralised Loan Obligation AAA, at £146m in size. This was followed by USD AAA CLO ETF, currently $102m. In each case the company is seeking to replicate the level of assets under management achieved in the US, where the US-listed AAA CLO ETF has $21bn in AUM.

Janus Henderson also offers Mortgage-Backed Securities, Short Duration Income and Japan High Conviction products with relatively small sizes.

Fineco (estimated AUM €260m)

Fineco, a subsidiary of FinecoBank, has four active ETFs of scale:

  • Dynamically Hedged US Equities (€80m)
  • Active Collection US (€80m)
  • Active Collection World (€59m)
  • Active Collection Europe (€52m)

The Dynamically Hedged product combines S&P 500 exposure with options strategies that aim to manage downside risk. The fund employs put options for protection during market downturns and writes call options to offset hedging costs during periods when the market is rising.

Robeco (estimated AUM $260m)

Robeco offers four variations of its 3D UCITS ETF – the US Equity, European Equity and Emerging Market Equity versions have relatively small asset sizes, while the Global Equity offering has reached $229m. This is run as an extension of Robeco’s enhanced indexing strategy, targeting the “three investment dimensions” of risk, return and sustainability to improve performance.

The $27m Dynamic Theme Machine UCITS ETF uses AI-powered natural language processing to identify and rotate through emerging themes, and is structured as a quantitative model.

The rest of the market

Other providers that currently run less than approximately $250m in assets within European active ETFs include:

  • Investlinx (estimated AUM €215m)
  • First Trust Portfolios ($195m)
  • Ossiam (€122m)
  • Eurizon ($111m)
  • Aberdeen ($100m)
  • Cordillera ($70m)
  • UmweltBank (€50m)
  • Horizon Kinetics ($33m)
  • Amerant ($29m)
  • Goshawk ($24m)
  • Jupiter ($24m)
  • Guinness ($19m)
  • Westfield Capital Management (€15m)
  • Saturna Capital ($15m)

Most of this note so far has focused on the offerings of larger investment firms. However, as the list above shows, there are also smaller, sometimes less widely known, companies in the space. The following sections provide additional detail on some of these companies, including their involvement in specific areas and themes.

At this end of the market, HANetf is a name that appears frequently. HANetf is described as Europe’s first and largest independent white-label platform for ETFs, founded in 2017. The company focuses on enabling asset managers to launch ETFs in Europe without the need to build their own infrastructure. HANetf also partnered with Middlefield Canadian Income in its conversion discussed earlier in this report. Some examples:

Goshawk Global Balanced UCITS ETF (ROES)

  • Provider: Goshawk (through HANetf’s white label platform)
  • Launch Date: October 2020
  • Assets Under Management (AUM): $24m
  • Portfolio managers: Harwood Capital Management: Alex Illingworth, Simon Edelsten, Charlie Fricker, James Rowsell, Tim Gregory
  • Strategy: To provide exposure to high quality growth equities, alongside sovereign bonds, to grow wealth ahead of inflation while protecting capital during market downturns. Principally invested in growth equities, with an additional defensive allocation to sovereign bonds.

US Global Investors Travel UCITS ETF (TRIP)

  • Provider: US Global Investors (through HANetf’s white label platform)
  • Launch Date: June 2021
  • Assets Under Management (AUM): $21m
  • Portfolio managers: Frank Holmes and Joanna Sawicka
  • Strategy: Strategically designed to provide diversified exposure to the global travel sector by investing primarily in high-performing companies within the travel industry. This includes airlines, hotels, cruise lines, airport operators, and related services.

Harbor Health Care UCITS ETF (WELL)

  • Provider: Harbor Capital Advisors (via HANetf’s white-label platform)
  • Launch Date: September 2024
  • Assets Under Management (AUM): €15m
  • Portfolio Managers: Matthew Renna and the Westfield Capital Management team
  • Strategy: The fund seeks to invest in companies within the U.S. healthcare sector that are involved in areas such as targeted oncology, gene therapy, and value-based care. According to the manager, the fund focuses on companies offering differentiated products, technologies, and services, and applies specific valuation criteria and fundamental research in its investment process. The fund aims to outperform the broader healthcare sector.

Amerant Latin American Debt UCITS ETF (RNTA)

  • Provider: Amerant Investments (via HANetf’s white-label platform)
  • Launch Date: 26 March 2025
  • Assets Under Management (AUM): $29m
  • Portfolio Manager: Baylor Lancaster-Samuel
  • Strategy: The fund seeks to provide income by investing in a diversified portfolio of US dollar-denominated bonds issued by Latin American corporates, sovereigns and quasi-sovereigns. The fund focuses on issuers from economies such as Brazil, Mexico and Colombia, with the stated aim of minimising currency risk and avoiding distressed or defaulted bonds. It targets sectors including energy, financials and materials, and provides investors with access to the region’s resource and export-oriented markets.

Guinness Sustainable Energy UCITS ETF (CLMA)

  • Provider: Guinness Global Investors (via HANetf’s white-label platform)
  • Launch Date: 3 December 2020 (strategy transition on 25 July 2024)
  • Assets Under Management (AUM): $19m
  • Portfolio Managers: Jonathan Waghorn and Will Riley
  • Strategy:  fund seeks long-term capital growth by investing in companies that contribute to the reduction of global carbon emissions. The fund invests in firms involved in sustainable energy generation, storage, and efficiency, including sectors such as solar, wind, hydro, geothermal, biofuels, and biomass. The investment approach combines top-down and bottom-up analysis, with the stated aim of capturing opportunities arising from the global transition to sustainable energy. The ETF excludes companies engaged in the extraction of oil, natural gas, and coal.

Saturna Al-Kawthar Global Focused Equity UCITS ETF (AMAL / AMAP)

  • Provider: Saturna Capital (via HANetf’s white label platform)
  • Launch Date: September 2020
  • Assets Under Management (AUM): $15.4m
  • Portfolio managers: Saturna Capital investment team
  • Strategy: The ETF seeks to provide long-term capital growth through a concentrated portfolio of Shariah-compliant global equities. The ETF applies both Islamic and ESG screens and targets companies that meet its criteria for financial strength and sustainable growth profiles. It follows a benchmark-agnostic approach, typically holding 30-45 stocks diversified across sectors and geographies.

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