Inside Active · Nov 11, 2026 · 37m · 30m saved
With Ben Slavin, Global Head of ETFs at BNY
Photo via etpforum.org
Flows into actively managed ETFs on BNY's platform are up about 56% from a year ago. Ben Slavin, global head of ETFs at BNY, told Bloomberg Intelligence's Inside Active that the money is spreading across more funds, managers and strategies rather than piling into a few winners.
Active ETFs take in roughly three times their share of industry assets in new flows. The usual explanation is that advisers changed what they buy. Ben's view is that the products grew up: they now have the assets, track records and trading volume that platforms need before they will approve them.
"We've seen an increase of about 56% over last year in terms of the active ETF flows that we see coming through our clients." — Ben Slavin
Ben sees the flows directly through BNY's clients, including the BNY Pershing and wealth-solutions platforms, and describes himself as a former ETF product developer.
The full interview is covered here so you can skip it. 37 minutes of audio, 7 minutes of reading.
Here are the 8 numbers that matter.
Key Takeaways
Active ETF flows through BNY's clients are up about 56% from a year earlier
More than 90% of active ETFs have taken in money, so the growth is not limited to a few funds
About two-thirds of active flows go to discretionary stock and bond pickers, about 30% to rules-based funds
In fixed income, about 96% of active ETF flows go to discretionary managers; in equities it is about half and half
Model portfolios and home offices are taking over buying decisions from individual advisers
Immaturity was the main obstacle 18 months ago; scale and track records now help adoption
Fund closures are rising, though less among active ETFs
1. Growth Across the Board
Sharoon Francis, senior associate analyst at Bloomberg Intelligence, opened by asking what is behind the headline numbers. Ben's first answer was that the growth is broad and not only American.
Ben Slavin says active ETF growth spans the whole market and is going global
"We see the growth of active ETFs really across the spectrum. And while we're focused here on the U.S., it's actually a global phenomenon that is starting to happen." — Ben Slavin
BNY's own data matches the industry trend. Active ETFs hold a little over 12% of industry assets but take in about three times that share of flows.
Ben Slavin says money is spreading across more active ETFs, not concentrating in a few
"There was a recent stat that I saw that was more than 90% of the active ETFs have taken in money, largely what we are seeing on our own platform." — Ben Slavin
The gap between the "haves" and "have-nots" on BNY's platform has been shrinking as flows reach more tickers, managers and strategy types.
