January 2023 saw a slowdown in new ETF launches compared to previous years, with only 21 ETFs launching during the month. Notable launches during the month included five ESG-focused ETFs from Putnam Investments, two ETFs covering the collateralized loan obligations market from BlackRock and Panagram, and the KraneShares China Internet and Covered Call Strategy ETF from KraneShares.
ETF Launches are slowing down
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ETF closures had a strong start in 2023, with 45 ETFs completing or being announced for closure during the first month of the year. Notable closures included the first ETF to focus on NFTs, the Defiance Digital Revolution ETF, and the announcement from Invesco that it would be shutting down 26 ETFs in its lineup. Invesco has the second-largest ETF lineup among domestic issuers, and the closures are set to complete by the end of March 2023. Overall, it appears that investors can expect muted launch numbers and a strong closure trend in the ETF industry for 2023.