Active management

The top 20 carried an average expense ratio of more than three times the broader industry.

The new fund, expected to begin trading next quarter, will carry an expense ratio of less than half the new actively managed offering.

The firm is the latest in a line of big money managers making a late entry into the $5.6 trillion ETF market.

With an average gain of more than 108%, the lineup includes actively managed leaders with fees well above 100 basis points.

While broadening stock-market gains may one day provide more fertile ground for picking equities, right now fundamental managers are struggling.

The $527 billion manager released two actively-managed products, one focused on U.S. equities and the other on international stocks.

The average expense ratio for this group was more than 100 basis points.

The firm expects to receive bids this month, according to a person familiar with the matter.

“These are tracking the industries that are supporting the economy and will continue in the post-pandemic world,” an expert says.

Among the decade’s worst performers — those with more than $1 billion in assets under management — were a handful of products with stellar short-term returns.