Publication
Cloned active equity exchange-traded funds: ana analysis of performance and flows
| Summary: | This study explores how active equity ETFs domiciled in the United States differ in performance from matched active equity mutual funds pursuing the same strategy. This study also investigates whether cloned active ETFs behave differently from non-cloned ETFs in the context of flows and performance. The analysis shows that cloned active equity ETFs slightly outperform matched mutual funds on a net-of-fee basis once factor exposures are controlled for. Results also show that cloned active ETFs receive more flows than other active ETFs, howevertheir performance does not differ significantly form that of their non-cloned peers. |
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| Main Authors: | Golebicka, Julia |
| Subject: | Active management Exchange-traded funds Mutual funds Cloned Exchange-traded funds Fund performance |
| Year: | 2026 |
| Country: | Portugal |
| Document type: | master thesis |
| Access type: | open access |
| Associated institution: | Universidade Nova de Lisboa |
| Language: | English |
| Origin: | Repositório Institucional da UNL |
| Summary: | This study explores how active equity ETFs domiciled in the United States differ in performance from matched active equity mutual funds pursuing the same strategy. This study also investigates whether cloned active ETFs behave differently from non-cloned ETFs in the context of flows and performance. The analysis shows that cloned active equity ETFs slightly outperform matched mutual funds on a net-of-fee basis once factor exposures are controlled for. Results also show that cloned active ETFs receive more flows than other active ETFs, howevertheir performance does not differ significantly form that of their non-cloned peers. |
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