ETF Success and Strategic Growth
The enhanced midstream income ETF, MDST, surpassed $150 million in AUM and accounted for approximately 30% of midstream product ETF flows. Additionally, 11 new sector ETFs were launched, and the company is close to accessing one of the largest wirehouse platforms.
Strong Financial Performance
Third quarter revenues were $24.3 million, up from $23.1 million in the second quarter and $23.7 million in the prior year's third quarter. Non-GAAP economic earnings were $5.7 million, a significant increase from $2.8 million in the second quarter.
Positive Net Sales and Fund Performance
Year-to-date net sales improved by 17% compared to last year and by 57% compared to 2023. The Income Opportunity Fund received a Morningstar Ratings upgrade to four stars.
Strong Pipeline and New Business Prospects
The company reported a strong pipeline for new business at $1.6 billion, with a near-term mandate of $450 million for the SMidCap product.