Active ETFs have become one of the fastest-growing parts of asset management, but headline flows don’t necessarily reveal whether investors are choosing active management, the ETF wrapper or both. In this episode of Inside Active, David Cohne, Bloomberg Intelligence mutual fund and active management analyst, and Sharoon Francis, senior associate analyst, speak with Ben Slavin, global head of ETFs at BNY, about what the firm’s data reveal about the buyers and strategies driving that growth. They discuss the expanding adoption of active ETFs across RIAs, wirehouses and independent broker-dealers, why model portfolios and centralized investment decisions are becoming increasingly important sources of flows, and how demand differs between equity and fixed-income strategies. They also explore the divide between discretionary and systematic active management, whether active ETFs are replacing passive exposure or being used around the edges of portfolios, and why fees, track records and product proliferation could shape which strategies ultimately gain traction. Recorded Nov. 4.