NPFE began trading on Cboe Global Markets on March 11, 2026, marking the first time the West Michigan‑based investment firm has listed an actively managed ETF on the exchange. The launch adds a new equity product to Cboe’s growing suite of ETFs and reflects the firm’s strategy to broaden its offerings in the actively managed space.
Cboe has surpassed 1,000 U.S. ETF listings by August 2025 and held roughly 23 % of the U.S. ETF listings market share year‑to‑date in October 2025. The new listing supports Cboe’s goal of being a leading venue for innovative ETFs and could increase transaction and data‑licensing revenue; its data segment grew 8 % in organic net revenue in Q1 2025.
NPFE focuses on high‑quality companies with strong cash flows and reliable dividend growth. A key differentiator is its Section 351 in‑kind conversion strategy, which allows investors to transfer appreciated equities into the ETF without triggering immediate capital gains. This tax‑efficient feature is a unique selling point in the actively managed ETF market.
The launch aligns with the broader trend of actively managed ETFs gaining traction. Cboe’s expansion in this area signals confidence in demand for such products, and the Section 351 feature may attract investors seeking tax efficiency, potentially boosting trading volume and data‑licensing opportunities for the exchange.
The listing adds to Cboe’s growing ETF portfolio and reinforces its position as a key player in the ETF ecosystem.
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