In preparing a presentation to discuss the state of active exchange-traded funds globally at the London Stock Exchange I discovered how differently these products are being treated in Europe and the US and even, surprisingly, within Europe. Recent pronouncements by regulators have done little to eliminate inconsistencies.

Consulting firms have been claiming for years that active ETFs would drive a significant wave of new assets into ETFs. However, while the first active product was listed in the US in 2008, they make up only 1% of the $ 2.68 trillion invested in ETFs worldwide.