Key Takeaways
- • Tema ETFs launched AAUM, the first actively managed U.S.-listed ETF exclusively focused on publicly traded alternative asset managers spanning private equity, private credit, private infrastructure, venture capital, and private real estate.
- • Alternative assets under management have surged to approximately $19 trillion as of end-2024, up from $7.4 trillion in 2014, creating an expanding universe of listed manager opportunities for institutional and wealth management investors.
- • AAUM offers direct exposure to General Partner asset managers with significant dry powder, providing investors with greater liquidity and flexibility compared to traditional Limited Partner fund structures while maintaining alignment throughout market cycles.
- • The fund carries a 0.75% expense ratio and launched with an inception date of October 1, 2025, with Kaimon Chung, a 20-year alternative asset management veteran and former top-ranked analyst at Evercore, serving as portfolio manager.
- • Active management is critical to the strategy, as outcomes among listed private managers have historically diverged significantly, requiring sophisticated stock-picking expertise to identify outperforming franchises.
Summary
Tema ETFs, a New York-based exchange-traded fund provider, announced the launch of the Tema Alternative Asset Managers ETF (AAUM) on September 30, 2025. The fund represents the first actively managed U.S.-listed ETF designed to provide targeted exposure exclusively to publicly traded asset managers operating across the alternative investment landscape, including private equity, private credit, private infrastructure, venture capital, and private real estate.
The launch responds to a structural shift in investor demand and asset accumulation patterns. The alternative assets sector has experienced explosive growth over the past decade, expanding from approximately $7.4 trillion in total assets under management in 2014 to nearly $19 trillion as of the end of 2024. This expansion has paralleled the emergence of a growing roster of publicly listed alternative asset managers, creating a distinct investment vehicle separate from traditional Limited Partner allocations to private funds.
The ETF's strategic positioning emphasizes the operational and portfolio advantages of investing directly in listed General Partner asset managers rather than as a Limited Partner in underlying alternative funds. According to Tema, this approach delivers enhanced liquidity, greater flexibility, and improved alignment throughout market cycles. A critical component of the strategy involves capitalizing on the significant dry powder maintained by these managers, which is deployed opportunistically across asset classes. Kaimon Chung, the portfolio manager, brings 20 years of specialized expertise in alternative asset managers, having previously served as Wall Street's top-ranked analyst in the sector at Evercore under Glenn Schorr.
The fund carries an expense ratio of 0.75% and operates under an active management mandate, reflecting the belief that outcomes among listed private managers have historically diverged significantly. This dispersion necessitates active stock selection and risk management to identify winning franchises. The AAUM commenced operations on October 1, 2025, providing institutional investors, wealth managers, and alternative investment professionals with a new vehicle to gain exposure to the structural growth in alternative asset management.
The launch responds to a structural shift in investor demand and asset accumulation patterns. The alternative assets sector has experienced explosive growth over the past decade, expanding from approximately $7.4 trillion in total assets under management in 2014 to nearly $19 trillion as of the end of 2024. This expansion has paralleled the emergence of a growing roster of publicly listed alternative asset managers, creating a distinct investment vehicle separate from traditional Limited Partner allocations to private funds.
The ETF's strategic positioning emphasizes the operational and portfolio advantages of investing directly in listed General Partner asset managers rather than as a Limited Partner in underlying alternative funds. According to Tema, this approach delivers enhanced liquidity, greater flexibility, and improved alignment throughout market cycles. A critical component of the strategy involves capitalizing on the significant dry powder maintained by these managers, which is deployed opportunistically across asset classes. Kaimon Chung, the portfolio manager, brings 20 years of specialized expertise in alternative asset managers, having previously served as Wall Street's top-ranked analyst in the sector at Evercore under Glenn Schorr.
The fund carries an expense ratio of 0.75% and operates under an active management mandate, reflecting the belief that outcomes among listed private managers have historically diverged significantly. This dispersion necessitates active stock selection and risk management to identify winning franchises. The AAUM commenced operations on October 1, 2025, providing institutional investors, wealth managers, and alternative investment professionals with a new vehicle to gain exposure to the structural growth in alternative asset management.
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