ETF Industry Data Summary: 1H'08

by: Index Universe posted on: July 22, 2008 | about stocks: AGG / BCS / BSC / BZF / CYB / DBA / DUG / EEM / EFA / EIS / EPI / EWJ / IVV / IVZ / IWD / IWF / IWM / KOL / MDY / MOO / PGX / PST / QQQQ / SPY / STT / TAN / TBT / TIP / UYG / VTI / VWO / WIP / WSDT.PK / XLE / XLF    
  • Font Size:
  • Print

By Matthew Hougan

Investors poured more than $23.2 billion into ETFs in the first half of 2008. I've got all the numbers.

A few commentators have recently pointed out that total ETF asses are down this year, and it's true: According to the American Stock Exchange, ETF assets under management in the U.S. fell about $50 billion in the first half of 2008, from $623 billion to $573 billion.

But those numbers reflect a tough period for stocks, with the S&P 500 down 12% and the MSCI EAFE Index of international stocks down 10%. As mentioned, investors actually poured an additional $23.2 billion of new money into ETFs, according to my research.

The ETF industry also laid the groundwork for continued growth:

  • ETF product issuers launched 84 new funds, while 18 unsuccessful funds were closed.
  • Five new ETF product issuers entered the market: Bear Stearns (BSC), ALPS, Greenhaven, Northern Trust and RevenueShares

On a company-by-company basis, Vanguard showed the strongest inflows, attracting more than $17.1 billion in new money.  That was followed by ProShares at $9.8 billion, Van Eck at $3.3 billion, WisdomTree at $819 million and Rydex at $812 million.

On the flipside were SSgA, which saw $8 billion in net redemption activity, BGI with $1.4 billion in redemptions and HOLDRS with $1.2 billion in redemptions.

ETF Issuers YTD Creation Activity - As Of June 30, 2008

 Vanguard

         17,150,469,182

 ProShares

            9,825,560,250

 Van Eck

            3,321,563,000

 WisdomTree

               819,551,000

 Rydex

               811,877,429

 PowerShares

               639,256,008

 Victoria Bay

               404,849,912

 Claymore

               388,367,740

 First Trust

               227,639,000

 Bear Stearns

                  50,125,000

 Northern Trust

                  48,542,000

 RevenueShares

                  40,794,054

 XShares

                  34,452,000

 Greenhaven

                  30,168,000

 SPA

                    6,335,000

 ALPS

                    4,197,300

 Ziegler

                  (2,388,000)

 FocusShares

                  (3,903,000)

 Fidelity

                  (8,813,000)

 MacroShares

               (37,524,000)

 HOLDRS

         (1,159,392,548)

 BGI

         (1,408,622,000)

 SSgA

         (8,004,484,242)

On a net assets basis, however, BGI and SSgA continue to dominate the tables, with Vanguard, PowerShares and ProShares rounded out the "Big "Five." Together, these five companies hold $544 billion of the $573 billion in total assets under management.

ETF Industry Stats As of June 30, 2008

Fund Company

# of ETFs Total

# of ETFs Launched This Year

# of ETFs Closed This Year

Total AUM

BGI

161

7

0

         293,659,438,050

SSgA

71

5

0

         145,984,805,334

Vanguard

      

            46,779,968,831

PowerShares

124

13

0

            37,191,557,350

ProShares

64

0

0

            20,458,346,010

Van Eck

13

5

0

              6,734,474,700

Rydex

39

0

0

              6,169,655,875

HOLDRS

17

0

0

              5,761,398,154

WisdomTree

46

7

0

              4,687,235,500

Victoria Bay

5

3

5

              2,214,720,000

Claymore

31

6

11

              2,040,135,188

First Trust

37

1

0

              1,076,510,711

XShares

31

0

0

                  262,841,237

Fidelity

1

0

0

                    88,130,000

Bear Stearns

1

1

0

                    50,125,000

Northern Trust

15

15

0

                    48,542,000

RevenueShares

3

3

0

                    40,794,054

Greenhaven

1

1

0

                    30,168,000

MacroShares

2

2

2

                    22,491,000

SPA

6

0

0

                    18,926,476

FocusShares

4

0

0

                    15,764,393

Ziegler

1

0

0

                      4,871,520

ALPS

1

1

0

                      4,197,300

The fund-by-fund results look quite interesting as well.  On a fund-by-fund basis, the Vanguard Total Market ETF (VTI) scored the highest net inflows, at $5.5 billion, followed by the Vanguard Emerging Markets ETF (VWO) at $4.3 billion and the Select Sector SPDR - Financials (XLF) at $4.2 billion.

Top Ten ETFs By Creation Value - YTD Through June 30, 2008

Vanguard Total Market ETF

VTI

   5,499,989,151

Vanguard Emerging Markets ETF

VWO

   4,295,570,523

Select Sector SPDR-Financial

XLF

   4,157,224,343

UltraShort Oil & Gas ProShares

DUG

   2,183,220,000

iShares Lehman TIPS Bond Fund

TIP

   2,034,774,000

iShares Lehman Aggregate Bond Fund

AGG

   1,616,274,000

PowerShares DB Agriculture Fund

DBA

   1,388,310,000

Ultra Financials ProShares

UYG

   1,297,575,000

Market Vectors--Agribusiness ETF

MOO

   1,165,707,000

iShares S&P 500

IVV

   1,155,370,500

Meanwhile, the leaders in net redemptions look like a who's who of the largest and most established ETFs on the market today, suggesting that investors are pulling assets out of these established funds covering core sectors of the market.

Largest Net Redemptions YTD Through June 30, 2008

S&P 500 SPDR

SPY

         (16,872,076,113)

iShares MSCI-Emerging Markets

EEM

           (4,637,490,000)

PowerShares QQQ Trust

QQQQ

           (3,309,306,000)

iShares Russell 2000

IWM

           (2,171,448,000)

iShares MSCI-EAFE

EFA

           (1,662,960,000)

iShares MSCI-Japan

EWJ

           (1,452,360,000)

Select Sector SPDR-Energy

XLE

           (1,274,272,524)

iShares Russell 1000 Value

IWD

               (876,456,000)

S&P 400 MidCap SPDR

MDY

               (826,801,810)

iShares Russell 1000 Growth

IWF

               (820,800,000)

One final table: the largest ETFs launched in 2008.  The Market Vectors - Coal (KOL) ETF tops all funds launched this year with $493 million in assets. KOL launched in early January and has been a stellar performer; in fact, it was the top performing ETF of all in the second quarter.  After that are a pair of WisdomTree funds: the Chinese Yuan currency fund (CYB) with $244 million and the India Earnings fund (EPI) with $241 million.

Largest ETFs Launched In 2008 - As Of June 30, 2008

Market Vectors - Coal ETF

KOL

      493,195,500

WisdomTree Dreyfus Chinese Yuan Fund

CYB

      244,032,000

WisdomTree India Earnings Fund

EPI

      241,020,000

UltraShort Lehman 20+ Year Treasury ProShares

TBT

      209,961,000

SPDR DB International Government Inflation-Protected Bond ETF

WIP

      206,346,000

iShares MSCI Israel

EIS

      187,170,000

Claymore/MAC Global Solar Energy Index ETF

TAN

      151,536,000

PowerShares Preferred Portfolio

PGX

      109,525,000

WisdomTree Dreyfus Brazilian Real Fund

BZF

      106,200,000

UltraShort Lehman 7-10 Year Treasury ProShares

PST

        68,542,500

 

This article has 2 comments! Add yours below...
Index Universe

Index Universe

From Index Universe:
Inside Commodities
JOI
Free subscription for US Financial Professionals ETFR
Subscribe now: $279/year
Become a Contributor Submit an Article

This article has 2 comments:

  •  
    mangy cat
    Jul 22 09:01 AM
    quick onceover suggests investors are getting more savvy
    in both diversification, including leveraged funds, bonds, etc
    and intolerance to excessive costs (vanguard flies vs bgi, ssga, holdrs; or at fund level: e.g. vwo vs eem)

    p.s. freudian slip?
    "total ETF asses"?
    (paragraph 2)
  •  
    Jessica08
    Jul 22 01:00 PM
    My Website
    I think it is great that more investors are investing in ETFs. I just shows that the market players are becoming increasingly aware of the benefits of ETFs over Mutual Funds and individual stocks. I hope to see the numbers grow over the next few years.
Loading...
Symbols:
Authors:
Quick Links:

ETFs In Focus

  • Long Ideas

  • Short Ideas

  • Cramer's Picks