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John Spence
ETF Assets Dip Below $90 Billion After May Highs
John Spence
Tuesday, July 30, 2002
After clearing the $90 billion asset plateau for the first time in May, combined assets of the 102 exchange-traded funds listed in the U.S. fell to $88.95 billion in June, according to the latest figures from the Investment Company Institute.
Total ETF assets decreased by $3.85 billion in June, during which time the S&P 500 index dropped by over 7 percent. ETFs hitched to domestic benchmarks lost nearly $4 billion in assets, while those tied to international indexes gained nearly $1 billion, according to the ICI. The table below shows total net assets of U.S.-listed ETFs, most of which trade on the American Stock Exchange, going back to the beginning of 2001.
|
Month
|
ETF assets ($MM)
|
|
January 2001
|
72,134
|
|
February
|
64,343
|
|
March
|
66,006
|
|
April
|
73,330
|
|
May
|
72,773
|
|
June
|
75,559
|
|
July
|
75,520
|
|
August
|
72,085
|
|
September
|
64,345
|
|
October
|
69,421
|
|
November
|
78,846
|
|
December
|
82,993
|
|
January 2002
|
82,009
|
|
February
|
80,891
|
|
March
|
88,203
|
|
April
|
85,859
|
|
May
|
92,804
|
|
June
|
88,951
|
Source: Investment Company Institute, data as of end of June 2002
The value of ETF shares issued exceeded that of shares redeemed by $3.98 billion in June, according to the ICI.
|
Value of shares issued and redeemed by all ETFs ( in millions of dollars)
|
|
|
June 2002
|
May 2002
|
YTD-02
|
YTD-01
|
|
Gross Issuance
|
8,228
|
12,697
|
43,875
|
41,720
|
|
Gross Redemptions
|
4,247
|
3,789
|
21,559
|
24,423
|
|
Net Issuance
|
3,981
|
8,908
|
22,316
|
17,297
|
Source: Investment Company Institute, data as of end of June 2002
A Global View
Boston-based indexing giant State Street Global Advisors (SSgA) keeps tabs on ETFs that trade around the world, of which there are currently 257. The number of U.S.-domiciled funds increased to 106 with Friday's launch of four fixed-income iShares. Barclays Global Investors (BGI) said its new bond ETFs have already raked in a cool $3 billion in assets as of the end of trading yesterday. The timing of the launch appears fortuitous as nervous investors continue to flee sagging stock funds for bonds.
There are currently 21 global ETF providers managing over $115 billion in assets, according to SSgA. The four big domestic ETF players are SSgA, BGI, Bank of NY, and relative newcomer Vanguard. Vanguard offers two VIPERs with over $1 billion in assets combined.
San Francsico-based BGI is the largest global ETF provider in terms of number of funds (109), while SSgA is the asset king. However, BGI has been gaining market share ground in 2002.
|
Global ETF Managers - Funds, Assets, and Market Share
|
|
Fund Manager
|
# funds
|
Assets
|
Market Share
|
|
State Street
|
47
|
$38,743,701,162
|
33.6%
|
|
Barclays Global
|
109
|
$29,133,738,600
|
25.3%
|
|
Bank of NY
|
2
|
$25,174,229,050
|
21.9%
|
|
Vanguard
|
2
|
$1,006,217,430
|
0.9%
|
|
AXA Gestion
|
12
|
$240,013,638
|
0.2%
|
|
Benchmark Asset Mgt Co
|
1
|
$1,761,140
|
0.0%
|
|
Credit Lyonnais
|
2
|
$442,512,450
|
0.4%
|
|
Credit Suisse
|
1
|
$701,364,863
|
0.6%
|
|
Daiwa Asset Mgmt.
|
6
|
$1,753,242,621
|
1.5%
|
|
IndexChange
|
31
|
$2,857,713,704
|
2.5%
|
|
IndexCO
|
3
|
$495,158,360
|
0.4%
|
|
Merrill Lynch LDRs
|
2
|
$1,248,121,575
|
1.1%
|
|
Nikko Asset Mgmt.
|
2
|
$825,929,372
|
0.7%
|
|
Nomura Asset Mgmt.
|
7
|
$9,941,474,816
|
8.6%
|
|
Ofek Leumi
|
1
|
$388,430,499
|
0.3%
|
|
OM Group
|
1
|
$70,018,193
|
0.1%
|
|
Seligson
|
1
|
$10,340,983
|
0.0%
|
|
Merrill Lynch & Societe Generale LDRs
|
13
|
$296,472,135
|
0.3%
|
|
Societe Generale
|
4
|
$1,422,933,822
|
1.2%
|
|
TD Securities
|
4
|
$154,023,583
|
0.1%
|
|
UBS Asset Mgmt. Ltd.
|
6
|
$262,931,237
|
0.2%
|
|
Totals:
|
257
|
$115,170,329,234
|
100.0%
|
Source: State Street Global Advisors, data as of 7/29/2002
The table below shows the same data for the domestic ETF providers.
|
Domestic ETF Managers - Funds, Assets, and Market Share
|
|
Fund Manager
|
# funds
|
Assets
|
Market Share
|
|
State Street
|
21
|
$34,425,762,860
|
40.0%
|
|
Barclays Global
|
81
|
$25,455,461,890
|
29.6%
|
|
Bank of NY
|
2
|
$25,174,229,050
|
29.3%
|
|
Vanguard
|
2
|
$1,006,217,430
|
1.2%
|
|
Totals:
|
106
|
$86,061,671,230
|
100.0%
|
Source: State Street Global Advisors, data as of 7/29/2002
|