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Due to the popularity of my look at
ETFs by revenues, I've broken down fund families by revenues, average and mean
ERs. While you may intuitively know some of this data, some of the results may
surprise you.
I've put some effort in the last
week into cleaning up our data and really making sure that we're getting a
fairly accurate reading of all of the ETFs and ETNs trading in the US. Look for
the same sometime in the near future from Paul Amery out of our London bureau.
I KNOW you all love this kind of
data, because I love breaking down the numbers, and almost invariably when
something data-related gives me pleasure, I know there are lots of fellow data
geeks out there who are going to eat it up.
Bear in mind, that if you are indeed a data geek, this sort of thing is
not at all a difficult exercise. I'm
basically using junior high Excel skills here and our State-of-the-art (we're
catching up with you Jeff) data tool that allows you to download a CSV file and
sort and calculate to your hearts desire.
So enough messing around. Here is the data broken down by fund
family. I've kept it simple and am
sorting from the company perspective by revenues per fund family (profits is
our next task and then, of course, we bring in the spectacularly overpriced actively
managed mutual funds into the business. I guess aside from just laying out all
the data for interest, we're putting in a gentle plea there to the industry on
behalf of all of the ETF investors out to keep to its low-cost roots and build
in some sort of sliding scale for reductions in fees owing to the enormous
scale these products enjoy as assets soar.
In the data below, we list total
assets by fund family, median (equal-weighted) expense ratio, mean (dollar
weighted) expense ratio. To see how
these have been calculated you can view my original blog which surveyed the
industry and listed the highest revenue ETFs.
I'll also, by request, list the updated version of that table here below
the breakdown by family.
Here are the ETFs broken down by
fund sponsor and sorted by revenues per fund family:
|
Fund Sponsor
|
Number Funds
|
Average (equal weighted)
ER
|
Average (dollar weighted)
|
Total Assets
|
Total Revenues
|
|
BGI
|
159
|
0.41
|
0.36
|
298,701,700,000
|
1,081,971,860
|
|
SSgA
|
68
|
0.33
|
0.18
|
156,979,300,000
|
281,877,500
|
|
PowerShares
|
116
|
0.66
|
0.45
|
36,422,200,000
|
165,153,860
|
|
ProShares
|
60
|
0.95
|
0.95
|
16,195,800,000
|
153,860,100
|
|
Vanguard
|
37
|
0.16
|
0.14
|
44,085,300,000
|
60,267,420
|
|
Barclays Capital
|
16
|
0.69
|
0.76
|
4,791,700,000
|
36,466,880
|
|
Van Eck
|
12
|
0.52
|
0.60
|
5,176,700,000
|
31,312,260
|
|
Rydex
|
31
|
0.48
|
0.39
|
5,782,800,000
|
22,455,820
|
|
WisdomTree
|
40
|
0.51
|
0.52
|
4,296,600,000
|
22,201,880
|
|
Claymore
|
32
|
0.84
|
0.81
|
1,961,500,000
|
15,851,440
|
|
Victoria Bay
|
4
|
0.58
|
0.55
|
1,194,000,000
|
6,513,400
|
|
First Trust
|
36
|
0.65
|
0.68
|
932,400,000
|
6,377,140
|
|
ELEMENTS
|
14
|
0.63
|
0.73
|
471,100,000
|
3,458,700
|
|
XShares
|
31
|
0.73
|
0.69
|
239,300,000
|
1,659,450
|
|
Goldman Sachs
|
1
|
1.25
|
1.25
|
116,600,000
|
1,457,500
|
|
Bear Stearns
|
2
|
0.60
|
0.69
|
158,800,000
|
1,098,300
|
|
Greenhaven
|
1
|
0.85
|
0.85
|
28,857,500
|
245,278
|
|
Fidelity
|
1
|
0.30
|
0.30
|
80,500,000
|
241,500
|
|
SPA
|
6
|
1.12
|
1.12
|
16,100,000
|
180,320
|
|
Lehman Brothers
|
3
|
0.82
|
0.82
|
14,600,000
|
119,100
|
|
FocusShares
|
4
|
0.54
|
0.48
|
23,900,000
|
114,900
|
|
Ziegler
|
1
|
0.50
|
0.50
|
4,800,000
|
24,000
|
|
Ameristock
|
5
|
0.15
|
0.15
|
13,300,000
|
19,950
|
|
HOLDRs
|
17
|
|
|
9,707,300,000
|
|
|
Industry Total
|
40
|
0.54
|
0.32
|
587,366,300,000
|
1,892,683,280
|
And here is a more accurate measure
of the top 100 ETFs sorted by revenue per reader request and updated through
Q1, 2008:
|
Name
|
Ticker
|
Exp Ratio
|
Assets
|
Revenues
|
|
iShares MSCI Emerg Mkts
|
EEM
|
0.74
|
23,848,300,000
|
176,477,420
|
|
iShares MSCI EAFE
|
EFA
|
0.34
|
45,422,500,000
|
154,436,500
|
|
streetTRACKS Gold Shares
|
GLD
|
0.4
|
19,261,800,000
|
77,047,200
|
|
SPDRs (S&P 500)
|
SPY
|
0.08
|
82,299,500,000
|
65,839,600
|
|
iShares Brazil
|
EWZ
|
0.69
|
6,978,100,000
|
48,148,890
|
|
iShares FTSE/Xinhua China
|
FXI
|
0.74
|
5,544,800,000
|
41,031,520
|
|
iShares Japan
|
EWJ
|
0.52
|
7,562,200,000
|
39,323,440
|
|
PowerShares QQQQ
|
QQQQ
|
0.2
|
17,037,800,000
|
34,075,600
|
|
iShares Taiwan
|
EWT
|
0.77
|
3,621,000,000
|
27,881,700
|
|
iShares R1000 Growth
|
IWF
|
0.2
|
12,857,900,000
|
25,715,800
|
|
ProShares UltraShort S&P 500
|
SDS
|
0.95
|
2,548,400,000
|
24,209,800
|
|
iPath DJ-AIG Commodity
|
DJP
|
0.75
|
3,201,600,000
|
24,012,000
|
|
UltraShort Financials ProShares
|
SKF
|
0.95
|
2,497,300,000
|
23,724,350
|
|
iShares DJ Sel Dividend
|
DVY
|
0.4
|
5,897,800,000
|
23,591,200
|
|
iShares Russell 2000
|
IWM
|
0.2
|
10,468,700,000
|
20,937,400
|
|
MidCap SPDR (S&P 400)
|
MDY
|
0.25
|
8,173,200,000
|
20,433,000
|
|
iShares South Korea
|
EWY
|
0.68
|
2,956,000,000
|
20,100,800
|
|
DB Commodity Index
|
DBC
|
0.83
|
2,240,400,000
|
18,595,320
|
|
DIAMONDS Trust
|
DIA
|
0.17
|
10,826,200,000
|
18,404,540
|
|
PowerShares DB Agriculture Fund
|
DBA
|
0.75
|
2,386,100,000
|
17,895,750
|
|
iShares MSCI ex-Japn
|
EPP
|
0.5
|
3,493,900,000
|
17,469,500
|
|
iShares Lehman Aggregate
|
AGG
|
0.2
|
8,625,500,000
|
17,251,000
|
|
iShares S&P Latin 40
|
ILF
|
0.5
|
3,353,000,000
|
16,765,000
|
|
iShares R1000 Value
|
IWD
|
0.2
|
8,327,600,000
|
16,655,200
|
|
iShares Silver Trust
|
SLV
|
0.5
|
3,225,400,000
|
16,127,000
|
|
Financial SPDR
|
XLF
|
0.23
|
6,693,700,000
|
15,395,510
|
|
Vanguard Emerging Markets
|
VWO
|
0.25
|
6,105,300,000
|
15,263,250
|
|
iShares S&P 500
|
IVV
|
0.09
|
16,408,500,000
|
14,767,650
|
|
iShares Lehman 1-3 Treas
|
SHY
|
0.15
|
9,573,900,000
|
14,360,850
|
|
iShares S&P Euro-350
|
IEV
|
0.6
|
2,310,000,000
|
13,860,000
|
|
iShares Lehman TIPS Bond
|
TIP
|
0.2
|
6,756,900,000
|
13,513,800
|
|
PowerShares Water Resources
|
PHO
|
0.66
|
1,993,600,000
|
13,157,760
|
|
ProShares UltraShort QQQ
|
QID
|
0.95
|
1,273,900,000
|
12,102,050
|
|
iShares EMU (Eurozone)
|
EZU
|
0.51
|
2,348,300,000
|
11,976,330
|
|
Energy SPDR
|
XLE
|
0.23
|
4,733,600,000
|
10,887,280
|
|
Market Vectors Gold Miners
|
GDX
|
0.55
|
1,948,800,000
|
10,718,400
|
|
iShares GS Nat Res
|
IGE
|
0.48
|
2,208,300,000
|
10,599,840
|
|
iShares Hong Kong
|
EWH
|
0.52
|
2,033,100,000
|
10,572,120
|
|
iShares S&P 500 Growth
|
IVW
|
0.18
|
5,685,200,000
|
10,233,360
|
|
ProShares Ultra QQQ
|
QLD
|
0.95
|
1,050,600,000
|
9,980,700
|
|
PShares WilderHill Clean Engy
|
PBW
|
0.7
|
1,384,500,000
|
9,691,500
|
|
Market Vectors Agribusiness ETF
|
MOO
|
0.65
|
1,471,700,000
|
9,566,050
|
|
iShares Germany Indx
|
EWG
|
0.51
|
1,873,100,000
|
9,552,810
|
|
ProShares UltraShort Russell 2000
|
TWM
|
0.95
|
970,600,000
|
9,220,700
|
|
ProShares Ultra S&P 500
|
SSO
|
0.95
|
959,500,000
|
9,115,250
|
|
iShares DJ Real Estate
|
IYR
|
0.48
|
1,887,000,000
|
9,057,600
|
|
iShares S&P 400 MidCap
|
IJH
|
0.2
|
4,384,900,000
|
8,769,800
|
|
iShares Singapore
|
EWS
|
0.51
|
1,702,800,000
|
8,684,280
|
|
UltraShort Oil & Gas ProShares
|
DUG
|
0.95
|
908,100,000
|
8,626,950
|
|
iShares Canada Index
|
EWC
|
0.52
|
1,613,700,000
|
8,391,240
|
|
UltraShort Real Estate ProShares
|
SRS
|
0.95
|
881,300,000
|
8,372,350
|
|
iShares R2000 Value
|
IWN
|
0.25
|
3,323,400,000
|
8,308,500
|
|
iShares S&P 100
|
OEF
|
0.2
|
4,048,300,000
|
8,096,600
|
|
iShares S&P 600 Small
|
IJR
|
0.2
|
4,012,200,000
|
8,024,400
|
|
iShares Mexico
|
EWW
|
0.51
|
1,545,400,000
|
7,881,540
|
|
iShares COMEX Gold Trust
|
IAU
|
0.4
|
1,886,300,000
|
7,545,200
|
|
iShares C&S Realty
|
ICF
|
0.35
|
2,128,900,000
|
7,451,150
|
|
iShares Australia
|
EWA
|
0.51
|
1,372,200,000
|
6,998,220
|
|
Vanguard Total Stock Market
|
VTI
|
0.07
|
9,778,600,000
|
6,845,020
|
|
iShares S&P 500 Value
|
IVE
|
0.18
|
3,756,700,000
|
6,762,060
|
|
iShares Russell Mid Growth
|
IWP
|
0.25
|
2,703,300,000
|
6,758,250
|
|
iShares Russell Midcap
|
IWR
|
0.2
|
3,351,600,000
|
6,703,200
|
|
iShares Rusell Mid Value
|
IWS
|
0.25
|
2,655,900,000
|
6,639,750
|
|
Ultra Financials ProShares
|
UYG
|
0.95
|
698,500,000
|
6,635,750
|
|
iPath MSCI India Index
|
INP
|
0.89
|
741,200,000
|
6,596,680
|
|
iShares R2000 Growth
|
IWO
|
0.25
|
2,627,600,000
|
6,569,000
|
|
iShares NASD Biotech
|
IBB
|
0.48
|
1,344,200,000
|
6,452,160
|
|
PowerShares FTSE RAFI 1000
|
PRF
|
0.7
|
851,500,000
|
5,960,500
|
|
Technology SPDR
|
XLK
|
0.23
|
2,576,400,000
|
5,925,720
|
|
streetTRACKS DJ Int RlEst
|
RWX
|
0.6
|
969,100,000
|
5,814,600
|
|
Claymore/BNY BRIC ETF
|
EEB
|
0.64
|
895,200,000
|
5,729,280
|
|
iShares Malaysia
|
EWM
|
0.51
|
1,120,800,000
|
5,716,080
|
|
Market Vectors Russia
|
RSX
|
0.69
|
825,100,000
|
5,693,190
|
|
Consumer Staples SPDR
|
XLP
|
0.23
|
2,469,000,000
|
5,678,700
|
|
iShares U.K.
|
EWU
|
0.51
|
1,112,200,000
|
5,672,220
|
|
Utilities SPDR
|
XLU
|
0.23
|
2,446,800,000
|
5,627,640
|
|
iShares Russell 1000
|
IWB
|
0.15
|
3,710,400,000
|
5,565,600
|
|
UltraShort FTSE/Xinhua China 25 ProShares
|
FXP
|
0.95
|
575,500,000
|
5,467,250
|
|
iShares Russell 3000
|
IWV
|
0.2
|
2,718,700,000
|
5,437,400
|
|
iShares DJ US Energy
|
IYE
|
0.48
|
1,118,500,000
|
5,368,800
|
|
Health Care Sel SPDR
|
XLV
|
0.23
|
2,288,000,000
|
5,262,400
|
|
iShares GS$ InvesTop
|
LQD
|
0.15
|
3,445,800,000
|
5,168,700
|
|
ProShares UltraShort Dow 30
|
DXD
|
0.95
|
540,800,000
|
5,137,600
|
|
Rydex S&P Equal Weight
|
RSP
|
0.4
|
1,274,200,000
|
5,096,800
|
|
iShares S&P 400 Mid Value
|
IJJ
|
0.25
|
2,021,100,000
|
5,052,750
|
|
iShares MSCI EAFE Growth
|
EFG
|
0.4
|
1,236,300,000
|
4,945,200
|
|
iShares S&P 400 Mid Growth
|
IJK
|
0.25
|
1,926,800,000
|
4,817,000
|
|
iShares GSCI Commodity Id
|
GSG
|
0.75
|
631,800,000
|
4,738,500
|
|
Euro Currency Trust
|
FXE
|
0.4
|
1,173,000,000
|
4,692,000
|
|
iShares DJ Tech
|
IYW
|
0.48
|
959,100,000
|
4,603,680
|
|
iShares S&P Glb Energy
|
IXC
|
0.49
|
933,900,000
|
4,576,110
|
|
Claymore MACROshares Oil Up Tradeable Tr
|
UCR
|
1.6
|
279,972,000
|
4,479,552
|
|
iShares DJ Health
|
IYH
|
0.48
|
861,300,000
|
4,134,240
|
|
iShares MSCI EAFE Value
|
EFV
|
0.4
|
1,020,800,000
|
4,083,200
|
|
iShares Lehman 7-10
|
IEF
|
0.15
|
2,704,100,000
|
4,056,150
|
|
PowerShares Dyn Lg Growth
|
PWB
|
0.63
|
638,100,000
|
4,020,030
|
|
CurrencyShares Japan Yen
|
FXY
|
0.4
|
987,700,000
|
3,950,800
|
|
Vanguard FTSE All-W ex-US
|
VEU
|
0.25
|
1,577,700,000
|
3,944,250
|
|
iShares S&P Glob 100
|
IOO
|
0.4
|
949,300,000
|
3,797,200
|
So there you have it. I think that
is a pretty accurate read on the state of the ETF industry from the issuer
side. The only things missing here on the revenue side would be peripheral
income, from share lending for example, that does not go into the funds
themselves. Policy on this varies from issuer to issuer.
The next step in this analysis will
be to look at the expenses and profits for each issuer. You figure an issuer is doing very well to
keep about half of its revenue normally after all licensing fees and service
provider fees come out. But we'll break
it down and do this and company valuations in great detail.
Enjoy this for now...
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