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There are so many new products hitting the market it's making my head spin. How much of it will stick?
This week would be a great time for an issuer to sneak out an ETF closing, outsized distribution or some other negative story, with everything going on. Look at the news lineup on the top left of our home page. There are some BIG stories over there, and you'd hardly have thought there were that many big stories left for the year, and it's all hit the market in the last WEEK.
The first ETFs of ETFs, Small Emerging, NETs active internationally, a money market, GLD options...that's a LOT for a week.
And I'll tell you, I'm making the rounds right now in New York, and you ain't seen nothing yet. The pipeline is chock full of new ETFs and ETNs, some of it interesting, much of it potentially a tough sell in a market that has really filled out and gotten more competitive.
First thing, Matt, is I'd love to see that new league table with assets by product issuer. What is ProShares at now, for example? I've got the data just as of end of Q1 and it was over $16 billion. I know Van Eck is at $6.5 billion (and was $5 billion as of end of Q1). I'll bet Rydex and all the big guys are up from early this year too.
With the market picking up again and the flows continuing to come in, some of the fund families are really starting to push up the assets. To me the biggest of these stories is probably WisdomTree, which seemed like it had been sitting at around $4 billion (though not dropping) for a long time. They're right on the brink of cracking $5 billion. And that feels to me like a psychological barrier that could give them some momentum. They're very different than most of the rest of the smaller product issuers out there, and have a very coherent set of products built on a philosophy as opposed to just aiming at pent-up demand (which is where much of the product development has gone once you dip below the Big 5 of iShares, SSgA, Vanguard, PowerShares and ProShares).
Matt does run weekly fund flows reports, but those just cover funds and not issuers.
The last data I can find by family, is what I put together for my ETFR cover story that will be coming out in the June issue. It actually looked at revenues (but includes assets). I'll leave the revenue numbers in for interest. Here's where we were as of 3/31/2008:
|
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
|
|
MacroShares
|
2
|
1.60
|
1.60
|
252,000,000
|
4,032,000
|
|
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
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Source: American Stock Exchange, Morningstar. Data as of 3/31/2008
I bet if we bring these up-to-date, the total would be over $600 billion again - although fluctuations in SPY and a few other big funds are always a wild card for overall fund flows and creation/redemption activity.
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