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Based on data from the AMEX, the U.S. ETF industry ended the year with total net assets of $632 billion (as of 12/28). If you add in ETN assets, that number jumps to $637 billion. That's up nearly $215 billion from the ICI's 2006 estimate of $422.5 billion. Not bad...
On a company-by-company basis, Barclays Global Investors (BGI) ends the year at the top of the ETF League Table, with $332.3 billion in total assets. That gives BGI a 52% share of the ETF market, which is about even with where it was this time last year.
State Street Global Advisors (SSgA) comes in a solid second on the asset front ($173.1 billion), followed by Vanguard ($42.1 billion) and PowerShares ($40.9 billion). From there it's a big fall-off to number five, ProShares, with $9.6 billion in assets.
On a fund count basis, BGI also holds its lead, with 154 total ETFs, followed by PowerShares (111), SSgA (66), ProShares (58) and WisdomTree (39).
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Largest U.S. ETF Providers - 2007
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|
ETF Company
|
Listed ETFs
|
Net Assets
(in $US millions)
|
|
BGI - iShares
|
154
|
332,346
|
|
State Street
|
66
|
173,073
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Vanguard
|
37
|
42,059
|
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PowerShares
|
111
|
40,943
|
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ProShares
|
58
|
9,630
|
|
Merrill Lynch
|
17
|
7,152
|
|
Rydex
|
31
|
5,541
|
|
WisdomTree
|
39
|
4,553
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Barclays Bank - iPath (ETN)
|
16
|
4,425
|
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Van Eck
|
8
|
3,400
|
|
Claymore
|
36
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1,896
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Victoria Bay
|
3
|
1,083
|
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First Trust
|
36
|
1,006
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X-Shares
|
31
|
256
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Elements (ETN)
|
7
|
130
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Fidelity
|
1
|
115
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Bear Stearns (ETN)
|
1
|
70
|
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Goldman Sachs (ETN)
|
2
|
67
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|
MacroShares
|
2
|
60
|
|
FocusShares
|
4
|
24
|
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SPA ETFs
|
6
|
14
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Ameristock
|
5
|
13
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NYSE Arca
|
1
|
8
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BGI Is Fastest-Growing ETF Provider
BGI also had the distinction of being the fastest-growing ETF company in 2007, adding $81.7 billion in assets to its already formidable base.
SSgA was a formidable number 2, adding $62.6 billion. About half of that came from the SPDR S&P 500 ETF (SPY), with the rest scattered among a number of funds.
Vanguard put in a strong performance in 2007 as well, getting serious about its ETF business and adding $19.8 billion in assets. PowerShares tacked on $8.3 billion, if you include the QQQQ and BLDR funds in its tally for 2006 (it took over as sponsor of the funds in 2007). ProShares rounds out the top five, adding $7.5 billion.
ProShares also had the distinction of adding the most new ETFs, at 46, followed closely by PowerShares at 40. BGI (32), XShares (31) and Claymore (27) round out the top five.
Merrill Lynch was the only company to lose substantial assets in 2007, with investors pulling nearly $3 billion out of the HOLDRs products.
The table below does not include ETNs, as data is not available at this time. iPath was the fastest growing ETN provider, however, both on a product and an asset basis.
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Fastest-Growing ETF Providers - 2007
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Company
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New Funds
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Asset Growth ($US millions)
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BGI - iShares
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34
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81,715.0
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SSgA
|
22
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62,621.3
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Vanguard
|
10
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19,831.1
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PowerShares
|
40
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8,347.3
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ProShares
|
46
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7,469.8
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WisdomTree
|
9
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3,032.4
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Van Eck
|
5
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2,877.4
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Rydex
|
7
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1,826.6
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Claymore
|
27
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1,533.3
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Victoria Bay
|
2
|
316.8
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First Trust
|
26
|
300.9
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X-Shares
|
31
|
256.0
|
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FocusShares
|
4
|
24.0
|
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SPA ETFs
|
6
|
14.0
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Ameristock
|
5
|
13.0
|
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NYSE Arca
|
1
|
8.0
|
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MacroShares
|
0
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(6.0)
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Fidelity
|
0
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(18.0)
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Merrill Lynch
|
0
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(2,915.8)
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ETF Industry Concentrated In Few Funds
Despite the fact that there are now 23 ETF and ETN providers marketing well over 600 funds, the ETF industry remains very concentrated. The ten largest ETFs hold $288.7 billion in assets, or 45% of the industry total in the U.S.
Within individual companies, a large percentage of its total assets are often concentrated in a single ETF, as shown below. This chart makes the industry dominance of BGI clearer: Despite being the largest ETF manager by far, its assets are diversified across multiple funds, with the largest fund (EFA) holding just 16% of total assets. That compares with SSgA, where 59% of total assets are located in just a single fund (SPY).
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Asset Concentration In Largest ETF - December 28, 2007
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ETF Company
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Largest ETF Ticker
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Assets ($US millions) In Largest ETF
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Share Of Total Assets
|
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Fidelity
|
ONEQ
|
115
|
100%
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Bear Stearns (ETN)
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BSR
|
70
|
100%
|
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NYSE Arca
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NYX
|
8
|
100%
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MacroShares
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UCR
|
48
|
80%
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Goldman Sachs (ETN)
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GCE
|
50
|
75%
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Barclays Bank - iPath (ETN)
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DJP
|
2,634
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60%
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State Street
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SPY
|
101,791
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59%
|
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Claymore
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EEB
|
1,060
|
56%
|
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PowerShares
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QQQQ
|
22,106
|
54%
|
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Victoria Bay
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UNG
|
583
|
54%
|
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Elements (ETN)
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RJA
|
61
|
47%
|
|
FocusShares
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SAW
|
10
|
42%
|
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Van Eck
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GDX
|
1,359
|
40%
|
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Merrill Lynch
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OIH
|
2,530
|
35%
|
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Rydex
|
RSP
|
1,753
|
32%
|
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Vanguard
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VTI
|
10,325
|
25%
|
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Ameristock
|
GKE
|
3
|
23%
|
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Xshares
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HHD
|
53
|
21%
|
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First Trust
|
FVL
|
190
|
19%
|
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ProShares
|
SDS
|
1,580
|
16%
|
|
BGI -iShares
|
EFA
|
51,941
|
16%
|
|
SPA ETFs
|
SZG
|
2
|
14%
|
|
WisdomTree
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DLS
|
569
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12%
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Funds In Registration
Looking into 2008, it is the "strategy players" that have the largest number of funds in registration right now. ProShares and Rydex lead the charge with 115 and 87 ETF in registration, respectively, composed mostly of leveraged, inverse and inverse-leveraged products.
Next up is PowerShares with 48 funds in registration, a sign that it plans to continue pushing the pace of fund development.
Number four on this list is an interesting one - Northern Trust - which hopes to enter the ETF market for the first time in 2008. Northern Trust is a major player in the index market, particularly for institutions and high net worth investors, and it is likely to make a splash in ETFs as well.
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ETFs In Registration
December 31, 2007
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|
ETF Company
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ETFs In Registration
|
ETF Company
|
ETFs In Registration
|
|
ProShares
|
115
|
Rydex
|
87
|
|
PowerShares
|
48
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Northern Trust
|
27
|
|
WisdomTree
|
25
|
Xshares
|
25
|
|
State Street
|
21
|
IndexIQ
|
20
|
|
BGI -iShares
|
15
|
Van Eck
|
11
|
|
Claymore
|
10
|
Wilder
|
8
|
|
First Trust
|
4
|
SPA ETFs
|
4
|
|
VTL
|
3
|
Victoria Bay
|
2
|
|
Bear Stearns (ETF)
|
1
|
Grail Partners
|
1
|
|
Greenhaven
|
1
|
Voskian
|
1
|
|
Vanguard
|
0
|
Merrill Lynch
|
0
|
|
Fidelity
|
0
|
MacroShares
|
0
|
|
MacroShares
|
0
|
FocusShares
|
0
|
|
Ameristock
|
0
|
NYSE Arca
|
0
|
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