Invest With An Edge

ETF Stats for June 2013 – Trading Surges 20.8%

Sixteen new ETFs and two new ETNs came to market in June. Meanwhile, two ETFs and seven ETNs closed and liquidated during the month. The net increase of nine ETPs puts the listed count at 1,478 at the end of June, consisting of 1,273 ETFs and 205 ETNs. One of the closures was an actively managed fund, reducing the quantity of actively managed ETFs to 61.

Trading activity surged to $1.67 trillion in June, representing a robust 20.8% increase over May. With only 20 trading days in the month, the average daily notional trading registered an even more impressive 32.9% increase over May levels. The number of ETPs averaging more than $1 billion a day in trading jumped from seven to thirteen, representing 62.1% of all ETP dollars traded.

Unfortunately, this dollar volume increase occurred during a down month for stocks and bonds, which pushed asset levels lower. ETF assets declined by 4.0%, while ETN assets bucked the trend and increased 8.4%. However, with ETF assets running about 70-times the level of ETNs, overall assets fell 3.9% to $1.44 trillion. The number of products above the $10 billion threshold slid from 34 to 33, although these 33 still control 50.5% of the assets.

The increased trading activity combined with the asset decrease to push the monthly turnover ratio (total dollar volume divided by assets under management) to 1.16 from only 0.92 in May. This represents a 116% turnover of assets during the month.

June 2013 Month End ETFs ETNs Total
Currently Listed U.S. 1,273 205 1,478
Listed as of 12/31/2012 1,239 206 1,445
New Introductions for Month 16 2 18
Delistings/Closures for Month 2 7 9
Net Change for Month +14 -5 +9
New Introductions 6 Months 64 8 72
New Introductions YTD 64 8 72
Delistings/Closures YTD 30 9 39
Net Change YTD +34 -1 +33
Actively-Managed Listings 61 n/a 61
Assets Under Mgmt ($ billion) $1,418 $19.8 $1,438
% Change in Assets for Month -4.0% +8.4% -3.9%
Qty AUM > $10 Billion 33 0 33
Qty AUM > $1 Billion 196 5 201
Qty AUM > $100 Million 605 24 629
% with AUM > $100 Million 47.5% 11.7% 42.6%
Monthly $ Volume ($ billion) $1,620 $46.7 $1,666
% Change in Monthly $ Volume +20.1% +57.8% +20.8%
Avg Daily $ Volume > $1 Billion 12 1 13
Avg Daily $ Volume > $100 Million 83 2 85
Avg Daily $ Volume > $10 Million 284 11 295

Data sources: Daily prices and volume of individual ETPs from Norgate Premium Data. Fund counts and all other information compiled by Invest With An Edge.

New products launched in June (sorted by launch date):

  1. Barron’s 400 ETF (BFOR), launched 6/4/13, is an ALPS sponsored ETF tracking Barron’s equal weight index of 400 stocks (September 2007 inception) with a 0.65% expense ratio (BFOR overview).
  2. db X-trackers Municipal Infrastructure Revenue Bond Fund (RVNU), launched 6/4/13, tracks an index of U.S. long-term, tax-exempt infrastructure revenue bonds with a 0.30% expense ratio (RVNU overview).
  3. db X-trackers Regulated Utilities Fund (UTLT), launched 6/4/13, tracks an index of global (current U.S. weighting at 78%) regulated utilities with a 0.45% expense ratio (UTLT overview).
  4. Vanguard Emerging Markets Government Bond ETF (VWOB), launched 6/4/13, uses sampling in an attempt to track the performance of Barclays USD Emerging Markets Government RIC Capped Index with a 0.35% expense ratio (VWOB overview).
  5. Vanguard Total International Bond ETF (BNDX), launched 6/4/13, becomes the first total international bond ETF. It will track the Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged – no foreign currency exposure) using sampling and has a 0.20% expense ratio (BNDX overview).
  6. Credit Suisse Commodity Benchmark ETN (CSCB), launched 6/12/13, are exchange traded notes tracking the Credit Suisse Commodity Backwardation Total Return Index designed to provide monthly rebalanced, long-only, equal weight exposure to eight commodity contracts exhibiting the most backwardation. It will have a 0.65% annual investor fee (CSCB overview).
  7. Credit Suisse Commodity Rotation ETN (CSCR), launched 6/12/13, are exchange traded notes tracking a Credit Suisse index designed to provide monthly rebalanced, long-only diversified exposure to commodities via rolling futures contracts on 34 physical commodities with a 0.85% annual investor fee (CSCR overview).
  8. iShares MSCI Colombia Capped ETF (ICOL), launched 6/20/13, becomes the third ETF targeting Colombia (others are GXG and COLX). ICOL will track an MSCI index of 25 stocks with a 0.61% expense ratio (ICOL overview).
  9. PowerShares Global Short Term High Yield Bond Portfolio (PGHY), launched 6/20/13, tracks the DB Global Short Maturity High Yield Bond Index (denominated in US dollars) with a 1.8 year duration, expected yield of about 4.9%, and an expense ratio of 0.35% (PGHY overview).
  10. Horizons S&P 500 Covered Call ETF (HSPX), launched 6/24/13, seeks to track the S&P 500 Covered Call Index by being long the stocks of the S&P 500 and writing out-of-the-money call options on its holdings with a 0.65% expense ratio. This is the first US-listed ETF for Horizons, one of Canada’s largest ETF providers, and it came to market via Exchange Traded Concepts (HSPX overview).
  11. VelocityShares Tail Risk Hedged Large Cap ETF (TRSK), launched 6/21/13, tracks an index of 85% S&P 500, 9.45% inverse volatility, and 5.55% 2x long volatility, using a fund-of-funds approach with a 0.71% expense ratio (TRSK overview).
  12. VelocityShares Volatility Hedged Large Cap ETF (SPXH), launched 6/21/13, tracks an index of 85% S&P 500, 11.1% inverse volatility, and 3.9% 2x long volatility, using a fund-of-funds approach with a 0.71% expense ratio (SPXH overview).
  13. Direxion Daily Japan Bear 3x Shares (JPNS), launched 6/26/13, seeks to provide 300% of the inverse performance of the MSCI Daily TR Net Japan USD Index with a 0.95% expense ratio (JPNS overview).
  14. Direxion Daily Japan Bull 3x Shares (JPNL), launched 6/26/13, seeks to provide 300% of the performance of the MSCI Daily TR Net Japan USD Index with a 0.95% expense ratio (JPNL overview).
  15. Market Vectors Israel ETF (ISRA), launched 6/26/13, will track the Blue Star Israel Global Index of 89 Israeli and Israeli-linked companies with a 0.59% expense ratio. Initial country allocations are Israel 72%, U.S. 26%, and others 2% (ISRA overview).
  16. ALPS International Sector Dividend Dogs ETF (IDOG), launched 6/28/13, applies the ALPS Sector Dividend Dogs (SDOG) methodology (equally weighting the five highest yielding stocks of each sector) to international stocks with a 0.50% expense ratio (IDOG overview).
  17. WisdomTree Japan Hedged SmallCap Equity Fund (DXJS), launched 6/28/13, tracks a WisdomTree index designed to provide exposure to small cap stocks in Japan, while hedging exposure to the Japanese yen with a 0.58% expense ratio (DXJS overview).
  18. WisdomTree United Kingdom Hedged Equity Fund (DXPS), launched 6/28/13, tracks a WisdomTree index designed to provide exposure to equity securities in the United Kingdom, while hedging exposure to the British pound with a 0.48% expense ratio (DXPS overview).

Product closures/delistings in June (sorted by delisting date):

  1. ETRACS DJ-UBS Commodity Index 2-4-6 Blended Futures ETN (BLND) [UBS Calls 7 ETRACS ETNs For Redemption]
  2. ETRACS Monthly 2x Leveraged ISE Cloud Computing Total Return ETN (LSKY)
  3. ETRACS Inverse UBS Bloomberg CMCI Platinum Excess Return ETN (PTD)
  4. ETRACS Next Generation Internet ETN (EIPO)
  5. ETRACS Monthly 2x Leveraged Next Generation Internet ETN (EIPL)
  6. ETRACS ISE Solid State Drive Index ETN (SSDD)
  7. ETRACS Monthly 2x Leveraged ISE Solid State Drive Index ETN (SSDL)
  8. AdvisorShares Rockledge SectorSAM ETF (SSAM) [AdvisorShares Rockledge SectorSAM ETF (SSAM) Closing This Week]
  9. Guggenheim Yuan Bond ETF (RMB) [Guggenheim Yuan Bond ETF (RMB) To Close]

Product changes in June:

  1. First Trust Strategic Value Index Fund (FDV) underwent an extreme makeover, becoming the First Trust Capital Strength ETF (FTCS) effective June 3 [Extreme Makeover Season].
  2. Vanguard Total Stock Market ETF (VTI) changed its underlying index from MSCI to the CRSP US Total Market Index effective June 3.
  3. The four iShares target maturity corporate bond ETFs (IBCB, IBCC, IBCD, and IBCE) received new CUSIPs effective June 10.
  4. Seven ProShares (UGE, UPRO, UMDD, UWC, RXL, UCC, and URTY) underwent 2-for-1 share splits, and eight ProShares (DUG, FINZ, TTT, SJF, EFU, KOLD, VIXY, and UVXY) underwent reverse splits and received new CUSIP numbers effective June 10.
  5. Sustainable North American Oil Sands ETF (SNDS) underwent an extreme makeover, becoming the YieldShares High Income ETF (YYY) effective June 21 [Extreme Makeover Season].
  6. Market Vectors Africa Index ETF (AFK) and Market Vectors Gulf States Index ETF (MES) changed from Dow Jones to Market Vectors underlying indexes effective June 24.
  7. Vanguard FTSE Emerging Markets ETF (VWO) completed its transition from an MSCI to FTSE underlying index effective June 28.

Announced Product Changes for Coming Months:

  1. 220 iShares ETFs will receive new names effective July 1.
  2. Seven Market Vectors ETFs (GEX, NLR, RSXJ, EGPT, REMX, GDXJ, and SCIF) will undergo reverse splits effective July 1.

Previous monthly ETF statistics reports are available here.