Launch activity slowed to just seventeen new product introductions in November, but the year-to-date count of 292 is enough to clinch the title for most new ETPs in a calendar year. The previous record of 291 was established four years ago in 2007. The new monthly additions consisted of thirteen ETFs and four ETNs, bringing current listings to 1,376 (1,176 ETFs and 200 ETNs). Actively managed ETFs remain at just 39, or less than 3% of the total count.
Assets under management slipped by 1.6% but held above the $1 trillion mark. Trading activity declined 15% for ETFs and 4% for ETNs. Dollar volume averaged $78.8 billion per day.
The number of ETFs averaging more than $1 billion in daily trading activity (the Billion Dollar Club) dropped from 18 to 13 and accounted for about 66% of all ETP dollars traded. This is down from 70% last month, so other products are seeing their share of the action increase. Products averaging more than $100 million of trading per day decreased from 89 to 76 yet still accounted for 91.1% of dollar volume.
|November 2011 Month End||ETFs||ETNs||Total|
|Currently Listed U.S.||1,176||200||1,376|
|Listed as of 12/31/2010||967||132||1,099|
|New Introductions for Month||13||4||17|
|Delistings/Closures for Month||0||0||0|
|Net Change for Month||+13||+4||+17|
|New Introductions 6 mths||96||40||136|
|New Introductions YTD||218||74||292|
|Net Change YTD||+209||+68||+277|
|Assets Under Mgmt ($ billion)||$1,048||$14.7||$1,064|
|% Change in Assets for Month||-1.7%||-2.0%||-1.6%|
|Monthly $ Volume ($ billion)||$1,620||$34.9||$1,655|
|% Change in Monthly $ Volume||-15.0%||-4.1%||-14.8%|
|Avg Daily $ Volume > $1 Billion||12||1||13|
|Avg Daily $ Volume > $100 Million||74||2||76|
|Avg Daily $ Volume > $10 Million||226||11||237|
Data sources: AUM from National Stock Exchange, 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 November (in chronological order), along with links to my initial analysis of each:
- PIMCO Australia Bond Index Fund (AUD) [New PIMCO International Bond ETFs Lack Data]
- PowerShares KBW Bank Portfolio (KBWB) [PowerShares Fills the Void for KBW Indexed ETFs]
- PowerShares KBW Regional Banking Portfolio (KBWR)
- PowerShares KBW Insurance Portfolio (KBWI)
- PowerShares KBW Capital Markets Portfolio (KBWC)
- Russell Developed ex-U.S. Low Beta ETF (XLBT) [Russell Takes Factor ETFs International]
- Russell Developed ex-U.S. Low Volatility ETF (XLVO)
- Russell Developed ex-U.S. High Momentum ETF (XHMO)
- PowerShares DB Inverse Japanese Government Bond Futures ETN (JGBS) [PowerShares Adds Inverse Versions of Japanese Bond ETNs]
- PowerShares DB 3x Inverse Japanese Government Bond Futures ETN (JGBD)
- PIMCO Canada Bond Index Fund (CAD) [New PIMCO International Bond ETFs Lack Data]
- PIMCO Germany Bond Index Fund (BUND)
- Global X Social Media Index Fund (SOCL) [Global X Hopes You Will “Like” Its New Social Media ETF]
- United States Copper Index Fund (CPER) [Now You Can Buy Copper in a Fund Format]
- iShares S&P International Preferred Stock Index Fund (IPFF) [New iShares International Preferred ETF Is Mostly Canadian]
- UBS ETRACS Fisher-Gartman Risk On ETN (ONN) [New Risk On Risk Off ETNs Tuned to Recent Market Conditions]
- UBS ETRACS Fisher-Gartman Risk Off ETN (OFF)
Product closures/delistings in November:
Product changes in November:
- Direxion implemented reverse splits on six ETFs effective 11/10/11. The affected funds are FAS, EDC, TMV, DRV, and LBJ at 1-for-5 and RUSL at 1-for-3. Press release (pdf).
- The two Internet IPO ETNs from UBS dropped “IPO” from their names [New Internet IPO ETNs Do Not Participate in IPOs] and underlying indexes effective 11/21/11. UBS ETRACS Internet IPO ETN (EIPO) became UBS ETRACS Next Generation Internet ETN (EIPO) and UBS ETRACS Monthly 2x Leveraged Internet IPO ETN (EIPL) became UBS ETRACS Monthly 2x Leveraged Next Generation Internet ETN (EIPL).
Announced Product Changes for Coming Months:
- AdvisorShares announced an extreme-makeover of an ETF rather than closing and liquidating the old one. AdvisorShares Mars Hill Global Relative Value (GRV) will receive a new name, new ticker symbol, new objective, new manager, and new portfolio effective 12/1/11 becoming the AdvisorShares Accuvest Global Long Short ETF (AGLS).
- All Direxion Shares 2x Bull and Bear ETFs converted to 3x leverage on 12/1/11. The change affects 10 ETFs.
- Global X China Technology Fund (CHIB) will change its name, ticker, underlying index, and listing exchange, becoming the Global X NASDAQ China Technology ETF (QQQC) effective 12/13/11.
- The exchange offer for six HOLDRS products into similar new Market Vector ETFs (which was initiated 11/10/11) will close on 12/20/11.
- The six new funds that are scheduled to begin trading on 12/21/11 are: Market Vectors Oil Services ETF (OIH), Market Vectors Semiconductor ETF (SMH), Market Vectors Pharmaceutical ETF (PPH), Market Vectors Biotech ETF (BBH), Market Vectors Retail ETF (RTH), and Market Vectors Bank and Brokerage ETF (RKH).
- Merrill Lynch announced the early termination of the eleven HOLDRS not included in the Van Eck Market Vectors exchange offer. Accordingly, 12/23/11 will be the last day of trading for BDH, BHH, EKH, HHH, IAH, IIH, MKH, SWH, TTH, UTH, and WMH.