{"id":1175,"date":"2021-07-12T10:48:01","date_gmt":"2021-07-12T10:48:01","guid":{"rendered":"https:\/\/investwithanedge.com\/?page_id=1175"},"modified":"2021-07-12T10:48:01","modified_gmt":"2021-07-12T10:48:01","slug":"etf-stats-for-august-2016-all-about-those-closures","status":"publish","type":"page","link":"https:\/\/investwithanedge.com\/etf-stats-for-august-2016-all-about-those-closures\/","title":{"rendered":"ETF Stats for August 2016: All About Those Closures"},"content":{"rendered":"
The 41 closures occurring in August make it the worst month ever for ETF mortality.\u00a0 With only 10 new products coming to market, the month ended with a net decline of 31 listings.\u00a0 The dismal showing leaves the product count at 1,914 (1,716 ETFs and 198 ETNs).\u00a0 Assets climbed 1.0% to $2.39 trillion, and despite the month\u2019s reputation for lackluster volume, trading activity increased 0.3% over July levels to $1.39 trillion.<\/p>\n
Closure activity is the big story for the month, as major sponsors pulled the plug on more than $1.1 billion of fund assets, including many individual ETFs with asset levels that many other sponsors can only dream about.\u00a0 UBS closed and redeemed nine ETNs, including the UBS AG FI Enhanced Big Cap Growth ETN (FBG), with its $151 million in assets.\u00a0 In all, UBS redeemed more than $293 million of its ETNs in August.<\/p>\n
BlackRock shuttered 10 of its iShares products, including all four of its actively managed equity ETFs.\u00a0 The closures included iShares Enhanced U.S. Large-Cap (IELG), with $81 million in assets, and iShares Enhanced International Large-Cap (IEIL), with $68 million in assets.\u00a0 The iShares closures affected assets totaling $292 million.<\/p>\n
State Street SPDRs had the largest industry impact, as its 12 closures totaled more than $496 million.\u00a0 These included SPDR Nuveen Barclays California Muni Bond (CXA) $149 million, SPDR Nuveen Barclays Build America Bond (BABS) $61 million, SPDR Nuveen Barclays New York Muni Bond (INY) $34 million, SPDR S&P BRIC 40 (BIK) $73 million, and SPDR Russell\/Nomura Small Cap Japan (JSC) $54 million.<\/p>\n
ProShares was another sponsor taking multiple ETFs off the market.\u00a0 Its nine closures accounted for only $29 million in assets and were part of its regular ongoing house-cleaning process.\u00a0 The largest of the bunch was ProShares Ultra Bloomberg Commodity (UCD), with $12 million in assets.<\/p>\n
Regular readers of this column are aware that I have not been kind to AccuShares and its dysfunctional teeter-totter shares.\u00a0 The firm\u2019s so-called \u201cspot VIX\u201d ETFs were launched amid a heap of positive praise on May 19, 2015.\u00a0 However, I was the dissenting voice, claiming the\u00a0teeter-totter structure was unable to track spot prices<\/a>, just like the previously failed MacroShares.\u00a0 Then it got worse when\u00a0each AccuShares fund started issuing distributions of the opposite shares<\/a>\u00a0(owners of the VIX Up fund received distributions consisting of VIX Down shares). \u00a0Despite the total failure of their VIX funds, the firm tried again in June of this year with a pair of oil funds, described here in \u201cMore Teeter-Totter Failures<\/a>.\u201d\u00a0 Today, I am pleased to inform you that AccuShares has pulled the plug on all four funds, with closures and liquidation occurring in September.<\/p>\n Industry inflows totaled $29.2 billion for the month, which more than offset the $6.4 billion in market losses.\u00a0 The median asset level of the 1,914 listings is just $73 million.\u00a0 Four of the funds closed in August had asset levels above the median.\u00a0 If this is a sign of things to come, then half of the industry\u2019s current offerings are in jeopardy.<\/p>\n <\/p>\n
August 2016 Month End<\/th>\n | ETFs<\/th>\n | ETNs<\/th>\n | Total<\/th>\n<\/tr>\n<\/thead>\n |
---|---|---|---|
Currently Listed U.S.<\/td>\n | 1,716<\/td>\n | 198<\/td>\n | 1,914<\/td>\n<\/tr>\n |
Listed as of 12\/31\/2015<\/td>\n | 1,644<\/td>\n | 201<\/td>\n | 1,845<\/td>\n<\/tr>\n |
New Introductions for Month<\/td>\n | 9<\/td>\n | 1<\/td>\n | 10<\/td>\n<\/tr>\n |
Delistings\/Closures for Month<\/td>\n | 32<\/td>\n | 9<\/td>\n | 41<\/td>\n<\/tr>\n |
Net Change for Month<\/td>\n | -23<\/td>\n | -8<\/td>\n | -31<\/td>\n<\/tr>\n |
New Introductions 6 Months<\/td>\n | 116<\/td>\n | 7<\/td>\n | 123<\/td>\n<\/tr>\n |
New Introductions YTD<\/td>\n | 137<\/td>\n | 13<\/td>\n | 150<\/td>\n<\/tr>\n |
Delistings\/Closures YTD<\/td>\n | 65<\/td>\n | 16<\/td>\n | 81<\/td>\n<\/tr>\n |
Net Change YTD<\/td>\n | +72<\/td>\n | -3<\/td>\n | +69<\/td>\n<\/tr>\n |
Assets Under Management<\/td>\n | $2,369 B<\/td>\n | $24.1 B<\/td>\n | $2,393 B<\/td>\n<\/tr>\n |
% Change in Assets for Month<\/td>\n | +1.0%<\/td>\n | -1.4%<\/td>\n | +1.0%<\/td>\n<\/tr>\n |
% Change in Assets YTD<\/td>\n | +13.0%<\/td>\n | +12.5%<\/td>\n | +13.0%<\/td>\n<\/tr>\n |
Qty AUM > $10 Billion<\/td>\n | 54<\/td>\n | 0<\/td>\n | 54<\/td>\n<\/tr>\n |
Qty AUM > $1 Billion<\/td>\n | 268<\/td>\n | 5<\/td>\n | 273<\/td>\n<\/tr>\n |
Qty AUM > $100 Million<\/td>\n | 818<\/td>\n | 37<\/td>\n | 855<\/td>\n<\/tr>\n |
% with AUM > $100 Million<\/td>\n | 47.7%<\/td>\n | 18.7%<\/td>\n | 44.7%<\/td>\n<\/tr>\n |
AUM Flows for Month<\/td>\n | +$29.20 B<\/td>\n | -$0.02 B<\/td>\n | +$29.18 B<\/td>\n<\/tr>\n |
AUM Flows YTD<\/td>\n | +$145.36 B<\/td>\n | +$2.28 B<\/td>\n | +$147.64 B<\/td>\n<\/tr>\n |
Monthly $ Volume<\/td>\n | $1,315 B<\/td>\n | $72.9 B<\/td>\n | $1,388 B<\/td>\n<\/tr>\n |
% Change in Monthly $ Volume<\/td>\n | -1.1%<\/td>\n | +35.5%<\/td>\n | +0.3%<\/td>\n<\/tr>\n |
Avg Daily $ Volume > $1 Billion<\/td>\n | 7<\/td>\n | 0<\/td>\n | 7<\/td>\n<\/tr>\n |
Avg Daily $ Volume > $100 Million<\/td>\n | 78<\/td>\n | 6<\/td>\n | 84<\/td>\n<\/tr>\n |
Avg Daily $ Volume > $10 Million<\/td>\n | 304<\/td>\n | 11<\/td>\n | 315<\/td>\n<\/tr>\n |
Actively Managed ETF Count (w\/ change)<\/td>\n | 148<\/td>\n | -3 mth<\/td>\n | +11 ytd<\/td>\n<\/tr>\n |
Actively Managed AUM<\/td>\n | $27.0 B<\/td>\n | +1.2% mth<\/td>\n | +17.8% ytd<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Data sources:\u00a0 Daily prices and volume of individual ETPs from Norgate Premium Data.\u00a0 Fund counts and all other information compiled by Invest With An Edge.<\/p>\n New products launched in August\u00a0<\/strong>(sorted by launch date):<\/p>\n |