{"id":3940,"date":"2021-10-19T07:06:33","date_gmt":"2021-10-19T07:06:33","guid":{"rendered":"https:\/\/investwithanedge.com\/?page_id=3940"},"modified":"2021-10-19T07:06:33","modified_gmt":"2021-10-19T07:06:33","slug":"etf-stats-for-november-2014-just-shy-of-2-trillion","status":"publish","type":"page","link":"https:\/\/investwithanedge.com\/etf-stats-for-november-2014-just-shy-of-2-trillion\/","title":{"rendered":"ETF Stats for November 2014 \u2013 Just Shy of $2 Trillion"},"content":{"rendered":"
ETF assets moved closer to crossing the $2 trillion threshold, but they haven\u2019t accomplished the task yet. Finishing the month at $1,979,993,748,006 means it will only take a 1% increase in December to end the year above this significant level. Through a combination of inflows and market gains, industry assets grew 3.8% in November and 16.7% year-to-date.<\/p>\n
A dozen new ETFs came to market in November, while sponsors delisted and liquidated five products. The net increase of seven puts the month-end product count at 1,659 (1,450 ETFs and 209 ETNs). There have been 190 product introductions so far in 2014 and 67 closures. Four of this year\u2019s launches have already closed and won\u2019t show up on any year-end roster.<\/p>\n
Actively managed ETFs have made great strides in 2014, at least in the quantity available. Four new actively managed ETFs rolled out in November, bringing the count to 118. The year began with only 71, putting the growth at 66%.<\/p>\n
Asset managers are trying to expand the definition of ETFs to include nontransparent funds. Fortunately for investors who have embraced the transparency inherent in today\u2019s ETF offerings, the recent attempts at allowing nontransparent ETFs have failed.<\/p>\n
In October, the SEC put the kibosh on a nontransparent ETF proposal that utilized a blind trust to keep portfolio holdings secret from investors. However, the SEC stopped short of claiming that nontransparency was directly responsible for the denial. Instead, it claimed the inability for market makers to maintain a trading price close to the fund\u2019s NAV (due to the nontransparency) was the primary reason.<\/p>\n
Then in November, most financial media outlets incorrectly proclaimed the SEC\u2019s approval of Eaton Vance\u2019s ETMF structure was a stamp of approval for nontransparent ETFs. However, that is patently false as the SEC ruling specifically forbids these new-fangled products to be marketed as ETFs. Instead, they are exchange traded managed funds, a new structure that is more mutual fund than anything else. ETMFs do not trade during the day like ETFs, and like mutual funds, buyers will not know how much they paid per share until after the market closes.<\/p>\n
The number of trading days fell from 23 in October to just 19 in November, a 17% drop. Therefore, it is not surprising for the monthly dollar volume to decline. However, given the abnormally large spike of trading activity in October, November\u2019s tally came in 51% lower at $1.14 trillion. Seven ETFs averaged more than $1 billion per day, and these seven captured 48.3% of the notional amount traded.<\/p>\n
The number of funds with more than $10 billion in assets decreased from 43 to 42 and hold 56% of all ETP assets. Products above $1 billion grew from 241 to 244 and account for about 89% of assets. The cumulative assets of the 841 smallest products account for just 1% of industry assets, and it takes the 1,399 smallest products (84%) to equal the assets of SPDR S&P 500 (SPY). The monthly turnover ratio (total dollar volume \/ assets under management) plunged from 1.22 in October to just 0.57 in November.<\/p>\n
November 2014 Month End<\/th>\n | ETFs<\/th>\n | ETNs<\/th>\n | Total<\/th>\n<\/tr>\n<\/thead>\n |
---|---|---|---|
Currently Listed U.S.<\/td>\n | 1,450<\/td>\n | 209<\/td>\n | 1,659<\/td>\n<\/tr>\n |
Listed as of 12\/31\/2013<\/td>\n | 1,332<\/td>\n | 204<\/td>\n | 1,536<\/td>\n<\/tr>\n |
New Introductions for Month<\/td>\n | 12<\/td>\n | 0<\/td>\n | 12<\/td>\n<\/tr>\n |
Delistings\/Closures for Month<\/td>\n | 3<\/td>\n | 2<\/td>\n | 5<\/td>\n<\/tr>\n |
Net Change for Month<\/td>\n | +9<\/td>\n | -2<\/td>\n | +7<\/td>\n<\/tr>\n |
New Introductions 6 Months<\/td>\n | 101<\/td>\n | 10<\/td>\n | 111<\/td>\n<\/tr>\n |
New Introductions YTD<\/td>\n | 178<\/td>\n | 12<\/td>\n | 190<\/td>\n<\/tr>\n |
Delistings\/Closures YTD<\/td>\n | 60<\/td>\n | 7<\/td>\n | 67<\/td>\n<\/tr>\n |
Net Change YTD<\/td>\n | +118<\/td>\n | +5<\/td>\n | +123<\/td>\n<\/tr>\n |
Actively-Managed Listings<\/td>\n | 122 (+4)<\/td>\n | n\/a<\/td>\n | 122 (+4)<\/td>\n<\/tr>\n |
Assets Under Mgmt ($ billion)<\/td>\n | $1,953<\/td>\n | $27.4<\/td>\n | $1,980<\/td>\n<\/tr>\n |
% Change in Assets for Month<\/td>\n | +3.9%<\/td>\n | -2.2%<\/td>\n | +3.8%<\/td>\n<\/tr>\n |
Qty AUM > $10 Billion<\/td>\n | 42<\/td>\n | 0<\/td>\n | 42<\/td>\n<\/tr>\n |
Qty AUM > $1 Billion<\/td>\n | 239<\/td>\n | 5<\/td>\n | 244<\/td>\n<\/tr>\n |
Qty AUM > $100 Million<\/td>\n | 739<\/td>\n | 37<\/td>\n | 776<\/td>\n<\/tr>\n |
% with AUM > $100 Million<\/td>\n | 51.0%<\/td>\n | 17.7%<\/td>\n | 46.8%<\/td>\n<\/tr>\n |
Monthly $ Volume ($ billion)<\/td>\n | $1,107<\/td>\n | $31.5<\/td>\n | $1,138<\/td>\n<\/tr>\n |
% Change in Monthly $ Volume<\/td>\n | -50.6%<\/td>\n | -67.1%<\/td>\n | -51.3%<\/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 | 73<\/td>\n | 3<\/td>\n | 76<\/td>\n<\/tr>\n |
Avg Daily $ Volume > $10 Million<\/td>\n | 278<\/td>\n | 9<\/td>\n | 287<\/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 November\u00a0<\/strong>(sorted by launch date):<\/p>\n Product closures\/delistings in November<\/strong>:<\/p>\n Product changes in November:<\/strong><\/p>\n Announced Product Changes for Coming Months:<\/strong><\/p>\n |