Assets in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in the United States hit an all-time high of $1.35 trillion. ETF and ETP assets have increased by 27.1% from $1.06 trillion to $1.35 trillion during 2012, according to figures from my firm's (ETFGI) monthly United States ETF and ETP industry insights.
The 10 year compound annual growth rate (CAGR) of ETF and ETP assets is 28.9%. There are currently 1,447 ETFs and ETPs, with assets of $1.35 trillion, from 53 providers on 3 exchanges.
A record level of $187.2 billion net new assets was invested in ETFs and ETPs listed in the United States in 2012. This is $11.2 billion more than the prior record set in 2008.
The top three providers of ETFs and ETPs accounted for $151.4 billion or 81% of all the net new assets gathered in 2012. iShares gathered the largest net new ETF and ETP inflows in 2012 with $62 billion, followed by Vanguard with $53.4 billion and SPDR ETFs with $36 billion net inflows.
Overall $28.1 billion of net new money went into ETFs and ETPs in the month of December. During 2012, ETFs and ETPs saw net inflows of $187.2 billion which is $68.8 billion above the level of $118.4 billion of net new assets gathered in 2011. Equity ETFs and ETPs gathered the largest net inflows accounting for $121.5 billion followed by fixed income ETFs and ETPs with $46.3 billion and commodity ETFs and ETPs capturing $13.7 billion.
Equity focused ETFs and ETPs have gathered $121.5 billion which is $68.2 billion more than all of last year. Products providing exposure to US/North American equities have been the most popular receiving $72.6 billion, followed by emerging market equities with $30.6 billion.
Fixed Income ETFs and ETPs have proved to be very popular tools this year with $46.3 billion in net new assets which is $4 billion more than all of last year. Corporate bond products have gathered the largest net inflows with $16.2 billion, followed by high yield with $11.2 billion.
Commodity flows at $13.7 billion are $6.1 billion above last year. Precious metals have gathered the largest net inflows with $12 billion, while agriculture experienced the largest net outflows with $1 billion.
The top 20 ETFs by assets have collectively gathered $96.2 billion or 51.4% of all of the net new assets in 2012. Twelve of the top 20 ETFs track equity indices while 8 provide exposure to fixed income indices.
Name | Ticker | Assets | ADV | NNA |
SPDR S&P 500 | (SPY) | 123,001 | 20,613.9 | 15,767 |
Vanguard MSCI Emerging Markets ETF | (VWO) | 59,097 | 857.9 | 10,592 |
iShares MSCI Emerging Markets Index Fund | (EEM) | 48,184 | 2,080.7 | 10,506 |
iShares iBoxx $ Investment Grade Corporate Bond Fund | (LQD) | 25,350 | 290.4 | 6,851 |
iShares S&P 500 Index Fund | (IVV) | 35,098 | 729.1 | 5,242 |
Vanguard REIT ETF | (VNQ) | 15,386 | 163.0 | 4,756 |
iShares iBoxx $ High Yield Corporate Bond Fund | (HYG) | 15,972 | 278.6 | 4,504 |
Vanguard S&P 500 ETF | (VOO) | 6,599 | 76.9 | 3,815 |
PIMCO Total Return Exchange-Traded Fund | (BOND) | 3,870 | 59.5 | 3,772 |
Vanguard MSCI EAFE ETF | (VEA) | 10,878 | 117.7 | 3,356 |
Vanguard Total Bond Market ETF | (BND) | 17,969 | 125.3 | 3,268 |
SPDR Barclays Capital High Yield Bond ETF | (JNK) | 12,502 | 154.6 | 2,985 |
iShares S&P US Preferred Stock Index Fund | (PFF) | 10,761 | 53.1 | 2,957 |
iShares JPMorgan USD Emerging Markets Bond Fund | (EMB) | 6,903 | 100.5 | 2,798 |
iShares S&P MidCap 400 Index Fund | (IJH) | 13,594 | 115.1 | 2,712 |
Alerian MLP ETF | (AMLP) | 4,449 | 42.4 | 2,619 |
iShares Barclays MBS Bond Fund | (MBB) | 6,508 | 49.0 | 2,449 |
Vanguard Short-Term Corporate Bond ETF | (VCSH) | 4,761 | 32.0 | 2,446 |
WisdomTree Emerging Markets Equity Income Equity Fund | (DEM) | 4,866 | 37.0 | 2,445 |
Vanguard European ETF | (VGK) | 5,079 | 123.7 | 2,420 |
The top 20 ETPs (products that do not use 1940 Act fund structures) have collectively gathered $17.8 billion or 9.5% of the total net new assets in 2012. Twelve of the top 20 ETPs track commodity indices while 5 provide exposure to alternative asset class indices, and 3 to equity indices.
Name | Ticker | Assets | ADV | NNA |
SPDR Gold Trust | (GLD) | 72,239 | 1,627.5 | 5,745 |
iShares Gold Trust | (IAU) | 11,645 | 94.5 | 2,606 |
iPath S&P 500 VIX Short-Term Futures ETN | (VXX) | 1,123 | 851.9 | 2,322 |
JPMorgan Alerian MLP Index ETN | (AMJ) | 4,797 | 62.8 | 1,263 |
PowerShares DB Commodity Index Tracking Fund | (DBC) | 6,608 | 51.2 | 998 |
VelocityShares Daily 2x VIX Short Term ETN | (TVIX) | 169 | 14.8 | 928 |
ProShares Ultra VIX Short-Term Futures | (UVXY) | 73 | 191.6 | 597 |
iShares Silver Trust | (SLV) | 9,707 | 353.9 | 553 |
United States Natural Gas Fund LP | (UNG) | 1,175 | 172.2 | 373 |
PowerShares DB Oil Fund | (DBO) | 774 | 7.5 | 329 |
E-TRACS Alerian MLP Infrastructure Index | (MLPI) | 491 | 4.2 | 295 |
ProShares VIX Short-Term Futures ETF | (VIXY) | 148 | 15.2 | 273 |
ProShares Ultra DJ-UBS Crude Oil | (UCO) | 495 | 49.2 | 262 |
United States Oil Fund LP | (USO) | 1,200 | 134.8 | 190 |
ProShares Ultra Silver | (AGQ) | 746 | 67.4 | 185 |
Barclays ETN+ S&P VEQTOR ETN | (VQT) | 365 | 2.9 | 179 |
Goldman Sachs Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN | (GSC) | 248 | 1.8 | 179 |
ETFS Physical Swiss Gold Shares | (SGOL) | 1,930 | 14.6 | 170 |
iPath S&P 500 Dynamic VIX ETN | (XVZ) | 266 | 4.2 | 167 |
United States Commodity Index Fund | (USCI) | 485 | 2.7 | 142 |
Disclosure: I am long VWO.
