Launches reached their highest level in 14 months during April, with 21 products achieving new listing status. Only one closure occurred, allowing the year-to-date net change in listings to become positive at +14. The exchange traded product count stood at 1,459 as April ended, consisting of 1,251 ETFs and 208 ETNs.
Unlike March, where 100% of new offerings were income oriented, April's new arrivals had a good mixture of objectives: Two frontier funds, five emerging market ETFs (two with 3x leverage), three international dividend plays, three factor products (plus two actively managed ETFs using those factor tilts), five target maturity bond funds, and a silver covered-call ETN.
April's sore point was the decision by BNP Paribas to delist the STREAM S&P Dynamic Roll Commodities Fund (former ticker BNPC) without liquidating it. I vehemently warned the ETF community that BNP Paribas was not planning to liquidate this ETF, and unfortunately, that is the case. When shareholders receive their monthly brokerage statements, they will be horrified to see those ETF shares still in their account but with a CUSIP number instead of a ticker symbol. I bought a few shares prior to the delisting in order to have a front row seat to this train wreck. BNP Paribas, welcome to the ETF Hall of Shame.
Assets grew by 1.7% in April to $1.49 trillion. The number of funds with more than $1 billion in assets now stands at a record 202, exceeding 200 for the first time ever. These products represent less than 14% of the offerings, yet control nearly 89% of the assets. Trading activity picked up significantly for the month with $1.43 trillion of ETFs and ETNs changing hands, a 30% increase over March. Nine products averaged more than $1 billion per day and accounted for 57.8% of all ETP dollars traded. The monthly turnover rate (total dollar volume divided by assets under management) came in at 0.96.
|April 2013 Month End||ETFs||ETNs||Total|
|Currently Listed U.S.||1,251||208||1,459|
|Listed as of 12/31/2012||1,239||206||1,445|
|New Introductions for Month||20||1||21|
|Delistings/Closures for Month||1||0||1|
|Net Change for Month||+19||+1||+20|
|New Introductions 6 Months||53||9||62|
|New Introductions YTD||39||4||43|
|Net Change YTD||+12||+2||+14|
|Assets Under Mgmt ($ billion)||$1,472||$18.1||$1,490|
|% Change in Assets for Month||+1.7%||+1.5%||+1.7%|
|Qty AUM > $10 Billion||31||0||31|
|Qty AUM > $1 Billion||199||3||202|
|Qty AUM > $100 Million||603||23||626|
|% with AUM > $100 Million||48.2%||11.1%||42.9%|
|Monthly $ Volume ($ billion)||$1,389||$40.6||$1,430|
|% Change in Monthly $ Volume||+30.8%||+10.3%||+30.1%|
|Avg Daily $ Volume > $1 Billion||8||1||9|
|Avg Daily $ Volume > $100 Million||68||2||70|
|Avg Daily $ Volume > $10 Million||260||13||273|
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 April (sorted by launch date):
- Global X Central Asia & Mongolia Index ETF (NYSEARCA:AZIA) [AZIA overview]
- Global X Nigeria Index ETF (NYSEARCA:NGE) [NGE overview]
- SPDR Blackstone/GSO Senior Loan ETF (NYSEARCA:SRLN) [SRLN overview]
- VelocityShares Emerging Asia DR ETF (NASDAQ:ASDR) [ASDR overview]
- VelocityShares Emerging Markets DR ETF (NASDAQ:EMDR) [EMDR overview]
- VelocityShares Russia DR ETF (NASDAQ:RUDR) [RUDR overview]
- Direxion Daily Brazil Bull 3X Shares (NYSEARCA:BRZU) [BRZU overview]
- Direxion Daily South Korea Bull 3X Shares (NYSEARCA:KORU) [KORU overview]
- FlexShares International Quality Dividend Defensive Index Fund (NYSEARCA:IQDE) [IQDE overview]
- FlexShares International Quality Dividend Dynamic Index Fund (NYSEARCA:IQDY) [IQDY overview]
- FlexShares International Quality Dividend Index Fund (NYSEARCA:IQDF) [IQDF overview]
- Credit Suisse Silver Shares Covered Call ETN (NASDAQ:SLVO) [SLVO overview]
- iShares Enhanced U.S. Large-Cap ETF (NYSEARCA:IELG) [IELG overview]
- iShares Enhanced U.S. Small-Cap ETF (NYSEARCA:IESM) [IESM overview]
- iShares MSCI USA Momentum Factor ETF (NYSEARCA:MTUM) [MTUM overview]
- iShares MSCI USA Size Factor ETF (NYSEARCA:SIZE) [SIZE overview]
- iShares MSCI USA Value Factor ETF (NYSEARCA:VLUE) [VLUE overview]
- iShares 2016 Investment Grade Corporate Bond ETF (NYSEARCA:IBCB) [IBCB overview]
- iShares 2018 Investment Grade Corporate Bond ETF (NYSEARCA:IBCC) [IBCC overview]
- iShares 2020 Investment Grade Corporate Bond ETF (NYSEARCA:IBCD) [IBCD overview]
- iShares 2023 Investment Grade Corporate Bond ETF (NYSEARCA:IBCE) [IBCE overview]
Product closures/delistings in April (sorted by delisting date):
- STREAM S&P Dynamic Roll Commodities Fund (NYSEARCA:BNPC) [BNPC To Delist: No Liquidation Plans Announced]
Product changes in April:
- Effective April 2, Direxion reverse split 8 ETFs and forward split 8 ETFs.
- After the close on April 15, Deutsche Bank (NYSE:DB) reopened creations for the 26 PowerShares DB ETNs, reversing the halt it initiated on March 29.
- Effective April 16, Vanguard transitioned nine of its funds from MSCI indexes to FTSE and CRSP indexes.
- Effective April 23, ProShares changed the underlying indexes from MSCI to FTSE for ProShares Ultra Europe (NYSEARCA:UPV) and ProShares UltrShort Europe (NYSEARCA:EPV).
- April 30 was the last day of commission-free trading for 10 iShares at Fidelity.
Announced Product Changes for Coming Months:
- Effective May 1, the SPDR FTSE/Macquarie Infrastructure 100 ETF (NYSEARCA:GII) will become the SPDR S&P Global Infrastructure ETF (GII).
- Effective May 1, two iShares ETFs will drop “index” from their names, becoming iShares MSCI Frontier 100 Fund (NYSEARCA:FM) and iShares MSCI Kokusai Fund (NYSEARCA:TOK). They will continue to be passively managed index funds.
- May 28 will be the last day of trading for iShares Diversified Alternatives Trust (NYSEARCA:ALT).
- Effective June 21, the Sustainable North American Oil Sands ETF (SNDS) will undergo an extreme makeover, becoming the YieldShares High Income ETF (NYSEARCA:YYY) with a different investment objective.
Previous monthly ETF statistics reports are available here.
Disclosure: Long the ETF formerly known as BNPC. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.