January’s new ETF activity hit the highest level in seven months. After ten days of no introductions, the pace jumped to more than one a day with 23 launches in the last 21 calendar days of the month. So far the new rollouts have been limited to ETFs rather than ETNs. Month-end totals stood at 1,189 ETFs and 203 ETNs for a total of 1,392 ETPs. Two of the new listings are actively-managed funds, pushing their count to 41. No products closed in January.
ETF/ETN assets under management climbed 8.4% to $1.15 trillion, most of which came from market gains rather than new investments. The largest product, SPDR S&P 500 (SPY), ended the month with more than $99 billion in assets and is on track to soon cross the $100 billion threshold.
Trading activity slipped with dollar volume (value traded) across all ETPs coming in at $1.16 trillion for the month. This is a -13% drop from December and a whopping -60% plunge from the $2.92 trillion pace in August 2011. Monthly dollar volume for January was the lowest since December 2010’s $1.11 trillion. Of course there were 21% fewer ETPs at that time, so January’s results were even worse on an “average per fund” basis.
Nonetheless, the number of ETFs averaging more than $1 billion in daily trading activity (the Billion Dollar Club) actually increased from 7 to 8 in January. The percentage of all ETP dollars traded by this group slipped from 56% to 55%. This suggests trading activity is moving down the food chain, away from the top tier. The trend was also evident in the next tier; the number of products averaging more than $100 million of trading per day grew from 68 to 72 while their percentage of all ETP dollar volume slipped from 89% to 88%.
|January 2012 Month End||ETFs||ETNs||Total|
|Currently Listed U.S.||1,189||203||1,392|
|Listed as of 12/31/2011||1,166||203||1,369|
|New Introductions for Month||23||0||23|
|Delistings/Closures for Month||0||0||0|
|Net Change for Month||+23||0||+23|
|New Introductions 6 mths||94||35||129|
|New Introductions YTD||23||0||23|
|Net Change YTD||+23||0||+23|
|Assets Under Mgmt ($ billion)||$1,134||$15.5||$1,149|
|% Change in Assets for Month||+8.5%||+5.4%||+8.4%|
|Monthly $ Volume ($ billion)||$1,142||$18.4||$1,160|
|% Change in Monthly $ Volume||-13.0%||-9.4%||-13.0%|
|Avg Daily $ Volume > $1 Billion||8||0||8|
|Avg Daily $ Volume > $100 Million||70||2||72|
|Avg Daily $ Volume > $10 Million||219||10||229|
Data sources: Daily prices and volume of individual ETPs from Norgate Premium Data, AUM from ETF Industry Association, fund counts and all other information compiled by Invest With An Edge
New products launched in January (sorted by name):
- AdvisorShares Accuvest Global Opportunities ETF (ACCU)
- AdvisorShares Rockledge SectorSAM ETF (SSAM)
- Direxion S&P 1500 RC Volatility Response Shares (VSPR)
- Direxion S&P 500 RC Volatility Response Shares (VSPY)
- Direxion S&P Latin America 40 RC Volatility Response Shares (VLAT)
- iShares MSCI Australia Small Cap Index Fund (EWAS)
- iShares MSCI Canada Small Cap Index Fund (EWCS)
- iShares MSCI Denmark Capped Investable Market Index Fund (EDEN)
- iShares MSCI Emerging Markets EMEA Index Fund (EEME)
- iShares MSCI Emerging Markets Latin America Index Fund (EEML)
- iShares MSCI Finland Capped Investable Market Index Fund (EFNL)
- iShares MSCI Germany Small Cap Index Fund (EWGS)
- iShares MSCI Hong Kong Small Cap Index Fund (EWHS)
- iShares MSCI Norway Capped Investable Market Index Fund (ENOR)
- iShares MSCI Singapore Small Cap Index Fund (EWSS)
- iShares MSCI United Kingdom Small Cap Index Fund (EWUS)
- iShares MSCI World Index Fund (URTH)
- PowerShares S&P Emerging Markets Low Volatility Portfolio (EELV)
- PowerShares S&P International Developed Low Volatility Portfolio (IDLV)
- ProShares German Sovereign/Sub-Sovereign ETF (GGOV)
- ProShares 30 Year TIPS/TSY Spread (RINF)
- ProShares Short 30 Year TIPS/TSY Spread (FINF)
- SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)
Product closures/delistings in January (sorted by name):
Product changes in January:
- Barclays GEMS Asia 8 ETN (AYT) was renamed iPath GEMS Asia 8 ETN (AYT) 1/10/12.
- Barclays GEMS Index ETN (JEM) was renamed iPath GEMS Index ETN (JEM) 1/10/12.
- Barclays Asian & Gulf Currency Revaluation ETN (PGD) was renamed iPath Asian & Gulf Currency Revaluation ETN (PGD) 1/10/12.
Announced Product Changes for Coming Months:
- Five of the Van Eck’s new ETFs that replaced HOLDRS will undergo share splits effective February 14. Market Vectors Oil Services (OIH), Market Vectors Biotech (BBH), and Market Vectors Retail (RTH) will split 3-for-1. Market Vectors Pharmaceutical (PPH) and Market Vectors Bank and Brokerage (RKH) will split 2-for-1.
- Global X announced that February 16, 2012 will be the last day of trading for 8 Global X ETFs: Global X Russell Emerging Markets Growth (EMGX), Global X Russell Emerging Markets Value (EMVX), Global X Mexico Small-Cap (MEXS), Global X Oil Equities (XOIL), Global X Farming (BARN), Global X Fishing Industry (FISN), Global X Food (EATX), and Global X Waste Management (WSTE).
Previous monthly ETF statistics reports are available here.
Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. 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.