ETF Stats For March 2013 - Listed Count Shrinks Again

by: Ron Rowland

Only five new exchange traded products (“ETPs”) came to market in March, tying January for the lowest introduction rate since August 2009. Closures were double the number of launches, creating a net shrinkage of five for the month. Only two of the past eight months have seen a net increase of listed products, and the current count of 1,439 (1,232 ETFs and 207 ETNs) is 51 fewer than the record intra-month high of 1,490 established on August 15, 2012.

New offerings were all income oriented and included ETFs targeting high yield equities, a money market replacement, Treasury-hedged high yield bonds, target maturity municipal bonds, and an MLP ETN. Closure activity included the withdrawal of Guggenheim from the leveraged and inverse ETF space.

Assets grew 3.0% in March to $1.47 trillion. The number of ETFs with asset levels above $10 billion increased by one to 30. Together, these 30 hold the majority of all ETP assets at 52.2%. Products above $1 billion now total 197 and hold 88.7% of the assets.

SPDR S&P 500 (NYSEARCA:SPY) captured 32.9% of the trading activity, failing to achieve the one-third threshold for the first time in many months. Seven ETPs surpassed $1 billion in average daily dollar volume, accounting for 52.4% of trading. Products averaging more than $100 million per day increased from 69 to 70 and were responsible for 86.3% of the dollar volume.

March 2013 Month End ETFs ETNs Total
Currently Listed U.S. 1,232 207 1,439
Listed as of 12/31/2012 1,239 206 1,445
New Introductions for Month 4 1 5
Delistings/Closures for Month 10 0 10
Net Change for Month -6 +1 -5
New Introductions 6 Months 44 10 54
New Introductions YTD 19 3 22
Delistings/Closures YTD 26 2 28
Net Change YTD -7 +1 -6
Actively-Managed Listings 58 - 58
Assets Under Mgmt ($ billion) $1,447 $17.8 $1,465
% Change in Assets for Month +2.9% +4.5% +3.0%
Qty AUM > $10 Billion 30 0 30
Qty AUM > $1 Billion 194 3 197
Qty AUM > $100 Million 591 23 614
% with AUM > $100 Million 48.0% 11.1% 42.7%
Monthly $ Volume ($ billion) $1,062 $36.8 $1,099
% Change in Monthly $ Volume -2.2% +4.0% -2.0%
Avg Daily $ Volume > $1 Billion 6 1 7
Avg Daily $ Volume > $100 Million 68 2 70
Avg Daily $ Volume > $10 Million 243 9 252

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 March (sorted by launch date):

  1. Global X SuperDividend U.S. ETF (NYSEARCA:DIV) [Global X Launches U.S. SuperDividend ETF]
  2. Barclays ETN+ Select MLP ETN (NYSEARCA:ATMP) [ATMP overview]
  3. AdvisorShares Newfleet Multi-Sector Income ETF (NYSEARCA:MINC) [MINC overview]
  4. iShares 2018 S&P AMT-Free Municipal Series (MUAG) [MUAG overview]
  5. Market Vectors Treasury-Hedged High Yield Bond ETF (NYSEARCA:THHY) [THHY overview]

Product closures/delistings in March (sorted by delisting date):

  1. Pax MSCI North America ESG (NYSEARCA:NASI) [Pax Closing ETF You Never Heard Of]
  2. Guggenheim 2x S&P 500 (NYSEARCA:RSU) [Guggenheim Exits Leveraged and Inverse ETF Biz]
  3. Guggenheim ABC High Dividend (NYSEARCA:ABCS)
  4. Guggenheim Airline (NYSEARCA:FAA)
  5. Guggenheim Inverse 2x S&P 500 (NYSEARCA:RSW)
  6. Guggenheim MSCI EAFE Equal Weight (NYSEARCA:EWEF)
  7. Guggenheim S&P MidCap 400 Equal Weight (NYSEARCA:EWMD)
  8. Guggenheim S&P SmallCap 600 Equal Weight (NYSEARCA:EWSM)
  9. Guggenheim Wilshire 4500 Completion (NYSEARCA:WXSP)
  10. Guggenheim Wilshire 5000 Total Market (WVFK)

Product changes in March:

  1. Columbia made minor adjustments to the names of four of its five actively managed ETFs effective March 1, with the fifth one occurring on March 25.
  2. Fidelity increased its commission-free ETFs to 66 effective March 13.
  3. Market Vectors Agribusiness (NYSEARCA:MOO) and Market Vectors Solar Energy (NYSEARCA:KWT) started using in-house underlying indexes effective March 18.
  4. Vanguard changed indexes and names for two ETFs effective March 27 as part of its MSCI index provider replacement. The new names are Vanguard FTSE Europe ETF (NYSEARCA:VGK) and Vanguard FTSE Pacific ETF (NYSEARCA:VPL).
  5. Deutsche Bank created 26 broken products by halting new share issuance for 26 PowerShares DB ETNs effective March 29.

Announced Product Changes for Coming Months:

  1. Direxion will reverse split 8 ETFs and forward split 8 ETFs effective April 2.
  2. April 30 will be the last day for commission-free trading of 10 iShares at Fidelity.
  3. Vanguard fired MSCI as the underlying index provider for 22 of its funds. During the first half of 2013, six international funds will move from MSCI to FTSE indexes while 16 domestic products will transition from MSCI to CRSP indexes (Vanguard announcement of 10/2/12).

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.