Ron Rowland: A dozen new ETFs came to market in February, pushing the new product count to 17 for 2013. However, closures have been running at a faster pace, with 14 occurring in February and 18 year-to-date. At the end of February, the number of exchange traded product listings stood at 1,444 (1,238 ETFs and 206 ETNs).
Actively managed ETFs are included as a subset in the above ETF count, and now total 57. The group had above-average activity this month with three new actively managed ETF launches and two closures. Theoretically, there is no such thing as an actively managed ETN since ETNs are debt instruments that track an index and do not truly own anything to be managed. However, I won’t be surprised if some sponsor tries to issue an “actively managed” ETN tracking something other than an index.
Assets barely budged in February, growing only 0.1% to $1.42 trillion. The number of ETFs with asset levels above $10 billion increased by one to 29. Together, these 29 hold the majority of all ETP assets at 52.0%. Products above $1 billion now total 191 and hold 88.4% of the assets.
Trading activity shows even more skew than the asset figures. It only took five ETFs to surpass the 50% mark in dollar volume. SPDR S&P 500 (SPY) captured 34.8% of the trading activity. Products averaging more than $100 million per day increased from 65 to 69 and were responsible for 87.1% of the dollar volume.
|February 2013 Month End||ETFs||ETNs||Total|
|Currently Listed U.S.||1,238||206||1,444|
|Listed as of 12/31/2012||1,239||206||1,445|
|New Introductions for Month||12||0||12|
|Delistings/Closures for Month||13||1||14|
|Net Change for Month||-1||-1||-2|
|New Introductions 6 Months||45||10||55|
|New Introductions YTD||15||2||17|
|Net Change YTD||-1||0||-1|
|Assets Under Mgmt ($ billion)||$1,405||$17.0||$1,423|
|% Change in Assets for Month||+0.1%||-1.4%||+0.1%|
|Qty AUM > $10 Billion||29||0||29|
|Qty AUM > $1 Billion||188||3||191|
|Qty AUM > $100 Million||581||24||605|
|Monthly $ Volume ($ billion)||$1,086||$35.4||$1,122|
|% Change in Monthly $ Volume||-3.0%||+28.7%||-2.2%|
|Avg Daily $ Volume > $1 Billion||6||1||7|
|Avg Daily $ Volume > $100 Million||67||2||69|
|Avg Daily $ Volume > $10 Million||252||9||261|
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 February (sorted by launch date):
- First Trust Preferred Securities and Income ETF (FPE) [FPE overview]
- Market Vectors BDC Income ETF (BIZD) [Van Eck Introduces Market Vectors BDC Income ETF]
- PIMCO Foreign Currency Strategy ETF (FORX) [FORX overview]
- Yorkville High Income Infrastructure MLP ETF (YMLI) [YMLI Is A C-Corp That Adds Layer of Taxation to MLP Ownership]
- CurrencyShares Singapore Dollar Trust (FXSG) [FXSG overview]
- PowerShares S&P MidCap Low Volatility Portfolio (XMLV) [Low Volatility Landscape Gets Four New ETFs: XMLV, XSLV, LGLV, and SMLV]
- PowerShares S&P SmallCap Low Volatility Portfolio (XSLV)
- SPDR Russell 1000 Low Volatility ETF (LGLV)
- SPDR Russell 2000 Low Volatility ETF (SMLV)
- First Trust High Yield Long/Short ETF (HYLS) [HYLS overview]
- ALPS U.S. Equity High Volatility Put Write Index Fund (HVPW) [HVPW overview]
- ProShares Global Listed Private Equity (PEX) [PEX overview]
Product closures/delistings in February (sorted by delisting date):
- ELEMENTS Credit Suisse Global Warming ETN (GWO) [Credit Suisse Finally Liquidates ETNs Delisted in 2009]
- PowerShares Active Low Duration Portfolio (PLK) [Invesco Closing 13 PowerShares ETFs]
- PowerShares Active Mega-Cap Portfolio (PMA)
- PowerShares Convertible Securities Portfolio (CVRT)
- PowerShares Dynamic Banking Portfolio (PJB)
- PowerShares Dynamic Insurance Portfolio (PIC)
- PowerShares Global Coal Portfolio (PKOL)
- PowerShares Global Nuclear Energy Portfolio (PKN)
- PowerShares Global Steel Portfolio (PSTL)
- PowerShares Global Wind Energy Portfolio (PWND)
- PowerShares Ibbotson Alternative Completion Portfolio (PTO)
- PowerShares Morningstar StockInvestor Core Portfolio (PYH)
- PowerShares Riverfront Tactical Balanced Growth Portfolio (PAO)
- PowerShares Riverfront Tactical Growth & Income Portfolio (PCA)
Product changes in February:
- The “db-X” series of 10 ETFs was renamed “db X-trackers” effective February 1.
- Market Vectors Morningstar Wide Moat Research ETF (MOAT) became the Market Vectors Wide Moat ETF (MOAT) effective February 1.
- ProShares Credit Suisse 130/30 (CSM) was renamed ProShares Large Cap Core Plus (CSM), and its expense ratio was reduced from 0.95% to 0.45% effective February 7.
- ProShares changed the names and underlying indexes of its four Brazil (UBR and BZQ) and Mexico (UNX and SNK) ETFs, reflecting a move to “capped” indexes effective February 11.
- iShares changed the names and underlying indexes of 11 of its international single-country funds, reflecting a move to “capped” indexes effective February 12.
- Pyxis/iBoxx Senior Loan ETF (SNLN) was renamed Highland/iBoxx Senior Loan ETF (SNLN) and received a new CUSIP effective February 14.
- Credit Suisse finally (around February 22, 2013) repurchased (“liquidated”) three ETNs it delisted in April 2009, making many shareholders wait nearly four years to get their money back.
Announced Product Changes for Coming Months:
- Columbia is making minor adjustments to the names of four of its five ETFs effective March 1.
- Guggenheim is closing nine of its ETFs. March 15 will be the last day of trading for ABCS, EWEF, EWMD, EWSM, FAA, RSU, RSW, WFVK, and WXSP.
- 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.
No positions in any of the securities mentioned.
Ron Rowland is the founder of Invest With An Edge and serves as the Executive Editor. He is also editor of AllStarInvestor.com and Chief Investment Officer of Capital Cities Asset Management (www.ccam.com). Quoted widely in the financial media, Ron is the industry go-to guy for sector rotation insight and investment strategies using ETFs and mutual funds.