brk etf surv
TRANSCRIPT
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ETF Landscape
Industry Highlights
End Q3 2010
FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Deborah Fuhr, Managing DirectorGlobal Head of ETF Research and Implementation StrategyPhone: +44 20 7668 4276 Email: [email protected]
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Table of contents
I. Current ETF and ETP landscape 3ETFs/ETPs listed Globally 3Global ETF and ETP asset growth 5Global ETF and ETP providers 7ETFs/ETPs listed in the United States 19United States ETF/ETP net new asset flows 21
ETFs/ETPs listed in Europe 38European ETFs/ETP net new asset flows 40ETFs/ETPs in Asia Pacific (ex-Japan) 54ETFs/ETPs in Japan 60ETFs/ETPs in Latin America 64ETFs/ETPs in Canada 67
ETFs/ETPs in Middle East and Africa 70II. Investment applications 72
Product overview 72ETF/ETP toolbox 74How and why ETFs are used 76Growth in institutional users of ETFs 82Core-satellite 87Fixed income index trading characteristics 89Commodity index comparison 94Structures of ETFs and ETNs 99
III. Appendix regulatory update 104
IV. ETF Landscape reports 115
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ETFs listed globally
At the end of Q3 2010 the global ETF industry had 2,379 ETFs with 5,204 listings, assets of US$1,181.3 Bn, from 129 providers on 45exchanges around the world.Assets
YTD assets have increased by 14.0% from US$1,036.0 Bn to US$1,181.3 Bn, which is greater than the 0.9% increase in the MSCI WorldIndex in US dollar terms.
ETFs
YTD the number of ETFs increased by 22.3% with 478 new ETFs launched, while 44 ETFs were delisted. The number of ETFs listed in Europe surpassed the United States in April 2009, now with 1,030 ETFs listed in Europe, compared to
890 in the United States at the end of Q3 2010. There are currently plans to launch 972 new ETFs. The top 100 ETFs, out of 2,379, account for 63.7% of global ETF AUM, while 1,226 ETFs have less than US$50.0 Mn in assets and
443 ETFs have less than US$10.0 Mn in assets.Trading volume
YTD the ETF average daily trading volume in US dollars increased by 14.7% to US$58.2 Bn.ETF providers
Globally, iShares is the largest ETF provider in terms of both number of products, 461 ETFs, and assets of US$534.6 Bn, reflecting45.3% market share; State Street Global Advisors is second with 113 products and US$163.8 Bn, 13.9% market share; followed by
Vanguard with 63 products and assets of US$126.2 Bn and 10.7% market share at the end of Q3 2010. The top three ETF providers, out of 129, account for 69.8% of global ETF AUM. YTD 22 new providers have entered the industry, launching their first ETFs.
Exchanges
YTD the number of exchanges with official listings has increased from 40 to 45.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
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ETFs listed globally (continued)
Index providers MSCI ranks first in terms of AUM and number of products tracking its benchmarks with assets of US$292.6 Bn and 359 ETFs, while
Standard & Poors (S&P) ranks second with US$260.9 Bn and 290 ETFs, followed by Barclays Capital with US$113.1 Bn and 82 ETFs.Mutual funds
Globally, net sales of mutual funds (excluding ETFs) were minus US$221.0 Bn, while net sales of ETFs were positive US$81.6 Bn duringthe first seven months of 2010 according to Strategic Insight.
ETPs Additionally, there were 878 other Exchange Traded Products (ETPs)1 with 1,445 listings and assets of US$146.9 Bn from 49 providers
on 20 exchanges.ETFs and ETPs
Combined, there were 3,257 products with 6,649 listings, assets of US$1,328.2 Bn from 158 providers on 48 exchanges aroundthe world.
1. ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures including grantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
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Global ETF and ETP asset growth
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
878
2,379
$146.9
$35.4
$209.9$931.7
$1,181.3
Q3-10
624
1,945
$119.7
$25.6
$167.0$841.6
$1,036.0
2009
517
1,595
$61.2
$10.0
$104.0$596.4
$711.1
2008
347
1,172
$54.6
$6.3
$59.9$729.9
$796.7
2007
170
714
$32.5
$3.4
$35.8$526.5
$565.6
2006
64
461
$15.9
$1.2
$21.3$389.6
$412.1
2005
22
336
$9.3
$0.5
$23.1$286.3
$309.8
2004
18
282
$6.3
$0.3
$5.8$205.9
$212.0
2003
17
280
$4.1
$0.1
$4.0$137.5
$141.6
2002
17
202
$3.9
$0.0
$0.1$104.7
$104.8
2001
142# ETPs
9233312121433# ETFs
$5.1$2.0ETP total
ETF commodity
$0.1ETF fixed income$74.3$39.6$17.6$8.2$5.3$2.3$1.1$0.8ETF equity
$74.3$39.6$17.6$8.2$5.3$2.3$1.1$0.8ETF total
20001999199819971996199519941993Assets (US$ Bn)
0
200
400
600
800
1,000
1,200
1,400
Assets US$ Bn
0
500
1,000
1,500
2,000
2,500
# products
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ETFs/ETPs listed by region
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
0.0%
0.0%
37.2%
40.4%
20.7%
0.0%
100.0%
61.5%
100.0%
100.0%
0.1%
0.0%
0.0%33.8%
38.2%
19.1%
YTDchange
(%)
1
4
199
153
34.4
1
1
21
1
0.5
956.0
1
4178
152
34.0
Q3-10
Canada
0.0%
0.0%
91.7%
23.5%
1.8%
0.0%
-
228.6%
-
-
84.8%
0.0%
0.0%86.6%
23.5%
1.8%
YTDchange
(%)
3
3
370
21
10.0
1
-
23
-
-
411.7
3
3347
21
10.0
Q3-10
Latin America
0.0%
36.4%
39.5%
42.9%
32.0%
25.0%
57.1%
20.0%
25.0%
49.4%
-20.1%
0.0%
33.3%41.0%
44.5%
31.7%
YTDchange
(%)
13
60
307
200
52.5
5
11
18
15
1.2
713.0
13
56289
185
51.3
Q3-10
Asia ex-Japan
0.0%
33.3%
29.3%
13.7%
24.5%
0.0%
100.0%
163.6%
80.0%
12.8%
6.8%
0.0%
0.0%8.5%
8.8%
24.4%
YTDchange
(%)
2
8
106
83
31.0
2
4
29
9
0.3
164.5
2
677
74
30.7
Q3-10
Japan
16.7%
23.5%
48.5%
41.2%
15.7%
20.0%
200.0%
98.9%
118.5%
55.7%
12.7%
16.7%
8.8%39.3%
24.5%
12.9%
YTDchange
(%)
210.0%211.6%48# exchanges
422.4%4320.6%158# providers
4,28515.0%1,05139.9%6,649# listings
1,41915.0%1,05126.8%3,257# ETFs/ETPs
280.613.7%902.314.9%1,328.2Assets (US$Bn)
Total
60.0%111.1%20# exchanges
95.9%1832.4%49# providers
88913.4%16156.4%1,445# listings
38913.4%16140.7%878# ETPs
24.419.3%105.122.7%146.9Assets (US$Bn)
ETPs
3,028.615.5%52,897.014.7%58,179.5ADV (US$Mn)
210.0%212.5%45# exchanges
370.0%2919.4%129# providers3,39615.3%89036.0%5,204# listings
1,03015.3%89022.3%2,379# ETFs
256.213.0%797.214.0%1,181.3AUM (US$Bn)
ETFs
Q3-10
YTDchange
(%)Q3-10
YTDchange
(%)Q3-10Metric
EuropeUSGlobal
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Top 25 ETF/ETP providers around the world: ranked by assets
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
YTD changeQ3-10
1.5%37.1%$34.234.0%1689.5%$126.263Vanguard
-0.2%-19.0%-$1.312.9%400.4%$5.735ETFlab Investment-0.1%0.6%$0.040.0%400.4%$5.814Nikko Asset Management0.1%65.8%$2.3550.0%77120.4%$5.891UBS Global Asset Management-0.1%2.1%$0.1-30.0%-121140.4%$5.928Rydex SGI0.0%18.5%$1.00.0%000.5%$6.33Hang Seng Investment Management0.1%41.4%$2.038.1%2400.5%$6.887Amundi ETF
0.1%35.1%$1.846.2%121470.5%$6.838Direxion Shares0.2%116.7%$3.833.3%20190.5%$7.080Source Markets0.0%18.8%$1.238.7%2400.6%$7.486Commerzbank0.1%28.1%$1.8-15.4%-8670.6%$8.344WisdomTree Investments0.1%39.3%$2.366.7%20250.6%$8.350Barclays (iPath)0.2%51.8%$3.575.0%300.8%$10.27Zurich Cantonal Bank0.0%21.0%$1.80.0%000.8%$10.41Bank of New York-0.3%-16.8%-$2.391.2%3120.9%$11.365Deutsche Bank0.2%37.7%$3.6100.0%2701.0%$13.354Credit Suisse Asset Management0.2%33.6%$4.217.4%4181.3%$16.627Van Eck Associates Corp0.2%32.7%$4.42.9%101.4%$18.135Nomura Asset Management0.2%33.3%$5.526.3%46541.7%$22.0221ETF Securities-0.2%1.3%$0.323.3%211371.8%$24.6111ProShares0.1%18.2%$6.38.8%11393.1%$40.9136PowerShares0.1%17.5%$6.534.7%42153.3%$43.9163db x-trackers-0.4%3.8%$1.819.2%2413.6%$48.1149Lyxor Asset Management
-0.9%8.9%$17.95.6%63316.5%$218.7114State Street Global Advisors-1.9%9.8%$48.711.5%482341.2%$547.3465iShares
% marketshare
%assets
Assets(US$ Bn)
% ETFs/ETPs
# ETFs/ETPs
#planned
%total
Assets(US$ Bn)
# ETFs/ETPsProvider
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Top 25 ETF providers around the world: ranked by AUM
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
YTD changeQ3-10
1.8%37.1%$34.234.0%16810.7%$126.263Vanguard
0.1%84.3%$1.8300.0%1200.3%$3.916Swiss & Global Asset Management0.0%27.2%$0.912.0%370.4%$4.228Claymore Investments-0.1%1.6%$0.10.0%010.4%$5.023Daiwa Asset Management-0.1%-5.5%-$0.30.0%010.5%$5.564EasyETF0.1%60.2%$2.157.1%890.5%$5.622UBS Global Asset Management-0.2%-19.0%-$1.312.9%400.5%$5.735ETFlab Investment
-0.1%0.6%$0.040.0%400.5%$5.814Nikko Asset Management0.0%18.5%$1.00.0%000.5%$6.33Hang Seng Investment Management0.3%123.7%$3.562.5%20190.5%$6.352Source Markets0.1%41.4%$2.038.1%2400.6%$6.887Amundi ETF0.1%35.1%$1.846.2%121470.6%$6.838Direxion Shares0.0%18.8%$1.238.7%2400.6%$7.486Commerzbank0.1%28.1%$1.8-15.4%-8670.7%$8.344WisdomTree Investments
0.2%51.8%$3.575.0%300.9%$10.27Zurich Cantonal Bank0.1%21.0%$1.80.0%000.9%$10.41Bank of New York0.2%37.7%$3.6100.0%2701.1%$13.354Credit Suisse Asset Management0.2%33.6%$4.217.4%4181.4%$16.627Van Eck Associates Corp0.2%33.4%$4.56.7%201.5%$17.832Nomura Asset Management-0.3%-0.5%-$0.126.9%21992.0%$23.199ProShares0.1%18.2%$6.38.8%11393.5%$40.9136PowerShares
0.1%17.5%$6.534.7%42153.7%$43.9163db x-trackers-0.4%3.8%$1.819.2%2414.1%$48.1149Lyxor Asset Management
-1.7%1.7%$2.85.6%63313.9%$163.8113State Street Global Advisors-1.9%9.3%$45.711.6%482245.3%$534.6461iShares
% marketshare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
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Global ETF assets by type of exposure
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
38.2%$9.8423.0%$35.4112Commodities
14.0%
37.4%
41.4%
100.0%
-18.3%
27.9%
25.7%
9.7%
6.4%18.7%
-2.2%
29.1%
6.6%
10.7%
%AUM
100.0%
0.1%
0.1%
0.2%
0.5%
17.2%
17.8%
2.1%
5.0%6.3%
9.5%
17.8%
38.2%
78.9%
%total
$145.2434$1,181.32,379Total
$0.2-1$0.936Mixed
$0.52$1.616Currency
$1.88$1.810Alternative
-$1.52$6.520Fixed income cash (money market)
$44.374$203.4337Fixed income all (ex-cash)
$42.976$209.9357Fixed income
$2.116$24.3129Global
$3.67$59.271Global (ex-US)$11.733$74.3181Asia pacific
-$2.661$112.1483Europe
$47.5110$210.7409Emerging markets
$27.780$451.1575North America
$90.1307$931.71,848Equity
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsExposure
YTD changeQ3-10
North America equity 38.2%
Emerging markets equity 17.8%
Fixed income all (ex-cash) 17.2%
Europe equity 9.5%
Asia Pacific equity 6.3%Global (ex-US) equity 5%
Commodities 3%
Global equity 2.1%
Fixed income cash (money market) 0.5%
Alternative 0.2%
Currency 0.1%
Mixed 0.1%
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Global ETF/ETP net new assets by type of exposure
Global ETF/ETP NNA approximated by combining US and European flows.
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
continued
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Equity 1,539 53,555.1 828,004.4 28,582.5 55,414.5 69,201.3Developed markets equity 1,312 47,725.4 661,369.2 21,175.5 28,364.3 34,660.4
North America equity 545 43,745.7 436,528.4 19,163.6 15,639.1 3,548.4Asia Pacific equity 88 581.0 30,610.6 421.1 2,354.6 4,487.8Europe equity 488 2,048.5 112,208.6 946.3 4,329.4 19,779.5Global equity 123 193.3 24,056.1 548.0 2,806.7 6,153.3
Global (ex-US) equity 68 1,156.8 57,965.4 96.5 3,234.5 691.4Emerging markets equity 227 5,829.7 166,635.2 7,407.0 27,050.2 34,540.9Broad emerging markets 60 2,884.4 104,457.6 4,577.7 23,180.2 20,356.3Regional emerging markets 33 141.9 7,646.1 311.8 225.4 2,179.5Country emerging markets 134 2,803.4 54,531.5 2,517.6 3,644.5 12,005.1
Brazil 18 1,249.0 14,195.5 404.2 -368.7 3,356.8Chile 2 23.6 916.6 176.7 462.7 50.1China 32 768.2 13,891.2 444.0 -1,174.6 3,054.0Colombia 1 5.5 116.7 49.2 95.2 5.3Egypt 2 0.2 18.8 0.0 10.3 -5.2Hungary 1 0.0 18.2 0.0 -0.5 -0.3India 14 122.9 6,128.0 405.8 949.4 1,390.9Indonesia 2 25.6 804.1 216.2 469.2 167.5Kuwait 2 0.2 40.1 -12.7 2.8 14.5Malaysia 2 43.7 1,102.0 165.1 346.1 71.1Mexico 5 120.8 1,568.4 -46.4 379.7 302.0Peru 1 9.9 329.5 54.0 158.8 96.3Philippines 1 0.0 2.5 2.5 2.5 0.0Poland 3 0.9 188.1 79.0 168.4 7.3Russia 11 76.6 3,446.7 31.1 1,019.1 552.9South Africa 7 25.6 883.1 38.0 82.5 82.7South Korea 7 139.2 4,687.3 155.5 770.5 922.9Taiwan 7 115.0 3,552.3 16.9 -541.0 1,231.4Thailand 1 15.9 665.4 79.2 284.6 205.3Turkey 12 57.4 1,621.3 226.3 378.4 318.0UAE 1 0.0 0.8 -11.8 -10.6 7.2Vietnam 2 3.3 355.0 44.9 159.4 151.8
Sep-10
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
NNA(US$ Mn)
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Global ETF/ETP net new assets by type of exposure (continued)
Global ETF/ETP NNA approximated by combining US and European flows.
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Fixed income 312 2,764.1 197,362.2 1,854.5 37,018.8 54,255.3Broad 12 206.4 31,443.1 549.2 6,383.6 8,319.0Active 6 4.8 401.2 -149.9 345.4 48.8Corporate 31 273.0 37,910.1 922.2 7,468.8 15,331.5Convertible 1 4.2 390.1 65.1 147.5 212.0Covered 8 1.6 1,064.2 71.3 370.0 438.4
Credit spreads 13 9.4 805.4 26.4 -88.7 -291.1Government 171 1,847.9 67,286.7 453.2 15,955.4 12,900.1High yield 4 166.2 13,238.5 967.6 4,754.6 4,429.4Inflation 21 118.7 26,353.5 -461.3 774.9 12,505.6Money market 14 55.3 6,297.5 -735.4 -1,450.6 -4,518.2Mortgage 4 30.8 4,028.0 54.3 448.8 1,305.2Municipal 27 45.9 8,143.9 91.9 1,909.2 3,574.6
Commodities 480 3,359.9 145,802.3 1,795.1 16,343.5 46,209.7Broad 77 151.9 15,658.4 -112.4 852 7,944Agriculture 100 88.3 6,266.6 -214.7 -654.1 3,221.8Energy 96 473.9 10,145.4 252.3 -218.7 7,890.1Industrial metals 72 37.0 2,504.2 52.8 -82.8 1,141.5Livestock 18 1.6 148.6 3.5 -27.3 48.3Precious metals 117 2,607.3 111,079.2 1,813.5 16,474.9 25,963.8
Currency 98 438.6 6,127.6 -366.6 -2,204.1 4,345.6Alternative 16 454.9 4,860.2 1,078.6 3,487.9 2,157.2Mixed 25 5.0 841.9 28.8 319.8 240.3
Total 2,470 60,577.6 1,182,998.6 32,973.0 110,380.4 176,409.4
Sep-10YTD-10 NNA
(US$ Mn)2009 NNA(US$ Mn)
NNA(US$ Mn)
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Global inverse and leveraged ETF assets by type of exposure
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
-0.1%-27.2%$0.0000.0%$0.011Currency-0.9%-53.4%-$0.2220.0%$0.299Commodities
-12.9%1.0%$0.0520.4%$5.1107Fixed income-0.1%-27.7%$0.0000.0%$0.022Asia Pacific-0.1%50.4%$0.0000.0%$0.022Global (ex-US)-1.7%-13.0%-$0.1420.0%$0.61210Emerging markets -3.0%44.1%$0.52250.1%$1.74922Europe
-23.6%13.0%$1.22030.9%$10.57148North America-28.4%14.9%$1.746101.1%$12.913684Equity
9.2%$1.5531444.5%$18.2156101Leveraged inverse
38.7%$2.5591922.2%$9.118474Inverse
0.0%-32.0%$0.0000.0%$0.011Currency-3.4%-2.6%$0.0000.1%$1.377Commodities-0.1%346.7%$0.1330.0%$0.166Fixed income
-34.5%-9.9%-$1.373671.0%$12.216896Equity-27.3%-12.7%-$1.423510.8%$9.47351North America-5.9%-6.7%-$0.24060.2%$2.17628Europe-1.2%35.3%$0.2970.1%$0.61513Emerging markets
285
0.0%-0.1%
-0.1%0.0%-2.8%0.0%
-0.1%-0.7%-6.4%-6.4%
-13.5%
%total
188
10
7602270
0221730
# totallistings
522
22
18213433
14
10227
137
# totallistings
-8.7%-$1.37033.3%$13.6110Leveraged
7.3%
33.8%-6.6%
100.0%183.7%77.8%77.7%
178.4%36.7%4.3%
53.7%30.9%
%AUM
100.0%
0.0%0.0%
0.0%0.0%0.2%0.0%
0.0%0.0%0.2%0.3%0.6%
%total
$2.8103$40.9285Total
$0.01$0.02Asia Pacific$0.02$0.02Global (ex-US)
$0.00$0.01Alternative$0.02$0.03Commodities$0.99$2.019Fixed income $0.00$0.01Asia Pacific
$0.10$0.11Global (ex-US)$0.12$0.44Emerging markets$0.12$2.628Europe$1.44$3.917North America$1.78$7.151Equity
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsExposure
YTD changeQ3-10
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Index providers worldwide: ranked by AUM
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
3.8%$2.565.8%$68.567Russell29.3%$25.7129.6%$113.182Barclays Capital4.7%$11.75722.1%$260.9290S&P
20.0%$48.89424.8%$292.6359MSCI
-1.2%-$0.170.9%$10.929EuroMTS
-2.9%-$0.411.0%$12.19Nikkei17.7%$2.131.2%$13.912Hang Seng41.4%$5.101.5%$17.653Topix11.8%$2.8102.2%$26.240Deutsche Boerse15.9%$4.2202.6%$30.763NASDAQ OMX3.6%$1.5153.6%$42.4151Dow Jones
20.4%$7.8233.9%$46.093Markit -7.3%-$3.7144.0%$47.2218STOXX
19.1%$8.1424.3%$50.9168FTSE
14.0%29.6%-17.1%20.9%1.3%-0.9%-8.9%
8.6%24.4%60.7%-9.4%22.4%12.0%35.1%
%AUM
100.0%8.6%0.0%0.1%0.1%0.1%0.2%
0.2%0.3%0.4%0.6%0.6%0.7%0.7%
%total
$145.2434$1,181.32,379Total$23.2122$101.7538Other -$0.1-2$0.23Value Line$0.1-2$0.712Zacks$0.02$1.215S-Network$0.00$1.710Morningstar -$0.2-4$2.438Intellidex
$0.20$2.511BNY Mellon$0.616$3.027CSI$1.7-1$4.46Indxis-$0.7-3$6.815CAC$1.3-10$7.135WisdomTree$0.94$8.217SIX Swiss Exchange$2.28$8.318NYSE Euronext
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsIndex provider
YTD changeQ3-10MSCI 24.8%S&P 22.1%Barclays Capital 9.6%Russell 5.8%FTSE 4.3%STOXX 4%Markit 3.9%
Dow Jones 3.6%NASDAQ OMX 2.6%Deutsche Boerse 2.2%Topix 1.5%Hang Seng 1.2%Nikkei 1%EuroMTS 0.9%
NYSE Euronext 0.7%SIX Swiss Exchange 0.7%WisdomTree 0.6%CAC 0.6%Indxis 0.4%CSI 0.3%BNY Mellon 0.2%
Intellidex 0.2%Morningstar 0.1%S-Network 0.1%Zacks 0.1%Value Line 0%Other 8.6%
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15FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Global ETF listings
1
2
3
4
5
6
7
8
9
10
11
12
1314
15
16
17
18
19
20
21
22
23
24
25
26
Providers = Primary ETF providers. AUM = Assets Under Management in primary listings only. Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
0.0122Portugal0.1111Poland
58.49600184United Kingdom0.0111United Arab Emirates0.151111Turkey
32.77495102Switzerland2.426424Sweden1.524410Spain2.072424South Africa0.0111Slovenia0.0122Saudi Arabia0.0111Russia
0.8266Norway0.3410611Netherlands2.1448823Italy0.321414Ireland
0.0111Hungary0.1222Greece
101.591,094375Germany55.59421259France0.2111Finland0.11231Belgium0.11211Austria
AUMUS$ BnProviders
# totallistings
# primarylistings
30.767774Japan0.0111Indonesia0.371515India
25.0106738Hong Kong11.0101212China3.343312Australia
AUMUS$ BnProviders# totallistings# primarylistings
797.229890890United States8.3229014Mexico
--50-Chile34.04178152Canada1.7277Brazil
AUMUS$ BnProviders
# totallistings
# primarylistings
1
2
3
4
5
67
8
9
11
12
13
14
15
1619
20
21
22
23
24
2526
27
28
10
35
36
37
38
39
40
29
3031
32
33
34
27
28
17
18
29
30
31
32
33
34 0.1233Thailand2.621412Taiwan4.9126060South Korea3.287322Singapore0.4266New Zealand0.4354Malaysia
AUMUS$ BnProviders# totallistings# primarylistings35
36
37
38
38
40
Americas
EMEA
Asia Pacific Asia Pacific (continued)
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Top 25 ETP providers around the world: ranked by assets
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
YTD changeQ3-10
0.5%30.9%$3.00.0%018.6%$12.74iShares
0.0%58.8%$0.00.0%000.1%$0.11UTI Asset Management0.1%2801.9%$0.1200.0%200.1%$0.13Credit Suisse0.0%36.6%$0.00.0%000.1%$0.14Morgan Stanley0.0%144.3%$0.125.0%200.1%$0.110Barclays Capital0.1%100.0%$0.2100.0%1800.1%$0.218RBS0.1%100.0%$0.2100.0%6930.1%$0.269UBS Global Asset Management
-0.1%-8.2%$0.0-25.0%-100.1%$0.23Nomura Asset Management0.1%133.3%$0.10.0%000.2%$0.23Lyxor 0.1%135.3%$0.10.0%000.2%$0.21Benchmark Asset Management0.0%35.7%$0.10.0%000.2%$0.31GreenHaven Commodity Services0.3%100.0%$0.5100.0%100.3%$0.51Claymore Investments0.1%69.4%$0.30.0%000.5%$0.728Source Markets-0.1%2.3%$0.00.0%000.6%$0.97Swedish Export Credit Corp
0.1%42.0%$0.40.0%0381.0%$1.512ProShares0.5%123.1%$0.90.0%001.1%$1.62JPMorgan Chase-0.2%10.4%$0.20.0%031.4%$2.11Absa Capital-0.5%-6.0%-$0.20.0%0131.7%$2.59Rydex SGI2.4%100.0%$3.5100.0%4202.4%$3.542Societe Generale-1.2%-12.2%-$0.60.0%003.1%$4.617Merrill Lynch-3.0%-36.6%-$2.828.6%213.3%$4.89United States Commodity Funds
0.7%39.3%$2.366.7%20255.7%$8.350Barclays (iPath)-3.7%-16.8%-$2.391.2%3127.7%$11.365Deutsche Bank
1.1%32.3%$5.227.3%425214.6%$21.4196ETF Securities4.2%38.1%$15.20.0%0037.4%$54.91State Street Global Advisors
% marketshare
%AUM
Assets(US$ Bn)
%ETPs
#ETPs
#planned
%total
Assets(US$ Bn)
#ETPsProvider
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0.6999India
--1-Hong Kong
0.6155Australia
AUMUS$BnProviders# totallistings# primarylistings
23.15357295United Kingdom
0.0111United Arab Emirates
2.1222South Africa
--33-Netherlands
--47-Italy
13.37300300Israel
1.1640691Germany
0.21463France
0.0-1-Botswana
AUMUS$BnProviders# totallistings# primarylistings
Global ETP listings
13
14
15
1
2
3
4
5
6
7
8
9
10
11
12
Providers = Primary ETF providers. AUM = Assets Under Management in primary listings only. Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
105.118161161United States
--23-Mexico
0.51211Canada
AUMUS$BnProviders# totallistings# primarylistings
1
2
3
9
5
4
10
8
7
11
12
17
18
13
1415
16
0.0111South Korea
--2-Singapore
0.34299Japan
AUMUS$BnProviders# totallistings# primarylistings
16
17
18
Americas
EMEA
Asia Pacific Asia Pacific (continued)
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ETFs listed in the United States
At the end of Q3 2010 the United States ETF industry had 890 ETFs, assets of US$797.2 Bn, from 29 providers on two exchanges.Assets
YTD assets have increased by 13.0% from US$705.5 Bn to US$797.2 Bn, which is greater than the 2.5% increase in the MSCI US Indexin US dollar terms.
In September 2010, United States domiciled ETFs/ETPs experienced net inflows totalling US$28.0 Bn. Equity ETFs/ETPs sawUS$24.7 Bn net inflows, of which US$18.8 Bn went into North American equity ETFs/ETPs and US$5.6 Bn into emerging markets equityETFs/ETPs. Fixed income ETFs/ETPs saw net inflows of US$1.5 Bn, of which US$0.9 Bn went into high yield ETFs/ETPs andUS$0.7 Bn into corporate bond ETFs/ETPs. Commodity ETFs/ETPs experienced US$1.1 Bn net inflows, of which US$1.2 Bn went intoprecious metals ETFs/ETPs, while broad commodity exposure ETFs/ETPs saw net outflows of US$0.2 Bn in September 2010.
YTD, United States domiciled ETFs/ETPs experienced net inflows totalling US$76.1 Bn. Equity ETFs/ETPs saw US$36.7 Bn net inflows,of which US$19.5 Bn went into emerging markets equity ETFs/ETPs and US$12.4 Bn into North American equity ETFs/ETPs. Fixedincome ETFs/ETPs saw net inflows of US$29.6 Bn, of which US$10.0 Bn went into government bond ETFs/ETPs and US$6.2 Bn intoaggregate/broad fixed income ETFs/ETPs. Commodity ETFs/ETPs saw US$8.9 Bn net inflows, of which US$10.5 Bn went into precious
metals ETFs/ETPs while energy ETFs/ETPs saw net outflows of US$1.0 Bn YTD.ETFs
YTD the number of ETFs increased by 15.3% with 149 new ETFs launched, while 31 ETFs were delisted. The top 100 ETFs, out of 890, account for 83.1% of United States ETF AUM, while 390 ETFs have less than US$50.0 Mn in assets and
147 ETFs have less than US$10.0 Mn in assets. 29 January 2010 marked the 17th anniversary of ETFs in the United States.
Trading volume
YTD the ETF average daily trading volume in US dollars has increased by 15.5% to US$52.9 Bn. In September 2010, United States ETF turnover was 25.9% of all United States equity turnover, greater than the 24.7% in
December 2009.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
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ETFs listed in the United States (continued)
ETF providers
iShares is the largest ETF provider in terms of both number of products, 214 ETFs, and assets of US$399.5 Bn, reflecting 50.1% marketshare; State Street Global Advisors is second with 92 products and US$151.1 Bn, a 19.0% market share; followed by Vanguard with 62products, assets of US$126.0 Bn and 15.8% market share at the end of Q3 2010.
In September 2010, United States domiciled ETFs experienced net inflows totalling US$26.5 Bn. State Street Global Advisors gatheredthe largest net inflows with US$12.3 Bn, followed by PowerShares with US$4.8 Bn net inflows, while ProShares saw US$0.3 Bn netoutflows in September 2010.
YTD, United States domiciled ETFs experienced net inflows totalling US$67.6 Bn. Vanguard gathered the largest net inflows withUS$26.9 Bn, followed by iShares with US$19.9 Bn net inflows, while State Street Global Advisors saw US$0.8 Bn net outflows YTD.
The top three ETF providers, out of 29, account for 84.9% of United States ETF AUM.Mutual funds
In the United States, net sales of mutual funds (excluding ETFs) were minus US$284.9 Bn, while net sales of ETFs domiciled in theUnited States were positive US$46.3 Bn during the first seven months of 2010 according to Strategic Insight.
ETPs
Additionally, there were 161 other Exchange Traded Products (ETPs)1 with assets of US$105.1 Bn from 18 providers on one exchange.ETFs and ETPs
Assets in ETFs and ETPs breaks through US$900 Bn. Combined, there were 1,051 products with assets of US$902.3 Bn from 43 providers on two exchanges in the United States.
1. ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
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United States ETF and ETP asset growth
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
151
890
$105.1
$797.2
Q3-10
142
772
$88.1
$705.5
2009
136
698
$45.3
$497.1
2008
71
601
$40.5
$580.7
2007
37
343
$25.9
$406.8
2006
20
201
$14.4
$299.4
2005
17
152
$8.9
$227.7
2004
17
117
$6.1
$150.7
2003
17
113
$4.0
$102.3
2002
17
101
$3.8
$84.6
2001
142# ETPs
8130291919211# ETFs
$5.0$2.0ETP assets
$65.6$33.9$15.6$6.7$2.4$1.1$0.4$0.5ETF assets
20001999199819971996199519941993Assets (US$ Bn)0
100
200
300
400
500
600
700
800
900
Assets (US$ Bn)
0
100
200
300
400
500
600
700
800
900
1,000
# products
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Top 25 ETF/ETP providers in the United States: ranked by assets
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX).
$0.1$0.0$0.0$0.1$0.0-$0.1
$0.0$0.1$0.2$0.1$0.5-$0.2$0.1
$0.0$0.2$1.0$0.6$0.9-$0.2$0.6
-$0.5$4.8$3.2$12.4$3.7
Sep-10NNA(US$ Bn)
$0.2$0.1$0.1$0.5$0.0$0.8
$0.7$1.3$1.4$0.2$1.4-$0.5-$1.0
$0.1$2.5$2.8$1.7$1.1-$3.1$2.2
$4.4$4.7
$26.9$6.0
$20.9
YTD NNA(US$ Bn)
YTD changeQ3-10
2.4%37.0%$34.034.8%16614.0%$126.062Vanguard
0.0%815.3%$0.250.0%160.0%$0.23ALPS ETF Trust0.0%35.7%$0.10.0%000.0%$0.31GreenHaven Commodity Services0.0%41.6%$0.10.0%080.0%$0.46RevenueShares0.1%651.4%$0.6100.0%7240.1%$0.714Global X Funds0.0%2.3%$0.00.0%000.1%$0.97Swedish Export Credit Corp0.1%175.6%$0.833.3%390.1%$1.312PIMCO
0.1%123.1%$0.90.0%000.2%$1.62JPMorgan Chase0.1%400.5%$1.483.3%510.2%$1.711Charles Schwab Investment Management0.2%350.5%$1.7100.0%2200.2%$2.24ETF Securities0.0%12.2%$0.418.8%6290.4%$3.338Guggenheim Funds0.1%74.0%$1.57.5%370.4%$3.543First Trust Advisors-0.2%-12.2%-$0.60.0%000.5%$4.617Merrill Lynch-0.4%-36.6%-$2.828.6%210.5%$4.89United States Commodity Funds
-0.1%2.1%$0.1-30.0%-121140.7%$5.928Rydex SGI0.1%35.1%$1.846.2%121470.8%$6.838Direxion Shares0.2%37.7%$2.226.7%8250.9%$8.238Barclays (iPath)0.1%28.1%$1.8-15.4%-8670.9%$8.344WisdomTree Investments0.1%21.0%$1.80.0%001.2%$10.41Bank of New York-0.6%-23.1%-$3.15.9%221.2%$10.436Deutsche Bank0.3%33.6%$4.217.4%4181.8%$16.627Van Eck Associates Corp
-0.3%1.3%$0.323.3%211372.7%$24.6111ProShares0.2%18.6%$6.210.4%11384.4%$39.9117PowerShares
-1.1%8.7%$16.54.5%43222.8%$206.093State Street Global Advisors-1.5%10.2%$38.114.7%28945.7%$412.2218iShares
% marketshare
%assets
Assets(US$ Bn)
% ETFs/ETPs
# ETFs/ETPs
#planned
%total
Assets(US$ Bn)
# ETFs/ETPsProvider
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continued
ETF providers in the United States: ranked by AUM
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX).
0.0%100.0%$0.0100.0%1$0.0$0.020.0%$0.01US One Trust0.0%-60.1%$0.0100.0%1$0.0$0.000.0%$0.02Javelin Investment Management0.0%-17.0%$0.00.0%0$0.0$0.000.0%$0.05FaithShares
$0.0$0.0$0.0$0.0
$0.0$0.0$0.1$0.0$0.1$0.0$0.1-$0.1
$0.1$0.1$0.2$0.5$0.2$0.6$0.9$0.6-$0.3$4.8$3.2
$12.3$3.2
Sep-10NNA(US$ Bn)
$0.0$0.1$0.0$0.0
$0.0$0.0$0.1$0.1$0.2$0.1$0.5$0.8
$1.3$0.2$0.3$1.4$2.5$1.7$1.1$2.2$4.1$4.7$26.9-$0.8$19.9
YTD NNA(US$ Bn)
YTD changeQ3-10
2.8%37.0%$34.034.8%16615.8%$126.062Vanguard
0.0%29.8%$0.00.0%030.0%$0.05Grail Advisors0.0%225.7%$0.1200.0%250.0%$0.13AdvisorShares0.0%5.0%$0.033.3%110.0%$0.14Jefferies Asset Management0.0%55.5%$0.0400.0%400.0%$0.15Old Mutual Global Shares
0.0%4.1%$0.00.0%000.0%$0.11Fidelity Management & Research0.0%-14.8%$0.00.0%0340.0%$0.15DBX Strategic Advisors0.0%263.2%$0.1125.0%5150.0%$0.29Emerging Global Advisors0.0%111.1%$0.180.0%4240.0%$0.29IndexIQ Advisors0.0%815.3%$0.250.0%160.0%$0.23ALPS ETF Trust0.0%41.6%$0.10.0%080.1%$0.46RevenueShares0.1%651.4%$0.6100.0%7240.1%$0.714Global X Funds0.1%175.6%$0.833.3%390.2%$1.312PIMCO
0.2%400.5%$1.483.3%510.2%$1.711Charles Schwab Investment Management0.0%12.2%$0.418.8%6270.4%$3.338Guggenheim Funds0.0%9.2%$0.3-38.7%-121010.4%$3.319Rydex SGI0.2%74.0%$1.57.5%370.4%$3.543First Trust Advisors0.1%35.1%$1.846.2%121470.9%$6.838Direxion Shares0.1%28.1%$1.8-15.4%-8671.0%$8.344WisdomTree Investments0.1%21.0%$1.80.0%001.3%$10.41Bank of New York0.3%33.6%$4.217.4%4182.1%$16.627Van Eck Associates Corp-0.4%-0.5%-$0.126.9%21992.9%$23.199ProShares0.2%18.6%$6.210.4%11385.0%$39.9117PowerShares
-2.3%0.9%$1.34.5%43219.0%$151.192State Street Global Advisors-1.5%9.6%$35.115.1%28850.1%$399.5214iShares
% marketshare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
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ETF providers in the United States: ranked by AUM (continued)
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX).
13.0%$91.715.3%118$67.6$26.5789100.0%$797.2890Total-------1---T Rowe Price-------1---Spinnaker ETF Trust
----
--------
-----------
$0.0$0.0
Sep-10NNA(US$ Bn)
----
--------
-----------
$0.0$0.0
YTD NNA(US$ Bn)
YTD changeQ3-10
-----2---AllianceBernstein
-----2---ShariahShares-----28---Russell Investments-----4---RiverPark Advisors-----2---Northern Trust
-----2---Next Investments-----2---Macro Securities Depositor -----1---Legg Mason-----2---JP Morgan Asset Management-----1---John Hancock-----1---Janus Capital Management-----3---Huntington Asset Advisors -----1---Hartford
-----5---Georgetown Investment Management-----6---FocusShares-----1---Florentez Investment-----1---Firsthand Capital-----5---FactorShares-----22---Factor Advisors-----5---Exchange Traded Spreads Trust-----5---Eaton Vance-----1---Dreyfus Corp-----1---Capital West Securities
0.0%-100.0%$0.0-100.0%-200.0%$0.00Geary Advisors0.0%100.0%$0.0100.0%120.0%$0.01Pax World Management
% marketshare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
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United States ETF/ETP net new assets by type of exposure
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
continued
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Equity 756 51,042.1 653,431.3 24,708.6 36,718.8 36,476.3
North America equity 466 43,608.0 418,733.1 18,794.6 12,412.2 1,987.0
Active 3 0.1 13.0 0.0 4.1 12.8Broad 256 34,983.1 326,009.6 17,671.2 9,516.1 (11,180.1)
Consumer goods/services 26 1,006.7 9,057.4 139.5 1,473.6 287.2Energy 31 1,567.4 17,177.1 (19.0) 1,357.7 1,145.3Financials 29 2,861.6 15,425.1 (335.3) (1,206.6) 1,409.1Healthcare 21 280.9 8,121.2 12.3 (338.3) (400.8)Industrials 14 556.3 4,610.2 18.4 405.6 914.1Materials 11 522.3 4,769.4 245.9 57.8 1,206.2Other 5 8.6 1,992.0 (0.1) (91.0) (77.1)
Real Estate 18 889.5 14,028.6 470.9 478.4 4,377.4Technology 36 715.2 10,697.3 438.2 (106.6) 2,626.7Telecommunications 6 20.1 1,285.1 107.5 210.1 139.4Utilities 10 196.2 5,547.1 45.1 651.2 1,526.9
Asia Pacific equity 29 498.7 19,608.6 158.5 248.1 1,825.8Europe equity 28 171.9 9,601.8 (170.9) 614.9 1,574.0Global equity 57 102.1 12,766.9 197.7 700.3 3,353.7
Global (ex-US) equity 68 1,156.8 57,965.4 96.5 3,234.5 691.4
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
NNA(US$ Mn)
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26FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
United States ETF/ETP net new assets by type of exposure (continued)
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
continued
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Emerging markets equity 108 5,504.6 134,755.5 5,632.2 19,508.9 27,044.5
Broad emerging markets 36 2,777.3 89,134.8 3,776.3 18,414.4 16,691.3Regional emerging markets 12 109.9 4,339.5 79.6 (263.7) 1,400.7Country emerging markets 60 2,617.4 41,281.1 1,776.3 1,358.3 8,952.5
Brazil 9 1,219.9 11,603.2 357.7 (520.2) 2,545.7Chile 1 23.1 885.7 149.8 432.8 50.1China 21 734.0 10,909.9 392.9 (1,254.3) 2,191.1Colombia 1 5.5 116.7 49.2 95.2 5.3Egypt 1 0.1 5.7 - 3.9India 7 90.4 3,170.4 240.9 479.7 774.6Indonesia 2 25.0 804.1 216.2 469.2 167.5
Malaysia 1 41.2 984.5 138.7 267.9 61.0Mexico 3 120.4 1,531.3 (75.0) 343.3 302.0Peru 1 9.9 329.5 54.0 158.8 96.3Phillipines 1 0.0 2.5 2.5 2.5Poland 2 0.7 106.2 1.5 90.9 7.3Russia 2 59.5 1,937.5 - 492.9 378.8South Africa 1 21.1 614.7 39.9 24.0 18.4
South Korea 2 122.4 3,668.8 40.6 303.9 770.6Taiwan 2 109.2 2,965.2 (44.2) (686.3) 1,093.7Thailand 1 15.9 665.4 79.2 284.6 174.8Turkey 1 17.5 826.9 126.3 290.8 204.7Vietnam 1 1.5 152.9 6.1 78.8 88.2
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
NNA(US$ Mn)
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27FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
United States ETF/ETP net new assets by type of exposure (continued)
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Fixed income 129 2,360.4 139,259.3 1,465.5 29,584.8 44,801.9
Active 6 4.8 401.2 (149.9) 345.4 48.8Aggregate 11 203.6 31,112.2 545.9 6,173.4 8,216.7Convertible 1 4.2 390.1 65.1 147.5 212.0
Corporate 18 205.2 26,590.1 713.4 5,026.9 10,560.6Government 54 1,617.1 35,072.6 (298.6) 9,983.1 6,706.9High yield 3 162.8 13,139.6 867.8 4,654.8 4,429.4Inflation 6 90.8 22,234.2 (424.3) 1,034.1 10,139.8Mortgage 3 26.0 2,175.4 54.3 310.5 913.1Municipal 27 45.9 8,143.9 91.9 1,909.2 3,574.6
Commodities 100 3,054.1 99,867.0 1,128.6 8,918.6 32,551.8
Agriculture 17 58.9 2,966.5 22.6 (379.1) 1,927.6Broad 20 128.8 9,886.8 (181.5) 160.7 4,958.1Energy 21 439.9 6,737.6 64.7 (974.4) 6,055.9Industrial metals 17 26.0 964.3 9.3 (310.4) 798.1Livestock 1 0.9 71.1 3.8 (29.2) 18.9Precious metals 24 2,399.6 79,240.6 1,209.6 10,451.0 18,793.2
Currency 36 430.9 5,645.5 (382.8) (2,432.2) 4,154.9
Alternative 6 439.5 3,376.1 1,025.2 2,968.0 1,258.7Mixed 24 4.7 748.0 28.8 301.3 225.5
Total 1,051 57,331.7 902,327.2 27,973.9 76,059.3 119,469.1
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
NNA(US$ Mn)
d l d d b f
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28FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
United States leveraged and inverse ETF/ETP net new assets by type of exposure
NNA Net New Assets. Data as at end Q3 2010.Source: National Stock Exchange (NSX), Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Leveraged 76 3,341.1 11,253.0 (1,772.7) (1,724.4) (6,956.1)Equity 59 3,204.3 9,677.0 (1,672.3) (1,757.3) (6,405.6)
Asia Pacific 2 0.2 13.2 - 3.0 8.7Emerging markets 9 67.4 483.5 (110.4) (71.1) 316.2Europe 1 0.2 3.2 - 2.8 -Global (ex-US) 2 1.4 35.6 - (0.8) 23.9North America 45 3,135.1 9,141.6 (1,561.9) (1,691.2) (6,754.3)
Commodities 8 119.6 1,447.8 (130.1) (3.9) (586.3)Currency 3 0.9 21.0 (2.6) 4.8 10.7Fixed income 6 16.3 107.2 32.3 32.0 25.1
Inverse 29 20.2 4,810.1 (85.6) 2,038.3 3,284.3Equity 15 235.7 3,974.2 (137.9) 1,781.1 2,766.2
Emerging markets 2 1.9 243.1 (2.5) 61.5 273.3Global (ex-US) 1 2.4 121.2 (8.2) 101.3 43.3North America 12 231.3 3,609.9 (127.1) 1,618.3 2,449.6
Alternative 1 5.0 49.7 26.4 47.6 -Commodities 6 1.1 58.2 1.7 (5.3) 165.9Currency 2 9.2 219.2 0.0 (134.2) 122.3Fixed income 5 9.9 508.8 24.1 349.0 229.9
Leveraged inverse 76 3,720.8 16,615.9 1,622.7 6,530.4 16,649.9Equity 59 3,298.8 10,929.7 1,631.0 4,030.6 13,636.1
Asia Pacific 2 0.2 17.9 - (1.7) 18.6Emerging markets 9 62.6 564.3 40.3 172.4 645.8Europe 1 2.9 64.7 (1.0) 106.0 9.4Global 1 0.2 19.9 - 19.2 -Global (ex-US) 2 2.4 46.5 - 33.4 13.5North America 44 3,230.5 10,216.4 1,591.6 3,701.2 12,948.9
Commodities 9 62.1 333.8 50.6 (43.2) 337.3Currency 2 28.8 441.6 (27.4) 304.9 170.2Fixed income 6 331.2 4,910.8 (31.5) 2,238.2 2,506.2
Total 181 7,082.1 32,679.0 (235.6) 6,844.3 12,978.1
Sep-10
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
NNA(US$ Mn)
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T pes of ETF e pos re in the United States
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31FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Types of ETF exposure in the United States
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
8.1%$1.272.0%$15.861Leveraged inverse
361.9%$0.430.1%$0.616Active
41.9%$0.410.2%$1.39Currency
56.0%$1.640.6%$4.415Inverse
-10.6%-$1.2141.2%$9.762Leveraged
13.0%
44.7%
78.3%
30.9%
5.5%
17.3%
20.9%
7.5%
-1.5%6.2%
6.3%
27.5%
-2.3%
8.5%
%AUM
100.0%
1.3%
2.0%
16.7%
3.1%
3.4%
3.7%
4.0%
4.4%9.6%
12.9%
16.6%
18.4%
76.0%
%total
$91.7118$797.2890Total
$3.17$10.018Commodities
$7.1-2$16.256Custom
$31.417$133.3102Fixed income
$1.34$24.422Small-cap
$4.03$26.815Mid-cap
$5.16$29.320Broad market
$2.23$31.630Value
-$0.53$34.830Growth$4.510$76.7144Sector
$6.114$103.1162International
$28.623$132.487Emerging markets
-$3.41$146.941Large-cap
$47.667$605.9551Equity
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsType of exposure
YTD changeQ3-10
Large-cap - equity 18.4%
Fixed income 16.7%
Emerging markets - equity 16.6%
International - equity 12.9%
Sector - equity 9.6%Growth - equity 4.4%
Value - equity 4%
Broad market - equity 3.7%
Mid-cap - equity 3.4%
Small-cap - equity 3.1%
Custom 2%Leveraged inverse 2%
Commodities 1.3%
Leveraged 1.2%
Inverse 0.6%
Currency 0.2%
Active 0.1%
Index providers in the United States: ranked by AUM
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32FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Index providers in the United States: ranked by AUM
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
37.2%$7.7433.6%$28.5177Other
3.7%$2.598.5%$68.160Russell
30.1%$24.51013.3%$105.762Barclays Capital
3.2%$6.92128.2%$224.7171S&P
17.6%$34.92629.2%$232.9113MSCI
-8.6%-$0.200.3%$2.337Intellidex
15.0%$0.500.5%$4.13Deutsche Boerse70.7%$1.800.6%$4.46Indxis
22.4%$1.3-100.9%$7.135WisdomTree
33.2%$2.021.0%$8.210NYSE Euronext
10.7%$2.0102.6%$20.648FTSE
25.6%$4.402.7%$21.82Markit
16.3%$3.743.3%$26.527NASDAQ OMX-1.3%-$0.554.5%$36.290Dow Jones
13.0%
-15.3%
-17.1%
18.2%
-0.7%
-0.9%
9.0%
%AUM
100.0%
0.0%
0.0%
0.1%
0.1%
0.2%
0.3%
%total
$91.7118$797.2890Total
$0.00$0.23STOXX
-$0.1-2$0.23Value Line
$0.1-2$0.611Zacks
$0.02$1.112S-Network
$0.00$1.710Morningstar
$0.20$2.210BNY Mellon
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsIndex provider
YTD changeQ3-10 MSCI 29.2%
S&P 28.2%
Barclays Capital 13.3%
Russell 8.5%
Dow Jones 4.5%
NASDAQ OMX 3.3%
Markit 2.7%
FTSE 2.6%
NYSE Euronext 1%
WisdomTree 0.9%
Indxis 0.6%
Deutsche Boerse 0.5%Intellidex 0.3%
BNY Mellon 0.3%
Morningstar 0.2%
S-Network 0.1%
Zacks 0.1%
Value Line 0%
STOXX 0%
Other 3.6%
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Average expenses of ETFs versus open-end mutual funds in the United States
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34FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Average expenses of ETFs versus open-end mutual funds in the United States
1. As at end February 2010.2. Captured from Morningstar on 15 March 2010.Source: Morningstar, Global ETF Research and Implementation Strategy Team, BlackRock.
105Actively managed fixed income160Actively managed international equity146Actively managed domestic equity40Passive/indexed fixed income83Passive/indexed international equity93Passive/indexed domestic equity
Open-end mutual funds 2
33Total all25Total fixed income ETFs34Total equity ETFs21Value equity21Small-cap equity32Sector equity22Mid-cap equity95Leveraged inverse95Leveraged13Large-cap equity95Inverse42International equity21Growth equity
Average TER(s)
22Fixed income44Custom48Currency57Commodities18Broad market equity57Active
ETFs 1
Average TER (bps)
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35/116
Short interest: top 20 United States listed ETFs and HOLDRS based on short interest
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36/116
36FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Short interest: top 20 United States listed ETFs and HOLDRS based on short interest
Data as at mid September 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
13.3%138,05018,383EWZ USiShares MSCI Brazil Index Fund
30.7%63,57419,525XLB USMaterials Select Sector SPDR Trust5.0%405,00020,171EWJ USiShares MSCI Japan Index Fund
27.0%
27.9%
227.4%
55.8%
16.1%28.7%
19.1%
6.7%
210.4%
4.7%
229.1%
100.5%
472.5%
36.1%
31.2%
113.1%
46.6%
Short
interest ratio(%)
93,676
91,815
12,150
51,503
190,906117,474
199,200
634,800
20,847
1,008,900
23,503
56,700
14,000
365,745
451,400
194,850
683,532
Shares
outstanding(000 shares)
25,329
25,641
27,630
28,730
30,79033,762
38,119
42,501
43,863
46,999
53,838
57,011
66,151
132,194
140,754
220,365
318,531
Short interest(000shares)
EEM USiShares MSCI Emerging Markets Index Fund
XLI USIndustrial Select Sector SPDR Fund
XLV USHealth Care Select Sector SPDR Fund
XOP USSPDR S&P Oil & Gas Exploration & Production ETF
XLY USConsumer Discretionary Select Sector SPDR Fund
XLK USTechnology Select Sector SPDR FundXLE USEnergy Select Sector SPDR Fund
FXI USiShares FTSE/Xinhua China 25 Index Fund
EFA USiShares MSCI EAFE Index Fund
SMH USSemiconductor HOLDRS
KRE USSPDR KBW Regional Banking ETF
IYR USiShares Dow Jones U.S. Real Estate Index Fund
XRT USSPDR S&P Retail ETF
XLF USFinancial Select Sector SPDR Fund
QQQQ USPowerShares QQQ Trust
IWM USiShares Russell 2000 Index Fund
SPY USSPDR S&P 500
BloombergtickerName
ETP providers in the United States: ranked by assets
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37FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
ETP providers in the United States: ranked by assets
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
$1.5
-
-
-
-
$0.0
$0.0
$0.0
$0.0
$0.0
$0.1$0.0
$0.0
-$0.1
$0.0
$0.2
-$0.1-$0.2
$0.1
$1.0
-$0.2
$0.5
$0.1
Sep-10NNA
(US$ Bn)
$8.4
-
-
-
-
$0.0
$0.0
$0.0
$0.1
$0.0
$0.1$0.1
$0.0
$0.3
$0.7
$1.4
-$0.2-$0.5
-$1.0
$2.8
-$3.1
$1.0
$6.8
YTD NNA(US$ Bn)
YTD changeQ3-10
-5.5%-23.1%-$3.15.9%229.9%$10.436Deutsche Bank
19.3%$17.013.4%19106100.0%$105.1161Total
-----1---WealthNotes Capital Management
-----1---Sprott Asset Management
2---Jefferies Asset Management
-----2---Guggenheim Funds
0.0%0.0%$0.0100.0%100.0%$0.01Teucrium Trading
0.0%-22.5%$0.00.0%000.1%$0.11HSBC USA
0.0%-3.4%$0.00.0%000.1%$0.12Goldman Sachs
0.1%2801.9%$0.1200.0%200.1%$0.13Credit Suisse
0.0%36.6%$0.00.0%000.1%$0.14Morgan Stanley
0.1%144.3%$0.125.0%200.1%$0.110Barclays Capital0.0%35.7%$0.10.0%000.3%$0.31GreenHaven Commodity Services
-0.1%2.3%$0.00.0%000.9%$0.97Swedish Export Credit Corp
0.2%42.0%$0.40.0%0381.4%$1.512ProShares
0.7%123.1%$0.90.0%001.5%$1.62JPMorgan Chase
1.5%350.5%$1.7100.0%2202.1%$2.24ETF Securities
-0.6%-6.0%-$0.20.0%0132.4%$2.59Rydex SGI-1.6%-12.2%-$0.60.0%004.4%$4.617Merrill Lynch
-4.0%-36.6%-$2.828.6%214.5%$4.89United States Commodity Funds
1.0%37.7%$2.226.7%8257.8%$8.238Barclays (iPath)
1.1%30.9%$3.00.0%0112.1%$12.74iShares
7.1%38.1%$15.20.0%0052.2%$54.91State Street Global Advisors
% marketshare
%assets
Assets(US$ Bn)
%ETPs
#ETPs
#planned
%total
Assets(US$ Bn)
#ETPsProvider
ETFs listed in Europe
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38FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
p
At the end of Q3 2010 the European ETF industry had 1,030 ETFs with 3,396 listings, assets of US$256.2 Bn, from 37 providers on
21 exchanges.Assets
YTD assets have increased by 12.9% from US$226.9 Bn to US$256.2 Bn, compared to the 3.1% fall in the MSCI Europe Index in USdollar terms.
In September 2010, net new assets into European domiciled ETFs/ETPs totalled US$5.0 Bn. Equity ETFs/ETPs gathered US$3.9 Bn netinflows, of which US$1.8 Bn went into emerging markets equity ETFs/ETPs and US$1.1 Bn into European equity ETFs/ETPs. Fixed
income ETFs/ETPs saw net inflows of US$0.4 Bn, of which US$0.8 Bn went into government bond ETFs/ETPs while money marketETFs/ETPs saw net outflows of US$0.7 Bn. Commodity ETFs/ETPs saw net inflows of US$0.7 Bn, of which US$0.6 Bn went intoprecious metals ETFs/ETPs while agriculture ETFs/ETPs saw net outflows of US$0.2 Bn.
YTD, net new assets into European domiciled ETFs/ETPs totalled US$34.3 Bn. Equity based ETFs/ETPs gathered US$18.7 Bn netinflows, of which US$7.5 Bn went into emerging markets equity ETFs/ETPs and US$3.7 Bn into European equity ETFs/ETPs. Fixedincome ETFs/ETPs saw US$7.4 Bn net inflows, of which US$6.0 Bn went into government bond ETFs/ETPs and US$2.4 Bn intocorporate bond ETFs/ETPs. Commodity ETFs/ETPs saw US$7.4 Bn net inflows, of which US$6.0 Bn went into precious metalsETFs/ETPs and US$0.8 Bn into energy ETFs/ETPs YTD.
ETFs YTD the number of ETFs increased by 24.5% with 212 new ETFs launched, while nine ETFs were delisted. The top 100 ETFs, out of 1,030, account for 66.1% of European ETF AUM, while 541 ETFs have less than US$50.0 Mn in assets and
171 ETFs have less than US$10.0 Mn in assets. 11 April 2010 marked the 10th anniversary of ETFs in Europe.
Trading volume YTD the ETF average daily trading volume in US dollars increased by 12.7% to US$3.0 Bn. Most ETF trades are not required to be
reported in Europe as ETFs are not covered by the European Union directive on markets in financial instruments (MiFID). In September 2010, reported European ETF turnover was 9.1% of all European equity turnover, greater than the 8.6% in
December 2009.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
ETFs listed in Europe (continued)
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39FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
p ( )
Exchanges
YTD the number of exchanges with official listings has increased from 18 to 21.ETF providers
iShares is the largest ETF provider in terms of both number of products, 176 ETFs, and assets of US$91.9 Bn, reflecting 35.9% marketshare; Lyxor Asset Management is second with 147 products and US$47.2 Bn, 18.4% market share; followed by db x-trackers with135 ETFs, assets of US$42.9 Bn and 16.7% market share at the end of Q3 2010.
In September 2010, net new assets into European domiciled ETFs totalled US$4.8 Bn. db x-trackers has received the largest net inflowswith US$2.2 Bn, followed by iShares with US$1.0 Bn net inflows, while Lyxor Asset Management had the largest net outflows withUS$0.1 Bn.
YTD, net new assets into European domiciled ETFs totalled US$30.8 Bn. iShares has received the largest net inflows with US$7.5 Bn netnew assets, followed by db x-trackers with US$5.3 Bn net inflows, and Source Markets with US$3.2 Bn net inflows YTD.
The top three ETF providers, out of 37, account for 71.0% of European ETF AUM.Mutual funds
In Europe net sales of mutual funds (excluding ETFs) were US$79.7 Bn while net sales of ETFs domiciled in Europe were US$21.3 Bnduring the first seven months of 2010 according to Lipper FMI.
ETPs
Additionally, there were 389 other Exchange Traded Products (ETPs)1 with 889 listings and assets of US$24.4 Bn from nine providers onsix exchanges.
ETFs and ETPs Combined, there were 1,419 products with 4,285 listings and assets of US$280.6 Bn from 42 providers on
21 exchanges in Europe.
1. ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures including grantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
European ETF and ETP growth
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40FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
$24.4$15.7$7.0$4.9$2.1$1.1ETP total
389
1,030
$173.9
$58.1
$22.0
$256.2
Q3-10
178
827
$159.8
$51.6
$15.2
$226.9
2009
123
636
$96.6
$41.1
$4.9
$142.7
2008
56
423
$103.5
$21.0
$3.3
$128.5
2007
32
273
$75.7
$12.1
$2.0
$89.7
2006
2
165
$49.3
$5.2
$0.4
$54.9
2005
114
$31.0
$2.9
$34.0
2004
104
$19.4
$1.0
$20.4
2003
118
$10.7
$10.7
2002
71
$5.7
$5.7
2001
# ETPs
6# ETFs
$0.7ETF equity
ETF fixed income
ETF commodity
$0.7ETF total
2000Assets (US$ Bn)
0
50
100
150
200
250
300
Assets US$ Bn
0
200
400
600
800
1,000
1,200
# products
Top 25 ETF/ETP providers in Europe: ranked by assets
-
8/8/2019 BRK ETF Surv
41/116
41FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX).
0.8%37.7%$3.6100.0%27$3.1$0.604.7%$13.322654Credit Suisse Asset Management
55142340
6637888244332
10554
18023510732312
714531567755
# totallistings
-0.1%-32.1%-$0.10.0%0$0.0$0.000.1%$0.23DnB NOR Asset Management0.0%133.3%$0.10.0%0N/AN/A00.1%$0.23Lyxor
$0.0$0.0$0.1$0.3
$0.0$0.0$0.0$0.0$0.1$0.0$0.0
-$0.1-$0.1$0.2$0.1$0.4$0.1$0.2
$0.0$2.2-$0.1$1.0
Sep-10
NNA(US$ Bn)
$0.0$0.4$0.3$0.8
$0.0-$0.3$0.3$0.0$0.1N/A$1.2
-$0.2-$0.4$2.5$2.1$3.4$1.4$1.9
$2.3$5.3$2.9$7.5
YTD NNA(US$ Bn)
YTD changeQ3-10
-0.1%15.3%$5.716.4%191515.3%$42.9135db x-trackers
0.0%-4.7%$0.00.0%000.1%$0.21Seligson & Co Fund Management0.1%100.0%$0.4100.0%300.1%$0.43Marshall Wace Asset Management0.1%411.3%$0.3266.7%890.1%$0.411HSBC0.3%100.0%$0.9100.0%2900.3%$0.929Deutsche Bank
0.0%6.7%$0.10.0%010.4%$1.119PowerShares-0.2%-23.5%-$0.30.0%000.4%$1.113State Street Global Advisors0.1%49.6%$0.4180.0%18210.4%$1.128RBS-0.5%-43.7%-$1.00.0%000.5%$1.38BBVA Asset Management-0.1%9.1%$0.266.7%801.0%$2.920XACT Fonder 1.3%100.0%$3.5100.0%4201.3%$3.542Societe Generale0.5%84.3%$1.8300.0%1201.4%$3.916Swiss & Global Asset Management
-0.4%-5.5%-$0.30.0%002.0%$5.564EasyETF-0.9%-19.0%-$1.312.9%402.0%$5.735ETFlab Investment0.6%65.8%$2.3550.0%77122.1%$5.891UBS Global Asset Management0.4%41.4%$2.038.1%2402.4%$6.887Amundi ETF1.2%116.7%$3.833.3%20192.5%$7.080Source Markets0.1%18.8%$1.238.7%2402.6%$7.486Commerzbank 0.9%51.8%$3.575.0%303.6%$10.27Zurich Cantonal Bank
0.5%23.9%$3.726.2%44346.8%$19.2212ETF Securities
-2.0%3.5%$1.619.5%24016.8%$47.2147Lyxor Asset Management-2.6%7.1%$6.14.8%8832.7%$91.9176iShares
% marketshare
%assets
Assets(US$ Bn)
% ETFs/ETPs
# ETFs/ETPs
#planned
%total
Assets(US$ Bn)
# ETFs/ETPsProvider
ETF providers in Europe: ranked by AUM
-
8/8/2019 BRK ETF Surv
42/116
42FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
126514
23107
5566368
24
321051115452
235323
12226
531567754
# totallistings
0.0%-46.9%-$0.10.0%0-$0.1$0.000.0%$0.16JP Morgan Mansart Investments0.0%-20.4%$0.00.0%0-$0.1$0.000.0%$0.16Finans Portfoy Yonetimi
$0.0$0.0$0.0
$0.1$0.1
$0.0$0.0$0.0$0.0$0.1
$0.0-$0.1$0.2-$0.1$0.5$0.1$0.1
$0.2$0.6
$2.2-$0.1$1.0
Sep-10
NNA(US$ Bn)
$0.0$0.0$0.4
$0.3$0.3
$0.1$0.0-$0.3$0.0$0.1
$1.2-$0.2$2.3-$0.4$3.2$2.1$1.4
$1.9$3.1
$5.3$2.9$7.5
YTD NNA(US$ Bn)
YTD changeQ3-10
0.3%15.3%$5.716.4%191516.7%$42.9135db x-trackers
-0.1%-32.1%-$0.10.0%000.1%$0.23DnB NOR Asset Management0.0%-4.7%$0.00.0%000.1%$0.21Seligson & Co Fund Management0.1%100.0%$0.4100.0%300.1%$0.43Marshall Wace Asset Management
0.1%411.3%$0.3266.7%890.2%$0.411HSBC0.1%83.1%$0.319.0%420.2%$0.625ETF Securities
0.0%27.6%$0.20.0%0210.4%$1.010RBS0.0%6.7%$0.10.0%010.4%$1.119PowerShares-0.2%-23.5%-$0.30.0%000.4%$1.113State Street Global Advisors-0.5%-43.7%-$1.00.0%000.5%$1.38BBVA Asset Management0.0%9.1%$0.266.7%801.1%$2.920XACT Fonder
0.6%84.3%$1.8300.0%1201.5%$3.916Swiss & Global Asset Management-0.4%-5.5%-$0.30.0%002.2%$5.564EasyETF0.7%60.2%$2.157.1%892.2%$5.622UBS Global Asset Management-0.9%-19.0%-$1.312.9%402.2%$5.735ETFlab Investment1.2%123.7%$3.562.5%20192.5%$6.352Source Markets0.5%41.4%$2.038.1%2402.6%$6.887Amundi ETF0.1%18.8%$1.238.7%2402.9%$7.486Commerzbank
1.0%51.8%$3.575.0%304.0%$10.27Zurich Cantonal Bank0.9%37.7%$3.6100.0%2705.2%$13.354Credit Suisse Asset Management
-1.7%3.5%$1.619.5%24018.4%$47.2147Lyxor Asset Management
-1.9%7.1%$6.14.8%8835.9%$91.9176iShares
% marketshare%assetsAUM(US$ Bn)%ETFs#ETFs#planned%totalAUM(US$ Bn)#ETFsProvider
continued
ETF providers in Europe: ranked by AUM (continued)
-
8/8/2019 BRK ETF Surv
43/116
43FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
3,396
-
--
1
1
8
12
0
1
1
1
5
1
1
12
1
2
1
7
1
# totallistings
$4.8
-
--
-
-
-
-
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
Sep-10
NNA(US$ Bn)
$30.8
-
--
-
-
-
-
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0$0.0
$0.0
-$0.1
$0.0
$0.0
$0.0
YTD NNA(US$ Bn)
YTD changeQ3-10
0.0%-24.6%$0.00.0%000.0%$0.01NCB Investment Services
12.9%$29.324.5%20392100.0%$256.21,030Total
-----1---Qbasis Invest
-----1---Hinduja Bank (Switzerland)-----5---Barclays Wealth
---------Vanguard
---------Van Eck Associates Corp
---------ProShares
---------Direxion Shares
0.0%-100.0%$0.0-100.0%-100.0%$0.00Ak Securities
0.0%0.0%$0.0100.0%100.0%$0.01Kuveyt Turk Katilim Bankasi
0.0%0.0%$0.0100.0%100.0%$0.01Garanti Bank
0.0%0.0%$0.0100.0%100.0%$0.01Troika Dialog Asset Management
0.0%418.0%$0.00.0%000.0%$0.05Think Capital
0.0%-0.2%$0.00.0%000.0%$0.01Bizim Menkul Degerler
0.0%0.0%$0.00.0%010.0%$0.01NBG Asset Management
0.0%6.1%$0.00.0%000.0%$0.01Medvesek Pusnik AM0.0%0.0%$0.0100.0%100.0%$0.01Osmosis Investment Management
0.0%-2.0%$0.00.0%000.0%$0.01OTP Fund Management
0.0%142.4%$0.00.0%000.0%$0.02Is Investment
0.0%0.0%$0.0133.3%400.0%$0.07HQ Fonder
0.0%-38.8%$0.00.0%000.0%$0.11Alpha Asset Management
% marketshare%assetsAUM(US$ Bn)%ETFs#ETFs#planned%totalAUM(US$ Bn)#ETFsProvider
European ETF/ETP net new assets by type of exposure
-
8/8/2019 BRK ETF Surv
44/116
44FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
NNA Net New Assets. Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
continued
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Equity 783 2,513.0 174,573.1 3,873.9 18,695.7 32,725.0Europe equity 460 1,876.6 102,606.8 1,117.2 3,714.5 18,205.5
Broad 281 1,503.0 89,875.0 691.8 3,220.6 14,818.5Consumer goods/services 41 39.6 1,627.3 (53.1) 18.8 335.4
Energy 12 10.3 942.8 (13.8) (50.2) 322.1Financials 28 121.5 2,884.0 35.8 75.0 825.5Healthcare 12 15.2 1,064.7 37.9 (20.9) 145.9Industrials 13 35.2 614.8 (22.6) 72.4 136.6Information technology 12 4.0 374.1 (3.0) (4.8) 12.4Materials 21 95.5 1,791.2 309.0 131.4 522.5Private equity 1 0.4 105.4 0.7 45.5 34.2
Real estate 12 13.5 1,813.5 115.6 387.7 333.6Telecommunications 11 24.9 807.5 38.1 (127.6) 425.0Utilities 11 12.2 656.5 37.8 (27.3) 361.3Other 5 1.2 49.9 (57.0) (6.0) (67.4)
North America equity 79 137.7 17,795.3 369.0 3,226.9 1,561.5Asia Pacific equity 59 82.3 11,002.1 262.7 2,106.5 2,662.0Global equity 66 91.2 11,289.2 350.3 2,106.5 2,799.6
NNA(US$ Mn)
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
European ETF/ETP net new assets by type of exposure (continued)
-
8/8/2019 BRK ETF Surv
45/116
45FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
NNA Net New Assets. Data as at end Q3 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
continued
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Emerging markets equity 119 325.1 31,879.7 1,774.8 7,541.2 7,496.4Broad emerging markets 24 107.1 15,322.8 801.3 4,765.9 3,665.0Regional emerging markets 21 32.0 3,306.6 232.2 489.1 778.8Country emerging markets 74 186.0 13,250.3 741.3 2,286.2 3,052.7
Brazil 9 29.1 2,592.3 46.6 151.5 811.2Chile 1 0.5 30.9 26.9 29.9 -China 11 34.1 2,981.3 51.1 79.7 862.9Egypt 1 0.1 13.1 - 6.4 (5.2)Hungary 1 0.0 18.2 - (0.5) (0.3)India 7 32.5 2,957.6 164.9 469.8 616.3Indonesia 0 0.6 - - - -
Kuwait 2 0.2 40.1 (12.7) 2.8 14.5Malaysia 1 2.5 117.5 26.4 78.2 10.1Mexico 2 0.4 37.1 28.6 36.4 -Poland 1 0.2 81.9 77.5 77.5 -Russia 9 17.1 1,509.3 31.1 526.2 174.2South Africa 6 4.5 268.3 (1.9) 58.5 64.3South Korea 5 16.8 1,018.5 114.8 466.6 152.3
Taiwan 5 5.8 587.0 61.1 145.3 137.7Thailand 0 - - - - 30.5Turkey 11 39.9 794.4 100.0 87.7 113.3UAE 1 0.0 0.8 (11.8) (10.6) 7.2Vietnam 1 1.8 202.0 38.8 80.6 63.6
NNA(US$ Mn)
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
European ETF/ETP net new assets by type of exposure (continued)
-
8/8/2019 BRK ETF Surv
46/116
46FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
NNA Net New Assets. Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Fixed income 183 403.7 58,102.9 389.1 7,434.0 9,453.3Broad 1 2.8 330.9 3.3 210.2 102.3Corporate 13 67.8 11,320.0 208.8 2,441.9 4,770.8Covered 8 1.6 1,064.2 71.3 370.0 438.4
Credit spreads 13 9.4 805.4 26.4 (88.7) (291.1)Government 117 230.8 32,214.1 751.8 5,972.2 6,193.2High yield 1 3.4 98.9 99.8 99.8 -Inflation 15 27.9 4,119.3 (36.9) (259.1) 2,365.8Money market 14 55.3 6,297.5 (735.4) (1,450.6) (4,518.2)Mortgage 1 4.8 1,852.6 - 138.2 392.1
Commodities 380 305.8 45,935.3 666.5 7,424.9 13,657.9
Broad 57 23.1 5,771.6 69.0 690.8 2,985.9Agriculture 83 29.4 3,300.1 (237.3) (275.0) 1,294.3Energy 75 34.0 3,407.7 187.6 755.7 1,834.2Industrial metals 55 11.0 1,539.9 43.5 227.7 343.5Livestock 17 0.7 77.5 (0.4) 1.9 29.4Precious metals 93 207.7 31,838.5 604.0 6,023.8 7,170.7
Currency 62 7.7 482.1 16.2 228.2 190.7
Alternative 10 15.4 1,484.1 53.4 519.9 898.6Mixed 1 0.3 94.0 - 18.5 14.8
Total 1,419 3,245.9 280,671.4 4,999.1 34,321.1 56,940.3
NNA(US$ Mn)
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
Sep-10
European leveraged and inverse ETF/ETP net new assets by type of exposure
-
8/8/2019 BRK ETF Surv
47/116
47FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
NNA Net New Assets. Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
Exposure# ETFs/ETPs
ADV(US$ Mn)
Assets(US$ Mn)
Leveraged 63 236.2 3,019.0 (186.2) 517.1 1,229.8
Equity 30 220.9 2,202.1 (264.3) 92.9 765.4
Europe equity 27 219.0 2,146.4 (267.7) 75.3 751.6
North America equity 3 1.9 55.7 3.3 17.6 13.7
Commodities 33 15.3 816.9 78.1 424.2 464.5
Inverse 117 139.5 5,019.7 89.2 1,377.8 2,763.1
Equity 35 120.0 2,961.9 82.0 447.6 1,713.6
Asia Pacific equity 1 0.3 10.4 (4.9) 6.5 8.6
Europe equity 32 112.4 2,696.5 72.9 353.0 1,537.4
North America equity 2 7.2 254.9 14.0 88.1 167.6
Commodities 35 10.3 386.4 (42.5) 58.8 197.7Currency 29 5.6 116.5 43.4 102.0 22.5
Fixed income 17 3.6 1,546.5 6.3 788.3 801.4
Alternative 1 0.0 8.4 - (18.8) 27.9
Leveraged inverse 23 228.6 1,901.0 374.4 788.2 958.1
Equity 22 212.9 1,696.3 320.7 589.0 958.1
Europe equity 21 212.1 1,683.6 319.2 577.0 958.1North America equity 1 0.8 12.7 1.5 12.0 -
Fixed income 1 15.6 204.7 53.7 199.2 -
Total 203 604.3 9,939.6 277.4 2,683.2 4,951.0
YTD-10 NNA(US$ Mn)
2009 NNA(US$ Mn)
NNA(US$ Mn)
Sep-10
-
8/8/2019 BRK ETF Surv
48/116
Types of ETF exposure in Europe: ranked by AUM
-
8/8/2019 BRK ETF Surv
49/116
49FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
ETFs should be viewed as a tool for both active and passive managers.
3.3%$1.21514.8%$38.0105Country exposure Europe
8.9%$13.712365.6%$168.0700Equity total
411.7%$0.1110.1%$0.112United States sector exposure
2.6%$0.110.8%$2.019Eurozone sector exposure
14.1%$0.732.1%$5.443Style
17.5%$1.4103.7%$9.656Global exposure
-3.7%-$0.4153.8%$9.8141European sector exposure
-1.0%-$0.154.6%$11.952Regional exposure Europe
30.8%$3.4195.6%$14.474International
20.3%$2.4125.6%$14.549Country exposure United States
-12.7%-$4.5511.9%$30.638Regional exposure Eurozone
41.6%$9.32712.4%$31.8111Emerging markets
$29.3
33.7%
-4.5%
-3.9%53.0%
1,318.8%
21.6%
44.5%
11.8%
%AUM
100.0%
0.0%
0.1%
0.6%0.7%
0.7%
1.3%
8.6%
22.4%
%total
24.5%203$256.21,030Total
$0.00$0.14Mixed (equity and fixed income)
$0.0-2$0.34Currency
-$0.15$1.519Leveraged$0.66$1.715Leveraged inverse
$1.66$1.79Alternative
$0.615$3.445Inverse
$6.829$21.964Commodities
$6.121$57.4170Fixed income
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsType of exposure
YTD changeQ3-10
Fixed income 22.4%Country exposure Europe - equity 14.8%
Emerging markets - equity 12.4%Regional exposure Eurozone - equity 11.9%
Commodities 8.6%Country exposure United States - equity 5.6%
International - equity 5.6%Regional exposure Europe - equity 4.6%European sector exposure - equity 3.8%
Global exposure - equity 3.7%
Style - equity 2.1%Inverse 1.3%Eurozone sector exposure - equity 0.8%Alternative 0.7%
Leveraged inverse 0.7%Leveraged 0.6%
Currency 0.1%United States sector exposure - equity 0.1%
Mixed (equity and fixed income) 0%
Index providers in Europe: ranked by AUM
-
8/8/2019 BRK ETF Surv
50/116
50FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
$2.629.2%198.3%$21.184Markit
$2.237.0%108.6%$22.137Deutsche Boerse
-$3.77.0%1418.3%$47.0214STOXX
$13.335.8%5822.2%$57.0220MSCI
$0.10.0%00.3%$0.84Topix
$0.250.0%20.6%$1.66Hang Seng
$0.76.1%21.5%$3.935Dow Jones
$0.477.8%141.6%$4.132NASDAQ OMX
-$0.7-16.7%-32.7%$6.815CAC
$1.10.0%02.9%$7.318Barclays Capital
$0.930.8%43.2%$8.217SIX Swiss Exchange
-$0.131.8%74.2%$10.929EuroMTS
$0.360.6%204.3%$11.053S&P
$2.634.9%227.2%$18.585FTSE
$29.3
$9.2
$0.0
$0.0
$0.1
$0.0
$0.0
%AUM
100.0%
13.6%
0.0%
0.0%
0.0%
0.1%
0.2%
%total
24.5%203$256.21,030Total
27.6%35$35.0162Other
-80.0%-4$0.01Intellidex
0.0%0$0.13S-Network
300.0%6$0.18NYSE Euronext
-50.0%-4$0.24Russell
50.0%1$0.53Nikkei
AUM(US$ Bn)
#ETFs
AUM(US$ Bn)
#ETFsIndex provider
YTD changeQ3-10
MSCI 22.2%STOXX 18.3%Deutsche Boerse 8.6%Markit 8.3%FTSE 7.2%
S&P 4.3%EuroMTS 4.2%SIX Swiss Exchange 3.2%Barclays Capital 2.9%CAC 2.7%NASDAQ OMX 1.6%Dow Jones 1.5%
Hang Seng 0.6%Topix 0.3%Nikkei 0.2%Russell 0.1%NYSE Euronext 0%S-Network 0%Intellidex 0%Other 13.6%
-
8/8/2019 BRK ETF Surv
51/116
Average expenses of ETFs versus open-end mutual funds in Europe
-
8/8/2019 BRK ETF Surv
52/116
52FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
1. As at end February 2010.2. Captured from Morningstar on 15 March 2010.
Source: Morningstar, Global ETF Research and Implementation Strategy Team, BlackRock.
100Actively managed fixed income176Actively managed international equity180Actively managed domestic equity49Passive/indexed fixed income78Passive/indexed international equity91Passive/indexed domestic equity
Open-end mutual funds 2
52United States sector exposure equity
41Inverse
38Country exposure United States equity30Country exposure Europe equity
35Total all17Total fixed income ETFS40Total equity ETFs
37Style equity23Regional exposure Eurozone equity38Regional exposure Europe equity72Mixed61Leveraged inverse59Leveraged
56International equity49Global exposure equity17Fixed income42Eurozone sector exposure equity
Average TER(s)
35European sector exposure equity
69Emerging markets equity30Currency
44Commodities25Alternative
ETFs 1Average TER (bps)
ETP providers in Europe: ranked by assets
-
8/8/2019 BRK ETF Surv
53/116
53FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
889
-
3
1
1
5
27
33
695
55
40
43
607
# totallistings
0.7%100.0%$0.2100.0%18$0.2$0.000.7%$0.218RBS
0.4%100.0%$0.1100.0%12$0.1$0.000.4%$0.112Barclays (iPath)
0.2%100.0%$0.0100.0%1$0.0$0.000.2%$0.01Standard Commodities
-------0---iShares
-------0---State Street Global Advisors
-------0--Merrill Lynch
$0.2
-
$0.0N/A
-$0.1
$0.3
$0.0
$0.0
Sep-10
NNA(US$ Bn)
$3.5
-
$0.2N/A
$0.2
$0.8
N/A
$2.0
YTD NNA(US$ Bn)
-----4---GAM Holding
0.8%100.0%$0.2100.0%6930.8%$0.269UBS Global Asset Management0.3%133.3%$0.10.0%001.0%$0.23Lyxor
389
28
29
42
187
#ETPs
0.2%
3.5%
14.4%
-20.5%
% marketshare
118.5%
0.0%
100.0%
100.0%
27.2%
%ETPs
39
0
0
0
32
#planned
55.7%
69.4%
100.0%
100.0%
22.6%
%assets
100.0%
2.9%
3.5%
14.4%
76.2%
%total
$8.7211$24.4Total
$0.30$0.7Source Markets
$0.929$0.9Deutsche Bank
$3.542$3.5Societe Generale
$3.440$18.6ETF Securities
Assets(US$ Bn)
#ETPs
Assets(US$ Bn)Provider
YTD changeQ3-10
ETFs listed in Asia Pacific (ex-Japan)
-
8/8/2019 BRK ETF Surv
54/116
54FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
At the end of Q3 2010 the Asia Pacific (ex-Japan) ETF industry had 185 ETFs with 289 listings, and assets of US$51.3 Bn from 56 providers on
13 exchanges.Assets
YTD assets have increased by 31.7% from US$38.9 Bn to US$51.3 Bn, which is greater than the 7.3% increase in the MSCI AC AsiaPacific ex-Japan Index in US dollar terms.
ETFs
YTD the number of ETFs increased by 44.5% with 59 new ETFs launched, while two ETFs were delisted.Trading volume
YTD the ETF average daily trading volume in US dollars has decreased by 20.1% to US$0.7 Bn.ETF providers
State Street Global Advisors is the largest ETF provider in terms of assets with US$11.5 Bn, in eight ETFs, reflecting 22.5% marketshare; iShares is second with 15 products and US$9.8 Bn, a 19.0% market share; followed by Hang Seng Investment Management with
three products, assets of US$6.3 Bn and 12.2% market share at the end of Q3 2010.Mutual funds
In Asia Pacific (ex-Japan), net sales of mutual funds (excluding ETFs) were minus US$35.5 Bn, while net sales of ETFs domiciled in AsiaPacific ex Japan were positive US$9.8 Bn during the first seven months of 2010 according to Strategic Insight.
ETPs
Additionally, there were 15 other Exchange Traded Products (ETPs)1 with 18 listings and assets of US$1.2 Bn from 11 providers onfive exchanges.
1. ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg
Asia Pacific (ex-Japan) ETF and ETP asset growth
-
8/8/2019 BRK ETF Surv
55/116
55FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
15
185
$1.2
$51.3
Q3-10
12
132
$0.8
$38.5
2009
6
96
$0.5
$23.8
2008
4
68
$0.1
$27.0
2007
49
$18.1
2006
32
$10.5
2005
27
$8.6
2004
20
$6.6
2003
11
$3.8
2002
4
$3.7
2001
# ETPs
# ETFs
ETP assets
ETF assets
Assets (US$ Bn)
0
10
20
30
40
50
60
Assets (US$ Bn)
0
20
40
60
80
100
120
140
160
180
200
# products
ETF providers in Asia Pacific (ex-Japan): ranked by AUM
-
8/8/2019 BRK ETF Surv
56/116
56FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
-0.1%5.1%$0.00.0%000.5%$0.255Smartshares Limited761244111511651310329162253910
# totallistings
YTD changeQ3-10
-1.5%18.5%$1.00.0%0012.2%$6.33Hang Seng Investment Management
-0.1%14.8%$0.016.7%170.5%$0.27Benchmark Asset Management-0.3%-13.7%$0.020.0%100.5%$0.36Korea Investment Trust Management0.6%100.0%$0.3100.0%110.6%$0.31Bosera Asset Management-0.1%13.3%$0.00.0%000.6%$0.32DBS Asset Management-0.1%12.0%$0.033.3%100.6%$0.34KB Asset Management-0.9%-47.8%-$0.30.0%000.6%$0.34Fubon Asset Management-0.2%-0.3%$0.00.0%000.6%$0.31HSBC-0.5%-14.0%-$0.10.0%001.0%$0.51AIG-Huatai Fund Management0.0%36.0%$0.136.4%401.1%$0.515Mirae Asset MAPS Global Investments1.3%100.0%$0.60.0%001.3%$0.61Bank of Communications1.4%100.0%$0.7100.0%111.4%$0.71China Southern Fund Management1.6%100.0%$0.8100.0%2301.6%$0.823db x-trackers1.2%372.7%$0.70.0%021.7%$0.91Hua An Fund Management-0.7%-5.0%$0.00.0%001.8%$0.93BOCI-Prudential Asset Management0.8%132.2%$0.525.0%271.8%$0.910Woori Asset Management-0.2%23.1%$0.20.0%011.9%$1.02Lyxor Asset Management-0.9%10.6%$0.20.0%034.6%$2.38Polaris0.8%59.0%$0.90.0%004.9%$2.516Samsung Investment Trust Management3.9%185.2%$2.4100.0%117.4%$3.82E Fund Management-2.4%0.2%$0.00.0%027.4%$3.82China Asset Management
-1.3%24.6%$1.915.4%2419.0%$9.815iShares-2.7%18.6%$1.833.3%2122.5%$11.58State Street Global Advisors
% marketShare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
continued
ETF providers in Asia Pacific (ex-Japan): ranked by AUM (continued)
-
8/8/2019 BRK ETF Surv
57/116
57FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
0.0%22.5%$0.050.0%100.0%$0.033Kotak Mahindra Asset Management11111112111112211231113
# totallistings
YTD changeQ3-10
-0.1%4.8%$0.00.0%000.4%$0.21i-VCAP Management
0.0%8.0%$0.00.0%010.0%$0.01Daiwa Asset Management0.0%100.0%$0.0100.0%100.0%$0.01China International Capital Corp0.0%-11.3%$0.00.0%000.0%$0.01Tong Yang Investment Trust Management0.0%100.0%$0.0100.0%100.0%$0.01Da Cheng International Asset Management0.0%27.0%$0.00.0%000.0%$0.01Daishin Investment Trust Management0.1%100.0%$0.0100.0%100.1%$0.01Ping An0.0%138.4%$0.00.0%000.1%$0.01KTB Asset Management0.0%51.9%$0.0100.0%100.1%$0.02Prudential Asset Management-0.5%-78.7%-$0.20.0%000.1%$0.01UOB Asset Management0.1%100.0%$0.1100.0%100.1%$0.11CCB Principal Asset Management0.0%26.3%$0.00.0%000.1%$0.11Sensible Asset Management0.1%100.0%$0.1100.0%100.1%$0.11Russell Investments0.1%100.0%$0.1100.0%100.1%$0.11Motilal Oswal Asset Management-0.1%1.5%$0.00.0%000.2%$0.12One Asset Management-0.1%3.7%$0.00.0%000.2%$0.12Yurie Asset Management0.3%100.0%$0.1100.0%100.3%$0.11Hanwha Investment Trust Management-0.4%-47.4%-$0.10.0%000.3%$0.11AMP-0.1%10.7%$0.00.0%000.3%$0.22AmInvestment Management-0.1%10.0%$0.0100.0%110.3%$0.22CIMB-Principal Asset Management-0.7%-52.0%-$0.20.0%000.4%$0.21ICBC Credit Suisse Asset Management
-99.6%100.0%$0.2100.0%100.4%$0.21Fortune SGAM Fund Management0.3%276.1%$0.10.0%020.4%$0.21Vanguard
% marketshare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
continued
ETF providers in Asia Pacific (ex-Japan): ranked by AUM (continued)
-
8/8/2019 BRK ETF Surv
58/116
58FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
Data as at end Q3 2010.
Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.
289
-----------11111116
# totallistings
YTD changeQ3-10
0.0%100.0%$0.0100.0%100.0%$0.01Hyundai Investments
31.7%$12.344.5%5760100.0%$51.3185Total
-----5---Other (Planned)-----1---Tata Mutual Fund-----1---Religare India Asset Management-----4---Penghua Fund Management-----1---HFT Investment Management-----1---Guotai Asset Management-----1---Government Service Insurance Systems-----1---EasyETF-----1---Birla Sun Life Mutual Fund-----4---BetaShares-----1---Allianz SE
0.0%-88.7%$0.00.0%010.0%$0.01UTI Asset Management0.0%21.3%$0.00.0%000.0%$0.01PRUDENTIAL ICICI0.0%18.0%$0.00.0%000.0%$0.01Quantum Asset Management0.0%-4.6%$0.00.0%040.0%$0.01Reliance Capital Asset Management0.0%-5.2%$0.00.0%000.0%$0.01Indo Premier Securities
0.0%13.0%$0.00.0%000.0%$0.01TMB Asset Management0.0%100.0%$0.0100.0%600.0%$0.06Australian Index Investments
% marketshare
%AUM
AUM(US$ Bn)
%ETFs
#ETFs
#planned
%total
AUM(US$ Bn)
#ETFsProvider
-
8/8/2019 BRK ETF Surv
59/116
ETFs listed in Japan
-
8/8/2019 BRK ETF Surv
60/116
60FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE UNITED STATES OR CANADA.
At the end of Q3 2010 the Japanese ETF industry had 74 ETFs with 77 listings and assets of US$30.7 Bn from six providers on two exchanges.
There are 170 ETFs which have filed notifications in Japan.Assets
YTD assets have increased by 24.4% from US$24.6 Bn to US$30.7 Bn, which is greater than the 0.5% increase in the MSCI Japan Indexin US dollar terms.
ETFs
YTD the number of ETFs increased by 8.8% with six new ETFs launched.Trading volume
YTD the ETF average daily trading volume in US dollars has increased by 6.8% to US$0.2 Bn.ETF providers
Nomura Asset Management is the largest ETF provider in terms of assets with US$17.8 Bn, in 32 ETFs, reflecting 58.2% market share;Nikko Asset Management is second with 14 products and US$5.8 Bn, an 18.8% market share; followed by Daiwa Asset Management
with 22 products, assets of US$5.0 Bn and 16.3% market share at the end of Q3 2010.Mutual funds In Japan, net sales of mutual funds (excluding ETFs) were US$40.4 Bn, while net sales of ETFs domiciled in Japan were US$1.9 Bn
during the first seven months of 2010 according to Strategic Insight.ETPs
Additionally, there were nine other Exchange Traded Products (ETPs)1 with 20 cross listings and assets of US$0.3 Bn from four providerson two exchanges.
1. ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.
Data as at end Q3 2010.
Source: Global ETF Research and