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US ETF assets stand at USD539.5bn at end of June

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At the end of June 2009 there were 716 exchange-traded funds in the US with assets of USD539.5bn issued by 23 providers and primarily listed on two exchanges, according to Deutsche Bank

At the end of June 2009 there were 716 exchange-traded funds in the US with assets of USD539.5bn issued by 23 providers and primarily listed on two exchanges, according to Deutsche Bank.

Additionally, there were 129 exchange-traded products ex ETFs with assets of USD63.9bn from 19 providers and primarily listed on one exchange.

The US had 68.2 per cent of the global ETP assets under management, Europe had 20.3 per cent, Asia had 6.6 per cent, and other countries/regions had 4.9 per cent.

In terms of turnover, the US dominated with 94.5 per cent of the global total, while Europe, Asia, and the rest of the world made up 3.4 per cent, 1.1 per cent, and 1.0 per cent respectively.

Assets under management at the end of Q2 increased 22.7 per cent against the previous quarter end and 11.1 per cent versus year end 2008. AUM at the end of Q2 was USD603.4bn versus USD491.6bn at Q1 end and USD543.1bn at the end of last year.

Large cap ETFs were the top category by AUM with USD112.7bn even after a 20.8 per cent YTD decrease.

The largest ETF issuer by AUM was BGI with 52.8 per cent of the ETF market share, whilst the largest ETPs ex ETFs issuer was State Street with 52.4 per cent market share. The largest ETP by AUM was the S&P 500 SPDR ETF with USD63.7bn.

ETPs experienced inflows of USD39.1bn during Q2, representing 6.5 per cent of the AUM at the end of Q2, versus outflows of USD1.5bn during Q1, representing 0.3 per cent of the AUM at Q1 end.

Equity ETFs had the largest inflows during Q2 with USD22.4bn, almost upsetting outflows of USD28.7bn during Q1. Fixed income ETFs received the top inflows by category with USD11.1bn during Q2 and USD23.6bn YTD.

Conversely, large cap ETFs experienced the largest outflows of USD4.2bn in Q2 and USD30.5bn YTD.

The largest ETF issuer by inflows was BGI with USD18.2bn, and the largest ETPs ex ETFs issuer by inflows was Deutsche Bank with USD2.0bn.

Average daily turnover during Q2 decreased 15.3 per cent versus the previous quarter and 22.7 per cent against last year. Turnover in Q2 was USD72.2bn versus USD85.3bn during Q1 and USD93.5bn over the last year. Equity ETFs were the main drivers of this decline.

Large cap ETFs were the top category by turnover with USD29.5bn traded on average on a daily basis. But YTD turnover in large cap ETFs has decreased 33.7 per cent. Turnover in leverage ETFs has risen 52.6 per cent YTD to USD6.4bn.

The largest ETP issuer by turnover was State Street with 43.2 per cent of the ETF market share and 39.9 per cent of the ETPs ex ETFs market share. The largest ETP by turnover was the S&P 500 SPDR ETF with USD22.9bn.

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