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Jim Wiandt
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Cliffs Notes on ETF Families

Related ETFs: DBA | DJP | GSG | DBC | OIL | GLD | IAU | SLV | FXE | FXY | EPP | EWA | EWZ | EEB | EWC | FXI | EFA | EFG | EFV | EEM | VWO | IEV | EZU | EWG | IOO | MOO | IXC | VEU | RWX | GDX | EWH | INP | EWJ | ILF | EWM | EWW | RSX | EWS | EWY | EWT | EWU | DVY | SPY | DIA | IVV | IWB | OEF | RSP | PRF | IVW | IWF | PWB | IVE | IWD | MDY | IJH | IWR | IJK | IWP | IJJ | IWS | IJR | IWM | IWO | IWN | IWV | VTI | IGE | IBB | XLP | XLE | IYE | XLF | XLV | IYH | IYR | ICF | PBW | XLK | IYW | XLU | PHO | FXP | DXD | SDS | QID | TWM | DUG | SKF | SRS | SSO | QLD | UYG | AGG | LQD | TIP | IEF | SHY
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I've put some effort in the last week into cleaning up our data and really making sure that we're getting a fairly accurate reading of all of the ETFs and ETNs trading in the US. Look for the same sometime in the near future from Paul Amery out of our London bureau.

I KNOW you all love this kind of data, because I love breaking down the numbers, and almost invariably when something data-related gives me pleasure, I know there are lots of fellow data geeks out there who are going to eat it up. Bear in mind, that if you are indeed a data geek, this sort of thing is not at all a difficult exercise. I'm basically using junior high Excel skills here and our State-of-the-art (we're catching up with you Jeff) data tool that allows you to download a CSV file and sort and calculate to your hearts desire.

So enough messing around. Here is the data broken down by fund family. I've kept it simple and am sorting from the company perspective by revenues per fund family (profits is our next task and then, of course, we bring in the spectacularly overpriced actively managed mutual funds into the business. I guess aside from just laying out all the data for interest, we're putting in a gentle plea there to the industry on behalf of all of the ETF investors out to keep to its low-cost roots and build in some sort of sliding scale for reductions in fees owing to the enormous scale these products enjoy as assets soar.

In the data below, we list total assets by fund family, median (equal-weighted) expense ratio, mean (dollar weighted) expense ratio. To see how these have been calculated you can view my original blog which surveyed the industry and listed the highest revenue ETFs. I'll also, by request, list the updated version of that table here below the breakdown by family.

Here are the ETFs broken down by fund sponsor and sorted by revenues per fund family:

Fund Sponsor

Number Funds

Average (equal weighted) ER

Average (dollar weighted)

Total Assets

Total Revenues

BGI

159

0.41

0.36

298,701,700,000

1,081,971,860

SSgA

68

0.33

0.18

156,979,300,000

281,877,500

PowerShares

116

0.66

0.45

36,422,200,000

165,153,860

ProShares

60

0.95

0.95

16,195,800,000

153,860,100

Vanguard

37

0.16

0.14

44,085,300,000

60,267,420

Barclays Capital

16

0.69

0.76

4,791,700,000

36,466,880

Van Eck

12

0.52

0.60

5,176,700,000

31,312,260

Rydex

31

0.48

0.39

5,782,800,000

22,455,820

WisdomTree

40

0.51

0.52

4,296,600,000

22,201,880

Claymore

32

0.84

0.81

1,961,500,000

15,851,440

Victoria Bay

4

0.58

0.55

1,194,000,000

6,513,400

First Trust

36

0.65

0.68

932,400,000

6,377,140

ELEMENTS

14

0.63

0.73

471,100,000

3,458,700

XShares

31

0.73

0.69

239,300,000

1,659,450

Goldman Sachs

1

1.25

1.25

116,600,000

1,457,500

Bear Stearns

2

0.60

0.69

158,800,000

1,098,300

Greenhaven

1

0.85

0.85

28,857,500

245,278

Fidelity

1

0.30

0.30

80,500,000

241,500

SPA

6

1.12

1.12

16,100,000

180,320

Lehman Brothers

3

0.82

0.82

14,600,000

119,100

FocusShares

4

0.54

0.48

23,900,000

114,900

Ziegler

1

0.50

0.50

4,800,000

24,000

Ameristock

5

0.15

0.15

13,300,000

19,950

HOLDRs

17



9,707,300,000

 

Industry Total

40

0.54

0.32

587,366,300,000

1,892,683,280


And here is a more accurate measure of the top 100 ETFs sorted by revenue per reader request and updated through Q1, 2008:

Name

Ticker

Exp Ratio

Assets

Revenues

iShares MSCI Emerg Mkts

EEM

0.74

23,848,300,000

176,477,420

iShares MSCI EAFE

EFA

0.34

45,422,500,000

154,436,500

streetTRACKS Gold Shares

GLD

0.4

19,261,800,000

77,047,200

SPDRs (S&P 500)

SPY

0.08

82,299,500,000

65,839,600

iShares Brazil

EWZ

0.69

6,978,100,000

48,148,890

iShares FTSE/Xinhua China

FXI

0.74

5,544,800,000

41,031,520

iShares Japan

EWJ

0.52

7,562,200,000

39,323,440

PowerShares QQQQ

QQQQ

0.2

17,037,800,000

34,075,600

iShares Taiwan

EWT

0.77

3,621,000,000

27,881,700

iShares R1000 Growth

IWF

0.2

12,857,900,000

25,715,800

ProShares UltraShort S&P 500

SDS

0.95

2,548,400,000

24,209,800

iPath DJ-AIG Commodity

DJP

0.75

3,201,600,000

24,012,000

UltraShort Financials ProShares

SKF

0.95

2,497,300,000

23,724,350

iShares DJ Sel Dividend

DVY

0.4

5,897,800,000

23,591,200

iShares Russell 2000

IWM

0.2

10,468,700,000

20,937,400

MidCap SPDR (S&P 400)

MDY

0.25

8,173,200,000

20,433,000

iShares South Korea

EWY

0.68

2,956,000,000

20,100,800

DB Commodity Index

DBC

0.83

2,240,400,000

18,595,320

DIAMONDS Trust

DIA

0.17

10,826,200,000

18,404,540

PowerShares DB Agriculture Fund

DBA

0.75

2,386,100,000

17,895,750

iShares MSCI ex-Japn

EPP

0.5

3,493,900,000

17,469,500

iShares Lehman Aggregate

AGG

0.2

8,625,500,000

17,251,000

iShares S&P Latin 40

ILF

0.5

3,353,000,000

16,765,000

iShares R1000 Value

IWD

0.2

8,327,600,000

16,655,200

iShares Silver Trust

SLV

0.5

3,225,400,000

16,127,000

Financial SPDR

XLF

0.23

6,693,700,000

15,395,510

Vanguard Emerging Markets

VWO

0.25

6,105,300,000

15,263,250

iShares S&P 500

IVV

0.09

16,408,500,000

14,767,650

iShares Lehman 1-3 Treas

SHY

0.15

9,573,900,000

14,360,850

iShares S&P Euro-350

IEV

0.6

2,310,000,000

13,860,000

iShares Lehman TIPS Bond

TIP

0.2

6,756,900,000

13,513,800

PowerShares Water Resources

PHO

0.66

1,993,600,000

13,157,760

ProShares UltraShort QQQ

QID

0.95

1,273,900,000

12,102,050

iShares EMU (Eurozone)

EZU

0.51

2,348,300,000

11,976,330

Energy SPDR

XLE

0.23

4,733,600,000

10,887,280

Market Vectors Gold Miners

GDX

0.55

1,948,800,000

10,718,400

iShares GS Nat Res

IGE

0.48

2,208,300,000

10,599,840

iShares Hong Kong

EWH

0.52

2,033,100,000

10,572,120

iShares S&P 500 Growth

IVW

0.18

5,685,200,000

10,233,360

ProShares Ultra QQQ

QLD

0.95

1,050,600,000

9,980,700

PShares WilderHill Clean Engy

PBW

0.7

1,384,500,000

9,691,500

Market Vectors Agribusiness ETF

MOO

0.65

1,471,700,000

9,566,050

iShares Germany Indx

EWG

0.51

1,873,100,000

9,552,810

ProShares UltraShort Russell 2000

TWM

0.95

970,600,000

9,220,700

ProShares Ultra S&P 500

SSO

0.95

959,500,000

9,115,250

iShares DJ Real Estate

IYR

0.48

1,887,000,000

9,057,600

iShares S&P 400 MidCap

IJH

0.2

4,384,900,000

8,769,800

iShares Singapore

EWS

0.51

1,702,800,000

8,684,280

UltraShort Oil & Gas ProShares

DUG

0.95

908,100,000

8,626,950

iShares Canada Index

EWC

0.52

1,613,700,000

8,391,240

UltraShort Real Estate ProShares

SRS

0.95

881,300,000

8,372,350

iShares R2000 Value

IWN

0.25

3,323,400,000

8,308,500

iShares S&P 100

OEF

0.2

4,048,300,000

8,096,600

iShares S&P 600 Small

IJR

0.2

4,012,200,000

8,024,400

iShares Mexico

EWW

0.51

1,545,400,000

7,881,540

iShares COMEX Gold Trust

IAU

0.4

1,886,300,000

7,545,200

iShares C&S Realty

ICF

0.35

2,128,900,000

7,451,150

iShares Australia

EWA

0.51

1,372,200,000

6,998,220

Vanguard Total Stock Market

VTI

0.07

9,778,600,000

6,845,020

iShares S&P 500 Value

IVE

0.18

3,756,700,000

6,762,060

iShares Russell Mid Growth

IWP

0.25

2,703,300,000

6,758,250

iShares Russell Midcap

IWR

0.2

3,351,600,000

6,703,200

iShares Rusell Mid Value

IWS

0.25

2,655,900,000

6,639,750

Ultra Financials ProShares

UYG

0.95

698,500,000

6,635,750

iPath MSCI India Index

INP

0.89

741,200,000

6,596,680

iShares R2000 Growth

IWO

0.25

2,627,600,000

6,569,000

iShares NASD Biotech

IBB

0.48

1,344,200,000

6,452,160

PowerShares FTSE RAFI 1000

PRF

0.7

851,500,000

5,960,500

Technology SPDR

XLK

0.23

2,576,400,000

5,925,720

streetTRACKS DJ Int RlEst

RWX

0.6

969,100,000

5,814,600

Claymore/BNY BRIC ETF

EEB

0.64

895,200,000

5,729,280

iShares Malaysia

EWM

0.51

1,120,800,000

5,716,080

Market Vectors Russia

RSX

0.69

825,100,000

5,693,190

Consumer Staples SPDR

XLP

0.23

2,469,000,000

5,678,700

iShares U.K.

EWU

0.51

1,112,200,000

5,672,220

Utilities SPDR

XLU

0.23

2,446,800,000

5,627,640

iShares Russell 1000

IWB

0.15

3,710,400,000

5,565,600

UltraShort FTSE/Xinhua China 25 ProShares

FXP

0.95

575,500,000

5,467,250

iShares Russell 3000

IWV

0.2

2,718,700,000

5,437,400

iShares DJ US Energy

IYE

0.48

1,118,500,000

5,368,800

Health Care Sel SPDR

XLV

0.23

2,288,000,000

5,262,400

iShares GS$ InvesTop

LQD

0.15

3,445,800,000

5,168,700

ProShares UltraShort Dow 30

DXD

0.95

540,800,000

5,137,600

Rydex S&P Equal Weight

RSP

0.4

1,274,200,000

5,096,800

iShares S&P 400 Mid Value

IJJ

0.25

2,021,100,000

5,052,750

iShares MSCI EAFE Growth

EFG

0.4

1,236,300,000

4,945,200

iShares S&P 400 Mid Growth

IJK

0.25

1,926,800,000

4,817,000

iShares GSCI Commodity Id

GSG

0.75

631,800,000

4,738,500

Euro Currency Trust

FXE

0.4

1,173,000,000

4,692,000

iShares DJ Tech

IYW

0.48

959,100,000

4,603,680

iShares S&P Glb Energy

IXC

0.49

933,900,000

4,576,110

Claymore MACROshares Oil Up Tradeable Tr

UCR

1.6

279,972,000

4,479,552

iShares DJ Health

IYH

0.48

861,300,000

4,134,240

iShares MSCI EAFE Value

EFV

0.4

1,020,800,000

4,083,200

iShares Lehman 7-10

IEF

0.15

2,704,100,000

4,056,150

PowerShares Dyn Lg Growth

PWB

0.63

638,100,000

4,020,030

CurrencyShares Japan Yen

FXY

0.4

987,700,000

3,950,800

Vanguard FTSE All-W ex-US

VEU

0.25

1,577,700,000

3,944,250

iShares S&P Glob 100

IOO

0.4

949,300,000

3,797,200

 

So there you have it. I think that is a pretty accurate read on the state of the ETF industry from the issuer side. The only things missing here on the revenue side would be peripheral income, from share lending for example, that does not go into the funds themselves. Policy on this varies from issuer to issuer.

The next step in this analysis will be to look at the expenses and profits for each issuer. You figure an issuer is doing very well to keep about half of its revenue normally after all licensing fees and service provider fees come out. But we'll break it down and do this and company valuations in great detail.

Enjoy this for now...

 

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