2007 ETF League Table (Updated)

January 02, 2008

2007 was a banner year for ETFs. Let's see which companies did well ... and which didn't. (Updated with 2006 comparison, including the fastest-growing ETF providers.)

Based on data from the AMEX, the U.S. ETF industry ended the year with total net assets of $632 billion (as of 12/28).  If you add in ETN assets, that number jumps to $637 billion. That's up nearly $215 billion from the ICI's 2006 estimate of $422.5 billion. Not bad...

On a company-by-company basis, Barclays Global Investors (BGI) ends the year at the top of the ETF League Table, with $332.3 billion in total assets.  That gives BGI a 52% share of the ETF market, which is about even with where it was this time last year.

State Street Global Advisors (SSgA) comes in a solid second on the asset front ($173.1 billion), followed by Vanguard ($42.1 billion) and PowerShares ($40.9 billion). From there it's a big fall-off to number five, ProShares, with $9.6 billion in assets.

On a fund count basis, BGI also holds its lead, with 154 total ETFs, followed by PowerShares (111), SSgA (66), ProShares (58) and WisdomTree (39).

 

Largest U.S. ETF Providers - 2007

ETF Company

Listed ETFs

Net Assets
(in $US millions)

BGI - iShares

154

         332,346

State Street

66

         173,073

Vanguard

37

           42,059

PowerShares

111

           40,943

ProShares

58

             9,630

Merrill Lynch

17

             7,152

Rydex

31

             5,541

WisdomTree

39

             4,553

Barclays Bank - iPath (ETN)

16

             4,425

Van Eck

8

             3,400

Claymore

36

             1,896

Victoria Bay

3

             1,083

First Trust

36

             1,006

X-Shares

31

                 256

Elements (ETN)

7

                 130

Fidelity

1

                 115

Bear Stearns (ETN)

1

                   70

Goldman Sachs (ETN)

2

                   67

MacroShares

2

                   60

FocusShares

4

                   24

SPA ETFs

6

                   14

Ameristock

5

                   13

NYSE Arca

1

                      8

 

BGI Is Fastest-Growing ETF Provider

BGI also had the distinction of being the fastest-growing ETF company in 2007, adding $81.7 billion in assets to its already formidable base. 

SSgA was a formidable number 2, adding $62.6 billion. About half of that came from the SPDR S&P 500 ETF (SPY), with the rest scattered among a number of funds. 

Vanguard put in a strong performance in 2007 as well, getting serious about its ETF business and adding $19.8 billion in assets.  PowerShares tacked on $8.3 billion, if you include the QQQQ and BLDR funds in its tally for 2006 (it took over as sponsor of the funds in 2007).  ProShares rounds out the top five, adding $7.5 billion.

ProShares also had the distinction of adding the most new ETFs, at 46, followed closely by PowerShares at 40.  BGI (32), XShares (31) and Claymore (27) round out the top five.

Merrill Lynch was the only company to lose substantial assets in 2007, with investors pulling nearly $3 billion out of the HOLDRs products.

The table below does not include ETNs, as data is not available at this time. iPath was the fastest growing ETN provider, however, both on a product and an asset basis.

Fastest-Growing ETF Providers - 2007

Company

New Funds

 Asset Growth ($US millions)

BGI - iShares

34

       81,715.0

SSgA

22

       62,621.3

Vanguard

10

       19,831.1

PowerShares

40

          8,347.3

ProShares

46

          7,469.8

WisdomTree

9

          3,032.4

Van Eck

5

          2,877.4

Rydex

7

          1,826.6

Claymore

27

          1,533.3

Victoria Bay

2

             316.8

First Trust

26

             300.9

X-Shares

31

             256.0

FocusShares

4

                24.0

SPA ETFs

6

                14.0

Ameristock

5

                13.0

NYSE Arca

1

                  8.0

MacroShares

0

                (6.0)

Fidelity

0

             (18.0)

Merrill Lynch

0

       (2,915.8)

 

ETF Industry Concentrated In Few Funds

Despite the fact that there are now 23 ETF and ETN providers marketing well over 600 funds, the ETF industry remains very concentrated. The ten largest ETFs hold $288.7 billion in assets, or 45% of the industry total in the U.S.

Within individual companies, a large percentage of its total assets are often concentrated in a single ETF, as shown below. This chart makes the industry dominance of BGI clearer: Despite being the largest ETF manager by far, its assets are diversified across multiple funds, with the largest fund (EFA) holding just 16% of total assets. That compares with SSgA, where 59% of total assets are located in just a single fund (SPY).

Asset Concentration In Largest ETF - December 28, 2007

ETF Company

Largest ETF Ticker

Assets ($US millions) In Largest ETF

Share Of Total Assets

Fidelity

ONEQ

                 115

100%

Bear Stearns (ETN)

BSR

                   70

100%

NYSE Arca

NYX

                      8

100%

MacroShares

UCR

                   48

80%

Goldman Sachs (ETN)

GCE

                   50

75%

Barclays Bank - iPath (ETN)

DJP

             2,634

60%

State Street

SPY

         101,791

59%

Claymore

EEB

             1,060

56%

PowerShares

QQQQ

           22,106

54%

Victoria Bay

UNG

                 583

54%

Elements (ETN)

RJA

                   61

47%

FocusShares

SAW

                   10

42%

Van Eck

GDX

             1,359

40%

Merrill Lynch

OIH

             2,530

35%

Rydex

RSP

             1,753

32%

Vanguard

VTI

           10,325

25%

Ameristock

GKE

                      3

23%

Xshares

HHD

                   53

21%

First Trust

FVL

                 190

19%

ProShares

SDS

             1,580

16%

BGI -iShares

EFA

           51,941

16%

SPA ETFs

SZG

                      2

14%

WisdomTree

DLS

                 569

12%

 

Funds In Registration

Looking into 2008, it is the "strategy players" that have the largest number of funds in registration right now. ProShares and Rydex lead the charge with 115 and 87 ETF in registration, respectively, composed mostly of leveraged, inverse and inverse-leveraged products. 

Next up is PowerShares with 48 funds in registration, a sign that it plans to continue pushing the pace of fund development.

Number four on this list is an interesting one - Northern Trust - which hopes to enter the ETF market for the first time in 2008. Northern Trust is a major player in the index market, particularly for institutions and high net worth investors, and it is likely to make a splash in ETFs as well.

ETFs In Registration

December 31, 2007

ETF Company

ETFs In Registration

ETF Company

ETFs In Registration

ProShares

115

Rydex

87

PowerShares

48

Northern Trust

27

WisdomTree

25

Xshares

25

State Street

21

IndexIQ

20

BGI -iShares

15

Van Eck

11

Claymore

10

Wilder

8

First Trust

4

SPA ETFs

4

VTL

3

Victoria Bay

2

Bear Stearns (ETF)

1

Grail Partners

1

Greenhaven

1

Voskian

1

Vanguard

0

Merrill Lynch

0

Fidelity

0

MacroShares

0

MacroShares

0

FocusShares

0

Ameristock

0

NYSE Arca

0

 

 

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