Due to the popularity of my look atETFs by revenues, I've broken down fund families by revenues, average and meanERs. While you may intuitively know some of this data, some of the results maysurprise you.
I've put some effort in the lastweek into cleaning up our data and really making sure that we're getting afairly accurate reading of all of the ETFs and ETNs trading in the US. Look forthe same sometime in the near future from Paul Amery out of our London bureau.
I KNOW you all love this kind ofdata, because I love breaking down the numbers, and almost invariably whensomething data-related gives me pleasure, I know there are lots of fellow datageeks out there who are going to eat it up. Bear in mind, that if you are indeed a data geek, this sort of thing isnot at all a difficult exercise. I'mbasically using junior high Excel skills here and our State-of-the-art (we'recatching up with you Jeff) data tool that allows you to download a CSV file andsort and calculate to your hearts desire.
So enough messing around. Here is the data broken down by fundfamily. I've kept it simple and amsorting from the company perspective by revenues per fund family (profits isour next task and then, of course, we bring in the spectacularly overpriced activelymanaged mutual funds into the business. I guess aside from just laying out allthe data for interest, we're putting in a gentle plea there to the industry onbehalf of all of the ETF investors out to keep to its low-cost roots and buildin some sort of sliding scale for reductions in fees owing to the enormousscale these products enjoy as assets soar.
In the data below, we list totalassets by fund family, median (equal-weighted) expense ratio, mean (dollarweighted) expense ratio. To see howthese have been calculated you can view my original blog which surveyed theindustry and listed the highest revenue ETFs. I'll also, by request, list the updated version of that table here belowthe breakdown by family.
Here are the ETFs broken down byfund 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 measureof the top 100 ETFs sorted by revenue per reader request and updated throughQ1, 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 thatis a pretty accurate read on the state of the ETF industry from the issuerside. The only things missing here on the revenue side would be peripheralincome, from share lending for example, that does not go into the fundsthemselves. Policy on this varies from issuer to issuer.
The next step in this analysis willbe to look at the expenses and profits for each issuer. You figure an issuer is doing very well tokeep about half of its revenue normally after all licensing fees and serviceprovider fees come out. But we'll breakit down and do this and company valuations in great detail.
Enjoy this for now...