ETFGI reports today that Leveraged and Inverse ETFs and ETPs listed globally suffered net outflows of US$749 million during September 2019

LONDONOctober 31, 2019 — ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that Leveraged and Inverse ETFs and ETPs suffered net outflows of US$749 million during September. Total assets invested in leveraged and inverse ETFs and ETPs decreased from US$76.7 billion at the end of August to US$75.5 billion, according to ETFGI’s September 2019 Leveraged and Inverse ETFs and ETPs industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) 

Highlights

  • Assets invested in leveraged and inverse ETFs/ETPs decreased by 1.6% during September 2019 to $75.5 billion.
  • During September, leveraged and inverse ETFs/ETPs listed globally saw net outflows of $749 million.
  • The majority of assets were invested in Leverage ETFs/ETPs with $46.8 billion, followed by Leveraged/Inverse products with assets of $15 billion, then Inverse with $13.7 billion.

“The S&P 500® gained 1.9% during September despite slowing economic growth, ongoing trade disputes and a presidential impeachment inquiry. Shifting the focus to the S&P Developed ex-U.S. BMI, the index was up 3.0%, as 23 of 25 countries gained during the month; the highest gainer in the month was Korea (up 6.4%), while Hong Kong continued to decline (down 0.8%). From an Emerging Markets standpoint, the S&P Emerging BMI gained 1.4%, with 15 of the 23 reporting gains. Globally, equities reclaimed prior month losses, gaining 2.1%, as measured by the S&P Global BMI (38 out of 50 countries reporting gains).” According to Deborah Fuhr, managing partner, founder and owner of ETFGI.

According to ETFGI’s September 2019 Leveraged and Inversed ETF and ETP industry insights report, an annual paid-for research subscription service, assets invested in leveraged and inverse ETFs/ETPs listed globally have decreased by 1.6% from $76.7 billion in August to $75.5 billion.

The majority of assets were invested in Leverage ETFs/ETPs with $46.8 billion, followed by Leveraged/Inverse products with assets of $15 billion and Inverse with $13.7 billion. At the end of September 2019, the Global leveraged/inverse ETF/ETP industry had 822 ETFs/ETPs. Of these 822 ETFs/ETPs, 418 were leveraged products, while 203 were inverse listings, and 201 were leveraged inverse. The largest market for leveraged and inverse ETFs/ETPs was in the United States, which, at the end of September 2019, had assets of $45.88 billion invested in 276 ETFs/ETPs.

Global leveraged/inverse ETF and ETP asset growth as at the of end of September 2019

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During September, globally listed leveraged and inverse ETFs/ETPs saw net outflows of $749 million and net outflows year-to-date reached $3.02 billion. The top 20 leveraged and inverse ETFs/ETPs by Year-to-Date net new assets collectively gathered $11.47 billion year-to-date to September. The Velocity Shares Daily 2x VIX Short Term ETN (TVIX US) gathered $1.45 billion alone, the largest net inflow year-to-date to September. 

Top 20 ETFs/ETPs by YTD net new assets September 2019: Leveraged and Inverse

Name

 

 

Country Listed

Ticker

Assets
(US $Million)
 Sep-19

 

ADV

 (US$ Million)     Sep-19

NNA
(US$ Million)
 YTD-19

Leverage

VelocityShares Daily 2x VIX Short Term ETN

US

TVIX US

    1,117.69

        499.37

    1,454.71

Leveraged

NEXT FUNDS Nikkei 225 Double Inverse Index Exchange Traded Fund

Japan

1357 JP

    1,973.70

        226.45

    1,447.96

Leveraged Inverse

ProShares UltraPro Short QQQ

US

SQQQ US

    1,129.13

        429.36

    1,107.45

Leveraged Inverse

iPath Series B S&P 500 VIX Short-Term Futures ETN

US

VXX US

       989.89

        842.85

    1,025.63

Leveraged

ProShares Ultra VIX Short-Term Futures

US

UVXY US

       597.09

        384.17

       727.45

Leveraged

Daiwa ETF Japan Nikkei225 Inverse Index

Japan

1456 JP

       638.22

            0.29

       632.87

Inverse

VelocityShares Daily 3x Long Natural Gas ETN

US

UGAZ US

       538.58

        236.89

       539.41

Leveraged

ProShares UltraShort S&P500

US

SDS US

    1,020.93

        170.35

       483.13

Leveraged Inverse

ProShares UltraPro Short S&P 500

US

SPXU US

       652.32

        122.99

       482.41

Leveraged Inverse

Direxion Daily Gold Miners Bear 3x Shares

US

DUST US

       431.51

        155.62

       437.95

Leveraged Inverse

ProShares Short S&P500

US

SH US

    1,957.39

        106.23

       412.46

Inverse

Direxion Daily S&P 500 Bear 3X Shares

US

SPXS US

       482.73

        104.40

       384.09

Leveraged Inverse

CSOP Hang Seng Index Daily -2x Inverse Product

Hong Kong

7500 HK

       384.58

          63.23

       365.06

Leveraged Inverse

NEXT FUNDS Nikkei 225 Inverse Index ETF

Japan

1571 JP

       399.53

            9.12

       321.14

Inverse

Xtrackers ShortDAX Daily UCITS ETF - 1C

Germany

XSDX GY

       621.85

            7.46

       308.95

Inverse

Direxion Daily Semiconductors Bear 3x Shares

US

SOXS US

       214.24

          63.20

       301.17

Leveraged Inverse

Samsung KODEX 200 Futures Inverse 2X ETF

South Korea

252670 KS

       561.71

        104.05

       292.38

Leveraged Inverse

Lyxor UCITS ETF CAC 40 DAILY DOUBLE SHORT

France

BX4 FP

       300.04

          25.28

       270.64

Leveraged Inverse

NEXT NOTES Nikkei TOCOM Leveraged Crude Oil ETN

Japan

2038 JP

       263.25

            4.42

       260.40

Leveraged

Xtrackers Euro Stoxx 50 Short Daily UCITS ETF - 1C

Germany

XSSX GY

       377.80

            5.69

       218.30

Inverse

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Please contact [email protected] if you have any questions, suggestions or would like to discuss subscribing to any of ETFGI’s research or consulting services.

 

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Less than a month left to Register to join the discussion with key industry leading ETF issuers, investors, traders, analysts, regulators, and lawyers – at the ETFGI Global ETFs Insights Summit on December 2nd from 8am – 4:45pm in Toronto at the St Regis Toronto hotel. 

The event is designed to facilitate a discussion around the impact regulations and market structure developments are having on the ETF selection, portfolio construction, trading and product development of ETFs.

Complimentary registration is available for buyside institutional investors and financial advisors including traders, portfolio managers and fund selectors.  
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Raymond Chan, Director, Investment Funds and Structured Products, Ontario Securities Commission
Michael Cooke, Senior Vice President, Head of Exchange Traded Funds, Mackenzie Investments
Carol E. Derk, Lawyer, Borden Ladner Gervais
Deborah Fuhr, Managing Partner, Founder, ETFGI
Margaret Gunawan, MD, Head of Canada Legal & Compliance, BlackRock
Steve Hawkins, President & CEO, Horizons ETFs
Ronald C. Landry, Head of Product and Canadian ETF Services, CIBC Mellon
Lisa Lake Langley, CEO & Founder, Emerge Capital Management
Jin Li, Vice President, ETF & Quantitative Research Analyst | Equity Research, BMO Capital Markets
Patrick McEntyre, Managing Director, Electronic Trading & Services, National Bank Financial
Mary Jane Young, Head of ETF Trading, Director, TD Securities 
Jos Schmitt, President & CEO, Executive Director, NEO Exchange

Afternoon workshop: during the afternoon attendees will separated into small groups, participants will have the opportunity to discuss with their peers a number of topics of importance relating to ETFs, as well as raise any questions with, and obtain guidance from, outside experts.

 

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ETF TV is a new show which provides insights into the use, trading, regulatory and product development trends for exchange traded funds ETFs and exchange traded products ETPs.  Go to www.ETFtv.net to view

 

Episode 1 ETF TV views from industry leaders in Europe

Episode 2 ETF TV Tara O'Reilly on the regulatory environment for ETFs 

Episode 3 ETF TV Dan Draper of Invesco picks out the key future trends to watch in the ETF market 

Episode 4 ETF TV Dr Xiaolin Chen of KraneShares explains ETF use in institutional investment and for access to China

Episode 5 ETF TV ETF market structure and trading protocols are evolving approaches to investment Tom Digby, Head of EMEA ETF Client Trading at Invesco

Episode 6 ETF TV Ciarán Fitzpatrick, Managing Director, Head of ETF Servicing Europe at State Street discuss generating alpha with ETFs  

Episode 7 of ETF TV features Eric M. Pollackov Global Head of ETF Capital Markets at Invesco sharing his views on active and passive investing being a collaboration of capabilities, the need for education and innovations developing in non-transparent active and Crypto ETPs
Episode 8 of ETF TV features Shaun Baskett, Director Index Sales at Cboe Europe sharing his views on the role of regulation, trade transparency and liquidity for ETFs
Episode 9 of ETF TV features Sergey Dolomanov, Partner at WILLIAM FRY sharing his views on the value of ETFs being the delivery of better value and choice for investors and the development of active and ESG strategies with Hamish McArthur of ETF TV and Deborah Fuhr of ETFGI 
Episode 10 of ETF TV features Jim Goldie, head of ETF Capital Markets (EMEA) at Invesco, sharing his views on the growth in the use of fixed income ETFs, how they can have tighter spreads than the index and provide cost efficient execution, with Hamish McArthur of ETF TV
Episode 11 of ETF TV features Elena Philipova, Global head of ESG proposition at Refinitiv, discussing how to define sustainable investment opportunities and the changing landscape of ESG application within the investment industry Episode 12 of ETF TV part 2 of the Difference in US and European approaches to ESG should not inhibit growth interview with Elena Philipova, global head of ESG proposition at Refinitiv with Deborah Fuhr, Managing Partner of ETFGI and co-founder of ETF TV
Episode 13 of ETF TV   features Tom Stephens, head of international ETF Capital Markets at JP Morgan Asset Management, Active ETFs will be the next level.  The use of fixed income exchange-traded funds for long term investment as well as for shorter term liquidity management and portfolio transitions
Episode 14 of ETF TV episode features Manuela Sperandeo, EMEA head of smart beta, sustainable and thematic ETFs at BlackRock explains how to define the category, assess it in the context of investment strategy, and to implement it in practicality

 

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About Deborah Fuhr 
Previously Deborah Fuhr served as global head of ETF research and implementation strategy and as a managing director at BlackRock/Barclays Global Investors from 2008 – 2011. She also worked as a managing director and head of the investment strategy team at Morgan Stanley in London from 1997 – 2008, and as an associate at Greenwich Associates. 
 
She has been working with investors, ETF, ETP providers, index providers, exchanges, MMs and APs, regulators, trade associations, custodians, law firms, accounting firms around the world since 1997. 

ETFGI is honored to count as our research and consulting clients some of the leading firms in the ETF Ecosystem around the world as well as some new entrants and firms that are considering entering the ETF, ETP industry. 
 
Past awards for Ms Fuhr include the ETF.com’s 2018’s Lifetime Achievement Award, the recipient of the 100 Women in Finance 2017 European Industry Leadership Award, the 2014 William F. Sharpe Lifetime Achievement Award for outstanding contributions to the field of index investing and she named one of the “100 Most Influential Women in Finance” by Financial News over several years, most recently in 2016. 
 
Deborah Fuhr is a founder and board member of Women in ETFs “WE” the first women’s group for the ETF industry. Founded in January 2014, WE is a non-profit organization that brings together over 5,300 members, including women and men, in chapters in major financial centers around the world to CONNECT, SUPPORT and INSPIRE. WE achieves this by organizing events at our chapters globally that support our goals of education, networking, philanthropy, and idea sharing across the industry and beyond. For more information, visit: 
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