ETFGI reports assets invested in ETFs and ETPs listed in United States reached a new record of US$4.42 trillion at the end of 2019
LONDON — January 17, 2020 — ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that ETFs and ETPs listed in United States gained net inflows of US$56.15 billion during December, bringing year-to-date net inflows to US$330.24 billion. Assets invested in the US ETFs/ETPs industry have increased by 3.3%, from US$4.28 trillion at the end of November, to $4.42 trillion, and 30.4% during 2019, according to ETFGI's December 2019 US 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 the US ETF/ETP industry reached a new high record of $4.42 trillion.
- Assets are up 30.4% year to date which is greater than the 18.8% CAGR over the past 10 years.
- During December, ETFs/ETPs listed in US attracted $56.15 billion in net inflows with Equity products dominating Fixed Income.
- Year-to-date net inflows of $330.24 billion are the 2nd highest behind December 2017 with $468.35 billion.
- January 22nd will mark the 27th anniversary of the listing of the first successful ETF in the U.S. – the SPDR S&P 500 ETF Trust ticker SPY
“Renewed optimism with easing trade tensions and accommodation from the U.S. Federal Reserve helped the S&P 500 gained 3.0% during December to close the year up 31.5%. The S&P Developed ex-U.S. BMI gained 3.7% during the month, concluding 2019 up 22.8%. The S&P Global BMI ended December and the year with favorable gains, up 3.6% and 26.8%, respectively. According to Deborah Fuhr, managing partner, founder and owner of ETFGI.
Growth in US ETF and ETP assets as of the end of December 2019
At the end of December 2019, the US ETFs/ETPs industry had 2,361 ETFs/ETPs, from 155 providers on 3 exchanges.
During December 2019, ETFs/ETPs gathered net inflows of $56.15 billion. Equity ETFs/ETPs listed in US gathered net inflows of $41.93 billion during December, bringing YTD net inflows for 2019 to $166.78 billion, less than the $207.67 billion in net inflows Equity products had attracted in 2018. Fixed Income ETFs/ETPs listed in US attracted net inflows of $11.87 billion during December, bringing YTD net inflows for 2019 to $129.32 billion, substantially more than the $75.25 billion in net inflows in 2018. Commodity ETFs/ETPs reported outflows of $181 million, bringing the YTD net inflows to $8.20 billion for 2019, which is significantly greater than the $1.33 billion in net outflows for 2018.
Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $35.22 billion at the end of December, the SPDR S&P 500 ETF Trust (SPY US) gathered $13.43 billion alone.
Top 20 ETFs by net new assets December 2019: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
SPDR S&P 500 ETF Trust |
SPY US |
311,927.90 |
4,752.44 |
13,432.23 |
|
iShares Core U.S. Aggregate Bond ETF |
AGG US |
69,276.11 |
8,828.42 |
2,428.90 |
|
iShares Core MSCI Emerging Markets ETF |
IEMG US |
61,818.67 |
5,582.91 |
1,825.73 |
|
iShares MSCI Emerging Markets ETF |
EEM US |
29,483.09 |
(2,983.50) |
1,626.98 |
|
iShares MSCI EAFE ETF |
EFA US |
64,279.55 |
(8,189.65) |
1,529.92 |
|
Vanguard Total Stock Market ETF |
VTI US |
136,225.52 |
15,095.66 |
1,516.81 |
|
Vanguard FTSE Developed Markets ETF |
VEA US |
78,516.89 |
1,758.58 |
1,252.27 |
|
Vanguard Total Bond Market ETF |
BND US |
48,481.39 |
9,806.60 |
1,216.84 |
|
iShares Core MSCI EAFE ETF |
IEFA US |
74,046.75 |
11,377.18 |
1,171.30 |
|
SPDR Bloomberg Barclays High Yield Bond ETF |
JNK US |
11,460.36 |
4,062.78 |
1,108.07 |
|
Invesco QQQ Trust |
QQQ US |
87,066.53 |
2,980.77 |
1,070.13 |
|
iShares MBS ETF |
MBB US |
21,122.74 |
8,437.68 |
982.11 |
|
Vanguard High Dividend Yield Index Fund |
VYM US |
30,127.90 |
4,223.29 |
866.16 |
|
Vanguard Total International Stock Index Fund ETF |
VXUS US |
18,645.38 |
6,338.46 |
817.83 |
|
iShares Russell 2000 ETF |
IWM US |
48,425.28 |
(479.16) |
801.09 |
|
iShares Core S&P Small-Cap ETF |
IJR US |
48,706.20 |
3,708.32 |
761.87 |
|
iShares J.P. Morgan USD Emerging Markets Bond ETF |
EMB US |
15,798.22 |
75.59 |
718.99 |
|
iShares Core S&P Mid-Cap ETF |
IJH US |
53,575.76 |
2,129.38 |
708.76 |
|
Vanguard Total International Bond ETF |
BNDX US |
24,310.25 |
10,713.66 |
704.30 |
|
Energy Select Sector SPDR Fund |
XLE US |
11,009.66 |
(3,129.66) |
677.03 |
The top 10 ETPs by net new assets collectively gathered $670.93 million at the end of December. The Velocity Shares Daily 3x Long Natural Gas ETN (UGAZ US) gathered $164.76 million alone.
Top 10 ETPs by net new assets December 2019: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
VelocityShares Daily 3x Long Natural Gas ETN |
UGAZ US |
875.82 |
1,481.59 |
164.76 |
|
United States Natural Gas Fund LP |
UNG US |
437.81 |
223.96 |
140.00 |
|
VelocityShares 3x Inverse Crude Oil ETN |
DWT US |
334.26 |
336.59 |
91.04 |
|
iShares Gold Trust |
IAU US |
17,628.53 |
3,806.71 |
76.50 |
|
iShares S&P GSCI Commodity-Indexed Trust |
GSG US |
775.46 |
(607.20) |
60.34 |
|
Invesco DB Commodity Index Tracking Fund |
DBC US |
1,428.65 |
(687.29) |
31.67 |
|
ProShares UltraShort DJ-UBS Crude Oil |
SCO US |
121.18 |
81.10 |
30.33 |
|
FI Enhanced Global High Yield ETN |
FIHD US |
1,935.98 |
(117.60) |
28.58 |
|
iPath Bloomberg Cocoa Subindex Total Return ETN |
NIB US |
55.80 |
29.18 |
27.89 |
|
ProShares Short VIX Short-Term Futures |
SVXY US |
284.42 |
(211.83) |
19.81 |
Investors have tended to invest in Equity and Fixed Income ETFs.
Contact deborah.fuhr@etfgi.com if you have any questions or comments on the press release or ETFGI events, research or consulting services.
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Go to www.ETFtv.net to watch episodes 1 - 12
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, sharing her views on the changing landscape of ESG application within the investment industry
Episode 12 of ETF TV features Elena Philipova, Global head of ESG proposition at Refinitiv,sharing her views on the regional differences in approach to supporting investment based on environmental, social and governance factors
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.
Episode 15 of ETF TV features Ivan Gilmore, head of exchange-traded products and global product development at the London Stock Exchange sees innovation in trading protocols and ESG products are transforming the ETF landscape, plus his thoughts on active vs passive and governance.
Episode 16 of ETF TV features Deborah Fuhr and Dan Barnes - The ETF Rule in the US will lead to many new issues in the market across 2020; the ‘non-transparent active’ ETFs – in reality as transparent as mutual funds, and better described as periodically-disclosed ETFs, will increase in number. New smart-beta strategies and launches of funds based on existing smart-beta strategies will also grow.
Please contact us if you are interested in sponsoring a mini segment or a full episode.
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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: www.womeninetfs.com
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