etfl industry hi light aug10 us
TRANSCRIPT
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ETF Landscape
Industry HighlightsEnd August 2010
FOR INSTITUTIONAL USE NOT FOR PUBLIC DISTRIBUTION.
Deborah Fuhr, Managing Director
Global Head of ETF Research & Implementation Strategy
Phone: +44 20 7668 4276 Email: [email protected]
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2 ETF Landscape Industry Highlights August 2010
Current ETF and ETP Landscape Page 03Summary Highlights for Global, US, Europe, Canada, Asia Pacific ex-Japan, Japan, Latin America. Page 03
United States ETFs/ETPs net new asset flows ..Page 16
Global ETF & ETP asset growthPage 28
Global ETF & ETP providers...Page 30
European ETFs/ETPs net new asset flows ....Page 45
ETFs in Asia Pacific (ex-Japan) Page 49
ETFs in Japan Page 52
ETFs in Latin America .Page 54
ETFs in Canada.Page 56
Investment applications Page 58Product overview ..Page 58
ETF/ETP toolbox..Page 59
How and why ETFs are used .Page 62
Growth in institutional users of ETFs .Page 67
Core-Satellite.Page 72Fixed income index trading characteristics ..Page 74
Commodity index comparison .Page 76
Appendix Regulatory Update ..Page 81
ETF Landscape signup Page 88
Table of contents
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3 ETF Landscape Industry Highlights August 2010
ETFs listed in the United States
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the US ETF industry had 871 ETFs, assets of US$715.7 Bn, from 30 providers ontwo exchanges.
Assets
YTD assets have increased by 1.5% from US$705.5 Bn to US$715.7 Bn, compared to the 5.9% decrease in theMSCI US Index in US dollar terms.
In August 2010, US domiciled ETFs/ETPs experienced net outflows totalling US$1.9 Bn. Equity ETFs/ETPs sawUS$6.9 Bn net outflows, of which US$11.6 Bn was from net redemptions of North American equity ETFs/ETPs whileUS$4.5 Bn went into Emerging Markets equity ETFs/ETPs. Fixed Income ETFs/ETPs saw net inflows of US$3.0 Bn,of which US$0.9 Bn went into High Yield ETFs/ETPs and US$0.8 Bn into Government bond ETFs/ETPs. CommodityETFs/ETPs experienced US$0.9 Bn net inflows, of which US$1.0 Bn went into Precious Metals ETFs/ETPs inAugust 2010.
YTD, US domiciled ETFs/ETPs experienced net inflows totalling US$48.0 Bn. Fixed Income ETFs/ETPs saw netinflows of US$28.1 Bn, of which US$10.3 Bn went into Government bond ETFs/ETPs and US$5.6 Bn intoAggregate/Broad fixed income ETFs/ETPs. Equity ETFs/ETPs saw US$12.0 Bn net inflows, of which US$13.9 Bnwent into Emerging Markets equity ETFs/ETPs while North American equity ETFs/ETPs saw net outflows ofUS$6.4 Bn. Commodity ETFs/ETPs saw US$7.8 Bn net inflows, of which US$9.2 Bn went into Precious metalsETFs/ETPs while Energy ETFs/ETPs saw net outflows of US$1.0 Bn YTD.
ETFs
YTD the number of ETFs increased by 12.8% with 124 new ETFs launched, while 25 ETFs were delisted.
The top 100 ETFs, out of 871, account for 82.9% of US ETF AUM, while 389 ETFs have less than US$50.0 Mn inassets and 152 ETFs have less than US$10.0 Mn in assets.
29 January 2010 marked the 17th anniversary of ETFs in the US.
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ETFs listed in the United States (continued)
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are fundsData as at end August 2010
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETF providers
iShares is the largest ETF provider in terms of both number of products, 210 ETFs, and assets of US$368.0 Bn,reflecting 51.4% market share; State Street Global Advisors is second with 91 products and US$128.3 Bn, a17.9% market share; followed by Vanguard with 46 products, assets of US$113.2 Bn and 15.8% market share atthe end of August 2010.
In August 2010, US domiciled ETFs experienced net outflows totalling US$3.9 Bn. Vanguard gathered the largestnet inflows with US$3.7 Bn, followed by ProShares with US$1.2 Bn net inflows, while State Street Global Advisorssaw US$7.9 Bn net outflows in August 2010.
YTD, US domiciled ETFs experienced net inflows totalling US$41.1 Bn. Vanguard gathered the largest net inflowswith US$23.7 Bn, followed by iShares with US$16.7 Bn net inflows, while State Street Global Advisors sawUS$13.1 Bn net outflows YTD.
The top three ETF providers, out of 30, account for 85.1% of US ETF AUM.
Trading volume YTD the ETF average daily trading volume in US dollars has increased by 15.6% to US$52.9 Bn.
In August 2010, US ETF turnover was 26.6% of all US equity turnover, greater than the 24.7% inDecember 2009.
Mutual funds In the US, net sales of mutual funds (excluding ETFs) were minus US$331.0 Bn, while net sales of ETFs domiciled
in the US were positive US$38.8 Bn during the first six months of 2010 according to Strategic Insight.
ETPs Additionally, there were 160 other Exchange Traded Products (ETPs)1 with assets of US$98.2 Bn from 18
providers on one exchange.
ETFs & ETPs Combined, there were 1,031 products with assets of US$813.9 Bn from 44 providers on two exchanges in the US.
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ETFs listed globally
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the global ETF industry had 2,308 ETFs with 4,922 listings, assets of US$1,064.4 Bn,from 129 providers on 43 exchanges around the world.
Assets YTD assets have increased by 2.7% from US$1,036.0 Bn to US$1,064.4 Bn, compared to the 7.5% decrease in the
MSCI World Index in US dollar terms.
ETFs
YTD the number of ETFs increased by 18.7% with 401 new ETFs launched, while 38 ETFs were delisted.
The number of ETFs listed in Europe surpassed the US in April 2009, now with 985 ETFs listed in Europe, comparedto 871 in the US at the end of August 2010.
There are currently plans to launch 944 new ETFs.
The top 100 ETFs, out of 2,308, account for 63.3% of global ETF AUM, while 1,204 ETFs have less thanUS$50.0 Mn in assets and 483 ETFs have less than US$10.0 Mn in assets.
Trading volume YTD the ETF average daily trading volume in US dollars increased by 13.4% to US$57.5 Bn.
ETF providers
Globally, iShares is the largest ETF provider in terms of both number of products, 453 ETFs, and assets ofUS$492.7 Bn, reflecting 46.3% market share; State Street Global Advisors is second with 110 products andUS$139.6 Bn, 13.1% market share; followed by Vanguard with 47 products and assets of US$113.3 Bn and 10.6%market share at the end of August 2010.
The top three ETF providers, out of 129, account for 70.1% of global ETF AUM.
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ETFs listed globally (continued)
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.Data as at end August 2010.
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg.
Exchanges YTD the number of exchanges with official listings has increased from 40 to 43.
Index providers
MSCI ranks first in terms of AUM tied to its benchmarks with assets of US$258.7 Bn and 336 ETFs, while Standard
& Poors (S&P) ranks second with US$227.9 Bn and 278 ETFs, followed by Barclays Capital with US$111.9 Bn and
81 ETFs.
Mutual funds
Globally, net sales of mutual funds (excluding ETFs) were minus US$283.3 Bn, while net sales of ETFs were
positive US$71.3 Bn during the first six months of 2010 according to Strategic Insight.
ETPs
Additionally, there were 874 other Exchange Traded Products (ETPs)1 with 1,439 listings and assets of
US$135.0 Bn from 48 providers on 20 exchanges.
ETFs & ETPs
Combined, there were 3,182 products with 6,361 listings, assets of US$1,199.3 Bn from 159 providers on
46 exchanges around the world.
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At the end of August 2010 the European ETF industry had 985 ETFs with 3,140 listings, assets of US$230.9 Bn,from 37 providers on 19 exchanges.
Assets YTD assets have increased by 1.7% from US$226.9 Bn to US$230.9 Bn, compared to the 12.6% fall in the MSCI
Europe Index in US dollar terms.
In August 2010, net new assets into European domiciled ETFs/ETPs totalled US$2.2 Bn. Equity ETFs/ETPs gatheredUS$1.2 Bn net inflows, of which US$0.6 Bn went into Emerging Markets equity ETFs/ETPs and US$0.6 Bn intoEuropean equity ETFs/ETPs. Fixed Income ETFs/ETPs saw net inflows of US$0.1 Bn, of which US$0.6 Bn went into
Corporate bond ETFs/ETPs while Government bond ETFs/ETPs saw net outflows of US$0.9 Bn. CommodityETFs/ETPs saw net inflows of US$0.9 Bn, of which US$1.0 Bn went into Precious Metals ETFs/ETPs whileAgriculture ETFs/ETPs saw net outflows of US$0.2 Bn.
YTD, net new assets into European domiciled ETFs/ETPs totalled US$29.3 Bn. Equity based ETFs/ETPs gatheredUS$14.8 Bn net inflows, of which US$5.8 Bn went into Emerging Markets equity ETFs/ETPs and US$2.9 Bn intoNorth American equity ETFs/ETPs. Fixed Income ETFs/ETPs saw US$7.0 Bn net inflows, of which US$5.2 Bn wentinto Government bond ETFs/ETPs and US$2.2 Bn into Corporate bond ETFs/ETPs. Commodity ETFs/ETPs sawUS$6.8 Bn net inflows, of which US$5.4 Bn went into Precious Metals ETFs/ETPs and US$0.6 Bn into Broad
commodity exposure ETFs/ETPs YTD.ETFs YTD the number of ETFs increased by 19.1% with 167 new ETFs launched, while nine ETFs were delisted.
The top 100 ETFs, out of 985, account for 66.4% of European ETF AUM, while 520 ETFs have less than US$50.0Mn in assets and 189 ETFs have less than US$10.0 Mn in assets.
11 April 2010 marked the 10th Anniversary of ETFs in Europe.
Exchanges YTD the number of exchanges with official listings has increased from 18 to 19.
Trading volume YTD the ETF average daily trading volume in US dollars increased by 0.7% to US$2.7 Bn. Most ETF trades are not
required to be reported in Europe as ETFs are not covered by the European Union directive on markets in financialinstruments (MiFID).
In August 2010, reported European ETF turnover was 9.5% of all European equity turnover, greater than the8.4% in December 2009. Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETFs listed in Europe
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ETFs listed in Europe (continued)
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are fundsData as at end August 2010
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETF providers
iShares is the largest ETF provider in terms of both number of products, 173 ETFs, and assets of US$83.8 Bn,reflecting 36.3% market share; Lyxor Asset Management is second with 125 products and US$43.1 Bn, 18.7%market share; followed by db x-trackers with 135 ETFs, assets of US$37.4 Bn and 16.2% market share at the endof August 2010.
In August 2010, net new assets into European domiciled ETFs totalled US$1.6 Bn. iShares has received the largestnet inflows with US$1.0 Bn, followed by db x-trackers with US$0.9 Bn net inflows, while Source Markets had the
largest net outflows with US$0.5 Bn. YTD, net new assets into European domiciled ETFs totalled US$26.0 Bn. iShares has received the largest net
inflows with US$6.6 Bn net new assets, followed by db x-trackers with US$3.1 Bn net inflows, and Lyxor AssetManagement with US$3.0 Bn net inflows YTD.
The top three ETF providers, out of 37, account for 71.2% of European ETF AUM.
Mutual funds In Europe net sales of mutual funds (excluding ETFs) were US$55.2 Bn while net sales of ETFs domiciled in Europe
were US$21.2 Bn during the first six months of 2010 according to Lipper FMI.
ETPs
Additionally, there were 387 other Exchange Traded Products (ETPs)1 with 885 listings and assets of US$19.7 Bn
from nine providers on six exchanges.
ETFs & ETPs
Combined, there were 1,372 products with 4,025 listings and assets of US$250.5 Bn from 42 providers on19 exchanges in Europe.
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ETFs listed in Canada
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the Canadian ETF industry had 150 ETFs, assets of US$31.6 Bn, from four providers onone exchange.
Assets
YTD assets have risen by 10.7% from US$28.5 Bn to US$31.6 Bn, compared to the 0.9% decrease in the MSCICanada Index in US dollar terms.
ETFs
YTD the number of ETFs increased by 36.4% with 41 new ETFs launched.
9 March 2010 marked the 20th Anniversary of the first ETF globally, which was listed in Canada in 1990.
Trading volume
YTD the ETF average daily trading volume in US dollars has decreased by 23.0% to US$0.7 Bn.
ETF providers
iShares is the largest ETF provider in terms of assets with US$24.5 Bn in 36 ETFs, reflecting 77.6% market share;Claymore Securities is second with 28 products and US$3.9 Bn, a 12.3% market share; followed by BetaPro
Management with 56 products, assets of US$2.5 Bn and 7.9% market share at the end of August 2010.
ETPs
Additionally, there was one other Exchange Traded Product (ETP)1, 20 cross listings and assets of US$0.4 Bn fromone provider on one exchange.
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ETFs listed in Asia Pacific ex-Japan
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are fundsData as at end August 2010
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the Asia Pacific ex-Japan ETF industry had 180 ETFs with 284 listings, and assets of
US$48.2 Bn from 56 providers on 13 exchanges.
Assets
YTD assets have increased by 23.9% from US$38.9 Bn to US$48.2 Bn, compared to the 3.8% decrease in theMSCI AC Asia Pacific ex-Japan Index in US dollar terms.
ETFs
YTD the number of ETFs increased by 40.6% with 54 new ETFs launched, while two ETFs were delisted.
ETF providers
State Street Global Advisors is the largest ETF provider in terms of assets with US$10.3 Bn, in six ETFs, reflecting21.4% market share; iShares is second with 15 products and US$9.1 Bn, a 19.0% market share; followed byHang Seng Investment Management with three products, assets of US$5.7 Bn and 11.8% market share at the endof August 2010.
Mutual Funds
In Asia Pacific ex-Japan, net sales of mutual funds (excluding ETFs) were minus US$29.0 Bn, while net sales ofETFs domiciled in Asia Pacific ex Japan were positive US$8.4 Bn during the first six months of 2010 according toStrategic Insight.
Trading volume YTD the ETF average daily trading volume in US dollars has decreased by 18.0% to US$0.7 Bn.
ETPs
Additionally, there were 14 other Exchange Traded Products (ETPs)1 with 17 listings and assets of US$1.1 Bn fromten providers on five exchanges.
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ETFs listed in Japan
1 ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structures includinggrantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are fundsData as at end August 2010
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the Japanese ETF industry had 74 ETFs with 77 listings and assets of US$24.3 Bn from six
providers on two exchanges. There are 158 ETFs which have filed notifications in Japan.
Assets
YTD assets have decreased by 1.5% from US$24.6 Bn to US$24.3 Bn, which is less than the 3.4% decrease in theMSCI Japan Index in US dollar terms.
ETFs YTD the number of ETFs increased by 8.8% with six new ETFs launched.
Trading volume
YTD the ETF average daily trading volume in US dollars has decreased by 20.9% to US$0.1 Bn.
Mutual Funds In Japan, net sales of mutual funds (excluding ETFs) were US$33.6 Bn, while net sales of ETFs domiciled in Japanwere US$2.1 Bn during the first six months of 2010 according to Strategic Insight.
ETF providers
Nomura Asset Management is the largest ETF provider in terms of assets with US$12.7 Bn, in 32 ETFs, reflecting52.5% market share; Nikko Asset Management is second with 14 products and US$5.4 Bn, a 22.4% market
share; followed by Daiwa Asset Management with 22 products, assets of US$4.7 Bn and 19.6% market share atthe end of August 2010.
ETPs
Additionally, there were nine other Exchange Traded Products (ETPs)1 with 20 cross listings and assets ofUS$0.3 Bn from four providers on two exchanges.
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ETFs listed in Latin America
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
At the end of August 2010 the Latin American ETF industry had 21 ETFs with 347 listings, and assets of US$11.9 Bnfrom three providers on three exchanges. There were 276 ETFs cross listed in Mexico at the end of August 2010,while there are 309 ETFs registered for sale in Chile and 290 ETFs registered for sale in Peru.
Assets
YTD assets have increased by 20.7% from US$9.8 Bn to US$11.9 Bn, compared to the 3.6% decrease in the MSCIEM Latin America Index in US dollar terms.
ETFs
YTD the number of ETFs has increased by 23.5% with four new ETFs launched.
Trading volume
YTD the ETF average daily trading volume in US dollars has increased by 34.1% to US$0.3 Bn.
ETF providers
iShares is the largest ETF provider in terms of assets with US$7.3 Bn, in 18 ETFs, reflecting 61.2% market share;BBVA Asset Management is second with US$3.4 Bn in two ETFs, a 28.6% market share at the end of August 2010.
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Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
US ETF and ETP asset growth
0
100
200
300
400
500
600
700
800
Assets (US$ Bn)
0
100
200
300
400
500
600
700
800
900
1000# Products
ETF Assets $0.5 $0.4 $1.1 $2.4 $6.7 $15.6 $33.9 $65.6 $84.6 $102.3 $150.7 $227.7 $299.4 $406.8 $580.7 $497.1 $705.5 $715.7
ETP Assets $2.0 $5.0 $3.8 $4.0 $6.1 $8.9 $14.4 $25.9 $40.5 $45.3 $88.1 $98.2
# ETFs 1 1 2 19 19 29 30 81 101 113 117 152 201 343 601 698 772 871
# ETPs 2 14 17 17 17 17 20 37 71 136 142 160
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
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ETF providers in the United StatesRanked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX
continued
PROVIDER # ETFs
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
iShares 210 $368.0 51.4% 12 -$0.6 $16.7 24 12.9% $3.6 1.0% -0.2%
State Street Global Advisors 91 $128.3 17.9% 33 -$7.9 -$13.1 3 3.4% -$21.5 -14.4% -3.3%
Vanguard 46 $113.2 15.8% 21 $3.7 $23.7 0 0.0% $21.2 23.0% 2.8%
Powershares 117 $31.9 4.5% 38 -$1.5 -$0.1 11 10.4% -$1.8 -5.3% -0.3%
ProShares 99 $24.4 3.4% 98 $1.2 $4.4 21 26.9% $1.2 5.0% 0.1%
Van Eck Associates Corp 27 $14.9 2.1% 18 -$0.1 $1.6 4 17.4% $2.4 19.4% 0.3%
Bank of New York 1 $8.6 1.2% 0 -$0.1 $0.3 0 0.0% $0.0 -0.2% 0.0%
WisdomTree Investments 43 $7.0 1.0% 68 $0.4 $1.1 -9 -17.3% $0.6 8.9% 0.1%
Direxion Shares 38 $6.4 0.9% 147 $0.5 $2.4 12 46.2% $1.4 27.5% 0.2%
Rydex SGI 19 $2.9 0.4% 82 -$0.2 $0.2 -12 -38.7% -$0.1 -4.6% 0.0%
Claymore Securities 42 $2.9 0.4% 27 $0.1 $0.1 10 31.3% $0.0 -0.6% 0.0%
First Trust Advisors 43 $2.7 0.4% 7 $0.1 $0.9 3 7.5% $0.7 33.3% 0.1%
Charles Schwab Investment Management 11 $1.5 0.2% 0 $0.1 $1.2 5 83.3% $1.1 324.8% 0.2%
PIMCO 10 $1.4 0.2% 10 $0.2 $0.9 1 11.1% $0.9 197.3% 0.1%Global X Funds 14 $0.4 0.1% 24 $0.1 $0.3 7 100.0% $0.4 407.6% 0.0%
RevenueShares 6 $0.4 0.1% 8 $0.0 $0.1 0 0.0% $0.1 31.8% 0.0%
IndexIQ Advisors 9 $0.2 0.0% 24 $0.0 $0.1 4 80.0% $0.1 84.6% 0.0%
DBX Strategic Advisors 5 $0.1 0.0% 34 $0.0 $0.0 0 0.0% $0.0 -15.2% 0.0%
Fidelity Management & Research 1 $0.1 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -0.8% 0.0%
ALPS ETF Trust 3 $0.1 0.0% 6 $0.0 $0.0 1 50.0% $0.1 346.9% 0.0%
Emerging Global Advisors 8 $0.1 0.0% 15 $0.0 $0.1 4 100.0% $0.1 142.1% 0.0%Old Mutual Global Shares 5 $0.1 0.0% 0 $0.0 $0.0 4 400.0% $0.0 40.5% 0.0%
Jefferies Asset Management 4 $0.1 0.0% 1 $0.0 $0.0 1 33.3% $0.0 -6.7% 0.0%
AdvisorShares 3 $0.1 0.0% 5 $0.0 $0.0 2 200.0% $0.0 209.0% 0.0%
Grail Advisors 5 $0.0 0.0% 3 $0.0 $0.0 0 0.0% $0.0 21.7% 0.0%
FaithShares 5 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -23.2% 0.0%
Geary Advisors 2 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -8.1% 0.0%
Aug-10 YTD Change
YTD NNA
(US$ BN)
AUG-10 NNA
(US$ BN)
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ETF providers in the United States (continued)Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg, National Stock Exchange (NSX
PROVIDER # ETFs
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
US One Trust 1 $0.0 0.0% 2 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Javelin Investment Management 2 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 -74.5% 0.0%
Pax World Management 1 $0.0 0.0% 2 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
AllianceBernstein - - - 2 - - - - - - -
Capital West Securities - - - 1 - - - - - - -
Dreyfus Corp - - - 1 - - - - - - -
Eaton Vance - - - 5 - - - - - - -Exchange Traded Spreads Trust - - - 5 - - - - - - -
Factor Advisors - - - 1 - - - - - - -
FactorShares - - - 22 - - - - - - -
Firsthand Capital - - - 5 - - - - - - -
Florentez Investment - - - 1 - - - - - - -
FocusShares - - - 6 - - - - - - -
Georgetown Investment Management - - - 5 - - - - - - -Huntington Asset Advisors - - - 3 - - - - - - -
John Hancock - - - 2 - - - - - - -
JP Morgan Asset Management - - - 1 - - - - - - -
Legg Mason - - - 1 - - - - - - -
Macro Securities Depositor - - - 2 - - - - - - -
Next Investments - - - 1 - - - - - - -
Northern Trust - - - 2 - - - - - - -
RiverPark Advisors - - - 4 - - - - - - -
Russell Investments - - - 28 - - - - - - -
ShariahShares - - - 2 - - - - - - -
Spinnaker ETF Trust - - - 1 - - - - - - -
T Rowe Price - - - 1 - - - - - - -
Total 871 $715.7 100.0% 787 -$3.9 $41.1 99 12.8% $10.3 1.5%
Aug-10 YTD Change
YTD NNA
(US$ BN)
AUG-10 NNA
(US$ BN)
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NNA Net New AssetsData as at end August 2010.
Source: National Stock Exchange (NSX), Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
US ETF/ETP net new assets by type of exposure
continued
# ETFs/ETPs ADV(US$ Mn) ASSETS(US$ Mn) NNA(US$ Mn)Equity 739 51,369.3 574,620.8 (6,881.3) 11,972.8 36,476.3
North Am erica - Equity 452 44,144.4 368,890.2 (11,647.9) (6,425.7) 1,987.0Active 3 0.1 11.9 - 4.1 12.8
Broad 242 35,236.5 284,015.1 (9,646.1) (8,148.4) (11,180.1)
Consumer Goods/Services 26 1,133.3 8,189.9 (102.8) 1,334.1 287.2
Energy 31 1,594.6 15,565.8 (434.2) 1,326.7 1,145.3
Financials 29 2,789.4 14,913.1 (180.5) (871.4) 1,409.1
Healthcare 21 326.7 7,432.0 (534.5) (350.6) (400.8)
Industrials 14 531.8 4,150.7 (346.6) 387.2 914.1
Materials 11 573.4 4,145.4 (259.8) (188.1) 1,206.2Other 5 8.7 1,832.1 (4.1) (91.0) (77.1)
Real Estate 18 1,015.2 13,078.6 0.9 7.5 4,377.4
Technology 36 676.0 9,131.2 (459.7) (544.8) 2,626.7
Telecommunications 6 14.1 1,066.3 57.9 102.6 139.4
Utilities 10 244.8 5,358.2 261.5 606.1 1,526.9
Asia Pacific - Equity 28 435.6 17,629.6 (91.0) 89.6 1,825.8
Europe - Equity 27 196.6 8,548.7 104.4 809.5 1,574.0
Global - Equity 58 103.1 11,497.7 296.0 511.5 3,353.7
Global (ex-US) - Equity 69 1,071.8 52,169.9 (6.5) 3,134.9 691.4
AUGUSTEXPOSURE YTD-10 NNA (US$ M n) 2009 NNA (US$ M n)
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18 ETF Landscape Industry Highlights August 2010
US ETF/ETP net new assets by type of exposure(continued)
NNA Net New AssetsData as at end August 2010
Source: National Stock Exchange (NSX), Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
# ETFs/ETPs ADV(US$ Mn) ASSETS(US$ Mn) NNA(US$ Mn)Fixed Incom e 127 2,258.3 137,004.8 2,971.2 28,119.3 44,801.9
Active 2 6.1 527.1 183.4 472.3 48.8
Aggregate 12 205.4 30,572.6 593.5 5,630.1 8,216.7
Convertible 1 3.0 308.6 11.4 82.4 212.0
Corporate 17 197.1 25,834.6 555.5 4,313.5 10,560.6
Government 54 1,512.7 35,228.8 831.8 10,281.7 6,706.9
High Yield 3 178.6 11,956.9 916.3 3,786.9 4,429.4
Inflation 6 90.7 22,346.9 (365.3) 1,458.4 10,139.8
Mortgage 3 15.5 2,128.8 30.1 256.3 913.1
Municipal 29 49.3 8,100.3 214.5 1,837.7 3,574.6
Com m odities 100 2,395.0 92,729.2 890.1 7,790.0 32,551.8Agriculture 17 48.1 2,752.0 10.7 (401.7) 1,927.6
Broad 20 142.3 9,483.7 (277.2) 342.2 4,958.1
Energy 21 461.2 6,554.1 208.5 (1,039.1) 6,055.9
Industrial Metals 17 22.7 869.3 3.9 (319.7) 798.1
Livestock 1 1.5 67.8 (7.5) (33.0) 18.9
Precious Metals 24 1,719.2 73,002.3 951.6 9,241.5 18,793.2
Currency 35 379.9 5,968.5 288.4 (2,049.4) 4,154.9Alternative 6 470.7 2,909.0 770.6 1,942.8 1,258.7M ixed 24 5.1 686.7 32.7 272.5 225.5Total 1,031 56,878.2 813,919.1 (1,928.3) 48,048.1 119,469.1
AUGUSTEXPOSURE YTD-10 NNA (US$ M n) 2009 NNA (US$ M n)
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Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Types of ETF exposure: United States
Fixed Income, 18.3%
Large-Cap - Equity, 16.8%Emerging Markets - Equity, 15.9%
International - Equity, 13.0%
Sector - Equity, 9.7%
Growth - Equity, 4.4%
Value - Equity, 4.0%
Broad Market - Equity, 3.6%
Mid-Cap - Equity, 3.3%
Small-Cap - Equity, 3.1%
Leveraged Inverse, 2.3%
Custom, 2.1%
Leveraged, 1.3%
Commodities, 1.3%
Inverse, 0.7%
Currency, 0.2%
Active, 0.1%
Exposure # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
Equity 531 $528.1 73.8% 47 -$30.1 -5.4%
Large-Cap - Equity 39 $120.6 16.8% -1 -$29.8 -19.8%Emerging Markets - Equity 84 $113.6 15.9% 20 $9.8 9.4%
International - Equity 161 $92.7 13.0% 13 -$4.3 -4.4%
Sector - Equity 144 $69.5 9.7% 10 -$2.7 -3.8%
Growth - Equity 27 $31.3 4.4% 0 -$4.0 -11.5%
Value - Equity 27 $28.7 4.0% 0 -$0.6 -2.2%
Broad Market - Equity 19 $25.9 3.6% 5 $1.7 7.1%
Mid-Cap - Equity 12 $23.6 3.3% 0 $0.8 3.5%
Small-Cap - Equity 18 $22.2 3.1% 0 -$0.9 -4.0%Fixed Income 100 $131.0 18.3% 15 $29.1 28.6%
Leveraged Inverse 61 $16.6 2.3% 7 $2.0 13.5%
Custom 60 $14.7 2.1% 2 $5.7 62.2%
Leveraged 62 $9.3 1.3% 14 -$1.6 -14.4%
Commodities 18 $9.1 1.3% 7 $2.2 31.4%
Inverse 15 $5.0 0.7% 4 $2.1 74.7%
Currency 8 $1.2 0.2% 0 $0.3 37.0%
Active 16 $0.7 0.1% 3 $0.6 482.4%
Total 871 $715.7 100.0% 99 $10.3 1.5%
YTD ChangeAug-10
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22 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Index providers in the USRanked by AUM
Exposure # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
MSCI 109 $206.6 28.9% 22 $8.6 4.4%
S&P 161 $195.2 27.3% 11 -$22.7 -10.4%
Barclays Capital 61 $104.8 14.6% 9 $23.5 29.0%
Russell 53 $62.4 8.7% 2 -$3.3 -5.0%Dow Jones 89 $33.3 4.7% 4 -$3.4 -9.3%
Markit 2 $20.8 2.9% 0 $3.5 20.0%
NASDAQ OMX 27 $20.0 2.8% 4 -$2.8 -12.2%
FTSE 48 $18.3 2.6% 10 -$0.3 -1.5%
NYSE Euronext 10 $7.6 1.1% 2 $1.4 22.7%
WisdomTree 35 $6.0 0.8% -10 $0.2 2.8%
Indxis 6 $4.0 0.6% 0 $1.4 53.3%
Deutsche Boerse 3 $3.7 0.5% 0 $0.1 3.4%
Intellidex 37 $2.1 0.3% 0 -$0.4 -16.2%
BNY Mellon 10 $2.0 0.3% 0 $0.0 -1.4%
Morningstar 10 $1.5 0.2% 0 -$0.2 -11.2%
S-Network 12 $1.0 0.1% 2 -$0.1 -10.3%
Zacks 13 $0.6 0.1% 0 $0.0 8.5%
Value Line 3 $0.2 0.0% -2 -$0.1 -25.5%
STOXX 3 $0.2 0.0% 0 -$0.1 -24.7%CAC 0 $0.0 0.0% 0 $0.0 0.0%
Hang Seng 0 $0.0 0.0% 0 $0.0 0.0%
Topix 0 $0.0 0.0% 0 $0.0 0.0%
Other 179 $25.7 3.6% 45 $4.9 23.5%
Total 871 $715.7 100.0% 99 $10.3 1.5%
Aug-10 YTD Change
MSCI, 28.9%
S&P, 27.3%
Barclays Capital, 14.6%
Russell, 8.7%
Dow Jones, 4.7%
Markit, 2.9%
NASDAQ OMX, 2.8%
FTSE, 2.6%
NYSE Euronext, 1.1%
WisdomTree, 0.8%
Indxis, 0.6%
Deutsche Boerse, 0.5%
Intellidex, 0.3%
BNY Mellon, 0.3%
Morningstar, 0.2%
S-Network, 0.1%
Zacks, 0.1%
Value Line, 0%STOXX, 0%
CAC, 0%
Hang Seng, 0%
Topix, 0%
Other, 3.6%
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23 ETF Landscape Industry Highlights August 2010
Top 10 ETFs in the USRanked by Assets Under Management (AUM)
Ranked by US$ Average Daily Trading Volumes (ADV)
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETFBloomberg
TickerAUM
(US$ MN)ADV
('000 Shares)ADV
(US$ MN)
SPDR S&P 500 SPY US $62,200.1 194,535 $21,142.5
iShares MSCI Emerging Markets Index Fund EEM US $39,403.9 54,830 $2,245.1
iShares MSCI EAFE Index Fund EFA US $31,875.6 17,998 $924.8
Vanguard Emerging Markets VWO US $30,207.6 11,585 $483.8
iShares S&P 500 Index Fund IVV US $20,898.9 2,695 $294.2
iShares Barclays TIPS Bond Fund TIP US $20,541.0 752 $80.7
PowerShares QQQ Trust QQQQ US $15,845.7 62,421 $2,815.0
iShares iBoxx $ Investment Grade Corporate Bond Fund LQD US $14,460.4 1,076 $119.9
Vanguard Total Stock Market ETF VTI US $13,634.0 1,663 $92.4
iShares Barclays Aggregate Bond Fund AGG US $12,518.9 698 $75.4
ETF
Bloomberg
Ticker
ADV
(US$ MN)
ADV
('000 Shares)
AUM
(US$ MN)
SPDR S&P 500 SPY US $21,142.5 194,535 $62,200.1
iShares Russell 2000 Index Fund IWM US $3,655.8 58,667 $12,168.5
PowerShares QQQ Trust QQQQ US $2,815.0 62,421 $15,845.7
iShares MSCI Emerging Markets Index Fund EEM US $2,245.1 54,830 $39,403.9ProShares UltraShort S&P500 SDS US $985.0 29,391 $3,891.8
iShares MSCI Brazil Index Fund EWZ US $969.6 13,986 $9,081.7
iShares MSCI EAFE Index Fund EFA US $924.8 17,998 $31,875.6
Financial Select Sector SPDR Fund XLF US $911.0 64,467 $5,170.3
SPDR DJ Industrial Average ETF DIA US $757.1 7,331 $7,552.1
iShares Barclays 20+ Year Treasury Bond Fund TLT US $756.9 7,259 $3,167.3
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24 ETF Landscape Industry Highlights August 2010
Average expenses of ETFs vs open-end mutualfunds in the US
*As at end February 2010**Captured from Morningstar on 15 March 2010
Source: Morningstar, Global ETF Research and Implementation Strategy Team, BlackRock
Average TER(s)
Average
TER (bps)
Exchange Traded Funds*
Active 57Broad Market - Equity 18
Commodities 57
Currency 48Custom 44
Fixed Income 22Growth - Equity 21
International - Equity 42
Inverse 95Large-Cap - Equity 13
Leveraged 95
Leveraged Inverse 95Mid-Cap - Equity 22
Sector - Equity 32Small-Cap - Equity 21
Value - Equity 21
Total - Equity ETFs 34Total - Fixed Income ETFs 25
Total - All 33
Open-end Mutual Funds**
Passive/Indexed Domestic Equity 93
Passive/Indexed International Equity 83Passive/Indexed Fixed Income 40
Actively Managed Domestic Equity 146
Actively Managed International Equity 160
Actively Managed Fixed Income 105
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26 ETF Landscape Industry Highlights August 2010
ETP providers in the United StatesRanked by assets
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETPs
Assets
(US$ BN) % Total # Planned # ETPs % ETPs
Assets
(US$ BN) % Assets
% Market
Share
State Street Global Advisors 1 $51.8 52.7% 0 $0.8 $6.7 0 0.0% $12.0 30.3% 7.6%
iShares 4 $11.1 11.3% 1 $0.1 $0.5 0 0.0% $1.4 14.1% 0.3%
Deutsche Bank 36 $10.2 10.3% 2 -$0.2 -$2.9 2 5.9% -$3.4 -25.2% -5.1%
Barclays (iPath) 38 $7.4 7.5% 25 $0.8 $1.7 8 26.7% $1.4 23.7% 0.7%
United States Commodity Funds 9 $4.6 4.7% 1 $0.3 -$1.1 2 28.6% -$2.9 -38.3% -3.8%Merrill Lynch 17 $4.2 4.3% 0 -$0.2 -$0.3 0 0.0% -$1.0 -18.8% -1.6%
Rydex SGI 9 $2.5 2.6% 13 $0.1 -$0.1 0 0.0% -$0.2 -6.8% -0.5%
ETF Securities 4 $1.8 1.8% 20 $0.2 $1.2 2 100.0% $1.3 265.9% 1.3%
ProShares 12 $1.6 1.6% 38 $0.0 $0.5 0 0.0% $0.5 50.7% 0.4%
JPMorgan Chase 2 $1.5 1.5% 0 $0.0 $0.7 0 0.0% $0.8 111.7% 0.7%
Swedish Export Credit Corp 7 $0.8 0.8% 0 $0.0 $0.0 0 0.0% -$0.1 -7.1% -0.2%
GreenHaven Commodity Services 1 $0.3 0.3% 0 $0.0 $0.1 0 0.0% $0.1 28.4% 0.0%
Morgan Stanley 4 $0.1 0.1% 0 $0.0 $0.0 0 0.0% $0.0 45.8% 0.0%
Barclays Capital 9 $0.1 0.1% 1 $0.0 $0.0 1 12.5% $0.0 61.4% 0.0%
Credit Suisse 3 $0.1 0.1% 0 $0.0 $0.1 2 200.0% $0.1 2363.3% 0.1%
Goldman Sachs 2 $0.1 0.1% 0 $0.0 $0.0 0 0.0% $0.0 -8.1% 0.0%
HSBC USA 1 $0.1 0.1% 0 $0.0 $0.0 0 0.0% $0.0 -26.6% 0.0%
Teucrium Trading 1 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Claymore Securities - - - 2 - - - - - - -
Jefferies Asset Management - - - 2 - -
Sprott Asset Management - - - 1 - - - - - - -
WealthNotes Capital Management - - - 1 - - - - - - -
Total 160 $98.2 100.0% 107 $2.0 $7.0 18 12.7% $10.1 11.4%
Aug-10 YTD ChangeAUG-10 NNA
(US$ BN)
YTD NNA
(US$ BN)
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27 ETF Landscape Industry Highlights August 2010
Top 10 ETPs in the US
Ranked by Assets
Ranked by US$ Average Daily Trading Volumes (ADV)
ETPs are products that have similarities to ETFs in the way they trade and settle but they do not use an open-end investment company structure. The use of other structure
including grantor trusts, partnerships, notes and commodity pools by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are fundsData as at end August 2010
Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETP
Bloomberg
Ticker
Assets
(US$ MN)
ADV
('000 Shares)
ADV
(US$ MN)
SPDR Gold Trust GLD US $51,785.8 10,041 $1,214.0
iShares Silver Trust SLV US $5,677.5 6,844 $127.5
PowerShares DB Commodity Index Tracking Fund DBC US $4,144.5 1,802 $40.5
iShares COMEX Gold Trust IAU US $3,792.7 2,897 $35.1
United States Natural Gas Fund LP UNG US $2,441.6 19,070 $122.0
iPath Dow Jones-UBS Commodity Index Total Return ETN DJP US $2,090.7 340 $13.5iPath S&P 500 VIX Short-Term Futures ETN VXX US $2,015.3 22,028 $488.6
PowerShares DB Agriculture Fund DBA US $1,983.7 1,311 $34.3
Oil Services HOLDRS OIH US $1,961.2 4,388 $433.4
United States Oil Fund LP USO US $1,911.9 9,173 $302.9
ETPBloomberg
TickerADV
(US$ MN)ADV
('000 Shares)Assets
(US$ MN)
SPDR Gold Trust GLD US $1,214.0 10,041 $51,785.8
iPath S&P 500 VIX Short-Term Futures ETN VXX US $488.6 22,028 $2,015.3
Oil Services HOLDRS OIH US $433.4 4,388 $1,961.2
Semiconductor HOLDRS SMH US $336.4 13,660 $513.5
United States Oil Fund LP USO US $302.9 9,173 $1,911.9
Retail HOLDRS RTH US $237.1 2,716 $418.1
Euro Currency Trust FXE US $142.4 1,128 $479.6
iShares Silver Trust SLV US $127.5 6,844 $5,677.5
United States Natural Gas Fund LP UNG US $122.0 19,070 $2,441.6
PowerShares DB US Dollar Index Bullish Fund UUP US $77.5 3,210 $1,038.0
Gl b l ETF d ETP h
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28 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Global ETF and ETP asset growth
0
200
400
600
800
1,000
1,200
Assets US$ Bn
0
500
1,000
1,500
2,000
2,500
# Products
ETF Assets Total $0.8 $1.1 $2.3 $5.3 $8.2 $17.6 $39.6 $74.3 $104.8 $141.6 $212.0 $309.8 $412.1 $565.6 $796.7 $711.1 $1,036.0 $1,064.4
ETF Commodity Assets $0.0 $0.1 $0.3 $0.5 $1.2 $3.4 $6.3 $10.0 $25.6 $32.4
ETF Fixed Income Assets $0.1 $0.1 $4.0 $5.8 $23.1 $21.3 $35.8 $59.9 $104.0 $167.0 $203.6
ETF Equity Assets $0.8 $1.1 $2.3 $5.3 $8.2 $17.6 $39.6 $74.3 $104.7 $137.5 $205.9 $286.3 $389.6 $526.5 $729.9 $596.4 $841.6 $824.3
ETP Assets Total $2.0 $5.1 $3.9 $4.1 $6.3 $9.3 $15.9 $32.5 $54.6 $61.2 $119.7 $135.0
# ETFs 3 3 4 21 21 31 33 92 202 280 282 336 461 714 1,173 1,596 1,945 2,308
# ETPs 2 14 17 17 18 22 64 170 347 517 625 874
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
ETF /ETP li t d b i
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Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETFs/ETPs listed by region
Metric Aug-10
YTD
Change (%) Aug-10
YTD
Change (%) Aug-10
YTD
Change (%) Aug-10
YTD
Change (%) Aug-10
YTD
Change (%) Aug-10
YTD
Change (%) Aug-10
YTD
Change (%)
ETFs
AUM (US$Bn) 1,064.4 2.7% 715.7 1.5% 230.9 1.7% 24.3 -1.5% 48.2 23.9% 11.9 20.7% 31.6 10.7%
# ETFs 2,308 18.7% 871 12.8% 985 19.1% 74 8.8% 180 40.6% 21 23.5% 150 36.4%
# Listings 4,922 28.6% 871 12.8% 3,140 28.8% 77 8.5% 284 38.5% 347 86.6% 176 32.3%# Providers 129 19.4% 30 3.4% 37 8.8% 6 0.0% 56 33.3% 3 0.0% 4 0.0%
# Exchanges 43 7.5% 2 0.0% 19 5.6% 2 0.0% 13 0.0% 3 0.0% 1 0.0%
ADV (US$Mn) 57,516.4 13.4% 52,914.3 15.6% 2,704.8 0.7% 121.8 -20.9% 731.9 -18.0% 298.7 34.1% 735.3 -23.0%
ETPs
Assets (US$Bn) 135.0 12.7% 98.2 11.4% 19.7 25.4% 0.3 11.1% 1.1 37.0% - - 0.4 100.0%
# ETPs 874 41.0% 160 12.7% 387 117.4% 9 80.0% 14 16.7% - - 1 100.0%
# Listings 1,439 55.7% 160 12.7% 885 98.0% 29 163.6% 17 13.3% 23 228.6% 21 61.5%# Providers 48 29.7% 18 5.9% 9 200.0% 4 100.0% 10 42.9% - - 1 100.0%
# Exchanges 20 11.1% 1 0.0% 6 20.0% 2 0.0% 5 25.0% 1 0.0% 1 0.0%
Total
Assets (US$Bn) 1,199.3 3.8% 813.9 2.6% 250.5 3.3% 24.6 -1.2% 49.3 24.2% 11.9 20.7% 32.0 12.2%
# ETFs/ETPs 3,182 24.1% 1,031 12.8% 1,372 36.5% 83 13.7% 194 38.6% 21 23.5% 151 38.5%
# Listings 6,361 33.9% 1,031 12.8% 4,025 39.5% 106 29.3% 301 36.8% 370 91.7% 197 35.9%
# Providers 159 21.4% 44 4.8% 42 23.5% 8 33.3% 60 36.4% 3 0.0% 4 0.0%# Exchanges 46 7.0% 2 0.0% 19 5.6% 2 0.0% 13 0.0% 3 0.0% 1 0.0%
CanadaLatin AmericaAsia ex-JapanGlobal US Europe Japan
T 25 ETF id d th ld
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30 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Top 25 ETF providers around the worldRanked by AUM
PROVIDER # ETFs
AUM
(US$ BN) % TOTAL # PLANNED # ETFs % ETFs
AUM
(US$ BN) % AUM
MARKET
SHARE
iShares 453 $492.7 46.3% 18 40 9.7% $3.8 0.8% -0.9%
State Street Global Advisors 110 $139.6 13.1% 34 3 2.8% -$21.4 -13.3% -2.4%
Vanguard 47 $113.3 10.6% 23 0 0.0% $21.3 23.1% 1.8%
Lyxor Asset Management 127 $44.1 4.1% 1 2 1.6% -$2.3 -4.9% -0.3%
db x-trackers 161 $38.2 3.6% 7 40 33.1% $0.8 2.2% 0.0%PowerShares 136 $32.8 3.1% 39 11 8.8% -$1.8 -5.3% -0.3%
ProShares 99 $24.4 2.3% 98 21 26.9% $1.2 5.0% 0.0%
Van Eck Associates Corp 27 $14.9 1.4% 18 4 17.4% $2.4 19.4% 0.2%
Nomura Asset Management 32 $12.7 1.2% 0 2 6.7% -$0.6 -4.8% -0.1%
Credit Suisse Asset Management 54 $11.8 1.1% 0 27 100.0% $2.1 21.9% 0.2%
Zurich Cantonal Bank 7 $9.4 0.9% 0 3 75.0% $2.7 40.0% 0.2%
Bank of New York 1 $8.6 0.8% 0 0 0.0% $0.0 -0.2% 0.0%WisdomTree Investments 43 $7.0 0.7% 68 -9 -17.3% $0.6 8.9% 0.0%
Claymore Securities 70 $6.8 0.6% 34 13 22.8% $0.6 9.5% 0.0%
Commerzbank 79 $6.7 0.6% 2 17 27.4% $0.4 6.9% 0.0%
Direxion Shares 38 $6.4 0.6% 147 12 46.2% $1.4 27.5% 0.1%
Amundi ETF 87 $6.0 0.6% 0 24 38.1% $1.3 26.6% 0.1%
Hang Seng Investment Management 3 $5.7 0.5% 0 0 0.0% $0.4 7.4% 0.0%
Nikko Asset Management 14 $5.4 0.5% 0 4 40.0% -$0.3 -5.1% 0.0%ETFlab Investment 35 $5.3 0.5% 0 4 12.9% -$1.8 -25.7% -0.2%
Source Markets 51 $5.2 0.5% 19 19 59.4% $2.4 85.3% 0.2%
EasyETF 64 $5.2 0.5% 0 0 0.0% -$0.7 -11.7% -0.1%
UBS Global Asset Management 20 $5.0 0.5% 9 6 42.9% $1.5 42.2% 0.1%
Daiwa Asset Management 23 $4.8 0.4% 1 0 0.0% -$0.2 -3.6% 0.0%
BBVA Asset Management 10 $4.6 0.4% 0 1 11.1% $2.3 98.0% 0.2%
Aug-10 YTD CHANGE
Gl b l ETF t b t f
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31 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Global ETF assets by type of exposure
North America - Equity, 37.4%
Fixed Income - All (ex-Cash), 18.5%
Emerging Markets - Equity, 17.6%
Europe - Equity, 9.4%
Asia Pacific - Equity, 5.9%
Global (ex-US) - Equity, 5%
Commodities, 3%
Global - Equity, 2%
Fixed Income - Cash (Money Market), 0.7%
Alternative, 0.2%
Currency, 0.1%
Mixed, 0.1%
Region of Exposure # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
Equity 1,787 $824.3 77.4% 246 -$17.3 -2.1%North America - Equity 561 $398.4 37.4% 66 -$24.9 -5.9%
Emerging Markets - Equity 401 $187.7 17.6% 102 $24.5 15.0%
Europe - Equity 462 $100.0 9.4% 40 -$14.7 -12.8%
Asia Pacific - Equity 172 $63.3 5.9% 24 $0.7 1.2%
Global (ex-US) - Equity 71 $53.2 5.0% 7 -$2.5 -4.4%
Global - Equity 120 $21.8 2.0% 7 -$0.3 -1.6%
Fixed Income 353 $203.6 19.1% 72 $36.6 21.9%Fixed Income - All (ex-Cash) 330 $196.5 18.5% 67 $37.4 23.5%
Fixed Income - Cash (Money Market) 23 $7.1 0.7% 5 -$0.9 -10.9%
Commodities 108 $32.4 3.0% 38 $6.8 26.4%
Alternative 9 $1.7 0.2% 7 $1.7 100.0%
Currency 15 $1.6 0.1% 1 $0.4 36.4%
Mixed 36 $0.8 0.1% -1 $0.2 24.0%
Total 2,308 $1,064.4 100.0% 363 $28.3 2.7%
YTD ChangeAug-10
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32 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Index providers worldwideRanked by AUM
Index Provider # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
MSCI 336 $258.7 24.3% 71 $14.9 6.1%
S&P 278 $227.9 21.4% 45 -$21.3 -8.5%
Barclays Capital 81 $111.9 10.5% 11 $24.4 27.9%
Russell 60 $62.7 5.9% -1 -$3.3 -5.0%
FTSE 163 $46.1 4.3% 37 $3.4 7.9%
Markit 92 $43.0 4.0% 22 $4.8 12.6%STOXX 214 $41.8 3.9% 10 -$9.2 -18.1%
Dow Jones 150 $41.1 3.9% 14 $0.2 0.5%
NASDAQ OMX 55 $23.7 2.2% 12 -$2.8 -10.5%
Deutsche Boerse 40 $23.4 2.2% 10 $0.0 -0.1%
Topix 53 $12.8 1.2% 0 $0.3 2.7%
Hang Seng 12 $12.6 1.2% 3 $0.8 6.5%
Nikkei 9 $11.2 1.1% 1 -$1.3 -10.1%
EuroMTS 29 $10.5 1.0% 7 -$0.5 -4.7%SIX Swiss Exchange 15 $7.6 0.7% 2 $0.3 3.9%
NYSE Euronext 16 $7.6 0.7% 6 $1.5 23.8%
CAC 15 $6.3 0.6% -3 -$1.2 -15.9%
WisdomTree 35 $6.0 0.6% -10 $0.2 2.8%
Indxis 6 $4.0 0.4% -1 $1.2 44.3%
CSI 27 $2.7 0.3% 16 $0.3 12.4%
BNY Mellon 11 $2.3 0.2% 0 -$0.1 -2.3%
Intellidex 38 $2.2 0.2% -4 -$0.4 -16.5%
Morningstar 10 $1.5 0.1% 0 -$0.2 -11.2%
S-Network 15 $1.1 0.1% 2 -$0.1 -8.7%
Zacks 14 $0.7 0.1% 0 $0.1 10.6%
Value Line 3 $0.2 0.0% -2 -$0.1 -25.5%
Other 531 $94.8 8.9% 115 $16.4 20.9%
Total 2,308 $1,064.4 100.0% 363 $28.3 2.7%
YTD ChangeAug-10MSCI, 24.3%S&P, 21.4%
Barclays Capital, 10.5%
Russell, 5.9%
FTSE, 4.3%
Markit, 4%
STOXX, 3.9%
Dow Jones, 3.9%NASDAQ OMX, 2.2%
Deutsche Boerse, 2.2%
Topix, 1.2%
Hang Seng, 1.2%
Nikkei, 1.1%
EuroMTS, 1%
SIX Swiss Exchange, 0.7%
NYSE Euronext, 0.7%
CAC, 0.6%
WisdomTree, 0.6%
Indxis, 0.4%
CSI, 0.3%
BNY Mellon, 0.2%
Intellidex, 0.2%
Morningstar, 0.1%
S-Network, 0.1%
Zacks, 0.1%
Value Line, 0%
Other, 8.9%
Top 10 ETFs worldwide
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33 ETF Landscape Industry Highlights August 2010
Top 10 ETFs worldwideRanked by Assets Under Management (AUM)
Ranked by US$ Average Daily Trading Volumes (ADV)
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
ETF Country ListedBloomberg
TickerAUM
(US$ MN)ADV
('000 Shares)ADV
(US$ MN)
SPDR S&P 500 US SPY US $62,200.1 194,535 $21,142.5
iShares MSCI Emerging Markets Index Fund US EEM US $39,403.9 54,830 $2,245.1
iShares MSCI EAFE Index Fund US EFA US $31,875.6 17,998 $924.8
Vanguard Emerging Markets US VWO US $30,207.6 11,585 $483.8
iShares S&P 500 Index Fund US IVV US $20,898.9 2,695 $294.2
iShares Barclays TIPS Bond Fund US TIP US $20,541.0 752 $80.7
PowerShares QQQ Trust US QQQQ US $15,845.7 62,421 $2,815.0
iShares iBoxx $ Investment Grade Corporate Bond Fund US LQD US $14,460.4 1,076 $119.9
Vanguard Total Stock Market ETF US VTI US $13,634.0 1,663 $92.4
iShares Barclays Aggregate Bond Fund US AGG US $12,518.9 698 $75.4
ETF Country Listed
Bloomberg
Ticker
ADV
(US$ MN)
ADV
('000 Shares)
AUM
(US$ MN)
SPDR S&P 500 US SPY US $21,142.5 194,535 $62,200.1
iShares Russell 2000 Index Fund US IWM US $3,655.8 58,667 $12,168.5
PowerShares QQQ Trust US QQQQ US $2,815.0 62,421 $15,845.7
iShares MSCI Emerging Markets Index Fund US EEM US $2,245.1 54,830 $39,403.9
ProShares UltraShort S&P500 US SDS US $985.0 29,391 $3,891.8
iShares MSCI Brazil Index Fund US EWZ US $969.6 13,986 $9,081.7
iShares MSCI EAFE Index Fund US EFA US $924.8 17,998 $31,875.6
Financial Select Sector SPDR Fund US XLF US $911.0 64,467 $5,170.3
SPDR DJ Industrial Average ETF US DIA US $757.1 7,331 $7,552.1
iShares Barclays 20+ Year Treasury Bond Fund US TLT US $756.9 7,259 $3,167.3
Global ETF listings
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34 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomber
Global ETF listings
0.0
1
1
1
R
0.0
1
2
2
SAR
0.0
1
1
1
UAE
53.
47
17
UK
0.1
5
11
11
T
29.5
6
474
98
SW
2.0
2
48
16
S
1.3
2
44
10
SP
1.8
7
24
24
SA
0.0
1
1
1
SL
0.6
2
6
6
NO
0.2
4
106
11
N
1.7
4
447
13
IT
0.2
2
14
14
I
0.0
1
1
1
H
0.1
2
2
2
GR
0.0
1
21
1
A
0.2
1
1
1
F
51.0
9
426
250
FR
0.0
1
1
1
B
90.2AUM US$Bn
9Providers
1,057T listings
369P listings
G
P listings = Primary listingT listings = Total listing
Providers = Primary ETF provideAUM = Assets Under Management in primary listings on0.1
2
3
3
TH
2.6
2
14
12
TW
4.3
12
59
59
SK
2.8
8
71
20
SG
0.3
2
6
6
NZ
0.4
3
5
4
MY
24.3
6
77
74
J
2.8
4
32
11
AU
23.1
10
66
37
HK
0.3
7
15
15
IN
11.5
10
12
12
CH
0.0AUM US$Bn
1Providers
1T listings
1P listings
IND
-
-
50
-
CL
1.6
2
7
7
BZ
10.3
2
290
14
MX
715.7
30
871
871
US
31.6
4
176
150
CN
AUM US$Bn
Providers
T listings
P listings
33 34 35 36 37 3827 28 29 30 31 32
1 2 3 4 5
6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
BZ (Brazil), CN (Canada), CL (Chile), MX (Mexico),US (United States)
A (Austria), B (Belgium) , F (Finland), FR (France), G (Germany), GR (Greece), H (Hungary), I (Ireland), IT (Italy), N (Netherlan ds), NO (Norw ay), R (Russia) SAR (Saudi Arabia), SL (Slovenia), SA (South Africa),
SP (Spain), S (Sweden ), SW (Switzerland) , T (Turkey), UAE (United Arab Emirates) , UK (United Kingdom)
AU (Australia), CH (China), HK (Hong Kong), IN (I ndia), IND (Indonesia), J (Japan), MY (Malaysia), NZ (New Zealand),
SG (Singapore), SK (South Korea), TW (Taiw an), TH (Thailand)
26
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Global ETP listings
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36 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
0.0
-
1
-
Botswana
0.0
1
1
1
UAESouthAfrica
18.9
5
356
295
UK
2.0
2
2
2
0.0
1
46
3
France
13.3
7
300
300
Israel
-
-
47
-
Italy
0.8
6
403
89
Germany
-Assets US$ Bn
-Providers
33T listings
-P listings
Nether-lands
P listings = Primary listingsT listings = Total listings
Providers = Primary ETF providersAssets in primary listings only
0.0
1
1
1
SouthKorea
-
-
2
-
Singapore
0.6
1
5
5
Australia
0.5
8
8
8
India
-
-
1
-
HongKong
0.3Assets US$ Bn
4Providers
29T listings
9P listings
Japan
-
-
23
-
Mexico
98.2
18
160
160
US
0.4
1
21
1
Canada
Assets US$ Bn
Providers
T listings
P listings
1813 14 15 16 17
5 6 7 8 9 104
1 2 3
Global ETP listings
11 12
European ETF and ETP growth
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37 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
European ETF and ETP growth
0
20
40
60
80
100
120
140
160
180
200
220
240
260
Assets US$ Bn
0
100
200
300
400
500
600
700
800
900
1,000
1,100
# Products
ETF Assets Total $0.7 $5.7 $10.7 $20.4 $34.0 $54.9 $89.7 $128.5 $142.7 $226.9 $230.9
ETF Commodity Assets $0.4 $2.0 $3.3 $4.9 $15.2 $20.0
ETF Fixed Income Assets $1.0 $2.9 $5.2 $12.1 $21.0 $41.1 $51.6 $54.6
ETF Equity Assets$0.7 $5.7 $10.7 $19.4 $31.0 $49.3 $75.7 $103.5 $96.6 $159.8 $154.1
ETP Assets $1.1 $2.1 $4.9 $7.0 $15.7 $19.7
# ETFs 6 71 118 104 114 165 273 423 636 827 985
# ETPs 2 32 56 123 178 387
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
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38 ETF Landscape Industry Highlights August 2010
ETF providers in EuropeRanked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
continued
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
iShares 173 745 $83.8 36.3% 3 $1.0 $6.6 5 3.0% -$1.9 -2.3% -1.5%
Lyxor Asset Management 125 471 $43.1 18.7% 0 -$0.4 $3.0 2 1.6% -$2.5 -5.4% -1.4%
db x-trackers 135 531 $37.4 16.2% 5 $0.9 $3.1 19 16.4% $0.2 0.6% -0.2%
Credit Suisse Asset Management 54 118 $11.8 5.1% 0 $0.2 $2.5 27 100.0% $2.1 21.9% 0.8%
Zurich Cantonal Bank 7 12 $9.4 4.1% 0 $0.2 $1.7 3 75.0% $2.7 40.0% 1.1%
Commerzbank 79 316 $6.7 2.9% 2 $0.0 $1.2 17 27.4% $0.4 6.9% 0.1%
Amundi ETF 87 216 $6.0 2.6% 0 $0.0 $2.0 24 38.1% $1.3 26.6% 0.5%
ETFlab Investment 35 54 $5.3 2.3% 0 $0.1 -$0.3 4 12.9% -$1.8 -25.7% -0.8%
Source Markets 51 51 $5.2 2.3% 19 -$0.5 $2.7 19 59.4% $2.4 85.3% 1.0%
EasyETF 64 121 $5.2 2.2% 0 -$0.1 -$0.1 0 0.0% -$0.7 -11.7% -0.3%
UBS Global Asset Management 20 99 $5.0 2.2% 9 $0.2 $2.1 6 42.9% $1.5 42.2% 0.6%
Swiss & Global Asset Management 16 32 $3.5 1.5% 0 $0.0 $1.1 12 300.0% $1.4 68.2% 0.6%
XACT Fonder 12 16 $2.5 1.1% 0 -$0.1 $0.0 0 0.0% -$0.2 -6.7% -0.1%BBVA Asset Management 8 8 $1.2 0.5% 0 $0.0 $0.0 0 0.0% -$1.1 -48.1% -0.5%
State Street Global Advisors 13 36 $1.0 0.4% 0 $0.0 -$0.3 0 0.0% -$0.5 -31.9% -0.2%
PowerShares 19 66 $1.0 0.4% 1 $0.0 $0.0 0 0.0% $0.0 -3.8% 0.0%
RBS 10 55 $0.9 0.4% 21 $0.0 $0.1 0 0.0% $0.2 20.2% 0.1%
ETF Securities 25 107 $0.5 0.2% 0 $0.0 $0.2 4 19.0% $0.2 50.8% 0.1%
Marshall Wace Asset Management 3 4 $0.4 0.2% 0 $0.0 $0.4 3 100.0% $0.4 100.0% 0.2%
HSBC 9 13 $0.3 0.1% 11 $0.0 $0.2 6 200.0% $0.2 297.5% 0.1%
Seligson & Co Fund Management 1 1 $0.2 0.1% 0 $0.0 $0.0 0 0.0% -$0.1 -23.2% 0.0%
DnB NOR Asset Management 3 3 $0.2 0.1% 0 $0.0 $0.0 0 0.0% -$0.1 -44.5% -0.1%
JPM Structured Fund Management 6 12 $0.1 0.0% 0 $0.0 -$0.1 0 0.0% -$0.1 -40.7% 0.0%
AUG-10 NNA
(US$ BN)
Aug-10 YTD Change
YTD NNA
(US$ BN)
ETF providers in Europe (continued)
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39 ETF Landscape Industry Highlights August 2010
ETF providers in Europe (continued)Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
Finans Portfoy Yonetimi 6 6 $0.1 0.0% 0 $0.0 -$0.1 0 0.0% $0.0 -26.1% 0.0%
Alpha Asset Management 1 1 $0.1 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -38.7% 0.0%
HQ Fonder 7 7 $0.0 0.0% 0 $0.0 $0.0 4 133.3% $0.0 0.0% 0.0%
NCB Investment Services 1 1 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -29.3% 0.0%
Is Investment 2 2 $0.0 0.0% 0 $0.0 -$0.1 0 0.0% $0.0 119.7% 0.0%OTP Fund Management 1 1 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -15.5% 0.0%
Osmosis Investment Management 1 2 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Medvesek Pusnik AM 1 1 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -6.4% 0.0%
NBG Asset Management 1 1 $0.0 0.0% 1 $0.0 $0.0 0 0.0% $0.0 0.0% 0.0%
Bizim Menkul Degerler 1 1 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 -8.2% 0.0%
Think Capital 5 5 $0.0 0.0% 0 $0.0 $0.0 0 0.0% $0.0 0.0% 0.0%
Troika Dialog Asset Management 1 1 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Garanti Bank 1 1 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Kuveyt Turk Katilim Bankasi 1 1 $0.0 0.0% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.0%
Ak Securities 0 0 $0.0 0.0% 0 $0.0 $0.0 -1 -100.0% $0.0 0.0% 0.0%
Direxion Shares - 12 - - 0 - - - - - - -
ProShares - 8 - - 0 - - - - - - -
Van Eck Associates Corp - 1 - - 0 - - - - - - -
Vanguard - 1 - - 0 - - - - - - -
Hinduja Bank (Switzerland) - - - - 1 - - - - - - -Qbasis Invest - - - - 1 - - - - - - -
Total 985 3,140 $230.9 100.0% 74 $1.6 $26.0 158 19.1% $4.0 1.7%
AUG-10 NNA
(US$ BN)
Aug-10 YTD Change
YTD NNA
(US$ BN)
Types of ETF exposure in Europe
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40 ETF Landscape Industry Highlights August 2010
Types of ETF exposure in EuropeRanked by AUM
ETFs should be viewed as a tool for both active and passive managers
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Fixed Income, 23.4%
Country Exposure Europe - Equity, 15%
Regional Exposure Eurozone - Equity, 11.8%Emerging Markets - Equity, 11.8%
Commodities, 8.7%
International - Equity, 5.7%
Country Exposure United States - Equity, 5.6%
Regional Exposure Europe - Equity, 4.3%
European Sector Exposure - Equity, 3.7%Global Exposure - Equity, 3.7%
Style - Equity, 2.1%
Inverse, 1.4%
Eurozone Sector Exposure - Equity, 0.7%
Alternative, 0.7%
Leveraged, 0.6%
Leveraged Inverse, 0.6%
Currency, 0.1%
US Sector Exposure - Equity, 0.1%
Mixed (Equity & Fixed Income), 0%
Type of Exposure # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
Equity - Total 668 $148.7 64.4% 91 -$5.6 -3.6%Country Exposure Europe - Equity 103 $34.5 15.0% 13 -$2.3 -6.2%
Regional Exposure Eurozone - Equity 37 $27.3 11.8% 4 -$7.7 -22.0%
Emerging Markets - Equity 107 $27.1 11.8% 23 $4.7 20.8%
International - Equity 68 $13.1 5.7% 13 $2.1 19.1%
Country Exposure United States - Equity 49 $13.0 5.6% 12 $1.0 8.0%
Regional Exposure Europe - Equity 50 $9.9 4.3% 3 -$2.1 -17.2%
European Sector Exposure - Equity 134 $8.6 3.7% 8 -$1.6 -15.7%
Global Exposure - Equity 46 $8.5 3.7% 0 $0.3 4.0%
Style - Equity 43 $4.9 2.1% 3 $0.2 3.4%
Eurozone Sector Exposure - Equity 19 $1.7 0.7% 1 -$0.3 -14.9%
US Sector Exposure - Equity 12 $0.2 0.1% 11 $0.1 451.8%
Fixed Income 169 $54.0 23.4% 20 $2.6 5.1%
Commodities 62 $20.0 8.7% 27 $4.9 32.0%
Inverse 40 $3.1 1.4% 10 $0.4 13.4%
Alternative 8 $1.7 0.7% 5 $1.5 1245.9%Leveraged 16 $1.5 0.6% 2 -$0.1 -7.1%
Leveraged Inverse 14 $1.4 0.6% 5 $0.3 25.1%
Currency 4 $0.3 0.1% -2 $0.0 -2.8%
Mixed (Equity & Fixed Income) 4 $0.1 0.0% 0 $0.0 19.6%
Total 985 $230.9 100.0% 158 $4.0 1.7%
Aug-10 YTD Change
Index providers in Europe
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41 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
Index providers in EuropeRanked by AUM
MSCI, 21.4%
STOXX, 18%
Deutsche Boerse, 8.6%
Markit, 8.3%
FTSE, 7.2%
EuroMTS, 4.5%
S&P, 4.3%
SIX Swiss Exchange, 3.3%
Barclays Capital, 3.1%
CAC, 2.7%
NASDAQ OMX, 1.6%
Dow Jones, 1.5%
Hang Seng, 0.6%
Topix, 0.3%
Nikkei, 0.2%
Russell, 0.1%
S-Network, 0%
NYSE Euronext, 0%
Intellidex, 0%
Other, 14%
Type of Exposure # ETFs
AUM
(US$ BN) % TOTAL # ETFs
AUM
(US$ BN) % AUM
MSCI 202 $49.5 21.4% 40 $5.8 13.4%
STOXX 210 $41.5 18.0% 10 -$9.1 -18.0%
Deutsche Boerse 37 $19.7 8.6% 10 -$0.1 -0.7%
Markit 83 $19.3 8.3% 18 $0.8 4.2%FTSE 81 $16.7 7.2% 18 $0.8 5.3%
EuroMTS 29 $10.5 4.5% 7 -$0.5 -4.7%
S&P 52 $10.0 4.3% 19 -$0.8 -7.0%
SIX Swiss Exchange 15 $7.6 3.3% 2 $0.3 3.9%
Barclays Capital 18 $7.0 3.1% 0 $0.8 12.8%
CAC 15 $6.3 2.7% -3 -$1.2 -15.9%
NASDAQ OMX 24 $3.6 1.6% 6 -$0.1 -1.9%
Dow Jones 35 $3.6 1.5% 2 $0.4 12.5%
Hang Seng 6 $1.5 0.6% 2 $0.1 3.6%
Topix 4 $0.8 0.3% 0 $0.1 20.6%
Nikkei 3 $0.5 0.2% 1 $0.0 -4.5%
Russell 4 $0.2 0.1% -4 $0.0 -17.8%
S-Network 3 $0.1 0.0% 0 $0.0 16.9%NYSE Euronext 6 $0.1 0.0% 4 $0.1 100.0%
Intellidex 1 $0.0 0.0% -4 $0.0 -35.7%
Other 157 $32.4 14.0% 30 $6.6 25.8%
Total 985 $230.9 100.0% 158 $4.0 1.7%
Aug-10 YTD Change
Average expenses of ETFs vs open-end mutual
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42 ETF Landscape Industry Highlights August 2010
Average expenses of ETFs vs open end mutualfunds in Europe
*As at end February 2010**Captured from Morningstar on 15 March 2010Source: Morningstar, Global ETF Research and Implementation Strategy Team, BlackRoc
EXPOSURE
Average
TER (bps)
Exchange Traded Funds*
Alternative 25Commodities 44
Country Exposure Europe - Equity 30
Country Exposure United States - Equity 38
Currency 30Emerging Markets - Equity 69European Sector Exposure - Equity 35
Eurozone Sector Exposure - Equity 42
Fixed Income 17Global Exposure - Equity 49
International - Equity 56
Inverse 41Leveraged 59
Leveraged Inverse 61Mixed 72
Regional Exposure Europe - Equity 38
Regional Exposure Eurozone - Equity 23Style - Equity 37
US Sector Exposure - Equity 52
Total - Equity ETFs 40
Total - Fixed Income ETFs 17
Total - All 35
Open-end Mutual Funds**
Passive/Indexed Domestic Equity 91
Passive/Indexed International Equity 78Passive/Indexed Fixed Income 49
Actively Managed Domestic Equity 180Actively Managed International Equity 176
Actively Managed Fixed Income 100
European fund industry
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43 ETF Landscape Industry Highlights August 2010
u opea u d dust yNet sales data through June 2010 Lipper FMI
Source: Lipper FMI.
-600,000
-400,000
-200,000
0
200,000
400,000
600,000
Net Flows (US$ Mn)
All ETF 8,782.5 4,105.8 11,755.1 13,109.9 19,354.3 20,961.0 76,545.5 47,193.7 21,169.7
All Index-tracking 17,607.6 14,292.8 23,662.7 26,880.9 30,234.9 26,598.2 78,260.0 74,257.0 27,994.9
All Europe (Ex-ETFs) 149,202.0 288,513.5 234,604.6 450,509.1 413,256.6 115,780.6 -495,109.2 220,587.2 55,166.4
2002 2003 2004 2005 2006 2007 2008 2009 YTD JUN-10
ETP providers in Europe
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44 ETF Landscape Industry Highlights August 2010
p pRanked by assets
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETPs
Assets
(US$ BN) % Total # Planned # ETPs % ETPs
Assets
(US$ BN) % Assets
Market
Share
ETF Securities 187 $17.8 90.6% 14 $0.3 $2.0 40 27.2% $2.7 17.5% -6.1%
Source Markets 28 $0.7 3.7% 0 -$0.1 $0.3 0 0.0% $0.3 75.0% 1.1%
Deutsche Bank 27 $0.5 2.6% 0 $0.3 $0.5 27 100.0% $0.5 100.0% 2.6%
UBS Global Asset Management 69 $0.2 0.9% 0 $0.0 $0.2 69 100.0% $0.2 100.0% 0.9%
RBS 18 $0.2 0.8% 0 $0.0 $0.2 18 100.0% $0.2 100.0% 0.8%
Societe Generale 42 $0.1 0.7% 0 $0.0 $0.0 42 100.0% $0.1 0.0% 0.7%
Barclays (iPath) 12 $0.1 0.4% 0 $0.0 $0.1 12 100.0% $0.1 100.0% 0.4%Standard Commodities 1 $0.0 0.2% 0 $0.0 $0.0 1 100.0% $0.0 0.0% 0.2%
Lyxor 3 $0.0 0.0% 0 $0.0 $0.0 0 0.0% -$0.1 -100.0% -0.6%
GAM Holding - - - 4 - - - - - - -
Total 387 $19.7 100.0% 18 $0.6 $3.3 209 117.4% $4.0 25.4%
YTD Change
YTD NNA
(US$ BN)
AUG-10 NNA
(US$ BN)
Aug-10
European ETF/ETP net new assets by type of
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p / y ypexposure
NNA Net New Assets.Data as at end August 2010.Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg.
continued
# ETFs/ETPs ADV(US$ Mn) ASSETS(US$ Mn) NNA(US$ Mn)Equity 742 2,241.7 154,604.0 1,162.2 14,801.4 32,725.0
Europe - Equity 439 1,639.6 91,321.4 585.4 2,597.3 18,205.5Broad 271 1,358.7 80,258.1 474.6 (178.9) 14,818.5
Consumer Goods/Services 39 48.7 1,439.2 (208.0) 71.9 335.4
Energy 10 12.0 838.5 22.0 (36.4) 322.1
Financials 26 76.2 2,610.7 174.2 39.1 825.5
Healthcare 11 7.2 961.4 55.5 (58.7) 145.9
Industrials 11 40.6 493.1 (54.6) 95.0 136.6
Information Technology 12 2.5 330.6 14.5 (1.8) 12.4
Materials 19 58.4 1,342.9 (33.6) (177.6) 522.5Private Equity 1 0.7 85.9 4.0 44.8 34.2
Real Estate 12 5.6 1,493.4 91.1 272.1 333.6
Telecommunications 11 13.0 761.8 (8.2) (165.7) 425.0
Utilities 11 15.3 608.1 53.9 (65.1) 361.3
Other 5 0.6 97.9 - 50.9 (67.4)
North America - Equity 79 149.3 15,984.9 (37.1) 2,857.9 1,561.5
Asia Pacific - Equity 53 112.9 9,913.6 122.0 1,823.6 2,662.0
Global - Equity 56 84.0 10,164.8 (130.7) 1,756.2 2,799.6
EXPOSURE YTD-10 NNA (US$ M n) 2009 NNA (US$ M n)AUGUST
European ETF/ETP net new assets by type of
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46 ETF Landscape Industry Highlights August 2010
NNA Net New Assets.Data as at end August 2010.Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg.
continued
p y ypexposure (continued)
# ETFs/ETPs ADV(US$ Mn) ASSETS(US$ Mn) NNA(US$ Mn)Em erging M arkets - Equity 115 255.9 27,219.4 622.6 5,766.4 7,496.4
Broad - EM 24 93.3 13,140.6 427.2 3,964.6 3,665.0
Regional - EM 20 22.3 2,796.0 20.8 256.9 778.8
Country - EM 71 140.3 11,282.8 - 1,544.9 3,052.7Brazil 9 21.9 2,271.2 15.2 104.9 811.2
Chile 1 0.0 3.1 3.0 3.0 -
China 11 29.3 2,704.8 62.3 28.6 862.9
Egypt 1 0.2 14.6 2.8 6.4 (5.2)
Hungary 1 0.2 15.7 - (0.5) (0.3)
India 6 16.7 2,399.0 (7.5) 304.9 616.3
Indonesia 0 0.5 - - - -
Kuwait 2 0.4 50.7 - 15.6 14.5Malaysia 1 2.1 84.8 4.9 51.8 10.1
Mexico 2 0.1 7.2 3.0 7.9 -
Russia 8 14.6 1,411.4 19.9 495.1 174.2
South Africa 6 2.1 238.9 5.6 60.4 64.3
South Korea 5 10.6 805.7 (1.9) 351.8 152.3
Taiwan 5 9.6 473.7 30.8 84.2 137.7
Thailand 0 - - - - 30.5
Turkey 11 30.3 617.3 35.8 (12.3) 113.3UAE 1 0.0 12.5 - 1.2 7.2
Vietnam 1 1.7 172.2 0.6 41.8 63.6
EXPOSURE YTD-10 NNA (US$ M n) 2009 NNA (US$ M n)AUGUST
European ETF/ETP net new assets by type of
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47 ETF Landscape Industry Highlights August 2010
NNA Net New Assets.Data as at end August 2010.Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg.
p y ypexposure (continued)
# ETFs/ETPs
ADV(US$ Mn)
ASSETS(US$ Mn)
NNA(US$ Mn)
Fixed Incom e 182 372.5 54,571.0 139.3 7,045.0 9,453.3Broad 1 5.3 291.5 49.8 206.9 102.3
Corporate 13 52.4 10,558.0 588.4 2,233.1 4,770.8
Covered 8 2.1 929.9 42.2 298.7 438.4
Credit Spreads 13 7.1 716.0 (43.2) (115.1) (291.1)
Government 117 212.3 29,733.8 (947.1) 5,220.4 6,193.2
Inflation 15 20.9 3,968.5 (80.8) (222.2) 2,365.8
Money Market 14 65.6 6,624.5 488.1 (715.2) (4,518.2)
Mortgage 1 6.8 1,748.7 42.0 138.2 392.1
Comm odities 376 290.2 39,466.3 912.0 6,758.4 13,657.9Broad 57 27.3 5,193.8 (19.6) 621.8 2,985.9
Agriculture 83 51.6 2,156.2 (218.3) (37.7) 1,294.3
Energy 74 37.6 2,575.9 166.3 568.1 1,834.2
Industrial Metals 55 9.3 727.5 (49.4) 184.1 343.5
Livestock 17 1.0 78.2 1.7 2.3 29.4
Precious Metals 90 163.4 28,734.8 1,031.3 5,419.8 7,170.7
Currency 62 3.3 448.0 (59.0) 211.9 190.7Alternative 9 7.9 1,355.7 (2.4) 466.5 898.6M ixed (Equity & Fixed Incom e) 1 0.5 85.1 (0.1) 18.5 14.8Total 1,372 2,916.1 250,530.1 2,152.0 29,301.6 56,940.3
EXPOSURE YTD-10 NNA (US$ M n) 2009 NNA (US$ M n)AUGUST
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Asia Pacific (ex-Japan) ETF and ETP asset growth
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49 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
0
5
10
15
20
25
30
35
40
45
50
Assets (US$ Bn)
0
20
40
60
80
100
120
140
160
180
200
# Products
ETF Assets $3.7 $3.8 $6.6 $8.6 $10.5 $18.1 $27.0 $23.8 $38.5 $48.2
ETP Assets $0.1 $0.5 $0.8 $1.1
# ETFs 4 11 20 27 32 49 68 96 132 180
# ETPs 4 6 12 14
2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
ETF providers in Asia Pacific (ex-Japan)k d b
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50 ETF Landscape Industry Highlights August 2010
Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
State Street Global Advisors 6 8 $10.3 21.4% 1 0 0.0% $0.6 6.0% -3.9%
iShares 15 39 $9.1 19.0% 0 2 15.4% $1.3 16.6% -1.4%
Hang Seng Investment Management 3 5 $5.7 11.8% 0 0 0.0% $0.4 7.4% -1.9%
E Fund Management 2 2 $3.9 8.1% 1 1 100.0% $2.6 196.8% 4.7%
China Asset Management 2 2 $3.9 8.1% 2 0 0.0% $0.1 3.6% -1.7%
Polaris 8 9 $2.2 4.6% 3 0 0.0% $0.1 4.2% -0.9%
Samsung Investment Trust Management 16 16 $2.1 4.3% 0 0 0.0% $0.5 31.0% 0.2%
Lyxor Asset Management 2 32 $1.0 2.0% 1 0 0.0% $0.2 22.5% 0.0%
Hua An Fund Management 1 1 $0.9 2.0% 2 0 0.0% $0.8 402.2% 1.5%Woori Asset Management 10 10 $0.9 1.8% 7 2 25.0% $0.5 116.6% 0.8%
BOCI-Prudential Asset Management 3 3 $0.9 1.8% 0 0 0.0% -$0.1 -9.0% -0.7%
China Southern Fund Management 1 1 $0.8 1.6% 0 1 100.0% $0.8 100.0% 1.6%
Bank Of Communications 1 1 $0.7 1.4% 0 0 0.0% $0.7 100.0% 1.4%
db x-trackers 21 63 $0.6 1.2% 2 21 100.0% $0.6 100.0% 1.2%
AIG-Huatai Fund Management 1 1 $0.5 1.1% 0 0 0.0% -$0.1 -11.0% -0.4%
Mirae Asset MAPS Global Investments 15 15 $0.5 1.0% 0 4 36.4% $0.1 16.8% -0.1%
Fubon Asset Management 4 4 $0.4 0.8% 0 0 0.0% -$0.2 -29.8% -0.7%
KB Asset Management 4 4 $0.3 0.7% 0 1 33.3% $0.1 22.8% 0.0%
Bosera Asset Management 1 1 $0.3 0.6% 1 1 100.0% $0.3 100.0% 0.6%
HSBC 1 1 $0.3 0.6% 0 0 0.0% $0.0 -1.6% -0.2%
DBS Asset Management 2 2 $0.3 0.6% 0 0 0.0% $0.0 6.4% -0.1%
Korea Investment Trust Management 5 5 $0.3 0.5% 0 0 0.0% -$0.1 -23.1% -0.3%
Benchmark Asset Management 7 7 $0.2 0.5% 7 1 16.7% $0.0 15.2% 0.0%
Fortune SGAM Fund Management 1 1 $0.2 0.5% 0 1 100.0% $0.2 100.0% -99.5%
i-VCAP Management 1 1 $0.2 0.4% 0 0 0.0% $0.0 13.9% 0.0%
Smartshares Limited 5 5 $0.2 0.4% 0 0 0.0% $0.0 -5.8% -0.1%ICBC Credit Suisse Asset Management 1 1 $0.2 0.4% 0 0 0.0% -$0.2 -54.3% -0.6%
AmInvestment Management 2 2 $0.2 0.3% 0 0 0.0% $0.0 8.7% -0.1%
CIMB-Principal Asset Management 2 3 $0.2 0.3% 1 1 100.0% $0.0 0.5% -0.1%
Vanguard 1 3 $0.1 0.3% 2 0 0.0% $0.1 178.9% 0.2%
AMP 1 1 $0.1 0.3% 0 0 0.0% -$0.1 -51.6% -0.4%
Yurie Asset Management 2 2 $0.1 0.2% 0 0 0.0% $0.0 -5.6% -0.1%
Aug-10 YTD Change
continued
ETF providers in Asia Pacific (ex-Japan) (continued)R k d b AUM
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51 ETF Landscape Industry Highlights August 2010
Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
Hanwha Investment Trust Management 1 1 $0.1 0.2% 0 1 100.0% $0.1 100.0% 0.2%
One Asset Management 2 2 $0.1 0.2% 0 0 0.0% $0.0 -5.1% -0.1%
CCB Principal Asset Management 1 1 $0.1 0.1% 0 1 100.0% $0.1 100.0% 0.1%
Motilal Oswal Asset Management 1 1 $0.1 0.1% 0 1 100.0% $0.1 100.0% 0.1%
Sensible Asset Management 1 1 $0.0 0.1% 0 0 0.0% $0.0 16.4% 0.0%
UOB Asset Management 1 1 $0.0 0.1% 0 0 0.0% -$0.2 -79.5% -0.5%
Prudential Asset Management 2 2 $0.0 0.1% 0 1 100.0% $0.0 45.4% 0.0%
KTB Asset Management 1 1 $0.0 0.1% 0 0 0.0% $0.0 142.5% 0.0%
Ping An 1 1 $0.0 0.1% 0 1 100.0% $0.0 0.0% 0.1%
Da Cheng International Asset Management 1 1 $0.0 0.0% 0 1 100.0% $0.0 0.0% 0.0%
China International Capital Corp 1 1 $0.0 0.0% 0 1 100.0% $0.0 0.0% 0.0%
Tong Yang Investment Trust Management 1 1 $0.0 0.0% 0 0 0.0% $0.0 -22.1% 0.0%
Kotak Mahindra Asset Management 3 3 $0.0 0.0% 0 1 50.0% $0.0 101.9% 0.0%
Daishin Investment Trust Management 1 1 $0.0 0.0% 0 0 0.0% $0.0 -9.4% 0.0%
Daiwa Asset Management 1 1 $0.0 0.0% 1 0 0.0% $0.0 0.0% 0.0%
Russell Investments 1 1 $0.0 0.0% 0 1 100.0% $0.0 0.0% 0.0%
Australian Index Investments 6 6 $0.0 0.0% 0 6 100.0% $0.0 0.0% 0.0%
Hyundai Investments 1 1 $0.0 0.0% 0 1 100.0% $0.0 0.0% 0.0%
TMB Asset Management 1 1 $0.0 0.0% 0 0 0.0% $0.0 2.7% 0.0%
Indo Premier Securities 1 1 $0.0 0.0% 0 0 0.0% $0.0 -11.9% 0.0%
Reliance Capital Asset Management 1 1 $0.0 0.0% 4 0 0.0% $0.0 -11.0% 0.0%
Quantum Asset Management 1 1 $0.0 0.0% 0 0 0.0% $0.0 11.9% 0.0%
PRUDENTIAL ICICI 1 1 $0.0 0.0% 0 0 0.0% $0.0 13.6% 0.0%
UTI Asset Management 1 1 $0.0 0.0% 1 0 0.0% $0.0 -89.3% 0.0%
Allianz SE - - - - 1 - - - - -
Birla Sun Life Mutual Fund - - - - 1 - - - - -
Government Service Insurance Systems - - - - 1 - - - - -
Guotai Asset Management - - - - 1 - - - - -
Penghua Fund Management - - - - 4 - - - - -
Religare India Asset Management - - - - 1 - - - - -
Tata Mutual Fund - - - - 1 - - - - -
Other (Planned) - - - - 5 - - - - -
Total 180 284 $48.2 100.0% 51 52 40.6% $9.3 23.9%
Aug-10 YTD Change
Japan ETF and ETP asset growth
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Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
0
5
10
15
20
25
30
35
40
Assets (US$ Bn)
0
10
20
30
40
50
60
70
80
# Products
ETF Assets $6.6 $21.0 $27.6 $30.3 $31.8 $34.6 $34.2 $27.4 $24.6 $24.3
ETP Assets $0.0 $0.3 $0.3 $0.3
# ETFs 8 18 18 15 13 13 15 61 68 74
# ETPs 1 4 5 9
2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
ETF providers in JapanRanked by AUM
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53 ETF Landscape Industry Highlights August 2010
Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
Nomura Asset Management 32 32 $12.7 52.5% 0 2 6.7% -$0.6 -4.8% -1.8%
Nikko Asset Management 14 14 $5.4 22.4% 0 4 40.0% -$0.3 -5.1% -0.9%
Daiwa Asset Management 22 22 $4.7 19.6% 0 0 0.0% -$0.2 -3.6% -0.4%
Mitsubishi UFJ Asset Management 4 4 $1.3 5.3% 0 0 0.0% $0.8 143.8% 3.2%
iShares 1 1 $0.0 0.1% 0 0 0.0% $0.0 -30.8% -0.1%
Simplex Asset Management 1 1 $0.0 0.0% 0 0 0.0% $0.0 -3.4% 0.0%
EasyETF 0 1 $0.0 0.0% 0 0 0.0% $0.0 0.0% 0.0%
Samsung Investment Trust Management 0 1 $0.0 0.0% 0 0 0.0% $0.0 0.0% 0.0%
State Street Global Advisors 0 1 $0.0 0.0% 0 0 0.0% $0.0 0.0% 0.0%
Total 74 77 $24.3 100.0% 0 6 8.8% -$0.4 -1.5%
YTD ChangeAug-10
Latin America ETF asset growth
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54 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
0
2
4
6
8
10
12
14
Assets (US$ Bn)
0
2
4
6
8
10
12
14
16
18
20
22
24
# Products
ETF Assets $0.1 $0.4 $0.4 $1.3 $2.6 $6.0 $5.1 $9.8 $11.9
# ETFs 1 1 2 2 2 6 10 17 21
2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
ETF providers in Latin AmericaRanked by AUM
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55 ETF Landscape Industry Highlights August 2010
Ranked by AUM
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs # Listings
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
ShareiShares 18 214 $7.3 61.2% 1 3 20.0% -$1.1 -13.2% -23.9%
BBVA Asset Management 2 7 $3.4 28.6% 0 1 100.0% $3.4 100.0% 28.6%
Banco Itau 1 1 $1.2 10.2% 0 0 0.0% -$0.3 -17.5% -4.7%
Direxion Shares - 4 - - - - - - - -
EasyETF - 10 - - - - - - - -
Lyxor Asset Management - 4 - - - - - - - -
PowerShares - 1 - - - - - - - -
ProShares - 18 - - - - - - - -State Street Global Advisors - 27 - - - - - - - -
Van Eck Associates Corp - 13 - - - - - - - -
Vanguard - 39 - - - - - - - -
WisdomTree Investments - 9 - - - - - - - -
Total 21 347 $11.9 100.0% 1 4 23.5% $2.0 20.7%
Aug-10 YTD Change
Canada ETF asset growth
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56 ETF Landscape Industry Highlights August 2010
Data as at end August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
0
5
10
15
20
25
30
35
Assets (US$ Bn)
0
20
40
60
80
100
120
140
160
# Products
ETF Assets $0.4 $4.0 $3.1 $3.4 $5.5 $7.4 $10.6 $13.0 $18.0 $15.7 $28.5 $31.6
ETP Assets $0.4
# ETFs 1 3 14 15 16 16 20 26 46 77 110 150#ETPs 1
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Aug-10
ETF providers in CanadaRanked by AUM
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57 ETF Landscape Industry Highlights August 2010
Ranked by AUM
Data as at August 2010Source: Global ETF Research & Implementation Strategy Team, BlackRock, Bloomberg
PROVIDER # ETFs
AUM
(US$ BN) % Total # Planned # ETFs % ETFs
AUM
(US$ BN) % AUM
% Market
Share
iShares 36 $24.5 77.6% 2 6 20.0% $2.0 8.8% -1.38%
Claymore Securities 28 $3.9 12.3% 7 3 12.0% $0.6 18.4% 0.80%
BetaPro Management 56 $2.5 7.9% 1 14 33.3% -$0.1 -2.3% -1.06%
BMO Asset Management 30 $0.7 2.2% 0 17 100.0% $0.5 100.0% 1.64%
Total 150 $31.6 100.0% 10 40 36.4% $3.1 10.7%
Aug-10 YTD Change
Exchange Traded Funds (ETFs)Product overview
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8/8/2019 Etfl Industry Hi Light