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Read e-book online 2011 Investment Company Fact Book, A Review of Trends and PDF

By Joseph Feller

ISBN-10: 1878731505

ISBN-13: 9781878731500

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Despite increasing liquidations over the period 2008 through 2010, the total number of ETFs also increased, on net, by 294 to a total of 923 over the same time frame. 6 Total Net Assets of ETFs1 Concentrated in Large-Cap Domestic Stocks Billions of dollars, year-end 2010 212 154 104 Large-cap 48 50 63 Mid-cap Small-cap Other 97 138 101 26 Broad-based domestic equity Domestic sector equity2 Global International3 Emerging Commodities4 Bond markets and hybrid5 Global/International equity ETF data exclude ETFs that invest primarily in other ETFs.

This reflects shareholders’ tendency to own equity funds with below-average turnover and the propensity for funds with below-average turnover to attract more shareholder dollars. 6 Turnover Rate1 Experienced by Equity Fund Investors 2 Percent, 1974–2010 100 80 60 40 Average over 1974−2010: 58% 20 0 ’74 ’76 ’78 ’80 ’82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 The turnover rate is an asset-weighted average. exclude mutual funds available as investment choices in variable annuities.

With the increase in demand, sponsors have offered more ETFs with a greater variety of investment objectives. While ETFs share some basic characteristics with mutual funds, there remain key operational and structural differences between the two types of investment products. This chapter provides an overview of exchange-traded funds (ETFs)—how they are created, how they differ from mutual funds, how they trade, the demand by investors for ETFs, and the characteristics of ETF-owning households. 50 What Is an ETF?

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2011 Investment Company Fact Book, A Review of Trends and Activity in the Investment Company Industry, 51st edition by Joseph Feller


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