ETP Landscape
ETP Landscape Monthly Snapshot November 30, 2012
The opinions expressed are as of November 30, 2012 and may change as subsequent conditions vary.
FOR PROFESSIONAL INVESTORS ONLY
Global ETP Monthly Overview
Overview (US$): Under the shadow of the looming fiscal cliff, ETP flows continued at a record-setting pace through November with $25.0bn for the month and $218.9bn for the year. The previous year-to-date record through November of $208.5bn was set in 2008 during the global credit crisis. Fixed Income remained a key differentiator this year, moving deeper into record setting territory with $67.8bn of flows through November, well ahead of the $50bn collected in 2011. The previous annual record was set in 2009 with $60.2bn inflows.
November Flow Highlights: ETP investors split across the risk spectrum allocating $2.7bn to safe-haven Treasuries - with flows cadenced near US elections - while also maintaining a degree of risk appetite through the purchase of US Equities which garnered $8.2bn, and EM Equities and EM Bonds which together drew in $6.2bn. EM Equities posted another strong month, drawing in $5.1bn led by $2.2bn in China exposures amid improving PMIs and export growth. Investors have returned to emerging markets with increased focus on country-specific offerings. Broad EM funds drew in $1.9bn. EM Bond ETPs drew in another $1.1bn on the back of record-breaking flows of $1.9bn in October, with investors purchasing both local currency and USDbased funds. Developed Markets Equity ETP flows were choppy throughout November as news about the fiscal cliff reverberated, but the category ended the month with $11.6bn of net inflows led by US Mid Cap with $4.1bn. Gold ETPs attracted $1.8bn and have pulled in $11.8bn over 4 months alongside continued expansionary monetary policy by Central Banks across the globe. Investment Grade Corporate ETPs posted another positive month with $1.0bn in flows, showing sustained demand for enhanced yield balanced by credit quality.
November Results at a Glance Nov 2012
Oct 2012
Dec 2011
Nov 2011
Monthly Flows 25.0
11.0
15.8
(0.1)
Assets
1,871
1,842
1,525
1,543
# of ETPs
4,747
4,721
4,311
4,280
(US$bn)
Global 12-Month Rolling Net Flows Year-To-Date 2012 Net Flows: $218.9bn (US$bn)
Nov-12
25.0
Oct-12
11.0
Sep-12
43.4
Aug-12
11.6
Jul-12
22.8
Jun-12
20.0
May-12
18.8
Apr-12
0.8
Mar-12
16.3
Feb-12
15.6
Jan-12
33.5
Dec-11
15.8
($10) $0 Equity
$10 $20 $30 $40 Fixed Income
Commodity / Other
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Treasury ETP Flows Cadenced to US Elections
November Highlights (US$): In the months leading up to the US election, bond ETF investors flocked to riskier, higher income sectors of the market such as High Yield and Emerging Market Debt. Flows quickly shifted just ahead of the election as it became apparent that neither party would emerge with enough strength to immediately avert the fiscal cliff, bringing the possibility of higher taxes and spending cuts to the forefront. Treasury Bond ETPs absorbed $2.7bn in November with over $1.6bn of that coming in a three day period preceding the US elections. Flows were more focused in 3-7 and 7-10 year duration categories. On a year-to-date basis, Treasury ETPs have seen net redemptions of ($0.6bn). While High Yield Fixed Income ETPs surrendered ($0.04bn) in November, these redemptions were very modest against YTD inflows for the category of $13.0bn. • Despite the outflows in high yield this month, inflows occurred in other high yielding products with less perceived risk (Bank Loans, Short Duration High Yield, and Emerging Market Bond ETPs).
US Treasury Bond ETP Daily Net Flows (US$mn) 1000 800
Nov 6th US Elections
600 400 200 0 -200
T-20
T-16
T-12
T-8
T-4
T
T+4
T+8
T+12
T+16
-400
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETP Year-to-Date Overview
Year-to-Date Flow Highlights (US$): ETP flows for the Jan-Nov period were the strongest on record at $218.9bn. YTD Global ETP flows have already surpassed 2011’s full year total of $173.4bn. Fixed Income was one of the main drivers of growth, attracting 31% of all inflows with $67.8bn on the year. It’s the best year ever for fixed income ETPs as YTD inflows surpassed 2009’s annual record at $60.2bn. North America Equity flows continued at a higher pace than in 2011. This in spite of large redemptions from the category in October. Emerging Markets Equity and Gold-influenced Commodity flows continue to outpace 2011 by a wide margin.
Cumulative Net Flows Year-To-Date 2012 Net Flows: $218.9bn (US$bn)
220 200 180 160 140 120 100 80 60 40 20 0 -20
2012 2011
2010
J F M A M J J A S O N D
Global ETP YTD Net Flows by Exposure
Global ETP Total
Jan-Nov 2012 218.9
Jan-Nov 2011 157.6
Annual 2011 173.4
Fixed Income
67.8
43.6
49.9
Developed Markets Equity
90.8
89.3
102.0
North America Equity
60.1
42.2
53.9
Europe Equity
6.5
16.8
15.0
Other Developed Equity
24.2
30.3
33.1
Emerging Markets Equity
38.6
10.2
9.7
Commodities
18.3
11.5
8.9
Others
3.5
3.1
2.9
(US$bn)
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Source: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global Fixed Income ETP Flows
Highlights (US$):
2012 Monthly Fixed Income Flows
YTD Fixed Income ETP flows continued at a record-setting pace of $67.8bn through November and now account for 31% of all YTD industry flows. While all segments of the ETP Fixed Income market have grown, this year’s flows have been more focused in targeted categories including Investment Grade Corporate, High Yield and Emerging Market Debt which are all focused on higher-yielding segments of the bond market. Investment Grade Corporate Bond ETPs have attracted strong flows of more than $24.2bn this year to lead the Bond category. Assets of $79.4bn have grown from 17% of Bond ETP assets in 2005 to 24% today and constitute the largest Fixed Income ETP category by a wide margin. There are now 112 Investment Grade Bond ETPs offered globally. Investors withdrew ($0.04bn) from High Yield Corporate Bond ETPs, following outflows of ($0.5bn) from this category in October.
(US$bn)
Nov-12
6.4
Oct-12
7.2
Sep-12
3.5
Aug-12
6.3
Jul-12
2.4
Jun-12
5.6
May-12
10.9
Apr-12
5.8
Mar-12
6.0
Feb-12
4.7
Jan-12
8.9
($5)
$0
Investment Grade Municipal Broad/Aggregate
$5
$10
$15
Government High Yield Others
Fixed Income Cumulative Net Flows Year-To-Date 2012 Net Flows: $67.8bn
2012
70 60
2011
US$bn
50 40
2010 30 20 10 0 Jan Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETP Flows by Listing Region
November Highlights (US$):
November ETP Net Flows by Listing Region
ETPs listed in the US account for 70% of global ETP assets and 73% of global YTD net inflows.
(US$bn)
November flows were focused in the US which attracted 82% of the monthly global total. Note that many of these US-listed products provide exposure to other regions and can accessed by some institutional investors outside the region. The amounts on this page represent the “listed-view”, not the “exposure-view.”
US
20.6
Europe
1.7
Canada
0.2
Latin America
0.3
Asia Pacific
2.1
($5) Equity
$0
$5
Fixed Income
$10
$15
$20
Commodities/Others
Listing Region View (US$bn) Net Flows By Listing Region
Nov 2012
YTD 2012
Nov 2012 Assets
Global ETP Total
25.0
218.9
1,870.6
100
4,747
US
20.6
159.0
1,315.7
70
1,445
Europe
1.7
26.1
355.7
19
2,095
Canada
0.2
10.2
54.5
2.9
272
Latin America
0.3
(0.1)
11.6
0.6
35
Asia Pacific
2.1
23.7
112.3
6.0
540
Not Available
Not Available
20.8
1.1
360
Middle East and Africa
% Asset Market Share
Number of Products
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Top 15 New 2012 Global ETPs Ranked by AUM Highlights (US$): Successful product innovation continues in the industry. 570 ETPs were launched this year and ended November with $26.9bn of AUM Among the top 15 new products, ten are listed in Asia Pacific Thematically, the top newly-launched ETPs are concentrated in Emerging Markets Equity (eight products) and Fixed Income (five products) 167 products were delisted this year with combined AUM of less than $1.8bn Product Name (US$mn)
Bloomberg Ticker
Exposure
Launch Date
Nov-12 Assets
Listing Region
Huatai-Pinebridge CSI 300
510300 CH
EM Equity
May-12
3,774
Asia Pacific
PIMCO Total Return
BOND US
Fixed Income
Mar-12
3,755
US
HARVEST Shanghai & Shenzhen 300
159919 CH
EM Equity
May-12
2,277
Asia Pacific
CSOP FTSE China A50 ETF
82822 HK
EM Equity
Aug-12
1,539
Asia Pacific
China AMC CSI 300
83188 HK
EM Equity
Jul-12
1,174
Asia Pacific
159920 CH
Hong Kong Equity
Oct-12
576
Asia Pacific
SJNK US
Fixed Income
Mar-12
521
US
Samsung KODEX KRW Cash ETF
153130 KS
Fixed Income
Feb-12
470
Asia Pacific
E Fund CSI 100 A-Share ETF
83100 HK
EM Equity
Aug-12
440
Asia Pacific
Kyobo AXA Power K200 ETF
152870 KS
EM Equity
Feb-12
421
Asia Pacific
iShares Global Corporate Bond
CORP LN
Fixed Income
Sep-12
334
Europe
E Fund China Enterprises
510900 CH
EM Equity
Oct-12
321
Asia Pacific
Hanwha Arirang 200 ETF (Equity)
152100 KS
EM Equity
Jan-12
318
Asia Pacific
iShares Aaa-A Rated Corporate Bond Fund
QLTA US
Fixed Income
Feb-12
313
US
AMUNDI ETF TOPIX EUR HEDGED DAILY
TPXH FP
Japan Equity
Oct-12
282
Europe
Jan-Nov-12
10,423
All
China AMC Hang Seng SPDR Barclays Capital Short Term High Yield Bond
555 additional ETPs Total - 570 ETPs
26,935
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETPs Ranked by 1-month Inflows and Outflows
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
Nov-2012 Inflows
iShares MSCI Emerging Markets
EEM US
2,343
41,090
SPDR S&P 500
SPY US
1,409
110,870
Vanguard Mid-Cap
VO US
1,400
5,222
iShares Core S&P Mid-Cap ETF
IJH US
1,397
12,905
Vanguard Value
VTV US
1,396
8,020
iShares Barclays 3-7 Year Treasury Bond
IEI US
1,035
3,220
Vanguard Small-Cap
VB US
842
5,338
SPDR Gold
GLD US
719
74,823
Vanguard Growth
VUG US
718
9,041
ProShares Ultra 7-10 Year Treasury
UST US
707
740
Bloomberg Ticker
Nov-2012 Outflows
iShares Russell 2000
IWM US
(1,015)
15,669
Vanguard MSCI Emerging Markets
VWO US
(887)
56,964
iShares iBoxx $ High Yield Corporate Bond
HYG US
(813)
16,094
iShares S&P/TSX 60 Index Fund
XIU CN
(788)
11,794
iShares Core S&P 500 ETF
IVV US
(727)
32,657
ProShares Ultra Russell 2000
UWM US
(517)
157
ProShares Ultra S&P 500
SSO US
(454)
1,207
iShares Core Total U.S. Bond Market
AGG US
(359)
15,517
PowerShares QQQ
QQQ US
(355)
30,738
IYR US
(320)
4,726
ETPs as of Nov 2012 (US$mn)
iShares Dow Jones U.S. Real Estate
Nov-2012 Assets
Nov-2012 Assets
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETPs Ranked by Year-to-Date Inflows and Outflows
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
YTD 2012 Inflows
Nov-12 Assets
Vanguard MSCI Emerging Markets
VWO US
10,592
56,964
iShares iBoxx $ Investment Grade Corporate Bond
LQD US
6,886
25,526
SPDR Gold
GLD US
5,594
74,823
iShares MSCI Emerging Markets
EEM US
5,258
41,090
iShares iBoxx $ High Yield Corporate Bond
HYG US
4,730
16,094
Vanguard REIT
VNQ US
4,363
14,629
SPDR S&P 500
SPY US
3,823
110,870
Huatai-Pinebridge CSI 300
510300 CH
3,691
3,774
PIMCO Total Return
BOND US
3,618
3,755
Vanguard S&P 500
VOO US
3,250
6,027
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
YTD 2012 Outlfows
Nov-12 Assets
iShares MSCI EAFE
EFA US
(2,713)
37,827
iShares Barclays 1-3 Year Treasury Bond
SHY US
(2,549)
8,512
Utilities Select SPDR
XLU US
(1,655)
5,859
SPDR Dow Jones Industrial Average Trust
DIA US
(1,154)
10,484
iShares eb.rexx Government Germany 1.5-2.5 (DE)
RXP1EX GY
(1,112)
1,159
Direxion Daily Financial Bull 3x
FAS US
(1,055)
1,103
PowerShares DB US Dollar Index Bullish
UUP US
(1,028)
803
iShares MSCI Japan
EWJ US
(889)
4,489
ProShares Ultra S&P 500
SSO US
(862)
1,207
db x-trackers DAX ETF
XDAX GY
(837)
8,528
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETPs and Mutual Funds 2012 Cumulative Flows November 2012 Flow Highlights: • Outflows from Developed Equity mutual funds continued through November with the funds surrendering ($164bn) year-to-date. Developed Equity ETPs saw inflows of $12bn this month, bringing 2012 year-to-date inflows to $91bn. • Fixed Income mutual funds and ETPs enjoyed steady inflows in 2012 with ETPs attracting $68bn year-to-date while mutual funds gathered $395bn. • Emerging Markets Equity flows have diverged since April, though inflows accelerated since October. Mutual funds gathered $7bn year-to-date whereas ETPs drew in $39bn.
2012 Cumulative Flows (US$bn) Developed Markets Equity 100 50
ETP Flows 0
Mutual Fund Flows
-50 -100 -150 -200 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
Fixed Income
Emerging Markets Equity
400
40
350
35
300
30
250
25
200
20
150
15
100
10
50
5 0
0 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
1 - Mutual fund data is sourced from EPFR (excluding Money Market funds and ETFs). January through October 2012 is sourced from EPFR
monthly data. November is sourced from EPFR weekly data for the four weeks ended Nov 28th, 2012. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other ETP data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX), EPFR
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Global ETP Flows by Exposure: Developed Equity Exposure (US$mn)
US Size and Style
% of Assets
# ETPs
8.1 2.1 1.2
312,348 52,686 52,043
16.7 2.8 2.8
217 50 62
Micro Cap
(8) 316
(17) 2,748
(0.0) 1.3
535 39,077
0.0 2.1
4 60
122 113 7,733
259 3,886 31,870
0.1 1.8 14.6
1,982 14,998 473,669
0.1 0.8 25.3
3 5 401
280 1,041
1,228 2,568
0.6 1.2
5,312 10,210
0.3 0.5
14 18
434 (370) (24) 158
125 3,856 2,004 2,346
0.1 1.8 0.9 1.1
8,584 23,363 16,667 13,112
0.5 1.2 0.9 0.7
12 36 39 28
Real Estate
127 (409)
556 6,006
0.3 2.7
5,323 26,001
0.3 1.4
17 22
Technology
(310)
(98)
(0.0)
15,207
0.8
31
Telecommunications
Total Market
Consumer Cyclicals Consumer Non-cyclicals Energy Financials Health Care Industrials
(165)
(20)
(0.0)
1,008
0.1
5
Utilities
(10)
(1,959)
(0.9)
7,834
0.4
11
Theme
(4) 747 (272) 8,209 (374)
720 17,333 7,645 56,848 2,909
0.3 7.9 3.5 26.0 1.3
986 133,606 45,404 652,679 31,810
0.1 7.1 2.4 34.9 1.7
9 242 43 686 84
59 7,894 368
310 60,067 1,636
0.1 27.4 0.7
5,878 690,368 28,019
0.3 36.9 1.5
21 791 78
US Sector Total US Strategy US Total Canada Equity North America Regional Equity North America Total Large Cap Mid Cap Small Cap Total Market Pan European Size and Style Total
Pan European Sector Pan European Strategy Pan European Total Germany U.K. Switzerland
(2)
(3)
(0.0)
666
0.0
8
(61) 543
123 6,312
0.1 2.9
1,129 22,417
0.1 1.2
13 63
849
8,069
3.7
52,205
2.8
161
(175)
(389)
(0.2)
10,184
0.5
158
(26) 648
195 7,875
0.1 3.6
2,176 64,593
0.1 3.5
20 340
(179)
(870)
(0.4)
35,214
1.9
62
168
86
0.0
13,819
0.7
48
(254)
(950)
(0.4)
8,025
0.4
22
France
(14)
(438)
(0.2)
5,872
0.3
20
Others
98
815
0.4
6,580
0.4
73
(181) 467 271 1,230 1,501 1,700 11,562
(1,357) 6,518 213 8,727 8,940 15,231 90,756
(0.6) 3.0 0.1 4.0 4.1 7.0 41.5
69,511 134,103 13,818 72,739 86,557 139,075 1,050,102
3.7 7.2 0.7 3.9 4.6 7.4 56.1
225 565 54 218 272 434 2,062
Europe Single Country Total Europe Total Asia-Pacific
Assets
17,772 4,629 2,594
Basic Materials
Country
% of YTD Net Flows
2,879 4,139 171
Preferred Stock US Size and Style Total
Pan European Size and Style
YTD Net Flows
Large Cap Mid Cap Small Cap
Extended Market
US Sector
Nov-2012 Net Flows
Regional Country
Asia Pacific Total Global & Others Developed Equity Total
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETP Flows by Exposure: EM Equity, Fixed Income, & Commodities Exposure (US$mn) Broad Emerging Markets Broad EM
Broad Frontier Markets Broad EM Total
Regional EM
1,937
% of YTD Net Flows
22,003
10.1
Assets
% of # ETPs Assets
126,432
6.8
106
3
20
0.0
312
0.0
5
1,939
22,024
10.1
126,743
6.8
111 80
(85)
(190)
(0.1)
8,980
0.5
(19)
505
0.2
13,233
0.7
45
China
2,230
13,643
6.2
46,609
2.5
153 53
106
517
0.2
5,291
0.3
(160)
585
0.3
4,092
0.2
18
South Korea
449
1,863
0.9
15,149
0.8
108
Mexico
331
(241)
(0.1)
9,674
0.5
18
Others
322
(148)
(0.1)
15,959
0.9
130
3,259
16,725
7.6
110,008
5.9
525
5,113
38,559
17.6
245,732
13.1
716
16,675
129,315
59.1
1,295,834
69.3
2,778
Broad/Aggregate
603
9,003
4.1
40,265
2.2
24
Govt/Corp
378
5,729
2.6
20,530
1.1
27
1,055
8,231
3.8
19,821
1.1
59
508
3,442
1.6
13,038
0.7
31 255
Russia
EM Single Country Total Emerging Markets Equity Total Equity Total
Emerging Markets Municipal Government - Sovereign Fixed Income
YTD Net Flows
Brazil India EM Single Country
Nov-2012 Net Flows
121
1,382
0.6
38,100
2.0
Government - US Treasury
2,717
(557)
(0.3)
35,005
1.9
76
Government Total
2,838
825
0.4
73,105
3.9
331 36
Inflation
301
1,205
0.6
34,410
1.8
High Yield Corporate
(39)
13,027
6.0
37,639
2.0
37
Investment Grade Corporate
953
24,185
11.1
79,374
4.2
112 21
Money Market
(520)
(2,232)
(1.0)
5,289
0.3
Mortgage
129
2,697
1.2
8,487
0.5
7
Others
188
1,650
0.8
4,834
0.3
31
6,394
67,761
31.0
336,790
18.0
716
(8)
924
0.4
19,671
1.1
124
(116)
(894)
(0.4)
6,484
0.3
199
225
1,762
0.8
9,348
0.5
206
Fixed Income Total Broad Market Agriculture Energy Industrial Metals
16
273
0.1
2,639
0.1
128
Precious Metals - Gold
1,776
15,145
6.9
143,783
7.7
107
Precious Metals - Silver
(104)
693
0.3
18,690
1.0
63
Precious Metals - Others
41
376
0.2
5,300
0.3
83
Precious Metals - Total
1,713
16,213
7.4
167,773
9.0
253
1,830
18,278
8.4
205,915
11.0
910
(48)
5,428
2.5
3,028
0.2
44
53
13
0.0
3,008
0.2
78
Alternatives Total
5
5,441
2.5
6,036
0.3
122
Asset Allocation
69
762
0.3
2,739
0.1
72
Currency
60
(2,702)
(1.2)
5,334
0.3
149
Commodities
Commodities Total Alternatives
Volatility Others
Israel ETP Global ETP Total
-
-
-
17,933
1.0
-
25,032
218,855
100.0
1,870,581
100.0
4,747
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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12
About Us
About the ETP Landscape: Monthly Snapshot report For inquiries, contact [email protected] The “ETP Landscape: Monthly Snapshot” provides a summary of ETP assets under management and asset flows at a combined global level as of the most recent month-end period. The ETP (or exchange traded product) category encompasses any portfolio exposure security that trades intraday on an exchange. The data for this report are captured from a number of sources by the BlackRock Investment Institute including provider websites, fund prospectuses, provider press releases, provider surveys, Bloomberg, the National Stock Exchange, Strategic Insight Simfund, Wind and the Bank of Israel. All amounts are reported in US dollars. Net new asset (NNA) flows are derived using daily net asset values and shares outstanding using the most recent data we can capture at month-end. For products with cross-listings, we attribute NNAs and assets under management (AUM) to the primary listings. For Middle East and Africa, NNA data is not available. AUM are derived using shares outstanding and prices at the end of each month (or the closest date available). Where price is not available, we use an approximation. For ETPs listed in Israel, product level detail is not available. Product level information is aggregated by provider, asset class, exposure, region listed and replication method to produce the various analyses in the report. Subscribe To receive the ETP Landscape series of reports at no cost, please subscribe via our website at www.blackrockinternational.com/etflsubscribe. About BlackRock: BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com. About the BlackRock Investment Institute The BlackRock Investment Institute is a global platform that leverages BlackRock’s expertise in markets, asset classes and client segments to generate investment insights that seek to enhance the firm’s ability to create a better financial future for clients. Launched in 2011, the Institute hosts a series of events through the BlackRock Investment Forum that foster debate around key investment themes. The Institute’s goal is to produce a flow of information that makes BlackRock’s portfolio managers better investors and helps deliver positive investment results for our clients. BlackRock’s highly regarded ETP research is an reputable source of objective, trusted data and analysis for our clients, the firm, and the ETP industry as a whole.
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Disclaimer (continued)
This document has been provided by BlackRock in a private and confidential manner to professional and or institutional investors (as such term is defined according to applicable regulations in the relevant jurisdiction) only upon express request. This document is solely for informational and educational purposes only and represents an assessment of the market environment and is not intended to be relied upon by the reader as research, a forecast of future events or a guarantee of future results. This publication does not provide financial, investment or tax advice or information relating to the securities of any particular fund or other issuer. The information and opinions included in this publication are based on publicly available information, are subject to change and should not be relied upon for any purpose other than general information and education. This publication has been prepared without regard to the individual financial circumstances and objectives of those who receive it and the types of securities discussed in this publication may not be suitable for all investors. The information included in this document has been taken from trade and other sources considered to be reliable. This document is published in good faith but no representation or warranty, express or implied, is made by BlackRock or by any person as to its accuracy or completeness and it should not be relied on as such. BlackRock or any of its directors, officers, employees or agents shall have no liability for any loss or damage arising out of the use or reliance on the material provided including without limitation, any loss of profit or any other damage, direct or consequential. Any opinions expressed in this document reflect our analysis at this date and are subject to change. This is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any strategy in any jurisdiction. This document has not been prepared, reviewed or distributed by any broker-dealer affiliate of BlackRock and should not be deemed a product of any such affiliate. Investing involves risk, including possible loss of principal. BlackRock has not performed any due diligence on products which are not managed by BlackRock and accordingly does not make any remark on their suitability for investment purposes. Investment in the products mentioned in this document may not be suitable for all investors. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and the investor may not get back the amount invested. Income is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. This document or any portion hereof may not be reprinted, sold or redistributed without authorisation from BlackRock, Inc. or its affiliates (together, ‘BlackRock’). Regulatory Information BlackRock Advisors (UK) Limited is authorised and regulated by the Financial Services Authority ('FSA'), having its registered office at 12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000.
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Disclaimer (continued)
Notice to residents in Australia: Issued in Australia by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230523 ("BIMAL") to institutional investors only. iShares® exchange traded funds (“ETFs”) that are made available in Australia are issued by BIMAL, iShares, Inc. ARBN 125 632 279 and iShares Trust ARBN 125 632 411. BlackRock Asset Management Australia Limited ("BAMAL") ABN 33 001 804 566, AFSL 225 398 is the local agent and intermediary for iShares ETFs that are issued by iShares, Inc. and iShares Trust. BIMAL and BAMAL are wholly-owned subsidiaries of BlackRock, Inc. (collectively “BlackRock”). A Product Disclosure Statement (“PDS”) or prospectus for each iShares ETF that is offered in Australia is available at iShares.com.au. You should read the PDS or prospectus and consider whether an iShares ETF is appropriate for you before deciding to invest. iShares securities trade on ASX at market price (not, net asset value ("NAV")). iShares securities may only be redeemed directly by persons called “Authorised Participants”. This information is general in nature, and has been prepared without taking into account any individual's objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision regarding the iShares funds. For investors in Canada: This material has not been approved for Canadian resident investors or for distribution in Canada. The information and opinions herein are provided for informational purposes only, are subject to change and should not be relied upon as the basis for investment decisions. Past performance is not necessarily indicative of future performance. This document is not and should not be construed as a solicitation or offering of units of any funds or other security in any jurisdiction. No part of this publication may be reproduced in any manner without prior written permission of BlackRock Asset Management Canada Limited and/or its affiliates. For investors in Hong Kong: Some of the funds mentioned herein have not been registered with the Securities and Futures Commission for offering or distribution in Hong Kong. Accordingly, this material may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Hong Kong other than to a Professional Investor as defined in the Securities and Futures Ordinance ("SFO") (Cap. 571 of the laws of Hong Kong) and any regulations there under. Notice to residents in India: This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to financial intermediaries only upon their request. The funds mentioned herein have not been registered with any authorities in India. Notice to residents in Japan: This document is solely for educational purposes and does not constitute advertisement of financial services targeted at investors in Japan. This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to Qualified Institutional Investors (as defined in the Financial Instruments and Exchange Law of Japan) only upon their request.
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Disclaimer (continued)
For institutional and professional investors only in Latin America: In Latin America, for Institutional and Professional Investors only. This material is solely for educational purposes only and does not constitute an offer or a solicitation to sell or a solicitation of an offer to buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any jurisdiction within Latin America in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. It is possible that all or some of the funds mentioned or inferred to in this material have not been registered with the securities regulator of Brazil, Chile, Colombia, Mexico and Peru or any other securities regulator in any Latin American country, and thus, might not be publicly offered, purchased or sold within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. Notice to residents in Singapore: This document is provided by BlackRock (Singapore) Limited (company registration number: 200010143N) for use with institutional investors only. This document has not been registered as a prospectus with the Monetary Authority of Singapore (MAS). Some of the funds mentioned herein have not been registered with the MAS for distribution in Singapore. Accordingly, this and any other document or material in connection with the offer or sale of the Shares may not be circulated or distributed, nor may the Shares be offered or sold, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act (SFA) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. First sales of the Shares acquired pursuant to Section 304 of the SFA are subject to the requirements under Section 304A of the SFA. Notice to residents in Thailand: This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to institutional investors only upon their request. The funds mentioned herein have not been registered with any authorities in Thailand, and accordingly, this document may not be circulated or distributed, nor may the shares of these funds be offered or sold whether directly or indirectly, to any person in Thailand. Notice to residents in Vietnam: This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to institutional investors only upon their request. The funds mentioned herein have not been registered with any authorities in Vietnam, and accordingly, this document may not be circulated or distributed, nor may the shares of these funds be offered or sold whether directly or indirectly, to any person in Vietnam.
iShares® and BlackRock® are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. © 2012 BlackRock Advisors (UK) Limited. Registered Company No. 00796793. All rights reserved. Calls may be monitored or recorded. © 2012 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ALADDIN, iSHARES, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. iS-8717-1212
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16
The opinions expressed are as of November 30, 2012 and may change as subsequent conditions vary.
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Global ETP Monthly Overview
Overview (US$): Under the shadow of the looming fiscal cliff, ETP flows continued at a record-setting pace through November with $25.0bn for the month and $218.9bn for the year. The previous year-to-date record through November of $208.5bn was set in 2008 during the global credit crisis. Fixed Income remained a key differentiator this year, moving deeper into record setting territory with $67.8bn of flows through November, well ahead of the $50bn collected in 2011. The previous annual record was set in 2009 with $60.2bn inflows.
November Flow Highlights: ETP investors split across the risk spectrum allocating $2.7bn to safe-haven Treasuries - with flows cadenced near US elections - while also maintaining a degree of risk appetite through the purchase of US Equities which garnered $8.2bn, and EM Equities and EM Bonds which together drew in $6.2bn. EM Equities posted another strong month, drawing in $5.1bn led by $2.2bn in China exposures amid improving PMIs and export growth. Investors have returned to emerging markets with increased focus on country-specific offerings. Broad EM funds drew in $1.9bn. EM Bond ETPs drew in another $1.1bn on the back of record-breaking flows of $1.9bn in October, with investors purchasing both local currency and USDbased funds. Developed Markets Equity ETP flows were choppy throughout November as news about the fiscal cliff reverberated, but the category ended the month with $11.6bn of net inflows led by US Mid Cap with $4.1bn. Gold ETPs attracted $1.8bn and have pulled in $11.8bn over 4 months alongside continued expansionary monetary policy by Central Banks across the globe. Investment Grade Corporate ETPs posted another positive month with $1.0bn in flows, showing sustained demand for enhanced yield balanced by credit quality.
November Results at a Glance Nov 2012
Oct 2012
Dec 2011
Nov 2011
Monthly Flows 25.0
11.0
15.8
(0.1)
Assets
1,871
1,842
1,525
1,543
# of ETPs
4,747
4,721
4,311
4,280
(US$bn)
Global 12-Month Rolling Net Flows Year-To-Date 2012 Net Flows: $218.9bn (US$bn)
Nov-12
25.0
Oct-12
11.0
Sep-12
43.4
Aug-12
11.6
Jul-12
22.8
Jun-12
20.0
May-12
18.8
Apr-12
0.8
Mar-12
16.3
Feb-12
15.6
Jan-12
33.5
Dec-11
15.8
($10) $0 Equity
$10 $20 $30 $40 Fixed Income
Commodity / Other
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Treasury ETP Flows Cadenced to US Elections
November Highlights (US$): In the months leading up to the US election, bond ETF investors flocked to riskier, higher income sectors of the market such as High Yield and Emerging Market Debt. Flows quickly shifted just ahead of the election as it became apparent that neither party would emerge with enough strength to immediately avert the fiscal cliff, bringing the possibility of higher taxes and spending cuts to the forefront. Treasury Bond ETPs absorbed $2.7bn in November with over $1.6bn of that coming in a three day period preceding the US elections. Flows were more focused in 3-7 and 7-10 year duration categories. On a year-to-date basis, Treasury ETPs have seen net redemptions of ($0.6bn). While High Yield Fixed Income ETPs surrendered ($0.04bn) in November, these redemptions were very modest against YTD inflows for the category of $13.0bn. • Despite the outflows in high yield this month, inflows occurred in other high yielding products with less perceived risk (Bank Loans, Short Duration High Yield, and Emerging Market Bond ETPs).
US Treasury Bond ETP Daily Net Flows (US$mn) 1000 800
Nov 6th US Elections
600 400 200 0 -200
T-20
T-16
T-12
T-8
T-4
T
T+4
T+8
T+12
T+16
-400
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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3
Global ETP Year-to-Date Overview
Year-to-Date Flow Highlights (US$): ETP flows for the Jan-Nov period were the strongest on record at $218.9bn. YTD Global ETP flows have already surpassed 2011’s full year total of $173.4bn. Fixed Income was one of the main drivers of growth, attracting 31% of all inflows with $67.8bn on the year. It’s the best year ever for fixed income ETPs as YTD inflows surpassed 2009’s annual record at $60.2bn. North America Equity flows continued at a higher pace than in 2011. This in spite of large redemptions from the category in October. Emerging Markets Equity and Gold-influenced Commodity flows continue to outpace 2011 by a wide margin.
Cumulative Net Flows Year-To-Date 2012 Net Flows: $218.9bn (US$bn)
220 200 180 160 140 120 100 80 60 40 20 0 -20
2012 2011
2010
J F M A M J J A S O N D
Global ETP YTD Net Flows by Exposure
Global ETP Total
Jan-Nov 2012 218.9
Jan-Nov 2011 157.6
Annual 2011 173.4
Fixed Income
67.8
43.6
49.9
Developed Markets Equity
90.8
89.3
102.0
North America Equity
60.1
42.2
53.9
Europe Equity
6.5
16.8
15.0
Other Developed Equity
24.2
30.3
33.1
Emerging Markets Equity
38.6
10.2
9.7
Commodities
18.3
11.5
8.9
Others
3.5
3.1
2.9
(US$bn)
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Source: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global Fixed Income ETP Flows
Highlights (US$):
2012 Monthly Fixed Income Flows
YTD Fixed Income ETP flows continued at a record-setting pace of $67.8bn through November and now account for 31% of all YTD industry flows. While all segments of the ETP Fixed Income market have grown, this year’s flows have been more focused in targeted categories including Investment Grade Corporate, High Yield and Emerging Market Debt which are all focused on higher-yielding segments of the bond market. Investment Grade Corporate Bond ETPs have attracted strong flows of more than $24.2bn this year to lead the Bond category. Assets of $79.4bn have grown from 17% of Bond ETP assets in 2005 to 24% today and constitute the largest Fixed Income ETP category by a wide margin. There are now 112 Investment Grade Bond ETPs offered globally. Investors withdrew ($0.04bn) from High Yield Corporate Bond ETPs, following outflows of ($0.5bn) from this category in October.
(US$bn)
Nov-12
6.4
Oct-12
7.2
Sep-12
3.5
Aug-12
6.3
Jul-12
2.4
Jun-12
5.6
May-12
10.9
Apr-12
5.8
Mar-12
6.0
Feb-12
4.7
Jan-12
8.9
($5)
$0
Investment Grade Municipal Broad/Aggregate
$5
$10
$15
Government High Yield Others
Fixed Income Cumulative Net Flows Year-To-Date 2012 Net Flows: $67.8bn
2012
70 60
2011
US$bn
50 40
2010 30 20 10 0 Jan Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETP Flows by Listing Region
November Highlights (US$):
November ETP Net Flows by Listing Region
ETPs listed in the US account for 70% of global ETP assets and 73% of global YTD net inflows.
(US$bn)
November flows were focused in the US which attracted 82% of the monthly global total. Note that many of these US-listed products provide exposure to other regions and can accessed by some institutional investors outside the region. The amounts on this page represent the “listed-view”, not the “exposure-view.”
US
20.6
Europe
1.7
Canada
0.2
Latin America
0.3
Asia Pacific
2.1
($5) Equity
$0
$5
Fixed Income
$10
$15
$20
Commodities/Others
Listing Region View (US$bn) Net Flows By Listing Region
Nov 2012
YTD 2012
Nov 2012 Assets
Global ETP Total
25.0
218.9
1,870.6
100
4,747
US
20.6
159.0
1,315.7
70
1,445
Europe
1.7
26.1
355.7
19
2,095
Canada
0.2
10.2
54.5
2.9
272
Latin America
0.3
(0.1)
11.6
0.6
35
Asia Pacific
2.1
23.7
112.3
6.0
540
Not Available
Not Available
20.8
1.1
360
Middle East and Africa
% Asset Market Share
Number of Products
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Top 15 New 2012 Global ETPs Ranked by AUM Highlights (US$): Successful product innovation continues in the industry. 570 ETPs were launched this year and ended November with $26.9bn of AUM Among the top 15 new products, ten are listed in Asia Pacific Thematically, the top newly-launched ETPs are concentrated in Emerging Markets Equity (eight products) and Fixed Income (five products) 167 products were delisted this year with combined AUM of less than $1.8bn Product Name (US$mn)
Bloomberg Ticker
Exposure
Launch Date
Nov-12 Assets
Listing Region
Huatai-Pinebridge CSI 300
510300 CH
EM Equity
May-12
3,774
Asia Pacific
PIMCO Total Return
BOND US
Fixed Income
Mar-12
3,755
US
HARVEST Shanghai & Shenzhen 300
159919 CH
EM Equity
May-12
2,277
Asia Pacific
CSOP FTSE China A50 ETF
82822 HK
EM Equity
Aug-12
1,539
Asia Pacific
China AMC CSI 300
83188 HK
EM Equity
Jul-12
1,174
Asia Pacific
159920 CH
Hong Kong Equity
Oct-12
576
Asia Pacific
SJNK US
Fixed Income
Mar-12
521
US
Samsung KODEX KRW Cash ETF
153130 KS
Fixed Income
Feb-12
470
Asia Pacific
E Fund CSI 100 A-Share ETF
83100 HK
EM Equity
Aug-12
440
Asia Pacific
Kyobo AXA Power K200 ETF
152870 KS
EM Equity
Feb-12
421
Asia Pacific
iShares Global Corporate Bond
CORP LN
Fixed Income
Sep-12
334
Europe
E Fund China Enterprises
510900 CH
EM Equity
Oct-12
321
Asia Pacific
Hanwha Arirang 200 ETF (Equity)
152100 KS
EM Equity
Jan-12
318
Asia Pacific
iShares Aaa-A Rated Corporate Bond Fund
QLTA US
Fixed Income
Feb-12
313
US
AMUNDI ETF TOPIX EUR HEDGED DAILY
TPXH FP
Japan Equity
Oct-12
282
Europe
Jan-Nov-12
10,423
All
China AMC Hang Seng SPDR Barclays Capital Short Term High Yield Bond
555 additional ETPs Total - 570 ETPs
26,935
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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7
Global ETPs Ranked by 1-month Inflows and Outflows
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
Nov-2012 Inflows
iShares MSCI Emerging Markets
EEM US
2,343
41,090
SPDR S&P 500
SPY US
1,409
110,870
Vanguard Mid-Cap
VO US
1,400
5,222
iShares Core S&P Mid-Cap ETF
IJH US
1,397
12,905
Vanguard Value
VTV US
1,396
8,020
iShares Barclays 3-7 Year Treasury Bond
IEI US
1,035
3,220
Vanguard Small-Cap
VB US
842
5,338
SPDR Gold
GLD US
719
74,823
Vanguard Growth
VUG US
718
9,041
ProShares Ultra 7-10 Year Treasury
UST US
707
740
Bloomberg Ticker
Nov-2012 Outflows
iShares Russell 2000
IWM US
(1,015)
15,669
Vanguard MSCI Emerging Markets
VWO US
(887)
56,964
iShares iBoxx $ High Yield Corporate Bond
HYG US
(813)
16,094
iShares S&P/TSX 60 Index Fund
XIU CN
(788)
11,794
iShares Core S&P 500 ETF
IVV US
(727)
32,657
ProShares Ultra Russell 2000
UWM US
(517)
157
ProShares Ultra S&P 500
SSO US
(454)
1,207
iShares Core Total U.S. Bond Market
AGG US
(359)
15,517
PowerShares QQQ
QQQ US
(355)
30,738
IYR US
(320)
4,726
ETPs as of Nov 2012 (US$mn)
iShares Dow Jones U.S. Real Estate
Nov-2012 Assets
Nov-2012 Assets
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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8
Global ETPs Ranked by Year-to-Date Inflows and Outflows
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
YTD 2012 Inflows
Nov-12 Assets
Vanguard MSCI Emerging Markets
VWO US
10,592
56,964
iShares iBoxx $ Investment Grade Corporate Bond
LQD US
6,886
25,526
SPDR Gold
GLD US
5,594
74,823
iShares MSCI Emerging Markets
EEM US
5,258
41,090
iShares iBoxx $ High Yield Corporate Bond
HYG US
4,730
16,094
Vanguard REIT
VNQ US
4,363
14,629
SPDR S&P 500
SPY US
3,823
110,870
Huatai-Pinebridge CSI 300
510300 CH
3,691
3,774
PIMCO Total Return
BOND US
3,618
3,755
Vanguard S&P 500
VOO US
3,250
6,027
ETPs as of Nov 2012 (US$mn)
Bloomberg Ticker
YTD 2012 Outlfows
Nov-12 Assets
iShares MSCI EAFE
EFA US
(2,713)
37,827
iShares Barclays 1-3 Year Treasury Bond
SHY US
(2,549)
8,512
Utilities Select SPDR
XLU US
(1,655)
5,859
SPDR Dow Jones Industrial Average Trust
DIA US
(1,154)
10,484
iShares eb.rexx Government Germany 1.5-2.5 (DE)
RXP1EX GY
(1,112)
1,159
Direxion Daily Financial Bull 3x
FAS US
(1,055)
1,103
PowerShares DB US Dollar Index Bullish
UUP US
(1,028)
803
iShares MSCI Japan
EWJ US
(889)
4,489
ProShares Ultra S&P 500
SSO US
(862)
1,207
db x-trackers DAX ETF
XDAX GY
(837)
8,528
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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9
Global ETPs and Mutual Funds 2012 Cumulative Flows November 2012 Flow Highlights: • Outflows from Developed Equity mutual funds continued through November with the funds surrendering ($164bn) year-to-date. Developed Equity ETPs saw inflows of $12bn this month, bringing 2012 year-to-date inflows to $91bn. • Fixed Income mutual funds and ETPs enjoyed steady inflows in 2012 with ETPs attracting $68bn year-to-date while mutual funds gathered $395bn. • Emerging Markets Equity flows have diverged since April, though inflows accelerated since October. Mutual funds gathered $7bn year-to-date whereas ETPs drew in $39bn.
2012 Cumulative Flows (US$bn) Developed Markets Equity 100 50
ETP Flows 0
Mutual Fund Flows
-50 -100 -150 -200 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
Fixed Income
Emerging Markets Equity
400
40
350
35
300
30
250
25
200
20
150
15
100
10
50
5 0
0 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Start
1 - Mutual fund data is sourced from EPFR (excluding Money Market funds and ETFs). January through October 2012 is sourced from EPFR
monthly data. November is sourced from EPFR weekly data for the four weeks ended Nov 28th, 2012. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other ETP data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX), EPFR
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Global ETP Flows by Exposure: Developed Equity Exposure (US$mn)
US Size and Style
% of Assets
# ETPs
8.1 2.1 1.2
312,348 52,686 52,043
16.7 2.8 2.8
217 50 62
Micro Cap
(8) 316
(17) 2,748
(0.0) 1.3
535 39,077
0.0 2.1
4 60
122 113 7,733
259 3,886 31,870
0.1 1.8 14.6
1,982 14,998 473,669
0.1 0.8 25.3
3 5 401
280 1,041
1,228 2,568
0.6 1.2
5,312 10,210
0.3 0.5
14 18
434 (370) (24) 158
125 3,856 2,004 2,346
0.1 1.8 0.9 1.1
8,584 23,363 16,667 13,112
0.5 1.2 0.9 0.7
12 36 39 28
Real Estate
127 (409)
556 6,006
0.3 2.7
5,323 26,001
0.3 1.4
17 22
Technology
(310)
(98)
(0.0)
15,207
0.8
31
Telecommunications
Total Market
Consumer Cyclicals Consumer Non-cyclicals Energy Financials Health Care Industrials
(165)
(20)
(0.0)
1,008
0.1
5
Utilities
(10)
(1,959)
(0.9)
7,834
0.4
11
Theme
(4) 747 (272) 8,209 (374)
720 17,333 7,645 56,848 2,909
0.3 7.9 3.5 26.0 1.3
986 133,606 45,404 652,679 31,810
0.1 7.1 2.4 34.9 1.7
9 242 43 686 84
59 7,894 368
310 60,067 1,636
0.1 27.4 0.7
5,878 690,368 28,019
0.3 36.9 1.5
21 791 78
US Sector Total US Strategy US Total Canada Equity North America Regional Equity North America Total Large Cap Mid Cap Small Cap Total Market Pan European Size and Style Total
Pan European Sector Pan European Strategy Pan European Total Germany U.K. Switzerland
(2)
(3)
(0.0)
666
0.0
8
(61) 543
123 6,312
0.1 2.9
1,129 22,417
0.1 1.2
13 63
849
8,069
3.7
52,205
2.8
161
(175)
(389)
(0.2)
10,184
0.5
158
(26) 648
195 7,875
0.1 3.6
2,176 64,593
0.1 3.5
20 340
(179)
(870)
(0.4)
35,214
1.9
62
168
86
0.0
13,819
0.7
48
(254)
(950)
(0.4)
8,025
0.4
22
France
(14)
(438)
(0.2)
5,872
0.3
20
Others
98
815
0.4
6,580
0.4
73
(181) 467 271 1,230 1,501 1,700 11,562
(1,357) 6,518 213 8,727 8,940 15,231 90,756
(0.6) 3.0 0.1 4.0 4.1 7.0 41.5
69,511 134,103 13,818 72,739 86,557 139,075 1,050,102
3.7 7.2 0.7 3.9 4.6 7.4 56.1
225 565 54 218 272 434 2,062
Europe Single Country Total Europe Total Asia-Pacific
Assets
17,772 4,629 2,594
Basic Materials
Country
% of YTD Net Flows
2,879 4,139 171
Preferred Stock US Size and Style Total
Pan European Size and Style
YTD Net Flows
Large Cap Mid Cap Small Cap
Extended Market
US Sector
Nov-2012 Net Flows
Regional Country
Asia Pacific Total Global & Others Developed Equity Total
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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Global ETP Flows by Exposure: EM Equity, Fixed Income, & Commodities Exposure (US$mn) Broad Emerging Markets Broad EM
Broad Frontier Markets Broad EM Total
Regional EM
1,937
% of YTD Net Flows
22,003
10.1
Assets
% of # ETPs Assets
126,432
6.8
106
3
20
0.0
312
0.0
5
1,939
22,024
10.1
126,743
6.8
111 80
(85)
(190)
(0.1)
8,980
0.5
(19)
505
0.2
13,233
0.7
45
China
2,230
13,643
6.2
46,609
2.5
153 53
106
517
0.2
5,291
0.3
(160)
585
0.3
4,092
0.2
18
South Korea
449
1,863
0.9
15,149
0.8
108
Mexico
331
(241)
(0.1)
9,674
0.5
18
Others
322
(148)
(0.1)
15,959
0.9
130
3,259
16,725
7.6
110,008
5.9
525
5,113
38,559
17.6
245,732
13.1
716
16,675
129,315
59.1
1,295,834
69.3
2,778
Broad/Aggregate
603
9,003
4.1
40,265
2.2
24
Govt/Corp
378
5,729
2.6
20,530
1.1
27
1,055
8,231
3.8
19,821
1.1
59
508
3,442
1.6
13,038
0.7
31 255
Russia
EM Single Country Total Emerging Markets Equity Total Equity Total
Emerging Markets Municipal Government - Sovereign Fixed Income
YTD Net Flows
Brazil India EM Single Country
Nov-2012 Net Flows
121
1,382
0.6
38,100
2.0
Government - US Treasury
2,717
(557)
(0.3)
35,005
1.9
76
Government Total
2,838
825
0.4
73,105
3.9
331 36
Inflation
301
1,205
0.6
34,410
1.8
High Yield Corporate
(39)
13,027
6.0
37,639
2.0
37
Investment Grade Corporate
953
24,185
11.1
79,374
4.2
112 21
Money Market
(520)
(2,232)
(1.0)
5,289
0.3
Mortgage
129
2,697
1.2
8,487
0.5
7
Others
188
1,650
0.8
4,834
0.3
31
6,394
67,761
31.0
336,790
18.0
716
(8)
924
0.4
19,671
1.1
124
(116)
(894)
(0.4)
6,484
0.3
199
225
1,762
0.8
9,348
0.5
206
Fixed Income Total Broad Market Agriculture Energy Industrial Metals
16
273
0.1
2,639
0.1
128
Precious Metals - Gold
1,776
15,145
6.9
143,783
7.7
107
Precious Metals - Silver
(104)
693
0.3
18,690
1.0
63
Precious Metals - Others
41
376
0.2
5,300
0.3
83
Precious Metals - Total
1,713
16,213
7.4
167,773
9.0
253
1,830
18,278
8.4
205,915
11.0
910
(48)
5,428
2.5
3,028
0.2
44
53
13
0.0
3,008
0.2
78
Alternatives Total
5
5,441
2.5
6,036
0.3
122
Asset Allocation
69
762
0.3
2,739
0.1
72
Currency
60
(2,702)
(1.2)
5,334
0.3
149
Commodities
Commodities Total Alternatives
Volatility Others
Israel ETP Global ETP Total
-
-
-
17,933
1.0
-
25,032
218,855
100.0
1,870,581
100.0
4,747
ETP = Exchange traded products. Global ETP flows are approximated by combining the US, Europe, Canada, Asia Pacific and Latin America. Europe flows are as of Nov 29th,2012 and some Asia Pacific flows are reported on a one month lag. All other data is as of Nov 30th, 2012. Sources: BlackRock Investment Institute, Bloomberg, National Stock Exchange (NSX).
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About Us
About the ETP Landscape: Monthly Snapshot report For inquiries, contact [email protected] The “ETP Landscape: Monthly Snapshot” provides a summary of ETP assets under management and asset flows at a combined global level as of the most recent month-end period. The ETP (or exchange traded product) category encompasses any portfolio exposure security that trades intraday on an exchange. The data for this report are captured from a number of sources by the BlackRock Investment Institute including provider websites, fund prospectuses, provider press releases, provider surveys, Bloomberg, the National Stock Exchange, Strategic Insight Simfund, Wind and the Bank of Israel. All amounts are reported in US dollars. Net new asset (NNA) flows are derived using daily net asset values and shares outstanding using the most recent data we can capture at month-end. For products with cross-listings, we attribute NNAs and assets under management (AUM) to the primary listings. For Middle East and Africa, NNA data is not available. AUM are derived using shares outstanding and prices at the end of each month (or the closest date available). Where price is not available, we use an approximation. For ETPs listed in Israel, product level detail is not available. Product level information is aggregated by provider, asset class, exposure, region listed and replication method to produce the various analyses in the report. Subscribe To receive the ETP Landscape series of reports at no cost, please subscribe via our website at www.blackrockinternational.com/etflsubscribe. About BlackRock: BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com. About the BlackRock Investment Institute The BlackRock Investment Institute is a global platform that leverages BlackRock’s expertise in markets, asset classes and client segments to generate investment insights that seek to enhance the firm’s ability to create a better financial future for clients. Launched in 2011, the Institute hosts a series of events through the BlackRock Investment Forum that foster debate around key investment themes. The Institute’s goal is to produce a flow of information that makes BlackRock’s portfolio managers better investors and helps deliver positive investment results for our clients. BlackRock’s highly regarded ETP research is an reputable source of objective, trusted data and analysis for our clients, the firm, and the ETP industry as a whole.
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Disclaimer (continued)
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