Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > ETFs

ETF Assets Feel Market Pinch

Your article was successfully shared with the contacts you provided.

The weak stock market has affected the exchange traded fund universe, with total assets in ETFs falling $33 billion, or 5.4%, since the beginning of the year, to $575 billion, through the end of June 2008. By contrast, the S&P 500 fell 12%. According to State Street Global Advisors in its 2008 Mid-Year Exchange Traded Fund Report, as of June 30 there were 698 ETFs in the U.S., and while total assets declined, State Street said the number of ETF shares outstanding increased in nearly every ETF category. Not surprisingly in a bear market, the 78 inverse and leveraged funds in the market doubled their assets, to $20.3 billion, and three of those funds–UltraShort Financials, Utltrashort QQQ, and Ultrashort S&P 500 Proshares–cracked the list of the top 10 ETFs with the highest daily dollar trading volume. However, those ETFs still lag far behind the leader, the SPDR S&P 500, which has a daily trading volume of 258 million shares, and average daily dollar volume of $32.965 billion.