Morgan Stanley has published its latest review of activity in the Exchange Traded Funds (ETFs) markets around the world. It covers the first two months of 2003. The key findings are:
Average daily trading volume in ETFs has increased significantly since the end of 2002, going from 143 million shares, or US$6.3 billion, to 161 million shares, or US$7.2 billion.Assets under management (AUM) remained virtually unchanged for ETFs listed in Europe at US$10.65 billion and Japan at US$20.40 billion at the end of the first two months of 2003. The US listed ETF AUM declined by 9.1%, going from US$102.28 billion to US$92.95 billion during this period.
Four new ETFs, one new institutional share class and one cross listing have been launched during the first two months of 2003. There are now 284 ETFs with 368 listings on twenty-six exchanges around the world. Europe has the largest number of products 120 and cross-listings 196 followed by the US with 114 products.
February 28 was the last trading day for five ETFs in Europe. The ETFs, which have been delisted, will be closed at the end of March 2003.
Europe has the largest number of managers – 14 followed by the US with six and then Japan and Korea, which each have four managers.