Exhibit 99.1
WisdomTree Announces Second Quarter 2011 Results
107% growth in AUM and 79% growth in revenues year over year
$1.7 billion in net inflows; 5.8% market share of industry flows
New York, NY (BUSINESS WIRE) July 28, 2011 WisdomTree Investments, Inc. (NASDAQ: WETF - News), an exchange-traded fund (ETF) sponsor and asset manager, today reported net income of $0.7 million for the second quarter of 2011 as compared to a net loss of $1.9 million in the second quarter of 2010 and a net income of $0.2 million for the first quarter of 2011.
ETF assets under management (AUM) reached a record $12.9 billion, more than doubling from June 30, 2010 and up 14.6% from March 31, 2011. Net inflows were a record $1.7 billion in the second quarter which represented 5.8% market share of industry inflows. Revenues increased 78.7% to a record $16.7 million compared to the second quarter of last year and up 15.0% from the first quarter of 2011. As of July 27, 2011, assets under management were $13.4 billion and net inflows so far for the third quarter were approximately $424 million.
WisdomTree CEO Jonathan Steinberg commented, I am very pleased with our accelerating top-line growth as a result of higher asset levels and growing market share of net inflows in the second quarter, driven in part by continued product innovation and the diversification of our multi-asset class ETF platform. In fact, according to InvestmentNews WisdomTree launched the top two most successful ETFs of the first half of 2011 in terms of assets gathered.
Mr. Steinberg continued, While 2010 represented our strongest year of inflows with $3.1 billion, as of today we have already surpassed this number, demonstrating consistent and accelerating organic growth. On the back of these strong results, we listed the Companys common stock on The NASDAQ Global Market under the new symbol WETF on July 26.
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Summary Operating and Financial Highlights
Three Months Ended | % Change From | |||||||||||||||||||
Jun. 30, | Mar. 31, | Jun. 30, | Mar. 31, | Jun. 30, | ||||||||||||||||
Operating Highlights (in millions) |
2011 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
ETF AUM |
$ | 12,934 | $ | 11,284 | $ | 6,240 | 15 | % | 107 | % | ||||||||||
ETF inflows |
$ | 1,699 | $ | 1,264 | $ | 121 | 34 | % | 1,304 | % | ||||||||||
Average ETF AUM |
$ | 12,062 | $ | 10,294 | $ | 6,760 | 17 | % | 78 | % | ||||||||||
Average ETF advisory fee |
0.55 | % | 0.56 | % | 0.54 | % | (2 | %) | 2 | % | ||||||||||
Financial Highlights (in thousands) |
||||||||||||||||||||
Revenues |
$ | 16,716 | $ | 14,533 | $ | 9,355 | 15 | % | 79 | % | ||||||||||
Net income/(loss) |
$ | 689 | $ | 155 | ($ | 1,860 | ) | 345 | % | |
Six Months Ended | % Change | |||||||||||
Jun. 30, | Jun. 30, | Jun. 30, | ||||||||||
Operating Highlights (in millions) |
2011 | 2010 | 2010 | |||||||||
ETF AUM |
$ | 12,934 | $ | 6,240 | 107 | % | ||||||
ETF inflows |
$ | 2,963 | $ | 703 | 321 | % | ||||||
Average ETF AUM |
$ | 11,340 | $ | 6,536 | 74 | % | ||||||
Average ETF advisory fee |
0.56 | % | 0.54 | % | 0.02 | % | ||||||
Financial Highlights (in thousands) |
||||||||||||
Revenues |
$ | 31,249 | $ | 18,069 | 73 | % | ||||||
Net income/(loss) |
$ | 844 | ($ | 5,452 | ) | |
Recent Business Highlights
On July 26, 2011, the Company announced the listing of its common stock on The NASDAQ Global Market under new symbol WETF.
On July 14, 2011, the Company announced the launch of the WisdomTree Global Real Return Fund.
On July 26, 2011, the Company filed registration statements for the WisdomTree Germany Hedged Equity Fund and the WisdomTree Asia Small Cap Fund.
On July 1, 2011, the Company filed registration statements for the WisdomTree Emerging Markets Inflation Protection Bond Fund, the WisdomTree Emerging Markets Corporate Bond Fund and the WisdomTree China Local Debt Fund.
On June 20, 2011, the Company announced that previously declared changes to seven equity ETFs became effective. As a result, the Company now has more direct commodity themed products.
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Performance
Approximately 79% of the $9.5 billion invested in WisdomTrees 34 equity ETFs on June 30, 2011 were in funds that, since their respective inceptions, have outperformed their competitive benchmarks through that date. 22 of WisdomTrees 34 equity ETFs have outperformed their competitive benchmarks since inception and through June 30, 2011. For more information about WisdomTree ETFs including standardized performance, please click here or visit www.wisdomtree.com.
Second Quarter Financial Discussion
Revenues
Total revenues for the quarter increased 78.7% to a record $16.7 million as compared to the second quarter of 2010 and increased 15.0% from the first quarter of 2011. These increases were primarily due to higher average assets under management from strong net ETF inflows. Average ETF assets under management were $12.1 billion in the second quarter of 2011, as compared to $6.8 billion in the second quarter of 2010 and $10.3 billion in the first quarter of 2011. The average fee earned during the second quarter of 2011 decreased to 0.55% from 0.56% in the first quarter of 2011 due to a decrease in the fee charged for our India ETF from 0.88% to 0.83%. As compared to the second quarter of 2010, our average fee increased from 0.54% due to higher average assets and net inflows into our emerging market funds.
Expenses
Total expenses increased 42.9% to $16.0 million from $11.2 million in the second quarter of 2010 and increased 11.5% from $14.4 million in the first quarter of 2011. These increases were primarily due to higher fund related costs, marketing and advertising, and third party sharing arrangements.
| Compensation and benefits expense remained relatively unchanged compared to the second quarter of 2010 as higher headcount related expenses and incentive compensation due to strong inflows were offset by lower stock-based compensation expense. This expense decreased 11.6% compared to the first quarter of 2011 primarily due to lower stock-based compensation expense and lower payroll taxes associated with the vesting of restricted stock granted to employees as part of their 2010 compensation, partly offset by higher accrued incentive compensation due to strong net inflows. Employee stock based compensation decreased to $0.8 million in the second quarter of 2011 from $1.7 million in the second of last year and $1.5 million in the first quarter of 2011 as equity awards granted in prior years become fully vested. |
| Fund management and administration expenses increased 73.5% to $5.7 million compared to the second quarter of 2010. Included in the second quarter of 2011 is a one-time charge of $0.7 million related to reimbursing the WisdomTree India ETF for excess fees collected by the Company as a result of overestimating the Companys operating |
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expense recapture fees for the India ETFs fiscal year ended March 31, 2011. Higher average assets under management lead to an increase of $1.2 million in portfolio management, fund administration, accounting and index licensing fees. Regulatory fees increased $0.2 million due to higher level of net inflows. Fund management and administration expenses increased 37.8% compared to the first quarter of this year due to the one-time charge discussed above as well as $0.5 million in higher portfolio management, fund administration, accounting and index licensing fees due to higher average assets under management. Also during the second quarter, the WisdomTree international equity funds rebalanced their portfolios leading to higher period transactional related fees of $0.2 million. |
| Marketing and advertising expenses increased to $1.4 million in the second quarter compared to $0.4 million in the second quarter of 2010 and $1.0 million in the first quarter of 2011. These increases were primarily due to higher levels of discretionary television and online advertising expenses to support our growth. |
| Sales and business development expenses increased 22.4% to $0.9 million in the second quarter compared to the second quarter of 2010 and increased 22.6% compared to the first quarter of 2011. These increases were mainly due to higher levels of business activity. |
| Professional and consulting fees increased 54.2% to $1.1 million in the second quarter of 2011 as compared to the second quarter of 2010 primarily due to higher variable stock based compensation expense, which increased to $0.7 million from $0.2 million, due to a higher price in our common stock. These expenses decreased by 19.8% in the second quarter as compared to the first quarter of 2011 mainly due to lower fees associated with the preparation of our registration statement in connection with our exchange listing, which decreased to $0.1 million from $0.4 million. |
| Third-party sharing arrangements expense increased to $1.5 million in the second quarter of 2011 compared to $0.6 million in the second quarter of last year and $1.1 million in the first quarter of this year. These increases were primarily due to profit sharing arrangements with the Bank of New York Mellon Corporation with respect to certain currency and fixed income ETFs as well as marketing fees paid to third parties due to higher average assets under management. |
| Other expenses; occupancy, communication and equipment expenses; and depreciation and amortization expenses all had relatively small dollar value changes compared to both periods. |
Year-to-Date Results
Total revenues increased $13.2 million or 72.9% to $31.2 million for the six months ended June 30, 2011 as compared to $18.1 million in 2010. This increase was primarily due to higher average assets under management, which increased 73.5% to $11.3 billion, which resulted from $3.0 billion of net ETF inflows, as well as higher average ETF advisory fees.
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Total expenses increased $6.9 million or 29.3% to $30.4 million for the six months ended June 30, 2011 as compared to $23.5 million in 2010. This increase was primarily due to higher fund management and administration expenses due to higher average asset balances, higher third-party sharing arrangements due to higher asset balances in our currency and fixed income ETFs, and higher marketing and advertising and sales and business development expenses to support our growth.
Balance Sheet
As of June 30, 2011, WisdomTree had total assets of $32.6 million, which consisted primarily of cash and cash equivalents of $16.4 million and investments of $8.2 million. WisdomTree has no debt. There were approximately 115.6 million shares issued as of June 30, 2011. Fully diluted weighted average shares outstanding were approximately 134.9 million as of June 30, 2011.
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Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology such as outlook, objective, may, will, expect, intend, estimate, anticipate, believe, should, plans, or continue, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect our current expectations regarding future events and operating performance and speak only as of the date of this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to the assumption that the projects will operate and perform in accordance with our expectations. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. A number of risks and other factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risks discussed below.
These risks include, without limitation:
| We have only a limited operating history. |
| Difficult market conditions and declining prices of securities can adversely affect our business by reducing the market value of the assets we manage or causing customers to sell their fund shares and triggering redemptions. |
| Volatility and disruption of the capital and credit markets, and adverse changes in the global economy, may significantly affect our results of operations and may put pressure on our financial results. |
| The amount and mix of our assets under management, which impact revenue, are subject to significant fluctuations. |
| Most of our assets under management are held in ETFs that invest in foreign securities and we have substantial exposure to foreign market conditions and we are subject to currency exchange rate risks. |
| We derive a substantial portion of our revenues from products invested in emerging markets. |
| We derive a substantial portion of our revenues from a limited number of products. |
Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. Many of these risks and uncertainties can affect our actual results and could cause our actual results to differ materially from those expressed or implied in any forward-looking statement made by us or on our behalf. For a more complete description of the risks noted above and other risks that could cause our actual results to materially differ from our current expectations, please see Item 1A. Risk Factors of Amendment 2 to our Registration Statement on Form 10 filed June 28, 2011.
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These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, we assume no obligation to update or revise them to reflect new events or circumstances.
Conference Call
WisdomTree will discuss its results and operational highlights during a conference call on Friday, July 29, 2011 at 9:00 a.m. ET. The call-in number will be (888) 713-4214 passcode 63305846. Anyone outside the U.S. or Canada should call (617) 213- 4866, passcode 63305846. The slides used during the presentation will be available at www.wisdomtree.com/ir. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.wisdomtree.com/ir.
About WisdomTree
WisdomTree Investments, Inc. is a New York-based exchange-traded fund (ETF) sponsor and asset manager. WisdomTree currently offers 47 ETFs across Equities, Currency Income, Fixed Income and Alternatives asset classes. WisdomTree also licenses its indexes to third parties for proprietary products and offers a platform to promote the use of WisdomTree ETFs in 401(k) plans. WisdomTree currently has approximately $13.4 billion in ETF assets under management. For more information, please visit www.wisdomtree.com.
WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its wholly owned subsidiaries WisdomTree Asset Management, Inc. and WisdomTree Retirement Services, Inc. WisdomTree Asset Management, Inc. is a registered investment advisor and is the investment advisor to the WisdomTree Trust and the WisdomTree ETFs. The WisdomTree Trust is a registered open-end investment company. Each WisdomTree ETF is a series of the WisdomTree Trust. WisdomTree Retirement Services, Inc. supports the use of the WisdomTree ETFs in retirement plans by financial professionals.
Media Contact: | WisdomTree Investor Relations Contacts | |
Stuart Bell | KCSA Strategic Communications | |
WisdomTree Investments, Inc. | Jeffrey Goldberger / Todd Fromer | |
+1 917.267.3702 | +1 212.896.1249 / +1 212.896.1215 | |
sbell@wisdomtree.com | jgoldberger@kcsa.com / tfromer@kcsa.com |
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WISDOMTREE INVESTMENTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | % Change From | For the Six Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, | Mar. 31, | Jun. 30, | Mar. 31, | Jun. 30, | Jun. 30, | Jun. 30, | % | |||||||||||||||||||||||||
2011 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Change | |||||||||||||||||||||||||
Revenues |
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ETF advisory fees |
$ | 16,514 | $ | 14,273 | $ | 9,129 | 15.7 | % | 80.9 | % | $ | 30,787 | $ | 17,596 | 75.0 | % | ||||||||||||||||
Other income |
202 | 260 | 226 | -22.3 | % | -10.6 | % | 462 | 473 | -2.3 | % | |||||||||||||||||||||
Total revenues |
16,716 | 14,533 | 9,355 | 15.0 | % | 78.7 | % | 31,249 | 18,069 | 72.9 | % | |||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||
Compensation and benefits |
4,610 | 5,217 | 4,600 | -11.6 | % | 0.2 | % | 9,827 | 9,855 | -0.3 | % | |||||||||||||||||||||
Fund management and administration |
5,736 | 4,162 | 3,306 | 37.8 | % | 73.5 | % | 9,898 | 6,703 | 47.7 | % | |||||||||||||||||||||
Marketing and advertising |
1,357 | 972 | 426 | 39.6 | % | 218.5 | % | 2,329 | 1,586 | 46.8 | % | |||||||||||||||||||||
Sales and business development |
913 | 745 | 746 | 22.6 | % | 22.4 | % | 1,658 | 1,206 | 37.5 | % | |||||||||||||||||||||
Professional and consulting fees |
1,090 | 1,359 | 707 | -19.8 | % | 54.2 | % | 2,449 | 1,731 | 41.5 | % | |||||||||||||||||||||
Occupancy, communication and equipment |
285 | 273 | 289 | 4.4 | % | -1.4 | % | 558 | 556 | 0.4 | % | |||||||||||||||||||||
Depreciation and amortization |
67 | 65 | 78 | 3.1 | % | -14.1 | % | 132 | 155 | -14.8 | % | |||||||||||||||||||||
Third party sharing arrangements |
1,512 | 1,128 | 636 | 34.0 | % | 137.7 | % | 2,640 | 876 | 201.4 | % | |||||||||||||||||||||
Other |
457 | 457 | 427 | 0.0 | % | 7.0 | % | 914 | 853 | 7.2 | % | |||||||||||||||||||||
Total expenses |
16,027 | 14,378 | 11,215 | 11.5 | % | 42.9 | % | 30,405 | 23,521 | 29.3 | % | |||||||||||||||||||||
Income/(loss) before provision for income taxes |
689 | 155 | (1,860 | ) | 844 | (5,452 | ) | |||||||||||||||||||||||||
Provision for income taxes |
317 | 71 | | 388 | | |||||||||||||||||||||||||||
Tax benefit |
(317 | ) | (71 | ) | | (388 | ) | | ||||||||||||||||||||||||
Net income/(loss) |
$ | 689 | $ | 155 | $ | (1,860 | ) | $ | 844 | $ | (5,452 | ) | ||||||||||||||||||||
Net income/(loss) per share - basic |
$ | 0.01 | $ | 0.00 | $ | (0.02 | ) | $ | 0.01 | $ | (0.05 | ) | ||||||||||||||||||||
Net income/(loss) per share - diluted |
$ | 0.01 | $ | 0.00 | $ | (0.02 | ) | $ | 0.01 | $ | (0.05 | ) | ||||||||||||||||||||
Weighted average common shares - basic |
113,950 | 113,463 | 111,765 | 113,708 | 111,295 | |||||||||||||||||||||||||||
Weighted average common shares - diluted |
134,887 | 134,470 | 111,765 | 134,694 | 111,295 |
WISDOMTREE INVESTMENTS, INC.
CONSOLIDATED BALANCE SHEET
(in thousands, except per share amount)
June 30, 2011 |
December 31, 2010 |
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(Unaudited) | ||||||||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 16,386 | $ | 14,233 | ||||
Investments |
299 | 1,295 | ||||||
Accounts receivable |
5,732 | 4,825 | ||||||
Other current assets |
1,523 | 642 | ||||||
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Total current assets |
23,940 | 20,995 | ||||||
Fixed assets, net |
679 | 756 | ||||||
Investments |
7,876 | 7,300 | ||||||
Other noncurrent assets |
74 | 91 | ||||||
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Total assets |
$ | 32,569 | $ | 29,142 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY LIABILITIES |
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Current liabilities: |
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Fund management and administration payable |
$ | 7,465 | $ | 5,714 | ||||
Compensation and benefits payable |
2,581 | 3,638 | ||||||
Accounts payable and other liabilities |
2,423 | 2,263 | ||||||
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Total current liabilities |
12,469 | 11,615 | ||||||
Other noncurrent liabilities |
220 | 292 | ||||||
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Total liabilities |
12,689 | 11,907 | ||||||
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STOCKHOLDERS EQUITY |
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Common stock, par value $0.01; 250,000 shares authorized: |
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issued: 115,630 and 115,291 |
1,156 | 1,152 | ||||||
outstanding: 114,112 and 113,132 |
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Additional paid-in capital |
160,033 | 158,236 | ||||||
Accumulated deficit |
(141,309 | ) | (142,153 | ) | ||||
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Total stockholders equity |
19,880 | 17,235 | ||||||
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Total liabilities and stockholders equity |
$ | 32,569 | $ | 29,142 | ||||
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WISDOMTREE INVESTMENTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
June 30, 2011 |
June 30, 2010 |
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Cash flows from operating activities |
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Net income/(loss) |
$ | 844 | $ | (5,452 | ) | |||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: |
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Depreciation, amortization and other |
132 | 155 | ||||||
Stock-based compensation |
3,624 | 4,561 | ||||||
Deferred rent |
(77 | ) | (47 | ) | ||||
Accretion to interest income |
46 | (9 | ) | |||||
Net change in operating assets and liabilities: |
||||||||
Accounts receivable |
(907 | ) | (229 | ) | ||||
Other assets |
(864 | ) | (1 | ) | ||||
Fund management and administration payable |
1,751 | 1,134 | ||||||
Compensation and benefits payable |
(1,057 | ) | (651 | ) | ||||
Accounts payable and other liabilities |
165 | 2 | ||||||
Net cash provided by/(used in) operating activities |
3,657 | (537 | ) | |||||
Cash flows from investing activities |
||||||||
Purchase of fixed assets |
(55 | ) | (48 | ) | ||||
Purchase of investments |
(2,893 | ) | (3,416 | ) | ||||
Proceeds from the redemption of investments |
3,267 | 5,056 | ||||||
Net cash provided by investing activities |
319 | 1,592 | ||||||
Cash flows from financing activities |
||||||||
Shares repurchased |
(1,823 | ) | | |||||
Proceeds from exercise of stock options |
| 1 | ||||||
Net cash (used in)/provided by financing activities |
(1,823 | ) | 1 | |||||
Net increase in cash and cash equivalents |
2,153 | 1,056 | ||||||
Cash and cash equivalents - beginning of period |
14,233 | 11,476 | ||||||
Cash and cash equivalents - end of period |
$ | 16,386 | $ | 12,532 | ||||
Supplemental disclosure of cash flow information |
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Cash paid for income taxes |
$ | 11 | $ | 4 | ||||
Non-cash investing and financing activities: |
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Cashless exercise of stock options |
$ | 391 | $ | 55 | ||||
WisdomTree Investments, Inc.
Key Operating Statistics (Unaudited)
Three Months Ended | For the Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Total ETFs (in millions) |
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Beginning of period assets |
11,284 | 9,891 | 6,713 | 9,891 | 5,979 | |||||||||||||||
Inflows/(outflows) |
1,699 | 1,264 | 121 | 2,963 | 703 | |||||||||||||||
Market appreciation/(depreciation) |
(49 | ) | 129 | (594 | ) | 80 | (442 | ) | ||||||||||||
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End of period assets |
12,934 | 11,284 | 6,240 | 12,934 | 6,240 | |||||||||||||||
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Average assets during the period |
12,062 | 10,294 | 6,760 | 11,340 | 6,536 | |||||||||||||||
International Developed Equity ETFs (in millions) |
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Beginning of period assets |
2,613 | 2,062 | 1,995 | 2,062 | 1,953 | |||||||||||||||
Inflows/(outflows) |
33 | 481 | (38 | ) | 514 | (12 | ) | |||||||||||||
Market appreciation/(depreciation) |
(27 | ) | 70 | (283 | ) | 43 | (267 | ) | ||||||||||||
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End of period assets |
2,619 | 2,613 | 1,674 | 2,619 | 1,674 | |||||||||||||||
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Average assets during the period |
2,596 | 2,217 | 1,907 | 2,407 | 2,038 | |||||||||||||||
Emerging Markets Equity ETFs (in millions) |
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Beginning of period assets |
3,759 | 3,780 | 1,738 | 3,780 | 1,431 | |||||||||||||||
Inflows/(outflows) |
344 | 60 | 106 | 404 | 336 | |||||||||||||||
Market appreciation/(depreciation) |
(115 | ) | (81 | ) | (116 | ) | (196 | ) | (39 | ) | ||||||||||
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End of period assets |
3,988 | 3,759 | 1,728 | 3,988 | 1,728 | |||||||||||||||
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Average assets during the period |
3,863 | 3,617 | 1,763 | 3,740 | 1,536 | |||||||||||||||
International Sector Equity ETFs (in millions) |
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Beginning of period assets |
252 | 249 | 228 | 249 | 358 | |||||||||||||||
Inflows/(outflows) |
1 | (7 | ) | (1 | ) | (6 | ) | (125 | ) | |||||||||||
Market appreciation/(depreciation) |
(5 | ) | 10 | (37 | ) | 5 | (43 | ) | ||||||||||||
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End of period assets |
248 | 252 | 190 | 248 | 190 | |||||||||||||||
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Average assets during the period |
258 | 246 | 214 | 252 | 279 | |||||||||||||||
US Equity ETFs (in millions) |
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Beginning of period assets |
2,218 | 2,057 | 1,468 | 2,057 | 1,330 | |||||||||||||||
Inflows/(outflows) |
374 | 53 | 85 | 427 | 157 | |||||||||||||||
Market appreciation/(depreciation) |
20 | 108 | (147 | ) | 128 | (81 | ) | |||||||||||||
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End of period assets |
2,612 | 2,218 | 1,406 | 2,612 | 1,406 | |||||||||||||||
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Average assets during the period |
2,364 | 2,165 | 1,506 | 2,264 | 1,456 | |||||||||||||||
Currency ETFs (in millions) |
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Beginning of period assets |
1,467 | 1,179 | 1,284 | 1,179 | 907 | |||||||||||||||
Inflows/(outflows) |
382 | 271 | (31 | ) | 653 | 347 | ||||||||||||||
Market appreciation/(depreciation) |
47 | 17 | (11 | ) | 64 | (12 | ) | |||||||||||||
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End of period assets |
1,896 | 1,467 | 1,242 | 1,896 | 1,242 | |||||||||||||||
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|
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Average assets during the period |
1,677 | 1,335 | 1,370 | 1,506 | 1,227 | |||||||||||||||
International Fixed Income ETFs (in millions) |
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Beginning of period assets |
902 | 564 | 564 | |||||||||||||||||
Inflows/(outflows) |
442 | 335 | 777 | |||||||||||||||||
Market appreciation/(depreciation) |
35 | 3 | 38 | |||||||||||||||||
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End of period assets |
1,379 | 902 | 1,379 | |||||||||||||||||
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|
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|
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Average assets during the period |
1,195 | 679 | 1,094 | |||||||||||||||||
Alternative Strategy ETFs (in millions) |
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Beginning of period assets |
73 | | | |||||||||||||||||
Inflows/(outflows) |
123 | 71 | 194 | |||||||||||||||||
Market appreciation/(depreciation) |
(4 | ) | 2 | (2 | ) | |||||||||||||||
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|
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End of period assets |
192 | 73 | 192 | |||||||||||||||||
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|
|
|
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Average assets during the period |
109 | 35 | 77 | |||||||||||||||||
Average ETF assets during the period |
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Emerging markets equity ETFs |
32 | % | 35 | % | 26 | % | 33 | % | 24 | % | ||||||||||
International developed equity ETFs |
21 | % | 22 | % | 29 | % | 21 | % | 31 | % | ||||||||||
US equity ETFs |
20 | % | 21 | % | 22 | % | 20 | % | 22 | % | ||||||||||
Currency ETFs |
14 | % | 13 | % | 20 | % | 13 | % | 19 | % | ||||||||||
International fixed income ETFs |
10 | % | 7 | % | 10 | % | ||||||||||||||
International sector equity ETFs |
2 | % | 2 | % | 3 | % | 2 | % | 4 | % | ||||||||||
Alternative strategy ETFs |
1 | % | 0 | % | 1 | % | ||||||||||||||
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|
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|
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Total |
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
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|
|
|
|
|
|
|
|
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Average ETF advisory fee during the period |
||||||||||||||||||||
Alternative strategy ETFs |
0.95 | % | 0.95 | % | 0.95 | % | ||||||||||||||
Emerging markets equity ETFs |
0.70 | % | 0.74 | % | 0.75 | % | 0.70 | % | 0.76 | % | ||||||||||
International sector equity ETFs |
0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
International fixed income ETFs |
0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||
International developed equity ETFs |
0.54 | % | 0.54 | % | 0.55 | % | 0.54 | % | 0.55 | % | ||||||||||
Currency ETFs |
0.49 | % | 0.49 | % | 0.48 | % | 0.51 | % | 0.47 | % | ||||||||||
US equity ETFs |
0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | ||||||||||
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Blended total |
0.55 | % | 0.56 | % | 0.54 | % | 0.56 | % | 0.54 | % | ||||||||||
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Number of ETFs - end of the period |
||||||||||||||||||||
International developed equity ETFs |
14 | 14 | 14 | 14 | 14 | |||||||||||||||
US equity ETFs |
12 | 12 | 12 | 12 | 12 | |||||||||||||||
Currency ETFs |
9 | 9 | 8 | 9 | 8 | |||||||||||||||
Emerging markets equity ETFs |
4 | 4 | 4 | 4 | 4 | |||||||||||||||
International sector equity ETFs |
4 | 4 | 4 | 4 | 4 | |||||||||||||||
International fixed income ETFs |
2 | 2 | 2 | |||||||||||||||||
Alternative strategy ETFs |
1 | 1 | 1 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total |
46 | 46 | 42 | 46 | 42 | |||||||||||||||
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|
|
|
|
|
|
|
|
|
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Headcount |
61 | 61 | 54 | 61 | 54 | |||||||||||||||
Note: Previously issued statistics may be restated due to trade adjustments |