Accessible Version
New Insights from N-CEN: Liquidity Management at Open-End Funds and Primary Market Concentration of ETFs, Accessible Data
Figure 1. Average Number of Active Bank-Affiliated APs per ETF
| Year Qtr. | International Equity | International Fixed Income | U.S. Equity | U.S. Fixed Income |
|---|---|---|---|---|
| 2018q1 | 3.7130682 | 2.59375 | 4.6451612 | 3.2650602 |
| 2018q2 | 3.6383443 | 2.4878049 | 4.6795096 | 3.2972972 |
| 2018q3 | 3.5901961 | 2.5714285 | 4.6050158 | 3.2645915 |
| 2018q4 | 3.510242 | 2.2708333 | 4.4922643 | 3.125874 |
| 2019q1 | 3.5299456 | 2.4791667 | 4.4044323 | 3.1141868 |
| 2019q2 | 3.5197132 | 2.4565217 | 4.3413334 | 3.1322033 |
| 2019q3 | 3.4911346 | 2.2083333 | 4.2915034 | 3.1538463 |
| 2019q4 | 3.5094664 | 2.2826087 | 4.2280283 | 3.0933735 |
| 2020q1 | 3.4983051 | 2.3333333 | 4.1462855 | 3.0716417 |
| 2020q2 | 3.4950495 | 2.3333333 | 4.2004504 | 3.1020408 |
| 2020q3 | 3.4560001 | 2.3018868 | 4.1193061 | 3.1064427 |
| 2020q4 | 3.4051204 | 2.4354839 | 3.8808837 | 3.104712 |
| 2021q1 | 3.3717201 | 2.3870969 | 3.8230338 | 3.1428571 |
| 2021q2 | 3.358006 | 2.3965516 | 3.7526653 | 3.1684492 |
Note: The figures are based on FY 2018-FY 2021 data reported on Form N-CEN. Bloomberg attribute data for asset class and geographic focus were used to categorize ETFs.
Source: Bloomberg Finance LP, Bloomberg Terminals (Open, Anywhere, and Disaster Recovery Licenses), SEC form N-CEN, authors’ calculations.
Figure 2. Average Share of Gross Creation and Redemption Volume by Bank-Affiliated APs
| Year Qtr. | International Equity | International Fixed Income | U.S. Equity | U.S. Fixed Income |
|---|---|---|---|---|
| 2018q1 | 96.43614687 | 95.97187493 | 91.42842689 | 97.22792636 |
| 2018q2 | 96.84240383 | 96.56854262 | 90.30662109 | 98.37556287 |
| 2018q3 | 96.9288054 | 95.2512065 | 89.74028136 | 97.54711124 |
| 2018q4 | 96.91516532 | 95.04704648 | 90.39173572 | 97.19455913 |
| 2019q1 | 96.8181271 | 94.78394326 | 88.52420493 | 97.20363011 |
| 2019q2 | 96.60046235 | 94.14596345 | 88.39636758 | 95.2034304 |
| 2019q3 | 96.21241822 | 96.01200666 | 88.23362907 | 95.00833067 |
| 2019q4 | 94.46528952 | 94.22719094 | 86.95845508 | 94.68028585 |
| 2020q1 | 94.38014947 | 94.31150813 | 87.2947158 | 95.04491322 |
| 2020q2 | 94.4491528 | 94.47034144 | 86.12745499 | 96.53634788 |
| 2020q3 | 93.06278495 | 93.83525547 | 84.93920779 | 96.69072895 |
| 2020q4 | 92.59443522 | 96.68399539 | 84.02087824 | 97.34712569 |
| 2021q1 | 92.65199161 | 96.89491919 | 81.88194264 | 97.40338278 |
| 2021q2 | 92.76645653 | 96.66731307 | 81.05858971 | 97.75006462 |
Note: The figures are based on FY 2018-FY 2021 data reported on Form N-CEN. Bloomberg attribute data for asset class and geographic focus were used to categorize ETFs.
Source: Bloomberg Finance LP, Bloomberg Terminals (Open, Anywhere, and Disaster Recovery Licenses), SEC form N-CEN, authors’ calculations.
Last Update:
January 11, 2023