Studies in Indian Place Names (UGC Care Journal)

ISSN: 2394-3114 Vol-40, Special Issue-08

National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

AN INQUIRY INTO THE ETF EXPERIENCES IN AMERICAN AND

INDIAN MARKETS

Nirali Dave Dr. Bala Bhaskaran

Assistant Professor Adjunct Faculty
Indus University Entrepreneurship Development institute
Ahmedabad of India

Abstract
This paper is studying the growth of Exchange Traded Fund (ETF) in the American and
Indian Markets after the global financial crises in 2008. The paper also studies the reasons
for the popularity and awareness of ETF as Investment Avenue among the investors of both
the countries. Mutual Funds Assets Under Management (AUM) also gets affected when there
are bearish trends in the market. This paper highlights the share of ETF AUM in the growth
of the overall mutual fund industry AUM in both USA and India after the global financial
crises. This paper also shows investors behaviour to avoid volatility and during uncertainty
in stock market effect on growth of ETF. This research is done on the secondary data
collected from the annual reports, websites, and journals for both the countries for last 10
years after the global financial crisis in 2008. The research paper concludes with
highlighting the reasons and factors for the popularity of ETF in the American market and
suggestive steps for the Indian Mutual Fund Companies on ETF. The further scope of this
paper is that similar study on ETF popularity can be done by comparing other countries.

Keywords: Exchange Traded Fund, Mutual Fund, Asset Under Management, American,
Indian, Market

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Copyright ⓒ 2019 Authors
 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

AN INQUIRY INTO THE ETF EXPERIENCES IN AMERICAN AND

INDIAN MARKETS

1. Introduction
Exchange Traded Fund [ETF] are tradeable securities which derive their value from a
predefined basket of securities in an index. ETF’s derive their value from the market
movements of the underlying stocks which comprise the portfolio, and these funds are like
index funds managed by institutional portfolio managers. All day trading makes ETF’s
flexible as can be sold short or at margin just like a stock. ETF’s units are not sold in cash,
but the Asset Management Company (AMC) that sponsors the ETF takes the shares of
companies comprising the index from different investors like institutions, authorized
participants and give them a large block of ETF units (Gallagher & Segara, 2005). ETF’s
offer investors various benefits such as risk diversification, flexibility, transparency and real
time trading.

ETF has gained momentum and attracted investments from 1990 in developed countries. For
instance in USA in 2018 the Asset under management (AUM) was 16 % of the total AUM
of the mutual fund industry which is 29.7trillion dollars (Investment Company Institute,
2018) where as in India the AUM is only 6% of the total AUM of mutual funds (Association
of Mutual Funds of India, 2019) This paper is exploring the reasons for the growth of ETFs
in USA and why it has not seen growth in India. This paper also highlights the share of ETFs
AUM in the growth of the overall mutual fund industry AUM in both USA and India. This
paper shows investors behavior to avoid volatility and uncertainty in stock market have
played major role in the growth of ETFs.

2. History and Performance of ETF in USA

2.1 Genesis: ETFs structure has its roots in the stock market crash of 1987. Institutional
investors, from the dynamics of the crash realized that they need to trade large amount of
stocks quickly and preferably on intraday basis. In 1990, A Los Angeles based investment
firm Leland, O’Brien and Rubinstein (LOR) came up with an idea that stocks can be grouped
together into a basket, and traded as a single unit (Davidson, 2012). A fund named Super
Trust Fund was formed by LOR firm but after few years it failed due to lack of interest and
due to high minimum investment requirements. Again in 1990, the Toronto Index
Participation Shares Tracking the Toronto Stock Exchange 35 (TSE 35) started trading on
Toronto Stock Exchange in 1990 and became very popular. The concept of ETF was revived
in USA after the success of this product. For next few years, the concept took some time to
pass through the regulatory channels and in 1993 the first ETF was launched in USA. The
first ETF fund name was Standard & Poor’s Depository Receipts (SPDRs) tracking the S&P
500 index. SPDRs offered by State Street Global Advisors were unique because of an
arbitrage mechanism that allowed the fund to stay closely in line with its NAV despite
trading on an exchange. SPDRs were cheap and anyone could buy them. Therefore, ETFs
were initially borne out of a need for greater liquidity. In December 1998 lineup of products
targeting major sectors of economy of the U.S economy debuted. The sector SPDRs split up
the S&P 500 by sector. Later on in July 2002 iShares launched its first four Bond ETFs
namely 7-10 year Treasury Bond ETF (IEF), Corporate Bond ETF (LQD), 1-3year Treasury
Bond ETF (SHY) and 20+year Treasury Bond ETF (TLT) (Brief History of ETFs, 2012).
Further in 2004 the first commodity ETF to debut was Gold SPDR (GLD) which gave
exposure to physical gold bullion. A unique development of commission free ETFs was
debuted by Charles Schwab on November 2009. ETF Assets hit $1trillion mark in December
2010 which is an inevitable milestone and has ever since gained popularity and acceptance
as important investment avenue among USA investors.

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

2.2 US-ETFs and their AUM in last decade:

Table-1 Shows the Number of ETFs in the US during the decade from 2008 to 2018

Overall Mutual Share of

ETF Fund ETF
AUM in
Year No. of ETF AUM AUM the
overall
Number Growth Growth Growth MF
($billion ) ($billion)
of funds (%) (%) (%) AUM

2008 649 - 412 - 11249 - 4%

2009 582 -10% 515 25% 11448 2% 4%

2010 728 25% 574 11% 11186 -2% 5%

2011 839 15% 812 41% 13125 17% 6%

2012 987 18% 874 8% 13140 0% 7%

2013 1059 7% 1,143 31% 16266 24% 7%

2014 1149 8% 1,507 32% 18653 15% 8%

2015 1239 8% 1,766 17% 19561 5% 9%

2016 1471 19% 1,902 8% 19518 0% 10%

2017 1569 7% 2,541 34% 26698 37% 10%

2018 1643 5% 3,034 19% 29731 11% 10%

(Investment Company Institute, 2018)

2.3 Factors that supported the rapid growth of ETF in USA: ETFs have seen exponential
growth during last decade in USA. As of June 2018, there are 1643 number of ETF funds
with the total asset under management of $3034 billion dollars with 101.6 million investors
(source ICI-Home).There are many reasons for the growth and popularity of ETFs in USA
which have been grouped into macro-economic factors and market specific internal factors.

2.3.1 Macro-Economic Factors in USA:

Global Financial Recession: While ETF first arrived in 1993, ETFs became more popular
only after Lehman Brothers collapse in 2008 a decade ago. (M.Szmigiera, 2018)

2.3.1.1 Losing faith in mutual funds: Fund managers failed to protect portfolio from a 45
percent drop (Borzykowski, 2018) which was how much the fall between the day
Lehman collapsed on September 15, 2008 and the March 9, 2009. Lot of fund
managers did not deliver the promise of protecting during downside which they had
given to the investors. Moreover the active fund managers had trouble beating the
benchmark over the long term.
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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

2.3.2 Market specific internal factors in USA

2.3.2.1 Bigger Savings: Exchange trade funds are traded directly on an exchange and are
subject to brokerage commissions and do not charge load like mutual funds. The
expense ratio of ETFs is lower than actively managed mutual funds which invest in
research to find the best investments. Exchange trade funds do not have an annual
marketing or distribution fees and operational expenses. Mutual funds investor have
to pay distribution and operational fees annually. Thus as per Morningstar, investors
save in bigger ways as ETFs fees go from 0.01% to 1.25% as compared to mutual
funds fees which is between 1.01% and 10%.

Table-2: Top 5 Large Cap ETFs based on AUM, and Expense ratio as on 26/6/2019

Name Issuer AUM Expense

($billion) Ratio

SPDR S&P 500 ETF State Street Global $268.50 0.09%

Trust Advisors

iSharesCoreS&P 500 Blackrock $183.49 0.04%

ETF

Vanguard S&P 500 ETF Vanguard $115.43 0.03%

Invesco QQQ Trust Invesco $76.24 0.20%

Vanguard Value ETF Vanguard $49.03 0.04%

(Large Cap ETF Channel, 2019)

Table 3 Performance of the returns of Large cap ETFs in USA as on 26/6/19.

Top 5 Large cap ETF Returns

1yea 10
Period 1mth 3mth YTD r 3year 5year year

3.32 4.71 17.42 9.43 14.93 10.44 14.48

SPDR S&P 500 ETF % % % % % % %

iShares Core S&P 500 3.32 4.73 17.39 9.50 14.97 10.50 14.54
ETF % % % % % % %

3.35 4.74 17.43 9.52 14.98 10.51

Vanguard S&P 500 ETF % % % % % % NA

4.03 3.99 20.37 8.86 22.17 15.81 18.90

Invesco QQQ Trust
% % % % % % %

3.32 4.73 17.39 9.50 14.97 10.50 14.54

Vanguard Value ETF % % % % % % %

(Large Cap ETF Channel, 2019)

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

2.3.2.2 Tax: In USA, funds have to pay capital gains tax. So, every time a fund sells a stock
at a profit, it has to pay tax on that profit. But ETFs don’t need to sell stocks when
they rebalance. They redeem in kind, so ETFs don’t have to pay capital gains tax.

2.3.2.3 Diversifications: Exchange trade funds shares are available in wide variety of
sectors, style, and industry and country categories. Those investors who wish to have
portfolio exposure to specific sectors, styles, industries or countries but do not have
expertise in those areas, ETFs can provide easy exposure to a desired market
segment (Finance, n.d.). There are hundreds of ETFs that cover every major index.
For example, ETFs issued by Dow Jones, S&P, and NASDAQ also in sectors of
equities market that is large caps, small caps, growth, value (McWhinney, n.d.).
ETFs are also available in other asset classes like fixed income and are convenient
way for investors to build a portfolio for specific needs. To explain in detail an
example is if an investor wants an allocation of 80% stocks and 20% bonds can
easily create that portfolio with ETFs. The large number of available ETFs enables
investors to build a diversified portfolio as per allocation need.

2.3.2.4 Transparency: Transparency is the key benefit of ETFs which they offer into their
holdings. Most ETFs disclose their full portfolios on public free websites every
single day of the year. ETF issuers each day publish the lists of securities an
authorized participant must deliver to the ETF to create new shares as well as what
shares investors will get if redeemed from the ETF. Transparency in investments
helps investor to take better and quicker decisions on whether to buy, sell or hold.
Investor can see Net Asset Value (NAV) price trade during the trading day (What is
transparency?, n.d.). This transparency allows investor to know gain or loss during
the day. Along with this the ability to see the full holdings of the index an ETF aims
to track high level of disclosure. Investors can also see the expense ratio at funds
own website as well as at most research websites such as Morningstar.

2.3.2.5 Distinguished as Physical and Synthetic: In the former case, the ETF provider
actually owns the physical asset, whether it is gold, bonds or another asset. In
contrast, the latter provider holds derivatives rather than the underlined assets – for
instance, futures of gold or options.

2.3.2.6 Big players enter the market:

2.3.2.6.1 As per Bloomberg, Vanguard started pushing ETFs in a much bigger way right
around the crisis. In 2007, the number of ETFs available jumped to 290,
doubling in size and Vanguard was a big part of that. It launched its first suite
of bond ETFs that year and a bevy of equity options, too.

2.3.2.6.2 In 2009, BlackRock purchased Barclays Global Investors, which owned the
iShares brand of ETF. Barclays, which bought Lehman Brothers in 2008, was
struggling financially then and needed to raise cash, so it unloaded iShares for
$13.5 billion, a "fire sale" price, Bryan said. The business as a result has grown
to $6.3trillion in assets under management as per Bloomberg.

2.3.2.6.3 BlackRock and Vanguard, seeing the opportunity in ETFs, put huge marketing
dollars behind these products and wrote investor education articles espousing
the virtue of ETFs overactive ones.

2.3.2.6.4 Fidelity Investments also continued to evolve in the ETF industry and now there
are more than 5,000 ETFs on the market including with fees close to zero.
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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

2.3.2.7 Commission free trading: Big players like Vanguard continued to make trading
ETFs cheaper by introducing commission free trading on almost all ETFs to attract
the investors.

2.3.2.8 Different varieties of ETFs: To help investors create a fantastic and versatile
portfolio in USA, ETFs with different investment objective and exposure in various
options are available, for example International and regional ETFs, and specific
ones for different industries (energy, technology, robotics ,obesity etc)

3 History and Performance of ETF in India

3.1 Origin: The first exchange trade fund in India was launched by Benchmark Asset
Management Company Pvt Ltd (taken over by Goldman Sachs Asset Management Company
in 2011) in the year December 2001 named Nifty BeEs on the National Stock Exchange
(NSE). The fund allows investor exposure to S&P CNX Nifty Index through the trading of
a single security listed on the stock exchange. It is priced at 1/10th of the value of the index
and is traded on the capital market segment of the stock exchange. Later on many schemes
were launched by Benchmark Asset Management Company in the year 2003-2004 with the
objective to provide exposure stock comprising the CNX Nifty Junior and CNX Bank Index
respectively. The concept of commodity ETF was first introduced by Benchmark Asset
Management Company Pvt Ltd in May 2001 by filling a prospectus with SEBI to seek
permission to launch Gold ETFs. The idea got popular in 2007 after going through certain
regulatory norms. Each unit of this Gold ETFs is priced at approximately one gram of the
gold price.
3.2 In 2014, Government of India created the idea of ETFs as a tool disinvest a portion of its
holding in Public Sector Units. Goldman Sachs Asset Management Company was given the
responsibility to create such fund and the fund house came up with Central Public Sector
Enterprises ETF (CPSE ETF). In March 2014, CPSE ETF was launched with the objective
to provide returns like those of the CPSE Index. Government of India collected Rs3000 crore
(Kaur & Singh, 2017) through the disinvestment process undertaken by this route.

3.3 3.2 Indian scenario of ETF AUM

3.4 Table 4 Shows the ETFs in India during the decade from 2009 to 2019

Share of
ETF Overall Mutual Fund ETF
AUM in
Year AUM the
AUM
(Rupees Growth overall
(Rupees in Growth (%)
in (%) MF
crores)
crores) AUM

2009 1403 418765 0%

2010 2547.23 82% 614546 47% 0%

2011 6916 172% 596977 -3% 1%

2012 11,493 66% 5,87,217 -2% 2%

2013 13,124 14% 7,01,443 19% 2%

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

2014 13,204 1% 8,25,240 18% 2%

2015 14,715 11% 10,82,757 31% 1%

2016 22,409 52% 12,32,824 14% 2%

2017 49,916 123% 17,54,619 42% 3%

2018 77,694 56% 21,36,036 22% 4%

2019 1,39,073 79% 23,79,584 11% 6%

(AMFI India)

3.3. The reasons for ETFs slow growth in India as compared to USA are as follow:

3.3.1. Liquidity issues: Exchange trade funds follows a index, invests in all the stocks and
in same proportion as in the scheme’s benchmark index. An ETF creates units which are
then available on the stock market for sale where other investors can buy units. All ETFs
appoints market maker who are generally stockbrokers to create enough liquidity in the
market by standing as counter party for those who wants to buy or sell ETFs, in case enough
buyers and sellers are not available. An ETF unit must be exchanged only with the basket of
stocks and in same proportion as they lie in the benchmark index. For this reason, investors
does not approach a fund house to buy or sell an ETF but need a stock market. Large
investors do approach fund house and exchange ETF units against the basket of shares.
Practically investor can end up limiting profit if an ETF is not liquid enough. For example
on a specified date first 8 units of SBI Nifty 50 ETFs are available for sale at price of
Rs102.42 each and if investors wants to buy more, the next lot of say 7483 units at the time
were available for Rs102.59 each and next 1000 units are available for 102.64 each. This
shows the price slowly moves up as investor try to buy more units (Adajania, 2017).
Similarly, if investor wants to sell ETFs for example Kotak Nifty ETFs units for sale of
Rs101.85 but can sell only 1 unit at that price, next 7286 units may fetch Rs101.83 per unit,
next 204 units could fetch Rs101.80 each. This shows how the price drops as investor try to
liquidate more and more units which is known as impact cost. Hence in such situation, if
investor wants to trade a decent quantity it will not be able to buy or sell at the best available
price.

3.3.2Investors choose to trade in shares through demat: ETFs can be only traded in
exchange through demat accounts. Indian investors who possess demat accounts prefer to
buy shares or subscribe to IPOs rather than buying dull ETFs (Samalad, 2017).

3.3.3Variety of ETFs not available: In USA ETFs are highly popular the NYSE alone has
1262 ETFs listed on it as of June 2015. Compared to that only 39 ETFs are listed on the NSE
(Acharya, 2015). Moreover, the underlying indices or commodities of these ETFs are
limited. As per Funds of India source among the NSE listed ETFs over a third are gold. The
Nifty Index is the next most popular with 9 ETFs based on it. The handful left is spread
across banks, public sector enterprises, liquid bonds and some thematic indices. This lack of
variety in products to choose from is a big reason for its less popularity in India.

3.3.2. Lack of big institutional investor’s interest: ETFs are not on the approved list of
many institutional investors. There is lack of interest from institutions such as
pension funds and insurers (Zaman, 2014).

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

3.3.3. No room for commission for distributors: As ETFs track passively their
underlying indices hence they come with lower expenses as compared to active fund
and due to their low cost nature ETFs have no room to pay commissions on par with
actively managed funds up to 3% (Samalad, 2017), providing little incentive for
distributors.

4 Data Analysis and Conclusion

4.1 The study of data from table 1 reveals that in USA, the AUM of ETF to the overall
mutual fund industry has increased steadily year on year, and last three years from 2016-
18 AUM was 10%.

4.2 Both the countries have seen a similar pattern in changes in AUM of ETF and Mutual
Fund during the years when stock market was bearish in respective countries. For
instance, in USA in the year 2010 the AUM of mutual fund industry was down by -2%
due to market flash crash on 6th May 2010 whereas ETF AUM in the same year saw
growth of 11%. In 2011, USA stock market was bearish due to USA crossing the limit
of United States debt ceiling. During this year USA ETF AUM was phenomenal at 41%
growth rate. Similar was the observation for the year 2012 & 2016 with 0% growth rate
in mutual fund AUM, against it 8% increase in ETF AUM.

4.3 Data of Table 1 reveals that number of ETF funds in USA introduced more after global
financial recession in 2008. In 2010, 728 new ETFs were launched witnessing 25%
growth and then continuous growth year on year till 2018.

4.4 In India the data from table 4 reveals that AUM of ETF to the overall mutual fund
industry has seen increase except in year 2015, it reduced to 1% from 2% in previous
year 2014. But still the highest is only 6% in 2019 as compared to 10% in USA.

4.5 In the year 2011 & 2012 when the mutual fund AUM was down with -3% & -2%
respectively ETF AUM experienced exponential growth of 172% and 66% respectively.
This growth was in the Gold ETF as the prices of gold commodity were increasing and
Indian stock market was bearish due to several factors like rupee depreciation, high
inflation of 11%, 2g scam, European unsolved debt crises, and government’s prolonged
divestment programme. (sensex closes year on weak note,crashes 24% in 2011, 2011)

4.6 In India, ETF’s has seen phenomenal growth of 123% in AUM again in 2017. One of
the major reasons was the demonetization of currency in 2016 due to which even Mutual
Fund AUM benefited with 42% high and secondly huge success of Bharat 22 ETF in
which government used ETF as divestment tool for PSU companies triggered ETF
AUM.

4.7 Overall observation is that investor’s behavioural aspect is switching towards ETFs after
every bearish trend in order to avoid the volatility and uncertainty aspect of the stock
market in both the countries.

5 Conclusion
The AUM of ETFs has increased in USA steadily in last decade after global financial
recession in 2008 and in last three years 2016-18 its share is up to 10% of the overall mutual
fund AUM of USA. This shows that investors behaviour to avoid volatility and uncertainty
have played major role in the growth of ETFs.

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

1. The features of ETF like transparency and diversity along with industry favourable tax
structure made ETFs popular investment avenue. In India, ETFs have hardly been able
to see growth and its AUM portion to overall mutual fund industry is also merely 6%.

2. The lack of awareness and very few varieties of ETFs and liquidity issues are biggest
reason for the less popularity of ETFs in India. AMFI along with all Asset Management
Companies of India should conduct awareness programmes for the benefit of investing
in ETFs just like any other mutual fund schemes. Asset Management Companies need
to introduce more varieties of ETF’s to cater different needs of Indian investors.

3. The Indian stock market bearish trends during 2011 & 2012, the mutual fund AUM was
down with -3% &-2% respectively and in 2014 significant government steps like
divestment of Public sector units and in 2016 demonetization of currency helped ETF
AUM to increase in India.

6 Limitation
➢ The data collection for this research paper is based on secondary data.

➢ The study of ETFs is only in two countries i.e USA and India.

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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

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Page | 281
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 Studies in Indian Place Names (UGC Care Journal)
ISSN: 2394-3114 Vol-40, Special Issue-08
National Level Conference on “Creativity and Sustainability”
Organized by:
Shri Chimanbhai Patel Institute of Management and Research (CPIMR)
Ahmedabad - 380013, India

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