Proceedings

Graph 1. The evolution of ETFs at global level in respect to the administrated assets
(Source: processed after Blackrock, Oct. 2010)
Looking back, it is interesting to mention that the annual compound ratio of growth of
the number of ETFs from the moment when they were introduced in 1993 and until
the end of 2007 was of 53% in comparison with the annual compound ratio of growth
of the number of mutual fund that reached only 4%.
Numar de ETF-uri
2600
2400
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
Active administrate (mld.$)
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Active adm. (mld.$) 0,8 1,1 2,3 5,3 8,2 17,6 39,6 74,3 104,8 141,6 212 309,8 412,1 565,6 796,7 711,1 1.036 1.239
Graph 2. The numeric evolution of ETFs at global level
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Numar 3 3 4 21 21 31 33 92 202 280 282 336 461 714 1.1721.595 1.9452.409
(Source: processed after BlackRock, Oct. 2010)
If we refer to the dynamics of the ETFs’ market on regions, we can reflect the
situation at the end of October 2010 in the table below. We can observe that Europe is
again ahead of USA, with a growth rate of the European ETFs bigger than that
registered in America. The constant growth of the European ETFs can be due to a
complex of factors that influence the decision of fund managers regarding the
localization of ETFs: the existence of specialized personnel in the field, the favorable
fiscal rules, the regulations and formalities regarding the new products. For example,
~ 325 ~