Bloomberg Businessweek - USA (2019-05-27)

53

May27, 2019

Totalassetsbystate

0 $3.2t

DATA:FDIC

$3t

2

1

0

1993 2019

◼BlackRock(iShares) ◼Vanguard ◼StateStreet(SPDR)

◼Invesco(PowerShares& Guggenheim) ◼Schwab ◼Other

Totalassetsin U.S.ETFsbycompany

New York might style itself as the banking capital of the
world, but by one measure it doesn’t compete with Ohio
orSouthDakota.DatacompiledbytheFederalDeposit
InsuranceCorp.onassetsheldbyinstitutionsit insures
showthosetwostatesontop,withabout$3.2trillion
apieceattheendof2018.That’sabouttriplewhat
DelawareandNewYorkeachhave.Why?Ohiois No. 1
inpartbecauseJPMorganChase& Co.’sdeposit-taking
arm is based in Columbus. South Dakota is home to
Citigroup’sunit,whichmoveditscreditcarddivision
thereinthe1980safterthestatelooseneditslending
laws.Althoughit’sabout$1trillion behind the leaders,
North Carolina, home to Bank of America Corp., rounds
out the top three. �Tom Metcalf

DATA: BLOOMBERG INTELLIGENCE

HEARTLAND

RICHES

CHEAPER BY

THE TRILLION

$3.2t

95¢

Assets of

FDIC-insured

banks in Ohio

TheBuckeyeStateishome

tolotsofcash

Assetsinexchange-tradedfunds

haveexploded,withthebulk

goingtothreemanagers.And

verylow-costfundsdominate.

Share of ETF assets by funds’ annual

expense ratios

0.11% to 0.20% 0.21% to 0.40%0.41% to 0.60%

48% (^251486)
0.10% or less 0.61% or more
Annual fee on
$1,000 invested in
the largest ETF