IndexUniverse.com
  
Print This Article

Sections

ETF Fund Flows Report: Week Ending 2/22/08
By Matt Hougan | February 26, 2008 3:07 pm

 

Investors had $4.7 billion in net redemptions from U.S.-listed exchange-traded funds for the week ending February 22, 2008, as the pullback in funds from the ETF industry continues. The number of ETFs with net creation activity far outnumbered the number with net redemption activity - 138 to 60 - but the creation activity occurred in much smaller average amounts.

Largest Net Creations

The PowerShares QQQ Trust (QQQQ) led all ETFs with $881 million in net creation activity last week, while the iShares DJ US Real Estate ETF (IYR) also had a good week, with $438 million in net creation activity.

Beyond that, six ProShares UltraShort ETFs broke into the top 20 this week, headlined by the ProShares UltraShort FTSE/Xinhua China 25 ETF (FXP) at $204 million. Clearly, investors are none too keen on the market these days.

 

Top 20 ETFs By Creation Activity - Week Ending 2/22/08

Fund

Ticker

Creation Shares

Dollar Value

PowerShares QQQ Trust

QQQQ

20,200,000

$881,326,000

iShares DJ US Real Estate

IYR

7,000,000

$437,780,000

S&P 400 MidCap SPDR

MDY

2,825,000

$409,201,250

Select Sector SPDR-Energy

XLE

5,100,000

$378,777,000

DJIA DIAMONDS

DIA

2,600,000

$319,306,000

Select Sector SPDR-Financial

XLF

9,400,000

$250,134,000

iShares Lehman TIPS Bond

TIP

2,000,000

$215,280,000

iShares MSCI-Emerging Markets

EEM

1,500,000

$210,540,000

ProShares UltraShort FTSE/Xinhua China 25

FXP

2,175,000

$204,167,250

PowerShares DB Agriculture

DBA

4,600,000

$186,116,000

ProShares UltraShort Financials

SKF

1,125,000

$126,630,000

ProShares UltraShort QQQ

QID

2,400,000

$124,680,000

ProShares UltraShort S&P 500

SDS

1,950,000

$124,117,500

KBW Bank

KBE

2,900,000

$123,424,000

ProShares UltraShort Oil & Gas

DUG

3,000,000

$120,120,000

iShares Russell 3000

IWV

1,300,000

$101,049,000

ProShares UltraShort MSCI Emerging Markets

EEV

1,200,000

$96,972,000

iShares S&P Latin America 40

ILF

350,000

$89,572,000

iShares MSCI-Taiwan

EWT

4,800,000

$70,848,000

Select Sector SPDR-Technology

XLK

3,150,000

$70,339,500

Data from the American Stock Exchange.

Largest Net Redemptions

On the flip side, the S&P 500 SPDR (SPY) continued to get hammered with heavy redemptions, with investors pulling $6 billion out of the fund in a single week. That's the fourth straight week of net redemptions for SPY - $5.5 billion last week, $2.9 billion the week before and $1.7 billion the week before that - for a total of $16.1 billion in redemptions over the last month. There are only six ETFs (including SPY) that even have $16.1 billion in net assets.

Meanwhile, the iShares Russell 2000 ETF (IWM) also got dinged with $1.8 billion in net redemptions, while the iShares MSCI EAFE lost $515 million.

Investors pulled a quarter-billion dollars out of the iShares FTSE/Xinhua China 25 ETF (FXI); together with the heavy inflows into the ProShares UltraShort China ETF, that tells me that ETF investors are souring on the Chinese market.

Top 20 ETFs By Redemption Activity - Week Ending 2/22/08

Fund

Ticker

Creation Shares

Dollar Value

S&P 500 SPDR

SPY

(44,450,000)

($5,976,302,500)

iShares Russell 2000

IWM

(26,200,000)

($1,818,018,000)

iShares MSCI-EAFE

EFA

(7,200,000)

($514,512,000)

iShares FTSE/Xinhua China 25

FXI

(1,700,000)

($251,362,000)

iShares S&P 500

IVV

(1,700,000)

($228,990,000)

iShares Nasdaq Biotech

IBB

(2,700,000)

($203,796,000)

Select Sector SPDR-Utilities

XLU

(3,500,000)

($136,080,000)

iShares DJ US Transportation

IYT

(1,600,000)

($134,352,000)

iShares Lehman 20+ Year Treasury

TLT

(1,400,000)

($129,290,000)

Select Sector SPDR-Materials

XLB

(2,700,000)

($110,808,000)

Rydex S&P Equal Weight

RSP

(2,000,000)

($88,480,000)

United States Oil Fund LP

USO

(1,100,000)

($85,723,000)

Select Sector SPDR-Industrial

XLI

(2,300,000)

($84,157,000)

iShares Russell 1000 Growth

IWF

(1,400,000)

($77,532,000)

SPDR S&P Retail

XRT

(2,300,000)

($74,796,000)

iShares Lehman 1-3 Year Treasury

SHY

(800,000)

($66,896,000)

iShares Russell 1000

IWB

(850,000)

($62,390,000)

Select Sector SPDR-Consumer Discretionary

XLY

(1,850,000)

($58,423,000)

iShares Russell MidCap

IWR

(600,000)

($57,630,000)

iShares MSCI-Spain

EWP

(975,000)

($55,038,750)

Data from the American Stock Exchange.

Creation Activity By Provider

Starting this week, the ETF Fund Flows Report will include a new figure highlighting fund flows by ETF provider.

PowerShares leads the charge this week with $1.2 billion, thanks to the strong inflows into the QQQQs. ProShares is next with nearly $1 billion in new assets, followed by Vanguard at $310 million.

The reverse side of the ledger is dominated by the two big names in the industry: SSgA saw $4.8 billion in net redemption activity, while BGI suffered $2.4 billion in redemptions.

Creation/Redemption Activity By Fund Company - Week Ending 2/22/08

Fund Company

Net Creation/Redemption Activity

PowerShares

$1,230,568,000

ProShares

$964,782,000

Vanguard

$310,299,679

Van Eck

$79,572,500

WisdomTree

$64,068,500

MacroShares

$8,016,000

First Trust

$7,775,000

SPA ETF

$0

Ziegler

$0

Greenhaven

$0

FocusShares

$0

Fidelity

$0

HOLDRS

($1,668,516)

Xshares

($3,078,000)

Claymore

($39,960,000)

Rydex

($60,794,000)

Victoria Bay

($111,715,000)

BGI

($2,389,145,750)

SSgA

($4,810,150,750)

Data from the American Stock Exchange.
 

Discussion

Post a Comment
Comment
(Max. 2,000 characters)
Name:
E-mail:
Home page:

(optional)

Type in the
displayed characters:
Email follow-up comments to my e-mail address