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In sum, across all 647 U.S. ETFs on the market, there was more than $12.8 billion in net creation activity last week.
Largest Net Creations
Three of the largest ETFs on the market topped the ETF creation list this week. The PowerShares QQQ Trust (QQQQ) posted the highest net creations, at $3.1 billion, followed by the S&P 500 SPDR (SPY) at $3.1 billion and the iShares Russell 2000 (IWM) at $2.3 billion. The Select Sector SPDR-Financials (XLF) also posted strong creations, at $2.0 billion.
Moving down the list, there was strong demand for overseas and Asian ETFs, with the iShares MSCI Emerging Markets (EEM), iShares FTSE/Xinhua China 25 (FXI), iShares Hong Kong (EWH) and iShares Malaysia (EWM) ETFs all posting strong demand. Beyond that, two agricultural ETFs show up on the Top 20 list as well.
Although there's no way to be sure, much of the demand this week likely came from short demand. As much as I want to have faith in the contrarian bent of ETF investors, I'm guessing there wasn't a huge surge in long demand for the QQQQs.
| Top 20 ETFs By Creation Activity - Week Ending January 18, 2008 |
| Fund |
Ticker |
Creation Shares |
Dollar Value |
| PowerShares QQQ Trust |
QQQQ |
68,900,000 |
$3,124,615,000 |
| S&P 500 SPDR |
SPY |
23,150,000 |
$3,065,523,000 |
| iShares Russell 2000 |
IWM |
33,950,000 |
$2,281,100,500 |
| Select Sector SPDR-Financial |
XLF |
80,600,000 |
$2,048,852,000 |
| Select Sector SPDR-Materials |
XLB |
13,850,000 |
$519,098,000 |
| Retail HOLDRS |
RTH |
4,477,000 |
$392,677,670 |
| iShares MSCI-Emerging Markets |
EEM |
2,400,000 |
$327,840,000 |
| iShares FTSE/Xinhua China 25 |
FXI |
1,850,000 |
$293,891,000 |
| PowerShares DB Agriculture |
DBA |
7,200,000 |
$264,024,000 |
| DJIA DIAMONDS |
DIA |
2,151,150 |
$260,052,524 |
| Market Vectors-Agribusiness |
MOO |
4,750,000 |
$237,785,000 |
| Select Sector SPDR-Industrial |
XLI |
6,750,000 |
$235,035,000 |
| Oil Services HOLDRS |
OIH |
1,240,800 |
$201,183,312 |
| iShares MSCI-Hong Kong |
EWH |
7,950,000 |
$161,544,000 |
| iShares MSCI-Malaysia |
EWM |
12,150,000 |
$158,679,000 |
| iShares Lehman Aggregate Bond |
AGG |
1,300,000 |
$133,718,000 |
| S&P 400 MidCap SPDR |
MDY |
950,000 |
$130,511,000 |
| SPDR S&P Retail |
XRT |
4,350,000 |
$129,325,500 |
| iShares Nasdaq Biotech |
IBB |
1,500,000 |
$121,425,000 |
| Semiconductor HOLDRS |
SMH |
4,250,000 |
$118,915,000 |
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Largest Net Redemptions
The most interesting fund to show up on the redemptions list this week is the streetTRACKS Gold Trust (GLD), with total redemptions of $340 million. Beyond that and the iShares S&P 500 ETF (IVV)—the leader in redemptions at $1.2 billion—it's mostly a smattering of funds with relatively small amounts of redemptions.
| Top 20 ETFs By Redemption Activity - Week Ending January 18, 2008 |
| Fund |
Ticker |
Creation Shares |
Dollar Value |
| iShares S&P 500 |
IVV |
(9,150,000) |
($1,213,747,500) |
| streetTRACKS Gold Trust |
GLD |
(3,900,000) |
($340,158,000) |
| iShares Russell 1000 Growth |
IWF |
(5,050,000) |
($277,245,000) |
| iShares Russell 1000 Value |
IWD |
(3,500,000) |
($253,540,000) |
| iShares MSCI-Japan |
EWJ |
(16,200,000) |
($205,902,000) |
| iShares S&P Europe 350 Index |
IEV |
(1,850,000) |
($192,714,500) |
| PowerShares DWA Technical Leaders |
PDP |
(5,600,000) |
($134,120,000) |
| iShares MSCI-Mexico |
EWW |
(2,000,000) |
($100,900,000) |
| iShares Russell MidCap Value |
IWS |
(700,000) |
($87,864,000) |
| UltraShort Financials ProShares |
SKF |
(675,000) |
($86,926,500) |
| iShares MSCI-EAFE |
EFA |
(1,200,000) |
($86,376,000) |
| iShares MSCI-Canada |
EWC |
(3,000,000) |
($85,860,000) |
| Rydex S&P Equal Weight |
RSP |
(1,850,000) |
($78,144,000) |
| iShares DJ US Transportation |
IYT |
(950,000) |
($71,126,500) |
| iShares MSCI-Spain |
EWP |
(1,200,000) |
($69,492,000) |
| iShares S&P Latin America 40 |
ILF |
(300,000) |
($66,207,000) |
| iShares MSCI-Sweden |
EWD |
(2,325,000) |
($63,519,000) |
| United States Natural Gas |
UNG |
(1,600,000) |
($61,344,000) |
| iShares Russell 2000 Value |
IWN |
(950,000) |
($59,536,500) |
| iShares Russell 1000 |
IWB |
(750,000) |
($53,947,500) |
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