|
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.
|
RSS