The latest creation/redemption activity for U.S.-listed ETFs
In sum, across all 648 U.S. ETFs on the market for more than a week, there was a net $1.38 billion in redemption activity last week. All told, there were 122 ETFs with net creation activity and 118 ETFs with net redemption activity.
Largest Net Creations
The list of ETFs with the largest creations this week focuses on ETFs serving primarily the trader market. Four ProShares funds make the list, all of which are on the leveraged positive side: Ultra QQQ (QLD), Ultra S&P 500 (SSO), Ultra Dow30 (UYG) and Ultra Financials (DDM). That suggests to me that some people were making big bets on a quick rebound in U.S. equity markets.
The Select Sector SPDRS also figure prominently on the list, with the Select Sector SPDR (XLF) leading all funds with $1.65 billion in net creations. Consumer Discretionary (XLY), Energy (XLE) and Materials (XLB) also make the list.
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.
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Top 20 ETFs By Creation Activity - Week Ending January 25, 2008 |
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|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
Select Sector SPDR-Financial |
XLF |
60,650,000 |
$1,650,286,500 |
|
iShares S&P 500 |
IVV |
12,050,000 |
$1,605,903,500 |
|
Select Sector SPDR-Consumer Discretionary |
XLY |
16,500,000 |
$508,530,000 |
|
Select Sector SPDR-Energy |
XLE |
7,100,000 |
$490,255,000 |
|
iShares DJ US Real Estate |
IYR |
5,600,000 |
$357,448,000 |
|
iShares MSCI-Mexico |
EWW |
4,800,000 |
$249,984,000 |
|
ProShares Ultra QQQ |
QLD |
3,225,000 |
$248,099,250 |
|
Oil Services HOLDRS |
OIH |
1,377,400 |
$224,846,776 |
|
SPDR S&P Retail ETF |
XRT |
7,250,000 |
$215,542,500 |
|
ProShares Ultra S&P500 |
SSO |
3,000,000 |
$202,260,000 |
|
DJIA DIAMONDS |
DIA |
1,500,000 |
$182,940,000 |
|
Select Sector SPDR-Materials |
XLB |
4,700,000 |
$180,856,000 |
|
iShares S&P 100 Index |
OEF |
2,650,000 |
$164,883,000 |
|
Market Vectors Gold Miners |
GDX |
2,150,000 |
$103,888,000 |
|
iShares Lehman TIPS |
TIP |
900,000 |
$97,524,000 |
|
ProShares Ultra Financials |
UYG |
2,550,000 |
$90,984,000 |
|
ProShares Ultra Dow30 |
DDM |
1,200,000 |
$84,516,000 |
|
iShares MSCI-EMU |
EZU |
800,000 |
$83,576,000 |
|
iShares Lehman 7-10 Year Treasury |
IEF |
900,000 |
$81,108,000 |
|
iShares Russell MidCap Value |
IWS |
600,000 |
$77,304,000 |
Largest Net Redemptions
The ProShares funds also show up in large numbers on the highest redemption list, with four funds making the cut. The largest redemptions, however, took place in some of the largest funds on the market: S&P 500 SPDR (SPY) at $1.68 billion; iShares MSCI Japan at $1.20 billion (EWJ); iShares Russell 2000 (IWM) at $1.07 billion; and PowerShares QQQ Trust (QQQQ) at $1.01 billion.
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Top 20 ETFs By Redemption Activity - Week Ending January 25, 2008 |
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|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
S&P 500 SPDR |
SPY |
(12,600,000) |
($1,675,548,000) |
|
iShares MSCI-Japan |
EWJ |
(94,200,000) |
($1,199,166,000) |
|
iShares Russell 2000 |
IWM |
(15,500,000) |
($1,068,415,000) |
|
PowerShares QQQ |
QQQQ |
(22,200,000) |
($1,006,770,000) |
|
iShares MSCI-Emerging Markets |
EEM |
(6,150,000) |
($828,835,500) |
|
S&P 400 MidCap SPDR |
MDY |
(2,050,000) |
($287,451,000) |
|
iShares FTSE/Xinhua China 25 |
FXI |
(1,750,000) |
($269,517,500) |
|
ProShares UltraShort QQQ |
QID |
(4,350,000) |
($209,278,500) |
|
iShares Dow Jones Select Dividend |
DVY |
(3,150,000) |
($183,330,000) |
|
ProShares UltraShort S&P 500 |
SDS |
(2,775,000) |
($182,511,750) |
|
iShares Nasdaq Biotech |
IBB |
(2,150,000) |
($165,528,500) |
|
United States Oil Fund LP |
USO |
(2,300,000) |
($163,024,000) |
|
PShares UltraShort FTSE/Xin China 25 |
FXP |
(1,650,000) |
($153,697,500) |
|
PShares UltraShort Real Estate |
SRS |
(1,350,000) |
($152,806,500) |
|
Select Sector SPDR-Industrial |
XLI |
(3,150,000) |
($113,022,000) |
|
iShares MSCI-Australia |
EWA |
(4,000,000) |
($108,040,000) |
|
Select Sector SPDR-Utilities |
XLU |
(2,700,000) |
($103,086,000) |
|
iShares S&P 500/BARRA Value |
IVE |
(1,400,000) |
($98,854,000) |
|
iShares Russell 1000 Growth |
IWF |
(1,650,000) |
($90,337,500) |
|
iShares MSCI-Pacific ex-Japan |
EPP |
(600,000) |
($86,142,000) |
Data from the American Stock Exchange.
