ETF Fund Flows Report: Week Ending 1/25/08

January 29, 2008

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.

Top 20 ETFs By Creation Activity - Week Ending January 25, 2008

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.

Top 20 ETFs By Redemption Activity - Week Ending January 25, 2008

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.

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