In sum, across all 650 U.S. ETFs on the market for more than a week, there was a net $8.2 billion in redemption activity last week.
In sum, across all 650 U.S. ETFs on the market for more than a week, there was a net $8.2 billion in redemption activity last week. All told, there were 141 ETFs with net creation activity and 119 ETFs with net redemption activity.
Largest Net Creations
No funds broke the $1 billion mark for net creation activity last week, which was marked by strong net redemptions on an industry basis. The leading fund for creation activity was the iShares MSCI Emerging Markets (EEM) ETF, with $667 million, followed by the ProShares UltraShort Financials at $384 million.
Scanning down the list, the strong creation activity in the KBW Regional Banking (KRE) and KBW Bank (KBE) ETF stands out; it remains to be seen if those funds were created for long demand or to (perhaps more likely) fuel short shares.
Vanguard makes a strong showing this week, with four funds landing in the top 20, reflecting slow but steady cash flow into that ETF family.
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Top 20 ETFs By Creation Activity - Week Ending February 1, 2008 |
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|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
iShares MSCI-Emerging Markets |
EEM |
4,950,000 |
$666,715,500 |
|
ProShares UltraShort Financials |
SKF |
3,975,000 |
$384,104,250 |
|
iShares Lehman 20+ Year Treasury Bond |
TLT |
3,300,000 |
$312,873,000 |
|
United States Oil Fund |
USO |
3,800,000 |
$276,602,000 |
|
SPDR S&P Metals & Mining |
XME |
3,650,000 |
$240,097,000 |
|
KBW Regional Banking |
KRE |
4,750,000 |
$183,920,000 |
|
KBW Bank |
KBE |
3,400,000 |
$158,270,000 |
|
Vanguard Emerging Markets |
VWO |
1,604,990 |
$149,793,717 |
|
ProShares UltraShort S&P 500 |
SDS |
2,400,000 |
$145,680,000 |
|
Vanguard Total Market |
VTI |
858,340 |
$117,129,076 |
|
Market Vectors- Gold Miners |
GDX |
2,200,000 |
$110,242,000 |
|
Vanguard Dividend Appreciation |
VIG |
2,000,000 |
$106,960,000 |
|
PowerShares DB Agriculture |
DBA |
2,800,000 |
$103,320,000 |
|
iShares Lehman TIPS Bond |
TIP |
800,000 |
$87,568,000 |
|
iShares MSCI-Hong Kong |
EWH |
4,350,000 |
$85,260,000 |
|
iShares Lehman 7-10 Year Treasury Bond |
IEF |
900,000 |
$80,730,000 |
|
iShares S&P 100 Index |
OEF |
1,250,000 |
$80,650,000 |
|
Select Sector SPDR-Industrial |
XLI |
1,950,000 |
$72,676,500 |
|
iShares Russell MidCap Value |
IWS |
500,000 |
$67,380,000 |
|
Vanguard Growth |
VUG |
1,100,000 |
$65,395,000 |
Largest Net Redemptions
The list of net redemption activity is more robust, with four funds marking over $1 billion in net redemptions, spearheaded by a $3.1 billion pullout from the iShares Russell 2000 ETF (IWM).
Large-cap US funds turn up in big numbers as well, with the iShares S&P 500 (IVV) and S&P 500 SPDR (SPY) funds notching $1.7 and $1.4 billion in redemptions, respectively. Five of the Select Sector SPDR funds also showed net redemptions, with pullbacks in Energy, Consumer Discretionary, Utilities, Materials and Technology.
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Top 20 ETFs By Redemption Activity - Week Ending February 2, 2008 |
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|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
iShares Russell 2000 |
IWM |
(43,800,000) |
($3,111,552,000) |
|
Select Sector SPDR-Financial |
XLF |
(74,950,000) |
($2,172,800,500) |
|
iShares S&P 500 |
IVV |
(12,350,000) |
($1,705,164,500) |
|
S&P 500 SPDR |
SPY |
(9,800,000) |
($1,350,538,000) |
|
Select Sector SPDR-Energy |
XLE |
(12,550,000) |
($885,026,000) |
|
DJIA DIAMONDS |
DIA |
(4,300,000) |
($543,563,000) |
|
Select Sector SPDR-Consumer Discretionary |
XLY |
(15,000,000) |
($486,000,000) |
|
iShares DJ US Real Estate |
IYR |
(5,600,000) |
($368,200,000) |
|
iShares Russell 1000 Value |
IWD |
(4,350,000) |
($336,168,000) |
|
iShares MSCI-Japan |
EWJ |
(19,800,000) |
($252,648,000) |
|
iShares Russell 1000 Growth |
IWF |
(4,400,000) |
($247,192,000) |
|
Select Sector SPDR-Utilities |
XLU |
(5,550,000) |
($220,057,500) |
|
Select Sector SPDR-Materials |
XLB |
(5,450,000) |
($218,272,500) |
|
Select sector SPDR-Technology |
XLK |
(7,150,000) |
($167,596,000) |
|
ProShares Ultra QQQ |
QLD |
(2,025,000) |
($154,730,250) |
|
SPDR S&P Homebuilders |
XHB |
(4,400,000) |
($98,692,000) |
|
PowerShares QQQ Trust |
QQQQ |
(1,800,000) |
($82,098,000) |
|
iShares Russell 1000 |
IWB |
(1,050,000) |
($78,844,500) |
|
iShares Lehman 1-3 Year Treasury Bond |
SHY |
(900,000) |
($75,132,000) |
|
ProShares UltraShort QQQ |
QID |
(1,350,000) |
($64,975,500) |
Data from the American Stock Exchange.