ETF Fund Flows Report: Week Ending 3/28/08

April 03, 2008

 

 

Investors yanked money out of the ETF industry last week, with $7.2 billion in net redemption activity for the week ending March 28, 2008.

More ETFs enjoyed creations than suffered redemptions for the week—130 vs. 110—but the creations were much larger on average, and one fund (the SPDRS Trust, or SPY) tipped the balance.

Largest Net Creations

On the creation side, the iShares Russell 2000 (IWM) led all funds with $1.7 billion in net creation activity. Investors also poured money into the S&P 400 MidCap SPDR (MDY), which enjoyed $552 million in creation activity. The United States Oil Fund LP (USO) more than tripled its assets, with $422 million flooding into the fund, as investors likely moved to take advantage of the recent pullback in oil prices.

 

Largest Net Creation Activity: Week Ending March 28, 2008

Fund Name

Ticker

Net Assets

Net Creation Activity

iShares Russell 2000

IWM

$11,238,278,500

$1,735,601,500

S&P 400 MidCap SPDR

MDY

$8,355,955,440

$552,006,000

United States Oil Fund LP

USO

$654,588,000

$422,037,000

DJIA DIAMONDS

DIA

$10,160,991,274

$417,928,000

ProShares UltraShort Financials

SKF

$2,432,250,000

$336,375,000

iShares MSCI-Emerging Markets

EEM

$23,835,696,000

$322,104,000

iShares FTSE/Xinhua China 25

FXI

$5,270,850,000

$318,240,000

Select Sector SPDR-Utilities

XLU

$2,226,807,600

$296,400,000

iShares MSCI-EAFE

EFA

$45,679,944,000

$260,532,000

iShares MSCI-Taiwan

EWT

$3,600,656,000

$226,660,000

PowerShares QQQ Trust

QQQQ

$16,572,937,500

$169,533,000

Select Sector SPDR-Materials

XLB

$1,507,481,596

$165,394,000

iShares Nasdaq Biotech

IBB

$1,363,140,000

$147,673,500

iShares Russell MidCap Value

IWS

$2,652,905,500

$141,317,000

iShares Russell 1000 Value

IWD

$8,367,216,000

$135,309,000

KBW Regional Banking

KRE

$640,280,067

$123,061,500

iShares Dow Jones Select Dividend Index

DVY

$5,953,518,000

$114,153,000

iShares DJ US Real Estate

IYR

$1,742,377,000

$101,339,000

KBW Bank ETF

KBE

$681,026,500

$99,275,000

iShares MSCI-Spain

EWP

$686,637,000

$88,749,000

 

Net Redemption Activity

Judging by redemptions, investors were thinking one thing last week: Get me out of the S&P 500.

The two S&P 500 ETFs—S&P 500 SPDR (SPY) and iShares S&P 500 (IVV)—saw $10.6 billion in net redemption value for the week. Investors pulled an astonishing $7.3 billion out of SPY, while IVV lost $3.3 billion in assets. That reversed recent trends of inflows into those funds.

To put the SPY figure into perspective, there are only 17 ETFs on the market with more than $7.3 billion in total assets.

The Select Sector SPDR­-Financial (XLF) also lost mega-bucks last week, with $1.1 billion in net redemption activity.

Beyond that, the size of the redemption activity quickly drops off.

 

Largest Net Redemption Activity: Week Ending March 28, 2008

Fund Name

Ticker

Net Assets

Net Redemption Activity

S&P 500 SPDR

SPY

$81,110,518,165

$7,322,273,000

iShares S&P 500

IVV

$15,934,293,000

$3,308,869,000

Select Sector SPDR-Financial

XLF

$7,828,626,862

$1,134,265,000

iShares Lehman 20+ Year Treasury Bond

TLT

$1,023,408,000

$350,612,000

iShares Russell 2000 Growth

IWO

$2,620,737,000

$245,923,500

streetTRACKS Gold Trust

GLD

$19,276,929,000

$202,818,000

SPDR S&P Metals & Mining

XME

$367,484,000

$176,675,000

ProShares UltraShort S&P 500

SDS

$2,573,926,500

$167,448,750

PowerShares DB Agriculture

DBA

$2,496,972,000

$145,084,000

iShares Russell 1000 Growth

IWF

$12,887,698,500

$139,459,500

SPDR S&P Homebuilders

XHB

 $770,412,500

$123,912,500

SPDR S&P Retail

XRT

$337,584,000

$99,003,000

iShares MSCI-Japan

EWJ

$7,624,704,000

$96,798,000

iShares COMEX Gold Trust

IAU

$1,953,645,000

$93,700,000

iShares S&P 500/BARRA Growth

IVW

$5,703,637,500

$91,132,500

iShares Lehman 7-10 Year Treasury Bond

IEF

$2,685,975,000

$91,050,000

PowerShares DB Commodity Index Tracking

DBC

$2,333,136,000

$67,302,000

Rydex Japanese Yen Trust

FXY

$1,204,277,000

$64,961,000

ProShares Ultra QQQ

QLD

$1,046,242,500

$63,090,000

iShares S&P Latin America 40 Index

ILF

$3,333,113,000

$62,652,500

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