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.
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Largest Net Creation Activity: Week Ending March 28, 2008 |
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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 |
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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 |
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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 |
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iShares Nasdaq Biotech |
IBB |
$1,363,140,000 |
$147,673,500 |
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iShares Russell MidCap Value |
IWS |
$2,652,905,500 |
$141,317,000 |
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iShares Russell 1000 Value |
IWD |
$8,367,216,000 |
$135,309,000 |
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KBW Regional Banking |
KRE |
$640,280,067 |
$123,061,500 |
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iShares Dow Jones Select Dividend Index |
DVY |
$5,953,518,000 |
$114,153,000 |
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iShares DJ US Real Estate |
IYR |
$1,742,377,000 |
$101,339,000 |
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KBW Bank ETF |
KBE |
$681,026,500 |
$99,275,000 |
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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.
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Largest Net Redemption Activity: Week Ending March 28, 2008 |
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Fund Name |
Ticker |
Net Assets |
Net Redemption Activity |
|
S&P 500 SPDR |
SPY |
$81,110,518,165 |
$7,322,273,000 |
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iShares S&P 500 |
IVV |
$15,934,293,000 |
$3,308,869,000 |
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Select Sector SPDR-Financial |
XLF |
$7,828,626,862 |
$1,134,265,000 |
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iShares Lehman 20+ Year Treasury Bond |
TLT |
$1,023,408,000 |
$350,612,000 |
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iShares Russell 2000 Growth |
IWO |
$2,620,737,000 |
$245,923,500 |
|
streetTRACKS Gold Trust |
GLD |
$19,276,929,000 |
$202,818,000 |
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SPDR S&P Metals & Mining |
XME |
$367,484,000 |
$176,675,000 |
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ProShares UltraShort S&P 500 |
SDS |
$2,573,926,500 |
$167,448,750 |
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PowerShares DB Agriculture |
DBA |
$2,496,972,000 |
$145,084,000 |
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iShares Russell 1000 Growth |
IWF |
$12,887,698,500 |
$139,459,500 |
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SPDR S&P Homebuilders |
XHB |
$770,412,500 |
$123,912,500 |
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SPDR S&P Retail |
XRT |
$337,584,000 |
$99,003,000 |
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iShares MSCI-Japan |
EWJ |
$7,624,704,000 |
$96,798,000 |
|
iShares COMEX Gold Trust |
IAU |
$1,953,645,000 |
$93,700,000 |
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iShares S&P 500/BARRA Growth |
IVW |
$5,703,637,500 |
$91,132,500 |
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iShares Lehman 7-10 Year Treasury Bond |
IEF |
$2,685,975,000 |
$91,050,000 |
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PowerShares DB Commodity Index Tracking |
DBC |
$2,333,136,000 |
$67,302,000 |
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Rydex Japanese Yen Trust |
FXY |
$1,204,277,000 |
$64,961,000 |
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ProShares Ultra QQQ |
QLD |
$1,046,242,500 |
$63,090,000 |
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iShares S&P Latin America 40 Index |
ILF |
$3,333,113,000 |
$62,652,500 |
