Year In Review: ETFs Defy Stereotypes In 2008

January 07, 2009

As investors end the year by flocking into ETFs, they keep putting money into parts of the market that mutual fund investors are dumping.

 

The flight to safety in stocks and mutual funds dominated investment trends in 2008.

But investors in exchange-traded funds made their own way last year. Based on an analysis of money movements into and out of ETFs, the past 12 months shaped up as a dramatic period of separation for the fast-growing industry.

For one, so-called net flows—which compare redemptions against creation activity—moved in exact opposite directions as those of traditional open-end mutual funds. That's not the first time such an occurrence has taken place. But last year marks what appears to be the biggest such reversal in fortunes for money flows between ETFs and more established mutual funds ever seen.

Setting the stage was a stock market in which the S&P 500 lost some 37% in 2008. And bonds, plagued by an ongoing global credit crisis, struggled mightily with increased volatility. Some segments, such as high-yield bonds, performed almost as poorly as the broader stock market. The SPDR Lehman High Yield Bond (NYSE: JNK) slipped more than 30%.

But for growth-minded investors who weren't worried about slim yields, bond ETFs did afford some shade from the oncoming recessionary storm. For example, the Vanguard Extended Duration Treasury Index ETF (NYSE: EDV) returned 50%-plus last year. And that was with less than a 2.6% yield.

Still, that market environment would suggest that ETF investors would flock to bonds, right? After all, critics of the new up-and-coming fund industry argue that their popularity is largely being driven by traders, not long-term-oriented investors.

Read on. Tapping into the National Stock Exchange's database, a major theme in 2008 seems to be that ETF investors not only put more money into their funds, but they also flocked by large margins into the worst-performing categories.

So here's our initial year-end review. At the bottom of this report are a number of tables, breaking down almost every type of data point available through NSX's database of 848 ETFs and exchange-traded notes. These include flow and asset numbers for providers of ETFs and exchange-traded notes as well as category figures. Specific individual ETF and ETN data is also listed in the accompanying charts.

Fund Flows: ETFs Vs. Mutual Funds

Investors kept pumping more money into U.S.-based exchange-traded funds in December, finishing 2008 with a flourish as the fund industry's fastest-growing marketplace attracted nearly $178.4 billion in net inflows for the year. That was a record, some 20% more than the previous high, which was set in 2007.

The latest National Stock Exchange data estimated that in last year's final month, ETFs had a record $42.8 billion. That was a significant increase from the previous month's $26.4 billion net inflow. But it wasn't quite up to September's $50 billion-plus in record inflows.

By contrast, U.S.-based long-term mutual funds had record net outflows in October 2008 of $127.55 billion. That was followed by November's $41.31 billion net outflow, according to the Investment Company Institute, the industry's largest trade group. Its tracking of monthly flows includes more than 8,000 traditional mutual funds—by far the most extensive such survey in the country. That isn't surprising since it's the industry's largest trade group and doesn't break out numbers for individual companies.

The ICI hasn't released its December survey data yet. But analysts at Emerging Portfolio Funds Research, which tracks both institutional and retail fund flows around the world, is estimating a record $320 billion in net outflow for mutual funds worldwide in 2008. And TrimTabs Investment Research is projecting that while last month's outflows subsided from November's torrid pace, U.S.-based mutual funds were still on pace to record net outflows in December.

Trends Continue To Rise For ETFs & ETNs

Although facing the same market conditions, ETFs offered a stark contrast by ending the year with a flourish. Even struggling exchange-traded notes, which are typically issued by large banks and represent unsecured debt, produced $823 million in net inflow during December. For the year, ETNs finished with slightly more than $2 billion inflow. That was off about a third from the previous year's totals, however, as fears of the ongoing global credit crisis crimped the growth of ETNs in 2008.

Two players—Barclays Global Investors and State Street Global Advisors—dominated final inflow results. In December, the pair combined to account for more than $32 billion of the industry's $42.8 billion total net inflow. In distant third place was Vanguard, with $3.8 billion.

Four out of 25 ETF providers actually had net outflow in the final month of 2008. But those were relatively minor, led by Merrill HOLDRs losing $46 million. Invesco PowerShares was the next biggest in the red, with outflows of $33 million. But both were solidly in positive territory for the year, marking a reversal of fortune in the case of the HOLDRs. In 2007, those exchange-traded products had about $3.7 billion in net outflow.

In fact, the only other ETF sponsor with net outflows two years ago also reversed course in 2008. Fidelity Investments, with one ETF, had $8 million inflow during 2008 to top the previous year's $30 million net outflow from the Fidelity NASDAQ Composite Index Tracking Stock ETF (NasdaqGM: ONEQ).

 

 

Assets At BGI, Rydex Slip In 2008

Overall, industry assets for all U.S.-based ETFs gained some $50 million in December from a month earlier as a result of improving market conditions and continued inflows. That pushed year-end totals to $534.6 billion, less than in 2007 when stronger first-half market performance helped push assets past $617.7 billion.

BGI and SSgA combined to dominate asset numbers among sponsors with a total of $414 billion at the end of December. But while BGI's assets slipped by more than $75 million from 2007 to $254.6 billion, SSgA's actually showed a slight gain to $159.5 billion.

The top five sponsors finished the year with double-digit asset levels. Of those, PowerShares also slipped in 2008, while ProFunds—through its white-hot ProShares ETFs unit—was clearly the biggest gainer.

Not only did ProShares' ETF assets more than double to $20.5 billion in 2008, its net inflow soared to $20.4 billion. A year earlier, ProShares had less than $8 billion inflows. For December, it had net inflow of $3.5 billion.

By comparison, the firm's big rival in the inverse ETF field had much smaller numbers. Rydex recorded $4.2 billion in assets at the end of 2008 (versus $5.5 billion in 2007) and net inflow of $148 million last month. Also, the ETF sponsor ended the year with $101 million in net outflow as opposed to 2007's net inflow of nearly $1.6 billion.

Interestingly, Direxion—a new entrant into the inverse and leveraged field—produced $496 million inflows in December. It ended 2008 with $896 million in assets.

In ETNs, two firms dominated both asset totals and inflows. Those were Barclays Capital, a sister unit of BGI, and Deutsche Bank. But the latter as the newer competitor clearly recorded the most growth during a year of decline for that marketplace. (See tables below.)

Where The Money's Going

It's important to note when reviewing these industrywide numbers that top-performing bond ETFs was the leading style category to realize net gains in assets last year. But they weren't enough to overcome much larger totals for stock funds, which fell sharply from 2007 levels. Currencies were flat on the year.

Despite those losses in assets, both domestic and international stock funds dominated net inflows into ETFs in 2008. The two combined for inflows of more than $35.6 billion in December and almost $144 billion (of $180.4 billion total for all categories) in 2008.

Top Funds Take Divergent Paths

The biggest ETF is still the SPDR Index 500 (NYSE: SPY) at $93.9 billion in assets. But that was basically flat from December 2007's $99.4 billion total. In fact, the much smaller iShares S&P 500 Index (NYSE: IVV)—which tracks the exact same benchmark—shed more than $3 billion to $15.7 billion during 2008. (IVV actually rebounded from generating net outflow the year before to gaining $5.3 billion net inflow last year.)

But it would still take the combined assets of the four next-biggest ETFs to reach SPY's war chest. With SPY's better-than $16.3 billion haul in December, the popular fund wound up the year with slightly more inflows ($34.6 billion) than in 2007.

An even harder-hit stock ETF last year was the iShares MSCI EAFE Index (NYSE: EFA). But it was the second-biggest gainer in terms of collecting net inflows in December ($2.9 billion) and finished the year with $1.7 billion on the positive side of flows.

It's worth noting, though, that with total return losses of more than 40% in 2008, EFA's asset and inflow totals were way down from a year earlier. So were several other funds that were slammed by the market, including the iShares MSCI Emerging Markets Index (NYSE: EEM) and the PowerShares QQQ (Nasdaq: QQQQ).

But all of the 10 biggest ETFs managed to stay above water in 2008 in terms of money flows. And the biggest loser of the group in 2007, the iShares Russell 2000 Index (NYSE: IWM) had an almost 180-degree turnaround with net inflow of $5.6 billion last year.

The picture wasn't all positive, however. Some 176 ETFs had net outflow in 2008, up from 121 a year earlier. Part of that 55-fund difference can be traced to sheer numbers—there were 112 more ETFs last year compared to 2007.

Also, less than half of ETFs on the market at the end of December 2008 had more than $100 million in assets. In such a highly fragmented market, it's not surprising that a rise in consolidation and closings of ETFs in the past 12 months left many smaller funds experiencing trouble attracting more investment dollars.

Trading volumes for ETFs were off the charts in 2008. Just less than $25 trillion worth of ETF trades took place on U.S.-based exchanges during the year, which was 70% greater than 2007.

By contrast, U.S. equities (ex-ETFs) volume increased just 10%. On a shares traded basis, ETF volumes increased by 123%, compared to a rise in U.S. equities volume of 37% (not counting ETFs).

 

 

  Assets ($mil) Net Cash Flow ($mil)
By Issuer Dec-07 Nov-08 Dec-08 YTD '07 YTD '08 Dec-08
BGI $329,976 $229,253 $254,615 $57,772 $53,629 $16,875
SSgA $160,130 $142,891 $159,499 $50,792 $64,110 $15,149
Vanguard $42,009 $40,355 $45,204 $18,112 $25,631 $3,798
Invesco/PowerShares $40,611 $24,573 $25,079 $7,618 $2,339 ($33)
ProFunds $9,681 $20,938 $20,513 $7,994 $20,355 $3,491
Bank of NY $10,196 $5,912 $6,729 $1,097 $69 $558
Merrill (HOLDRs) $7,110 $4,930 $4,781 ($3,705) $1,188 ($46)
Van Eck $3,505 $3,806 $4,489 $2,608 $4,173 $85
Rydex $5,468 $3,947 $4,227 $1,562 ($101) $148
Ameristock/Victoria Bay $1,106 $1,780 $3,306 $175 $4,039 $2,120
Wisdom Tree $4,559 $3,040 $3,168 $3,049 $904 $98
Claymore $1,907 $892 $949 $1,327 $205 $47
Direxion $0 $511 $896 $0 $1,006 $496
First Trust $999 $695 $742 $293 $294 $27
X-Shares $257 $152 $152 $265 ($19) ($2)
Fidelity $114 $79 $81 ($30) $8 $0
RevenueShares $0 $57 $66 $0 $82 $7
Northern Trust $0 $30 $32 $0 $55 $2
MacroShares $60 $22 $22 $52 $430 $0
GreenHaven $0 $15 $16 $0 $24 $1
SPA $14 $12 $12 $15 $10 ($0)
ALPS $0 $4 $5 $0 $8 $1
FocusShares $23 $0 $0 $23 ($14) $0
Bear Stearns $0 $0 $0 $0 ($25) $0
Ziegler $8 $3 $0 $8 ($4) ($2)
ETF Total $617,733 $483,896 $534,586 $149,027 $178,395 $42,821
             
Barclays ETNs $4,425 $2,620 $2,704 $2,586 $414 $199
Deutsche Bank ETNs $13 $594 $1,214 $13 $1,191 $596
Swedish Export Credit ETNs $117 $234 $274 $358 $318 $28
Morgan Stanley ETNs $0 $96 $74 $0 $68 ($10)
Goldman Sachs ETNs $220 $59 $55 $166 ($97) $0
Bear Stearns ETNs $66 $53 $55 $72 $20 $0
UBS ETNs $0 $44 $45 $0 $62 $1
HSBC ETNs $0 $25 $32 $0 $30 $10
Credit Suisse ETNs $0 $8 $8 $0 $12 ($1)
JP Morgan ETNs $0 $2 $2 $0 $6 $0
Lehman ETNs $0 $0 $0 $0 $16 $0
ETN Total $4,841 $3,735 $4,463 $3,195 $2,039 $823
             
Total ETF/ETN $622,574 $487,631 $539,049 $152,222 $180,434 $43,645

  Notional Volume ($mil)
By Issuer YTD '07 YTD '08 Dec-08
BGI $3,677,671 $5,114,282 $370,453
SSgA $7,570,234 $12,350,906 $813,831
Vanguard $67,768 $230,650 $27,230
Invesco/PowerShares $1,679,819 $2,017,001 $92,201
ProFunds $547,273 $3,551,643 $377,435
Bank of NY $188,923 $252,682 $19,447
Merrill (HOLDRs) $672,381 $732,320 $33,992
Van Eck $20,388 $79,959 $5,715
Rydex $25,744 $63,899 $4,359
Ameristock/Victoria Bay $54,790 $272,041 $24,724
Wisdom Tree $13,776 $15,489 $1,146
Claymore $6,151 $8,559 $311
Direxion $0 $37,625 $29,490
First Trust $2,454 $3,123 $175
X-Shares $474 $590 $22
Fidelity $694 $7,231 $25
RevenueShares $0 $212 $20
Northern Trust $0 $103 $18
MacroShares $205 $1,253 $9
Greenhaven $0 $160 $7
SPA $18 $85 $4
ALPS $0 $21 $3
FocusShares $20 $103 $0
Bear Stearns $0 $4 $0
Ziegler $45 $19 $0
ETF Total $14,528,828 $24,739,958 $1,800,618
       
Barclays ETNs $15,375 $31,435 $2,192
Deutsche Bank ETNs $5 $17,310 $3,364
Swedish Export Credit ETNs $148 $1,928 $91
Morgan Stanley ETNs $0 $742 $70
Goldman Sachs ETNs $187 $378 $48
Bear Stearns ETNs $232 $327 $23
UBS ETNs $0 $121 $6
HSBC ETNs $0 $77 $25
Credit Suisse ETNs $0 $16 $1
JP Morgan ETNs $0 $7 $0
Lehman ETNs $0 $30 $0
ETN Total $15,947 $52,372 $5,819
       
Total ETF/ETN $14,544,775 $24,792,330 $1,806,437

 

 

 

  Assets ($mil) Net Cash Flow ($mil)
By Category Dec-07 Nov-08 Dec-08 YTD '07 YTD '08 Dec-08
US Equity $372,706 $300,983 $329,259 $80,590 $125,072 $27,402
Global/International Equity $182,969 $100,352 $112,937 $47,366 $18,959 $8,206
Fixed Income $34,681 $50,995 $57,035 $13,240 $22,888 $4,310
Commodity $28,536 $31,590 $36,175 $8,800 $13,351 $3,909
Currency $3,683 $3,711 $3,642 $2,226 $165 ($183)
Total $622,574 $487,631 $539,049 $152,222 $180,434 $43,645

  Notional Volume ($mil)
By Category YTD '07 YTD '08 Dec-08
US Equity $12,895,204 $21,602,398 $1,567,036
Global/International Equity $1,350,699 $2,247,119 $156,648
Fixed Income $90,175 $190,188 $24,560
Commodity $192,448 $694,292 $54,576
Currency $16,250 $58,332 $3,617
Total $14,544,775 $24,792,330 $1,806,437

  Assets ($mil) Net Cash Flow ($mil)
By Category Dec-07 Nov-08 Dec-08 YTD '07 YTD '08 Dec-08
US Equity $372,706 $300,983 $329,259 $80,590 $125,072 $27,402
Global/International Equity $182,969 $100,352 $112,937 $47,366 $18,959 $8,206
Fixed Income $34,681 $50,995 $57,035 $13,240 $22,888 $4,310
Commodity $28,536 $31,590 $36,175 $8,800 $13,351 $3,909
Currency $3,683 $3,711 $3,642 $2,226 $165 ($183)
Total $622,574 $487,631 $539,049 $152,222 $180,434 $43,645

  Notional Volume ($mil)
By Category YTD '07 YTD '08 Dec-08
US Equity $12,895,204 $21,602,398 $1,567,036
Global/International Equity $1,350,699 $2,247,119 $156,648
Fixed Income $90,175 $190,188 $24,560
Commodity $192,448 $694,292 $54,576
Currency $16,250 $58,332 $3,617
Total $14,544,775 $24,792,330 $1,806,437

  Assets ($mil) Net Cash Flow ($mil)
Top 10 by Size Dec-07 Nov-08 Dec-08 YTD '07 YTD '08 Dec-08
SPDR Index 500 $99,438 $77,352 $93,922 $33,257 $34,572 $16,347
iShares MSCI-EAFE $51,895 $27,687 $31,911 $11,839 $1,688 $2,857
SPDR Equity Gold $16,881 $19,848 $21,692 $4,047 $4,327 $603
iShares MSCI-Emerging Mkts $28,854 $15,215 $19,210 $8,110 $5,082 $2,749
iShares S&P 500 $18,262 $14,666 $15,653 ($271) $5,315 $939
PowerShares QQQ $21,764 $12,181 $12,537 $779 $455 $109
iShares Russell 2000 $10,536 $8,848 $11,018 ($1,810) $5,589 $1,680
iShares Russell 1000 Gr $15,620 $9,753 $10,677 $7,003 $977 $788
iShares Barclays Agg $7,778 $9,236 $9,522 $2,761 $1,665 $40
iShares Russell 1000 Val $10,513 $7,910 $9,230 $1,601 $2,688 $1,276

  Notional Volume ($mil)
Top 10 by Size YTD '07 YTD '08 Dec-08
SPDR Index 500 $5,906,812 $9,154,369 $624,824
iShares MSCI-EAFE $151,175 $289,301 $35,100
SPDR Equity Gold $107,793 $302,790 $19,997
iShares MSCI-Emerging Mkts $447,529 $708,230 $44,887
iShares S&P 500 $83,486 $157,145 $16,336
PowerShares QQQ $1,634,089 $1,934,870 $86,941
iShares Russell 2000 $1,660,546 $1,673,918 $82,872
iShares Russell 1000 Gr $32,767 $57,612 $7,773
iShares Barclays Agg $11,108 $15,162 $1,573
iShares Russell 1000 Val $31,807 $55,544 $9,477

  Dec-07 Nov-08 Dec-08
Number of Listed ETFs 646 753 758
Number of Listed ETNs 26 90 90
Total Listed ETFs/ETNs 672 843 848
       
Number of ETFs with net inflows 293 315 320
Number of ETFs with net outflows 121 179 176
       
Number of ETNs with net inflows 10 16 19
Number of ETNs with net outflows 2 16 14
       
Number of ETFs > $100m in AUM 285 288 298
Number of ETNs > $100m in AUM 4 6 6

 

 

 

 

    Assets ($mil) Net Cash Flow ($mil)
ETFs/ETNs by Product Ticker Dec-07 Nov-08 Dec-08 YTD '07 YTD '08 Dec-08
SPDR Index 500 SPY $99,438 $77,352 $93,922 $33,257 $34,572 $16,347
iShares MSCI-EAFE EFA $51,895 $27,687 $31,911 $11,839 $1,688 $2,857
SPDR Equity Gold GLD $16,881 $19,848 $21,692 $4,047 $4,327 $603
iShares MSCI-Emerging Mkts EEM $28,854 $15,215 $19,210 $8,110 $5,082 $2,749
iShares S&P 500 IVV $18,262 $14,666 $15,653 ($271) $5,315 $939
PowerShares QQQ QQQQ $21,764 $12,181 $12,537 $779 $455 $109
iShares Russell 2000 IWM $10,536 $8,848 $11,018 ($1,810) $5,589 $1,680
iShares Russell 1000 Gr IWF $15,620 $9,753 $10,677 $7,003 $977 $788
iShares Barclays Agg AGG $7,778 $9,236 $9,522 $2,761 $1,665 $40
iShares Russell 1000 Val IWD $10,513 $7,910 $9,230 $1,601 $2,688 $1,276
Vanguard MSCI Total Market VTI $10,254 $8,265 $9,103 $3,148 $3,359 $746
DIAMONDS DJIA DIA $8,707 $8,628 $8,966 $1,914 $3,854 $401
iShares Barclays TIPS TIP $5,320 $7,933 $8,686 $1,025 $4,081 $340
SPDR Financial XLF $5,271 $8,350 $7,792 $3,756 $9,722 ($420)
iShares Barclays 1-3 Yr Treas SHY $9,517 $7,806 $7,692 $3,635 ($2,095) ($102)
iShares iBoxx Corp Bond LQD $3,235 $4,921 $7,007 $572 $3,775 $1,522
SPDR MidCap MDY $10,196 $5,912 $6,729 $1,097 $69 $558
iShares FTSE/XINHUA China 25 FXI $7,145 $5,070 $5,885 ($1,274) $3,056 $439
iShares Russell 1000 IWB $3,778 $4,048 $5,788 $618 $3,914 $1,691
iShares MSCI-Japan EWJ $10,313 $5,497 $5,640 ($2,940) ($1,980) ($243)
Vanguard MSCI Emerging Markets VWO $5,969 $4,436 $5,035 $2,765 $3,784 $460
iShares S&P 500 Gr IVW $6,622 $4,788 $4,993 $1,917 $836 $172
SPDR Energy XLE $7,016 $5,485 $4,453 $1,374 $733 ($778)
iShares DJ Select Dividend DVY $6,913 $4,021 $3,966 ($178) ($699) $97
iShares Russell Midcap IWR $3,934 $3,379 $3,833 $1,068 $1,994 $330
iShares S&P MdCap 400 IJH $4,886 $3,533 $3,748 $429 $915 $71
iShares S&P SmCap 600 IJR $4,382 $3,424 $3,745 ($254) $962 $132
ProShares Ultra S&P 500 SSO $568 $3,644 $3,546 $459 $5,087 ($78)
iShares Russell 2000 Val IWN $4,024 $3,158 $3,545 $165 $775 $217
iShares MSCI-Brazil EWZ $7,580 $3,444 $3,471 $2,236 $690 $71
iShares Russell 3000 IWV $2,946 $2,773 $3,195 $34 $1,588 $385
iShares S&P 500 Val IVE $4,471 $2,909 $3,112 ($44) $472 $207
iShares Barclays 7-10 Yr Treas IEF $2,525 $3,156 $3,010 $615 $106 ($279)
Vanguard Barclays Total Bond BND $1,088 $2,685 $2,931 $1,075 $1,816 $175
Vanguard MSCI LargeCap Growth VUG $3,219 $2,605 $2,713 $1,658 $1,050 $86
Market Vectors Gold Miners GDX $1,372 $2,057 $2,672 $820 $1,695 $60
iShares S&P 100 OEF $4,893 $2,647 $2,670 $1,572 ($701) $46
US Oil Fund USO $478 $987 $2,570 ($505) $3,375 $2,058
Vanguard FTSE All World ex-US VEU $1,322 $1,879 $2,554 $1,267 $2,270 $560
iShares Russell 2000 Gr IWO $3,550 $2,305 $2,492 $362 $474 $72
ProShares Ultra DJ Financials UYG $214 $2,448 $2,414 $256 $5,645 $107
iShares Silver Trust SLV $2,225 $2,175 $2,356 $417 $1,133 $37
iShares Russell Midcap Val IWS $3,050 $2,106 $2,356 $128 $586 $168
ProShares UltraShort S&P 500 SDS $1,652 $2,900 $2,251 $1,385 ($69) ($83)
Vanguard MSCI Europe Pacific VEA $581 $1,618 $2,237 $604 $2,486 $532
SPDR Consumer Staples XLP $2,199 $2,625 $2,233 $533 $513 ($377)
Vanguard MSCI LargeCap Value VTV $2,208 $2,168 $2,132 $681 $985 ($49)
SPDR Health Care XLV $2,447 $2,244 $2,060 $454 $289 ($315)
iShares Russell Midcap Gr IWP $3,213 $1,873 $1,992 $1,432 $304 $57
SPDR Utilities XLU $2,505 $2,072 $1,959 ($869) $264 ($44)
Vanguard MSCI LargeCap VV $1,162 $1,603 $1,917 $554 $1,476 $300
iShares MSCI-Pacific ex-Japan EPP $4,105 $1,786 $1,914 $883 ($137) $60
iShares COMEX Gold IAU $1,481 $1,716 $1,896 $258 $332 $38
iShares Barclays 20+ Yr Treas TLT $1,487 $1,912 $1,893 ($14) ($49) ($247)
SPDR Technology XLK $3,009 $2,150 $1,837 $693 $212 ($334)
Vanguard Morgan Stanley REIT VNQ $1,670 $1,588 $1,825 $579 $1,214 $11
iShares iBoxx High Yield Corp Bond HYG $296 $902 $1,699 $304 $1,664 $700
Vanguard MSCI Europe VGK $3,100 $1,665 $1,639 $1,416 $31 ($19)
iShares Barclays Short Treas SHV $548 $1,822 $1,566 $531 $1,012 ($254)
ProShares UltraShort Lehman 20+ Year TBT $0 $660 $1,549 $0 $2,041 $1,190
iShares S&P MdCap 400 Val IJJ $2,386 $1,526 $1,532 ($220) ($3) ($50)
iShares Cohen & Steers Realty ICF $2,056 $1,321 $1,508 ($122) $626 ($19)
iShares S&P MdCap 400 Gr IJK $2,305 $1,518 $1,495 $331 $111 ($87)
iShares DJ Real Estate IYR $1,631 $1,913 $1,490 $443 $968 ($633)
iPath DJ AIG Commodity ETN DJP $2,634 $1,649 $1,489 $1,529 ($100) ($84)
HOLDRs Oil Services OIH $2,495 $1,508 $1,479 ($2,012) $1,144 $203
iShares Nasdaq Biotech IBB $1,535 $1,392 $1,475 ($80) $193 ($31)
ProShares Ultra QQQ QLD $892 $1,331 $1,368 $613 $2,126 $10
PowerShares Water PHO $2,138 $1,319 $1,325 $549 ($64) ($81)
iShares MSCI-Taiwan EWT $2,657 $1,364 $1,300 $413 $302 ($23)
iShares S&P SmCap 600 Val IJS $1,571 $1,217 $1,291 ($271) $249 $2
iShares MSCI-South Korea EWY $3,668 $1,087 $1,260 $1,588 ($672) ($30)
Vanguard MSCI Pacific VPL $1,401 $1,150 $1,241 $581 $485 $4
iShares S&P Europe 350 IEV $2,891 $1,153 $1,229 $246 ($493) $30
Vanguard MSCI SmallCap VB $1,135 $1,049 $1,211 $512 $672 $126
iShares S&P Global Nat Res IGE $2,238 $1,141 $1,207 $230 ($160) $103
iShares S&P US Preferred Stock PFF $70 $826 $1,203 $81 $1,231 $287
Vanguard Barclays Short Term Bond BSV $407 $1,042 $1,149 $401 $729 $93
iShares MSCI-Hong Kong EWH $2,590 $1,163 $1,145 $684 ($103) ($18)
iShares S&P Latin America 40 ILF $3,091 $1,161 $1,138 $636 ($586) ($38)
Vanguard MSCI MidCap VO $1,079 $895 $1,126 ($598) $644 $205
SPDR Industrial XLI $1,680 $1,303 $1,125 $475 $216 ($185)
ProShares UltraShort DJ Real Estate SRS $580 $1,005 $1,114 $462 $1,532 $1,208
iShares MSCI-Canada EWC $1,898 $1,157 $1,089 $533 $201 ($12)
PowerShares DB Commodity Index DBC $1,535 $1,157 $1,080 $529 ($22) $0
SPDR DJ Wilshire REIT RWR $1,229 $867 $1,075 $207 $475 $60
iShares MSCI-EAFE Value EFV $1,188 $781 $1,067 $512 $407 $246
PowerShares DB Agriculture DBA $1,109 $1,086 $1,064 $944 $358 ($76)
iShares S&P SmCap 600 Gr IJT $1,489 $1,108 $1,063 $172 $139 ($96)
iShares MSCI-EAFE Growth EFG $1,156 $901 $1,056 $695 $548 $103
iShares Barclays 3-7 Yr Treas IEI $221 $1,107 $1,029 $198 $729 ($92)
ProShares UltraShort DJ Financials SKF $967 $693 $1,019 $773 ($14) $552
SPDR Materials XLB $1,440 $1,133 $947 $204 $230 ($162)
ProShares Ultra Dow30 DDM $236 $882 $904 $183 $1,187 $51
SPDR KBW Bank KBE $364 $1,030 $904 $377 $1,200 ($49)
SPDR Barclays Int'l Treasury BWX $181 $760 $894 $181 $741 $73
Vanguard MSCI SmallCap Value VBR $832 $805 $886 $421 $443 $63
iShares S&P National Muni MUB $332 $747 $876 $331 $567 $114
iShares DJ Healthcare IYH $982 $847 $875 ($323) $163 ($26)
iShares S&P Global 100 IOO $976 $835 $872 $310 $378 $29

  Notional Volume ($mil)
ETFs/ETNs by Product YTD '07 YTD '08 Dec-08
SPDR Index 500 $5,906,812 $9,154,369 $624,824
iShares MSCI-EAFE $151,175 $289,301 $35,100
SPDR Equity Gold $107,793 $302,790 $19,997
iShares MSCI-Emerging Mkts $447,529 $708,230 $44,887
iShares S&P 500 $83,486 $157,145 $16,336
PowerShares QQQ $1,634,089 $1,934,870 $86,941
iShares Russell 2000 $1,660,546 $1,673,918 $82,872
iShares Russell 1000 Gr $32,767 $57,612 $7,773
iShares Barclays Agg $11,108 $15,162 $1,573
iShares Russell 1000 Val $31,807 $55,544 $9,477
Vanguard MSCI Total Market $12,494 $55,247 $8,926
DIAMONDS DJIA $454,016 $667,895 $50,870
iShares Barclays TIPS $5,339 $15,824 $1,405
SPDR Financial $366,079 $924,871 $37,787
iShares Barclays 1-3 Yr Treas $15,832 $24,022 $1,578
iShares iBoxx Corp Bond $4,030 $11,238 $2,832
SPDR MidCap $188,923 $252,682 $19,447
iShares FTSE/XINHUA China 25 $142,061 $291,774 $22,908
iShares Russell 1000 $11,180 $51,609 $10,803
iShares MSCI-Japan $68,928 $78,236 $6,588
Vanguard MSCI Emerging Markets $12,991 $28,179 $2,888
iShares S&P 500 Gr $9,610 $27,754 $2,825
SPDR Energy $383,989 $615,937 $38,214
iShares DJ Select Dividend $10,311 $13,473 $936
iShares Russell Midcap $7,397 $20,050 $4,763
iShares S&P MdCap 400 $10,017 $17,317 $2,103
iShares S&P SmCap 600 $26,687 $32,773 $2,559
ProShares Ultra S&P 500 $20,762 $300,046 $46,834
iShares Russell 2000 Val $44,963 $46,653 $3,730
iShares MSCI-Brazil $176,300 $294,558 $11,554
iShares Russell 3000 $9,330 $13,912 $2,464
iShares S&P 500 Val $8,103 $22,562 $2,824
iShares Barclays 7-10 Yr Treas $6,331 $9,995 $994
Vanguard Barclays Total Bond $1,430 $4,656 $472
Vanguard MSCI LargeCap Growth $3,545 $8,403 $994
Market Vectors Gold Miners $14,707 $44,076 $4,692
iShares S&P 100 $24,223 $34,781 $3,000
US Oil Fund $47,974 $235,035 $22,566
Vanguard FTSE All World ex-US $2,100 $7,047 $1,546
iShares Russell 2000 Gr $72,993 $58,098 $3,701
ProShares Ultra DJ Financials $1,288 $214,988 $16,963
iShares Silver Trust $14,999 $30,498 $1,127
iShares Russell Midcap Val $10,907 $25,938 $1,602
ProShares UltraShort S&P 500 $121,497 $623,087 $79,369
Vanguard MSCI Europe Pacific $1,664 $7,622 $1,922
SPDR Consumer Staples $14,588 $30,947 $3,306
Vanguard MSCI LargeCap Value $2,844 $7,982 $1,162
SPDR Health Care $17,517 $34,578 $3,440
iShares Russell Midcap Gr $7,804 $17,291 $1,303
SPDR Utilities $60,143 $60,431 $4,534
Vanguard MSCI LargeCap $1,593 $6,832 $1,042
iShares MSCI-Pacific ex-Japan $10,004 $9,618 $573
iShares COMEX Gold $2,764 $10,237 $890
iShares Barclays 20+ Yr Treas $37,695 $66,587 $6,781
SPDR Technology $17,462 $39,309 $2,658
Vanguard Morgan Stanley REIT $4,204 $28,239 $1,663
iShares iBoxx High Yield Corp Bond $628 $3,937 $1,205
Vanguard MSCI Europe $4,714 $7,135 $575
iShares Barclays Short Treas $2,232 $5,673 $717
ProShares UltraShort Lehman 20+ Year $0 $6,040 $3,375
iShares S&P MdCap 400 Val $2,520 $3,685 $317
iShares Cohen & Steers Realty $16,552 $30,242 $2,434
iShares S&P MdCap 400 Gr $2,942 $5,950 $418
iShares DJ Real Estate $110,887 $214,819 $31,081
iPath DJ AIG Commodity ETN $2,547 $6,620 $710
HOLDRs Oil Services $386,345 $385,187 $18,641
iShares Nasdaq Biotech $27,236 $27,578 $1,238
ProShares Ultra QQQ $50,512 $308,115 $18,511
PowerShares Water $2,909 $3,358 $176
iShares MSCI-Taiwan $27,552 $43,890 $1,747
iShares S&P SmCap 600 Val $2,286 $4,087 $508
iShares MSCI-South Korea $30,628 $42,041 $1,753
Vanguard MSCI Pacific $2,057 $3,458 $517
iShares S&P Europe 350 $8,443 $12,007 $588
Vanguard MSCI SmallCap $1,783 $4,567 $429
iShares S&P Global Nat Res $2,395 $7,992 $565
iShares S&P US Preferred Stock $151 $2,441 $528
Vanguard Barclays Short Term Bond $713 $2,094 $234
iShares MSCI-Hong Kong $22,702 $28,316 $1,045
iShares S&P Latin America 40 $21,688 $30,882 $960
Vanguard MSCI MidCap $2,327 $7,257 $664
SPDR Industrial $38,913 $77,086 $5,563
ProShares UltraShort DJ Real Estate $9,698 $121,785 $30,984
iShares MSCI-Canada $6,333 $12,604 $733
PowerShares DB Commodity Index $2,211 $9,218 $703
SPDR DJ Wilshire REIT $3,624 $9,284 $806
iShares MSCI-EAFE Value $2,355 $3,281 $693
PowerShares DB Agriculture $2,277 $18,729 $737
iShares S&P SmCap 600 Gr $3,473 $6,802 $609
iShares MSCI-EAFE Growth $1,801 $3,146 $442
iShares Barclays 3-7 Yr Treas $511 $3,230 $328
ProShares UltraShort DJ Financials $15,324 $633,747 $54,553
SPDR Materials $66,706 $124,789 $4,459
ProShares Ultra Dow30 $7,375 $73,703 $13,740
SPDR KBW Bank $10,384 $52,767 $2,299
SPDR Barclays Int'l Treasury $239 $2,205 $158
Vanguard MSCI SmallCap Value $1,581 $3,440 $328
iShares S&P National Muni $388 $1,814 $247
iShares DJ Healthcare $2,183 $1,707 $150
iShares S&P Global 100 $1,843 $4,500 $452

 

 

 

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