In sum, across all 652 U.S. ETFs on the market for at least a week, there was a net $2.1 billion in redemption activity last week. All told, there were 150 ETFs with net creation activity and 98 ETFs with net redemption activity.
Largest Net Creations
The iShares Russell 2000 ETF (IWM) led all funds with over $2.5 billion in new creation activity last week, for its strongest showing in months. The iShares MSCI Emerging Markets ETF (EEM) also showed strong activity, along with the popular iShares Lehman 20+ Year Treasury Fund (TLT).
Interestingly, the Dow Diamonds (DIA) saw strong pickup, possibly related to the recent reshuffle of Dow components. The true standout this week, however, was the iShares Dow Jones U.S. Broker Dealers Index ETF (IAI), which multiplied its assets by a factor of 13 (!), from $20 million to more than $270 million.
|
Top 20 ETFs By Creation Activity - Week Ending February 15, 2008 | |||
|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
iShares Russell 2000 |
IWM |
35,750,000 |
$2,512,510,000 |
|
iShares MSCI-Emerging Markets |
EEM |
4,200,000 |
$581,994,000 |
|
iShares Lehman 20+ Year Treasury Bond |
TLT |
3,700,000 |
$336,996,000 |
|
DJIA DIAMONDS |
DIA |
2,050,550 |
$254,063,145 |
|
iShares Dow Jones U.S. Broker-Dealers Index |
IAI |
5,500,000 |
$242,825,000 |
|
ProShares UltraShort S&P 500 |
SDS |
3,450,000 |
$217,626,000 |
|
United States Oil |
USO |
2,700,000 |
$204,606,000 |
|
SPDR S&P Homebuilders |
XHB |
9,650,000 |
$196,281,000 |
|
S&P 400 MidCap SPDR |
MDY |
1,275,000 |
$184,887,750 |
|
Vanguard Emerging Markets |
VWO |
1,900,550 |
$181,217,443 |
|
iShares Lehman 1-3 Year Treasury |
SHY |
2,100,000 |
$175,791,000 |
|
ProShares UltraShort QQQ |
QID |
3,375,000 |
$171,281,250 |
|
iShares FTSE/Xinhua China 25 |
FXI |
1,100,000 |
$163,339,000 |
|
iShares MSCI-Mexico |
EWW |
2,500,000 |
$140,575,000 |
|
iShares Lehman Aggregate Bond |
AGG |
1,300,000 |
$131,989,000 |
|
iShares MSCI-Italy |
EWI |
3,900,000 |
$115,362,000 |
|
PowerShares DB Agriculture |
DBA |
2,800,000 |
$108,528,000 |
|
iShares MSCI-Malaysia |
EWM |
7,875,000 |
$104,580,000 |
|
ProShares UltraShort FTSE/Xinhua China 25 |
FXP |
975,000 |
$92,771,250 |
|
iShares Lehman MBS Fixed-Rate Bond Fund |
MBB |
900,000 |
$91,737,000 |
Largest Net Redemptions
On the flip side, there were very heavy redemptions again in the S&P 500 SPDR (SPY). This week's $5.5 billion redemption follows last week's $2.9 billion. Combined with a falling market, SPY's net assets have fallen from nearly $100 billion to just under $75 billion.
The PowerShares QQQ Trust (QQQQ) also saw heavy redemptions, at $1.6 billion.
Beyond that, it appears to be a wide sample of funds, ranging from real estate to financials, energy and technology.
|
Top 20 ETFs By Redemption Activity - Week Ending February 15, 2008 | |||
|
Fund |
Ticker |
Creation Shares |
Dollar Value |
|
S&P 500 SPDR |
SPY |
(40,400,000) |
($5,454,404,000) |
|
PowerShares QQQ Trust |
QQQQ |
(37,150,000) |
($1,626,798,500) |
|
Select Sector SPDR-Financial |
XLF |
(21,350,000) |
($567,696,500) |
|
iShares DJ US Real Estate |
IYR |
(7,700,000) |
($485,562,000) |
|
iShares MSCI-EAFE |
EFA |
(3,600,000) |
($255,708,000) |
|
iShares MSCI-Brazil |
EWZ |
(3,000,000) |
($236,670,000) |
|
iShares S&P Natural Resources |
IGE |
(1,000,000) |
($125,760,000) |
|
Select Sector SPDR-Energy |
XLE |
(1,700,000) |
($124,168,000) |
|
iShares S&P 500 |
IVV |
(900,000) |
($121,734,000) |
|
Semiconductor HOLDRS |
SMH |
(3,772,704) |
($107,672,972) |
|
Select sector SPDR-Technology |
XLK |
(3,550,000) |
($81,011,000) |
|
iShares Russell MidCap Value |
IWS |
(600,000) |
($79,374,000) |
|
iShares Russell 1000 Value |
IWD |
(1,050,000) |
($78,865,500) |
|
iShares S&P 500/BARRA Growth |
IVW |
(1,200,000) |
($76,044,000) |
|
iShares MSCI-Australia |
EWA |
(2,200,000) |
($58,960,000) |
|
WisdomTree International SmallCap Dividend |
DLS |
(900,000) |
($53,802,000) |
|
SPDR S&P Metals & Mining |
XME |
(700,000) |
($49,028,000) |
|
iShares Russell 1000 |
IWB |
(650,000) |
($47,898,500) |
|
iShares Lehman 7-10 Year Treasury |
IEF |
(500,000) |
($44,360,000) |
|
iShares MSCI-South Korea |
EWY |
(700,000) |
($40,733,000) |
Data from the American Stock Exchange.
Written by Matthew Hougan
