ETF Fund Flows (Week Ending 3/28/08)

by: Index Universe posted on: April 03, 2008 | about stocks: DBA / DBC / DIA / DVY / EEM / EFA / EWJ / EWP / EWT / FXI / FXY / GLD / IAU / IBB / IEF / ILF / IVV / IVW / IWD / IWF / IWM / IWO / IWS / IYR / KBE / KRE / MDY / QLD / QQQQ / SDS / SKF / SPY / TLT / USO / WSDT.PK / XHB / XLB / XLF / XLU / XME / XRT

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By Matthew Hougan

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 Redemption 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 Creation 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

ETF Company Creations: Week Ending March 28, 2008

Vanguard led all fund companies with $491 million in net creation activity for the week ending March 28. That activity was spread fairly evenly across the Vanguard platform, with no single fund attracting more than $100 million in net new creation assets.

Victoria Bay rode strong inflows into its US Oil Fund (USO) to take second place on the creations lists, as more than $400 million in new shares of that fund were created last week.

ProShares was the only other company with significant creation activity, posting $322 million in net creation activity. That was led by the ProShares UltraShort Financials ETF (SKF), which had $336 million in net creation activity for the week.

The other notable entry on the creation list was Bear Stearns, which notched fifth place after securing $50 million for its new actively managed Current Yield fund (YYY).

On the flip side, the rush of assets out of SPY and IVV doomed SSgA and BGI to the bottom of the table.

ETF Families Sorted By Net Creation Activity For The Week Ending March 28, 2008
ETF Family	Net Assets	Asset Change	Net Creations
Vanguard	$44,025,233,262	$1,739,856,587	$490,757,812
Victoria Bay	$1,178,153,000	$442,044,000	$398,977,000
ProShares	$16,110,742,350	($358,977,950)	$321,792,750
WisdomTree	$4,355,077,500	$208,370,000	$74,121,000
Bear Stearns	$50,190,000	$50,190,000	$50,190,000
Van Eck	$5,157,674,175	$174,873,850	$31,906,500
HOLDRS	$7,392,607,521	$102,900,944	$31,450,926
MacroShares	$158,000,000	$1,610,000	$2,000,000
Ameristock	$13,330,800	($133,056)	-
GreenHaven	$30,150,000	$549,000	-
Ziegler	$4,779,720	$108,120	-
RevenueShares	$14,706,228	$416,898	-
SPA ETFs	$16,147,826	$562,766	-
First Trust	$876,468,821	$26,732,255	($847,000)
XShares	$239,775,093	$1,372,302	($5,087,000)
Fidelity	$79,839,000	($26,469,000)	($26,613,000)
PowerShares	$35,978,926,100	$652,942,900	($48,534,500)
Claymore	$1,693,499,952	$3,508,408	($68,187,000)
Rydex	$6,021,022,584	($46,287,015)	($91,425,000)
BGI	$299,076,838,950	$6,416,331,200	($679,853,950)
SSgA	$155,746,523,373	($4,642,207,716)	($7,334,159,000)

ETF League Table: Week Ending March 28, 2008

By popular demand, we're introducing a new table to the ETF Fund Flows report ranking ETF families by net assets under management.

ETF Fund Families Ranked By Assets: Week Ending March 28, 2008
ETF Family	Net Assets	Share Of Total Assets
BGI	$299,076,838,950	51.72%
SSgA	$155,746,523,373	26.94%
Vanguard	$44,025,233,262	7.61%
PowerShares	$35,978,926,100	6.22%
ProShares	$16,110,742,350	2.79%
HOLDRS	$7,392,607,521	1.28%
Rydex	$6,021,022,584	1.04%
Van Eck	$5,157,674,175	0.89%
WisdomTree	$4,355,077,500	0.75%
Claymore	$1,693,499,952	0.29%
Victoria Bay	$1,178,153,000	0.20%
First Trust	$876,468,821	0.15%
XShares	$239,775,093	0.04%
MacroShares	$158,000,000	0.03%
Fidelity	$79,839,000	0.01%
Bear Stearns	$50,190,000	0.01%
GreenHaven	$30,150,000	0.01%
SPA ETFs	$16,147,826	0.00%
RevenueShares	$14,706,228	0.00%
Ameristock	$13,330,800	0.00%
Ziegler	$4,779,720	0.00%