Are Investors Really Running From Leveraged ETFs?

• By Murray Coleman
• On 3:00 am EDT, Monday September 14, 2009

As regulators warn about the risks of using leverage, investors seem to be running from exchange-traded funds trying to juice market returns.

But is that really the case?

The most recent recap of monthly asset levels in the industry came out late last week as State Street Global Advisors released its August review of market trends. In the report, SSgA estimated a 6.8 percent drop in assets for the leveraged and inverse ETF categories. Combined, that amounted to almost a $2.1 billion fall from the previous month.

But as we’ve stated on numerous occasions, assets are just one part of the equation. Asset data, of course, is comprised of both appreciation in market values as well as redemption and creation activity. From the SSgA report we know that while the S&P 500 rose 3.6 percent, overall ETF assets gained 3.3 percent on the whole. That set a new record for the industry with $661 billion entering September.

(You can read the complete SSgA report in IndexUniverse.com’s Research section.  Perhaps of particular interest might be the study’s estimates of short interest by asset class as well as top U.S. ETFs by trading volume.)

In order to gain a more complete picture of what took place in August, investors can also turn to recently reported data compiled by the National Stock Exchange. It not only considers asset levels, but also lists breakdowns of net inflows and outflows by category and individual ETFs.  (See full tables updated through August at the bottom of this report.)

Digging Deeper:Net Cash Flows

While the NSX data recorded record assets at the end of August ($665.2 billion), it also showed nearly $4.9 billion in net inflow into 770 different ETFs. (The SSgA report listed 755 in the U.S.) Barclays Global Investors was the leader by a more than 2-1 margin over No. 2 SSgA ($326 billion vs. $160.6 billion).

Interestingly, looking at the chart of top individual gains, better-than $110 billion of SSgA’s assets in August came from two funds – the SPDR S&P 500 (NYSEArca:SPY - News) and the SPDR Gold Trust (NYSEArca:GLD - News).  Meanwhile, BGI’s iShares brand captured six of the top 10 biggest asset collectors in August, led by the iShares MSCI EAFE (NYSEArca:EFA - News) and the iShares MSCI Emerging Markets (NYSEArca:EEM - News).

Together, BGI and SSgA made up almost $487 billion of U.S. ETF assets by month’s end. More than half of that total ($257.4 billion) came from the biggest 10 funds.

In terms of cash flows, August was another strong month. Net inflow into all ETFs reached $4.9 billion, pushing 2009 figures past $52 billion – almost $10 billion more than the same time last year.

But, of the top 10 funds, only four attracted positive flows in August. Those were the:iShares S&P 500 Index (NYSEArca:IVV - News); iShares Barclays TIPS Index (NYSEArca:TIP - News); iShares Russell 2000 Index (NYSEArca:IWM - News) and Vanguard Total Stock Market ETF (NYSEArca:VTI - News).

The United States Natural Gas Fund (NYSEArca:UNG - News), which was closed to new creation units during the month, still wound up with about $4.6 billion in net cash flow year-to-date. That could shoot up even more – or take a big drop -- at the end of September when the ETF’s managers plan to re-open UNG. (See related story here.)

Winners Among Leveraged & Inverse ETFs

It’s also worth noting that of the nearly $5 billion in net inflows during the month, more than $1 billion came from four leveraged and inverse ETFs. Another 14 combined to add around $500 million in net inflows during August.

So, while top-line highlights considering just asset levels might indicate that leveraged and commodity ETFs had a rough month, consider some of the most popular ETFs in the month including (in millions of dollars):

Name	Ticker	Assets	August Net Flow	YTD Net Flow
iShares S&P 500	IVV	19,814	980	1,691
iShares TIPS	TIP	15,405	608	6,184
iShares Russell 2000	IWM	11,918	681	-334
Diamonds DJIA	DIA	7,944	375	-1,492
SPDR Energy	XLE	5,570	442	379
Vanguard REIT	VNQ	3,372	476	1,079
iShares 1-3 Credit	CSJ	3,229	368	2,319
SPDR High Yield Bond	JNK	2,448	205	1,478
Direxion Financials 3x	FAZ	1,126	377	3,173
Direxion SC Bear 3x	TZA	352	381	811
Direxion Real Estate Bull 3x	DRN	41	152	165
ProShares UltraShort 20+ Bond	TBT	3,901	109	1,803
PowerShares DB Commodity	DBC	3,495	299	2,303
iShares S&P Preferred Stock	PFF	2,561	184	966
iShares GSCI Commodity	GSG	1,645	166	1,084

---

Another point is that exchange-traded notes, which are predominately leveraged and/or commodity focused, had $745 million in net inflow during August.

For example, the iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca:VXX - News) attracted $55 million in net inflow. The Elements Rogers International Commodity Total Return ETN (NYSEArca:RJI - News) netted some $13 million while the iPath S&P GSCI Commodity ETN (NYSEArca:GSP - News) had $109 million.

Still, by NSX’s calculations, leveraged U.S. stock ETFs took the biggest hit in August with net outflows of nearly $2.4 billion.  The only other category to produce significant losses was international long-only ETFs; those came in with some $761 million in net outflow.

However, here’s where the hesitation might come into play when trying to draw the conclusion that investors are running from leveraged and inverse ETFs – almost all inverse categories had either net inflows or relatively shallow outflows. And U.S. equity long funds that used shorter amounts of leverage actually had strong inflows.

In another positive month of rallying stock markets, an argument could be made that, rather than flocking from leverage, many investors decided in August to hedge their bets and shift into inverse funds.

That view could be supported by the fact that of the top 10 ETFs by asset size – all of which are long-only portfolios – six had net outflows in August.

	Assets ($Mil)			Net Cash Flow ($Mil)
By Issuer	Aug-08	Jul-09	Aug-09	YTD '08	YTD '09	Aug-09
BGI	$295,987	$317,283	$326,019	$6,425	$23,494	$2,219
SSgA	$144,598	$152,087	$160,648	$1,388	($12,223)	$963
Vanguard	$50,823	$66,411	$71,449	$14,752	$14,786	$2,088
Invesco/PowerShares	$39,000	$36,535	$37,921	$2,491	$6,622	$956
ProShares	$22,410	$26,193	$24,384	$12,118	$7,075	($1,551)
Van Eck	$5,509	$8,268	$8,617	$3,020	$2,273	$5
Bank of NY	$9,087	$7,196	$7,225	($605)	($901)	($384)
US Commodity Funds	$2,207	$6,918	$5,700	$1,180	$4,399	($112)
Rydex	$5,478	$5,139	$5,355	$305	$621	$36
Merrill (HOLDRs)	$6,492	$5,084	$5,043	($454)	($680)	($149)
Wisdom Tree	$4,715	$4,524	$4,766	$998	$844	$76
Direxion	$0	$4,139	$4,110	$0	$4,430	$494
Claymore	$1,885	$1,918	$1,973	$357	$694	$55
First Trust	$1,160	$1,068	$1,155	$304	$229	$56
RevenueShares	$31	$177	$211	$33	$110	$24
X-Shares	$256	$148	$155	$23	$15	$3
Greenhaven	$25	$129	$142	$26	$118	$13
Fidelity	$93	$117	$119	($11)	$14	$0
ETF Securities	$0	$4	$100	$0	$97	$93
PIMCO	$0	$45	$45	$0	$45	$0
MacroShares	$45	$24	$23	$452	$78	($0)
Emerging Global	$0	$15	$20	$0	$19	$4
ALPS	$4	$5	$7	$5	$1	$1
GlobalX	$0	$4	$7	$0	$6	$3
Grail	$0	$4	$5	$0	$4	$0
Javelin	$0	$5	$4	$0	$2	$0
Northern Trust	$46	$0	$0	$53	($15)	$0
FocusShares	$17	$0	$0	($5)	$0	$0
SPA	$25	$0	$0	$13	($5)	$0
Bear Stearns	$50	$0	$0	$0	$0	$0
Ziegler	$7	$0	$0	$0	$0	$0
ETF Total	$589,949	$643,438	$665,202	$42,868	$52,153	$4,893
	.	.	.	.	.	.
iShares FOF	$0	$99	$110	$0	$27	$8
IndexIQ FOF	$0	$38	$47	$0	$47	$9
Powershares FOF	$28	$29	$30	$30	$3	$0
ALPS FOF	$0	$6	$9	$0	$8	$3
ETF FOF Total	$28	$172	$196	$30	$85	$20
	.	.	.	.	.	.
Barclays ETNs	$5,244	$4,024	$4,605	$1,146	$1,731	$727
Swedish Export Credit ETNs	$431	$603	$642	$332	$329	$33
Deutsche Bank ETNs	$551	$1,380	$1,300	$546	($105)	($12)
Morgan Stanley ETNs	$130	$62	$61	$128	($8)	$4
Credit Suisse ETNs	$14	$3	$3	$15	$3	$8
UBS ETNs	$55	$90	$91	$59	$35	$0
Goldman Sachs ETNs	$112	$64	$63	($97)	($115)	$1
JP Morgan ETNs	$84	$200	$297	$26	$124	($15)
HSBC ETNs	$5	$63	$75	$6	$38	$0
ETN Total	$6,626	$6,489	$7,136	$2,160	$2,031	$745
	.	.	.	.	.	.
Total ETF/ETN	$596,575	$649,927	$672,339	$45,028	$54,184	$5,638

Source:National Stock Exchange.

---

	Notional Trading Vol ($Mil)
By Issuer	YTD '08	YTD '09	Aug-09
BGI	$3,193,503	$2,427,795	$289,211
SSgA	$7,408,143	$5,539,705	$556,701
Vanguard	$113,892	$143,419	$17,318
Invesco/PowerShares	$1,300,270	$803,319	$98,762
ProShares	$1,698,290	$2,223,551	$152,306
Van Eck	$52,464	$63,979	$6,666
Bank of NY	$149,274	$108,496	$9,649
US Commodity Funds	$180,301	$164,817	$19,102
Rydex	$40,996	$39,757	$3,656
Merrill (HOLDRs)	$506,031	$305,887	$29,201
Wisdom Tree	$10,771	$6,550	$1,032
Direxion	$0	$877,424	$130,378
Claymore	$6,379	$4,159	$810
First Trust	$2,112	$1,800	$363
RevenueShares	$109	$285	$61
X-Shares	$463	$114	$17
Greenhaven	$130	$341	$40
Fidelity	$6,216	$176	$24
ETF Securities	$0	$58	$47
PIMCO	$0	$87	$15
MacroShares	$1,193	$42	$16
Emerging Global	$0	$44	$20
ALPS	$8	$10	$3
GlobalX	$0	$12	$5
Grail	$0	$7	$2
Javelin	$0	$1	$0
Northern Trust	$47	$8	$0
FocusShares	$85	$0	$0
SPA	$55	$3	$0
Bear Stearns	$3	$0	$0
Ziegler	$16	$0	$0
ETF Total	$14,670,751	$12,711,846	$1,315,404
	.	.	.
iShares FOF	$0	$225	$36
IndexIQ FOF	$0	$63	$24
Powershares FOF	$49	$40	$8
ALPS FOF	$0	$21	$9
ETF FOF Total	$49	$349	$77
	.	.	.
Barclays ETNs	$21,406	$24,711	$3,417
Swedish Export Credit ETNs	$1,530	$788	$62
Deutsche Bank ETNs	$5,101	$31,018	$2,897
Morgan Stanley ETNs	$275	$258	$3
Credit Suisse ETNs	$9	$120	$48
UBS ETNs	$89	$298	$44
Goldman Sachs ETNs	$228	$146	$17
JP Morgan ETNs	$251	$400	$96
HSBC ETNs	$7	$85	$0
ETN Total	$28,896	$57,825	$6,583
	.	.	.
Total ETF/ETN	$14,699,696	$12,770,020	$1,322,065

Source:National Stock Exchange.

	Assets ($Mil)			Net Cash Flow ($Mil)
By Category	Aug-08	Jul-09	Aug-09	YTD '08	YTD '09	Aug-09
	.	.	.	.	.	.
U.S. Equity - Long	$329,770	$304,635	$321,092	$9,795	($24,136)	$2,710
U.S. Equity Long Leveraged	$5,944	$10,505	$9,604	$4,300	($5,848)	($2,373)
U.S. Equity - Short	$865	$2,150	$2,057	$331	$1,891	$14
U.S. Equity - Short Leveraged	$12,842	$10,186	$9,381	$5,760	$10,521	$862
Global/Int'l Equity - Long	$145,624	$162,001	$163,982	($1,894)	$14,309	($761)
Global/Int'l Equity - Long Leveraged	$0	$230	$229	$0	$113	($8)
Global/Int'l Equity - Short	$103	$234	$224	$61	$232	($5)
Global/Int'l Equity - Short Leveraged	$1,049	$650	$747	$340	$507	$95
Real Estate - Long	$9,834	$8,030	$9,953	$2,422	$2,070	$805
Real Estate - Long Leveraged	$81	$451	$609	$68	$395	$152
Real Estate - Short	$0	$0	$0	$0	$0	$0
Real Estate - Short Leveraged	$1,368	$1,052	$816	$1,007	$1,110	$55
Fixed Income - Long	$48,572	$81,843	$85,292	$13,999	$27,463	$2,797
Fixed Income - Long Leveraged	$0	$17	$20	$0	$21	$2
Fixed Income - Short	$0	$0	$5	$0	$5	$5
Fixed Income - Short Leveraged	$385	$4,448	$4,319	$413	$2,060	$67
Commodity - Long	$34,271	$57,710	$58,053	$6,191	$21,982	$942
Commodity - Long Leveraged	$336	$1,004	$961	$400	$228	($61)
Commodity - Short	$81	$253	$230	$65	$261	$9
Commodity - Short Leveraged	$114	$292	$370	$93	$300	$72
Currency - Long	$5,205	$3,807	$3,948	$1,629	$479	$234
Currency - Long Leveraged	$4	$18	$17	$4	$11	$3
Currency - Short	$66	$303	$334	($11)	$151	$27
Currency - Short Leveraged	$60	$107	$96	$55	$59	($5)
Total	$596,575	$649,927	$672,339	$45,028	$54,184	$5,638
	.	.	.	.	.	.
Total - Long	$573,277	$618,026	$642,320	$32,142	$42,167	$6,727
Total - Long Leveraged	$6,365	$12,225	$11,439	$4,771	($5,081)	($2,284)
Total - Short	$1,116	$2,941	$2,850	$446	$2,540	$51
Total - Short Leveraged	$15,817	$16,735	$15,730	$7,669	$14,557	$1,145
Total	$596,575	$649,927	$672,339	$45,028	$54,184	$5,638
	.	.	.	.	.	.
Total U.S. Equity	$349,422	$327,476	$342,134	$20,185	($17,571)	$1,213
Total Global/Int'l Equity	$146,776	$163,116	$165,181	($1,494)	$15,160	($679)
Total Real Estate	$11,283	$9,533	$11,378	$3,497	$3,575	$1,012
Total Fixed Income	$48,957	$86,307	$89,636	$14,412	$29,548	$2,871
Total Commodity	$34,802	$59,259	$59,614	$6,749	$22,770	$962
Total Currency	$5,334	$4,235	$4,395	$1,678	$701	$260
Total	$596,575	$649,927	$672,339	$45,028	$54,184	$5,638
	.	.	.	.	.	.
U.S. Equity ETFs	$349,276	$326,800	$341,263	$20,136	($18,292)	$1,134
U.S. Equity ETNs	$146	$676	$871	$49	$721	$79
Global/Int'l Equity ETFs	$146,078	$162,226	$164,241	($1,533)	$14,986	($659)
Global/Int'l Equity ETNs	$698	$889	$940	$39	$175	($20)
Real Estate ETFs	$11,283	$9,533	$11,378	$3,497	$3,575	$1,012
Real Estate ETNs	$0	$0	$0	$0	$0	$0
Fixed Income ETFs	$48,957	$86,307	$89,636	$14,412	$29,548	$2,871
Fixed Income ETNs	$0	$0	$0	$0	$0	$0
Commodity ETFs	$29,485	$54,541	$54,494	$4,957	$21,757	$420
Commodity ETNs	$5,318	$4,718	$5,119	$1,792	$1,013	$542
Currency ETFs	$4,870	$4,030	$4,189	$1,398	$578	$116
Currency ETNs	$464	$205	$206	$280	$123	$144
Total	$596,575	$649,927	$672,339	$45,028	$54,184	$5,638

Source:National Stock Exchange.

	Notional Trading Vol ($Mil)
By Category	YTD '08	YTD '09	Aug-09
	.	.	.
U.S. Equity - Long	$10,920,488	$7,590,811	$784,909
U.S. Equity Long Leveraged	$434,926	$1,005,948	$130,009
U.S. Equity - Short	$10,544	$47,101	$4,565
U.S. Equity - Short Leveraged	$1,161,078	$1,758,253	$122,061
Global/Int'l Equity - Long	$1,337,936	$1,129,067	$153,707
Global/Int'l Equity - Long Leveraged	$0	$5,713	$1,691
Global/Int'l Equity - Short	$650	$1,584	$109
Global/Int'l Equity - Short Leveraged	$46,364	$29,822	$2,848
Real Estate - Long	$148,354	$230,342	$27,077
Real Estate - Long Leveraged	$1,738	$19,426	$3,851
Real Estate - Short	$0	$0	$0
Real Estate - Short Leveraged	$43,741	$160,998	$8,220
Fixed Income - Long	$107,661	$194,526	$24,631
Fixed Income - Long Leveraged	$0	$245	$45
Fixed Income - Short	$0	$8	$8
Fixed Income - Short Leveraged	$1,161	$52,522	$7,231
Commodity - Long	$442,255	$468,813	$42,158
Commodity - Long Leveraged	$1,841	$23,588	$2,354
Commodity - Short	$2,121	$6,289	$165
Commodity - Short Leveraged	$1,463	$12,715	$2,180
Currency - Long	$36,782	$29,445	$3,970
Currency - Long Leveraged	$3	$132	$15
Currency - Short	$487	$1,663	$188
Currency - Short Leveraged	$100	$1,006	$71
Total	$14,699,696	$12,770,020	$1,322,065
	.	.	.
Total - Long	$12,993,477	$9,643,005	$1,036,452
Total - Long Leveraged	$438,509	$1,055,052	$137,965
Total - Short	$13,802	$56,646	$5,036
Total - Short Leveraged	$1,253,907	$2,015,317	$142,612
Total	$14,699,696	$12,770,020	$1,322,065
	.	.	.
Total U.S. Equity	$12,527,037	$10,402,114	$1,041,544
Total Global/Int'l Equity	$1,384,950	$1,166,187	$158,355
Total Real Estate	$193,834	$410,767	$39,149
Total Fixed Income	$108,822	$247,302	$31,915
Total Commodity	$447,680	$511,405	$46,858
Total Currency	$37,373	$32,245	$4,244
Total	$14,699,696	$12,770,020	$1,322,065
	.	.	.
U.S. Equity ETFs	$12,526,713	$10,395,702	$1,040,783
U.S. Equity ETNs	$324	$6,412	$761
Global/Int'l Equity ETFs	$1,377,943	$1,163,064	$158,314
Global/Int'l Equity ETNs	$7,007	$3,123	$40
Real Estate ETFs	$193,834	$410,767	$39,149
Real Estate ETNs	$0	$0	$0
Fixed Income ETFs	$108,822	$247,302	$31,915
Fixed Income ETNs	$0	$0	$0
Commodity ETFs	$426,677	$465,630	$42,085
Commodity ETNs	$21,002	$45,775	$4,773
Currency ETFs	$36,810	$29,731	$3,236
Currency ETNs	$563	$2,514	$1,009
Total	$14,699,696	$12,770,020	$1,322,065

Source:National Stock Exchange.

	Assets ($Mil)			Net Cash Flow ($Mil)
Top 10 by Size	Aug-08	Jul-09	Aug-09	YTD '08	YTD '09	Aug-09
	.	.	.	.	.	.
SPDR S&P 500	$79,105	$69,388	$72,585	($9,766)	($27,930)	($495)
iShares MSCI-EAFE	$38,624	$32,049	$33,281	($3,823)	($4,221)	($463)
SPDR Gold	$17,438	$32,376	$32,606	$778	$10,250	($141)
iShares MSCI-Emerging Mkts	$20,306	$31,705	$30,268	($3,206)	$1,229	($1,076)
iShares S&P 500	$17,697	$18,164	$19,814	$1,718	$1,691	$980
PowerShares QQQ	$18,709	$16,194	$16,370	($474)	($202)	($58)
iShares Barclays TIPS	$8,174	$14,741	$15,405	$2,867	$6,184	$608
iShares iBoxx Inv Grade Corp Bond	$4,007	$12,748	$12,971	$906	$5,061	($10)
Vanguard MSCI Total Market	$10,423	$11,278	$11,983	$1,348	$1,178	$175
iShares Russell 2000	$11,504	$10,917	$11,918	$1,161	($334)	$681

Source:National Stock Exchange.

	Notional Trading Vol ($Mil)
Top 10 by Size	YTD '08	YTD '09	Aug-09
	.	.	.
SPDR S&P 500	$5,434,185	$4,103,869	$410,502
iShares MSCI-EAFE	$153,023	$186,013	$20,536
SPDR Gold	$188,134	$226,406	$14,775
iShares MSCI-Emerging Mkts	$418,051	$355,004	$53,446
iShares S&P 500	$79,538	$77,621	$7,195
PowerShares QQQ	$1,243,157	$759,671	$92,495
iShares Barclays TIPS	$9,572	$18,523	$2,607
iShares iBoxx Inv Grade Corp Bond	$3,864	$21,801	$2,320
Vanguard MSCI Total Market	$15,793	$29,515	$1,872
iShares Russell 2000	$1,114,760	$474,321	$54,662

Source:National Stock Exchange.

	Aug-08	Jul-09	Aug-09
	.	.	.
Number of Listed ETFs	727	767	770
Number of Listed ETNs	92	84	84
Total Listed ETFs/ETNs	819	851	854
	.	.	.
Number of ETFs with net inflows	291	349	348
Number of ETFs with net outflows	127	157	142
	.	.	.
Number of ETNs with net inflows	18	23	35
Number of ETNs with net outflows	12	16	12
	.	.	.
Number of ETFs with > $100m in AUM	319	355	362
Number of ETNs with > $100m in AUM	11	12	12

Source:National Stock Exchange.

		Assets ($Mil)			Net Cash Flow ($Mil)
ETF	Ticker	Aug-08	Jul-09	Aug-09	YTD '08	YTD '09	Aug-09
	.	.	.	.	.	.
SPDR S&P 500	SPY	$79,105	$69,388	$72,585	($9,766)	($27,930)	($495)
iShares MSCI-EAFE	EFA	$38,624	$32,049	$33,281	($3,823)	($4,221)	($463)
SPDR Gold	GLD	$17,438	$32,376	$32,606	$778	$10,250	($141)
iShares MSCI-Emerging Mkts	EEM	$20,306	$31,705	$30,268	($3,206)	$1,229	($1,076)
iShares S&P 500	IVV	$17,697	$18,164	$19,814	$1,718	$1,691	$980
PowerShares QQQ	QQQQ	$18,709	$16,194	$16,370	($474)	($202)	($58)
iShares Barclays TIPS	TIP	$8,174	$14,741	$15,405	$2,867	$6,184	$608
iShares iBoxx Inv Grade Corp Bond	LQD	$4,007	$12,748	$12,971	$906	$5,061	($10)
Vanguard MSCI Total Market	VTI	$10,423	$11,278	$11,983	$1,348	$1,178	$175
iShares Russell 2000	IWM	$11,504	$10,917	$11,918	$1,161	($334)	$681
Vanguard MSCI Emerging Markets	VWO	$6,811	$11,274	$11,709	$2,517	$3,404	$213
iShares Barclays Agg	AGG	$9,608	$10,079	$10,290	$1,896	$621	$144
iShares Russell 1000 Gr	IWF	$13,118	$10,225	$10,216	($919)	($2,182)	($217)
iShares FTSE/XINHUA China 25	FXI	$6,270	$11,301	$8,965	$1,145	$512	($1,631)
iShares MSCI-Brazil	EWZ	$7,243	$8,864	$8,777	$595	$2,011	($116)
iShares Russell 1000 Val	IWD	$8,415	$7,559	$8,065	($774)	($1,693)	$110
Diamonds DJIA	DIA	$8,774	$7,287	$7,944	$1,170	($1,482)	$375
SPDR Financial	XLF	$7,158	$6,254	$7,497	$3,866	($1,196)	$58
MidCap SPDR	MDY	$9,087	$7,196	$7,225	($605)	($901)	($384)
iShares Barclays 1-3 Yr Treas	SHY	$9,156	$7,127	$7,187	($487)	($448)	$42
iShares MSCI-Japan	EWJ	$7,500	$5,827	$6,164	($1,617)	$50	$109
SPDR Energy	XLE	$4,458	$4,802	$5,570	($2,060)	$379	$442
iShares S&P 500 Gr	IVW	$6,041	$5,392	$5,453	$86	($291)	($44)
iShares S&P MdCap 400	IJH	$4,990	$5,098	$5,378	$349	$692	$58
Vanguard Barclays Total Bond	BND	$2,057	$4,788	$5,059	$990	$2,024	$218
iShares Russell 1000	IWB	$4,115	$4,770	$4,777	$814	($1,510)	($163)
iShares S&P SmCap 600	IJR	$4,784	$4,496	$4,586	$454	$325	($12)
Market Vectors Gold Miners	GDX	$1,820	$4,387	$4,529	$838	$1,099	($90)
iShares Russell Midcap	IWR	$3,989	$4,004	$4,220	$408	($422)	$22
iShares Silver Trust	SLV	$2,863	$3,867	$4,050	$987	$750	($71)
SPDR Technology	XLK	$3,221	$3,865	$3,909	$617	$1,322	($81)
ProShares UltraShort Lehman 20+ Year	TBT	$299	$3,973	$3,901	$322	$1,803	$109
Vanguard FTSE All World ex-US	VEU	$1,915	$3,536	$3,835	$930	$495	$171
iShares iBoxx High Yield Corp Bond	HYG	$943	$3,654	$3,766	$694	$1,559	$146
Vanguard MSCI Europe Pacific	VEA	$1,791	$3,422	$3,718	$1,441	$781	$64
iShares Russell 2000 Val	IWN	$3,846	$3,290	$3,679	($125)	($128)	$230
Vanguard MSCI LargeCap Growth	VUG	$3,700	$3,538	$3,618	$786	$303	($14)
PowerShares DB Commodity Index	DBC	$2,062	$3,313	$3,495	$117	$2,303	$299
ProShares UltraShort S&P 500	SDS	$2,551	$3,845	$3,462	$409	$2,776	($37)
iShares S&P 500 Val	IVE	$3,643	$3,125	$3,384	($189)	($23)	$88
iShares MSCI-Pacific ex-Japan	EPP	$3,264	$3,108	$3,382	($5)	$493	$163
Vanguard Morgan Stanley REIT	VNQ	$2,543	$2,472	$3,372	$851	$1,079	$476
iShares DJ US Select Dividend	DVY	$4,901	$3,263	$3,293	($858)	($478)	($75)
US Natural Gas	UNG	$908	$4,485	$3,248	$448	$4,595	$0
iShares Barclays 1-3 Yr Credit	CSJ	$575	$2,842	$3,229	$366	$2,319	$368
iShares Russell 2000 Gr	IWO	$3,397	$3,104	$3,082	$27	$90	($52)
iShares MSCI-Taiwan	EWT	$2,918	$3,095	$3,035	$781	$1,094	$31
iShares Russell 3000	IWV	$3,014	$2,903	$2,929	$402	($608)	($76)
Vanguard MSCI LargeCap Value	VTV	$2,334	$2,563	$2,803	$509	$384	$75
iShares Russell Midcap Val	IWS	$2,882	$2,383	$2,662	$64	($67)	$119
iShares Barclays 7-10 Yr Treas	IEF	$2,757	$2,594	$2,565	$155	($250)	($46)
iShares S&P US Preferred Stock	PFF	$354	$2,425	$2,561	$328	$966	$184
SPDR Barcap High Yield Bond	JNK	$484	$2,244	$2,448	$503	$1,478	$205
Vanguard MSCI LargeCap	VV	$1,713	$2,337	$2,438	$714	$177	($5)
PowerShares DB Agriculture	DBA	$2,047	$2,290	$2,411	$856	$1,296	$26
iShares Russell Midcap Gr	IWP	$2,954	$2,303	$2,408	$77	($85)	$34
iShares MSCI-South Korea	EWY	$1,986	$2,253	$2,398	($624)	$490	$119
iShares MSCI-Canada	EWC	$2,071	$2,384	$2,394	$312	$818	$43
ProShares Ultra DJ Financials	UYG	$1,988	$2,343	$2,380	$2,074	($499)	($523)
Vanguard Barclays Short Term Bond	BSV	$935	$2,122	$2,350	$528	$1,170	$214
iShares S&P 100	OEF	$3,325	$2,300	$2,323	($942)	($552)	($54)
iShares DJ US Real Estate	IYR	$1,811	$1,885	$2,316	$237	$600	$176
SPDR Utilities	XLU	$2,211	$2,167	$2,279	($34)	$212	$63
iShares S&P Latin America 40	ILF	$2,858	$2,072	$2,266	($47)	$491	$152
iShares COMEX Gold	IAU	$1,586	$2,215	$2,247	$135	$170	$37
iShares Barclays 20+ Yr Treas	TLT	$1,558	$2,093	$2,202	$53	$701	$67
US Oil Fund	USO	$1,250	$2,172	$2,196	$714	($333)	($99)
Vanguard MSCI Europe	VGK	$2,435	$1,910	$2,153	($110)	$122	$91
Vanguard MSCI SmallCap	VB	$1,526	$1,884	$2,096	$456	$478	$98
SPDR Health Care	XLV	$2,538	$2,066	$1,992	$280	($235)	($183)
HOLDRs Oil Services	OIH	$2,443	$1,931	$1,992	($36)	($121)	$29
iShares MSCI-Hong Kong	EWH	$1,675	$2,093	$1,952	($192)	$329	$7
ProShares Ultra S&P 500	SSO	$1,187	$2,259	$1,900	$768	($2,209)	($540)
Vanguard MSCI MidCap	VO	$1,300	$1,679	$1,854	$351	$349	$63
SPDR Consumer Staples	XLP	$2,444	$2,030	$1,852	$290	($420)	($191)
SPDR Industrial	XLI	$1,689	$1,381	$1,841	$156	$563	$375
iShares S&P MdCap 400 Gr	IJK	$2,325	$1,780	$1,821	$112	($24)	($17)
iShares Barclays Short Treas	SHV	$1,496	$1,862	$1,785	$947	$221	($77)
iShares Barclays MBS Bond	MBB	$770	$1,587	$1,646	$594	$767	$53
iShares GSCI Commodity	GSG	$785	$1,507	$1,645	$256	$1,084	$166
iShares S&P Europe 350	IEV	$1,872	$1,529	$1,626	($483)	$75	$0
iShares Barclays Intermediate Credit	CIU	$295	$1,418	$1,626	$190	$1,077	$191
iShares S&P MdCap 400 Val	IJJ	$2,062	$1,524	$1,612	($188)	($157)	$6
iShares MSCI-Australia	EWA	$1,059	$1,436	$1,594	($557)	$650	$39
iShares Nasdaq Biotech	IBB	$1,858	$1,545	$1,560	$239	($55)	$20
iPath DJ AIG Commodity ETN	DJP	$3,146	$1,386	$1,534	$438	($191)	$3
Market Vectors Agribusiness	MOO	$1,438	$1,492	$1,525	$901	$467	($4)
SPDR Materials	XLB	$1,239	$1,120	$1,492	($173)	$275	$254
iShares Cohen & Steers Realty	ICF	$2,556	$1,231	$1,477	$525	($8)	$62
Rydex S&P 500 EWI	RSP	$1,342	$1,294	$1,468	($199)	$373	$82
iShares S&P SmCap 600 Val	IJS	$1,608	$1,399	$1,464	$64	$45	$19
iShares S&P North American Nat Res	IGE	$2,049	$1,428	$1,437	($106)	$24	$1
iShares S&P National Muni	MUB	$683	$1,340	$1,410	$348	$467	$51
iShares S&P SmCap 600 Gr	IJT	$1,584	$1,375	$1,397	$119	$174	$5
PowerShares Water	PHO	$2,470	$1,334	$1,375	$274	($81)	($5)
SPDR Consumer Discretionary	XLY	$1,055	$1,197	$1,344	$370	$494	$44
iShares MSCI-EAFE Value	EFV	$894	$1,142	$1,327	($55)	$25	$96
PowerShares Financial Preferred	PGF	$299	$1,288	$1,324	$192	$586	$106
ProShares Short S&P 500	SH	$377	$1,363	$1,322	$150	$1,313	$26
iShares MSCI-Singapore	EWS	$1,477	$1,314	$1,294	($314)	$161	$11

Source:National Stock Exchange.

		Notional Trading Vol ($Mil)
ETF	Ticker	YTD '08	YTD '09	Aug-09
	.	.	.
SPDR S&P 500	SPY	$5,434,185	$4,103,869	$410,502
iShares MSCI-EAFE	EFA	$153,023	$186,013	$20,536
SPDR Gold	GLD	$188,134	$226,406	$14,775
iShares MSCI-Emerging Mkts	EEM	$418,051	$355,004	$53,446
iShares S&P 500	IVV	$79,538	$77,621	$7,195
PowerShares QQQ	QQQQ	$1,243,157	$759,671	$92,495
iShares Barclays TIPS	TIP	$9,572	$18,523	$2,607
iShares iBoxx Inv Grade Corp Bond	LQD	$3,864	$21,801	$2,320
Vanguard MSCI Total Market	VTI	$15,793	$29,515	$1,872
iShares Russell 2000	IWM	$1,114,760	$474,321	$54,662
Vanguard MSCI Emerging Markets	VWO	$15,790	$25,377	$4,587
iShares Barclays Agg	AGG	$9,040	$11,554	$1,375
iShares Russell 1000 Gr	IWF	$33,488	$29,364	$2,958
iShares FTSE/XINHUA China 25	FXI	$174,720	$160,487	$21,953
iShares MSCI-Brazil	EWZ	$204,738	$154,982	$18,949
iShares Russell 1000 Val	IWD	$28,978	$26,733	$2,302
Diamonds DJIA	DIA	$366,021	$277,465	$22,795
SPDR Financial	XLF	$601,575	$318,306	$34,786
MidCap SPDR	MDY	$149,274	$108,496	$9,649
iShares Barclays 1-3 Yr Treas	SHY	$12,635	$15,210	$1,449
iShares MSCI-Japan	EWJ	$49,299	$43,336	$4,523
SPDR Energy	XLE	$384,248	$217,941	$18,379
iShares S&P 500 Gr	IVW	$14,768	$13,490	$1,467
iShares S&P MdCap 400	IJH	$9,027	$13,019	$1,147
Vanguard Barclays Total Bond	BND	$2,646	$5,771	$907
iShares Russell 1000	IWB	$24,771	$40,070	$2,777
iShares S&P SmCap 600	IJR	$19,712	$13,557	$1,678
Market Vectors Gold Miners	GDX	$26,437	$47,550	$4,133
iShares Russell Midcap	IWR	$5,299	$25,649	$1,836
iShares Silver Trust	SLV	$23,827	$21,017	$2,315
SPDR Technology	XLK	$20,181	$22,487	$3,044
ProShares UltraShort Lehman 20+ Year	TBT	$944	$50,033	$6,841
Vanguard FTSE All World ex-US	VEU	$3,031	$4,295	$537
iShares iBoxx High Yield Corp Bond	HYG	$1,591	$9,848	$1,209
Vanguard MSCI Europe Pacific	VEA	$3,537	$4,762	$431
iShares Russell 2000 Val	IWN	$31,058	$16,268	$1,780
Vanguard MSCI LargeCap Growth	VUG	$4,393	$5,278	$489
PowerShares DB Commodity Index	DBC	$6,760	$6,907	$946
ProShares UltraShort S&P 500	SDS	$258,116	$523,890	$33,626
iShares S&P 500 Val	IVE	$11,091	$8,914	$821
iShares MSCI-Pacific ex-Japan	EPP	$7,113	$6,168	$1,287
Vanguard Morgan Stanley REIT	VNQ	$14,469	$17,151	$3,234
iShares DJ US Select Dividend	DVY	$9,352	$4,399	$343
US Natural Gas	UNG	$22,972	$51,881	$9,762
iShares Barclays 1-3 Yr Credit	CSJ	$709	$4,997	$955
iShares Russell 2000 Gr	IWO	$41,079	$20,007	$1,963
iShares MSCI-Taiwan	EWT	$30,167	$22,561	$3,112
iShares Russell 3000	IWV	$6,227	$11,413	$714
Vanguard MSCI LargeCap Value	VTV	$3,892	$4,317	$418
iShares Russell Midcap Val	IWS	$19,756	$10,787	$1,054
iShares Barclays 7-10 Yr Treas	IEF	$6,123	$7,662	$970
iShares S&P US Preferred Stock	PFF	$649	$5,721	$782
SPDR Barcap High Yield Bond	JNK	$764	$5,310	$908
Vanguard MSCI LargeCap	VV	$3,157	$4,381	$300
PowerShares DB Agriculture	DBA	$15,186	$8,715	$1,176
iShares Russell Midcap Gr	IWP	$12,640	$7,474	$574
iShares MSCI-South Korea	EWY	$27,408	$21,251	$2,810
iShares MSCI-Canada	EWC	$8,222	$8,216	$1,422
ProShares Ultra DJ Financials	UYG	$99,245	$58,987	$5,508
Vanguard Barclays Short Term Bond	BSV	$1,186	$3,029	$569
iShares S&P 100	OEF	$20,055	$12,706	$865
iShares DJ US Real Estate	IYR	$106,985	$191,302	$21,353
SPDR Utilities	XLU	$37,552	$30,805	$2,924
iShares S&P Latin America 40	ILF	$22,888	$10,981	$1,547
iShares COMEX Gold	IAU	$5,639	$7,653	$443
iShares Barclays 20+ Yr Treas	TLT	$45,417	$58,562	$7,208
US Oil Fund	USO	$157,049	$111,234	$9,195
Vanguard MSCI Europe	VGK	$4,607	$2,501	$448
Vanguard MSCI SmallCap	VB	$2,675	$2,599	$431
SPDR Health Care	XLV	$18,259	$25,882	$3,316
HOLDRs Oil Services	OIH	$269,813	$152,156	$15,065
iShares MSCI-Hong Kong	EWH	$21,764	$12,171	$1,840
ProShares Ultra S&P 500	SSO	$97,456	$239,441	$21,684
Vanguard MSCI MidCap	VO	$4,288	$2,675	$243
SPDR Consumer Staples	XLP	$16,234	$20,711	$1,983
SPDR Industrial	XLI	$44,809	$41,234	$5,681
iShares S&P MdCap 400 Gr	IJK	$3,756	$4,863	$342
iShares Barclays Short Treas	SHV	$2,615	$5,183	$426
iShares Barclays MBS Bond	MBB	$1,090	$2,545	$278
iShares GSCI Commodity	GSG	$2,813	$2,489	$336
iShares S&P Europe 350	IEV	$9,627	$2,636	$233
iShares Barclays Intermediate Credit	CIU	$346	$2,669	$431
iShares S&P MdCap 400 Val	IJJ	$1,983	$3,117	$228
iShares MSCI-Australia	EWA	$9,511	$8,699	$1,470
iShares Nasdaq Biotech	IBB	$19,717	$12,475	$1,382
iPath DJ AIG Commodity ETN	DJP	$3,917	$2,313	$5
Market Vectors Agribusiness	MOO	$9,783	$4,592	$471
SPDR Materials	XLB	$91,441	$40,555	$6,911
iShares Cohen & Steers Realty	ICF	$18,544	$12,317	$1,284
Rydex S&P 500 EWI	RSP	$3,588	$6,436	$591
iShares S&P SmCap 600 Val	IJS	$2,359	$2,601	$297
iShares S&P North American Nat Res	IGE	$4,665	$1,839	$207
iShares S&P National Muni	MUB	$1,120	$1,472	$173
iShares S&P SmCap 600 Gr	IJT	$4,895	$3,118	$274
PowerShares Water	PHO	$2,215	$913	$112
SPDR Consumer Discretionary	XLY	$32,189	$27,602	$3,361
iShares MSCI-EAFE Value	EFV	$1,426	$1,654	$247
PowerShares Financial Preferred	PGF	$512	$2,640	$496
ProShares Short S&P 500	SH	$3,941	$28,868	$3,282
iShares MSCI-Singapore	EWS	$8,367	$4,606	$696

Source:National Stock Exchange.

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