Investors Switch Course, Pour $8 Billion Into ETFs

• By Murray Coleman
• On 12:25 pm EDT, Friday April 3, 2009

It's a well-worn cliché. But in the case of an exchange-traded funds marketplace that isn't accustomed to many shortfalls in cash, the latest sign of renewed interest by investors begs for an exclamation point.

What a difference a month makes.

On Friday, the National Stock Exchange compiled its latest data on money flows and assets for the market. In March, more than $8 billion of net inflows went into ETFs.

That reversed an anomaly from February, when investors pulled some $5.8 billion from ETFs—the first time in more than a year that the industry had recorded net outflows. (For a complete listing of the month's data, see the NSX's tables at the end of this article.)

In fact, a clearer picture emerges for putting the latest figures into perspective by excluding money flow for the S&P 500 SPDRs (NYSEArca:SPY - News) and the PowerShares QQQ (NasdaqGM:QQQQ - News). Those are two of the most heavily traded funds on the market and often tend to skew short-term statistics, since combined they hold nearly $73 billion in assets.

Minus SPY and QQQQ, March represented the 79th straight month of net inflows into ETFs as a whole. Perhaps more to the point, just taking out SPY left the ETF marketplace with slightly less than $30 billion in net inflow for the year through March. That would've marked the biggest first-quarter inflow totals on record.

The industry's assets showed growth as well in the month. The 752 listed ETFs in the U.S. had $484.6 billion in assets at the end of March, up from $456.3 billion in the previous month (when there were four more). Also, exchange-traded notes had an uptick in assets, to nearly $4.6 billion, an increase from February's $4.3 billion. (The number of ETNs was the same between months—87.)

From A Macro View

No doubt, tumbling markets accounted for much of the turmoil in February. Along those same lines, a 20%-plus rally had much to do with the return of investors in March.

But there seems to be more at play here. Through a bear market that started in the second half of 2007, ETFs have continued to gain more new money from investors on a monthly basis—in good times and not-so-good.

So does last month's strong inflow data reveal any insight that February was a temporary situation and not a slowing in the mostly uninterrupted decade-long growth in the ETF market?

Much of the answer might come down to how strongly investors feel about using leveraged ETFs in their portfolios. If the market has bottomed, will they switch from ETFs that short indexes to ones that leverage markets and move in the opposite direction?

In March, some 30% of all ETF trading volume was tied to leveraged and inverse funds. But it wasn't a case of all ETFs featuring those types of strategies producing positive results. ETFs that short markets actually had net outflow of $1.8 billion.

By comparison, every type of long leveraged fund—which typically take 200% or 300% positions in the market—generated more than $3 billion in net inflow. That pushed their totals for the year through March to almost $6.3 billion net inflows, representing about five times the totals compared to the same period last year.

Also revealing was the fact that long-only funds not using leverage had net outflow of slightly more than $7 billion in March. Leading the rush for exits was U.S. stock funds with nearly $15.7 billion in outflows. Global and international ETFs also were in the red for the month, down some $1.9 billion.

But there were some positive results in the long-only category. Fixed-income ETFs attracted $2.8 billion, while commodity funds had another $7.6 billion in net inflow. Currency ETFs also added another $66 million in the month.

SSgA Takes Biggest Hit

The most heavily hit among sponsoring ETF companies was State Street Global Advisors, which had slightly more than $2 billion in net outflows in March. But that figure is heavily skewed by one fund—SPY. The heavily traded ETF, which is used by a large number of institutions as a short-term cash instrument, produced nearly $13.6 billion in net outflow in the month. For the year, it has net outflow of almost $24 billion.

In fact, the only other major single ETF to experience relatively large outflows in March was the iShares MSCI EAFE Index (NYSEArca:EFA - News). It had about $1.4 billion in net outflows.

Barclays Global Investors actually had a strong month, with nearly $4 billion in net inflow. But that came on the strength of its growing bond family of ETFs. The iShares Barclays TIPS (NYSEArca:TIP - News) had $840 million in net inflow and the iShares iBoxx Corporate Bond ETF (NYSEArca:LQD - News) had inflow topping $900 million.

But the most popular ETF by far last month was SPDR Equity Gold (NYSEArca:GLD - News). It attracted more than $6.4 billion in assets. The next-biggest was the iShares MSCI Emerging Markets Index (NYSEArca:EEM - News) with $1.5 billion in net inflow.

	Assets ($Mil)			Net Cash Flow ($Mil)
By Issuer	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
BGI	$298,591	$213,608	$232,377	($5,331)	($1,872)	$3,976
SSgA	$146,676	$128,609	$128,607	($2,595)	($12,830)	($2,014)
Vanguard	$44,120	$39,847	$43,345	$5,916	$3,537	$1,031
Invesco/PowerShares	$36,116	$22,041	$25,496	$694	$1,606	$1,607
ProFunds	$16,196	$22,351	$22,097	$6,051	$5,485	$1,544
Van Eck	$5,134	$5,641	$6,342	$1,731	$1,558	$166
Merrill (HOLDRs)	$7,476	$4,674	$5,531	$893	$858	$500
Bank of NY	$8,357	$5,107	$5,254	($985)	($352)	$0
Rydex	$5,980	$3,477	$3,835	$485	($66)	$213
Ameristock/Victoria Bay	$1,175	$4,773	$3,797	($116)	$1,650	($1,042)
Direxion	$0	$1,832	$2,936	$0	$3,985	$1,814
Wisdom Tree	$4,296	$2,662	$2,784	$135	$45	($58)
Claymore	$1,692	$787	$1,148	$54	$310	$281
First Trust	$873	$629	$683	($0)	$25	$5
X-Shares	$239	$116	$121	$2	$3	$0
Greenhaven	$29	$20	$84	$30	$68	$63
Fidelity	$80	$65	$72	($20)	($6)	$0
RevenueShares	$15	$58	$66	$15	$7	$2
MacroShares	$166	$20	$19	$106	$64	$0
ALPS	$0	$4	$4	$0	$0	$0
GlobalX	$0	$1	$1	$0	$1	$0
Northern Trust	$0	$0	$0	$0	($15)	$0
FocusShares	$24	$0	$0	$0	$0	$0
Bear Stearns	$0	$0	$0	$0	$0	$0
Ziegler	$5	$0	$0	($2)	$0	$0
SPA	$16	$10	$0	$4	($5)	($5)
ETF Total	$577,256	$456,332	$484,598	$7,066	$4,056	$8,084
Barclays ETNs	$4,808	$2,318	$2,427	$370	($9)	($15)
Deutsche Bank ETNs	$88	$1,421	$1,414	$75	$236	($68)
Swedish Export Credit ETNs	$459	$270	$406	$341	$158	$116
UBS ETNs	$0	$77	$84	$0	$33	$4
Morgan Stanley ETNs	$22	$67	$63	$22	($16)	$0
Bear Stearns ETNs	$61	$55	$59	$0	$0	$0
Goldman Sachs ETNs	$229	$50	$53	$0	($0)	$0
HSBC ETNs	$0	$47	$52	$0	$23	$9
Credit Suisse ETNs	$0	$11	$8	$0	($1)	($4)
JP Morgan ETNs	$0	$2	$2	$0	$0	$0
Lehman ETNs	$14	$0	$0	$16	$0	$0
ETN Total	$5,681	$4,318	$4,566	$823	$424	$42
Total ETF/ETN	$582,937	$460,649	$489,164	$7,889	$4,480	$8,126

	Notional Trading Vol ($Mil)
By Issuer	YTD '08	YTD '09	Mar-09
BGI	$1,361,963	$936,071	$343,882
SSgA	$2,882,219	$2,459,790	$888,663
Vanguard	$38,515	$59,140	$18,130
Invesco/PowerShares	$538,179	$301,720	$115,470
ProFunds	$512,506	$1,138,711	$410,982
Van Eck	$21,147	$24,345	$8,456
Merrill (HOLDRs)	$179,356	$122,516	$49,540
Bank of NY	$47,680	$49,442	$16,245
Rydex	$12,329	$17,043	$6,302
Ameristock/Victoria Bay	$27,005	$69,080	$19,168
Direxion	$0	$258,082	$124,773
Wisdom Tree	$4,643	$1,802	$632
Claymore	$2,809	$731	$254
First Trust	$729	$420	$163
X-Shares	$236	$42	$15
Greenhaven	$65	$69	$56
Fidelity	$304	$52	$29
RevenueShares	$10	$59	$22
MacroShares	$145	$6	$1
ALPS	$0	$2	$1
GlobalX	$0	$1	$1
Northern Trust	$0	$8	$0
FocusShares	$48	$0	$0
Bear Stearns	$0	$0	$0
Ziegler	$7	$0	$0
SPA	$18	$3	$2
ETF Total	$5,629,914	$5,439,133	$2,002,785
Barclays ETNs	$6,166	$9,036	$3,508
Deutsche Bank ETNs	$277	$14,267	$4,644
Swedish Export Credit ETNs	$742	$220	$93
UBS ETNs	$0	$101	$35
Morgan Stanley ETNs	$26	$155	$68
Bear Stearns ETNs	$174	$26	$7
Goldman Sachs ETNs	$68	$66	$13
HSBC ETNs	$0	$47	$21
Credit Suisse ETNs	$0	$24	$11
JP Morgan ETNs	$0	$1	$0
Lehman ETNs	$12	$0	$0
ETN Total	$7,465	$23,942	$8,400
Total ETF/ETN	$5,637,379	$5,463,075	$2,011,184

	Assets ($Mil)			Net Cash Flow ($Mil)
Long Funds	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
US Equity	$306,646	$275,551	$231,618	($24,158)	($25,312)	($15,695)
Global/International Equity	$168,978	$101,896	$91,712	($767)	($2,704)	($1,851)
Fixed Income	$39,700	$58,667	$60,540	$4,155	$6,411	$2,847
Commodity	$37,080	$40,157	$48,310	$3,153	$11,893	$7,640
Currency	$3,951	$3,103	$3,045	$195	($181)	($7)
Total	$556,355	$479,374	$435,225	($17,421)	($9,893)	($7,066)

	Notional Trading Vol ($Mil)
Long Funds	YTD '08	YTD '09	Mar-09
US Equity	$2,907,703	$2,144,480	$1,050,072
Global/International Equity	$427,163	$242,916	$114,168
Fixed Income	$29,365	$45,013	$20,978
Commodity	$69,112	$143,510	$80,095
Currency	$4,453	$7,673	$3,648
Total	$3,437,796	$2,583,592	$1,268,961

	Assets ($Mil)			Net Cash Flow ($Mil)
Long Leveraged Funds	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
US Equity	$3,106	$10,084	$9,914	$1,459	$5,401	$2,764
Global/International Equity	$0	$18	$22	$0	$25	$10
Fixed Income	$0	$0	$0	$0	$0	$0
Commodity	$26	$902	$1,107	$26	$831	$292
Currency	$0	$12	$11	$0	$4	$0
Total	$3,132	$11,016	$11,054	$1,485	$6,261	$3,065

	Notional Trading Vol ($Mil)
Long Leveraged Funds	YTD '08	YTD '09	Mar-09
US Equity	$72,531	$239,588	$114,092
Global/International Equity	$0	$165	$77
Fixed Income	$0	$0	$0
Commodity	$2	$7,657	$4,629
Currency	$0	$37	$14
Total	$72,533	$247,447	$118,812

	Assets ($Mil)			Net Cash Flow ($Mil)
Short Funds	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
US Equity	$11,278	$9,389	$9,172	$3,007	($1,467)	($2,039)
Global/International Equity	$1,310	$918	$936	$704	($90)	($42)
Fixed Income	$0	$3,440	$3,640	$0	$1,340	$171
Commodity	$61	$272	$323	$53	$129	$41
Currency	$80	$230	$300	$0	$74	$69
Total	$12,729	$14,249	$14,371	$3,764	($14)	($1,800)

	Notional Trading Vol ($Mil)
Short Funds	YTD '08	YTD '09	Mar-09
US Equity	$218,521	$591,948	$341,441
Global/International Equity	$12,286	$11,777	$5,592
Fixed Income	$0	$11,092	$5,095
Commodity	$29	$5,466	$3,043
Currency	$68	$570	$319
Total	$230,905	$620,853	$355,491

	Assets ($Mil)			Net Cash Flow ($Mil)
ETF By Category	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
US Equity	$320,877	$294,918	$250,568	($19,697)	($21,418)	($15,006)
Global/International Equity	$169,383	$102,427	$92,329	($78)	($2,762)	($1,862)
Fixed Income	$39,700	$62,106	$64,180	$4,155	$7,750	$3,018
Commodity	$32,357	$37,888	$46,113	$2,494	$12,485	$7,634
Currency	$3,821	$3,126	$3,142	$171	($83)	$66
Total	$566,138	$500,465	$456,332	($12,955)	($4,028)	($6,150)

	Notional Trading Vol ($Mil)
ETF By Category	YTD '08	YTD '09	Mar-09
US Equity	$3,198,656	$2,975,585	$1,505,221
Global/International Equity	$437,023	$254,049	$119,496
Fixed Income	$29,365	$56,105	$26,073
Commodity	$67,101	$142,439	$80,971
Currency	$4,461	$8,169	$3,935
Total	$3,736,606	$3,436,349	$1,735,697

	Assets ($Mil)			Net Cash Flow ($Mil)
ETN By Category	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
US Equity	$152	$107	$135	$5	$40	$35
Global/International Equity	$906	$405	$341	$16	($7)	($21)
Fixed Income	$0	$0	$0	$0	$0	$0
Commodity	$4,809	$3,444	$3,627	$738	$369	$340
Currency	$211	$219	$214	$24	($20)	($5)
Total	$6,078	$4,174	$4,318	$782	$382	$349

	Notional Trading Vol ($Mil)
ETN By Category	YTD '08	YTD '09	Mar-09
US Equity	$99	$430	$384
Global/International Equity	$2,426	$809	$340
Fixed Income	$0	$0	$0
Commodity	$2,043	$14,193	$6,796
Currency	$60	$110	$46
Total	$4,628	$15,542	$7,566

	Assets ($Mil)			Net Cash Flow ($Mil)
Top 10 by AUM	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
SPDR Index 500	$66,781	$83,820	$62,704	($24,469)	($17,059)	($13,568)
SPDR Equity Gold	$19,966	$24,932	$31,496	$357	$7,366	$5,605
iShares MSCI-EAFE	$46,850	$27,157	$23,055	($940)	($3,117)	($1,383)
iShares MSCI-Emerging Mkts	$26,031	$17,990	$17,026	($993)	$366	$109
iShares S&P 500	$17,539	$14,596	$12,951	$1,012	$183	($102)
iShares Barclays TIPS	$6,408	$9,629	$10,270	$828	$1,586	$840
PowerShares QQQ	$16,420	$11,571	$10,265	($1,494)	($1,384)	($724)
iShares Barclays Agg	$8,521	$9,658	$9,655	$603	$312	$70
iShares iBoxx Corp Bond	$3,362	$8,046	$8,642	$95	$1,988	$907
iShares Russell 1000 Gr	$13,211	$9,079	$7,927	($954)	($1,620)	($490)

	Notional Trading Vol ($Mil)
Top 10 by AUM	YTD '08	YTD '09	Mar-09
SPDR Index 500	$1,421,576	$1,164,289	$569,665
SPDR Equity Gold	$40,652	$73,456	$46,338
iShares MSCI-EAFE	$44,872	$51,292	$23,124
iShares MSCI-Emerging Mkts	$153,670	$71,270	$32,249
iShares S&P 500	$18,697	$19,006	$9,363
iShares Barclays TIPS	$2,235	$4,011	$2,323
PowerShares QQQ	$366,311	$177,265	$93,995
iShares Barclays Agg	$2,560	$3,020	$1,219
iShares iBoxx Corp Bond	$948	$6,084	$2,917
iShares Russell 1000 Gr	$9,995	$9,209	$3,932

	Mar-08	Feb-09	Mar-09
Number of Listed ETFs	660	756	752
Number of Listed ETNs	39	87	87
Total Listed ETFs/ETNs	699	843	839
Number of ETFs with net inflows	225	247	244
Number of ETFs with net outflows	185	217	259
Number of ETNs with net inflows	11	24	26
Number of ETNs with net outflows	14	14	14
Number of ETFs with > $100m in AUM	293	290	300
Number of ETNs with > $100m in AUM	8	7	7

		Assets ($Mil)			Net Cash Flow ($Mil)
ETF	Ticker	Mar-08	Feb-09	Mar-09	YTD '08	YTD '09	Mar-09
SPDR Index 500	SPY	$79,929	$62,704	$57,952	($10,646)	($23,953)	($6,894)
SPDR Equity Gold	GLD	$19,262	$31,496	$33,500	$441	$12,000	$4,634
iShares MSCI-EAFE	EFA	$45,423	$23,055	$24,099	($1,895)	($3,531)	($414)
iShares MSCI-Emerging Mkts	EEM	$23,848	$17,026	$21,266	($1,842)	$1,890	$1,524
iShares S&P 500	IVV	$16,435	$12,951	$14,743	$68	$911	$728
PowerShares QQQ	QQQQ	$17,035	$10,265	$12,339	($1,214)	($443)	$942
iShares Barclays TIPS	TIP	$6,691	$10,270	$11,588	$1,147	$2,293	$706
iShares Barclays Agg	AGG	$8,626	$9,655	$9,740	$726	$312	$0
iShares iBoxx Corp Bond	LQD	$3,477	$8,642	$9,395	$272	$2,898	$911
iShares Russell 1000 Gr	IWF	$12,858	$7,927	$8,426	($1,190)	($1,781)	($161)
Vanguard MSCI Total Market	VTI	$9,811	$7,629	$8,294	$597	$333	$162
iShares Russell 2000	IWM	$10,332	$6,961	$7,836	$819	($1,657)	$268
iShares Barclays 1-3 Yr Treas	SHY	$9,574	$7,323	$7,551	($194)	($120)	$202
DIAMONDS DJIA	DIA	$10,538	$7,267	$7,063	$2,485	($913)	($822)
iShares Russell 1000 Val	IWD	$8,328	$5,795	$6,165	($1,275)	($1,659)	($63)
iShares FTSE/XINHUA China 25	FXI	$5,545	$5,325	$5,914	($3)	$42	($180)
Vanguard MSCI Emerging Markets	VWO	$6,105	$4,491	$5,311	$785	$367	$200
SPDR MidCap	MDY	$8,357	$5,107	$5,254	($985)	($352)	$0
iShares S&P 500 Gr	IVW	$5,685	$4,353	$4,585	($262)	($75)	($85)
iShares MSCI-Brazil	EWZ	$6,978	$3,902	$4,495	($231)	$614	$180
SPDR Energy	XLE	$4,889	$3,984	$4,335	($1,694)	($88)	($145)
Market Vectors Gold Miners	GDX	$1,949	$3,817	$4,253	$529	$1,251	$70
iShares MSCI-Japan	EWJ	$7,562	$4,240	$4,133	($2,041)	($588)	($198)
SPDR Financial	XLF	$7,155	$3,673	$4,053	$2,855	($1,695)	($323)
iShares Russell 1000	IWB	$3,710	$3,927	$3,900	$321	($1,272)	($325)
Vanguard Barclays Total Bond	BND	$1,570	$3,327	$3,689	$465	$768	$328
iShares S&P MdCap 400	IJH	$4,369	$3,170	$3,500	($77)	$91	$56
iShares Silver Trust	SLV	$3,225	$3,388	$3,496	$493	$577	$134
iShares Russell Midcap	IWR	$3,352	$3,162	$3,434	($189)	($27)	$0
ProShares Ultra S&P 500	SSO	$960	$2,986	$3,167	$562	$526	($252)
ProShares UltraShort Lehman 20+ Year	TBT	$0	$3,275	$3,144	$0	$1,344	$200
iShares S&P SmCap 600	IJR	$4,018	$2,940	$3,096	($42)	$0	($71)
US Oil Fund	USO	$618	$3,921	$2,856	$104	$1,108	($1,215)
iShares Barclays 7-10 Yr Treas	IEF	$2,704	$2,612	$2,723	$30	($230)	$29
iShares DJ Select Dividend	DVY	$5,793	$2,596	$2,688	($440)	($357)	($67)
Vanguard MSCI LargeCap Growth	VUG	$3,258	$2,443	$2,611	$381	$51	$0
iShares Russell 2000 Val	IWN	$3,323	$2,451	$2,557	($440)	($302)	($93)
iShares S&P 500 Val	IVE	$3,757	$2,298	$2,449	($300)	($139)	($47)
ProShares UltraShort S&P 500	SDS	$2,548	$2,891	$2,449	$540	($90)	$173
iShares Russell 3000	IWV	$2,719	$2,170	$2,235	$65	($622)	($104)
Vanguard FTSE All World ex-US	VEU	$1,578	$2,056	$2,205	$380	$28	$0
iShares iBoxx High Yield Corp Bond	HYG	$435	$2,088	$2,181	$153	$487	$109
iShares Russell 2000 Gr	IWO	$2,639	$2,130	$2,157	($473)	($92)	($155)
SPDR Health Care	XLV	$2,273	$1,741	$2,117	$134	$342	$437
iShares S&P 100	OEF	$3,895	$1,873	$2,056	($490)	($301)	$38
SPDR Utilities	XLU	$2,382	$1,527	$2,024	$134	$282	$463
Vanguard MSCI Europe Pacific	VEA	$933	$1,864	$2,019	$406	$201	$55
ProShares Ultra DJ Financials	UYG	$698	$1,713	$2,012	$638	$1,634	($36)
SPDR Technology	XLK	$2,576	$1,679	$2,010	($3)	$186	$202
iShares COMEX Gold	IAU	$1,886	$2,052	$2,010	$260	$27	$0
iShares MSCI-Pacific ex-Japan	EPP	$3,494	$1,781	$1,996	($89)	$118	($21)
HOLDRs Oil Services	OIH	$2,623	$1,395	$1,967	$292	$466	$547
Vanguard MSCI LargeCap Value	VTV	$2,206	$1,744	$1,924	$218	$207	$72
iShares Barclays Short Treas	SHV	$717	$1,543	$1,907	$165	$342	$364
iShares Barclays 20+ Yr Treas	TLT	$1,195	$1,584	$1,856	($335)	$193	$207
Vanguard MSCI LargeCap	VV	$1,368	$1,662	$1,801	$333	$122	$31
SPDR Consumer Staples	XLP	$2,438	$1,767	$1,785	$299	($210)	($41)
iShares Russell Midcap Val	IWS	$2,656	$1,663	$1,746	($127)	($251)	($47)
PowerShares DB Commodity Index	DBC	$2,247	$1,376	$1,708	$467	$710	$252
iShares Russell Midcap Gr	IWP	$2,703	$1,636	$1,682	($144)	($233)	($100)
PowerShares DB Agriculture	DBA	$2,386	$1,205	$1,575	$1,157	$621	$368
iShares Barclays 1-3 Yr Credit	CSJ	$327	$1,158	$1,437	$112	$641	$282
Vanguard Barclays Short Term Bond	BSV	$574	$1,300	$1,437	$157	$288	$133
iShares Barclays MBS Fixed Rate	MBB	$526	$1,120	$1,323	$340	$450	$189
Vanguard Morgan Stanley REIT	VNQ	$2,306	$1,308	$1,322	$601	$196	$91
Vanguard MSCI Europe	VGK	$2,723	$1,265	$1,314	($111)	$0	$0
iShares DJ Real Estate	IYR	$1,897	$1,142	$1,301	$295	$367	$133
iShares Nasdaq Biotech	IBB	$1,344	$1,152	$1,297	($92)	($90)	$81
iShares MSCI-Taiwan	EWT	$3,656	$1,131	$1,283	$833	($106)	($23)
ProShares UltraShort DJ Financials	SKF	$2,497	$575	$1,252	$1,264	$445	$1,325
iShares S&P US Preferred Stock	PFF	$171	$1,007	$1,238	$104	$347	$59
iShares S&P MdCap 400 Gr	IJK	$1,927	$1,147	$1,225	($175)	($195)	($30)
iShares S&P Europe 350	IEV	$2,310	$930	$1,162	($327)	$114	$161
iShares S&P Latin America 40	ILF	$3,353	$1,089	$1,142	$214	($5)	($43)
ProShares Ultra QQQ	QLD	$1,051	$1,101	$1,133	$478	($223)	($175)
iShares S&P MdCap 400 Val	IJJ	$2,021	$1,091	$1,132	($160)	($219)	($41)
iShares MSCI-South Korea	EWY	$2,950	$1,098	$1,116	($243)	($122)	($240)
Vanguard MSCI SmallCap	VB	$1,031	$1,086	$1,111	$5	$87	($56)
Vanguard MSCI MidCap	VO	$1,096	$1,013	$1,097	$136	$85	$11
iShares S&P National Muni	MUB	$467	$1,021	$1,076	$138	$176	$59
ProShares UltraShort DJ Real Estate	SRS	$881	$1,140	$1,068	$388	($93)	$430
iShares MSCI-Hong Kong	EWH	$2,033	$1,062	$1,065	($46)	($74)	($39)
Direxion Financials Bull 3x	FAS	$0	$548	$1,055	$0	$1,875	$520
PowerShares Water	PHO	$1,994	$1,001	$1,052	$78	($41)	($22)
iShares S&P Global Nat Res	IGE	$2,208	$1,018	$1,044	$84	($80)	($44)
Vanguard MSCI Pacific	VPL	$1,544	$995	$1,043	$265	($19)	($29)
SPDR Barclays High Yield Bond	JNK	$186	$909	$1,009	$182	$361	$97
SPDR Barclays 1-3 Month Bill	BIL	$202	$954	$1,000	($9)	$283	$73
iShares MSCI-Canada	EWC	$1,614	$901	$998	($172)	($56)	$13
iShares Barclays 3-7 Yr Treas	IEI	$508	$847	$987	$271	($35)	$125
HOLDRs Retail	RTH	$976	$867	$965	$628	$393	($3)
SPDR Materials	XLB	$1,566	$663	$958	$176	($57)	$114
iPath DJ AIG Commodity ETN	DJP	$3,202	$855	$951	$311	($476)	$64
iShares S&P SmCap 600 Val	IJS	$1,381	$874	$919	($90)	($130)	($21)
SPDR Industrial	XLI	$1,619	$788	$893	$20	($43)	$47
iShares MSCI-EAFE Growth	EFG	$1,236	$875	$879	$176	($45)	($45)
SPDR Barclays Int'l Treasury	BWX	$741	$853	$872	$527	$22	($10)

		Notional Trading Vol ($Mil)
ETF	Ticker	YTD '08	YTD '09	Mar-09
SPDR Index 500	SPY	$2,148,355	$1,837,305	$673,016
SPDR Equity Gold	GLD	$71,767	$115,895	$42,439
iShares MSCI-EAFE	EFA	$65,562	$80,300	$29,008
iShares MSCI-Emerging Mkts	EEM	$220,834	$114,925	$43,655
iShares S&P 500	IVV	$28,053	$33,211	$14,204
PowerShares QQQ	QQQQ	$514,089	$287,572	$110,306
iShares Barclays TIPS	TIP	$3,843	$6,320	$2,308
iShares Barclays Agg	AGG	$3,620	$4,621	$1,601
iShares iBoxx Corp Bond	LQD	$1,454	$9,523	$3,439
iShares Russell 1000 Gr	IWF	$14,271	$13,924	$4,715
Vanguard MSCI Total Market	VTI	$6,285	$17,192	$4,949
iShares Russell 2000	IWM	$440,233	$194,184	$71,479
iShares Barclays 1-3 Yr Treas	SHY	$5,782	$6,950	$2,709
DIAMONDS DJIA	DIA	$137,473	$145,050	$44,092
iShares Russell 1000 Val	IWD	$14,012	$13,739	$3,562
iShares FTSE/XINHUA China 25	FXI	$84,091	$62,908	$24,066
Vanguard MSCI Emerging Markets	VWO	$6,229	$5,760	$2,129
SPDR MidCap	MDY	$47,680	$49,442	$16,245
iShares S&P 500 Gr	IVW	$5,984	$6,596	$2,541
iShares MSCI-Brazil	EWZ	$85,496	$48,167	$19,401
SPDR Energy	XLE	$118,058	$107,980	$34,800
Market Vectors Gold Miners	GDX	$13,547	$20,643	$6,983
iShares MSCI-Japan	EWJ	$21,139	$17,545	$7,058
SPDR Financial	XLF	$234,577	$130,032	$50,506
iShares Russell 1000	IWB	$9,152	$20,136	$6,630
Vanguard Barclays Total Bond	BND	$968	$1,959	$875
iShares S&P MdCap 400	IJH	$3,104	$5,401	$1,951
iShares Silver Trust	SLV	$11,868	$8,881	$3,471
iShares Russell Midcap	IWR	$2,431	$12,365	$2,587
ProShares Ultra S&P 500	SSO	$35,804	$115,995	$44,874
ProShares UltraShort Lehman 20+ Year	TBT	$0	$16,533	$6,006
iShares S&P SmCap 600	IJR	$7,451	$5,091	$1,845
US Oil Fund	USO	$23,933	$62,914	$16,623
iShares Barclays 7-10 Yr Treas	IEF	$2,347	$2,508	$970
iShares DJ Select Dividend	DVY	$5,101	$2,460	$829
Vanguard MSCI LargeCap Growth	VUG	$1,990	$2,345	$899
iShares Russell 2000 Val	IWN	$13,936	$6,141	$2,025
iShares S&P 500 Val	IVE	$4,761	$4,462	$1,337
ProShares UltraShort S&P 500	SDS	$103,790	$266,373	$110,092
iShares Russell 3000	IWV	$2,747	$5,924	$1,986
Vanguard FTSE All World ex-US	VEU	$1,239	$1,803	$498
iShares iBoxx High Yield Corp Bond	HYG	$409	$3,563	$1,139
iShares Russell 2000 Gr	IWO	$18,205	$7,760	$2,647
SPDR Health Care	XLV	$8,378	$9,332	$3,755
iShares S&P 100	OEF	$11,279	$6,814	$1,782
SPDR Utilities	XLU	$16,581	$12,628	$4,528
Vanguard MSCI Europe Pacific	VEA	$1,059	$1,883	$734
ProShares Ultra DJ Financials	UYG	$10,933	$29,999	$8,379
SPDR Technology	XLK	$6,779	$7,157	$2,874
iShares COMEX Gold	IAU	$2,394	$4,481	$1,562
iShares MSCI-Pacific ex-Japan	EPP	$3,171	$1,761	$756
HOLDRs Oil Services	OIH	$82,898	$59,630	$22,459
Vanguard MSCI LargeCap Value	VTV	$1,852	$2,098	$681
iShares Barclays Short Treas	SHV	$907	$2,201	$821
iShares Barclays 20+ Yr Treas	TLT	$19,515	$19,896	$7,338
Vanguard MSCI LargeCap	VV	$1,438	$2,185	$599
SPDR Consumer Staples	XLP	$7,116	$8,081	$2,408
iShares Russell Midcap Val	IWS	$6,281	$4,100	$1,150
PowerShares DB Commodity Index	DBC	$2,341	$1,583	$777
iShares Russell Midcap Gr	IWP	$5,733	$3,405	$881
PowerShares DB Agriculture	DBA	$7,361	$2,216	$988
iShares Barclays 1-3 Yr Credit	CSJ	$225	$1,209	$533
Vanguard Barclays Short Term Bond	BSV	$413	$936	$384
iShares Barclays MBS Fixed Rate	MBB	$511	$829	$361
Vanguard Morgan Stanley REIT	VNQ	$2,825	$5,785	$1,610
Vanguard MSCI Europe	VGK	$2,565	$865	$284
iShares DJ Real Estate	IYR	$42,490	$74,361	$25,982
iShares Nasdaq Biotech	IBB	$9,292	$5,512	$2,731
iShares MSCI-Taiwan	EWT	$12,362	$4,990	$2,053
ProShares UltraShort DJ Financials	SKF	$54,427	$247,407	$81,625
iShares S&P US Preferred Stock	PFF	$207	$2,751	$745
iShares S&P MdCap 400 Gr	IJK	$1,369	$2,106	$504
iShares S&P Europe 350	IEV	$5,822	$1,329	$695
iShares S&P Latin America 40	ILF	$11,248	$3,888	$1,327
ProShares Ultra QQQ	QLD	$57,709	$53,175	$20,128
iShares S&P MdCap 400 Val	IJJ	$815	$1,324	$486
iShares MSCI-South Korea	EWY	$12,739	$7,079	$3,040
Vanguard MSCI SmallCap	VB	$1,152	$893	$251
Vanguard MSCI MidCap	VO	$1,109	$1,101	$306
iShares S&P National Muni	MUB	$518	$600	$173
ProShares UltraShort DJ Real Estate	SRS	$12,901	$84,656	$29,000
iShares MSCI-Hong Kong	EWH	$11,118	$3,138	$1,329
Direxion Financials Bull 3x	FAS	$0	$62,465	$30,846
PowerShares Water	PHO	$813	$375	$138
iShares S&P Global Nat Res	IGE	$1,296	$775	$295
Vanguard MSCI Pacific	VPL	$694	$877	$291
SPDR Barclays High Yield Bond	JNK	$228	$1,416	$482
SPDR Barclays 1-3 Month Bill	BIL	$330	$2,656	$495
iShares MSCI-Canada	EWC	$3,231	$1,575	$612
iShares Barclays 3-7 Yr Treas	IEI	$485	$713	$316
HOLDRs Retail	RTH	$51,850	$28,401	$11,773
SPDR Materials	XLB	$40,957	$12,170	$3,533
iPath DJ AIG Commodity ETN	DJP	$1,227	$1,401	$354
iShares S&P SmCap 600 Val	IJS	$1,172	$1,140	$244
SPDR Industrial	XLI	$17,293	$14,006	$4,222
iShares MSCI-EAFE Growth	EFG	$777	$624	$161
SPDR Barclays Int'l Treasury	BWX	$663	$485	$147

Buzz up!