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Page 2 of 3
Outflows were light in May, with no fund experiencing more
than $1 billion in outflows. The U.S. Oil Fund (NYSE Arca: USO) led all names,
with $767 million in net outflows, following by the Dow Diamonds (NYSE Arca:
DIA) at $639 million and the ProShares UltraShort S&P 500 (NYSE Arca: SSO)
at $481 million.
|
Top
Ten ETF Outflows: May 2009
|
|
Fund
|
Ticker
|
May Outflows
|
YTD Flows
|
Net Assets
|
|
US
Oil Fund
|
USO
|
($767)
|
$409
|
$2,791
|
|
DIAMONDS
DJIA
|
DIA
|
($639)
|
($2,184)
|
$7,094
|
|
ProShares
Ultra S&P 500
|
SSO
|
($481)
|
($1,004)
|
$2,406
|
|
PowerShares
QQQ
|
QQQQ
|
($435)
|
($1,368)
|
$13,357
|
|
SPDR
Energy
|
XLE
|
($408)
|
($535)
|
$4,399
|
|
iShares
DJ Real Estate
|
IYR
|
($346)
|
$53
|
$1,406
|
|
iShares
Barclays 1-3 Yr Treasury
|
SHY
|
($319)
|
($582)
|
$7,059
|
|
iShares
Russell Midcap
|
IWR
|
($310)
|
($518)
|
$3,612
|
|
iShares
MSCI EAFE
|
EFA
|
($295)
|
($3,730)
|
$30,201
|
|
SPDR
Financial
|
XLF
|
($281)
|
($2,031)
|
$5,285
|
|
Source: NSX. Data through May 31, 2009. All figures in $US millions.
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All told, 686 of the 829 ETFs had flat or positive flows in May.
Top Ten ETF Fund
Flows: YTD Through May 2009
On a year-to-date basis, the SPDR Equity Gold ETF leads all
funds, with $11.8 billion in net inflows, followed by the Direxion Financial
Bear 3x (NYSE Arca: FAZ) at $4.6 billion, the iShares iBoxx Corporate Bond ETF
(NYSE Arca: LQD) at $4.5 billion and the iShares Barclays TIPS ETF at $4.0
billion.
It's worth noting that three of the top 10 ETFs for YTD fund
flows are either leveraged or inverse financials ETFs, indicating the huge and
diverse interest in the financials sector.
Are investors making smart bets? Maybe not. Note that FAZ
pulled in $4.6 billion in inflows YTD, but closed May with just $1.6 billion in
assets. I guess that is what happens when a fund loses 87% of its value in five
months.
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Top
Ten ETF Inflows: YTD 2009
|
|
Fund
|
Ticker
|
YTD Inflows
|
May Flows
|
Net Assets
|
|
SPDR
Equity Gold
|
GLD
|
$11,823
|
$451
|
$35,076
|
|
Direxion
Financial Bear 3x
|
FAZ
|
$4,649
|
$1,018
|
$1,618
|
|
iShares
iBoxx Corporate Bond
|
LQD
|
$4,527
|
$504
|
$11,521
|
|
iShares
Barclays TIPS
|
TIP
|
$4,017
|
$905
|
$13,206
|
|
iShares
MSCI Emerging Markets
|
EEM
|
$3,976
|
$1,067
|
$30,793
|
|
iShares
MSCI Brazil
|
EWZ
|
$2,760
|
$1,529
|
$9,043
|
|
ProShares
UltraShort S&P 500
|
SDS
|
$2,451
|
$715
|
$3,860
|
|
US
Natural Gas
|
UNG
|
$1,730
|
$812
|
$2,160
|
|
Direxion
Financials Bull 3x
|
FAS
|
$1,650
|
$367
|
$1,645
|
|
ProShares
UltraShort DJ Financials
|
SKF
|
$1,619
|
$121
|
$1,198
|
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Source: NSX. Data through May 31, 2009. All figures in $US millions.
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On the reverse side, the top ten ETFs for YTD outflows are
dominated by many of the largest ETFs in the world. The leader by far is the
SPDR S&P 500 ETF (NYSE Arca: SPY), which remains the largest ETF in the
world despite witnessing $29.9 billion in net outflows so far this year.
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Top
Ten ETF Outflows: YTD 2009
|
|
Fund
|
Ticker
|
YTD Inflows
|
May Flows
|
Net Assets
|
|
SPDR
Index 500
|
SPY
|
($29,925)
|
($146)
|
$63,138
|
|
iShares
MSCI EAFE
|
EFA
|
($3,730)
|
($295)
|
$30,201
|
|
DIAMONDS
DJIA
|
DIA
|
($2,184)
|
($639)
|
$7,094
|
|
SPDR
Financial
|
XLF
|
($2,031)
|
($281)
|
$5,285
|
|
iShares
Russell 1000 Growth
|
IWF
|
($2,019)
|
($155)
|
$9,438
|
|
iShares
Russell 1000 Value
|
IWD
|
($1,773)
|
($37)
|
$7,120
|
|
iShares
Russell 2000
|
IWM
|
($1,773)
|
$480
|
$9,146
|
|
iShares
Russell 1000
|
IWB
|
($1,376)
|
($10)
|
$4,417
|
|
PowerShares
QQQ
|
QQQQ
|
($1,368)
|
($435)
|
$13,357
|
|
ProShares
Ultra S&P 500
|
SSO
|
($1,004)
|
($481)
|
$2,406
|
|
Source: NSX. Data through May 31, 2009. All figures in $US millions.
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All told, 583 of the 829 ETFs have had positive or flat YTD
fund flows.
Company Fund Flows:
May 2009
On a companywide basis, iShares led all ETF and ETN
providers with $8.4 billion in net inflows in May. Next up was Vanguard at $4.4
billion, followed by Direxion at $1.5 billion and ProShares at $1.3 billion.
On the flip side, four providers saw net outflows in May,
though none were traditional ETF providers. Merrill Lynch HOLDRS had the
largest outflows, at $284 million, followed by the Deutsche Bank, Goldman Sachs
and Morgan Stanley ETF outfits.
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ETF/ETN
Company Inflows: May 2009
|
|
Company
|
May Flows
|
YTD Flows
|
Net Assets
|
|
iShares
|
$8,420
|
$12,866
|
$289,930
|
|
Vanguard
|
$4,380
|
$9,782
|
$58,445
|
|
Direxion
|
$1,484
|
$7,579
|
$4,775
|
|
ProShares
|
$1,348
|
$10,708
|
$26,246
|
|
Invesco/PowerShares
|
$687
|
$2,590
|
$31,055
|
|
Van Eck
|
$396
|
$1,988
|
$8,462
|
|
Rydex
|
$269
|
$223
|
$4,616
|
|
Claymore
|
$133
|
$186
|
$1,348
|
|
Barclays ETNs
|
$120
|
$267
|
$3,270
|
|
SSgA
|
$119
|
($19,125)
|
$141,710
|
|
Wisdom Tree
|
$81
|
$147
|
$3,590
|
|
Swedish Export Credit ETNs
|
$53
|
$211
|
$522
|
|
First Trust
|
$43
|
$91
|
$900
|
|
Ameristock/Victoria Bay
|
$42
|
$2,332
|
$5,239
|
|
GreenHaven
|
$24
|
$92
|
$120
|
|
RevenueShares
|
$19
|
$32
|
$109
|
|
Emerging Global
|
$9
|
$9
|
$9
|
|
HSBC ETNs
|
$4
|
$31
|
$59
|
|
Grail
|
$3
|
$3
|
$3
|
|
Bank of NY
|
$0
|
($352)
|
$6,419
|
|
X-Shares
|
$0
|
$9
|
$141
|
|
Fidelity
|
$0
|
$0
|
$91
|
|
MacroShares
|
$0
|
$64
|
$20
|
|
ALPS
|
$0
|
$0
|
$5
|
|
GlobalX
|
$0
|
$1
|
$2
|
|
JP Morgan ETNs
|
$0
|
$84
|
$158
|
|
UBS ETNs
|
$0
|
$35
|
$91
|
|
Credit Suisse ETNs
|
$0
|
($4)
|
$2
|
|
Morgan Stanley ETNs
|
($7)
|
($23)
|
$52
|
|
Goldman Sachs ETNs
|
($56)
|
($56)
|
$64
|
|
Deutsche Bank ETNs
|
($151)
|
$125
|
$1,583
|
|
Merrill (HOLDRS)
|
($284)
|
($114)
|
$5,245
|
|
Source: NSX. Data through May 31, 2009. All figures in $US millions.
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