S&P 500 etf has Massive Redemptions by investors $398.7M
Investors pulled $398.7 million from the SPDR S'P 500 ETF (SPY - News), making it No. 1 on IndexUniverse’s “Top 10 Redemptions” list. Stocks were down as concerns grew about eurozone woes and investors grew worried that the U.S. recovery might not be as strong as was anticipated.
Net inflows were $807.9 million; however, due to the market’s drop, total assets under management fell to $1.206 trillion from a little more than $1.207 trillion on Monday, April 30.
The Dow Jones industrial average fell 14.68 points, or 0.1 percent, to close at 13,213.63. Stocks fell as some investors grew concerned about the state of the American economy and the U.S. Commerce Department released a report showing that manufacturing had dipped in the Chicago region during the month of April. The S'P 500 dropped 5.45 points, or 0.4 percent, to close at 1,397.91.
The No. 2 fund on the redemptions list was the PowerShares QQQ Trust (QQQ - News), which suffered outflows of $320.6 million. The No. 3 fund on the list was the iShares Barclays TIPS Bond Fund (TIP - News), which had outflows of $286.7 million.
U.S.-focused equity ETFs had inflows of $196.4 million. U.S.-focused fixed-income funds had inflows of $21.6 million.
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