S&P 500 ETF outflow increases to $1.2B from $398.7M last week
ETF Fund Flows: SPY Drops $1.21 Billion
Smart Money is leaving the market as fast as they can in the last 7 trading days. Outflows increasing in size at an alarming rate.
Posted 5/8/2012 11:00 AM by Dave Nadig and Olivier Ludwig from IndexUniverse in Investing, ETFs
Investors withdrew $1.21 billion from the SPDR S&P 500 ETF (NYSEArca:SPY), making it No. 1 on IndexUniverse's "Top 10 Redemptions" list. Blue chip stocks fell in response to election results in Europe, where voters rejected pro-austerity candidates.
Net outflows were $2.63 billion and total assets under management fell to $1.162 trillion from $1.185 billion on Friday, May 4.
The Dow Jones industrial average fell 29.74 points, or 0.2 percent, to close at 13,008.53. Blue chips were down as investors grew nervous about the prospects for a change in monetary policy in Greece and in France; however, the broader benchmarks gained. The S&P 500 added 0.48 points, or 0.4 percent, to close at 1,369.58.
The No. 2 fund on the redemptions list was the PowerShares QQQ Trust (NasdaqGM:QQQ), which suffered $935.6 million in outflows. The No. 3 fund on the list was the Energy Select SPDR Fund (NYSEArca:XLE), which had $344.0 million in outflows.
U.S.-listed equity funds had outflows of $2.45 billion.
Read more: http://community.nasdaq.com/News/2012-05/etf-fund-flows-spy-drops-121-billion.aspx?storyid=139816#ixzz1uNYCzKE1