The number of members in the ETF Billion Dollar Club held steady this month at 15, but there are changes in the roster. SPDR Select Sector Energy (XLE) is back in the club after a one-month absence, and iShares MSCI Brazil (EWZ) makes its first appearance of the year. The two funds losing their membership status since last month are iShares MSCI EAFE (EFA) and ProShares UltraShort Real Estate (SRS).

ETF trading declined about 5% in May as $1.51 trillion worth of ETFs and ETNs changed hands – down from more than $1.59 trillion in April. For the month, ETF trading averaged $75.3 billion per day.

The 15 members of the club, just 1.8% of the ETF population, accounted for 69.3% of the ETF trading in May. With only 15 funds accounting for nearly 70% of the ETF action, there are valid concerns about the other end of the spectrum – the funds on ETF Deathwatch. These include many products with severe liquidity issues such as days with zero volume and/or outrageous bid/ask spreads.

The table below lists the 15 current members of the exclusive ETF Billion Dollar Club, those with an Average Daily Value Traded (ADVT) in excess of $1 billion during the latest month (May, 2009).

ETF Billion Dollar Club – June 2009

Rank Ticker Name ADVT
1 SPY SPDR S&P; 500 $23,485,847,552
2 QQQQ PowerShares QQQ $4,678,821,376
3 IWM iShares Russell 2000 $2,842,682,368
4 SDS ProShares UltraShort S&P500; $2,643,696,128
5 FAS Direxion Daily Financial Bull 3x Shares $2,431,601,408
6 XLF SPDR Select Sector Financial $2,305,010,432
7 SKF ProShares UltraShort Financials $2,195,724,800
8 EEM iShares MSCI Emerging Markets $2,135,075,584
9 FAZ Direxion Daily Financial Bear 3x Shares $1,821,991,680
10 IYR iShares DJ US Real Estate $1,373,750,912
11 DIA Dow Diamonds $1,346,251,392
12 SSO ProShares Ultra S&P500; $1,338,140,928
13 GLD SPDR Gold Trust $1,241,600,384
14 EWZ iShares MSCI Brazil $1,179,708,416
15 XLE SPDR Select Sector Energy $1,118,260,096