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
|1||SPY||SPDR S&P; 500||$23,485,847,552|
|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|
|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|