The ETF Billion Dollar Club shrank this month. This exclusive club, consisting of ETFs and ETNs with more than $1 billion of Average Daily Value Traded (ADVT), now has only 15 members based on the most recent month’s trading, down from 19 for the prior month.
The four members on last month’s list that didn’t make the cut were SPDR Select Sector Energy (XLE), iShares FTSE/Xinhua China 25 (FXI), HOLDRS Oil Services (OIH), and ProShares UltraShort QQQ (QID). There were no new members this month.
ETF trading declined more than 20% in April from the prior month, as only $1.59 trillion worth of ETFs and ETNs changed hands - down from more than $2 trillion in March. April ETF trading averaged $75.9 billion per day.
The 15 members of this club, just 1.8% of the ETF population, accounted for 71.4% of the ETF trading in April. With so few funds grabbing the lion’s share of the 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 ETF Billion Dollar Club, those with an ADVT in excess of $1 billion during the latest month (April, 2009).
ETF Billion Dollar Club - May 2009
|1||SPY||SPDR S&P 500||$24,327,356,416|
|3||SDS||ProShares UltraShort S&P500||$3,248,072,960|
|4||IWM||iShares Russell 2000||$2,851,707,648|
|5||SKF||ProShares UltraShort Financials||$2,795,528,704|
|6||FAS||Direxion Daily Financial Bull 3x Shares||$2,366,671,360|
|7||XLF||SPDR Select Sector Financial||$2,157,093,888|
|8||FAZ||Direxion Daily Financial Bear 3x Shares||$2,015,272,960|
|9||EEM||iShares MSCI Emerging Markets||$1,846,892,288|
|10||IYR||iShares DJ US Real Estate||$1,623,458,944|
|12||SSO||ProShares Ultra S&P500||$1,445,904,896|
|13||EFA||iShares MSCI EAFE||$1,188,373,888|
|14||GLD||SPDR Gold Trust||$1,117,319,936|
|15||SRS||ProShares UltraShort Real Estate||$1,042,578,688|
Disclosure: long some of the securities on this list