Major Technology ETF Sees Biggest Outflows Since 2007
This article is for subscribers only.
The rout in U.S. technology shares over the past two days spurred the biggest outflows from the industry’s benchmark exchange-traded fund since the depths of the financial crisis. Before Tuesday’s bounce back in tech stocks, investors yanked $1.84 billion from the PowerShares QQQ Trust Series 1 on Monday, the most since November 2007 and the biggest one-day withdrawal among U.S.-listed ETFs. Option traders also rushed to hedge against losses with 1.42 million put contracts changing hands -- the busiest session since September 2008.