ETF Hemorrhages Assets as Gazprom-Led Slide Fuels Exodus
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Investors have pulled more than $350 million out of the largest Russian exchange-traded fund in the U.S. since February, cutting assets to the lowest level since 2009 as OAO Gazprom drives declines among stocks.
Outflows from the Market Vectors Russia ETF totaled $94 million this month through April 24, after reaching $260 million in March, the biggest monthly loss since May 2011, data compiled by Bloomberg show. The fund’s total assets fell to $1.27 billion at the end of last month, the least since November 2009, the data show.