Technology, the largest sector weight in the 澳洲幸运5官方开奖结果体彩网:S&P 500, has been a favored destination for 澳洲幸运5官方开奖结果体彩网:investors this year, but that trend is showing signs of abating as the FAANG stocks tumble. The five stocks comprising the beloved FAANG group are Facebook, Inc. (FB), Amazon.com, Inc. (AMZN), Apple Inc. (AAPL), Netflix, Inc. (NFLX) and Google parent Alphabet Inc. (GOOG). Apple, Amazon, Facebook and the two 澳洲幸运5官方开奖结果体彩网:share classes of Alphabet, in that order, are five of the 10 largest sto🍌cks in the S&P 500.

Amazon and Netflix are 澳洲幸运5官方开奖结果体彩网:consumer discretionary stocks, so they are not found on the rosters of dedicated technology 澳洲幸运5官方开奖结果体彩网:exchange-traded funds (ETFs) such as the Technology Select Sector SPDR (XLK) and the iShares U.S. Technology ETF (IYW), but those funds are heavily allocated to Apple, Facebook and Alphabet. This means that those ETFs are vulnerable to price retrenchment in those stocks and outflows when those stocks fall. (See also: 澳洲幸运5官方开奖结果体彩网:4 ETFs With FANG Stocks.)

Last Friday, XLK "suffered its worst week of outflows in 18 months, shedding more than $737 million. Friday's withdrawals of $560.5 million were the most among U.S.-listed equity products, and the third highest for the ETF since the start of 2015," . XLK, the largest technology ETF by assets, 澳洲幸运5官方开奖结果体彩网:allocates nearly one-third of its combined weight to Apple, Facebook and Alphabet. With last week's depa𒉰rtures, XLK's second quarter outflows reached nearly $694 million as🅘 of June 9. Only eight ETFs have seen bigger departures since the start of the current quarter.

Not all marquee ETFs with significant FAANG exposure were punished with outflows last week. The Invesco QQQ (QQQ) saw its price decline nearly 3 percent over the past week, but for the week that ended June 9, investors added $805 million to the ETF. Only seven ETFs saw larger inflows during that period. QQQ, which tracks the widely followed 澳洲幸运5官方开奖结果体彩网:Nasdaq 100 Index, allocates over 34 percent of its weight to the FAANG stocks. QQQ is not a 澳洲幸运5官方开奖结果体彩网:sector ETF, but technology and consumer discretionary, the home sectors for the FAANG stocks, combine for over 80 percent of the fund's weight. In notional terms, last Friday was the second highest volume day for QQQ since 2009. In sheer volume, it was the biggest day of turnover in QQQ since 2015, according to . (See also: 澳洲幸运5官方开奖结果体彩网:Big Price Tags Send Investors to QQQ.)

Perhaps surprisingly, the First Trust Dow Jones Internet Fund (FDN), the largest internet ETF, added $24.1 million in new assets last week. However, FDN's ability to continue adding assets in the face of FAANG declines is a point to ponder. While FDN features no exposure to Apple, the FANG quartet combines for over one-third of the ETF's weight. 澳洲幸运5官方开奖结果体彩网:Valuation concerns are believed to be part of the reason investors are worried about FAANG stocks. FDN sports a 澳洲幸运5官方开奖结果体彩网:price-to-earnings ratio (P/E) of over 26 compared w🍷ith around 🐓19 for the S&P 500.