Please find our latest ETF report here: http://www.scribd.com/doc/146146105/Lighthouse-ETF-Report-2013-May

As a new feature, the report also looks at mutual fund flows.

Summary:

• Risk appetite has begun to cool off
• International equity ETF’s are seeing significantly less inflows than domestic equity ETF’s in absolute dollar terms (but similar inflows relative to their asset base)
• Emerging market equity ETF’s experienced significant outflows
• Inflows into high-yield bond ETF’s have cooled off considerably, with the leading junk-bonds ETF (JNK) losing 16% of its assets over the past four months
• Interest in precious metal-related ETF’s remains low; GLD saw the largest outflow of all ETF’s we cover for the second month in a row and has lost 35% of today’s assets over the past five months
• A prudent or contrarian investor would use the opportunity to shift positions into more defensive ETF’s