People Finally Stop Throwing Money at S&P 500 Tracking ETF
- State Street’s SPY posts biggest outflow since October 2018
- Economists at Deutsche Bank project severe global recession
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It took a global pandemic and stocks falling 29% from their record, but traders are quitting the world’s largest exchange-traded fund. For a day, anyway.
The $233 billion SPDR S&P 500 ETF Trust saw investors withdraw more than $6.5 billion in the latest session -- the most since October 2018, according to data compiled by Bloomberg. That’s after six straight days of inflows totaling about $16.8 billion, during the worst rout on Wall Street since 1987. A chunk of that money may have been shorts borrowing shares to sell them.