GameStop Drama Hammers Retail ETF as Nearly 80% of Assets Exit
- XRT has posted nearly $700 million in outflows this week
- Theories include a desire to obtain underlying GameStop shares
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As the GameStop Corp. saga continues to play out in markets, the drama has now cost what was an $800 million exchange-traded fund nearly 80% of its assets.
Investors have pulled roughly $700 million from the SPDR S&P Retail ETF (ticker XRT) this week, draining total assets to just $164 million. The outflows come after GameStop’s surge swelled its weighting in XRT to 20% -- given that the fund tracks an equal-weighted index, the video game retailer’s weighting should be closer to 1%.