World's Biggest S&P 500 ETF Bleeds Outflows: Why Isn't The Market Crashing?
World's Biggest S&P 500 ETF Bleeds Outflows: Why Isn't The Market Crashing?
The world's largest exchange-traded fund by assets under management is experiencing significant capital outflows, yet this trend is not minimally disrupting the U.S. stock market's performance.
按資產管理規模計算，世界上最大的交易所交易基金正在經歷資本大規模流出，但這一趨勢並未對美國股市的表現造成任何影響。
The SPDR S&P 500 ETF Trust (NYSE:SPY), with over $526 billion in AUM, is undergoing a substantial outflow that could dethrone it as the leading S&P 500 ETF.
SPDR和標普500指數ETF信託（NYSE：SPY）在管理超過5260億美元的資產的同時，正在經歷一次巨大的流出，這可能會使其失去領先的標普500指數ETF的地位。
Year-to-date, outflows have exceeded $40 billion, while in June 2024 only, the SPY ETF experienced $26.6 billion in outflows.
截至目前，今年以來SPY資金流出已超過400億美元，而僅在2024年6月，SPY ETF資金流出就達到了266億美元。
With seven trading days remaining, this could be its second-worst month for outflows, surpassed only by January 2015.
僅剩七個交易日，這可能是它資金流出的第二嚴重月份，僅次於2015年1月。
Sumir Roy, senior ETF analyst at etfdb.com, remarked, "On the surface, such massive outflows for SPY are strange to see in a year in which the S&P 500 is hitting record highs. But SPY isn't like most other S&P 500 ETFs."
etfdb.com的高級ETF分析師Sumir Roy指出：“表面上看，SPY的大規模資金流出在標普500創下紀錄高位的一年看起來很奇怪。但SPY並不像大多數其他標普500 ETF那樣。”
As the expert noted, a diverse range of market participants uses the SPY fund to express their views, from short-term traders to long-term investors. It also boasts the most extensive options market of any ETF.
正如專家所指出的那樣，各種不同的市場參與者都使用SPY基金來表達他們的觀點，從短期交易者到長期投資者。它也擁有任何ETF中最廣泛的期權市場。
In contrast, other popular S&P 500 ETFs like the Vanguard 500 Index Fund ETF (NYSE:VOO) and the iShares Core S&P 500 ETF (NYSE:IVV) tend to attract a narrower group of predominantly long-term investors, Roy added.
相反，etfdb.com的Sumir Roy補充說，其他受歡迎的標普500 ETF，如先鋒500指數基金ETF（NYSE：VOO）和iShares Core標普500 ETF（NYSE：IVV），往往吸引狹窄的主要是長期投資者的群體。
Comparing Costs And Fund Flows
成本和資金流向比較
An in-depth analysis of these three major ETFs tracking the S&P 500 reveals that the SPY ETF has the highest costs. The SPY's expense ratio, which represents the annual fee investors pay to the fund's managers, is 0.09%, three times higher than the Vanguard 500 Index Fund and the iShares Core S&P 500 ETF.
對這三個主要跟蹤標普500的ETF進行深入分析發現，SPY ETF的成本最高。SPY的費用率，代表投資者支付給基金經理的年度費用，爲0.09%，比先鋒500指數基金和iShares Core標普500 ETF高三倍。
| ETF | Expense Ratio |
|---|---|
| SPDR S&P 500 ETF Trust | 0.09% |
| Vanguard 500 Index Fund ETF | 0.03% |
| iShares Core S&P 500 ETF | 0.03% |
| 交易所交易基金 | 費用率 |
|---|---|
| SPDR標普500etf信託 | 0.09% |
| 先鋒500指數基金ETF | 0.03% |
| iShares Core標普500 ETF | 0.03% |
The Vanguard 500 Index Fund ETF is currently on an 18-month streak of positive monthly inflows, drawing $45 billion year-to-date. The iShares Core S&P 500 ETF recorded $20.8 billion in inflows year-to-date.
先鋒500指數基金ETF目前連續18個月錄得正收益淨流入，年初至今已吸引了450億美元的資金流入。而iShares Core標普500 ETF在今年以來的淨流入達到208億美元。
| ETF | Year-to-Date Fund Flows |
|---|---|
| SPDR S&P 500 ETF Trust | -$41.5 billion |
| Vanguard 500 Index Fund ETF | $45.4 billion |
| iShares Core S&P 500 ETF | $20.8 billion |
| 交易所交易基金 | 年初至今基金流向 |
|---|---|
| SPDR標普500etf信託 | -415億美元 |
| 先鋒500指數基金ETF | 454億美元 |
| iShares Core標普500 ETF | 208億美元 |
This indicates investors are likely fleeing the SPY due to its higher costs, transferring their funds to lower-cost ETFs tracking the same index.
這表明投資者可能因爲其較高的成本而逃離SPY，將資金轉移到跟蹤相同指數的低成本ETF。
This migration explains why the broader U.S. stock market remains unaffected by the heavy outflows from the world's largest ETF.
這種遷移解釋了爲什麼更廣泛的美國股市對來自世界最大ETF的大量資金流出保持不受影響。
The inflows into the Vanguard and iShares ETFs have more than compensated for SPY's outflows, maintaining market stability.
對Vanguard和iShares ETF的流入已經多次彌補了SPY的流出，保持市場穩定。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。