Breaking news: The S&P 500 ETF ($SPY) and Nasdaq 100 ETF ($QQQ) have seen a combined outflow of -$64 billion over the past three months, a record high. This represents a dramatic reversal compared to the +$50 billion inflow over the same period in November. Even during the 2020 pandemic and the sell-off in March-April 2025, such a large-scale outflow was unprecedented. As a percentage of assets under management (AUM), the outflow rate reached -5% over the three months, the highest since the first quarter of 2023. In comparison, the largest outflow in the past decade occurred in April 2018, at -8%. Investors are withdrawing and observing from the sidelines.
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The Kobeissi Letter
@KobeissiLetter
03-20
BREAKING: The S&P 500 ETF, $SPY, and the Nasdaq 100 ETF, $QQQ, have seen combined outflows of -$64 billion over the last 3 months, the most on record.
This marks a sharp reversal from +$50 billion in 3-month inflows posted in November.
This is also almost DOUBLE the previous
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