Concentration

State Street Global Advisors reports SPY fund top holdings as of Aug 28 2026 led by NVIDIA at 7.93%, Apple at 7.07%, Microsoft at 5.74%, Amazon at 3.93%, Alphabet Class A at 3.06%, Broadcom at 2.63%, Alphabet Class C at 2.44%, Meta at 1.91%, Micron at 1.58%, and Tesla at 1.48%. Fund sector breakdown shows Information Technology at 37.63%.

Fund Top Holdings as of Aug 28, 2026: NVIDIA CORP 7.93%; APPLE INC 7.07%; MICROSOFT CORP 5.74%; AMAZON.COM INC 3.93%; ALPHABET INC CL A 3.06%; BROADCOM INC 2.63%; ALPHABET INC CL C 2.44%; META PLATFORMS INC CLASS A 1.91%; MICRON TECHNOLOGY INC 1.58%; TESLA INC 1.48%. Fund Sector Breakdown as of Aug 28, 2026: Information Technology 37.63%.

ICI reports total ETF net issuance of $51.69 billion for the week ended August 19, 2026, including equity ETF net issuance of $36.01 billion ($29.47 billion domestic, $6.54 billion world). The equity component remains issuance-positive, so flow evidence does not confirm a forced-unwind channel.

The estimated value of all exchange-traded fund shares issued exceeded that of shares redeemed by $51.69 billion for the week ended August 19, 2026. Equity ETF net issuance was $36.01 billion, including $29.47 billion domestic and $6.54 billion world.

Investing.com reports BofA's August 2026 Global Fund Manager Survey shows long global semiconductors remains the most crowded trade at 53% of respondents, down sharply from 82% in July, while global equity allocation rose to net 56% overweight, the highest since November 2021, and cash fell to 3.5% of AUM, the sixth-lowest level in the survey's history since 1998. This is a flow-side de-crowding signal within tech positioning, not a mechanical index-weight change.

Long global semiconductors remains the most crowded trade at 53% of respondents, down from 82% a month earlier. Global equity allocation is net 56% overweight, the highest since November 2021. Cash levels stand at 3.5% of assets under management, down from 3.6% in July, the sixth-lowest level in the survey's history since 1998.

ETFGI reports the US ETF industry gathered net inflows of $193.42 billion in July 2026, bringing YTD net inflows to a record US$1.23 Trillion, with equity ETFs attracting $89.09 billion in July and $567.25 billion YTD, more than double the $249.69 billion over the same period in 2025. This confirms continuing broad-based inflow demand rather than a redemption shock.

US$1.23 Trillion in YTD Net Inflows at end of July. The industry gathered net inflows of US$193.42 billion during July. Equity ETFs and ETPs attracted net inflows of $89.09 billion during July, bringing year-to-date inflows to $567.25 billion, more than double the $249.69 billion gathered during the same period in 2025.

State Street Global Advisors reports SPY fund top holdings as of Jul 10 2026 led by NVIDIA at 7.84%, Apple at 7.11%, Microsoft at 4.39%, Amazon at 3.69%, Alphabet Class A at 3.22%, Broadcom at 2.91%, Alphabet Class C at 2.58%, Meta at 2.26%, Tesla at 1.76%, and Micron at 1.70%. The fund sector breakdown shows Information Technology at 37.66%, sustaining the mechanical concentration channel at levels consistent with prior weeks.

Fund Top Holdings as of Jul 10 2026: NVIDIA CORP 7.84%; APPLE INC 7.11%; MICROSOFT CORP 4.39%; AMAZON.COM INC 3.69%; ALPHABET INC CL A 3.22%; BROADCOM INC 2.91%; ALPHABET INC CL C 2.58%; META PLATFORMS INC CLASS A 2.26%; TESLA INC 1.76%; MICRON TECHNOLOGY INC 1.70%. Fund Sector Breakdown as of Jul 10 2026: Information Technology 37.66%.

ICI reports total ETF net issuance of $32.30 billion for week ended July 1, 2026. Equity ETFs had net issuance of $19.70 billion, including $16.27 billion domestic and $3.42 billion world. Flow evidence does not show cross-sectional equity redemption stress approaching the framework threshold.

Equity ETFs had estimated net issuance of $19.70 billion for the week ended July 1, 2026, compared to estimated net issuance of $3.32 billion in the previous week. Total ETF estimated net issuance was $32.30 billion. Domestic equity ETFs had estimated net issuance of $16.27 billion; world equity ETFs had estimated net issuance of $3.42 billion. Commodity ETFs had estimated negative net issuance of $2.65 billion.

Mace News reports BofA Global Research June 2026 Fund Manager Survey with 198 panelists and $540 billion AUM. Long global semiconductors ranks as most crowded trade at 80%, a record high for the survey, while Long Magnificent 7 is second at 12%. Net global equity overweight eased to 38% from 50% in May, indicating continued but moderating bullish positioning with within-tech rotation toward semiconductors rather than broad Mag-7.

Most crowded trades: Long global semiconductors 80% (record high for survey); Long Magnificent 7 12%; Long Oil 4%. Net 38% overweight global equities, down from 50% in May. Survey conducted June 5-11 2026 with 198 panelists managing $540 billion in assets. BofA Global characterized risk reduction as taking summer chips off the table, suggesting normal seasonal adjustment rather than a major market top.

ETFGI reports US ETF industry assets at $15.69 trillion at end-May and $837.35 billion of year-to-date net inflows. Equity ETFs attracted $78.62 billion in May, indicating continuing inflows rather than an observed redemption shock.

Assets invested in the ETFs industry in the US reached a new record of $15.69 trillion at the end of May, surpassing the previous high of $14.87 trillion in April 2026. The industry gathered $189.01 billion of net inflows in May. Year-to-date net inflows of $837.35 billion mark a new record, exceeding $443.32 billion in 2025 and $399.10 billion in 2021. Equity ETFs attracted $78.62 billion over the month, bringing year-to-date net inflows to $378.22 billion, significantly higher than the $148.51 billion recorded at this point in 2025.

State Street SSGA's SPY page shows fund information as of Jun 11 2026 and fund top holdings and sector allocation as of Jun 10 2026. NVIDIA and Apple remain the two largest positions, while information technology remains the largest sector allocation.

Fund Information as of Jun 11 2026; Fund Top Holdings as of Jun 10 2026: NVIDIA CORP 298,111,478 7.80%, APPLE INC 180,107,117 6.86%, MICROSOFT CORP 91,095,830 4.73%, AMAZON.COM INC 119,839,750 3.72%, ALPHABET INC CL A 71,937,157 3.35%, BROADCOM INC 58,163,999 2.83%, ALPHABET INC CL C 57,984,827 2.67%, META PLATFORMS INC CLASS A 26,830,410 2.00%, TESLA INC 34,500,030 1.72%, MICRON TECHNOLOGY INC 13,806,610 1.61%; Fund Sector Breakdown as of Jun 10 2026: Information Technology 36.99%.

State Street's SPY holdings page shows elevated index concentration as of Jun 11 2026, led by NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta, Tesla, and Micron. The same page reports Information Technology at 37.42% of fund and index sector weight.

Fund Top Holdings as of Jun 11 2026: NVIDIA CORP 298,026,770 7.84%; APPLE INC 180,055,937 6.83%; MICROSOFT CORP 91,069,946 4.56%; AMAZON.COM INC 119,805,694 3.71%; ALPHABET INC CL A 71,916,715 3.30%; BROADCOM INC 58,147,469 2.88%; ALPHABET INC CL C 57,968,351 2.65%; META PLATFORMS INC CLASS A 26,822,784 1.96%; TESLA INC 34,490,226 1.77%; MICRON TECHNOLOGY INC 13,802,686 1.76%. Fund Sector Breakdown as of Jun 11 2026: Information Technology 37.42%.