Passive equity funds are taking over the market: The three largest S&P 500 ETFs now have a record $2.6 trillion in assets under management (AUM). This represents 17.4% of AUM in all US ETFs and 11.9% of AUM in global ETFs. The S&P 500 ETF, VOO, alone now has AUM of over $1 trillion, the first ETF in history to surpass such a milestone. This is followed by S&P 500 ETFs, IVV, and, SPY, whose AUM surged to a record ~$860 billion and ~$780 billion, respectively. Combined assets across these three funds have TRIPLED since the 2022 bear market. The ETF market has never been bigger.(The Kobeissi Letter)