State Street’s SPDR S&P 500 ETF Trust (SPY) made history by becoming the first ETF to reach half a trillion dollars in assets under management on Thursday. The fund, which tracks the S&P 500 index and provides exposure to some of the largest U.S. companies, hit $502 billion in AUM before markets closed. Despite reaching this milestone, SPY has experienced outflows of $27 billion this year. The U.S. stock market’s ongoing rally, fueled by positive earnings from tech giants like Nvidia and Amazon, has contributed to the growth of ETF assets. The S&P 500 index surpassed 5,000 points on Feb. 9, reflecting the market’s strong performance. However, some experts warn about overexposure to tech stocks and the potential risks of a concentrated market. While SPY continues to perform well, investors should be cautious and consider diversifying their portfolios.