This ETF has seen titanic volume amid the sell-off $SPY (via ETFEdgeCNBC)
took hold in U.S. markets. The fund has had above-average volume nearly every day in May.
Jim Ross, the man behind this fund and one of the masterminds of the ETF market, said Monday that some of this might have to do with the reliability of SPY, which was the first ETF listed in the United States. "There are long-term, buy-and-hold shareholders in SPY. They've been in there for a very long time. They trust the liquidity profile. They trust the market resiliency of SPY and the consistency of the spread," Ross said. "It's very important to make sure you're looking at the underlying liquidity profile of your ETF. Because the cost of execution can far outweigh the couple-basis-point saving in expense ratios.
"Include the spread. Include the consistency of the spread in volatile markets when you may want to execute a trade," he advised, adding that SPY's "one-penny spread" rarely budges, even in times of turmoil.
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