Key Points
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People everywhere have wanted exposure to U.S. capital markets.
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That has been true for a long time, but it might not be true forever.
Every share of the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) you own, and every Treasury bond in your retirement account, exist inside a market that foreign investors have filled with more than $35 trillion in capital. That figure, from the U.S. Treasury’s most recent annual survey published in June 2025, is up from roughly $31 trillion a year earlier.
Critically, that pool’s growing or shrinking tells you…
