Shares of the SPDR S&P 500 ETF (SPY) - Get SPDR S&P 500 ETF Trust Report , the biggest exchange traded fund tied to the S&P 500 Index, fell half of a percent within five minutes of initial reports that North Korea launched a missile toward northern Japan.

More than 8 million shares of the ETF traded between 4 p.m. and 9:30 p.m. ET on Monday, Aug. 28, with about 1.4 million shares trading hands since 5 p.m. ET, according to Bloomberg data.

The fund traded down 0.67% in premarket trading on Tuesday, Aug. 29. The ETF has largely traded in line with the benchmark S&P 500, gaining 9.4% year to date vs. the index's 9.2% gain.

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