Among the hardest hit funds, the Vanguard Total Stock Market Index Fund Investor Shares and the SPDR S&P 500 ETF Trust (SPY) lost $77.5 billion and $70.5 billion of their net assets, respectively, while the Vanguard 500 Index Fund Admiral Shares lost $69.3 billion. U.S. equity mutual funds experienced an average drop off of 15.3% in net assets values for April through June this year. The risk-off selling pressure has hit U.S. stock markets this year as stubbornly high inflation levels prompted the Fed to hike interest rates in an attempt to cool down rising consumer prices.