Markets & the Economy: Triple Threat
This content does not reflect any recommendations of Baird.
Markets were reminded not to dismiss three factors that have already contributed to volatility and uncertainty in recent months- global tariff policies, fiscal deficits and debt, and the traditional drivers of the US dollar. Yet S&P closed out its best May since 2023.
Add it to the ETF Line Up
New Launches: (week ending 5/30) a few highlights…
- LOGO~ Alpha Brands Consumption Leaders ETF
- CVNX~ Defiance Daily Target 2x Long CVNA ETF
- RSSX~ Return Stacked US Stocks & Gold/Bitcoin ETF
New Filings: Vanguard, Bitwise, SSGA, VistaShares
Vanguard files for EM Ex China ETF, for fee of 7bps~ 1st equity filing in years
- Going after EMXC huge BlackRock hit which is 25bps with $13b in Aum
- Both inspired by FRDM
Bitwise expands into covered call ETFs filed 3 income strategies based on crypto ETFs
State Street files for 2nd Private debt ETF as PRIV stalls
VistaShares files 7 new active ETFs based on 13f filings of other successful investors ie Scion (Burry) & Pershing (Ackman)
ETF Check Up: Flow Show, IBIT
ETF Buzz…
- iShares Bitcoin ETF $10B in new $$$
- $11.7b inflows this year, top 5 out of 4200+ ETFs; nearly $6.5b in May
- IBIT also over $70b in total assets; top 25 out of all ETFs (crazy numbers in 16 months since launch)
IBIT’s low(er) volatility rally is luring in ‘bigger fish’
- The 90-day rolling vol of IBIT is declining and has never been lower (chart)
- This along with the rally itself is helping attract larger investors~ who want digital gold, not a tech stock
