Markets & the Economy: Cautious Optimism or Irrational Exuberance?
This content does not reflect any recommendations of Baird.
The bull market believers have everything they think they want. An easy path to an easier Fed, gain without much pain and another AI spending wave to ride.
Next stop euphoria or time for a rethink?
Add it to the ETF Line Up
New Launches: (week ending 9/19) a few highlights…
- DOJE~ Rex-Osprey DOGE ETF; 1st US Meme coin- no slouch on day one traded $17m which would be Top 5 for the year out of 710 launches (most ETFs trade under $1m on day one)
- XRPR~ Rex-Osprey XRP ETF; traded $37.7m on Day One, which edges out IVES for the biggest one day natural $ volume of any 2025 launch
New Filings: Crypto
Defiance with a new filing for a Bitcoin Basis Market Neutral ETF; buying IBIT and shorting bitcoin futures to capture the premium—also doing one for Ether
- NBIT~ Defiance Bitcoin Basis Market Neutral ETF
- DETH~ Defiance Ethereum Basis Market Neutral ETF
Filings in the Crypto space over the last week…
ETF Check Up: Active ETFs
Active ETFs account for 40% of all ETF inflows in 2025, with total active ETF assets surpassing $1T
- Crypto ETFs dominate headlines~ this category has drawn over $32B in inflows in 2025 alone
- Diversification beyond the Core~ Nontraditional assets (including set allocation strategies, commodities and crypto) have captured 12% of total ETF flows