Joining me now, Mo Hagbin, managing director at ProShares. Mo, thanks so much for being here at the desk with me. >> Thanks for having me.>> So, let's start by talking about ETF flows because you have some unique insights. Obviously, at ProShares, you get a chance to see where the money's going, where it's coming from. What are you seeing that might be surprising or maybe that goes against the market narrative.>> Sure. Well, I mean, look, headline, we're having an incredible year in terms of asset gathering ...

The Nasdaq-100 Index (NDX) is lower by 3.36% over the past month, and plenty of growth stocks across all market capitalization segments performing significantly worse than that. Some retail investors are worried the once easy money tech trade is evaporating. Rushing to that conclusion could be to investors' detriment because market history confirms pullbacks are healthy and to be sure, ETFs such as the Invesco QQQ Trust (QQQ) and the Invesco NASDAQ 100 ETF (QQQM), which track NDX, have pulled back but they' ...

Making its debut on 11/08/2005, smart beta exchange traded fund State Street SPDR S&P Capital Markets ETF (KCE) provides investors broad exposure to the Financials ETFs category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.Investors who believe in market efficiency should consider market cap indexes, as they replicate market r ...

AI ETF整体表现 - AI ETF长期表现显著超越标普500指数，部分顶级基金在过去五年表现尤为突出 [1] - 此类ETF为投资者提供芯片制造商、能源企业、机器人股票等多领域投资机会 [1] VanEck Semiconductor ETF (SMH) - 该ETF投资于英伟达、台积电、博通等行业领先的半导体公司，以满足AI芯片需求增长 [3] - 前十大持仓今年均跑赢标普500，过去十年年化回报率达30.3%，费用率为0.35% [5] - 基金持仓高度集中，仅持有25只股票，前十大持仓占总资产超75%，前三大持仓占比超三分之一 [5] CoinShares Bitcoin Mining ETF (WGMI) - 基金专注于已转型AI基础设施的加密矿业股，前十大持仓占总资产超80% [6] - IREN和Cipher Mining两家公司合计占基金总资产40%，Bitfarms、TeraWulf和Riot Platforms合计占比约20% [8] - 基金规模较小，净资产低于3亿美元，费用率0.75%，但今年涨幅已超一倍 [8] Roundhill Generative AI & Technology ETF (CHAT) - 此为主动管理型基金，专注于生成式AI，费用率0.75%，过去一年收益超50% [9] - 前十大持仓占总资产43%， Alphabet、英伟达和博通为前三大持仓，合计占比约20% [10] - 除芯片制造商外，基金更侧重Meta Platforms和Palantir等AI软件公司 [11] iShares AI Innovation and Tech Active ETF (BAI) - 基金费用率0.55%，过去一年回报率达31%，超半数资金配置于前十大持仓，重点投资大型科技股 [12] - 博通、英伟达和微软为前三大持仓，超80%资金投资于大盘股，仅1%资产投资于小盘股 [13] ROBO Global Artificial Intelligence ETF (THNQ) - 基金专注于人工智能发展及应用带来的新市场机遇，费用率0.68%，过去一年涨幅约30% [15] - 持有54只股票，前十大持仓包括Lumentum Holdings、Nebius和Lam Research等独特公司 [15] - 投资组合更分散，仅28%资金配置于前十大持仓，三分之一资产投资于中盘股，在AI ETF中属特例 [16]

Wall Street's outlook for 2026 has grown notably constructive, with major firms such as JPMorgan, HSBC, and Deutsche Bank aligning around a common thesis: the market's next leg higher will be driven primarily by sustained gains in productivity, supported by advancements in artificial intelligence and automation. Strategists argue that meaningful efficiency improvements across industries will be essential for delivering the earnings growth required to justify their elevated targets for the S&P 500 Index.Also ...

文章核心观点 - 投资股息收入是一种可产生稳定现金流且无需出售股票的有利策略 [1] - 嘉信美国股息权益ETF（SCHD）作为非AI主题投资，提供了稳健的股息收入和较低波动性 [2][3][4] - 该ETF以500美元初始投资即可获得年化约18.60美元现金流，且股息支付自2011年末以来增长541% [10][11] ETF策略与定位 - ETF追踪道琼斯美国股息100指数，科技股权重仅占8.3%，侧重能源、消费品、医疗保健和工业等板块 [4][7] - 定位为对抗科技股高波动性的防御型工具，在科技股降温时表现可能优于科技股权重较高的基金和指数 [3][4] 投资组合构成 - 前十大持仓包括默克、安进、思科、艾伯维、可口可乐、百事可乐、百时美施贵宝、雪佛龙、洛克希德马丁和康菲石油 [7] - 组合主题为行业领导地位和股息增长，前十持仓公司均连续增加股息至少8年，其中9家连续增加至少14年 [7][8] - 持仓公司具备竞争优势和持续增长能力，能够支持股息长期增长 [9] 现金流与股息表现 - ETF当前股价约27美元，500美元投资可购约18股，过去四个季度每股股息总额为1.03美元 [10] - 初始投资预期年现金流约18.60美元，分布收益率为3.87% [10][11] - 自2011年末以来ETF股息支付额增长541%，显示强劲的股息增长趋势 [11] 长期投资价值 - 现金流可能持续增长，若坚持持有、增持并复投股息，长期复利效应显著 [13] - 该策略需时间积累，并非快速致富方案，但是长期可靠的财富构建计划 [13]

If you don't want to invest in individual growth stocks, these ETFs could be worth a second look.Growth exchange-traded funds (ETFs) broadly focus on companies that are expected to grow their earnings and revenue at an above-average rate compared to the overall market. This can provide long-term investors the potential for significant capital appreciation over the long term, but it's always important to be selective about where you put your money to work.By holding a basket of numerous growth stocks across ...

标普500指数表现 - 过去几年标普500指数的惊人牛市主要由AI科技“七巨头”股票引领，这些股票也是市值最高的股票[2] - 受AI热潮推动，“七巨头”贡献了标普500指数年内超过一半的涨幅，标普500指数回报率约为16%，若剔除“七巨头”股票，该数字将降至7%[3] “七巨头”股票构成 - “七巨头”包括苹果、Alphabet、亚马逊、Meta Platforms、微软、英伟达和特斯拉[2] - 这些公司是美国首批突破万亿美元市值天花板的股票[2] 排除“七巨头”的投资策略 - 一种在不承担“七巨头”下行风险的情况下继续从标普500获益的方式，是投资追踪标普493的ETF[3] - Defiance Large Cap ex-Mag 7 ETF通过排除“七巨头”股票，实现了13.54%的年内回报率[5] - 该ETF的表现比剔除“七巨头”后计算的标普500回报率高出约650个基点[5] Defiance Large Cap ex-Mag 7 ETF (XMAG)详情 - 该ETF追踪493只大盘股，前几大持仓包括博通和礼来，而非苹果或英伟达[5] - 该ETF完美契合了追踪标普493的需求[3] BITA US 500 ex-Magnificent 7指数 - BITA US 500 ex-Magnificent 7指数追踪一个重新平衡的、不含“七巨头”AI市值最大股票的标普500指数，实质上成为标普493的指数[6] - 该指数于2024年10月创建，旨在覆盖多元化的大型股，为投资者提供替代方案，实现更大的多元化，避免AI行业集中度过高[6] - 追踪该指数的ETF可以对冲“七巨头”股票的潜在波动性和风险敞口[6] - BITA US 500 ex-Magnificent 7指数按季度重新平衡[6]

As 2025 winds down, a rocky beginning for municipal bonds is giving way to a smoother ride to the finish. In the latest iteration of its Active Fixed Income Perspectives, Vanguard noted a strong showing by municipal bonds in Q3. Given this, fixed income investors may want to position their portfolios for muni exposure if they haven't already. An oversupply of munis due to heavy issuance to start the year has turned for the better. As the rate-cutting cycle ensues through Q4 and into next year, municipal bon ...

On the surface, the headlines largely speak for themselves. In late October, the total market capitalization of the Magnificent Seven — a group of elite tech juggernauts — jumped past the $22.2 trillion level. Leading the surge was semiconductor giant Nvidia Corp. (NASDAQ:NVDA) , which crossed the $5 trillion valuation mark for the first time ever. In doing so, it eclipsed the entire economy of Japan.At that time, nothing seemed capable of arresting the blistering ascent of NVDA stock. Nvidia CEO Jensen Hua ...