Alan Brochstein, CFA has been contributing articles to Seeking Alpha since 2007. He has worked on the sell- side and the buy-side in fixed-income and on the buy-side in equities. Alan got his start as a financial professional in the securities industry in 1986 after earning a B.A. in Economics and in Mathematical Methods in the Social Sciences from Northwestern University. He was managing investments in institutional environments until he founded AB Analytical Services in 2007 to provide independent consult ...

While the hold was expected, the Fed's formal statement and a notable breakdown in voting captured the market's attention. The Fed characterized inflation as "elevated,†specifically noting the effect of recent spikes in global energy costs. Perhaps the most striking aspect of the meeting was the exceptional level of disagreement among members, the highest since 1992. The dissent included one member voting for a 25 basis point cut and three members supporting the rate range but opposing the inclusion of an e ...

Inside American Century's $128B ETF Surge | ETF Trends Key Takeaways Since that debut, the firm has rolled steadily forward with an eye firmly focused on innovation. Today, it offers nearly 50 ETFs — a mix of actively and passively managed — with $128 billion in assets under management. This year alone, ACI's ETFs have pulled in more than $16 billion in assets, almost all of it flowing into its active suites. But the road to becoming one of the 20 largest ETF issuers in the U.S. has been anything but boring ...

What happened According to a recent SEC filing, Uptick Partners, LLC bought 72,967 additional shares of Strive 500 ETF (NYSE:STRV) during the first quarter of 2026. The estimated transaction value was $3.2 million, calculated using the quarter’s average closing price. As a result, the fund's quarter-end position in STRV stood at 485,633 shares valued at approximately $20.4 million. What else to know This buy brings the STRV position to 4.1% of Uptick Partners' reportable AUM as of March 31, 2026.6. ...

文章核心观点 - 富达基金通过计算机辅助选股策略构建了三只增强型ETF 旨在挑战先锋领航的被动指数基金 但其主动管理策略仅在小型股领域被证明能有效克服更高的费率劣势并创造显著超额收益 而在大型成长股和国际发达市场股票领域 其表现未能超越先锋领航的低成本被动替代品[1][2][4][5][15] 产品对比与绩效分析 大型成长股ETF对比 - 富达增强型大盘成长股ETF与先锋成长ETF持仓高度相似 前五大重仓股均为英伟达、苹果、微软、博通和亚马逊[8] - 过去一年回报率基本持平 先锋基金为33.59% 富达基金为33.13% 差距不足0.5个百分点[6][9] - 年初至今 先锋基金以3.25%的回报率领先富达基金的1.91%[6] - 富达基金费率为0.18% 先锋基金费率为0.03% 15个基点的费率差在持仓相似的情况下未能产生有意义的主动阿尔法[6][9] 国际发达市场ETF对比 - 富达增强型国际ETF采用集中化主动策略 仅持有406只股票 而先锋富时发达市场ETF持有3,906只股票[10] - 过去一年 先锋基金回报率为34.09% 领先富达基金的31.06% 优势约3个百分点[6][11][12] - 年初至今 先锋基金回报率为10.19% 领先富达基金的7.87%[6][11] - 富达基金费率为0.28% 先锋基金费率为0.03% 在当前时期 这是三个对比中主动管理理由最弱的一环[11] 小型股ETF对比 - 富达增强型小型股ETF过去一年回报率达54.01% 大幅超越先锋小型股ETF的33.60% 超额收益超过20个百分点[1][7][13] - 年初至今 富达基金回报率为16.32% 领先先锋基金的10.83% 优势为5.49个百分点[7][14] - 该基金追踪罗素2000指数 但通过计算机辅助筛选 向基本面更优的公司倾斜 在效率较低的小型股市场中 主动筛选创造了显著价值[14] - 富达基金费率为0.28% 先锋基金费率为0.03% 投资者为25个基点的额外费用 获得了超过20个百分点的额外年回报[14] 主动管理价值评估 - 在大型成长股和国际发达市场领域 富达的增强型基金目前未能产生足够的阿尔法来证明其相对于先锋近乎免费的被动替代品的费率溢价是合理的[15] - 在小型股领域 富达增强型小型股ETF在效率较低的市场中通过主动选股产生的回报 远远超过了费率差异 这是富达增强型策略最具说服力的案例[15][16]

On May 1, 2026, MY Wealth Management Inc. disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it fully exited its stake in Pacer Funds Trust - Pacer Trendpilot 100 ETF (NASDAQ:PTNQ) during the first quarter of 2026, selling 128,858 shares for an estimated $10.02 million based on the quarterly average price. What happened According to a May 1, 2026, SEC filing, MY Wealth Management Inc. sold all 128,858 shares of Pacer Funds Trust - Pacer Trendpilot 100 ETF during the first quarter of 20 ...

What happened According to a recent SEC filing, Ruedi Wealth Management, Inc. increased its stake in the Dimensional Global Core Plus Fixed Income ETF (NASDAQ:DFGP) by 74,122 shares during the first quarter of 2026. The estimated trade value was $4.0 million, calculated using the average closing price for the quarter. The fund's quarter-end position value rose by $3.9 million -- a figure that reflects both this purchase and market price changes. What else to know What this transaction means for investors Ru ...

How IFLO and GRIN Bring FCF Discipline to International Markets For years, the search for high-quality, cash-generating businesses has been a predominantly American story. But that is changing, and for advisors building portfolios in an era of historically concentrated domestic markets, the shift carries real implications. Michael Mack, Client Portfolio Manager for VictoryShares and Solutions, made the case at Exchange in a conversation with VettaFi: international companies are rapidly closing the free cash ...

AGQ's Backwardation Squeeze Could Trigger a Delivery Default That Whipsaws Silver - 24/7 Wall St. AGQ's Backwardation Squeeze Could Trigger a Delivery Default That Whipsaws Silver By John Seetoo Published May 4, 8:04AM EDT Follow 24/7 Wall St. on Google How to Add Us to Google News Sending You to Google News in 3 Silver bulls finally got their moonshot. ProShares Ultra Silver, the 2x daily leveraged silver futures ETF, returned roughly 184% over the past year as a COMEX physical-delivery squeeze reshaped th ...

VanEck新兴市场本币债券ETF (EMLC) 产品概述 - VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) 旨在为投资者提供与美元债券相反的投资敞口 其收益来源于新兴市场政府以本币发行的主权债券 回报不仅取决于美国国债走势 也取决于巴西雷亚尔或墨西哥比索等货币表现[3] - 该基金追踪J.P. Morgan GBI-EM Global Core指数 将久期风险与直接的外汇敞口相结合[3] - 该基金过去一年上涨约10% 但进入2026年后表现趋平 年初至今大致持平 过去一周下跌1.7%[4] 宏观驱动因素：美联储政策与美元走势 - 未来12个月内 影响EMLC的最大单一驱动因素是美元走势 而美元走势本身由美联储的利率路径决定[5] - 更高的美国利率将资本吸引至美元资产 并削弱新兴市场货币 这会直接降低EMLC本币票息的美元价值[5] - 美联储在六个月内已降息三次 将利率上限从2025年9月的4.5%降至目前的3.75% 10年期美国国债收益率已从近4.6%的12个月高点回落至约4.4%[5] - 若美联储暂停降息或出现鹰派意外 推动10年期收益率回到4.5%以上 可能会提振美元并压制EMLC的资产净值 反之 若降息周期持续 历史上会提振新兴市场本币债券基金[6] 微观驱动因素：指数权重与再平衡 - 基金特定的最重要因素是其追踪的GBI-EM Global Core指数的国家和货币构成 EMLC继承指数方法论规定的所有内容 并设有权重上限以防止单一国家主导[7] - 指数权重向巴西、墨西哥、南非和印度尼西亚等高收益市场倾斜会提升基金收入 但也会增加外汇波动性 而向低收益的亚洲市场重新配置权重则会产生相反效果[7] - 指数的单次再平衡可以在不改变基金代码的情况下 显著改变其收入特征 因为EMLC的收益率是这些权重与当地利率的算术乘积[8] 未来12个月关注要点与市场背景 - 若美联储保持宽松路径且10年期收益率维持在4.4%以下 EMLC面临的货币顺风应会持续[9] - 关键的摇摆因素是下一次GBI-EM指数再平衡 这将重置国家权重 并决定基金的收入特征是偏向高收益的拉丁美洲债券还是低波动的亚洲敞口[9] - 当前美元兑巴西雷亚尔汇率接近4.99 美元兑墨西哥比索汇率接近17.50 新兴市场货币大体保持稳定[6] - 投资者通常喜欢其提供的收入和分散美元风险的作用 但普遍抱怨其波动性 因为新兴市场货币一个月的糟糕表现就可能抹去四分之一的票息收入[4] 相关市场表现与产品比较 - 另一只产品Invesco Emerging Markets Sovereign Debt ETF (PCY) 的30天SEC收益率在6.1%-6.3%区间 其6.3%的收益率今年比某些新兴市场债券高出250个基点[15] - EMLC已连续16年支付股息 但空头兴趣激增73%[12] - 有分析指出 每月分红的ETF实现了13%的回报 但华尔街质疑其货币风险的长期可持续性[13]