Eric Balchunas
@EricBalchunas
Senior ETF Analyst for @Bloomberg. Dad. Rutgers grad. Gen X-er. Author of "The Institutional ETF Toolbox" & "The Bogle Effect.” Co-host of Trillions & ETF IQ.
3.1K Following 623.4K Followers
I can’t connect w their new stuff unfort but they really had a run for the ages. I recently listened to Achtung Baby cover to cover and it still sounds 10/10. Same w Joshua Tree.
In September 1976, 14-year-old Larry Mullen Jr. pinned a handwritten note ("Drummer Seeks Musicians To Form Band") to the noticeboard at Mount Temple Comprehensive Schoolin Dublin. On September 25 of that year, Paul Hewson ("Bono Vox"), David Evans ("the Edge"), Dik Evans ("the Edge's brother"), Adam Clayton, and Ivan McCormick joined Mullen for their first rehearsal, under their original name Feedback. It was later changed to the Hype and finally, U2. Today, exactly 50 years later, the band returned to Mount Temple to perform for 1000 students and staff. The setlist included "Out Of Control" for the first time since 2018, "I Will Follow" for the first time since 2019, and the live debut of their new single "Silence." U2 then headed over to Bewley’s Grafton Street Café for a second surprise set.
Show more
New filing for Basketball ETFs from VolShares (just in time for Sixers dominance!) notable that the names don’t incl “NBA” or team name which makes me think the filing is placeholders waiting for FutureSports to do official deal w league and CME. Nice catch from Jeff.
Show more
Here come the basketball ETFs: VolatilityShares has filed to register 30 ETFs tied to the 30 'mens professional basketball teams' that seem to correspond to the 30 NBA franchises. Interesting actual team names not referenced, nor is 'NBA'.
Show more
Rainy morning jog views: 100yr old pharmacy juxtaposed w/ some new style townhouses. Old and new Philly in one pic. Lot of neighborhoods look like this now.
Just watched Resident Evil with my kid. Directed by guy who did Weapons and Barbarian(so good). This was not quite as good, not as fleshed out, but solidly demented and scary with some laughs thrown in (esp main character, great casting). I give it 6/10, my kid gave it 8/10.
Show more
Wrote today about how The Universal Bond Index ETF $IUSB should and will pass $AGG in asset by end of decade. It has doubled AGG's flows YTD and is 3rd overall in FI flows. Investors discovering what we've been saying for a while- it's arguably a better core holding bc it has a dose of high yield and int'l. This also makes it harder to beat for bond managers. If playing against the Agg index is like playing against the NY Jets then playing against the Universal is like playing against the always 9-8 Pittsburgh Steelers (still you'll take that over being an equity manager having to take on the 2000s-era Patriots in the SPX). Check out full note on BI ETF
Show more
Keeping an eye on Active Bond MFs, which have trillions in assets and are vulnerable to rates going up. They live a charmed life, getting to play against the agg benchmark (The NY Jets of indexes) which helps them sidestep the passive takeover that is hollowing out active eq MFs. Their Achilles Heel tho is rates going up. Last time that happened it was big boy outflows. Watching $PIMIX and a few other giants for price declines triggering outflows, bc that means forced selling of bonds, which means rates go higher, which means NAV goes down, which means more outflows, you get the idea... Nothing to worry about yet, but worth watching.
Show more
Active ETFs at BlackRock, T. Rowe, Franklin, AB and Invesco make up 1-2% of their aum but generated 10-15% of firmwide 1H net flows = why legacy active tripping over themselves to launch and market ETFs.
Show more
Active ETFs are moving from small AUM franchises to meaningful flow drivers for traditional asset managers, with plenty of runway.
BlackRock, T. Rowe, Franklin, AB and Invesco generated 10-15% of firmwide 1H net flows from just 1-2% of AUM.
Wealth and model adoption are leading growth, while mutual fund migration expands the opportunity, creating a pocket of organic active growth with fee-rates running around 70-80% of active mutual funds.
$BLK $TROW $BEN $AB $IVZ
Show more
"You can think of it like a bond that is tied to the equity markets. You are going to get that 14% income as long as equity markets are not down too far (>40% in a month)." - Matt Kaufman of Calamos on ETF IQ on Autocallable ETFs, the fastest growing category of Boomer Candy
Show more
Someone sent me this to me on Monday. I was shocked by how good it was, hilarious yet catchy. 100% AI made including lyrics. A glimpse into how much the entertainment industry is about to change.
🔥🚨DEVELOPING: This song titled “Mace Fell Out of a Windu” has been going viral and created a discussion among entertainment fans on how ‘good AI’ is starting to become accepted after Star Wars fans instantly started sharing the track.
Show more
Hard to blame investors either given AGG hasn't kept up with inflation AND cannot be trusted to hedge stocks as it is now less likely than in the past to post a gain on days when the S&P 500 falls. It used to go up 90% of time SPY down. Now it's 40%. Major development.
Show more
The 60/40 is more like 80/15/5 today as fixed income ETFs now make up only 16% of total ETF assets, down from 23% in 2020. Further, they only make up 10% of new launches. Equities are 80% and then buffers, covered call and gold/btc are crowbarring their way in with the remainder. 60/40 is more like 80/15/5 the future? Food for thought from @psarofagis
Show more
COYOTE VS SPX: Wrote today about how this market is so akin to the Road Runner cartoon, as the S&P 500 cheerfully eludes each new alarmist narrative thrown at it by the Doomers w/ AI Fears and Fed Hikes being the latest attempts over the past 22mos which has seen $VOO gain 34%.
Show more
Traipsing around the stage with the gait and cadence of a guy looking for cheese at the supermarket before sitting down and beating absolute ass at the drums, man what a talent.
Investors went from dating active managers to marrying index funds. So they feel secure but bored. This is why hot sauce has become so popular to spice things up things while you wait 30 years for compounding to do its magic. Once you lock into this concept, all the flows and launches make much more sense.
Show more
A portfolio can be both sensible and fun. @EricBalchunas explains how low-cost index funds can anchor the sensible part while a little room for speculation keeps investors from tinkering with that foundation.
#ETF# #ETFs# #ETFDb# #Investing#
Show more
More baseball ETFs.. this time from Roundhill.. that's 120 total filed by my count
INVEST IN THE WEATHER: Direxion just filed for an El Nino ETF, which track will track hurricanes etc and a La Nina ETF, which will track droughts etc. As well as an AI Prosperity and Doomsday ETFs which will track prediction markets on state of ETF on society. What a country..
Show more
New from me today on how BlackRock has an IVV problem and a fee cut could be in store.. If you look at the biggest ETF issuers all of them are in record territory except BlackRock, the gap almost entirely due to IVV which is -$7b YTD flows (normally it contributes $80b!). Now some may be due to temporary big boy tax/model stuff but I think $SPYM is also an issue, eating some its lunch as it came out of nowhere to grab $60b YTD. And BlackRock isn't the kind of firm to sit there and take it and so I think we could see IVV cut to 2bps or even 1bp. We'll see, watch this space..
Show more
GEMINI × JAMES SEYFFART
There's a lot more happening in crypto than what you see on the charts
@JSeyff is joining us to talk what's happening behind the scenes with ETFs, where the industry is headed, and his new book "Both Sides of the Coin"
Tune in tomorrow @ 11am ET
Show more
That was fast! 2x MLB ETFs. I'm holding out for a Covered Call Phillies ETF, need to hedge the inevitable heartbreak
Of course there's already a filing for daily leveraged futures baseball ETFs--which are basically the equivalent of a corked bat with eight holes drilled in the handle that's been dipped in pine tar.
Show more
Jane Street is getting into the 2x single stock swap game.. right now Clear Street utterly dominates but Jane is making inroads. Nice look at who swap provider market share for 2x ETFs broken down by index vs single stock via @yiqinsh (who will be on ETF IQ today to discuss)
Show more
