Market Trends - Crypto majors experienced gains, with SOL and ETH leading the way [1] - BTC dominance decreased to 607%, the lowest since March 1 [1] - Memecoin market cap rallied to $85 billion after DOGE surged 33% [1] - ETH ETFs saw $4025 million in inflows on Friday, surpassing BTC ETF inflows for the second consecutive day [1] - Bitcoin NFTs jumped 20-30%, led by Taproot Wizards [2] Regulatory and Corporate Developments - Trump signed the GENIUS Act into law, establishing a federal regulatory framework for U S dollar-backed stablecoins [1] - Tether plans for USDT to fully comply with the new stablecoin rules [1] - Peter Thiel's Bullish filed for an IPO [1] - Jack Dorsey's Block will enter the S&P 500 [1] - Charles Schwab expects to offer spot BTC and ETH trading soon [1] NFT Market - Punks rallied to a $180000 floor after a 45-Punk sweep [2] - ETH NFT leaders were green, up 10-20% [2] - Moonbirds jumped from 075 ETH to 2 ETH [2] Corporate Treasury - Ether Machine raised $15 billion to build an Ethereum TreasuryCo, with $800 million earmarked for ETH purchases [1] - BTBT added 19683 ETH last week, bringing its total to 120306 [1]

Core Viewpoint - The Schwab Fundamental U.S. Small Company ETF (FNDA) is a smart beta ETF designed to provide broad exposure to the Small Cap Value category, with a focus on fundamental characteristics for stock selection [1][3]. Fund Overview - FNDA was launched on August 13, 2013, and is managed by Charles Schwab, accumulating over $8.49 billion in assets, making it one of the larger ETFs in its category [1][5]. - The fund aims to match the performance of the Russell RAFI US Small Co. Index, which evaluates small U.S. companies based on fundamental size and weight [5]. Cost Structure - FNDA has an annual operating expense ratio of 0.25%, positioning it as a cost-effective option in the ETF market [6]. - The fund's 12-month trailing dividend yield is 1.35% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, comprising approximately 20.2% of the portfolio, followed by Financials and Consumer Discretionary [7]. - The top holdings include Verisign Inc (0.39% of total assets), Urban Outfitters Inc, and Woodward Inc, with the top 10 holdings accounting for about 3.31% of total assets [8]. Performance Metrics - Year-to-date, FNDA has experienced a loss of approximately -0.42%, while it has gained about 2.37% over the last 12 months as of July 21, 2025 [10]. - The fund has traded between $23.85 and $32.42 in the past 52 weeks, with a beta of 1.09 and a standard deviation of 21.00% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the Small Cap Value space include iShares Russell 2000 Value ETF (IWN) and Vanguard Small-Cap Value ETF (VBR), with IWN having $10.95 billion in assets and VBR at $30.17 billion [12]. - IWN has an expense ratio of 0.24%, while VBR has a lower expense ratio of 0.07%, suggesting options for investors seeking lower-cost alternatives [12].

Core Insights - Charles Schwab (NYSE: SCHW) significantly exceeded consensus estimates for its second fiscal quarter, driven by higher interest rates, robust asset gathering, and market volatility during the quarter [1] Financial Performance - The financial brokerage reported a notable increase in core metrics, reflecting the positive impact of the aforementioned factors [1]

RT BSCN (@BSCNews)🚨 Latest News Podcast: U.S. Crypto Laws, XRP Surge & Schwab Eyes Spot BTCFrom Sonic Labs’ no-code Web3 to Charles Schwab’s massive crypto push—this episode covers the future being built now.Don’t get left behind ⬇️https://t.co/ql8kOG84yU ...

🔥 BIG: $10.8T asset manager Charles Schwab is adding spot $BTC and $ETH trading.“We will have a stablecoin at some point.” https://t.co/OPFHkuxguL ...

🚨 Latest News Podcast: U.S. Crypto Laws, XRP Surge & Schwab Eyes Spot BTCFrom Sonic Labs’ no-code Web3 to Charles Schwab’s massive crypto push—this episode covers the future being built now.Don’t get left behind ⬇️https://t.co/ql8kOG84yU ...

wall st doesn't wait for permission, they wait for everyone else to get permission first• CME 24/7 crypto• schwab prepping offerings• dubai real estate tokenization• korean volume dominancethe music's playing. they're all dancing. ...

We're about 2 minutes away from the end of the trading day. Scarlet Fu and Vonnie Quinn here with you and here to help take you through the closing bell. We've got a global simulcast.Tim Sandvik joins us as well as Israeli lee. We bring together our Bloomberg Television, radio and you tube audiences worldwide as we pass through the most crucial moments of the trading day. And Tim, it doesn't look like a whole lot is going on when you look at the closing numbers here in the S&P 500, little change, but it's b ...

Market Trends & Regulatory Landscape - The House passed the Genius Act, a stablecoin regulation bill, sending it to President Trump's desk, marking a significant step in crypto regulation [1][4][6] - The Clarity Act, aiming to establish a framework for regulating cryptocurrencies beyond stablecoins, and the Anti-CBDC Surveillance State Act, preventing the Fed from creating a central bank digital currency, are moving to the Senate for consideration [5] - Industry anticipates continued growth in the stablecoin space with regulatory guardrails in place, fostering customer protection and potentially solidifying the US as a crypto capital [8][9] Cryptocurrency Performance & ETF Flows - Bitcoin experienced a slight decrease of less than 1% to just under $118,000, while Ether climbed more than 4% to $3,500, and Solana's Soul token rose more than 1.5% [1][2] - Ether advanced more than 19% for the week and is up nearly 44% over the past two weeks, marking its biggest two-week gain since August 2021 [2] - ETFs tracking Ether saw record-setting weekly inflows, surpassing Bitcoin ETFs for the first time with over $600 million in net inflows compared to Bitcoin funds' $522 million [3] Financial Institutions & Crypto Strategy - JP Morgan Chase plans to get involved in stablecoins, launching a stablecoin-like deposit token for institutional clients, while Citigroup and Bank of America executives have also expressed interest [9][10] - Charles Schwab clients hold more than 20% of the exchange-traded product crypto in the entire industry, representing approximately $25 billion out of $8 trillion in client assets [11][12] - Charles Schwab anticipates launching Bitcoin and Ether offerings soon, aiming to consolidate clients' crypto holdings alongside their other assets [12][13] Expert Opinions & Future Outlook - Banks are forming consortiums to capitalize on the market opportunity presented by the new stablecoin legislation, with major institutions preparing to issue their own stablecoins [17] - Clarity is deemed a necessary first step in defining the roles of different regulators, particularly between the SEC and CFTC, in overseeing digital assets [19] - There is ongoing debate regarding the need for insurance funds and increased disclosures for custodially issued stablecoins to enhance regulator and investor confidence [24]

[2Q25 Earnings Release](index=1&type=section&id=2Q25%20Earnings%20Release) The Charles Schwab Corporation reported record Q2 2025 results, driven by significant revenue and EPS growth, strong client asset accumulation, and effective capital management [Performance Summary](index=1&type=section&id=Performance%20Summary) The Charles Schwab Corporation reported record results for the second quarter of 2025, driven by 25% year-over-year revenue growth. Key achievements include record quarterly GAAP EPS of $1.08 ($1.14 adjusted), a 31% increase in core net new assets to $80.3 billion, and total client assets reaching a new high of $10.76 trillion. The company also demonstrated effective balance sheet management by reducing higher-cost funding and returned $2.8 billion to stockholders through preferred equity redemption and common stock repurchases [Q2 2025 Key Performance Indicators](index=1&type=section&id=Q2%202025%20Key%20Performance%20Indicators) | Metric | Value | YoY Growth | Source | | :--- | :--- | :--- | :--- | | **Revenue** | $5.9 billion (Record) | 25% | President & CEO Rick Wurster | | **GAAP EPS** | $1.08 (Record) | 64% | The Charles Schwab Corporation | | **Adjusted EPS** | $1.14 (Record) | 56% | The Charles Schwab Corporation | | **Core Net New Assets (NNA)** | $80.3 billion | 31% | President & CEO Rick Wurster | | **Total Client Assets** | $10.76 trillion (Record) | 14% | The Charles Schwab Corporation | - **Client Growth:** Opened over **1.1 million** new brokerage accounts, an **11% increase YoY**, bringing total active brokerage accounts to **37.5 million**[1](index=1&type=chunk)[3](index=3&type=chunk)[9](index=9&type=chunk) - **Asset Gathering:** Year-to-date core net new assets reached **$218.0 billion**, up **39% YoY**[1](index=1&type=chunk)[3](index=3&type=chunk)[9](index=9&type=chunk) - **Trading Volume:** Daily average trading volume was robust at **7.6 million**, a **38% increase** compared to Q2 2024[1](index=1&type=chunk)[3](index=3&type=chunk)[9](index=9&type=chunk) - **Balance Sheet Management:** Reduced higher-cost bank supplemental funding by **$10.4 billion** during the quarter[1](index=1&type=chunk)[3](index=3&type=chunk)[9](index=9&type=chunk) - **Capital Return:** Returned approximately **$2.8 billion** to stockholders via **$2.5 billion** in preferred equity redemption and over **$350 million** in common stock repurchases[1](index=1&type=chunk)[3](index=3&type=chunk)[9](index=9&type=chunk) [Financial Highlights Summary (vs. Prior Year)](index=1&type=section&id=Financial%20Highlights%20Summary%20(vs.%20Prior%20Year)) | Financial Metric | Three Months Ended June 30, 2025 | YoY Change | Six Months Ended June 30, 2025 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $5,851 million | 25% | $11,450 million | 21% | | **GAAP Net Income** | $2,126 million | 60% | $4,035 million | 50% | | **Adjusted Net Income** | $2,222 million | 52% | $4,230 million | 44% | | **GAAP Diluted EPS** | $1.08 | 64% | $2.07 | 54% | | **Adjusted Diluted EPS** | $1.14 | 56% | $2.17 | 48% | [Financial Results](index=4&type=section&id=Financial%20Results) The company's detailed financial statements show significant year-over-year growth in net revenues and net income for Q2 2025. Net revenues rose 25% to $5.9 billion, driven by a 31% increase in net interest revenue and a 14% rise in asset management fees. Total expenses saw a modest 4% increase, leading to a substantial expansion in the pre-tax profit margin to 47.9% from 37.2% in the prior year [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated income statement for Q2 2025 shows substantial year-over-year growth in net revenues and net income, driven by increased interest and asset management fees [Q2 2025 Consolidated Statement of Income (in millions)](index=4&type=section&id=Q2%202025%20Consolidated%20Statement%20of%20Income%20(in%20millions)) | Line Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total net revenues** | **$5,851** | **$4,690** | **25%** | | Net interest revenue | $2,822 | $2,158 | 31% | | Asset management and administration fees | $1,570 | $1,383 | 14% | | Trading revenue | $952 | $777 | 23% | | **Total expenses excluding interest** | **$3,048** | **$2,943** | **4%** | | **Income before taxes on income** | **$2,803** | **$1,747** | **60%** | | **Net Income** | **$2,126** | **$1,332** | **60%** | | **Net Income Available to Common Stockholders** | **$1,977** | **$1,211** | **63%** | | **Diluted EPS** | **$1.08** | **$0.66** | **64%** | [Financial and Operating Highlights (Quarterly)](index=5&type=section&id=Financial%20and%20Operating%20Highlights%20(Quarterly)) Quarterly trends reveal consistent growth in net revenues, net income, and diluted EPS from Q2 2024 to Q2 2025, alongside stable total assets [Quarterly Performance Trends (Q2-24 to Q2-25)](index=5&type=section&id=Quarterly%20Performance%20Trends%20(Q2-24%20to%20Q2-25)) | Metric (in millions, except per share) | Q2 2025 | Q1 2025 | Q2 2024 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | $5,851 | $5,599 | $4,690 | 25% | 5% | | **Net interest revenue** | $2,822 | $2,706 | $2,158 | 31% | 4% | | **Total expenses excluding interest** | $3,048 | $3,144 | $2,943 | 4% | (3)% | | **Net Income** | $2,126 | $1,909 | $1,332 | 60% | 11% | | **Diluted EPS** | $1.08 | $0.99 | $0.66 | 64% | 9% | | **Total assets (billions)** | $458.9 | $462.9 | $449.7 | 2% | (1)% | [Net Interest Revenue Information](index=6&type=section&id=Net%20Interest%20Revenue%20Information) Net interest margin expanded significantly in Q2 2025 due to a notable reduction in interest expense on funding sources, despite a slight decrease in average yield on interest-earning assets - Net interest margin for Q2 2025 expanded to **2.65%**, up from **2.03%** in Q2 2024[9](index=9&type=chunk)[19](index=19&type=chunk) This was driven by a significant reduction in interest expense on funding sources, particularly a lower average rate paid on bank deposits (**0.55% vs. 1.31% YoY**) and Federal Home Loan Bank borrowings (**4.48% vs. 5.42% YoY**)[9](index=9&type=chunk)[19](index=19&type=chunk) [Net Interest Revenue Breakdown - Q2 2025 vs Q2 2024 (in millions)](index=6&type=section&id=Net%20Interest%20Revenue%20Breakdown%20-%20Q2%202025%20vs%20Q2%202024%20(in%20millions)) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Interest Revenue** | **$3,787** | **$3,817** | | Average Interest-Earning Assets | $422,729 | $418,968 | | Average Yield | 3.56% | 3.62% | | **Total Interest Expense** | **$965** | **$1,659** | | Average Interest-Bearing Liabilities | $384,748 | $388,751 | | Average Rate | 1.00% | 1.71% | | **Net Interest Revenue** | **$2,822** | **$2,158** | | **Net Interest Margin** | **2.65%** | **2.03%** | [Asset Management and Administration Fees Information](index=8&type=section&id=Asset%20Management%20and%20Administration%20Fees%20Information) Asset management and administration fees saw a 13.5% increase in Q2 2025, primarily driven by growth in Schwab money market funds and managed investing solutions [Asset Management & Administration Fees - Q2 2025 vs Q2 2024 (in millions)](index=8&type=section&id=Asset%20Management%20%26%20Administration%20Fees%20-%20Q2%202025%20vs%20Q2%202024%20(in%20millions)) | Category | Revenue Q2 2025 | Revenue Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Schwab money market funds | $442 | $357 | 23.8% | | Schwab equity and bond funds, ETFs, CTFs | $122 | $112 | 8.9% | | Mutual Fund OneSource® | $218 | $214 | 1.9% | | Managed investing solutions (Fee-based) | $589 | $510 | 15.5% | | **Total Fees** | **$1,570** | **$1,383** | **13.5%** | [Client Metrics and Business Growth](index=9&type=section&id=Client%20Metrics%20and%20Business%20Growth) Schwab demonstrated strong client growth in Q2 2025, with total client assets increasing 14% YoY to a record $10.76 trillion. The company attracted $73.6 billion in total net new assets for the quarter. Both the Investor Services and Advisor Services segments saw double-digit percentage growth in client assets compared to the prior year [Client Asset Growth (at quarter end, in billions)](index=9&type=section&id=Client%20Asset%20Growth%20(at%20quarter%20end,%20in%20billions)) | Asset Category | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total client assets** | **$10,757.3** | **$9,407.5** | **14%** | | Investor Services | $6,069.9 | $5,317.5 | 14% | | Advisor Services | $4,687.4 | $4,090.0 | 15% | | Total mutual fund assets | $2,823.9 | $2,535.0 | 11% | | Total ETF assets | $2,615.3 | $2,088.2 | 25% | [Account and Net New Asset Growth (for the quarter ended)](index=9&type=section&id=Account%20and%20Net%20New%20Asset%20Growth%20(for%20the%20quarter%20ended)) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total net new assets (billions)** | **$73.6** | **$74.2** | **(1)%** | | Investor Services (billions) | $31.2 | $40.1 | (22)% | | Advisor Services (billions) | $42.4 | $34.1 | 24% | | **New brokerage accounts (thousands)** | **1,098** | **985** | **11%** | | Active brokerage accounts (thousands) | 37,476 | 35,612 | 5% | [Growth in Client Assets and Accounts](index=9&type=section&id=Growth%20in%20Client%20Assets%20and%20Accounts) Client assets and accounts demonstrated robust growth in Q2 2025, with significant increases in total client assets and new brokerage accounts across both Investor and Advisor Services - Client assets in proprietary money market funds grew **22% YoY** to **$653.5 billion**, and assets in proprietary ETFs grew **26% YoY** to **$439.7 billion**, indicating strong client demand for Schwab's own products[24](index=24&type=chunk) [Monthly Activity Report (June 2025)](index=10&type=section&id=Monthly%20Activity%20Report%20(June%202025)) June 2025 monthly activity highlights continued growth in total client assets and core net new assets, with strong client net buy activity in equities, bonds, and ETFs [June 2025 Monthly Highlights](index=10&type=section&id=June%202025%20Monthly%20Highlights) | Metric | June 2025 | MoM Change | YoY Change | | :--- | :--- | :--- | :--- | | **Total Client Assets (billions)** | $10,757.3 | 4% | 14% | | **Net New Assets (billions)** | $38.9 | 16% | 17% | | **Core Net New Assets (billions)** | $42.6 | 22% | 46% | | **New Brokerage Accounts (thousands)** | 323 | (4)% | 4% | [Client Net Buy/(Sell) Activity - June 2025 (in millions)](index=10&type=section&id=Client%20Net%20Buy%2F(Sell)%20Activity%20-%20June%202025%20(in%20millions)) | Asset Class | Net Activity | | :--- | :--- | | Equities | $8,987 | | Bonds | $6,050 | | Mutual Funds | ($5,351) | | Exchange Traded Funds (ETFs) | $19,350 | | Money Market Funds | $5,814 | [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP measures to offer additional transparency into its ongoing operations by excluding items like amortization of acquired intangibles ($128 million in Q2) and other acquisition or restructuring costs. Key non-GAAP metrics include an adjusted net income of $2.2 billion, an adjusted pre-tax profit margin of 50.1%, and a return on tangible common equity of 35%. The preliminary Adjusted Tier 1 Leverage Ratio, which includes the impact of AOCI, was 7.2% at quarter-end - The company uses non-GAAP measures to provide transparency into ongoing operations by excluding acquisition-related costs, amortization of acquired intangible assets, and restructuring costs[28](index=28&type=chunk)[30](index=30&type=chunk) These measures are used to evaluate operating performance and facilitate period-over-period comparisons[28](index=28&type=chunk)[30](index=30&type=chunk) [Reconciliation of GAAP to Non-GAAP Net Income (Q2 2025, in millions)](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Income%20(Q2%202025,%20in%20millions)) | Line Item | Amount | | :--- | :--- | | **Net income (GAAP)** | **$2,126** | | Amortization of acquired intangible assets | $128 | | Income tax effects | ($32) | | **Adjusted net income (non-GAAP)** | **$2,222** | [Reconciliation of GAAP to Non-GAAP Diluted EPS (Q2 2025)](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Diluted%20EPS%20(Q2%202025)) | Line Item | Amount | | :--- | :--- | | **Earnings per common share — diluted (GAAP)** | **$1.08** | | Amortization of acquired intangible assets | $0.07 | | Income tax effects | ($0.01) | | **Adjusted diluted EPS (non-GAAP)** | **$1.14** | [Key Non-GAAP Ratios (Q2 2025)](index=12&type=section&id=Key%20Non-GAAP%20Ratios%20(Q2%202025)) | Ratio | Value | | :--- | :--- | | **Return on tangible common equity (non-GAAP)** | **35%** | | **Adjusted Tier 1 Leverage Ratio (non-GAAP, Preliminary)** | **7.2%** | [Forward-Looking Statements and Company Information](index=3&type=section&id=Forward-Looking%20Statements%20and%20Company%20Information) This section contains standard disclaimers regarding forward-looking statements related to the company's revenue, scale, efficiency, and capital ratios, noting they are subject to risks and uncertainties. It also provides a general overview of The Charles Schwab Corporation as a leading financial services provider with $10.76 trillion in client assets, detailing its range of services across brokerage, banking, and asset management - The press release contains forward-looking statements regarding the company's revenue model, scale, efficiency, and capital ratios, which are subject to risks and uncertainties detailed in SEC filings (Form 10-K and 10-Q)[10](index=10&type=chunk) - The Charles Schwab Corporation is a leading provider of financial services with **37.5 million** active brokerage accounts, **5.6 million** workplace plan participant accounts, and **$10.76 trillion** in client assets[11](index=11&type=chunk)