Core Insights - The article compares two small-cap ETFs: State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Schwab U.S. Small-Cap ETF (SCHA), focusing on their costs, performance, risk, and portfolio composition [2] Cost & Size Comparison - SPSM has a lower expense ratio of 0.03% compared to SCHA's 0.04% - SPSM's one-year return is 5.32%, while SCHA's is significantly higher at 11.33% - SPSM offers a dividend yield of 1.70%, which is higher than SCHA's 1.38% - SPSM has an AUM of $13 billion, whereas SCHA has $19 billion [3][4] Performance & Risk Comparison - SPSM's maximum drawdown over five years is -27.95%, while SCHA's is deeper at -30.79% - The growth of $1,000 invested over five years is $1,322 for SPSM and $1,294 for SCHA [5] Portfolio Composition - SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index and holds 1,745 stocks, providing greater diversification - SPSM tracks the S&P SmallCap 600 Index and contains 607 stocks, with significant allocations in financial services, industrials, and technology [6][7] - SCHA's top holdings include Sandisk, Lumentum Holdings, and Rocket Companies, while SPSM's largest holdings are Arrowhead Pharmaceuticals, Armstrong World Industries, and InterDigital [7][8] Investment Implications - Investing in small-cap stocks can enhance portfolio diversification and exposure to growth potential - SCHA has shown higher volatility with a higher beta and a more severe maximum drawdown, despite outperforming SPSM in the past year [10]

Core Insights - The article compares two small-cap ETFs: Vanguard Small-Cap ETF (VB) and iShares Morningstar Small-Cap ETF (ISCB), highlighting their differences in cost, trading scale, and portfolio construction [1][2]. Cost and Size Comparison - VB has an expense ratio of 0.05%, while ISCB is slightly lower at 0.04% [3][4]. - As of December 12, 2025, VB's one-year return is 10.5%, compared to ISCB's 14.3% [3]. - VB has assets under management (AUM) of $163.3 billion, significantly larger than ISCB's $257.4 million [3][9]. Performance and Risk Analysis - Over the past five years, VB's maximum drawdown is 28.15%, while ISCB's is 29.94% [5]. - A $1,000 investment in VB would have grown to $1,493 over five years, compared to $1,480 for ISCB [5]. Portfolio Composition - ISCB holds approximately 1,540 stocks with sector allocations of 19% in industrials, 16% in technology, and 15% in financial services [6]. - VB contains around 1,357 stocks, with allocations of 20% in industrials and 18% in technology [7]. - Both funds exhibit broad diversification, but ISCB's portfolio is slightly broader and more evenly distributed [7]. Historical Performance - Despite ISCB's better performance in the last year, it has underperformed VB over the last 10 and 20 years [8]. - VB has compounded returns of 9.6% annually since 2004, while ISCB's returns are at 8.5% [10].

ETF Market Trends & Flows - Vanguard 流出资金显著，其中 Vanguard ETF 流出 66 亿美元，Mid-Cap ETF 流出 44 亿美元[3] - 全球国防 ETF 吸引了 70 亿欧元资金流入，尤其欧洲国防 ETF 的资金流入加速[4] - 欧洲小型股今年上涨 20%，表现强劲，但未引起足够重视，值得关注其预示的信号[15] Defense Sector Analysis - 国防领域更多是工业板块，技术投资（如人工智能、无人机和网络安全）是表现良好的关键因素[6] - 欧洲国防 ETF 正在逆势增长，UAD 等 ETF 表现出色，而 SHIELD 等全球化策略的 ETF 也获得关注[8][9] - 假设北约将 GDP 的 3.5% 用于军事装备，年度国防开支将增加 5000 亿美元[26][27] Company Specifics - 摩根大通积极拓展主动型 ETF 业务，新推出的高收益 ETF 获得 20 亿美元的初始投资[20] - BlackRock 推出 Texas ETF (TEXN)，费用率为 20 个基点，旨在为投资者提供投资德州经济的途径[20] - Cavalli Commercial Aerospace and Defense (GCAD) ETF 资产规模较小，为 900 万美元，但一直在增长，费用在达到 2500 万美元前免除[22] - GCAD ETF 今年以来总回报率增长 19%，超过标普 500 指数的 43%[23][24] - 波音公司面临挑战，但其飞机安全性仍然是行业标杆，FAA 权重占比 51%，且积压了大量订单[28][30][31]