Core Insights - The First Trust NASDAQ-100 Select Equal Weight ETF (QQEW) debuted on April 19, 2006, and provides broad exposure to the Style Box - Large Cap Growth category of the market [1] Fund Overview - QQEW is sponsored by First Trust Advisors and has accumulated assets over $1.87 billion, positioning it as an average-sized ETF in its category [5] - The ETF aims to match the performance of the NASDAQ-100 Equal Weighted Index, which tracks the 50 companies from the Nasdaq-100 Index with the highest combined Blended Quality and Growth scores [5] Cost Structure - QQEW has an annual operating expense ratio of 0.55%, which is competitive within its peer group [6] - The ETF offers a 12-month trailing dividend yield of 0.41% [6] Sector Exposure and Holdings - The ETF has a significant allocation in the Information Technology sector, comprising approximately 40.3% of the portfolio [7] - Micron Technology, Inc. (MU) represents about 1.4% of the fund's total assets, with its top 10 holdings accounting for roughly 12.97% of QQEW's total assets under management [8] Performance Metrics - Year-to-date, QQEW has experienced a loss of about -0.8%, while it has gained approximately 12.92% over the last 12 months as of January 15, 2026 [10] - The ETF has traded between $106.81 and $146.24 in the past 52 weeks, with a beta of 1.06 and a standard deviation of 17.50% over the trailing three-year period, indicating medium risk [10] Alternatives - Other ETFs in the large-cap growth space include Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $202.35 billion in assets and an expense ratio of 0.04%, while QQQ has $407.22 billion in assets and an expense ratio of 0.20% [11]

Core Insights - Foreign equities performed well in 2025, driven by trends outside the U.S. and tariff-related uncertainty, leading U.S. investors to seek ex-U.S. offerings [1] - The same trends are expected to continue into 2026, prompting renewed interest in foreign equities [1] Company Insights - T. Rowe Price has launched the Active Core International Equity ETF (TACN), which charges a zero basis point fee until January 30, 2027, and 0.2% thereafter [2] - TACN combines quantitative research with fundamental analysis, aiming to maintain disciplined risk controls, making it a robust long-term active solution for foreign equities allocations [4] Industry Insights - Active ETFs are gaining popularity among investors for their flexibility and fundamental analysis capabilities [3] - The current market conditions, including a declining dollar and inflation uncertainty, present significant opportunities in ex-U.S. equities, making TACN's active core approach appealing for portfolio refreshment [6]

Group 1: Market Performance - Mexican financial assets are experiencing one of their strongest years in decades, significantly outperforming Wall Street benchmarks [1] - The iShares Mexico ETF surged more than 50% year to date, marking its best year since 1999, while major U.S. benchmarks like the Vanguard S&P 500 ETF gained roughly 17% [2] - The Mexican peso appreciated by over 14% against the U.S. dollar, on track for its best annual performance since 1993 [3] Group 2: Monetary Policy Impact - The Bank of Mexico (Banxico) has cut interest rates by 300 basis points since the start of the year, reducing the policy rate to 7%, which has supported asset prices and investor confidence [4] - The aggressive monetary easing has helped offset trade-related uncertainties and injected liquidity into the economy [4] Group 3: Individual Stock Performance - Several individual stocks in Mexico have shown remarkable returns, with Industrias Peñoles S.A. de C.V. surging over 260%, Gentera SAB DE CV climbing over 100%, and both CEMEX SAB DE CV and Grupo México SAB DE CV rising more than 80% [5] Group 4: Economic Context - Despite the booming markets, Mexico's underlying economy is contracting, with GDP falling 0.2% in the third quarter after flat growth in the second quarter [7] - Banxico has revised its 2025 growth outlook down to 0.3%, projecting a gradual rebound to 1.1% in 2026 and 2% in 2027, indicating fragile near-term economic momentum [7]

Job Market Analysis - Job creation has significantly slowed, with ADP's report indicating only 77,000 jobs added in February, down from a revised 186,000 in January and below the consensus estimate of 148,000 [3] - The slowdown is attributed to policy uncertainty and reduced consumer spending, leading to layoffs and hiring hesitancy among employers [3][4] Market Sentiment and Tariff Impact - President Trump has granted a one-month tariff exemption to major U.S. automakers, which has positively influenced stock market sentiment [5][6] - Despite this, uncertainty remains regarding the long-term impact of tariffs on corporate profits and consumer spending, which continues to weigh on market performance [4][7] Historical Market Corrections - The S&P 500 has experienced approximately 38 market corrections since the 1950s, averaging a correction every 1.84 years, with the last one occurring in 2022 [8][9] - Historical data suggests that after a market correction, the S&P 500 typically rebounds, averaging over 8% gains one month later and more than 24% one year later [11] Gold Mining Sector Insights - Gold miners are currently trading at historically low valuations despite gold prices nearing all-time highs, with the VanEck ETF trading at just over 12 times forward earnings, a 44% discount to the S&P 500 [14][16] - The disconnect between gold prices and miner valuations is seen as an anomaly that is expected to correct, leading to potential gains for gold stocks [16] Investment Opportunities - Recommended gold mining companies include Agnico Eagle Mines (AEM) and Alamos Gold (AGI), which are generating substantial free cash flow [18] - A suggested trade involves buying QQQ when its price is 10% or more off its 20-week range high, which historically has yielded an average return of 13.5% over six months [20] Market Psychology - The current market sentiment is characterized by "Extreme Fear," suggesting a potential opportunity for investors to consider buying [19][24] - Historical perspectives emphasize that discomfort in investing often leads to profitable opportunities, highlighting the importance of maintaining a long-term view [24]

Core Insights - Monthly pay ETFs have emerged as a practical innovation in income investing, providing liquidity, yield, and flexibility that traditional dividend stocks and mutual funds often lack [7] Group 1: Monthly Pay ETFs - Monthly pay ETFs are particularly well-suited for baby boomers and Gen X investors nearing retirement, serving as powerful income complements rather than replacements for Treasury bonds [6] - These ETFs allow investors to reinvest monthly dividends, enhancing long-term income potential through dollar-cost averaging [6][17] - The trend of monthly distributions has gained traction over the past decade, with many ETFs now offering this feature, which is significant for retirees and older investors [4][10] Group 2: Specific ETFs Highlighted - BlackRock Science and Technology Trust II (BSTZ) offers a monthly distribution exceeding 11%, appealing to those willing to accept some volatility [1][15] - Gabelli Gold, Natural Resources & Income Trust (GGN) combines gold and energy stocks, paying a monthly dividend above 8%, making it attractive for sector exposure alongside income [2][14] - JPMorgan Equity Premium Income ETF (JEPI) has approximately $30 billion in assets and pays a monthly yield north of 8%, supported by income-focused investors despite some volatility [3][11]

Core Insights - The State Street SPDR NYSE Technology ETF (XNTK) is a passively managed ETF launched on September 25, 2000, providing broad exposure to the Technology - Broad segment of the equity market [1] - XNTK has gained popularity among retail and institutional investors due to its low costs, transparency, flexibility, and tax efficiency, making it suitable for long-term investment [1] Fund Overview - Sponsored by State Street Investment Management, XNTK has over $1.5 billion in assets, positioning it as one of the larger ETFs in the Technology - Broad segment [3] - The ETF aims to match the performance of the NYSE Technology Index, which includes 35 leading U.S.-listed technology companies [3] Cost Structure - XNTK has an annual operating expense ratio of 0.35%, making it one of the least expensive options in its category [4] - The ETF offers a 12-month trailing dividend yield of 0.24% [4] Sector Exposure and Holdings - The ETF has a significant allocation of approximately 72.3% in the Information Technology sector, with Consumer Discretionary and Telecom as the next largest sectors [5] - Palantir Technologies Inc A (PLTR) constitutes about 5.09% of total assets, with the top 10 holdings representing approximately 41.49% of total assets under management [6] Performance Metrics - Year-to-date, XNTK has returned roughly 38.67%, and it has increased approximately 37.21% over the last 12 months as of December 22, 2025 [7] - The ETF has traded between $164.461 and $294.46 in the past 52 weeks, with a beta of 1.31 and a standard deviation of 24.77% over the trailing three-year period [7] Investment Alternatives - XNTK holds a Zacks ETF Rank of 2 (Buy), indicating favorable expected asset class return, expense ratio, and momentum [8] - Other ETFs in the technology space include the State Street Technology Select Sector SPDR ETF (XLK) and the Vanguard Information Technology ETF (VGT), with XLK having $93.47 billion in assets and VGT $112.27 billion [10]

Core Insights - The small-cap sector is characterized by higher volatility and sensitivity to economic conditions, often reflecting investor confidence levels [1][2][4] - The Russell 2000 index has shown a year-to-date gain of 12.45%, while the S&P 500 has increased by 15.19%, indicating a strong performance from small caps in the last six months with a nearly 19% rise [3][4] - Small-cap stocks are perceived as high-risk, high-reward investments, particularly during periods of economic uncertainty [2][4] Performance Analysis - The S&P 500 experienced a decline of just under 3% from October 20 to November 20, while the Russell 2000 suffered a more significant drop of almost 8% during the same period, highlighting the greater volatility of small caps [5] - The Federal Reserve's recent interest rate cut has positively impacted small-cap stocks, as these companies prioritize growth over stability [6] Investment Vehicles - Direxion offers two ETFs targeting small-cap stocks: the Direxion Daily Small Cap Bull 3X Shares (TNA) aims for 300% of the Russell index's daily performance, while the Direxion Daily Small Cap Bear 3X Shares (TZA) targets 300% of the inverse performance [7][8] - TNA has gained nearly 13% year-to-date and 53% over the past six months, with stable trading volumes indicating consistent demand [11] - Conversely, TZA is down about 44% year-to-date but has seen a recent uptick of over 10% in the last five sessions, suggesting a potential sentiment shift despite its underperformance [13]

Core Viewpoint - The State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is a significant player in the Small Cap Blend segment of the US equity market, with over $13.37 billion in assets, making it one of the largest ETFs in this category [1] Group 1: Fund Overview - SPSM is a passively managed ETF launched on July 8, 2013, sponsored by State Street Investment Management [1] - The ETF aims to provide broad exposure to small-cap companies, which are defined as those with a market capitalization below $2 billion, offering high potential but also higher risk compared to larger companies [2] Group 2: Costs and Performance - SPSM has an annual operating expense ratio of 0.03%, making it one of the least expensive options in the market, with a 12-month trailing dividend yield of 1.68% [3] - The ETF has performed well, adding approximately 7.62% year-to-date and 7.1% over the past year, with a trading range between $35.35 and $48.90 in the last 52 weeks [6] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 18.5% of the portfolio, followed by Industrials and Information Technology [4] - Hecla Mining Co (HL) is the largest individual holding at approximately 0.76% of total assets, with the top 10 holdings accounting for about 6.19% of total assets under management [5] Group 4: Risk and Alternatives - SPSM has a beta of 1.04 and a standard deviation of 20.58% over the trailing three-year period, indicating effective diversification with around 610 holdings [7] - The ETF holds a Zacks ETF Rank of 2 (Buy), suggesting it is a strong option for investors looking for exposure to the Small Cap Blend segment, with alternatives like the iShares Russell 2000 ETF (IWM) and iShares Core S&P Small-Cap ETF (IJR) also available [8][9] Group 5: Market Trends - There is a growing trend among retail and institutional investors towards passively managed ETFs due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The State Street SPDR S&P 400 Mid Cap Value ETF (MDYV) is designed to provide broad exposure to the Mid Cap Value segment of the US equity market, with assets exceeding $2.47 billion, making it one of the larger ETFs in this category [1] Group 1: Investment Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, offer a balance of lower risk and higher growth opportunities compared to small and large companies [2] - Value stocks typically have lower price-to-earnings and price-to-book ratios, and while they may have lower sales and earnings growth rates, they have historically outperformed growth stocks in long-term performance [3] Group 2: Cost and Performance - The ETF has an annual operating expense ratio of 0.15%, positioning it as one of the least expensive options in the market, with a 12-month trailing dividend yield of 1.79% [4] - MDYV aims to match the performance of the S&P MidCap 400 Value Index, with a year-to-date return of approximately 8.19% and a 1-year return of about 3.92% as of December 17, 2025 [7] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 21% of the portfolio, followed by Industrials and Consumer Discretionary [5] - Flex Ltd accounts for approximately 1.52% of total assets, with the top 10 holdings representing about 10.73% of total assets under management [6] Group 4: Risk Assessment - MDYV has a beta of 1.03 and a standard deviation of 18.51% over the trailing three-year period, indicating it is a medium-risk investment option [8] Group 5: Alternatives - Other ETFs in the mid-cap value space include the iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value ETF (VOE), with assets of $14.30 billion and $19.86 billion respectively, and expense ratios of 0.23% and 0.07% [11]

Core Insights - Avantis Investors has surpassed $100 billion in total assets under management (AUM), driven by significant inflows into its largest ETF, AVUV, which recently exceeded $20 billion in AUM [1][2] - The Avantis U.S. Small Cap Value ETF (AVUV) has been a major contributor, adding approximately $4.5 billion in AUM since the start of 2025, with $1 billion coming from net inflows in the last three months [1][3] - AVUV charges a fee of 25 basis points and aims to combine the benefits of index tracking with active management [2] - Year-to-date, AVUV has returned 11.5%, outperforming its category average over the last three and five years with returns of 14% and 15.2%, respectively [3] - Avantis Investors offers five ETFs with over $10 billion in AUM and eight with over $1 billion, including AVUV and the Avantis Investors Core Fixed Income ETF (AVIG) with $1.4 billion in AUM [4] Industry Context - Avantis Investors is recognized as a significant player in the ETF expansion and product proliferation landscape, providing various options for investors looking to enhance their portfolios [5]