Core Viewpoint - The iShares Russell 2000 ETF (IWM) is a significant player in the Small Cap Blend segment of the US equity market, with over $66.50 billion in assets, making it one of the largest ETFs in this category [1] Group 1: Investment Potential - Small cap companies, defined as those with market capitalizations below $2 billion, present high potential but also come with increased risk [2] - Blend ETFs typically include a mix of growth and value stocks, providing a diversified investment approach [2] Group 2: Costs - The iShares Russell 2000 ETF has an annual operating expense ratio of 0.19%, which is competitive within its peer group [3] - The ETF offers a 12-month trailing dividend yield of 1.12% [3] Group 3: Sector Exposure and Holdings - The ETF's largest sector allocation is to Financials, comprising approximately 19% of the portfolio, followed by Industrials and Healthcare [4] - Insmed Inc (INSM) represents about 0.66% of total assets, with the top 10 holdings accounting for around 4.5% of total assets under management [5] Group 4: Performance and Risk - The ETF aims to replicate the performance of the Russell 2000 Index, with a year-to-date return of approximately 0.50% and a decline of about -0.49% over the past year as of July 17, 2025 [6] - The ETF has a beta of 1.10 and a standard deviation of 22.23% over the trailing three-year period, indicating a medium risk profile [7] Group 5: Alternatives - The iShares Russell 2000 ETF holds a Zacks ETF Rank of 2 (Buy), suggesting it is a strong option for investors interested in the Small Cap Blend segment [8] - Other comparable ETFs include the Vanguard Small-Cap ETF (VB) with $64.33 billion in assets and an expense ratio of 0.05%, and the iShares Core S&P Small-Cap ETF (IJR) with $81.21 billion in assets and an expense ratio of 0.06% [9] Group 6: Bottom Line - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The ALPS O'Shares U.S. Small-Cap Quality Dividend ETF (OUSM) aims to provide broad exposure to the Small Cap Blend segment of the US equity market, with assets exceeding $911.95 million [1] - Small cap companies, defined as those with market capitalizations below $2 billion, present both potential and risk, typically combining growth and value stocks [2] - The ETF has an expense ratio of 0.48% and a 12-month trailing dividend yield of 1.06%, which is competitive within its peer group [3] Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising approximately 38.40% of the portfolio, followed by Industrials and Consumer Discretionary [4] - Encompass Health Corp. (EHC) is the largest individual holding at about 2.58% of total assets, with the top 10 holdings representing around 22.73% of total assets under management [5] Performance Metrics - OUSM seeks to match the performance of the FTSE Russell US Qual / Vol / Yield Factor 3% Capped Index, focusing on high-quality, low-volatility, dividend-paying small-cap companies [6] - As of July 17, 2025, the ETF has gained roughly 0.05% year-to-date and approximately 0.30% over the past year, with a trading range between $37.73 and $47.20 in the last 52 weeks [7] Alternatives and Market Position - The ETF holds a Zacks ETF Rank of 3 (Hold), indicating a moderate outlook based on expected returns, expense ratios, and momentum [8] - Other comparable ETFs include the iShares Russell 2000 ETF (IWM) with $66.50 billion in assets and an expense ratio of 0.19%, and the iShares Core S&P Small-Cap ETF (IJR) with $81.21 billion in assets and a lower expense ratio of 0.06% [9] Investment 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]

Macro Insights - The US June CPI shows partial transmission of tariffs, with core CPI rising 0.23% month-on-month, slightly below the expected 0.3% [2] - Core CPI year-on-year increased by 0.1 percentage points to 2.9%, aligning with expectations [2] - The overall CPI month-on-month rose from 0.08% in May to 0.29%, with a year-on-year increase of 0.3 percentage points to 2.7%, slightly above the expected 2.6% [2] Fixed Income - The bond market remains in a warm supply-demand environment despite short-term disturbances, with credit demand still increasing [3] - The central bank continues to support technology innovation bonds, with expectations of a slight compression in the yield spread of related ETFs [3] - Short-term disturbances have led to a focus on medium to short-duration investments, particularly in high-quality city investment bonds and industries with high growth potential [3] Electronics Industry - ASML's Q2 2025 performance met prior guidance, with new orders significantly increasing, although logic customer orders saw a notable decline [5] - ASML projects Q3 2025 revenue between €7.4 billion and €7.9 billion, with a year-on-year growth of 2.5% and a quarter-on-quarter decline of 0.5% [5] - The semiconductor industry continues to see strong demand driven by AI, with expectations for domestic advanced process and storage expansion [5] Basic Chemicals - Glyphosate prices have increased by 9% year-on-year to ¥25,901 per ton, driven by seasonal demand in South America and production cuts [6] - The domestic and international planting areas are expected to rise, leading to a potential bottom reversal for glyphosate prices, benefiting leading domestic companies [6] Energy and Power Equipment - Gansu province has introduced a capacity pricing policy for power generation, which is expected to enhance the profitability of energy storage [7] - The policy sets a capacity price of ¥330 per kilowatt per year for coal power units and new energy storage, with a two-year execution period [7] - The domestic energy storage market is anticipated to see increased demand in the short, medium, and long term due to clearer profitability models [7] Construction and Engineering - The recent central urban work conference indicates a shift from rapid urbanization to stable development, focusing on quality improvement of existing urban infrastructure [8] - The construction materials industry is expected to face demand changes and supply transformation challenges as urban renewal becomes a priority [8] - Key areas of focus include pipeline renovation, architectural coatings, and infrastructure projects with quick asset recovery [8] Transportation - Airlines have maintained a high passenger load factor of 84.6%, with a year-on-year increase of 1.7 percentage points [9] - Despite limited capacity growth during the summer travel season, ticket prices have shown weakness, indicating potential challenges in revenue management [9] - The airline sector is recommended for investment, particularly in China National Aviation and Huaxia Airlines, due to expected profitability improvements [9] ETF Market - The domestic ETF market expanded by nearly ¥580 billion in the first half of 2025, reaching a total scale of ¥4.3 trillion [11] - Bond ETFs and Hong Kong stock ETFs have become major attractors of capital, with significant growth in several thematic ETFs [11] - The performance of trading-type ETFs is closely linked to market conditions, while configuration-type ETFs can achieve steady growth through continuous marketing [11]

Group 1 - Invesco QQQ Trust (QQQ) has reached a 52-week high and has increased by 38% from its 52-week low price of $402.39 per share [1] - QQQ provides exposure to the largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index, with significant holdings in information technology and consumer discretionary sectors [1] - The fund charges 20 basis points in annual fees [1] Group 2 - The growth sector has shown resilience, with the Nasdaq Composite Index reaching a new record close, driven by the AI boom and confidence in corporate earnings [2] - Growth funds typically outperform during market uptrends, indicating a favorable environment for QQQ [2] Group 3 - QQQ has a Zacks ETF Rank of 1 (Strong Buy) with a medium risk outlook, suggesting potential for continued outperformance in the coming months [3] - Many sectors within this ETF have a strong Zacks Industry Rank, indicating promise for investors looking to capitalize on its growth [3]

Inflation and Tariffs - Inflation in the United States accelerated in June, with the Consumer Price Index growing 2.7% year over year, up from 2.4% in May, marking the highest level since February [1] - Month over month, inflation climbed 0.3%, an increase from a 0.1% rise the previous month [1] - Tariffs imposed under President Trump are raising costs for everyday goods, with core prices (excluding food and energy) increasing to 2.9% from 2.8% [2] Impact of Tariffs - The inflation increase coincides with tariffs enacted by the Trump administration, including a 10% levy on all imports, 50% duties on steel and aluminum, 30% on Chinese goods, and 25% on imported automobiles [3] - Gasoline prices rose 1% from May to June, grocery prices climbed 0.35%, and appliance prices increased for the third consecutive month [3] - Major companies like Walmart, Nike, and Mitsubishi have acknowledged passing higher costs onto consumers, with some firms previously stockpiling inventory to delay price hikes [4] Dividend Investing Strategy - Dividend investing is highlighted as a viable strategy due to its income generation, providing a steady stream of income even amid market volatility [4] - Companies with a strong history of dividend growth may continue to increase dividends, which can help offset rising interest rates [5] - Dividend-paying stocks are often found in defensive sectors such as utilities, consumer staples, and healthcare, which can provide stability during economic downturns [6] Benefits of Dividend Stocks - Reinvesting dividends can enhance compounding returns, leading to exponential growth over the long term [7] - Dividend-paying stocks can serve as a hedge against inflation, as companies that can pass on increased costs to customers may maintain or increase profitability [7] ETFs for Dividend Investing - Vanguard Dividend Appreciation ETF (VIG) is the largest in the dividend space with an AUM of $93 billion, holding 337 stocks and charging 5 bps in annual fees [9] - Vanguard High Dividend Yield ETF (VYM) has an AUM of $61.8 billion, holding 582 stocks and charging 6 bps in annual fees [11] - iShares Core Dividend Growth ETF (DGRO) tracks 397 companies with sustained dividend growth, has an AUM of $32.5 billion, and charges 8 bps in fees [12] - SPDR Portfolio S&P 500 High Dividend ETF (SPYD) provides exposure to high dividend income stocks with an AUM of $7 billion, holding 77 stocks and charging 7 bps in annual fees [13] - Schwab U.S. Dividend Equity ETF (SCHD) offers exposure to 103 high-dividend-yielding U.S. companies, with an AUM of $71.3 billion and charging 6 bps in annual fees [14]

Core Viewpoint - The SPDR MSCI USA StrategicFactors ETF (QUS) is a smart beta ETF that aims to provide broad exposure to the large-cap blend market segment, with a focus on outperforming traditional market cap weighted indexes [1][5]. Fund Overview - Launched on April 15, 2015, QUS has accumulated over $1.55 billion in assets, positioning it as one of the larger ETFs in its category [1][5]. - The fund is sponsored by State Street Global Advisors and seeks to match the performance of the MSCI USA Factor Mix A-Series Index [5]. Cost Structure - QUS has an annual operating expense ratio of 0.15%, making it one of the cheaper options in the smart beta ETF space [6]. - The fund's 12-month trailing dividend yield is 1.44% [6]. Sector Exposure and Holdings - The largest sector allocation for QUS is Information Technology, comprising approximately 25.1% of the portfolio, followed by Financials and Healthcare [7]. - Microsoft Corp (MSFT) is the top holding at about 3.22% of total assets, with Apple Inc (AAPL) and Nvidia Corp (NVDA) also among the top positions. The top 10 holdings account for about 21.39% of total assets [8]. Performance Metrics - As of July 16, 2025, QUS has gained approximately 5.3% year-to-date and 8.73% over the past year [9]. - The fund has traded between $140.84 and $164.55 in the last 52 weeks [9]. Risk Profile - QUS has a beta of 0.88 and a standard deviation of 14.33% over the trailing three-year period, indicating a medium risk profile [10]. - The fund holds about 552 securities, which helps to diversify company-specific risk [10]. Alternatives - Other ETFs in the large-cap blend space include SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO), with assets of $639.29 billion and $688.86 billion respectively. SPY has an expense ratio of 0.09% and VOO charges 0.03% [11].

Core Insights - The Vanguard Dividend Appreciation ETF (VIG) is a smart beta ETF launched on April 21, 2006, providing broad exposure to the large-cap blend market segment [1] - VIG aims to match the performance of the NASDAQ US Dividend Achievers Select Index, focusing on companies with a history of increasing dividends [5] Fund Overview - VIG has amassed over $92.31 billion in assets, making it one of the largest ETFs in its category [5] - The ETF has an annual operating expense ratio of 0.05%, positioning it as one of the least expensive options available [6] - The 12-month trailing dividend yield for VIG is 1.72% [6] Sector Exposure and Holdings - The ETF has a significant allocation in the Information Technology sector, comprising approximately 25.9% of the portfolio, followed by Financials and Healthcare [7] - Broadcom Inc (AVGO) represents about 5.11% of the fund's total assets, with Microsoft Corp (MSFT) and Jpmorgan Chase & Co (JPM) also among the top holdings [8] Performance Metrics - VIG has increased by roughly 5.27% year-to-date and has risen about 10.67% over the past year as of July 16, 2025 [9] - The ETF has traded between $173.71 and $207.81 in the past 52 weeks [9] - VIG has a beta of 0.85 and a standard deviation of 14.24% over the trailing three-year period, indicating a medium risk profile [10] Alternatives - Other ETFs in the same space include WisdomTree U.S. Quality Dividend Growth ETF (DGRW) and iShares Core Dividend Growth ETF (DGRO), with assets of $15.95 billion and $32.19 billion respectively [12] - DGRW has an expense ratio of 0.28%, while DGRO has a lower expense ratio of 0.08% [12]

Core Viewpoint - The Invesco S&P 500 Top 50 ETF (XLG) is a significant player in the Large Cap Blend segment of the US equity market, with over $9.59 billion in assets, making it one of the largest ETFs in this category [1] Group 1: Fund Overview - XLG is a passively managed ETF launched on May 4, 2005, sponsored by Invesco [1] - The fund targets companies with market capitalizations above $10 billion, which are typically stable with predictable cash flows [2] Group 2: Costs and Performance - The annual operating expenses for XLG are 0.20%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 0.70% [3] - As of July 16, 2025, XLG has increased by approximately 5.87% year-to-date and 12.06% over the past year, with a trading range between $40.94 and $52.70 in the last 52 weeks [6] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation of about 44.70% to the Information Technology sector, with Telecom and Consumer Discretionary following [4] - Microsoft Corp (MSFT) constitutes about 11.57% of total assets, with the top 10 holdings making up approximately 60.6% of total assets under management [5] Group 4: Risk and Alternatives - XLG has a beta of 1.04 and a standard deviation of 18.92% over the trailing three-year period, indicating a medium risk profile [7] - The ETF holds a Zacks ETF Rank of 2 (Buy), suggesting it is a strong option for investors seeking exposure to the Large Cap Blend segment [8] Group 5: Competitive Landscape - Other ETFs like the SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO) also track similar indices, with SPY having $639.29 billion and VOO $688.86 billion in assets, and lower expense ratios of 0.09% and 0.03% respectively [9] Group 6: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The First Trust Mid Cap Growth AlphaDEX ETF (FNY) is a smart beta ETF launched on April 19, 2011, providing broad exposure to the mid-cap growth segment of the market [1] Fund Overview - FNY is managed by First Trust Advisors and has accumulated assets exceeding $391.58 million, positioning it as an average-sized ETF in its category [5] - The ETF aims to replicate the performance of the Nasdaq AlphaDEX Mid Cap Growth Index, utilizing the AlphaDEX stock selection methodology [5] Cost Structure - The annual operating expenses for FNY are 0.70%, making it one of the more expensive options in the mid-cap growth ETF space [6] - The 12-month trailing dividend yield for FNY is 0.57% [6] Sector Allocation and Holdings - The ETF has a significant allocation in the Industrials sector, comprising approximately 21.4% of the portfolio, followed by Financials and Healthcare [7] - Hims & Hers Health, Inc. (HIMS) represents about 1.34% of the fund's total assets, with the top 10 holdings accounting for around 9.41% of total assets under management [8] Performance Metrics - As of July 15, 2025, FNY has increased by approximately 4.09% year-to-date and 11.12% over the past year [10] - The ETF has a beta of 1.15 and a standard deviation of 21.20% over the trailing three-year period, indicating a medium risk profile [10] Alternatives - Other ETFs in the mid-cap growth space include the Vanguard Mid-Cap Growth ETF (VOT) with $17.34 billion in assets and an expense ratio of 0.07%, and the iShares Russell Mid-Cap Growth ETF (IWP) with $19.42 billion in assets and an expense ratio of 0.23% [12]

Core Insights - The iShares Core S&P Mid-Cap ETF (IJH) is a leading option for investors seeking exposure to the Mid Cap Blend segment of the US equity market, with assets exceeding $97.42 billion, making it the largest ETF in this category [1] Group 1: Mid Cap Blend Overview - Mid cap companies, with market capitalizations between $2 billion and $10 billion, generally offer higher growth prospects and lower volatility compared to large and small cap companies [2] - Blend ETFs typically hold a mix of growth and value stocks, providing a balanced investment approach [2] Group 2: Cost Structure - The annual operating expense ratio for IJH is 0.05%, positioning it as one of the more cost-effective options in the ETF market [3] - The ETF has a 12-month trailing dividend yield of 1.35% [3] Group 3: Sector Exposure and Holdings - The ETF's largest sector allocation is to Industrials, comprising about 23% of the portfolio, followed by Financials and Consumer Discretionary [4] - Emcor Group Inc (EME) represents approximately 0.78% of total assets, with the top 10 holdings accounting for about 3% of total assets under management [5] Group 4: Performance Metrics - IJH aims to replicate the performance of the S&P MidCap 400 Index, with a year-to-date return of roughly 2.70% and a one-year return of approximately 6.75% as of July 15, 2025 [6] - The ETF has traded between $51.16 and $67.87 over the past 52 weeks [6] Group 5: Risk Assessment - IJH has a beta of 1.05 and a standard deviation of 19.63% over the trailing three-year period, categorizing it as a medium risk investment [7] - The ETF holds about 410 different securities, effectively diversifying company-specific risk [7] Group 6: Alternatives - The iShares Russell Mid-Cap ETF (IWR) and Vanguard Mid-Cap ETF (VO) are alternative options, with IWR having $42.86 billion in assets and an expense ratio of 0.19%, while VO has $84.50 billion and charges 0.04% [9] Group 7: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]