Hello and welcome to CNBC. com. I'm Frank Holland, anchor of Worldwide Exchange.Today we're joined by Bob D of Crossmark Investments to talk the current ETF market net inflows this year, topping $923 billion, putting us on track for another trillion dollar year. Bob, thanks for joining us. My privilege.All right. Uh on track for another trillion dollar year, $923 billion plus where we sit right now at the start of Q4. What does that tell you about investors appetites for ETFs and how they're investing this ...

Group 1 - The Federal Reserve implemented a 25-basis-point rate cut, indicating a significant shift in monetary policy direction [1] - Chairman Powell expressed concerns regarding the job market during the Q&A session, suggesting a cautious outlook [1] Group 2 - Analyst Bram de Haas has 15 years of investment experience and utilizes risk management skills from his background as a professional poker player to identify investment opportunities [1]

Yeah, gold and stocks both rallied as rates fell this morning, but only gold continued to shine by the close. So, I still like it. And if you're looking for an options trade, think about call spread risk reversals on GLD.>> So, Mel, uh, college football or NFL football opening opening weekend. I mean, >> last weekend was opening weekend. >> Well, not of NFL.I mean, this is >> Oh, NFL college football. >> She's she's right there. Zillow.I think these housing stocks, actually, those peripherals, especially th ...

ETF Flows and Market Trends - ETF 资金流动显著，年初至今已超过 7950 亿美元 [1] - 投资者在劳动节后涌入 ETF 市场 [1] - GLD 黄金 ETF 录得最高资金流入，因金价创下新高 [1] - 热门指数基金，如 SPY 和 Triple Q's，正被追踪其在 30 天移动平均线上下的变动情况 [1] Investment Strategy and Focus - Cohen & Steers 看好自然资源和主动管理，其 ETF 代码为 CSNR [2] - CSNR ETF 旨在投资于商品经济中的股票，涵盖能源、农业以及金属和矿业系统 [2] - CSNR ETF 投资于在经济表现强劲和通胀意外上涨时表现良好的企业，包括贵金属和铜生产商以及能源生产商 [2] - CSNR ETF 今年迄今已实现两位数增长，表现接近标普 500 指数 [3]

ETF Market Trends & Flows - Gold ETFs are experiencing significant inflows, hitting record highs and surpassing S&P 500 ETFs in popularity, indicating a potentially bearish market sentiment [1][2] - Equity buying is prevalent, with interest in S&P 500, bonds, and internet ETFs, suggesting a mixed approach of seeking both growth and hedging [3] - Small-cap ETFs are seeing mixed interest, with initial buying followed by quick exits, while fundamentally or factor-weighted approaches are gaining traction [3][11] - Bitcoin ETFs are competing with gold as a store of value, with cumulative flows showing a dynamic race between the two asset classes [4] - Zero-fee funds are attracting the bulk of ETF inflows, with over $300 billion flowing into products costing 10 basis points or less [22] Active vs Passive ETF - Active ETFs are gaining traction, representing close to one-third of overall flows, with firms like Baron entering the space [2][15] - Fees may be less important for active ETFs, as investors prioritize performance and are willing to pay for active management and security selection [16][18] - Vanguard's active mutual funds have outperformed the SPY (S&P 500 ETF) at a higher rate than some peers, attributed to lower fees and less turnover [24][25] - The approval of semi-transparent or non-transparent ETFs was symbolically important but did not necessarily translate into assets [42] Vanguard's Strategy & Position - Vanguard is a leader in low-cost products and is expected to push active ETFs significantly, leveraging its substantial assets under management (approximately $14 trillion to $15 trillion) [20][29] - Vanguard may eventually allow a Bitcoin ETF to capture trends among younger investors [30] - Vanguard's outperformance in active management is linked to lower fees, which allows managers to take less risk and still deliver competitive returns [26][27] Megatrend ETF & Thematic Investing - Lazard Asset Management launched a Megatrends ETF (TMHZ) to capitalize on long-term trends like AI, health, consumer behavior, and data, with a 50 basis points fee [32][35] - Thematic ETFs can fit into model portfolios as tactical themes, and active management may improve client performance in this space compared to passive approaches [38][39] - The goal of megatrend investing is to access long-term themes that will play out over decades, differentiating it from individual themes with shorter lifecycles [40]

Gold ETF Market Trends - Gold ETFs are experiencing unprecedented interest, driven by risk and uncertainty in the market [2] - Gold ETFs can serve as a hedge against market downturns and unclear risks in portfolios [3] - While gold ETF flows are strong, their percentage of the S&P 500 market capitalization has decreased from 6% to 03% over the last decade, suggesting potentially less hedging in portfolios relative to the equity market [6] - The European ETF market accounts for approximately 35% of the global gold-backed ETF market [11] - Asia, particularly China, India, and Japan, has seen significant growth in gold ETF markets in the last two years [11] Factors Influencing Gold Prices - Central banks' increasing allocation to gold reserves is a significant driver of gold prices [15] - Central banks are diversifying away from the dollar and into gold [15] - Geopolitical risks, Fed decisions, fiscal spending, and inflation are key factors influencing gold prices [13] Tariffs and Market Impact - The market anticipates that gold in the investment and wholesale context will not be subject to tariffs [17] - President Trump's statement on social media has calmed the market regarding potential gold tariffs [18] Innovation in Gold Products - It is difficult to improve upon existing gold ETFs like GLD for tracking the spot price of gold [22][23] - The industry is exploring digitization to improve access to the gold market, potentially creating a "stable gold" alongside ETFs [25][26]

ETF vs Mutual Funds - ETFs trade all day, offering liquidity, while mutual funds trade only once daily after the close [2][3] - ETFs often have lower management fees due to passive index tracking, but actively managed ETFs can have higher fees [5] - Mutual funds may have minimum buy-ins around $1,000, while ETFs require only the price of one share [6] - Mutual funds can offer automatic savings plans, while ETFs provide flexibility with options trading and short selling [6][8] ETF Market Growth and Evolution - The number of mutual funds has plateaued since the beginning of the century, currently at over 6,500, down from a pre-pandemic peak [9] - ETF growth has accelerated, nearing 4,000, with assets under management at approximately $11 trillion, half of mutual funds' $22 trillion [10] - SPY (S&P 500 ETF) was launched in 1993, enabling trading of the entire S&P 500 like a stock [14][15] - QQQ (NASDAQ 100 ETF) launched in 1999, allowing trading of the NASDAQ 100 [18] - The ETF rule streamlined the launch process, leading to an explosion in ETF volume and new launches [23] - Invesco seeks to convert its QQQ fund from a fixed unit investment trust to an open-end ETF, potentially increasing its management fee income by over $600 million annually [26][29] SPY vs QQQ Performance - Since 1993, SPY's total price return is over 1,300%, while QQQ's is over 1,007% since 1999 [27] - SPY experienced a worst sell-off of -56% during the global financial crisis, while QQQ had -83% during the dot-com bust [27][28] - SPY's management fee is 00945%, approximately half that of QQQ [28] - SPY's daily trading volume is 67 million shares, equivalent to $42 billion, compared to QQQ's 40 million shares, or $23 billion [28][29]

Group 1 - The core viewpoint of the articles indicates that silver prices are on an upward trend due to geopolitical risks, inflation concerns, and positive price expectations, with predictions that silver will surpass gold in investment value by 2025 [1] - In the first half of this year, silver ETF net inflows reached 95 million ounces, surpassing the total for 2024, and bringing global silver ETF holdings to 1.13 billion ounces by the end of June, close to the historical high of 1.21 billion ounces set in early 2021 [1] - The value of silver holdings exceeded $40 billion for the first time in June, with monthly purchases contributing nearly half of the year-to-date increase [1] Group 2 - As of the latest market dynamics, silver futures closed at the second-highest level of the year, with a year-to-date increase of 28%, outpacing gold's 26% [2] - The current market is focused on various silver investment tools, including SLV and PSLV, as well as diversified combinations like GDXJ, NUGT, and others, indicating strong global capital expectations for silver [2] - The real-time price of silver is reported at $37.735 per ounce, reflecting active trading and positive market sentiment towards silver's future [2]

Market Trends & Economic Outlook - The market experienced a V-shaped recovery since April, supported by solid economic data [2] - The Fed lowered its GDP forecast and raised its inflation forecast for the second time this year [2] - Investors anticipate some impact from tariffs, but it's largely discounted in the market [2] - The market is expected to be rangebound in the near term due to a lack of immediate catalysts [6] Investment Opportunities & Risks - Gold (GLD) has had a significant run, up over 26% year-to-date, but may experience a pullback in the near term [7] - Central banks are structurally shifting foreign currency reserves out of the dollar and into gold [9] - Emerging markets central banks have increased their gold buying by five times every year [11] - Cybersecurity (CIBR) is a secular theme, with the cybersecurity ETF outperforming the S&P [14] - Cybersecurity threats are expected to become more sophisticated and intense, making companies like Crowd Strike and Palo Alto core portfolio holdings [15] Geopolitical Factors - The Iran-Israeli conflict seems contained and is not expected to have a major market impact [6] - Russia's invasion of Ukraine in 2022 and the freezing of their $300 billion in foreign reserves prompted central banks to diversify into gold [10]

Group 1 - Retail investors continued to dominate the U.S. stock market in May, with a net purchase of $23 billion, a decrease of approximately $17 billion compared to March and April, but still in line with the annual average of $25 billion [1] - In May, retail investors only had three days with net purchases exceeding $2 billion, while there were four net selling days, primarily concentrated in the last two weeks [2] - Retail investors recorded a 4.9% return in May, slightly below the overall market performance of 6.1%, and their year-to-date portfolio loss stood at 2.6%, compared to a 1.8% increase in the S&P 500 index [2] Group 2 - In the past week, retail traders net bought $6.8 billion, which is 0.4 standard deviations above the average level over the past year, with ETFs contributing $4 billion to net inflows [3] - Retail investors aggressively bought Tesla shares worth $4.4 billion, coinciding with an 8% drop in the stock, marking the largest single-day net purchase in two months [3] - Nvidia experienced a significant net outflow of $2.2 billion, setting a record for the longest consecutive selling streak of 17 days since 2018 [3] Group 3 - Retail investors shifted to a "rotation mode" in May, moving from core holdings to higher-risk market segments, with small-cap stocks and AI-related themes becoming popular [4] - The report warns that this behavior, while not uncommon, indicates a complacency that may not align with existing macro risks, suggesting the current market rally could be in its final stages [4] - Active stocks over the past month included large tech stocks, meme stocks, and emerging AI/data center companies [4] Group 4 - Positive sentiment was concentrated around stocks with strong recent momentum or AI concepts, while negative sentiment surrounded underperforming or controversial companies [5] - Retail participation in the options market has increased, with market share returning to 18%, indicating a growing trend in leveraging and hedging risks [6][7] - Retail investors sold $4.1 billion of Delta and $23 billion of Gamma, marking the largest Gamma imbalance since mid-February, with S&P 500 options contributing $18 billion to this imbalance [7]