BlackRock's iShares Bitcoin Trust ETF (IBIT) has become the asset management giant's most profitable exchange-traded fund, just 21 months after launch, surpassing products that have been generating revenue for more than two decades. IBIT is sitting "a hair away from $100 billion" in assets under management, and now generates approximately $244.5 million in annual revenue for BlackRock, Bloomberg analyst Eric Balchunas tweeted Monday. "Check out the ages of the rest of the Top 10. Absurd," Balchunas wro ...

Core Insights - The S&P 500 is trading significantly above its 10-year average forward price/earnings (P/E) valuation, indicating high valuations relative to earnings [1][3] - In contrast, the MSCI EAFE ETF is trading at a lower P/E ratio compared to the S&P 500 and is only slightly above its 10-year average valuation [1][3] Valuation Metrics - The forward price-to-earnings ratio is a key metric for stock valuations, calculated as the stock price divided by the consensus estimate for the next 12 months' earnings per share [2] - The current forward P/E ratio for the SPDR S&P 500 ETF Trust (SPY) is 22.19, which is 120% of its 10-year average P/E of 18.49 [4] - The iShares MSCI EAFE ETF (EFA) has a forward P/E of 15.01, which is 105% of its 10-year average P/E of 14.29 [4] Fund Characteristics - The SPDR S&P 500 ETF Trust (SPY) has $655 billion in assets under management and an annual expense ratio of 0.0945%, resulting in annual fees of $9.45 for a $10,000 investment [4] - The fund is highly concentrated, with the top five holdings (Nvidia, Microsoft, Apple, Alphabet, and Amazon) making up 29.1% of the portfolio [4] - The iShares MSCI EAFE ETF (EFA) tracks 693 large-cap and midcap stocks in 21 developed markets, excluding the U.S. and Canada, with an annual expense ratio of 0.32% [5] - The top five holdings of EFA (ASML, SAP, AstraZeneca, Novartis, and Nestle) constitute only 6.8% of the portfolio, indicating less concentration compared to SPY [5]