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Yahoo
a day ago
- Business
- Yahoo
Not Taking Single-Stock ETFs for Granite
Will Rhind has watched the ETF business for more than two decades. He was an original member of the iShares team — back when it was part of Barclays — and he was later CEO of World Gold Trust Services, the sponsor of the now $98 billion SPDR Gold Shares ETF (GLD). He left that company in 2016 to found GraniteShares, which has built out an extensive line of leveraged single-stock ETFs. Rhind, who has roots in the 'Granite City' of Aberdeen, Scotland, joined ETF Upside for a conversation about the burgeoning world of single-stock ETFs. GraniteShares filed last week with the Securities and Exchange Commission for 25 additional leveraged single-stock ETFs. Rhind did not discuss the pending funds, given that they are in the registration period, but he talked about where the firm is headed. READ ALSO: Grayscale Wants in on Quantum Computing ETFs and BlackRock's 'Widow Maker' ETF Is Suddenly in High Demand ETF Upside: How did GraniteShares get its start, and why did you decide to focus on leveraged single-stock ETFs? Will Rhind: When we started GraniteShares, there were only two companies in the US allowed to do leveraged ETFs, and that was a weird regulatory quirk at the time. The leveraged ETF market hadn't had a lot of innovation for a long time, and the SEC updated the rules around ETFs back in 2020 or 2019. That allowed anybody to do leveraged ETFs; there were all sorts of harmonization things that came with it. There was 'white space' on the leveraged side in doing leverage on single stocks, which no one had done before, and so that's what we started to do. We'd actually done it in Europe first, because we couldn't do it here. So we started the first levered single-stock products in Europe, and then bought them here when we were able to. What do you hear from investors about how they're using the products? I assume most people are aware of the risks and are trading daily. The great thing about ETFs is that there are so many different ways to use it. The directional — two times long, two times short —is one obvious application, but you're able to trade in the pre-market —so before the open, after the close — which is a big benefit against things like options. For example, you're able to short or take an inverse view, which is very useful in environments like this year that we've seen so far. And then, there are other strategies around creating tax events you know could be using short, for example, to generate a taxable loss that you can often offset against gains elsewhere in the portfolio. How do you decide what strategies to pursue? How long do you give a particular strategy if it doesn't catch on? What are some examples of what's worked well and what hasn't? With any ETF, it's much more of an art than a science. Predicting exactly what the market wants is seriously difficult. You can look at a few obvious things when it comes to single stocks: You can look at the size of the stock, the amount that it trades. You can look at different sorts of forecasts. You can look at the amount of mentions it gets on social media. You look at all these things, but ultimately, investors have to buy it, and there has to be that sort of unique cocktail of enthusiasm around it, which is just difficult to predict. Nvidia, for example — that's our biggest — NVGL, two times Nvidia. And that one, it's obvious to everybody now, but it perhaps wasn't as obvious at the time when we launched it, because it was before ChatGPT was released. So I think those in the know knew Nvidia was a good company, but it obviously, absolutely caught on fire after the release of ChatGPT, and everybody had their eyes opened to the potential of AI. When a product doesn't work, it's just a profitability calculus. It's binary — it's either profitable or it's not profitable. There's no hard rule in terms of how long we'll keep it. But we'll look beyond profitability, at things like trading volume. What categories are you planning to expand in? We love what we call 'high conviction' products, and leverage is in that category. Crypto is in that category. Options-based income is in that category. Options-based income is probably the one where we think there's a big amount of potential, and we're expanding in that space with our YieldBoost brand. Leveraged single stocks is also one where we want to expand the number of products we offer there, but it's always according to demand of the market. And then outside of that, it's really just based upon your market conditions and what sort of investment or key investment trends are identified at that time. This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
QQQ Attracts $572M in Assets as Markets Start June Higher
The Invesco QQQ Trust (QQQ) pulled in $571.5 million, increasing its total assets to just over $334 billion, according to data provided by FactSet. The inflows came as markets climbed on the first trading day of June, with the S&P 500 rising 0.4% despite escalating tensions between the U.S. and both China and the European Union. The SPDR Gold Shares (GLD) attracted $302.1 million as investors sought safe havens amid trade uncertainty. The Consumer Staples Select Sector SPDR Fund (XLP) gained $240.3 million, while the Vanguard FTSE Europe ETF (VGK) pulled in just under $238 million. The SPDR S&P 500 ETF Trust (SPY) experienced the largest outflows of $2.7 billion despite the broader market advance. The Vanguard Information Technology ETF (VGT) and the iShares 20+ Year Treasury Bond ETF (TLT) both saw outflows of $1.1 billion. U.S. equity ETFs saw outflows of $5.3 billion, while U.S. fixed income lost $2.1 billion. International fixed income collected $781 million, and commodities ETFs gained $456.9 million. Overall, ETFs experienced outflows of $6.9 billion as investors awaited potential talks between Presidents Donald Trump and Xi Jinping this week. Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change QQQ Invesco QQQ Trust Series I 571.51 334,125.18 0.17% GLD SPDR Gold Shares 302.06 98,290.97 0.31% SPLG SPDR Portfolio S&P 500 ETF 246.38 67,769.20 0.36% XLP Consumer Staples Select Sector SPDR Fund 240.33 16,634.01 1.44% VGK Vanguard FTSE Europe ETF 237.98 25,306.95 0.94% PWB Invesco Large Cap Growth ETF 230.69 1,355.44 17.02% HYG iShares iBoxx $ High Yield Corporate Bond ETF 190.38 16,134.40 1.18% XLC Communication Services Select Sector SPDR Fund 187.69 22,102.00 0.85% AGG iShares Core U.S. Aggregate Bond ETF 186.17 124,511.70 0.15% XLI Industrial Select Sector SPDR Fund 157.19 21,417.83 0.73% Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change SPY SPDR S&P 500 ETF Trust -2,684.70 600,832.27 -0.45% VGT Vanguard Information Technology ETF -1,107.36 85,574.38 -1.29% TLT iShares 20+ Year Treasury Bond ETF -1,060.90 49,836.24 -2.13% BIL SPDR Bloomberg 1-3 Month T-Bill ETF -789.00 43,215.70 -1.83% IWM iShares Russell 2000 ETF -533.91 61,574.41 -0.87% VOO Vanguard S&P 500 ETF -487.47 656,853.52 -0.07% IBIT iShares Bitcoin Trust ETF -430.81 69,213.48 -0.62% SGOV iShares 0-3 Month Treasury Bond ETF -397.82 46,812.41 -0.85% SHLD Global X Defense Tech ETF -296.86 2,275.34 -13.05% NULG Nuveen ESG Large-Cap Growth ETF -278.85 1,562.44 -17.85% Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives -17.71 9,986.25 -0.18% Asset Allocation -53.62 24,735.96 -0.22% Commodities ETFs 456.90 209,569.41 0.22% Currency -533.21 141,983.35 -0.38% International Equity 72.02 1,787,557.61 0.00% International Fixed Income 781.00 291,703.25 0.27% Inverse -102.08 14,674.58 -0.70% Leveraged -138.74 118,632.54 -0.12% US Equity -5,246.31 6,778,231.59 -0.08% US Fixed Income -2,071.86 1,664,551.06 -0.12% Total: -6,853.60 11,041,625.60 -0.06% Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data are believed to be accurate; however, transient market data are often subject to subsequent revision and correction by the | © Copyright 2025 All rights reserved
Yahoo
2 days ago
- Business
- Yahoo
Veteran strategist unveils updated gold price forecast
Veteran strategist unveils updated gold price forecast originally appeared on TheStreet. Nervous investors have flocked to gold as a safe haven against inflation, geopolitics, and, most recently, tariff turmoil, and they have been well-paid for their move this year. Now, those same investors are anxious about whether the precious metal's run can continue. Gold is up nearly 30% this year, after gaining more than 25% in 2024; it's up 44% over the last 12 months. The three-year annualized average return on gold, as measured by SPDR Gold Shares () , is 21.4%, well above its historic averages; from 1971 to 2024, the annualized return on the shiny stuff was just under 8%. Great runs like this don't last forever, so fearing a regression to the mean is normal. Calm the nerves; one of the world's leading gold strategists says record price levels will be broken regularly through the end of the Milling-Stanley, chief gold strategist for State Street Global Advisors, said in a recent interview on 'Money Life with Chuck Jaffe' that gold will continue to make sense for investors for its attributes and potential. 'We still have a lot of geopolitical turbulence, and gold historically has tended to perform well during periods of geopolitical turmoil,' said Milling-Stanley. Milling-Stanley has spent some five decades overseeing gold's fit into investment portfolios and helped develop GLD, the world's first gold-backed ETF. Clearly, he knows a thing or two about the yellow metal. 'We still don't know where we stand with interest rates. … We don't know what the outcome of that is going to be. We still have an enormous amount of uncertainty on the macroeconomic front, as well as geopolitical shock. 'When faced with uncertainty,' Milling-Stanley added, 'I've always turned to gold in the past and I think it's served me well.' Gold's run-up over the last few years has coincided with higher inflation, but that hasn't fueled the run, according to Milling-Stanley. He says it only serves the role of an inflation hedge when the economy is 'suffering sustained high inflation,' which he defines as two or more years when prices rise persistently by 5% or more. That hasn't happened since the 1970s, so even if price hikes continue at their current pace—higher than the Fed's 2% target—gold isn't likely to respond to the uncertainty that Milling-Stanley says gives gold more upside potential than downside risk. 'The higher the uncertainty, the higher the upper limit,' he explained, noting that emerging tariff policies and the pall they've cast on global markets have forced the team at State Street to revise forecasts made last December, intended to last the whole of 2025, several times already. 'I guess the most important thing to say is it looks very much as if we've established a new floor in the gold price, somewhere above $3,000 an ounce,' Milling-Stanley explained. 'The floor last year was at $2,000 an ounce. That is a huge leap. With a new floor in place—gold didn't sustain a breach of the $2,000 level until February 2024 but has been higher ever since—and with the huge gains in the last 12 months, Milling-Stanley said he would not be surprised or even disappointed if gold consolidated a bit, trading in the $3,000 to $3,500 range for a while, simply holding value if market turmoil causes other asset values to drop. But, he noted, 'our bullish case suggests that we could actually take out whatever resistance is available at the $3,500 area, and possibly even trade as high as $3,900.' By that best-case forecast, gold would gain more than 15% from current levels, on top of its huge gains of the last two years. While price performance has been glitzy, Milling-Stanley noted that a gold allocation makes sense in most portfolios for its non-glamorous, protective attributes:Diversification, thanks to 'a zero relationship' to the movement of both stocks and bonds. Protection from stock market calamity. Milling-Stanley isn't predicting disaster, but said that macroeconomic uncertainties make it impossible to eliminate the potential for something catastrophic. 'If you look at, Black Monday in 1987, if you look at the bursting of the bubble in 2001-2002, you look at the global financial crisis of 2008, you look at the advent of Covid in 2020, equities took a significant downturn and gold performed very, very well,' Milling-Stanley said. Milling-Stanley notes that gold's momentum hasn't carried over to gold miners; he favors owning the physical metal, particularly because of concerns about market swings. Miners historically have sharply underperformed metals in big downdrafts. Gold typically holds up against weakness in the dollar. The value of the dollar is off roughly 9% this year, and it lost about 4.5% in the wake of the Liberation Day tariff announcements. Inflation protection in the unlikely event that tariff policies hit home harder and longer than anticipated with the Fed losing control on price hikes. 'I think people are still looking to gold for its protective attributes, rather than necessarily hoping that the price will go up so they can sell at a profit tomorrow or next week,' Milling-Stanley said. Still, he acknowledged that those timeless attributes shine brighter when attached to gold's enhanced profit potential strategist unveils updated gold price forecast first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared.
Miami Herald
2 days ago
- Business
- Miami Herald
Veteran strategist unveils updated gold price forecast
Nervous investors have flocked to gold as a safe haven against inflation, geopolitics, and, most recently, tariff turmoil, and they have been well-paid for their move this year. Now, those same investors are anxious about whether the precious metal's run can continue. Gold is up nearly 30% this year, after gaining more than 25% in 2024; it's up 44% over the last 12 months. The three-year annualized average return on gold, as measured by SPDR Gold Shares (GLD) , is 21.4%, well above its historic averages; from 1971 to 2024, the annualized return on the shiny stuff was just under 8%. Great runs like this don't last forever, so fearing a regression to the mean is normal. Calm the nerves; one of the world's leading gold strategists says record price levels will be broken regularly through the end of the year. Related: Veteran analyst who predicted gold prices would rally offers a blunt new forecast George Milling-Stanley, chief gold strategist for State Street Global Advisors, said in a recent interview on "Money Life with Chuck Jaffe" that gold will continue to make sense for investors for its attributes and potential. "We still have a lot of geopolitical turbulence, and gold historically has tended to perform well during periods of geopolitical turmoil," said Milling-Stanley. Milling-Stanley has spent some five decades overseeing gold's fit into investment portfolios and helped develop GLD, the world's first gold-backed ETF. Clearly, he knows a thing or two about the yellow metal. "We still don't know where we stand with interest rates. … We don't know what the outcome of that is going to be. We still have an enormous amount of uncertainty on the macroeconomic front, as well as geopolitical shock. "When faced with uncertainty," Milling-Stanley added, "I've always turned to gold in the past and I think it's served me well." Gold's run-up over the last few years has coincided with higher inflation, but that hasn't fueled the run, according to Milling-Stanley. He says it only serves the role of an inflation hedge when the economy is "suffering sustained high inflation," which he defines as two or more years when prices rise persistently by 5% or more. That hasn't happened since the 1970s, so even if price hikes continue at their current pace-higher than the Fed's 2% target-gold isn't likely to respond to inflation. Related: Veteran fund manager sends surprising message on the weak dollar It's the uncertainty that Milling-Stanley says gives gold more upside potential than downside risk. "The higher the uncertainty, the higher the upper limit," he explained, noting that emerging tariff policies and the pall they've cast on global markets have forced the team at State Street to revise forecasts made last December, intended to last the whole of 2025, several times already. "I guess the most important thing to say is it looks very much as if we've established a new floor in the gold price, somewhere above $3,000 an ounce," Milling-Stanley explained. "The floor last year was at $2,000 an ounce. That is a huge leap. With a new floor in place-gold didn't sustain a breach of the $2,000 level until February 2024 but has been higher ever since-and with the huge gains in the last 12 months, Milling-Stanley said he would not be surprised or even disappointed if gold consolidated a bit, trading in the $3,000 to $3,500 range for a while, simply holding value if market turmoil causes other asset values to drop. But, he noted, "our bullish case suggests that we could actually take out whatever resistance is available at the $3,500 area, and possibly even trade as high as $3,900." By that best-case forecast, gold would gain more than 15% from current levels, on top of its huge gains of the last two years. While price performance has been glitzy, Milling-Stanley noted that a gold allocation makes sense in most portfolios for its non-glamorous, protective attributes: Related: Rich Dad Poor Dad author makes surprising silver, gold price forecast Diversification, thanks to "a zero relationship" to the movement of both stocks and from stock market calamity. Milling-Stanley isn't predicting disaster, but said that macroeconomic uncertainties make it impossible to eliminate the potential for something catastrophic. "If you look at, Black Monday in 1987, if you look at the bursting of the bubble in 2001-2002, you look at the global financial crisis of 2008, you look at the advent of Covid in 2020, equities took a significant downturn and gold performed very, very well," Milling-Stanley said. Milling-Stanley notes that gold's momentum hasn't carried over to gold miners; he favors owning the physical metal, particularly because of concerns about market swings. Miners historically have sharply underperformed metals in big downdrafts. Gold typically holds up against weakness in the dollar. The value of the dollar is off roughly 9% this year, and it lost about 4.5% in the wake of the Liberation Day tariff protection in the unlikely event that tariff policies hit home harder and longer than anticipated with the Fed losing control on price hikes. "I think people are still looking to gold for its protective attributes, rather than necessarily hoping that the price will go up so they can sell at a profit tomorrow or next week," Milling-Stanley said. Still, he acknowledged that those timeless attributes shine brighter when attached to gold's enhanced profit potential now. Related: Veteran fund manager who predicted April rally updates S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
2 days ago
- Business
- Yahoo
Bitcoin Rules for Now, but the Crypto Landscape Is Vast
Investors want more than just a bit of bitcoin. Spot Bitcoin ETFs amassed inflows of nearly $9.6 billion from April 21 through May 27, according to data compiled by Morningstar Direct. With the price of the world's most popular cryptocurrency reaching all-time highs of more than $100,000 lately and the Trump administration championing digital assets, advisors might now want to expand their focus beyond just bitcoin. 'The capitalization of the crypto space right now is more than $3 trillion. How can you ignore that?' said Campbell Harver, Duke University professor and partner at Research Affiliates. 'It'd be like ignoring a couple of companies in the Magnificent Seven.' READ ALSO: RIA Headcount, AUM Shattered Records in 2024 and Bitcoin's Record Rally Prompts Advisors to Take a Second Look While spot Bitcoin ETFs have been seeing plenty of momentum lately, iShares Bitcoin Trust ETF (IBIT) is the real winner. Over roughly the past five weeks, IBIT has taken in $8.7 billion, per Morningstar. That's about 80% of its total inflows year-to-date. Bitcoin and ETFs that track it may be a new corner of portfolios, but advisors are quickly growing more comfortable with it. 'Most of my clients have a 5-10% allocation to Bitcoin,' said Mike Casey, founder of AE Advisors. 'Some are allocated significantly higher.' Bitcoin and IBIT are clearly the biggest players in the space, but advisors should have a wider view when considering crypto allocations, Harvey said, recommending wealth managers consider stablecoins — digital currencies pegged to traditional assets like the US dollar or gold. 'In my vision of the future, almost all assets will be tokenized — stocks, debts, mortgages, all this stuff,' he told Advisor Upside. 'We're going in that direction, and stablecoins are the first step.' But of course, stay away from meme coins. 'They have no fundamental value whatsoever,' Harvey said. 'They're like trading cards.' Golden Hour. Amidst the current economic uncertainty, some have begun viewing Bitcoin as a safe haven similar to gold, but that's still debated territory, given that their volatility profiles are drastically different, said Joy Yang, head of product management at MarketVector Indexes. 'Gold is more of a slow and steady type of asset and has been quietly outperforming US equities over the past 20 years,' she told Advisor Upside. 'Bitcoin has done it, too, but in a much more rollercoaster type of movement.' In the same five-week span, Gold ETFs have experienced almost $2.8 billion in outflows, with State Street's SPDR Gold Shares (GLD) accounting for nearly all of that, according to Morningstar. The precious metal's price per ounce is down from an all-time high of $3,500 in late April. However, gold is still outperforming Bitcoin, up 28% YTD compared with Bitcoin's 12% as of Monday. 'Bitcoin is still a teenager,' Yang said. 'It'll eventually be an adult, but it's going to take a winding path to get there.' This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter.
