This really shines some interesting light on the “passive index fund” market.

Gun to your head, which #ETF would you buy? ETF 1: 50% dividend but declines in price 50%/yr ETF 2: 25% dividend, 100% downside capture, 45% upside capture. Small chance of a 50% loss every year. ETF 3: 11% dividend, 90% downside capture, 70% upside capture These are all real

Enhanced yield funds are for investor’s who value cashflow. $JEPQ $JEPI the largest and most well known enhanced yield ETF has an 8% current yield, materially higher than bond funds yielding 4%-6% and far higher than the S&P 500’s 1.2% yield. But is JEPI for everyone? Even

Grizzle Commodity 1x1: James Seyffart - ETF Research Analyst, Bloomberg ◾️Nailing the #Bitcoin ETF Boom 🚀 ◾️ $MSTR & MSTR 2x ETFs impact on the price of $BTC ◾️Deep dive on chances and timing of Ethereum and alt-coin ETF approvals $ETH $XRP ◾️How bullish is Trump for crypto?

This is important 👇 financial incentives drive everything in the ETF industry. #bitcoin #gold $IBIT $GLD $IAU

Some comments on index construction. Whenever I discuss index construction, there are a few tautologies and a few misconceptions which arise. When a stock like MSTR or SMCI or TSLA go into a big index, lots of people comment. It's worthwhile going through the mechanics.

buffer ETFs! this is a very popular new thing that we should talk about. generally they consist of an equity exposure plus a put spread collar (long put spread, short call). they're pitched as giving up some of the upside of equities in exchange for buffering some of the downside

0-day options are now 50% of all S&P 500 options volume. 0-day ETFs offer up 50%+ yields and are likely behind the growth, but are there risks hidden beneath the surface? We tore apart every ETF on the market and found 0-day option ETFs are more risk than return.

One month performance of $MSTR and the 2x and -2x versions

The house loves retail options traders, staggering losses 👇

Seriously, how is this not malpractice / fraud? When this blows up people who made graphics like this should be sued into penury.

With indexes down 16%-21%, are enhanced yield funds about to blow up? $650 million QDTE has 33% of the fund in out of the money NASDAQ calls expiring on June 20th. Out of the money = worth $0

Today we evaluate some scary tail risks 👇

Committees that make rules for passive indices (S&P 500) wield a ton of power - 9 people making a decision impacting $2 trillion in assets. People we haven’t heard of or heard from. Whatever your view about $MSTR (we don’t own it), an investor who wants market cap based

$MSTR = leveraged $btc financial engineering instrument. As with all financial engineering - epic on the way up, not so much on the way down. We don't own it in our ETF for this reason. Pour one out for the $MSTY ETF holders (option income - $5B aum), effectively down as much

YieldMax turned “yield” into tax-inefficient income. These distributions are taxed at short-term rates even if the ETF loses money... and can’t be offset with capital losses. Example: 12-month returns thru 7/31/25: $COIN +68% $CONY +32% After-tax pre-liquidation $CONY -12%.

Full Research Note: tinyurl.com/yen4p462