It was declared dead a year ago, but now the 60/40 stock/bond portfolio is making a comeback. With yields on 2-year Treasuries now approaching 5%, bonds are becoming serious competition for the stock market. Not surprisingly, there are now single-bond ETFs that enable investors to buy Treasuries. Join us Monday on ETF Edge at 1:00 PM ET when one of our guests will be Alex Morris, President and CIO of F/m Investments. Morris recently launched the US Treasury 10 Year ETF (UTEN), US Treasury 2 Year ETF (UTWO), US Treasury 3 Month Bill ETF (TBIL), and US Treasury 1 Year ETF (OBIL) and will be launching another suite of Treasury products in the next several weeks. He'll be joined by Dave Nadig, Financial Futurist for VettaFi. Learn why ETFs may be a plausible alternative to buying bonds directly from the government.
Following the flows: Money pours out of riskier assets, into short-term bonds. In the wake of this week's "higher for longer" narrative, ETF investors continued to pull money out of equity and corporate bond ETFs and into shorter-term government debt. The SPDR Bloomberg High Yield Bond ETF (JNK) suffered its largest withdrawal since 2020, with roughly $1 billion in outflows on Wednesday alone. On the flip side, $2.42 billion poured into the iShares Short Treasury Bond ETF (SHV) over the past week.
More ETFs targeting ESG in 2023. Two providers just announced the launch of several new ESG-focused ETFs this week. Global X just rolled out two new covered call ETFs – the Nasdaq 100 ESG Covered Call ETF (QYLE) and the S&P 500 ESG Covered Call ETF (XYLE) – which will employ a strategy that sells call options and will target large-cap companies that score highly based on the Nasdaq 100 and S&P 500 ESG Indices, respectively. Horizon Kinetics also unveiled its new Energy and Remediation ETF (NVIR) – which takes a hybrid approach by owning both carbon-based energy companies and remediation firms that aim to generate carbon-based energy in a more environmentally sustainable manner. Top holdings include Cheniere Energy, Diamondback and ConocoPhillips.
Meanwhile… Anti-ESG fund's CEO makes a presidential bid. Strive CEO Vivek Ramaswamy, who became the face of Wall Street's anti-ESG strategy when he launched the Strive U.S. Energy ETF (DRLL) back in August, is the latest Republican to challenge Donald Trump for the GOP nomination in 2024. Ramaswamy has often spoken out against indexing giants like BlackRock, State Street and Vanguard for embracing ESG-focused investing agendas – and against oil giants like Chevron for devoting resources to the energy transition instead of spending money to pump more fossil fuels over the next decade.
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