Articles authored by Grant Engelbart

Digital assets had another great year in 2024, led by strength in Bitcoin and ETF inflows, catalyzed further by the new administration. However, as we enter more volatility in February of 2025, the prospect of higher prices now appears to be in question. Bitcoin hovers around 22% below its all-time high, but other major digital …

This time of year has no shortage of year-end reviews and year-ahead prognostications, with none other than our own 2025 outlook releasing in mere days. I want to take a look at the year that was through the lens of various Exchange-Traded Funds (ETFs), their asset growth, returns, and problems solved for investors along the …

Another strong year for stocks means a lot of happy investors, at least until their 1099s are distributed! Higher equity prices and continued outflows from traditional mutual funds spells trouble for impending capital gains payouts. This may be best illustrated by this figure: of the legacy mutual funds at Carson, there are 10 “tax managed” …

Factors The world of investment product has evolved in many ways over the years, and that evolution has seemingly accelerated more recently. There are nearly 4,000 U.S. exchange-traded products, each with their own index or objective (for better or worse), this is on top of tens of thousands of traditional mutual funds. It can be …

The third quarter was a very strong one for markets, but in a different way than we have seen in recent periods. Leadership changed, often catching some managers off guard, but showing the broadening strength of this bull market. The chart below shows this simplistically, with the returns from Q3 in light blue, compared with …

United States Exchange-Traded Fund (ETF) assets just hit $10 Trillion for the first time. That is still around half of the assets in traditional open-end mutual funds but the gap is closing quickly. An increasingly larger part of this growth is coming from active ETFs, which have accounted for roughly a third of ETF inflows …

The Federal Reserve has done all but carve in stone a September interest rate cut – market expectations are at 100% (70% for 25bps and 30% for 50bps). The broad bond market has been higher four months in a row as investors pile in ahead of cuts, pushing interest rates below 4% across maturities from …

Investment factors are characteristics of securities that explain their risk and return profiles over time. Factors such as value (buying inexpensive stocks), momentum (systematically owning recent outperformers), quality (high margin, low debt, high return on capital businesses), minimum/low volatility (stocks exhibiting lower beta or standard deviation), and size (small caps- lower market cap stocks), have …

The second largest cryptocurrency by market cap, Ethereum, has now made its way into US-listed exchange-traded funds. Last Tuesday, the SEC greenlit 9 products (one conversion) to begin trading in  a quiet and almost unexpected launch, especially relative to the craze seen earlier in the year surrounding Bitcoin ETFs. Ethereum was the logical approval after …

Well, that didn’t take long. Since the Fed’s decision to hold interest rates steady on Wednesday- presumably waiting on continued solid data supporting their case – the data confirmed otherwise. Thursday’s set of economic data saw initial jobless claims rise to their highest level in a year, alongside a weak manufacturing ISM number. Stocks fell …