A NOTE FROM BOB
We're waiting for the first bitcoin futures ETF! The ProShares Bitcoin Strategy ETF is scheduled to begin trading Tuesday at the NYSE. The ETF is based on bitcoin futures contracts that trade on the CME.
Join us Monday on ETF Edge at 1 PM ET when we will discuss the future of bitcoin ETFs. Our guests will include Financial Times Global Finance Correspondent Robin Wigglesworth, who is out with a new book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, about the rise of indexing and birth and explosive growth of the ETF business--two of our favorite topics! ETFEdge.cnbc.com at 1 PM ET Monday!
Even Europe is getting in on bitcoin ETFs.
Stock pickers still can't keep up with passive indexes. You'd think that with all the volatility in the last year, stock pickers would easily outperform their passive (index) counterparts, but no. That's the conclusion of the latest Morninsgstar Active/Passive Barometer survey, which is a semiannual report that measures the performance of U.S. active managers against their passive peers within their respective categories. Of the nearly 3,000 active funds included in our analysis, 47% survived and outperformed their average passive counterpart in the 12 months through June 2021. It gets much, much worse when you look at longer time horizons: over a 10 year period, only 11% of actively managed large-cap funds survived and outperformed their passive peers, consistent with other long-term studies. Morningstar's Ben Johnson's conclusion: "There's little merit to the notion that active funds are more capable of navigating market volatility than their passive counterparts." For more analysis and actionable insights, catch me live on Mondays at 1 PM ET on ETF Edge. KEY STORIES
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