GLD charges 0.40% vs GLDM at 0.10% — a 30bps annual drag. On a $1M gold position held for 10 years at 5% annual return, GLDM outperforms by ~$42K. Institutional holders are migrating. Liquidity is the only reason to hold GLD — and GLDM's liquidity has improved significantly.

XLF is up 18% YTD while KRE is flat. The divergence is explained by the two-tier banking system that emerged post-SVB. Large-cap banks (JPM, GS, MS) are taking share in investment banking and trading. Regional banks face NIM compression and CRE loan book uncertainty. This dive...

The Nasdaq-100 rebalances quarterly. Tech sector weight is at 62% — above the trigger threshold for a special rebalance (>24% for top 5 constituents). If triggered, NVDA, MSFT, AAPL, AMZN, META would see forced selling from QQQ flows. Worth monitoring for short-term positioning.

Over the last 12 months SPY has outperformed QQQ on a risk-adjusted basis (Sharpe 1.12 vs 0.94). This reverses the 2020-2023 pattern. As rates normalize, the duration risk embedded in high-multiple tech (QQQ overweight) becomes a headwind. For passive investors, SPY's sector b...