• Net inflows for US-listed ETFs totaled $103.6 billion in June, bringing total ETF assets under management to $11.3 trillion. 
  
  
• Equity ETFs had net inflows totaling $58.2 billion in June, bringing trailing 12-months (TTM) net inflows to $788.0 billion. Active equity ETFs accounted for $16.4 billion in net inflows in June, compared to $41.8 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $671.9 billion, accounting for 7.5% of all equity ETF assets ($8.93 trillion), as of 6/30/25. 
  
  
• Fixed income ETFs had net inflows totaling $32.2 billion in June, bringing TTM net inflows to $361.9 billion. Active fixed income ETFs accounted for $14.6 billion in net inflows in June, compared to $17.7 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs was $366.5 billion, accounting for 18.4% of all fixed income ETF assets ($1.99 trillion), as of 6/30/25. 
  
  
• Commodities ETFs had net inflows totaling $6.6 billion in June, bringing TTM net inflows to $27.5 billion. Precious metals ETFs (+$5.9 billion) had the largest net inflows for the month. 

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In the second quarter of 2025, alternative investments (“alternatives"), on average, had mixed returns and significantly underperformed global equity markets. Economic data continues to show slower growth, a softer job market, yet stubborn inflation. The policy volatility of tariffs is making the economic data more diffuse than normal and therefore harder to draw definitive conclusions as to the direction of the overall economy. The Federal Reserve (the “Fed”) made no changes to the Fed Funds rate, but there has been a more visible division amongst the members with regards to future cuts. The dovish members have become more vocal than in the recent past, citing the need for cuts to sustain the economic growth amidst tariff disruptions and an inflationary environment that, while not at the Federal Reserve’s target of 2%, has remained manageable. The executive branch has made it no secret that they want lower interest rates, a weaker dollar, and lower taxes while not directly addressing any potential resurgence in inflation. Equities, for their part, have clearly embraced both the current waning of a draconian tariff/trade war along with the hope of significantly easier financial conditions. As a result, equity valuation metrics have rebounded to historically elevated levels. 

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The S&P 500 Index ended a volatile first half of 2025 with a total return of 6.2%, including dividends, closing at a record high. Despite the continued strength of the U.S. stock market, some have questioned whether American exceptionalism has peaked, whether the U.S. dollar is no longer a safe haven, and even suggested that America's economic might versus the rest of the world is on the wane.

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Brian Wesbury discusses why the conventional wisdom about tariffs and inflation is wrong, how the Fed can save taxpayers $2 trillion over the next decade, and the positives and negatives of the Big, Beautiful Bill.

Richard Bernstein draws on over four decades of investment experience to offer insights on how to navigate risks and opportunities amid soaring economic uncertainty and market volatility.

• Net inflows for US-listed ETFs totaled $86.5 billion in May, bringing total ETF assets under management to $10.9 trillion. 
  
  
• Equity ETFs had net inflows totaling $43.0 billion in May, bringing trailing 12-months (TTM) net inflows to $784.4 billion. Active equity ETFs accounted for $19.9 billion in net inflows in May, compared to $23.1 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $630.2 billion, accounting for 7.4% of all equity ETF assets ($8.54 trillion), as of 5/31/25. 
  
  
• Fixed income ETFs had net inflows totaling $37.5 billion in May, bringing TTM net inflows to $354.9 billion. Active fixed income ETFs accounted for $10.5 billion in net inflows in May, compared to $27.1 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $345.0 billion, accounting for 17.8% of all fixed income ETF assets ($1.94 trillion), as of 5/31/25. 
  
  
• Commodities ETFs had net outflows totaling $1.8 billion in May, bringing TTM net inflows to $20.7 billion. Precious metals ETFs (-$1.3 billion) had the largest net outflows for the month. 

Dividend paying stocks with sustainable and increasing payouts represent an attractive opportunity in today’s market, in our view. The S&P 500 Index has returned 59% from the beginning of 2023 through the end of May 2025. Growth stocks measured by the S&P 500 Growth Index have led the way with an 81% return over that period. Yet dividend stocks have lagged both indices significantly. The Dow Jones U.S. Select Dividend Index is up only 20% during that time. We believe there are several good reasons to increase exposure to dividend paying stocks today.

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Bob Carey discusses his long-term outlook for equity markets as the baby boom generation ages. He also weighs in on potential near-term drivers of equity market performance, including tariffs, regulations, and the “one big, beautiful bill”.

Equity market volatility has surged in 2025 amid the Trump administration’s rapidly evolving tariff policies and global retaliatory measures. While volatility can be unsettling, we believe long-term investors can capitalize on market dislocations by targeting investment themes with strong secular growth drivers. In our view, U.S.-focused manufacturing and industrial stocks, many of which can be found in the First Trust RBA American Industrial Renaissance® ETF (AIRR), are well-positioned to outperform as policy uncertainty fades.

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Ron Pernick is the founder of Clean Edge, a firm specializing in thematic research surrounding clean energy, transportation, water, and the power grid.  In this episode, we discuss the evolution of these themes and how a new administration may impact their continued growth.