Over the past few years, the U.S. equity market has been dominated by a relatively small number of mega-cap stocks, whose concentration in broad market benchmarks has reached unprecedented levels. Against this backdrop, we think it’s important to remember that, if history is any guide, the best performers of the next decade may look substantially different from the last decade as newer market entrants disrupt large incumbent stocks. The “Magnificent 7” themselves illustrate this point, as only three of these stocks (Apple, Microsoft, and Alphabet) were among the top ten holdings of the S&P 500® Index at the end of 2014. Accordingly, we believe investors should consider overlooked growth opportunities that may be lacking from most broad market benchmarks. In our view, one efficient, scalable strategy to gain exposure to such stocks is the First Trust US Equity Opportunities ETF (FPX), which we highlight.

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In 2025, the S&P 500 Index (the “Index”) continued its march higher with a third consecutive double-digit return (17.9%) despite a massive correction in early April 2025 when the Index was lower by 15% (April 8, 2025) for the year at one point. The headlines were all about tariffs, Liberation Day, and Artificial Intelligence but the real story was what always drives market returns. Earnings! And earnings for the Index in 2025 are expected to have grown almost 13% for the year after companies report their fourth quarter results later this quarter. More importantly, earnings projections for 2026 are expected to grow over 15% for the Index. Last year’s exceptional returns were the result of this profit growth and continued multiple expansion.

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Will the stock market finally broaden?  Are valuations stretched?  Will momentum stall for AI-related stocks?  Richard Bernstein provides his perspective on these questions and others, laying out risks and opportunities for investors for 2026. 

At the precipice of a new year, Bob Stein discusses the implications of a probable new Fed Chair, the possibility of a Supreme Court ruling against tariff policies, and the odds for mid-term elections.

Will AI replace—or empower—financial advisors?  Performance coach Kevin Bishopp shares how financial professionals are already leveraging AI tools, potential risks ahead, and new opportunities to thrive in an AI era.

• Net inflows for US-listed ETFs totaled $141.1 billion in November, bringing total ETF assets under management to $12.9 trillion.
  
  
• Equity ETFs had net inflows totaling $98.3 billion in November, bringing trailing 12-months (TTM) net inflows to $850.5 billion. Active equity ETFs accounted for $18.8 billion in net inflows in November, compared to $79.5 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $842.2 billion, accounting for 8.2% of all equity ETF assets ($10.2 trillion), as of 11/30/25.
  
  
• Fixed income ETFs had net inflows totaling $42.9 billion in November, bringing TTM net inflows to $410.0 billion. Active fixed income ETFs accounted for $13.6 billion in net inflows in November, compared to $29.3 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $456.4 billion, accounting for 20.4% of all fixed income ETF assets ($2.2 trillion), as of 11/30/25.
  
  
• Commodities ETFs had net inflows totaling $2.1 billion in November, bringing TTM net inflows to $46.3 billion. Precious metals ETFs (+$2.0 billion) had the largest net inflows for the month.

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In the 1986 movie Top Gun, a seasoned officer scolds a cocky young pilot who is taking too much risk in the air by saying “... your ego is writing checks your body can’t cash.” We love this analogy for the early November 2025 hiccup in everything Artificial Intelligence (“AI”), as the markets pivoted from applauding each announcement of extraordinary AI spending to voicing skepticism at the enormous cost and uncertain payoff. And it is not just in the equity markets. As leverage increases, investors are more discerning about the debt that is fueling the AI infrastructure build as well. The Wall Street Journal had a recent article detailing the increasing amounts ofdebt from AI-related issuers and noting the widening spreads hyperscalers are being forced to pay as an indication of the rising capital expenditure (“CapEx”) scrutiny.

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Strider Elass, Senior Economist at First Trust, joins the ROI Podcast to discuss tariff turbulence, DOGE’s spending purge, AI’s productivity potential, and what drove (and dragged) the US economy in 2025.

• Net inflows for US-listed ETFs totaled $167.1 billion in October, bringing total ETF assets under management to $12.8 trillion. 
• Equity ETFs had net inflows totaling $99.7 billion in October, bringing trailing 12-months (TTM) net inflows to $871.0 billion. Active equity ETFs accounted for $20.3 billion in net inflows in October, compared to $79.4 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $820.4 billion, accounting for 8.1% of all equity ETF assets ($10.1 trillion), as of 10/31/25. 
  
  
• Fixed income ETFs had net inflows totaling $51.8 billion in October, bringing TTM net inflows to $395.9 billion. Active fixed income ETFs accounted for $16.9 billion in net inflows in October, compared to $35.0 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $441.2 billion, accounting for 20.2% of all fixed income ETF assets ($2.2 trillion), as of 10/31/25. 
  
  
• Commodities ETFs had net inflows totaling $5.9 billion in October, bringing TTM net inflows to $43.5 billion. Precious metals ETFs (+$5.6 billion) had the largest net inflows for the month. 

The S&P 500 Index (Index) closed at 6,840 on October 31, 2025, near its all-time-high reached only three days earlier. A little more than three years ago, on October 12, 2022, the Index bottomed for the year at 3,577, having fallen 24% from the December 31, 2021 close of 4,766. Since that bottom, including dividends, the Index has now returned 100%. What a comeback! 

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