Bob Stein provides perspective on likely economic outcomes that may result from the evolving policy mix of the new Trump Administration.  Plus, Bob shares an early peak at potential contenders for the 2028 US Presidential election.

March was an awful month for U.S. equities as the S&P 500 Index fell almost 6%. All sectors were negative except Energy (+3.9%) and Utilities (+0.3%), while the Magnificent 7 (“Mag 7”) sectors led the rout. Information Technology (Apple, Microsoft, NVIDIA), Communication Services (Alphabet, Meta), and Consumer Discretionary (Amazon, Tesla) all fell over 8% and were the three worst performing sectors.

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International equities have struggled to capture investor enthusiasm in recent years. Over the decade ending 12/31/2024, the S&P 500® Index notched a robust 13.1% annualized return, dwarfing the modest 4.8% return of the MSCI ACWI ex USA Index. Against this backdrop, U.S. equity exchange-traded funds (“ETFs”) captured 87% of all equity ETF net inflows in 2024. While international stocks account for nearly half the world’s equity market cap, the average U.S. investor allocates just 8% to international stocks, according to a recent survey. However, the first quarter of 2025 showed signs that the tide may be turning for international equities, as the MSCI ACWI ex USA Index climbed 5.4%, while the S&P 500® Index shed 4.3%. Below we explore some of the factors that fueled this outperformance and discuss why we think many investors may benefit from revisiting international allocations. We then highlight two unique actively-managed international ETFs: the First Trust WCM International Equity ETF (WCMI) and the First Trust WCM Developing World Equity ETF (WCME).

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Bill Housey explores how fixed income investors can navigate rising uncertainty—from trade policies to inflation and beyond—in this deep dive into the bond market’s shifting dynamics.

• Net inflows for US-listed ETFs totaled $81.1 billion in March, bringing total ETF assets under management to $10.24 trillion. 
• Equity ETFs had net inflows totaling $49.5 billion in March, bringing trailing 12-months (TTM) net inflows to $789.3 billion. Active equity ETFs accounted for $16.9 billion in net inflows in March, compared to $32.6 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $565.0 billion, accounting for 7.1% of all equity ETF assets ($8.01 trillion), as of 3/31/25. 
• Fixed income ETFs had net inflows totaling $24.6 billion in March, bringing TTM net inflows to $347.4 billion. Active fixed income ETFs accounted for $11.9 billion in net inflows in March, compared to $12.8 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $333.9 billion, accounting for 17.6% of all fixed income ETF assets ($1.90 trillion), as of 3/31/25. 
• Commodities ETFs had net inflows totaling $6.9 billion in March, bringing TTM net inflows to $19.2 billion. Precious metals ETFs (+$6.6 billion) had the largest net inflows for the month. 

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Amid a sharp drawdown in US equities, Dave McGarel highlights the risks and opportunities that may lie on the horizon.

Gibson Smith, founder and CEO of Smith Capital, discusses some of the unique challenges—and opportunities—facing fixed income investors today.

• Net inflows for US-listed ETFs totaled $111.5 billion in February, bringing total ETF assets under management to $10.47 trillion.
  
  
• Equity ETFs had net inflows totaling $65.6 billion in February, bringing trailing 12-months (TTM) net inflows to $814.9 billion. Active equity ETFs accounted for $18.9 billion in net inflows in February, compared to $46.7 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $568.4 billion, accounting for 6.9% of all equity ETF assets ($8.28 trillion), as of 2/28/25.
  
  
• Fixed income ETFs had net inflows totaling $39.7 billion in February, bringing TTM net inflows to $341.0 billion. Active fixed income ETFs accounted for $14.5 billion in net inflows in February, compared to $25.2 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $323.2 billion, accounting for 17.1% of all fixed income ETF assets ($1.88 trillion), as of 2/28/25.
  
  
• Commodities ETFs had net inflows totaling $6.8 billion in February, bringing TTM net inflows to $12.8 billion. Precious metals ETFs (+$6.5 billion) had the largest net inflows for the month, followed by Broad commodities (+$0.6 billion). Energy commodities ETFs (-$0.4 billion) had the largest net outflows in February.

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Momentum Unwind? 

The S&P 500 Index hit an all time closing high of 6,144 on February 19th, 2025, up 4.6% year-to-date (YTD) at that point, seemingly on an easy route to another blockbuster year for stocks. Just like most of 2024, momentum was the top factor in January and early February as the market did show some broadening outside the Magnificent 7. The same high-beta stocks, particularly those related to artificial intelligence (AI), continued to defy gravity. In fact, the AI trade broadened even more with names like Palantir (up 48% YTD through 2/19/25) and AppLovin (up 53% YTD through 2/19/25) soaring to start the year. Apparently no end in sight. Until… the last seven trading days of February. A brutal selloff in that narrow trade ensued.

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Electricity demand is poised to soar after decades of slow growth, driven by AI, reshoring, and EVs. Jim Murchie, CEO and portfolio manager at Energy Income Partners, unpacks how natural gas, nuclear power, and renewables will fuel this surge, as utilities scramble to keep up.