The $SPY rose again in January, marking its ninth consecutive month of gains and tying the second-longest winning streak in history (Sell America, haha). Does this mean the rally is over? Not at all, because historically, after more than seven consecutive months of gains, the average annual return is 14%. Athanasios Psarofagis offered a good insight in a report yesterday.

I just found out today that VTV and QQQ's biggest gainers so far this year are actually the same stock. Did anyone know that? @JackiWang17's revelation is a really good little-known fact.

This table is fantastic, showing the historical average ETF fees and asset-weighted average fees for all ETF issuers (ranked by revenue)... @SirYappityyapp's shared table contains a lot of noteworthy information and sub-charts.

Yesterday, baby boomers bought $500 million worth of Bitcoin ETFs. Despite this, year-to-date net inflows remain slightly negative. To paraphrase a line from the movie *Goodfellas*, "It's a bad time." That said, if you traveled back three years and told a Bitcoin enthusiast that Bitcoin would reach $78,000 and the ETF's market capitalization would reach $100 billion, they might have said, "Awesome!" (because that would mean a 240% return, a 50% annualized return). Again, I think people are still underestimating how crazy 2023 and 2024 will be; a 464% increase is almost abnormal, and people's understanding is still evolving.

A massive influx of funds into $PRIV has resulted in a 300% organic growth in its assets under management. This high-profile private credit ETF had previously garnered little attention, but with this influx, its size has reached approximately $500 million. This is likely a pattern or a strategy involving the influx of proprietary capital.

The game was held at the Braithwaite Recreation Center. I'd never been there before. Although it's in Philadelphia, it felt like it was anywhere. The place was unique, but the floor was dirty, like playing on an ice rink.

Breaking news! ETF IQ will be broadcast weekly for one hour starting today! We've invited two heavyweight guests: Vanguard CEO Salim Ramji and Ark CEO and Cathie Wood—two titans of the investment world—to join us, with Bryon Lake from Goldman Sachs Asset Management also appearing among them. Tune in to Bloomberg TV with me, @EricBalchunas, and @scarletfu at 12 PM!

You can see all the clips here: Katie's story is here:

Vanguard has just announced a new round of fee reductions, affecting 84 share classes and 53 funds. Notably, its value and growth ETFs now charge only 4 basis points. Its asset-weighted average fee (with $10 trillion in assets under management) is 7 basis points, while the ETFs charge only 4 basis points. @kgreifeld has provided detailed coverage of this; please tune in to Salim Ramji's discussion on the ETF IQ program this afternoon. "Death, Taxes, and Vanguard Fee Cuts"—@psarofagis

Emerging market ETFs saw monthly inflows triple to a new high. Although they represent only 3% of assets under management, they absorbed 13% of the funds. Approximately 40% of these inflows went to $IEMG, but dozens of other ETFs also saw inflows. Furthermore, this did not come at the expense of the U.S. stock, equity, or bond markets; rather, it boosted inflows from those markets.