Mailbag: A Follow-Up on Pfizer & Other Questions
Pfizer is navigating a transitional phase aimed at returning to growth by 2029, offsetting the Eliquis patent cliff and waning COVID revenues with new pipeline drugs and cost‑saving measures. The company posted a strong Q1 2026, reporting diluted EPS of $0.47 and adjusted EPS of $0.75, while keeping its quarterly dividend flat at $0.43. Management targets a 60% payout ratio based on adjusted earnings, aligning with the current dividend level. The column also surveys high‑yield tax‑free municipal ETFs, mortgage REITs, and highlights Gladstone Land’s lease‑restructuring and the high‑yield but costly PFFA preferred‑stock ETF.
JP Morgan Adds Futures ETF to Lineup
J.P. Morgan Asset Management launched the JPMorgan Managed Futures Plus ETF (JPFP) on Nasdaq, adding a systematic managed‑futures sleeve to a core U.S. equity exposure. The actively managed fund charges a 0.59% expense ratio, positioning it as a low‑cost portable‑alpha...
The Case for RCLO’s High-Conviction CLO Portfolio
Reckoner Capital’s RCLO ETF pursues a high‑conviction, 23‑stock strategy in the BBB‑B CLO space, while iShares’ BCLO spreads its exposure across 50 holdings. The concentrated approach gives RCLO’s top ten positions 50.5% of assets versus BCLO’s 36.8%, reflecting deeper manager...
Moving Beyond Beta: BlackRock Embraces Active International Fixed Income
BlackRock’s Target Allocation models have replaced the passive iShares Core International Aggregate Bond ETF (IAGG) with the active iShares Global Government Bond USD‑Hedged ETF (GGOV). On May 28, GGOV’s daily volume exploded to more than 40 million shares, a jump that TMX...
Are There Too Many ETFs?
FactSet’s ETF research chief Elisabeth Kashner warns that a third of the 5,072 U.S. ETFs listed as of March 31 hold under $50 million in assets and generate less than $1 million in revenue. While ETF launches continue at a rapid pace, closures...
Examine XSPI for a Higher Level of S&P 500 Income
The NEOS Boosted S&P 500 High Income ETF (XSPI) launched in February to address the S&P 500’s historically low 1.1% dividend yield. By overlaying systematic call‑buying and put‑selling strategies, XSPI aims for a 15‑18% distribution range and currently offers a 16.57% annualized...
Tired of Tax Day? Municipal Bond Ladders Could Help
The Northern Trust 2055 Tax‑Exempt Distributing Ladder ETF (MUND) uses a municipal‑bond ladder that spans calendar years through 2055, delivering tax‑free income as bonds mature. Unlike traditional ladders that reinvest principal, MUND distributes the principal annually, giving investors a steady...
LLY Clears Major Obesity Trial: Get Exposure in THNR
Eli Lilly’s latest obesity drug trial delivered an average weight loss of just under 30%, surpassing comparable GLP‑1 products from rivals such as Novo Nordisk. The strong results sparked a more than 3% rise in LLY’s stock over the past five days,...
Altcoins Hold Firm Amid Bitcoin Outflows
Digital asset investment products recorded a $1.07 billion net outflow for the week ending May 18, marking the first negative week in seven and the third‑largest outflow of 2026. Bitcoin alone shed $982 million, pushing year‑to‑date crypto ETF withdrawals to $3.9 billion, while Ethereum...
Worried About College Savings? Bond Ladder ETFs Could Help
Investors worried about rising college costs can turn to bond ladder ETFs, specifically the Northern Trust 2030 Inflation‑Linked Distributing Ladder ETF (TIPA). TIPA builds a ladder of U.S. Treasury Inflation‑Protected Securities (TIPS) that mature each year through 2030, delivering inflation‑adjusted...
AI Is Rewriting the Cybersecurity Stack
Anthropic has launched Project Glasswing, a closed‑beta initiative that leverages its Claude Mythos Preview model to automate vulnerability discovery at scale. The company pledged $100 million in usage credits and enlisted 12 heavyweight launch partners—including AWS, Microsoft, Google, NVIDIA, JPMorgan Chase and Palo Alto Networks—plus...
NextEra’s Dominion Megamerger: How It Affects Your Portfolio
NextEra Energy announced an all‑stock acquisition of Dominion Energy valued at roughly $67 billion, creating a combined utility with an estimated market value of $249 billion. The merger will make the new entity the third‑largest energy company in the United States, behind...
TCAL Targets High Income With Lower Risk via Active Covered Calls
T. Rowe Price launched the TCAL Covered Call ETF to deliver 7‑9% monthly yields by selling covered calls on a lower‑beta, value‑focused stock basket. The fund’s strategy has historically produced less downside than the S&P 500 over the past five years, and...
Matt Bartolini Talks Inflation-Resilient Portfolios & More
Matthew Bartolini, State Street’s global head of research strategists, warned that recent CPI and PPI data reveal a durable inflation risk that traditional equity‑heavy, nominal‑bond portfolios are ill‑equipped to handle. He highlighted the rise of AI‑driven capital expenditures and supply‑chain...
The IBIT Effect: Why New ETFs Now Scale Faster
New exchange‑traded funds are scaling to billions of dollars in assets far faster than historically expected. The iShares Bitcoin Trust (IBIT) now holds about $67 B, while Fidelity’s FBTC sits at $15 B, illustrating that issuer brand and operational familiarity outweigh the...