0:04
What’s Behind a Rare Week in the Red for ETF Flows
You can’t win ‘em all.
ETFs as a whole had an uncharacteristic week of outflows earlier this month, with about $3.7 billion in redemptions, according to ETF.com. The week ending July 3 came amid a massive year of inflows, however, with the industry on track to grow by over $2 trillion by year’s end. So what caused the blip, and how should investors be thinking about it? Some areas with the largest monthly outflows in June were commodities and digital assets, said Brian Paoli, a research analyst for Morningstar.
“Broadly speaking, flows typically follow performance,” Paoli said, adding that the largest outflows were in gold- and bitcoin-linked funds. “In 2025, we saw a crazy performance for both bitcoin and gold … and then heading into 2026, as the price of gold has come back down, we’ve seen those outflows increase in the first two quarters.”
There are many reasons for outflows, with causes ranging from investor uncertainty about a stock to loss of confidence in an entire sector or category of fund. When specific products lose assets, the reason might be that advisors have shifted their strategies, Paoli said. That happened recently, he added, when investors pulled out of the VanEck MSCI International Value ETF (VLUE) because of its heavy concentration in Micron, which could be worrisome for both investors and advisors. “Roughly a quarter of that ETF was actually being held in Micron, and so you had some investors both concerned about its individual stock exposure, but also, if you’re an advisor, you have a certain investment policy,” Paoli said.
Another factor that might be at play is SpaceX. Several funds that had the highest net outflows track the Russell 1000 or 2000 Indexes, which recently added the newly public behemoth to its ranks. “I can’t say with certainty that it’s [caused by] investors selling for that reason, but the Russell 1000 indexes are adding SpaceX to their holdings, both on the value and growth side,” Paoli said. “Russell 1000 trackers are going to show up naturally with the largest inflows or outflows. But it is interesting.”
Don’t Be a Worry Wart: Should investors be concerned about the negative numbers? Hardly, said Maital Legum, head of ETF solutions for Teucrium. “We as an industry have gotten so used to inflows week after week after week,” Legum said. The hundreds of funds that launched in the month of June alone, she added, indicate how “aggressive and how bullish” the industry is about the investment vehicle. “One week of outflows is really not any systematic or structural indication that things are cooling off.”
The post What’s Behind a Rare Week in the Red for ETF Flows appeared first on The Daily Upside.
1:22
New Memory ETFs Look to Cache In on DRAM’s Historic Success
Let’s take a trip down memory lane.
The Roundhill Memory ETF (DRAM) made history after its April launch, attracting more than $23 billion of net flows, the fastest exchange-traded fund to pull such numbers. The fund gives investors hard-to-find access to the biggest names in the memory chip manufacturing industry, including Korean companies that were previously difficult to invest in directly. Since then, several other memory funds have launched, with differing strategies all looking to grab a piece of the action. While the segment has been one of the best performers of the year, the recent US listing of Korean chipmaker SK Hynix may siphon some assets that would have otherwise flowed into these ETFs.
“SK Hynix, maybe, changes the game,” said Todd Rosenbluth, head of research at VettaFi, now that investors can buy the stock directly. “A lot of money went into space ETFs in advance of SpaceX listing, and some of that money has flowed out because it was short-term investments.”
Artificial intelligence relies on massive amounts of memory to power large language models, and as models improve, they need more of it to process data in real time. Three companies dominate memory chip manufacturing: Micron, the only American player, and Korean rivals Samsung and SK Hynix. The high demand has created a bottleneck in the AI infrastructure buildout. “These three companies have extreme pricing power,” said Howard Chan, CEO and co-founder of Kurv, which recently launched its own memory ETF. “Because of this huge demand, supply for most of what they call HBM, high-bandwidth memory, has been sold out until the end of 2027. Flows will continue to come into the space because this bottleneck isn’t an issue that’s going to be resolved over the next six months or even a year.”
Following DRAM’s success, a few other recently launched ETFs are hoping to capitalize, according to Morningstar data:
- The Tema Memory ETF (DISK), launched June 30, has attracted $43 million in assets as of the closing bell on Friday, according to ETF.com.
- The Kurv Memory Select ETF (KMEM), which also listed June 30, pulled in $40 million in net flow.
- The Tuttle Capital Concentrated Memory Stack ETF (HBMX), launched June 2, has $34 million in AUM.
Nothing Lasts Forever: Chan sees room for memory ETFs to keep running, but Rosenbluth isn’t so sure. “Stocks don’t rise in perpetuity,” he said. “People who are looking at a product that has climbed this high, this fast, should be prepared that it might pull back because the stocks are priced for significant growth, which may or may not materialize.”
The post New Memory ETFs Look to Cache In on DRAM’s Historic Success appeared first on The Daily Upside.
2:41
No SpaceX, No Tesla? No Problem for These ‘Ex-Elon’ ETFs
Less than 5% of the Nasdaq‑100 is made up of Tesla and SpaceX, and that’s the slice the new “ex‑Elon” ETFs are cutting out. The Nasdaq‑100 Ex‑Elon Enterprises ETF (QQNE) and the S&P 500 Ex‑Elon Enterprises ETF (SPNE) will track their respective indexes but exclude any securities tied to Elon Musk’s companies, essentially stripping out Tesla and SpaceX.
The idea is to give investors a way to avoid the political and governance chatter that surrounds Musk, but the funds face a practical hurdle: with such a small weighting, they may not look much different from the standard QQQ or S&P 500 trackers, and they could lag when Musk‑linked stocks are on the rise.
Analysts say the real test will be whether people are willing to trade a modest performance hit for the peace of mind of keeping Musk out of their portfolios. It’s a niche play that could appeal to values‑driven investors, but it’s still early days to see if the concept sticks.
3:11
Ormund Hightower is becoming a key player in 'House of the Dragon.' Here's how he dies in the book.
- Lord Ormund Hightower becomes a key player in "House of the Dragon" season three.
- Portrayed by James Norton, the character is Alicent's cousin and commander of the Hightower army.
- Here's a rundown of what happens to Ormund in the book, "Fire & Blood."
Warning: Spoilers ahead for "House of the Dragon" season three, episode four, and the book "Fire & Blood."
There are plenty of Targaryens vying for power in "House of the Dragon," but the silver-haired dragonlords are not the only threats in Westeros.
HBO's tentpole "Game of Thrones" prequel depicts the Dance of the Dragons, which finds Rhaenyra Targaryen (Emma D'Arcy) pitted against her half-brother, Aegon II Targaryen (Tom Glynn-Carney), in a brutal war of succession.
Aegon II — along with his three younger siblings, Aemond (Ewan Mitchell), Helaena (Phia Saban), and Daeron (Benjamin Evan Ainsworth) — was born to the late King Viserys and Alicent Hightower. Naturally, his claim to the Iron Throne is supported by House Hightower, a noble family from the Reach with a strong connection to the Faith of the Seven.
"House of the Dragon" has already featured several prominent Hightowers, including Alicent (Olivia Cooke), her father Otto (Rhys Ifans), and her brother Gwayne (Freddie Fox).
In season three, Alicent's cousin Ormund (James Norton) is introduced as another key player in the ongoing schism.
Ormund is the head of House Hightower and commands their impressive army. In season three, episode three, "Rhaenyra Triumphant," Ormund is ordered — under threat of three massive dragons — to surrender and bend the knee to the realm's new queen. He does, albeit deceptively.
Ormund and the Hightower army — strengthened by his ward, Daeron Targaryen, and the prince's dragon, Tessarion — go on to seize control of Tumbleton, a market town near King's Landing. From his unassuming perch, Ormund continues devising schemes to overthrow Rhaenyra and cement his family's influence.
In the fourth episode of season three, viewers learn even more about Ormund as Rhaenyra scrounges for dirt on her enemy.
According to Alicent, Ormund "sees himself as a scholar" who "despises the ignorant and uncouth." He studies histories, collects tapestries, and has a strong "sensitivity to odors." According to Gwayne, he's a "stiff-necked windbag" who always has a "canny plot" up his sleeve.
During his hostile stay at Tumbleton, Ormund is revealed to have a devious military mind, a vicious temper, and, indeed, a secret plot: to crown the teenage Daeron as the next king of Westeros, leap-frogging both of his older brothers.
Ormund raised Daeron after the prince was sent to live in Oldtown as an infant. He believes Daeron is more of a Hightower than a Targaryen — and that he's more reliable than any of his siblings, who were all raised in King's Landing.
"You are a good boy. You speak kindly, and you say your prayers. I have raised you in the light of the Seven, and the Father smiles upon you," Ormund tells Daeron. "But there is a taint in your blood. The Targaryens are a savage race, poor in intellect, but rich in cunning. With dark spells, they created abominations to subdue what was rightfully ours. We are the superior men."
"The gods have put you to divine purpose, my boy," he adds. "You will restore our ancient order."
Ormund is poised to throw a wrench in Rhaenyra's reign, especially if his story is faithful to the source material, George R. R. Martin's "Fire & Blood." Keep reading to find out Ormund's fate in the book.
Even as Rhaenyra claims the Iron Throne in the book, Aegon II and Aemond (with his massive dragon Vhagar) remain at large, while the Hightowers continue to resist the queen in the Reach. As Martin writes, "No war can be counted as won whilst foes remain unconquered."
Prince Daeron the Daring, as Ormund styles him, becomes known as the greatest threat to Rhaenyra's reign, advancing on King's Landing with an army of 20,000 men.
Lord Corlys Velaryon, the Hand of the Queen, urges Rhaenyra to pardon the great houses that still oppose her — including Hightower, Lannister, and Baratheon — if they agree to swear fealty to her instead. He also encourages her to send her half-brothers to the Wall to live out their days as Sworn Brothers of the Night's Watch. Rhaenyra's husband, Prince Daemon, argues the opposite. He says that pardoning traitors and oathbreakers will only encourage future rebellions.
Rhaenyra tends to agree with Daemon, though she decides to "steer a middle course." She agrees to offer pardons to Houses Baratheon and Lannister, but only after Aegon's line has been vanquished. Rhaenyra sends Daemon to find and kill Aemond, and two of her newly recruited dragonriders, Ulf White and Hugh Hammer, to kill Daeron.
In what came to be known as the Battle of Tumbleton, about 6,000 of Rhaenyra's loyalists — including the Northern soldiers known as the Winter Wolves — sack the town.
5:32
El Niño and Iran War Team Up in a Food Squeeze
So, you know how El Niño's been messing with global weather patterns? Well, it's now affecting food prices in a big way. Brazil's soybean crop, which is a major player in the global market, is down by about 32,000 tons from initial estimates. That's a small number, but it's part of a bigger trend - global food production is expected to be lower than usual this year due to El Niño.
Now, Iran's war with Ukraine is also causing some major disruptions in the food supply chain. Ukraine's a huge exporter of wheat and corn, and the conflict's making it harder for those crops to get to market. Combine that with the Brazilian soybean shortage, and you've got a perfect storm of high food prices.
The International Grains Council just released a report saying global wheat stocks are going to be lower than usual this year, which is going to drive up prices even more. And it's not just wheat - corn and soybean prices are also expected to rise.
The World Food Programme is warning that these price increases are going to affect people in developing countries the most, where food is already a major expense. It's a tough situation, and it's going to take some time to work out.
For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.
6:12
Muslims, Marxists, And Mayhem In Minnesota
Hey, I wanted to fill you in on this story from Minnesota. The state has the highest Somali population in the country, and it's been plagued by scams and corruption. The Feeding Our Future scam, for example, is a massive fraud that's been going on for years, and it's just one of many scams that have been uncovered. The state's also seen a rise in Somali youth gangs, with over 100 gang-related shootings in the past two years alone. The sheriff said it's a major concern, but the city council's vice president, Jamal Osman, downplayed it, saying the kids just need investment and respect. The thing is, this is just one symptom of a bigger problem - the state's been flooded with money from the federal government, and it's being stolen by Somali fraudsters and handed out to illegal aliens. It's a staggering amount of money, and it's not just the money that's the issue, it's the fact that the politicians are covering it up.
6:40
#28 Weekly Update - 3 Scenarios for $85 Oil - 11 Names To Watch for What's Next
$85 – that’s the top of the bearish oil scenario if tensions in the Strait of Hormuz flare again, pushing crude into the high‑80s.
Tuesday’s CPI stack is set to swing from a 0.5 % rise to a –0.1 % contraction, while YoY inflation eases to 3.9 %, giving the market a clear cooling signal.
Wednesday’s PPI will likely drop from 1.1 % to 0.2 %, a 0.9‑point compression that could reinforce the softer headline numbers.
If the data hold, oil should stay in the $70‑78 range, with the market watching the Hormuz traffic and the Fed’s upcoming testimony for any surprise moves.
7:00
Cult.fit’s IPO promises to lift heavier weights, but can it?
Our goal with The Daily Brief is to simplify the biggest stories in the Indian markets and help you understand what they mean. We won’t just tell you what happened; we’ll tell you why and how too. We do this show in both formats: video and audio. This piece curates the stories that we talk about.
You can listen to the podcast on Spotify, Apple Podcasts, or wherever you get your podcasts and watch the videos on YouTube. You can also watch The Daily Brief in Hindi.
In today’s edition of The Daily Brief:
Cult.fit’s IPO promises to lift heavier weights, but can it?
How AI is eating the web that feeds it
For most of its life, Cult.fit has worn a convenient label of being “fitness-tech”. It’s an app with lots of data about customers and even an AI that decides where to open the next gym apparently. Maybe “omni-channel fitness platform” is a better description?
But labels aren’t all that useful in understanding nuances of running and understanding a business.
So, here’s a number that cuts through this one. As of March 2026, Cult.fit employed 6,331 people. Of them, 3,529 were trainers and another 1,665 ran its centres. The number working in technology and product was just 125.
That ratio is the company. Cult.fit is clearly a gyms business with some software bolted on with a physical operation of leases, trainers, floor space and treadmills. It makes Cult.fit a more interesting company to understand because a brick-and-mortar business has brick-and-mortar economics: rent, utilisation, footfall, whether people actually show up. The app layer, meanwhile, affects all these things in weird but intuitive ways.
So instead of asking whether the IPO is cheap or dear, let’s do something more useful. Let’s understand the business from the floor up, and ask the questions that decide whether it works.
Cult.fit is really two companies under one brand.
The first is fitness services subscription with gym access, group classes, personal training, sports, at-home workouts, sold mostly through CultPass memberships. In FY26, this brought in about ₹1,198 crore, or roughly 70% of revenue.
The second is products like activewear, footwear, treadmills, massagers, accessories, sold through its own stores, its app, or e-commerce marketplaces. That was about ₹523 crore.
Obviously, services is the more predictable business: members pay upfront, come back (ideally), and can be upsold over time. The product side is closer to a retail operation stitched onto a fitness brand.
This IPO is primarily a bet on the services engine. The company might have you believe that you are buying the whole “integrated ecosystem,” but the ecosystem as a whole still has much left to prove. We’ll get back to this eventually.
The setting, at least, is promising. India’s organised fitness market, which includes branded gyms rather than neighbourhood setups, is estimated at only about 12% of the fitness-services market, and expected to reach 17-19% by 2030. Fitness-centre membership runs to roughly 1% of the population.
What remains to be answered is whether Cult.fit can gain the most from the potential that exists. More existentially, does India even go down this trajectory in the first place?
Every gym membership is a small bet against human nature. People sign up in January full of intent, only for disappointment to set in a few months later, and the treadmills empty out by April.
So an important number in this business is whether members renew. It’s easier to get the existing, already-fit customers to stay, than actually finding new people who want to get fit. And these renewals are what makes a subscription model viable.
Here, Cult.fit has an improving story. Its retention rate climbed from ~41% in FY24 to ~51% in FY26. That’s progress, but hard to describe in absolute terms of it being good or bad. We can read it the other way too, roughly half its members don’t renew. It might be better than a typical local gym, but a long way from the stickiness of a software subscription.
What makes the improvement believable is where it’s coming from. Marketing spend, which is what a business would burn to keep replacing the members it loses, has fallen sharply from ~20% of revenue in FY24 to 10% in FY26. Over the same stretch, ~39% of new paid members came in through referrals. That’s an encouraging signal that the brand needs less paid ads to build a reputation.
Personal training also points the same way. It grew 73% in a single year, to ₹122 crore, and is now a tenth of services revenue. That’s a company deepening its grip on existing customers, rather than endlessly chasing new ones.
But it’s far more difficult to say this is evidence of large-scale habit formation. Cult.fit doesn’t disclose what share of paid members are active in a given month, or how a batch of members who joined in 2024 behaves two or three years on. Those are the numbers that would settle stickiness.
Now, Cult runs its gyms in three different ways.
Of its 708 centres, only about 218 are gyms.
9:24
Shattered Assurances: Trump Declares Strait of Hormuz "Open" Just as Overnight Explosions in Qatar Rattle the UAE Border
So, you know how the Strait of Hormuz is a super important waterway, right? Well, Trump just declared it "open" to all commercial traffic, despite ongoing attacks in the area. That's a pretty big deal, considering the impact it could have on global trade.
Meanwhile, in the UAE, there were some explosions in Qatar overnight, which is raising concerns about the region's stability. It's worth noting that this happened just days after Trump declared a ceasefire over, so it's unclear what's going on.
In other news, Vinod Khosla's group is set to buy the Seattle Seahawks NFL team for $9.6 billion, which is a huge deal for the sports world. And in Russia, there were some air attacks on Kyiv overnight, with at least 10 people injured.
For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.
9:53
Malaysia's GXBank taps Firsty to offer mobile data access
GXBank is now letting customers grab mobile data straight from its app, thanks to a partnership with Firsty. The move makes GXBank one of the first digital banks in Southeast Asia to bundle connectivity with banking services, giving users a simple way to stay online without juggling separate providers.
Firsty’s platform handles the data delivery, so the bank’s app becomes a one‑stop shop for both financial and connectivity needs. For many Malaysians, especially those who rely on their phones for everything, that convenience could shave minutes off daily routines.
The rollout starts this week, with the feature already live for new and existing app users. It’s a modest but practical step toward blending everyday tech with banking, and it could set a template for other digital banks in the region.
