Exchange-Traded Funds (ETFs) are investment funds traded on stock exchanges that track indices, sectors, commodities or asset classes. They offer diversified exposure at low cost — a single ETF can hold hundreds of securities. Browse sector performance, search by ticker or ISIN, and view full certificate details including AUM, expense ratio, benchmark and distribution policy.
De-dollarization + central bank buying + real rates declining = structural bull market in gold.
Real Rates ↓ ↑USD Weak ↑Risk-Off ↑
🏦Financials
Key ETFs
XLFFinancial Select SPDR—
KRERegional Banks ETF—
IAIBroker-Dealers ETF—
Macro Scenario
Higher-for-longer rates boost net interest margins. Credit quality and yield curve shape are key drivers.
Rates High ↑Curve Invert ↓Credit Risk
🌾Agricultural Commodities
Key ETFs
DBAAgriculture Fund—
WEATWheat ETF—
CORNCorn ETF—
Macro Scenario
Climate events, Black Sea conflict and food security concerns drive volatility. Inflation hedge in stagflation.
La Niña / El NiñoWar / Conflict ↑Inflation Hedge
📈Bonds & Fixed Income
Key ETFs
TLT20+ Year Treasury—
IEF7-10Y Treasury—
LQDCorp Bond ETF—
Macro Scenario
Fed pivot expectations driving duration rally. TLT sensitive to every CPI print and Fed speaker.
Fed Cut ↑CPI Hot ↓Duration Risk
Professional comparison · Key concepts for traders
ETF
StructureFund holding assets or derivatives
ExpiryNone — holds indefinitely
Leverage1x standard / 2-3x leveraged
CostTER: 0.03%–0.75%/yr
TrackingTracking error vs spot possible
Best forLong-term exposure, portfolios
Futures
StructureContract for delivery at set date
ExpiryMonthly/quarterly rollover
LeverageHigh — margin-based (10-20x)
CostRoll cost + commissions
TrackingDirect price exposure
Best forShort-term trading, hedging
Spot / CFD
StructureDirect ownership or contract
ExpiryNone
LeverageUp to 1:30 (CFD)
CostSpread + overnight swap
TrackingExact spot price
Best forIntraday trading, FX
⚠ Contango & Backwardation
When futures price > spot = Contango. Rolling contracts in contango costs money — each month you sell cheap and buy expensive. USO (Oil ETF) lost ~80% vs spot WTI over a decade due to this. When futures price < spot = Backwardation — rolling is profitable.
Example: WTI Spot $80 → Jun Futures $83 → Jul Futures $86. Each monthly roll = -$3 loss per contract.
📊 Tracking Error
The divergence between ETF performance and its benchmark. Caused by: management fees, dividend timing, replication method (physical vs synthetic), cash drag, and roll costs for commodity ETFs.
GLD tracks gold spot closely (physical). USO diverges significantly from WTI (futures-based rollover costs).
⚠ Key takeaway for oil traders
USO and similar oil ETFs do NOT track WTI crude directly. They hold front-month futures and roll them monthly. In contango markets, this creates a persistent negative roll yield. A trader long WTI via CFD/futures can be up 10% while USO is flat or negative. Always check whether an ETF uses physical replication or futures-based replication before trading.