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Active vs. Passive ETFs: How the 2026 Active Surge Changes the Math “Over longer windows, the picture is consistent. Across rolling 10- and 15-year periods, between 70% and 90% of active funds underperform their category benchmarks, depending on asset class. The pattern holds in international equity, mid-cap, small-cap, and most fixed-income categories — though small-cap and emerging-market managers have historically posted slightly better odds than large-cap U.S. equity managers.” (ETF.com)

Morgan Stanley's bitcoin ETF absorbs $194 million in first month with no net daily outflows “The Morgan Stanley Bitcoin Trust completed its first month on the market without recording a single day of net redemptions, a streak that no rival spot bitcoin fund matched over the same window.” (The Block)

Word to the Wise: Don't Fear the Securities Lender “You should love securities lending and be happy your ETFs participate. It's the equivalent of collecting rent on a second home: you don't need it right now, why not make a little from someone who does? The vast majority of the economics go directly to you, the shareholder, not to the issuer or anyone else.” (ETF.com)

Long/short: Schwab's margin risk addendum is worth reading “I get a few emails a week about how the strategy might be oversold, how many new entrants have come to market, and how advisers are seduced by the tax benefits, forgetting to consider whether the risks and costs are appropriately managed and well compensated.” (Tax Alpha Insider)

Traditional Managers Poised for Fatter Bonuses as Alts Payouts Shrink “The projected bump for traditional asset management staff comes as markets recovered well following an early downturn. Managers have also seen some success with partnerships in the alts market, according to the report. Wealth management employees are in for an up to 5% bonus boost due to heightened competition for private wealth talent, and as alts becomes a larger part of wealth offerings, according to the study.” (FundFire)

Hedge funds bet on biofuels to profit from Iran oil price shock “Funds have almost tripled their net bets on soyabean oil, which is used to produce biodiesel, since the start of the conflict in the Middle East, according to data from the US Commodity Futures Trading Commission. In corn, an ingredient in ethanol, they have switched from being positioned for falling prices to their highest level of positive bets this year.” (Financial Times)

Corgi Launches 34 ETFs & Raises $160M in a Single Day “On Wednesday, the firm announced the launch of 28 actively managed thematic ETFs tied to everything from AI cybersecurity to quantum computing to the Mag 7. In addition, the firm launched six buffer ETFs on Wednesday, on top of the three it launched on May 1.” (ETF.com)

8 Things You Need to Know Before Buying a Nontraded BDC “Regulatory changes following the 2008 financial crisis made investing in loans to smaller companies less appealing to banks. That opened a crack in the marketplace for nonbank financial companies to fill by selling BDCs to investors and using their assets to extend loans that would have been the province of banks in the precrisis era.” (Morningstar)

Retail investor demand for evergreen private equity slows “While some managers have experienced operational strain in private credit vehicles, equity-oriented strategies have so far avoided similar redemption pressure. Nevertheless, fundraising across adjacent private equity and infrastructure products has also moderated as investors reassess risk-return expectations.” (Private Equity Wire)

Apollo Holds Talks to Sell $3 Billion Private Credit Fund “MFIC invests in loans made by Apollo’s giant MidCap Financial which, like its name suggests, lends primarily to midsize companies. MidCap, which Apollo bought in 2013 to power its direct-lending platform, doesn’t receive fee income from the loans it sells to MFIC.” (WSJ)

2 Private Credit Funds Topped Our Semiliquid Fund Ratings in Q1 “Of the six, two funds received Bronze ratings for their cheapest share class: Blackstone Private Credit—the largest nontraded business-development company in the world by assets—and Apollo Diversified Credit, an interval fund.” (Morningstar)

Kalshi, the Prediction Market, Is Now Valued at $22 Billion “Last week, Kalshi executed its first custom block trade, a large transaction negotiated off a public market between institutions. And the company said trading volume on its platform from institutional investors had grown 800 percent over the past six months.” (The New York Times)