Hedgeye ADDS

The S&P June rebalance was announced June 5 and the Hedgeye Index Adds ETF $ADDS had 5 names hit across all three indices: S&P 500, MidCap 400, and SmallCap 600. Full details below. For important investor information, including prospectus, current holdings and risk considerations, visit: hedgeyeam.com/adds

But I know a guy who can help... @KeithMcCullough

This is really hard to time by the way When asked about which scientist he'd like to meet, Neil deGrasse Tyson said, "Isaac Newton. No question about it. The smartest person ever to walk the face of this earth. The man was connected to the universe in spooky ways. He discovered the laws of motion, the laws of gravity, the laws of optics. Then he turned 26.” physicstoday.aip.org/features/isaac…

I'm no @HoweGeneration but this feels like a useful historical comparison for evaluating how fast and far the AI cycle can go. I'll throw in a few more data points that may also be worth considering

There are more Private Equity funds in America than there are McDonald's. Verdad Advisers Founder and Managing Partner Dan Rasmussen on why PE is a leveraged play in disguise, and what's coming next. 0:00 Verdad = Truth: Rasmussen on What Institutions Don't Want to Hear 2:49 Private Equity Is Levered Microcaps With Marks You Never See 6:49 Private Credit Cracked. Private Equity Is Subordinated to It. 8:31 The Roll-Up Substrate: More PE Funds Than McDonald's 13:40 Public Library Roll-Ups and the Last Gasp of the Desperate 14:51 Endowments Have Zero Skepticism. Retail Investors Do. 16:45 Private Equity Is Roughly the Size of India 18:20 Volatility Laundering and the Japan Correlation Trick 22:00 Beyond Meat Is Still Marked at $10 Billion Inside Private Equity 25:13 Sponsor on Sponsor Violence: The Coming PE Bloodbath 26:30 Larry Summers Called Japan a Nursing Home. Rasmussen Says He's Wrong. 30:20 Japan's 2023 Corporate Governance Reform Is Real, Cheap, and Getting Better 39:01 Bubble Signals, Small Cap Cycles, and Why AI's Real Winners Aren't the Mag 7

The ten largest firms in the S&P 500 make up 43% of the market cap.

Hedgeye CEO @KeithMcCullough and $ADDS Portfolio Manager Brooks Cutright @Hedgeye_ADDS on the market plumbing behind SpaceX, Marvell, and the freight train nobody sees. 0:00 Welcoming Brooks Cutright: 20 Years on the ETF Desk From Deutsche to Exodus Point 5:08 Why "Front Running" Is a Bad Word (And What Brooks Actually Does) 9:00 The Hardest Thing in Finance Is Knowing When to Sell 11:53 The Basket of Stocks Waiting for the Call-Up 15:20 If the S&P 500 Were Reconstituted Today, 140 Companies Wouldn't Be In It 18:47 Why the ETF Wrapper Beats the 2-and-20 Hedge Fund 25:51 Momentum Is the Only Factor That Matters 28:53 $25 Billion a Day in Triple-Levered Semis and SOXL's $9B Rebalance 33:52 Marvell, Jensen's Blessing, and the Second-Biggest S&P Add Ever Behind Tesla 44:05 SpaceX at 10x Marvell's Market Cap and the $3 Trillion Freight Train 46:04 "The S&P 500 Is Active. It's Just Slow." 50:41 "It Always Ends. The Question Is When."

Also planning periodically posting merger arb spreads so we can keep tabs on when to expect ad hoc index changes If I'm missing any or things seem incorrect feel free to correct

How: square every member's weight and sum them (HHI). An equal-weight basket of N stocks scores exactly 1/N — invert the S&P's 0.0204 and you get 49. NVDA at 7.6% contributes more to that number than the bottom 300 names combined.

Last one and I'll get off the topic for a while 503 stocks in the S&P 500. Concentration math says it trades like 49. Half the index is 23 names. 80% is 132. The rest are passengers.

There has been a lot of focus on the concentration issues indices are facing because of the "super caps". S&P uses TMC percentile bands for lrg (85th), mid (93rd), and sml (99th) membership. current boundaries (bn): 22.7, 8, 1.2 @HedgeyeAM @RPKent

@zerohedge Interactive Brokers launched Korean access 2 months ago. interactivebrokers.com/en/general/abo…

*SK HYNIX INDICATED TO RISE 21% AFTER $26.5 BILLION ADR OFFERING

SK Hynix ADRs Set To Open At $181, Well Above Offering Price zerohedge.com/markets/sk-hyn…