We’re live today at 4:30 pm ET for this week’s YieldMax Khouw Down Livestream. Join us on @YieldMaxETFs as @Michael_Khouw breaks down the week’s market action and answers your questions. This Week’s Guest: Mike McIntosh, the host of Max Convexity on YouTube @maxconvexityman Tune in: x.com/i/broadcasts/1dKrPPbkN…

Priced in gold, the S&P 500 is down roughly 70% from its 2000 peak.

We’re live NOW for this week’s YieldMax Khouw Down Livestream. Join us on @YieldMaxETFs as @Michael_Khouw breaks down the week’s market action and answers your questions. Tune in here: x.com/i/broadcasts/1nKOLLQVW…

We’re just hours away. The YieldMax Khouw Down Livestream starts at 4:30pm ET on @YieldMaxETFs. Tune in for market insights and live Q&A with @Michael_Khouw. Stream here: x.com/i/broadcasts/1RJjpzQng…

A big thank you to @NYSE and @ETF_Central for hosting our team at the ETF Central CRTR Summit. We appreciate the opportunity to have @Michael_Khouw, YieldMax Strategist, participate in the leverage and income panel, covering options-based strategies, income generation, and how these approaches are being used in today’s market.

BREAKING: President Trump thanks Iran for reopening the Strait of Hormuz.

Hot Take: $SPMO The Invesco S&P 500 Momentum ETF is the BEST ETF on the market for long-term investors. Look at how it has performed compared to $VOO over the past 3 months AND the past 5 years. I believe this fund will continue to beat $SPX over the long term. SPMO uses a rules-based approach to rotate into higher-momentum S&P 500 stocks on a quarterly basis.

BREAKING: We just caught another interesting trade. Representative Josh Gottheimer just filed a purchase of up to $1,000,000 of Microsoft call options. They have a strike price of $320 and expire on June 18th.

BREAKING: The two-week ceasefire plan between the Iran and the US allows Iran and Oman to charge fees on ships transiting through the Strait of Hormuz, per CNN. A regional official said this money would be used for the reconstruction of Iran. Iran has been recently charging $2 million for a one-way voyage through the Strait of Hormuz.

BREAKING: The US Treasury budget deficit jumped 225% MoM in February, to $308 billion. Over the first 5 months of FY2026, US deficit is now at $1.00 trillion, the 3rd-worst start to a year in history. This is only below $1.05 trillion seen in 2021 and $1.15 trillion in 2025. This comes as government receipts rose 11% YoY, to a record $2.09 trillion. At the same time, government expenditures increased 2% YoY, to $3.1 trillion, also an all-time high for this period. Meanwhile, net interest surged 7% YoY, to a record $425 billion. Deficit spending remains out of control.

Average home prices are up 737% since 1980. The S&P 500 is up 18,894% over the same period.

HISTORIC reversal for oil futures. Top of the risk management morning! $UCO $USO $XOM $CRUD $BP $OILK $CHEV

Could AI defense contractors be the ultimate hedge right now? $PLTR $BBAI $LDOS

BREAKING: Representative Lisa McClain just filed purchases of stock in BigBear AI, $BBAI. It's a "provider of AI-powered decision intelligence solutions for defense and national security". McClain sits on the House Armed Services Committee. Conflict of interest?

Harvard dumping 21% of its $BTC bag to pile into $ETH ETFs? Smart money finally sees the "flippening" coming! It is inevitable. ETH crushes BTC from here, no fairy dust required. Retail's still HODLing the wrong horse. $BMNR $MSTR $ETHA $IBIT 99bitcoins.com/news/altcoins…

One Big Beautiful Bill tax refunds = stimulus for risk assets Massive tax refunds hitting bank accounts at the exact time positioning is light sentiment is dead = reflexive chase higher in beta. $BTC $ETH $PLTR $GOOG $CRSP $BEAM $CRBU $NTLA $SMR $BBAI

BREAKING: The Nasdaq 100's put-to-call ratio is upto 1.2, the highest since the 2022 bear market low. This exceeds the April 2025 spike and any other reading over the last 12 years, excluding 2022 when the ratio reached 2.3. Furthermore, the S&P 500's total put-to-call ratio is up to 0.9, the highest since April 2025. This is in-line with levels seen during prior 3-5% market pullbacks since the start of 2024. Furthermore, the US Dollar value of put volume now exceeds call volume by the 2nd-widest margin over the last 2 years, only below April 2025. Options activity is becoming unusual again.

The US economy is now reliant on older Americans like never before: Americans aged 55 now represent 45.3% of all US consumer spending, the highest in at least 28 years. This is nearly DOUBLE the ~28.0% seen in the early 2000s. By comparison, those aged 54 and younger are down to just 54.7%, from ~72.0% in 2000. The gap between the two groups has narrowed by ~35 percentage points over the last 25 years and is on track to converge for the first time in history. This comes as 73.7% of all US wealth is held by those over 55, up from 56.2% in 2000, according to Fed data. The US wealth divide is accelerating.

This is wild: The 2x levered long-silver futures ETF, $AGQ, dropped -60% on Friday, posting the largest daily decline on record. This comes after the ETF rallied 158% year-to-date through Thursday. As a result, Friday's fall erased nearly all year-to-date gains, and $AGQ is up just 3% for the year. At one point, the ETF was down -70% intraday from the Thursday peak. All while trading volume in the fund jumped to a record 38.4 million shares during the session. Levered ETFs are a dangerous game.