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How dynamic, risk-managed investment solutions are performing in the current market environment

4th Quarter | 2025

Quarterly recap

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Current market environment performance of dynamic, risk-managed investment solutions.

U.S. equity markets posted losses in all three indexes last week. The S&P 500 was down 0.34%, the NASDAQ Composite fell 0.06%, and the Dow Jones Industrial Average lost 0.50%.

Last week, the gold spot price rose 8.52% and the U.S. Dollar Index fell 1.8%. The Gold Bullion Strategy Fund (QGLDX) advanced 8.69% for the week.

In the fourth quarter of 2025, 190 exchange-traded products (“ETPs”) were added to the ETF Deathwatch list, and 102 were removed, bringing the total up to 717.

Personal benchmarks

It’s that time of year again—time for a benchmark, a point of reference that helps you see where you are and how far you’ve come.

The fourth quarter of 2025 closed out the year with stocks near record highs. But with much of the year’s gains already in place, volatility reemerged after a relatively calm third quarter.

U.S. equity markets posted losses in all three indexes last week. The S&P 500 decreased by 0.36%, the NASDAQ Composite fell 0.66%, and the Dow Jones Industrial Average lost 0.28%.

Last week, the gold spot price rose 1.92% and the U.S. Dollar Index advanced 0.26%. The Gold Bullion Strategy Fund (QGLDX) added 1.64% for the week.

“Nothing is certain except death and taxes,” Benjamin Franklin famously observed. I would add one more certainty to that list: risk.

U.S. equities had a strong first full week of 2026, with gains across major indexes and leadership from small-cap stocks. The S&P 500 rose 1.58%, the NASDAQ Composite gained 1.88%, the Dow Jones Industrial Average advanced 2.34%, and the Russell 2000 climbed 4.68%.

U.S. equity markets posted gains in all three indexes last week. The S&P 500 increased by 1.58%, the NASDAQ Composite rose 1.88%, and the Dow Jones Industrial Average gained 2.34%.

Last week, the gold spot price gained 4.09% and the U.S. Dollar Index advanced 0.72%. The Gold Bullion Strategy Fund (QGLDX) rose 4.11% for the week.

Early every January, Americans dust off the same three traditions: wishing family, friends, and colleagues a “Happy New Year;” putting away holiday decorations; and declaring they’re about to become a new person.

The major U.S. stock market indexes were lower last week. The NASDAQ Composite fell 1.50%, the S&P 500 declined 1.01%, the Russell 2000 lost 0.98%, and the Dow Jones Industrial Average decreased by 0.66%.

U.S. equity markets posted losses in all three indexes last week. The S&P 500 decreased by 1.01%, the NASDAQ Composite fell 1.50%, and the Dow Jones Industrial Average lost 0.66%.

Last week, the gold spot price fell 4.43% and the U.S. Dollar Index rose 0.41%. The Gold Bullion Strategy Fund (QGLDX) lost 4.8% for the week.

Most of us spend a lot of time chasing happiness, yet rarely pause to consider what it actually means. This time of year often invites that kind of reflection, as many people begin thinking about what they want to change, improve, or do differently in the months ahead in hopes of finding greater happiness.

The market continued this year’s “Santa rally.” The S&P 500 rose 1.41%, the NASDAQ Composite gained 1.23%, and the Dow Jones Industrial Average advanced 1.20%. The Russell 2000 small-cap index added 0.21% for the week.

U.S. equity markets posted gains in all three indexes last week. The S&P 500 increased by 1.41%, the NASDAQ Composite rose 1.23%, and the Dow Jones Industrial Average gained 1.20%.

Last week, the gold spot price rose 4.48% and the U.S. Dollar Index fell 0.59%. The Gold Bullion Strategy Fund (QGLDX) increased by 4.43% for the week.

When I woke up this morning, the wind chill was hovering near zero, and wintry winds were howling outside. Through the window, I could see the early morning commuters cautiously navigating the snow-covered street as they began their trek to the city.

Stocks were mixed last week. The NASDAQ Composite gained 0.50%, the S&P 500 rose 0.13%, the Dow Jones Industrial Average lost 0.64%, and the Russell 2000 fell 0.83%.

U.S. equity markets posted gains in two of the three indexes last week. The S&P 500 gained 0.13%, the NASDAQ Composite added 0.50%, and the Dow Jones Industrial Average lost 0.64%.

Last week, the gold spot price rose 0.91% and the U.S. Dollar Index increased by 0.2%. The Gold Bullion Strategy Fund (QGLDX) was up 0.96% for the week.

This Christmas, I will be enjoying a little humble pie for dessert. As we close out 2025 and look ahead to the new year, it feels like a fitting way to reflect on a market environment defined by confidence, uncertainty, and the ways risk can build when conditions look favorable.

Stocks were mixed last week. The NASDAQ Composite lost 1.61%, the S&P 500 fell 0.61%, the Dow Jones Industrial Average gained 1.10%, and the Russell 2000 rose 1.21%.

U.S. equity markets posted gains in one of the three indexes last week. The S&P 500 decreased by 0.61%, the NASDAQ Composite fell 1.61%, and the Dow Jones Industrial Average gained 1.10%.

Last week, the gold spot price rose 2.43% and the U.S. Dollar Index fell 0.6%. The Gold Bullion Strategy Fund (QGLDX) advanced 2.38% for the week.

As we approach the end of 2025, it’s a good time to look back on what has been a most interesting year for the markets.

The major stock indexes saw moderate gains this past week. The SPX rose 0.3%, the NASDAQ climbed 0.9%, and the Russell 2000 gained 0.8%.

U.S. equity markets posted gains in all three indexes last week. The S&P 500 rose 0.35%, the NASDAQ Composite gained 0.93%, and the Dow Jones Industrial Average added 0.62%.

Last week, the gold spot price lost 0.98% and the U.S. Dollar Index fell 0.47%. The Gold Bullion Strategy Fund (QGLDX) declined 0.41% for the week.

Last Thursday’s Thanksgiving game was a heartbreaker here in Detroit. Our Lions fell to the Packers—likely ending hopes for a third straight North Division crown.

Stocks were higher last week. The Dow Jones Industrial Average gained 3.20%, the S&P 500 rose 3.74%, the NASDAQ Composite advanced 4.91%, and the Russell 2000 added 5.54%.

U.S. equity markets posted gains in all three indexes last week. The S&P 500 gained 3.74%, the NASDAQ Composite climbed 4.91%, and the Dow Jones Industrial Average added 3.20%.

Last week, the gold spot price rose 4.29% and the U.S. Dollar Index fell 0.72%. The Gold Bullion Strategy Fund (QGLDX) was up 3.71% for the week.

As we head into Thanksgiving week, many people take time to reflect on gratitude, community, and the causes that matter most to them. It’s also a moment when many investors begin thinking about year-end finances—including charitable giving.

Stocks finished the week in the red after selling began Monday afternoon. The S&P 500 fell 1.91%, the NASDAQ Composite lost 2.71%, and the Dow Jones Industrial Average declined 1.85%.

U.S. equity markets posted losses in all three indexes last week. The S&P 500 fell 1.91%, the NASDAQ Composite lost 2.71%, and the Dow Jones Industrial Average declined 1.85%.

Last week, the gold spot price fell 0.46% and the U.S. Dollar Index rose 0.89%. The Gold Bullion Strategy Fund (QGLDX) declined 0.52% for the week.

Traffic in my neighborhood follows the same rhythm at the end of every workday. When a nearby company lets out around 5 p.m., congestion builds almost like clockwork—a reminder of how often today’s patterns can tell us something about tomorrow’s.

The major U.S. stock market indexes were mixed last week. The Dow Jones Industrial Average gained 0.41%, the S&P 500 advanced 0.12%, the NASDAQ Composite fell 0.43%, and the Russell 2000 declined 1.79%.

U.S. equity markets posted gains in two of the three indexes last week. The S&P 500 gained 0.12%, the NASDAQ Composite slipped 0.43%, and the Dow Jones Industrial Average increased by 0.41%.

Last week, the gold spot price rose 2.07% and the U.S. Dollar Index fell 0.31%. The Gold Bullion Strategy Fund (QGLDX) gained 1.93% for the week.

Rethinking retirement

With an estimated 11,000 baby boomers reaching the retirement age of 65 each day, it is little wonder that both the general media and financial press are saturated with retirement-focused content.

The major market indexes finished down last week. The Dow Jones Industrial Average lost 1.21%, the S&P 500 Index fell 1.63%, the NASDAQ Composite declined 3.04%, and the Russell 2000 small-capitalization index lost 1.88%.

U.S. equity markets posted losses in all three indexes last week. The S&P 500 decreased by 1.61%, the NASDAQ Composite fell 3.03%, and the Dow Jones Industrial Average lost 1.21%.

Last week, the gold spot price fell 0.04% and the U.S. Dollar Index lost 0.2%. The Gold Bullion Strategy Fund (QGLDX) gained 0.03% for the week.

More than 30 years ago, in a small church on the village green of Franklin, Michigan, I heard a sermon that’s guided me ever since.

The Fed’s rate cut and resilient corporate earnings pushed most major indexes higher last week. The S&P 500 gained 0.72%, the NASDAQ Composite added 2.25%, and the Dow Jones Industrial Average increased by 0.75%. The small-cap Russell 2000 fell 1.35%.

U.S. equity markets posted gains in all three indexes last week. The S&P 500 rose 0.72%, the NASDAQ Composite gained 2.25%, and the Dow Jones Industrial Average advanced 0.75%.

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