Dear Reader,

They declared a ceasefire!

Until they didn’t.

Then Trump said we were about to sign a deal.

Until we started shooting at each other again.

According to one source, Trump has said an Iran deal is “close” 38 times since the war began.

In the time between writing this message and you reading it, who knows whether we’ll be hearing about an imminent deal… or more bombing.

And it doesn’t matter.

This is all a distraction.

Here’s the REAL reason why Trump may NEVER end this war.

To your future,

Addison Wiggin

Founder, Grey Swan Investment Fraternity

Special Report

This AI ETF Is Missing the Biggest AI Winners

By Jessica Mitacek. First Published: 9/11/2026.

Key Points

The Global X Robotics & Artificial Intelligence ETF (BOTZ) has fallen more than 9% over five years despite gaining roughly 140% since its 2016 inception.
BOTZ's underperformance stems from heavy concentration in legacy industrial automation stocks, significant international exposure, and minimal allocation to pure-play AI and hyperscaler names.
Despite recent struggles, BOTZ remains positioned to benefit long-term from forecasted growth in industrial, service, and humanoid robotics markets, with Tesla's Optimus program as a key catalyst.
Special Report: The company SpaceX cannot operate without

For investors who favor exchange-traded funds (ETFs), the market has never been more dynamic. Not only do ETFs now outnumber individual stocks, but the sheer versatility of today’s funds allows investors to target nuanced strategies, from exposure to thematic trends like the memory chip shortage to increasingly risky, leveraged short-term speculation.

But as with any asset class, innovation is no guarantee of success. And despite AI continuing to dominate the market narrative, one ETF providing exposure to the sector has demonstrated that an early start does not always translate into market-beating returns.

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The Global X Robotics & Artificial Intelligence ETF (NASDAQ: BOTZ) debuted on Sept. 12, 2016, providing market-cap-selected and market-cap-weighted exposure to companies involved in developing and producing robots or AI technologies.

Since its inception, BOTZ has gained roughly 140%. But over the past five years, the ETF is down more than 9%, including a loss of around 15% from its all-time high on May 13.

Given the fundamental challenges presented by its portfolio, that downtrend looks unlikely to abate in the near term.

BOTZ’s Concentration Risk Rears Its Ugly Head

The foremost cause of the Global X Robotics & Artificial Intelligence ETF’s underperformance boils down to the fund’s composition.

Nearly 48% of BOTZ’s portfolio is invested in the industrials sector, with technology trailing at around 35%.

That’s because the ETF currently has a heavy allocation to legacy automation, including traditional factory automation and hardware companies such as Keyence (OTCMKTS: KYCCF), its largest holding, ABB Ltd. (OTCMKTS: ABBNY), and FANUC (OTCMKTS: FANUY). Those three companies alone account for roughly 29% of the fund, and each has experienced elevated volatility this year.

More broadly, the fund’s top 10 holdings account for more than 57% of its portfolio, creating significant concentration risk.

The fund’s second-largest holding, NVIDIA (NASDAQ: NVDA), is down more than 5% since hitting its all-time high on May 14 following a torrid five-year run. The pillar of the semiconductor industry—which announced its $12.93 acquisition of Hugging Face on Sept. 3—now carries a beta of 2.22, making it 122% more volatile than the market.

The ETF lacks significant pure-play AI exposure beyond NVIDIA. By industry, semiconductors account for only about 10% of the fund.

Meanwhile, Alphabet (NASDAQ: GOOGL) provides the fund's only hyperscaler exposure. But at just over 2% of the portfolio, BOTZ largely misses out on the mega-cap tech names that are often responsible for a disproportionate share of the market’s performance.

The fund’s concentration has magnified the impact of weak performance from several holdings, including:

The fund’s third-largest Magnificent Seven position, Tesla (NASDAQ: TSLA), is down more than 19% year to date (YTD).
Robotic-assisted surgical systems manufacturer Intuitive Surgical (NASDAQ: ISRG) is down more than 36% YTD.
Chinese AI and digital services provider Baidu (NASDAQ: BIDU) is down more than 30% YTD.

The fund is also underperforming because of its substantial international exposure. While financials have played a large role in international equities outpacing their domestic counterparts this year, global industrial stocks have recently faced headwinds—including weak domestic demand in several major overseas markets and elevated energy costs—that ETFs predominantly holding U.S.-domiciled companies have mostly avoided.

After the United States, roughly 30% of BOTZ’s holdings are based in Japan, including Keyence and FANUC. Switzerland (10.2%) and China (6.1%), which are grappling with significant U.S. tariff rates, rank third and fourth in geographic exposure.

BOTZ’s Silver Lining: Robotics Growth Provides a Long-Term Catalyst

Given its current holdings, BOTZ functions less as a speculative AI and robotics fund and more as a cyclical automation play.

While its expense ratio of 0.68% is higher than that of some funds providing more balanced exposure to hyperscalers, pure-play AI stocks and robotics firms, it rebalances semiannually. The concentration risks it currently carries could improve as soon as Friday, Sept. 11, when it is next slated for review.

Regardless, the ETF is positioned at the forefront of two explosive industries. AI’s growth trajectory has been well documented. But the fund’s robotics holdings can also introduce extremely high-growth industries to investors’ portfolios.

According to industry consulting firm Grand View Research, the global industrial robotics market is forecast to undergo a compound annual growth rate (CAGR) of 9.5% between 2026 and 2033. During the same forecast period, the global service robotics market is set to benefit from a CAGR of 12.6%, while the global humanoid robot market is slated for a CAGR of 38.2%.

Tesla, a core holding in BOTZ, should directly benefit from the latter. The company is currently transitioning its production lines at its Fremont Factory from Model S and Model X EVs to Optimus manufacturing. Tesla is aiming for public sales in 2027, with long-term plans to scale production at its Gigafactory Texas location.

Additionally, generative AI—which the fund currently lacks significant exposure to outside of Alphabet—is rapidly shifting from software chat models to physical systems. As smart factories continue to gain popularity, the companies in BOTZ’s holdings are positioned to benefit from heightened demand for automation in applications ranging from the onshoring of manufacturing to logistics and warehousing.

Just For You

Marex Stock Doubles on Record Profits, But Can the Rally Continue?

Reported by Peter Frank. Date Posted: 9/16/2026.

Key Points

Marex shares have surged 109% over the past 12 months, fueled by six consecutive quarters of record profits since its 2024 IPO.
Wall Street analysts remain largely bullish, with a Buy consensus rating and an average price target of $82 implying roughly 20% upside.
Aggressive acquisitions, digital infrastructure investments, and a Bermuda relocation highlight growth, though integration and market volatility risks could challenge the momentum.
Special Report: The company SpaceX cannot operate without

Marex Group (NASDAQ: MRX) has spent the past two years transforming itself from a specialty commodities broker into a broader financial infrastructure company. That transformation appears to be working.

Shares have more than doubled over the past 12 months. The company has reported a string of record profits, pursued aggressive acquisitions and completed a corporate relocation—all signs of a business outgrowing its original footprint. Analysts rate the company a Buy. For investors, the question is less about whether Marex's business is working and more about whether the stock's run over the past year has already reflected most of that good news.

Marex Shares Surge on Record Growth

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Marex's stock reached an all-time high of $79.11 per share in early September before pulling back slightly, though shares remain close to their peak. The stock is up about 80% year to date and 109% over the past 12 months.

The recent run-up followed Marex's second-quarter report, released in mid-August. The results marked the company's sixth consecutive record-profit quarter since it went public in 2024.

The top-line figures told a clear story. Marex generated $695.8 million in revenue during the second quarter, up 39% from a year earlier. Adjusted profit before tax jumped 56% to $165.9 million.

Adjusted diluted earnings per share (EPS) rose 61% to $1.64, comfortably ahead of Wall Street's expectations. For the first half of 2026, revenue reached $1.388 billion, a 43% increase from a year earlier, while adjusted profit before tax rose 57% to $318.6 million.

Earnings Growth Continues to Accelerate

This pattern has been evident for some time. Full-year 2025 revenue and earnings both grew substantially from the prior year. Revenue came in at $2.02 billion, up 27%, while adjusted profit before tax climbed 30% to $418.1 million, or $3.86 per diluted share. That continued several years of compounding growth. Margins have widened alongside that growth, with the company's adjusted profitability metrics improving meaningfully from the prior year.

Acquisitions Expand Marex’s Reach

With a modest 64-cent annual dividend yielding less than 1%, the investment thesis rests on more than one strong quarter. Management has told analysts that it expects profit growth to remain at the high end of its long-term target range, with acquisitions contributing a meaningful share of that growth.

Since early 2026, Marex has agreed to or completed four separate deals, expanding its reach into UK equity market making, European equity derivatives, European fixed-income market making and clearing operations in Singapore. The transactions also add substantial client balances and provide deeper access to Chinese markets.

On the infrastructure side, management is developing new capabilities in treasury cross-margining, stablecoin collateral, tokenized repo and a planned clearing link into prediction markets. These initiatives reflect the company's view that global markets will continue to move toward digital infrastructure.

The company also completed a corporate move from England and Wales to Bermuda during the summer, alongside a shareholder request for buyback authority. That move suggests management sees additional opportunities to return capital to shareholders.

Analysts Remain Bullish

Wall Street has largely remained bullish through the stock's surge. With a Buy rating from Wall Street, seven analysts rate the stock a Buy and one rates it a Strong Buy, while just one considers it a Hold.

The average 12-month consensus price target is $82 per share, implying roughly 20% upside. The highest price target is $90, while the lowest is $75 per share. Over the past three months, analysts have issued a series of target increases, including one upgrade to Strong Buy in June.

Even so, investors may wonder whether the market has already priced in a good deal of optimism.

Risks Rise Along With the Valuation

Skepticism is warranted before buying purely on momentum.

Marex's underlying business carries meaningful operating risk. The company is fundamentally a market maker and clearing house that earns money from trading volume and volatility across commodities, metals, energy and fixed income. A sharp slowdown in those markets could therefore pressure revenue quickly.

The firm also regularly issues principal-at-risk structured notes to retail buyers, underscoring that Marex operates in complex derivatives markets rather than as a simple brokerage.

Four bolt-on acquisitions in roughly a year also create the usual integration risks associated with an aggressive dealmaking pace, even as management insists its approach remains disciplined.

Marex Must Keep Delivering

For growth-minded investors, Marex still tells a compelling story as a diversifying, increasingly digital-minded financial platform that is compounding earnings faster than many of its peers.

After nearly doubling over the past year, however, the stock is no longer an undiscovered idea. It is a momentum stock that must continue delivering record quarters to justify its current levels.

Whether Marex belongs in a portfolio ultimately comes down to how much confidence an investor has that the company's record growth streak has room to continue.

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