Raph

Adventure cyclist. Founder @

[Bankeronwheels.com @bankeronwheels]

"Come scritto acutamente in un’analisi di Banker on Wheels, citata anche dal Financial Times:

«L’ironia è che il divieto europeo ha reso il conflitto d’interesse ancora peggiore»."

https://t.co/igiJqKklDs

[Eric Balchunas @EricBalchunas]

NEW: JPMorgan Acquiring DFA Would Create 21st Century Active Dynasty.. my case for why JPM may/could (should?) buy DFA. Both brands are low-cost, top shelf active ETFs but dif style/strategies so would complement each other. Also 100% of DFA ETFs are already profitable so less work. It would instantly make JPM 4x bigger than any other active ETF family and tough to catch (and it would push them past Vgrd into 3rd place in overall active aum). Finally, their nemesis Goldman just did acquisition of ETF issuer and Dimon said he earmarked $10-$20b for purchase, which is about how much DFA would cost. h/t @bankeronwheels

[Bankeronwheels.com @bankeronwheels]

DFA + JPM merger rationale plus I think the marketing engine behind JPM 👇

[Rafa @ThePlanM]

@bankeronwheels Europe is an absurd. I face the same challenges in Portugal. Sometimes i end up making more risky bets on individual stocks because i can get exposure to thematic ETFs. An absolute stupidity.

[Bankeronwheels.com @bankeronwheels]

As Draghi put it: "what we cannot do is fail to move forward."

Deep Dive → Country-by-country registration maps → NCA language policies for 30 EEA countries → Broker-by-broker analysis with actual T&C quotes → Workarounds that exist today 👇

https://t.co/QoHRL7uBOE

[Bankeronwheels.com @bankeronwheels]

It gets absurd. That's why we try to raise awareness with this piece. Please share it to help trigger change 🙏

[Bankeronwheels.com @bankeronwheels]

Same for a French investor buying Avantis. The barrier isn't one failure.

It's three stacked on top of each other:

The ETF issuer never registered the fund +
the national regulator requires the KID in local language only + a broker enforces that strictly.

But.... 2/

[Bankeronwheels.com @bankeronwheels]

🤯A Greek investor. Fluent in English. Postgraduate degree. Works in Big Tech. Tried to buy VWCE, the most popular ETF in Europe, on Saxo.
Blocked.
1/

[Bankeronwheels.com @bankeronwheels]

🤯 COMING UP THIS WEEK: Millions of Europeans are locked out of ETFs including mainstream VWCE or niche like SCV. Whose fault is it? Are brokers the ones to blame? ETF providers not doing KIDs translations? Or someone else? Stayed tuned for our investigation into this hot topic.

[Bankeronwheels.com @bankeronwheels]

We have downgraded BlackRock which is not in TOP 3 anymore. iShares track record with non-CORE ranges in the past makes us think this ETF may not experience fee compression in the future (unlike Vanguard) but instead get similar launches from iShares. BlackRock, prove us wrong.

[Bankeronwheels.com @bankeronwheels]

What's the Best Global Equity ETF in 2026? We promoted SPDR to #1 last year and the last 12 months proved us right. It is now the cheapest (Amundi's WEBN is not cheaper if you include transaction fees) with best tracking difference and great liquidity. The AUM more than doubled.

[Bankeronwheels.com @bankeronwheels]

By blogging survival rates we are already dinosaurs

[Bankeronwheels.com @bankeronwheels]

https://t.co/j2vsNxRpv9

[Bankeronwheels.com @bankeronwheels]

💥The 2026 Golden Retriever Awards are here. Our 2026 Review Of The Best Global Equity ETFs is out!

SPDR wins again. It is now the cheapest Global ETF in Europe once you account for all ongoing costs. A non-US issuer - Amundi - is now in our TOP 3.

Full breakdown ↓

[Bankeronwheels.com @bankeronwheels]

The S&P 500 dropped off Top 5 Spots this decade. If this continues, the Portfolio Value below will catch up as we've seen over past decades.

[Bankeronwheels.com @bankeronwheels]

(...) whether he can freeze investors assets.

Both views are extreme. Today, let's see why both are also likely wrong. 👇

https://t.co/MH3W8P9ab7

[Bankeronwheels.com @bankeronwheels]

In 2024, Trump got elected. That was the last time S&P 500 outperformed. Since then, he's been making European Stocks Great Again. Cheers to that🥂

But in 2024, investors saw no other game in town but 100% S&P 500. Two years later, I now get questions (...)

[Bankeronwheels.com @bankeronwheels]

100% S&P 500 Investors in 2024: "The US is the only game in town. Why would I bother anything else?"

Global Equity investors since then 👇

[Bankeronwheels.com @bankeronwheels]

As of April 2026, the forward P/E ratio for the S&P 500 stands at 20x, borderline greedy. The US CAPE ratio is deep into greedy territory. US stocks are not cheap. MSCI World is more reasonable. Still, the risk is that these multipliers may drop substantially.

[Bankeronwheels.com @bankeronwheels]

The S&P 500 is 2% from all-time highs during two wars and a trade war. Should you invest?

https://t.co/AOVdzBkNrL?