Municipal securities issued for Brightline, the privately-run passenger rail company, have returned as much as about 20% this year, far out pacing a 5.5% gain for high-yield municipal bonds.

JPMorgan has raked in nearly $24 billion across its 56 US funds so far this year, which accounts for 9% of overall ETF flows in 2023.

Chris Kalin is a co-founder of Arnova Capital, an investment firm focused on systematic trading strategies that returned about 2,000% through June since its inception in the early 2000s.

Where’s the impact?