Has the U.S. Capital Markets Industry valuation changed over the past few years?

Investors are relatively neutral on the American Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 25.8x. The industry is trading close to its 3-year average PS ratio of 4.0x.

Which industries have driven the changes within the U.S. Financials industry?

Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 38.2x. Analysts are expecting annual earnings growth of 11.0%, which is lower than the prior year's growth of 18.5% per year. Investors are most pessimistic about the Diversified Capital Markets industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.

U.S. Capital Markets Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 17 Jun 2026	US$2.8t	US$759.1b	US$113.3b	39.9x	24.4x	3.6x
Fri, 15 May 2026	US$2.7t	US$757.6b	US$113.5b	41.2x	23.9x	3.6x
Sun, 12 Apr 2026	US$2.5t	US$736.4b	US$106.8b	39.1x	23.7x	3.4x
Tue, 10 Mar 2026	US$2.5t	US$731.7b	US$106.9b	22.2x	23.5x	3.4x
Thu, 05 Feb 2026	US$2.7t	US$717.9b	US$107.2b	22.8x	25.4x	3.8x
Sat, 03 Jan 2026	US$2.8t	US$656.5b	US$105.5b	25.6x	26.3x	4.2x
Mon, 01 Dec 2025	US$2.7t	US$656.1b	US$105.4b	23.8x	25.7x	4.1x
Wed, 29 Oct 2025	US$2.8t	US$645.7b	US$104.5b	26.7x	26.6x	4.3x
Fri, 26 Sep 2025	US$2.8t	US$874.9b	US$100.9b	27.1x	27.5x	3.2x
Sun, 24 Aug 2025	US$2.8t	US$866.4b	US$101.0b	27.1x	27.3x	3.2x
Tue, 22 Jul 2025	US$2.7t	US$596.6b	US$99.2b	28.6x	27.6x	4.6x
Thu, 19 Jun 2025	US$2.4t	US$590.7b	US$97.1b	27x	24.3x	4x
Sat, 17 May 2025	US$2.4t	US$589.9b	US$96.0b	28x	25.2x	4.1x
Mon, 14 Apr 2025	US$2.1t	US$560.6b	US$96.5b	24.2x	21.4x	3.7x
Wed, 12 Mar 2025	US$2.2t	US$557.3b	US$94.8b	21.1x	22.8x	3.9x
Fri, 07 Feb 2025	US$2.5t	US$550.7b	US$92.1b	21.7x	27.5x	4.6x
Sun, 05 Jan 2025	US$2.4t	US$526.1b	US$81.6b	23x	29.3x	4.5x
Tue, 03 Dec 2024	US$2.5t	US$524.3b	US$81.6b	24.1x	30.7x	4.8x
Thu, 31 Oct 2024	US$2.3t	US$503.8b	US$81.1b	23.3x	28.1x	4.5x
Sat, 28 Sep 2024	US$2.1t	US$492.0b	US$77.9b	21.6x	27.2x	4.3x
Mon, 26 Aug 2024	US$2.0t	US$492.3b	US$78.0b	20.3x	25.5x	4x
Wed, 24 Jul 2024	US$2.0t	US$473.2b	US$76.5b	20.4x	26.4x	4.3x
Fri, 21 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.3x	26.1x	4.1x
Sun, 19 May 2024	US$2.0t	US$466.8b	US$73.2b	22.4x	27x	4.2x
Tue, 16 Apr 2024	US$1.8t	US$442.8b	US$68.2b	19.9x	27x	4.2x
Thu, 14 Mar 2024	US$1.8t	US$440.4b	US$67.3b	19.6x	27.5x	4.2x
Sat, 10 Feb 2024	US$1.8t	US$438.0b	US$65.4b	19.3x	27.3x	4.1x
Mon, 08 Jan 2024	US$1.8t	US$432.8b	US$70.6b	27.1x	25.8x	4.2x
Wed, 06 Dec 2023	US$1.7t	US$432.8b	US$70.6b	27.1x	24.5x	4x
Fri, 03 Nov 2023	US$1.5t	US$429.1b	US$68.6b	27.1x	21.9x	3.5x
Sun, 01 Oct 2023	US$1.6t	US$425.6b	US$68.1b	28.2x	23.3x	3.7x
Tue, 29 Aug 2023	US$1.6t	US$426.4b	US$68.1b	28.2x	23.5x	3.8x
Thu, 27 Jul 2023	US$1.7t	US$422.7b	US$62.9b	30.5x	27x	4x
Sat, 24 Jun 2023	US$1.5t	US$419.6b	US$64.4b	31.4x	23.7x	3.6x


US Market	2.20%
Financials	3.23%
Capital Markets	4.12%
Diversified Capital Markets	7.43%
Asset Management	4.46%
Investment Banking and Brokerage	4.37%
Financial Exchanges and Data	3.03%

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.09k	5.7% +US$18.0b	74.6%	PE19.6x
MS Morgan Stanley	US$220.83	5.0% +US$16.7b	69.8%	PE19.9x
HOOD Robinhood Markets	US$96.71	15.4% +US$11.6b	29.0%	PE45.9x
SCHW Charles Schwab	US$93.67	5.5% +US$8.5b	5.3%	PE18.1x
BLK BlackRock	US$1.05k	4.0% +US$6.3b	8.6%	PE26.1x

Announcement • 1h

BlackRock Launches iShares Bitcoin Premium Income ETF

BlackRock announced the launch of the iShares Bitcoin Premium Income ETF (Nasdaq:BITA), an exchange-traded product (ETP) designed to provide investors with bitcoin upside participation while generating monthly option premium. The iShares Trusts are not an investment company registered under the Investment Company Act of 1940, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. BITA gains bitcoin exposure through a combination of spot bitcoin and the iShares Bitcoin Trust ETF (IBIT) – the world’s largest and most-traded bitcoin ETP. BITA aims to write call options on IBIT representing approximately 25% to 35% of the portfolio, generating option premiums that may be distributed to investors each month. This approach preserves the majority of BITA’s bitcoin exposure, allowing investors to participate in market movements while potentially producing income. BITA is designed with quality in mind. BITA’s differentiated structure holds bitcoin (and IBIT) directly for tax-efficient growth while selling options on IBIT that benefit from lower 60/40 taxation as section 1256 contracts. Investors may also benefit from certain tax efficiencies inherent in the partnership structure, including the ability to pass through capital losses to offset other investment gains and the character of both short-term and long-term gains as capital gains. BITA builds on two established pillars of BlackRock’s platform: its digital assets product suite – including IBIT, the iShares Ethereum Trust ETF (ETHA), and the iShares Staked Ethereum Trust ETF (ETHB) – and its premium income offerings, with over $3,000 million in client assets across ETFs registered under the Investment Company Act of 1940 such as the iShares U.S. Large Cap Premium Income Active ETF (BALI) and the iShares Nasdaq Premium Income Active ETF (BALQ). BITA leverages the scale and liquidity of IBIT and its options market, which averages approximately $3,700 million in daily trading volume and ranks among the top 1% of all options products. BlackRock oversees more than $130,000 million in assets across digital asset ETPs, tokenized liquidity funds, and stablecoin reserve management. iShares captured approximately 90% of industry flows into U.S.-listed digital asset ETPs in Fiscal year 2025. This information must be preceded or accompanied by a prospectus for BITA, IBIT, ETHA and ETHB. Investors should read and consider the relevant prospectus carefully before investing. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus. Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust. Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including largescale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage. The Trust’s use of derivatives may decrease its returns, increase volatility, and expose it to additional operational and counterparty risks—that is, the risk that another party in a transaction may fail to meet their contractual obligations. Losses may arise from derivative holdings due to limited liquidity in secondary markets and unexpected market changes. Writing covered call options on IBIT shares limits the Trust's gains above the option exercise price. The Trust remains exposed to losses below the exercise price, as premiums may not cover declines tied to bitcoin or IBIT volatility. Additionally, the Trust could be impacted by declining share values, restrictions on trading options, and other risks linked to options strategies. Trading shares of ETPs may result in brokerage commissions and tax consequences. This material is provided for educational purposes only and does not constitute investment advice. The information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice. Shares of the Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.

U.S. Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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