Recent analysis reveals that less than a third of active funds beat their passive counterparts, prompting advice for retail investors to favor index tracking products.

India's equity market has experienced a surge in domestic mutual funds, insurers, and retail investors, leading to record deals, even as the secondary market faces challenges.

The Securities and Exchange Board of India (SEBI) has put forth a proposal for a fixed-income channel partners framework, aiming to broaden retail investors' access to the bond market.

UK retail investors have significantly increased their holdings of gilts following a bond market sell-off, a move that CFR's Patterson notes is not surprising.

SoftBank is reportedly planning to sell $6.3 billion worth of bonds, specifically targeting retail investors, as part of its fundraising efforts.

Retail investors have reportedly sold shares of Space Exploration Technologies Corp. (SPCX) for the first time, with the stock also reclaiming its IPO price.

Retail investors are reportedly optimistic about a specific drone stock priced under $10, with expectations that its value could double.

CME Group is preparing to extend its 24/7 trading hours to include the 100-ounce silver futures contract, pending regulatory approval, following a similar launch for gold futures.

Russia's Central Bank has added Bitcoin, Ethereum, and Tether (USDT) to its list of cryptocurrencies approved for exchange trading, with specific limits for retail investors.

The initial public offering (IPO) for China's Unitree Robotics has been massively oversubscribed by retail investors, with demand exceeding available shares by 5,526 times.

According to Schwab, retail investors are showing a strong interest in acquiring artificial intelligence stocks, but are primarily looking for opportunities at lower price points.

Despite a 50% drop in its stock value, retail investors are reportedly continuing to accumulate shares in SpaceX, as indicated by recent market charts.

Retail investors are reportedly purchasing shares of SpaceX, capitalizing on a market dip before a potential increase in available shares.

Retail investors largely stayed on the sidelines in India’s share sale in Life Insurance Corp., signaling uneven demand a day after strong bids from institutions led the government to increase the…

Retail investors in South Korea are blaming pro-investor policies for heavy losses suffered after an AI tech rout, despite the president's desire for a hot stock market.

South Korea's President is facing criticism after the country's stock market experienced wild swings, following authorities' promotion of high-risk products to retail investors.

Experts are cautioning retail investors about the inherent risks of perpetual futures, a complex financial product gaining mainstream traction after its popularity in the cryptocurrency market. Investors are advised to exercise caution.

Wealthyhood, in partnership with Bank of Cyprus, has launched trading for retail investors across Cyprus, Greece, and Europe, opening up the Cypriot market.

Retail investors in India are cashing out of the stock market as foreign buying of equities resumes, a trend that could potentially limit the upside for the Nifty benchmark index.

While analysts are optimistic about a potential turnaround for Boeing, retail investors remain fixated on an 'uncomfortable fact' regarding the company's performance or outlook.

Blackstone has launched new funds designed to make private market investments accessible to a broader range of retail investors, aiming to democratize access to alternative assets.

An analysis explores how large institutional investors, or 'whales,' manipulate markets to their advantage, often at the expense of smaller retail investors, or 'plankton,' particularly in the gold and tech sectors.

South Korean retail investors who heavily bet on domestic tech champions using leveraged financial instruments are now facing substantial losses following a sharp market reversal.

After a two-month period of outperforming the broader market by as much as 10 percentage points, retail investors are no longer seeing the same level of success.

CXMT's initial public offering in Shanghai has seen overwhelming demand from retail investors, being oversubscribed by more than 200 times, with the latest reports confirming it was 212 times covered for retail investors.

Citadel has indicated that retail investors are persistently purchasing U.S. stocks, even in the face of ongoing market volatility.

South Korean stationery maker Monami, known for its 153 ballpoint pen, received an outpouring of public support from retail investors after fears of delisting from the stock market sent its shares soaring.

A report by Vanda Research indicates that retail investors are primarily driven by specific narratives or 'stories' when making investment decisions, rather than focusing on the broader market trends.

Boards of investment trusts must recognize the increasing significance of smaller retail investors, understanding that their rise is ultimately beneficial for the industry.

According to Schwab, retail investors are consistently purchasing tech stocks, indicating ongoing confidence and investment in the technology sector.

A precise timeline has been outlined detailing when SpaceX insiders will be able to sell their shares to retail investors. The article provides insights into the company's stock liquidity for insiders.

Retail investors are reportedly showing interest in a particular space industry stock, distinguishing their investment choices from the more commonly discussed SpaceX.

Retail investors are recommending that others ditch their SpaceX holdings and instead invest in Amprius Technologies (AMPX).

SpaceX stock saw a positive development after its inclusion in the Russell 1000 index. However, the article suggests that intense index concentration may still disadvantage retail investors.

The article describes the 'meme stock' phenomenon from 2021, where retail investors coordinated on social media to execute short squeezes against major hedge funds, creating a 'David vs. Goliath' battle on Wall Street.

Wendy's stock experienced a second day of significant gains, driven by retail investors and social media buzz rather than company fundamentals.

Despite retail investors ranking technology as the most overvalued stock market sector, they continue to purchase tech stocks.

The cryptocurrency market is showing new signs of fragility as retail investors withdraw from Bitcoin, impacting its stability, with the price now breaking below $60,000 and down over 50% from its all-time high.

Hong Kong's Paul Chan stated that Beijing's recent investigation into three brokerages—Futu Securities, Tiger Brokers, and Long Bridge—was partly motivated by concerns over foreign exchange 'leakage' and the need to protect mainland China's retail investors.

SpaceX's stock price has fallen again, nearly eliminating the gains made by retail investors since its initial public offering.

China Resources New Energy Holdings is set to raise $3.6 billion in what will be China's largest IPO in four years, attracting strong interest from retail investors ahead of its Shenzhen debut.

Indian regulators are actively targeting online financial influencers who provide misleading stock tips under the guise of financial education, as the number of retail investors grows.

Debt-funded stock investing by South Korean retail investors has led to a record 38 trillion won ($24.8 billion) in outstanding margin loans, as the Kospi index climbed to a record 9,000 mark. This surge is driven by investments in companies like Samsung Electronics and SK hynix.

Retail investors net bought $369.8 million worth of SpaceX stock in the first three days of trading.

SpaceX's valuation has surged by 14% to over $2.9 trillion, closing in on tech giants like Microsoft and Apple, following a reported $60 billion Cursor deal.

Italy is launching a new Btp Italia bond issuance, reserved for retail investors, with a minimum guaranteed yield of 1.6% plus the inflation rate. The placement period for the bond is set to begin on Monday, June 15, and run until June 19, offering quarterly coupons that adjust with the cost of living.

Retail investors are showing significant interest in SpaceX, with reports indicating that thousands of employees could become millionaires following a blockbuster IPO, while states challenge Nasdaq and FTSE Russell over fast-tracking the company.

Retail investors are reportedly cashing out of Micron, AMD, and various AI stocks in anticipation of the upcoming SpaceX initial public offering, indicating a shift in market sentiment.

Wipro's Rs 15,000 crore share buyback offer has opened, providing shareholders with an opportunity to sell shares at a premium until June 17.

Jim Cramer has been actively discussing various market trends, including elevated CPI as 'artificial inflation,' and offering specific stock recommendations. He has provided insights on companies like NVIDIA, Tractor Supply, and Home Depot, among others.

Both institutional and retail investors are reportedly continuing to buy and hold cryptocurrencies, even as Bitcoin experiences a 50% pullback from its highs.

Despite Bitcoin being perceived as 'boring' by retail investors focused on AI, Bernstein maintains its prediction of Bitcoin reaching $150,000 this year.

Reports indicate a negative sentiment among retail investors, leading them to exit the cryptocurrency market, particularly impacting XRP and Bitcoin.

Despite the stock market setting new records and gains in Bitcoin and gold, a popular strategy among retail investors is to hold cash in money-market funds.

SpaceX has launched a dedicated IPO website for retail investors as it prepares for a record-setting $75 billion public offering expected next week.

Retail investors are fueling unprecedented buying activity in US software exchange-traded funds, indicating a broadening trend in the artificial intelligence market.

Reports suggest a potential SpaceX IPO is being considered, with some analysts viewing it as a bet on retail investors' loyalty to Elon Musk to fund his ventures, despite the company's current financial status.

An ETF has seen a significant increase in value over the past year, with online community Reddit suggesting it will double again. This highlights the influence of retail investors on certain financial instruments.

The U.S. government has made investments in three quantum computing stocks, prompting discussion on whether retail investors should consider similar moves. This highlights growing interest and potential in the quantum computing sector.

An unprecedented investment fever surrounding artificial intelligence has gripped Japan, disrupting the balance on the Tokyo Stock Exchange (TSE) and causing daily turnover to skyrocket to $63 billion, driven by traditional Japanese retail investors.

Artificial intelligence is significantly transforming how retail investors engage in stock trading, introducing new tools and strategies to the market.

A new Exchange Traded Fund (ETF) is providing retail investors with an opportunity to invest in Kalshi.

A growing trend among Indian retail investors shows a clear migration toward mutual fund investments, as direct equity participation declines amid rising market volatility and preference for professional management.

An article discusses key factors for retail investors to consider when evaluating commercial property as an investment option.

An analysis discusses the necessary steps for Türkiye to enhance its capital markets and attract global investment, highlighting recent transformations and growth in IPOs and retail investors.

A SEBI report for FY26 reveals that nearly 90% of retail investors incurred financial losses in India's equity derivatives market, accompanied by an 18% decline in retail participation, a significant shift not seen in a decade, amidst regulatory changes.

While retail investors largely remain bullish on AI and technology stocks, there is an observable trend of increased caution, with some adding downside protection to their portfolios.

An analysis explores why retail investors are showing decreased interest in an overbought market, raising questions about current market dynamics.

A report indicates that 50% of retail investors copy famous traders, a strategy that is being criticized as ineffective.

The wealth management market is grappling with a $3 trillion challenge as retail investors continue to hold high levels of liquidity, despite financial advisors promoting bonds and other investments.

Chinese humanoid robot maker Unitree's initial public offering in Shanghai was more than 8,000 times oversubscribed by retail investors, signaling strong market interest in humanoid robot stocks. This significant demand suggests a potential investor frenzy for companies in the burgeoning humanoid robot sector.

Chinese robot manufacturer Unitree saw its initial public offering on the Shanghai stock exchange oversubscribed by thousands of times by retail investors, indicating strong market demand.

Retail investors in SpaceX shares became net sellers as of August 7, marking the first net outflow since the company's IPO, a move that coincided with a recovery in the stock price.

Retail investors sold SpaceX shares for the first time on Friday, marking a notable shift in the private market. Despite this initial sell-off, the stock quickly rebounded, surging 15% from a record low.

Fidelity's assets under management (AUM) are nearing $8 trillion, driven by what is described as a 'perfect storm' of retail investor activity. The firm continues to see significant growth in its investment portfolios.

Retail investors actively bought the dip in SpaceX shares following the release of the company's first earnings report, even as the stock experienced a decline.

Samsung's retail investors are pushing for an extraordinary shareholder meeting to discuss potential share buybacks and executive bonuses. This move reflects their desire for greater influence over the company's financial decisions and a share in its success.

Citadel Securities asserts that the forces driving US stocks to record highs this year are still 'firmly intact,' even after a reset in retail investors' speculative trading.

The significant rise and subsequent fall of Kontrolmatik Enerji ve Muhendislik AS shares have caused substantial losses for small-time retail investors in Turkey.

Retail investors are becoming more selective, offloading the highest volume of individual stocks on Tuesday since the pandemic began, according to data compiled by Vanda Research.

The Economist advises retail investors to exercise caution regarding perpetual futures, a type of financial product that has gained popularity in the cryptocurrency market and is now entering mainstream finance.

South Korea is exploring new regulations to limit retail investor access to leveraged exchange-traded funds (ETFs), including potentially capping investments. The country's chief financial regulator has vowed additional measures to curb demand for these high-risk products.

CME Group is betting that retail investors will increasingly embrace single-stock futures as a new investment vehicle.

Retail investors are debating whether Meta Platforms is 'dead money' or the best cheap AI stock.

South Korean retail investors are returning to the US stock market, particularly increasing their investments in semiconductor stocks and exchange-traded funds, as the won strengthens and the Kospi rally slows.

AMC options experienced a significant surge in trading activity, with over 300,000 contracts traded shortly after the market opened, potentially signaling renewed interest from 'apes' or retail investors.

South Korean retail investors have incurred significant losses after leveraged bets on SK Hynix and Samsung shares unraveled following a sharp market selloff.

South Korea's retail investors, colloquially known as "the ants," faced a challenging week as 1.2 million of them were hit with margin calls, illustrating the widespread impact of a stock market crash across Asia.

Observations suggest that retail investors are currently divesting from their winning stock positions and actively searching for the next investment opportunities.

Retail investors in Romania are showing decreased interest in the country's Fidelis government bonds.

Leading investment platforms indicate that banks and brokers are using the SpaceX listing as a precedent to increase retail investor participation in upcoming UK IPOs.

Private assets could be a viable option for retail investors if priced correctly, despite inherent complexities, opacity, and liquidity issues, with fees being a significant barrier.

The Indian government is selling a 2.52% stake in Cochin Shipyard Limited through an Offer for Sale, with bidding open to non-retail investors on July 7, 2026, and retail investors on July 8, 2026, as part of its divestment strategy.

Retail investors with anti-Elon Musk sentiment are reportedly scrambling to keep SpaceX out of their investment portfolios.

According to a verdict from retail investors, Micron Technology (MU) is considered a better investment choice compared to Space (SPCX).

Cisco's latest financial forecast has surpassed the bearish predictions from retail investors, indicating a stronger outlook for the company.

The article discusses how the rise of retail investors, once dismissed as 'dumb money' by Wall Street, is fundamentally changing the dynamics of the stock market.

Korea's retail investors are becoming a significant force in the country's stock market rally, raising questions about whether their capital can provide a stable foundation for a lasting market re-rating.

South Korea's 'Ant' Army, a term for retail investors, is reportedly driving a significant frenzy in the artificial intelligence market.

JPMorgan's research indicates that retail investors are becoming more cautious with options and margins after the market's recent rally. This shift in behavior could signal potential difficulties for the tech sector, where these investors have largely concentrated their focus.

Bitcoin's price has dropped below $60,000, reaching a 20-month low as market sentiment sours and retail investors shift towards AI-related stocks.

Scott Wren from Wells Fargo cautions retail investors against chasing the current market rally, instead recommending readiness to capitalize on market dips.

Retail investors are drawing attention to a specific biotech stock, touting its significant potential for growth and high returns.

Investors are closely watching AbbVie's M&A activity and KeyBanc's 'Sector Weight' rating on SpaceX, which suggested a potential stock cut. Retail investors, who fueled a trading frenzy, are now facing a bear market for the volatile SpaceX stock.

Romanian retail investors have demonstrated cautious demand for the country's newly issued 10-year government bonds, reflecting a measured approach to long-term investments.

A prediction suggests that the upcoming SpaceX lockup period will be highly problematic for retail investors, indicating potential volatility or negative outcomes for those holding shares.

Exchange-traded funds now represent 30 percent of the trading value on the Korean stock market, driven by strong demand from retail investors.

Canadian retail investors will soon be able to trade on prediction markets through a Canadian company this summer, after these platforms had been banned for years.

Reports highlight how Elon Musk's tactics have led investors to clamor for SpaceX stock while ignoring risks, with particular concern for retail investors facing potential 'fleecing' as the company approaches its IPO.

Tom Mueller, a co-founder of SpaceX alongside Elon Musk, shared his thoughts on the company's market debut, reflecting on his journey as employee number one.

A think tank reports that retail investors in South Korea have reached their borrowing limits at various brokerages, indicating high leverage in the market.

A Goldman Sachs report indicates that retail investors are moving away from meme stocks and increasingly prioritizing profit, leading market trends.

Retail investors have reportedly surpassed Wall Street benchmarks by investing in Artificial Intelligence stocks, though the article cautions that this trend may soon change. It explores the factors contributing to their success and potential future shifts.

Retail investors are increasingly opting to park their funds in money-market accounts, making it a popular strategy amidst current economic conditions.

A new rule effective June 4 will remove the pattern day-trading rule, making it easier for retail investors to engage in day trading, despite statistics showing about 95% of day traders lose money.

An article discusses that 'smart money' owns 87% of Starbucks stock and questions whether retail investors should follow this trend.

Financial expert Barry Ritholtz cautions that retail investors are being positioned as the exit for private markets during a peak cycle.

South Korea's efforts to attract retail investors back to domestic markets, including incentives and a surging Kospi, are failing to curb the rush into US stocks.

Ford's stock performance has led to a divergence in opinion between Wall Street analysts and retail investors, raising questions about whether the automaker's shares are behaving like a meme stock. The differing perspectives highlight market volatility and investor sentiment.

Anthropic is pursuing a significant IPO, aiming for a $2 trillion valuation, but faces investor scrutiny regarding its AI model's capabilities and comparisons to SpaceX's market performance. Analysts are cautioning potential investors about the risks involved, drawing parallels to past high-profile tech offerings.

A crude animated film titled 'Niu Lai' has become a popular meme among Chinese retail investors, who identify their own market struggles with its characters. The film has resonated deeply with the investor community, as explained by Bloomberg Opinion columnist Shuli Ren.

Japan is reportedly weighing options to introduce tax benefits aimed at encouraging retail investors to purchase government bonds.

Retail investors, who had previously supported SpaceX through its post-IPO run, became net sellers on Friday, marking the first instance of such activity since the company's blockbuster debut in June. Mom-and-pop traders sold a net $4.5 million in Elon Musk’s rocket company shares.

Wilson advised investors to avoid being shaken out of the market and highlighted that retail investors often do a poor job of rebalancing. He also noted that chasing stocks is as damaging as selling at the bottom, and that gold has been in a bull market for 25 years.

Robinhood has launched its second venture fund, designed to allow retail investors to access private markets. This initiative aims to democratize investment opportunities for a broader audience.

Japanese fund managers are increasingly focusing on attracting retail cash as yields on Japanese Government Bonds (JGBs) continue to surge.

Bank of America's stock has hit record highs, leading to a bullish sentiment on Wall Street, though retail investors remain cautious.

Retail investors reportedly intervened to stop a significant sell-off of Tesla shares, indicating a potential floor for the stock's recent decline.

A new closing auction system on the stock market has led to confusion and concern among traders and retail investors, who have noted discrepancies in official closing prices.

Korean retail investors, colloquially known as 'ants,' are reportedly returning to Wall Street as a rout in the KOSPI index diminishes their previous domestic investment drive.

The technology trade may be poised to become even more dependent on retail investors and more volatile after a rough July, according to an assessment of preliminary data on technology, media and…

An opinion article predicts a significant financial event on August 6, describing it as the 'greatest fleecing' of retail investors in Wall Street's history.

Seoul shares closed higher on Tuesday as retail investors bought stocks following a previous session's plunge, though gains were capped by ongoing uncertainties surrounding artificial intelligence and the Middle East crisis.

The Kospi remains susceptible to sharp market swings despite new deposit rules for single-stock leveraged products, as foreign high-frequency trading, particularly around Samsung Electronics and SK hynix, highlights the limitations of regulations primarily focused on retail investors.

Retail investors in South Korea, Taiwan, and mainland China have reduced their margin loans, reflecting how recent volatility and a collapse in technology stocks have compelled them to close out positions.

Media reports indicate that South Korea may introduce measures to cap investments in leveraged exchange-traded funds (ETFs) for retail investors.

South Korea's outstanding margin loans, a key indicator of leveraged stock investment by retail investors, have dropped to their lowest level in over three months as a prolonged market correction leads investors to reduce leveraged bets.

Retail investors are reportedly purchasing Microsoft (MSFT) shares during a market dip.

Schwab has reported earnings that beat estimates, attributed to a surge in retail investors entering the market. This influx of individual investors has contributed to increased market activity.

Despite a decline in its share price, retail investors on Reddit reportedly continue to show belief in Rocket Lab, indicating a strong sentiment within the online community.

SpaceX's stock is sliding close to its initial public offering price, creating a confidence test that could unsettle retail investors and complicate future high-profile listings for other companies.

Financial commentator Jim Cramer has issued a warning to retail investors, advising them to avoid buying into the recent dip in IBM stock.

A new chart indicates that retail investors are increasingly selling off their holdings in major tech companies like Apple and Tesla, as well as chip stocks.

George Noble has stated that SpaceX is 'built to separate retail investors from their money,' suggesting caution for individual investors considering the company's stock.

Romanian retail investors participating in the public debt scheme Fidelis have shown a preference for euro bonds in July, indicating a trend in their investment choices.

There is a growing consensus that leveraged single-stock exchange-traded funds (ETFs) are inherently unstable and will likely cause significant losses for retail investors who use them.

A strategist suggests that accounts related to Donald Trump could potentially serve as a positive catalyst for the stock market and benefit retail investors.

An analysis suggests that retail investors buying the S&P 500 dip in 2026 could face significant losses, potentially leading to their 'ultimate cause of death' in the market.

Members of Congress are reportedly investing heavily in Johnson & Johnson and UnitedHealth, drawing attention from retail investors.

Investors are looking beyond SpaceX to identify the next breakout AI stock for 2026, with some retail investors highlighting a particular company as the next SanDisk that is currently being overlooked.

Retail investors have demonstrated an unprecedented level of activity in the first half of the year, with 'dip buying' reaching record highs.

Citadel Securities has observed that retail investors are buying market dips at an unprecedented rate, indicating strong participation in current market trends.

The increasing influence of retail investors is making the stock market less efficient, a trend exacerbated by artificial intelligence, according to a Goldman Sachs quant, creating new opportunities for informed participants.

Ires Reit, Ireland's biggest landlord, is seeking to attract savings from retail investors through a new state-backed investment scheme proposed by Harris, arguing it would benefit both investors and renters.

Retail investors have reportedly sold shares in major tech companies like NVIDIA, Microsoft, and Oracle to finance purchases in SpaceX, prompting speculation about the next significant mega-cap tech stock.

Berkshire Hathaway has made a $10 billion private placement investment in Google, a move that analysts suggest retail investors should closely monitor.

Retail investors are reportedly being advised to look beyond the hype surrounding SpaceX and consider another space-related stock with significant growth potential.

Despite a sluggish stock market and foreign investor sell-offs, Indian retail investors continue to show resilience by consistently investing through Systematic Investment Plans (SIPs), with monthly inflows surging significantly.

A series of large Initial Public Offerings in India are expected to test the confidence and participation of retail investors in the market.

Retail investors in the UK are being criticized for backing the wrong companies, which is reportedly contributing to the decline of the London market.

SpaceX is reportedly valued significantly higher than any S&P 500 stock, with billions flowing into SpaceX ETFs, driven by a 'FOMO' mentality among retail investors who are overlooking conventional valuations. This comes as Elon Musk responds to a user highlighting a significant single-day decline in his net worth tied to SpaceX, amidst discussions about taxing billionaires.

Retail investors are reportedly purchasing more shares of SpaceX than the combined total of all 'Magnificent Seven' companies, indicating significant individual investor confidence in the aerospace company.

Korean retail investors are experiencing massive forced liquidations after making aggressive leveraged bets on AI and semiconductor stocks like Samsung Electronics and SK Hynix, as the market's 'AI bubble' shows signs of bursting.

Following Korean retail investors' interest in US stocks and overseas investors reducing exposure to Korean equities, authorities are now focusing on offshore NDF trading as a potential factor behind the won's sharp depreciation.

South Korea's stock market saw a massive 16% swing within 24 hours, attributed to retail investors, dubbed 'ants,' increasingly using leveraged products, which amplifies market volatility.

A downturn in the chip industry is challenging South Korea's retail investors, known as 'ants,' as margin debt continues to rise.

An analyst has issued a prediction that a potential initial public offering (IPO) for SpaceX could result in significant losses for retail investors. The report suggests that the offering might be structured in a way that disadvantages individual shareholders.

May saw the strongest buying activity from retail investors this year, as individuals heavily invested in semiconductor stocks, raising concerns about potential losses if the rally falters.

Kraken, a cryptocurrency exchange, announced plans to offer retail investors access to Initial Public Offerings (IPOs), potentially broadening participation in new stock listings.

A report indicates that retail investors are increasingly participating in this year's most popular Initial Public Offerings (IPOs), reflecting a trend in market engagement.

An article discusses how retail investors might be able to participate in a potential Initial Public Offering (IPO) for SpaceX.

Oasis argues that the government and LDP's suggestion to limit shareholder proposals to those holding at least 1% of voting rights, up from 300 shares, will negatively impact retail investors rather than activists.

A Tesla investor shares insights on how retail investors might be able to participate in a potential blockbuster SpaceX IPO through platforms like Robinhood and SoFi.

SoftBank is tapping retail investors with a new bond deal valued at $1.6 billion in yen. This move aims to diversify its funding sources and attract a broader investor base.

Italy has launched a new version of its inflation-protected government bond, the BTp Italia Sì, designed for retail investors with a simplified coupon calculation mechanism and an expected net yield of 3.4% to 3.8%.