Margin debt is the amount of money an investor borrows from their broker via a margin account. Margin debt is often seen as a measure of investor sentiment and risk appetite. High levels of margin debt can signal confidence, but extreme spikes may also indicate excessive speculation, increasing the risk of market instability.
As President Donald Trump’s trade war continues, Canadian equities are poised to outperform their US counterparts, portfolio managers argue.
New home sales reached a six-month high in March while the median price fell for a second straight month.
While many investors have been scared away from tech giants at the center of this year’s equity rout, the companies are likely to continue plowing money into buybacks that will offer at least one source of continuing support for the stocks.
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
For financial advisors, moving to independence and an RIA means navigating a sea of decisions, including business model types and vision.
Gas prices were down for a second straight week, falling to a one-month low. As of April 21st, the price of regular and premium gas were each down 3 cents from the previous week.
Back in 1980, fear persuaded me that gold was a sure thing. I forgot an essential caveat—there are no sure things in investing.
Bitcoin advanced to the highest level since early March, fueling optimism that the biggest digital token is finally breaking free of a longstanding tendency to move in tandem with US tech stocks.
Fifth district manufacturing activity slowed further in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell nine points this month to -13 after falling ten points in March, marking the largest two-month decline since early 2022. This month's reading was worse than the forecast of -6.
The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows. Cash flows typically consist of a regular string of dividend payments and an assumed liquidation value at the end of the time horizon.
U.S. defensives and international lead.a
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the SPDR S&P Dividend ETF (SDY) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Four of the nine indexes on our world watch list have posted gains through April 21, 2025. Hong Kong’s Hang Seng is in the top spot with a year to date gain of 9.03%. Germany’s DAXK is in second with a year to date gain of 5.35% while China's Shanghai is in third with a year to date gain of 0.88%.
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
Nvidia Corp. shares are trading near their lowest valuation of the artificial intelligence era, but a growing list of perils has investors cautious about taking advantage of the dip.
In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Retail sales surged as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Audiences worldwide turn to Netflix for escapism. Wall Street is doing the same.
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
Cryptocurrency prices, including bitcoin’s, have been turbulent this year. That’s weighed on shares of miners. Some relief could be in sight.
The yield on the 10-year note ended April 17, 2025 at 4.34%. Meanwhile, the 2-year note ended at 3.81% and the 30-year note ended at 4.80%.
US critical minerals stocks have soared this week, getting a boost from signs that the Trump administration will favor a sector that’s become a flashpoint in the trade standoff between the US and China.
Home values fell for the first time in two years in March, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for an 11th straight month, hitting their lowest level since May 2021.
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
The latest Philadelphia Fed manufacturing index showed a decline in activity this month. The index sank nearly 39 points to -26.4, its lowest reading in two years. The latest reading was much lower than the forecast of 2.2.
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Although uncertainty remains, perpetual market swings may be less frequent.
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Nominal retail sales in March were up 1.43% month-over-month (MoM) and up 4.60% year-over-year (YoY). However, after adjusting for inflation, real retail sales were up 1.48% MoM and up 2.15% YoY.
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
The Census Bureau's Advance Retail Sales Report for March showed a surge in consumer spending last month, with headline sales rising 1.4%. This is the largest monthly increase since January 2023 and higher than the expected 1.3% growth.
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
SPY's recent surge of inflows showcases how advisors are using ETFs as crucial vehicles for navigating market volatility.
VettaFi’s Cinthia Murphy looks at several surprising ETF developments from a wild week in the markets. VistaShares CEO Adam Patti highlights the firm’s unique approach to ETFs, which includes the VistaShares Target Berkshire Select Income ETF (OMAH).
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
US equities extended a rebound into a third session Tuesday as traders weighed the ongoing global trade war against a slew of positive earnings reports from Wall Street banks.
Travel on all roads and streets declined in February. The 12-month moving average was down 0.11% month-over-month but was up 0.95% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.17% MoM and down 0.95% YoY.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Manufacturing activity contracted for a second consecutive month in New York State, according to the Empire State Manufacturing April survey. The diffusion index for General Business Conditions rose 11.9 points but remained below zero at -8.1. The latest reading was better than the forecast of -12.8.
A new cryptocurrency aims to occupy the final frontier of investor safety — cash that doesn’t lose purchasing power to inflation.
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.
Four of the nine indexes on our emerging markets watch list have posted gains through April 11, 2025. Chile's IPSA is in the top spot with a year to date gain of 11.2%. Brazil's IBOVESPA is in second with a year to date gain of 6.3% while Mexico's BMV IPC is in third with a year to date gain of 3.5%.
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
Last week’s data can be summarized by a volatile market reacting to tariff news and a backwards-looking inflation reprieve.
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
Vanguard head of U.S. ETF Capital Markets Bill Coleman discussed the growing role that active ETFs are playing in portfolios.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Wholesale inflation unexpectedly fell in March, dropping for the first time in 17 months. The producer price index for final demand was down 0.4% month-over-month after a 0.1% increase in February. This was lower than the expected 0.2% growth.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.
With the financial markets still wrestling with the tariff announcements from last week, one thing is still certain: uncertainty remains an integral part of the investment landscape.
Inflation cooled for a second straight month in March, falling to its lowest level in over four years. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, lower than the expected 2.5% growth.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
VettaFi addresses common questions on midstream/MLPs, oil prices, recessions, and tariffs following last week’s equity sell-off.
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
The 20th century Baby Boom was one of the most powerful demographic events in the history of the United States. We've created a series of charts to show seven age cohorts of the employed population from 1948 to the present.
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
Our monthly workforce recovery analysis has been updated to include the latest employment report for March. The unemployment rate inched up to 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 228,000.
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
The NFIB Small Business Optimism Index dropped for a third straight month, falling to 97.4 in March. Notably, the net percent of small business owners expecting higher sales volume fell for a third consecutive month after surging from recession levels after the election.
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
VettaFi’s Head of Research Todd Rosenbluth discussed the T. Rowe Price International Equity ETF (TOUS) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
March's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
Multiple jobholders account for 5.6% of civilian employment, the highest level in over 20 years.
Chinese shares plunged and sovereign yields neared an all-time low as investors braced themselves for the fall-out of a spiraling trade conflict between the world’s two largest economies.
President Donald Trump’s trade war has US stocks on track to enter their first bear market since the Covid pandemic.
Exchange-Traded Products
Margin Debt: March 2025
Margin debt is the amount of money an investor borrows from their broker via a margin account. Margin debt is often seen as a measure of investor sentiment and risk appetite. High levels of margin debt can signal confidence, but extreme spikes may also indicate excessive speculation, increasing the risk of market instability.
Portfolio Managers See Canada Stock Market as Long-Term Winner
As President Donald Trump’s trade war continues, Canadian equities are poised to outperform their US counterparts, portfolio managers argue.
New Home Sales Reach Six-Month High in March
New home sales reached a six-month high in March while the median price fell for a second straight month.
Tech Giants to Plow $500 Billion Cash Hoard Into More Buybacks
While many investors have been scared away from tech giants at the center of this year’s equity rout, the companies are likely to continue plowing money into buybacks that will offer at least one source of continuing support for the stocks.
Risk-Off Fixed Income in Demand in April
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
Balancing Treasury Market Stability and Systemic Risk
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
BNY’s Ben Slavin on ETF Trading, Flows, Share Class Structure, & Innovation
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
3 Considerations for Advisors Branching Out to an RIA
For financial advisors, moving to independence and an RIA means navigating a sea of decisions, including business model types and vision.
Gas Prices Down for Second Straight Week
Gas prices were down for a second straight week, falling to a one-month low. As of April 21st, the price of regular and premium gas were each down 3 cents from the previous week.
Protect Yourself From Fear-Based Gold Fever
Back in 1980, fear persuaded me that gold was a sure thing. I forgot an essential caveat—there are no sure things in investing.
Bitcoin Rallies 20% During Market Turmoil to Diverge From Tech
Bitcoin advanced to the highest level since early March, fueling optimism that the biggest digital token is finally breaking free of a longstanding tendency to move in tandem with US tech stocks.
Richmond Fed Manufacturing Activity Slowed Further in April
Fifth district manufacturing activity slowed further in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell nine points this month to -13 after falling ten points in March, marking the largest two-month decline since early 2022. This month's reading was worse than the forecast of -6.
Agentic AI: The New Frontier of Intelligence That Acts
The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.
The Trade-Off in Covered Call Strategies
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows. Cash flows typically consist of a regular string of dividend payments and an assumed liquidation value at the end of the time horizon.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
SPDR S&P Dividend ETF (SDY)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the SPDR S&P Dividend ETF (SDY) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
World Markets Watchlist: April 21, 2025
Four of the nine indexes on our world watch list have posted gains through April 21, 2025. Hong Kong’s Hang Seng is in the top spot with a year to date gain of 9.03%. Germany’s DAXK is in second with a year to date gain of 5.35% while China's Shanghai is in third with a year to date gain of 0.88%.
The Evolution of Active Management: From Stock Picking to Active Asset Allocation
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Market Volatility and Corporate Bonds: 3 Takeaways
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
Nvidia Investors Balk at Beaten Down Valuation as Risks Mount
Nvidia Corp. shares are trading near their lowest valuation of the artificial intelligence era, but a growing list of perils has investors cautious about taking advantage of the dip.
Analysts See Gold at $4,000 as Faith in the U.S. Dollar Tumbles
In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Weekly Economic Snapshot: Pre-Tariff Spending Spike Amid Fed Warning
Retail sales surged as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Netflix Defies Big Tech Slump as Wall Street Seeks Tariff Haven
Audiences worldwide turn to Netflix for escapism. Wall Street is doing the same.
ETFs Highlight Ease of Trading in Three-Day Selloff for Munis
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
Small-Caps May Yet Have Their Redemption Day
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
Bitcoin Miners Hash Rate Move Could Bode Well for Crypto Prices
Cryptocurrency prices, including bitcoin’s, have been turbulent this year. That’s weighed on shares of miners. Some relief could be in sight.
Treasury Yields Snapshot: April 17, 2025
The yield on the 10-year note ended April 17, 2025 at 4.34%. Meanwhile, the 2-year note ended at 3.81% and the 30-year note ended at 4.80%.
Critical Mineral Stocks Rally on Signs Trump Supports Sector
US critical minerals stocks have soared this week, getting a boost from signs that the Trump administration will favor a sector that’s become a flashpoint in the trade standoff between the US and China.
Zillow Home Value Index: "Real" Home Values at Lowest Level Since May 2021
Home values fell for the first time in two years in March, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for an 11th straight month, hitting their lowest level since May 2021.
Building Permits Unexpectedly Rise 1.6% in March
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
Housing Starts Plummet 11.4% in March
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
Philadelphia Fed Manufacturing Index: Sinks to 2-Year Low
The latest Philadelphia Fed manufacturing index showed a decline in activity this month. The index sank nearly 39 points to -26.4, its lowest reading in two years. The latest reading was much lower than the forecast of 2.2.
A Deep Dive into Covered Call ETFs
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Is the Worst Behind Us?
Although uncertainty remains, perpetual market swings may be less frequent.
JPMorgan’s Maier Sees Paradigm Shift to Active Management in ETFs
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
The Big Four Recession Indicators: Real Retail Jump 1.5% in March
Nominal retail sales in March were up 1.43% month-over-month (MoM) and up 4.60% year-over-year (YoY). However, after adjusting for inflation, real retail sales were up 1.48% MoM and up 2.15% YoY.
NAHB Housing Market Index: Uncertainty Continues to Weigh on Builder Confidence
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
Nvidia Curbs and ASML Warning Spur Global Tech-Stock Rout
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
Retail Sales Surge 1.4% in March, Higher Than Expected
The Census Bureau's Advance Retail Sales Report for March showed a surge in consumer spending last month, with headline sales rising 1.4%. This is the largest monthly increase since January 2023 and higher than the expected 1.3% growth.
Six Tax Planning Ideas for Navigating Market Volatility
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
From Magnificent 7 to European Revival
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
Risk Management Amid Economic Uncertainty
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
SPY’s Trading Volume Highlights Advisor Enthusiasm Toward ETFs
SPY's recent surge of inflows showcases how advisors are using ETFs as crucial vehicles for navigating market volatility.
Volatile Markets Spark Unexpected ETF Stories
VettaFi’s Cinthia Murphy looks at several surprising ETF developments from a wild week in the markets. VistaShares CEO Adam Patti highlights the firm’s unique approach to ETFs, which includes the VistaShares Target Berkshire Select Income ETF (OMAH).
Upside Down(side): Markets' Wild Rides
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Leveraged ETF Traders Endure Volatile Ride After Chip Bet
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
S&P 500 Rises as Traders Parse Earnings and Tariff Developments
US equities extended a rebound into a third session Tuesday as traders weighed the ongoing global trade war against a slew of positive earnings reports from Wall Street banks.
America's Driving Habits: February 2025
Travel on all roads and streets declined in February. The 12-month moving average was down 0.11% month-over-month but was up 0.95% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.17% MoM and down 0.95% YoY.
Neuberger Berman Commodity Strategy ETF (NBCM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Empire State Manufacturing Survey: Activity Continued to Contract in April
Manufacturing activity contracted for a second consecutive month in New York State, according to the Empire State Manufacturing April survey. The diffusion index for General Business Conditions rose 11.9 points but remained below zero at -8.1. The latest reading was better than the forecast of -12.8.
Crypto’s Newest Stablecoin is Inflation-Linked Bond Alternative
A new cryptocurrency aims to occupy the final frontier of investor safety — cash that doesn’t lose purchasing power to inflation.
Navigating Resource Equities in a Shifting Macro Landscape
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
Notes From the Desk: Bond Trauma
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
Is It Time for Smart Beta to Be Smart?
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
Investors Turn to Actively Managed Bond ETFs in March
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Goldman Puts $4,000 Gold on the Agenda as Hunt for Havens Grows
Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.
Emerging Markets Watchlist: April 11, 2025
Four of the nine indexes on our emerging markets watch list have posted gains through April 11, 2025. Chile's IPSA is in the top spot with a year to date gain of 11.2%. Brazil's IBOVESPA is in second with a year to date gain of 6.3% while Mexico's BMV IPC is in third with a year to date gain of 3.5%.
Oaktree, TCW and Sona Spot Opportunity in Market Turmoil
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
Weekly Economic Snapshot: Tariff Swings, Inflation Relief in the Rearview, & Sinking Sentiment
Last week’s data can be summarized by a volatile market reacting to tariff news and a backwards-looking inflation reprieve.
Hard Turn on Tariffs
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
Vanguard Details Demand & Opportunities for Active ETFs
Vanguard head of U.S. ETF Capital Markets Bill Coleman discussed the growing role that active ETFs are playing in portfolios.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Tariffs Are the First Part of a Larger Project
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Producer Price Index: Wholesale Inflation Unexpectedly Falls in March
Wholesale inflation unexpectedly fell in March, dropping for the first time in 17 months. The producer price index for final demand was down 0.4% month-over-month after a 0.1% increase in February. This was lower than the expected 0.2% growth.
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Treasuries & Muni ETF Options for Focusing on Quality
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
The Path Forward After the Tariff Shock
Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.
Trump, Powell & Rates: The Post-Liberation Day Edition
With the financial markets still wrestling with the tariff announcements from last week, one thing is still certain: uncertainty remains an integral part of the investment landscape.
Consumer Price Index: Inflation Cools to 2.4% in March
Inflation cooled for a second straight month in March, falling to its lowest level in over four years. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, lower than the expected 2.5% growth.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
Tariff Tantrum: Addressing Questions on Oil & Midstream
VettaFi addresses common questions on midstream/MLPs, oil prices, recessions, and tariffs following last week’s equity sell-off.
Should You Be Concerned About the Pullback in Gold?
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
Baby Boomer Employment Through the Decades
The 20th century Baby Boom was one of the most powerful demographic events in the history of the United States. We've created a series of charts to show seven age cohorts of the employed population from 1948 to the present.
3 ETF Demand Trends Amid Market Turmoil
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
Market Madness: The 'Elite 8' Are Becoming a Liability
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
U.S. Workforce Recovery Analysis: March 2025
Our monthly workforce recovery analysis has been updated to include the latest employment report for March. The unemployment rate inched up to 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 228,000.
Mutual Fund Pioneer MFS Enters ETF Arena
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
NFIB Small Business Survey: Sales Growth Expectations Scaled Back
The NFIB Small Business Optimism Index dropped for a third straight month, falling to 97.4 in March. Notably, the net percent of small business owners expecting higher sales volume fell for a third consecutive month after surging from recession levels after the election.
Tariff Tantrum
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
2 Quality ETF Options to Consider as Bonds Exhibit Resilience
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
T. Rowe Price PM Rizzo on Active Tech ETF Investing at Exchange
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
T. Rowe Price International Equity ETF (TOUS)
VettaFi’s Head of Research Todd Rosenbluth discussed the T. Rowe Price International Equity ETF (TOUS) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
A Closer Look at Full-time and Part-time Employment: March 2025
March's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
Multiple Jobholders Account for 5.6% of Workers in March 2025
Multiple jobholders account for 5.6% of civilian employment, the highest level in over 20 years.
Chinese Stocks Suffer ‘Panic Selling’ as Tariff War Escalates
Chinese shares plunged and sovereign yields neared an all-time low as investors braced themselves for the fall-out of a spiraling trade conflict between the world’s two largest economies.
S&P 500 Is Heading for a Bear Market as Tariffs Hit Everything
President Donald Trump’s trade war has US stocks on track to enter their first bear market since the Covid pandemic.