Core Insights - The article emphasizes the importance of tax-exempt municipal bonds (munis) in investment portfolios, particularly for investors seeking capital appreciation or current income, especially those nearing retirement [1]. Group 1: Tax-Exempt ETF Overview - The T. Rowe Price Intermediate Municipal Income ETF (TAXE) offers an active management approach with a low fee of 24 basis points, launched in 2024, focusing on a range of credit qualities in intermediate maturity debt securities [2]. - The active strategy evaluates issuers based on metrics such as prices and yields, including considerations for junk bonds, resulting in a year-to-date return of 5.8% as of November 30, with a yield to maturity of 3.9% and a 30-day SEC Standardized Yield of 3.16% [3]. Group 2: Portfolio Integration - TAXE can serve as a strong fixed income addition to portfolios, helping to reduce overall tax exposure, with potential compounding benefits as portfolios reinvest savings from taxes [4]. - Active bond ETFs like TAXE possess structural advantages over passive funds, allowing for more flexibility in adapting to market changes, such as replacing bonds when necessary, and focusing on credit quality and yield [5]. Group 3: Future Outlook - As investors approach 2026, there will be a variety of ETFs available, with tax-exempt strategies like TAXE providing the necessary flexibility and adaptability for diverse investment portfolios [6].

Transamerica is expanding its ETF lineup with the launch of two actively managed funds, the Transamerica Large Value Active ETF (NYSE:TALV) and the Transamerica Bond Active ETF (NYSE:TABD) , as the firm looks to make its long-standing strategies more accessible to modern investors. • What’s ahead for GXIG stock?Marijn Smit, president and CEO of Transamerica Asset Management, said the new ETFs reflect the firm's focus on practical, long-term portfolio construction, offering investors additional tools to purs ...

Core Insights - The ongoing discussions regarding the impact of tariff policies on markets and the U.S. economy are expected to continue, especially following President Trump's announcement of new tariffs on various goods, including pharmaceuticals, furniture, and heavy trucks [1][2]. Tariff Impact Analysis - The recent article from BNY Investments highlights the complexity of determining who bears the financial burden of tariffs, noting that the full impact has yet to be realized due to several factors such as timing delays and exemptions [2][3]. - Initially, domestic firms absorbed the tariff pressures, but evidence suggests that these costs are now being passed on to U.S. consumers, as indicated by the August CPI report showing a 2.9% increase year-over-year [4]. Investment Strategy Recommendations - Given the early stage of tariff impact assessment, advisors and investors are encouraged to consider adding actively managed funds to their portfolios, which can offer flexibility in response to changing market conditions [5][6]. - The BNY Mellon Concentrated Growth ETF (BKCG) is highlighted for its active management and stock selection process, focusing on sectors with growth potential over the next three to five years [7]. - BKCG's high-conviction growth strategy has yielded positive results, with a year-to-date NAV increase of 13.98% as of October 31, 2025 [8].

Core Insights - The October and November jobs reports indicate a struggling economy, with a loss of approximately 105,000 jobs in October and a gain of only 64,000 jobs in November, suggesting potential challenges for investors in the upcoming year [1][2]. Group 1: Economic Impact on Investments - The slowing macro economy may have limited impact on stock prices, but it could also lead to diverse effects on portfolios, including potential Fed rate cuts [1][2]. - Active ETFs provide flexibility in response to market shifts, particularly if the Fed decides to cut rates further in 2026 [2][4]. Group 2: Active ETFs and Investment Strategies - Active equity ETFs offer a range of options, including small-caps, value, large-caps, and growth, allowing for broader allocations and flexibility in portfolios [3][4]. - T. Rowe Price offers various active ETFs, such as the T. Rowe Price Total Return ETF (TOTR) for fixed income and the T. Rowe Price Equity Research ETF (TSPA) for equity exposure, appealing to investors navigating tough jobs data [5].

The capital markets weren't blindsided by the U.S. Federal Reserve's third and final rate cut of 2025. While the majority of markets are cheering the quarter-point cut, a contingent of fixed-income investors could jeer at the prospect of yields falling with more cuts to come in 2026. This is where an actively managed strategy encapsulated in an ETF can assist. Early prognostications of another 25-basis-point cut in the opening month of the new year already show an over 70% chance, per the CME Group's FedWat ...

Core Viewpoint - Cohen & Steers, Inc. is expanding its actively managed exchange-traded funds (ETFs) with the introduction of two new strategies, reflecting a commitment to enhance client portfolio options in today's market [1][2]. Group 1: New ETF Launches - The two new ETFs launched are the Cohen & Steers Infrastructure Opportunities Active ETF (CSIO) and the Cohen & Steers Short Duration Preferred and Income Active ETF (CSSD), which began trading on NYSE Arca [1]. - CSIO focuses on infrastructure companies and aims to capitalize on key growth opportunities such as rising power demand driven by data growth and artificial intelligence [4]. - CSSD is designed to provide tax-efficient income through short-duration preferred securities, emphasizing investment-grade options [4]. Group 2: Market Position and Strategy - Active ETFs are noted as the fastest-growing investment vehicle in the U.S., preferred by wealth managers and clients, indicating a strong market demand for these products [2]. - Cohen & Steers has a long-standing expertise in real assets and alternative income, having been a pioneer in these areas for nearly four decades [2][7]. - The firm now offers five actively managed ETFs that focus on real estate, infrastructure, natural resources, and preferred securities, combining the benefits of active management with lower costs and tax efficiency [2][4]. Group 3: Leadership Insights - The CEO, Joseph Harvey, highlighted that the new ETF launches are a response to increasing investor interest in targeted, actively managed strategies that can generate alpha [3]. - There is a belief that allocations to real assets and preferred securities can yield superior investment outcomes compared to traditional stock-bond portfolios [3].

Core Insights - Investors have two main pathways for core bond exposure through ETFs: passive options that track an index and active options that leverage portfolio managers' capabilities [1] Passive Alternatives - The Vanguard Total Bond Market Index Fund ETF Shares (BND) offers low expense ratios at three basis points and tracks the Bloomberg Barclays U.S. Aggregate Float Adjusted Index, providing broad exposure to investment-grade debt in the U.S. [2] - BND is primarily exposed to U.S. government debt, making benchmark Treasuries the majority of the fund's holdings, which may limit diversification [3] - The newly launched Vanguard Core-Plus Bond Index ETF (BNDP) tracks the Bloomberg U.S. Universal Float Adjusted Index, including U.S. government, investment-grade corporate, securitized, high yield corporate, and emerging market debt, aiming to provide core bond exposure with higher yield potential [4] Active Alternatives - The Vanguard Core-Plus Bond ETF (VPLS) offers active management, allowing portfolio managers to identify income opportunities and adapt to changing market conditions, making it suitable for various economic environments [5] - VPLS maintains exposure to U.S. Treasuries while also investing in mortgage-backed, corporate securities, and emerging market debt to enhance yield [6] - Active ETFs like VPLS are supported by the expertise of the Vanguard Fixed Income Group, which is beneficial in navigating current macroeconomic conditions [7]

ETF Market Dynamics - Outflows from Bitcoin ETFs are small relative to the massive inflows over the past 18 months, representing only a couple percentage points [1] - Ethereum ETFs have experienced approximately $25 billion outflows, warranting close attention [2] - A significant portion of the outflows is attributed to the basis trade, a strategy favored by hedge funds [3] - The basis trade, involving selling front-month futures contracts and buying spot at the same time, offered an annualized yield that has fluctuated, reaching 20% at times but now below 5% [4][5] - Decreased interest in the basis trade is driving money out of these ETFs, while retail investors and long-term investment advisors continue to buy [5] - The ETF space is experiencing aggressive growth, with inflows exceeding $1 trillion this year [15] Crypto Regulation and Taxation - Uncertainty surrounding regulatory clarity from the SEC and CFTC has been a concern for institutional investors in crypto ETFs and crypto investing [7] - Tax changes, including guidance from the IRS on "good income" versus "bad income," are expected to reshape the crypto landscape [6][8] - The tax treatment of staking yield, where assets are locked up to contribute to the network in return for in-kind Ethereum, is currently unclear [9][10] - Crypto ETFs are starting to allow for staking yield, but some institutional investors are hesitant due to potential tax implications [10] ETF Product Innovation - Hundreds of new crypto ETFs with different variations, leverage, and yield plays are expected to launch [12] - "Manufactured yield" products, using derivatives to generate high yields (sometimes over 80%), are gaining popularity [12][13] - Active ETFs, including "boomer candy" products offering downside protection, are growing rapidly, with legacy asset managers entering the market [13][14] - Goldman Sachs is acquiring a company specializing in buffer products, indicating a significant move into the active ETF space [14][15]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Core Viewpoint - Goldman Sachs is acquiring Innovator Capital Management for approximately $2 billion to enhance its presence in the rapidly growing active exchange-traded fund (ETF) market [1][9]. Group 1: Acquisition Details - The acquisition will be a cash-and-stock deal valued at around $2 billion [1]. - The transaction is anticipated to close in the second quarter of 2026 [9]. - Innovator Capital Management manages $28 billion in assets across 159 defined outcome ETFs as of September 30, 2025 [8]. Group 2: Market Context - Active ETFs have seen a resurgence as investors prefer a more hands-on investment approach due to lower returns from passive index products amid tighter monetary policies [1]. - Global assets in actively managed ETFs have reached $1.6 trillion, growing at a compound annual growth rate of 47% since 2020 [2]. - Goldman Sachs CEO David Solomon highlighted that active ETFs are a dynamic and transformative segment in the public investment landscape [4]. Group 3: Personnel Changes - Innovator's co-founder and CEO Bruce Bond, along with other key executives, will join Goldman Sachs Asset Management following the acquisition [8]. - An additional 60 employees from Innovator are expected to integrate into Goldman Sachs Asset Management's Third-Party Wealth and ETF teams [8].