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CBO-Monthly Budget Review: February 2025
March 10, 2025--The federal budget deficit totaled $1.1 trillion in the first five months of fiscal year 2025, the Congressional Budget Office estimates. That amount is $319 billion more than the deficit recorded during the same period last fiscal year. Revenues were $37 billion (or 2 percent) higher, and outlays were $356 billion (or 13 percent) higher.
The change in the deficit was influenced by the timing of outlays and revenues, which decreased the deficit during the first five months of fiscal year 2024 but increased it during the same period this fiscal year. Outlays in October 2023 were reduced by shifts in the timing of payments that were due on October 1, 2023, a Sunday. (The payments were made that September.) Outlays in the first five months of 2025 rose, on net, because payments due on March 1, 2025, a Saturday, were made in February. If not for those shifts, the deficit so far this fiscal year would have been $1,064 billion, or $163 billion more than the shortfall at this point last year. Part of the deficit increase in 2025 also arises from the postponement of some tax deadlines from 2023 to 2024 (described below), which boosted receipts in 2024.
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Source: CBO (Congressional Budget Office)
Nasdaq plans 24-hour trading as global appetite for US stocks grows
March 7, 2025--Nasdaq Inc, opens new tab plans to introduce 24-hour trading on its flagship U.S. exchange to capitalize on growing global demand for U.S. equities, a senior executive said in a social media post on Friday.
International demand for the lucrative U.S. equity market has surged in recent years, driven by rising retail participation, increasing financial literacy, and easier access to digital trading platforms.
The exchange operator has started discussions with regulators and expects to launch 24-hour, five-days-a-week trading in the second half of 2026, Nasdaq President Tal Cohen wrote in a LinkedIn post.
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Source: reuters.com
Exchange Traded Concepts to Close and Liquidate The Vesper U.S. Large Cap Short-Term Reversal Strategy ETF (NYSE:UTRN)
March 4, 2025-After careful consideration, Exchange Traded Concepts,LLC, the Fund's investment adviser has recommended,and the Board of Trustees of Exchange Traded Concepts Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly,the Fund is expected to cease operations and liquidate on or about March 28,2025 (the "Liquidation Date").
The Fund will be closed to orders for new creation units on March 24,2025,and the last day of trading of the Fund's shares on the NYSE Arca,Inc. will be on or about March 25,2025. From March 24, 2025, through the last day of trading, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions. From the last day of trading through the Liquidation Date, shareholders will not be able to purchase or sell shares in the secondary market.
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Source: Exchange Traded Concepts, LLC
Crypto ETFs set to trump precious metal peers, says State Street
March 4, 2025-Surging demand means digital token funds will be the third-largest asset class in the rapidly growing US industry
Surging demand for cryptocurrency exchange traded funds will push their combined assets above those of precious metal ETFs in North America by the end of the year, according to forecasts by State Street, the world's largest ETF servicer by assets.
Such a move would install digital token ETFs as the third-largest asset class in the rapidly growing $15tn ETF industry, behind only equities and bonds and ahead of real estate, alternative and multi-asset funds.
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Source: ft.com
REX and Tuttle Expand T-REX ETF Suite with 2X Leveraged ETFs on Arm Holdings, Roblox, and Trump Media
March 4, 2025--More first 200% Leveraged Exposure ETFs for T-REX.
REX Shares ("REX"), in collaboration with Tuttle Capital Management ("Tuttle"), announces the debut of three new ETFs in its T-REX lineup: the T-REX 2X Long ARM Daily Target ETF (CBOE: ARMU), the T-REX 2X Long RBLX Daily Target ETF (CBOE: RBLU), and the T-REX 2X Long DJT Daily Target ETF (CBOE: DJTU).
These ETFs offer investors 200% exposure to the daily price movements of Arm Holdings PLC, Roblox Corp., and Trump Media & Technology Group Corp.
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Source: REX Financial
US regulators, in unusual move, raise concerns about new private credit ETF
February 28, 2025-The U.S. Securities & Exchange Commission sounded the alarm about aspects of the first broad private credit market exchange-traded fund, in a letter posted on its website on Thursday, hours after the ETF began trading.
In what analysts and other asset management firms described as a highly unusual move, Brent Fields, associate director of the SEC's division of investment management, asked State Street Global Advisors to address what it described as "significant outstanding issues" involving the SPDR SSGA Apollo IG Public & Private Credit ETF .
Fields declined to comment further. A spokesperson for the SEC declined to comment on questions involving any specific issuer.
State Street said it will be responding to the SEC's letter but had no further comment at present.
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Source: reuters.com
Apollo's private credit ETF claims to have squared the circle
February 28, 2025-Even the most advanced financial engineering may not be able to solve the almost immutable laws of financial markets
Thursday marked an almost moon-landing level event on Wall Street. An exchange traded fund partially including illiquid private credit, managed by State Street and affiliated with Apollo Global Management, started trading with an unprecedented level of flexibility for investors.
By the evening, the US Securities and Exchange Commission had written a letter casting doubt on how the plumbing worked. It even wondered if the ETF could fairly utilise the branding of Apollo, where, by coincidence, former SEC chair Jay Clayton happens to be on the board.
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Source: ft.com
State Street launches Apollo private credit ETF
February 27, 2025-State Street Global Advisors' much-anticipated private credit exchange-traded fund, developed with alternative investment firm Apollo Global Management, began trading on the New York Stock Exchange on Thursday.
The SPDR SSGA Apollo IG Public & Private Credit ETF is the first product offering retail investors direct access to a diversified portfolio of private credit assets.
"Having those private assets is fundamental to being able to build a healthy portfolio nowadays," said Michael Weisz, CEO of YieldStreet, a private market investment platform. Private credit has been an established asset class for at least 30 years, he added. "Now the ETF delivery mechanism allows ordinary investors to add it to their portfolios."
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Source: reuters.com
ERShares Expands Access to High-Growth Private Companies and Sets a New Standard for Private Equity Valuation in ETFs
February 26, 2025-ERShares, the issuer of the XOVR ETF, the first exchange-traded fund to integrate private equity into its portfolio, continues to lead the financial industry with an innovative investment strategy. With a diversified portfolio that includes SpaceX (currently 10% of total holdings) and exposure to Klarna, a leading fintech company preparing for its IPO, ERShares is setting a new standard for investor access to high-growth private companies.
Bridging the Gap Between Private and Public Markets
In a recent interview on Fox Business, Eva Ados, Chief Investment Strategist at ERShares, discussed the growing issue of private companies remaining private longer and limiting access for retail investors.
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Source: ERShares
Exchange Traded Concepts to Close and Liquidate The Optica Rare Earths & Critical Materials ETF (NYSE:CRIT)
February 21, 2025-After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser has recommended, and the Board of Trustees of Exchange Traded Concepts Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations and liquidate on or about March 21, 2025 (the "Liquidation Date").
The Fund will be closed to orders for new creation units on March 17, 2025, and the last day of trading of the Fund's shares on the NYSE Arca, Inc. will be on or about March 18, 2025. From March 17, 2025 through the last day of trading, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period.
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Source: Exchange Traded Concepts, LLC
