The FT Vest Technology Dividend Target Income ETF, identified by the ticker TDVI, stands out in the investment landscape as an actively managed fund. Its primary objective is to deliver appealing returns by investing in the technology sector, coupled with providing a robust dividend yield. This ETF employs a distinctive methodology: it generates income by writing options on market indexes rather than on its own portfolio holdings. This strategic choice allows TDVI to participate vigorously in the market's upward movements, while simultaneously ensuring a consistent distribution of monthly dividends to its investors. This approach creates a dual advantage for shareholders, balancing growth potential with a steady income stream.
Furthermore, TDVI's performance metrics underscore its effectiveness, particularly when compared to other funds in the same category. Notably, it has demonstrated superior results against ETFs like JEPQ, not only in terms of price appreciation but also in overall total returns. An additional benefit of TDVI's investment strategy is its ability to offer more tax-efficient distributions. This characteristic enhances the net returns for investors, making it a more attractive option for those conscious of tax implications. Therefore, TDVI presents a compelling proposition for investors who are looking for a blend of technology-driven growth and a reliable income source, all within a tax-advantageous structure.
In conclusion, TDVI is a well-structured ETF that effectively marries the dynamic growth potential of the technology sector with a consistent and high dividend yield. Its innovative option-writing strategy provides a stable income stream and capital appreciation, making it a powerful tool for portfolio diversification. Investing in such instruments not only offers financial benefits but also fosters a forward-looking perspective on technological advancements and economic progress, contributing to an overall positive and growth-oriented investment philosophy.
In the initial quarter of 2025, the NYLI MacKay Muni Insured ETF faced challenges, demonstrating a performance that lagged its comparative benchmark, the Bloomberg All Insured Index. This period was marked by a divergence in the municipal bond market, where certain segments like investment-grade tax-exempt bonds recorded negative total returns. Conversely, high-yield tax-exempt and taxable municipal indices, alongside other fixed-income instruments, delivered favorable outcomes. A key factor influencing the fund's relative performance was its portfolio structure, specifically an overweight position in bonds with longer maturities (15 to 27 years) and a corresponding underweight in shorter-term bonds (3 to 12 years).
During the first quarter of 2025, the municipal bond market presented a complex landscape. Data indicates that investment-grade tax-exempt bond indices encountered negative returns, a stark contrast to the positive performances observed in both high-yield tax-exempt and taxable municipal bond categories. This diverse market behavior underscores the importance of strategic asset allocation and the impact of interest rate sensitivities across different bond segments. Investors in municipal bonds navigated an environment where short-term interest rate fluctuations and shifts in credit perceptions played significant roles.
The NYLI MacKay Muni Insured ETF's specific duration positioning, characterized by a higher allocation to bonds maturing in the 15-to-27-year range, proved to be a critical determinant of its quarterly results. This strategic tilt meant the fund was more susceptible to movements in the longer end of the yield curve. The market's varied reactions to economic data and monetary policy expectations impacted different maturity segments unevenly. While longer-duration bonds can offer higher yields in a stable or declining interest rate environment, they also carry greater interest rate risk, which materialized during this period for the fund. This highlights the delicate balance between yield enhancement and risk management in bond portfolio construction.
The market's performance metrics for the quarter emphasized the nuances within the broader fixed income spectrum. While some segments contracted, others expanded, reflecting varying risk appetites and economic forecasts among investors. The divergence between different municipal bond types underscores that not all municipal investments behave uniformly, even within the same asset class. Factors such as credit quality, tax status, and duration collectively shaped the investment outcomes, prompting fund managers to constantly evaluate and adjust their holdings to align with prevailing market conditions and their investment objectives.
The first quarter of 2025 offered a compelling illustration of the dynamic nature of the municipal bond market, where distinct segments responded differently to economic forces. The NYLI MacKay Muni Insured ETF's performance, while lagging its benchmark, provides valuable insights into the consequences of specific portfolio exposures in a fluctuating market. This period highlighted the critical interplay between bond maturities, credit quality, and broader economic indicators in shaping investment returns within the municipal bond universe.
On Thursday, June 27, 2025, the states offering the most competitive 30-year refinance rates were identified as New York, California, Florida, Texas, Georgia, Arizona, and Washington, with average rates ranging from 6.83% to 6.95%. Conversely, West Virginia, Alaska, Washington, D.C., Missouri, Virginia, Arkansas, Hawaii, Nebraska, New Mexico, and Utah experienced the highest rates, fluctuating between 7.01% and 7.05%. These regional differences underscore the dynamic nature of the mortgage market, where local economic conditions, lender strategies, and regulatory frameworks play a significant role in determining rates.
Refinance rates are not uniform across the United States; they are shaped by a confluence of factors unique to each state. Local lenders tailor their offerings based on regional credit profiles, typical loan amounts, and specific state regulations. Moreover, varying risk assessment approaches among lending institutions contribute to the diverse rate landscape observed nationwide. This intricate interplay means that even within a generally favorable market, rates can differ considerably from one area to another.
A notable development in the broader market is the national average for 30-year refinance mortgages, which saw a decline of 2 basis points on Thursday, extending a four-day downward trend totaling 11 points. This brought the average to 6.98%, marking the first time rates have fallen below 7% since April 4. While this represents a significant dip from recent highs, it's worth noting that rates had reached a 2025 low of 6.71% in March and a two-year low of 6.01% last September. These fluctuations highlight the sensitivity of refinance rates to various economic indicators and policy shifts.
The movements in mortgage rates are deeply influenced by a complex web of macroeconomic factors. Key among these are the bond market's performance, particularly the yields on 10-year Treasury notes, which often serve as a benchmark for long-term interest rates. The monetary policy decisions of the Federal Reserve, including its bond-buying programs and efforts to fund government-backed mortgages, also exert considerable influence. Competition within the mortgage lending industry and across different loan products further shapes the rates available to consumers. Because numerous variables can change simultaneously, pinpointing a single cause for rate shifts can be challenging.
For instance, much of 2021 saw relatively low mortgage rates, partly due to the Federal Reserve's substantial bond purchases aimed at stimulating the economy during the pandemic. However, a significant shift began in November 2021, when the Fed initiated a gradual reduction of its bond acquisitions, culminating in a complete cessation by March 2022. Subsequently, from that period until July 2023, the Fed aggressively increased the federal funds rate in an effort to combat high inflation. While the federal funds rate doesn't directly dictate mortgage rates, its rapid and substantial increases during 2022 and 2023 had a profound indirect impact, pushing mortgage rates significantly upward.
After maintaining the federal funds rate at its peak for nearly 14 months starting in July 2023, the central bank announced a 0.50 percentage point rate cut in September, followed by additional quarter-point reductions in November and December. However, in its fourth meeting of the new year, the Fed decided to keep rates unchanged, indicating a potential pause in further reductions for several months. With eight rate-setting meetings scheduled annually, this suggests the possibility of multiple announcements where rates remain steady throughout 2025.
Given the significant variations in rates, it is crucial for prospective borrowers to thoroughly investigate and compare offers from multiple lenders. The rates presented in this report are national and state averages, derived from the Zillow Mortgage API, and are based on specific criteria such as an 80% loan-to-value ratio and a credit score range of 680–739. These averages provide a realistic expectation for borrowers but may differ from highly publicized "teaser rates" that are often designed to attract attention and may not reflect the actual rates available to typical applicants. Ultimately, the rate secured by an individual will depend on their unique financial profile, including credit score, income, and other qualifying factors.