VanEck ETF Trust VanEck High Yield Muni ETF (BATS: HYD)

VanEck ETF Trust VanEck High Yield Muni ETF (BATS:HYD), Trade Ideas

VanEck ETF Trust VanEck High Yield Muni ETF

News

Bonds

Specialty ETFs

New ETFs

Markets

ETFs

Market Vectors High Yield Municipal Index ETF

Market Vectors Intermediate Municipal Index

SHYD

There Are A Lot Of Muni Bonds In This New ETF

Long Ideas

Trading Ideas

&#39;Positive Indicators&#39; For High-Yield Municipal Bonds Could Benefit This ETF

Emerging Markets

Politics

Exclusives

Interview

General

HYMB

Puerto Rico Goes Bankrupt: &#39;There&#39;s Going To Be Losses&#39;

iShares High Yield Systematic Bond ETF

Hydromer Inc

HAYDEN HALL INC (DE) by Hayden Hall, Inc.

Hayden Hall Inc

Global X Hydrogen ETF

Hydra

HYDREIGHT TECHNOLGIES INC by Hydreight Technologies Inc

Hydreight Technologies Inc

Xtrackers Low Beta High Yield Bond ETF

Some <a href="https://www.benzinga.com/money/best-municipal-bonds/">municipal bond</a> exchange traded funds hold a lot of those bonds, but many of those funds focus on certain types of municipal debt or specific durations and maturities.
A new ETF offers investors a unique approach to increasing the depth and diversity of their municipal bond exposure.
<h3>What Happened</h3>
On Thursday, VanEck introduced the VanEck Vectors Municipal Allocation ETF (CBOE: MAAX). That new ETF is the seventh municipal bond ETF in the VanEck stable.
MAAX &ldquo;seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seek to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck Vectors municipal exchange-traded products that invest in tax-exempt bonds,&rdquo; <a href="https://www.vaneck.com/etf/income/maax/overview">according to VanEck</a>.
Translation: the new MAAX is an ETF of ETFs and its holdings are other VanEck municipal bond funds.
<h3>Why It&#39;s Important</h3>
MAAX debuted with four holdings, meaning two of the firm&#39;s established municipal bond ETFs were not included in MAAX&#39;s initial lineup.
The new ETF&#39;s four holdings are the VanEck Vectors&nbsp;High-Yield Municipal Index ETF (CBOE: HYD),&nbsp;VanEck Vectors &nbsp;AMT-Free Long Municipal Index ETF (CBOE: MLN), VanEck Vectors&nbsp;AMT-Free Intermediate Municipal Index ETF (CBOE: ITM) and the VanEck Vectors Short High-Yield Municipal Index ETF (CBOE: SHYD).
Combined, those four ETFs are home to 5,860 bonds, giving MAAX when the deepest, most diverse rosters among all municipal bond ETFs. Those four funds have over $4.7 billion in combined assets under management.
MAAX has an effective duration of 7.32 years and an average years to maturity of 18.41, <a href="https://www.vaneck.com/etf/income/maax/overview">according to issuer data</a>.
<h3>What&#39;s Next</h3>
&ldquo;MAAX is designed around a proprietary model that uses momentum, along with both duration and credit risk indicators, to tactically allocate among selected <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.vaneck.com%2Fmunis%3Fcountry%3Dus%26utm_source%3Dveg%26utm_medium%3Dpress-release&amp;esheet=51986020&amp;newsitemid=20190516005605&amp;lan=en-US&amp;anchor=VanEck+Vectors®+Municipal+Bond+ETFs&amp;index=4&amp;md5=0d0ac9522591f3a8b04e50ec02c969ab" target="_blank">VanEck Vectors Municipal Bond ETFs</a>,&rdquo; according to the issuer.
The new MAAX carries an annual fee of 0.36 percent, or $36 on a $10,000 investment.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/05/13751714/how-you-can-ratchet-down-risk-with-these-popular-etfs">Play It Safe With These Popular ETFs</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/05/13751739/a-new-etf-to-refresh-the-value-factor">A Better Way To Play Value</a>

Stock Split

Market Vectors Emerging Markets Local Currency Bond ETF

EMLC

VanEck Reports 1-For-2 Reverse Split For VanEck Vectors J.P Morgan EM Local Currency Bond ETF (EMLC), VanEck Vectors AMT-Free Intermediate Municipal Index ETF (ITM), VanEck Vectors High-Yield Municipal Index ETF (HYD)

Broadly speaking, <a href="https://www.benzinga.com/money/best-municipal-bonds/">municipal bonds</a> are often viewed as conservative instruments, but there are ways for investors to add some spice to this asset class without incurring alarming levels of risk.
While it is slightly more volatile than investment-grade municipal bond benchmarks, the VanEck Vectors High-Yield Municipal Index ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hyd#NYSE">HYD</a>) has moderate risk&nbsp;and could help investors boost their income profiles.
<h3>What Happened</h3>
HYD is up about 3 percent year-to-date,&nbsp;while the widely followed, investment-grade S&amp;P National AMT-Free Municipal Bond Index is off 0.5 percent. The $2.6-billion HYD is the largest exchange traded fund dedicated to non-investment-grade municipal bonds.
The ETF, which is nine-and-a-half years old, follows the Bloomberg Barclays Municipal Custom High Yield Composite Index&nbsp;and is home to over 1,800 bonds.
Over the near-term, favorable municipal bond supply-demand dynamics could favor HYD and rival muni ETFs.
<h3>Why It&#39;s Important</h3>
&ldquo;August is expected to bring with it an estimated (and significant) $51 billion in potential reinvestment demand from municipal bond holders,&rdquo;&nbsp;VanEck said&nbsp;<a href="https://www.vaneck.com/blogs/muni-nation/high-yield-municipal-bonds-the-only-game-in-town/">in a recent note</a>. &ldquo;This means the supply-demand imbalance, in place for some time now, is likely in my view to continue to be favorable for municipal bond performance. We typically experience a larger disparity between supply and cash in June and July, but this year August looks set to present the larger imbalance.&rdquo;
VanEck believes increased demand amid slack supply could benefit investment-grade and junk-rated munis. For its part, HYD is not excessively risky at the credit level as nearly a third of its holdings carry investment-grade ratings. Another third are rated BB or B.
<h3>What&#39;s Next</h3>
&ldquo;The high-yield municipal bond market in particular has held up well so far this year, despite the refinancings that have taken a significant portion of bonds out of the high-yield secondary universe,&rdquo; said Van Eck.
&ldquo;For example, tobacco issues, yielding 7 percent&nbsp;and generating attractive income for yield investors, were called in California and New Jersey. This led to pressure on the remaining high yield inventory and moved prices higher. We believe that these trends are positive indicators for the prospects of the high-yield municipal bond sector.&rdquo;
HYD&#39;s 30-day SEC yield of 4.04 percent is more than 160 basis points above the comparable yield on the S&amp;P National AMT-Free Municipal Bond Index.
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/08/12180685/bank-on-this-bank-etf">Look At This Bank ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/08/12180683/international-revenue-weighted-etfs-are-here">A Pair Of New Dividend ETFs</a>

'Positive Indicators' For High-Yield Municipal Bonds Could Benefit This ETF

Puerto Rico&rsquo;s restructuring of $73 billion in debt &mdash; a bankruptcy four times the size of Detroit&rsquo;s &mdash; has been a long time coming, analyst Cate Long said on Benzinga&rsquo;s <a href="http://premarket.benzinga.com/pre-market-show/">PreMarket Prep</a> morning show Thursday.
The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/04/9249199/title-iii-restructuring-for-puerto-rico-likely-to-result">territory&rsquo;s bankruptcy</a> is not a Chapter 9 filing, as Detroit&rsquo;s was, but rather follows a law signed June 30, 2016, by former President Barack Obama that spells out a debt restructuring process for the archipelago.
The Puerto Rico Clearinghouse analyst compared Puerto Rico&rsquo;s debt stack &mdash; and the 500,000 bondholders who stand to take a haircut from it &mdash; to a cake.
&ldquo;Depending on which of those slices you own &hellip; the recovery varies,&rdquo; Long said, from as little of a recovery as 5 cents on the dollar at the bottom to 75 to 80 cents on the dollar the top.
&ldquo;There&rsquo;s going to be losses.&rdquo;
The SPDR Nuveen S&amp;P High Yield Municipal Bond ETF (NYSE: <a class="ticker" href="/stock/hymb#NYSE">HYMB</a>), which has about a 9-percent exposure to Puerto Rican bonds, dropped slightly in value after the market open Thursday.
<h3>The Market&rsquo;s Reaction To Puerto Rico&rsquo;s Woes</h3>
Long discussed Puerto Rico&rsquo;s balance sheet with PreMarket Prep hosts Joel Elconin and Spencer Israel Thursday, including $50 billion in unfunded pension liabilities.
Other troubled states and municipalities, such as Chicago and Illinois as a whole, Philadelphia and Hartford, Connecticut, are watching Puerto Rico, Long said.
&ldquo;We have a list of bad boys. It&rsquo;s definitely going to make everybody wake up today and go back and look at their spreadsheets.&rdquo;
Wednesday&rsquo;s bankruptcy declaration may in fact bring stability by putting the matter into a federal judge&rsquo;s hands, Long said.
&ldquo;We&rsquo;ve seen this train wreck coming for months and years,&rdquo; she said. &ldquo;It was a big explosion [and] it went through the media yesterday &mdash; but it&rsquo;s also the start of a more orderly process.&rdquo;
During the Detroit bankruptcy, then-U.S. Bankruptcy Judge Steven Rhodes issued a landmark ruling that retirees&rsquo; pension checks could be reduced. The city&rsquo;s $18 billion bankruptcy rattled the historically stable <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9227950/who-is-buying-municipal-bonds">municipal bond market</a>.
<h3>A Tax Haven No More?</h3>
Act 22, a Puerto Rico law, allows mainland U.S. residents to move to the territory and be taxed at a rate of 4 percent, <a href="https://www.nytimes.com/2015/12/20/us/politics/puerto-rico-money-debt.html">escaping federal taxation</a>, Long said.
U.S. Sen. Orrin Hatch, a Utah Republican, &ldquo;doesn&rsquo;t like it,&rdquo; Long said of Act 22.
&ldquo;Long-term, it&rsquo;s not something I would set up a business in Puerto Rico or buy a big house based on.&rdquo;
Related Links: 
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/04/9356383/puerto-rico-could-be-a-big-winner-from-congressional-app">Puerto Rico Could Be A Big Winner From Congressional Appropriations Battle</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/04/9292745/puerto-rico-announces-restructuring-agreement-with-some-">Puerto Rico Announces Restructuring Agreement With Some Bondholders, But Broader Crisis Remains</a>
<h3>
How To Listen And Watch</h3>
<a href="http://premarket.benzinga.com/pre-market-show/">PreMarket Prep </a>is a daily trading ideas show with a focus on pre-market volatility and technical setups. You can listen live and chat with our hosts, guests and listeners every morning from 8&ndash;9 a.m. ET here or on <a href="https://www.youtube.com/live_dashboard">YouTube Live</a>. You can listen to the podcast on <a href="https://itunes.apple.com/us/podcast/benzingas-premarket-prep/id915782694?mt=2">iTunes</a>, <a href="http://soundcloud.com/bztv">Soundcloud</a> and <a href="http://www.stitcher.com/podcast/benzinga-morning-show">Stitcher</a>. The full recording of today&#39;s show is available below.
<iframe width="100%" height="166" scrolling="no" frameborder="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/320949210&amp;color=ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false"></iframe>

Puerto Rico Goes Bankrupt: 'There's Going To Be Losses'

The Puerto Rico Electric Power Authority (PREPA) has agreed to a new <a href="http://www.reuters.com/article/us-puertorico-debt-prepa-idUSKBN1782CD?il=0">debt deal </a>with its creditors, but the U.S. territory is still teetering on the brink of bankruptcy.
Earlier this month, PREPA and its creditors agreed to restructure $8.9 billion in debt in a deal that would save $2.2 billion over five years.
Unfortunately, Puerto Rico&rsquo;s next <a href="http://www.reuters.com/article/us-puertorico-debt-bankruptcy-analysis-idUSKBN17E0GN">debt deadline</a> on May 1 is rapidly approaching.
Last year&rsquo;s PROMESA rescue law blocked creditor lawsuits until May 1, 2017, allowing a U.S. oversight board to negotiate with debt holders to restructure $70 billion in debt. Prospects of a deal by May 1 look bleak. If a deal isn&rsquo;t reached by the deadline, Puerto Rico is expected to pursue a bankruptcy-like court-sanctioned restructuring.
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/04/9249199/title-iii-restructuring-for-puerto-rico-likely-to-result">Title III Restructuring For Puerto Rico Likely To Result In Significant Paid Claims For Monolines</a>
Height Securities&#39; Edwin Groshans isn&rsquo;t optimistic about the long-term prospects for Puerto Rico, but says the PREPA deal is a positive for Assured Guaranty Ltd. (NYSE: <a class="ticker" href="/stock/ago#NYSE">AGO</a>) and MBIA Inc. (NYSE: <a class="ticker" href="/stock/mbi#NYSE">MBI</a>).
&ldquo;The amended PREPA RSA is beneficial for AGO and MBI; however, it neither aggresses the Commonwealth&rsquo;s broader fiscal crisis nor improves its certified budget,&rdquo; Groshans said.
&ldquo;Our increased insured loss estimates for all other PR issues remains unchanged, and we continue to expect a restructuring under Title III of PROMESA is the likely outcome for these debts.&rdquo;
The Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) is up 3.5 percent so far in 2017.

Analyst Color

Analyst Ratings

Puerto Rico Announces Restructuring Agreement With Some Bondholders, But Broader Fiscal Crisis Remains

Interest rates are rising in the U.S., but remain well below an area that&#39;s considered historically average. In other major developed markets, benchmark borrowing costs are at or near record lows, or in some cases, negative.
That is to say investors in ex-U.S. developed markets are looking for income and they&#39;re looking to some U.S. bonds to provide that income. A popular destination has been low-risk U.S. municipal bonds, although the iShares National Muni Bond ETF (NYSE: <a class="ticker" href="/stock/mub#NYSE">MUB</a>), the largest municipal bond exchange traded fund, has lost $381.4 million in assets this year.
There are valid reasons for foreign investors embracing U.S. municipal bonds, including a &quot;strong U.S. dollar or perspectives of a strong for longer U.S. dollar,&rdquo; <a href="http://www.indexologyblog.com/2017/03/27/rieger-report-why-foreign-investors-like-u-s-municipal-bonds/">S&amp;P Dow Jones Indices</a> said. &ldquo;U.S. municipal bonds, whether tax-free or taxable, offer incremental yield relative to the negative or near zero yield environments seen in the Eurozone and Japan. The relatively high quality of investment grade municipal bonds to other asset classes such as U.S. corporate bonds and in some cases sovereign bonds.&rdquo;
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9216189/an-income-etf-that-lowers-rate-risk">An Income ETF That Lowers Rate Risk</a>
MUB has $7.8 billion in assets under management, so its year-to-date outflows are small relative to its overall size. Underscoring the point that investors want yield, the VanEck Vectors High-Yield Municipal Index ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) has seen new money come into it this year.
HYD has a 30-day SEC yield of 4.4 percent, which is high among municipal ETFs. The ETF has an effective duration of 7.5 years. HYD allocates over 28 percent of its weight to California and Illinois munis, indicating that investors who have allocated more than $87 million to the ETF this year are comfortable embracing the potentially significant public pension risk that those two states bring to the table.
&ldquo;Foreign holdings of debt issued by U.S. states and local governments rose 16% in the last quarter of 2016, reaching a record level of $106.4 billion,&rdquo; VanEck said <a href="http:// https://www.vaneck.com/blogs/muni-nation/foreign-investor-interest-municipal-bonds-grows/">in a note out earlier this month</a>. &ldquo;While foreign ownership represents just a small fraction of the $3.8 trillion U.S. municipal bond market, it is a growing segment that has risen steadily since 2000. In the past two years alone, foreign ownership of muni bonds has increased 32%, from $80.6 billion at the end of 2014 to its present $106.4 billion.&rdquo;

iShares S&P National AMT-Free Municipal Bond Fund

Who Is Buying Municipal Bonds?

The combination of interest rates remaining lower for longer and investors demanding more income and yield have been driving forces behind the resurgence of municipal bond exchange-traded funds this year.
<h3>The Case Of The Munis</h3>
Municipal ETFs have been popular destinations this year as investors have continued hunting for a yield, a search that has stoked interest in longer duration fare as the Federal Reserve has consistently put off raising interest rates. That theme is benefiting ETFs such as the $2.4 billion VanEck Vectors High-Yield Municipal Index ETF (Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>)).
<Bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/09/8480250/vaneck-bolsters-muni-etf-lineup-with-2-additions">VanEck Bolsters Muni ETF Lineup With 2 Additions</a></bzrelatedlink>
HYD&#39;s performance has also been impressive when considering there were some concerns about the possible effects of low oil prices on municipal bonds issued by major oil-producing states. The ETF holds nearly 1,380 bonds, but its largest weight to a big oil state is 7.1 percent to Texas, but that is just the fund&#39;s fourth-largest state allocation.
Still, fundamentals are vital when assessing municipal bonds and the corresponding ETFs.
&ldquo;A clear path to uncertainty is never what investors in the municipal market desire, but I suggest that if these first 10 days of October have been less than desirable, it should be considered a period of healthy adjustment. I believe new attractive entry points into the municipal asset class are a positive for investors,&rdquo; said VanEck portfolio manager Jim Colby <a href="https://www.vaneck.com/blogs/muni-nation/check-your-fear-favor-fundamentals/">in a recent note</a>.
<h3>VanEck Additions</h3>
Last month, VanEck added to its already robust suite of muni ETFs with the launches of the VanEck Vectors AMT-Free 12-17 Year Municipal Index ETF (BATS: ITML) and the VanEck Vectors AMT-Free 6-8 Year Municipal Index ETF (BATS: ITMS).
ITML follows the Bloomberg Barclays AMT-Free 12&ndash;17 Year Intermediate Continuous Municipal Index (BVELTR), &ldquo;which is intended to track the overall performance of the U.S. dollar denominated intermediate term tax-exempt bond market with final maturities from 12&ndash;17 years,&rdquo; <a href="https://www.vaneck.com/vaneck-vectors/income-etfs/itml/snapshot/">according to VanEck</a>.
The VanEck Vectors AMT-Free 6&ndash;8 Year Municipal Index ETF tracks the Bloomberg Barclays AMT-Free 6&ndash;8 Year Intermediate Continuous Municipal Index (BVE6TR), &ldquo;which is intended to track the overall performance of the U.S. dollar denominated intermediate term tax-exempt bond market with final maturities from 6&ndash;8 years,&rdquo; <a href="https://www.vaneck.com/vaneck-vectors/income-etfs/itms/snapshot/">according to VanEck</a>.
&ldquo;Taxable-equivalent yields remain attractive. Ratios of municipal high yield to corporate high yield as well as municipals to U.S. Treasuries remain well above their long-term averages. These factors continue to be favorable for municipals. Any near term adjustments may strengthen these measures,&rdquo; added Colby.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

With Muni ETFs, Focus On Fundamentals

On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island&#39;s senior credits protected by a constitutional lien on revenues. -Puerto Rico Governor Alejandro Garc&iacute;a-Padilla.
On Wednesday, Garc&iacute;a-Padilla wrote an article for <a href="http://www.cnbc.com/2016/06/29/puerto-ricos-governor-warns-of-imminent-default-on-more-than-1-billion-in-debt-commentary.html">CNBC</a> explaining why the commonwealth he governs will default again on Friday. &ldquo;Puerto Rico does not have the ability to repay the $70 billion debt that was generated by past administrations and their creditors. The debt must be restructured fairly and equitably to both the people of Puerto Rico and the bondholders,&rdquo; the note explained.
<h3>How Puerto Rico Got In So Deep</h3>
Puerto Rico&rsquo;s financial crisis began years ago when its government started issuing debt seeking to cover its public spending deficit &mdash; a very common practice in emerging economies. The catch here was that the municipal bonds and other debt titles were tax-exempt (some say, triple tax-exempt) for U.S. investors and paid higher yields than most other munis. So, the bonds became very popular and easy to place.
However, as corporate tax breaks on the island expired in 2006, a lot of business fled, leaving a large portion of Puerto Rico&rsquo;s population jobless and its government dealing with more than it could handle. This led it to issue even more debt.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/06/8140107/puerto-rico-being-sued-by-hedge-funds-for-dodging-payments">Puerto Rico Being Sued By Hedge Funds For Dodging Payments</a></bzrelatedlink>
However, unlike other American cities and states, the island was not allowed to file for bankruptcy, and therefore, could not get a court order to restructure its debt. In addition, the commonwealth was not allowed to borrow from the IMF, as it was not a sovereign nation either.
To make a long story short, the island was in trouble, as it had spent even more than it had borrowed, and, thus, could not return the money, neither could it easily restructure its obligations.
<h3>What Now?</h3>
On Wednesday, Puerto Rico&rsquo;s governor said the island would go into default, yet again, stressing the need for a long-term restructuring plan that&rsquo;s fair and equitable &ldquo;to both the people of Puerto Rico and the bondholders.&rdquo; And, a restructuring could finally come&hellip;or so it seems.
Earlier on Wednesday, <a href="http://www.bloomberg.com/politics/articles/2016-06-29/puerto-rico-debt-bill-clears-biggest-remaining-hurdle-in-senate">Bloomberg</a> reported a bill that would allow the commonwealth to access some of the bankruptcy protections other U.S. states enjoy seemed close to passing &mdash; and could be approved as early as Thursday, as it had already passed the threshold it needed in the Senate. Moreover, the White House has stated that the president will sign the measure, if accepted by the Congress. Of course, a break would come with certain obligations, like spending cuts and external oversight.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7914458/puerto-ricos-default-hurts-local-investors-the-most">Puerto Rico's Default Hurts Local Investors The Most</a></bzrelatedlink>
While Garc&iacute;a-Padilla expressed his discomfort with the oversight Congress wants to impose, arguing it would undermine the democratic Independence of the Commonwealth, he accepted it as the best choice available. Moreover, he said, whatever the Congress decides, Puerto Rico will still default on Friday.
&ldquo;The emergency measures we have taken are unsustainable, harm our economy, reduce revenues and diminish our capacity to repay our debts. Puerto Rico cannot endure any more austerity,&rdquo; he elaborated.
&ldquo;We are facing a government less capable of providing the services which the public needs,&rdquo; the governor added, making allusion to the cuts in education and healthcare that the so-called vulture funds (some hedge funds that own the debt and claim they &ldquo;should be paid before essential services&rdquo;) are asking for.
&ldquo;As governor, I will use my remaining time in office to benefit from the tools provided by PROMESA and develop a fiscal plan that is faithful to the best interests of the people of Puerto Rico,&rdquo; he concluded.
Check out Broadway star Lin-Manuel Miranda asking bondholders and the U.S. Government to help relieve Puerto Rico&rsquo;s situation&hellip;with a rap!

	&nbsp;

	<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/0Evat-L7djc" width="560"></iframe>

	&nbsp;

	Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

CNBC

Emerging Market ETFs

Events

Global

Econ #s

Media

Market Vectors Pre-Refunded Municipal Index ETF

PowerShares Insured California Municipal Bond Portfolio

PowerShares Insured Municipal Bond Portfolio

PowerShares Insured New York Municipal Bond Portfolio

Puerto Rico's Debt Crisis: How It Happened And Why A $1 Billion Default Is Coming Friday

Puerto Rico's government is facing a lawsuit in New York by a group of hedge funds, which claim the U.S. territory is misusing an emergency fiscal-crisis law to avoid payments on a $3.5 billion in bonds.
Puerto Rico approved "The Emergency Moratorium and Financial Rehabilitation Act" in April, which would allow the territory to dodge payments on $3.5 billion in bonds that would otherwise be guaranteed by the island's constitution.
Puerto Rico's debt obligations stands at $70 billion, which is more than any U.S. state can claim &mdash; with the exception of California and New York.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7914458/puerto-ricos-default-hurts-local-investors-the-most">Puerto Rico's Default Hurts Local Investors The Most</a></bzrelatedlink>
<a href="http://www.bloomberg.com/news/articles/2016-06-21/puerto-rico-sued-in-n-y-by-bondholders-over-fiscal-crisis-law">Bloomberg</a> cited Puerto Rico's governor's chief of staff Grace Santana as saying that the hedge funds decision to sue rather than negotiate "demonstrates their continued refusal to acknowledge the reality of the commonwealth's fiscal crisis."
On the other hand, the suit claims various wrongdoings by Puerto Rico's government, including improperly diverted tax revenue to a state-run financing corporation to issue more debt rather than repaying bondholders.
The Puerto Rico Sales Tax Financing Corp. has been issuing billions of dollars' worth of debt since 2006, which the bondholders claim is being done to "evade the Constitutional Debt Priority Guarantee."
"The Puerto Rico Constitution's carefully calibrated provisions do not permit such subterfuge," Bloomberg also quoted the plaintiffs as saying.

Hedge Funds

Legal

Puerto Rico Being Sued By Hedge Funds For Dodging Payments

Some market observers might be apt to say there is plenty of supply in the municipal bond market, but some would contest that point, noting the lack of municipal bond supply has forced yields lower and the yield curve to flatten.
Those factors are not damping demand for exchange-traded funds such as the VanEck Vectors High-Yield Municipal Index ETF (Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>)) and the VanEck Vectors AMT-Free Intermediate Municipal Index ETF (Market Vectors-Inter. Muni. Index (ETF) (NYSE: <a class="ticker" href="/stock/itm#NYSE">ITM</a>)). Investors have also put more modest amounts of new money to work YD&#39;s short duration cousin, the VanEck Vectors Short High-Yield Municipal Index ETF (Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/shyd#NYSE">SHYD</a>)).
<h3>Supply And Demand</h3>
&ldquo;But why the lack of supply? Supply is commonly defined as new issuance to finance public purpose projects around the country. Issuance itself is subject to a number of factors, not least of which is predictable seasonality. Generally speaking, at the end of the second quarter issuance tends to intensify as municipalities approach their fiscal year ends, predominantly at the end of June.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7992650/municipal-bond-etfs-rebuff-weak-oil-prices">Municipal Bond ETFs Rebuff Weak Oil Prices</a></bzrelatedlink>
&ldquo;In July and August, there is a natural lull as people take vacations and the market receives less attention. Finally, in the last quarter of the year, the pace of issuance generally picks up again as bankers seek to book deals before the year ends,&rdquo; <a href="http://www.vaneck.com/blogs/muni-nation/supply-dynamics-june-2016/">according to a recent VanEck note</a>.
<h3>The Role Of Interest Rates</h3>
Municipal ETFs have been popular destinations this year as investors have continued hunting for a yield, a search that has stoked interest in longer duration fare as the Federal Reserve has consistently put off raising interest rates.
With the interest rate environment still benign, income investors may want to consider an ETF like HYD, which has an effective duration of 8.3 years. HYD&#39;s performance has also been impressive when considering there were some concerns about the possible effects of low oil prices on municipal bonds issued by major oil-producing states. The ETF holds nearly 1,380 bonds, but its largest weight to a big oil state is 7.3 percent to Texas, but that is just the fund&#39;s fourth-largest state allocation.
&ldquo;Demand for munis, by contrast, has remained robust. We entered 2016 coming off the back of two strong years in 2014 and 2015, and investors comfortable with, if not reliant upon, steady income from the muni space. And in the face of persistent uncertainty in both the domestic U.S. and international markets, munis have continued to provide investors with low correlation to other asset classes, and strong credit quality, in addition to positive performance for the past three years according to the Barclays muni bond indices,&rdquo; added VanEck.
HYD has added over $265 million in new money year-to-date while investors have poured $109.5 million into ITM.

Amid Dearth Of Supply, Enthusiasm For Muni ETFs Remains

Oil prices are on the mend this year, but the United States Oil Fund LP (ETF) (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) would need to more than triple to sniff its 2014 highs. USO, which tracks front-month West Texas Intermediate futures, would need to nearly quadruple to come within striking distance of its 2012 highs.
Heading into 2016, there was some concern from bond market observers about the impact of lower oil prices on municipal bonds. However, exchange-traded funds holding municipal bonds have rebuffed those concerns. In fact, investors have been revisiting municipal bond ETFs, such as the Market Vectors High-Yield Municipal Index ETF (Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>)) and the iShares S&amp;P Natnl AMT - Free Munpl Bd Fd (NYSE: <a class="ticker" href="/stock/mub#NYSE">MUB</a>) in significant fashion.
<h3>ETF Performances</h3>
Underscoring the notion that investors are not overly concerned about oil&#39;s impact on the muni market and focusing more on the Federal Reserve&#39;s reluctance to raise interest rates, two of the six ETFs that hit 52-week highs Monday were muni ETFs, including HYD. Of the other four ETFs in the 52-week high club, one was an ETF of ETFs that features a hefty weight <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/02/6555550/oil-prices-could-be-problematic-for-these-bonds-and-etfs">to a muni bond fund</a>.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7986634/goldman-lowers-oil-price-projections-sees-return-to-surp">Goldman Lowers Oil Price Projections, Sees Return To Surplus In 2017</a></bzrelatedlink>
<h3>The Muni Element</h3>
&ldquo;The municipal bond market has been buffeted by pension shortfalls, Puerto Rico, Chicago, Detroit and other news worthy events. Oil, however, is not yet one of the major forces impacting the municipal bond market. In February 2016 oil dependent states and their municipal bonds were showing signs of weakening as the price of oil continued its plummet,&rdquo; said S&amp;P Dow Jones Indices Global Head of Fixed Income J.R. Rieger <a href="http://www.indexologyblog.com/2016/05/15/rieger-report-oil-state-municipal-bonds-doing-fine/"> in a note out Monday</a>.
A benefit of municipal bond ETFs when it comes to the oil price scenario is that, outside of Texas, most of these ETFs, do not feature large allocations to major oil-producing states. For example, Texas munis are 7.6 percent of HYD&#39;s weight, but that is just the ETF&#39;s fourth-largest state allocation. Louisiana is 2.5 percent of HYD&#39;s weight and the ETF features no significant exposure to Alaska and North Dakota muni bonds.
&ldquo;Now, nearly three months later those bonds with the exception of North Dakota have shown resilience and have performed similarly to the overall municipal bond market,&rdquo; added Rieger.

Commodities

Municipal Bond ETFs Rebuff Weak Oil Prices

Things keep going from bad to worse in debt-swamped Puerto Rico. The island nation missed yet another round of debt payments on Monday, and many investors are concerned about the ultimate impact of a financial collapse in Puerto Rico.
In a new interview with WNYC, Puerto Rico Clearinghouse&rsquo;s Cate Long said the complicated situation is still extremely dynamic, but that local investors will likely be hurt the most in the end.
&ldquo;Generally the weakest debt was sold on-island because it was difficult to sell on the mainland because of SEC regulations,&rdquo; Long explained. &ldquo;So most likely those truly hurt the most will be on-island.&rdquo;
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/04/7899658/poll-analysts-see-more-upside-for-gold-silver#ixzz47Vwg1Fof">Poll: Analysts See More Upside For Gold, Silver</a></bzrelatedlink>
Long noted there are 18 classes of debt in Puerto Rico, and investors on the different tiers will see varying degrees of impact.
Long places the blame squarely on the shoulders of the Puerto Rican government.
&ldquo;It takes 45 days to get electricity in Puerto Rico. It takes 160 days to register your property. So it&rsquo;s just very hard in terms of creating economic activity to get things done in Puerto Rico.&rdquo;
She concluded that the Government Development Bank of Puerto Rico has essentially become a Ponzi scheme at this point.
&ldquo;Over the last number of years it&rsquo;s kind of become a Ponzi scheme where it moves money from one side of the government to another, and borrows from the markets and pays back, and it&rsquo;s just basically become insolvent,&rdquo; she said.
The Market Vectors ETF Trust (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) is down 0.4 percent in early Monday trading.
Disclosure: The author holds no position in the stocks mentioned.

Economics

Puerto Rico's Default Hurts Local Investors The Most

Still low interest rates and the Federal Reserve&#39;s reluctance to change that scenario are having a positive impact on an array of longer-dated fixed income exchange traded funds, including municipal bond ETFs.

	Though municipal bonds generally are not considered risky, there is high-yield debt to be found here, but the Market Vectors High-Yield Municipal ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) has rewarded investors this year with a gain of 1.8 percent. Comparing munis against Treasurys reveals the former might be the better for bond investors right now.

	&ldquo;A high muni/treasury ratio implies munis are more attractive than treasuries given that the historical muni/treasury ratio has been around 0.80. As of 17th March, muni/treasury ratios show the 10-yr is currently 0.98 and the 30-yr 1.06,&rdquo; adds Markit.

	With the interest rate environment still benign, income investors may want to consider an ETF like HYD, which has an effective duration of almost 9.1 years.

	&ldquo;Most portfolio strategists recommend that the majority of a fixed income allocation consist of exposure to investment grade bonds, with exposure to high yield (non-investment grade bonds) limited to a subset of one&#39;s fixed income allocation,&rdquo; <a href="http://www.vaneck.com/blogs/muni-nation/muni-etfs-portfolio-april-2016/">according to a Van Eck note</a>. &ldquo;Investors may find using duration a more helpful guide to interest rate risk than maturity date.&rdquo;

	HYD&#39;s performance has also been impressive when considering there were some concerns about the possible effects of low oil prices on municipal bonds issued by major oil-producing states. The ETF holds nearly 1,380 bonds, but its largest weight to a big oil state is 8.2 percent to Texas, but that is just the fund&#39;s fourth-largest state allocation.

	Louisiana commands a weight of 2.3 percent in HYD, but the ETF has essentially no exposure to municipal bonds issued by Alaska, North Dakota or Oklahoma.

	HYD, which follows the Barclays Municipal Custom High Yield Composite Index, has a 30-day SEC yield of nearly 4.1 percent, or more than double Thursday&#39;s closing yield on 10-year Treasurys.

Municipal Bond ETFs Keep Working

Investors are loving fixed income exchange traded funds this year. An oft-mentioned anecdote in this space has been that six of this year&#39;s top 10 asset-gathering ETFs are bond funds and that remains the case. In fact, the third and fourth ETFs in terms of new assets added this year are bond funds.

	A cursory glance would indicate that investors&#39; affinity for fixed income ETFs has mostly been directed at U.S government and high-yield corporate bond funds. However, an increasingly sanguine outlook for Federal Reserve action, or lack thereof, on interest rates this year is drawing plenty of income investors to municipal bond ETFs.

	Rebounding oil prices are helping <a href="http:// http://www.benzinga.com/trading-ideas/long-ideas/16/02/6555550/oil-prices-could-be-problematic-for-these-bonds-and-etfs">as there has been concern</a> that some municipalities dependent on oil for revenue could be sapped by low oil prices. That has not yet permeated the broad municipal bond market as investors are flocking to ETFs such as the iShares National Muni Bond ETF (NYSE: <a class="ticker" href="/stock/mub#NYSE">MUB</a>) and the SPDR Nuveen Barclays Short Term Municipal Bond (NYSE: <a class="ticker" href="/stock/shm#NYSE">SHM</a>).

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/7748374/a-forgotten-rally-for-this-etf">A Forgotten Rally For This ETF</a>

	&ldquo;Increased investor appetite for treasuries has also meant that the excess of muni fund flows over treasury fund flows narrowed over the past few months but still favour munis as the asset class continues to see strong inflows,&rdquo; said Markit <a href="http://www.markit.com/Commentary/Get/21032016-Credit-Investors-continue-to-flock-towards-munis-amid-volatility">in a recent note</a>.&nbsp;

	Year-to-date, MUB and SHM have added $389.2 million and $185.6 million, respectively in new assets. Investors&#39; enthusiasm for SHM is understandable as the ETF has a modified adjusted duration of just 2.8 years, limiting its sensitivity to rising interest rates. SHM has a 30-day SEC yield of just 0.67 percent, but that&#39;s better than most savings account and there is little credit risk in this ETF as essentially all of the fund&#39;s holdings are rated AAA or AA.

	Comparing munis against Treasurys reveals the former might be the better for bond investors right now.

	&ldquo;A high muni/treasury ratio implies munis are more attractive than treasuries given that the historical muni/treasury ratio has been around 0.80. As of 17th March, muni/treasury ratios show the 10-yr is currently 0.98 and the 30-yr 1.06,&rdquo; adds Markit.

	Investors have also displayed a thirst for high-yield munis with the Market Vectors High-Yield Municipal ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>). HYD has added nearly $242 million in new assets this year.

	The $2 billion HYD carries a 30-day SEC yield of 4.3 percent. Although this is a high-yield fund, almost 35 percent of its holdings carry investment-grade ratings and over 36 percent are rated BB or B.

Investors Like These Bond ETFs, Too

When it comes to low oil prices being problematic for parts of the fixed income universe, high-yield corporate corporate bonds are the epicenter of that discussion. With the US now being a major oil producer, some municipal bond issuers and the corresponding exchange traded funds could be pinched.

	Conversely, the flight to safer assets and diminishing concerns about the Federal Reserve&#39;s interest policy is boosting ETFs such as the Market Vectors High-Yield Municipal Index ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>). HYD, the largest high-yield municipal bond ETF, is up nearly one percent this year.

	&quot;Local and state municipal bonds issued within states dependent on oil production are potentially in a cycle where&nbsp;they&nbsp;could underperform the overall bond market. So far, modestly higher yields can be seen in Louisiana and North Dakota and only Louisiana has underperformed to any significant degree year-to-date.&nbsp; Supply and demand of the bonds themselves plays an important role here as some states do not issue bonds in large volumes or have state supported debt,&quot; said S&amp;P Dow Jones Indices Global Head of Fixed Income J.R. Rieger <a href="http://www.indexologyblog.com/2016/02/23/rieger-report-oil-state-municipal-bonds-risk-or-opportunity/">in a recent note</a>.

	Related Link: <a href="http://www.benzinga.com/news/16/02/6533747/sovereign-wealth-funds-might-be-about-to-unload-if-oil-stays-low">Sovereign Wealth Funds Might Be About To Unload If Oil Stays Low</a>

	Texas, the largest oil-producing state, is HYD&#39;s fourth-largest state exposure at 8.2 percent of the ETF&#39;s weight. Texas, the second-largest states behind California in economic heft and population, has a diverse economy, but massive layoffs throughout the energy industry could be a problem for areas such as Houston.

	Louisiana is 2.5 percent of HYD&#39;s weight, making it the ETF&#39;s 11th-largest state exposure. Nine other states and territories are found on HYD&#39;s roster before getting to &quot;other.&quot; &quot;Other&quot; could include Alaska and North Dakota. Even if it does, it is likely those states are scant percentages of HYD&#39;s weight.

	HYD, which carries a four-star Morningstar rating, has a 30-day SEC yield of about 4.3 percent and an effective duration of almost 10 years. The ETF holds 1,344 bonds.

Oil Prices Could Be Problematic For These Bonds And ETFs

Rumors

Puerto Rico To Release Draft Of 2014 Unaudited Stmts In Coming Days

<a href="https://twitter.com/cate_long/status/615542084343332864" title="https://twitter.com/cate_long/status/615542084343332864">https://twitter.com/cate_long/status/615542084343332864</a>

Cate Long Tweets:  'Puerto Rico's debt to banks is due tomorrow'

The iShares Barclays 20+ Yr Treas.Bond (ETF) (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>) hit a new two-year closing high this week, as money continues to flow into low-yielding bond ETFs.

	While the U.S. Treasury trade may be getting very long in the tooth, there is another area within fixed income that may be able to hold up better when interest rates start to increase. The <a href="http://www.benzinga.com/topic/municipal-bonds">municipal bond market</a> offers lower yields than corporate bonds, but carries tax advantages that potentially appeal to those in high tax brackets.

	Two municipal bond ETFs that cover the gamete of the asset class are detailed below.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/markets/bonds/14/11/5000280/why-detroit-wont-open-a-floodgate-of-municipal-bankruptcies">Why Detroit Won&#39;t Open A Floodgate Of Municipal Bankruptcies</a></bzrelatedlink>
<h3>
	Market Vectors High Yield</h3>

	The Market Vectors High Yield Muni. Ind(ETF) (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) is made up of 779 municipal bonds, with 75 percent being non-investment grade and the other 25 percent considered investment grade bonds. The bonds in the portfolio are distributed across more than 20 states and 11 sectors. California, New York and Texas are the most heavily weighted states while IDR/PCR and healthcare facilities are the most weighted sectors.

	The ETF is up 10 percent year-to-date and 3 percent over the last six months. The 30-day SEC yield is 4.41 percent, however the tax equivalent yield for someone in the highest tax bracket (39.6 percent) is 7.3 percent. The ETF has an expense ratio of 0.35 percent.
<h3>
	iShares S&amp;P Natnl AMT-Free</h3>

	The iShares S&amp;P Natnl AMT-Free Munpl Bd Fd (NYSE: <a class="ticker" href="/stock/mub#NYSE">MUB</a>) provides investors exposure to more than 2,400 municipal bonds. The bonds are distributed across 44 states and 31 sectors. The top weighted states are California at 22.6 percent, and New York at 20 percent. The top weighted sectors are various purposes at 23.6 percent and transportation at 22.5 percent.

	MUB is up 6 percent year-to-date and up 2 percent over the last six months. The 30-day SEC yield is 1.61 percent and the tax equivalent yield is 2.85 percent. The ETF has an expense ratio of 0.25 percent.

	The reason HYD has a higher yield is due to the fact it has a large exposure to bonds that are rated below investment grade. These bonds are considered higher risk therefore investors demand a higher monthly interest payment.

iShares Trust Barclays 20+ Year Treasury Bond Fund

Don't Overlook Municipal Bonds

The fear of rising interest rates as the FOMC continues to taper the monthly asset-purchasing program has kept a large number of investors away from bond <a href="http://www.benzinga.com/topic/etfs">ETFs</a>. That has been the incorrect strategy as a high number of bond ETFs have been able to outperform the U.S. stock market.

 The SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) is up 1.8 percent in 2014 and has been in a trading range for the last couple of months.

	Government Bonds

	As interest rates on U.S. Treasuries have come down from a high set at the beginning of the year, the related bond ETFs have rallied. 

The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>) is up 8.9 percent this year and recently hit a nine-month high. The current yield on TLT is 3.24 percent and the expense ratio is 0.15 percent. The ETF is composed of a basket of Treasuries with maturities greater than 20 years.

	Junk Bonds

	The SPDR Barclays Capital High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>) is up 3.5 percent in 2014 with the monthly dividends included. The ETF is a basket of over 700 individual corporate bonds that are rated below investment grade, also known as junk bonds.

The current yield on the ETF is 4.8 percent, more than twice that of the 10-year U.S. Treasury bond. The expense ratio is 0.40 percent.

	Municipal Bonds

	Market Vectors High-Yield Municipal Bond ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>) has an impressive gain of 7.5 percent when including the monthly dividend. The portfolio is made up of 75 percent below investment-grade municipal bonds and 25 percent the lowest investment-grade municipal bonds. In essence, the ETF is composed of municipal bonds that are considered junk status. 

The 30-day SEC yield is 5.4 percent, however due to the tax advantages of municipal bonds, the tax equivalent rate for an investor in the highest federal tax bracket (39.6 percent) is an astounding 8.95 percent. The expense ratio is 0.35 percent.

	Emerging Market Bonds

	Investors looking for income from overseas can turn to the Vanguard Emerging Markets Government Bond ETF (NASDAQ: <a class="ticker" href="/stock/vwob#NASDAQ">VWOB</a>). The ETF is up 3.5 percent year-to-date and currently has a yield of 4.7 percent. 

The countries with the highest exposure in the portfolio include <a href="http://www.benzinga.com/topic/russia">Russia</a>, <a href="http://www.benzinga.com/topic/brazil">Brazil</a>, and <a href="http://www.benzinga.com/topic/mexico">Mexico</a>. The annual expense ratio is 0.35 percent.

	Not only do the above ETFs offer diversity to an equity portfolio, they also provide income that is above that of the 10-year U.S. Treasury bond. Eventually interest rates will begin to increase and at that point it could be time to consider paring back exposure to the fixed income sector.

VWOB

Bond ETFs Outperforming Stocks (TLT, JNK, HYD, VWOB, SPY)

Here is the ETF Professor's ETF Watch List for Wednesday, September 25, 2013.

Keep an eye on the Vanguard Total Stock Market ETF (NYSE: <a class="ticker" href="/stock/vti#NYSE">VTI</a>).

The iPath DJ-UBS Coffee TR Sub-Index ETN (NYSE: <a class="ticker" href="/stock/jo#NYSE">JO</a>) looks terrible.

The Direxion Daily Financial Bear 3X Shares (NYSE: <a class="ticker" href="/stock/faz#NYSE">FAZ</a>) is looking interesting.

Let's see if the Market Vectors Gaming ETF (NYSE: <a class="ticker" href="/stock/bjk#NYSE">BJK</a>) makes a new high.

Emerging markets plays of the day: ProShares MSCI UltraShort Emerging Markets (NYSE: <a class="ticker" href="/stock/eev#NYSE">EEV</a>), EGShares Emerging Markets Consumer ETF (NYSE: <a class="ticker" href="/stock/econ#NYSE">ECON</a>) and the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>).

Forex play of the day: ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>).

Bond play of the day: Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>).

Sector ETFs

Broad U.S. Equity ETFs

Short Ideas

Currency ETFs

Pre-Market Outlook

Emerging Global Shares Dow Jones Emerging Marketsnsumer Titan Index Fund

ECON

ProShares UltraShort MSCI Emerging Markets

iPath DJ-UBSffee Subindex Total Return ETN