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With the fate of the Biden administration’s sweeping student loan forgiveness plan uncertain, borrowers in New York state may have another option for relief.
The Get On Your Feet Loan Forgiveness Program, established in 2015, offers some college graduates loan forgiveness equaling up to 24 months of payments.

Alexander Spatari | Moment | Getty Images

With the fate of the Biden administration’s sweeping student loan forgiveness plan uncertain and headed to the Supreme Court, borrowers in New York state may have another option for relief.
The ‘Get On Your Feet’ Loan Forgiveness Program, rolled out in 2015, is meant to “invest in recent college graduates with student loan debt who opted to invest their futures in New York,” said Angela Liotta, public information officer and director of communications at the New York State Higher Education Services Corp.

Under the program, certain residents of the state may be eligible for student loan forgiveness on up to 24 months of payments.
More from Personal Finance:Biden cancels $10,000 in federal student loan debtTimeline: Key events on the path to student loan forgivenessHow the student-loan forgiveness plan works, and when to apply
There are around 2.5 million people with federal student loan debt in New York, who collectively owe almost $100 billion, according to higher education expert Mark Kantrowitz.
Here’s what borrowers need to know about the program.

You must live and have attended school in New York

The state relief is available to legal residents of New York who have lived in the state for 12 consecutive months or more. If you’re employed, you need to be working in the state, too.

Among other requirements, applicants must have graduated from a New York high school, or have received a New York state high school equivalency diploma, as well as attended a college or university in the state and earned their undergraduate degree in or after December 2014.
You also need to apply for the program within two years of graduating.

An income-driven repayment plan is required

To qualify for the program, borrowers must be enrolled in an income-driven repayment plan, in which their payments are generally capped at 10% of their discretionary income, such as the Pay as You Earn (PAYE) plan, the Revised Pay As You Earn (REPAYE) plan or the Income Based Repayment (IBR) plan.

Eligibility is limited by income, loan type

The program excludes those who have an adjusted gross income of more than $50,000 a year.
Not all student loans qualify for the state relief.
Under the Direct loan program, subsidized and unsubsidized loans are eligible. Federal Family Education Loans (FFEL) may not qualify, although you might be able to consolidate these loans into the Direct program. Private student loans are ineligible.

Meanwhile, loans taken our during graduate school are also typically excluded from the state forgiveness, and to qualify for the program you need to have no more than a bachelor’s degree at the time of applying.
Unsure of what kind of student loans you hold? You can check on Studentaid.gov.

Up to 24 months of student loan payments available

Under the Get On Your Feet Loan Forgiveness Program, New York state may cover your full student loan bill for up to 24 months under a qualifying income-driven repayment plan.
The state makes the payments directly to your student loan servicer.
The loan forgiveness could have tax implications. Recipients will get a 1099 form from the state, and are encouraged to contact a tax professional, the IRS or the New York State Department of Taxation and Finance for more information.

Federal student loan payments have been on pause since March 2020, due to a pandemic-era policy, and will remain suspended until after the litigation around the Biden administration’s student loan forgiveness plan resolves, or by the end of August — whichever comes sooner.
Although you can apply for the Get on Your Feet Loan Forgiveness Program now, applications will be reviewed for eligibility once federal student payments restart, Liotta said. Still, if you believe you qualify, it’s a good idea to request the relief now because of the requirement that you apply within two years of graduation.
Don’t qualify for this program? New York has a list of other state and federal student loan forgiveness programs.

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Tax experts say most IRS audits are different from how they’re portrayed in the movies.
While the Oscar-nominated film “Everything Everywhere All at Once” includes an in-person IRS audit, many happen by mail or remotely, experts say.
If your tax return is accurate and you have supporting documents, “there’s really no reason to worry,” said Michael Prinzo, managing principal of tax at CliftonLarsonAllen.

Michelle Yeoh in “Everything Everywhere All at Once.”
Source: imdb

Tax audits are rare

Tax audits have been a hot-button political issue since the Inflation Reduction Act, passed in August, allocated $79.6 billion to the IRS over the next 10 years, with more than half of the funds earmarked for “enforcement.”   
But audits have been rare, according to Ryan Losi, a certified public accountant and executive vice president of CPA firm Piascik. “I have maybe two or three a year, and that’s with 600 clients,” he said. 
Indeed, the IRS audited 3.8 out of every 1,000 returns, or 0.38%, during the fiscal year 2022, down from 0.41% in 2021, according to a recent report from Syracuse University’s Transactional Records Access Clearinghouse.

Typically, the IRS uses software to assign a numeric score to returns, and when the rating is high enough, it may be flagged for an audit, explained Michael Prinzo, managing principal of tax at CliftonLarsonAllen.
“It’s compared to a general population of other returns with similar income or deductions and when there’s an outlier or a number of outliers, it increases the likelihood that one might receive an audit notice,” he said.

Most audits occur by correspondence

While “Everything Everywhere All at Once” shows a nerve-wracking in-person exam, Losi said most audits happen via “correspondence,” or letters that arrive by mail. You have 30 days to respond by phone or mail.
During the fiscal year 2022, 85% of IRS audits occurred by correspondence, according to the Syracuse University report.
Alternatively, you may receive a letter saying you’ve been selected for an audit with an “information document request,” or IDR, and specific questions about the return, Prinzo said. These may require interacting with an agent, either via a phone call or meeting.

Taxpayers are typically scared of IRS exams. There’s really no reason to worry.

Michael Prinzo
managing principal of tax at CliftonLarsonAllen

Even so, many such audits occur remotely, Prinzo said, especially since the beginning of the pandemic. But if it’s an in-person exam and you’re working with a tax professional, that pro typically shifts the location to their own office.
After the audit, the IRS reviews the information provided and may send additional IDRs before deciding whether the return is correct.
If the agency determines the return isn’t accurate, it will propose an adjustment, outlined in a “30-day letter,” which gives the taxpayer one month to respond if they disagree, Prinzo said. But many IRS exams close with no changes, he said.
“Taxpayers are typically scared of IRS exams,” Prinzo said. But if your return is accurate and you have supporting documents, “there’s really no reason to worry,” he said.

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Smart Tax Planning

Tax season kicked off for individual filers on Jan. 23, and the deadline for most taxpayers is April 18.
If you’re expecting a refund, there may be ways to get the money faster, tax experts say.

Drakula & Co. | Moment | Getty Images

How soon to expect a tax refund after filing your return

Typically, you will receive a refund within 21 days if you’ve filed an accurate, electronic return with direct deposit for the payment, according to the IRS. Paper filings and errors may extend the timeline. You can check the agency’s refund portal for status updates. 
The timeline changes if you’re claiming the earned income tax credit — a tax break for low- to moderate-income workers — or the additional child tax credit. While the IRS can’t begin issuing these refunds before mid-February, you should receive the funds by Feb. 28 if there are no issues with your return.

Start with a ‘full audit’ of your 2022 financial year 

Sheneya Wilson, a certified public accountant and founder of Fola Financial in New York, advised taxpayers to begin the tax-filing process with a “full audit of your financial year.”

You’ll want to identify all sources of income, major expenses and life changes, such as marriage, divorce or having a baby, which may affect your filing. While your finances may change from year to year, your 2021 tax return may provide a rough guideline of what to expect, she said.

It’s better to ‘get it right than to get it out quickly’

While you may be eager for a refund, the IRS says to wait until you have all the necessary information. “Filing an accurate tax return can help taxpayers avoid delays or later IRS notices,” the agency said in a recent news release. 
The IRS said this is “especially important” if you’re receiving a Form 1099 for unemployment income, capital gains or dividends, pensions or retirement plan distributions.   

It’s more important to get it right than to get it out quickly.

Marianela Collado
CEO of Tobias Financial Advisors

“It’s more important to get it right than to get it out quickly,” said certified financial planner Marianela Collado, CEO of Tobias Financial Advisors in Plantation, Florida. She is also a certified public accountant.
Companies prepare information returns, such as 1099s, every year, with a copy going to the IRS and the taxpayer. If you skip any of these forms, the IRS system automatically flags your return and sends you a notice, which may take time to resolve. 
Of course, you’ll want to double-check the details entered from your tax forms. “I always say haste makes waste,” Collado said.

Always double-check your tax return

Tax return typos are another common reason for processing delays, Wilson said.
Whether you file on your own or work with a professional, it’s critical to review your tax return, including all of your personal information — such as your name, date of birth, Social Security number, address and banking details for direct deposit — to make sure everything is accurate, she said. More

A wave of companies, including Amazon, Google and Spotify, have announced deep cuts to their head count, leaving former employees without a paycheck.
Here’s what they need to know about applying for unemployment benefits.

Iryna Imago | Istock | Getty Images

A wave of companies, including Amazon, Google and Spotify, have announced deep cuts to their head count, leaving former employees without a paycheck.
Fortunately, the unemployment insurance program, created in 1935, offers support to certain people who have lost their job. The federal program is administered by states, and the rules vary based on where you live.

In a handful of states, employees and employers pay into the unemployment insurance program, said Michele Evermore, a senior fellow at The Century Foundation. In the bulk, only employers pay into the program, but it’s a benefit workers have earned, she said.
As a result, she said, laid-off workers shouldn’t be shy about applying for the aid.
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How soon after a layoff can I apply for unemployment?

“As soon as you leave your job, you should be on your way to the unemployment insurance office,” Evermore said.
In some states, it can take weeks for your claim to be approved, so the sooner you file the better.

While most states have a one-week waiting period before they can start paying you benefits, you don’t have to wait to request the relief, Evermore said.

Where do I apply for unemployment?

Do I qualify for unemployment benefits?

Generally, to be eligible for unemployment benefits, you have to have been laid off through no fault of your own, Evermore said. Maybe the job just wasn’t a good fit for you, or your company was downsizing.
But it doesn’t hurt to apply even if you’re unsure if you qualify, Evermore said. Many people prematurely exclude themselves from the program, she said: “There’s a lot of mythology around who qualifies.”

People may be surprised to learn, for example, that in some cases they can qualify for unemployment benefits even if they quit, Evermore explained.
For instance, in some states you’re eligible for the benefit if you made the choice to leave your job after your employer asked you to transfer to a location where your commute would be too long, or if you had to leave your job because your partner’s employment was relocated.

What are the requirements of the program?

To receive and keep receiving unemployment benefits, you have to be able to work and actively be seeking new employment, Evermore said.
States have different ways of making sure you’re looking for work, she added. In some cases, you’ll be responsible for keeping a log of work search efforts on your own, and in other states, you’ll have to call in to the state unemployment office and share what jobs you’ve applied to on a regular basis.
“In some states you may also report work search online,” Evermore added.
When you apply for benefits, make sure you learn about how to fulfil any requirements in your state.

Are unemployment benefits taxable?

Prapass Pulsub | Moment | Getty Images

Yes, Evermore said. The benefits are subject to federal taxes and most states take them, too.
When you start to get unemployment payments, your state will typically give you the option to have taxes withheld.
“I’d always take that option,” Evermore said. “You could be in for a long spell of unemployment and then get hit with a big tax bill.”

What is the typical weekly benefit?

In the third quarter of 2022, the average weekly unemployment benefit was around $385. But there’s a large range in the payments by state. For example, in Washington state, the benefit was nearly $600 during that period. In West Virginia, it was around $305.
There are other resources, too, for people struggling financially due to job loss, Evermore said.
“Unemployment insurance isn’t the only program in the world,” Evermore said, adding that out-of-work people can also try applying for food stamps and other aid.

How long can I get the benefit?

Yellow Dog Productions | The Image Bank | Getty Images

The standard duration for unemployment benefits is 26 weeks but that timeline varies by state.
For example, Missouri recently slashed its benefit duration and some workers may only receive payments for eight weeks there.

I received unemployment benefits during the pandemic. Could I qualify again?

It’s possible, Evermore said.
Workers are typically eligible for unemployment benefits for a certain amount of weeks per benefit year. Depending on how long has passed since your last period of joblessness, and how many weeks you previously received the benefits, it’s possible you could qualify again after a follow-up job loss for at least some more weeks and possibly another full duration.

I received severance pay. Will that affect my unemployment benefits?

In most states, if your layoff included severance pay, your unemployment benefits will likely be reduced for the period in which you’re still receiving payments from your former employer.
But, again, that depends on your state. In some cases, your severance package will have no impact on your unemployment benefits, Evermore said.
Clarification: In a handful of states, employees and employers pay into the unemployment insurance program. In the bulk, generally employers only pay into the program, but it’s a benefit workers have earned. An earlier version didn’t draw that distinction.

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As Democrats and Republicans negotiate over the nation’s debt ceiling, some worry changes to Social Security benefits could be on the line.
Sen. Joe Manchin, D-W.Va., said on Sunday that increasing the payroll taxes wealthy pay may help shore up the program.

Sen. Joe Manchin, D-W. Va., speaks to the cameras about the reconciliation bill in the Hart Senate Office Building on Monday, August 1, 2022.
Bill Clark | CQ-Roll Call, Inc. | Getty Images

Now that the U.S. has hit the debt ceiling, lawmakers need to revisit the federal budget and find ways to make cuts, Sen. Joe Manchin, a Democrat representing West Virginia, said in interviews this weekend.
But that should not include cuts to Social Security and Medicare benefits, he said.

“I’ve got 60% of my population that that’s all they have is Medicare and Social Security,” Manchin told NBC’s “Meet the Press” on Sunday.
“You think I’m going to go down that path and put them in jeopardy? No,” he said.
In a separate interview on CNN’s “State of the Union,” Manchin called for a key change to help shore up Social Security’s ailing funds — raising the cap on payroll taxes that are used to fund the program.
“The easiest and quickest thing that we can do is raise the cap,” he said, while also curbing “wasteful spending.”

How raising payroll tax cap could aid Social Security

In 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security.

A 1.45% Medicare tax is also paid by employees and employers, though there is no wage limit to those taxes.

Both programs face the prospect of a funding shortfall in the coming years if lawmakers fail to act. Social Security’s combined trust funds are projected to become depleted in 2035, at which point 80% of benefits will be payable, according to an annual report released in June.
The fund that covers Medicare Part A, which pays for inpatient hospital care and other services, will be able to pay full benefits until 2028, after which point 90% of benefits will be payable.
“Social Security and Medicare basically is running out of cash because we stop at a certain level where people pay into FICA,” Manchin said. (FICA stands for the Federal Insurance Contributions Act and represents the U.S. federal payroll tax.)
Other Democrats have also proposed raising payroll taxes to help shore up Social Security. Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., have proposed reapplying payroll taxes for those earning over $250,000 along with a host of other changes to shore up the program. A separate bill to reform the program from Rep. John Larson, D-Conn., calls for applying payroll taxes starting at over $400,000.

Republicans have proposed program changes

Concessions may play into debt ceiling negotiations

However, the concern is that Republicans may demand concessions from Biden in exchange for raising or eliminating the debt ceiling.
On Thursday, the U.S. hit the debt ceiling, leaving just months before it may default on its obligations, Treasury Secretary Janet Yellen wrote in a letter to Congress.
“The concern is that they are willing to destroy the global economy, plunge us into a recession or a depression, with their refusal to raise the debt limit in order to force these changes,” Freese said.
The White House has maintained the president will not make concessions during the debt ceiling negotiations.
“As President Biden has made clear, Congress must deal with the debt limit and must do so without conditions,” White House press secretary Karine Jean-Pierre said last week.

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The average credit card debt owed by Gen Xers is $7,004, according to a new report.
That compares with $6,785 for baby boomers, $5,928 for millennials and $2,876 for Gen Zers.
The average credit card interest rate is above 20%.

Maskot | Digitalvision | Getty Images

When it comes to credit card debt, Generation X may be struggling the most.
The average amount owed by people in that cohort is $7,004, according to a new report from New York Life. That compares with $6,785 for baby boomers, $5,928 for millennials and $2,876 for Gen Zers.

“I think Gen Xers can be especially squeezed by credit card debt because they’re living expensive years right now,” said Ted Rossman, senior industry analyst for CreditCards.com. Research from CreditCards.com also shows more members of Gen X (77%) have any type of personal debt compared with other age groups.
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“They might be sandwiched between caring for elderly parents and raising their own kids – maybe even putting them through college,” Rossman said.
The New York Life study, based on a survey conducted in December among 4,410 U.S. adults, defines baby boomers as people ages 59 to 77; Gen Xers, ages 43 to 58; millennials, ages 27 to 42; and Gen Z as age 11 to 26.

The cost of carrying credit card debt has become higher

Credit card balances across all age groups hit $930 billion in the third quarter of 2022, according to the Federal Reserve Bank of New York’s latest quarterly report on household debt. That amount was $38 billion more than the previous quarter and $121 billion more than a year earlier, marking the largest yearly jump — 15% — in more than 20 years.

And as interest rates have risen — a result of the Federal Reserve trying to rein in high inflation — the cost of carrying credit card debt has become more expensive.
The average credit card now charges a record-high 20.16%, Rossman said. What’s more, 46% of card holders carry debt from month to month on at least one card, which is up from 39% a year ago.

The average credit card debt owed by adults across all ages is $6,321, and the average monthly amount put toward that debt is $430, according to the New York Life study.
The length of time it would take to pay off that average balance at that monthly amount depends on the interest rate. At zero percent, it would take 15 months. At 20%, it would take 18 months, and about $1,028 would be going to interest.
Those calculations, made using Credit Karma’s credit card calculator, also assume no additional credit card debt was incurred while paying off that amount.

How to knock down your debt

There are some ways you may be able to pay down your credit card balances faster.
For instance, some people approach the debt using the “snowball method,” which involves paying off the smallest balance first and then moving on to the next-biggest and so on.
It works like this: You pay the minimum on your higher-balance cards to avoid late fees or higher interest charges, then throw as much money as you can at the smallest debt until it’s paid off. Then you apply the same strategy to the next-biggest balance. The idea is that erasing balances can be empowering and give you motivation to keep paying all your cards off.
If you don’t need the positive reinforcement, you can focus on the highest interest rate debt first. In the long run, this “avalanche method” —  from highest rate to lowest — will save you the most on interest charges.
Additionally, there are 0% balance transfer cards that you may be able to get, depending on your credit score. The higher your score, the better terms you can get overall.

Or, a personal loan could help you consolidate the debt. “These rates go as low as about 7% if you have good credit,” Rossman said.
You also should consider whether you can reduce spending or increase your income, which could free up some money.
“You could take on a side hustle, sell stuff you don’t need and/or cut your expenses to come up with more money to throw toward your credit card debt,” Rossman said.

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When it comes to credit scores, there are a few things many borrowers often get wrong, experts say.
Here are the top misconceptions and why it’s so hard to set the record straight.

Getty Images

Randy had an 850 credit score. According to FICO, the most popular scoring model, that’s as good as it gets.
Still, a line on his credit report said he could lower his utilization rate, so he promptly paid off the remainder of his car loan with one $6,000 payment, and then his score sank 30 points. (Randy has been a target of identity theft and asked to omit his last name for privacy concerns.)

Most people assume that wiping out those auto payments couldn’t hurt, but that’s a mistake.
More from Personal Finance:Here’s the best way to pay down high-interest debt63% of Americans are living paycheck to paycheck’Risky behaviors’ are causing credit scores to level off
When it comes to credit scores, there are a few things many borrowers often get wrong, experts say. Here are the top misconceptions and why it’s so hard to set the record straight.
Misconception No. 1: Debt is bad
Your credit score — the three-digit number that determines the interest rate you’ll pay for credit cards, car loans and mortgages — is based on a number of factors but most importantly, it’s a measure of how much you are borrowing and how responsible you are when it comes to making payments.  
Having an excellent score doesn’t mean you have zero debt but rather a proven track record of managing a mix of outstanding loans. In fact, consumers with the highest scores owe an average of $150,270, including mortgages, according to a recent LendingTree analysis of 100,000 credit reports.

The borrowers with a credit score of 800 or higher, such as Randy, pay their bills on time, every time, LendingTree found. 
To that end, having a four-year auto loan in good standing was working to Randy’s advantage.
“Lenders also want to see that you’ve been responsible for a long time,” said Matt Schulz, LendingTree’s chief credit analyst. 
The length of your credit history is another one of the most important factors in a credit score because it gives lenders a better look at your background when it comes to repayments.
Misconception No. 2: All debt is the same
Since Randy had already paid off his mortgage and has no student debt, that auto loan was key to show a diversified mix of accounts.
“Your credit mix should involve more than just having multiple credit cards,” Schulz said. “The ideal credit mix is a blend of installment loans, such as auto loans, student loans and mortgages, with revolving credit, such as bank credit cards.” 
“The more different types of loans that you’ve proven you can handle successfully, the better your score will be.”

The total amount of credit and loans you’re using compared to your total credit limit, also known as your utilization rate, is another important aspect of a great credit score. 
As a general rule, it’s important to keep revolving debt below 30% of available credit to limit the effect that high balances can have.
Misconception No. 3: You need a perfect score
Only about 1.6% of the 232 million U.S. consumers with a credit score have a perfect 850, according to FICO’s most recent statistics. 
Aside from bragging rights, you won’t gain much of an advantage by being in this elite group.
“Typically, lenders do not require individuals to have the highest credit score possible to secure the best loan features,” said Tom Quinn, vice president of FICO Scores. “Instead, they set a high-end cutoff, that is typically in the upper 700’s, where applicants scoring above that cutoff qualify as a good credit score and get the most favorable terms.”

Each lender sets their own credit score thresholds for who they consider the most creditworthy. As long as you fall within these ranges, you are likely to be approved for a loan and qualify for the best rates the issuer has to offer, Schulz added.
“Anything over 800 is gravy,” Schulz said, and “in some cases, the difference between 760 and 800 may not be that significant.”
Most credit card issuers now provide free credit score access to their cardholders, making it easier than ever to check and monitor your score.
Subscribe to CNBC on YouTube.

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(An excerpt from the book, “Shut Up and Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange,” by Bob Pisani.)
Thirty years ago this week, State Street Global Advisors launched the Standard & Poor’s Depositary Receipt (SPY), the first U.S.-based Exchange Traded Fund (ETF), which tracked the S&P 500. 

Today, it’s known as the SPDR S&P 500 ETF Trust, or just “SPDR” (pronounced “Spider”).  It is the largest ETF in the world with over $370 billion in assets under management, and is also the most actively traded,  routinely trading over 80 million shares daily with a dollar volume north of $32 billion every day. 

How ETFs differ from mutual funds

 Holding an investment in an ETF structure has many advantages over a mutual fund.
 An ETF:

Can be traded intraday, just like a stock.
Has no minimum purchase requirement.
Has annual fees that are lower than most comparable mutual funds.
Are more tax efficient than a mutual fund.

Not a great start

For a product that would end up changing the investment world, ETFs started off poorly.
Vanguard founder Jack Bogle had launched the first index fund, the Vanguard 500 Index Fund, 17 years before, in 1976.

The SPDR encountered a similar problem. Wall Street was not in love with a low-cost index fund. 
“There was tremendous resistance to change,” Bob Tull, who was developing new products for Morgan Stanley at the time and was a key figure in the development of ETFs, told me.
The reason was mutual funds and broker-dealers quickly realized there was little money in the product.
“There was a small asset management fee, but the Street hated it because there was no annual shareholder servicing fee,” Tull told me.   “The only thing they could charge was a commission. There was also no minimum amount, so they could have got a $5,000 ticket or a $50 ticket.”
It was retail investors, who began buying through discount brokers, that helped the product break out.
But success took a long time.  By 1996, as the Dotcom era started, ETFs as a whole had only $2.4 billion in assets under management.  In 1997, there were a measly 19 ETFs in existence.  By 2000, there were still only 80.
So what happened?

The right product at the right time

 While it started off slowly, the ETF business came along at the right moment.
Its growth was aided by a confluence of two events: 1) the growing awareness that indexing was a superior way of owning the market over stock picking; and 2) the explosion of the internet and Dotcom phenomenon, which helped the S&P 500 rocket up an average of 28% a year between 1995 and 1999.
By 2000, ETFs had $65 billion in assets, by 2005 $300 billion, and by 2010 $991 billion.
The Dotcom bust slowed down the entire financial industry, but within a few years the number of funds began to increase again.
The ETF business soon expanded beyond equities, into bonds and then commodities.
On November 18, 2004, the StreetTracks Gold Shares (now called SPDR Gold Shares, symbol GLD) went public.  It represented a quantum leap in making gold more widely available. The gold was held in vaults by a custodian. It tracked gold prices well, though as with all ETFs there was a fee (currently 0.4%). It could be bought and sold in a brokerage account, and even traded intraday.

CNBC’s Bob Pisani on the floor of the New York Stock Exchange in 2004 covering the launch of the StreetTRACKS Gold Shares ETF, or GLD, now known as the SPDR Gold Trust.
Source: CNBC

Staying in low-cost, well-diversified funds with low turnover and tax advantages (ETFs) gained even more adherents after the Great Financial Crisis in 2008-2009, which convinced more investors that trying to beat the markets was almost impossible, and that high-cost funds ate away at any market-beating returns most funds could claim to make.

ETFs: poised to take over from mutual funds?

After pausing during the Great Financial Crisis, ETF assets under management took off and have been more than doubling roughly every five years.
The Covid pandemic pushed even more money into ETFs, the vast majority into index-based products like those tied to the S&P 500.
From a measly 80 ETFs in 2000, there are roughly 2,700 ETFs operating in the U.S., worth about $7 trillion.
The mutual fund industry still has significantly more assets (about $23 trillion), but that gap is closing fast.
 “ETFs are still the largest growing asset wrapper in the world,” said Tull, who has built ETFs in 18 countries. “It is the one product regulators trust because of its transparency. People know what they are getting the day they buy it.”
 Note: Rory Tobin, Global Head of SPDR ETF Business at State Street Global Advisors, will be on Halftime Report Monday at 12:35 PM and again at 3 PM Monday on ETFedge.cnbc.com.

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