Home Blog

30 Din Me Crypto Se Profit Kaise Kamaye? | Delta Exchange | Raj Shamani Clips



30 Din Me Crypto Se Profit Kaise Kamaye? | Delta Exchange | Raj Shamani Clips

30-Day Plan To Start Making Profits With Crypto | Delta Exchange | Raj Shamani Clips
—

📜 Description:

🔥 Want to make profits with crypto in just 30 days?
💰 Learn the exact mindset and strategy shared by experts on Delta Exchange.
🚀 Understand how to start small, manage risk, and scale your gains the smart way.
📈 Watch till the end to know how Raj Shamani simplifies crypto for beginners!

Key Takeaways:

Step-by-step crypto profit strategy 🪙

Risk management and safe trading tips

Real advice from experienced investors

How to start even if you’re a beginner

🎬 Don’t forget to LIKE, SHARE, and SUBSCRIBE for more clips like this!

—
#Crypto #CryptoTrading #RajShamani #DeltaExchange #CryptoInvestment #TradingTips #CryptoForBeginners #Investing #Finance #WealthBuilding #PassiveIncome #RajShamaniClips #CryptoMarket #Bitcoin #Ethereum #TradingStrategy #CryptoEducation #CryptoNews #FinancialFreedom #butkesh

Shorts Credit: ‎⁨@rajshamani⁩ 

🎥 Watch the full inspiring story here:

—

Welcome to ButkeshShorts!
I share inspiring and educational Shorts that make learning simple and powerful. 🚀
These clips are collected from YouTube creators with full credit and respect.

THANK YOU FOR YOUR SUPPORT ❤️
KEEP SUBSCRIBING & STAY MOTIVATED! 💪

—

Disclaimer:
This content does not belong to us. It is edited and shared only for the purpose of awareness.
If the original content owner (visual/audio) has any concern, please message me directly — I’ll resolve it ASAP.

📩 Business Email: butkesh.333@gmail.com
📸 Follow on Instagram: @butkesh

source

Best Student Loan Refinance Rates for October 8, 2026: Credible Leads At 3.95%


Student loan refinance rates have held continued to hold even as the Fed has raised rates. As of October 8, 2026, student loan refinance lenders are offering fixed rates as low as 3.95% APR and variable rates starting as low as 3.96% APR, depending on credit profile, loan type, income, and repayment term.

Credible is offering the lowest variable rate loans starting at 3.96% APR and MEFA and Credible are tied for the lowest fixed rate loans starting at 3.95% APR.

For borrowers with private student loans especially, refinancing to lower your interest rate can save you thousands of dollars over the life of the loan.

💰 Today’s Best Student Loan Refinance Rates At a Glance

Here are the best student loan refinance rates today:

Lender

Fixed APR

Variable APR

Credible

3.95% – 10.99%

3.96% – 11.01%

Earnest

4.45% – 9.99%

5.88% – 9.99%

ELFI

4.29% – 9.19%

4.74% – 8.24%

LendKey

3.98% – 9.24%

4.20% – 9.25%

Splash

4.29% – 11.37%

4.74% – 11.37%

1. Credible – Credible is a marketplace of student loan lenders that has some options you may not be able to find anywhere else. You can also get up to a $1,000 gift card bonus if you refinance through their platform. You can get variable rates as low as 3.96% APR. Read our full Credible review.

2. Earnest – Earnest is one of the best known online student loan lenders and they have been offering consistently competitive rates for years. Right now, you can get the lowest fixed rate APR at 4.45%. Read our full Earnest student loans review.

3. ELFI – ELFI is one of the oldest student loan lenders, and offers competitive rates, along with a bonus offer of up to $599 if you refinance a student loan with them. You can get rates as low as 4.29% APR. Read our full ELFI Student Loans Review.

4. LendKey – LendKey is a private lender that pools money from community banks and credit unions to offer lower rate student loans. They are also offering up to a $750 bonus if you refinance a student loan. You can get rates as low as 3.98% APR. Read our full LendKey review.

5. Splash – Splash is a student loan marketplace as well that offers some lenders that Credible doesn’t.They have a fixed rate offer starting at 3.99% APR. Furthermore, you can up to a $500 bonus if you refinance with Splash. Read our full Splash Student Loans review.

You can find a full list of the best student loan refinance lenders here >>

Why Should You Refinance Your Student Loan?

Refinancing replaces one or more existing loans with a new private loan — ideally at a lower interest rate.

Borrowers typically refinance to:

  • Reduce their monthly payments
  • Lower their overall interest cost
  • Combine multiple loans into one
  • Shorten or extend repayment terms

Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as income-driven repayment or forgiveness. Remember, refinancing a federal loan will cause you to lose federal benefits like student loan forgiveness!

For example, refinancing a $60,000 loan from 7.50% to 5.50% over 10 years saves roughly $7,000 in interest.

Fixed vs. Variable Rates: Which Should You Choose?

There’s a lot of uncertainty that borrowers don’t like with variable rates, which can make sense, but in a declining rate environment, it also opens the potential for future savings. Here’s what to know:

  • Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years.
  • Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly.

Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.

What To Know Before Refinancing

Before refinancing your student loans, make sure you understand exactly what you’re signing up for.

  • Loss of federal benefits: Once refinanced, federal loans are no longer eligible for PSLF, IBR, or other income-driven plans.
  • Cosigner options: A creditworthy cosigner can unlock lower rates. Check if the lender offers cosigner release after a set number of on-time payments.
  • Term flexibility: Many lenders allow terms from 5 to 20 years; shorter terms usually mean lower rates.
  • Autopay discounts: Most lenders offer a 0.25% rate reduction when you enroll in automatic payments.
  • Fees: The best refinance lenders charge no origination fees or prepayment penalties.

How We Track And Verify Student Loan Rates

At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets.

We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.

Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly.

FAQs

Can you refinance federal student loans?

Yes, but doing so converts them into private loans, meaning you’ll lose access to forgiveness and income-driven plans.

How often can you refinance?

There’s no limit – you can refinance multiple times as long as you qualify for better terms.

Does refinancing hurt your credit?

A small, temporary drop in your credit score may occur after the hard inquiry, but steady payments improve your score over time.

Do refinance rates change daily?

Yes, lenders adjust rates frequently based on market conditions and Treasury yields.

Is there a best time to refinance?

The best time is when your credit and income qualify you for significantly better rates than your current loans.

Disclosures

Earnest

Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.

Earnest loans are serviced by Earnest Operations LLC with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable annual percentage rate (“APR”): A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. Your actual repayment terms may vary.

Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.

nmlsconsumeraccess.org

© 2026 Earnest LLC. All rights reserved.

Splash Financial

See disclaimers at: https://www.splashfinancial.com/disclaimers/

Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of January 8, 2026. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Autopay Discount. Rates listed include a 0.25% autopay discount.

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).

Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.

Bonus Disclosure. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.

Editor: Colin Graves

Reviewed by: Richelle Hawley

The post Best Student Loan Refinance Rates for October 8, 2026: Credible Leads At 3.95% appeared first on The College Investor.

P&L HELOC And Second Mortgage Loans


Home Equity Financing for Self-Employed Homeowners

Eligible self-employed borrowers can qualify for a home equity line of credit (HELOC) or a closed-end second mortgage using a profit and loss statement. With P&L-only qualification, you don’t need bank statements for this income documentation option.

Program Highlights

  • 12- or 24-month P&L for income qualification
  • No bank statements required
  • Up to 80% combined loan-to-value (CLTV)
  • Minimum 740 FICO score
  • At least two years of self-employment
  • Minimum 50% business ownership

P&L HELOC

A HELOC provides a revolving line of credit secured by your home. During the draw period, you can access funds as needed within your approved limit, subject to the loan terms. As you repay principal, you may be able to borrow again. A HELOC may be a good fit for renovations completed in stages or expenses that arise over time.

P&L Second Mortgage

A closed-end second mortgage provides a lump sum at closing, with repayment according to the loan’s agreed terms. This option may suit homeowners who know how much they need for a specific expense. Unlike a revolving credit line, repaying a closed-end second mortgage does not restore funds for additional borrowing. Both options let you access equity while keeping your existing first mortgage in place.

Who Is This Program For?

This program is for self-employed homeowners who own at least 50% of their business, have been self-employed for at least two years, and meet the program’s credit and equity requirements. Your 12- or 24-month profit and loss statement is used to evaluate qualifying business income. P&L-only qualification refers to the income documentation method; other application and property documentation still applies.

How Much Can You Borrow?

Financing is available up to 80% CLTV, subject to approval. CLTV compares your total mortgage debt, including your existing mortgage and the proposed HELOC or second mortgage, with your home’s value.

For example:

  • Home value: $600,000
  • Maximum total mortgage debt at 80% CLTV: $480,000
  • Existing mortgage balance: $350,000
  • Potential equity financing: $130,000

How It Works

  • Tell us about your financing goals. Share the amount you need and whether you prefer a credit line or a lump sum.
  • Review your eligibility. We evaluate your credit, self-employment history, business ownership, and available equity.
  • Provide your P&L. Submit a 12- or 24-month profit and loss statement, along with other required application documents.
  • Complete the loan review. The lender reviews your income, property, and application to determine eligibility and available terms.

Frequently Asked Questions

Do I need to provide bank statements? Bank statements are not required under this P&L-only qualification option. Other required loan documentation still applies.

What credit score is required? The program requires a minimum FICO score of 740.

How long must I have been self-employed? You must be self-employed for at least two years.

Do I need to own the entire business? No. The minimum business ownership requirement is 50%.

Can I keep my current first mortgage? A HELOC or closed-end second mortgage can be placed behind your existing first mortgage, allowing it to remain in place, subject to lender approval.

Which option should I choose? A HELOC may suit ongoing or uncertain expenses. A closed-end second mortgage may suit a defined expense for which you want a lump sum. We can help you compare available terms based on your goals.

Contact us for more information.

Pacific Music Group expands to Tokyo with launch of PMG Japan, signs Japanese rapper JP THE WAVY


Pacific Music Group (PMG) has launched a Tokyo office, PMG Japan, and signed Japanese rapper JP THE WAVY.

The rapper has joined PMG on a long-term 360 deal covering recorded music and management, the company announced today (October 8).

PMG says JP THE WAVY is PMG Japan’s first major signing and that he will begin releasing new music through the partnership this fall.

PMG, which is headquartered in Hong Kong, was launched in November 2025 by NE-YO, Sonu Nigam, MC Jin, and Jonathan Serbin.

Serbin, PMG’s CEO, previously served as Co-President of Warner Music Asia, a post he was appointed to in 2021.

The Tokyo office will be co-led by Tomomi Takeshima and MiMi Shimada.

According to PMG, the hub will cover artist development, recorded music, management, promotion, brand partnerships, and cross-border collaboration.

The company says the office will work in two directions: taking Japanese artists to audiences outside the country and bringing international acts to fans in Japan and across Asia.

For JP THE WAVY, PMG says its plans include growing his audience across Asia and pursuing opportunities in the United States and other Western markets.

Beyond recorded music and management, PMG says the deal also covers audience development, collaborations, live opportunities, and brand partnerships.

JP THE WAVY broke through in 2017 with his single Cho Wavy De Gomenne.

In 2021, he teamed up with Good Gas on Bushido, from the official soundtrack to F9: The Fast Saga.

“JP THE WAVY has already established himself as a defining voice in Japanese hip-hop, and we’re honored to help write the next chapter of his career,” said Jonathan Serbin, CEO of Pacific Music Group.

“Our goal with PMG Japan is to give artists like him the infrastructure and global reach to compete on the world stage while staying true to what makes them unique. This is just the beginning.”

“Our goal with PMG Japan is to give artists like him the infrastructure and global reach to compete on the world stage while staying true to what makes them unique. This is just the beginning.”

Jonathan Serbin, Pacific Music Group

“I’m excited to join PMG and take my music to the next level, not just in Japan, but everywhere,” said JP THE WAVY. “This partnership gives me the platform to keep pushing my sound forward and connect with fans around the world. New music is coming this fall, and I can’t wait for everyone to hear it.”

“This partnership gives me the platform to keep pushing my sound forward and connect with fans around the world. New music is coming this fall, and I can’t wait for everyone to hear it.”

JP THE WAVY

“Launching PMG Japan brings together two perspectives we believe are essential to building something lasting in this market: a deep, hands-on understanding of Japan’s music industry and the artists within it, and an international vantage point shaped by years of working across borders in the global music business,” said Takeshima and Shimada in a joint statement.

“That combination is what allows us to do more than simply send Japanese artists abroad or bring international opportunities into Japan – it lets us build both directions of that bridge at once, grounded in real relationships here in Japan and connected to Pacific Music Group’s global network.

“We want PMG Japan to become a hub where local insight and global reach work together – respecting each artist’s individuality and vision, rooted in Japan’s distinctive culture and creativity, and open to everything that becomes possible when talent and business can grow across borders.”

“We want PMG Japan to become a hub where local insight and global reach work together – respecting each artist’s individuality and vision, rooted in Japan’s distinctive culture and creativity, and open to everything that becomes possible when talent and business can grow across borders.”

Tomomi Takeshima and MiMi Shimada, PMG Japan

Japan, the world’s second-largest recorded music market, returned to growth in 2025, with wholesale recorded music revenues up 8.9% YoY after a flat 2024, according to IFPI‘s Global Music Report 2026.

IFPI’s 2025 Top 10 included two other Asian markets: China at No.4 and South Korea at No.7.

At PMG’s launch, Serbin said: “With half the world’s population and three of the top ten music markets, the region is primed to lead on the world stage.”

The Tokyo launch follows a series of moves by PMG this year.

In March, PMG became the exclusive Asia manager and global record label for TaTa Taktumi, the AI artist from Timbaland‘s Stage Zero.

In April, PMG Korea, the company’s Seoul-based arm led by CEO Samuel Ku, signed Girls’ Generation’s Tiffany Young as its first artist.

In September, PMG struck a strategic partnership with Kaskade covering all Asian territories.

Alongside the Japan launch, PMG has added three more artists from the region to its roster: Fyeqoodgurl from Thailand, Nasi from Taiwan, and Zolie Chan from Hong Kong.

According to PMG, Fyeqoodgurl is an R&B singer-songwriter from Chiang Mai who went viral with a cover of NewJeans’ Hype Boy and appeared on Mnet’s Queendom Puzzle.

PMG says Nasi, an artist of Seediq heritage, placed third on The Voice of China before signing with Warner Music Taiwan.

Zolie Chan, according to the company, writes English and Mandarin pop songs and ballads that draw on her Malaysian and Hong Kong heritage.

PMG’s labels include Pacific Records, electronic and dance imprint Ghostone Records, and hip-hop imprint Family Style Records.

Ghostone Records was PMG’s first label imprint, with Thai DJ and producer 22Bullets as president and Lizzy Wang as its first signing.

Family Style Records launched in May with MC Jin as president.

PMG’s roster also includes NE-YO, Sonu Nigam, MC Jin, Lil Cherry & GOLDBUUDA, NADA, KHANTRAST, and BRYN.

The company says it now has a presence in Hong Kong, Seoul, and Tokyo, backed by teams in China, India, and Southeast Asia.Music Business Worldwide

Jim Farley is right about Gen Z and blue-collar work. We see firsthand how the industry is failing them



Ford CEO Jim Farley recently said “the air we breathe is a four-year degree.” In other words, college is the default path we steer every kid toward. He’s right, and he deserves credit for pushing back on it. Ford has even commissioned Ad Council research on how students, parents, and teachers see the trades.

The Alliance for America’s Skilled Trades, which Ford launched with Google, BlackRock, and Carhartt, just released a detailed new look at what the country needs. The headline most outlets ran with is that employers will have to fill about 1.7 million skilled trades openings every year through 2035. Training programs are preparing roughly 55 people for every 100 of those jobs.

But the number that stopped me was further down in the report. Much of the public conversation has focused on persuasion, and this number suggests that isn’t where the biggest gap is. Seventy-one percent of teens say they would be proud to pursue a skilled trade, and 81% of parents would be proud if their child did. Yet of every 100 people who start an apprenticeship, only 48 finish. Just 29 are working in a trade five years later.

We are losing people after they’ve already said yes. America can’t afford to waste young talent on the way to work. The bigger lever is what happens after enrollment, and much of that is in employers’ hands.

Why people walk away

Finishing isn’t cheap. Getting to class can mean a car payment or a two-hour bus ride, and childcare doesn’t pause for an apprenticeship. Ford’s new investment in getting trades students to class goes straight at one of these barriers, and that matters.

Other barriers are ones employers built. Apprentices earn little while they learn, and in some trades they carry costs that employers used to cover. Many auto technicians, for example, are paid a set rate per repair regardless of how long the job takes, and they buy their own tools. A new tech who is still learning works slower and absorbs the loss.

No awareness campaign fixes that. Employers control the destination, and a pathway only holds people if the destination pays enough to make finishing worth it.

What finishing looks like

At the International Youth Foundation, we’ve spent more than a decade building automotive talent pipelines in Mexico and South Africa. One lesson keeps holding up. People finish when the training is built with the employers who will hire them.

In Mexico, we worked with automakers, suppliers, and coatings companies to design technical tracks in automotive painting, tool and die manufacturing, and automation. Then we embedded them across 28 campuses of the State of Mexico’s technical college system, so they would outlast any single grant. An evaluation of graduates from two of those tracks found 82% were employed within five to six months.

What made it work isn’t unique to Mexico. Employers help decide what gets taught. Students get mentoring and career guidance alongside technical training. And there’s a real job waiting.

Teach the job as it is now

Outdated training is another way we lose people. A graduate who learned last decade’s version of the job shows up unprepared, and either doesn’t get hired or doesn’t last. Matt Sigelman, whose Burning Glass Institute co-produced the report, said the jobs most resistant to automation are the ones built on varied, complex tasks that require human judgment. That means the training has to keep up with the work.

When electric vehicle manufacturing arrived in Mexico, we worked with the National Auto Parts Industry Association to define what the new jobs actually require, then built training around them. Industry defined the standard. Schools taught it.

What the Alliance can do next

Ford and its partners have done the hard first step by measuring the problem, including how many people never finish. The next step is accountability. Every Alliance member should publish completion and five-year retention rates for the training programs it funds or runs, so we can see which ones actually get people to work. Employers should be inside public technical schools co-writing curriculum instead of building parallel programs on the side. They should pay people while they learn and cover the tools the job requires. With DEWALT and Milwaukee Tool among the Alliance’s newest members, the companies that make those tools are now at the table, and that’s real progress. And the jobs at the end should pay a living wage.

The country doesn’t need to convince young people that the trades are worth it. They already believe it. Our job is to make sure the ones who say yes make it all the way to work.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

Free Urban Air Ticket ($30+ Value)


The Offer

Direct Link to offer

  • Urban Air is offering 1 free Unlimited Play ticket when you download the KidHub app and register your account by Friday, October 9th at 11:59 PM.

 

Our Verdict

Nice freebie, seems like it’s a $30-$45 value, depending on location.

 

Hat tip to reader Carl

Why You SHOULD Study Business Management Degree



Why you should do a business management degree and why you should major in business management

Should I study business management? Pros of business management degree? In today’s video I will be going through the top 5 reasons why you should study business management or major in business when you’re in college or university. Business majors and business management degree is very common, so I thought it’d be useful to point out why this is and what are the advantages of a business management degree.

📹RELATED VIDEOS:
Cons of business management degree:
Studying in the UK:
How I graduated with a first in uni:
MiM vs MBA:
Working from home morning routine:
Which MiM is the best: LBS, LSE, Imperial, UCL:

⚙️ MY EQUIPMENT:
Camera
Tripod

🌸 INSTAGRAM:
🎵TIKTOK:

👩🏻‍💼WHO AM I: Heyo! I’m a Masters in Management graduate from London Business School who is currently working as a graduate consultant. I am also a former recruiter for an investment bank, and have worked in marketing throughout uni (wow this sounds like a CV). I make videos about the university experience, kickstarting your corporate career, life in London, and other lifestyle videos! If this sounds interesting to you, feel free to subscribe and start your success journey with me 😊❤️

🎶 MUSIC BY: LAKEY INSPIRED @

source

Why Thematic Municipal Bond ETFs Struggle to Scale


 

  • Sustainable municipal bond ETFs have struggled to gain scale despite financing projects with identifiable environmental and social benefits.
  • Investor priorities, state tax incentives, limited liquidity, and fragmented bond supply make narrowly focused thematic funds difficult to construct and sustain.
  • A thematic tilt within a broader municipal strategy may offer a more practical balance among impact alignment, diversification, liquidity, and credit quality.

Exchange-traded funds (ETFs) that track the $4.5 trillion US municipal bond market have become an increasingly prominent investment vehicle. Net assets grew from less than 0.8% of total municipal debt outstanding in 2017 to 4.3% by the end of 2025.

Yet, unlike in equity markets, dedicated municipal bond ETFs with sustainability or environmental, social, and governance (ESG) mandates remain rare, and notable offerings have struggled to gain scale or have been liquidated.

The VanEck HIP Sustainable Muni ETF and the State Street Nuveen Municipal Bond ESG ETF were liquidated in 2025 and 2026, respectively. Among currently operating funds, the JPMorgan Sustainable Municipal Income ETF had approximately $382 million in net assets in mid-2026, while the Franklin Municipal Green Bond ETF had approximately $72 million.

Although this limited uptake has coincided with growing political and legislative scrutiny of ESG investing and a more cautious approach to promoting sustainable products by US asset managers, it remains a puzzle.

Municipal bonds finance schools, roads, water systems, hospitals, and other public infrastructure, with proceeds often associated with identifiable projects or purposes. In that respect, they appear well suited to investors seeking a visible connection between their capital and environmental or social outcomes.

Why, then, have sustainable and thematic municipal ETFs that select bonds based on environmental or social purposes gained so little traction in the municipal bond market?

We posed this question because investor demand for these products could lead to more favorable issuance terms for municipalities and lower their borrowing costs.

Our interviews found that broader municipal bond strategies incorporating a thematic tilt may be more feasible than narrowly defined pure-play funds. This approach can preserve exposure to identifiable public projects while providing greater flexibility to maintain diversification, liquidity, and credit quality, making thematic alignment less of a constraint on portfolio construction.

Tracking property completions in near real time with CHAPS purpose codes – Bank Underground


Simran Mehta and Valentina Macchiati

UK property transactions can be identified and observed directly within minutes of payment settlement using CHAPS, the UK’s high-value payment system. Taking advantage of the migration to the ISO 20022 payment standard in June 2023, and the introduction of mandatory purpose codes from May 2025, we have developed a real-time indicator of housing activity. We find that this closely aligns with existing official housing market statistics and therefore can act as a reliable real-time indicator of these statistics, superseding previously developed value-based proxies.

How well does CHAPS track official statistics?

CHAPS participants are required to provide purpose codes for property transactions. The most frequently used of these is ‘PCOM’, which corresponds to the property completion payment.

In the UK, property market activity is often measured through HMRC and Office for National Statistics (ONS) statistics. These datasets capture different dimensions of the housing market; HMRC provides a measure of property transaction activity, whereas ONS statistics focus specifically on residential property transactions. HMRC statistics are based on Stamp Duty Land Tax (SDLT) returns (which is paid after completion) and exclude transactions below £40,000. They are published with a one-month lag, with the latest month and the previous two months reported on a provisional basis. In contrast, ONS statistics are based on completed and registered residential property transactions which leads to a three-month lag in publication.

To assess how well payments with the PCOM purpose code capture completed property transactions, we compare PCOM volumes with HMRC’s property transaction series. Our analysis finds that total PCOM volume is an excellent real-time indicator of property transactions and provides an accurate measure of completed residential transactions in the UK.

Chart 1 shows close alignment between CHAPS PCOM volumes and HMRC property transaction data. From May 2025 to August 2026, there were 1.6 million uses of the PCOM purpose code, which is equivalent to over 99% of the residential property transactions reported in HMRC statistics over the same period. The mean absolute percentage difference between monthly PCOM volumes and monthly HMRC residential property transactions is 2.8%, while the Pearson correlation is 0.96, demonstrating there is a strong alignment between them. Since PCOM can be used for a broader range of property-related transactions than those covered by residential property statistics alone, extending the comparison to HMRC total property transactions (residential and non-residential) yields corresponding values of 9.9% and 0.96. This comparison suggests that our PCOM series is a useful indicator of aggregate property market activity.


Chart 1: Comparison of monthly volumes of CHAPS PCOM transactions to HMRC monthly data on property transactions

Notes: Compares monthly volumes of CHAPS PCOM payments (green), alongside HMRC monthly property transaction volumes completed in the UK with value of £40,000 or above, including total property transactions (orange) and residential property transactions (blue). HMRC data is available until August 2026, including provisional data from June 2026; CHAPS PCOM data until September 2026. The x-axis represents months, and the y-axis shows transaction volumes in thousands.


For both series (looking at HMRC total, or HMRC residential only), our analysis suggests that PCOM volumes track property completions closely, regardless of coverage. Furthermore, while HMRC data is published with a lag (delayed by one month, four if we exclude provisional data), PCOM provides a near real-time signal, meaning that CHAPS payments data could capture turning points in property market activity as they emerge.

We expect there to be some differences between the two series because they both consider slightly different sets of transactions. CHAPS may include property-related transactions below £40,000, or those not captured by SDLT returns, while HMRC may capture property purchases settled through other payment rails, funded from non-UK bank accounts, or accounted for using other property-related purpose codes.

What do payment timings reveal about housing activity?

While we do not yet have sufficient data to develop a seasonally adjusted series, the granularity of payments data in the period May 2025 to September 2026 allows us to look at other seasonal features of the data. We can confirm the patterns align with expectations:

  • Property transaction activity falls sharply over the Christmas and New Year period, with average daily PCOM volumes 57% lower than during the rest of the year. This reflects a seasonal pattern, in which transactions are often brought forward and completed before the holiday period.
  • Most people want to move before the weekend; Fridays account for 36% of transactions.
  • Transactions are concentrated in the morning; 56% of transactions are settled before midday; giving you the afternoon to unpack!

Housing payment values: coverage and limitations

A key advantage of purpose codes is that they allow us to identify property completion payments directly, rather than relying on value-based proxies. Therefore, the PCOM series provides a more complete picture of property market activity across the full distribution of property transactions, while offering a more precise measure by isolating only property-related transactions.

In the 12 months to July 2026, over two-thirds of PCOM property completion payments by volume sit within the £100,000 to £500,000 range, in line with the average UK house price. However, this range only corresponds to 50% of the total value of property payments settled, with the top 1% of payments by value accounting for more than 17% of the total PCOM value settled in CHAPS. This highlights the importance of capturing higher-value transactions, which were likely to be excluded under the previous value-based proxy.

Across the same period, the ONS reports that the average house price in the UK was £273,000, while the average value of a CHAPS PCOM property payment was £344,000. Here, it’s key to understand that the two measures are not directly comparable. The ONS chart is derived from their UK House Price Index, which is based on residential property transactions and uses a mix-adjusted methodology to account for differences in the characteristics of properties sold over time. In contrast, PCOM payments capture a broader set of property transactions and reflect the property completion payment value, making the average more sensitive to high-value transactions.

More broadly, while CHAPS data can provide timely insights into housing market activity, it does not contain the detailed property-level information required to construct traditional house price indices, such as those produced by the ONS, Nationwide and Lloyds. These indices adjust for differences in property characteristics through hedonic regression methods, ensuring the index reflects underlying price movements rather than changes in the composition of properties sold. As this information is not available within CHAPS payments data, CHAPS is better suited to analysing transaction patterns and market activity, limiting its ability to directly measure house price inflation or replicate established house price indices.

Conclusion and further work

The introduction of mandatory purpose codes has transformed CHAPS payments data into a powerful tool for real-time monitoring of the property market. By directly identifying housing transactions, the resulting PCOM series provides a more accurate and timelier indicator of property completions than previous value-based proxies. This data can also help the Bank monitor intraday CHAPS property transaction flows and identify and manage operational risks. The analysis presented in this article is based on using payment settlement dates, values and purpose codes; it does not use any personal information.

With transaction-level timestamps, PCOM data enables housing market patterns, shifts and developments to be monitored as they emerge. For example, we observed a peak in PCOM volumes at the end of March 2025, in line with changes to SDLT thresholds, demonstrating the potential of CHAPS data to capture shifts in market activity in near real time.

Looking ahead, we could explore relationships with mortgage related activity by enriching CHAPS data with complementary data sources, such as Product sales data. This would allow us to enhance real-time monitoring and support us to explore further housing insights.

A footnote on previous work

Previous analysis on CHAPS housing used a value-based CHAPS proxy to track housing activity, which showed broad alignment with HMRC trends when comparing year on year differences between 2007–16. However, this approach relied on assumptions in the absence of more granular data and has been less effective in recent years, with the relationship weakening from 2023 onwards. The introduction of purpose codes and enhanced CHAPS granularity now allows for a more direct and precise view of underlying housing activity, reducing reliance on proxy-based approaches which include non-housing transactions and exclude high value transactions.

The authors are grateful to James Sanders and Sam Cuthbertson for useful discussions and comments.


Simran Mehta and Valentina Macchiati work in the Bank’s Wholesale Payment Division.

If you want to get in touch, please email us at bankunderground@bankofengland.co.uk or leave a comment below.

Comments will only appear once approved by a moderator, and are only published where a full name is supplied. Bank Underground is a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England, or its policy committees.

The Politics of Sustainability Have Changed. The Business Case Hasn’t.



<p>Why companies are still adopting these strategies to lower costs, reduce risk, strengthen supply chains, improve productivity, and create new revenue opportunities.</p>