Perhaps an insight here in this recent article from The Economist.
Excerpts from the article:

America is the only large economy to tax its citizens on everything they earn anywhere in the world. [The] new law requires banks, funds and other financial institutions around the world to report assets held by American clients or face a ruinous 30% withholding tax.
The law is also having unfortunate unintended consequences. The 7m Americans living abroad now wear a scarlet letter... Many have been rejected by foreign providers of banking services, insurance and mortgages because, given the amount of paperwork needed to satisfy Uncle Sam, American clients are simply too much hassle.

Note: This article is from the "Leaders" section of The Economist, which corresponds to an editorial commentary in "US English".

I've said many times in the past that I would not touch an ETF or a closed end fund with a ten foot pole (regardless of its category) because of their volatility compared to the open end funds. What we have seen here recently is a good example. HYD has declined over 5% from its recent highs while some of its closed end brethren in high yield muniland have declined even more than that. Meanwhile in the real world where funds are priced on NAV, open end funds in that category haven't even declined 1% off their highs ala NHMRX.
Regardless, while this selloff may be much ado about nothing, I have sold off over 70% of NHMRX (new highs would get be fully invested again) and deployed a *very* small part of that in some equity funds ala DODWX and BEXFX as starter positions. An outside observer might well say, it looks like an equity top could be at hand when someone like myself who has been an avowed bondman since mid-December 2008 suddenly begins dabbling in equity funds

The big fund saw outflows of $4.5B in June, worse than than $4.3B pulled in May. Overall, it's down about $70B from its April 2013 peak.
Okay, so apparently Gross's rambling invocation of The Manchurian Candidate didn't help as much as he thought it would. Fallback possibilities: allusions to Lindsay Lohan's dysfunctional parents, the discussion of how the slightest mistake in preparing the otherwise delicious fugu leads to sudden, painful death, or Paavo Nurmi's rejection from the 1932 L.A. Olympics (just a few miles from the happiest place on Earth, Bill!) and his subsequent declaration "Worldly fame and reputation are worth less than a rotten lingonberry."
Stay tuned.
David

gah, what is this about? Glancy was there for 2.5 years! 2000-03.
Why post this crap? This is like the second or third time on MFO that this factoid has been posted. Did Glancy do something to you two guys??
I am of course talking about Thomas Soviero, who has run FLVCX 11y straight as of yesterday.
No, wanh, me wanna talk about Vinik, not Danoff. wtf?

ROFL! Personally, I think Glancy not doing too shabby job at his Putnam funds.

gah, what is this about? Glancy was there for 2.5 years! 2000-03.
Why post this crap? This is like the second or third time on MFO that this factoid has been posted. Did Glancy do something to you two guys??
I am of course talking about Thomas Soviero, who has run FLVCX 11y straight as of yesterday.
No, wanh, me wanna talk about Vinik, not Danoff. wtf?

Artisan's EM fund has always made me a bit uncomfortable (a team that I didn't know and that didn't seem to have experience in running a mutual fund, the oddity of a purely institutional focus, high downside capture, and a portfolio that doesn't seem particularly distinctive). Still, it's drawn over $500 million in assets.The highlight of my early manager research was the fact that she caused a panic, and legal change, by building a garage. The fact that it was institutional-only gave me a convenient excuse for ignoring it.
I suppose, come fall, that will have to change.
As ever,
David

Thinking it is prudent to wait for it to tank before considering. Harder to lose that way. After all I'm curing myself of Excessive Funditis.

http://www.nasdaq.com/article/hyd-crowded-with-sellers-cm366864
Oversold - buying op? From what I read the recent selling came at a time when Puerto Rico court said muni bond issuers could re-structure.
But below 200 ma now..
http://www.nasdaq.com/article/high-yield-municipal-index-hyd-shares-cross-below-200-dma-cm367254
http://www.moneynews.com/Markets/Puerto-Rico-Moodys-junk/2014/07/01/id/580370/
"President Barack Obama's administration has set up a task force to try to find solutions for Puerto Rico, which lacks the legal means to declare bankruptcy."

Anyone looking into it might also want to check out the much more experienced Soviero and FLVCX.
FLVCX is a great fund can get in for $2500 in retirements. Or $ 10000 in regular accounts. Also have to dance with it for 90 days or pay the 1.5% penalty.
Have owned this fund in the past with good results.
Don't post much but hope I did this right.
lets see what happens
Gary

http://www.sec.gov/Archives/edgar/data/1141306/000089180414000604/hend59755-497.htm
497 1 hend59755-497.htm HENDERSON GLOBAL FUNDS
HENDERSON GLOBAL FUNDS
Henderson European Focus Fund
Supplement dated July 3, 2014
to the Prospectus and Summary Prospectus dated November 30, 2013
IMPORTANT NOTICE
This supplement provides new and additional information beyond that contained in the prospectus and should be retained and read in conjunction with the prospectus.
Effective as of the close of business on October 31, 2014, the Henderson European Focus Fund (the “Fund”) will be closed to new purchases, except as follows:
·Shareholders of record of the Fund as of October 31, 2014 are able to: (1) add to their existing Fund accounts through subsequent purchases or through exchanges from other Henderson Global Funds, and (2) reinvest dividends or capital gains distributions in the Fund from shares owned in the Fund;
·Trustees of the Henderson Global Funds or employees of Henderson Global Investors (North America) Inc. (the Fund’s investment adviser);
·Fee-based advisory programs may continue to utilize the Fund for new and existing program accounts;
·Purchases through an employee retirement plan whose records are maintained by a trust company or plan administrator;
·Current and future Henderson Global Funds which are permitted to invest in other Henderson Global Funds may purchase shares of the Fund.
The Fund is taking this step to facilitate management of the Fund’s portfolio. The Fund reserves the right to re-open to new investors or to make additional exceptions or otherwise modify the foregoing closure policy at any time (including establishing an earlier closing date) and to reject any investment for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

Hi Gary,
I have this fund under review myself as a possible holding in the growth area / specialty sleeve of my portfolio. I have linked information on the fund below should others might wish more information on the fund.
https://advisor.fidelity.com/app/fund/sasid/details/2625.html#/!
Scroll down to view complete report.
Old_Skeet

Overall, I have about 35% exposure to equities in my overall portfolio, consisting of such funds as BERIX, VWENX, FCNTX, UMBMX, YAFFX, ARTGX and FCPVX. My bond exposure is about 40% and the rest is cash for now. It's a conservative portfolio overall. I don't need to take a lot of risk in my position.

Artisan's EM fund has always made me a bit uncomfortable (a team that I didn't know and that didn't seem to have experience in running a mutual fund, the oddity of a purely institutional focus, high downside capture, and a portfolio that doesn't seem particularly distinctive). Still, it's drawn over $500 million in assets.The highlight of my early manager research was the fact that she caused a panic, and legal change, by building a garage. The fact that it was institutional-only gave me a convenient excuse for ignoring it.
I suppose, come fall, that will have to change.
As ever,
David

Get in, sit down, shut up and hold on it may be a wild ride. Fund has passed the $50 mil mark in assets.
Professionals would not invest in this for at least 3 years - but I am not a professional and have invested a few coins (about 0.5%) in this fund.
FARNX is 6 months old and has $64 mil. in assets and looks like it's gaining traction. It is a small blend fund.
Reviewed past postings and I thank Ted and others for their input, I put it on My possible list some time back .
Would like to see this fund grow to about $400 mil and close.
But what do I know!!!

The way Vanguard does things is that you have the Investor share class, typically with a $2,500 minimum to get in and a slightly higher ER. Then you have the Admiral Share Class, often with a $10,000 minimum to get in, and a lower expense ratio. Then the exchange traded fund, with the same super low ER as the Admiral shares, and of course traded on an exchange, so no minimum

Does SCHB fit your requirements? Can't beat that ER.

That one has 1,998 stocks.
He posted "Broad market cap exposure is the deciding factor".
Of course, 1,998 stocks stills gives you very broad market exposure, but not nearly as many small and microcap stocks as the other funds I mentioned, VTI or VTSAX, or the Fidelity offering, FSTVX
By the way, the Fidelity offering I mentioned has a $10K minimum. For a slightly higher ER, you can purchase another share class with a $2,500 minimum: Fidelity Spartan Total Market Idx Inv FSTMX

If I remember correctly, SCHD had about 2500 holdings. That 0.4% ER is really low.
Sounds like you have some answers Catch.

5 basis points expense ratio for VTI. The Admiral Shares also have 5 basis points expense ratio, with $10K minimum to get in, VTSAX

Ok, we have money in VITPX in a 529, but can not buy this in any of our retirement accounts.
VITPX holds 3,300 U.S. issues, whereas VTI is also broadbased, but with only 1,700 or so holdings.
OPPS....my bad, don't know why I noted 1,700 holdings. rjb112 is corrrect with the higher number (3,677)noted below.
Any suggestions for a very broadbased U.S. equity etf/index holding many issues across all cap sizes.
Growth, value or whatever type is not a deciding condition. Broad market cap exposure is the deciding factor, and of course "cheap" all that much better for E.R.
We've looked through a list at etfdatabase; but perhaps you have a favorite for very good reasons.
We have access to just about whatever via Fido brokerage.
Thank you for your thoughts.
Catch

Spoke to them on several occasions. Last time was in 2005. They were absurdly overweight the FIRE sector and preaching that as "safe and cheap". It wasn't.
Marty was brilliant. I read his book. As one commenter said, "lost their way".

Hi rjb112,
Definitions matter every bit as much as costs matter when making investment decisions.
I appreciate that you are a careful researcher, so this observation is likely to be totally unnecessary. However, when consulting any financial article, be sure to understand the precise definition of whatever statistic is being quoted.
The Price to Earnings ratio is one such statistic that has plenty of special definitions that could be misleading or misinterpreted if not properly recognized. Is the Price component based on current closing price or the monthly average? Is the Earnings component based on current level or is it a trailing 12 month average? Most importantly, are those Earnings the historical values or are they future projections?
I say most importantly because an estimate of future earnings is simply a forecast prone to error. My position on forecasts has been consistent: I am basically skeptical of most financial forecasts and generally distrust them. As you correctly inferred in your post, the likely explanation for the disparity in P/Es reported is that they were generated from the various sources that you cited.
When using the P/E ratio as part of the investment decision, it is hazardous to use future estimates. These estimates are often based on optimistic guesstimates, false assumptions, and/or behavioral biases. I believe it is a far safer approach to use the historical P/E ratio.
Nobel laureate Robert Shiller recently introduced the 10-year average of real (inflation-adjusted) earnings as the Earnings denominator. That’s his Cyclically Adjusted Price to Earnings Ratio (CAPE) formulation. That smoothing operation helps to tame the wild oscillations caused by point data anomalies. That too is a good concept.
Again historically, the current levels, like those exhibited by the S&P 500 Index, are a bit on the high side of the long-term trendline, but the trendline itself has been slowly increasing over time. Nothing is constant; the constituent makeup of the S&P 500 units slowly morphs.
As always, you alone get to interpret these data in your investment decision making.
I would caution you not to get too upset about rather small disparities in reported financial statistics. Given the dynamic nature of the marketplace, these are all subject to rapid changes anyway. As other MFOers have offered, don’t be frozen into paralysis by hyper analyses.
Good luck and Best Wishes.