https://www.sec.gov/Archives/edgar/data/1644419/000158064223004331/long-cramer_497.htm
497 1 long-cramer_497.htm 497
Long Cramer Tracker ETF
LJIM
A series of Northern Lights Fund Trust IV (the “Funds”)
Shares of the Funds are listed and traded on Cboe BZX Exchange, Inc. (the “Exchange” or “CBOE”)
Supplement dated August 21, 2023 to the
Prospectus, Summary Prospectus and Statement of Additional Information (the “SAI”) of the Funds dated February 21, 2023
The Board of Trustees of the Northern Lights Fund Trust IV (the “Board”) has authorized an orderly liquidation of the Fund. On August 17, 2023, the Board determined that closing and liquidating the Fund was in the best interests of the Fund and its shareholders.
The last day of trading of the Fund’s shares on CBOE will be September 11, 2023 (“Closing Date”), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund’s portfolio on hand through the Closing Date.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 21, 2023 (the “Liquidation Date”).
From the Closing Date (September 11, 2023) through the Liquidation Date (September 21, 2023), shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Fund’s shares during this time period. Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio. This process will result in the Fund increasing its cash holdings and, as a consequence, not tracking its underlying index.
Shareholders remaining on September 21, 2023 will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends as of such date. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of the Fund’s shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. Once the distributions are complete, the Fund will terminate.
______________________________________________________________________
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and SAI and should be read in conjunction with those documents. The Summary Prospectus, Prospectus and SAI have each been filed with the Securities and Exchange Commission and are incorporated by reference. Copies of these documents may be obtained without charge by visiting www.crameretfs.com or by calling 1-888-723-2821 (toll-free). For additional information regarding the liquidation, shareholders of the Funds may call 1-888-562-8880 (toll-free).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Nice @Junkster.
If I had any loose cash I’d buy some longer dated bonds. 4.34% on a 10-year ain’t chump-change. Rates drop and snatch some cap gain. It’s amazing people put so much stock in what Larry Summers says!
I also get the sense watching things that the equity markets are poised to rally. Must be a lot of traders laying back in the lead up to Labor Day. Maybe it will take a significant drop in longer term rates to spark a rally. Perhaps another 5% or so on top of the current gains by year’s end.
Guess I’m shouting into the wind, as most all the “experts” are calling for down markets the rest of the year..

I didn't mention CDs in this thread. They're not for trading. Either you were responding to someone else or brought them up yourself.
If Schwab mentioned CD early withdrawal penalties, I'm a little surprised. Generally (though not always) brokered CDs cannot be redeemed early except upon death. They can (maybe) be sold through a brokerage, but with a large spread. To be used as an escape clause (emergencies) and not as part of a routine strategy.
If you're going to buy $1M in CDs, you might use several institutions. That would depend, first, on how sanguine you were about an institution's solvency. FDIC insurance might not be of major concern. While I don't recommend that approach, I have gone over FDIC limits on rare occasions, though either for very short periods of time or with only slight excesses.
Second, you and your spouse (referencing your tax return above) can get $1M of FDIC insurance via two individual $250K accounts and a joint $500K account at a single institution.
https://edie.fdic.gov/calculator.html
Third, many banks participate in IntraFi's CDARS program, giving you access to millions of dollars of FDIC insurance for CDs via a single institution.
Finally, with short term T-bills currently yielding more than CDs of similar maturity, with their state tax exemption, and with their ease of selling (whether of necessity or by a trader), I agree that for savers and traders alike this is an easy call.

msf: However, it is no more difficult to trade TBIL than it is to trade T-Bill CUSIP 912796CS6 (maturing Sept 28) at a brokerage
FD: since I never traded CDs or treasuries, I called Schwab's bond desk.
If you sell a CD before maturity, you'll incur an early withdrawal penalty. Penalties are typically specified as a period of interest. If you want to buy a big amount, let's say a million dollars, you are going to use several institutions.
T-Bill CUSIP trading: no commission for buy/sell. I can buy huge amounts, easily over a million, all in one trade and sell all. I looked at selling, the bid-ask is very low. Example: for 912797FK8 bid-ask are 98.738-98.740. Settlement is one day, while TBIL=ETF is 2 days. But, there is a fee of $1 per each 1000, max is $250.
What is the bid-ask for TBIL, right now 50-50.1...USFR bid-ask 50.48-50.49 both are very low and similar to T-Bill CUSIP.
Bottom line: T-Bill cusip has more flexibility than CD + no state tax + I can buy a lot more using one cusip. Right now Treasuries for 3-6 months pay more than CD, easy call.
As a trader, I'm still leaning toward TBIL/USFR vs T-Bill cusip.
Looking at ST performance for USFR,TFLO,TBIL,VMFXX since 07-01-2023(to capture the start of VMFXX=MM) and USFR leads the 3 ETFs, but VMFXX isn't far. See (https://schrts.co/fWAuiQVV)

https://www.sec.gov/Archives/edgar/data/1359057/000089418923005902/vertetfconversion497e.htm
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
VERT GLOBAL SUSTAINABLE REAL ESTATE FUND
a series of Manager Directed Portfolios (the “Trust”)
Supplement dated August 21, 2023 to the
Summary Prospectus, Prospectus, and Statement of Additional Information
dated October 31, 2022, as supplemented
At a meeting held on August 17, 2023, the Board of Trustees (the “Board”) of the Trust approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) which provides for the conversion of the Vert Global Sustainable Real Estate Fund (the “Fund”), a mutual fund series of the Trust, from a mutual fund to an exchange-traded fund (an “ETF”) through the reorganization of the Fund into the Vert Global Sustainable Real Estate ETF (the “Acquiring Fund”), a newly-created ETF series of the Trust (the “Reorganization”). Because applicable legal requirements do not require shareholder approval of the Reorganization and the Board has determined that the Reorganization is in the best interests of the Fund and the Acquiring Fund, shareholders of the Fund are not being asked to vote on the Reorganization.
Vert Asset Management, LLC (“Vert”), the Fund’s investment adviser, recommended the Reorganization to the Board and has agreed to assume all of the costs of the Reorganization. Vert believes the Reorganization will provide numerous benefits to Fund shareholders, including lower expenses, enhanced investor and financial intermediary access to the Fund as an ETF and the potential for greater tax efficiency. The Reorganization is expected to occur in the fourth quarter of 2023.
A combined Form N-14 information statement/prospectus (the “Information Statement”) providing information on the Reorganization, and including the Plan of Reorganization, is anticipated to be mailed to shareholders of the Fund during the fourth quarter of 2023. Under the Plan of Reorganization, shareholders of the Fund will receive shares of the Acquiring Fund having the same aggregate net asset value as the shares of the Fund they hold on the date of the Reorganization. The Reorganization is expected to be treated as a tax-free reorganization for federal income tax purposes. Shares of the Acquiring Fund are not issued in fractional shares. As a result, some shareholders who hold fractional shares of the Fund may have such fractional shares redeemed at NAV immediately prior to the Reorganization resulting in a small cash payment, which may be taxable.
Prior to the Reorganization, Vert and Dimensional Fund Advisors Fund Advisors LP (“DFA”), the Fund’s investment sub-adviser, will continue to manage the Fund in accordance with the Fund’s investment objective and principal investment strategies. After the Reorganization, Vert will serve as investment adviser for the Acquiring Fund and DFA will serve as investment sub-adviser for the Acquiring Fund. Mr. Samuel Adams, of Vert, is a portfolio manager for the Fund and will serve as a portfolio manager for the Acquiring Fund. Mr. Jed S. Fogdall, Mr. Allen Pu, and Mr. William Collins-Dean, each of DFA, are currently responsible for providing portfolio management and trading services for the Fund with respect to securities identified as eligible for the Fund by Vert, and will provide the same portfolio management services to the Acquiring Fund. Joseph F. Hohn, also of DFA, is not currently a portfolio manager of the Fund but will be added as a portfolio manager of the Acquiring Fund.
The Acquiring Fund will have the same investment objective and fundamental investment policies as the Fund nearly identical investment strategies and substantially similar risks as the Fund, all as set forth in the Fund’s current Prospectus and SAI. The Acquiring Fund will also be subject to certain risks unique to operating as an ETF. A comparison of the investment policies, strategies and risks of the Fund and the Acquiring Fund will be provided in the Information Statement.
Shareholders who hold Fund shares through an IRA or other retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform may need to redeem their shares prior to the Reorganization, or your broker or intermediary may transfer your investment in the Fund to a different investment option prior to or at the time of the Reorganization. If you hold shares of the Fund in an account with the Fund’s transfer agent, U.S. Bancorp Fund Services, LLC (the “Transfer Agent”), or another financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact the Transfer Agent or your financial intermediary to transfer your shares to a brokerage account that permits investment in ETF shares. Please contact your broker or intermediary for additional information.
Fund shareholders may continue to redeem shares of the Fund until several days prior to the closing of the Reorganization. Shareholders may purchase shares of the Fund in a brokerage account through a broker, until several days prior to the closing of the Reorganization, which date will be included in the Information Statement mailed to shareholders.
1
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
Effective immediately, shares of the Fund are no longer available for purchase directly from the Transfer Agent. All references in the Fund’s Prospectus and SAI to purchasing shares directly from the Transfer Agent are hereby removed. After the Reorganization, shares of the Acquiring Fund may only be purchased and sold in a brokerage account through a broker who will execute your trade on an exchange at prevailing market prices.
Please retain this Supplement for future reference.

One only needs to consider GE to see the risk of only holding one or a few stocks. This was the only stock we owned for many years, a gift from my wife’s grandfather.Twenty-five years ago, it was the largest company in the world by stock value. Now, it’s worth a small fraction of that. Fortunately, we sold portions of it during its heyday, for down payments on houses. Plus, we’ve only invested in stocks through mutual funds in our retirement savings. GE was by far our largest asset when we married; now it’s less than 0.5% of our savings.

Regarding Nuveen/TIAA - According to M* (see "Parent" section under TIAA funds), the rebranding of its entire asset/investment management to Nuveen was more than cosmetic. TIAA centralized virtually all its investment teams as well as all its operations, technology, and sales functions. Its investment management really is just one entity now.
It wasn't just TIAA and Nuveen, but also other units that were integrated. In 2016, TIAA described its plans for managing real assets:

The new standalone division will wrap in many of TIAA-CREF’s largest units, including global real estate, agriculture, timber, infrastructure, and energy. In addition, the real assets group is to take over subsidiaries TH Real Estate, Westchester Group Investment Management, GreenWood Resources, and Churchill Asset Management.
All told, TIAA-CREF expected the real assets business to comprise roughly 900 staff members in 16 countries.

https://www.ai-cio.com/news/tiaa-cref-reveals-reorganization/
Regarding Fidelity's fund screener missing fund families - it's not just D&C that is missing (though that's arguably the most egregious). The screener has an option to include ETFs in its search but it doesn't include ETFs from fund families that don't sell OEFs.
You won't find WisdomTree in its list of fund families or its funds in the search results. With Blackrock, you'll find Blackrock branded ETFs like BRLN, but no iShares by Blackrock branded ETFs. OTOH, you'll find all of Vanguard's ETFs.
On the fund screener, Fidelity writes:
"For more detailed information, including intraday pricing, please visit the ETF Screener"
The message is not that you should use the ETF screener to find ETFs. Rather, just use the ETF screener if you want additional details about ETFs that are already found.

From M* VDIGX / People:
Peter C. Fisher Senior Managing Director, Partner, and Equity Portfolio Manager Peter is a portfolio manager on the Dividend Growth Team. He manages equity assets on behalf of our clients, drawing on research from Wellington Management’s global industry analysts, equity portfolio managers, and team analysts. He manages the Global Dividend Growth approach and works closely with Don Kilbride on other Dividend Growth approaches. He works in our London office. Prior to joining Wellington Management in 2005, Peter worked as an equity research analyst at MFS Investment Management, where his coverage included the consumer staples, energy, and technology sectors (2000 – 2005). Peter earned his MBA from the University of Chicago (2000) and his BA in economics from Davidson College (1993).
Gender: Male
M.B.A. University of Chicago, 2000
B.A. Davidson College, 1993
Current Investments Managed
Jul 2022— Vanguard Dividend Growth Inv
Apr 2021— Brighthouse/Wellington Core Eq Opps A
Apr 2021— Brighthouse/Wellington Core Eq Opps B
Apr 2021— Brighthouse/Wellington Core Eq Opps E
Apr 2021— Bridge Builder Large Cap Value
Aug 2020— MassMutual International Eq A
Aug 2020— MassMutual International Eq Adm
Aug 2020— MassMutual International Eq I
Aug 2020— MassMutual International Eq R3
Aug 2020— MassMutual International Eq R4
Aug 2020— MassMutual International Eq R5
Aug 2020— MassMutual International Eq Svc
Aug 2020— MassMutual International Eq Y
May 2020— Hartford Stock HLS IA
May 2020— Hartford Stock HLS IB

We did have a few individual stocks over 5% each when we were young. These days we invest mostly through mutual funds, ETFs, and few individual stocks, Getting a modest return is good enough for us as we learned to be better investors over time.
When Morningstar X-Ray tool was available, it would provide individual stock % from our portfolio and the overlaps of certain stocks. The mega-tech stocks still drive the market, but lately the tide is turning against them.

@msf made me think back to being young and 'probably' foolish. Our company's original 401k plan had only 4 options, one of them being the companies stock (Kodak). Being a DOW blue-chip stock for so long, I and many of my coworkers typically had 50% or more in the stock all through the 70's and 80's and even into the 90's.
Today any individual stocks I buy are only with my "play" money, no more than 2-5% of my self managed portfolio. Today, the only 2 stocks I own are ASML and MSFT.

To skew the data a bit further, my largest single stock holding constituted somewhere between 30% and 40% of my portfolio (including cash, which was a large percentage).
That was when I was young and foolish, working at my second company - a startup that had recently gone public and offered an ESPP with a 15% discount. My records going back that far are sketchy so all I can give is a ballpark estimate (from tax filings, mortgage application, etc.).
I was very lucky. Conventional wisdom is not to hold (much) stock in the company you work for - they can both go bust at the same time.

Among the T-Bill ETFs with < 3m maturity, what is the attraction (besides a catchy name) of smallish TBIL with a higher ER and from a relatively new firm (with 10 ETFs, all 2022- ) ?
BIL AUM $28.43 billion, ER 14 bps, inception 5/25/07
SGOV AUM $13.14 billion, ER 7 bps, inception 5/26/20
TBIL AUM $1.51 billion, ER 15 bps, inception 8/8/22
TBIL did have the advantage of starting in rising T-Bill rate environment, but a more detailed look at StockCharts shows that advantage was gone in 7 months after the inception.

@hank- consensus- a general agreement. Not an "average".

Got it. Thanks @Old_Joe. I’d guess the consensus from my 10-15 web searches also falls around that 5% number.
Call it ”conventional wisdom”.

So far it seems like the consensus is something around 5% for the high limit on an individual stock.

Umm … There’s one poster who reports having 65% in one stock. Another has 1 stock @ 14%. That would skew the “average” above 5% methinks.
Most interesting. Appreciate all the comments. There is, of course, no “right” answer, although a lot of online gurus suggest 5% as a “high water” mark. A few say up to 10%. One went so far as to suggest an ideal allocation would consist of just 10 stocks at 10% each. But that last one is an outlier and not the norm.
Agree with @PRESSmUP on the Fido point. I should make clear that only when you go into their (optional) portfolio screener and hit “scan” does it flag the concentration and explain the risks inherent in such a concentration. So, it’s more of an informal advisory than any policy or rule.

So far it seems like the consensus is something around 5% for the high limit on an individual stock.

52% of my portfolio are individual stocks, currently 14 companies. I generally subscribe to a target of about 3.5-4% or so, but it depends on what's happening within the business. As an example, I see no reason to trim Broadcom, which is about 5%. So...I would view FIDO's concentration "warning" purely as an advisory notification. My largest position overall is a clinical stage bio-tech, at 14% of the total portfolio. Most likely not wise, but so be it.

May be not the MFO monitors, but the site hosting (Vanilla) monitors? I didn't notice it before, but if it is only 2 immediate views, that isn't bad.
When I started posting on Facebook, I noticed that immediately there were about 15 views. At first, I thought, wow, I got a lot of dedicated viewers for a newbie poster. But then I saw the pattern - those views are by about 15 internal Facebook monitors. But then Facebook is much larger than Vanilla.
Wonder how the sites keep track of what is posted by individuals or in boards/forums? How else will they flag site term violations? Well, this is how. They probably use automated software for this continuous monitoring. They may take their time in acting on user complaints, but site term violations are quite different.

I hold between 12-15 individual stocks at any one time and usually aim for 3-5% each. At present most are sitting at the 5% mark.

Thoughts on the subject from T. Rowe Price:
There is no set definition for what makes a concentrated position. When an investment in a single stock represents more than 5% of a portfolio, T. Rowe Price advisors consider it to be worth addressing. Once a holding exceeds 10%, however, it represents a greater risk that requires more immediate planning. “Most situations we see aren’t in a gray area, however,” says Daniel Tafoya, CFP®, a financial planner with T. Rowe Price. “Clients with concentrated positions often have 20% or more of their portfolio invested in a single company. This level of concentration is clearly a concern.”
Source: https://www.troweprice.com/personal-investing/resources/insights/actions-can-take-if-your-portfolio-is-too-concentrated-in-one-equity.html