My first & last boat leans up against back garden shed. I paid all of $100 for 11'6" flat bottom v hull. Many enjoyable hours spent fishing !
To each his own.

For fishing I never thought it made much difference what size boat. Over 45 years I owned both an aluminum 14’ and a deeper wider 16-footer. Was crazy enough to troll out on Lake Michigan with that 14-footer and just a single 15 HP outboard during the 70s & 80s. The larger boat had a second engine.
Back to fishing … I think size is overrated. Have enjoyed catching bluegill from the edge of a pond in the spring just as much as hauling in 30 lb + salmon on the great lakes in August. You could argue the bluegill taste better.

(I’ll defer to others as far as Mike’s question for “smart guys”.)
But I agree 100% with Mike’s reasoning. I do have some non-sheltered holdings in a tax exempt muni bond fund. Aside from that, the other 90%+ resides in IRAs and I don’t give a hoot fret much about dividends. Total return is what matters to my thinking. Not to criticize those who do pay heed to dividends inside tax sheltered accounts. Monitoring dividends might well help them make better purchase or allocation decisions, just like monitoring other investment attributes can.
I noted in another thread that there is one important exception. If you own a foreign holding (including ADRs) taxes do apply to you even if held inside a tax deferred account. Withholding of taxes owed is required by law (per jurisdiction). Some foreign tax rates are as high as 25%. There seems to be some ways to get some of that back thru your U.S. tax filings, but apparently not worth the hassle for most people. The U.S. has treaties with several countries that limit tax liability for U.S. citizens. In the case of Switzerland, where I have a small exposure, the withholding tax is limited to 10% of dividends. No tax on cap appreciation.

Question for you smart guys, so given all this talk on divie's, the only reason to pick a stock that gives higher dividends than other stocks is if it is held in a taxable account since dividends are taxed less than regular income, right? There is zero added return benefit in a tax deferred account - only total return matters. I do understand a stock paying higher dividends may be a smoother ride, but not necessarily give better returns.
Is my thinking accurate, or am I off base with my bias?

Given my tax bracket since I'm still working, I prefer QDI taxed at 15% versus various bonds that are taxed as ordinary income at my 35% bracket. But I don't go looking for insanely-high dividends either ... my sweet spot is 4-7% (with good coverage/growth) depending on whether they're common or preferreds.

@majick - bogleheads.org has extensive discussion on ishares ibonds:
https://www.bogleheads.org/forum/viewtopic.php?p=7814245&hilit=Ibte#p7814245

https://www.sec.gov/Archives/edgar/data/1388485/000182912624002721/fundvantage_497.htm
497 1 fundvantage_497.htm 497
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended Securities Act File
No. 333-141120
FUNDVANTAGE TRUST
(THE “TRUST”)
POLEN GLOBAL SMID COMPANY GROWTH FUND
(THE “FUND”)
Supplement dated April 23, 2024 to the Fund’s Summary Prospectus dated December 29, 2023, and Prospectus and Statement of Additional Information (“SAI”), each dated September 1, 2023, as supplemented.
LIQUIDATION AND TERMINATION OF THE FUND
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund. The plan of liquidation provides that the Fund will cease its business, liquidate its assets and distribute its liquidation proceeds to all of the Fund’s shareholders of record. Final liquidation of the Fund will occur on or about May 23, 2024.
The Fund will cease accepting purchase orders and will be closed to all new and existing investors on May 6, 2024.
Shareholders of the Fund may redeem their shares at any time prior to the liquidation date. If a shareholder has not redeemed his or her shares by the liquidation date, the shareholder’s shares automatically will be redeemed and proceeds will be sent to the shareholder of record. All applicable redemption fees will be waived for redemptions of Fund shares that occur after the date of this supplement. Liquidation proceeds will be paid in cash at the Fund’s applicable net asset value per share.
In addition, shareholders may use the proceeds from the redemption of shares of the Fund to simultaneously purchase shares of a different Polen fund. Shareholders can make exchange requests by telephone or by mail. See “To Redeem from Your Account” in the Prospectus for contact information. If the Exchange is open for regular trading (generally until 4 p.m. Eastern time, on a business day) at the time an exchange request is received in good order, the trade date generally will be the same day. See “Redemption of Shares” in the Prospectus for additional information on transaction requests. The Fund will not accept your request to cancel any exchange request once processing has begun. Please be careful when placing an exchange request. Call Shareholder Services toll-free at (888) 678-6024 from Monday through Friday, 8:00 a.m. to 6:00 p.m., Eastern time before attempting to exchange a large dollar amount. By calling us before you attempt to exchange a large dollar amount, you may avoid delayed or rejected transactions. Please note that the Fund reserves the right, without notice, to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason. See “Market Timing and Frequent-Trading Policy” in the Prospectus for additional restrictions on exchanges.
As the liquidation of the Fund approaches, the Fund’s investment adviser is expected to increase the portion of the Fund’s assets held in cash and similar investments in order to prepare for orderly liquidation and to meet anticipated redemption requests. This may adversely affect the Fund’s performance. The impending liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratio, although existing contractual fee waivers will be maintained. Also, as the Fund’s liquidation approaches, the Fund will cease to pursue its investment objective.
The redemption of shares held by a shareholder as part of the liquidation generally will be considered a taxable event. Prior to final liquidation, the Fund may make distributions of income and capital gains. These distributions will have the tax and other consequences described in the Fund’s prospectus and statement of additional information. A shareholder should consult with the shareholder’s tax advisor to discuss the Fund’s liquidation and the tax consequences to the shareholder...

https://www.sec.gov/Archives/edgar/data/1540305/000089418924002501/defiancechai-liquidationst.htm
497 1 defiancechai-liquidationst.htm 497
Filed Pursuant to Rule 497(e)
File Nos. 333-179562; 811-22668
Defiance Israel Fixed Income ETF (CHAI)
April 24, 2024
Supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”), each dated December 11, 2023
The Board of Trustees of ETF Series Solutions, upon a recommendation from Defiance ETFs, LLC, the investment adviser to the Defiance Israel Fixed Income ETF (the “Fund”), has determined to close and liquidate the Fund immediately after the close of business on May 24, 2024 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
Effective on or about May 14, 2024, the Fund will begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, 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 that time period. Customary brokerage charges may apply to such transactions.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Distributions made to shareholders should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.
For additional information, please call 1-833-333-9383.
Please retain this Supplement with your Summary Prospectus, Prospectus, and SAI for future reference.

The prices of all options would increase to reflect 24/7 trading instead of 9/5

@gman57. Sold our boat this month and our umbrella went down by fifty bucks. Selling our much loved sailboat was very bittersweet. Happiest and saddest day all at once.

With all this insurance talk, I did speak to my independent agent about an umbrella policy. He is just a one agent shop and it turns out he is losing access to Grange Insurance which is where our 2 cars and homeowners' coverage is through.
So, he has just finished requoting our policies, including an umbrella policy all through Progressive Insurance.
$1 million umbrella policy, $227.00 for 12 months. Homeowner's policy will be 5.6% lower for 12 months and includes a bump up in liability coverage to $500,000. Our new auto policy covering our 2 cars will be 47.6% LESS (YES, THAT IS CORRECT!), and includes higher liability and uninsured protection $250,000/500,000, was $100,000/300,000 for each category.
Over the course of 12 months our premiums will be nearly $400 less and will now include the umbrella policy.
Turns out Flo is correct when it comes to bundling and saving!!

Like rforno, our umbrella (I think that Chubb calls it "excess liability") is part of the home and auto policy. I understand its purpose as relates to extended home and auto liability protection. If someone sues us for reasons not related to our home or auto (a slander lawsuit for example), is there any protection with an umbrella policy?

That depends on whether it is an excess liability policy or a true umbrella policy. The former only increases coverage limits of the underlying policies. It doesn't add coverage for unrelated reasons unlike an umbrella policy that usually does.

An excess liability policy is similar to an umbrella in that it picks up where the underlying liability policies cease making payments, but it is designed to pay claims in the same way that the underlying policies pay the claim. That tells us that claims that would be excluded by an underlying policy are also excluded by the excess policy.

https://www.insurancejournal.com/magazines/mag-features/2020/06/15/572063.htm

@Crash - for example let's say that Stock X has a value of $10 and holds that value up to the ex-date. It also pays a dividend of $0.50. (I'm ignoring all the scenarios of capital gains/losses from selling etc., etc. in this example.)
On the ex-date the value will be listed as $9.50 (you haven't lost anything but you now have a stock at $9.50 + a dividend of $0.50 = $10. If you sell it before the ex-date you still have a stock at $10 which includes the $0.50 dividend scheduled to be paid. The values are the same whether you get paid the dividend or not. In other words the dividend paid is not a bonus on top of the listed stock value. The dividend is incorporated into the listed value of $10.

Thousands more Californians will lose their home insurance this summer as two more insurers withdraw from the state.

In filings with the California Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
The two companies together insured 12,556 homeowner policies in California with $11.3 million in premiums, according to their filings. Tokio Marine also insured 2,732 personal umbrella policies, for liability, [with premiums] worth $400,000.
The companies will begin sending nonrenewal notices to customers starting July 1, according to the filings. They did not provide breakdowns of where their policies are distributed across the state.
A Tokio Marine America spokesperson said in a statement that the company is exiting the personal home insurance and liability market but would continue to provide commercial insurance.

The above is an edited excerpt from a recent report in The San Francisco Chronicle.

Simple reason is that brokers' NTF platforms have fees in 25-50 bps range. Small firms without their own distribution units have no choice but to pay those. Even larger firms like Pimco, American Funs/Capital Group, etc pay those NTF platform fees for some of their funds.
But Fido and Vanguard have their own distribution arms; VG's origin was as a distribution firm, but it has now expanded into index funds and in-house management for some bond funds.. Moreover, several Vanguard funds have ERs lower that 25-50 NTF platform fees. So, it doesn't make sense for Fido and VG to pay for NTF platforms, but brokers can make them available as TF.

A little Retiree fiduciary math:
A retiree pays about 1% (plus or minus) advisor fee annually on their entire portfolio balance.
So, a $1M portfolio would net the advisor about $10K/year in advisor fees.
Let say, at retirement, a retiree decides to take a 4% "safe withdrawal" from that $1M portfolio. That would be a $40K withdrawal on that $1M portfolio.
Collectively - Advisor fee WD ($10K) + Retiree WD ($40K) equals $50K. So this retiree is actually taking a 5% withdrawal.
This advisor's 1% fee (on your total portfolio balance) is effectively 20% ($10K/$50K) share of your "retirement withdrawals" for the year. Or you could say that $1 dollar out of every $5 withdrawn ends up in your advisor's pocket. Of the $4 you are handed, $1 will go to Uncle Sam (@25% tax bracket).
For those with Advisor's:
How often does your advisor talk with you about their advisor? What risk does your advisor take compared to the the risk you take? Remember the advisor fee is paid on the portfolio total balance, not based on the gains (or losses) of the portfolio’s performance.
The math is even more depressing when you calculate the lost opportunity cost that these annual 1% advisor fees caused during your entire accumulation phase of life.
Here’s a 3 year old article from Robert Berger (who I have been following lately):
how-a-1-investment-fee-can-wreck-your-retirement

Even a 1% fee, over a lifetime of investing, can significantly reduce the value of a portfolio. Using Vanguard data, we know that from 1926 through 2019 an 80% stock and 20% bond portfolio returned 9.7% a year. Let’s imagine we invest $1,000 a month over a 40-year career. Using this savings calculator, we know that the portfolio would grow to about $5.8 million.
Yes, compounding is a beautiful thing.
Let's now assume we pay an advisor 1% of our investments for their services. That's a standard fee in the industry, although you can find less expensive and more expensive advisors. The result is that on an after fee basis, our returns drop from 9.7% to 8.7%. The result is a portfolio of just $4.3 million. The one percent fee cost us about $1.5 million, or 25% of our wealth.
Fees matter.

DOL Retirement Security Rule, 2024
New DOL Retirement Security Rule will require advisors to act as fiduciaries for retirement advice. Rule will affect 401k/403b to IRA transfers, high-fee products, purchases of annuities, etc. Starting from 9/23/24, advisors must disclose that they are acting as fiduciaries, and all aspects of the Rule must be implemented by September 2025. This may limit advisors who can provide retirement advice; e.g. RIAs must act as fiduciaries, but other licensed advisors/brokers can use diluted Reg BI or weak suitability standards.
News https://www.cnbc.com/2024/04/23/labor-department-issues-rule-to-crack-down-on-bad-retirement-savings-advice.html
News https://www.napa-net.org/news-info/daily-news/breaking-department-labor-releases-final-investment-advice-fiduciary-rule
News https://401kspecialistmag.com/dol-final-fiduciary-rule-released-set-to-become-effective-in-september/
News https://www.thinkadvisor.com/2024/04/23/dol-releases-final-fiduciary-rule/
DOL Retirement Security Rule (476 pages) https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/laws/erisa/retirement-security/final-rule.pdf

@Crash, just an fyi, the Schwab money market pays 5.14%. SWVXX

Schwab gov't Money Fund still at 4.95% yield, TTM. SNVXX. I just took cash in the account and bought some. Pretty damn good rate. Easy to grow. No gas, no time taken. A few keystrokes. Convenient. I'll take it, sure. Everyone watch for falling rates--- if it happens in our lifetime!

@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329

Hi Sven. I will check that discussion. I stayed with them in the earlier drawdowns, and they came back, and international small caps have been going through a tough period, but the management change is making me think twice this time around. I am also getting older and my tolerance to risk is getting a bit less, but I still have a decade in front of me (hopefully) before retirement.

@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329
Granted that they write very detailed reports but their risk management came up short in my opinion. Their drawdowns are simply brutal in 2020 and 2022. I moved on to other more conservative small cap domestic fund.

I got an umbrella policy many moons ago when my teens started driving and kept it after they flew the coup since I then had a boat. I needed to have a certain amount of base coverage (which I had) before I could get an umbrella policy. I was told at the time usually if you are sued they look at your coverage and sue for that amount. If you have 1M you'll probably get sued for 1M If you have 2M you'll get sued for 2M. I agree the larger the policy the more defense you'll get from your insurance company to save themselves that money.
I stayed with one insurance company (my first) for a long time thinking loyalty and being a good customer mattered until I found out I was just a number. I then went to a local broker that searched and saved me about 1K/yr on all policies. I liked the companies they recommended so I went with them. It's been about 5+ years now and I'm debating having them do another search to get a new picture of current rates. Maybe do that every 5 years or so. It's a little bit of a hassle switching but as they say, it's not personal, it's just business. Heck I switched internet/cable service back and forth several times between the same companies over the years because they wouldn't meet what was offered by their competitors. Maybe I can do the same with insurance although insurance is a bit different as you need to be comfortable with your companies reputation.