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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Blackstone Child Labor in Slaughterhouses and Low-Road Capitalism 2
    BTW Blackstone's CEO and 20% Owner, Steven Schwarzman, took home $1.27 BILLION last year, although the stock dropped 40%.
    "Behind every great fortune there lies a great crime"
    He also was the third largest individual donor to GOP "election deniers" in 2020, and earlier equated Obama's plan to eliminate carried interest to the Nazi invasion of Poland
    I wonder if Yale and Oxford and the NY Public Library will now return the millions he has given them?
  • Thoughts on JEPI?
    My 75 y/o parents are considering putting some cash into JEPI as they want some additional income and like the yield (11.49%). They have a growth section in their portfolio (a lot of FCNTX and DODGX both of which they've held for over 35 years) and are considering JEPI for the income side of their portfolio and are willing to sacrifice capital appreciation for the extra income. JEPI has some investments that I simply don't understand and I don't think my parents do either. What are your thoughts on JEPI?
    Thanks in advance for any and all replies!
  • Dodge and Cox Annual Reports posted
    @hank, I am looking at NOTIONAL amounts that are the total positions controlled and gains/losses experienced are (almost) on those. For options, the option-delta also comes into play. Amounts invested or current values are smaller as these are leveraged derivatives.
    So, I see:
    $613.73 million (notional) in short futures.
    $846.23 million (notional) in call options
    Some of these positions may offset others.
    Unclear about currencies as only buys and sells are shown, not net positions.
    The fund AUM is $13.51 billion, so 1% is $135.1 million.
    If I was looking for something like this for my personal brokerage account, I would think of it as gross 10%+ exposure to futures and options. This is just an observation, not intended to cause alarm.
  • Blackstone Child Labor in Slaughterhouses and Low-Road Capitalism 2
    Great article in NYT today about child labor in the U.S. It’s actually pervasive:
    https://nytimes.com/2023/02/25/us/unaccompanied-migrant-child-workers-exploitation.html
    These workers are part of a new economy of exploitation: Migrant children, who have been coming into the United States without their parents in record numbers, are ending up in some of the most punishing jobs in the country, a New York Times investigation found. This shadow work force extends across industries in every state, flouting child labor laws that have been in place for nearly a century. Twelve-year-old roofers in Florida and Tennessee. Underage slaughterhouse workers in Delaware, Mississippi and North Carolina. Children sawing planks of wood on overnight shifts in South Dakota..,.
    …In town after town, children scrub dishes late at night. They run milking machines in Vermont and deliver meals in New York City. They harvest coffee and build lava rock walls around vacation homes in Hawaii. Girls as young as 13 wash hotel sheets in Virginia….
    ….Migrant child labor benefits both under-the-table operations and global corporations, The Times found. In Los Angeles, children stitch “Made in America” tags into J. Crew shirts. They bake dinner rolls sold at Walmart and Target, process milk used in Ben & Jerry’s ice cream and help debone chicken sold at Whole Foods. As recently as the fall, middle-schoolers made Fruit of the Loom socks in Alabama. In Michigan, children make auto parts used by Ford and General Motors.
    The number of unaccompanied minors entering the United States climbed to a high of 130,000 last year — three times what it was five years earlier — and this summer is expected to bring another wave….
    …One of the nation’s largest contract manufacturers, Hearthside [Food Solutions] makes and packages food for companies like Frito-Lay, General Mills and Quaker Oats. “It would be hard to find a cookie or cracker aisle in any leading grocer that does not contain multiple products from Hearthside production facilities,” a Grand Rapids-area plant manager told a trade magazine in 2019.
    General Mills, whose brands include Cheerios, Lucky Charms and Nature Valley, said it recognized “the seriousness of this situation” and was reviewing The Times’s findings. PepsiCo, which owns Frito-Lay and Quaker Oats, declined to comment.
    Three people who until last year worked at one of the biggest employment agencies in Grand Rapids, Forge Industrial Staffing, said Hearthside supervisors were sometimes made aware that they were getting young-looking workers whose identities had been flagged as false.
    “Hearthside didn’t care,” said Nubia Malacara, a former Forge employee who said she had also worked at Hearthside as a minor….
    …While many migrant children are sent to the United States by their parents, others are persuaded to come by adults who plan to profit from their labor.
    Nery Cutzal was 13 when he met his sponsor over Facebook Messenger. Once Nery arrived in Florida, he discovered that he owed more than $4,000 and had to find his own place to live. His sponsor sent him threatening text messages and kept a running list of new debts: $140 for filling out H.H.S. paperwork; $240 for clothes from Walmart; $45 for a taco dinner.
    “Don’t mess with me,” the sponsor wrote. “You don’t mean anything to me.”
    Nery began working until 3 a.m. most nights at a trendy Mexican restaurant near Palm Beach to make the payments. “He said I would be able to go to school and he would take care of me, but it was all lies,” Nery said.
    His father, Leonel Cutzal, said the family had become destitute after a series of bad harvests and had no choice but to send their oldest son north from Guatemala….
    …Teachers at the school estimated that 200 of their immigrant students were working full time while trying to keep up with their classes. The greatest share of Mr. Angstman’s students worked at one of the four Hearthside plants in the city.
    The company, which has 39 factories in the United States, has been cited by the Occupational Safety and Health Administration for 34 violations since 2019, including for unsafe conveyor belts at the plant where Carolina found her job. At least 11 workers suffered amputations in that time. In 2015, a machine caught the hairnet of an Ohio worker and ripped off part of her scalp.
    The history of accidents “shows a corporate culture that lacks urgency to keep workers safe,” an OSHA official wrote after the most recent violation for an amputation.
    Underage workers in Grand Rapids said that spicy dust from immense batches of Flamin’ Hot Cheetos made their lungs sting, and that moving heavy pallets of cereal all night made their backs ache. They worried about their hands getting caught in conveyor belts, which federal law classifies as so hazardous that no child Carolina’s age is permitted to work with them….
    …But these jobs — which are grueling and poorly paid, and thus chronically short-staffed — are exactly where many migrant children are ending up. Adolescents are twice as likely as adults to be seriously injured at work, yet recently arrived preteens and teenagers are running industrial dough mixers, driving massive earthmovers and burning their hands on hot tar as they lay down roofing shingles, The Times found.
    Unaccompanied minors have had their legs torn off in factories and their spines shattered on construction sites, but most of these injuries go uncounted. The Labor Department tracks the deaths of foreign-born child workers but no longer makes them public. Reviewing state and federal safety records and public reports, The Times found a dozen cases of young migrant workers killed since 2017, the last year the Labor Department reported any.
    The deaths include a 14-year-old food delivery worker who was hit by a car while on his bike at a Brooklyn intersection; a 16-year-old who was crushed under a 35-ton tractor-scraper outside Atlanta; and a 15-year-old who fell 50 feet from a roof in Alabama where he was laying down shingles.
    Note like the Packers company owned by Blackstone above, Hearthside is owned by a private equity fund shop, this one called Charlesbank Capital Partners.
  • Smaller SP-SC 600 ETF SLY Merging into Larger SPSM
    What is the story here?
    State Street was a pioneer and first mover in the ETFs (SPY was the 1st ever ETF in 01/1993).
    For many years, the SEC had approved the ETFs as exceptions to mutual funds, and over time, these exceptions created ETFs with slightly different twists. Firms hung on to these older versions of ETFs because the newer rules were quite different. Some older ETFs also had decent past history and good liquidity due to better intuitional acceptance even when some had high ERs.
    So, many firms developed entirely new "core" versions of their older ETFs that had lower ERs, but the AUMs started out low, and liquidity was not good for institutions, but OK for retail. This is ETF industry version of having its cake and eating it too.
    That is how the "SPDR Portfolio" ETFs came about in 10/2017. These were just what the others have called their "core" ETFs (BlackRock's iShares come to mind and there are several others).
    More recently, there were reforms for the ETFs in 09/2019 and all these older ETF structures based on ETFs-as-exceptions-to-mutual-funds were dumped, and new ETF structures were developed and applied uniformly to almost all ETFs.
    Now to SLY vs SPSM.
    SPDR SLY started in 11/2005. Its current AUM is $1.8 billion and ER is 0.15%. Its benchmark was always SP SC 600.
    SPDR Portfolio SPSM started out in 07/2013 with a different SC index, that was changed to another SC index, and finally changed to SP SC 600 in 2020. Its current AUM is $5.2 billion (much bigger than the original SLY) and ER is 0.05% (much lower than the original SLY).
    So, now, after the changes to SPSM in 2020, the 2 became identical! Why not merge them?
    And that is what State Street is doing now with 06/2023 target. If anything, what took them so long?
  • BONDS, HIATUS ..... March 24, 2023
    Hi @larryB
    I was going to write about this next week, but here we are and that's great; as it relates to your and my own question, too.
    SOFR is a broad measure of the cost of borrowing cash overnight, collateralized by
    U.S. Treasury securities in the repurchase agreement (repo) market.
    There is monetary hand-holding in REPO and SOFR land. LIBOR had this function, but has been replaced with SOFR. LIBOR (London) had a few proven manipulations taking place and was given the boot for this monetary trading arena. Trillions of dollars travel these hidden electronic roads as we eat, sleep, play and other. I don't know about all of the areas using SOFR rates (lack of study time), but some large mortgage companies use the SOFR yield rate to set mortgage rates.
    SOFR New York Fed. Reserve related write up.
    This links to Part II, for the overview. I wouldn't begin to launch this in my own words. I think you'll find some quick decent reading without going crazy.
    SOFR A decent Investopedia definition
    My quick and dirty for SOFR and MMKT rates is that, as FED rates increased....then SOFR rates increased and with watching SOFR rates there is a very close connection in the yields being paid in MMKT's.
    SOFR is reported through the day on Bloomberg tv, and has remained at 4.55 during the same time frame as with the 'flat line' in MMKT yields, generally speaking. for the ones I view. There is a % range for this and I can't find my handy-dandy chart. I'll dig around and place it in this thread; as it can't be more than a few electrons away.
    Hi @Anna Thanks for the kind words. I learn from writing, too.
  • SPDR Bloomberg SASB Corporate Bond ESG Select ETF to liquidate
    https://www.sec.gov/Archives/edgar/data/1064642/000119312523048776/d287555d497.htm
    97 1 d287555d497.htm SPDR SERIES TRUST
    SPDR® SERIES TRUST
    (the “Trust”)
    SPDR Bloomberg SASB Corporate Bond ESG Select ETF
    (the “Fund”)
    Supplement dated February 24, 2023
    to the Summary Prospectus, Prospectus and Statement of Additional Information
    each dated October 31, 2022, as may be supplemented from time to time
    On February 23, 2023, at the recommendation of SSGA Funds Management, Inc., the Trust’s investment adviser, the Trust’s Board of Trustees voted to close and liquidate the Fund.
    The Fund will create and redeem creation units through April 11, 2023, which will also be the last day of trading of the Fund’s shares on the NYSE Arca, Inc., the Fund’s principal U.S. listing exchange. The Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about April 17, 2023 (the “Liquidation Date”). Shareholders of record of the Fund remaining on the Liquidation Date will receive cash at the net asset value of their shares as of such date, which will include any net capital gains and net investment income as of this date that had not been previously distributed. Any net capital gains and net investment income from the previous fiscal year, which were not distributed by the end of the most recent fiscal year-end, may be distributed to shareholders in advance of the Liquidation Date, in what is commonly referred to as a “spillback distribution.”
    Prior to the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio, which will result in the Fund not tracking its Index and increasing its holdings in cash and/or cash equivalents, which may not be consistent with the Fund’s investment objective and strategy. Shareholders of the Fund may sell their holdings on the NYSE Arca, Inc. prior to April 12, 2023. Customary brokerage charges may apply to such transactions. From April 12, 2023 through the Liquidation Date, we cannot assure you that there will be a market for your shares.
    On or about April 18, 2023, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the current net asset value of their shares. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, shareholders generally will recognize a capital gain or loss on the redemptions. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
    Shareholders can call 1-866-787-2257 for additional information.
    PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
    022423SUPP2
  • Invesco liquidates some more ETFs
    https://www.sec.gov/Archives/edgar/data/1378872/000119312523048862/d471458d497.htm
    497 1 d471458d497.htm 497
    INVESCO EXCHANGE-TRADED FUND TRUST II
    SUPPLEMENT DATED FEBRUARY 24, 2023 TO THE:
    PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
    DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
    Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
    Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
    and
    PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
    DATED DECEMBER 16, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
    Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
    Invesco PureBetaSM US Aggregate Bond ETF (PBND)
    (PBEE, PBDM, PBSM and PBND are
    each, a “Fund” and collectively, the “Funds”)
    As previously announced, at a meeting held on January 20, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Board”) approved the termination and liquidation of each Fund. The liquidation payment to shareholders is now expected to take place on or about June 30, 2023.
    On February 24, 2023, the Board approved a revised timeline for the termination and liquidation of the Funds. Accordingly, the Funds no longer will accept creation orders after the close of business on June 16, 2023. The last day of trading in each Fund on the Cboe BZX Exchange, Inc. (the “Exchange”) will be June 23, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
    Shareholders may sell their holdings of a Fund on the Exchange until market close on June 23, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the Exchange after market close on June 23, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on June 23, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about June 30, 2023.
    Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
    Shareholders should call the Funds’ distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
    Please Retain This Supplement For Future Reference.
    P-PS-TRUSTII2-PROSAI-SUP 022423
    ================================================================
    https://www.sec.gov/Archives/edgar/data/1418144/000119312523048856/0001193125-23-048856-index.htm
    497 1 d292792d497.htm 497
    INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
    SUPPLEMENT DATED FEBRUARY 24, 2023 TO THE:
    PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
    DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
    Invesco Balanced Multi-Asset Allocation ETF (PSMB)
    Invesco Conservative Multi-Asset Allocation ETF (PSMC)
    Invesco Growth Multi-Asset Allocation ETF (PSMG)
    Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
    (each, a “Fund” and collectively, the “Funds”)
    As previously announced, at a meeting held on January 20, 2023, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Board”) approved the termination and liquidation of each Fund. The liquidation payment to shareholders is now expected to take place on or about June 30, 2023.
    On February 24, 2023, the Board approved a revised timeline for the termination and liquidation of the Funds. Accordingly, the Funds no longer will accept creation orders after the close of business on June 16, 2023. The last day of trading in each Fund on the Cboe BZX Exchange, Inc. (the “Exchange”) will be June 23, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
    Shareholders may sell their holdings of a Fund on the Exchange until market close on June 23, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the Exchange after market close on June 23, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on June 23, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about June 30, 2023.
    Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
    Shareholders should call the Funds’ distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
    Please Retain This Supplement For Future Reference.
    P-PSM5-PROSAI-SUP 022423
  • SPDR Bloomberg SASB Emerging Markets ESG Select ETF to liquidate
    https://www.sec.gov/Archives/edgar/data/1168164/000119312523048828/d404592d497.htm
    497 1 d404592d497.htm SPDR INDEX SHARES FUNDS
    SPDR® INDEX SHARES FUNDS
    (the “Trust”)
    SPDR Bloomberg SASB Emerging Markets ESG Select ETF
    (the “Fund”)
    Supplement dated February 24, 2023
    to the Summary Prospectus, Prospectus and Statement of Additional Information
    each dated January 31, 2023, as may be supplemented from time to time
    On February 23, 2023, at the recommendation of SSGA Funds Management, Inc., the Trust’s investment adviser, the Trust’s Board of Trustees voted to close and liquidate the Fund.
    The Fund will create and redeem creation units through April 11, 2023, which will also be the last day of trading of the Fund’s shares on the NYSE Arca, Inc., the Fund’s principal U.S. listing exchange. The Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about April 17, 2023 (the “Liquidation Date”). Shareholders of record of the Fund remaining on the Liquidation Date will receive cash at the net asset value of their shares as of such date, which will include any net capital gains and net investment income as of this date that had not been previously distributed. Any net capital gains and net investment income from the previous fiscal year, which were not distributed by the end of the most recent fiscal year-end, may be distributed to shareholders in advance of the Liquidation Date, in what is commonly referred to as a “spillback distribution.”
    Prior to the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio, which will result in the Fund not tracking its Index and increasing its holdings in cash and/or cash equivalents, which may not be consistent with the Fund’s investment objective and strategy. Shareholders of the Fund may sell their holdings on the NYSE Arca, Inc. prior to April 12, 2023. Customary brokerage charges may apply to such transactions. From April 12, 2023 through the Liquidation Date, we cannot assure you that there will be a market for your shares.
    On or about April 18, 2023, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the current net asset value of their shares. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, shareholders generally will recognize a capital gain or loss on the redemptions. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
    Shareholders can call 1-866-787-2257 for additional information.
    PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
    022423SUPP3
  • Lazard Emerging Markets Strategic Equity Portfolio to be reorganized
    https://www.sec.gov/Archives/edgar/data/874964/000093041323000479/c105769_497.htm
    497 1 c105769_497.htm
    THE LAZARD FUNDS, INC.
    Lazard Emerging Markets Strategic Equity Portfolio
    Supplement to Current Summary Prospectus and Prospectus
    The Board of Directors of The Lazard Funds, Inc. (the “Fund”) has approved a Plan of Reorganization (the “Plan”) with respect to Lazard Emerging Markets Strategic Equity Portfolio (the “Acquired Portfolio”) and Lazard Emerging Markets Core Equity Portfolio (the “Acquiring Portfolio”), each a series of the Fund. The Plan provides for the transfer of all of the Acquired Portfolio’s assets and liabilities to the Acquiring Portfolio in a tax-free exchange solely for Institutional Shares and Open Shares of the Acquiring Portfolio, the distribution of such shares of the Acquiring Portfolio to Acquired Portfolio shareholders and the subsequent termination of the Acquired Portfolio (the “Reorganization”). The Reorganization will become effective on or about June 22, 2023.
    In anticipation of the Reorganization, effective on or about February 27, 2023 (the “Sales Discontinuance Date”), the Acquired Portfolio will be closed to any investments for new accounts. Shareholders of the Acquired Portfolio as of the Sales Discontinuance Date may continue to make additional purchases and to reinvest dividends and capital gains into their existing Acquired Portfolio accounts up until the time of the Reorganization.
    An Information Statement/Prospectus with respect to the proposed Reorganization will be mailed to Acquired Portfolio shareholders in May 2023. The Information Statement/Prospectus will describe the Acquiring Portfolio and other matters. Investors may obtain a free copy of the Prospectus of the Acquiring Portfolio at www.lazardassetmanagement.com/us/en_us/funds or by calling (800) 823-6300.
    Dated: February 24, 2023
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    Several posts I made over the years
    1) 2020, going to cash on 2/29/2000(link). I actually posted here too(link)
    2) In early 2022, going to cash(link).
    3) In 11/2022, going back in and why (link).
    4) I posted about one good indicator I have been using for years, called 3 line break. You can read about it (here). I explained some of my trades. If you look at 3 line break (link) it's very clear why I sold early in Feb. HYD,ORNAX are HY Munis.
    Unfortunately, no more trades in real-time.
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    msf : Thanks again for covering all the bases. At this time I'm looking at an amended 2021 return.
    It occurred to me that I may have been a little loose in saying that divs = qualified divs + nonqualified divs. That's somewhat of a tautology, relying on the "law of the excluded middle" - everything is X or not X. I didn't go into what "nonqualified div" means.
    Box 1(a) - all divs - includes qualified divs (box (1(b)) and ...
    - short term gains (for mutual funds)
    - section 199A dividends (from REITs; these get a special 20% break in taxes)
    - "ordinary" nonqualified divs (nonqualified divs other than STG or Sec 199A divs)
    Perhaps I still shouldn't go into what "nonqualified div" means. That likely makes things more confusing. Just stick with 1(a) for each fund if you have that on your supplemental information (detail) statement for each fund.
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    Short term CD rates of 5% are becoming more commonplace. My Capital One Bank has been offering 5% CDs for an 11 month period in recent weeks. Schwab has 4 banks offering 5% CDs for one year. If you go shorter for 6 to 9 months, you can get about 6 banks offering 4.9% CDs, and if you want to go a little longer to 18 months, there are about 4 banks offering 4.9% CDs at Schwab. I am expecting CD rates, for shorter term CDs, to approach 5.5% in the next 3 to 6 months. It is hard for a retired investor, to ignore 5%+ CDs, in very volatile markets. I am getting 4.62% Money Market rates at Schwab, in my IRA account, and I fully expect those rates to creep up to around 4.75% in the next 3 to 6 months--much better than my more liquid banking accounts at Capital One.
  • Victory Funds' name change of USAA funds
    It’s a bit confusing, as Victory also has several “franchises”:
    https://investor.vcm.com/products/mutual-funds#
    In Ohio, I’m familiar with Sycamore Capital, which has an excellent MCV fund, VETAX.
  • Victory Funds' name change of USAA funds
    There is an interesting background story.
    When USAA went back to its core business of serving military personnel and veterans, it sold its fund operations to Victory Capital/VCTR in 2018, & brokerage + wealth management operations to Schwab/SCHW in 2019.
    These USAA funds at Victory have been losing AUM. One problem is that former the USAA advisors that are now with Schwab have stopped recommending them, or even pulling their clients' money out. So, after 5 yrs, Victory is rebranding (it is really a boutique of several brands, see link below).
    By the way, soon after acquiring USAA funds, Victory Capital moved its HQ from Ohio into San Antonio, TX facility formerly owned by USAA.
    https://www.vcm.com/
  • U.S. Household Net Worth as a Percentage of GDP
    There are some asset taxes in the U.S.—estate taxes for the extraordinarily wealthy, low capital gains taxes 20% for investors who choose to sell, local property taxes to pay for schools in some states. All of the above taxes have proven evadable in various ways, and in the estate and capital gains cases have actually declined over time. My point is as our population has aged and inequality grown, more money has been accumulated on the asset side than on the income side of our finances. My impression is about 10% of the population controls about 75% of our household net worth, upwards of $105 trillion of our $143 trillion total. (Note: I corrected this number as it turns out the wealthy control even a greater percentage than I thought.) There is no reason we can’t have a wealth tax to help pay down the national debt. Yet GDP does not recognize all of those accumulated assets. So brandishing the debt to GDP ratio makes it seem like there are no means to pay the debt and the government is overspending.
  • U.S. Household Net Worth as a Percentage of GDP
    FRED has many data series for debt/GDP. https://fred.stlouisfed.org/tags/series?t=debt;usa
    I think that federal debt/GDP (as %) is mentioned more often because it may indicate the taxing power or burden of the economy. It is available for most countries (self-published, or by IMF, World Bank, etc) and concerns arise when it starts to exceed 100%. It is about 120% for the US. There were significant jumps post-GFC (2008) and post-Covid pandemic (2020). https://fred.stlouisfed.org/graph/?g=YcQu
    Household debt/GDP is only 76.8%. There is no asset tax in the US, so the household assets/GDP of 600%+ don't really tell anything about the US federal tax situation. https://fred.stlouisfed.org/graph/?g=1074J
  • Morgan Creek-Exos Active SPAC Arbitrage ETF to liquidate
    https://www.sec.gov/Archives/edgar/data/1683471/000089418923001244/morgancreekliftliquidation.htm
    97 1 morgancreekliftliquidation.htm SUPPLEMENT RE FORTHCOMING LIQUIDATION
    Filed pursuant to Rule 497(e)
    Registration Nos. 333-215588; 811-23226
    Morgan Creek - Exos Active SPAC Arbitrage ETF (CSH)
    a series of Listed Funds Trust (the “Trust”)
    Supplement dated February 21, 2023
    to the Summary Prospectus, Prospectus and Statement of Additional Information
    dated January 26, 2022
    After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to the Morgan Creek - Exos Active SPAC Arbitrage ETF (the “Fund”), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about March 24, 2023 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
    Beginning on or about February 22, 2023 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectus and SAI.
    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.
    If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
    Shareholders can call 1-855-857-2677 for additional information.
    Please retain this Supplement with your Summary Prospectus,
    Prospectus and Statement of Additional Information for reference.
  • Blackstone Child Labor in Slaughterhouses and Low-Road Capitalism 2
    @sma3 Green Century has a particular focus on environmental issues so they will have exposure to some other problematic companies in industries like pharma. There is no perfect solution here. That said, even when they own problematic companies, they often engage with them, including by filing their own shareholder resolutions to change the companies' policies, and supporting other activist campaigns: https://greencentury.com/impact/
    Regarding the percentage of their profits that goes to non-profit environmental groups, my understanding is it is 100%, perhaps the most interesting fact of all: https://greencentury.com/about-us/
    Support of Environmental and Public Health Nonprofits: One hundred percent (100%) of the profits earned managing the Green Century Funds belong to our non-profit owners who run critical environmental and public health campaigns.
    The organizations which founded and own Green Century Capital Management Inc are: California Public Interest Research Group (CALPIRG), Citizen Lobby of New Jersey (NJPIRG), Colorado Public Interest Research Group (COPIRG), ConnPIRG Citizen Lobby, Fund for the Public Interest, Massachusetts Public Interest Research Group (MASSPIRG), MOPIRG Citizen Organization, PIRGIM Public Interest Lobby, and Washington State Public Interest Research Group (WASHPIRG).
    We are one of the first fossil fuel free, diversified and environmentally responsible mutual funds.
    Regarding investing in a different lower-cost fund and donating the difference to a charity, I doubt a different fund would do this: https://greencentury.com/wp-content/uploads/2022/10/NEW-SA-2-pager-season-higlights-9.30.22.pdf Engagement campaigns cost money. I agree the fees are high here, but I find some of their campaigns impressive, particularly the Apple one:
    Apple* announced in November 2021 that it would provide individual consumersaccess to replacement parts, tools and repair manuals needed to perform common repairs to its products, marking a notable reversal for the company. Apple had vigorously lobbied against legislation that would require them to allow others to fix their products. The announcement came after discussions with Apple and on the same day that Green Century had to decide whether to press forward on a right-to-repair shareholder proposal. Apple launched the program in April.
    McDonald’s* has been a target of Green Century’s shareholder advocacy in recent
    years because of the fast-food giant’s reliance on unsustainable factory farming
    practices. In 2022, Green Century’s President Leslie Samuelrich was nominated
    to McDonald’s board of directors, and the U.S. Humane Society has credited the
    McDonald’s board fight with helping pressure CVS* and Walgreens* to accelerate
    their transitions to cage-free eggs and pushing General Mills* and Denny’s* to
    move towards elimination of gestation crates in their pork supply chains.
    Nearly 70% of Costco shareholders in January voted in favor of a Green Century
    proposal requesting that the company set greenhouse gas emission targets.
    Green Century’s proposal prompted Costco to announce an expedited timeline for
    disclosing supply chain emissions, to commit to developing a Scope 3 action plan
    and reduction targets, and to announce its first reduction targets for its operational
    and purchased energy (Scope 1 and 2) emissions.
  • Federated Hermes International Developed Equity Fund to be liquidated
    https://www.sec.gov/Archives/edgar/data/1707560/000162363223000304/fhidefisr6prsaisup455909edg.htm
    497 1 fhidefisr6prsaisup455909edg.htm
    Federated Hermes International Developed Equity Fund
    A Portfolio of Federated Hermes Adviser Series
    INSTITUTIONAL SHARES (TICKER HIEIX)
    CLASS R6 SHARES (TICKER HIERX)
    SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 31, 2023
    On February 16, 2023, the Board of Trustees (the “Board”) of Federated Hermes Adviser Series approved a Plan of Liquidation for Federated Hermes International Developed Equity Fund (the “Fund”) pursuant to which the Fund will be liquidated on or about April 21, 2023 (the “Liquidation” or the “Liquidation Date”).
    In approving the Liquidation, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its shareholders. Accordingly, the Fund’s investment adviser will begin positioning the Fund for liquidation, which may cause the Fund to deviate from its stated investment objectives and strategies, including, but not limited to, the Fund’s policy to invest at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of developed markets. It is anticipated that the Fund’s portfolio will be converted into cash on or prior to the Liquidation Date.
    Effective on or about March 31, 2023, the Fund will be closed to new investors and closed to additional investments by existing shareholders. Any shares outstanding at the close of business on the Liquidation Date will be automatically redeemed. Such redemptions shall follow the procedures set forth in the Fund’s Plan of Liquidation.
    Dividends and capital gains, if any, will be distributed to shareholders prior to the Liquidation.
    At any time prior to the Liquidation Date, the shareholders of the Fund may redeem their shares of the Fund pursuant to the procedures set forth in the Fund’s Prospectus. Shareholders of the Fund’s Institutional Shares and Class R6 Shares may exchange shares of the Fund for shares of any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except shares of Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Prime Value Obligations Fund, and no-load Class A Shares and Class R Shares of any Fund if the shareholder meets the eligibility criteria and investment minimum for the Federated Hermes fund for which the shareholder is exchanging.
    The Liquidation of the Fund will be a recognition event for tax purposes. In addition, any income or capital gains distributed to shareholders prior to the Liquidation Date or as part of the liquidation proceeds may also be subject to taxation. All investors should consult with their tax advisor regarding the tax consequences of this Liquidation.
    February 21, 2023

    Federated Hermes International Developed Equity Fund
    Federated Hermes Funds
    4000 Ericsson Drive
    Warrendale, PA 15086-7561
    Contact us at FederatedInvestors.com
    or call 1-800-341-7400.
    Federated Securities Corp., Distributor
    Q455909 (2/23)
    © 2023 Federated Hermes, Inc.