https://www.morningstar.com/news/dow-jones/202208245562/royal-bank-of-canada-shares-fall-after-3q-miss
https://www.morningstar.com/news/dow-jones/202208235549/bank-of-nova-scotia-on-pace-for-largest-percent-decrease-since-june-2020-data-talk
(National Bank trades in Toronto, not NYSE.)
https://financialpost.com/fp-finance/banking/royal-bank-canada-q3-profit-slips

The header pretty much says it all. Dow, SP giving back gains. Nasdaq and R2k still up respectably. My bank stock is out of black and into red. Guess the Financials will take another hit today. (BHB. very low volume, too.). Warch TRP Financials: PRISX. My newest darling, Norsk Hydro, is still up. NHYDY.

update:
https://www.sec.gov/Archives/edgar/data/890540/000139834422016134/fp0078918_497.htm
497 1 fp0078918_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Champlain Emerging Markets Fund
(the “Fund”)
Supplement dated August 22, 2022 to the Fund’s Prospectus (the “Prospectus”), Summary
Prospectus (the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each
dated May 1, 2022, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Champlain Investment Partners, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately, including investments made by current shareholders via systematic investment programs. The Fund is expected to cease operations and liquidate on or about September 23, 2022 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. Redemptions made on or after the date of this supplement will not be subject to the 2.00% redemption fee, which ordinarily would be imposed on redemptions of shares made within 30 days of purchase. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CSC-SK-022-0100

Markets also cooperated by being mostly in bullish trend leading to fund inflows. Remember, VG has been the king of fund inflows.
Flipside of the connection between VG OEFs and ETFs is that when there were large redemptions/outflows in 2020 (and in any other years), both the VG OEF and the related VG ETF had similar CG distributions. See the short table below.
Self-standing non-VG bond ETFs didn't have this issue. Much of the benefit from the ETF structure is from the combination of indexing and nontaxable in-kind trading. There are some additional benefits from the VG patented structure of having OEF and ETF classes. VG didn't license its patent to anybody else and others didn't really beg VG for that license. But things may change in/after 2023.
2020 CGs for several VG bond funds
VEDTX /EDV 3.16%
VBLAX /BLV 2.69%
VBILX /BIV 0.71%
VSIGX /VGIT 0.71%
VSBSX /VGSH 0.60%

So how does this help me? Do I want to own the ETF or OEF?

Vanguard's domestic equity index mutual funds with an ETF share class are listed below ¹.
Vanguard 500 Index (VFIAX)
Vanguard Dividend Appreciation Index (VDADX)
Vanguard Extended Market Index (VEXAX)
Vanguard Growth Index Fund (VIGAX)
Vanguard High Dividend Yield Index (VHYAX)
Vanguard Large-Cap Index (VLCAX)
Vanguard Mid-Cap Growth Index (VMGMX)
Vanguard Mid-Cap Index (VIMAX)
Vanguard Mid-Cap Value Index (VMVAX)
Vanguard Small-Cap Growth Index (VSGAX)
Vanguard Small-Cap Index (VSMAX)
Vanguard Small-Cap Value Index (VSIAX)
Vanguard Total Stock Market Index (VTSAX)
Vanguard Value Index (VVIAX)
After the corresponding ETF share class was added,
there were no capital gains distributions for these funds.
Note: I haven't researched fixed-income index mutual funds or
international index mutual funds from Vanguard.
¹ excludes institutional funds.

Markets also cooperated by being mostly in bullish trend leading to fund inflows. Remember, VG has been the king of fund inflows.
Flipside of the connection between VG OEFs and ETFs is that when there were large redemptions/outflows in 2020 (and in any other years), both the VG OEF and the related VG ETF had similar CG distributions. See the short table below.
Self-standing non-VG bond ETFs didn't have this issue. Much of the benefit from the ETF structure is from the combination of indexing and nontaxable in-kind trading. There are some additional benefits from the VG patented structure of having OEF and ETF classes. VG didn't license its patent to anybody else and others didn't really beg VG for that license. But things may change in/after 2023.
2020 CGs for several VG bond funds
VEDTX /EDV 3.16%
VBLAX /BLV 2.69%
VBILX /BIV 0.71%
VSIGX /VGIT 0.71%
VSBSX /VGSH 0.60%

Vanguard designed a process which eliminated capital gains distributions for select equity index mutual funds.
They basically added an ETF share class to an existing index mutual fund and used so-called heartbeat trades.
These trades rapidly pump money into/out of the ETF to wash away taxes for mutual fund shareholders.
Vanguard is the only firm using this innovation - they were awarded a patent in 2001 which is valid until 2023.
Other firms may copy this when the patent expires.
More detailed info here.
Edit: Added "equity" before "index mutual funds".

Many variations are fund specific. Moderate-allocation (MA) funds may have many moving parts.
PRWCX isn't really a moderate-allocation funds (despite its classification as such my M* and others). It is capital-appreciation and has more of HY (65.19%). Also may have unusual positions such as recently in utilities (but top sectors now are tech, healthcare, financials) and long-time position in GE turnaround (#4 holding).
DODBX had a policy change and is trying shorting and had beginner's luck.
VWELX also had an untimely policy change away from value into blend/growth just as that was losing momentum.
FBALX and FPURX have been run hot with growth orientation and higher equity % sometimes approaching aggressive-allocation (AA).

Hello, again.
I looked at Abbey Capital's Multi-Asset Fund, MAFIX. New to me. Once again, M* screwed up: their OWN website lists minimum entry at $1,000.00 and additional chunks minimum = $1,000.00. M* shows $1M minimum. the numbers look great, actually. but still a rather young fund.
*Edited to add: MAFIX is EXTREMELY concentrated, looking at the portfolio. (Per M*.). But on Abbey's webpage, I find it quite impossible to FIND the portfolio!
...OOPS. That's not a PERIOD. That's a COMMA. It IS actually a $1M minimum to get in. Listen to me giggle as I walk past. ...

Few questions...
1) How much capital have they raised for the Fund?
2) How much do they plan to raise for the Fund?
3) When do they expect to close the Fund for new investment?

VTAPX absolutely is a short-term bond fund as far as the models for target date funds are concerned, and that's what I'm talking about and so is the article. In fact, in the Vanguard Target Retirement 2020 Fund for retirees, there are no other short-term bond funds in it but VTAPX: https://investor.vanguard.com/investment-products/mutual-funds/profile/vtwnx#portfolio-composition
The fund has a larger allocation to regular intermediate term bond funds like Vanguard Total Bond Market II Index, which has not faired as well. But if you looked at any target-date fund, I would wager that the short-term bond funds in it have faired better than the intermediate and long-term ones, even if it was more focused on corporate debt than TIPS. That is a natural effect from duration and interest rate risk in a rising rate environment. Investors want that duration to be as short as possible so long as rates are rising. You want to go long once the rate increases are over. But the discussion I'm having is about target date funds specifically.

Good Afternoon,
I'll just stay away from the political perspectives on this thread (I doubt you are going to sway me and I doubt I'm going to sway you)...but will say this.
Wouldn't the better way to do this be to in addition to Soc Sec be to implement a kind of forced savings program thru an uncapped "I-Bond" like program and for cripes sake why is there an income cap on SSN? the SSN tax should go all the way up. Even I say that and believe you me, I don't care for all these taxes.
I think Lewis B in the past has stated that there is NO guarantee that on a go forward basis the stonk market will provide the returns many need to retire in resonable comfort.
Also, the guy who runs Standpoint BLNDX stated something on one of his podcasts that the stock market is NOT a utility, it is only there to provide for capital formation/funding to grow companies, it is NOT there to provide you with a smooth 8% a year...he mentioned that commodities are only there to provide a hedge for commercial hedgers. I'm paraphrasing so don't take my interpretation to seriously.
We're all maybe kind of giddy with the double up volume and the bounce....but who knows the whammo could be around the corner, no one knows...it is kind of crazy to put your life savings on the line to a great extent....but to the victors belong the spoils...
Good Luck and Good Health to ALL,
Baseball Fan

A sign someone is making stuff up to bolster their case: They use familiar cliche stats like “nine times out of ten.” Really, she interviewed sex workers and hit men and they said it was their fathers who got them into the business via nepotism nine times out of ten? That must be an interesting fatherly chat about future careers when they’re children. While I agree nepotism is a problem, it tends to be more of one at the top than the bottom. Why not instead of glib statements, do some real analysis? How prevalent is it actually, in what jobs and what industries?
It’s also amusing to me she’s fine with the government stepping in to address the “big risks” like a “crazy” stock market crash but seems to take issue with addressing millions of workers problems with retirement savings. Socialism for the rich in the form of a stock market bailout is OK in 2020, but everything else for workers is too much nanny state. Most Americans either have little stock exposure or none at all because they have little left over after they pay their bills. So why should the government bail the stock market out? In general, Main Street not Wall Street needs the bailouts. The two are interconnected to a degree, but not nearly as much in 2022 as they were in 1929.
While I agree defaulting to short term bonds as target funds do when someone retires is overly simplistic, I imagine many workers are thankful they owned the short rather than long-term bonds right now. Also, short term bonds adjust to inflation and interest rate increases more quickly than long.

As of the date of this prospectus, only the following investors may make purchases in the Virtus KAR Small-Cap Core Fund and the Virtus KAR Small-Cap Growth Fund:
• Current shareholders of the funds, whether they hold their shares directly or through a financial intermediary, may continue to add to their accounts through the purchase of additional shares and through the reinvestment of dividends and capital gains. Financial intermediaries may continue to purchase shares on behalf of existing shareholders only.
• Exchanges into the funds may only be made by shareholders with an existing account in the funds.
• An investor who has previously entered into a letter of intent with the Distributor prior to the closing date may fulfill the obligation.
• Trustees of the funds, trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus, its affiliates, and their family members, may continue to open new accounts.
• New and additional investments may be made through firm or home office discretionary platform models within mutual fund advisory (WRAP) programs and other fee-based programs established with the Distributor prior to July 31, 2018 for Virtus KAR Small-Cap Core Fund and September 28, 2018 for Virtus KAR Small-Cap Growth
Fund.
• The funds will also remain open to Defined Contribution and Defined Benefit retirement plans and will continue to accept payroll contributions and other types of purchase transactions from both existing and new participants in such plans.

Thanks to everyone for your posts and for your suggestions above. Greatly appreciate it. I spent the weekend analyzing a number of funds and Virtus KAR Small Cap core seems to have the best risk reward stats in the small cap space. It's a Great Owl and also honor roll fund. To me the things that appeal are that it had a MaxDD of 18.3% back in March of 2020 and this year through end of June of that MaxDD was 15.7%. That compares quite favorably to other funds in the space and gives it a low risk rating on Morningstar. Also Beta is only .82. Combine that with top % decile performance in the past 1, 3, 5, 10, and 15 years. I also like the fact that the fund manager has conviction behind his picks with a concentrated fund. At any rate, I plan to purchase the fund. Thanks again for contributing. If anyone else has been following this particular fund, I'd love to hear your thoughts.

Renewable energy is the cover story in the current Barron's. LINK1 LINK2
COVER STORY, “Clean Energy’s Future Has Arrived/6 Stocks to Play the Rush for Renewable ENERGY”. AES, BE, FCX, LG Energy (S Korea), PLUG, RUN, etc; ETF TAN
TRANSITION from wood to coal took200 years, from coal to oil 100 years, but that from fossil fuels to RENEWABLES (solar, wind, batteries, hydrogen) to be in only a few years? Global renewable power was 29% in 2020, and by 2030, may be 60% in Europe, 38% in the US, 38% in China. Both the US and Europe, each, are adding 30 GW of renewable power capacity now and that may be 80 GW/yr by 2030. There are transition TAX CREDITS/INCENTIVES everywhere. Russia-Ukraine war has set back some current efforts (coal has come back and natural-gas is scarce) but has accelerated the push for future transitions. Europe has committed $200 billion, the US Inflation Reduction Act will have $370 billion, and private investments will kick in $1.2 trillion. This may be the end of boom-and-bust energy cycles. Many countries have NET-ZERO carbon emission goals by 2050+. However, be very selective on companies in the renewable energy area. Besides the companies mentioned earlier, other beneficiaries may include VWDRY, NLLSF, XOM, CVX (old energy companies won’t be sitting still).

@hank, I only watched the first five minutes or so and likely not get to it until late Sunday. A

It would be nice to hear any takeaways after you’ve watched. Generally, the recent rally in equities seems to have surprised everyone, including most of WSW’s guests. If you listened to Summers every week I suspect you would have burried your head in the sand the past 6 months (financially speaking). One notable exception is frequent guest, Sarah Ketterer, Causeway Capital CEO & Fundamental Portfolio Manager. She’s been more positive than most over the year I think. Schwab’s Liz Saunders, while more cautious, also offers a balanced and circumspect picture.
One (unrelated) sign that things have improved is that PRWCX has clawed its way back from doubled-digit loss territory to only - 4.71% YTD.

@hank I suspect you're right. I believe the private sector works best with wants and the public sector best with needs. The government has no business manufacturing luxury items and the private sector has no business controlling our water supply. If the private sector is to be involved with essentials like water, it must be heavily regulated by government to prevent abuse. The private sector also tends to work better for society (as opposed to for itself) when supply and demand are at equilibrium, but if demand greatly outstrips supply, say, of a life-saving drug, again abuses often occur--price gouging, etc. Obviously, monopolies can control supply.
Gated communities truly are their own world, as you said. I wonder, though, how many people living in them once went to public schools, have received FEMA protection for their coastal communities or value the troops protecting our nation as much as they claim to. They also I imagine have to leave the gated community sometimes and drive on a public road, and they probably appreciated the government stock and bond bailouts of 2008-09 and 2020. But many I suspect believe the "self-made man" mythology, and feel they don't have to give back to the country that actually helped make them. I wouldn't know for sure as I don't recall ever being inside a gated community. Maybe I've blotted the memory out if I have.

anything govt touches/ rent/ run may turned to doodoos...

I sometimes look at the government buildings constructed downtown during the Great Depression by the WPA and realize they are ten times more solid, prettier and stable than anything the private sector has built since. The Hoover Dam, our electrical grid and our roads and bridges were once the envy of the world until we were told that government can’t do anything and starved government of infrastructure capital so things started to fall apart. I’d be tempted to turn the saying on its head: Anything the private sector touches turns to doodoo. There are plenty of examples of this regarding disastrous privatization of once public government run infrastructure and services. But that isn’t true either. The private sector, properly regulated by government, can produce nice things. It’s called having a functional society.

https://www.sec.gov/Archives/edgar/data/1331971/000113322822005289/jhfiiarcf-html5301_497.htm
497 1 jhfiiarcf-html5301_497.htm JHF II ABSOLUTE RETURN CURRENCY FUND_497
Prospectus Supplement
John Hancock Funds II
John Hancock Absolute Return Currency Fund (the Fund)
Supplement dated August 8, 2022 to all current Prospectuses, the Summary Prospectus and the Statement of Additional Information (SAI), as may be supplemented
The following information supplements and supersedes any information to the contrary relating to all classes of shares offered by the Fund contained in the Prospectuses, Summary Prospectus and SAI.
First Quadrant, LLC (First Quadrant), the subadvisor to the Fund, announced on June 16, 2022 that it has entered into an agreement with Systematica Investments Limited (Systematica), under which Systematica would acquire First Quadrant. The transaction is expected to close in the fourth quarter of 2022. Announcement of the transaction and the impending change in ownership at First Quadrant triggered an extensive due diligence review process by John Hancock Investment Management LLC, the Fund’s investment adviser, to understand the potential impact of the transaction on the Fund and the Fund’s ability to meet its investment objective. In connection with this process, effective after the close of business on September 6, 2022, shares of all classes of the Fund may no longer be purchased by new investors, except as noted below.
1. Existing shareholders of the Fund as of the close of business on September 6, 2022 may continue to purchase additional shares of the Fund in their existing Fund accounts, and may continue to reinvest dividends or capital gains distributions received from the Fund.
2. New accounts established with existing shares of the Fund by transfer, such as transfers because of a change in broker, transfer-in-kind, divorce, or death, will be permitted.
3. Participants in group employer retirement plans, including 401(k), 403(b) and 457 plans, non-qualified deferred compensation, and health savings account programs (and their successor plans) (a “plan”) may establish an account in the Fund if the Fund has been approved by September 6, 2022 as an investment option under the plan (or under another plan sponsored by the same employer).
4. Group retirement models or broker-dealer discretionary programs that include the Fund as an investment option, or have approved the Fund as an investment option as of September 6, 2022, may continue to make Fund shares available to new and existing accounts.
If a shareholder redeems all Fund shares in his or her account, the shareholder will not be able to buy additional Fund shares or reopen his or her account.
The Fund reserves the right to change or make exceptions to these policies at any time and may permit new accounts in the Fund to be opened by certain investors, including investors not identified above.
You should read this Supplement in conjunction with the Fund’s Prospectuses, Summary Prospectus and SAI and retain it for your future reference.
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.