Here an animation that does a nice job of illustrating how, over any period of time, the S&P 500 has always had a group of over weighted (by cap weight) set of companies, that move in and out as well as up and down on the top ten list.

S&P top ten over time:
The-10-Largest-SP-500-Companies

https://www.sec.gov/Archives/edgar/data/1175813/000139834425021228/fp0096306-1_497.htm
497 1 fp0096306-1_497.htm
CONESTOGA FUNDS
CONESTOGA MID CAP Fund
Supplement dated November 24, 2025
to the Prospectus dated January 31, 2025
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
On November 19, 2025, the Board of Trustees (the “Board”) of Conestoga Funds determined to close and liquidate the Conestoga Mid Cap Fund (the “Fund”), effective on or about January 31, 2026. This decision was made after careful consideration from the Fund’s investment adviser, Conestoga Capital Advisors, LLC, of the Fund’s asset size, strategic importance, current expenses and historical performance. In connection with the pending liquidation, the Fund will discontinue accepting orders for the purchase of Fund shares after the close of business on November 24, 2025.
On or around the close of business on January 31, 2026, the Fund will distribute pro rata all of its assets in cash to its shareholders, and all outstanding shares will be redeemed and cancelled. Prior to that time, the proceeds from the liquidation of portfolio securities will be invested in cash equivalent securities or held in cash. During this time, the Fund may hold more cash, cash equivalents or other short-term investments than normal, which may prevent the Fund from meeting its stated investment objective.
BECAUSE THE FUND WILL BE CLOSED AND LIQUIDATED ON OR ABOUT JANUARY 31, 2026, WE RECOMMEND THAT YOU CONSIDER SELLING YOUR SHARES PRIOR TO THAT DATE. You may sell shares on any business day by contacting us directly by mail or by telephone at 1-800-494-2755. If you invest through a financial institution, you should contact the financial institution for more information on how to sell your shares. If you still hold shares of the Fund on or about January 31, 2026, we will automatically redeem your shares for cash and remit the proceeds to you (via check or wire) based on the instructions listed on your account.
The sale or liquidation of your shares will generally be a taxable event. You should consult your personal tax advisor concerning your particular tax situation.
Please contact Conestoga Funds at 1-800-494-2755 for more information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Following are edited excerpts from a current report in The Washington Post:
A few trillion-dollar companies are powering the market’s gains. Here’s what’s happening to most other businesses in the United States.

On its face, 2025 has been a good year for the stock market. The S&P 500 was dragged out of its tariff-induced springtime slump by a small subset of AI-forward power players whose spectacular gains defied an otherwise softening economy. Even now, despite a rocky November, the benchmark index is up more than 12 percent since the start of the year.
A group of trillion-dollar brands known as the “Magnificent Seven” — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — has been at the forefront of those gains, thanks in large part to corporate spending and intense interest in artificial intelligence. But economists and investors are raising concerns about the companies that aren’t part of the AI investment boom — in other words, most businesses in the United States.
An index that leaves out the seven high-flying tech firms — call it the S&P 493 — reveals a far weaker picture, as smaller and lower-tech companies report lackluster sales and declining investment.
“You have the headwind of de-globalization and tariffs, and the tailwind of AI … those forces are battling to a draw, and in that crosswind you get winners and losers,” said Moody’s Analytics chief economist Mark Zandi. “Anything that is not connected to AI is throttled lower.”

                        Strip out the Magnificent 7 and the rally looks less impressive

Some experts are worried that the S&P 500, an index of large-company stocks that underpins the fortunes of millions of Americans with 401(k) and other retirement accounts, has become too reliant on the Magnificent Seven; they collectively account for about a third of its value, leaving the broader stock market heavily dependent on the continued success of “the AI trade,” says Torsten Slok, chief economist at the private equity firm Apollo Global Management.
“There is no diversification in the S&P 500 anymore in my view … it is all the AI story now,” Slok said.
Publicly traded small and midsize companies have taken a beating by comparison. The Russell 2000 lost 4.5 percent in the one-month period leading up to Friday, compared with a loss of around 2 percent for the S&P 500. A little more than a third of the companies in the Russell 2000 index either don’t make money or are losing money.
The market’s concentration in Big Tech has also given rise to concerns about what would be left if an AI bubble were to burst. Those fears have been amplified in recent weeks as Big Tech names suffered a modest sell-off, with some analysts raising concerns that the AI industry has overspent on infrastructure at a time when the technology’s actual profit-generating potential is still nascent.
Tech stocks have endured a series of rocky sell-offs since late October, with the tech-heavy Nasdaq index falling around 7 percent from its Oct. 29 peak. Markets rebounded Friday, with the index trimming some of its losses from earlier in the week.
Slok, the Apollo economist, says he is particularly worried about the recent AI losses because so much of the recent economic growth has been shored up by free-spending wealthy households. A deep correction in AI stocks, if it ever arrived, could threaten the “wealth effect” that is doing so much to prop up the economy, Slok warned.

Vanguard Capital Opportunity Fund
https://www.sec.gov/ix?doc=/Archives/edgar/data/932471/000119312525293307/f43424d1.htm
Vanguard PRIMECAP Core Fund
https://www.sec.gov/ix?doc=/Archives/edgar/data/826473/000119312525293308/f43423d1.htm
Vanguard PRIMECAP Fund
https://www.sec.gov/ix?doc=/Archives/edgar/data/752177/000119312525293310/f43417d1.htm

Interview with Micheal Lippert, head of Baron Capital Technology Research, and manager of BIOPX, Baron Opportunity Fund:

Stocks Discussed:
NVIDIA (NVDA)
Advanced Micro Devices, Inc. (AMD)
Taiwan Semiconductor Manufacturing Company Limited (TSM)
Guidewire Software, Inc. (GWRE)
Samsara Inc. (IOT)
Cloudflare, Inc. (NET)
Snowflake Inc. (SNOW)
Spotify Technology S.A. (SPOT)
Argenx SE ADR (ARGX)
Netskope, Inc. (NTSK)
Cisco Systems (CSCO)
Shopify Inc. (SHOP)
Minafi Results:
There are better fund choices out there in this space:
Similar Funds/Better Choices:
https://minafi.com/funds/biopx/similar

https://www.sec.gov/Archives/edgar/data/889284/000139834425021176/fp0096359-1_497.htm
497 1 fp0096359-1_497.htm
November 21, 2025
STERLING CAPITAL FUNDS
STERLING CAPITAL SHORT DURATION BOND FUND
STERLING CAPITAL ULTRA SHORT BOND FUND
SUPPLEMENT DATED NOVEMBER 21, 2025
TO EACH OF THE
CLASS A AND CLASS C SHARES PROSPECTUS, INSTITUTIONAL AND CLASS R6 SHARES
PROSPECTUS, SUMMARY PROSPECTUSES AnD STATEMENT OF ADDITIONAL INFORMATION
each DATED FEBRUARY 1, 2025, AS MAY BE supplemented FROM TIME TO TIME
At a meeting held on November 19, 2025, the Board of Trustees (the “Board”) of Sterling Capital Funds (the “Trust”), after careful consideration and upon the recommendation of Sterling Capital Management LLC, the investment adviser to the Trust (the “Adviser”), approved the conversion (the “Reorganization”) of each of the Sterling Capital Short Duration Bond Fund and Sterling Capital Ultra Short Bond Fund (each a “Mutual Fund,” and collectively, the “Mutual Funds”) into the Sterling Capital Short Duration Bond ETF and Sterling Capital Ultra Short Bond ETF, respectively (each a “Survivor Fund,” and collectively, the “Survivor Funds”), which are new series of the Trust that will operate as exchange-traded funds (“ETFs”). Each Reorganization is expected to occur by 9:00 A.M. Eastern Standard Time on or about March 30, 2026 (the “Closing Date”). The Survivor Funds will not commence operations before the completion of the Reorganizations and do not have existing shareholders. Shareholders of the Mutual Funds are not required to approve the Reorganizations, and shareholders will not be asked to vote on the Reorganizations.
The Board, including all of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Mutual Funds, determined that participation in the Reorganization is in the best interests of each Fund and its shareholders and that the interests of shareholders of the Mutual Funds will not be diluted as a result of the Reorganizations. Each Survivor Fund will have the same investment objective and substantially similar principal investment strategies as those of its corresponding Mutual Fund, and the investment adviser and portfolio management team for each Survivor Fund are expected to be the same as those of the corresponding Mutual Fund. The total annual fund operating expenses of each Survivor Fund are expected to be the same or lower than those of each class of the corresponding Mutual Fund.
Each Reorganization is expected to be a tax-free reorganization for federal income tax purposes. Accordingly, no gain or loss is expected to be recognized by the Mutual Funds or Survivor Funds as a direct result of the Reorganizations. However, Mutual Fund shareholders may recognize a gain or loss upon receipt of cash in redemption of fractional shares of the Mutual Funds, which will occur prior to the Closing Date. In addition, shareholders whose Mutual Fund shares are not held in a brokerage account, or are held through a brokerage account that cannot accept shares of the Survivor Funds on the Closing Date, may recognize a gain or loss if their Mutual Fund shares are either liquidated or redeemed for cash, or transferred by their fiduciary intermediary to a different investment option.
At the Closing Date, Mutual Fund shareholders will receive shares of the corresponding Survivor Fund with an aggregate net asset value (“NAV”) equal to the NAV of the Mutual Fund shares they held immediately prior to the Reorganization. After distributing these shares, each Mutual Fund will cease operations and terminate as a series of the Trust. Shareholders may redeem their Mutual Fund shares at any time prior to the Closing Date, as set forth in the Mutual Funds’ prospectuses. However, no redemptions will be permitted after March 26, 2026. Such redemptions may be taxable transactions.
Completion of each Reorganization is subject to a number of conditions. Shareholders of each Mutual Fund will be mailed mid-February 2026, a prospectus/information statement describing in detail the Reorganization, the corresponding Survivor Fund, and a summary of the Board’s considerations in approving the Reorganization. Before the Closing Date, each class of shares of a Mutual Fund, other than Institutional Class Shares, will be consolidated into Institutional Class Shares (the “Share Class Consolidation”). The Share Class Consolidation will be effected on the basis of the relative NAVs of the relevant classes, without the imposition of any sales load, fee or other charge. The Share Class Consolidation is intended to move shareholders into a single share class of the Survivor Fund that most closely resembles the corresponding Mutual Fund’s Institutional Class Shares.
After the Share Class Consolidation, any fractional shares held by shareholders will be redeemed, and the Mutual Funds will distribute the redemption proceeds attributable to the redemption of fractional shares to those shareholders. The distribution of redemption proceeds to shareholders may be a taxable event and shareholders are encouraged to consult their tax advisors to determine the effect of any such redemption.
In order to receive shares of a Survivor Fund as part of the Reorganization, Mutual Fund shareholders must hold their shares of through a brokerage account that can accept shares of an ETF. If shareholders do not hold their shares of a Mutual Fund through that type of brokerage account, their Mutual Fund shares will be liquidated or redeemed for cash with the proceeds sent to the shareholder if not moved to an appropriate brokerage account. For shareholders that do not currently hold their shares of a Mutual Fund through a brokerage account that can hold shares of an ETF, information will be provided regarding additional actions that those shareholders must take in order to receive shares of an ETF as part of the Reorganization. No further action is required for shareholders that hold shares of a Mutual Fund through a brokerage account that can hold shares of an ETF.
Because the Survivor Funds are ETFs, their shares trade differently than Mutual Fund shares. Unlike the Mutual Funds, individual shares of the Survivor Funds are not purchased or redeemed directly with the Survivor Funds at NAV. Rather, shareholders will buy and sell shares of the Survivor Funds only in secondary market transactions on a stock exchange. Shares will trade at market prices, which may be greater than, equal to, or less than NAV. In addition, unlike shares of the Mutual Funds, which can only be purchased or redeemed at the next determined NAV, Survivor Fund shares can be purchased and sold throughout the trading day like shares of publicly traded companies, which gives shareholders the flexibility to enter into or exit out of their investment.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Very weird, about VDIG having an ER of .40 with, as the announcement states ,having the same managers and essentially the same strategy as VDIGX which has an ER of .22. Have owned it for 20 years but will be sold this year because of large off selling and large capital gains as a result. Am considering adding to DGRW or venturing into VIG or DGRO after due diligence.

I did not find "authoritative" information via the DFA website or elsewhere.
PDFs from two financial services firms did include the following statement.
"Unlike traditional fund managers where advisers can place business immediately,
advisers must complete rigorous training at their own expense before they can recommend
Dimensional funds to their clients. DFA want to be satisfied the adviser’s knowledge,
understanding, and business processes share an affinity with their own.
In addition, advisers are encouraged to follow a program of continual education and improvement."
https://www.aesinternational.com/hubfs/All%20About%20You%20-%20Wealth/Post%20Discovery/Why%20Use%20DFA.pdf
https://1435699331.rsc.cdn77.org/operations/2020/Dimensional%20Ethos%20v.2.0.pdf

I hope this article is relevant to the discussion. I’m only familiar with the kind of cockroaches that invaded a once inviting Marathon Fla. hotel a decade ago. Haven’t returned since.
Sorry. The article surfaced in Chinese. Trying to locate better source.
When all else fails, pull up AI …
A portfolio of private credit loans managed by BlackRock Inc. has failed key performance tests, specifically the over-collateralization (OC) test, in November 2025, leading to the firm waiving some management fees—a rare occurrence in the credit market. This failure, tied to deteriorating performance of underlying loans, particularly those linked to the bankrupt home improvement company Renovo, has raised concerns about the stability of the private credit market.
OC Test Failure and Fee Waiver: In October 2025, the portfolio's value declined below the threshold required by the OC test, indicating that the value of the underlying loan assets was insufficient to cover the most senior tranches of the CLO. As a result, BlackRock has waived a portion of its management fees, a significant move in the credit industry.
Underlying Causes: The failure is attributed to poor performance of specific investments, including a $150 million private loan to Renovo Home Partners, which BlackRock had previously valued at 100 cents on the dollar but later assessed as worthless. The portfolio's struggles are part of a broader trend of rising defaults in the private credit sector.
Market Implications: This event is one of several recent signs of stress in the private credit market, which has seen a surge in defaults and a recent halt to a major fund merger by Blue Owl Capital. The incident underscores growing concerns about the credit quality of assets in this rapidly expanding segment.
BlackRock's Response: While BlackRock has not provided a public statement, the firm reportedly took corrective actions, such as redirecting interest income from riskier tranches to safer ones, to address the test failure. The company has described the situation as a one-off event.
(Above Quotation - Credit to BING’s AI robot.)
Story first reported on Bloomberg Media today. I’m gifting the link below, but some have expressed concerns about having to jump through hoops and disable tracking apps with this source. I certainly enjoy reading Bloomberg as a quick overview of daily investment news, although often lacking in depth.
Bloomberg

https://www.sec.gov/Archives/edgar/data/1972459/000158064225007359/txss_497.htm
497 1 txss_497.htm 497
TEXAS CAPITAL FUNDS TRUST
Texas Capital Texas Small Cap Equity Index ETF
(the “Fund”)
Supplement dated November 19, 2025 to the Fund’s Summary Prospectus, Prospectus,
and Statement of Additional Information, as supplemented to date
This Supplement contains new and additional information beyond that contained in the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) and should be read in conjunction with the Summary Prospectus, Prospectus and SAI. Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Summary Prospectus, Prospectus and/or SAI.
On November 12, 2025, the Board of Trustees of Texas Capital Funds Trust (the “Board”) determined that closing and liquidating the Fund were in the best interests of the Fund and its shareholders, and approved a Plan of Liquidation to conduct an orderly liquidation of the Fund to occur on or about December 15, 2025 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
The Fund will be closed to new investors and will no longer accept creation orders from Authorized Participants after the close of business on December 8, 2025 (the “Closing Date”). This is also expected to be the last day of trading of the Fund’s shares on the NASDAQ Stock Market, LLC (the “Exchange”). Shareholders may sell their holdings in the Fund on the Exchange until market close on the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares of the Fund through the Closing Date.
From the Closing Date through 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 this time period. It is anticipated that the Fund’s portfolio will be positioned into cash, cash equivalents, or other liquid assets on or prior to the Liquidation Date. This process will result in the Fund increasing its cash holdings and, as a consequence, not pursuing its investment objective.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on or about Liquidation Date.
Shareholders who remain invested in the Fund on the Liquidation Date will automatically 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.
For further information, please contact the Fund toll-free at (844) TCB-ETFs.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
1

FYI, below is an excerpt from an interesting article in today's The NYT:
"In the A.I. Race, Chinese Talent Still Drives American Research
Although some Silicon Valley executives paint China as the enemy, Chinese brains continue to play a major role in U.S. research.
By Cade Metz and Eli Tan
Reporting from San Francisco
When Mark Zuckerberg, Meta’s chief executive, unveiled the company’s Superintelligence Lab in June, he named 11 artificial intelligence researchers who were joining his ambitious effort to build a machine more powerful than the human brain.
All 11 were immigrants educated in other countries. Seven were born in China, according to a memo viewed by The New York Times.
Although many American executives, government officials and pundits have spent months painting China as the enemy of America’s rapid push into A.I., much of the groundbreaking research emerging from the United States is driven by Chinese talent.
Two new studies show that researchers born and educated in China have for years played major roles inside leading U.S. artificial intelligence labs. They also continue to drive important A.I. research in industry and academia, despite the Trump administration’s crackdown on immigration and growing anti-China sentiment in Silicon Valley.
The research, from two organizations, provides a detailed look at how much the American tech industry continues to rely on engineers from China, particularly in A.I. The findings also offer a more nuanced understanding of how researchers in the two countries continue to collaborate, despite increasingly heated language from Washington and Beijing.
In 2020, a study from the Paulson Institute, which promotes constructive ties between the United States and China, estimated that Chinese A.I. researchers accounted for nearly one-third of the world’s top A.I. talent. Most of those Chinese researchers worked for American companies and universities.
A new study from the Carnegie Endowment for International Peace shows that a vast majority of these Chinese researchers have continued to work for U.S. institutions. Of the 100 top-tier Chinese researchers in the original study who were at U.S. universities or companies in 2019 — three years before the arrival of ChatGPT set off the global A.I. boom — 87 are still doing research at U.S. universities or companies.
“The U.S. A.I. industry is the biggest beneficiary of Chinese talent,” said Matt Sheehan, an analyst who helped write both studies. “It gets so many top-tier researchers from China who come to work in the U.S., study in the U.S. and, as this study shows, stay in the U.S., despite all the tensions and obstacles that have been thrown at them in recent years.”
There is still significant collaboration between the two nations. A separate study from alphaXiv, a company that helps people track and use the latest A.I. research, shows that since 2018, joint research between America and China happens more often than collaboration between any other two nations."

Some of my friends periodically ask me what they should do with their investments. I usually limit my responses to something like, "What do you have in mind and why?", "That would be an okay choice for a small portion of your total holdings.", or most often, "I am not qualified to advise you and refuse to jeopardize our friendship over something like this; even the best investors in the world can make terrible mistakes."
But about four or five weeks ago I had an unusual conversation with my nephew, who works as a tradesman and has a wife and two very young kids. To prep and sell their home of seven years they moved into a condo, soon to move to another state for better employment. I expressed concern about carrying both rents, to which my nephew replied "Don't worry, I have money saved", and then showed me the four holdings using his cell phone. The two top holdings were Bitcoin and Ethereum! He had held everything long enough to turn roughly $25K into six figures.
I was stunned, elated, and unable to contain myself. "How did you select these holdings", "What was the advice you got (from a friend) that convinced you", "Do you know anything about what these companies do", Do you have any idea how incredibly unusual your returns are", I asked. His answers confirmed he is a total neophyte when it comes to investing. Once I caught my breath I suggested he take the bulk of his winnings off the table to pause and regroup, not only to lock in the gains but also to maintain his family's stability during this precarious time. While I felt strongly this was the right thing to do, in the back of my mind I also knew it is tough to tell anyone who has seen so much success to make such a big change in direction.
In the last week the market has made a big change in direction and those holdings have plummeted. Enough to more than cover the taxes my nephew would have to pay for liquidating his holdings a month ago. I have no idea whether or not he took my advice.

rarely have a read a better, scarier, brief. it is crypto-like in a guaranteed broader collapse.
"...top quartile [private] funds typically don’t return capital for over 15years...
[and retail will pick the winners and hold 100X longer than their typical trade, right?]
Why do you think the White House put out an executive order a few months ago to “democratize access” to alternative assets in 401(k) plans? Did Donald Trump wake up one day suddenly offended that grandma and grandpa couldn’t buy private equity like all of his rich buddies?
Please. I’ve never seen a more blatant use of “democratization” as a disguise for selling someone else’s bags. Private equity needs exit liquidity and everyday Americans have it..."
https://ofdollarsanddata.com/the-one-thing-my-worst-investments-had-in-common/
disclaimer : i have held brookfield stock for ~2 decades based on hard asset value and owner operations.
i have always sold the sub spins, some at loss, and never invested in their funds.
the largest alt managers have themselves been good holdings, commonly by steady fee income, but i encourage a deep look in their differences.

I have a neighbor who is a generation ahead of me and who enjoys discussing investments and taxes. He and his wife, both in their 80s, still actively invest in dividend-paying stocks (oil, tech, and utilities) and do fairly well. One thing I find nutty about him is that he never wants to sell a profitable stock in his taxable portfolio, fearing huge capital gains. He wants to keep it until he and his wife pass, when the portfolio will be given to his children at a revised cost-basis, thus eliminating decades of CGs (and taxes).
Hopefully, this strategy works out for his family. I rib him that they should enjoy his investment success and spend some it on themselves. But he is set in his way.

IMO even bogleheads invest very different from each other surprisingly.
Most of my friends don't care or pay attention to anything around investing or retirement.
that said they know i pay attention and have asked me for information here or there. I have a few books that i recommend or lend out. most of the time even if they read them, it doesn't bring about much discussion. or we'll talk about it.
whats funny is that I know pretty well about half a dozen financial advisors and even they don't like talking shop. The one friend who is largely a insurance salesperson moreso an advisor and I have pretty great conversations because he is genuinely curious and feels like he's been led astray somewhat by the industry he's in.
The guys that taught me were older gentlemen. they loved talking this and its what got me to start paying attention.
people want conversations around 10X'ing on some stock, nobody wants to talk about what trowe price, vanguard, or capital group is doing in the world of mutual funds and ETF's.

From her 2020 departure:
https://portfolio-adviser.com/china-star-tiffany-hsiao-and-deputy-managers-exit-matthews-asia/
Thanks for the news. But China? No. Politically evil. Toxic. And that Fund House has too steep a climb ahead of it, in my estimation. They won't see me darken the door.

@Hank, I cover gold in one of my next articles for December. It complicated. Here is a prelude:
"The share of gold and U.S. Treasuries that central banks are holding was relatively constant for the two decades from 2000 to 2020 as shown in Central Banks Now Hold More Gold Than U.S. Treasuries by the Visual Capitalist. That changed in 2020 when banks increased the share of gold while decreasing the share of U.S. Treasuries. "
https://www.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/

Not yet purchased. Best Watch List picks. Not recommended. Under evaluation gathering information.
MultiSector Bonds. Evaluating some new ETF's VGMS (Vanguard), MULT (Franklin), CGMS (Capital Group).

Yes, of whatever Party, the uber-wealthy look out for their vested interests. But even someone like myself who is as far from wealthy as can be, owns UNITS (not shares) in a MLP. The dividends are not taxable. Why? They are treated as Return of Capital.---until my cost basis becomes zero. THAT'S never going to happen. So, even before I knew I was playing the game, I've been playing the game.
It kills me that for those in the middle tax brackets, they pay more in federal tax that the ultra-wealthy who are taxed at a lower rate on their dividends, as they relax, sipping cocktails. Shit.

14 Nov '25:
Can't talk for several days, but I can type.
Scarlet Fu seems to have taken over as full-time host. It pleases me.
So, Data drought due to shutdown. ORK! The data we have is stale, some private (vs. gummint) data is being published. Can we trust gummint data under the current regime, anyhow? When data is again collected and published by gummint, it will be slow, incremental. Some October stats will just be skipped, forgotten, left to be forgotten. THERE'S leadership! (Meanwhile Dept. Ag. is requiring all food stamp recipients to RE-APPLY. Because full-time workers who can't make a living need the help, and of course, we must make things as difficult as possible for them all. Just let the billionaires coast on their tax cuts, eh?)
Odds of a Dec. rate cut are mixed, about 50/50 according to the Talking Heads. There has been a bunch of market volatility in the face of the lack of data. The information-picture will be cloudy for months to come. (Fickle decisions [and suggestions] by the Orange regime.)
So, although lower rates are expected later into '26, it's a dicey situation for the several months to come, including the end of '25. Some FED Governors are sounding skeptical about rate cuts.
Credit Caution. Orange 50-year mortgages? Well... Michael Burry was able to get some of the Banksters to CREATE an instrument by which he could short the housing market... For a 50-year (and mortgage portability) to work, there will need to be new financial infrastructure invented. (Watch out for THAT monstrosity!) One of the guests asserted that "only time" will fix the affordability issue. Not a very hands-on strategy.
Belly of the curve seems a good place to be. And with credit jitters in Junk, it may very well be prudent to stick to I.G. bonds. Yet, Junk issuance has reached $1.5TRILLION in 2025, highest since 2020.
Yes, we are in a K-shaped economy. I'm luckier than most, yet my portfolio is range bound in 2025. Stinky poopy.
https://www.bloomberg.com/news/videos/2025-11-14/real-yield-11-14-2025-video