"What is about ETFs that Capital Group is not able to estimate distributions even 3-4 business days before ex-date? "
@BaluBalu - I don't think that's specific to Capital Group. I also own ETF's from Invesco, Fidelity and others where a distribution is never announced but just shows up one day. I get why some investors would like to know but I don't own enough where it affects any plans or strategies I might have.

Here is the IRS release (and do not forget to read Notice 2024-7 (link included) if the subject applies to you) -
https://www.irs.gov/newsroom/irs-helps-taxpayers-by-providing-penalty-relief-on-nearly-5-million-2020-and-2021-tax-returns-restart-of-collection-notices-in-2024-marks-end-of-pandemic-related-pause

Following are edited excerpts from a current Free report from The Washington Post.

The agency is extending the reprieve for the 2021 and 2022 tax years to roughly 4.7 million individuals, businesses, trusts and tax-exempt organizations
Getting a letter from the IRS saying you’re past due on a tax debt can be frightening. That fear often drives people to tax settlement companies that offer hope of significant debt reduction.
IRS Commissioner Danny Werfel says don’t believe the hype. That’s especially good advice now, given a recent action by the agency.
In 2022, short-staffed and struggling to dig out of an enormous pandemic-related backlog, the IRS temporarily suspended the mailing of automated reminders to taxpayers about overdue tax bills for 2020 and 2021. The invoices would have normally been issued after an initial balance-due notice was issued.
With many pandemic issues behind it and staffing up thanks to the Inflation Reduction Act’s boost to the agency’s budget, the IRS announced it will resume mailing collection notices for the 2021 and 2022 tax years in January.
The notices may shock folks who haven’t received an IRS bill for over a year, Werfel said. For individual taxpayers, the median amount owed is $6,751, according to the agency.
“Given that penalties and interest continued to accrue under law, the bill amounts for those who weren’t paying will be larger than the last time they received a letter from the IRS,” Werfel said. “For these affected taxpayers, we know this is a tough situation.”
So, showing a softer side, the IRS has decided to waive the failure-to-pay penalties for about 4.7 million individuals, businesses, trusts and tax-exempt organizations that didn’t get automated reminders of their debts.
But Werfel also issued a caution: “People with unpaid tax bills also need to be wary about aggressive marketing by some places that overinflate promises of wiping out IRS debt,” he said.
There are unscrupulous tax debt settlement companies and scammers who will no doubt try to take advantage of this relief. They may use it as a hook to con you or get you to sign up for an expensive service you don’t need.
“We have seen patterns of behavior in the past where marketers and promoters exploit an opportunity like this,” Werfel said.

@BaluBalu- thanks for the add, BB.

The ex-date for ETF Dec distribution is 12/27-28 but no amounts are yet disclosed. What is about ETFs that Capital Group is not able to estimate distributions even 3-4 business days before ex-date? Just curious.

Dated 12 Dec:
https://www.chsinc.com/about-chs/news/news/2023/12/12/chs-board-elections
"At the Annual Meeting, CHS members also approved two amendments to the organization’s bylaws.
The first amendment decreases the number of representative directors in Region 1 from four to three directors and increases the number of representative directors in Region 7 from one to two directors.
The second amendment modifies how dividends are treated when calculating the net income or net loss of an allocation unit from patronage business and provides the Board with increased authority to add an additional amount of patronage income, not to exceed 35%, to the capital reserve."
... that last part I'm not too clear on and want to learn more before adding CHS prefs back to my portfolio. Apart from that question mark, a preliminary first-glance of their FY23 data didn't see any major news ref the safety of these once-popular preferreds.

The team today wrote, in response to JD's observation:

In November of 2021, the fund did have a down -5% day. After a nice run in both equities and macro oriented markets like energy and currencies, on the day after Thanksgiving, there were scares about the Omnicron virus which led to our largest positions moving strongly against us on holiday-shortened low-volume day. (The guys note, separately, that oil dropped 13% in a day, grains and currencies got crushed; macro people call it their "Black Friday".)
From what we could tell, most of our investors were not overly concerned after our -5% day. I believe it’s because they understand that the risk-management process in our macro program cuts risk in losing positions. Unlike some other alternative strategies, ours does not “double down” or increase risk in positions because they are moving against us. The philosophy of trend-oriented macro investing is to rotate out of what is not working, and rotate into what is working, in a disciplined manner, with a risk budget enforced each step of the way.

They conclude with an interesting reflection on having reasonable downside expectations. To date their maximum drawdown has been 9% or so. Their internal models allow that the strategy is susceptible to a worst-case drawdown in the 15-20% range.
The fund is up about 5% YTD, which beats its peer group by about 50%. The most curious note is that either its peer group is imploding or Morningstar is quietly reclassifying a lot of funds. In 2020 there were 100 funds in the macro trading group. Today there are 59.

Well, there are a LOT more articles out there about the proposed sale. Had you read them, you might have had an idea why Fetterman said what he said, and you might not have criticized him.
https://www.theguardian.com/us-news/2023/dec/19/john-fetterman-vote-block-us-steel-sale
Excerpt:
David McCall, the president, called the deal “greedy” and a “violation” of a union agreement that requires any buyer of US Steel to agree to a new labor agreement prior to any sale.
“Neither US Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires US Steel to notify us of a change in control or business conditions,” McCall told Axios, calling the sale “shortsighted”.
A previous buyout offer in August, worth $7.3bn, by rival company Cleveland Cliffs, was rejected by US Steel. That offer did have the support of the USW union, which praised the Ohio-based Cleveland Cliffs as being “in the best position to ensure that US-based manufacturing remains strong in this country”, and noted it didn’t cut jobs during previous acquisitions in 2019 and 2020.

https://www.sec.gov/Archives/edgar/data/1552947/000158064223006794/superfund_497.htm
497 1 superfund_497.htm 497
Superfund Managed Futures Strategy Fund
(the “Fund”)
Class A SUPRX
Class C SUPFX
Class I SUPIX
a series of Two Roads Shared Trust
Supplement dated December 19, 2023
to the Prospectus and Statement of Additional Information (the “SAI”)
of the Fund each dated March 1, 2023
The Board of Trustees of Two Roads Shared Trust (the “Trust”) has concluded, based upon the recommendation of Superfund Advisors Inc., that it is in the best interests of the Superfund Managed Futures Strategy Fund (the “Fund”) and its shareholders that the Fund be liquidated. Pursuant to a Plan of Liquidation (the “Plan”) approved by the Board of Trustees, the Fund will be liquidated and dissolved on or about March 29, 2024.
The Fund is closed to all new investments as of December 19, 2023. The Fund will no longer pursue its stated investment objective. The Plan provides that the Fund will begin liquidating its portfolio as soon as is reasonable and practicable. On or about the close of business on March 29, 2024, the Fund will distribute pro rata all its assets in cash to its shareholders and all outstanding shares will be redeemed and cancelled.
Prior to March 29, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section of the Fund’s Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, you will recognize gain or loss for federal income tax purposes (and for most state and local income tax purposes) on a redemption of your shares, whether as a result of a redemption that you initiate or upon the final liquidating distribution by the Fund, based on the difference between the amount you receive and your tax basis in your shares. The Fund may make one or more distributions of income and/or net capital gains on or prior to March 29, 2024, in order to eliminate Fund-level taxes. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation. Plan sponsors or plan administrative agents should notify participants that the Fund is liquidating and should provide information about alternative investment options.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO MARCH 29, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD.
______________________________________
This Supplement should be read in conjunction with the Fund’s Prospectus and SAI. This Supplement, and the Prospectus and SAI, each dated March 1, 2023, provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have been filed with the Securities and Exchange Commission and are incorporated by reference. These can be obtained without charge by calling 1-866-866-4848

“Red Sea, now: politics and war. Sigh”.

Whatever became of “The war to end all wars”? Huh?

“Is this a reason that gold is up in recent weeks?”

Good question. Gold’s been a bumpy ride as usual, but generally has gained ground throughout the year. Peaked over $2100 (a record high) 2-3 weeks back. Around $2050 today. It’s hard to assign causes for its erratic moves. But increasing international tensions would probably push it higher. Also, I think the easing (or perceived easing) of monetary policy by the Fed is the bigger ingredient in its gains this year.
Disclosure - I’ve followed gold for decades. But moved out of my only gold + pm funds completely 6-12 months ago due to the need to reduce portfolio volatility with increasing age. While I don’t like to identify specific holdings, I’ll say I’m a long time owner of PRPFX, which maintains significant gold and silver exposure, and also own one CEF that owns gold miners along with other natural resource stocks. Neither bullish nor bearish on gold. Have always viewed it more as a “hedge” inside a widely diversified portfolio.

looking at a chart since 1-1-2018 (https://schrts.co/ABHTItFS), you can clearly see that RSIVX is a better risk/reward fund. I don't know what happened in 03/2020 but RSIVX had better volatility in other times. If you look at both since 1-1-2018 using PV(https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=7PR7ukI53msSeMklaEkT2N) OSTIX has lower volatility, I think that 03/2020 was so bad that it affected the LT volatility of RSIVX.
But, for 2018-19, performance is similar but RSIVX has a lower SD.
From 4-1-2020 to 11-30-2023, RSIVX won on performance + SD = Sharpe is almost double, see (https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=3Kn0yyPahzqRMl9wzQRoOf)

REMIX on my watch list. Outperforms many of the beloved funds (in any category) in key metrics since inception 1/2020. However 50% treasuries implies some degree of trading in which one wrong turn might return to the norm.

Moved all money from money market assets in the IRA, and into a preferred CEF. I'm searching for capital appreciation along with increased distributions.

I’m giving some thought to going a little shorter or more conservative in the fixed income / bond sleeves. Just a thought. Maybe lock in some of the recent gains?

I'm with you on that, @Hank. Moved some intermediate duration to limited duration the past few days; not a huge reallocation though.
P.S. 6m to 3y Treasuries had a decent tick up in yield Friday.

I’m giving some thought to going a little shorter or more conservative in the fixed income / bond sleeves. Just a thought. Maybe lock in some of the recent gains?

https://www.sec.gov/Archives/edgar/data/1500604/000119312523295531/d651596d497.htm
497 1 d651596d497.htm 497
Janus Detroit Street Trust
Janus Henderson Sustainable & Impact Core Bond ETF
Supplement dated December 14, 2023
to Currently Effective Summary Prospectus, Prospectus and
Statement of Additional Information (“SAI”)
The Board of Trustees of Janus Detroit Street Trust (the “Trust”) approved a plan to liquidate and terminate Janus Henderson Sustainable & Impact Core Bond (the “Fund”), effective on or about February 21, 2024 (the “Liquidation Date”). After the close of business on or about February 15, 2024, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on or about February 16, 2024. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about February 23, 2024. Termination of the Fund is expected to occur as soon as practicable following the liquidation.
Prior to and through the close of trading on NYSE Arca, Inc. (“NYSE”) on February 15, 2024, the Fund will undertake the process of winding down and liquidating its portfolio. This process may result in the Fund holding cash and securities that may not be consistent with its investment objectives and strategies. Furthermore, during the time between market open on February 16, 2024 and the Liquidation Date, because the shares will no longer be traded on NYSE, there may not be a trading market for the Fund’s shares.
Shareholders may sell shares of the Fund on NYSE until the market close on February 15, 2024 and may incur typical transaction fees from their broker-dealer. Shares held as of the close of business on the Liquidation Date will be automatically redeemed for cash at the then current net asset value. Proceeds of the redemption will be paid through the broker-dealer with whom you hold shares of the Fund. Shareholders will generally recognize a capital gain or loss on the redemptions. The Fund may or may not, depending upon its circumstances, pay one or more dividends or other distributions prior to or along with the redemption payments. Please consult your personal tax advisor about the potential tax consequences.
Please retain this Supplement with your records.

hi @BaluBalu. It's an ongoing evaluation. There are plenty more things in the IRA to sell before I get around to XMHQ. I killed a lot of flowers and fed a lot weeds when I rebalanced in November 2021. I might just keep it.
Just ran one of my screens at MFO Premium and XMHQ is looking good since Covid (2020/01). OTOH, FMIMX looks good since TGN (2022/01). It's one of a very few SMID funds with a positive Martin ratio number since then.
So it will come down to the risk and volatility numbers going forward. I'm not sure what longer-dated past performance numbers have to say about the environment we are in now, or the one that we may be entering.
As for the price? What else? I like their marketing. ;)

@stillers,
Sorry, I read the OPs question rather than getting in any fund managed by Mr. Krug as to getting in a closed fund managed by Mr. Krug.
https://www.sec.gov/ix?doc=/Archives/edgar/data/935015/000119312523227441/d515026d497.htm#xx_1e50d048-f5f7-47a0-b2d4-07301b86b98f_2
The only way to purchase ARTFX as cited from the most recent prospectus:
Who is Eligible to Invest in a Closed Fund?
Artisan High Income Fund, Artisan International Small-Mid Fund and Artisan International Value Fund are closed to most new investors. From time to time, other Funds may also be closed to most new investors. The Funds do not permit investors to pool their investments in order to meet the eligibility requirements, except as otherwise noted below.
If you have been a shareholder in a Fund continuously since it closed, you may make additional investments in that Fund and reinvest your dividends and capital gain distributions in that Fund, even though the Fund has closed, unless Artisan Partners considers such additional purchases to not be in the best interests of the Fund and its other shareholders. An employee benefit plan that is a Fund shareholder may continue to buy shares in the ordinary course of the plan’s operations, even for new plan participants.
You may open a new account in a closed Fund only if that account meets the Fund’s other criteria (for example, minimum initial investment) and:
◾you beneficially own shares of the closed Fund at the time of your application;
◾you beneficially own shares in the Funds with combined balances of $250,000;
◾you receive shares of the closed Fund as a gift from an existing shareholder of the Fund (additional investments generally are not permitted unless you are otherwise eligible to open an account under one of the other criteria listed);
◾you are transferring or “rolling over” into a Fund IRA account from an employee benefit plan through which you held shares of the Fund (if your plan doesn’t qualify for rollovers you may still open a new account with all or part of the proceeds of a distribution from the plan);
◾you are purchasing Fund shares through a sponsored fee-based program and shares of the Fund are made available to that program pursuant to an agreement with the Funds or Artisan Partners Distributors LLC and the Funds or Artisan Partners Distributors LLC has notified the sponsor of that program in writing that shares may be offered through such program and has not withdrawn that notification;
◾you are an employee benefit plan and the Funds or Artisan Partners Distributors LLC has notified the plan in writing that the plan may invest in the Fund and has not withdrawn that notification;
◾you are an employee benefit plan or other type of corporate, charitable or governmental account sponsored by or affiliated with an organization that also sponsors or is affiliated with (or is related to an organization that sponsors or is affiliated with) another employee benefit plan or corporate, charitable or governmental account that is a shareholder of the Fund at the time of application;
◾you are a client, employee or associate of an institutional consultant or financial intermediary and the Funds or Artisan Partners Distributors LLC has notified that consultant or financial intermediary in writing that you may invest in the Fund and has not withdrawn that notification;
◾you are a client of a financial advisor or a financial planner, or an affiliate of a financial advisor or financial planner, who has at least:
○$2,500,000 of client assets invested with the closed Fund at the time of your application; or
○$5,000,000 of client assets invested with the Funds or under Artisan Partners’ management at the time of your application and, with respect Artisan International Value Fund only, the Funds or Artisan Partners Distributors LLC has notified such financial advisor or financial planner, or affiliate of such financial advisor or financial planner, in writing, that that you may invest in the Fund and has not withdrawn that notification;
◾you are an institutional investor that is investing at least $5,000,000 in the Fund and the Fund or Artisan Partners Distributors LLC has notified you in writing that you may invest in the Fund and has not withdrawn that notification (available for investments in Artisan International Small-Mid Fund and Artisan International Value Fund only);
◾you are a client of Artisan Partners or are an investor in a product managed by Artisan Partners, or you have an existing business relationship with Artisan Partners, and in the judgment of Artisan Partners, your investment in a closed Fund would not adversely affect Artisan Partners’ ability to manage the Fund effectively; or
|
Prospectus—Artisan Partners Funds
155
◾you are a director or officer of the Funds, or a partner or employee of Artisan Partners or its affiliates, or a member of the immediate family of any of those persons...

Taxation of ADR stocks and U.S. Investors
”Like regular U.S.-based stocks, ADRs that issue dividends are taxed in the same manner. However, the one caveat is that because it is considered a foreign investment, the foreign home country will typically have a withholding amount. Each country has a different withholding tax but typically the amount ranges from 15% to 20%. Some countries have a significant amount of withholding on their dividends, such as Chile and Switzerland – both of which withhold 35%. France, for instance, also has one of the highest withholding rates in the world. The initial base rate is 30% but if the investor is in a non-cooperative country of the European Union, the rate is 75%.
“Many countries around the world have set up tax treaties with the U.S. and Canada, which reduces the withholding rate for investors. Chile, Switzerland and France all have established tax treaties with both countries, so instead of the higher withholding rates listed above, U.S. and Canadian citizens only have to withhold a maximum of 15%. However, it is important to remember how ADRs work. ADRs are generally held in bulk by a foreign custodian, which may or may not have the residency information for each individual investor. In this scenario, the ADR custodian may reduce the dividend payment by the foreign domestic withholding tax.”
With apologies to @dtconroe - I agree there’s some thread drift here. A CD is not an ADR. But @Crash was reacting to the issue of timely payment of interest and / or dividends. Regardless of the source of those payments, failure to receive payment on time would unnerve me and many other investors.
@MikeM - The issue has been raised before. What I have surmised is: even if held in a tax exempt / tax deferred account, holders of an ADR will get hit with the foreign country’s tax on dividends. I experienced this for the first time a year ago. Everything I’ve read indicates that those taxes also apply to indirect ownership of foreign companies (ie through a fund). The tax is paid by the fund and comes out of “other fund expenses” so that holders are often not aware they are paying it. Yes, per @yogibearbull, there is a provision in the U.S. tax code that may allow someone to apply for / receive at least a partial reimbursement - but I have not looked into it further.
What ought not be overlooked (in my case anyway) - There is no capital gains tax. So one may trade in and out freely and perhaps recoup part or all of the income tax paid on dividends.

I don't understand fully this ADR tax, but it doesn't sound like an "extra" tax levied to an individual investor, to me. It sounds like it has been made for the convenience of US investors to be a normal dividend and capital gains tax, same as you would pay on domestic holdings.
I have never paid a tax on foreign company holdings or seen paperwork that one was withheld, but that could be because all my foreign investments (mutual funds, ETFs and stocks) are in tax deferred accounts.
Also, the write up talks about stock transactions. I don't see anything about CD income.
from Fidelity website: https://www.fidelity.com/learning-center/investment-products/stocks/understanding-american-depositary-receipts

American Depositary Receipts (ADRs) offer US investors a means to gain investment exposure to non-US stocks without the complexities of dealing in foreign stock markets. They represent some of the most familiar companies in global business, including household names such as Nokia, Royal Dutch Petroleum (maker of Shell gasoline), and Unilever. These and many other companies based outside the US list their shares on US exchanges through ADRs.

Taxing and reporting
ADR investors are not subject to non-US stock transaction taxes. And for those countries that maintain tax treaties with the US, dividends are paid without foreign withholding. However, like investment gains or income from domestic securities, proceeds from an ADR holding may be subject to US income or capital gains taxes and may be subject to backup withholding.