Slightly OT question (for a Buy/Sell thread), but we are moving to Schwab for good from TD Ameritrade next weekend: are the money market holdings at Schwab considered investable cash, or do you have to sell the money market funds first and then trade them the next day?
TIA

You need to sell first, which adds friction/delay to transactions you might want to pounce on. Though I think they are T+1 so there's only a day's delay, but still.
I still have a large chunk of cash sitting in the Schwab sweep account b/c I don't want to play the game of buying/selling MMFs before making stock purchases. And since I really don't want interest income at the moment (taxed at my W-2 rate) I'm okay with Schwab making some $$ off of it by paying .001 or whatever it is nowdays.
How Schwab handles free cash is the only serious problem I've had with them since moving from TD back in Oct 2020.

@MikwW - from MT Newswire
05:19 PM EDT, 05/02/2024 (MT Newswires) -- Apple ( AAPL ) late Thursday reported a surprise increase in fiscal second-quarter earnings despite a slowdown in iPhone sales while the technology giant announced additional stock repurchase authorization of up to $110 billion.
Per-share earnings rose to $1.53 for the quarter ended March 30 from $1.52 a year earlier, compared with the GAAP consensus on Capital IQ for the metric to fall to $1.51. Net sales fell 4% to $90.75 billion, but came in ahead of Wall Street's $90.45 billion view.
Shares were up 7.5% in after-hours trading Thursday.
The company's additional $110 billion buyback plan reflects "confidence in Apple's ( AAPL ) future and the value we see in our stock," Maestri said.
Apple ( AAPL ) raised its quarterly cash dividend by 4% to $0.25 per share, payable May 16 to shareholders of record on May 13.
Price: 185.57, Change: +12.54, Percent Change: +7.25

I'm sorry some of you have had poor experiences with Vanguard. Our experiences have been exactly the opposite. We have had accounts with Vanguard for 30+ years and have received excellent support. I don't want newbies reading this thread to think Vanguard is uniformly bad. They deliver excellent products for extremely competitive prices. Their fee structure may be designed to discourage millions of tiny little accounts, but those are the bane of any mutual fund / etf company.

Agree, we do not want any newbies reading this thread to be misdirected.
I stayed away from participating on this and other threads discussing about Vanguard's negative virtues but your post prompted me to share my experience. I have a 7 figure account with Vanguard, which is my first investment account opened 30 years ago. While all brokerages' service quality has dropped since beginning of Covid, many are slowly recovering. Vanguard service quality stunk for more than 5 years and does not show any promise of abating. Rich folk do not care about costs of their investments but they care about total returns and quality of service is why they put their money in venture capital, private equity, and other structured products. Costs are important to the tiny investors that presumably (according to you) Vanguard is trying to restrict / kick out. I do not mind paying to encourage the tiny investor. Over the years, I sent many written suggestions to Vanguard to improve their service quality and then decided to keep my silence. Vanguard has a culture problem and has become the Boeing of investment firms.
Please see my previous post for what I am doing now.

@MSF. I read the update links you noted. I wonder how many will actually read them and get caught up in this web of customer malfeasance. And how many more will transfer or close their accounts? Does Vanguard care? I think not. I was able to transfer my Admiral funds but eventually found comparable Vanguard or other company ETF's that I switched the funds into, if the capital gains were not much of a factor. Thanks for the links!

Yes, you've got it @Crash. I usually place it when a stock has good gains, and I don't want to lose them. If a stock has reached or is close to fair value it may be time to implement a trailing stop. The percentage you put in for the stop (sell) continues to move the sell price up as the stock increases. Again, there are situations where you can get burnt selling on low spikes, usually with volatile small or low volume stocks.

Bought a 5 year government agencies bond today yielding 6.25%. Callable of course. Ride the ride until it ends, but with inflation higher for longer, maybe that could last a year or so.
As you've said @hank, gold has had a heck of a ride ytd. I had added some to my long term holding (since 2020) earlier this year but I'll hold off buying more now. Gold was probably due for this correction. I did take a gamble on a miner stock, Barrick Gold Corp, GOLD, about a month ago after a positive Barrons article. It's quite volatile and I'm probably about even on the bet.

I think it is worth reading the articles @msf posted in this thread.
I would be interested in posters' comments comparing BUFB (and BUFF) and HELO, the laddered buffering ETFs. if you have to choose one, which one would it be to buy on May 1?
https://www.innovatoretfs.com/etf/?ticker=bufb (buffering against first 9% loss)
https://www.innovatoretfs.com/etf/?ticker=buff (buffering against first 15% loss)
https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-hedged-equity-laddered-overlay-etf-etf-shares-46654q724 (buffering against the losses from 5 to 20%)
BUFB has been around for two years and BUFF has been around since Aug 11, 2020 (a different fund before this date) and neither made any distributions - management fees 0.1% and acquired fund fees 0.79%. If we like the returns and risk, tax efficiency is a welcome bonus here.

Hi @yugo The beginning of the current near term (looking backwards) change of directions for U.S. equity, CD rates, MMKT rates, ultra short term and related bond funds noted by others began to take shape in 2023. Your note about the return for MINT in 2022 is correct.
Let us start with Covid period. I'll use Fidelity's core MMKT of SPAXX for notation, but this applies to other fund houses and some of their MMKT's, too.
During this beginning period, MMKT's and CD's were paying next to nothing in yields/interest, as the Fed. was supporting the economy with low rates. One should probably include the beginning of the Russia invasion of Ukraine in February, 2022 for other disruptive circumstances. As the Covid upwind took place and inflation became a large concern for the Fed.; they/it began rate increases with the goal of chasing the 'dubious' goal of obtaining a 2% inflation rate.
--- April 2020 - April 2022 nominal interest rates/yields were .1%.
--- July 2022 found rates near 1%
--- December 2022 found rates near 2.6%
--- May 2023 found rates near 4.7%
--- October 2023 - April 26, 2024 4.96%, + or - .05%
MINT etf distributions, which are paid monthly; reflect the above changes in interest rates/yields.
--- April 2020 - April 2022 $.05-$.05 Fully range bound and LOW
--- As with the above for May 2023 - April 2024, MINT distributions have ranged from $.41 - $.45 (current, April 2024). The yield increase from April, 2022- April, 2024 is a full 800%.
What do all of these numbers mean??? For conservative investors or investors who desire a portion of their portfolio to be relatively uneventful and still make some decent money, are those who chose to follow the CD's path find yields worth pursuing. MMKT's are worth keeping at the current yields. MINT, IMHO; is worth keeping at this time; as well as other etf's mentioned by others.
The rotation away from the above areas will 'show' it's face when the Fed. chooses to change it's policy on rates.
NEXT: Late October of 2023 was the beginning of another 'phase', post Covid and Fed. actions. LQD (IG corp. bonds) does look like much against the other listings in the chart. But, it has tried to perform, now and then. It's included, only for reference of a few other etf total returns for the period. Yes, I'm a growth fan.
CHART of SPY, QQQ, SMH (semi conductors etf) and LQD (investment grade bonds).
NOTE: Please make me aware of mistakes or contradictions, as I write this while under the influence of meds. TIS big pollen time in Michigan.
Remain curious,
Catch

As Rod Serling would say, “submitted for your approval,” here is a 3-minute video of the changes in the S&P 500 Top Ten stocks over time:

If you are going to remain "overweight" in equities, the 1 phrase that sticks in my mind is:
"A rising tide lifts all boats" - JFK
....and the reverse is true as well. Defensive sectors (Utilities, Health, etc.) don't always hold up. So it would be nice to think that there are "low risk" strategies that could work. But they rarely do.
The M* article that YBB posted pointed out that both Low-volatility and Alternative investments have been hampered severely by extremely low interest rates (earned by Treasuries and Cash collateral) over the past 15 years.
The article finished with:
"But what feels good is not necessarily what is right. As a rule, competitive gains do not occur without accompanying pain.
That’s a message worth remembering when investment vendors respond to a stock downturn by selling safety. They always do."

Nice @msf
I liken the “drag effect” of portfolio hedging to brakes on a car. A car would be much more efficient and would travel farther if you just left it rolling along.
PS - @msf said “Shilling (attrib Keynes): The market can remain irrational longer than you can remain solvent.”
That’s scary if true. It suggests our perspective on markets based on most of our investing lifetimes may not reflect reality. My “hands-on” experience dates to 1995, or about 30 years. Prior to that I paid little attention. Despite a few awful downturns (2000, 2008, 2020, 2022) U.S. equities have dramatically outpaced just about every other kind of investment. I dare say that holding bonds or other hedges over that 30 year span would have resulted in a lower overall return.
But, as I think Shilling / Keynes implies, that 30 year period may represent some type of alternative universe rather then reality.
FWIW / Fido’s analytics currently put me at 51% equities. Too high. Waiting for a good chance to reduce that.

Since we spent an entire thread talking about this ETF, I feel compelled to post this PSA. Liquidation is approx Thursday two weeks from today. If any one is holding this ETF in a taxable account, do not wait until the date of liquidation as you may receive in liquidating distribution accrued dividends and capital gains.

https://www.sec.gov/Archives/edgar/data/1683471/000089418924002557/opportunistictraderliquida.htm
497 1 opportunistictraderliquida.htm OPPORTUNISTIC TRADER ETF 497E
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Opportunistic Trader ETF (WZRD)
a series of Listed Funds Trust
Supplement dated April 24, 2024
to the Summary Prospectus, Prospectus and
Statement of Additional Information (“SAI”)
dated February 7, 2024
After careful consideration, OT Advisors, LLC (the “Adviser”), the investment adviser to the Opportunistic Trader ETF (the “Fund”), and the Board of Trustees (the “Board”) of Listed Funds Trust have jointly determined that the liquidation of the Fund is in its and its shareholders’ best interests. Accordingly, the Board approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on or about May 9, 2024 (the “Liquidation Date”). Shares of the Fund are listed on NYSE Arca, Inc.
Effective immediately and continuing through the Liquidation Date, the Fund will commence the liquidation of its portfolio assets. 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 Prospectuses 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 the shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, there is no assurance that there will be a market for the Fund’s shares during that time period, and shareholders may only be able to sell their shares to certain broker-dealers. 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. However, the net asset value of the Fund on the date of the liquidating distribution is calculated will reflect the costs of liquidating 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 (800) 617-0004 for additional information.
Please retain this supplement with your Summary Prospectus, Prospectus, and
Statement of Additional Information for future reference.

In order to deflect from the free stock grab that the orange one has concocted, the CEO (Nunes) singled out four market participants that have been responsible for more than 60% of the volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital.
Nunes is now asking GOP members to investigate "potential manipulation" of DJT's stock, and pointing fingers. Feels like he is stealing a page from the orange playbook.
Meanwhile, teflon Don receives another $1.2B in "bonus" shares - a major dilution of current shareholders. How many cons can this grifter pull off?
Anybody home at the SEC?

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

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

I believe that in the case of mutual funds and ETFs it is automatic. That is … the fund’s NAV is regularly updated to reflect accrued dividends, interest, cap gains. And when those are distributed to shareholders the share price falls by the predictable / necessary amount. Thus, Roy’s earlier observation was right.

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

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

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

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

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

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