On August 24, 2015, exchange traded products (ETPs) experienced a real life stress test.
Curiously, less than two months earlier there was another real life stress test albeit a much smaller one. On June 29, 2015, the Greek banks and stock market were shut down for several weeks.
Two different ETFs tracking the Greek market responded differently. GRE, a European ETF, was closed while GREK, a US ETF, remained open. Perhaps there are (rare) times when ETFs can close even when they don't absolutely have to.

Global markets have plunged into the red as the Greek government has shut its banks and stock exchange, sending its citizens into a panic. As a result, Lyxor has temporarily halted creations and redemptions of its Greek equity ETF [GRE], casting doubt over whether its price reflects the underlying assets.
...
Lyxor has updated its website today to read: “Due to exceptional circumstances affecting the Greek market, including the closure of the Greek stock exchange, we have decided, in the unit holders’ interest, to temporarily suspend subscriptions and redemptions of the units of the Lyxor UCITS ETF FTSE ATHEX LARGE CAP […].”

https://www.etf.com/sections/news/lyxor-suspends-activity-greek-etf-amid-turmoil

Lyxor’s decision has come under particular scrutiny because Global X, a US manager, has allowed investors to continue to trade its $322 million Greek ETF [GREK]

https://www.cnbc.com/2015/07/05/lyxor-had-no-choice-in-closure-of-greek-etf.html

Immediately after the markets closed in Athens, Global X issued a new prospectus update changing how they were going to deal with the market disruption. Here’s a quote.
“During the closure of the Athens Exchange, the Fund will fair value its security holdings for which current market valuations are not currently available using fair value pricing pursuant to the pricing policy and procedures approved by the Fund’s Board of Trustees.”
...
GREK never officially closed for creations and redemptions (instead, moving the portfolio toward the best basket of liquid ADRs they could manage)

https://www.etf.com/sections/etfcom-analysis/greece-etf-grek-shines-during-turmoil

“President Donald Trump's pledge to impose tariffs on all imports of steel and aluminum pushed commodity currencies lower while equities are poised for a risk-off day as markets remained jittery about rising trade tensions. The Australian and Canadian dollars, and the Norwegian krone, declined after Trump's comments. Shares across Asia Pacific dropped at the open while iron ore futures rose. News that a 25% levy on steel and aluminum will be announced Monday added to an already jittery markets in anticipation of Trump unveiling fresh measures on "everyone" and Federal Reserve Chair Jerome Powell's semiannual congressional testimony. Trump said the metals tariffs would apply to imports from all countries, though he didn't specify when they would take effect.”
Excerpted from / Reported by Bloomberg Media 2/9/25
I know! We’ve seen this movie before. Just reporting ….. I was planning some minor moves tomorrow. But decided against it after hearing this news. “Sit tight” best measure until markets settle down.

The Trump coup d'etat continues. Is this investing? Or off-topic material? We will ALL be affected by Regulators removed from the gov't grid. Clearly, the strategy is to simply destroy everything, and let the courts catch-up, if they are able. Things will have to be re-constructed again----- if enough votes can be found in the Congress to do it, in years to come.
"Stoopid is as stoopid does." ---Forrest Gump.
https://www.westernmassnews.com/2025/02/09/trump-official-orders-consumer-protection-agency-stop-work/

@yogibb said: So, Fido and Schwab aren't providing their mutual fund platforms as public service. This is one lucrative area that remains for them that is untouched by the drive to zero commissions. Options are another area.

I understand there is no free lunch in brokerage business. Products, live agent, and IT support have to be paid for. By the way, these firms also serve as administrators on retirement and education (529 plan) accounts.
Even though ETF transaction are mostly free; sometime I see $0.05 chaged at selling. I now move toward ETF for both passive and active managed. Fees are lower. Are there other options for small investors?

msf: "ETFs can't be closed."
What is the law or rule that says an ETF is not allowed to close inflows?

There's no rule of law that gives ETFs an advantage over OEFs when it comes to taxes. In fact, the law that says a fund can make embedded gains vanish by offloading them onto investors was written many years before ETFs ever existed.
It's not a rule of law, but a rule of reality - pragmatism - that prevents OEFs from doing this. In order to dump cap gains onto an investor redeeming shares, a fund must redeem those shares in kind. A few OEFs are even known to do this, e.g. Sequoia. But generally only for larger redemptions.
Similarly, it's not that ETFs are prohibited by law from closing, but as others have explained above, pragmatically the chaos it would cause is an effective bar.
Sequoia fund gives departing shareholders stock instead of cash (Investment News 2016)

A provision in the 1940 Investment Company Act allows funds to pay redemptions in securities, rather than cash, but it's a provision that's rarely used, in part because in-kind redemptions could damage a fund's reputation. ... Under the law, the fund doesn't have to distribute in-kind redemptions in proportion to the fund's holdings.

Sequoia prospectus, May 1, 2024

• Unless otherwise prohibited by law, the Fund may pay the redemption price to you in cash or in portfolio securities, or partly in cash and partly in portfolio securities.
• The Fund has adopted a policy under which the Fund may limit cash payments in connection with redemption requests to $250,000 during any ninety (90) day period. As a result, the Fund may pay you in securities or partly in securities if the amount of Fund shares that you redeem is more than $250,000.
• It is highly likely that the Fund will pay you in securities or partly in securities if you make a redemption (or series of redemptions) in an amount greater than $250,000

Schwab platform fees for most OEFs:
NTF funds
- OneSource (retail): typically 0.40%, can be as high as 0.45%
- Retirement plans (e.g. 401k): usually 0.10% to 0.50%, can be as high as 1.10%
TF funds: typically 0.10%, can be as high as 0.25%

An increased transaction fee [currently $74.95] applies to purchases made by self-directed retail clients of funds from certain fund families that do not pay Schwab for recordkeeping, shareholder, and other administrative services on fund shares held by self-directed retail clients

Those families are Vanguard, D&C, and Fidelity.
Schwab's automatic investment plan, begun in 2023, allows one to buy additional shares of most mutual funds except those for which Schwab charges "an increased transaction fee". So you can't cheaply buy additional shares of Vanguard, D&C, or Fidelity funds at Schwab.

Sven: At Fidelity's transaction-fee platform, Vanguard and Dodge & Cox funds will cost $100 to buy, whereas the typical fee is $49.95. Not sure with Schwab's purchase policy.
Both Fido and Schwab charge mutual fund firms platform fees (25-50 bps), whether NTF or TF.
Standard TF fees apply to mutual funds that pay. But higher TF fees apply to those mutual funds that don't pay.
Then, there are some mutual funds that aren't even supported at these platforms.
So, Fido and Schwab aren't providing their mutual fund platforms as public service. This is one lucrative area that remains for them that is untouched by the drive to zero commissions. Options are another area.

In the past we owned all the Vanguard funds mentioned in this tread. We have since left majority of them awhile back for the same reasons that pr viusly mentioned. How times have changed for Wellington and Primecap funds that trail their peers for a long time, even with low fees. I suspect the dominance of growth stocks in particularly the Mag 7 in the last 10 years contributes to this.
In our taxable account, we still hold their index funds. As we transitioned to ETFs and there are many solid choices, our index funds will be replaced gradually.
At Fidelity's transaction-fee platform, Vanguard and Dodge & Cox funds will cost $100 to buy, whereas the typical fee is $49.95. Not sure with Schwab's purchase policy.

If an E.T.F. was closed, Authorized Participants (APs) would be unable to effectively
support E.T.F. creation/redemption mechanisms to maintain NAV/Price stability.
On August 24, 2015, exchange traded products (ETPs) experienced a real life stress test.
APs failed to support ETPs which caused a large divergence between net asset values and market prices.
There were 1,046 circuit breaker trading halts affecting 317 different ETPs.
"In this case (as it was in the 2010 Flash Crash), when Authorized Participants/market makers
cease to support ETPs they can swiftly and substantially decline in price."
"When the market became stressed, the Authorized Participants/market makers
again walked away from the buy-side of the market and many ETPs collapsed.
Several important ETPs, including those based on the S&P 500 companies,
became unhinged from their index and underlying asset values and triggered circuit breakers."
"There is no rationalization for these swings in valuation in an orderly supply and demand marketplace.
This trading was driven by high frequency and algorithmic computer trading programs.
It is obvious there is enough evidence to suggest that computer-driven trading
can in fact change portfolio values of the U.S. by trillions of dollars in very short periods of time."
https://www.sec.gov/comments/s7-11-15/s71115-38.pdf

You wrote: "some arrogance involved. primecap and wellington had many years to ask vanguard to adopt an etf structure for tax\trading benefits."
Seems a bit presumptive to infer that they didn't ask vanguard to adopt an ETF structure merely from the fact that Vanguard didn't do so.
Regardless, if Primecap had wanted to run some funds with an ETF structure it had its own company to do this.
I wrote that AUM didn't seem to be a major concern of Primecap. Perhaps I should have written that growing AUM doesn't seem to be a major objective. Primecap has always been concerned about the size of its AUM being too large. That's why both Vanguard and Primecap Odyssey funds have had multiyear (even multidecade) closures. Even though that impeded "how they get paid". Responsible managers do things like that.
ETFs can't be closed. Why would Primecap open wide the inflow spigot with ETFs while simultaneously keeping their OEF funds closed?
primecap and wellington dont care bout their fund AUM plunges
What AUM plunge? Despite closures, despite outflows, Vanguard Primecap's AUM stands at or near its all time peak:
Current: $75.9B (per M*)
Sept 2024: $78B
Sept 2023: $65B
Sept 2022: $56B
Sept 2021: $74B
Sept 2020: $64B
Sept 2019: $63B
Sept 2018: $69B
Sept 2017: $58B
Sept 2016: $47B
Sept 2015: $42B
Prospectus Jan 31, 2025 and Prospectus Jan 31, 2020

Feb 8th Episode:

Going against the consensus again, influential economist David Rosenberg explains why inflation will be lower and the Fed will have to cut interest rates more than expected in the year ahead.

Some links from the interview:
BeigeBook_2025
Maybe consider a Canada fund= FICDX or etf FCCQ

VDIGX is concentrated - AUM $50.4 billion with only 43 stocks. The manager change was in 07/2022, and the new manager Fisher has probably made some portfolio changes.

With respect to my Schwab experience an "ordinary" check (an unexpected inheritance of several hundred thousand dollars) was accepted for deposit, and placed into the sweep account. It was around 4pm PST, after the NY market close. I then walked home, and some 15 minutes later placed a buy order for SUTXX, which was accepted and was filled on the following day.

So with respect to trading, depositing a check is treated no differently from wiring cash?
Source? Experience?
Fidelity says that if you deposit more than $25K by check you won't be able to trade with the excess until it's been processed (the hold period has expired).
https://www.fidelity.com/customer-service/processing-and-hold-times
If you can't make a trade on Monday with a check deposited on Monday, you certainly can't make a trade on Monday with a check deposited even later, i.e. on Tuesday.
It's only by Fidelity's good graces that it lets you trade sooner with small check deposits.

https://www.sec.gov/Archives/edgar/data/1498498/000119312525022772/d933521d497.htm
497 1 d933521d497.htm ASHMORE FUNDS
ASHMORE FUNDS
Supplement dated February 7, 2025
to the Statutory Prospectus for Class A, Class C and Institutional Class Shares
of Ashmore Emerging Markets Low Duration Fund
On February 5, 2025 the Board of Trustees of Ashmore Funds approved a plan of liquidation (the “Plan of Liquidation”) for Ashmore Emerging Markets Low Duration Fund (the “Fund”), with such liquidation scheduled to take place on or about February 7, 2025 (the “Liquidation Date”). On or before the Liquidation Date, the Fund will seek to convert substantially all of its portfolio securities and other assets to cash or cash equivalents. Therefore, the Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
The Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes.
Effective as of the close of business on February 7, 2025, Institutional Class Shares of the Fund are no longer available for purchase by new or existing investors or be available for exchanges from the other series of Ashmore Funds, except for shares that may be purchased as a result of dividend reinvestments.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Shareholders may also exchange their shares for shares of a different series of Ashmore Funds, subject to any investment minimums and other restrictions on exchanges as described under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Investors Should Retain This Supplement for Future Reference

Thanks for taking the time to reply, MSF. I should have been clearer. When I say had a capital loss from sold assets I meant that lines 15 and lines 16 are both losses on my schedule D for 2024. That is less than zero.
That's why I am asking. I know the instructions for line 16 say to use the QD worksheet if *any* of those 3 conditions apply, not if all apply. I reported qualified dividends on line 3a. So it would seem I can use the QD worksheet, which I would prefer to do. But elsewhere the IRS implies that this worksheet should be used only if lines 15 and 16 are positive. But it is implicit, not explicit.

I'm not sure where the instructions you mention in your first sentence come from. Here are some of the instructions for Line 16:

Schedule D Tax Worksheet. Use the Schedule D Tax Worksheet in the Instructions for Schedule D to figure the amount to enter on Form 1040 or 1040-SR, line 16, if:

• You have to file Schedule D, line 18 or 19 of Schedule D is more than zero, and lines 15 and 16 of Schedule D are gains; or
• You have to file Form 4952 and you have an amount on line 4g, even if you don’t need to file Schedule D.

But if you are filing Form 2555, you must use the Foreign Earned Income Tax Worksheet instead.
[These are all unusual situations - so you likely don't have to use the Sched D worksheet]
Qualified Dividends and Capital Gain Tax Worksheet. Use the Qualified Dividends and Capital Gain Tax Worksheet, later, to figure your tax if you don’t have to use the Schedule D Tax Worksheet and if any of the following applies.

• You reported qualified dividends on Form 1040 or 1040-SR, line 3a.
• You don’t have to file Schedule D and you reported capital gain distributions on Form 1040 or 1040-SR, line 7.
• You are filing Schedule D, and Schedule D, lines 15 and 16, are both more than zero.

Since you had a sale of assets, you have to file Schedule D. Assuming that you had net gains (subtracting your cap loss from your MF cap gains), then both line 15 (net long term gains) and line 16 (net cap gains) will be positive.
In summary:
- Don't have to use Sched D worksheet - check
- Have positive numbers on Sched D lines 15 and 16 - check
So you're supposed to use the Qualified Dividends and Capital Gains Worksheet.

@a2z Some of the best performing Municipal bond funds that I track are:
Duration, Symbol, Name
0.2, FHMIX, Federated Hermes Conservative Municipal Microshort Inst
1.8, SUB, iShares Short-Term National Muni Bond ETF
3.9, SHYD, VanEck Short High Yield Muni ETF
4.0, DFNM, Dimensional National Municipal Bond ETF
4.2, BSNSX, Baird Strategic Municipal Bond Inv
4.7, BMNIX, Baird Core Intermediate Municipal Bond Inst
6.3, MUB, iShares National Muni Bond ETF
7.0, HYMU, iShares High Yield Muni Income Active ETF
8.5, HTAB, Hartford Schroders Tax-Aware Bond ETF
EVSM, Eaton Vance Short Duration Municipal Income ETF
Dfa Dimensional National Municipal Bond ETF (DFNM) is 42% invested in long term Muni bonds, 35% short term Munis, and 14% intermediate term. (close to barbell strategy)
iShares National Muni Bond ETF (MUB) is 65% invest in long term Muni bonds, 14% short term Munis, and 20% intermediate term. (close to bond ladder strategy)

am not sure i would let vanguard outside active managers off the hook for sticking to the standard mutual fund structure.
...
finally, its laughable that mid-mega cap u.s. managers are 'giving away their secrets' with etfs. no active manager can move the market a trickle relative to the passive flows. nonetheless, for those with large egos, there does seem to be an option with less than daily disclosure of holdings.

Are you talking about all 22 outside active management firms, or just Primecap and Wellington? I ask because many of these manage sleeves that are not comprised of mid to megacap US equity.
No matter. If the Primecap principals felt it was in their interest to manage ETFs, they could have done so on their own. Just as they started Primecap Odyssey on their own. AUM doesn't appear to be a major concern of theirs. POGRX was the largest of those funds as of Oct 31, 2018 ($13B). It now has $5.4B AUM.
Regardless of its reasons, it has always been, and remains, Vanguard's policy to disclose only what is required by law and no more. Even with index funds (addressing your ego remark), and even with their ETF share classes.
See, e.g. Vanguard ETFs Eschew Daily Disclosure ETF Trends, 2014.
Current policy:

Each Vanguard index fund, other than those Vanguard index funds relying on Rule 6c-11 under the 1940 Act (e.g., standalone ETFs), generally will seek to disclose the fund’s complete portfolio holdings as of the end of the most recent month online at vanguard.com, 15 calendar days after the end of the month.

Vanguard Whitehall Funds SAI Feb 27, 2024.