There's a fine distinction between feeder funds and share classes, and a not so fine distinction between those and clones.
The distinction between feeder funds and share classes is one that only wonks would appreciate. Multiple share classes of a fund invest in directly the same underlying portfolio. Feeder funds are funds that invest in the same "master" fund that in turn invests in the target portfolio.
In contrast, rather than investing in the same underlying portfolio (either directly or indirectly), clone funds invest in different underlying portfolios which in turn are "nearly" identical copies of each other. They are distinct portfolios, and though usually managed by the same teams, may have slightly different holdings.
The Voya is a clone of the TRP fund. Each fund offers multiple share classes.
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Wonky detail:
Prior to 1995, funds needed to get an exemption from the SEC to sell multiple classes.

many fund sponsors have adopted another distribution arrangement designed to achieve many of the same business goals as the multiple class structure without the need to obtain exemptions.... This "master-feeder" arrangement comprises a two-tier structure in which one or more funds (the upper tier) invest solely in [shares] of another fund (the lower tier). Although master-feeder structures are functionally similar to multiple class funds, they are viewed as not needing exemptions ...

https://www.sec.gov/files/rules/final/finend.txt
Summary: https://www.sec.gov/rules-regulations/1995/02/exemption-open-end-management-investment-companies-issuing-multiple-classes-shares-disclosure
The Voya funds are clones of the T. Rowe Price funds. You can tell this by looking at their portfolios (on the same date). They are close but not identical.
For example, Voya's SEC portfolio filing as of Sept 30th shows that MSFT constitutes 5.028296448259% of its fund's portfolio.
In comparison, TRP's filing shows as of Sept 30th, that MSFT constitutes 5.0427048120% of its fund portfolio. (This figure is confirmed on TRP's page).
The clones are close but the underlying portfolios are not identical.

PRWCX classes are PACLX, TRAIX.
Voya offers PRWCX or its classes under its own wrappers/tickers ITRAX, ITRIX, etc (5 classes) so that it can set its own (higher) ERs - most for Voya 401k/403b. Another name for such funds may be feeder funds.

AAII Sentiment Survey, 1/8/25
BEARISH became the top sentiment (37.4%, above average) & neutral remained the bottom sentiment (28.0%, below average); bullish became the middle sentiment (34.7%, below average); Bull-Bear Spread was -2.7% (below average). Investor concerns: Budget, debt, inflation, the Fed, dollar, geopolitical, Russia-Ukraine (150+ weeks), Israel-Hamas (65+ weeks). For the Survey week (Th-Wed), stocks up, bonds down, oil up, gold up, dollar up. NYSE %Above 50-dMA 32.40% (negative). Dollar is approaching 9/28/22 high of 114.75. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1823/thread

Not a bet on anything- just maintaining a reasonable overall inflation protection. MMKT = 56%, Fixed = 44%. Incoming pension & SS are sent to MMKT, transferred to checking acct as needed. Always an annual surplus of income over expense, so MMKT gradually increases.

Smart.
I guess I just have too many surprise expenses to be flipping money back and forth between accounts like that. There are always surprises. Wifey can't say "no." But I like your strategy, there.

Sure:
https://www.proshares.com/our-etfs/strategic/ispy

This is just a plain vanilla covered call strategy, targeting 100% of notional amount. I am surprised they need 0.55% ER for something that can be automated. Pro shares are reputable with derivatives and may be they can get better pricing on the calls sold. Look around to see who else offers similar product and how that compares to ISPY.
Is the income paid by the fund entirely ordinary income or about 50% OI and 50% long term cap gain?
I can do better by buying SPY and selling 1/12th of 10% of SPY every month

https://www.stockrover.com/world/insight/summary/Quotes/ISPY
(Doggy poopies! That link does not let you hold that particular security. Just type it into the search box.)
"Derivative income" style. Enough to scare me away. Remember The Big Short.
P/E 27. Unattractively high.....
Div. yield listed I see is 5.9%.
My point is: you can grab a better div. without resorting to risky derivatives. ET (MLP, K-1 tax form) is still spinning off 6.5% and my newest darling can ALMOST match that 5.9%. It's BLX, with its own 5.4% div yield. The BDC outfit known as Ares ARCC will give you 8.7% yield.

PRWCX oddity on 1/7/25 remains. I captured it in a 1-mo screenshot.

Just bought a one year share certificate/CD from a local credit union, paying 4.5%. That is higher than my MMs at Schwab, which are on a trend downward. If you want to phrase it as "betting", I guess I am betting that MMs stay below 4.5% for the next year. As my wife and I get older, I am trying to "relocate" some taxable account money from Schwab online, to local banks and credit unions, where it is more convenient and accessible for my wife. A 4.5% CD at a local credit union fits that effort.

Not a bet on anything- just maintaining a reasonable overall inflation protection. MMKT = 56%, Fixed = 44%. Incoming pension & SS are sent to MMKT, transferred to checking acct as needed. Always an annual surplus of income over expense, so MMKT gradually increases.

Over at Schwab their prime Treasury MMKT SUTTX is down to 4.24%, and the 2-yr Treasury that I bought about a week ago is 4.29. The trick is to balance immediate yield against longer-term stuff, while keeping enough in MMKT to cover any immediate cash need. At 85, I don't want to go out much more than a couple of years.

Has anyone taken a look at ISPY? It is ProShares S&P500 High Income etf.
They have been able to make a monthly distribution that equals about 10% annually. This is achieved by owning the S&P500 and taking the income from selling daily call options -- except they don't actually buy any options. Instead they use swaps. I have tried, but I can only vaguely understand what a swap is.
My uninformed and dubious take is that they will probably marginally trail the S&P500 in bull markets, and may slightly outperform in bear markets, but a monthly check of that size is enticing.

I think fixed income is looking better (perhaps fairly valued) as the 10-year closes in on 5%. Added a bit to WEA, GGN & INCM. / Some CEFs with leverage may benefit from a sharp decline in rates should it occur (not a prediction). Sold the smallish amounts of NSRGY & FLO held at slight loss to raise funds, wanting to hold cash steady at 10%.
The funds mentioned above comprise my “equity & income” sleeve - about 18% of portfolio combined. It’s the only sleeve that contains more than a single fund.
Added - At some point I may move the entire sleeve into OAKBX. However, I think the metals (GGN) have a little more life left in them, so would not want to vacate them completely. A sharp correction in equities would be nice and would speed the plan along.

If you have large gains in a highflying stock & want to sell it to buy a related etf for diversification, there is one obstacle.
The IRS will want its cut from your large capital gains.
Except when you do a 351-exchange from SMA or advisory portfolio into a 351-exchange etf without any tax consequences. But there are rules & restrictions.
Diversification test for contributed portfolio - single stock holdings < 25%; top 5 holdings < 50%
Accreditation requirements depend on brokerages
80% Control post-launch by the launch-investors
Tax-free Seeding happens only at inception; no continuing in-kind tax-free contributions
https://ybbpersonalfinance.proboards.com/thread/762/351-exchange-etfs

Seems to me to be two completely different skill sets-
• A): Insuring that numbers are being computed and accounted for properly, according to established accounting principles.
• B): Manipulating numbers in an attempt to increase their values and sums to the maximum extent possible, while also remaining reasonably consistent with safety.
And like most skill sets, there may be some degree of natural interest or aptitude involved, but education and training are the most important factors.

Yeah, you seem to have missed my point. And other posters routinely missing my points is the primary reason why I don't post a lot. That said...
I said earlier "Conversely, the women, many highly educated and certified in high level finance positions, were largely uninterested, uneducated and inexperienced in wealth mgmt."
I cited their FEAR as the primary reason for this.
Having education and work experience in accounting, finance and bizness administration IMO should increase the likelihood that a person understands investing more than the next person, and is less FEARful in investing. (Duh, we not only read financial statements, we create them, audit them and issue findings and recommendations related to them!)
My family was blue collar. Nobody in my family ever owned a stock or bond until I did. We were collectively FEARful of markets, primarily due to inexperience and lack of financial intelligence.
I did not start investing until I got my degree. I would have remained terrified of financial markets had I not had my base level, formal education in accounting, then LT employment in accounting. So, I overcame my FEAR of markets largely due to formal, financial education and work experience.
Over the course of my 35+ years in the financial work force, and a similar amount of time assisting friends and relatives with their investments, I saw the exact same effect on other men. I did not see the same effect on women.
BUT, when the women I knew who did overcome their FEAR, they generally went on to be highly successful investors. And as some studies show, women tend to be better investors as men. The biggest problem appears to be overcoming their FEAR about it all. (The study I linked notes "stress." Stress is the condition. FEAR is the resulting emotion that is expressed.)
YMMV.

The Year in Charts (01/07/25)
The charts and themes that tell the story of 2024, including...
00:00 Intro
00:58 Low Expectations
02:37 Goodbye Bear, Hello Bull
04:07 Japan's Black Monday
05:59 Fed Easing Again
11:03 The Least Affordable Housing Market in History
13:50 Everywhere You Look: Extremes
16:13 Mag 7 Domination
18:39 $2 Trillion More in Debt
20:54 Expansion Continues
23:24 Triumph of the Optimists
32:30 What Comes Next?
Video
Blog

@Crash, please do not re-watch for my sake. 5 day old macro is as actionable as a 5 day old fish. Besides, next Friday is around the corner and we will get a new episode.
I forgot, are you entirely at Schwab now? Their fixed income desk is at 800-626-4600. The reps try to help. Their website is a bit clunky for bond purchases but doable. Also, I do not enjoy their timing of crediting of the account upon maturity of bonds / CDs - I think they are mostly delayed relative to Fido and the fact that you have to buy in - sell out of MM creates additional transactional / investment friction. So, i mostly buy them at Fido but Schwab has some low minimum funds to access.

Hello. The last individual bond I recall personally buying was in 2003. It was a foreign 10-year "zero." I did well. For political reasons, I refuse to go back to the same source. And given my home and extended family situation, individual bonds and CDs don't work for me. Schwab may have things arranged to be pain-in-the-ass, but I just never use that function, anyhow. Yes, for simplicity, I'm all-in with Chuck. Like you, I don't like to have to sell-out of MM in order to buy stocks, stock funds or bond funds. But I live with it.
The political situation coming up is going to be "interesting," to say the least! It will surely affect markets. More volatility is surely to be expected.

Re: 03 Jan, '25:
Expecting elevated volatility, uncertainty. The 2-10 year spread is at highest in over 2 years. Due to fiscal concerns. Davis (BMO) likes relatively attractive current yields on both Treasuries AND corporates. He's adding duration.
Ed Al-Hussainy (Columbia Threadneedle) is concerned about policy uncertainty, most. Political and fiscal policy. "Underneath," there is also the Fed's interest rate adjustment stance.
Leslie Falconio (UBS Global Wealth Management) sees the monetary side has been totally recalibrated. Her firm expects only two interest rate cuts in '25. (June and Sept.)
Al-Hussainy: watch to see what happens with tariffs.
Falconio: Fed will most likely wind-down QT in 1st or 2nd Q.
Duration, Leslie? Yes, more duration now, but only out to the belly, around 5 years. When UST reach 4.75 at 10-years, they'll add further out the curve.
Al-Hussainy: duration is becoming a good hedge vs. risk assets, yes. Long end, out to the end of the year, is still quite "scary."
***********
DELUGE of I.G. bond issuance expected.
Already, $15B of issuance from Credit Agricole, GM and Ford.
-A poll shows $200B of junk issuance in '25 is expected. (Expected to exceed last year's record.)
JoAnne Bianco (Bondbloxx:) Still see opportunity in credit, especially junk.
Akila Grewal (Apollo Global) Private Credit will benefit in the impending higher-for-longer rate environment.
Sinjin Bowron (Beach Point Capital) Currently deploying money across the quality spectrum--- including "distressed opportunities." Distressed HY in '24 was a big driver of returns. But FR outperformed fixed income. Going forward, more bets into FR makes a lotta sense.
(Akila: ugh! Her manner of delivery is off-putting. Sounds just rushed and canned.)
Anyhow: Apollo is still focused on higher quality, First Lien stuff.
Bowron: Coming into '25 there are both solid credit fundamentals and very tight valuations. And wider spreads should not come as a surprise, simply given political uncertainty into '25. Nevertheless, credit quality remains robust.

@Crash, please do not re-watch for my sake. 5 day old macro is as actionable as a 5 day old fish. Besides, next Friday is around the corner and we will get a new episode.
I forgot, are you entirely at Schwab now? Their fixed income desk is at 800-626-4600. The reps try to help. Their website is a bit clunky for bond purchases but doable. Also, I do not enjoy their timing of crediting of the account upon maturity of bonds / CDs - I think they are mostly delayed relative to Fido and the fact that you have to buy in - sell out of MM creates additional transactional / investment friction. So, i mostly buy them at Fido but Schwab has some low minimum funds to access.

Sold a little VOO, added to ICMUX and also purchased a new 5 year Goldman Sachs 5.375% bond, matures 01/22/2030, callable 1/2027 so at least I'll get 2 years of 5.375%.

Its a bit ridiculous. I was conversing with a few friends who are advisors and they were talking about how they are spending a lot of time helping their clients try and even begin to understand these products. and not because they want them to buy them but their clients are inquiring.
IMO turn about is fair play. The industry has spent years purposely complicating their clients portfolios to keep the customer in the dark.
but its crazy, these are technically niche products that 30% of all new etfs are them in 2024 is nuts. although it begs the question of how many new etfs are actually being created. 30% of 500 is less than 20% of 1000.