Given all the excitement, I'm surprised you don't have a floating treasury ETfund. If M*can be believed (And I count on @msf to check their work :) ) USFR ended the week with a yield of 4.75.

MOAT has good amount of turnover and I do not recall it ever having a cap gain distribution
The implication being that significant turnover such as that caused by a change in index being tracked does not necessarily result in an ETF recognizing cap gains. It is true that ETFs can handle large periodic portfolio rebalancings (e.g. due to index reconstitution) as described below. But changing indexes is not a periodic, routine event.
If the OEF/ETF structure of VIGI were a cause of the large cap gain distribution in 2021, then would one not expect some cap gains, however small, to have been realized in the other nine years the fund has been around? Further, the probability that the sole year any cap gains were recognized would randomly coincide with the sole year that the index fund was changed is just 10%.
What does turnover even mean for an ETF? Probably not what one thinks. It's certainly not what I would have thought - the value of portfolio shares sold (or bought) divided by the average AUM. Rather, turnover counts only those shares bought or sold for cash.

Turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including Vanguard ETF Creation Units.

https://institutional.vanguard.com/investments/product-details/fund/4415
So we may be comparing apples and oranges in saying that MOAT and VIGI turnovers are comparable. Though the real issue is not the turnover rate per se, but the anomalously high rate that VIGI experienced in 2021 (1.5x - 3x its normal rate).
ETFs put a "heartbeat" mechanism in place to handle routine changes in portfolio composition (rebalancings). Even the large quarterly reconstitutions that MOAT has to deal with.
In a "heartbeat" trade, the APs buy the securities that the ETF must discard (due to rebalancing). A couple of days later they sell the new securities that the ETF needs. All done with in-kind trades, using ETF shares as "currency".
The audacity of these maneuvers is so great that Elisabeth Kashner used MOAT as a case study when she coined the term "heartbeat" trades for ETFs in 2017.
https://insight.factset.com/the-heartbeat-of-etf-tax-efficiency
One might ask what's in it for the APs. It turns out that they can make a nice, reliable profit for this service (on the order of 24 basis pts/year). At the (hidden) expense of the shareholders.
https://insight.factset.com/the-heartbeat-of-etf-tax-efficiency-part-three-trade-forensics
One might ask why the SEC lets ETFs get away with this sort of blatant tax manipulation.

Recognizing the potential benefits to ETFs and their shareholders of employing custom baskets, but also being cognizant of the potential for abuses, the SEC now permits virtually unfettered use of custom baskets. However, ETFs using these custom baskets must adopt and implement detailed written procedures that “set forth detailed parameters for the construction and acceptance of custom baskets that are in the best interest of the [ETF] and its shareholders . . . .” These written procedures are internal, non-public documents. Rule 6c-11 also permits ETFs to do heartbeat trades with non-APs on the day of a reorganization, merger, conversion, or liquidation.

Jeffrey M Colon, Unplugging Heartbeat Trades and Reforming the Taxation of ETFs, University of Chicago Business Law Review, Vol 2.1 (2022?), Section VII.
https://businesslawreview.uchicago.edu/print-archive/unplugging-heartbeat-trades-and-reforming-taxation-etfs#heading-6
In short, evidence that OEF/ETF structure causes cap gains is lacking (virtually no gains recognized across decades and scores of funds), ETF turnover isn't what one thinks so use is judiciously, and ETFs work with APs to handle periodic portfolio rebalancings (including reconstitutions).

M* Fair Values
SLB $57 10/25/24
PFE $42 12/13/23

I've used Fidelity's Rewards Visa for approximately 8 years.
I appreciate that it offers 2% cash back on all purchases so that the cardholder
doesn't have to contend with varying cash back rates in "revolving categories."

Hence my interest in looking at cards that give high flat rates when coupled with brokerages.
Flat rate cards cited above:
Fidelity: Fidelity Rewards (2%) - must redeem into Fidelity account for full val
BofA/Merrill: Unlimited Cash Rewards (1.5%, 2.625% w/$100K invested) but foreign xact fee
BofA/Merrill: Travel Rewards (1.5%, 2.625% w/$100K invested) - must redeem against travel charges
Robinhood: Robinhood Gold (3%) - $50-$60 annual fee, for full cash val must redeem w/app into RH acct
US Bank: Smartly Card (2%, 4% w/$100K invested) - $50 annual brokerage fee, foreign xact fee, for full val must redeem to bank acct
It's not hard to find cards paying 2%, but they are usually inferior in some way(s) to Fidelity. For example, Wells Fargo Active Cash (WFC, need I say more?) and Bread Financial Cash Back (Amex, not Visa/MC)
Cards paying more than 2% come with strings and/or costs, some slight some more consequential.

A one time special reflection for the markets at this time:
"VOTE FOR ME, AND I'LL SET YOU FREE"
A lyric section from 'Ball of Confusion', by The Temptations, 1970
NOTE:

My intention, at this time; is to present the data for the selected bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

FIRST: The NEWS is very full of elections 'news'; and will remain for a few more days. Even worse is that the election numbers surely won't be 'clear' for 'x' number of days. ARGH ! Song lyrics arise: "No where to run to, no where to hide."
W/E November 1 , 2024..... Economy is HOT, Bond NAV's are NOT
--- The bond sector may not be a buy until the dust settles from the elections, regardless of other factors; barring outright armed conflict. 'Course, all the bond sectors in the list find their reasons for price movements, and we find 'DOWN' for this weeks pricing. Many bond sectors where negative for most of the week, with some price recovery for a few sessions, directed towards the 'long duration'; which fizzled, but kept the losses to be less. So, depending on where you're 'hanging' your bond market monies, there isn't much to smile about this week . The MINT etf, to the best of my recall, has maintained a positive price for the year, each and every week; and this remains for this week.
A few numbers for your viewing pleasure.
NEXT:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, October 28 - November 1, 2024
***** This week (Friday), FZDXX, MM yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 4.65% yield. Fidelity's MM's continue to maintain decent yields, as is presumed with other vendors similar MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. MOST MM's found a few hundreds basis drop in yield for the week.
--- AGG = -.57% / +1.51% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.11% / +5.01% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = -.11% / +3.31% (UST 1-3 yr bills)
--- IEI = -.59% / +1.75% (UST 3-7 yr notes/bonds)
--- IEF = -.98% / +.04% (UST 7-10 yr bonds)
--- TIP = -.39% / +2.47% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = -.14% / +4.25% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = -.41% / +3.97% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -.66% / -.97 % (UST, long duration TIPs bonds, PIMCO)
--- TLT = -1.08% / -5.07% (I Shares 20+ Yr UST Bond
--- EDV = -1.24% / -8.67% (UST Vanguard extended duration bonds)
--- ZROZ = -1.47% / 11.01% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +2.37% / 19.06% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -3.42% / -27.21% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = -.71% / +1.91% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- USFR = +.11% / +4.56% (WisdomTree Floating Rate Treasury)
--- LQD = -.84% / +1.24% (I Shares IG, corp. bonds)
--- BKLN = -.05% / +6.61% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = -.17% / +7.06% (High Yield bonds, proxy ETF)
--- HYD = +.11%/+4.49% (VanEck HY Muni)
--- MUB = +.04% /+.95% (I Shares, National Muni Bond)
--- EMB = -.77%/+5.58% (I Shares, USD, Emerging Markets Bond)
--- CWB = -.67% / +7.84% (SPDR Bloomberg Convertible Securities)
--- PFF = -.86% / +9.82% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.65% yield (7 day), Fidelity Premium MM fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

The Week in Charts (11/01/24)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:55 Topics
02:04 A Cooling Labor Market
08:17 The Expansion Continues
10:31 All Roads Lead to Inflation
17:49 Market to Fed: Slow Down
20:47 Big Earnings From Big Tech
25:56 A Housing Market Frozen in Time
32:25 More Affordable Rents
Video
Blog

sell NVDA and buy INTC
NIXT is an ETF for S&P 500 rejects. I do not think there is an ETF for DJIA rejects. I bought a few of DJIA rejects and they did very well after getting kicked out.

Time to load up or buy NIXT

You may want to consider taking a look at this:

The index reconstruction effect: An event study on the OMX Stockholm Benchmark Index

Robinhood has a 3% cash back card - no limitations (aside from standard ones on buying cash-equivalents) - with 5% cash back on travel booked via Robinhood Travel portal.
https://robinhood.com/creditcard/
Technically, the card has no annual fee, but you have to be a Robinhood Gold member ($50 annually or $5 per month). Robinhood Gold also comes with a bunch of other perks, including 4.5% APY cash account, 1% Deposit Boost, and 3% IRA Match on contributions.
https://robinhood.com/us/en/gold/
There is a variety of redemption options, including into Robinhood brokerage account.
https://api.robinhood.com/creditcard/legal/reward-terms

To get the full 2% cash back value from a Fidelity credit card, you have to deposit the money into a Fidelity brokeage account. That's okay - no min on the brokerage account, and Fidelity brokerage is excellent.
To get 2.625% cash back from a couple of BofA's credit cards, you need to have $100K combined in Merrill accounts (and/or BofA bank accounts). That's okay if you've got the investment assets; Merrill is passable as a brokerage and the cash back is good. And you don't need to deposit the cash back there.
Bonus: BofA will add an extra 2% cash back (or points) for charges you make on any of its credit cards on Nov 7, up to $2500 in charges (an extra $50 back).
https://promotions.bankofamerica.com/card/morerewardsday
US Bank has a couple of interesting credit cards. One that is not out yet will give 4% cash back on all charges if you've got $100K in combined assets (like BofA). From the little I can see, its brokerage arm does not impress: only 100 free stock/ETF trades/year and a $50 annual fee for balances under $250K. But that extra cash back will likely cover the brokerage annual fee and more.
Another US Bank card, Altitude Connect, has no annual fee and some quirky travel benefits. No foreign transaction fee, four free airport lounge passes/year, additional passes if your flight is delayed by over two hours, $100 credit every four years toward TSA Pre-Check (or Global Entry), some travel insurance, and 4x points for travel without having to use its travel service. Like Fidelity, you have to redeem points into a US Bank account to get full value.

Class I shares of the institutional MMFs FIGXX, FISXX (similar to FZFXX), and FSIXX (similar to FDLXX) can be opened at Merrill Edge with a $1 min. Shares can then be transferred in kind to Fidelity. This lets you get around the $1M min Fidelity would require if you opened a position there. Once opened, you can add any amount to these funds.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
Differences between owning these funds at Merrill and at Fidelity:
- Purchases and div reinvestments at Merrill must be in whole dollar amounts (remaining pennies of divs at Merrill go into your core account)
- Intra-day purchases are possible at Merrill (earn divs starting day of purchase) if bought before 11:45 (FSIXX) or 1:45 (others)
Is it worth the one-time set of hoops to cut the ER in half (0.42% to 0.21%)? That may depend on whether you already have an account at Merrill. If not, you'll have to open one for this purpose.

The minimum initial investment for CBLDX (ER of 0.91%) at Vanguard is $5,000. Morningstar shows the minimum initial investment for CBLVX (ER of 1.16%) is $2,500. The minimum initial investment spread seems very narrow.

Not sure how we missed this relatively big news item this week....which I have very mixed feelings about.
US broker Schwab to roll out broader overnight trading platform
Oct 30 (Reuters) - Charles Schwab Corp plans to expand the availability of 24-hour trading to include all stocks in major U.S. indexes as well as hundreds of ETFs beginning in about two weeks, the brokerage said in a statement on Wednesday.
The move comes amid burgeoning interest in extended hours trading from retail investors that is driving some brokers and exchanges to expand their offerings.
Last Friday, the New York Stock Exchange, a division of Intercontinental Exchange said it would file for permission to extend its trading hours to 22 hours each business day.
"About 90% of the customers we surveyed in our newest Traders Sentiment Survey said they would be interested in participating in 24-hour trading," said James Kostulias, head of trading services at Schwab.
Kostulias said that the high level of interest seems to be linked to the changing demographics of Schwab's client base. Nearly 60% of the households that Schwab added as clients in the first half of 2024 are headed by individuals under 40 years of age.
"They seem particularly likely to have an expectation that they will be able to trade any time, anywhere," Kostulias said.
< - >
Schwab said it plans a slow rollout of the expanded trading capacity, starting with its most active traders, and won't begin the process until the week after the Nov. 5 U.S. presidential election.
The expanded trading capabilities will be powered by the platform operated by Blue Ocean Technologies LLC, which also underpins overnight trading for Robinhood Markets Inc.and other U.S. brokerages.
The rollout is expected to be completed midway through the first quarter of 2025, by which time Schwab said clients will have access to overnight trading in all stocks listed on the Dow Jones Industrial Average, the Standard & Poor's 500 Index and the Nasdaq 100 Index
and hundreds of ETFs. Currently, Schwab offers overnight trading in only about two dozen ETFs.
< - >
https://www.reuters.com/business/finance/us-broker-schwab-roll-out-broader-overnight-trading-platform-2024-10-30/

Vanguard’s patent is for index funds only
Though there were no actively managed ETFs at the time the patent was issued, that doesn't mean that the patent is necessarily limited to index funds. The patent claims (11 and 12) cover both index and actively managed funds.

Although there is no requirement that they do so, ETSs issued to date track stock indices, such as the S&P 500 Index or the Nasdaq 100 Index. ...
The investment company could have an investment objective of tracking a specific target index of Securities or the investment company could be actively managed by an investment advisor. ...
[Claim] 11: The method of claim 1 wherein the single investment company has an investment objective of tracking a specific benchmark index of securities.
[Claim] 12. The method of claim 1 wherein the single investment company is actively managed by an investment advisor.

https://patentimages.storage.googleapis.com/0f/19/44/3755859e82d295/US6879964.pdf

@fred495 Thanks. Lucky me, I guess :-(

Thanks @msf.
I am not worried about cash being deposited into the account instead of fractional shares. I am more focused on which brokerage reinvests div on ETFs at the most advantageous way or at least in a neutral way, without giving an advantage to the house.
E.g., if one has a $10M portfolio divided into SPY (paying 1.4% div) and a fixed income ETF (paying 5.6% div) for an average of 3.5% div yield or an annual $350K in dividends. A 0.5% bad pricing would result in an annual loss of $1.75K. If I had only two ETFs, I can receive them in cash (easy to put them on calendar) and reinvest myself but that is not the case and I do not want to do this job myself, rather looking for the best brokerage for this activity and transfer the shares to that brokerage.
Currently, I hardly have any ETFs at Fidelity. A lot of them are at Schwab and some are at Vanguard (taxable account). Just looking at a sample of QQQ div reinvestment cost per share,
Vanguard Schwab
7/31/24 $440 469.49 (I do not see a 440 price until Aug 5)
4/30/24 464 431.54
1/16/24 435 403.22 (1/02/24)
10/31/23 360 352.21 (11/1/23)
7/31/23 406 381.63
Vanguard prices are completely off. It seems Vanguard buys them many days after the dividend pay date, though posts them as of date. I have been holding off on transferring the Vanguard holdings to Fidelity or Schwab for fear of the cost basis getting screwed up during the transfer but I think I have to pull the trigger. So, I am trying to figure out whether Schwab or Fidelity a better destination for dividend reinvestment.

@sma3 MVP was my bad - its MPV as above.
I do not like to pay premiums for CEFs either, but if M* is to be believed MPV looks to have been bouncing between premium / discount in 3-4 years a runs and the current premium sequence has just started - as unpredictable as it might be.
Your issue with (relatively) low volume is fairly taken, but if one treats this as a long-term investments - waiting a few days for a limit order to fill should not be an problem, I'd think.
The main selling point for me is that MPV has had
NAV maxDD of -10.83% over 20 years!
(And a maxDD of -5.80% / -2.98% over 10 year per MFO / M*.)
All of this, while generating avg NAV returns of:

1-Year 8.39%
3-Year 7.85%
5-Year 9.45%
10-Year 8.78%
15-Year 10.57%
20-Year 10.23%
LOF 10.68%

I am no expert on fixed income and I understand private loan investing even less - that's why I hire professionals by buying mutual funds... ;)
But can anyone name any other mutual fund and/or any other (accessible) investment that returned > 10% avg annually over 20 years with a single DD of ~ -10% and several ~ 5% over this time?
Seriously, I'd really like to find a few!
[Yeah, I remember about the price premium/discount w CEFs, but ultimately MPV's average Price performance is arguably even better than NAV's. It also makes a Price maxDD of ~ -20% - not bad in-and-of itself given the returns - a lot easier to swallow, when you know that the underlying asset keeps ticking up @ 10% avg annual almost w/o drops...]

Stable-Value (SV) Rates, 11/1/24
TIAA Traditional Annuity (Accumulation) Rates
Rates up by 25 bps
Restricted RC 5.25%, RA 5.00%
Flexible RCP 4.50%, SRA 4.25%, IRA-101110+ 4.50%
(TIAA Declaration Year 3/1 - 2/28)
TSP G Fund 4.375% pending (previous 3.875%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1719/thread

Ultimately it comes down to the market. Whether Schwab and Fidelity reinvest your own dividends at some fixed or random time of day, or give you the average cost they get for all reinvested divs, or use some other algorithm, it's the vagaries of the market that drives your reinvestment price.
I don't know Fidelity's process for reinvesting divs (ETFs or stocks). But generally they execute automated trades around 10AM.
https://mutualfundobserver.com/discuss/discussion/comment/180583/#Comment_180583
If you don't think you're getting the price you want, you could always take the div in cash and place a limit order yourself. At least you could at Fidelity. Schwab doesn't offer "slices" of any securities except S&P 500 companies, and even then it doesn't accept limit offers.
https://www.bankrate.com/investing/schwab-slices-vs-fidelity-stocks-by-the-slice/