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PRYMY is trading at a 41% premium. Price. $35.68. Feb 21 ...

I'm lightening up by the end of the week. Having ~5% on short term money makes the decision easier. Make sure you have an income stream identified. Mexico and Canada will retaliate with tariffs once Trump takes the first step. Next week might be messy.

I believe the total to be 37.2 +8 = 45.2% state non taxable ? Agree or not ?
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PORTFOLIO COMPOSITION BY SECURITY TYPE % OF INVESTMENTS
57.7% Repurchase Agreements
U.S. Government Agency 20.5%
U.S. Treasury 37.2%
34.1% U.S. Government Agency Debt
8.0% U.S. Treasury Debt
0.2% Variable Rate Demand Notes

This public/private-credit etf PRIV from State Street & Apollo has some unusual twists – it will hold private-credits in 10-35% range and Apollo will act as daily liquidity provider to overcome the SEC limitations on illiquid holdings to 15%. So, basically, Apollo will buy units if there are excessive daily redemptions and State Street can buyback those on demand.
I don't know of ANY similar arrangements in the listed funds (ORFs, ETFs, CEFs). But there has been a similar Liquidity Guarantee for the TIAA Real Estate Account VA (QREARX) since 1995! TIAA charges a fee for this Liquidity Guarantee. TIAA buys QREARX units when there are excessive redemptions and QREARX buys them back later. This feature has been triggered twice, once during the GFC, and recently in 2023. TIAA hasn't lost money on this Guarantee - in addition to collecting fee (included in the ER), it has been able to get out of the units bought at decent profits. It's the magic of deep-pockets.
https://www.morningstar.com/bonds/groundbreaking-new-etf-arrives
Filings
https://www.sec.gov/Archives/edgar/data/1516212/000119312525036426/d915332d497k.htm
https://www.sec.gov/ix?doc=/Archives/edgar/data/1516212/000119312525035495/d865902d485bpos.htm
https://www.sec.gov/Archives/edgar/data/1516212/000119312524216340/d878371d485apos.htm

AAII Sentiment Survey, 2/26/25
BEARISH remained the top sentiment (60.8%, very high) & bullish remained the bottom sentiment (19.4%, very low); neutral remained the middle sentiment (20.0%, low); Bull-Bear Spread was -41.4% (very low; 2.3 yr low). Investor concerns: Jobs, budget, debt, inflation, the Fed, dollar, geopolitical, Russia-Ukraine (157+ weeks), Israel-Hamas (67+ weeks; cease fire). For the Survey week (Th-Wed), stocks down, bonds up, oil down, gold down, dollar down. NYSE %Above 50-dMA 50.83% (positive, barely). DJIA & SP500 fell below 50-dMA, Nasdaq Comp & R2000 were below 200-dMA. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1889/thread

JQUA outperformed SPHQ, QUAL, and VFIAX on an absolute and risk-adjusted basis
from Dec. 2017 - Jan. 2025. The time period was constrained by available data for JQUA.
https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=1h6EglHoYVwvNJlJYjcA56

Repost from ongoing MFOP update thread ...
Sweet 10 months for these MultiSector Income funds: Holbrook Structured Income I (HOSIX), SEI Opportunistic Income A (ENIAX), RBC BlueBay Strategic Income I (RBSIX), and Credit Suisse Strategic Income I (CSOIX).
No (month ending) drawdown. Healthy return.

StockRover includes a Novy-Marx Quality screener and Sloan Ratio metrics.
Unfortunately, both can only be used for stocks and are not applicable for ETFs.
I don't know how to screen mutual funds/ETFs for academics' quality measures or if this is even possible.
Novy-Marx Quality
It looks for quality as measured by gross profits over total assets, momentum as measured by 1 year price change and value as measured by low price to book ratios.
This screener also filters out stocks with very low market caps and trading volumes.
Sloan Ratio
The Sloan Ratio identifies companies with high accrual ratios, or high non-cash income or expenses.
Sloan found that over a 40 year period buying low accrual companies and shorting high accrual ones generated a return of more than twice the S&P 500. The ratio is computed by subtracting operating and investment cash flow from net income and dividing by total assets. If the result is between -10% and 10%
the company is in the safe zone but if the result is greater than 25% or less than -25% earnings are likely
to be made up of accruals. Accruals that continue across several quarters are a signal for doctored earnings.

You're correct that these quality funds are not inexpensive.
The funds' P/E and P/B data is below.
I didn't search for P/S or P/CF data.
Valuation Metrics - 12/31/2024
FQAL - 27.93 P/E; 6.65 P/B
QUAL - 29.31 P/E; 8.90 P/B
SPHQ - 29.68 P/E; 17.14 P/B
JQUA - 22.89 P/E; 5.53 P/B (1/31/2025 data)
IWB - 28.45 P/E; 4.82 P/B (iShares Russell 1000 etf for reference)

The mentioned funds are more expensive than many large-cap index funds weighted by market capitalization.
But they're not overly expensive.
FQAL - 0.16%
QUAL - 0.15%
SPHQ - 0.15%
JQUA - 0.12%

The 10 year 3 month yield curve has inverted again.
https://www.cnbc.com/2025/02/26/federal-reserves-favorite-recession-indicator-is-flashing-danger-again.html

Of course the “Economic Policy Uncertainty Index “ is at its highest level since 1985,,,,, every aspect of our society is uncertain from one hour to the next. The only people who aren’t experiencing UNCERTAINTY aren’t paying attention.

The Economic Policy Uncertainty Index is at its highest level since 1985 outside of the COVID-19 pandemic.
U.S. Monthly EPU Index
FRED (select max timeframe, modify frequency to monthly)

It has been in the news that DOGE IT kids were confused.
SSA may track beneficiary benefits under the original recipient's DOB, so that could be 100+.
Some SSA systems use COBOL programming (an ealy language for business programming) & unknown/blank age just defaults to 150. It doesn't mean that those are getting payments.
SSA has said that where the current living or dead status is unknown, it routinely stops payment for 100+.

@Anna

Oh my, all this time I thought/assumed that, originally, it was set up this way so as to avoid taxing state governments. 76 and not to old to learn. ;)

Still a youngster - we can collect SS until 150 years old, like those collecting now. ;)

I suspect all of us on the board, followers of David and MFO, me since 2011 and before that with Fund Alarm, look to build our own FOFs.
David publishes his periodically.
In recent years, the proliferation of model portfolios, do essentially provide FOFs.
Ditto most FAs or RIAs, either those they download from their platforms, likely sponsored, or those they create on their own ... the more independent and thoughtful ones, perhaps.
Target Retirement Funds are essentially FOFs too.
At quick search on MFOP shows there are presently 1719 FOFs offered in the US: 1276 are Mixed-Asset, nearly all "actively managed," including 386 Insurance Funds.
Focusing just on actively managed OEFs and ETFs, Federated Hermes Global Allocation (FSTBX) is the oldest at 65 years. And, not surprisingly, Vanguard Target Retirement funds are the largest, followed by American Funds Target Date Retirement funds.

SSA WEP & GPO related extra payments have started for simple cases that can be handled with automation. Complicated cases will be addressed later. SSA says to wait until April to inquire about the status.
https://www.yahoo.com/news/social-security-begins-paying-retroactive-225352352.html?guccounter=1

Well. I can give up my dreams of becoming a headline writer.
The article looks at individual state's imports and exports to China, Canada, and Mexico. Dinky linky. The article is partly based on research by Lending Tree: YADL.
More on CNBC's methodology:

To look at the impact of both the Trump tariffs on North American partners and the retaliatory tariffs Trump has planned for other global trading partners, CNBC analyzed data on imports and exports of all 50 states and the District of Columbia provided by LendingTree. ImportGenius provided additional granular data on the products. Using Customs code analysis, each state’s exports and imports with China, Canada, and Mexico were aggregated to specific products. This specificity granularity can show a state’s economic risk exposure which could affect jobs and economic prosperity.

Specificity granularity? Wasn't there an old Star Trek episode about a specificity granularity in the warp drives?
Pull quote:

Consider Montana, which tops the list of states importing from China, Canada and Mexico, with 94% of the state’s total imports coming from these three nations.

Lots of chewy numbers and details at the links. The CNBC article is behind an ad wall, you'll have to turn off your ad blockers to see it.

The Week in Charts (02/25/25)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:20 Free Wealth Path Analysis
00:51 Topics
01:36 The Cruelest Tax
04:45 Rising Credit Card Delinquencies
07:43 Buffett Raising More Cash
10:52 Delaying the American Dream
13:46 The Other Side of Mania
18:22 Show Us the Receipts
22:27 The New King of Retail
24:44 Record 401(k) Participation
Video
Blog

What's the difference between constructing your own "Fund of Funds" and being told by some MFOers that having too many funds is inefficient, wasteful, and self-defeating, as we've all heard here so many times over the years?

d - My response has always been: Give me 10 funds as good as PRWCX. The combined return should be the same.
I consolidated down from 15-20 funds to just 6 (+ cash) over the past couple of years. FD was one of the posters that I listened to. I found that with fewer funds you tend to concentrate more on the quality of each fund (management / goals / methodology, holdings, etc.). There’s a lot more money riding on each selection so you are pushed to do more due diligence. All good.
It does create a bit of a headache should you decide to exit a fund in favor of another, as you are moving a much larger sum of $$. I actually had trouble selling all my shares of a Cambrea etf the other day because it is so thinly traded. Took several sell orders over about 10-15 minutes to fully exit.
I explained earlier my thinking in creating a fund-of-funds with the proceeds from one of those 6 major positions. I want to learn whether I can take advantage of the volatility of CEFs by actively trading them - mostly within the group of 7. Don’t know. Seems like a reasonable exercise for someone who follows markets closely. I can report back in a year whether the experiment was successful.
Re “Funds of Funds” & fees. Most do not add an additional layer of fees, but some do. TRRIX from T. Rowe is an example of a fund-of-funds. With an equity target of 40% the fund (Silver at M*) has returned better than 6% annually since inception (2002). The 0.49% ER reflects the aggregate of fees from the underlying funds.