@sma

I have not had the "sell one fund buy another" issue at Fido but usually dont do that. I find Schwab's attitude about Sweep accounts very irritating and is clearly designed to make money off of John Q Public. It seems nasty, especially coupled with their insistence on keeping cash balances high in some of their portfolios. I think the SEC went after them for that.

I don't know why it's nasty, I never use their portfolio or Intelligent Portfolios and I don't think anyone else should use these at any brokerages. What is so irritating about selling $100K of fund X and entering a trade to buy $100K in SWVXX or SNAXX? I have done it for years. If you sell shares and don't know exactly what it's going to be, you buy MM close to this amount and the rest the next day.
Most investors should just select their AA and hardly trade = not many irritations at all.
For me, there is nothing more irritating than calling Fidelity reps after I sell in an IRA, and half of them claim you can't do it, and then I insist on talking with a supervisor. That is 15 minutes and a lot longer than buying cash in 10 seconds at Schwab. I also noticed that the Fidelity reps' knowledge got lower in the last several years.

@Crash- Mr Ruffles & others have it right:
Idle cash at Fido is swept into a fund which earns about 5% right now.
Idle cash at Schwab is swept into a fund which earns less than 0.5% right now.
It's going to be up to you to keep a close eye on your cash account which earns almost nothing, and manually transfer spare cash into a MMKT or Schwab Bank checking account. As others have said, it's pretty much the one thing that nobody likes about Schwab. Offsetting this is the fact that the Schwab website is very easy to work with, and neither the brokerage nor Schwab Bank nickle & dime you on expenses.

Like others say, each has attributes. Both Schwab & Fido command a lot of respect. Today I put through 2 different OEF “buy” orders at Fido (same fund) in the last 15-20 minutes of trading. Than I subsequently cancelled each and put through yet a third with 10 minutes left in the day. Fido allowed that. It was easy, fast & seamless. Previously committed funds were immediately freed-up for another trade.
The method to my madness … ? I sold half of my position in Franklin’s INCM (ETF) and bought a similar position in its sibling FKIQX (OEF). Added a few dollars in the process. Was attempting to keep the end invested amounts as equal as possible so I can better compare them going forward. (Not an easy task with the value of the ETF constantly fluctuating.) The ETF should outperform, having only half the ER of the OEF. But I’m not convinced that will be the case. Expecting the opposite.
Don’t mind my rattling on … :) Just wanted to say how easy it is to work with Fido. During the first tumultuous year (see TRP thread) I was calling Fido about once a day for 7-10 days. But in the last 6 months … might have called them once .. . Don’t remember … There’s a learning curve. I prefer online to the app. But really smooth once you gain experience.
@Crash If you trade a lot and maintain little in the way of a cash balance (like me), Fido’s probably slightly better due to proceeds from ETF sales being immediately available vs what sounds like a 2 day wait at Schwab. For most folks that wouldn’t be a problem. But, beginning in May, due to a change in regulations, that wait at Schwab should be just 1 day - at least as I understand it.

SIPC coverage is up to $500K with a $250K limit for cash. The cash coverage limit does not apply to MMF shares (those are securities), nor to bank sweep balances (that's in the bank not the brokerage and is covered by FDIC). It applies strictly to cash, pure and simple, and what I think Crash was asking about.
Cash, often called a "free credit balance" is a general liability of the brokerage. The money is recorded as a cash asset of the brokerage and also as a liability, a debt that the brokerage owes you. The brokerage may or may not pay interest on that cash. That interest shows up on your 1099-INT.
At Fidelity, cash is denoted FCASH. Fidelity typically keeps its interest rate the same as the rate you get on a bank sweep account. That's currently 2.69%, APY 2.72%. FCASH can be used for the core account in a taxable account.
https://www.fidelity.com/trading/faqs-about-account#faq_about2
At Schwab, cash is called "Schwab One Interest." Same idea, except that Schwab One Interest and the bank sweep option are currently yielding just 0.45% APY.
https://www.schwab.com/cash-investments (see Everyday Cash)
In addition to VMFXX, Vanguard now offers a bank sweep as a core/transaction account option. This is new. As with the other brokerages, it earns less interest than the MMF option. As is typical for Vanguard, the sweep option still pays more than sweep accounts at other brokerages. It is currently paying 3.7% APY.
Vanguard settlement options: https://investor.vanguard.com/investment-products/vanguard-cash-deposit
Bank sweep accounts may be preferable to MMFs for some people wanting FDIC coverage. Arguably one is getting similar coverage from SIPC for cash accounts. But that counts against the total $500K SIPC coverage for the brokerage account. I don't see any good reason for using a cash account over a bank sweep or a MMF core account.

https://www.sec.gov/Archives/edgar/data/1217286/000119312524033066/d778126d497.htm
497 1 d778126d497.htm JPMORGAN TRUST I
J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Small Cap Sustainable Leaders Fund
(the “Fund”)
(All Share Classes)
(a series of JPMorgan Trust I)
Supplement dated February 13, 2024
to the current Summary Prospectuses, Prospectuses
and Statement of Additional Information, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN SMALL CAP SUSTAINABLE LEADERS FUND. The Board of Trustees (the “Board”) of JPMorgan Trust I has approved the liquidation and dissolution of the Fund on or about May 21, 2024 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. On the Liquidation Date (for settlement the day after the Liquidation Date), the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Income dividends and capital gain distributions, if any, may be paid on or prior to the Liquidation Date.
If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator. Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. Shareholders will be permitted to use their proceeds from the liquidation to purchase Class A Shares of another J.P. Morgan Fund at net asset value within 90 days of the liquidating distribution, provided that they remain eligible to purchase Class A Shares. If shareholders of Class C Shares purchase Class C Shares of another J.P. Morgan Fund within 90 days of the liquidating distribution, no contingent deferred sales charge will be imposed on those new Class C Shares. At the time of the purchase, you must inform your Financial Intermediary or the J.P. Morgan Funds that the proceeds are from the Fund.
PURCHASES OF FUND SHARES BY NEW SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 19, 2024.
PURCHASES OF ADDITIONAL SHARES BY EXISTING SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER MAY 15, 2024.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE
SUP-SCSL-LIQ-224

If you get over the idea of core MM, Schwab is a better choice, at least for me.
Any time I sell a fund, I enter to buy a MM fund and they pay better than Fidelity. It's really that simple.
I stated here several annoying stuff that Fidelity does.
1) I get almost all my I share buy fees of $49.95 waived. It is extremely hard to get at Fidelity. It works well with my trading
2) Cash rewards for transfer from another broker at Schwab are easier to get, all you have to show is another broker that has it. I used Etrade most time. See Etrade offers (link). Example: if you transfer $100K to Schwab you will get $300, but not at Fidelity. Tried is several times. Schwab is more flexible.
3) If you sell an OEF whole position at Fidelity IRA, you can't buy online, you must call a rep, and they will buy only at 90%, even if you sold a bond fund, this is an exclusive Fidelity thing. I hate this one so much. Sometimes when I call the rep, they claim you can't buy, you must wait another day for settlement. At Schwab, I sell a fund, and immediately buy another, in my case at 99% of the proceeds of my bond fund.
4) Schwab updates their distributions much faster. Many bond funds pay on the last day of the month, by 9 PM they are in. It can take Fidelity 1 day or even 2 days.
5) Schwab MM pay a bit more. For ni min, SWVXX=5.2%, for one million min SNAXX=5.37%. You can see Fidelity (here)
6) Schwab has more unique funds that I'm looking for with lower min.
The above are important to me, but probably not much for most. Other than that, both are the best IMO.

I saw an issue referred to a little while ago: it went something like this: "cash reserves" that are sitting in Fido are by default put into some stoopid reserve account, where it just SITS, earning nothing. I think it's NOT a MM fund. The client has to manually move the money to a selected MM account? Because Fido does not have its own "bank?"
Sound familiar? If anyone can straighten me out about this, I'd be glad.

You’ve got this backwards.
Idle cash at Fido is swept into a fund which earns about 5% right now.
Idle cash at Schwab is swept into a fund which earns less than 0.5% right now.
The House of Chuck earns a lot of money from the spread between the pittance it pays on cash and what it earns. With interest rates where they are right now, many Schwab investors have started moving their idle cash into more lucrative funds which is dinging Schwab’s profits.

SOLD a bunch of stuff at the close yesterday, shaving off outperformance gains primarily achieved over the past 3 1/2 months. Effectively reduced stock exposure by about 25%. The old DI exit door reference by @Graust had changed from a ringing to a pounding in my ear.
Parked proceeds in FZDXX awaiting possible lower re-entry points and/or a ST play on NVDA after earnings later this month. Did however add to position we started in SCG NEAGX and may start dumping in there IF (when?) SCs start to Rock the Casbah.

I don't think that T Rowe Price offers genuine fractional trading for stocks/ETFs (that one can enter as orders; Fido & Schwab allow that, but a different order screen may be needed). But there are fractional shares for mutual funds and dividend reinvestments, and sell-all should work. Price clears through Pershing/BNY-Mellon, so restrictions are coming from that.
I think that one can drop by at Fido or Schwab local office for simple things. But if you need to see someone for more complex things, appointment may be required.
Almost all brokers charge fees of $50 or so for stocks that trade on foreign exchanges, and Canada is considered foreign. This is why use ADRs with tickers ending in "Y" that trade in the US, not those ending in "F" that trade on foreign exchanges.
Edit/Add. This appointment thing is getting out of hand as businesses work with skeleton staff. The other day, I dropped by my local hospital/clinic OUTPATIENT LAB for some blood work, and they asked be if I had an appointment? Since when, I asked? Lady said this has been for a while. But she graciously took care of the tests, but said to make appointment the NEXT time. Banks, w/appointments. Car dealers, w/appointments.

I'm sorry but not surprised to hear about these latest problems (execution of a transfer, online access) with T. Rowe Price. While I'm hardly defending them - incompetency is different from strict procedures - TRP could have underlying procedures that made the handling of trusts more difficult. It's the incompetency in TRP navigating its own procedures that seems to be the real problem.
For example, Fidelity has a rule that it won't let an individual transfer money from a joint account to their individual account without the express consent of the joint owner. Fidelity acknowledges that the individual has the legal right to make the transfer. But Fidelity has experienced enough complaints coming from joint owners that it has created this rule. However, Fidelity understands its own rule and has helped me work with it (joint owner preapproval on file).
What about funding IRAs from joint accounts? Fidelity makes an exception for this - it's done too often for Fidelity to apply its rule and I assume Fidelity doesn't get many complaints from joint owners about that type of transfer.
Access to records can be difficult at Vanguard. I had power of attorney (POA) for someone's account and was also executor. Knowing that Vanguard follows procedures rigidly, I snarfed all the records prior to notifying Vanguard of the person's death. The instant I notified Vanguard, access to the account including records was shut down.
As executor I was able to transfer assets into an estate account, but I never got access to the old account records. I might have had I pushed hard enough. Not worth it, since I already had squirrelled them away. Curiously this happened back when Pershing cleared Vanguard's transactions. Correlation or causation?
Back to TRP - my epilogue may sound familiar to @hank. TRP finally received the check from another institution on Fri, Feb 2 and shares were purchased in my TRP fund. On Mon Feb 5, TRP tried to cash the check a second time and added more shares to my account. On Feb 7, TRP canceled the Feb 5 purchase.
Yesterday I receive a snail mail notice that the check bounced:

The check we received in the amount of $$$ was not honored and was returned to us as unpaid. Accordingly, we have withdrawn the shares purchased by this payment.

I had to go check to make sure that TRP only removed the dup shares and that I still had the original Feb 2 shares in the account.

Up 4% as of 2/12/24. For those interested portfolio is Cash/bonds/stocks. 10%/17%/73%. I am retired and 65 years old.

M* 1* LG fund
ER over 1%
Consistently ranks 81% - 100% (worst) in its Category 1-10 years
Consistently underperforms S&P in arguably the easiest Category for success
S&P Index fund FXAIX outperforms it by at least their ER difference in ALL periods
UP only 4.7% YTD despite having over 50% Technology
Tons of other great active LG funds available
Same PMs who compiled the fund's past performance are still on the job
All four Fido funds suggested for comparison, FCNTX, FDSVX, FDCAX, and FDSSX ALL outperform it in ALL 1-10-Life periods except one fund in one period by 0.01%.
Um, lemme think...
Yeah, beyond OK to SELL!

When I sell a holding or transfer money into Fido brokerage or retirement account, it goes into a 5% money market fund automatically; perhaps this was something I set up manually

Regular Schwab accounts holding cash are not in a MM fund. They earn a tiny amount of interest, but not much. They call it a “sweep account” I think.
When MMs were paying nothing it didn’t matter. But now that they’re paying 5+ I try to keep the cash at a minimum.
Dont know about Fido.

https://www.sec.gov/Archives/edgar/data/1527428/000158064224000931/arrow-rc500etf_497.htm
497 1 arrow-rc500etf_497.htm 497
Arrow Reverse Cap 500 ETF
Ticker: YPS
A series of Arrow Investments Trust
Shares of the Fund are listed and traded on CBOE BZX Exchange
Supplement dated February 12, 2024 to the
Prospectus, Summary Prospectus, and Statement of Additional Information (“SAI”) each dated December 1, 2023
The Board of Trustees (the “Board”) of Arrow Investments Trust (the “Trust”) has determined that it is in the best interests of shareholders to liquidate the Arrow Reverse Cap 500 ETF (the "Fund"), a series of the Trust, following a recommendation by the Fund's investment adviser, Arrow Investment Advisors, LLC, and the Board has authorized an orderly liquidation of the Fund.
The last day of trading of the Fund’s shares on CBOE BZX Exchange, Inc. (the “Exchange”) will be February 26, 2024 (“Closing Date”), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders should be aware that while the Fund is preparing to liquidate, it will not be pursuing its stated investment objective or engaging in any business activities except for the purposes of winding up its business and affairs, preserving the value of assets, paying its liabilities, and distributing its remaining assets to shareholders. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund’s portfolio on hand through the Closing Date.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on or about March 1, 2024 (the “Liquidation Date”). From the Closing Date (February 26, 2024) through the Liquidation Date (March 1, 2024), 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 this time period.
Shareholders remaining on the Liquidation Date (March 1, 2024) will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends as of such date. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of the Fund’s shares may be treated as a taxable event. Shareholders may wish to consult with their tax adviser about their particular situation. Once the distributions are complete, the Fund will terminate.
For additional information regarding the liquidation, shareholders of the Fund may call (877) 277-6933.
______________________________________________________________________
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and SAI each dated December 1, 2023 and should be read in conjunction with those documents. The Summary Prospectus, Prospectus and SAI have each been filed with the Securities and Exchange Commission and are incorporated by reference. Copies of these documents may be obtained without charge by visiting Fund’s website at www.ArrowFunds.com or by calling the Fund at (877) 277-6933.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Lotsa ways to slice and dice data to support a bearish or bullish bias. To wit. Rolling returns remove some of the bias inherent in picking arbitrary start and end dates to compare performance of two securities. Using FSELX vs. BIVIX as an example.
- Avg 3Y Rolling Return pretty close but at 5Y, BIVIX beats FSELX by almost 3 points
- Low 3Y Rolling Return for FSELX beats BIVIX by an impressive 11 points
- However Low 5Y RR for BIVIX beats FSELX by an impressive 8 points
- Sortino Ratio for BIVIX at 2.52 much stronger than FSELX at 1.43
- And so on..

BIVIX is a long-short fund. The latest information can be found at https://www.invenomic.com
It says: Long 99.4% Short -89.4$ Net 10.1%. For 1 calendar year, from 30 Dec 22 to 29 Dec Jan 2023, it was 16.5% up. But wait a month: for 1 year, from Feb 10, 2023, to Feb 12, 2024, it is -1%. That is why it is not easy to rely on this fund unless it is on its way up as it was during the previous 2 years.

I’m afreaid @Low_Tech is “behind the curve” however. Fixed income was in vogue a year ago when money market funds hit the “astronomical” 5% mark. Today we’ve moved on to the “Mag7” - some of which have tripled or quadrupled over the past year, dwarfing the measly return from fixed income.
Let’s get with it! :)
Nice going as @MikeM said. Regarding fixed income, as Yogi Berra used to say in an old TV commercial, “and they give ya your money back!” (or at least most of it)

Thanks.
I should have mentioned, 11% of my PF is in a money fund earning 5.2x %. Pretty stodgy, so maybe I'll sell everything and put it all in Bitcoin.

I was intrigued by the recent references to FSELX. Very impressive performance for sure. That said, over the prior 3 year period (this is my preferred benchmark) ending 01/31/24 and starting 01/31/21 BIVIX has handily beaten FSELX and this even after BIVIX currently going through a rough patch.
I personally would not hold more than 5% of FSELX given that it is a sector fund and pretty volatile.
FSELX: 23.73%
BIVIX: 38.89%

I’m afreaid @Low_Tech is “behind the curve” however. Fixed income was in vogue a year ago when money market funds hit the “astronomical” 5% mark. Today we’ve moved on to the “Mag7” - some of which have tripled or quadrupled over the past year, dwarfing the measly return from fixed income.
Let’s get with it! :)
Nice going as @MikeM said. Regarding fixed income, as Yogi Berra used to say in an old TV commercial, “and they give ya your money back!” (or at least most of it)