Here is the link to the most recent shareholder letter:
https://www.osterweis.com/files/Osterweis_Prospectus_2023.pdf
https://www.sec.gov/Archives/edgar/data/811030/000089418923007341/osterweis497eliquidation9-.htm

bonds are higher up than stocks in terms of principal protection
This sort of principal protection concerns bankruptcy. When a company goes bust, whatever assets it has go first toward paying off debt (bond holders). If the company has anything left over (i.e. if it's net value is positive), the remainder goes to stock holders.

There's also income protection - bond holders get paid interest (if possible); only if there is money left do stockholders get paid divs.
TFCVX (Focused Credit Fund) owners were hurt when it was forced into fire sales because people wanted to redeem shares and the mostly illiquid bond assets could not be sold except at huge discounts.

Liquidity Risk. Liquidity risk exists when particular investments are difficult to sell. The Fund may not be able to sell these investments at the best prices or at the value the Fund places on them. Investments in private debt instruments, restricted securities, and securities having substantial market and/or credit risk may involve greater liquidity risk.

Summary Prospectus, 2014
Nevertheless, it ultimately had an 85% recovery rate. This was helped by closing down redemptions to allow it to sell off assets gradually at better prices.
https://focusedcreditfund.com/
https://www.morningstar.com/funds/third-avenue-focused-credit-abruptly-shuttered
M* didn't help: ZEOIX AUM $73.5 million, M* 1*; Negative
M* groups RPHYX and ZEOIX, two short term HY funds, with "regular" (intermediate/long term) HY funds. That results in lower star ratings than they deserve and a negative medalist rating. But that doesn't seem to have hurt RPHYX.
ZEOIX always had risk. @dtconroe noted in Jan 2020 that "in the toughest downmarket for the 2 funds (2015/2016), RPHYX showed almost no dip, compared to a slight dip for ZEOIX". That was posted just before this greater risk was dramatically brought home. Between Feb 21, 2020 and March 24, 2020, ZEOIX lost 14.1% vs. a 2.8% loss by RPHYX. (JNK dropped 21.1%).
Still, it wasn't until 4Q 2022 that assets left in droves (from M*'s ZEOIX performance page). Not because the fund underperformed its category (top quartile for the year, per M*). Perhaps because that's when the fund was sold to Osterweis.

Time to update this thread - Current yield on the U.S. 10-Year Treasury is 4.756%.
(Looks like @Sven had it about right.)

Accounts at financial institutions are considered to be inactive if there has been no activity (aside from automatic divs/interest/CD renewals) for some period of time, often 12 months.
The institution continues to hold your assets, though it may "close" the account, or it may prohibit all transactions (including cashing checks), or it may simply start charging inactivity fees. (Vanguard does not charge inactivity fees.)
There is some confusion about the term "dormancy". Some institutions say that an inactive account is "dormant". That is how Vanguard is using the term according to your post. Others wait until the next phase (below) before calling the account dormant.
A financial institution is required to turn over ("escheat") account assets to your state after some longer period of time. Depending on the state, this is three years or longer. Some institutions say that this is when an account becomes "dormant". Vanguard uses "dormancy" this way in its prospectuses, e.g. for VMFXX:

Dormant Accounts
If your account has no activity in it for a period of time, Vanguard may be
required to transfer [escheat] it to a state under the state’s abandoned property law,
subject to potential federal or state withholding taxes.

https://personal.vanguard.com/pub/Pdf/p030.pdf?2210171184
Until the assets escheat, you can recover inactive account assets by notifying the institution (Vanguard) that you are still alive, still interested in the assets, and go about reactivating the account (or possibly opening a new account).
Note that the rules are more forgiving for retirement accounts. It's a mess that I'm not going to sift through now.
https://news.bloombergtax.com/daily-tax-report/faqs-on-unclaimed-property-aspects-of-retirement-assets
Once burned, twice shy. Wells Fargo did this to me several years ago. Ever since then I've kept a log of the last time I contacted the institution (and what constitutes "contact") or conducted a transaction. When it gets close to a year (even if the institution says it doesn't care about inactivity, just escheatment), I will contact the institution. Or make a $5 deposit, or something.

Not that I'd be interested, but given current market conditions and trends, I would be hesitant to buy into any 'newfangled' retail-oriented vehicle. Usually when such things are rolled out, the markets generally roll over hard and early-investors buying into it while still riding their trading high will get sucker-punched soon after purchase...which kind of echoes what staycalm said about trend-chasing, perhaps.
MSF: I agree that 1.25+./85 fee + 6% expenses is high, but still looks better than the 2-and-20 model most hedge funds charge their deep-pocketed pigeons. That said, there's still a front-end load of up to 3.5% on Class S (retail) shares which is an added expense if purchased through "certain financial intermediaries."
*munches popcorn and watches*

Osterweis bought the ESG-oriented firm Zeo in October 2022 just when the tide was turning against the ESG. Closing is surprising as Osterweis could easily fold small AUMs them into its existing funds; but the people brought along with the acquisition may not have agreed to that. M* didn't help: ZEOIX AUM $73.5 million, M* 1*, Negative; ZSRIX AUM $3.8 million, M* 3*, Negative.
https://www.businesswire.com/news/home/20221011005063/en/Osterweis-to-Include-ESG-Integrated-Fixed-Income-Strategies-in-Product-Suite

6m T-bill rate isn't moving much either; 3m rate in the bottom panel.
https://stockcharts.com/h-sc/ui?s=$UST6M&p=D&yr=1&mn=0&dy=0&id=p17985575719

https://www.sec.gov/Archives/edgar/data/1833032/000089418923007431/asymmetricliquidationstick.htm
497 1 asymmetricliquidationstick.htm 497
Filed Pursuant to Rule 497(e)
Registration Nos. 333-250955; 811-23622
ASYMmetric ETFs Trust
ASYMmetric Smart S&P 500 ETF
ASYMmetric Smart Alpha S&P 500 ETF
ASYMmetric Smart Income ETF
October 2, 2023
Supplement to the Summary Prospectuses, Prospectuses and Statements of Additional Information (“SAI”), each dated April 30, 2023, with respect to ASYMmetric Smart S&P 500 ETF, and January 27, 2023, with respect to ASYMmetric Smart Alpha S&P 500 ETF and ASYMmetric Smart Income ETF, each as supplemented and amended.
ASYMmetric ETFs, LLC (“Adviser”), the adviser to ASYMmetric Smart S&P 500 ETF (“ASPY”), ASYMmetric Smart Income ETF (“MORE”) and ASYMmetric Smart Alpha S&P 500 ETF (“ZSPY,” and together with ASPY and MORE, each a “Fund” and collectively the “Funds”), determined that each Fund should be closed. Based upon a recommendation by the Adviser, the Board of Trustees of ASYMmetric ETFs Trust (the “Trust”) has approved a Plan of Liquidation for the Funds under which each Fund will be liquidated on or about October 18, 2023 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the officers of the Trust.
Beginning when each Fund commences the liquidation of its portfolio, the Fund will no longer pursue its investment objectives or, with certain exceptions, engage in normal business activities, and each Fund may hold cash and securities that may not be consistent with such Fund’s investment objective and strategy, which may adversely affect Fund performance.
Suspension of Sales and Trading. Effective as of the close of business on October 11, 2023, the Funds will no longer accept orders for the purchase of Creation Units. It is expected that October 11, 2023 will be each Fund’s last full day of trading on NYSE Arca (“NYSE”). Based on this schedule, NYSE is expected to halt trading in shares of each Fund after the market close on October 11, 2023. During the period between market close on October 11, 2023 and the Liquidation Date, because each Fund’s shares will no longer trade on NYSE, there can be no assurance that there will be a market for the purchase or sale of each Fund’s shares.
Liquidation Process. In connection with the liquidation, any shares of the Funds outstanding on the Liquidation Date will be automatically redeemed as of the close of business on the Liquidation Date without the imposition of customary redemption transaction fees. The proceeds of any such redemption will be equal to the net asset value of such shares after the relevant Fund has paid or provided for all of its charges, taxes, expenses and liabilities, including certain operational costs of liquidating and terminating that Fund. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all of that Fund’s shareholders at the time of the liquidation. Additionally, each Fund must declare and distribute to shareholders any realized capital gains and all net investment income no later than the final liquidation distribution. The Adviser intends to distribute substantially all of each Fund’s net investment income at the time of or prior to the liquidation. All administrative expenses associated with the liquidation and termination of each Fund will be borne by the Adviser.
Other Alternatives. Shareholders of each Fund may sell their shares of the Fund on NYSE until the market close on October 11, 2023, and may incur customary transaction fees from their broker-dealer in connection with such sales. Prior to the Liquidation Date, Authorized Participants may continue to submit orders to each Fund for the purchase and redemption of Creation Units.
U.S. Federal Income Tax Matters. Although the liquidation is not expected to be a taxable event for any Fund, for taxable shareholders the automatic redemption of shares of a Fund on the Liquidation Date will generally be treated as a sale that may result in a gain or loss for federal income tax purposes. Instead of waiting until the Liquidation Date, a shareholder may voluntarily sell his or her shares on NYSE until the market close on October 11, 2023, and Authorized Participants may voluntarily redeem Creation Units prior to the Liquidation Date, to the extent that a shareholder wishes to realize any such gains or losses prior thereto. See “Dividends, Distributions, and Taxes” in each Fund’s Prospectus. Shareholders should consult their tax advisers regarding the tax treatment of the liquidation.
Please retain this Supplement with your Summary Prospectus, Prospectus and SAI.
The date of this Supplement is October 2, 2023.

Vanguard has been pulling some funny stunts lately. Maybe a change in internal management policies?
I had check writing account on one of their MMFunds. I wrote a check. They bounced it. The agent: The checking account was closed as DORMANT after 12 months with no check writing...
Huh? Plenty of money in the MMFund.
And I had to pay (reimburse the payee) the banks Bounced Check fee.
Vanguards response: Nothing.
And the new 'Avoid Account Fees' policy: It's now $5Million for mailed statements.
Sigh.

As much as I delight in old historical information, [Anyone want a copy of the 1979 S&P Stock Market Encyclopedia ? (Yes, '79, not '97)] for Mutual Fund performance anything older than 5 or 6 years is obsolete. Unless of course you are looking for something other than performance, e.g. holdings, management, auditors, transfer agents, repositories, etc...
Good Luck on your quests.

Precious metals have been taken to the cleaners. Strong dollar at least partially to blame. Miners (GDX) were off 3.4% today. Silver’s been leading the way - down 4+% today alone. Spot gold settled at $1829 - near the low end of a multi-year trading range.

This just in:
===
Important Update on the Osterweis Short Duration Credit and Sustainable Credit Funds
Date: Mon, 02 Oct 2023 18:32:58 -0600
We are writing to let you know we have made the difficult decision to liquidate the Osterweis Short Duration Credit Fund (ZEOIX) and Osterweis Sustainable Credit Fund (ZSRIX). You can read the prospectus sticker that was filed here https://info.osterweis.com/e/504651/-Osterweis-Prospectus-2023-pdf/3l9fmq
Here is an overview of important dates:
-9/29/23: The funds were closed to new investments.
-12/15/23: The funds will liquidate, and any remaining shareholders will receive a cash distribution.
You can redeem at any time and all such sales will be settled T+3. If you are planning to sell shares prior to 12/15/23, please email mailto:[email protected] or call us at (800) 700-3316.
If you have any questions, please let us know.
Best regards,
Carl Kaufman
Co-Chief Executive Officer, Chief Investment Officer - Strategic Income & Managing Director - Fixed Income
Cathy Halberstadt
Co-Chief Executive Officer
===
Kind of sudden, but guess it's a good thing I liquidated most of my Osterweis (ZEOIX) holdings earlier...
/dave

For the most part, this looks even worse than described. The S (retail) shares will have management fees of 1.25% plus shareholder servicing fees of 0.85% plus implicit borrowing fees. The expense table suggests this adds another 6.08% to the annual cost, based on a borrowing rate of 6.08% and an amount borrowed equal to the amount invested.
But there is good news, pidgeons investors. One does not need to be an accredited investor. The fund has set initial suitability guidelines at a mere $70K gross annual income and $70K net worth, or $250K net worth (excluding home and car).
So step right up and place your bets. Keep in mind:
You should purchase these securities only if you can afford a complete loss of your investment.
And if you're a resident of one of a select 19 states or Puerto Rico, your state government expects more of you before investing. For example, North Dakota residents may not invest more than 10% of their net worth. Some other states limit investors to 10% of their liquid net worth. Nebraska has its own 10% limit but waives it for actual accredited investors.

Whee!

It is a nontraded BDC/CEF for accredited investors. 3 classes will be available - retail (min $2,500), advisor/wrap plans (min $2,500), institutions (min $1 million). Portfolio managers are Alan Schrager and Eric Muller.
https://www.sec.gov/Archives/edgar/data/1901164/000162828023033245/oakhilladvisors-424b3.htm

“Mass Affluent “. Is that someone who lives paycheck to paycheck and leases a C class? And is making payments on a Rolex?

I tried to find the minimum investment for you @LarryB - but a web search turned up nothing. I’m guessing it’s probably $100 K. And, I was wondering if Giroux will be named to run it?

Another type of IRA “conversion”:
If money is tight and you are over 59 1/2, one might consider an IRA withdrawal that funds your HSA. This could be done each year until age 65. Taxes due on the IRA withdrawal (in the amount equal to the tax deductible HSA contribution) cancel each other out.
IRA “withdrawal” to HSA “contribution” Strategy:

If money is tight and you’re 59½ or older, you could take a regular withdrawal from your IRA and use it to contribute to your HSA. The tax bite from the traditional IRA withdrawal and the tax deduction from the HSA contribution should nearly cancel each other out. And most importantly, you can do this more than once—in fact, every year if you want.

investopedia - transfer-ira-money-to-an-hsa

Long Jap. equity, short yen has been a good combo for a while. DXJ is a simple way to play it, but how much more juice does that trade have? YTD: EWJ = +11.5%, DXJ = +39.9%.