JP Morgan Equity Premium Income ETF (JEPI) has become the largest active ETF ($29.1B AUM) since its launch in May 2020.
The fund had inflows of approximately $12.3B thus far in 2023.
Now other firms want a piece of the action.
Morgan Stanley launched Parametric Equity Premium Income ETF (PAPI).
Blackrock introduced BlackRock Advantage Large Cap Income ETF (BALI).
Golman Sachs launched the Goldman Sachs S&P 500 Core Premium Income ETF (GPIX) and
the Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ).
Covered call ETFs may appeal to investors seeking income creation with some downside protection.
These ETFs reside in Morningstar's Derivative Income category which had inflows of $20.4B this year.
Citiwire article (may be paywalled)
Link
Morningstar also published a related article recently.
Link

There was an unusually thorough explanation of the end of the Wildermuth Fund. Wildermuth was, by their description, an illiquid, closed-end interval fund that launched in 2014 but also a series of open-end funds that launched in 2017. In November of 2022, the fund lost its status as a registered investment company; the filing notes that a tax hit was coming but I don't see any explanation of how they managed to lose their legal status. Odd.
An SEC filing enumerates the pieces of the dismantling:
Effective November 1, 2023, Wildermuth Advisory, LLC was terminated adviser to the Fund.
Daniel Wildermuth and Carol Wildermuth each resigned from the Board of Trustees.
Daniel Wildermuth also resigned as Chairman of the Board.
Daniel and Carol Wildermuth also resigned from their positions as officers of the Fund, including Daniel’s resignation as portfolio manager.
An interesting side note is the existence of a specialty industry in managing fund liquidations The Wildermuths have been succeeded by BW Asset Management Ltd, a sort of undertaker for condemned funds which has overseen liquidation of over $1 billion in assets. Currently they’re providing end-of-life / beginning-of-death services for a Mauritius regulated fund with $110 million AUM; five private funds under voluntary liquidation with combined assets of $120 million; and “various funds in provisional or official liquidation with combined assets of $300 million.”
Maximizing returns of the remaining portfolio assets and distributing the results is an honorable task.
At the same time, it brings to mind the work of the prison cook charged with preparing last meals for condemned prisoners. I'm sure they try hard but, really, who's going to report that they put way too much salt in the ragout?

“It was a GLOBAL rally.”
Of course. I had a lot of other things rise last week (as did anyone who’s not sitting 100% in cash). Was just pointing out the sharp reversal in one segment (small caps). There’s been one or more recent threads in that regard.
"It's Almost Time to Buy Small-Caps" - from October 11
https://www.mutualfundobserver.com/discuss/discussion/61579/it-s-almost-time-to-buy-small-caps#latest

It was a GLOBAL rally.
"FOR THE WEEK (index changes only), DJIA +5.07%, SP500 +5.85%, Nasdaq Comp +6.61%, R2000 +7.56%. DJ Transports +7.06%; DJ Utilities +5.80%. (Rotating spot long Treasury TLT +3.86%) US$ index (spot) -1.40% (remains too strong over 100), oil/WTI futures -5.88%, gold futures +0.15%.
A good week in EUROPE (Denmark +5.72%, Norway +2.07%) and a good week in ASIA (New Zealand +4.27%, Philippines +0.45%). (A GLOBAL RALLY week)"

Nice chart @Catch22
What’s not to like? 5 day return is a very short period to be sure. One stock I have that’s been comatose for over a year (gone nowhere) spiked 7+% in the last 2 trading days. It’s a conglomerate made up of a dozen or so small cap companies. That at least suggests small caps may be awakening.
The Russell 2000 on @Catch’s chart is showing +7.57% gain for the past 5 days. That’s in keeping with my own (limited) experience. For sure, the falling interest rates had much to do with this. Many of these companies borrow heavily and at higher interest rates than larger companies.

The Fidelity site now has no CDs available for terms 2 years or longer. This is probably just a temporary repricing in the market, but I expect available yields will drop. Fortunately, I purchased my latest 5-year ladder just before the changes. Unfortunately, I have a lot of CDs and Treasuries maturing in the next few months, so I may need to reinvest at lower rates (or return to bond funds).

This discussion reminds me of why I like to stay away from ”rock star” managers.
Bill Gross Slams Jeff Gundlach: “To Be A Bond King or Queen You Need a Kingdom”
https://www.businessinsider.in/stock-market/news/billionaire-investor-bill-gross-slams-jeff-gundlach-over-shared-bond-king-nickname-to-be-a-bond-king-or-queen-you-need-a-kingdom/articleshow/103606510.cms
Eee Gads! Who needs it? I like StarTreck’s approach (in spirit) - “go where no man has gone before.”

Wacky weed, Mary Jane and related leads the pack (MJ etf). One may presume this seems appropriate during these turbulent times; whether rolling one's own, baking some brownies or having a gummie.
I set the chart for the 5 day return, for the best to the worst % returns from last week.
Remain curious.
Catch

Stuff didn't add up, so I did some snooping around.
First, Jacob Internet JAMFX (12/1999- ; ER 2.02%, min $2.5K) is the ORIGINAL dot.com era hot fund that crashed-&-burned-&-burned-over. It is still around as a fund even smaller than its shadow.
Then Institutional class JAMIX (12/2021- ; ER 1.99%, min $100K) was started in 12/2021. So, who was anxious to get in for just 3 bps ER reduction? It seems that there was only 1 victim who has since withdrawn most of the money.
1/5/23 Prospectus filing showed AUMs as of 8/31/23:
JAMFX $69.1 million
JAMIX $133K
Fido shows 9/30/23 class AUM of $44.75 million for JAMFX, total $44.76 million for all classes. My math says that JAMIX now has AUM of $10K+ only.
M* and Yahoo Finance just show total AUM, so their data weren't helpful for this.
The filing says JAMIX is liquidating (not merged into the other class). I checked SEC/Edgar and there is no filing that I could find related to the closure/liquidation of JAMFX. So, I suppose that JAMFX will continue.
Then, the filing is just to shake out the residuals of JAMIX. A strange way of doing things, i.e. liquidating one class when there is another continuing class.

Now there's a name out of the past.
Odd that instead of combining share classes (there's still investor class shares JAMFX), the board decided to liquidate one class of shares. Based on ERs, I suspect that there are few institutional shares outstanding. "Other expenses" are 0.22% higher for the institutional shares than for the retail shares. As a result, the ERs of the two share classes are almost identical.
Prospectus
OTOH, at $40M total AUM, this one star fund may not be long for this world.

You're watching hot money flows (quick and easy transactions at brokerages). Savers willing to click a few more times can still find CDs with as good or better rates at internet (or even brick and mortar) banks.
Here are four fixed rate 2 year-ish CDs offered by three banks direct to customers (figures are APYs):
5.8% (18 mo., Seattle Bank), 5.6% (24 mo. Newtek Bank), 5.5% (24 mo., Seattle Bank), 5.4% (24 mo. MapleMark Bank). The link below compares the terms of each offer and the health of each bank. (Bank health matters because if a bank folds, an acquiring bank can reduce the CD rate.)
https://www.depositaccounts.com/banks/compareproducts.aspx?ids=415090,406717,19800,411223
To address @hank's difficulty about wrapping one's head around brokered CDs that can only be traded, not redeemed ("put"):
What one considers cash or cash equivalent varies from person to person. There is an FASB definition (that I'm not finding on a quick search now), though here's a Texas page that gives some examples:
https://fmx.cpa.texas.gov/fmx/training/wbt/cashflow/281.php
For me, a cash equivalent has three attributes:
- Safety. This can come from issuer (e.g. Treasury), from insurance (e.g. NCUA), or a combination of security quality and short maturity (e.g. MMFs)
- Liquidity. The ability to convert to cash in a short amount of time. CDs acquired directly from banks satisfy this unless the issuing bank prohibits early withdrawals.
- Stability. Bonds fail this, because their value is determined by the market. Directly sold CDs pass, because even with a withdrawal penalty their value is known ahead of time because the penalty is fixed.
A curiosity perhaps, but Fidelity lists secondary market CDs under bonds. You can a CD search page equivalent to the one that stillers gave by going to Bonds rather than CDs & Ladders. CDs are on one of the bond tabs you find there.

On top ribbon, go to News & Research
Then Fixed Income, Bonds & CDs
Then CDs & Ladders
Then Secondary CDs (Link is under the current rates)

News & Research
Then Fixed Income, Bonds & CDs
Then Bonds
Then CDs (tab)
One disagreement that I have with FASB, Texas, etc. is that if I buy a 12 month T-bill, then after nine months or so, I do consider it cash. The "official" rule is that if you buy a 3 month T-bill, it's a cash equivalent, but if you own a Treasury that over time ages down to three months to maturity, it's not a cash equivalent. I'm sure it makes some difference to the accountants, but to me, a T-bill with three months left is just that, regardless of how it got to there.

https://www.sec.gov/Archives/edgar/data/1090372/000089418923008223/jacobinternetfundshareclas.htm
497 1 jacobinternetfundshareclas.htm 497
Jacob Internet Fund
Institutional Class Shares (JAMIX)
November 3, 2023
Supplement to the Prospectus and Statement of Additional Information (“SAI”)
dated January 5, 2023
This supplement amends the Prospectus and SAI of the Fund.
The Board of Directors of Jacob Funds Inc. (the “Company”) have determined to liquidate and dissolve the Institutional Class Shares of the Jacob Internet Fund series of the Company (the “Fund”) effective on or about November 17, 2023 (the “Liquidation Date”). The liquidation proceeds will be distributed to any remaining shareholders of Institutional Class Shares of the Fund (the “Shareholders”) on or about the Liquidation Date.
Until the Liquidation Date, Shareholders will have the opportunity to exchange their shares for shares of any other Jacob Fund on any business day by contacting the Fund’s transfer agent, U.S. Bank Global Fund Services, at 1-888-JACOB-FX (1-888-522-6239). Please see “Exchange of Fund Shares” in the Prospectus for additional information about such exchanges. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date.
The Institutional Class Shares of the Fund are now closed to new investors due to the planned liquidation. Additionally, the Fund will no longer accept additional investments in Institutional Class Shares of the Fund from existing shareholders.
Please retain this Supplement with your Prospectus and Statement of Additional Information for future reference.

Mr. G is the king without clothes
FEB 2022([www.cnbc.com/2022/02/11/jeffrey-gundlach-says-the-fed-is-obviously-behind-the-curve-will-raise-rates-more-than-expected.html)
"Gundlach sees the 10-year Treasury yield...to exceed 2.5% this year. He also said, “It’s possible the 10-year takes a peek at 3%.”
Reality: the 10 year peeked at 4.2%
====================
MAR 16 2022 (www.cnbc.com/video/2022/03/16/the-fed-is-way-behind-says-doubleline-ceo.html)
G: stocks will go higher from here
Reality: The SP500 fell about 17% by 07/2022.
==================
August 26, 2021(www.nasdaq.com/articles/bond-king-sees-gold-pushing-higher-from-its-current-price-2021-08-26) "The dollar going down"
Reality: the Dollar went up from 08/2021 to 09/2022 by about 25%, which is a huge move.
==================
Gundlach predictions for 2019 (www.fa-mag.com/news/how-jeffrey-gundlach-s-predictions-for-2019-turned-out-53478.html)
EM should outperform. Reality: they underperformed
Stocks are value trap. Reality: 2019 was a great year for stocks, the SP500 made over 28%.
The dollar would probably weaken. It was flat
==================
Gundlach predicted in 2016 that the 10 year treasury to be 6% by 2021, see (www.barrons.com/articles/gundlach-bond-yields-could-hit-6-in-five-years-1478929496) and again in 2018(www.cnbc.com/2018/09/20/doublelines-gundlach-warns-us-treasury-yields-are-headed-higher.html).
Reality: On 12-31-2021 it was at about 1.5%.

I’ve been expecting CD rates to drop at some point. However, what surprised me yesterday was that it was just the 2-year CDs that were suddenly hard to find. I had no trouble buying 1, 3, 4 and 5-year issues.

Good for you!
But, so as to NOT undermine what I posted...
Not sure what time you were buying yesterday, but cupboards were virtually bare on many durations by COB Friday, similar to what can be seen in the negligible Fido offerings across all durations this AM.

I’ve been expecting CD rates to drop at some point. However, what surprised me yesterday was that it was just the 2-year CDs that were suddenly hard to find. I had no trouble buying 1, 3, 4 and 5-year issues.

At a general, unsophisticated Rule, I ALWAYS plow $ into stocks near/at the end of three consecutive S&P DOWN months that cumulatively register a total drop near/in correction territory. That was the case a couple of days ago when I did my standard % dump in.
And, FWIW, I try not to THINK of that Rule, or my overall investment strategy, as smart or dumb, because I KNOW the market will soon enough inform me I'm looking a lot like the other one!

For the ST time being at least, with the major indexes all UP 5.1%-7.6% last week, the above-noted Rule has paid off much faster than usual, and provides support for the old adage that
"Even a blind squirrel finds an acorn every once in a while!
Meanwhile, the jury is still out on the move being smart or dumb LT.

Curious development with regard to new issue CDs available at Fidelity today. I’m setting up another 5-year CD ladder in our taxable account so we’ll have cash available to pay property taxes near the end of each year. Yesterday, there were a bunch of noncallable 2-year CDs available paying about 5.4%. They all disappeared overnight, and I could find only one noncallable 2-year CD paying 5.3%. I ended up buying a 21-month CD yielding 5.4%, but don’t understand why all the 2-years disappeared overnight.

Hmmm...not really all that "curious" to some investors at least.
You may have missed that @hank duly asked on Nov 2:
Anybody know how today’s sharp dip in rates across the board is affecting CDs? I’d imagine a bit of a crunch to get in the door before rates drop further. Are 1 & 2 year CD’s above 5% still available?
Well, we got some of our answers!
A HUGE move in 10-yr Treasury this week caused potential CD BUYers of ALL durations to act.
https://www.cnbc.com/video/2023/10/20/first-time-seeing-treasury-yield-move-like-this-in-20-year-career-says-exante-datas-jens-nordvig.html
https://www.cnbc.com/video/2023/11/01/u-s-10-year-yield-falls-sharply-following-better-than-expected-treasury-announcement.html
NOTE: There was a similar, though even more dramatic run on ALL CP CD offerings earlier this year, following a previous 10-yr plunge. After that run the CP CD cupboards were completely bare! (There are still a few left this time!)
Over the next several months after that prior plunge, and right up until last week's action, ALL rates had moved UP to their respective YTD highs. This time though, IMO, FWIW, we are now likely past peak CD rates.
There will be plenty of, new, New Issue offerings posted next week. It will be interesting to see just how far respective maturities rates have fallen due to the action on the 10-yr this this past week. Thenwe'll have all of our answers to the great questions posed by @hank!
All the more reason to
(1) looking forward, get up speed on how to play in the Secondary Issues sandlot, which is where I will be spending considerable time as several rungs fall off our ladder in Nov-Feb and
(2) in retrospect, have already bought longer duration CDs (that is, 3-5-yr) as I had been suggesting on other prior CD threads.

Curious development with regard to new issue CDs available at Fidelity today. I’m setting up another 5-year CD ladder in our taxable account so we’ll have cash available to pay property taxes near the end of each year. Yesterday, there were a bunch of noncallable 2-year CDs available paying about 5.4%. They all disappeared overnight, and I could find only one noncallable 2-year CD paying 5.3%. I ended up buying a 21-month CD yielding 5.4%, but don’t understand why all the 2-years disappeared overnight.

Someone with lots of cash and expectation of interest rates falling down could have mopped all those issues. Also, Banks that issued them might be cancelling unsold issues if they see rates falling.

When the market is rising like this morning:
I involuntarily think:
Boy, was I smart to add to equities last week…
Boy, was I smart to sit tight…
Maybe I do know what I’m doing…
What new fund can I invest in that’ll bring me greater returns than the indexes…
…and this is the thinking, when all “boats are rising,” that gets me into trouble.
Cause there’s an afternoon coming, and anything can happen. Sheesh!

I do exactly the same as you and the market is a cruel beast because usually within several days of this I feel like a total idiot…

Of course if it’s a test, we’re grading on a curve, yes? ;-)

Well …

Does anybody know where the answer key to this thing is?

If any of us had that answer, I don't think we'd still be visiting MFO......

ISTM

Ted had that Answer Key last.

I miss Ted…. brought a lot of good information to the board.