https://www.cnbc.com/2025/06/12/here-are-the-three-reasons-why-tariffs-have-yet-to-drive-inflation-higher.html
At least three factors have conspired so far to keep inflation in check:
-Companies hoarding imported goods ahead of the April 2 tariff announcement.
-The time it takes for the charges to make their way into the real economy.
-The lack of pricing power companies face as consumers tighten belts.
“We believe the limited impact from tariffs in May is a reflection of pre-tariff stockpiling, as well as a lagged pass-through of tariffs into import prices,” Aichi Amemiya, senior economist at Nomura, said in a note. “We maintain our view that the impact of tariffs will likely materialize in the coming months.”
Remember that "lack of pricing power" means lower profits, layoffs, etc.

https://www.sec.gov/Archives/edgar/data/1728683/000199937125007671/sft-485apos_061225.htm
Sprott Active Metals & Miners ETF
Sprott Metal Royalty & Streaming ETF

update:
https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_485apos.htm

The 2019 SEC reform is Rule 6c-11. That lessened but did not eliminate the need for exemptive relief. From the cited page:

Mutual funds wishing to offer an ETF share class, or, in F/m’s case, ETFs wishing to offer a mutual fund share class, require exemptive relief because Rule 6c-11 under the 1940 Act does not provide relief from Sections 18(f)(1) or 18(i) of the 1940 Act, nor does Rule 6c-11 expand the scope of Rule 18f-3’s multi-class relief to permit a single fund to offer both an ETF class and a mutual fund class.

CNBC, May 20, 2025 (this may have been cited in another thread):

More than 50 asset managers have petitioned the SEC for exemptive relief in order to offer an ETF share class of an existing mutual fund.

https://www.cnbc.com/2025/05/20/asset-managers-prepare-for-sec-to-scrap-wall-between-mutual-funds-and-etfs.html

https://www.wsj.com/finance/investing/norway-oil-fund-puts-td-bank-under-observation-4cd41a12
Key Points
Norway’s sovereign wealth fund is observing Toronto-Dominion Bank for 4 years.
TD may be linked to multiple cases of financial crime in the past 10-15 years.
TD settled with U.S. authorities last year, pleading guilty to anti-money-laundering failings.

AAII Sentiment Survey, 6/11/25
BULLISH became the top sentiment (36.7%, below average) & neutral remained the bottom sentiment (29.7%, below average); bearish became the middle sentiment (33.6%, above average); Bull-Bear Spread was +3.1% (below average). Investor concerns: Tariffs, budget, jobs, inflation, recession, Fed, debt, dollar, geopolitical, Russia-Ukraine (172+ weeks), Israel-Hamas (67+11 weeks). For the Survey week (Th-Wed), stocks up, bonds flat, oil up sharply, gold down, dollar down. NYSE %Above 50-dMA 76.70% (overbought). CPI +2.4%, core +2.8%. Positive signs for US-China & US-India trade deals. #AAII #Sentiment #Markets
Sentiments are CONTRARIAN indicators.
https://ybbpersonalfinance.proboards.com/post/2039/thread

If I were a shareholder of an actively managed fund and Vanguard opened a new, cheaper share class that I qualified for, I would be elated. Before you could say Jack Robinson I'd have made a tax-free exchange to that cheaper share class.
I did this when Vanguard opened Admiral shares that cost less than my existing Investor class shares. Such conversions are largely paper events with no impact on the underlying fund portfolio. And I owned the same percentage of that portfolio before and after my conversion.
When Vanguard offers a new share class with lower expenses than existing share classes, investors win. They have the option of staying with their existing share class and paying the same amount as before, or converting and paying a lower ER. (Though there are the added costs with ETF shares of bid/ask spreads, NAV tracking error, and SEC fees.)
For example, shareholders who own VTIAX have the option of staying with those shares and paying 9 basis points/year or converting to VXUS and paying half as much, just 5 basis points. Vanguard can do this because it costs them less to run VXUS than to run VTIAX with its additional shareholder services.

Fund just reopened in 2025
https://www.kopernikglobal.com/wp-content/uploads/2025/02/Kopernik-Global-All-Cap-Fund-Soft-Close-Update-Reopening-2025-Final.pdf

https://www.sec.gov/Archives/edgar/data/890540/000139834425011564/fp0093886-1_497.htm
497 1 fp0093886-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Kopernik Global All-Cap Fund
(the “Fund”)
Supplement dated June 9, 2025
to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each dated March 1, 2025
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of the close of business on July 31, 2025 (the “Effective Date”), the Fund will be closed to certain new investments because Kopernik Global Investors, LLC (the “Adviser”), the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.
While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:
• Direct shareholders of the Fund as of the Effective Date and the date of the new investment;
• Participants in qualified retirement plans that offer shares of the Fund as an investment option as of the Effective Date; and
• Trustees and officers of the Trust, employees of the Adviser, and their immediate family members.
The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENC

https://www.sec.gov/Archives/edgar/data/1111565/000174177325002492/c497.htm
497 1 c497.htm
June 11, 2025
BNY MELLON FUNDS TRUST
-BNY Mellon Short-Term U.S. Government Securities Fund
Supplement to Prospectus and Statement of Additional Information
The Board of Trustees of BNY Mellon Funds Trust (the "Trust") has approved the liquidation of BNY Mellon Short-Term U.S. Government Securities Fund (the "Fund"), a series of the Trust, effective on or about August 11, 2025 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax.
Accordingly, effective on or about July 15, 2025 (the "Closing Date"), the Fund will be closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans (and their successor plans), provided the plan sponsor has been approved by BNY Mellon Investment Adviser, Inc. ("BNYIA"), in the case of BNYIA-sponsored retirement plans, or BNY Wealth ("BNYW"), in the case of BNYW-sponsored retirement plans, and has established the Fund as an investment option in the plan before the Closing Date. The Fund will continue to accept subsequent investments until the Liquidation Date, except that subsequent investments made by check or pursuant to TeleTransfer or Automatic Asset Builder no longer will be accepted after August 1, 2025. However, subsequent investments made by BNYW-sponsored retirement accounts ("BNYW Retirement Accounts") and BNYIA-sponsored retirement accounts ("BNYIA Retirement Accounts"), if any, pursuant to TeleTransfer or Automatic Asset Builder (but not by check) will be accepted after August 1, 2025. Please note that checks presented for payment to the Fund's transfer agent pursuant to the Fund's Checkwriting Privilege on or after the Liquidation Date will not be honored.
Shares held by shareholders who elect to redeem their Fund shares prior to the Liquidation Date will be redeemed in the ordinary course at the applicable net asset value per share. Fund shareholders may exchange their shares for shares of certain other funds comprising the Trust at any time before the Fund ceases operations. Except as described below for certain retirement plans, each shareholder who remains in the Fund until the Liquidation Date will receive a liquidation distribution equal to the aggregate net asset value of the shares of the Fund that such shareholder then holds. Fund shareholders are encouraged to consider options that may be suitable for the reinvestment of liquidation proceeds, including exchanging into another fund comprising the Trust.
Fund shares held on the Liquidation Date in BNYW Retirement Accounts will be reallocated to other previously approved investment vehicles designated in account documents as determined by BNYW and/or a client's trustee or other fiduciary, where required, within BNYW's investment discretion should the consent of a client's third-party fiduciary not be obtained prior to the Liquidation Date. Fund shares held on the Liquidation Date in BNYIA Retirement Accounts will be exchanged for Wealth shares of Dreyfus Government Cash Management ("DGCM"). Investors may obtain a copy of the Prospectus of DGCM by calling 1-800-373-9387.
0963STK0625

https://www.sec.gov/Archives/edgar/data/1111565/000174177325002495/c497.htm
June 11, 2025
BNY MELLON FUNDS TRUST
BNY Mellon Income Stock Fund
Supplement to Summary Prospectus, Prospectus and Statement of Additional Information
The Board of Trustees of BNY Mellon Funds Trust (the “Trust”) has approved, subject to shareholder approval, the conversion of BNY Mellon Income Stock Fund (the “Fund”), which currently operates as a mutual fund, into an exchange-traded fund (“ETF”). If approved by Fund shareholders, the Fund will be converted into an ETF through its reorganization with and into BNY Mellon Enhanced Dividend and Income ETF (the “Acquiring ETF”) pursuant to an Agreement and Plan of Reorganization (the “Agreement”) between the Trust, on behalf of the Fund, and BNY Mellon ETF Trust II (“ETF Trust II”), on behalf of the Acquiring ETF. Accordingly, if the reorganization is approved by Fund shareholders, the Fund will transfer its assets to the Acquiring ETF, in exchange for whole shares of the Acquiring ETF and the assumption by the Acquiring ETF of the Fund’s liabilities (the “Reorganization”). Upon consummation of the Reorganization, Acquiring ETF shares received by the Fund will be distributed to Fund shareholders, with each shareholder receiving a pro rata distribution of the Acquiring ETF shares received by the Fund, for Fund shares held prior to the Reorganization. If approved by Fund shareholders, the Reorganization will be consummated on or about the close of business on December 5, 2025 (the “Closing Date”). After the Reorganization, the Fund will cease operations and will be terminated as a series of the Trust.
Importantly, as described in more detail below, in order to receive Acquiring ETF shares as part of the conversion, Fund shareholders must hold their shares through a brokerage account that can accept shares of an ETF. Please see the Q&A below for additional actions Fund shareholders can take in order to receive ETF shares in the conversion if such shareholders do not currently hold Fund shares through a brokerage account that can accept shares of an ETF.
The Acquiring ETF is a newly-created series of ETF Trust II and will carry on the business of the Fund and assume its performance and financial records. The Acquiring ETF will have the same investment objective and similar investment strategies as the Fund. BNY Mellon Investment Adviser, Inc. (“BNY Adviser”) is the investment adviser to the Fund and BNY Mellon ETF Investment Adviser, LLC (“BNY ETF Adviser”), an affiliate of BNY Adviser, will serve as the investment adviser to the Acquiring ETF. Newton Investment Management North America, LLC (“NIMNA”), the Fund’s current sub-adviser, will serve as the sub-adviser to the Acquiring ETF and, subject to BNY ETF Adviser’s supervision and approval, provide the day-to-day management of the Acquiring ETF’s investments. The current primary portfolio managers of the Fund will manage the Acquiring ETF. The Acquiring ETF will be overseen by a different board, and will have certain different third-party service providers, than the Fund. The Acquiring ETF will not commence investment operations until the Reorganization is consummated.
The Trust’s Board unanimously concluded that reorganizing the Fund into the Acquiring ETF is in the best interests of the Fund and that the interests of the Fund’s shareholders will not be diluted as a result of the Reorganization. BNY Adviser believes that the Reorganization will permit the Fund’s shareholders to pursue similar investment goals in the Acquiring ETF, which has a lower management fee and an estimated lower total annual expense ratio than the Fund. Management also believes that the Reorganization should provide certain other potential benefits for the Fund’s shareholders, including greater tax efficiency, the ability to purchase and sell shares throughout the trading day at the then-prevailing market price on an exchange, less cash drag on performance, and lower portfolio transaction costs.
It is currently contemplated that shareholders of the Fund as of July 14, 2025 (the “Record Date”) will be asked to approve the Agreement on behalf of the Fund at a special meeting of shareholders to be held on or about September 10, 2025.
As a condition to the closing of the Reorganization, the Fund will receive an opinion of counsel to the effect that, for federal income tax purposes, the Reorganization will qualify as a tax-free reorganization and, thus, no gain or loss will be recognized by the Fund, the Fund’s shareholders or the Acquiring ETF as a direct result of the Reorganization. Fund shareholders may, however, be required to recognize gain or loss if their shares are redeemed, in whole or in part, in connection with the Reorganization.
If the Reorganization is approved, each shareholder who holds their Fund shares through an account that may hold Acquiring ETF shares (a “Qualifying Account”), as described below, will become a shareholder of the Acquiring ETF on the Closing Date and will no longer be a shareholder of the Fund. Such shareholders will receive shares of the Acquiring ETF with an aggregate net asset value equal to the aggregate net asset value of their investment in the Fund immediately before the Reorganization. In addition, approximately two business days before the Reorganization, any fractional shares of the Fund held by shareholders will be redeemed at the current net asset value and the Fund will distribute the redemption proceeds in cash to those shareholders.
If the Reorganization is approved, each shareholder who holds their Fund shares through an account that is not permitted to hold Acquiring ETF shares (a “Non-Qualifying Account”), as described below, will not receive Acquiring ETF shares in connection with the Reorganization. Instead, depending on the type of account through which such shareholder holds their Fund shares, the shareholder will either receive cash or Wealth shares of Dreyfus Government Cash Management, a government money market fund advised by BNY Adviser and sub-advised by Dreyfus, a division of Mellon Investments Corporation, an affiliate of BNY Adviser. The redemption or transfer of such shareholder’s investment may be subject to tax.
The Acquiring ETF offers one class of shares and does not issue fractional shares. If the Reorganization is approved, Class A, Class C, Class I, Class Y, and Investor shares of the Fund will be converted into Class M shares of the Fund (without a contingent deferred sales charge (“CDSC”) or other charge). The share class conversion is expected to occur approximately two weeks before the Closing Date. The Fund’s exchange privilege (exchanges into and out of the Fund with other series of the Trust) will be terminated on or about November 21, 2025.
In addition, approximately two weeks before the Reorganization, the Fund may, if deemed advisable by management of BNY Adviser, effect a share split (either forward or reverse) to approximate the net asset value per share of the Acquiring ETF. After such share split (if any), any fractional shares held by shareholders will be redeemed approximately two business days before the Closing Date, as noted above. The distribution to shareholders of such redemption proceeds, which is expected to be a small amount, will likely be a taxable event to shareholders who hold their shares in a taxable account and shareholders are encouraged to consult their tax advisors to determine the effect of such redemption.
If the Reorganization is approved, effective on the first business day of the month following Fund shareholder approval of the Reorganization, (i) the CDSC applicable to Class C shares (and Class A shares, if applicable) of the Fund will not be imposed on redemptions made by shareholders of the Fund, (ii) the applicable front-end sales load will not be imposed on investments in the Fund’s Class A shares, (iii) the Fund’s 12b-1 and shareholder services plan fees will be waived, and (iv) any letters of intent will be closed out. In addition, effective on the first business day following Fund shareholder approval of the Reorganization, no investments for new accounts will be permitted in the Fund (with the exception of new accounts for clients of BNY Wealth, certain retirement plans, certain wrap programs and existing Fund shareholders who are transferring their Fund accounts to a brokerage or other account that is eligible to hold Acquiring ETF shares). The reinvestment of dividends and capital gains distributions will continue to be permitted. To the extent investments are made in the Fund on or after the first business day of the month following Fund shareholder approval of the Reorganization, the Fund’s distributor will not compensate financial institutions (which may include banks, securities dealers and other industry professionals) for selling Class C shares or Class A shares subject to a CDSC at the time of purchase. Approximately two business days prior to the Closing Date, the Fund will be closed to all purchases and redemptions...

https://www.sec.gov/Archives/edgar/data/1048702/000168035925000443/nmf497saijnhnoverseas6112025.htm
Supplement dated June 11, 2025
to the Statement of Additional Information (“SAI”) dated February 28, 2025
Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the SAI.
Nationwide Janus Henderson Overseas Fund
On June 10, 2025, the Board of Trustees (the “Board”) of Nationwide Mutual Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust (as defined under the Investment Company Act of 1940, as amended), considered and approved a proposal to liquidate the Nationwide Janus Henderson Overseas Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation and Dissolution (the “Plan”) on or about August 15, 2025 (the “Liquidation Date”). Until the Liquidation Date, the Fund is permitted to depart from its stated investment objective and strategies and hold cash and cash equivalent positions as a temporary defensive measure to preserve value. In anticipation of the Fund’s liquidation, the Fund intends to begin to sell its portfolio holdings in exchange for cash, U.S. government securities and/or other short-term debt instruments.
Because of the pending liquidation, the Fund no longer represents a long-term investment solution. Therefore, effective immediately, new account requests, exchanges into the Fund and purchase orders for the Fund’s shares will no longer be permitted (other than those purchase orders received through dividend reinvestment or purchase orders from funds-of-funds or qualified retirement plans who are existing shareholders). The Fund is no longer being marketed for new investment and, as a consequence, the size and net asset value of the Fund may decrease as a result of shareholder redemptions and sale of Fund assets to meet those redemptions. This potentially will cause remaining shareholders to bear increased operating expenses. Such shareholders also will bear a proportionate share of the costs of liquidation and other expenses in respect of their new as well as existing investments. Unless subject to a waiver or reduction as described in the Fund’s prospectus, purchases of Class A shares of the Fund will continue to be subject to applicable sales charges. Any investor who purchases shares of the Fund through reinvestment of dividends or otherwise also should consider the potential tax consequences of making new investments in the Fund during the short period prior to the Fund’s liquidation.
Between now and the Liquidation Date, existing shareholders of the Fund may continue to reinvest dividends and distributions, redeem shares, or exchange shares into other Nationwide Funds without incurring a sales load or a contingent deferred sales charge. However, in accordance with the Plan, the Fund may set up a reserve account for expenses incurred in connection with the liquidation to ensure that all shareholders are treated fairly. Any such reserve
account may affect the amount of redemption proceeds payable to a shareholder upon redemption. Rule 12b-1 fees will continue to accrue on shares of the Fund in the manner set forth in the Fund’s prospectus until the Liquidation Date.
Any shareholder who has not redeemed or exchanged shares into another Nationwide Fund by the regular close of business on the business day before the Liquidation Date will receive a liquidating distribution as of the Liquidation Date. On the Liquidation Date, the Fund will distribute pro rata to its shareholders of record all of its assets in cash, and all outstanding shares of beneficial interest will be redeemed and canceled. If you hold shares of the Fund directly with the Trust in an Individual Retirement Account (“IRA”) maintained by U.S. Bank N.A. and you do not contact us at 800-848-0920 prior to the Liquidation Date, we will invest your liquidation proceeds in Investor Shares of the Nationwide Government Money Market Fund until we receive instructions from you. Investor Shares of the Nationwide Government Money Market Fund are subject to low balance fees in the amount of $2 per month if the monthly average balance of the account falls below $500, which may exceed the low balance fees applicable to shares of the Fund. IRA owners may obtain a prospectus for the Nationwide Government Money Market Fund by calling 800-848-0920.
The liquidation will constitute a taxable event, except to the extent the Fund’s shares are held in a tax-advantaged product, plan or account. Therefore, you may be subject to federal, state, local or foreign taxes. You should consult your tax advisor for information regarding all tax consequences applicable to your investments in the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Meanwhile back in the real world, Crude oil prices soared today and up over 20% from their recent lows. The CRB commodity index is higher now under Trump than it ever was under Biden. My point - inflation is not dead.
https://tradingeconomics.com/commodity/crb. Click on the five year chart

So THAT explains the big bump-up in ET! It's been drifting and flagging lately.
EDIT:
"...Energy Transfer and Enterprise Products Partners, two of the top US ethane producers and exporters, said they have received letters from the US Commerce Department requiring the companies to apply for a license to ship ethane to China..."
This does not sound like Free Enterprise to me. The gummint is requiring these outfits to sell to China? ORK. Sounds more like a mandated economy, smells like a Soviet 5-year Plan, eh?
https://www.bairdmaritime.com/shipping/tankers/gas/us-ethane-vessel-diverts-to-india-amid-china-export-restrictions

although 50% of my vanguard posts are not flattering, so far they have run an 'admirable' process in making sure mf holders share the etf class benefits, and not pricing etf share fees less than admiral shares.
see a fiduciary@work!

Negotiators from the U.S. and China have agreed to a trade framework in principle.
U.S. tariffs on Chinese goods are set at 55% while China's tariffs on U.S goods are 10%.
Commerce Secretary Howard Lutnick indicated the agreement removed restrictions
on Chinese exports of rare earth minerals/magnets and some recent restrictions on U.S. exports.
Specific details regarding the deal and how it will be implemented remain unclear.
The framework needs approval from Trump and Xi Jinping before going into effect.

@Hank - Thanks for your Audible list. I have a subscription to as well, with a number of *banked* audible books. Were there any where the narrator added or subtracted from the content in a significant way?

I’m happy if the list leads even one individual to an interesting read. I’ve been with Audible 5 years or longer. So it’s hard to recall what even half on the list were about or how good. Strictly very late night listening (11:00 PM - 2:00 AM). Last year i got hung up on Meb Faber’s podcasts (like 50 episodes going back 5 years) which are available (free) with the Audible subscription - so didn’t listen to many books.
Very well narrated (adds to enjoyment)
*** John Mack - “Up Close …”
*** Warren Buffett (“The Snowball”)
*** Longo (“The Art of Investing”)
*** “The Fund” (about Dalio)
*** Housel “The psychology …”
*** Bob Pisani (does his own narration)
Middling narration
** Templeton “Keys to to Investing Success” (with Sir John speaking in interviews)
** Dillian “How to live stress free …”
** Ben Graham
** Templeton’s Way …” - Nairn
Poorly narrated / Hard to stay awake
* Howard Marks (very redundant content & dry reading)
* “Principles” (By Dalio)
* “The Humble Investor” (complex material & dry reading)
Of course, Audible allows a free preview of about 3 minutes before buying. So you can get an idea of the narration. I’ve had reasonable success returning ones I didn’t like for a credit. But there’s a cut off point.

Caution, this may be triggering to those who feel an obligation to run defense for politicians. And will likely result in the usual comments that "experts are always wrong" from the peanut gallery.
https://www.cnbc.com/video/2025/06/05/own-gold-yen-and-german-bunds-wont-own-us-treasuries-at-all.html?
This is a highly likely scenario IMO. And due to play out in 6 - 9 months. My plan is to jettison U.S. bonds before rates peak or inflation takes hold. MMF may go lower, but it is still better than losing money.

And what of private, corporate domestic US bonds, do you think?

@Crash

Yes, the numbers are good, for the moment

I'm framing the above.
Why always look for the negative in every piece of news?
I want journalists to report the simple facts instead of making remarks about what could go wrong, unless they make remarks on what can go right.
Pew has research on where Americans get their news. See (link). Democrats are about three times more likely than Republicans to listen to NPR.
In contrast, the audience for the Wall Street Journal is much more balanced between the two parties.