David Sherman founded Cohanzick Management and CrossingBridge Advisors.
He is the Lead Portfolio Manager for the CrossingBridge fund family.
Mr. Sherman also manages two RiverPark funds (Cohanzick Management is sub-adviser):
RiverPark Strategic Income Fund, RiverPark Short Term High Yield Fund.
Link1
Link2

https://www.sec.gov/Archives/edgar/data/1766436/000138713123003557/lft_497-031723.htm
497 1 lft_497-031723.htm SUPPLEMENT
Leader High Quality Floating Rate Fund
Institutional Shares: LCTIX
Investor Shares: LCTRX
Supplement dated March 17, 2023
to the Prospectus and Statement of Additional Information (“SAI”) dated September 30, 2022,
each as may be amended from time to time
The Board of Trustees of Leader Funds Trust approved various changes to the Leader High Quality Floating Rate Fund (the “Fund”). These changes include changing the Fund’s name and adding Class A shares. Because the Fund’s name change impacts its 80% investment policy, the Fund is providing shareholders with at least 60 days’ notice of the name change and revised 80% investment policy.
Name Change
Effective May 16, 2023, the Leader High Quality Floating Rate Fund is renamed the “Leader Capital High Quality Income Fund.”
Revised 80% Investment Policy
As stated in the Fund’s prospectus, the Fund may change its 80% investment policy without shareholder approval upon 60 days’ written notice. This supplement notifies shareholders that, effective May 16, 2023, the Fund’s Principal Investment Strategies on page 2 of the summary prospectus, including its 80% investment policy, are revised as follows.
Principal Investment Strategies: Under normal circumstances, the Fund invests at least 80% of its net assets, plus any amount of borrowings for investment purposes, in high-quality debt securities. For the purposes of the Fund’s 80% investment policy, the Fund defines high-quality as being rated at the time of purchase as no lower than the A category by Standard & Poor’s Ratings Group, Moody’s Investors Service, or Fitch Ratings, Inc. The debt securities in which the Fund invests include the following U.S. dollar-denominated domestic and foreign securities:
· bonds and corporate debt;
· agency and non-agency commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”);
· collateralized loan obligations (“CLOs”) that are backed by domestic and foreign debt obligations;
· collateralized debt obligations (“CDOs”) that are backed by domestic and foreign debt obligations; and
· U.S government securities.
The Fund normally invests in debt securities with an interest rate that resets quarterly based London Inter-Bank Offered Rate (“LIBOR”) or indexes designed to replace LIBOR such as the Secured Overnight Financing Rate (“SOFR”), Effective Federal Funds Rate (“EFFR”), or Overnight Bank Fund Rate (“OBFR”). The Fund allocates assets across debt security types without restriction, subject to its 80% investment policy.
While the Fund invests without restriction as to the maturity of any single debt security, the Fund’s portfolio average effective duration (a measure of a security’s sensitivity to changes in prevailing interest rates) will be up to 15. The Fund’s average effective duration will change depending on market conditions. The Fund uses effective duration to measure interest rate risk.

YBB, Thanks for the Informative & detailed Post with links.
I was worried about the limits of SIPC & FDIC plus what to do under these scenarios.
Fwiw... I've been following Jennifer's (RiA) Diamond NestEgg YouTube FREE ChnL
...SIPC is covered after 13 min on video & can be fast-forwarded or dragged with a mouse.
Hope it helps here on many other investing subjects she also covers.
Thanks.

One thing @crash is correct in starting this thread. Bond market volatility is absolutely mind blowing these days.

Munis appear to have reversed course to the upside this week.

Wouldn't you know?
https://www.cnbc.com/quotes/HYMU?qsearchterm=hymu
My TIPs fund was up today, too. SCHP.
...And aluminum, green power: NHYDY was up by the tiniest of fractions. But down significantly, lately, along with almost everything else.
...Still too early to see the daily OEF mutual fund prices.
Making way too much sense here:
"The bond market has exactly the opposite view on inflation. It is screaming that inflation is entirely in control and headed down. projected longer term inflation now in the bond market is about 2.1% I admire the confidence of bond traders. But folks tell me it might be that inflation is dead because banking crisis kills growth and inflation. I do not see that in my consumption basket generally speaking."

The bond market has exactly the opposite view on inflation. It is screaming that inflation is entirely in control and headed down. projected longer term inflation now in the bond market is about 2.1% I admire the confidence of bond traders. But folks tell me it might be that inflation is dead because banking crisis kills growth and inflation. I do not see that in my consumption basket generally speaking.

Concentrated, high quality, small cap growth strategy. 400 bps lead over the Russell 2000 since the beginning of the 21st century. The Big Dog had a stint at Jundt back in the '90s (who now remembers the glory days of Jundt Growth Fund, which was magic until it wasn't?) and graduated from St. Thomas, my son's alma mater. Most of the rest of his team have dumb ol' Ivy League degrees.

I believe it is due to both the magnitude and pace of rate hike. It is the most aggressive hike since the 1970’s Volcker days. Right now there is lots of uncertainties of which shoe will drop next after SVB, Credit Sussie, First Republic Bank (other regional banks)….
And yet inflation is far from being contained and how high a the Fed raises the rate when something seems to be broken right now?

On rather short notice, Cohanzick invited people to listen to David Sherman talk about the significance of “recent developments.” Reportedly, 90 people called in. No slides, just David at his desk talking through two topics and fielding questions.
Highlights:
1. none of his funds have exposure to banks or thrifts. Early in his career, at Leucadia, he was taught that this additional financial sector focus offered “incremental gains that were not worth the risk.”
2. in a “moral hazard” sort of way, institituions worldwide have “adopted an umbrella policy: avoid any failure at all cost.”
3. Sherman’s policy preference would be a 1-2 bps / year charge for insurance on accounts over $250k with an opt-out provision and some sort of preferential payments scheme (akin, I think, to what happens in a bankruptcy liquidation) to avoid runs on the bank. (James Mackintosh, in Friday's WSJ, speculates on investment regulations to pursue the same end; he suggests requiring banks to invest only in short-term Treasuries as backing for regular deposits, with greater flexibility for special high-yield accounts.)
4. He believes interest rates will remain higher for longer than commonly expected, unless the fed has to accommodate a systemic risk. A fed “pivot” now would be “ a bad sign regarding speculation and future inflation.”
5. the commercial real estate market, which is reliant on floating rate securities, is a major and generally unrecognized risk. High quality lenders like BlackRock “are handing the keys back to the bank.” Eventually the government will need to pursue a solution like the Resolution Trust (1989-1995) to work to resolve the savings & loan crisis.
6. Q: is the banking system close to melt-down? A: No. With the exception of a few incidents involving insolvent micro banks, there are no “FDIC-regulated banks where uninsured depositors didn’t get their money back.”
7. Q: are you positive on high yield this yield? A: we don’t speculate but “In general, active HY will outperform stocks over the next couple years based on valuations.”
8. Q: has the risk-return equation become more compelling? Are you playing offense or defense now? A: “I love this question. Compliance hates it. We love markets like this, even if they’re frustrating, difficult or stressful because they create volatility and volatility creates opportunity. Things were more shaky a year ago ... we’ve become more offensive over the past several months Dry powder not diminished but new money is getting invested at substantially higher returns. Dry powder (at year’s end his funds were 30% and 70% “dry powder”) reflects view that we’ll have more opportunities and we will not be forced to take duration risk. We’re avoiding highly stressed or distressed issuers whose business model is questionable relative to other opportunities. We think there will be more of opportunities; commercial RE will raise its ugly head to create them.”
9. Q: where do you get such great ideas? A: swiped one from a student in my Global Value Investing class at NYU. (Roughly.)
 
10. Q: Has the opportunity set changed since 1/1/2023? A: "We focus on business model, the group tried to be disciplined in our credit work in all periods though everyone occasionally gets out of their lane. We’re focusing on staying at the highest level of the capital structure. Social media makes everything worse. Investors do less work, act more in reaction to events, and since it’s easier to move money, it’s also easier to over-react. Across portfolios, we have the highest level of leveraged loan ownership in years. LLs significantly higher return than the bonds, assuming no rate collapse.”
David either reads the board or has a news alert set for his name, so I’m confident that if I’ve materially misrepresented his words, he’ll help guide us back to the light.
For what that’s worth, David

One thing @crash is correct in starting this thread. Bond market volatility is absolutely mind blowing these days.

+1111111 Stunning moves...

Technically that is true. An FDIC-insured bank is ineligible to file for bankruptcy under the bankruptcy code. "Instead, regulators seize insolvent or unsound banks or thrifts and give the Federal Deposit Insurance Corporation (FDIC) the authority to resolve them ... almost always ... through a receivership." However, a bank's parent holding company can file for bankruptcy, as SVB Financial has done.

See 11 U.S.C. §§ 109(b), (d) (2006) (stating that banks are ineligible for bankruptcy, so that neither the bank nor the bank's creditors can place the bank in bankruptcy). [However,] bank holding companies can file for bankruptcy in the United States, and many of the largest bankruptcies on record have been bank holding companies. See ... Washington Mutual.

Why Banks Are Not Allowed in Bankruptcy (footnote 2)
11 U.S. Code § 109
SVB Financial bankruptcy filing

The fallout from the SVB (Silicon Valley Bank) collapse has finally put fear into the hearts of investors, and especially options traders, pushing up the VIX from the low 20s to a close of 26.14 on March 15, 2023. That took the VIX Index up above the prices of all of its futures contracts, which creates a unique oversold sentiment situation that is the subject of this week’s chart.

Might be worth a read:
weekly_chart/vix_index_above_all_of_its_futures

Per CNBC: "Treasury Secretary Janet Yellen told senators that government refunds of uninsured deposits will not be extended to every bank that fails, only those that pose systemic risk to the financial system."
I think that's the right approach to help address the moral hazard question. Given news of the past week or so, if you still happen to have cash in accounts far above the FDIC/SIPC coverage limits, you should probably review your risk level and diversify into multiple banks and/or 'safer' government debt.
https://www.cnbc.com/2023/03/16/svb-signature-bank-failures-yellen-says-us-banking-system-is-stable-and-deposits-remain-safe.html

Agree with @Observant1 that 2008 was MUCH worse! Nevertheless, investors need to stay calm and stick to their plan (asset allocation) and not get influenced by the media/news. The worst is panic and make bad choices.
I have been deploying my cash this weeks to short-term bond funds, individual stocks, and CDs. As more T bills mature this year they will invest in intermediate-term bonds. If US dollar continues to fall, we will buy European stocks again. Our EM exposure has been reduced substantially in recent years given the heightened geopolitical conflicts.

https://www.sec.gov/Archives/edgar/data/277751/000119312523073504/d406143d497.htm
Janus Investment Fund
Janus Henderson Small Cap Value Fund
Supplement dated March 17, 2023
to Currently Effective Prospectuses
and Statement of Additional Information
On March 16, 2023, the Board of Trustees of Janus Investment Fund approved reopening Janus Henderson Small Cap Value Fund (the “Fund”) to new investors, effective on or about April 17, 2023. Class L Shares of the Fund remain closed to new investors.
As a result, effective on or about April 17, 2023, all references to the Fund being closed to certain new investors are removed from the Prospectuses and Statement of Additional Information for Class A Shares, Class C Shares, Class D Shares, Class I Shares, Class N Shares, Class R Shares, Class S Shares, and Class T Shares.

Gut observation here, but this week things have not all completely marched in 100% lockstep like they did in '08. There are some pockets of green and/or counter-trending moves happening that kind of makes this more orderly.
Had the government not intervened last weekend, I think the odds of a systemic risk situation would've been significantly greater. But still ... on the whole, for the moment, things are 'dramatic' but not 'existential' like they were in '08. Back then, I was genuinely concerned about the very fabric of the global financial system. Not feeling anywhere that dreadful right now.
If you're invested in good stuff, just turn the TV off and don't look at your account for a few days. Or as I told someone yesterday, take some play money (if you have it) and actually BUY or ADD TO something good to engage in some reverse psychology and reassure yourself that things will get better.
(I've been buying/adding this week myself, as i still put idle cash to work for the long term)

The Fed balance sheet WAS declining. But now with this NEW bank-QE, or QL, it has gone UP.
https://fred.stlouisfed.org/graph/?g=11n4S

Unless there are serious issues in the biggest banks ( ie top 100) I don't think this will rival 2008
In retrospect it seems that any idiot could have predicted what would happen when you sold mortgages to people with no income. Few of us, I assume, knew that was going on until the headlines. But people who should have known better still went ahead and loaded up on this junk. This was a solvency crisis as the investments were worthless.
This seems to be much more a liquidity crises, which the Fed can fix. However, it remains to be seen what that will do to inflation, given they have undone 50% of their QT so far. Does a recession become more likely?

@sma3, SVB Financial was the holding company for the SVB Bank. So, this is the bankruptcy filing the holding company that also had some minor brokerage and asset management businesses.
SVB Bank was taken over by the Feds/FDIC. The government-run SVB Bank is now among the safest and with the best/unlimited deposit protections.
https://www.cnbc.com/2023/03/17/svb-financial-seeks-bankruptcy-protection.html

Schwab has an easy-to-understand link on asset protections with the SIPC, additional insurance and the FDIC. Details are similar at other major brokerages, e.g. the Fidelity links.
There are lots of concerns about asset protections after 3 recent bank failures - Silvergate Bank, SVB Bank (#2 biggest failure in the US history), Signature Bank (#3 biggest failure in the US history). Treasury Secretary Janet YELLEN further muddied the current rescue situation by saying that in future, excess deposits may be protected at systemically-important-banks (SIBs) upon presidential determination, but not at smaller community banks. Ironically, deposits at the 2 failed banks under government operations now seem to have have unlimited deposit insurance.
Schwab https://www.schwab.com/legal/account-protection
Fidelity1 https://www.fidelity.com/why-fidelity/safeguarding-your-accounts
Fidelity2 https://www.fidelity.com/learning-center/trading-investing/safeguarding-your-cash