July 22nd Episode:

Uncover the secrets behind managing the world’s largest mutual fund, the Vanguard Total Stock Market Index Fund, in this captivating episode of WEALTHTRACK. Join Gerry O’Reilly, the fund’s principal portfolio manager, as he reveals the active management required for this trillion-dollar behemoth. Learn about O’Reilly’s inspiring journey from Ireland to the 1988 Seoul Olympics before delving into his impressive track record. Gain insights into the misconceptions surrounding index fund management and discover the strategies employed to match the CRSP U.S. Total Market Index.

@hank, do what you're comfortable doing. Plunking down 10K in one shot is a lot of money for some of us here. Nothing wrong with dipping a toe in for free when you can.

The Automatic Investment program allows purchasing additional shares for $5 at Fidelity.
IIRC, this can be setup to make a single purchase.
Automatic Investment is listed in GLFIX Transaction Fee footnotes (click Additional Important Information).
It's probably best to contact Fido directly to confirm program availability.
GLFIX Fees

https://www.sec.gov/Archives/edgar/data/1860434/000119312523191398/d505828d497.htm
497 1 d505828d497.htm HARBOR SMALL CAP EXPLORER ETF PROSPECTUS SUPPLEMENT
 
 
Harbor ETF Trust
 
Supplement to Prospectus dated April 6, 2023
Harbor Small Cap Explorer ETF
July 21, 2023
Harbor ETF Trust’s Board of Trustees has determined to liquidate and dissolve Harbor Small Cap Explorer ETF (the “Fund”). After the close of business on August 22, 2023, subject to applicable law, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on August 23, 2023. The Fund is currently scheduled to liquidate at the close of business on or about August 30, 2023 (the “Liquidation Date”).
Shareholders may sell their holdings of the Fund on NYSE Arca, Inc. (“NYSE Arca”) until market close on August 22, 2023 and may incur typical transaction fees from their broker-dealers. At the time the liquidation of the Fund is complete, shares of the Fund will be redeemed. If you still hold shares on the Liquidation Date, you will receive a liquidating distribution of cash in the cash portion of your brokerage account equal to the amount of the net asset value of your shares. Shareholders who receive a liquidating distribution generally will recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares if shares are held in a taxable account. The liquidating distribution received by a shareholder, if any, may be in an amount that is greater or less than the amount a shareholder might receive if they dispose of their shares on NYSE Arca prior to market close on August 22, 2023. The Fund may or may not, depending upon its circumstances, pay one or more dividends or other distributions prior to or along with the redemption payments. Please consult your personal tax advisor about the potential tax consequences.
In order to ready the Fund for liquidation, the Fund’s portfolio of investments will be transitioned prior to the planned Liquidation Date to one that consists of all or substantially all cash, cash equivalents and debt securities with remaining maturities of less than one year. As a result, shareholders should no longer expect that the Fund will seek to achieve its investment objective of seeking long-term growth of capital. Furthermore, during the time between market close on August 22, 2023 and the Liquidation Date, shareholders will be unable to dispose of their shares on NYSE Arca.
The changes to the Fund’s investment policy that were previously disclosed to shareholders in a notice dated June 6, 2023 will no longer be implemented.

https://www.sec.gov/Archives/edgar/data/1587982/000139834423013352/fp0084562-2_497.htm
497 1 fp0084562-2_497.htm
AXS 1.5X PYPL Bull Daily ETF
Ticker: PYPT
AXS Brendan Wood TopGun Index ETF
Ticker: TGN
Each a series of Investment Managers Series Trust II (the “Trust”)
Supplement dated July 21, 2023 to each currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for each of the AXS Brendan Wood TopGun Index ETF and the AXS 1.5X PYPL Bull Daily ETF (each, a “Fund”). Each Plan of Liquidation authorizes the termination, liquidation and dissolution of the respective Fund.
Each Fund will create and redeem creation units through August 11, 2023 (the “Closing Date”), which will also be the last day of trading on The NASDAQ Stock Market LLC, with respect to the AXS 1.5X PYPL Bull Daily ETF, and on NYSE Arca, Inc., with respect to the AXS Brendan Wood TopGun Index ETF, each Fund’s principal U.S. listing exchange. On or about August 18, 2023 (the “Liquidation Date”), each Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of each Fund, AXS Investments LLC, the Funds’ advisor, may manage each Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of each Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent each Fund from achieving its investment objective. Shareholders of each Fund may sell their holdings on The NASDAQ Stock Market LLC, with respect to the AXS 1.5X PYPL Bull Daily ETF, and the NYSE Arca, Inc., with respect to the AXS Brendan Wood TopGun Index ETF, on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Funds at 1-303-623-2577 if you have any questions or need assistance.
Please file this Supplement with your records.

https://www.sec.gov/Archives/edgar/data/1587982/000139834423013353/fp0084562-1_497.htm
497 1 fp0084562-1_497.htm
AXS Thomson Reuters Private Equity Return Tracker Fund
Class A Shares: LDPAX
Class C Shares: LDPCX
Class I Shares: LDPIX
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated July 21, 2023 to the
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”),
each dated February 1, 2023.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Thomson Reuters Private Equity Return Tracker Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.
The Fund will be liquidated on or about August 18, 2023 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. Redemptions made on or after the date of this Supplement will not be subject to any redemption fee that would otherwise be applicable. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. Any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, AXS Investments LLC, the Fund’s advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-833-297-2587 if you have any questions or need assistance.
Please file this Supplement with your records.

Thank you @msf. Will give it a shot! And thanks @WABC for sharing that.
I haven’t said much about this one because I was hoping it wouldn’t achieve the type of “celebratory status” everything Mr. Giroux touches enjoys. Two very different approaches for sure.
Re: (“I've done this type of transaction a couple of times at Fidelity”.) ;)
I won’t feel badly if it doesn’t work. But with 100% now at Fidelity, they might be willing to budge a bit. My greater concern isn’t so much the 25 BP - but just getting this set up before something changes in the rules governing these funds.

Thanks @msf .25 BP difference! That’s significant. I recently ramped up GLFOX so it is well over the 10K minimum for IRAs. But probably need to wait near 60 days to make the move. Chances Fido might grant an exemption probably slim … than there’s the additional question of frequent trading at Lazzard if I do it too soon.
OK - I reread @msf’s post. Looks like with over 10K at Fido you can get the reduced ER on GLFOX / GLFIX. Do you know what the initial investment in GLFIX might be? I probably could start moving a sizable chunk Monday. For GLFOX Fido’s minimum is $2500.
Nice thing to know.

Have you guys looked at PG&E (PCG) stock price? By far the best 1 year chart I know. I sold out at $16, not believing it has left behind its legacy troubles, but now it is at $18. I probably should have kept it, given how my bills from them only go up. It does not pay a dividend yet and has a P/E ratio of about 20. I think it is the largest weighting in Third Point portfolio. Would like to get your comments on its prospects as an investment.

GLIFX - $10K min in Fido IRAs, $100K min in taxable accounts.
At Schwab, the min is $2,500, but you don't have Fidelity's trick of paying $5 for additional shares. (OTOH, some people claim to have gotten Schwab to waive its TFs.)
At Vanguard, min is $10K (IRA or taxable), but $20 TF for both purchases and sales. (Limited number of waivers for Flagship customers.)
At Firstrade and at E*Trade, min is $10K (IRA or taxable), no TF.
Not available at Merrill.

@yogibearbull: We had to choose the AT&T bundle because we are far enough away from a main street to have to rely on a buried copper cable for all our connectivity. Comcast is in town but would have charged us big bucks to lay a cable 2/10th of a mile to our house. Dish antenna we tried 15 years ago was spotty for TV; that may have improved with AT&T's takeover. AT&T prefers to sell dish service as opposed to copper wire because its more profitable. We could drop the landline, but my wife uses it as often as her cell phone. Don't get me started on price increases for our services over the past decade.

So an unknown number of Californian tax filers are going to have a big tax bill coming due on Oct. 16, 2023, as they have to file their 2022 returns plus put together what would have been all of their quarterly estimated payments that they have not had to make thus far during 2023. That is going to be one giant windfall in October 2023 for the Treasury Department.
But here is why this event matters to the rest of us. Those California late payers are going to have to raise the money to make sure that their big October 2023 checks to the IRS clear. That is going to mean selling some stock, cashing out of money market funds, shifting money from savings to checking, and otherwise generally sending waves through the banking system to get their money organized so that they can cover those deferred payments. Writing a check to the IRS means that a bank then has to cover that check, and move money all around the system as the IRS cashes those checks.
The entire financial system has grown accustomed to that type of turbulence taking place in April every year. But this anomalous Oct. 16 for rich taxpayers in the most populous state is a non-standard type of ripple in the liquidity stream.
There is no way to quantify how much of an effect this will have, as we cannot see into the hearts and the bank accounts of all of those delayed filers in California. But it is going to have some meaningful effect that is an irregular feature of the normal calendar for banking and liquidity. By late October, all of the dust should have settled, and all of that moving around of money to cover tax payments will have simmered down, so stocks can get back to their normal seasonal strength starting by late October.

Background to this upcoming event (October):
california_is_going_to_drop

Where I am we had a 1950s era phone “landline”. After a few days of heavy rain it would sometimes go out for several days. Not sure where the problem was. Possibly in a buried cable to home. Cellular reception is poor here. For home service I use a cellphone connected to outside cellular antenna / cell phone booster for regular home service. The booster runs on electric, so it would be hard (but not impossible) to get a call out in event of power failure. (Than, there’s the portable gas powered generator to fall back on.) But most days the $25 / month cellular from Visible (Verizon) performs very reliably.
I don’t think it takes a rocket scientist to see the advantages to a “utility” in providing tower service rather than in ground cable. Many technologies become outdated in 5-10 years. “Hard” lines (pole or buried) would be a lot more expensive, ISTM, for them to upgrade than upgrading their towers - especially if burring cable to home.
I suspect in another 10-20 years a whole lot of this stuff (maybe all) will be space based, as satellites are becoming more advanced, lighter and less expensive to launch by the day. I never thought I’d see wireless charging. But it’s here - for some devices anyways. One of the networks featured an in-production solar powered car on its Thursday newscast. Three wheeled. A slight problem is having to run a zig-zag pattern to get up any hills. And they didn’t comment on how well it works at night.

Stuff happens.
Cellphone towers can get overwhelmed during disasters, whether natural or manmade. Landline service is designed to prioritize emergency calls, drop inbound calls if they can't be completed, and queue dial tone so that one can still call out. And it works.
https://www.forbes.com/sites/timbajarin/2019/10/17/1989-loma-prieta-earthquake-highlighted-critical-flaws-in-telecommunications/?sh=5d4761d1f329
Unfortunately, my local phone company (these days, that's an oxymoron) refuses to provide copper wire service.
Regarding power and other Plain Old Telephone Service (POTS) features, see BORSCHT.
Your description of VWINX sounds similar to what was originally Fidelity Utilities Income Fund (now FIUIX). A bond-ish fund, Adjustable-Rate Preferred Portfolio, was even merged into this fund in 1991.

The era of growth-utilities (unregulated) started in 1980s and has now picked up steam with alternate energy. If you want to trace developments in this industry, check the history of Vanguard VWINX benchmark changes - it started with a very simple idea, utility stocks + long-term bonds. The VWINX today is far different from that.
Even with phones, I do have landline but AT&T pushed for "attractive" Uverse bundles (landline, wireless, Internet, TV). I settled only for Internet + landline Uverse. When the technician was here years ago, I asked him what's the catch? He said, after saying that he isn't really supposed to be telling this, but conventional landlines, that are also powered by AT&T at low voltage (so, it worked even when power went out) is a "regulated" business and AT&T wants to move people to "unregulated" Uverse. OK, so if the power goes out now, so goes down the Uverse, and the landline with it. But as I have wireless phone (T-Mobile), I am not worried about being cutoff from the world - until the cell tower goes down. And if both the power and cell towers are down, there must be some bigger problem.

@hank: +1 on infrastructure, which is one of the main 'themes' in one of my long-term portfolios

The best suggestion of a specific fund I’ve received (for my needs) from this board came from @BenWP a couple + years ago. That’s GLFOX. It’s the first new fund I purchased after moving to Fido’s brokerage. Thanks Ben. It is technically an infrastructure fund. M* lists it as slightly over 50% utilities. Most of the holdings are X-USA (primarily Europe), which partially explains an ER north of 1%. The fund isn’t for everyone. And, as noted, isn’t a “utilities” fund. You can probably find better infrastructure or utility funds depending on your needs for a portfolio fit - especially how much foreign exposure you need or want.
Lazzard, itself is a giant in the global investment banking business. There’s been upheaval at the top with a new CEO in recent months. Like most of the big houses, there’s cost-cutting going on. I read somewhere there’s a soft close on institutional ownership of GLFOX, but that it is still open to individual investors. Strikes me as opposite what T. Rowe is doing by closing PRWCX but allowing those with hefty initial investments in.
Of course, Fido’s “Select Utilities” (FSUTX) with a lower .74% ER is a star performer in utilities.

The P/E on the ones I saw (traditional style, highly regulated) were way too rich.
Hawaiian Electric here is not an independent company; it's owned by American Savings Bank. That's just weird
You may have the hierarchy upside down. HE owns American Savings Bank. From BofA Global Research:

Reiterate Underperform on shares of Hawaiian Electric (HE) which is expensive relative to our view of the fundamentals and deserves to trade at a discount to utility peers due to its banking exposure. HE owns American Savings Bank (ASB),

https://rsch.baml.com/access?q=KIjGPJuiY!I
It's difficult if not impossible to find a pure play in traditional, regulated utilities. The BofA excerpt implies that the utility subsidiary is doing just fine thank you, but HE is getting dragged down by its non-utility subsidiary.
M* gets the company structure wrong or at least misleading in writing that HE is 3/4 electric utility company and 1/4 bank. That suggests that it's 3/4 regulated. It's not. Apparently what M* is calling an electric company consists of two HE subsidiaries, Hawaii Electric (a traditional, regulated utility) and Pacific Current.

Pacific Current President Scott Valentino, described the subsidiary as a “Hawaii-centric non-regulated entity that invests and develops in a broad range of infrastructure.”
...
“Everything we own today is related to electricity, but we are looking for opportunities in transportation, water, agriculture and other sectors,” Valentino said.
According to Valentino, a sustainable future for Hawaii does not just lie in one sector alone.
“We are focused on the betterment of Hawaii overall, but we are really focused on accelerating the 100 percent renewable portfolio standard, and carbon neutrality across the sectors,” he said.
...
Valentino said that Pacific Current is considered a “real growth vehicle for HEI moving forward”

https://www.bizjournals.com/pacific/news/2019/05/10/pacific-current-plans-to-invest-in-sustainability.html
That seems more along the lines that Giroux was talking about, and it's unregulated.
Side note: M*'s economic moat analysis of HE is, to quote you, "just weird". It talks about how the utility portion is a monopoly and yet describes this as a "narrow moat". Apparently to M* "moat" doesn't mean so much a competitive advantage (such as being a monopoly) as it means being able to sustain excess ROI (which regulation tamps down).
https://www.morningstar.com/investing-definitions/economic-moat

A quick look at GRID (First Trust Clean Edge®Smart Grid Infrastructure ETF) shows 17% utilities as well as many industrial and tech companies that stand to benefit from what Giroux is talking about, namely the conversion to green energy. GRID does not hold New Era, but it does hold a number of overseas utilities as part of the fund's some 47% allocation to ex-US firms. PRWCX has no more than 4% non-US, so I assume Giroux is talking about finding value in US utilities.

Brookfield is doing a lot in the green energy / conversion space. BEP, BEPH, BEPI are some to consider depending on your tax situation. Their infrastructure entity BIP/BIPC are involved in this process as well.
I think many utes will be a solid if not boring play going forward due to the EV trend and fact that folks need reliable power. I'll be interested in adding names when they're paying out 4% or more dividends. (Well, except for D, which couldn't find its way out of a paper bag when it comes to management decisionmaking.)

See Vanguard exceptions to foreign tax reporting here:
https://big-bang-investors.proboards.com/post/38655/thread
Excerpt:
Vanguard's 1099s do not include foreign taxes paid for many funds, such as VT (Vanguard Total World Stock ETF), VGWAX (Global Wellington), or VGYAX (Global Wellesley Income), which have significant foreign stock exposure (including foreign dividend-paying stock exposure). This is nuts -- these funds are 40-50% foreign.
And yet, VG does provide foreign tax information on funds like STAR and the Life Strategy and Target Retirement funds, which have a minimal amount of foreign exposure.
See here which funds VG does provide foreign tax information for:
https://www.vanguard.com/pdf/FTC_2023.pdf