A little more detail: Prior to SEC Rule 6c-11 in 2019, every ETF had to apply to the SEC for "exemptive relief" because ETFs don't follow every single rule governing OEFs. Even now, Rule 6c-11 still requires funds that want to offer an ETF share class (as opposed to a pure ETF fund) to seek exemptive relief.
Vanguard originally sought that relief first for nine specific funds, then in separate applications, relief for its domestic index funds generally, its global index funds generally, and its index bond funds generally. These applications were granted. The SEC did not grant relief in 2015 when Vanguard applied for relief for its actively managed funds. AFAIK it never gave an explanation. So yogi's not the only one who doesn't know what the reasons were :-). Here's that 2015 application for relief.
Many companies, including DFA, filed exemption applications in 2023. Vanguard filed its application just three months ago. So it's no surprise and likely not meaningful that the SEC acted first on some of those early applications.
Finally, here's A Deep Dive Into the ETF Share Class Exemptive Relief Applications. The pdf it links to

break[s] down the history of the sought-after relief, the potential advantages to such a structure for mutual fund sponsors and shareholders, and share their insights into the SEC’s reluctance to grant such relief, while ultimately arguing that the approval of these applications is the proper step for the SEC to take.

According to ETF.com, Vanguard did apply for an ETF class for an active fund around 2015, but it was rejected by SEC. Don't know what the reasons were.
"When Vanguard let that patent expire in May 2023, the filings to mimic the unique structure started piling up at the SEC, which has been mum on the topic since denying Vanguard’s request to extend the ETF share classes to actively managed mutual funds nine years ago."
https://www.etf.com/sections/news/whats-holdup-etf-share-classes
FWIW, Vanguard now also has filings for ETF classes of its active funds. SEC chose DFA filing to be the model for others to follow to this time, not Vanguard (actually, VG didn't share/license its previous patent (now expired) with ANYONE).

"Building a bridge to the 19th century."
https://westernpriorities.org/2025/09/statement-on-trump-administrations-latest-attempt-to-resuscitate-coal/
Even so, given the behavior of the Orange One and his tong, you might have a look at SXC. Suncoke Energy. I guess higher quality coal is still required to make steel, eh?
https://www.suncoke.com/en/our-business/coke-business/advanced-cokemaking-technology
John Prine: "Paradise."
Well I'm sorry, my son, but yer too late in askin'.
Mr. Peabody's coal train has hauled it away.

The Week in Charts (09/27/25)
The most important charts and themes in markets and investing...
00:00 Intro
00:19 Topics
01:09 The Fed Has an Inflation Problem
06:38 A Stronger US Consumer Lifting GDP
12:42 Powell on Stock Prices: "Fairly Highly Valued"
18:02 The New Home Discount
23:27 Gold Glitters, Silver Shines
26:33 Foreign Investors Still Buying American Stocks
28:34 150 Years of Human Progress
Video
Blog

It has underperformed both VWELX and VBINX
???
PRWCX 5 year performance (through 9/26/25): 11.65% (annualized)
VWELX 5 year performance (through 9/26/25): 10.52%
VBINX 5 year performance (through 9/26/25): 9.25%
Portfolio Visualizer gives similar results when looking at returns from Sept 2020 - Aug 2025.

That’s interesting. Appreciate your comment. I used Chart Fund on M*; Growth including Dividends; 5 year period. For some reason it provided me with different results and I’m not sure why. Definitely wasn’t knowingly providing false information.

                          And @FD1000 IS PROUD TO BE AN AMERICAN !!!

Because the bond market is so fragmented, active bond ETFs have been around for years, while active equity ETFs is a relatively new development.

The real reason is simple: the S&P 500 is a powerful momentum-driven index, and U.S. markets have been leading the world. That makes it very hard to beat over several decades.
Bonds, on the other hand, are far less efficient. Their performance depends heavily on interest rates, which makes them far more vulnerable.

Thought it was time for an update on tariff price impacts. In March 2025, I updated all our kitchen appliances from a local big box appliance store.
Refrigerator cost $2200. Now 6 months later $2900, same model $700 more.
Stove cost $1000. Now 6 months later $1200, same model $200 more
Dishwasher cost $1000. Now 6 months later $1100, same model $100 more.
Microwave cost $329. Now 6 months later $399, same model $70 more.
A 23.6% total price increase before taxes.
Anyone care to add their experiences, good or bad?

This is YOUR inflation.
The last CPI came at 2.9% year over year.
35 years ago I bought a side-by-side Whirlpool. It was about $600.
It lasts 25 years. I bought a new one 10 years ago for around $800.
Today, a similar one is about $1000 (https://www.lowes.com/pd/Whirlpool-24-6-cu-ft-Side-by-Side-Refrigerator-with-Ice-Maker-Fingerprint-Resistant-Stainless-Steel/1000422565)
About 10 years ago I bought a Countertop 1000 watt microwave for $100. 3 months ago I bought a similar one, for $85 (https://www.walmart.com/ip/Mainstays-1-1-Cu-ft-Countertop-Microwave-Oven-1000-Watts-Black-New/2701684169?classType=REGULAR&from=/search).
I designed a new kitchen about 25 years and didn't want microwave over the range. They are 3-4-5 times more expensive. They break more often, and they don't vent as well as a simple range hood.
==============

Sven: We notice our grocery bill has gone up 30% easily this year

See (link)
"Food prices rose faster than overall inflation. The CPI for all food increased 0.4 percent from July 2025 to August 2025. Food prices in August 2025 were 3.2 percent higher than in August 2024.
The level of food price inflation varies depending on whether the food was purchased for consumption at home or away from home:
The food-at-home (grocery store or supermarket food purchases) CPI increased 0.4 percent from July 2025 to August 2025 and was 2.7 percent higher than in August 2024.
The food-away-from-home (restaurant and other foodservice purchases) CPI increased 0.3 percent from July 2025 to August 2025 and was 3.9 percent higher than in August 2024."
====================
The usual Dems DD = dismiss + downplay everything and concentrate only on the worst.
The Dems and all their fake experts, some Nobel Prize winners, promised us that the CPI will go to the sky. It's just 2.9%.

I too expect further rates cuts, and then very possibly a reckoning. With various labor shortfalls as we deport workers and limit visa availability, inflation already knocking at the door of 3%, lofty market valuations and rising credit defaults, there are a lot of things that make the future a bit worrisome.
My portfolio has earned almost 65% since Jan 1, 2024. Giving back a large chunk of those gains is more concerning that squeezing every drop of juice. I expect lower FED funds rates to juice bond and stock valuations, until something simply doesn't work any more. maybe inflation starts to rise changing the FED perspective, or anything really, then it will be "Katie bar the door", as folks rush to the exits.
As I have stated here before, I am my lowest equity allocation in my life, and considering going lower. The safe bet may be quality bond funds for the short term. Something I have started owning again for the first time since 2019.

Fund Allocations (Cumulative), 8/31/25
Tiny shift into stock funds. The changes for OEFs + ETFs were based on a total AUM of about $41.42 trillion in the previous month, so +/- 1% change was about +/- $414.2 billion. Also note that these changes were from both fund inflows/outflows & price changes. #ICI #Funds #OEFs #ETFs
OEFs & ETFs: Stocks 61.38%, Hybrids 4.13%, Bonds 17.45%, M-Mkt 17.05%
(Recent Stock % peak was in 10/2024)
https://ybbpersonalfinance.proboards.com/post/2231/thread

One reason bond prices are increasing is that many investors expect further Fed rate cuts.
What would transpire if inflation became worrisome and the Fed hiked rates in the months ahead?
It appears that certain bonds are "priced for perfection."
The spread for IG corporate bonds was only 0.74% in September — the lowest level since 1998.
The spread for junk-rated bonds is about 2.75% which is near the record low of 2007.
Private credit defaults have been on the rise with a default rate of 9.5% in July before receding slightly.
“'There’s been a very positive investment environment for a long time,
with a large amount of money and a lot of optimism,' said Howard Marks,
co-chairman of investment firm Oaktree Capital Management, which specializes in credit investing.
He said that can lead to high pricing and declining quality.
'The worst loans are made at the best of times.'”

From Markets A.M. newsletter by Telis Demos.
On this day in 1987, Charles Schwab launched its IPO, selling 8 million shares
of stock to the public at an original price of $16.50 apiece.
Just 20 days later, the crash of 1987 hit.
The stock market plunged 23% in a single day,
and Schwab’s stock was hammered down to $6.50 a share.
The stock has returned over 52,000% since then.

I took another look at iShares allocation series: AOK (30-70), AOM (40-60), AOR (60-40), AOA (80-20).
It used to have typical allocation names - CA, MA, BA, AA, but actual equity allocations were much lower than common use. Now, it seems that it has allocations within the names (effective only 2/19/25, supplement 12/20/24), so just watch how well it sticks to them.
I don't have any direct experience, but this new form is definitely better than the old form. When you read other analyses on these, keep this recent change in mind.
OLD Names-->NEW Names
iShares Core Aggressive Allocation ETF-->iShares Core 80/20 Aggressive Allocation ETF
iShares Core Growth Allocation ETF-->iShares Core 60/40 Balanced Allocation ETF
iShares Core Moderate Allocation ETF-->iShares Core 40/60 Moderate Allocation ETF
iShares Core Conservative Allocation ETF-->iShares Core 30/70 Conservative Allocation ETF

I think the notion of not spending enough is aimed at only certain folks. I get it. After a lifetime of carefully watching spending, things can work out far better than expected, but increasing spending can be difficult for savers.
And what more does a person desire? A bigger house does lead to other expenses. So can buying newer more expensive vehicles. We like our neighbors, which is a big deal. Even if our house has a couple unnecessary rooms. Selling and moving can create a lot of expenses too.
I just cannot think of anything that I truly desire that I don't already have (materially). But, I won't be inconvenienced over money if I can help it. In that regard, travel comes to mind.
OTOH, if I need 1x and have 5x, should I be looking to pass on 10x in 20 years, to people whose lives will not be impacted much by a big influx of cash later in life?

Same might apply to corporate debt. WSJ has been sounding alarms. Premium from investment grade corporates over government backed debt is at historic lows. Worse as you go down the ladder.
“Two sudden bankruptcies in the auto world—of a subprime lender and a parts supplier—have triggered (worries) among bond investors and analysts.”
Article The Credit Market Is Humming-and That Has Wall Street On Edge - WSJ 9/29/25
(At MSN if you can pul it up.)

Farewell tribute to Johnathan Clements from Jason Zweig. This should be a shared link.
https://www.wsj.com/finance/investing/saying-goodbye-to-the-wsjs-jonathan-clements-c5386910?st=amD5Q5&reflink=article_copyURL_share

It has underperformed both VWELX and VBINX
???
PRWCX 5 year performance (through 9/26/25): 11.65% (annualized)
VWELX 5 year performance (through 9/26/25): 10.52%
VBINX 5 year performance (through 9/26/25): 9.25%
Portfolio Visualizer gives similar results when looking at returns from Sept 2020 - Aug 2025.

Just posted all ratings to MFO Premium site, using Refinitiv data drop through Friday, 26 September 2025. Monthly flow tools updated through August and the daily FLOW tool updated through Friday.

@WABAC, interesting that our oversea funds/ETFs far out-paced that of S&P500. Same goes for bonds too on dollar term. For now i will take a wait and see.

I no longer look at etfs for bond funds. PYGSX is about as close as I can get for the duration I'm willing to endure. I am caught between China exporting deflation and Europe running guns and butter with low rates.
I'm thinking about slowly building a position in EISIX in the IRA as long as the conditions I quoted above are in place.
I have enough foreign in the taxable thanks to VWIGX, SEQUX, and a few others.

I love my induction hotplate. It adds almost no heat to the environment, which is a consideration during an Arizona cooling season.
I also like the ability to fine-tune the temperature setting. So I'm currently cooking something at 175, and if I forget about it, the machine turns itself off after an hour unless I have programmed a longer time. In any event, it would never get hotter than 175.
My darling wife loves the blue flame on the gas stove at all seasons. She also buys stuff from Amazon. Otherwise, we all admit She is practically perfect in every way.
I would investigate noise, reliability, and the cost of running a new circuit before looking into going all in on an induction range.
Heat pumps are all the rage in our part of the world. "Older" homes still have gas pipes in place for running gas-fired air conditioners after the end of swamp-cooler season.
Talk about thread drift, yikes. :-D