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Can an llc have a brokerage account what is net expense ratio on an etf

Shareholder fees are fees charged directly to mutual fund investors in connection with transactions such as buying, selling, or exchanging shares, or on a periodic basis with respect to account fees. You can view our fee details. Whether any particular feature is an advantage or disadvantage for you will depend on your unique circumstances—always be sure that the investment you are considering has the features that are important to you. Your money is invested in thousands can an llc have a brokerage account what is net expense ratio on an etf companies through fractional shares. Money market funds are not insured or guaranteed by the FDIC or any other government agency. No, you cannot invest in an individual stock or fund at Betterment. Privately held for more than 70 years, Fidelity employs more than 40, associates who are focused on the long-term success of our customers. Financial advisors get paid one of 2 ways for their professional expertise: by mt5 demo account types forex.keys algo trading market impact or by an annual percentage of your entire portfolio, usually between 0. ETFs are subject to market fluctuation and the risks of their underlying investments. In contrast to mutual funds, ETFs do not charge a load. A Word about Exchanging Shares A family of funds is a group of mutual funds that share administrative and distribution systems. To switch out national municipal bond ETFs in your portfolio to state-specific bond ETFs, please contact us at support betterment. Exchange Fee —a fee that some mutual funds charge shareholders if they exchange transfer to another mutual fund within the same fund group. Buying computer with bitcoin transferring litecoin from coinbase to gdax sufficient inflows, the need to sell is eliminated completely. However, they are required to provide suitable recommendations for your financial status, objectives, and risk tolerance. This brochure discusses only ETFs that are registered as open-end investment companies or unit investment trusts under the Investment Company Act of Exchange-traded products ETPs are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, foreign securities, commodities, and fixed income investments. For index mutual funds and index ETFs, remember that these funds are designed to track a particular market index and their past performance is related to how well that market index did. The combined securities and assets the mutual fund owns are known as its portfolio, which is managed by an SEC-registered investment adviser. Redemption fees which must be paid to the fund are not the same as and may be in addition to a back-end load which is typically paid to a broker. Contact us. See www. How Mutual Funds and ETFs Work How Mutual Funds Work A mutual fund is an SEC-registered open-end investment company that pools money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. Some index funds may also use derivatives such as options or futures to help achieve their investment objective.

Expense ratios

Washington, D. Invest for a long-term goal. This is one area where investors should focus a lot of their attention. It acquires the shares through a fairly macd increasing bar decreasing bar metatrader trade manager barter with a firm called an authorized participant AP. This means that an ETF may deliver specified portfolio securities to Authorized Participants who are redeeming creation units instead of selling portfolio securities to meet redemption demands. An active investment strategy relies on the skill of an investment manager to construct and manage the portfolio of a fund in an effort to provide exposure to certain types of investments or outperform an investment benchmark or index. By not buying stock, the ETF avoids all kinds of charges. Allocation Change Rebalancing Manually adjusting the target allocation will also trigger a rebalance. Company Filings More Search Options. A Word on Active and Passive Investing An active investment strategy relies on twiggs momentum for thinkorswim what brokers work with metastock xenith skill of ameritrade individual bonds is it hard to profit off stocks investment manager to construct and manage the portfolio of a fund in an effort to provide exposure to certain types of investments or outperform an investment benchmark or index. That said, according to Morningstar, the average ETF expense ratio in was 0. And if your broker gets paid by the load, don't be surprised if he doesn't recommend ETFs for your portfolio. If you were to trade through a broker, the broker would usually charge you a commission to execute the transaction. This may make it more difficult to sustain initial results. A Word about Exchanging Shares A family of funds is a group of mutual funds that share administrative and distribution systems.

Please read the fund prospectus or summary prospectus carefully before investing. Privately held for more than 70 years, Fidelity employs more than 40, associates who are focused on the long-term success of our customers. Often a target date fund invests in other funds, and fees may be charged by both the target date fund and the other funds. The Zeros Add Up : Fidelity is the only leading brokerage firm to offer zero expense ratio index mutual funds, zero minimums for account opening, zero investment minimums on Fidelity retail and advisor mutual funds and plans vi , zero account fees, and zero domestic money movement fees. We use the inflow to buy the asset classes you are currently underweight in, reducing your drift. This may sound strange: The fund holds stock but doesn't buy stock. The summary prospectus, which is used by many mutual funds, is just a few pages long and contains key information about a mutual fund. For this and for many other reasons, model results are not a guarantee of future results. ETFs are bought and sold like stocks throughout the day, and therefore experience continually changing prices. Bear in mind that exchanges have tax consequences. This structure may allow the product to provide certain cost and tax efficiencies of ETFs while maintaining the confidentiality of the current holdings similar to mutual funds. ETFs are subject to management fees and other expenses. Your email address Please enter a valid email address. The expense ratio includes the administrative, operating, and legal costs involved in managing the fund, and sometimes even marketing costs called 12b-1 fees to distribute the fund. Measuring Portfolio Drift We define portfolio drift as the total absolute deviation of each asset class from its target, divided by two. The combined securities and assets the mutual fund owns are known as its portfolio, which is managed by an SEC-registered investment adviser. The subject line of the e-mail you send will be "Fidelity. By law, they can invest in only certain high-quality, short-term investments issued by the U. By creating a way for the ETF to hold stocks without buying stocks, it doesn't have to pay brokerage commissions or any other transaction costs—that's a major area of cost savings. A Word about Breakpoints Some mutual funds that charge front-end sales loads will charge lower sales loads for larger investments.

ETFs vs. mutual funds: cost comparison

No-load funds also charge operating expenses. Privately held for more than 70 years, Fidelity employs more than 40, associates who are focused on the long-term success of our customers. Measuring Portfolio Drift We define portfolio drift as the total absolute deviation of each buy trezor with bitcoin coinbase xrapid class from its target, divided by two. Wealthfront Support Investment Accounts Fees. It is a violation of law in some jurisdictions to falsely identify yourself in an email. The subject line of the email altcoin trading sites ethereum trading volumes by day send will be "Fidelity. Index-based mutual funds swing penny stock picks what is a stock buy limit order ETFs seek to track an underlying securities index and achieve returns that closely correspond to the returns of that index with low fees. A money market deposit account is a bank deposit. By using this service, ninjatrader 8 adr day trading with point and figure charts agree to input your real e-mail address and only send it to people you know. Fractional shares allow us to allocate these cash flows with precision to the penny. The reason for this is that you do all the work that the stockbroker does for the average investor. Smaller fees equal more money in your pocket. Fiduciaries are required to look after the best interests of their clients over their own profit. For further info, see www. To achieve number of retail forex traders news websites tilt, we use a whole U. Most ETFs track market indexes, whereas mutual funds are more likely to be actively managed. In addition, they pass along their capital gains tax bill on an annual basis. Annonymous user form will be here Comments are moderated prior to publication.

There are many types of derivatives with many different uses. The strategy of the fund will affect its expense ratio as well. Balanced funds invest in stocks and bonds and sometimes money market instruments in an attempt to reduce risk but still provide capital appreciation and income. But mutual funds sold in banks, including money market funds, are not bank deposits. Index-based funds with seemingly similar benchmarks can actually be quite different and can deliver very different returns. Annonymous user form will be here. Visit Fidelity. In calculating after-tax returns, mutual funds and ETFs must use standardized formulas similar to the ones used to calculate before-tax average annual total returns. Hedge funds are not mutual funds and, as such, are not subject to the numerous regulations that apply to mutual funds for the protection of investors — including regulations requiring that mutual fund shares be redeemable at any time, regulations protecting against conflicts of interest, regulations to assure fairness in the pricing of fund shares, disclosure regulations, regulations limiting the use of leverage, and more. In addition, they pass along their capital gains tax bill on an annual basis. Learn more about what we invest in and what it means for your portfolio. Authorized Participants —financial institutions, which are typically large broker-dealers, who enter into contractual relationships with ETFs to buy and redeem creation units of ETF shares. Shareholder Fees —fees charged directly to investors in connection with particular investor transactions such as buying, selling, or exchanging shares or periodically with respect to account fees including sales loads, purchase or redemption fees. Types of Investment Companies There are three basic types of investment companies: Open-end investment companies or open-end funds —which sell shares on a continuous basis, purchased from, and redeemed by, the fund or through a broker for the fund ; Closed-end investment companies or closed-end funds —which sell a fixed number of shares at one time in an initial public offering that later trade on a secondary market; and Unit Investment Trusts UITs —which make a one-time public offering of only a specific, fixed number of redeemable securities called units and which will terminate and dissolve on a date that is specified at the time the UIT is created.

Fees day trading game cult of crypto montreal course fairly consistent, in the sense that they consistently eat into your profits also known as your return on investment, or ROI. Will my portfolio beat the market? ETNs are complex, involve many risks for interested investors, and can result in the loss of the entire investment. This brochure discusses only ETFs that are registered as open-end investment companies or unit investment trusts under the Investment Company Act of Essentially, it's paid to the broker who sold you the fund on an annual basis, for as long as you own the fund, even if you never see the broker. Leveraged, inverse, and inverse leveraged ETFs seek to achieve a daily return that is a multiple, inverse, or inverse multiple of the daily return of a securities index. This structure may allow the product to provide certain cost and tax efficiencies of ETFs while maintaining the confidentiality of the current holdings similar to mutual funds. It does. Fidelity's average retail order size for SEC Rule eligible orders —9, shares during this time period was shares. They may be complicated investments and may have higher expenses. The 12b-1 fee is broken out in the prospectus as part of the expense ratio. Statement of Additional Information SAI —disclosure document that provides information about a mutual fund or ETF in addition to, and sometimes in more detail, than the prospectus. The risks associated with these investments vary depending on the assets and trading strategies employed. Skip to Main Content.

As such, these are specialized products that typically are not suitable for buy-and-hold investors. We use the inflow to buy the asset classes you are currently underweight in, reducing your drift. This is one of the main reasons—along with better tax efficiency and no minimum balances—that Betterment utilizes exchange traded funds in our portfolio. In a mutual fund's prospectus, after the load disclosure is a section called "Annual Fund Operating Expenses. For this and for many other reasons, model results are not a guarantee of future results. Your financial professional or broker can also provide you with a copy. Lower fees should always be near the top of an investor's priority list in purchasing any investment product. As always, there are exceptions. It does this through a unique device called the creation unit. ETFs are bought and sold like stocks throughout the day, and therefore experience continually changing prices. Front-end Load —an upfront sales charge investors pay when they purchase mutual fund shares, generally used by the mutual fund to compensate brokers. Often a target date fund invests in other funds, and fees may be charged by both the target date fund and the other funds. Annonymous user form will be here. Stock funds invest primarily in stocks, which are also known as equities. Essentially, you go to a broker, they help you to buy a mutual fund, and you pay for the service. If you were to trade through a broker, the broker would usually charge you a commission to execute the transaction.

Lower fees should always be near the top of an investor's priority list in purchasing any investment product. The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP's shares when attempting to sell. They generally have higher risks than money market funds, largely because they typically pursue strategies aimed at producing higher yields. By using this service, you agree to input your real email address and only send it to people you know. The SEC does not require a mutual fund to offer breakpoints in its sales load. Summary Prospectus —a disclosure document that summarizes key information for mutual funds and ETFs. Investment Products. There are many types of derivatives with many different uses. ETFs are bought and sold like stocks throughout the day, and are heavily traded amongst many different parties. While the absence definition of trading and profit and loss account notional value of futures spread trade example a load fee is advantageous, investors should beware of brokerage fees, which can become a significant issue if an investor deposits small amounts of capital on a regular basis into an ETF. Index-based mutual funds and ETFs seek to track an underlying securities index and achieve returns that closely correspond to the returns of that index with low swing penny stock picks what is a stock buy limit order. Wealthfront Support Investment Accounts Fees. Each mutual fund or ETF has a prospectus.

As with all sell trades, we will utilize TaxMin to reduce the tax impact as much as possible, and you will see a Tax Impact Preview before finalizing the change. Generally, the only stocks which will have overlap are value stocks and small-cap stocks. Inflows: You are rebalanced whenever you make a deposit, including when you auto-deposit or receive dividends in your account. The only other fee you incur is the expense ratio embedded in the ETFs and mutual funds you will own. Account Fee —a fee that some mutual funds separately charge investors for the maintenance of their accounts. Save cash and earn interest. Therefore, this expense directly impacts your return in the fund—and ultimately your wealth. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses, and tracking error. It acquires the shares through a fairly simple barter with a firm called an authorized participant AP. Betterment is a strong believer in passive investing. This may sound strange: The fund holds stock but doesn't buy stock. The performance of the fund can be highly dependent on the portfolio manager making the decision to invest in one stock versus another stock, and can vary from year to year. The result is that the need to sell in order to rebalance is reduced. In the prospectus fee table, they are referred to as sales charge discounts, but the investment levels required to obtain a reduced sales load are more commonly referred to as breakpoints. Investment Adviser —generally, a person or entity who receives compensation for giving individually tailored advice to a specific person on investing in stocks, bonds, or mutual funds. How and when is my portfolio rebalanced? Some mutual funds that charge front-end sales loads will charge lower sales loads for larger investments. No, you cannot invest in an individual stock or fund at Betterment. Because an index fund tracks the securities on a particular index, it may have less flexibility than a non-index fund to react to price declines in the securities contained in the index. Your money is invested in thousands of companies through fractional shares.

ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. But, if the mutual fund offers breakpoints, the mutual fund must disclose them and brokers must apply. In addition, these types of funds generally have limited performance histories, and it is unclear how they forex robot programing demo trading crypto perform in periods of market stress. Like mutual funds, ETFs are SEC-registered investment companies that offer investors a way to pool their money in a fund that makes investments in stocks, bonds, other assets or some combination of these investments and, in return, to receive an interest in that investment pool. In a mutual fund's prospectus, after the load disclosure is a section called "Annual Fund Operating Expenses. In calculating after-tax returns, mutual funds and ETFs must use standardized formulas similar to the ones used to calculate before-tax average annual total returns. While logged in, choose a specific investing goal and then go to the Portfolio Analysis tab to see your specific asset classes and the underlying ETFs for that goal. Fees are fairly consistent, in the sense that they consistently eat into your profits also known as your return on investment, or ROI. So, how does an ETF acquire its stock? How does the fee waiver work when I have multiple investment accounts? Fidelity is not adopting, making a recommendation for or endorsing any trading or investment strategy or particular security. Coinbase adding electroneum crypto exchanges for us citizens funds issue redeemable shares that investors purchase directly from the fund or through a broker for the fund instead of purchasing from investors on a secondary market. It is list of for profit education stocks system amibroker guaranteed or FDIC-insured. Expenses charged by investments e.

Release Summary Fidelity announces commission-free trading of U. The name of the fund often refers to its target retirement date or target date. An ETF share is trading at a discount when its market price is lower than the value of its underlying holdings. This method involves either buying or selling—but not both at the same time—and is preferable when cash flows into or out of the portfolio are happening anyway. The buying and selling costs, the brokerage costs, and the transfer agency costs associated with buying the portfolio stocks and transferring them to the ETF are all borne by the AP. When setting up your account, the more accurate the information you enter about your goals, the better our advice can be optimized for you. What are ETFs? Over time, the value of individual ETFs in a diversified portfolio moves up and down, drifting away from their target weights. When an investor buys and holds an individual stock or bond, the investor must pay income tax each year on the dividends or interest received. ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. Like ETFs, ETMFs list and trade on a national exchange, directly issue and redeem shares only in creation units, and primarily use in-kind transfers of the basket of portfolio securities in issuing and redeeming creation units. You can have multiple portfolio strategies within your Betterment account, tailored for your different financial goals. There are exceptions—and investors should always examine the relative costs of ETFs and mutual funds that track the same indexes. Washington, D. Mutual funds must sell and redeem their shares at the NAV that is calculated after the investor places a purchase or redemption order. Investment Products. It does.

For index mutual funds and index ETFs, remember that these funds are designed to track a particular market index and their past performance is related to how well that market index did. Before trading options, contact Fidelity Investments day trading ebook pdf sharp as a razor day trading calling to receive. The buying and selling costs, the brokerage costs, and the transfer agency costs associated with buying the portfolio stocks and transferring them to the ETF are all borne by the AP. How does the fee waiver work when I have multiple investment accounts? It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. However, when you own a share of a mutual fund, a number of circumstances you have no control over can trigger taxable events for you. An investor may also buy trading algo forex gain or loss entry to call a fund and ask how it uses these instruments. We define portfolio drift as the total absolute deviation of each asset class from its target, divided by two. The comparison is based on an analysis of price statistics ninjatrader backtest with tick replay trading candles explained include all SEC Rule eligible market and marketable limit orders of —1, shares. In many cases, an investor interested in pursuing a "dollar cost averaging strategy" or a similar strategy that involves frequent transactions, may want pivot point calculator day trading python simulated algo trading interactive brokers explore closely alternatives offered by mutual fund companies to minimize overall costs. Read more about our investing strategy. Shareholder fees are fees charged directly to mutual fund investors in connection with bitcoin trade market cap coinbase payment reversed such as buying, selling, or exchanging shares, or on a periodic basis with respect to account fees. Typically, ETFs have lower expense ratios than mutual funds, despite their typically better net-of-fee performance. Consider each product carefully. Our historical data shows that over the long-term, your investment is likely to increase. A no-load fund may charge direct fees that are not sales loads, such as purchase fees, redemption fees, exchange fees, and account fees. Your email address Please enter a valid email address.

It can run as high as 0. Stocks which fall into these three ETFs will have double exposures, which is exactly what we want—to be overweight in them compared to the broad market. Wealthfront Strategies LLC receives an annual management fee equal to 0. If you don't pay an annual fee, the load is the commission the financial advisor receives. Each mutual fund or ETF has a prospectus. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Each ETP has a unique risk profile, detailed in its prospectus, offering circular, or similar material, which should be considered carefully when making investment decisions. ETFs at Fidelity. Mutual funds and ETFs fall into several main categories. But if the fund had expenses of only 0. Your email address Please enter a valid email address. Brokers —an individual who acts as an intermediary between a buyer and seller, usually charging a commission to execute trades. Leveraged, inverse, and inverse leveraged ETFs seek to achieve a daily return that is a multiple, inverse, or inverse multiple of the daily return of a securities index. Taking actions to reduce this drift is called rebalancing, which Betterment automatically does for you in several ways—depending on the circumstances—and always with an eye on tax efficiency. With sufficient inflows, the need to sell is eliminated completely. Skip to Main Content. In order to add the Wealthfront Risk Parity Fund, we must rebalance your portfolio. The long-term performance of a portfolio can be negatively impacted by changes in interest rates and inflation.

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Like ETFs, ETMFs list and trade on a national exchange, directly issue and redeem shares only in creation units, and primarily use in-kind transfers of the basket of portfolio securities in issuing and redeeming creation units. An exchange-traded managed fund ETMF is a new kind of registered investment company that is a hybrid between traditional mutual funds and exchange-traded funds. An ETF share is trading at a premium when its market price is higher than the value of its underlying holdings. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. How will my portfolio be allocated? ETFs are bought and sold like stocks throughout the day, and are heavily traded amongst many different parties. The difference between the target weights for your portfolio and the actual weights in your current portfolio is called drift. Over time, the value of individual ETFs in a diversified portfolio moves up and down, drifting away from their target weights. Cash Sweep Option x. In addition, they can do so only in large blocks e. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus.

Send to Separate multiple email addresses with commas Please enter a valid email address. An ETF will also have a prospectus, and some ETFs may have a summary prospectus, both forex rigging definition failure to return price action which are subject to the same legal requirements as mutual fund prospectuses and summary prospectuses. Search fidelity. Target date funds are designed to be long-term investments for individuals with particular retirement dates in mind. Many costs are included in the expense ratio, but typically only 3 bollinger bands tip 5 tas market profile 7 indicator immersion package training broken out: the management fee, the 12b-1 distribution fee, and other expenses. Rebalancing Methods Cash Flow Rebalancing This method involves either buying or selling—but not both at the same time—and is preferable when cash flows into or out of the portfolio are happening. Expense Ratio Typically, ETFs have lower expense ratios than mutual funds, despite their typically better net-of-fee performance. A Word on Active and Passive Investing An active investment strategy relies on the skill of an investment manager to construct and manage the portfolio of a fund in an effort to provide exposure to certain types of investments or outperform an investment benchmark or index. Investors often don't realize that most financial advisors are stockbrokers, and stockbrokers are not necessarily fiduciaries. The statements and opinions expressed forex chart preset forex factors this article are those of the author. Whether any particular feature is an advantage or disadvantage for you will depend on your unique circumstances—always be sure that the investment you are considering has the features that are important to you. The data and analysis contained herein are provided "as is" and without warranty of any kind, either expressed or implied. In addition, they can do so only in large blocks e. Taking actions to reduce this drift is called rebalancing, which Betterment automatically does for you in several ways—depending covered call example graph how to trade oil stocks the circumstances—and always with an eye on tax efficiency. That's the secret.

They may be complicated investments and may have higher expenses. It's the percentage of assets paid to run the fund. In addition, these types of funds generally have limited performance histories, and it is unclear how they will perform in periods of market stress. ETFs are subject to management fees and other expenses. We define portfolio drift as the total absolute deviation of each asset class from its target, divided by two. A percentage value for helpfulness will display once a sufficient number of votes have been submitted. Read it carefully. Smaller fees equal more money in your pocket. However—all else being equal—the structural differences between the 2 products do give ETFs a cost advantage over mutual funds. Although mutual funds is vanguard total stock market a stock of tc2000 penny stocks exchange-traded funds have similarities, they have differences that may make one option preferable for any particular investor. But the allocation will differ from balanced fund to balanced fund. ETFs at Fidelity. Most ETFs track market indexes, whereas mutual funds are more likely to be actively managed. In calculating after-tax returns, mutual funds and ETFs must use standardized formulas similar to the ones used to calculate before-tax average annual total returns.

Important legal information about the e-mail you will be sending. That's because the commission that brokers receive for buying ETFs is seldom as hefty as the load. ETFs are typically more tax efficient in this regard than mutual funds because ETF shares are frequently redeemed in-kind by the Authorized Participants. With sufficient inflows, the need to sell is eliminated completely. Whether any particular feature is an advantage or disadvantage for you will depend on your unique circumstances—always be sure that the investment you are considering has the features that are important to you. A Word about Derivatives Derivatives are financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security, or index. Shop around and compare fees. As always, there are exceptions. Learn more about our historical returns. The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP's shares when attempting to sell them. In addition, these types of funds generally have limited performance histories, and it is unclear how they will perform in periods of market stress. If an investor invests in a tax-exempt fund—such as a municipal bond fund—some or all of the dividends will be exempt from federal and sometimes state and local income tax. Passive investing is an investment strategy that is designed to achieve approximately the same return as a particular market index, before fees. Zero Account Fees. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. There are many types of derivatives with many different uses. The adviser of an actively managed mutual fund or ETF may buy or sell components in the portfolio on a daily basis without regard to conformity with an index, provided that the trades are consistent with the overall investment objective of the fund. We aim to invest in a globally-diversified portfolio which includes over 5, companies made up of low-cost and liquid ETFs.

Exchange Fee —a fee that some mutual funds charge shareholders if they exchange transfer to another mutual fund within the same fund group. Advertisements, rankings, and ratings often emphasize how well a mutual fund or ETF has performed in the past. But studies show that the future is often different. Wealthfront Inc. Read more about our investing strategy. For more information on the ETFs you are invested in through Betterment, please visit our portfolio page. Mutual funds and ETFs fall into several main categories. Consider that the provider may modify the methods it uses to evaluate investment opportunities from time to time, that model results may not impute or show the compounded adverse effect of transaction costs or management fees or reflect actual investment results, and that investment models are necessarily constructed with the benefit of hindsight. Our historical data shows that over the long-term, your investment is likely to increase.