Jul
21
2026
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What Is a Target Date Fund (TDF): Pros, Cons, and How to Choose

By | invest, Investing, Preparing for Retirement | No Comments

Target date funds are all-in-one mutual funds that automatically adjust their asset allocations over time based on a specific target year. Typically used for retirement savings, they can also be used for other goals with a set time frame, such as saving for college. The target date of these funds is typically years in the future and indicates the approximate point at which the investor would begin withdrawing funds for their retirement (or education) needs.

Unlike standard mutual funds, a target date fund shifts its allocation over time, gradually becoming more conservative as the target date approaches to help protect an investor’s money from potential volatility and losses.

Here’s what to know about how target funds work, plus benefits and drawbacks to consider.

Key Points

•   Target date funds (TDFs) are all-in-one mutual funds or ETFs that hold a diversified mix of stocks, bonds, and other assets, automatically adjusting their allocation based on a selected target year.

•   TDFs use a “glide path” formula that starts with a higher allocation of growth-oriented assets like stocks, gradually shifting to a more conservative mix as the target retirement date approaches.

•   Two glide path types exist: a “to” glide path stops adjusting asset allocation at the target date, while a “through” glide path continues adjusting beyond it into retirement.

•   Simplicity is one advantage — TDFs automatically select and rebalance assets based on an investor’s time horizon, however, these funds lack flexibility for investors’ changing needs or retirement dates.

•   Fees can add up and vary significantly between TDFs; investors should be aware of potential layered costs since TDFs often hold other mutual funds or ETFs, and each may carry their own expense ratios.

TDF Meaning: What Is a Target Date Fund?

A target date fund (TDF) is a type of mutual fund or exchange-traded fund (ETF) that holds a diversified mix of assets, such as stocks, bonds, and other investments. Investors select a TDF based on their target retirement date. For example, a 31-year-old today might plan to retire in 34 years at age 65, or in 2060. In that case, they might select a 2060 target date fund.

Target date funds are common investment choices in retirement accounts such as 401(k)s and traditional and Roth IRAs.

TDFs are designed to invest across different asset classes and then adjust the mix over time as an investor gets closer to retirement using a formula known as a “glide path.” At the beginning, the TDF typically has more assets with long-term growth potential, such as stocks, and as the years go by, the asset allocation gradually becomes more conservative until the fund reaches the target date. The idea is that by starting out with a more aggressive allocation and slowly dialing back as years pass, the TDF may be able to deliver growth and protect savings.

Although they both allow for a more hands-off investment approach, TDFs are different from robo advisors.

How Do Target Date Funds Work?

As mentioned, unlike a standard mutual fund, target date funds use a formula known as a glide path to determine the asset allocation of the fund over time.

Understanding the Glide Path

The glide path is a formula the managers of the target date fund choose when they put together a TDF. The glide path determines how and when the asset allocation of the TDF will adjust. The idea is to create a set-it-and-forget-it structure for individuals saving for retirement by providing a mix of assets based on their time horizon.

Younger investors with decades until they retire, might have a higher allocation of riskier assets like stocks in a TDF. As they near retirement, however, they would generally want a lower allocation of riskier assets. A glide path would automatically adjust the asset allocation in the portfolio to assets such as bonds that are typically lower-risk.

However, it’s important to be aware that like any other investment, target date funds involve risk and they can gain or lose money.

Example of a Target Date Fund Glide Path

Hypothetically speaking, the portfolio allocation of a 2060 target date fund today, which is 34 years from the target date, might be 80% to 90% equities and 10% to 20% fixed income or cash or cash equivalents. This asset allocation is designed to give investors potential for growth. And while there is risk exposure with an 80% to 90% investment in stocks, there is still time (more than three decades) for the portfolio to potentially recover from any losses before money is needed for retirement.

After five or 10 years, the fund’s allocation might adjust to 70% equities and 30% fixed income securities.

After another 10 years or so, the allocation may include more conservative investments for an allocation that’s closer to 50-50. The allocation at the target date might then be 30% equities, and 70% fixed income. (These percentages are all hypothetical.)

Pros and Cons of Target Date Funds

Like any type of investment, target date funds have their advantages and disadvantages. Here are some pros and cons for investors to consider.

Benefits of Target Date Funds

Potential advantages of target date funds include:

•   Simplicity. Target funds can potentially make investing for retirement easier because assets are selected and adjusted based on an investor’s time horizon.

•   Provide a mix of assets. Many target funds offer a diversified mix of securities.

•   Low maintenance. Since the glide path adjusts the investment mix in these funds automatically, investors can take a more “hands-off” approach.

Drawbacks of Target Date Funds

TDFs also have disadvantages to be aware of. One of the biggest: Like all investments, there is risk involved, and TDFs offer no guarantee of returns. Other drawbacks of TDFs include:

•   Lack of control. Investors cannot choose different securities than the ones available in the fund, and they can’t adjust the mix of securities in a TDF or the asset allocation.

•   Investment strategies can vary by fund. Target date funds that have the same target year can be very different when it comes to such factors as asset allocation and how the allocation changes over time. Also, TDFs may be actively managed, passively managed, or a mixture of the two.

•   No flexibility. An investor may not end up retiring as early as planned, or they might retire even sooner, for instance. A TDF doesn’t offer flexibility for changes in retirement dates.

•   Costs can add up. Some target date funds are invested in index funds, which are passively managed and typically lower cost. Others may be invested in actively managed funds, which generally charge higher expense ratios. Be sure to check, as investment costs can significantly impact returns.

How to Choose a Target Date Fund

For an investor looking for an uncomplicated long-term investment, a low-cost target date fund is one option to explore. But TDFs may not be right for every individual. Here are some of the factors for an investor to consider.

Assessing Your Risk Tolerance

Like every investment, TDFs involve risk, and it’s critical for an investor to know how much risk they can tolerate. Typically, when an individual is younger and has a longer time horizon, target date funds hold a higher allocation of riskier assets like stocks. As they get older and closer to retirement, investors’ risk tolerance often changes as they seek to protect their money from losses.

When exploring target date funds, it’s a good idea for an investor to look at the investments in the fund and how they will change over time to make sure they’re comfortable with the risk-reward ratio.

“To” vs “Through” Glide Paths

There are generally two types of TDF glide paths: the “to” glide path and the “through” glide path. With a “to” glide path, funds typically shift their asset allocation mix until the target date and not after that point. They tend to reach the most conservative allocation at that time, reducing exposure to riskier assets (like stocks) and increasing exposure to lower-risk assets (like bonds).

TDFs with a “through” glide path continue to adjust allocations after the target date — for as long as 30 more years. They tend to have a slightly higher allocation of riskier assets at and right after retirement.

When considering TDFs, an investor should find out whether the glide path is “to” or “through” to help evaluate whether it makes sense for their retirement strategy, financial situation, and risk tolerance.

Evaluating Fees and Expense Ratios

Fees and costs can vary significantly between TDFs, depending on how they’re managed, as noted earlier. Another consideration is potential layers of fees. Because a TDF is a fund that often has other mutual funds or ETFs in it, an investor may have to pay fees and expense ratios for both the TDF and the funds within it. The layered costs of some TDFs may make them more expensive than a standard mutual fund, which may potentially erode returns over time.

An investor can review a TDF’s prospectus to find out fees and what the total cost to them would be.

The Takeaway

Target date funds may be an option to explore for investors who aren’t geared toward doing portfolio management on their own, but who are looking for a solid long-term investment portfolio for retirement — or another long-term goal like saving for college. TDFs offer a predetermined mix of investments, and asset allocation and rebalancing is done automatically by the glide path function of the fund.

Target funds are offered by most major financial institutions and brokerages. Although they go by different names, you can generally tell a target date fund because it includes the target date, such as 2040, 2050, 2065, and so on.

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FAQ

Are target date funds good for beginners?

Generally speaking, target date funds can be a good option for beginners who have a target date for retirement (or another long-term goal like college), but don’t have the time or expertise to put together and manage a diversified portfolio on their own. TDFs include a mix of asset allocations that are automatically adjusted over the years to go from riskier at the beginning to more conservative as an individual gets closer to retirement. However, TDFs do involve risk, like any other investment, and returns are not guaranteed.

Can you lose money in a target date fund?

Yes, it is possible to lose money in a target date fund at any time. These funds hold investments like stocks and bonds that can fluctuate with market conditions. It’s possible to experience losses in a TDF even near or at the target date because these funds typically still contain some exposure to stocks at that time.

What happens when a target date fund reaches its target year?

There are two types of target date funds — “to” funds and “through” funds — that operate differently when a fund reaches its target date. “To” funds typically shift their asset allocation mix only up until the target date, and they tend to reach their most conservative allocation at that time. “Through” funds typically continue adjusting allocations after the target date and they tend to have a slightly higher allocation of riskier assets at that time.

Are target date funds actively or passively managed?

Target date funds may be actively or passively managed, and some may be a combination of actively and passively managed funds, typically called a hybrid. In general, active funds tend to have a higher fee because of their management structure than passive funds, which simply track a benchmark index.

Can I sell a target date fund before the target date?

Yes. You can sell a target date fund at any time. There generally are no penalties charged by the fund itself for doing so. However, there may be tax implications involved. For example, if your TDF is in a taxable brokerage account, selling it may trigger a taxable event. But if your TDF is in a tax-advantaged plan, you can generally sell the TDF within the account without being taxed. You may want to consult a tax professional about your specific situation.

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Options involve substantial risk of loss and the possibility an investor may lose the entire amount invested. Before starting options trading, investors should be familiar with the Characteristics and Risks of Standardized Options . TTax implications with options should be considered. Consult your tax advisor to understand any impacts to your taxes.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

Mutual Funds (MFs): Investors should read and carefully consider the information contained in the prospectus, which contains the Mutual Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or SoFi's customer service at: 1.855.456.7634. Mutual Funds must be bought and sold at NAV (Net Asset Value); unless otherwise noted in the prospectus, trades are only done once per day after the markets close. Investment returns are subject to risks. Shares may be worth more or less their original value when redeemed. The diversification of a mutual fund will not protect against loss. A mutual fund may not achieve its stated investment objective. Rebalancing and other activities within the fund may have tax implications.

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Investment Risk: Diversification can help reduce some investment risk, but cannot guarantee profit nor fully protect in a down market.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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2026
A bunch of white pins connected by white string, which form a capital letter “E”.

What Is a Series EE Savings Bond?

By | Growing Wealth, Investing, money | Comments Off on What Is a Series EE Savings Bond?

Series EE bonds, or Patriot Bonds, were initiated in 1980 as a low-risk way for Americans to save. The money invested is guaranteed to double in 20 years.

They build upon the tradition of Series E bonds, or war bonds, which were introduced by the federal government in 1941. Learn more about this savings vehicle here.

Key Points

•   Series EE bonds, introduced in 1980, are low-risk U.S. Treasury bonds guaranteed to double in value within 20 years, making them a safe investment option.

•   These bonds can only be purchased electronically through a TreasuryDirect account, with a minimum purchase of $25 and a maximum of $10,000 per person annually.

•   Interest on Series EE bonds compounds semiannually and is taxable at the federal level, although tax exemptions may apply for qualified education expenses.

•   Holding Series EE bonds for 20 years will yield a guaranteed return, but they can also be held for an additional 10 years to continue earning interest.

•   Alternative investment options, such as high-yield savings accounts and stocks, may offer better returns but come with varying levels of risk compared to Series EE bonds.

What Is a Series EE Bond?

A series EE bond is a U.S. Treasury bond. It’s considered to be a very safe investment, as it’s backed by the U.S. government. It is guaranteed to double in value in 20 years, even if the government has to add funds to it to meet that mark.

To provide some context, here’s a quick look at what bonds are and how bonds work. A bond is a debt instrument. Bonds are issued by corporations or governments in order to raise capital. The bond market is huge — much larger than the equity markets. (In 2024, the market cap of the global bond market was about $145 trillion, versus $127 trillion for the stock market.) Investors provide capital to companies and governments when they buy the bonds, effectively loaning their money to that institution.

Meanwhile, the bond issuer agrees to pay investors the capital back, along with interest, after a certain period.

There are different kinds of bonds investors can purchase, including municipal, corporate, high-yield bonds, and U.S. Treasuries. A savings bond is a type of U.S. Treasury bond, issued with the full faith and credit of the U.S. government, meaning there’s virtually no chance of losing money. Savings bonds allow the government to borrow money for various purposes while giving investors a reliable and predictable stream of interest income.

Series E bonds, which were created in 1941 to help fund the WWII effort, were replaced in 1980 with Series EE bonds, or Patriot Bonds.

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How Do Series EE Bonds Work?

If you’re interested in buying bonds, here are details on how a Series EE bond works:

•   Series EE bonds are electronic and can only be purchased and managed online with a TreasuryDirect account. They are available in any denomination starting at $25, up to $10,000 per person named on the bond, per calendar year.

•   These bonds are guaranteed to double in value in 20 years, even if the government needs to kick in extra cash. You can hold the bond for up to 10 additional years to continue to earn interest.

•   When you purchase a Series EE bond, the interest rate will be stated. Through October 31, 2026, the interest rate is 2.40%.

•   Interest is earned monthly, compounding semiannually, for up to 30 years, unless you cash it sooner.

•   Series EE bonds can be cashed in (or redeemed) after 12 months, but early withdrawal can trigger a penalty of partial interest loss.

•   Electronic Series EE bonds can be cashed in via the TreasuryDirect site.

•   Interest earned on Series EE bonds is taxable at the federal level. Federal estate, gift, and excise taxes, as well as state estate or inheritance taxes, may also apply. If the money is used for qualified education expenses, however, you may not be subject to taxes.

•   The TreasuryDirect site also makes 1099-INT statements of interest earnings available annually.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Understanding Series E Bonds

The popularity of Series E bonds may have hinged largely on the patriotic call to purchase them as part of the war effort. Buying bonds served two purposes: It helped the government to raise money for the war, and it also helped to keep inflation at bay as shortages threatened to push consumer prices up. Apart from that, there were other qualities that might have made a Series E saving bond attractive.

These bonds were issued at 75% of their face value and returned 2.90% interest, compounded semiannually if held to 10-year maturity. So investors were able to earn a decent rate of return on their investment.

Series E bonds were also affordable, with initial denominations ranging from $25 to $1,000. Larger denominations of $5,000 and $10,000 were added later, along with two smaller memorial denominations of $75 and $200 to commemorate the deaths of President Kennedy and President Roosevelt, respectively.

Series E bonds were redeemable at any time after two months following the date of issue. Bond purchasers could redeem them for the full face value, along with any interest earned.

Interest from Series E bonds was taxable at the federal level but exempt from state and local taxes, adding to their appeal. And because they were issued by the federal government, they were considered a safe investment.

Series EE Bond Maturity Rate

The maturity rate for EE bonds depends on when they were first issued.

Here’s a table showing the maturity dates for Series EE bonds over time:

Issuing Date Maturity Period
January-October 1980 11 years
November 1980-April 1981 9 years
May 1981-October 1982 8 years
November 1982-October 1986 10 years
November 1986-February 1993 12 years
March 1993-April 1995 18 years
May 1995-May 2003 17 years
After June 2003 20 years

Recommended: 13 Tips for Aggressively Saving Money

Are Series EE Bonds Right for Me?

Series EE bonds can be a convenient, low-risk way to help your money grow over time. Plus, many people like the idea of investing in America and having their investment backed by the U.S. government. However, the rate of return may not be optimal, and the bonds are typically held for quite a long time versus a short-term investment.

Here are two popular alternatives you might consider to grow your money:

Savings Accounts

A savings account is a deposit account that’s designed to hold the money you don’t plan to spend right away. You can find various types of savings accounts at traditional banks, credit unions, and online banks. Savings accounts can pay interest, though not all at the same rate.

High-yield savings accounts at online banks, for example, tend to pay much higher rates than basic savings accounts at brick-and-mortar banks. Currently, they may offer up to 5.00% APY (annual percentage yield) versus a national average of 0.38% APY as of June 18, 2026, for savings accounts.

Stocks

If you’re unclear about how stocks work, they effectively represent an ownership share in a company. When you buy shares of stock, you’re buying an ownership stake in a publicly traded company. The way you make money with stock investing is by buying low and selling high. In other words, you want to purchase stocks at one price then sell them for a higher price.

Stock trading can be a more powerful way to build wealth over time versus keeping money in a savings account or buying bonds. But there’s a tradeoff since stocks tend to be much riskier than bonds or savings accounts. Buying shares of mutual funds or exchange-traded funds (ETFs), which hold a collection of different stocks as well as bonds, is one strategy for managing that risk.

Recommended: Bonds vs. CDs: What’s Smart for Your Money?

The Takeaway

Series EE savings bonds can be a safe way to earn a steady rate of return. However, they aren’t the only way to grow your money. Other investment options, such as high-yield savings accounts and stocks, may offer better returns and more flexibility than Series EE bonds, but they also come with varying levels of risk.

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FAQ

When should I cash in EE savings bonds?

Series EE savings bonds are optimally held for 20 years, at which point the money invested will have doubled. If you’d like to keep earning interest, you may hold the bonds for up to an additional 10 years. After 30 years, they reach “final maturity” and should be cashed in.

How long does it take for a Series EE savings bond to mature?

Series EE savings bonds mature in 20 years. At the end of that period, the initial investment’s value will have doubled. You may hold them for an additional 10 years and continue to earn interest if you like.

Do Series EE savings bonds double after 20 years? 30 years?

Series EE savings bonds double after 20 years. If you don’t redeem them, you may continue to earn interest on them for another 10 years, for a total of 30 years.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
This article is not intended to be legal advice. Please consult an attorney for advice.
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What Is the SWIFT Banking System?

By | Growing Wealth, invest, Investing | Comments Off on What Is the SWIFT Banking System?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a secure communication network for financial institutions to communicate and facilitate cross-border transactions and payments.

The SWIFT system is a critical piece of infrastructure for the international banking system because it allows financial institutions to talk to one another securely. Without access to the SWIFT messaging network, banks are essentially shut out of the global financial system because they cannot speak to banks in other countries to agree on transaction and payment terms.

🛈 Currently, SoFi does not support SWIFT, BIC, or IBAN codes.

Key Points

•   SWIFT is a messaging network that allows banks and other financial institutions to communicate securely when making cross-border payments and transfers between international bank accounts.

•   The system uses a standardized system of codes to transmit information between banks during transactions.

•   Each 8- or 11-character code is unique and identifies the bank, country, city, and branch.

•   SWIFT was developed in 1973 to replace the human error-prone Telex system.

•   Based in Belgium, SWIFT is governed by a board of directors and overseen by the G10 countries’ central banks.

What Is SWIFT?

SWIFT doesn’t hold assets or move money around. Instead, it is a messaging system for banks and other financial institutions. When banks need to conduct business across borders with other financial companies, the SWIFT system allows them to communicate with one another in a secure and standardized manner to ensure reliable transaction terms.

The SWIFT messaging system relies on a standardized system of codes to transmit information and payment instructions. These codes are interchangeably called Bank Identifier Codes (BIC), SWIFT codes, SWIFT IDs, or ISO 9362 codes. Each member of the SWIFT network is assigned a BIC/SWIFT code, providing an efficient transfer of information during transactions.

SWIFT codes are used so banks and financial institutions can communicate reliably. For example, a bank in the United States wants to make sure it is messaging the right bank in France to set up payment instructions before transferring money.

Since SWIFT doesn’t send money, it requires banks to take additional steps to transfer funds globally after communicating with their counterparty. This makes the whole process relatively slow and adds costs to the transfers. The advent of blockchain technology may alleviate these time lags and additional costs as the technology is adopted more broadly.

Format of BIC/SWIFT Code

These codes are unique and have 8 or 11 characters, identifying the bank, country, city, and branch:

•   Bank code (0-9 or A-Z): 4 characters representing the bank

•   Country code (A-Z): 2 letters representing the country of the bank

•   Location code (0-9 or A-Z): 2 characters of letters or numbers for the location of the bank

•   Branch code (0-9 or A-Z): 3 digits specifying a particular branch (optional)

For example, Wells Fargo, with a branch in Philadelphia, has the 11-character SWIFT code PNBPUS33PHL. The first four characters reflect the institute code (PNBP for Wells Fargo), the next two are the country code (US), the following two characters specify the location/city code (33), and the last three characters indicate the individual branch (PHL). The last three characters are optional — if the bank is the head office, the code ends with XXX.

More SWIFT Code Examples
Bank Name Barclays Bank Plc Toronto-Dominion Bank MUFG Bank, Ltd.
SWIFT Code BARCGB22 TDOMCATTTOR BOTKJPJT
Bank Code BARC TDOM BOTK
Country Code GB (United Kingdom) CA (Canada) JP (Japan)
Location Code 22 (London) TT (Toronto) JT (Tokyo)
Branch Code XXX or not assigned (indicates head office) TOR XXX or not assigned (indicates head office)

History of SWIFT

Telex was an early electronic communications system used in the post-World War II period, allowing businesses to send written messages across the globe. Before SWIFT, financial institutions used Telex to communicate with one another to ensure the successful transfer of international payments. However, Telex was slow, lacked security, and was prone to human error because it didn’t run on a standardized system.

To alleviate the problems of Telex, 239 banks from 15 countries joined forces in 1973 to develop a communications network that would provide safe, secure, and standardized messaging for cross-border payments. These banks formed the Society for Worldwide Interbank Financial Telecommunication and went live with the SWIFT messaging service in 1977. Soon, SWIFT was widely adopted and became the gold standard for cross-border messaging in the global financial system.

More than 11,000 financial institutions in over 200 countries use the SWIFT system to communicate, allowing millions of people worldwide to safely make international payments without worry. It processes tens of millions of messages per day, too.

Who Controls SWIFT?

Based in Belgium, SWIFT is a member-owned cooperative, meaning that member institutions have stakes in SWIFT and the right to nominate directors to its governing board. This governing board is made up of 25 people from across the globe and overseen by the G10 countries’ central banks (Bank of Canada, Deutsche Bundesbank, Banque de France, Banca d’Italia, Bank of Japan, National Bank of Belgium, De Nederlandsche Bank, Sveriges Riksbank, Swiss National Bank, Bank of England, US Federal Reserve System).

Traditionally, SWIFT acts as a neutral party, so it doesn’t make any decisions on sanctions. However, because it operates under Belgian law and European Union regulations, SWIFT will adhere to sanctions imposed by the EU if necessary. This resulted in banks from Iran being kicked off the SWIFT system in 2012 because of the country’s nuclear weapons program. Additionally, in early 2022, several Russian institutions were kicked off SWIFT after the country invaded Ukraine.

The Future of SWIFT

Because of SWIFT’s significant role in the global financial system, some believe that blockchain technology could circumvent the need to use the network. Proponents of decentralized finance believe that these new technologies could increase global payments’ speed, security, and transparency. Just as SWIFT replaced Telex as the standard for messaging in the global financial system, some think that blockchain technology could do the same.

The Takeaway

SWIFT is a critical part of the global financial system. Without the secure messaging services of SWIFT, banks and other financial institutions would struggle to complete transactions and make payments in overseas business. However, the SWIFT system is relatively slow and costly for financial institutions. Even with the safe and secure messaging of SWIFT, cross-border payments and transfers between financial institutions can still take several days to complete.

In a world that desires high-speed money transfers, this lag in transaction time can be burdensome to banks and other financial institutions. As new challengers in the global financial system, such as blockchain technology, break through and become a more mainstream part of the financial payments system, they could put pressure on the ubiquity of the SWIFT system and the overall global payments system.

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FAQ

Which US banks use SWIFT?

Most major U.S. banks use the SWIFT network to facilitate international payments. While some smaller local credit unions or banks may not be part of the SWIFT system, they usually route international payments through larger intermediary banks.

How does SWIFT banking work?

SWIFT is a secure, global messaging network used by over 11,000 financial institutions across 200 countries. It does not physically move money but rather acts as a standardized communications system that instructs banks on how and where to transfer funds internationally.

Is SWIFT the same as a routing number?

No, a routing number and a SWIFT code are not the same thing. A routing number is a 9-digit numerical code used exclusively for domestic transfers. A SWIFT code is an 8- to 11-character alphanumeric code used for international payments and transfers to identify a specific bank anywhere in the world.

Are SWIFT payments safe?

Yes, SWIFT employs strict security measures, including rigorous encryption, institutional vetting, and message verification, making payments highly secure. However, due to the system’s reliance on human interaction, the primary risks usually involve data-entry errors or scams rather than system failures.

How long does a SWIFT payment take?

Typically, a SWIFT payment takes one to five business days to arrive. The exact time it takes will depend on the currencies, time zones, and how many intermediary banks are required to make the transfer.

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See additional details at https://www.sofi.com/legal/banking-rate-sheet. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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ETFs vs Index Fund: Key Differences & Which Is Better?

By | invest, Investing, Terminology | No Comments

The main difference between exchange-traded funds (ETFs) vs. index funds concerns how each type of fund is structured. Index funds, like many mutual funds, are open-end funds with a portfolio based on a basket of securities (e.g. stocks and bonds). Fund shares are priced once at the end of the trading day, based on the fund’s net asset value (NAV).

An ETF, on the other hand, is a type of investment fund that also includes a basket of securities, but shares of the fund are designed to be traded throughout the day on an exchange, similar to stocks. For clarity, index funds are designed to try and track a specific market index, whereas ETFs are a type of fund structure, and they can be passively or actively managed. Index mutual funds (which can be referred to as index mutual funds), then, can also be funds that are designed to track an index.

Key Points

• ETFs and index funds both offer investors exposure to a basket of securities, which may provide portfolio diversification.

• ETFs can be traded throughout the day, while index mutual funds are traded at the end of the day.

• ETFs typically disclose their holdings daily, whereas index funds disclose quarterly.

• ETFs tend to have higher expense ratios than index funds, but can offer more trading flexibility.

• ETFs are generally more tax efficient than index funds.

What Are Index Funds?

Index funds (or index mutual funds) are a type of mutual fund or ETF. Like other mutual funds, an index fund portfolio generally comprises a collection of stocks, bonds, or other securities that are bundled together into a pooled investment fund.

Passive Management in Index Funds

Unlike most other types of mutual funds, which are actively managed by a portfolio manager, index funds are designed to mirror the holdings and the performance of an index like the S&P 500 index of U.S. large-cap stocks, or the Russell 2000 index of small-cap stocks.

Index funds are generally passively managed, and as a result, they tend to have lower costs than other types of mutual funds.

Index Fund Liquidity Constraints

Liquidity constraints may be of concern to some investors when it comes to index funds. Investors buy shares of the fund, which gives them exposure to the basket of securities within the fund. As noted above, index mutual fund trades can only be executed once per day, which makes them less liquid than ETFs.

In addition, index funds (and mutual funds in general) reveal their holdings every quarter, so they tend to be less transparent than ETFs, which typically reveal their holdings once a day.

As a plus, though, there are thousands of indexes to choose from, and it’s possible to create an investing portfolio from index funds alone.

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What Are ETFs?

Unlike index mutual funds, ETF shares can be traded on exchanges throughout the day, just like stocks. ETFs can also be designed to track an index. Accordingly, ETFs require a different structure than traditional index mutual funds.

ETF Costs

When trading ETFs, bear in mind that the average expense ratio of ETFs is around 0.15%, which is historically low – but still higher than most index mutual funds, which have an average expense ratio of 0.05%.

Depending on the brokerage involved, investors may also pay commissions and a bid-ask spread, which is the difference between the ask price and the bid price of an ETF share, although this has less of an impact for buy-and-hold investors.

ETFs and Tax Efficiency

Due to the way ETF shares are created and redeemed, ETFs may be more tax efficient than index funds. When investors sell shares of an index fund, the underlying securities in the fund must be sold, and if there is a capital gain it’s passed onto all the fund shareholders.

When an investor sells shares of an ETF, the fund doesn’t incur capital gains, owing to the mechanism for redeeming shares. But if the investor sees a profit from the sale, this would result in capital gains (which is also true when selling index fund shares), which has specific tax implications.

Of course, investors who hold ETFs or index funds within an IRA or other retirement account would not be subject to capital gains tax events. It may be a good idea to speak with a financial professional for guidance to get a sense of exactly what type of tax liabilities you may be looking at.

When picking ETFs, however, bear in mind that the majority of ETFs are passively managed: i.e. they are index ETFs. Only about 9% of ETFs were actively managed at the end of 2024, a big increase from previous years, owing to the complexity of their structure and industry rules about transparency for these funds.

Key Differences: ETF vs. Index Fund

When comparing ETFs vs. index funds, there are a few similarities:

• Both types of funds include a basket of securities that can include stocks, bonds, and other securities.

• ETFs and index funds may provide some degree of portfolio diversification.

• Index funds and most ETFs are usually considered passive investments because they often mirror the constituents of a benchmark index. (By comparison, actively managed mutual funds and active ETFs have a live portfolio manager who oversees the fund, and makes trades with the goal of outperformance.)

Minimum Investments

Further, there may be minimum investments in the mix that investors should know about. ETFs don’t generally have minimum investments, but some index mutual funds do set minimums. That’s not to say that all do, and some may have very small minimums, such as $1. But it’s something to be aware of.

Trading Flexibility

As noted, ETFs may be a bit more easier to trade compared to index mutual funds, since they can be bought or sold at any time during the day. That may not be the same case for mutual funds. In other words, the two asset types have different levels of liquidity.

This chart helps to summarize the similarities and differences between ETFs vs index funds.

ETFs

 Index Funds
Similarities:
Portfolio consists of many securities Portfolio consists of many securities
Portfolio consists of many securities Portfolio consists of many securities
Provides diversification via exposure to different asset classes Provides diversification via exposure to different asset classes
ETF expense ratios are generally low Index fund expense ratios are generally low
Most ETFs are passively managed Index funds are passively managed
Differences:
A special creation-redemption mechanism enables intraday share trading Shares bought and sold/redeemed via the fund itself
Shares trade during market hours on an exchange Trades executed at end of day
Fund holdings disclosed daily Fund holdings disclosed quarterly
Shares are more liquid Shares are less liquid
Investors may also pay a commission on trades or other fees Investors may pay a sales load or other fees
ETFs tend to be more tax efficient Index funds may be less tax efficient

ETF vs. Index Fund: Which Is Right for You?

There’s no cut-and-dried answer to whether ETFs are better than index funds, but there are a number of pros and cons to consider for each type of fund.

When to Choose an ETF

ETF shares, which trade throughout the day like stocks, are priced by the share like stocks as well. Knowing stock market basics can help you invest in ETFs, as well. If you have $100 and the ETF is $50 per share when you place the trade, you can buy two shares.

This ETF pricing structure also allows investors to use stop orders or limit orders to set the price at which they’re willing to buy or sell. These types of orders, which are different from standard market orders, can also be executed through an online investing platform or by calling a broker.

ETFs are generally considered more tax efficient than mutual funds, including index funds.

The way mutual funds are structured, there can be more tax implications as investors buy in and out of an index fund, and the cost of taxes is shared among different investors. ETF shares are redeemed differently, so if there are capital gains, you would only owe them based on your ETF shares.

So, if liquidity and tax efficiency is important to you, ETFs may be a good option.

When to Choose an Index Fund

By law, mutual funds are required to disclose their holdings every quarter. This is a stark contrast with ETFs, which typically disclose their holdings each day.

Transparency may matter less when it comes to index funds, however, because index funds track an index, so the holdings are not in dispute. That said, many investors prefer the transparency of ETFs, whose holdings can be verified day to day.

Because a mutual fund’s net asset value (NAV) isn’t determined until markets close, it can be hard to know exactly how much shares of an index fund cost until the end of the trading day. That’s partly why mutual funds, including index funds, allow straight dollar amounts to be invested. If you buy an index fund at noon, you can buy $100 worth, for example, regardless of the price per share.

Given all that, mutual funds can also be a wise investment depending on your preferences and strategy.

The Takeaway

Choosing between ETFs vs. index funds typically comes down to cost and flexibility, as well as understanding the tax implications of the two fund types. While both ETFs and index funds are low-cost, passively managed funds – two factors which can provide an upside when it comes to long-term performance – ETFs can have the upper hand when it comes to taxes.

As always, you should consider your strategy and goals when deciding how to invest. It may be a good idea to speak with a financial professional for guidance as well.

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FAQ

Is it better to hold an ETF or index fund long-term?

It is not necessarily better to invest in an index fund or an ETF over the long term, but rather, to invest in the vehicle that best aligns with your goals and strategy. Each type of investment has its pros and cons, so it’s a good idea to research each before making a decision.

Can an ETF also be an index fund?

It’s theoretically possible that an index fund could be an ETF. That would take the form of an ETF that tracks a specific index, like an index fund, and functionally bundle the same investments within it.

Are ETFs or index funds better for beginners?

Neither is particularly better for beginners, but both may be an option for beginners as they are are typically passively managed.

Do index funds pay dividends like ETFs?

Some index funds pay dividends, and some ETFs do as well. It depends on the specific fund in both cases, however.

Which has lower fees: ETFs or index funds?

Index funds, as mutual funds, tend to have higher fees or associated costs compared to ETFs.

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SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC.

For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Options involve substantial risk of loss and the possibility an investor may lose the entire amount invested. Before starting options trading, investors should be familiar with the Characteristics and Risks of Standardized Options . TTax implications with options should be considered. Consult your tax advisor to understand any impacts to your taxes.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

S&P 500 Index: The S&P 500 Index is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. It is not an investment product, but a measure of U.S. equity performance. Historical performance of the S&P 500 Index does not guarantee similar results in the future. The historical return of the S&P 500 Index shown does not include the reinvestment of dividends or account for investment fees, expenses, or taxes, which would reduce actual returns.
Mutual Funds (MFs): Investors should read and carefully consider the information contained in the prospectus, which contains the Mutual Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or SoFi's customer service at: 1.855.456.7634. Mutual Funds must be bought and sold at NAV (Net Asset Value); unless otherwise noted in the prospectus, trades are only done once per day after the markets close. Investment returns are subject to risks. Shares may be worth more or less their original value when redeemed. The diversification of a mutual fund will not protect against loss. A mutual fund may not achieve its stated investment objective. Rebalancing and other activities within the fund may have tax implications.

Exchange Traded Funds (ETFs): Before investing in Exchange Traded Funds (ETF), always read the fund's prospectus. It contains important information about the fund’s objectives, risks, and fees. You can get a prospectus from the fund company’s website or by emailing our customer service at [email protected].

Investment Risk: Diversification can help reduce some investment risk, but cannot guarantee profit nor fully protect in a down market.

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2026
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What Is Infrastructure Investment?

By | Growing Wealth, invest, Investing | Comments Off on What Is Infrastructure Investment?

Infrastructure investment is an alternative strategy that focuses on the physical structures and systems that keep societies operational. Examples of public infrastructure include: railways, highways, harbors, cell towers, school, and wastewater treatment facilities. As a type of alternative investment, infrastructure is not correlated with traditional assets like stocks and bonds. As such it may provide portfolio diversification. Infrastructure investments come with specific risks, however.

Examining how infrastructure investments work and their pros and cons can help you determine if they might be right for you.

Key Points

•   Infrastructure investments are in the physical structures, facilities, and systems that enable society to run smoothly.

•   Examples of infrastructure sectors include transportation, energy, and telecommunications, and projects may include developing highways, wind farms, and fiber-optic cables.

•   Infrastructure is considered an alternative asset class. Because it’s typically uncorrelated with traditional markets, it may offer a degree of portfolio diversification.

•   Investors can access this asset class through municipal bonds, private investments, public-private partnerships, and infrastructure mutual funds or ETFs.

•   Because infrastructure is a physical asset, it can be durable and may offer yields. Risks include lack of liquidity, potential vulnerability to higher interest rates, regulatory changes, natural disasters, and political events.

Defining Infrastructure Investment

Infrastructure investing refers to investment in the tangible assets that societies rely on to function, from power plants and parking lots to hospitals and schools. It’s an example of an alternative investment, since infrastructure investments are typically not correlated with traditional assets, such as stocks, bonds, and cash, or cash equivalents.

As a strategy, alternative investments offer the potential to generate higher risk-adjusted returns compared with traditional assets, though this typically comes with higher risk. Infrastructure investments are illiquid, and can be subject to interest rate fluctuations, regulatory changes, and risks owing to climate change and extreme weather.

Infrastructure investment funds, infrastructure stocks, and municipal bonds are some of the ways to invest in this alternative asset.

Types of Infrastructure Assets

Infrastructure assets are long-term capital assets that are used to provide public services. They’re most often stationary and typically have a long life or period of usefulness. Examples of infrastructure assets include:

•   Roads, bridges, tunnels

•   Water, sewer, and drainage systems

•   Dams

•   Municipal lighting

•   Communications networks, cell towers

•   Schools

•   Healthcare facilities

•   Prisons

Infrastructure assets are viewed separately from equipment used to construct critical structures. For example, a new road is an example of an infrastructure asset but the asphalt paving machine used to build it is not.

Public vs. Private Infrastructure Projects

Public infrastructure is available for public use and is funded through public means, such as municipal bonds. When you buy a municipal bond you’re agreeing to let the bond issuer, typically a city or local government, use your money to support public works projects for a certain period. In return, the bond issuer pays you interest, and at the end of the term, you can collect your original investment plus the interest.

Private infrastructure projects use capital from private investors to further the construction or improvement of critical structures. An infrastructure investment fund, for example, may concentrate private equity in a specific sector or subsector.

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Importance of Infrastructure Investment

Infrastructure investment is important for many reasons, starting with its impact on the economy. Without roads, railways, airlines, and waterways, people and goods can’t get where they need to go. Transportation infrastructure facilitates economic growth and reduces disruptions to the supply chain. Investing in utilities, such as electricity and water is also crucial.

Quality of life and basic needs are also dependent on infrastructure. When infrastructure is not maintained, societies risk losing access to safe, clean drinking water, communications, housing, and health care.

Infrastructure investment also serves as a line of defense against cyberattacks, which can threaten the security of everything from banking systems to the electrical grid. In short, investment in infrastructure makes life as we know it possible.

Recommended: Alt Investment Guide

Infrastructure Investment Sectors and Projects

Infrastructure investments can target a specific sector or type of project. Here’s a quick look at different areas of infrastructure investing.

Transportation Infrastructure

Transportation infrastructure refers to structures and systems that allow goods and people to move from one place to another. Examples of transportation infrastructure projects include the building or maintenance of:

•   Canals that allow cargo ships to pass from one body of water to another

•   Ports which allow cargo ships, cruise ships, and other maritime vehicles to dock for the purpose of loading or unloading people and goods

•   Mass transit systems such as subways and buses that allow people to navigate around a large urban area without a car

•   Roads, streets, and highways designed for different speeds and levels of capacity

In the U.S., the interstate highway system is one of the largest public works infrastructure projects ever undertaken.

Energy Infrastructure

Energy infrastructure includes all of the systems and structures that are necessary for generating or transmitting energy to a population. Here are some examples of energy infrastructure projects.

•   Solar panel systems that provide power for street lamps along a highway

•   Large-scale wind turbine farms that generate electric energy for a local population

•   Battery energy storage systems that connect to the existing electrical grid

The Hoover Dam is an example of an energy infrastructure project. The dam was built through a combination of public and private funds, as the government focused on improving infrastructure to generate jobs amidst the Great Depression.

Telecommunications Infrastructure

Telecommunications infrastructure, or telecom, encompasses the various systems and structures people and businesses use to communicate. Telecom infrastructure includes:

•   Telephone lines

•   Fiber-optic cables

•   Wireless networks

•   Routers

•   Cellular phones

Satellites are also an integral part of telecom infrastructure. Global governments and organizations rely on satellites to keep the lines of communication open.

Financing Infrastructure Investments

There are several ways infrastructure investments are financed. Capital may come from public investments and government programs, private investment, or infrastructure funds.

Public Funding and Government Initiatives

Public funding for infrastructure projects most often takes the form of bonds. Investors get the benefit of regular interest payments while the bond issuer is able to get the capital they need to invest in infrastructure.

Bonds are a form of direct investment in infrastructure; taxes are an indirect method. When you pay taxes at the local, state, or federal level, some of that money goes toward funding infrastructure projects. Governments use tax dollars, along with revenue collected from other sources, to build or improve infrastructure.

Private Investment and Public-Private Partnerships

Private investment provides financing for infrastructure projects through individual and institutional investors. When you invest in this type of fund, you may gain exposure to multiple infrastructure classes or just one – it all depends on the fund’s goals and objectives.

Public-private partnerships (PPPs) are arrangements in which private investors and governments work together to support infrastructure projects. PPPs can be used to address a variety of infrastructure needs, from building parks and recreation centers to constructing new roadways.

Infrastructure Funds and Asset Management

Infrastructure funds allow investors to gain exposure to companies or industries that engage in infrastructure activities. For example, you might invest in a fund that holds companies in the shipping and ports sector or a fund that’s dedicated to investing in utilities.

Investing in infrastructure through mutual funds or exchange-traded funds (ETFs) allows for diversification. You can hold a collection of investments in a single basket, rather than purchasing shares of individual infrastructure stocks.

Infrastructure asset management refers to strategies for managing infrastructure assets. It encompasses key decision-making processes related to the maintenance of infrastructure systems, including risk management and cost management.

Advantages of Investing in Infrastructure

As discussed earlier, because infrastructure is an alternative asset class it’s not correlated with conventional assets like stocks and bonds. Thus, it can provide some portfolio diversification and may help mitigate volatility in other asset classes.

And because infrastructure is generally composed of long-term physical assets that typically require a high initial investment, these structures tend to be durable. This contributes to lower ongoing investment expenses, and steady yields from population use (i.e., tolls, utility payments, transportation fees).

In that way, infrastructure can also be a resilient investment in the face of other sources of volatility. For example: what happens in the stock market generally won’t impact bridges and tunnels, or the long-term impacts could potentially trickle down in more predictable ways (material costs, interest rate changes) over time.

Risks and Challenges in Infrastructure Investing

Infrastructure investments are exposed to a variety of risks. As an investor, it’s important to understand what those risks can mean for your portfolio.

The most common risks and challenges include:

•   Interest rate risk: This is the risk of interest rates rising or falling in a way that could impact bond rates, as well as the cost of loans for construction and development of certain projects.

•   Regulatory risk: Because municipal structures depend on local regulations, changes in laws and policies can impact how quickly a project may ramp up, and whether new standards or guidelines will increase costs.

•   Construction risk: Construction risk can be a problem if the builder of a project experiences delays, if there are structural impediments that cause significant delays, or if the builder walks away from the contract before the project is complete.

•   Event risk: Infrastructure projects can face a wide range of potential threats from outside forces or actors, including the possibility of cyberattacks, supply chain attacks, and data breaches. Natural disasters, a changing climate, and geopolitical upheaval can also prove challenging for maintaining infrastructure.

The Takeaway

Infrastructure investing might be of interest to you if you’re looking for a way to expand your investments beyond stocks and bonds and diversify your portfolio. The most important thing to remember about alternative investments like infrastructure is that they may carry a higher degree of risk. It’s wise to weigh those risks against the potential returns or other benefits before wading in.

Ready to expand your portfolio's growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi's easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it's important to consider your portfolio goals and risk tolerance to determine if they're right for you.

FAQ

What are some examples of infrastructure investments?

Examples of infrastructure investments include municipal bonds that are used to build or improve local roads, public-private partnerships that aim to build more green spaces, and energy sector ETFs.

How can individual investors participate in infrastructure investing?

Infrastructure stocks, mutual funds, ETFs, and municipal bonds may offer points of entry for investors. You could buy individual shares of stock in an infrastructure company, hold a collection of infrastructure investments in a single fund, or earn interest from muni bonds while helping to fund infrastructure projects.

What are the typical returns on infrastructure investments?

Infrastructure investments can generate returns that may be higher or lower than typical market returns, but it’s important to remember that infrastructure typically does not react to market volatility the same way as conventional assets might. Also some infrastructure investments can offer predictable yields versus other assets.

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC.

For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Options involve substantial risk of loss and the possibility an investor may lose the entire amount invested. Before starting options trading, investors should be familiar with the Characteristics and Risks of Standardized Options . TTax implications with options should be considered. Consult your tax advisor to understand any impacts to your taxes.

Before investing, carefully consider the investment objectives, risks, charges, and expenses detailed in a Fund’s prospectus. This document contains important information and must be read carefully prior to investing; you can find the current prospectus by clicking the link on the Fund’s respective page.
Alternative investments are highly risky and may not be suitable for all investors. These investments often involve leveraging, speculative practices, and the potential for complete loss of investment. They typically charge high fees, lack diversification, and can be highly illiquid and volatile. Be aware that both registered and unregistered alternative investments, including Interval Funds, are not subject to the same regulatory requirements as mutual funds, and their illiquid nature may restrict your ability to trade on your timeline. Always review the specific fee schedule for Interval Funds within their prospectus.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

Mutual Funds (MFs): Investors should read and carefully consider the information contained in the prospectus, which contains the Mutual Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or SoFi's customer service at: 1.855.456.7634. Mutual Funds must be bought and sold at NAV (Net Asset Value); unless otherwise noted in the prospectus, trades are only done once per day after the markets close. Investment returns are subject to risks. Shares may be worth more or less their original value when redeemed. The diversification of a mutual fund will not protect against loss. A mutual fund may not achieve its stated investment objective. Rebalancing and other activities within the fund may have tax implications.

Exchange Traded Funds (ETFs): Before investing in Exchange Traded Funds (ETF), always read the fund's prospectus. It contains important information about the fund’s objectives, risks, and fees. You can get a prospectus from the fund company’s website or by emailing our customer service at [email protected].

Investment Risk: Diversification can help reduce some investment risk, but cannot guarantee profit nor fully protect in a down market.

SOIN-Q226-239

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